BlackRock Funds II

0001193125-12-512849.txt : 20121221 0001193125-12-512849.hdr.sgml : 20121221 20121221155651 ACCESSION NUMBER: 0001193125-12-512849 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 11 FILED AS OF DATE: 20121221 DATE AS OF CHANGE: 20121221 EFFECTIVENESS DATE: 20121221 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BlackRock Funds II CENTRAL INDEX KEY: 0001398078 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-142592 FILM NUMBER: 121281414 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BlackRock Fixed Income Trust DATE OF NAME CHANGE: 20070501

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497 1 d452681d497.htm BLACKROCK FUNDS II BlackRock Funds II

LOGO

787 Seventh Avenue

New York, NY 10019-6099

Tel: 212 728 8000

Fax: 212 728 8111

December 21, 2012

VIA EDGAR

Securities and Exchange Commission

100 F Street, NE

Washington, DC 20549

Re:

LifePath^® Active 2015 Portfolio, LifePath^® Active 2020 Portfolio, LifePath^® Active 2025 Portfolio, LifePath^® Active 2030 Portfolio, LifePath^® Active 2035 Portfolio, LifePath^® Active 2040 Portfolio, LifePath^® Active 2045 Portfolio and LifePath^® Active 2050 Portfolio, each a series of BlackRock Funds II

(File No. 333-142592 and File No. 811-22061)

Ladies and Gentlemen:

On behalf of BlackRock Funds II and pursuant to Rule 497 under the Securities Act of 1933, as amended, attached for filing are exhibits containing interactive data format risk/return summary information that mirrors the risk/return summary information the 497 filing for LifePath^® Active 2015 Portfolio, LifePath^® Active 2020 Portfolio, LifePath^® Active 2025 Portfolio, LifePath^® Active 2030 Portfolio, LifePath^® Active 2035 Portfolio, LifePath^® Active 2040 Portfolio, LifePath^® Active 2045 Portfolio and LifePath^® Active 2050 Portfolio (the “Funds”). The purpose of the filing is to submit the 497 filing dated November 30, 2012 in XBRL for the Funds.

Any questions or comments on this filing should be directed to the undersigned at 212-728-8611 or Anthony Geron at 212-728-8510.

Very truly yours,

/s/ Elizabeth Miller

Elizabeth Miller

Enclosures

cc:	Anthony Geron, Willkie Farr & Gallagher LLP

Ben Archibald, Esq., BlackRock Advisors, LLC

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0 Fund Overview<br/><br/><b>Key Facts about LifePath<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Active 2030 Portfolio </b> <b>Investment Objective</b> <b>Shareholder Fees<br/>(fees paid directly from your investment)</b> <b>Fees and Expenses of the Fund</b> <b>Shareholder Fees<br/>(fees paid directly from your investment)</b> <b>Annual Fund Operating Expenses<br/>(expenses that you pay each year as a percentage of the value of your investment)</b> <b>Example:</b> <b>Portfolio Turnover:</b> <b>Principal Investment Strategies of the Fund</b> <b>Principal Risks of Investing in the Fund</b> <b>Performance Information</b> <b>Investor A Shares<br/>ANNUAL TOTAL RETURNS<br/>2030 Fund<br/>As of 12/31</b> 0 0 0.0101 0.0072 <b>As of 12/31/11<br/>Average Annual Total Returns</b> 0 0 0.0173 -0.0101 0.0072 The LifePath<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Active 2030 Portfolio (the “2030 Fund” or the “Fund”) seeks a balance between long term capital appreciation and high current income consistent with its current asset allocation. <b>Annual Fund Operating Expenses <br/>(expenses that you pay each year as a percentage of the value of your investment)</b> This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the BlackRock-advised fund complex. More information about these and other discounts is available from your financial professional and in the “Details about the Share Classes” section on page 92 of the Fund’s prospectus and in the “Purchase of Shares” section on page II-73 of the Fund’s statement of additional information. 0 0 0.0167 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the BlackRock-advised fund complex. 25000 74 444 0.0075 839 1947 A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at time of purchase as part of an investment of $1,000,000 or more. The BlackRock LifePath<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Active 2035 Portfolio (the “2035 Fund” or the “Fund”) seeks a balance between long term capital appreciation and high current income consistent with its current asset allocation. <b>Fees and Expenses of the Fund </b> <b>Investment Objective </b> The LifePath<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Active 2030 Portfolio (the “2030 Fund” or the “Fund”) seeks a balance between long term capital appreciation and high current income consistent with its current asset allocation. <b>Fees and Expenses of the Fund </b> The table below describes the fees and expenses that you may pay if you buy and hold Class K Shares of the Fund. <b>Example: </b> 0.0242 -0.0167 0.0075 Fund Overview<br/><br/><b>Key Facts About LifePath<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Active 2025 Portfolio</b> Fund Overview<br/><br/><b>Key Facts about LifePath<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Active 2015 Portfolio </b> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Investment Objective </b> <b>Portfolio Turnover: </b> Fund Overview<br/><br/><b>Key Facts About LifePath<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Active 2040 Portfolio </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 117% of the average value of its portfolio. <b>Investment Objective </b> <b>Principal Investment Strategies of the Fund </b> <b>Shareholder Fees <br/>(fees paid directly from your investment)</b> The LifePath<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Active 2040 Portfolio (the “2040 Fund” or the “Fund”) seeks a balance between long term capital appreciation and high current income consistent with its current asset allocation. <b>Example: </b> <b>Fees and Expenses of the Fund </b> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0 0 In pursuit of its investment objective, the Fund, which is a fund of funds, allocates and reallocates its assets among a combination of equity, fixed income and money market funds (the “underlying funds”) in proportions based on its own comprehensive investment strategy. <br/><br/> The Fund is designed for investors expecting to retire or to begin withdrawing assets around the year 2030. As of the date of this prospectus, the Fund held approximately 69% of its assets in underlying funds that invest primarily in equity securities and 31% of its assets in underlying funds that invest primarily in fixed income, including underlying funds that invest primarily in money market instruments. Certain underlying funds may invest in real estate investment trusts (“REITs”), foreign securities, emerging market securities, below investment-grade bonds and derivative securities or instruments, such as options and futures, the value of which is derived from another security, a commodity, a currency or an index.<br/><br/> Under normal circumstances the asset allocation will change over time according to a “glide path” as the Fund approaches its target date. The glide path below represents the shifting of asset classes over time. As the glide path shows, the Fund’s asset mix becomes more conservative — both prior to and after retirement — as time elapses. This reflects the need for reduced investment risks as retirement approaches and the need for lower volatility of the Fund, which may be a primary source of income after retirement.<br/><br/> The following chart illustrates the glide path — the target allocation among asset classes as the Fund approaches its target date:<br/><br/><div align="center"><img src="g452681g409089g05u63.jpg" alt="(glide path mountain chart)"></img></div><br/>The asset allocation targets are established by the portfolio managers working with oversight from a committee of BlackRock investment professionals. The investment team, including the portfolio managers and this investment committee, meets regularly to assess market conditions, review the asset allocation targets of the Fund, and determine whether any changes are required to enable the Fund to achieve its investment objective.<br/><br/> Although the asset allocation targets listed for the “glide path” are general, long term targets, BlackRock may adjust the proportion of equity funds and fixed income funds in the Fund based on an assessment of the current market conditions and the potential contribution of each asset class to the expected risk and return characteristics of the Fund. In general, the adjustments will be limited to +/- 10% relative to the target allocations. BlackRock may determine, in light of market conditions or other factors, that a greater variation is warranted to protect the Fund or achieve its investment objective. <br/><br/> BlackRock’s second step in the structuring of the Fund is the selection of the underlying funds. Factors such as fund classifications, historical risk and performance, and the relationship to other underlying funds in the Fund are considered when selecting underlying funds. The specific underlying funds selected for the Fund are determined at BlackRock’s discretion and may change as deemed appropriate to allow the Fund to meet its investment objective. See “Description of Underlying Funds” for a complete list of the underlying funds, their classification into equity or fixed income funds and a brief description of their investment objectives and primary investment strategies.<br/><br/> Within the prescribed percentage allocations to equity and fixed income funds, BlackRock seeks to diversify the Fund. The equity allocation may be further diversified by style (including both value and growth funds), market capitalization (including both large cap and small cap funds), region (including domestic and international (including emerging market) funds), or other factors. The fixed income allocation may be further diversified by sector (including government, corporate, agency, and other sectors), duration (a calculation of the average life of a bond which measures its price risk), credit quality (including non-investment grade debt or “junk bonds”), geographic location (including U.S. and foreign-issued securities), or other factors. The percentage allocation to the various styles of equity and fixed income are determined at the discretion of the investment team and can be changed to reflect the current market environment. <br/><br/> At the time the Fund reaches its target retirement date in 2030, the asset allocation of the Fund is expected to be 38% in underlying funds that invest in equity and 62% in underlying funds that invest in fixed income, and the target allocation may shift over time depending on market conditions. On approximately the target retirement date of the Fund, the Board of Trustees of the Fund (the “Board”) may evaluate alternatives available to the Fund. These alternatives may include a merger into another BlackRock fund subject to the Board determining, among other things, that it would be in the best interest of the Fund. Such a merger may or may not require shareholder approval. Finally, the Board may instead cause the Fund to be liquidated. <br/><br/> The Fund may, when consistent with its investment goal, buy or sell options or futures, or enter into total return swaps and foreign currency transactions (collectively, commonly known as derivatives). The Fund may seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as reverse repurchase agreements or dollar rolls).<br/><br/> The Fund is a non-diversified portfolio under the Investment Company Act of 1940, as amended. <b>Principal Risks of Investing in the Fund </b> <b>Annual Fund Operating Expenses <br/>(expenses that you pay each year as a percentage of the value of your investment)</b> Fund Overview<br/><br/><b>Key Facts About LifePath<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Active 2035 Portfolio </b> 0 The LifePath<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Active 2015 Portfolio (the “2015 Fund” or the “Fund”) seeks a balance between long term capital appreciation and high current income consistent with its current asset allocation. 0 77 0.0141 0.007 <b>Fees and Expenses of the Fund </b> 453 0.0211 855 -0.0141 This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the BlackRock-advised fund complex. More information about these and other discounts is available from your financial professional and in the “Details about the Share Classes” section on page 92 of the Fund’s prospectus and in the “Purchase of Shares” section on page II-73 of the Fund’s statement of additional information. The table below describes the fees and expenses that you may pay if you buy and hold Class K Shares of the Fund. 1979 0.007 The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent annual report which does not include the Acquired Fund Fees and Expenses. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Shareholder Fees</b><br/><b>(fees paid directly from your investment)</b> <b>Portfolio Turnover: </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 117% of the average value of its portfolio. 0 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 94% of the average value of its portfolio. 1.17 0 Fund Overview<br/><br/><b>Key Facts About LifePath<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Active 2015 Portfolio</b> <b>Investment Objective </b> The LifePath<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Active 2015 Portfolio (the “2015 Fund” or the “Fund”) seeks a balance between long term capital appreciation and high current income consistent with its current asset allocation. <b>Fees and Expenses of the Fund </b> The table below describes the fees and expenses that you may pay if you buy and hold Class K Shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the BlackRock-advised fund complex. Fund Overview<br/><br/><b>Key Facts About LifePath<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Active 2050 Portfolio </b> <b>Annual Fund Operating Expenses</b><br/><b>(expenses that you pay each year as a percentage of the value of your investment)</b> 0 0 0.0162 The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent annual report which does not include the Acquired Fund Fees and Expenses. 0.0075 0.0237 <b>Investment Objective </b> -0.0162 0.0075 <b>Principal Investment Strategies of the Fund </b> Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund. <ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Affiliated Fund Risk</b> — In managing the Fund, BlackRock will have authority to select and substitute underlying funds. BlackRock may be subject to potential conflicts of interest in selecting underlying funds because the fees paid to BlackRock by some underlying funds are higher than the fees paid by other underlying funds. However, BlackRock is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interests when selecting underlying funds. If an underlying fund holds interests in an affiliated fund, the Fund may be prohibited from purchasing shares of that underlying fund.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Allocation Risk</b> — The Fund’s ability to achieve its investment goal depends upon BlackRock’s skill in determining the Fund’s strategic asset class allocation and in selecting the best mix of underlying funds and direct investments. There is a risk that BlackRock’s evaluations and assumptions regarding asset classes or underlying funds may be incorrect in view of actual market conditions.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Credit Risk</b> — Credit risk refers to the possibility that the issuer of a security will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Derivatives Risk</b> — The Fund’s use of derivatives may reduce the Fund’s returns and/or increase volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately. Derivatives may give rise to a form of leverage and may expose the Fund to greater risk and increase its costs. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation is not yet known and may not be known for some time. New regulation may make derivatives more costly, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Emerging Markets Risk</b> — Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Equity Securities Risk</b> — Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Foreign Securities Risk — </b>Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Fund will lose money. These risks include:</p></li></ul><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">The governments of certain countries may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments. </p></td></tr></table></div><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Interest Rate Risk</b> — Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall, and decrease as interest rates rise.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Investments in Mutual Funds and ETFs Risk</b> — The Fund’s investments are concentrated in underlying BlackRock funds, so the Fund’s investment performance is directly related to the performance of the underlying funds. The Fund may also directly invest in exchange-traded funds (“ETFs”). The Fund’s net asset value will change with changes in the equity and bond markets and the value of the mutual funds, ETFs and other securities in which it invests. An investment in the Fund will entail more direct and indirect costs and expenses than a direct investment in the underlying funds and ETFs.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Junk Bonds Risk</b> — Although junk bonds generally pay higher rates of interest than investment grade bonds, junk bonds are high risk investments that may cause income and principal losses for the Fund.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Market Risk and Selection Risk</b> — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Retirement Income Risk</b> — The Fund does not provide a guarantee that sufficient capital appreciation will be achieved to provide adequate income at and through retirement. The Fund also does not ensure that you will have assets in your account sufficient to cover your retirement expenses or that you will have enough saved to be able to retire in the target year identified in the Fund name; this will depend on the amount of money you have invested in the Fund, the length of time you have held your investment, the returns of the markets over time, the amount you spend in retirement, and your other assets and income sources.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Small and Mid-Capitalization Company Risk</b> — Companies with small or mid-size market capitalizations will normally have more limited product lines, markets and financial resources and will be dependent upon a more limited management group than larger capitalized companies. In addition, it is more difficult to get information on smaller companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by large investors and are followed by relatively few securities analysts.</p></li></ul> <b>Shareholder Fees <br/>(fees paid directly from your investment)</b> 0 March 1, 2014 <b>Performance Information </b> The LifePath<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Active 2050 Portfolio (the “2050 Fund” or the “Fund”) seeks a balance between long term capital appreciation and high current income consistent with its current asset allocation. 0 <b>Fees and Expenses of the Fund </b> This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the BlackRock-advised fund complex. More information about these and other discounts is available from your financial professional and in the “Details about the Share Classes” section on page 92 of the Fund’s prospectus and in the “Purchase of Shares” section on page II-73 of the Fund’s statement of additional information. <b>Investment Objective</b> The LifePath<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Active 2025 Portfolio (the “2025 Fund” or the “Fund”) seeks a balance between long term capital appreciation and high current income consistent with its current asset allocation. <b>Example: </b> <b>Shareholder Fees</b><br/><b>(fees paid directly from your investment)</b> <b>Fees and Expenses of the Fund</b> The table below describes the fees and expenses that you may pay if you buy and hold Class K Shares of the Fund. 0.0525 0 0 <b>Example:</b> The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The Fund’s Annual Total Returns prior to November 27, 2012 as reflected in the bar chart and the table are the returns of the Fund when it followed a different glide path under the name “BlackRock Prepared Portfolio 2030.” The returns for Class K Shares prior to November 27, 2012 are the returns of the predecessor class. The table compares the Fund’s performance to that of the S&P 500 Index and the 2030 Custom Benchmark. Prior to November 27, 2012, the 2030 Custom Benchmark was comprised of the Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 3000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and the MSCI EAFE Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>; effective November 27, 2012, the 2030 Custom Benchmark is comprised of the Russell 1000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 2000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, MSCI ACWI ex US IMI Index, FTSE EPRA/NAREIT Developed Real Estate Index, Dow Jones UBS Commodity Index, Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and Barclays TIPs. The 2030 Custom Benchmark reflects the investment advisor’s change of these indices’ weightings over time, which are adjusted periodically with its evaluation and adjustment of the Fund’s asset allocation strategy. The 2030 Custom Benchmark is not recalculated or restated when it is adjusted to reflect the Fund’s asset allocation strategy but rather reflects the 2030 Custom Benchmark’s actual allocation over time, which may be different than the current allocation. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If the Fund’s investment manager and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at 800-882-0052. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: In pursuit of its investment objective, the Fund, which is a fund of funds, allocates and reallocates its assets among a combination of equity, fixed income and money market funds (the “underlying funds”) in proportions based on its own comprehensive investment strategy. <br/><br/> The Fund is designed for investors expecting to retire or to begin withdrawing assets around the year 2030. As of the date of this prospectus, the Fund held approximately 69% of its assets in underlying funds that invest primarily in equity securities and 31% of its assets in underlying funds that invest primarily in fixed income, including underlying funds that invest primarily in money market instruments. Certain underlying funds may invest in real estate investment trusts (“REITs”), foreign securities, emerging market securities, below investment-grade bonds and derivative securities or instruments, such as options and futures, the value of which is derived from another security, a commodity, a currency or an index. <br/><br/> Under normal circumstances the asset allocation will change over time according to a “glide path” as the Fund approaches its target date. The glide path below represents the shifting of asset classes over time. As the glide path shows, the Fund’s asset mix becomes more conservative — both prior to and after retirement — as time elapses. This reflects the need for reduced investment risks as retirement approaches and the need for lower volatility of the Fund, which may be a primary source of income after retirement. <br/><br/> The following chart illustrates the glide path — the target allocation among asset classes as the Fund approaches its target date: <br/><br/><div align="center"><img src="g452681g403177g15f80.jpg" alt="(glide path mountain chart)"></img></div><br/>The asset allocation targets are established by the portfolio managers working with oversight from a committee of BlackRock investment professionals. The investment team, including the portfolio managers and this investment committee, meets regularly to assess market conditions, review the asset allocation targets of the Fund, and determine whether any changes are required to enable the Fund to achieve its investment objective. <br/><br/> Although the asset allocation targets listed for the “glide path” are general, long term targets, BlackRock may adjust the proportion of equity funds and fixed income funds in the Fund based on an assessment of the current market conditions and the potential contribution of each asset class to the expected risk and return characteristics of the Fund. In general, the adjustments will be limited to +/- 10% relative to the target allocations. BlackRock may determine, in light of market conditions or other factors, that a greater variation is warranted to protect the Fund or achieve its investment objective. <br/><br/> BlackRock’s second step in the structuring of the Fund is the selection of the underlying funds. Factors such as fund classifications, historical risk and performance, and the relationship to other underlying funds in the Fund are considered when selecting underlying funds. The specific underlying funds selected for the Fund are determined at BlackRock’s discretion and may change as deemed appropriate to allow the Fund to meet its investment objective. See “Description of Underlying Funds” for a complete list of the underlying funds, their classification into equity or fixed income funds and a brief description of their investment objectives and primary investment strategies. <br/><br/> Within the prescribed percentage allocations to equity and fixed income funds, BlackRock seeks to diversify the Fund. The equity allocation may be further diversified by style (including both value and growth funds), market capitalization (including both large cap and small cap funds), region (including domestic and international (including emerging market) funds), or other factors. The fixed income allocation may be further diversified by sector (including government, corporate, agency, and other sectors), duration (a calculation of the average life of a bond which measures its price risk), credit quality (including non-investment grade debt or “junk bonds”), geographic location (including U.S. and foreign-issued securities), or other factors. The percentage allocation to the various styles of equity and fixed income are determined at the discretion of the investment team and can be changed to reflect the current market environment. <br/><br/> At the time the Fund reaches its target retirement date in 2030, the asset allocation of the Fund is expected to be 38% in underlying funds that invest in equity and 62% in underlying funds that invest in fixed income, and the target allocation may shift over time depending on market conditions. On approximately the target retirement date of the Fund, the Board of Trustees of the Fund (the “Board”) may evaluate alternatives available to the Fund. These alternatives may include a merger into another BlackRock fund subject to the Board determining, among other things, that it would be in the best interest of the Fund. Such a merger may or may not require shareholder approval. Finally, the Board may instead cause the Fund to be liquidated. <br/><br/> The Fund may, when consistent with its investment goal, buy or sell options or futures, or enter into total return swaps and foreign currency transactions (collectively, commonly known as derivatives). The Fund may seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as reverse repurchase agreements or dollar rolls). <br/><br/> The Fund is a non-diversified portfolio under the Investment Company Act of 1940, as amended. 0 0 72 438 829 1925 0 25000 0 This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.0525 0 0 Fund Overview<br/><br/><b>Key Facts about LifePath<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Active 2040 Portfolio</b> <b>Shareholder Fees <br/>(fees paid directly from your investment)</b> 0 0 77 <b>Portfolio Turnover:</b> 453 0 855 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 119% of the average value of its portfolio. 0 1979 0.0393 0.0075 <b>Principal Investment Strategies of the Fund</b> 0.0468 -0.0393 0.0075 0.0525 0 0 0 0 0 0 0 0 0.0025 0 0.005 <b>Portfolio Turnover: </b> 0.0382 0.0393 0.0374 0.0075 0.0075 0.0075 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 99% of the average value of its portfolio. 0.0482 0.0468 0.0499 -0.0372 -0.0383 -0.0365 <b>Annual Fund Operating Expenses<br/>(expenses that you pay each year as a percentage of the value of your investment)<br/> 0.011 0.0085 0.0134 <b>Class K Shares </b> <br/><b>ANNUAL TOTAL RETURNS </b><br/> <b>2030 Fund </b> <br/><b>As of 12/31 </b> 0 Fund Overview<br/><br/><b>Key Facts about LifePath<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Active 2020 Portfolio</b> 0 0.0124 <b>Investment Objective </b> 0.0068 The LifePath<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Active 2020 Portfolio (the “2020 Fund” or the “Fund”) seeks a balance between long term capital appreciation and high current income consistent with its current asset allocation. 0.0192 <b>Fees and Expenses of the Fund </b> -0.0124 0.0068 This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the BlackRock-advised fund complex. More information about these and other discounts is available from your financial professional and in the “Details about the Share Classes” section on page 92 of the Fund’s prospectus and in the “Purchase of Shares” section on page II-73 of the Fund’s statement of additional information. -0.339 In pursuit of its investment objective, the Fund, which is a fund of funds, allocates and reallocates its assets among a combination of equity, fixed income and money market funds (the “underlying funds”) in proportions based on its own comprehensive investment strategy.<br/><br/>The Fund is designed for investors expecting to retire or to begin withdrawing assets around the year 2025. As of the date of this prospectus, the Fund held approximately 62% of its assets in underlying funds that invest primarily in equity securities and 38% of its assets in underlying funds that invest primarily in fixed income, including underlying funds that invest primarily in money market instruments. Certain underlying funds may invest in real estate investment trusts (“REITs”), foreign securities, emerging market securities, below investment-grade bonds and derivative securities or instruments, such as options and futures, the value of which is derived from another security, a commodity, a currency or an index.<br/><br/>Under normal circumstances the asset allocation will change over time according to a “glide path” as the Fund approaches its target date. The glide path below represents the shifting of asset classes over time. As the glide path shows, the Fund’s asset mix becomes more conservative — both prior to and after retirement — as time elapses. This reflects the need for reduced investment risks as retirement approaches and the need for lower volatility of the Fund, which may be a primary source of income after retirement.<br/><br/>The following chart illustrates the glide path — the target allocation among asset classes as the Fund approaches its target date:<br/><br/><div align="center"><img src="g452681g409089g05u63.jpg" alt="(glide path mountain chart)"></img></div><br/>The asset allocation targets are established by the portfolio managers working with oversight from a committee of BlackRock investment professionals. The investment team, including the portfolio managers and this investment committee, meets regularly to assess market conditions, review the asset allocation targets of the Fund, and determine whether any changes are required to enable the Fund to achieve its investment objective.<br/><br/>Although the asset allocation targets listed for the “glide path” are general, long term targets, BlackRock may adjust the proportion of equity funds and fixed income funds in the Fund based on an assessment of the current market conditions and the potential contribution of each asset class to the expected risk and return characteristics of the Fund. In general, the adjustments will be limited to +/- 10% relative to the target allocations. BlackRock may determine, in light of market conditions or other factors, that a greater variation is warranted to protect the Fund or achieve its investment objective. <br/><br/>BlackRock’s second step in the structuring of the Fund is the selection of the underlying funds. Factors such as fund classifications, historical risk and performance, and the relationship to other underlying funds in the Fund are considered when selecting underlying funds. The specific underlying funds selected for the Fund are determined at BlackRock’s discretion and may change as deemed appropriate to allow the Fund to meet its investment objective. See “Description of Underlying Funds” for a complete list of the underlying funds, their classification into equity or fixed income funds and a brief description of their investment objectives and primary investment strategies.<br/><br/>Within the prescribed percentage allocations to equity and fixed income funds, BlackRock seeks to diversify the Fund. The equity allocation may be further diversified by style (including both value and growth funds), market capitalization (including both large cap and small cap funds), region (including domestic and international (including emerging market) funds), or other factors. The fixed income allocation may be further diversified by sector (including government, corporate, agency, and other sectors), duration (a calculation of the average life of a bond which measures its price risk), credit quality (including non-investment grade debt or “junk bonds”), geographic location (including U.S. and foreign-issued securities), or other factors. The percentage allocation to the various styles of equity and fixed income are determined at the discretion of the investment team and can be changed to reflect the current market environment.<br/><br/>At the time the Fund reaches its target retirement date in 2025, the asset allocation of the Fund is expected to be 38% in underlying funds that invest in equity and 62% in underlying funds that invest in fixed income, and the target allocation may shift over time depending on market conditions. On approximately the target retirement date of the Fund, the Board of Trustees of the Fund (the “Board”) may evaluate alternatives available to the Fund. These alternatives may include a merger into another BlackRock fund subject to the Board determining, among other things, that it would be in the best interest of the Fund. Such a merger may or may not require shareholder approval. Finally, the Board may instead cause the Fund to be liquidated.<br/><br/>The Fund may, when consistent with its investment goal, buy or sell options or futures, or enter into total return swaps and foreign currency transactions (collectively, commonly known as derivatives). The Fund may seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as reverse repurchase agreements or dollar rolls).<br/><br/>The Fund is a non-diversified portfolio under the Investment Company Act of 1940, as amended. 0.2899 0.139 0.0525 -0.0132 0 0 <b>Principal Risks of Investing in the Fund</b> 0 631 87 136 1057 484 635 0 0 In pursuit of its investment objective, the Fund, which is a fund of funds, allocates and reallocates its assets among a combination of equity, fixed income and money market funds (the “underlying funds”) in proportions based on its own comprehensive investment strategy.<br/><br/>The Fund is designed for investors expecting to retire or to begin withdrawing assets around the year 2035. As of the date of this prospectus, the Fund held approximately 76% of its assets in underlying funds that invest primarily in equity securities and 24% of its assets in underlying funds that invest primarily in fixed income, including underlying funds that invest primarily in money market instruments. Certain underlying funds may invest in real estate investment trusts (“REITs”), foreign securities, emerging market securities, below investment-grade bonds and derivative securities or instruments, such as options and futures, the value of which is derived from another security, a commodity, a currency or an index.<br/><br/>Under normal circumstances the asset allocation will change over time according to a “glide path” as the Fund approaches its target date. The glide path below represents the shifting of asset classes over time. As the glide path shows, the Fund’s asset mix becomes more conservative — both prior to and after retirement — as time elapses. This reflects the need for reduced investment risks as retirement approaches and the need for lower volatility of the Fund, which may be a primary source of income after retirement.<br/><br/>The following chart illustrates the glide path — the target allocation among asset classes as the Fund approaches its target date:<br/><br/><div align="center"><img src="g452681g409089g05u63.jpg" alt="(glide path mountain chart)"></img></div><br/>The asset allocation targets are established by the portfolio managers working with oversight from a committee of BlackRock investment professionals. The investment team, including the portfolio managers and this investment committee, meets regularly to assess market conditions, review the asset allocation targets of the Fund, and determine whether any changes are required to enable the Fund to achieve its investment objective.<br/><br/>Although the asset allocation targets listed for the “glide path” are general, long term targets, BlackRock may adjust the proportion of equity funds and fixed income funds in the Fund based on an assessment of the current market conditions and the potential contribution of each asset class to the expected risk and return characteristics of the Fund. In general, the adjustments will be limited to +/- 10% relative to the target allocations. BlackRock may determine, in light of market conditions or other factors, that a greater variation is warranted to protect the Fund or achieve its investment objective.<br/><br/>BlackRock’s second step in the structuring of the Fund is the selection of the underlying funds. Factors such as fund classifications, historical risk and performance, and the relationship to other underlying funds in the Fund are considered when selecting underlying funds. The specific underlying funds selected for the Fund are determined at BlackRock’s discretion and may change as deemed appropriate to allow the Fund to meet its investment objective. See “Description of Underlying Funds” for a complete list of the underlying funds, their classification into equity or fixed income funds and a brief description of their investment objectives and primary investment strategies.<br/><br/>Within the prescribed percentage allocations to equity and fixed income funds, BlackRock seeks to diversify the Fund. The equity allocation may be further diversified by style (including both value and growth funds), market capitalization (including both large cap and small cap funds), region (including domestic and international (including emerging market) funds), or other factors. The fixed income allocation may be further diversified by sector (including government, corporate, agency, and other sectors), duration (a calculation of the average life of a bond which measures its price risk), credit quality (including non-investment grade debt or “junk bonds”), geographic location (including U.S. and foreign-issued securities), or other factors. The percentage allocation to the various styles of equity and fixed income are determined at the discretion of the investment team and can be changed to reflect the current market environment.<br/><br/>At the time the Fund reaches its target retirement date in 2035, the asset allocation of the Fund is expected to be 38% in underlying funds that invest in equity and 62% in underlying funds that invest in fixed income, and the target allocation may shift over time depending on market conditions. On approximately the target retirement date of the Fund, the Board of Trustees of the Fund (the “Board”) may evaluate alternatives available to the Fund. These alternatives may include a merger into another BlackRock fund subject to the Board determining, among other things, that it would be in the best interest of the Fund. Such a merger may or may not require shareholder approval. Finally, the Board may instead cause the Fund to be liquidated.<br/><br/>The Fund may, when consistent with its investment goal, buy or sell options or futures, or enter into total return swaps and foreign currency transactions (collectively, commonly known as derivatives). The Fund may seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as reverse repurchase agreements or dollar rolls).<br/><br/>The Fund is a non-diversified portfolio under the Investment Company Act of 1940, as amended. During the period shown in the bar chart, the highest return for a quarter was 14.84% (quarter ended September 30, 2009) and the lowest return for a quarter was –18.14% (quarter ended December 31, 2008). The year-to-date return as of September 30, 2012 was 12.38%. 1507 907 The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent annual report which does not include the Acquired Fund Fees and Expenses. 1160 0 2753 2087 2599 <b>Principal Risks of Investing in the Fund </b> A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at time of purchase as part of an investment of $1,000,000 or more. Fund Overview<br/><br/><b>Key Facts about LifePath<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Active 2025 Portfolio </b> <b>Investment Objective</b> The LifePath<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Active 2025 Portfolio (the “2025 Fund” or the “Fund”) seeks a balance between long term capital appreciation and high current income consistent with its current asset allocation. March 1, 2014 Fund Overview<br/><br/><b>Key Facts About LifePath<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Active 2045 Portfolio </b> <b>Investment Objective </b> <b>Fees and Expenses of the Fund</b> The LifePath<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Active 2045 Portfolio (the “2045 Fund” or the “Fund”) seeks a balance between long term capital appreciation and high current income consistent with its current asset allocation. This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the BlackRock-advised fund complex. More information about these and other discounts is available from your financial professional and in the “Details about the Share Classes” section on page 92 of the Fund’s prospectus and in the “Purchase of Shares” section on page II-73 of the Fund’s statement of additional information. <b>Shareholder Fees<br/>(fees paid directly from your investment)</b> <b>Fees and Expenses of the Fund </b> <b>Annual Fund Operating Expenses<br/>(expenses that you pay each year as a percentage of the value of your investment)</b> The table below describes the fees and expenses that you may pay if you buy and hold Class K Shares of the Fund. <b>Portfolio Turnover:</b> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the BlackRock-advised fund complex. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 119% of the average value of its portfolio. <b>Shareholder Fees</b><br/><b>(fees paid directly from your investment)</b> <b>Annual Fund Operating Expenses</b><br/><b>(expenses that you pay each year as a percentage of the value of your investment)</b> 25000 <b>Investment Objective </b> The LifePath<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Active 2040 Portfolio (the “2040 Fund” or the “Fund”) seeks a balance between long term capital appreciation and high current income consistent with its current asset allocation. <b>Fees and Expenses of the Fund </b> This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the BlackRock-advised fund complex. More information about these and other discounts is available from your financial professional and in the “Details about the Share Classes” section on page 92 of the Fund’s prospectus and in the “Purchase of Shares” section on page II-73 of the Fund’s statement of additional information. <b>Shareholder Fees<br/>(fees paid directly from your investment)</b> <b>Example: </b> In pursuit of its investment objective, the Fund, which is a fund of funds, allocates and reallocates its assets among a combination of equity, fixed income and money market funds (the “underlying funds”) in proportions based on its own comprehensive investment strategy.<br/><br/>The Fund is designed for investors expecting to retire or to begin withdrawing assets around the year 2040. As of the date of this prospectus, the Fund held approximately 82% of its assets in underlying funds that invest primarily in equity securities and 18% of its assets in underlying funds that invest primarily in fixed income, including underlying funds that invest primarily in money market instruments. Certain underlying funds may invest in real estate investment trusts (“REITs”), foreign securities, emerging market securities, below investment-grade bonds and derivative securities or instruments, such as options and futures, the value of which is derived from another security, a commodity, a currency or an index.<br/><br/>Under normal circumstances the asset allocation will change over time according to a “glide path” as the Fund approaches its target date. The glide path below represents the shifting of asset classes over time. As the glide path shows, the Fund’s asset mix becomes more conservative — both prior to and after retirement — as time elapses. This reflects the need for reduced investment risks as retirement approaches and the need for lower volatility of the Fund, which may be a primary source of income after retirement.<br/><br/>The following chart illustrates the glide path — the target allocation among asset classes as the Fund approaches its target date:<br/><br/><div align="center"><img src="g452681g409089g05u63.jpg" alt="(glide path mountain chart)"></img></div><br/>The asset allocation targets are established by the portfolio managers working with oversight from a committee of BlackRock investment professionals. The investment team, including the portfolio managers and this investment committee, meets regularly to assess market conditions, review the asset allocation targets of the Fund, and determine whether any changes are required to enable the Fund to achieve its investment objective.<br/><br/>Although the asset allocation targets listed for the “glide path” are general, long term targets, BlackRock may adjust the proportion of equity funds and fixed income funds in the Fund based on an assessment of the current market conditions and the potential contribution of each asset class to the expected risk and return characteristics of the Fund. In general, the adjustments will be limited to +/- 10% relative to the target allocations. BlackRock may determine, in light of market conditions or other factors, that a greater variation is warranted to protect the Fund or achieve its investment objective.<br/><br/>BlackRock’s second step in the structuring of the Fund is the selection of the underlying funds. Factors such as fund classifications, historical risk and performance, and the relationship to other underlying funds in the Fund are considered when selecting underlying funds. The specific underlying funds selected for the Fund are determined at BlackRock’s discretion and may change as deemed appropriate to allow the Fund to meet its investment objective. See “Description of Underlying Funds” for a complete list of the underlying funds, their classification into equity or fixed income funds and a brief description of their investment objectives and primary investment strategies.<br/><br/>Within the prescribed percentage allocations to equity and fixed income funds, BlackRock seeks to diversify the Fund. The equity allocation may be further diversified by style (including both value and growth funds), market capitalization (including both large cap and small cap funds), region (including domestic and international (including emerging market) funds), or other factors. The fixed income allocation may be further diversified by sector (including government, corporate, agency, and other sectors), duration (a calculation of the average life of a bond which measures its price risk), credit quality (including non-investment grade debt or “junk bonds”), geographic location (including U.S. and foreign-issued securities), or other factors. The percentage allocation to the various styles of equity and fixed income are determined at the discretion of the investment team and can be changed to reflect the current market environment.<br/><br/>At the time the Fund reaches its target retirement date in 2040, the asset allocation of the Fund is expected to be 38% in underlying funds that invest in equity and 62% in underlying funds that invest in fixed income, and the target allocation may shift over time depending on market conditions. On approximately the target retirement date of the Fund, the Board of Trustees of the Fund (the “Board”) may evaluate alternatives available to the Fund. These alternatives may include a merger into another BlackRock fund subject to the Board determining, among other things, that it would be in the best interest of the Fund. Such a merger may or may not require shareholder approval. Finally, the Board may instead cause the Fund to be liquidated.<br/><br/>The Fund may, when consistent with its investment goal, buy or sell options or futures, or enter into total return swaps and foreign currency transactions (collectively, commonly known as derivatives). The Fund may seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as reverse repurchase agreements or dollar rolls).<br/><br/>The Fund is a non-diversified portfolio under the Investment Company Act of 1940, as amended. <b>Example: </b> <b>Annual Fund Operating Expenses <br/>(expenses that you pay each year as a percentage of the value of your investment)</b> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Example: </b> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Principal Risks of Investing in the Fund </b> <b>Portfolio Turnover: </b> -0.0132 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 99% of the average value of its portfolio. -0.0323 -0.002 0.0211 0.0106 <b>Principal Investment Strategies of the Fund </b> <b>Principal Risks of Investing in the Fund </b> Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund. <ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Affiliated Fund Risk</b> — In managing the Fund, BlackRock will have authority to select and substitute underlying funds. BlackRock may be subject to potential conflicts of interest in selecting underlying funds because the fees paid to BlackRock by some underlying funds are higher than the fees paid by other underlying funds. However, BlackRock is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interests when selecting underlying funds. If an underlying fund holds interests in an affiliated fund, the Fund may be prohibited from purchasing shares of that underlying fund.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Allocation Risk</b> — The Fund’s ability to achieve its investment goal depends upon BlackRock’s skill in determining the Fund’s strategic asset class allocation and in selecting the best mix of underlying funds and direct investments. There is a risk that BlackRock’s evaluations and assumptions regarding asset classes or underlying funds may be incorrect in view of actual market conditions.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Credit Risk</b> — Credit risk refers to the possibility that the issuer of a security will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Derivatives Risk</b> — The Fund’s use of derivatives may reduce the Fund’s returns and/or increase volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately. Derivatives may give rise to a form of leverage and may expose the Fund to greater risk and increase its costs. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation is not yet known and may not be known for some time. New regulation may make derivatives more costly, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Emerging Markets Risk</b> — Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Equity Securities Risk</b> — Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Foreign Securities Risk — </b>Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Fund will lose money. These risks include:</p></li></ul><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">The governments of certain countries may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments. </p></td></tr></table></div><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Interest Rate Risk</b> — Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall, and decrease as interest rates rise.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Investments in Mutual Funds and ETFs Risk</b> — The Fund’s investments are concentrated in underlying BlackRock funds, so the Fund’s investment performance is directly related to the performance of the underlying funds. The Fund may also directly invest in exchange-traded funds (“ETFs”). The Fund’s net asset value will change with changes in the equity and bond markets and the value of the mutual funds, ETFs and other securities in which it invests. An investment in the Fund will entail more direct and indirect costs and expenses than a direct investment in the underlying funds and ETFs.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Junk Bonds Risk</b> — Although junk bonds generally pay higher rates of interest than investment grade bonds, junk bonds are high risk investments that may cause income and principal losses for the Fund.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Market Risk and Selection Risk</b> — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Retirement Income Risk</b> — The Fund does not provide a guarantee that sufficient capital appreciation will be achieved to provide adequate income at and through retirement. The Fund also does not ensure that you will have assets in your account sufficient to cover your retirement expenses or that you will have enough saved to be able to retire in the target year identified in the Fund name; this will depend on the amount of money you have invested in the Fund, the length of time you have held your investment, the returns of the markets over time, the amount you spend in retirement, and your other assets and income sources.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Small and Mid-Capitalization Company Risk</b> — Companies with small or mid-size market capitalizations will normally have more limited product lines, markets and financial resources and will be dependent upon a more limited management group than larger capitalized companies. In addition, it is more difficult to get information on smaller companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by large investors and are followed by relatively few securities analysts.</p></li></ul> In pursuit of its investment objective, the Fund, which is a fund of funds, allocates and reallocates its assets among a combination of equity, fixed income and money market funds (the “underlying funds”) in proportions based on its own comprehensive investment strategy. <br /><br />The Fund is designed for investors expecting to retire or to begin withdrawing assets around the year 2040. As of the date of this prospectus, the Fund held approximately 82% of its assets in underlying funds that invest primarily in equity securities and 18% of its assets in underlying funds that invest primarily in fixed income, including underlying funds that invest primarily in money market instruments. Certain underlying funds may invest in real estate investment trusts (“REITs”), foreign securities, emerging market securities, below investment-grade bonds and derivative securities or instruments, such as options and futures, the value of which is derived from another security, a commodity, a currency or an index. <br /><br />Under normal circumstances the asset allocation will change over time according to a “glide path” as the Fund approaches its target date. The glide path below represents the shifting of asset classes over time. As the glide path shows, the Fund’s asset mix becomes more conservative — both prior to and after retirement — as time elapses. This reflects the need for reduced investment risks as retirement approaches and the need for lower volatility of the Fund, which may be a primary source of income after retirement. <br /><br />The following chart illustrates the glide path — the target allocation among asset classes as the Fund approaches its target date: <br/><br/><div align="center"><img src="g452681g403177g05u63.jpg" alt="(glide path mountain chart)"></img></div><br/>The asset allocation targets are established by the portfolio managers working with oversight from a committee of BlackRock investment professionals. The investment team, including the portfolio managers and this investment committee, meets regularly to assess market conditions, review the asset allocation targets of the Fund, and determine whether any changes are required to enable the Fund to achieve its investment objective. <br /><br />Although the asset allocation targets listed for the “glide path” are general, long term targets, BlackRock may adjust the proportion of equity funds and fixed income funds in the Fund based on an assessment of the current market conditions and the potential contribution of each asset class to the expected risk and return characteristics of the Fund. In general, the adjustments will be limited to +/- 10% relative to the target allocations. BlackRock may determine, in light of market conditions or other factors, that a greater variation is warranted to protect the Fund or achieve its investment objective. <br /><br />BlackRock’s second step in the structuring of the Fund is the selection of the underlying funds. Factors such as fund classifications, historical risk and performance, and the relationship to other underlying funds in the Fund are considered when selecting underlying funds. The specific underlying funds selected for the Fund are determined at BlackRock’s discretion and may change as deemed appropriate to allow the Fund to meet its investment objective. See “Description of Underlying Funds” for a complete list of the underlying funds, their classification into equity or fixed income funds and a brief description of their investment objectives and primary investment strategies. <br /><br />Within the prescribed percentage allocations to equity and fixed income funds, BlackRock seeks to diversify the Fund. The equity allocation may be further diversified by style (including both value and growth funds), market capitalization (including both large cap and small cap funds), region (including domestic and international (including emerging market) funds), or other factors. The fixed income allocation may be further diversified by sector (including government, corporate, agency, and other sectors), duration (a calculation of the average life of a bond which measures its price risk), credit quality (including non-investment grade debt or “junk bonds”), geographic location (including U.S. and foreign-issued securities), or other factors. The percentage allocation to the various styles of equity and fixed income are determined at the discretion of the investment team and can be changed to reflect the current market environment. <br /><br />At the time the Fund reaches its target retirement date in 2040, the asset allocation of the Fund is expected to be 38% in underlying funds that invest in equity and 62% in underlying funds that invest in fixed income, and the target allocation may shift over time depending on market conditions. On approximately the target retirement date of the Fund, the Board of Trustees of the Fund (the “Board”) may evaluate alternatives available to the Fund. These alternatives may include a merger into another BlackRock fund subject to the Board determining, among other things, that it would be in the best interest of the Fund. Such a merger may or may not require shareholder approval. Finally, the Board may instead cause the Fund to be liquidated. <br /><br />The Fund may, when consistent with its investment goal, buy or sell options or futures, or enter into total return swaps and foreign currency transactions (collectively, commonly known as derivatives). The Fund may seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as reverse repurchase agreements or dollar rolls). <br /><br />The Fund is a non-diversified portfolio under the Investment Company Act of 1940, as amended. <b>Portfolio Turnover: </b> <b>Performance Information </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 82% of the average value of its portfolio. The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The Fund’s Annual Total Returns prior to November 27, 2012 as reflected in the bar chart and the table are the returns of the Fund when it followed a different glide path under the name “BlackRock Prepared Portfolio 2040.” The returns for Institutional Shares prior to November 27, 2012, the commencement of operations of Institutional Shares, are based upon performance of the Fund’s Class K Shares, as adjusted to reflect the fees applicable to Institutional Shares. The table compares the Fund’s performance to that of the S&P 500 Index and the 2040 Custom Benchmark. Prior to November 27, 2012, the 2040 Custom Benchmark was comprised of the Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 3000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, and the MSCI EAFE Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>; effective November 27, 2012, the 2040 Custom Benchmark is comprised of the Russell 1000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 2000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, MSCI ACWI ex US IMI Index, FTSE EPRA/NAREIT Developed Real Estate Index, Dow Jones UBS Commodity Index, Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and Barclays TIPs. The 2040 Custom Benchmark reflects the investment advisor’s change of these indices’ weightings over time, which are adjusted periodically with its evaluation and adjustment of the Fund’s asset allocation strategy. The 2040 Custom Benchmark is not recalculated or restated when it is adjusted to reflect the Fund’s asset allocation strategy but rather reflects the 2040 Custom Benchmark’s actual allocation over time, which may be different than the current allocation. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If the Fund’s investment manager and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at 800-882-0052. 0.82 <b>Investor A Shares ANNUAL TOTAL RETURNS 2040 Fund As of 12/31 </b> <b>As of 12/31/11<br/>Average Annual Total Returns</b> After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Institutional and Class R Shares will vary. <b>Annual Fund Operating Expenses</b><br/><b>(expenses that you pay each year as a percentage of the value of your investment)</b> 0.0052 -0.002 0.0013 -0.0134 -0.0081 March 1, 2014 The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent annual report which does not include the Acquired Fund Fees and Expenses. -0.0795 -0.0839 -0.0248 0 -0.0471 -0.0315 0 <b>Example:</b> 0.0211 -0.0065 0 This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Principal Investment Strategies of the Fund</b> In pursuit of its investment objective, the Fund, which is a fund of funds, allocates and reallocates its assets among a combination of equity, fixed income and money market funds (the “underlying funds”) in proportions based on its own comprehensive investment strategy.<br/><br/>The Fund is designed for investors expecting to retire or to begin withdrawing assets around the year 2025. As of the date of this prospectus, the Fund held approximately 62% of its assets in underlying funds that invest primarily in equity securities and 38% of its assets in underlying funds that invest primarily in fixed income, including underlying funds that invest primarily in money market instruments. Certain underlying funds may invest in real estate investment trusts (“REITs”), foreign securities, emerging market securities, below investment-grade bonds and derivative securities or instruments, such as options and futures, the value of which is derived from another security, a commodity, a currency or an index.<br/><br/>Under normal circumstances the asset allocation will change over time according to a “glide path” as the Fund approaches its target date. The glide path below represents the shifting of asset classes over time. As the glide path shows the Fund’s asset mix becomes more conservative — both prior to and after retirement — as time elapses. This reflects the need for reduced investment risks as retirement approaches and the need for lower volatility of the Fund, which may be a primary source of income after retirement.<br/><br/>The following chart illustrates the glide path — the target allocation among asset classes as the Fund approaches its target date:<br/><br/><div align="center"><img src="g452681g403177g05u63.jpg" alt="(glide path mountain chart)"></img></div><br/>The asset allocation targets are established by the portfolio managers working with oversight from a committee of BlackRock investment professionals. The investment team, including the portfolio managers and this investment committee, meets regularly to assess market conditions, review the asset allocation targets of the Fund, and determine whether any changes are required to enable the Fund to achieve its investment objective.<br/><br/>Although the asset allocation targets listed for the “glide path” are general, long term targets, BlackRock may adjust the proportion of equity funds and fixed income funds in the Fund based on an assessment of the current market conditions and the potential contribution of each asset class to the expected risk and return characteristics of the Fund. In general, the adjustments will be limited to +/- 10% relative to the target allocations. BlackRock may determine, in light of market conditions or other factors, that a greater variation is warranted to protect the Fund or achieve its investment objective.<br/><br/>BlackRock’s second step in the structuring of the Fund is the selection of the underlying funds. Factors such as fund classifications, historical risk and performance, and the relationship to other underlying funds in the Fund are considered when selecting underlying funds. The specific underlying funds selected for the Fund are determined at BlackRock’s discretion and may change as deemed appropriate to allow the Fund to meet its investment objective. See “Description of Underlying Funds” for a complete list of the underlying funds, their classification into equity or fixed income funds and a brief description of their investment objectives and primary investment strategies.<br/><br/>Within the prescribed percentage allocations to equity and fixed income funds, BlackRock seeks to diversify the Fund. The equity allocation may be further diversified by style (including both value and growth funds), market capitalization (including both large cap and small cap funds), region (including domestic and international (including emerging market) funds), or other factors. The fixed income allocation may be further diversified by sector (including government, corporate, agency, and other sectors), duration (a calculation of the average life of a bond which measures its price risk), credit quality (including non-investment grade debt or “junk bonds”), geographic location (including U.S. and foreign-issued securities), or other factors. The percentage allocation to the various styles of equity and fixed income are determined at the discretion of the investment team and can be changed to reflect the current market environment.<br/><br/>At the time the Fund reaches its target retirement date in 2025, the asset allocation of the Fund is expected to be 38% in underlying funds that invest in equity and 62% in underlying funds that invest in fixed income, and the target allocation may shift over time depending on market conditions. On approximately the target retirement date of the Fund, the Board of Trustees of the Fund (the “Board”) may evaluate alternatives available to the Fund. These alternatives may include a merger into another BlackRock fund subject to the Board determining, among other things, that it would be in the best interest of the Fund. Such a merger may or may not require shareholder approval. Finally, the Board may instead cause the Fund to be liquidated.<br/><br/>The Fund may, when consistent with its investment goal, buy or sell options or futures, or enter into total return swaps and foreign currency transactions (collectively, commonly known as derivatives). The Fund may seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as reverse repurchase agreements or dollar rolls).<br/><br/>The Fund is a non-diversified portfolio under the Investment Company Act of 1940, as amended. <b>Principal Risks of Investing in the Fund</b> -0.017 -0.0195 -0.0151 69 -0.0015 0.0025 -0.0082 -0.0134 0 -0.0137 0.005 432 818 <b>Performance Information</b> 1903 The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The Fund’s Annual Total Returns prior to November 27, 2012 as reflected in the bar chart and the table are the returns of the Fund when it followed a different glide path under the name “BlackRock Prepared Portfolio 2025.” The returns for Institutional Shares prior to November 27, 2012, the commencement of operations of Institutional Shares, are based upon performance of the Fund’s Class K Shares, as adjusted to reflect the fees applicable to Institutional Shares. The table compares the Fund’s performance to that of the S&P 500 Index and the 2025 Custom Benchmark. Prior to November 27, 2012, the 2025 Custom Benchmark was comprised of the Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 3000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, and the MSCI EAFE Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>; effective November 27, 2012, the 2025 Custom Benchmark is comprised of the Russell 1000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 2000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, MSCI ACWI ex US IMI Index, FTSE EPRA/NAREIT Developed Real Estate Index, Dow Jones UBS Commodity Index, Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and Barclays TIPs. The 2025 Custom Benchmark reflects the investment advisor’s change of these indices’ weightings over time, which are adjusted periodically with its evaluation and adjustment of the Fund’s asset allocation strategy. The 2025 Custom Benchmark is not recalculated or restated when it is adjusted to reflect the Fund’s asset allocation strategy but rather reflects the 2025 Custom Benchmark’s actual allocation over time, which may be different than the current allocation. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If the Fund’s investment manager and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at 800-882-0052. <b>Investor A Shares</b><br/><b>ANNUAL TOTAL RETURNS </b><br/><b>2025 Fund</b><br/><b>As of 12/31</b> March 1, 2014 During the period shown in the bar chart, the highest return for a quarter was 13.59% (quarter ended September 30, 2009) and the lowest return for a quarter was –16.37% (quarter ended December 31, 2008). The year-to-date return as of September 30, 2012 was 11.73%. 0.0445 <b>As of 12/31/11<br/> Average Annual Total Returns</b> 0.0383 0.0451 After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Institutional and Class R Shares will vary. 0.0075 0.0075 0.0075 0.0545 0.0458 0.0576 77 453 -0.0435 -0.0373 -0.0442 855 0.011 1979 0.0085 0.0134 March 1, 2014 1.19 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the BlackRock-advised fund complex. 25000 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the BlackRock-advised fund complex. 25000 The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent annual report which does not include the Acquired Fund Fees and Expenses. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. 800-882-0052 http://www.blackrock.com/funds As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. <b>Portfolio Turnover: </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 112% of the average value of its portfolio. Actual after-tax returns depend on the investors tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Institutional and Class R Shares will vary. 1.12 0 0 0 year-to-date return 2012-09-30 0.0025 0 0.1173 0.005 highest return 2009-09-30 0.1359 0.0106 lowest return 0.0101 0.0109 2008-12-31 -0.1637 0.0072 0.0072 0.0072 0.0203 0.0173 0.0231 2007-04-20 Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund. <ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Affiliated Fund Risk</b> — In managing the Fund, BlackRock will have authority to select and substitute underlying funds. BlackRock may be subject to potential conflicts of interest in selecting underlying funds because the fees paid to BlackRock by some underlying funds are higher than the fees paid by other underlying funds. However, BlackRock is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interests when selecting underlying funds. If an underlying fund holds interests in an affiliated fund, the Fund may be prohibited from purchasing shares of that underlying fund.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Allocation Risk</b> — The Fund’s ability to achieve its investment goal depends upon BlackRock’s skill in determining the Fund’s strategic asset class allocation and in selecting the best mix of underlying funds and direct investments. There is a risk that BlackRock’s evaluations and assumptions regarding asset classes or underlying funds may be incorrect in view of actual market conditions.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Credit Risk</b> — Credit risk refers to the possibility that the issuer of a security will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Derivatives Risk</b> — The Fund’s use of derivatives may reduce the Fund’s returns and/or increase volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately. Derivatives may give rise to a form of leverage and may expose the Fund to greater risk and increase its costs. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation is not yet known and may not be known for some time. New regulation may make derivatives more costly, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Emerging Markets Risk</b> — Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Equity Securities Risk</b> — Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Foreign Securities Risk — </b>Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Fund will lose money. These risks include:</p></li></ul><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">The governments of certain countries may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments. </p></td></tr></table></div><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Interest Rate Risk</b> — Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall, and decrease as interest rates rise.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Investments in Mutual Funds and ETFs Risk</b> — The Fund’s investments are concentrated in underlying BlackRock funds, so the Fund’s investment performance is directly related to the performance of the underlying funds. The Fund may also directly invest in exchange-traded funds (“ETFs”). The Fund’s net asset value will change with changes in the equity and bond markets and the value of the mutual funds, ETFs and other securities in which it invests. An investment in the Fund will entail more direct and indirect costs and expenses than a direct investment in the underlying funds and ETFs.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Junk Bonds Risk</b> — Although junk bonds generally pay higher rates of interest than investment grade bonds, junk bonds are high risk investments that may cause income and principal losses for the Fund.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Market Risk and Selection Risk</b> — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Retirement Income Risk</b> — The Fund does not provide a guarantee that sufficient capital appreciation will be achieved to provide adequate income at and through retirement. The Fund also does not ensure that you will have assets in your account sufficient to cover your retirement expenses or that you will have enough saved to be able to retire in the target year identified in the Fund name; this will depend on the amount of money you have invested in the Fund, the length of time you have held your investment, the returns of the markets over time, the amount you spend in retirement, and your other assets and income sources.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Small and Mid-Capitalization Company Risk</b> — Companies with small or mid-size market capitalizations will normally have more limited product lines, markets and financial resources and will be dependent upon a more limited management group than larger capitalized companies. In addition, it is more difficult to get information on smaller companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by large investors and are followed by relatively few securities analysts.</p></li></ul> <b>Performance Information </b> After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The Fund’s Annual Total Returns prior to November 27, 2012 as reflected in the bar chart and the table are the returns of the Fund when it followed a different glide path under the name “BlackRock Prepared Portfolio 2035.” The returns for Class K Shares prior to November 27, 2012 are the returns of the predecessor class. The table compares the Fund’s performance to that of the S&P 500 Index and the 2035 Custom Benchmark. Prior to November 27, 2012, the 2035 Custom Benchmark was comprised of the Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 3000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and the MSCI EAFE Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>; effective November 27, 2012, the 2035 Custom Benchmark is comprised of the Russell 1000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 2000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, MSCI ACWI ex US IMI Index, FTSE EPRA/NAREIT Developed Real Estate Index, Dow Jones UBS Commodity Index, Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and Barclays TIPs. The 2035 Custom Benchmark reflects the investment advisor’s change of these indices’ weightings over time, which are adjusted periodically with its evaluation and adjustment of the Fund’s asset allocation strategy. The 2035 Custom Benchmark is not recalculated or restated when it is adjusted to reflect the Fund’s asset allocation strategy but rather reflects the 2035 Custom Benchmark’s actual allocation over time, which may be different than the current allocation. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If the Fund’s investment manager and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at 800-882-0052. Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund. <ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Affiliated Fund Risk</b> — In managing the Fund, BlackRock will have authority to select and substitute underlying funds. BlackRock may be subject to potential conflicts of interest in selecting underlying funds because the fees paid to BlackRock by some underlying funds are higher than the fees paid by other underlying funds. However, BlackRock is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interests when selecting underlying funds. If an underlying fund holds interests in an affiliated fund, the Fund may be prohibited from purchasing shares of that underlying fund.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Allocation Risk</b> — The Fund’s ability to achieve its investment goal depends upon BlackRock’s skill in determining the Fund’s strategic asset class allocation and in selecting the best mix of underlying funds and direct investments. There is a risk that BlackRock’s evaluations and assumptions regarding asset classes or underlying funds may be incorrect in view of actual market conditions.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Credit Risk</b> — Credit risk refers to the possibility that the issuer of a security will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Derivatives Risk</b> — The Fund’s use of derivatives may reduce the Fund’s returns and/or increase volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately. Derivatives may give rise to a form of leverage and may expose the Fund to greater risk and increase its costs. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation is not yet known and may not be known for some time. New regulation may make derivatives more costly, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Emerging Markets Risk</b> — Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Equity Securities Risk</b> — Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Foreign Securities Risk — </b>Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Fund will lose money. These risks include:</p></li></ul><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">The governments of certain countries may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments. </p></td></tr></table></div><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Interest Rate Risk</b> — Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall, and decrease as interest rates rise.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Investments in Mutual Funds and ETFs Risk</b> — The Fund’s investments are concentrated in underlying BlackRock funds, so the Fund’s investment performance is directly related to the performance of the underlying funds. The Fund may also directly invest in exchange-traded funds (“ETFs”). The Fund’s net asset value will change with changes in the equity and bond markets and the value of the mutual funds, ETFs and other securities in which it invests. An investment in the Fund will entail more direct and indirect costs and expenses than a direct investment in the underlying funds and ETFs.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Junk Bonds Risk</b> — Although junk bonds generally pay higher rates of interest than investment grade bonds, junk bonds are high risk investments that may cause income and principal losses for the Fund.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Market Risk and Selection Risk</b> — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Retirement Income Risk</b> — The Fund does not provide a guarantee that sufficient capital appreciation will be achieved to provide adequate income at and through retirement. The Fund also does not ensure that you will have assets in your account sufficient to cover your retirement expenses or that you will have enough saved to be able to retire in the target year identified in the Fund name; this will depend on the amount of money you have invested in the Fund, the length of time you have held your investment, the returns of the markets over time, the amount you spend in retirement, and your other assets and income sources.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Small and Mid-Capitalization Company Risk</b> — Companies with small or mid-size market capitalizations will normally have more limited product lines, markets and financial resources and will be dependent upon a more limited management group than larger capitalized companies. In addition, it is more difficult to get information on smaller companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by large investors and are followed by relatively few securities analysts.</p></li></ul> 0.0525 0 0 <b>Principal Investment Strategies of the Fund </b> In pursuit of its investment objective, the Fund, which is a fund of funds, allocates and reallocates its assets among a combination of equity, fixed income and money market funds (the “underlying funds”) in proportions based on its own comprehensive investment strategy. <br /><br />The Fund is designed for investors expecting to retire or to begin withdrawing assets around the year 2015. As of the date of this prospectus, the Fund held approximately 44% of its assets in underlying funds that invest primarily in equity securities and 56% of its assets in underlying funds that invest primarily in fixed income, including underlying funds that invest primarily in money market instruments. Certain underlying funds may invest in real estate investment trusts (“REITs”), foreign securities, emerging market securities, below investment-grade bonds and derivative securities or instruments, such as options and futures, the value of which is derived from another security, a commodity, a currency or an index. <br /><br />Under normal circumstances the asset allocation will change over time according to a “glide path” as the Fund approaches its target date. The glide path below represents the shifting of asset classes over time. As the glide path shows, the Fund’s asset mix becomes more conservative — both prior to and after retirement — as time elapses. This reflects the need for reduced investment risks as retirement approaches and the need for lower volatility of the Fund, which may be a primary source of income after retirement. <br /><br />The following chart illustrates the glide path — the target allocation among asset classes as the Fund approaches its target date: <br/><br/><div align="center"><img src="g452681g409089g05u63.jpg" alt="(glide path mountain chart)"></img></div><br/>The asset allocation targets are established by the portfolio managers working with oversight from a committee of BlackRock investment professionals. The investment team, including the portfolio managers and this investment committee, meets regularly to assess market conditions, review the asset allocation targets of the Fund, and determine whether any changes are required to enable the Fund to achieve its investment objective. <br /><br />Although the asset allocation targets listed for the “glide path” are general, long term targets, BlackRock may adjust the proportion of equity funds and fixed income funds in the Fund based on an assessment of the current market conditions and the potential contribution of each asset class to the expected risk and return characteristics of the Fund. In general, the adjustments will be limited to +/- 10% relative to the target allocations. BlackRock may determine, in light of market conditions or other factors, that a greater variation is warranted to protect the Fund or achieve its investment objective. <br /><br />BlackRock’s second step in the structuring of the Fund is the selection of the underlying funds. Factors such as fund classifications, historical risk and performance, and the relationship to other underlying funds in the Fund are considered when selecting underlying funds. The specific underlying funds selected for the Fund are determined at BlackRock’s discretion and may change as deemed appropriate to allow the Fund to meet its investment objective. See “Description of Underlying Funds” for a complete list of the underlying funds, their classification into equity or fixed income funds and a brief description of their investment objectives and primary investment strategies. <br /><br />Within the prescribed percentage allocations to equity and fixed income funds, BlackRock seeks to diversify the Fund. The equity allocation may be further diversified by style (including both value and growth funds), market capitalization (including both large cap and small cap funds), region (including domestic and international (including emerging market) funds), or other factors. The fixed income allocation may be further diversified by sector (including government, corporate, agency, and other sectors), duration (a calculation of the average life of a bond which measures its price risk), credit quality (including non-investment grade debt or “junk bonds”), geographic location (including U.S. and foreign-issued securities), or other factors. The percentage allocation to the various styles of equity and fixed income are determined at the discretion of the investment team and can be changed to reflect the current market environment. <br /><br />At the time the Fund reaches its target retirement date in 2015, the asset allocation of the Fund is expected to be 38% in underlying funds that invest in equity and 62% in underlying funds that invest in fixed income, and the target allocation may shift over time depending on market conditions. On approximately the target retirement date of the Fund, the Board of Trustees of the Fund (the “Board”) may evaluate alternatives available to the Fund. These alternatives may include a merger into another BlackRock fund subject to the Board determining, among other things, that it would be in the best interest of the Fund. Such a merger may or may not require shareholder approval. Finally, the Board may instead cause the Fund to be liquidated. <br /><br />The Fund may, when consistent with its investment goal, buy or sell options or futures, or enter into total return swaps and foreign currency transactions (collectively, commonly known as derivatives). The Fund may seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as reverse repurchase agreements or dollar rolls). <br /><br />The Fund is a non-diversified portfolio under the Investment Company Act of 1940, as amended. <b>Class K Shares </b><br/><b>ANNUAL TOTAL RETURNS </b><br/><b>2035 Fund </b><br/><b>As of 12/31 </b> -0.0096 -0.0091 -0.01 0.0107 0.0082 0.0131 The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent annual report which does not include the Acquired Fund Fees and Expenses. During the period shown in the bar chart, the highest return for a quarter was 15.66% (quarter ended June 30, 2009) and the lowest return for a quarter was –19.31% (quarter ended December 31, 2008). The year-to-date return as of September 30, 2012 was 13.04%. <b>Principal Investment Strategies of the Fund </b> 0 0 In pursuit of its investment objective, the Fund, which is a fund of funds, allocates and reallocates its assets among a combination of equity, fixed income and money market funds (the “underlying funds”) in proportions based on its own comprehensive investment strategy. <br /><br />The Fund is designed for investors expecting to retire or to begin withdrawing assets around the year 2045. As of the date of this prospectus, the Fund held approximately 88% of its assets in underlying funds that invest primarily in equity securities and 12% of its assets in underlying funds that invest primarily in fixed income, including underlying funds that invest primarily in money market instruments. Certain underlying funds may invest in real estate investment trusts (“REITs”), foreign securities, emerging market securities, below investment-grade bonds and derivative securities or instruments, such as options and futures, the value of which is derived from another security, a commodity, a currency or an index. <br /><br />Under normal circumstances, the asset allocation will change over time according to a “glide path” as the Fund approaches its target date. The glide path below represents the shifting of asset classes over time. As the glide path shows, the Fund’s asset mix becomes more conservative — both prior to and after retirement — as time elapses. This reflects the need for reduced investment risks as retirement approaches and the need for lower volatility of the Fund, which may be a primary source of income after retirement. <br /><br />The following chart illustrates the glide path — the target allocation among asset classes as the Fund approaches its target date:<br/><br/><div align="center"><img src="g452681g409089g05u63.jpg" alt="(glide path mountain chart)"></img></div><br/>The asset allocation targets are established by the portfolio managers working with oversight from a committee of BlackRock investment professionals. The investment team, including the portfolio managers and this investment committee, meets regularly to assess market conditions, review the asset allocation targets of the Fund, and determine whether any changes are required to enable the Fund to achieve its investment objective. <br /><br />Although the asset allocation targets listed for the “glide path” are general, long term targets, BlackRock may adjust the proportion of equity funds and fixed income funds in the Fund based on an assessment of the current market conditions and the potential contribution of each asset class to the expected risk and return characteristics of the Fund. In general, the adjustments will be limited to +/- 10% relative to the target allocations. BlackRock may determine, in light of market conditions or other factors, that a greater variation is warranted to protect the Fund or achieve its investment objective. <br /><br />BlackRock’s second step in the structuring of the Fund is the selection of the underlying funds. Factors such as fund classifications, historical risk and performance, and the relationship to other underlying funds in the Fund are considered when selecting underlying funds. The specific underlying funds selected for the Fund are determined at BlackRock’s discretion and may change as deemed appropriate to allow the Fund to meet its investment objective. See “Description of Underlying Funds” for a complete list of the underlying funds, their classification into equity or fixed income funds and a brief description of their investment objectives and primary investment strategies. <br /><br />Within the prescribed percentage allocations to equity and fixed income funds, BlackRock seeks to diversify the Fund. The equity allocation may be further diversified by style (including both value and growth funds), market capitalization (including both large cap and small cap funds), region (including domestic and international (including emerging market) funds), or other factors. The fixed income allocation may be further diversified by sector (including government, corporate, agency, and other sectors), duration (a calculation of the average life of a bond which measures its price risk), credit quality (including non-investment grade debt or “junk bonds”), geographic location (including U.S. and foreign-issued securities), or other factors. The percentage allocation to the various styles of equity and fixed income are determined at the discretion of the investment team and can be changed to reflect the current market environment. <br /><br />At the time the Fund reaches its target retirement date in 2045, the asset allocation of the Fund is expected to be 38% in underlying funds that invest in equity and 62% in underlying funds that invest in fixed income, and the target allocation may shift over time depending on market conditions. On approximately the target retirement date of the Fund, the Board of Trustees of the Fund (the “Board”) may evaluate alternatives available to the Fund. These alternatives may include a merger into another BlackRock fund subject to the Board determining, among other things, that it would be in the best interest of the Fund. Such a merger may or may not require shareholder approval. Finally, the Board may instead cause the Fund to be liquidated. <br /><br />The Fund may, when consistent with its investment goal, buy or sell options or futures, or enter into total return swaps and foreign currency transactions (collectively, commonly known as derivatives). The Fund may seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as reverse repurchase agreements or dollar rolls). <br /><br />The Fund is a non-diversified portfolio under the Investment Company Act of 1940, as amended. <b>Example: </b> Fund Overview<b><br/><br/>Key Facts about LifePath<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Active 2035 Portfolio </b> <b>Investment Objective </b> The LifePath<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Active 2035 Portfolio (the “2035 Fund” or the “Fund”) seeks a balance between long term capital appreciation and high current income consistent with its current asset allocation. <b>Fees and Expenses of the Fund </b> This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the BlackRock-advised fund complex. More information about these and other discounts is available from your financial professional and in the “Details about the Share Classes” section on page 92 of the Fund’s prospectus and in the “Purchase of Shares” section on page II-73 of the Fund’s statement of additional information. <b>Shareholder Fees <br/>(fees paid directly from your investment)</b> <b>Annual Fund Operating Expenses<br/> (expenses that you pay each year as a percentage of the value of your investment)</b> <b>Example: </b> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Portfolio Turnover: </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 94% of the average value of its portfolio. 0 <b>As of 12/31/11<br/>Average Annual Total Returns</b> <b>Principal Investment Strategies of the Fund </b> In pursuit of its investment objective, the Fund, which is a fund of funds, allocates and reallocates its assets among a combination of equity, fixed income and money market funds (the “underlying funds”) in proportions based on its own comprehensive investment strategy. <br /><br />The Fund is designed for investors expecting to retire or to begin withdrawing assets around the year 2035. As of the date of this prospectus, the Fund held approximately 76% of its assets in underlying funds that invest primarily in equity securities and 24% of its assets in underlying funds that invest primarily in fixed income, including underlying funds that invest primarily in money market instruments. Certain underlying funds may invest in real estate investment trusts (“REITs”), foreign securities, emerging market securities, below investment-grade bonds and derivative securities or instruments, such as options and futures, the value of which is derived from another security, a commodity, a currency or an index. <br /><br />Under normal circumstances the asset allocation will change over time according to a “glide path” as the Fund approaches its target date. The glide path below represents the shifting of asset classes over time. As the glide path shows, the Fund’s asset mix becomes more conservative — both prior to and after retirement — as time elapses. This reflects the need for reduced investment risks as retirement approaches and the need for lower volatility of the Fund, which may be a primary source of income after retirement. <br /><br />The following chart illustrates the glide path — the target allocation among asset classes as the Fund approaches its target date: <br/><br/><div align="center"><img src="g452681g403177g05u63.jpg" alt="(glide path mountain chart)"></img></div><br/>The asset allocation targets are established by the portfolio managers working with oversight from a committee of BlackRock investment professionals. The investment team, including the portfolio managers and this investment committee, meets regularly to assess market conditions, review the asset allocation targets of the Fund, and determine whether any changes are required to enable the Fund to achieve its investment objective. <br /><br />Although the asset allocation targets listed for the “glide path” are general, long term targets, BlackRock may adjust the proportion of equity funds and fixed income funds in the Fund based on an assessment of the current market conditions and the potential contribution of each asset class to the expected risk and return characteristics of the Fund. In general, the adjustments will be limited to +/- 10% relative to the target allocations. BlackRock may determine, in light of market conditions or other factors, that a greater variation is warranted to protect the Fund or achieve its investment objective. <br /><br />BlackRock’s second step in the structuring of the Fund is the selection of the underlying funds. Factors such as fund classifications, historical risk and performance, and the relationship to other underlying funds in the Fund are considered when selecting underlying funds. The specific underlying funds selected for the Fund are determined at BlackRock’s discretion and may change as deemed appropriate to allow the Fund to meet its investment objective. See “Description of Underlying Funds” for a complete list of the underlying funds, their classification into equity or fixed income funds and a brief description of their investment objectives and primary investment strategies. <br /><br />Within the prescribed percentage allocations to equity and fixed income funds, BlackRock seeks to diversify the Fund. The equity allocation may be further diversified by style (including both value and growth funds), market capitalization (including both large cap and small cap funds), region (including domestic and international (including emerging market) funds), or other factors. The fixed income allocation may be further diversified by sector (including government, corporate, agency, and other sectors), duration (a calculation of the average life of a bond which measures its price risk), credit quality (including non-investment grade debt or “junk bonds”), geographic location (including U.S. and foreign-issued securities), or other factors. The percentage allocation to the various styles of equity and fixed income are determined at the discretion of the investment team and can be changed to reflect the current market environment. <br /><br />At the time the Fund reaches its target retirement date in 2035, the asset allocation of the Fund is expected to be 38% in underlying funds that invest in equity and 62% in underlying funds that invest in fixed income, and the target allocation may shift over time depending on market conditions. On approximately the target retirement date of the Fund, the Board of Trustees of the Fund (the “Board”) may evaluate alternatives available to the Fund. These alternatives may include a merger into another BlackRock fund subject to the Board determining, among other things, that it would be in the best interest of the Fund. Such a merger may or may not require shareholder approval. Finally, the Board may instead cause the Fund to be liquidated. <br /><br />The Fund may, when consistent with its investment goal, buy or sell options or futures, or enter into total return swaps and foreign currency transactions (collectively, commonly known as derivatives). The Fund may seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as reverse repurchase agreements or dollar rolls). <br /><br />The Fund is a non-diversified portfolio under the Investment Company Act of 1940, as amended. <b>Performance Information </b> <b>Investor A Shares </b><br/><b>ANNUAL TOTAL RETURNS </b><br/><b>2035 Fund </b><br/><b>As of 12/31 </b> The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The Fund’s Annual Total Returns prior to November 27, 2012 as reflected in the bar chart and the table are the returns of the Fund when it followed a different glide path under the name “BlackRock Prepared Portfolio 2035.” The returns for Institutional Shares prior to November 27, 2012, the commencement of operations of Institutional Shares, are based upon performance of the Fund’s Class K Shares, as adjusted to reflect the fees applicable to Institutional Shares. The table compares the Fund’s performance to that of the S&P 500 Index and the 2035 Custom Benchmark. Prior to November 27, 2012, the 2035 Custom Benchmark was comprised of the Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 3000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, and the MSCI EAFE Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>; effective November 27, 2012, the 2035 Custom Benchmark is comprised of the Russell 1000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 2000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, MSCI ACWI ex US IMI Index, FTSE EPRA/NAREIT Developed Real Estate Index, Dow Jones UBS Commodity Index, Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and Barclays TIPs. The 2035 Custom Benchmark reflects the investment advisor’s change of these indices’ weightings over time, which are adjusted periodically with its evaluation and adjustment of the Fund’s asset allocation strategy. The 2035 Custom Benchmark is not recalculated or restated when it is adjusted to reflect the Fund’s asset allocation strategy but rather reflects the 2035 Custom Benchmark’s actual allocation over time, which may be different than the current allocation. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If the Fund’s investment manager and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at 800-882-0052. <b>As of 12/31/11</b><br/><b>Average Annual Total Returns</b> -0.3096 0.2632 After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Institutional and Class R Shares will vary. 0.1325 -0.0079 March 1, 2014 Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund. <ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Affiliated Fund Risk</b> — In managing the Fund, BlackRock will have authority to select and substitute underlying funds. BlackRock may be subject to potential conflicts of interest in selecting underlying funds because the fees paid to BlackRock by some underlying funds are higher than the fees paid by other underlying funds. However, BlackRock is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interests when selecting underlying funds. If an underlying fund holds interests in an affiliated fund, the Fund may be prohibited from purchasing shares of that underlying fund.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Allocation Risk</b> — The Fund’s ability to achieve its investment goal depends upon BlackRock’s skill in determining the Fund’s strategic asset class allocation and in selecting the best mix of underlying funds and direct investments. There is a risk that BlackRock’s evaluations and assumptions regarding asset classes or underlying funds may be incorrect in view of actual market conditions.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Credit Risk</b> — Credit risk refers to the possibility that the issuer of a security will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Derivatives Risk</b> — The Fund’s use of derivatives may reduce the Fund’s returns and/or increase volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately. Derivatives may give rise to a form of leverage and may expose the Fund to greater risk and increase its costs. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation is not yet known and may not be known for some time. New regulation may make derivatives more costly, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Emerging Markets Risk</b> — Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Equity Securities Risk</b> — Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Foreign Securities Risk — </b>Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Fund will lose money. These risks include:</p></li></ul><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">The governments of certain countries may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments. </p></td></tr></table></div><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Interest Rate Risk</b> — Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall, and decrease as interest rates rise.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Investments in Mutual Funds and ETFs Risk</b> — The Fund’s investments are concentrated in underlying BlackRock funds, so the Fund’s investment performance is directly related to the performance of the underlying funds. The Fund may also directly invest in exchange-traded funds (“ETFs”). The Fund’s net asset value will change with changes in the equity and bond markets and the value of the mutual funds, ETFs and other securities in which it invests. An investment in the Fund will entail more direct and indirect costs and expenses than a direct investment in the underlying funds and ETFs.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Junk Bonds Risk</b> — Although junk bonds generally pay higher rates of interest than investment grade bonds, junk bonds are high risk investments that may cause income and principal losses for the Fund.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Market Risk and Selection Risk</b> — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Retirement Income Risk</b> — The Fund does not provide a guarantee that sufficient capital appreciation will be achieved to provide adequate income at and through retirement. The Fund also does not ensure that you will have assets in your account sufficient to cover your retirement expenses or that you will have enough saved to be able to retire in the target year identified in the Fund name; this will depend on the amount of money you have invested in the Fund, the length of time you have held your investment, the returns of the markets over time, the amount you spend in retirement, and your other assets and income sources.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Small and Mid-Capitalization Company Risk</b> — Companies with small or mid-size market capitalizations will normally have more limited product lines, markets and financial resources and will be dependent upon a more limited management group than larger capitalized companies. In addition, it is more difficult to get information on smaller companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by large investors and are followed by relatively few securities analysts.</p></li></ul> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Principal Risks of Investing in the Fund </b> <b>Performance Information </b> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at time of purchase as part of an investment of $1,000,000 or more. 631 87 136 1057 484 <b>Performance Information </b> 635 The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The Fund’s Annual Total Returns prior to November 27, 2012 as reflected in the bar chart and the table are the returns of the Fund when it followed a different glide path under the name “BlackRock Prepared Portfolio 2015.” The returns for Class K Shares prior to November 27, 2012 are the returns of the predecessor class. The table compares the Fund’s performance to that of the S&P 500 Index and the 2015 Custom Benchmark. Prior to November 27, 2012, the 2015 Custom Benchmark was comprised of the Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 3000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and the MSCI EAFE Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>; effective November 27, 2012, the 2015 Custom Benchmark is comprised of the Russell 1000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 2000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, MSCI ACWI ex US IMI Index, FTSE EPRA/NAREIT Developed Real Estate Index, Dow Jones UBS Commodity Index, Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and Barclays TIPs. The 2015 Custom Benchmark reflects the investment advisor’s change of these indices’ weightings over time, which are adjusted periodically with its evaluation and adjustment of the Fund’s asset allocation strategy. The 2015 Custom Benchmark is not recalculated or restated when it is adjusted to reflect the Fund’s asset allocation strategy but rather reflects the 2015 Custom Benchmark’s actual allocation over time, which may be different than the current allocation. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If the Fund’s investment manager and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at 800-882-0052. The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The Fund’s Annual Total Returns prior to November 27, 2012 as reflected in the bar chart and the table are the returns of the Fund when it followed a different glide path under the name “BlackRock Prepared Portfolio 2040.” The returns for Class K Shares prior to November 27, 2012 are the returns of the predecessor class. The table compares the Fund’s performance to that of the S&P 500 Index and the 2040 Custom Benchmark. Prior to November 27, 2012, the 2040 Custom Benchmark was comprised of the Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 3000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and the MSCI EAFE Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>; effective November 27, 2012, the 2040 Custom Benchmark is comprised of the Russell 1000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 2000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, MSCI ACWI ex US IMI Index, FTSE EPRA/NAREIT Developed Real Estate Index, Dow Jones UBS Commodity Index, Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and Barclays TIPs. The 2040 Custom Benchmark reflects the investment advisor’s change of these indices’ weightings over time, which are adjusted periodically with its evaluation and adjustment of the Fund’s asset allocation strategy. The 2040 Custom Benchmark is not recalculated or restated when it is adjusted to reflect the Fund’s asset allocation strategy but rather reflects the 2040 Custom Benchmark’s actual allocation over time, which may be different than the current allocation. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If the Fund’s investment manager and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at 800-882-0052. 1507 907 1160 Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the BlackRock-advised fund complex. 25000 The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent annual report which does not include the Acquired Fund Fees and Expenses. 2753 2087 2599 March 1, 2014 The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent annual report which does not include the Acquired Fund Fees and Expenses. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the BlackRock-advised fund complex. 25000 0.94 March 1, 2014 0.99 March 1, 2014 You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. 800-882-0052 http://www.blackrock.com/funds <b>Class K Shares </b><br/><b>ANNUAL TOTAL RETURNS </b><br/><b>2040 Fund </b><br/><b>As of 12/31 </b> However, the table includes all applicable fees and sales charges. 0 0 0 0.0025 0 0.005 0.94 March 1, 2014 The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. 0.0101 0.01 0.0104 0.0069 0.0069 After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. 0.0069 year-to-date return 2012-09-30 0.1304 highest return As with all such investments, past performance (before and after taxes) is not an indication of future results. -0.3561 2009-06-30 0.2902 0.1566 You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. lowest return 0.1448 0.0195 2008-12-31 0.0169 0.0223 -0.0265 -0.1931 -0.0091 -0.009 -0.0095 0.0104 After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. 0.0079 0.0128 Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. During the period shown in the bar chart, the highest return for a quarter was 15.67% (quarter ended June 30, 2009) and the lowest return for a quarter was –19.19% (quarter ended December 31, 2008). The year-to-date return as of September 30, 2012 was 13.04%. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Institutional and Class R Shares will vary. <b>Portfolio Turnover: </b> 0 0 0 The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. 0.0025 0 0.005 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 96% of the average value of its portfolio. 800-882-0052 0.0137 0.0141 0.0136 The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. 0.96 800-882-0052 http://www.blackrock.com/funds 0.007 0.007 0.007 During the period shown in the bar chart, the highest return for a quarter was 15.55% (quarter ended June 30, 2009) and the lowest return for a quarter was –19.30% (quarter ended December 31, 2008). The year-to-date return as of September 30, 2012 was 12.78%. As with all such investments, past performance (before and after taxes) is not an indication of future results. 0 http://www.blackrock.com/funds 0.0232 0.0211 0.0256 -0.3559 <b>Principal Investment Strategies of the Fund </b> -0.0127 -0.0131 -0.0127 0.2862 <b>Example: </b> 0.1436 0.0105 This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.008 0.0129 -0.0259 As with all such investments, past performance (before and after taxes) is not an indication of future results. <b>Principal Risks of Investing in the Fund </b> Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund.<ul type="square"><li><b>Affiliated Fund Risk </b>— In managing the Fund, BlackRock will have authority to select and substitute underlying funds. BlackRock may be subject to potential conflicts of interest in selecting underlying funds because the fees paid to BlackRock by some underlying funds are higher than the fees paid by other underlying funds. However, BlackRock is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interests when selecting underlying funds. If an underlying fund holds interests in an affiliated fund, the Fund may be prohibited from purchasing shares of that underlying fund.</li></ul><ul type="square"><li><b>Allocation Risk </b>— The Fund’s ability to achieve its investment goal depends upon BlackRock’s skill in determining the Fund’s strategic asset class allocation and in selecting the best mix of underlying funds and direct investments. There is a risk that BlackRock’s evaluations and assumptions regarding asset classes or underlying funds may be incorrect in view of actual market conditions. </li></ul><ul type="square"><li><b>Credit Risk </b>— Credit risk refers to the possibility that the issuer of a security will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. </li></ul> <ul type="square"><li><b>Derivatives Risk </b>— The Fund’s use of derivatives may reduce the Fund’s returns and/or increase volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately. Derivatives may give rise to a form of leverage and may expose the Fund to greater risk and increase its costs. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation is not yet known and may not be known for some time. New regulation may make derivatives more costly, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives. </li></ul><ul type="square"><li><b>Emerging Markets Risk </b>— Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets. </li></ul><ul type="square"><li><b>Equity Securities Risk </b>— Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. </li></ul><ul type="square"><li><b>Foreign Securities Risk </b>— Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Fund will lose money. These risks include:</li></ul><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="4%"></td> <td valign="top" width="3%" align="left">— </td> <td valign="top" align="left"> The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight. </td></tr></table><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="4%"></td> <td valign="top" width="3%" align="left">— </td> <td valign="top" align="left"> Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio. </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="4%"></td> <td valign="top" width="3%" align="left">—</td> <td valign="top" align="left"> The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position. </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="4%"></td> <td valign="top" width="3%" align="left">— </td> <td valign="top" align="left"> The governments of certain countries may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries. </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="4%"></td> <td valign="top" width="3%" align="left">— </td> <td valign="top" align="left"> Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws. </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="4%"></td> <td valign="top" width="3%" align="left">— </td> <td valign="top" align="left"> Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments.</td></tr></table><ul type="square"><li><b>Interest Rate Risk </b>— Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall, and decrease as interest rates rise. </li></ul><ul type="square"><li><b>Investments in Mutual Funds and ETFs Risk </b>— The Fund’s investments are concentrated in underlying BlackRock funds, so the Fund’s investment performance is directly related to the performance of the underlying funds. The Fund may also directly invest in exchange-traded funds (“ETFs”). The Fund’s net asset value will change with changes in the equity and bond markets and the value of the mutual funds, ETFs and other securities in which it invests. An investment in the Fund will entail more direct and indirect costs and expenses than a direct investment in the underlying funds and ETFs. </li></ul><ul type="square"><li><b>Junk Bonds Risk </b>— Although junk bonds generally pay higher rates of interest than investment grade bonds, junk bonds are high risk investments that may cause income and principal losses for the Fund. </li></ul><ul type="square"><li><b>Market Risk and Selection Risk </b>— Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money. </li></ul><ul type="square"><li><b>Retirement Income Risk </b>— The Fund does not provide a guarantee that sufficient capital appreciation will be achieved to provide adequate income at and through retirement. The Fund also does not ensure that you will have assets in your account sufficient to cover your retirement expenses or that you will have enough saved to be able to retire in the target year identified in the Fund name; this will depend on the amount of money you have invested in the Fund, the length of time you have held your investment, the returns of the markets over time, the amount you spend in retirement, and your other assets and income sources. </li></ul><ul type="square"><li><b>Small and Mid-Capitalization Company Risk </b>— Companies with small or mid-size market capitalizations will normally have more limited product lines, markets and financial resources and will be dependent upon a more limited management group than larger capitalized companies. In addition, it is more difficult to get information on smaller companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by large investors and are followed by relatively few securities analysts. </li></ul> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. -0.3577 <b>Performance Information </b> 0.2803 0.1394 -0.0313 However, the table includes all applicable fees and sales charges. The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The Fund’s Annual Total Returns prior to November 27, 2012 as reflected in the bar chart and the table are the returns of the Fund when it followed a different glide path under the name “BlackRock Prepared Portfolio 2045.” The returns for Class K Shares prior to November 27, 2012 are the returns of the predecessor class. The table compares the Fund’s performance to that of the S&P 500 Index and the 2045 Custom Benchmark. Prior to November 27, 2012, the 2045 Custom Benchmark was comprised of the Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 3000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and the MSCI EAFE Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>; effective November 27, 2012, the 2045 Custom Benchmark is comprised of the Russell 1000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 2000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, MSCI ACWI ex US IMI Index, FTSE EPRA/NAREIT Developed Real Estate Index, Dow Jones UBS Commodity Index, Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and Barclays TIPs. The 2045 Custom Benchmark reflects the investment advisor’s change of these indices’ weightings over time, which are adjusted periodically with its evaluation and adjustment of the Fund’s asset allocation strategy. The 2045 Custom Benchmark is not recalculated or restated when it is adjusted to reflect the Fund’s asset allocation strategy but rather reflects the 2045 Custom Benchmark’s actual allocation over time, which may be different than the current allocation. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If the Fund’s investment manager and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at 800-882-0052. <b>As of 12/31/11</b><br/><b>Average Annual Total Returns</b> The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. year-to-date return 2012-09-30 0.1304 highest return 2009-06-30 0.1567 lowest return 2008-12-31 -0.1919 You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. 625 81 130 The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. 800-882-0052 http://www.blackrock.com/funds 1021 445 606 As with all such investments, past performance (before and after taxes) is not an indication of future results. -0.0259 -0.032 -0.0106 -0.0065 0.0211 Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. 1442 833 1108 -0.0045 -0.008 -0.0048 -0.0134 -0.0141 2611 1923 2490 However, the table includes all applicable fees and sales charges. 800-882-0052 http://www.blackrock.com/funds highest return 1.17 0.1555 2009-06-30 626 82 lowest return 131 -0.193 In pursuit of its investment objective, the Fund, which is a fund of funds, allocates and reallocates its assets among a combination of equity, fixed income and money market funds (the “underlying funds”) in proportions based on its own comprehensive investment strategy. <br /><br />The Fund is designed for investors expecting to retire or to begin withdrawing assets around the year 2050. As of the date of this prospectus, the Fund held approximately 93% of its assets in underlying funds that invest primarily in equity securities and 7% of its assets in underlying funds that invest primarily in fixed income, including underlying funds that invest primarily in money market instruments. Certain underlying funds may invest in real estate investment trusts (“REITs”), foreign securities, emerging market securities, below investment-grade bonds and derivative securities or instruments, such as options and futures, the value of which is derived from another security, a commodity, a currency or an index. <br /><br />Under normal circumstances the asset allocation will change over time according to a “glide path” as the Fund approaches its target date. The glide path below represents the shifting of asset classes over time. As the glide path shows, the Fund’s asset mix becomes more conservative — both prior to and after retirement — as time elapses. This reflects the need for reduced investment risks as retirement approaches and the need for lower volatility of the Fund, which may be a primary source of income after retirement. <br /><br />The following chart illustrates the glide path — the target allocation among asset classes as the Fund approaches its target date: <br /><br /><div align="center"><img src="g452681g403177g05u63.jpg" alt="(glide path mountain chart)"></img></div><br/>The asset allocation targets are established by the portfolio managers working with oversight from a committee of BlackRock investment professionals. The investment team, including the portfolio managers and this investment committee, meets regularly to assess market conditions, review the asset allocation targets of the Fund, and determine whether any changes are required to enable the Fund to achieve its investment objective. <br /><br />Although the asset allocation targets listed for the “glide path” are general, long term targets, BlackRock may adjust the proportion of equity funds and fixed income funds in the Fund based on an assessment of the current market conditions and the potential contribution of each asset class to the expected risk and return characteristics of the Fund. In general, the adjustments will be limited to +/- 10% relative to the target allocations. BlackRock may determine, in light of market conditions or other factors, that a greater variation is warranted to protect the Fund or achieve its investment objective. <br /><br />BlackRock’s second step in the structuring of the Fund is the selection of the underlying funds. Factors such as fund classifications, historical risk and performance, and the relationship to other underlying funds in the Fund are considered when selecting underlying funds. The specific underlying funds selected for the Fund are determined at BlackRock’s discretion and may change as deemed appropriate to allow the Fund to meet its investment objective. See “Description of Underlying Funds” for a complete list of the underlying funds, their classification into equity or fixed income funds and a brief description of their investment objectives and primary investment strategies. <br /><br />Within the prescribed percentage allocations to equity and fixed income funds, BlackRock seeks to diversify the Fund. The equity allocation may be further diversified by style (including both value and growth funds), market capitalization (including both large cap and small cap funds), region (including domestic and international (including emerging market) funds), or other factors. The fixed income allocation may be further diversified by sector (including government, corporate, agency, and other sectors), duration (a calculation of the average life of a bond which measures its price risk), credit quality (including non-investment grade debt or “junk bonds”), geographic location (including U.S. and foreign-issued securities), or other factors. The percentage allocation to the various styles of equity and fixed income are determined at the discretion of the investment team and can be changed to reflect the current market environment. <br /><br />At the time the Fund reaches its target retirement date in 2050, the asset allocation of the Fund is expected to be 38% in underlying funds that invest in equity and 62% in underlying funds that invest in fixed income, and the target allocation may shift over time depending on market conditions. On approximately the target retirement date of the Fund, the Board of Trustees of the Fund (the “Board”) may evaluate alternatives available to the Fund. These alternatives may include a merger into another BlackRock fund subject to the Board determining, among other things, that it would be in the best interest of the Fund. Such a merger may or may not require shareholder approval. Finally, the Board may instead cause the Fund to be liquidated. <br /><br />The Fund may, when consistent with its investment goal, buy or sell options or futures, or enter into total return swaps and foreign currency transactions (collectively, commonly known as derivatives). The Fund may seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as reverse repurchase agreements or dollar rolls). <br /><br />The Fund is a non-diversified portfolio under the Investment Company Act of 1940, as amended. 2008-12-31 1042 469 619 As with all such investments, past performance (before and after taxes) is not an indication of future results. year-to-date return 0.1278 2012-09-30 <b>Principal Risks of Investing in the Fund </b> 1483 881 1134 2704 2033 2548 The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent annual report which does not include the Acquired Fund Fees and Expenses. <b>Class K Shares<br/>ANNUAL TOTAL RETURNS <br/>2015 Fund<br/>As of 12/31</b> During the period shown in the bar chart, the highest return for a quarter was 12.52% (quarter ended September 30, 2009) and the lowest return for a quarter was –13.35% (quarter ended December 31, 2008). The year-to-date return as of September 30, 2012 was 11.47%. <b>Class K Shares </b><br/><b>ANNUAL TOTAL RETURNS </b><br/><b>2045 Fund </b><br/><b>As of 12/31 </b> <b>Portfolio Turnover: </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 138% of the average value of its portfolio. -0.2551 0.2547 <b>Annual Fund Operating Expenses <br/>(expenses that you pay each year as a percentage of the value of your investment)</b> 0.134 Fund Overview<br/><br/><b>Key Facts About LifePath<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Active 2020 Portfolio </b> During the period shown in the bar chart, the highest return for a quarter was 15.63% (quarter ended June 30, 2009) and the lowest return for a quarter was –18.92% (quarter ended December 31, 2008). The year-to-date return as of September 30, 2012 was 13.56%. 0.0048 March 1, 2014 <b>As of 12/31/11</b><br/><b>Average Annual Total Returns</b> <b>Investment Objective </b> <b>Fees and Expenses of the Fund </b> <b>Shareholder Fees<br/>(fees paid directly from your investment)</b> <b>Annual Fund Operating Expenses<br/>(expenses that you pay each year as a percentage of the value of your investment)</b> <b>Example:</b> <b>Portfolio Turnover:</b> 2007-04-20 1.38 0 0 Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund. <ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Affiliated Fund Risk</b> — In managing the Fund, BlackRock will have authority to select and substitute underlying funds. BlackRock may be subject to potential conflicts of interest in selecting underlying funds because the fees paid to BlackRock by some underlying funds are higher than the fees paid by other underlying funds. However, BlackRock is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interests when selecting underlying funds. If an underlying fund holds interests in an affiliated fund, the Fund may be prohibited from purchasing shares of that underlying fund.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Allocation Risk</b> — The Fund’s ability to achieve its investment goal depends upon BlackRock’s skill in determining the Fund’s strategic asset class allocation and in selecting the best mix of underlying funds and direct investments. There is a risk that BlackRock’s evaluations and assumptions regarding asset classes or underlying funds may be incorrect in view of actual market conditions.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Credit Risk</b> — Credit risk refers to the possibility that the issuer of a security will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Derivatives Risk</b> — The Fund’s use of derivatives may reduce the Fund’s returns and/or increase volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately. Derivatives may give rise to a form of leverage and may expose the Fund to greater risk and increase its costs. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation is not yet known and may not be known for some time. New regulation may make derivatives more costly, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Emerging Markets Risk</b> — Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Equity Securities Risk</b> — Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Foreign Securities Risk — </b>Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Fund will lose money. These risks include:</p></li></ul><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">The governments of certain countries may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments. </p></td></tr></table></div><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Interest Rate Risk</b> — Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall, and decrease as interest rates rise.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Investments in Mutual Funds and ETFs Risk</b> — The Fund’s investments are concentrated in underlying BlackRock funds, so the Fund’s investment performance is directly related to the performance of the underlying funds. The Fund may also directly invest in exchange-traded funds (“ETFs”). The Fund’s net asset value will change with changes in the equity and bond markets and the value of the mutual funds, ETFs and other securities in which it invests. An investment in the Fund will entail more direct and indirect costs and expenses than a direct investment in the underlying funds and ETFs.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Junk Bonds Risk</b> — Although junk bonds generally pay higher rates of interest than investment grade bonds, junk bonds are high risk investments that may cause income and principal losses for the Fund.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Market Risk and Selection Risk</b> — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Retirement Income Risk</b> — The Fund does not provide a guarantee that sufficient capital appreciation will be achieved to provide adequate income at and through retirement. The Fund also does not ensure that you will have assets in your account sufficient to cover your retirement expenses or that you will have enough saved to be able to retire in the target year identified in the Fund name; this will depend on the amount of money you have invested in the Fund, the length of time you have held your investment, the returns of the markets over time, the amount you spend in retirement, and your other assets and income sources.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Small and Mid-Capitalization Company Risk</b> — Companies with small or mid-size market capitalizations will normally have more limited product lines, markets and financial resources and will be dependent upon a more limited management group than larger capitalized companies. In addition, it is more difficult to get information on smaller companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by large investors and are followed by relatively few securities analysts.</p></li></ul> <b>Principal Investment Strategies of the Fund</b> 0 March 1, 2014 <b>Principal Risks of Investing in the Fund</b> 0.0025 <b>Principal Investment Strategies of the Fund </b> 0 0.005 <b>Performance Information</b> <b>Class K Shares</b><br/><b>ANNUAL TOTAL RETURNS</b><br/><b>2020 Fund</b><br/><b>As of 12/31</b> 0.011 0.0124 0.0115 <b>As of 12/31/11<br/>Average Annual Total Returns</b> After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. During the period shown in the bar chart, the highest return for a quarter was 12.99% (quarter ended September 30, 2009) and the lowest return for a quarter was –14.54% (quarter ended December 31, 2008). The year-to-date return as of September 30, 2012 was 11.75%. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The LifePath<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Active 2020 Portfolio (the “2020 Fund” or the “Fund”) seeks a balance between long term capital appreciation and high current income consistent with its current asset allocation. <b>Performance Information </b> The table below describes the fees and expenses that you may pay if you buy and hold Class K Shares of the Fund. year-to-date return This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: -0.0601 2012-09-30 -0.0771 -0.0326 -0.005 -0.0107 0.0211 0.1147 0.0197 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 138% of the average value of its portfolio. In pursuit of its investment objective, the Fund, which is a fund of funds, allocates and reallocates its assets among a combination of equity, fixed income and money market funds (the “underlying funds”) in proportions based on its own comprehensive investment strategy.<br/><br/> The Fund is designed for investors expecting to retire or to begin withdrawing assets around the year 2020. As of the date of this prospectus, the Fund held approximately 54% of its assets in underlying funds that invest primarily in equity securities and 46% of its assets in underlying funds that invest primarily in fixed income, including underlying funds that invest primarily in money market instruments. Certain underlying funds may invest in real estate investment trusts (“REITs”), foreign securities, emerging market securities, below investment-grade bonds and derivative securities or instruments, such as options and futures, the value of which is derived from another security, a commodity, a currency or an index.<br/><br/> Under normal circumstances the asset allocation will change over time according to a “glide path” as the Fund approaches its target date. The glide path below represents the shifting of asset classes over time. As the glide path shows, the Fund’s asset mix becomes more conservative — both prior to and after retirement — as time elapses. This reflects the need for reduced investment risks as retirement approaches and the need for lower volatility of the Fund, which may be a primary source of income after retirement.<br/><br/> The following chart illustrates the glide path — the target allocation among asset classes as the Fund approaches its target date:<br/><br/><div align="center"><img src="g452681g409089g05u63.jpg" alt="(glide path mountain chart)"></img></div><br/>The asset allocation targets are established by the portfolio managers working with oversight from a committee of BlackRock investment professionals. The investment team, including the portfolio managers and this investment committee, meets regularly to assess market conditions, review the asset allocation targets of the Fund, and determine whether any changes are required to enable the Fund to achieve its investment objective.<br/><br/> Although the asset allocation targets listed for the “glide path” are general, long term targets, BlackRock may adjust the proportion of equity funds and fixed income funds in the Fund based on an assessment of the current market conditions and the potential contribution of each asset class to the expected risk and return characteristics of the Fund. In general, the adjustments will be limited to +/- 10% relative to the target allocations. BlackRock may determine, in light of market conditions or other factors, that a greater variation is warranted to protect the Fund or achieve its investment objective.<br/><br/> BlackRock’s second step in the structuring of the Fund is the selection of the underlying funds. Factors such as fund classifications, historical risk and performance, and the relationship to other underlying funds in the Fund are considered when selecting underlying funds. The specific underlying funds selected for the Fund are determined at BlackRock’s discretion and may change as deemed appropriate to allow the Fund to meet its investment objective. See “Description of Underlying Funds” for a complete list of the underlying funds, their classification into equity or fixed income funds and a brief description of their investment objectives and primary investment strategies.<br/><br/> Within the prescribed percentage allocations to equity and fixed income funds, BlackRock seeks to diversify the Fund. The equity allocation may be further diversified by style (including both value and growth funds), market capitalization (including both large cap and small cap funds), region (including domestic and international (including emerging market) funds), or other factors. The fixed income allocation may be further diversified by sector (including government, corporate, agency, and other sectors), duration (a calculation of the average life of a bond which measures its price risk), credit quality (including non-investment grade debt or “junk bonds”), geographic location (including U.S. and foreign-issued securities), or other factors. The percentage allocation to the various styles of equity and fixed income are determined at the discretion of the investment team and can be changed to reflect the current market environment.<br/><br/> At the time the Fund reaches its target retirement date in 2020, the asset allocation of the Fund is expected to be 38% in underlying funds that invest in equity and 62% in underlying funds that invest in fixed income, and the target allocation may shift over time depending on market conditions. On approximately the target retirement date of the Fund, the Board of Trustees of the Fund (the “Board”) may evaluate alternatives available to the Fund. These alternatives may include a merger into another BlackRock fund subject to the Board determining, among other things, that it would be in the best interest of the Fund. Such a merger may or may not require shareholder approval. Finally, the Board may instead cause the Fund to be liquidated.<br/><br/> The Fund may, when consistent with its investment goal, buy or sell options or futures, or enter into total return swaps and foreign currency transactions (collectively, commonly known as derivatives). The Fund may seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as reverse repurchase agreements or dollar rolls).<br/><br/> The Fund is a non-diversified portfolio under the Investment Company Act of 1940, as amended. Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund. <ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Affiliated Fund Risk</b> — In managing the Fund, BlackRock will have authority to select and substitute underlying funds. BlackRock may be subject to potential conflicts of interest in selecting underlying funds because the fees paid to BlackRock by some underlying funds are higher than the fees paid by other underlying funds. However, BlackRock is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interests when selecting underlying funds. If an underlying fund holds interests in an affiliated fund, the Fund may be prohibited from purchasing shares of that underlying fund.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Allocation Risk</b> — The Fund’s ability to achieve its investment goal depends upon BlackRock’s skill in determining the Fund’s strategic asset class allocation and in selecting the best mix of underlying funds and direct investments. There is a risk that BlackRock’s evaluations and assumptions regarding asset classes or underlying funds may be incorrect in view of actual market conditions.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Credit Risk</b> — Credit risk refers to the possibility that the issuer of a security will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Derivatives Risk</b> — The Fund’s use of derivatives may reduce the Fund’s returns and/or increase volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately. Derivatives may give rise to a form of leverage and may expose the Fund to greater risk and increase its costs. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation is not yet known and may not be known for some time. New regulation may make derivatives more costly, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Emerging Markets Risk</b> — Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Equity Securities Risk</b> — Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Foreign Securities Risk — </b>Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Fund will lose money. These risks include:</p></li></ul><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">The governments of certain countries may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments. </p></td></tr></table></div><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Interest Rate Risk</b> — Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall, and decrease as interest rates rise.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Investments in Mutual Funds and ETFs Risk</b> — The Fund’s investments are concentrated in underlying BlackRock funds, so the Fund’s investment performance is directly related to the performance of the underlying funds. The Fund may also invest directly in exchange-traded funds (“ETFs”). The Fund’s net asset value will change with changes in the equity and bond markets and the value of the mutual funds, ETFs and other securities in which it invests. An investment in the Fund will entail more direct and indirect costs and expenses than a direct investment in the underlying funds and ETFs.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Junk Bonds Risk</b> — Although junk bonds generally pay higher rates of interest than investment grade bonds, junk bonds are high risk investments that may cause income and principal losses for the Fund.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Market Risk and Selection Risk</b> — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Retirement Income Risk</b> — The Fund does not provide a guarantee that sufficient capital appreciation will be achieved to provide adequate income at and through retirement. The Fund also does not ensure that you will have assets in your account sufficient to cover your retirement expenses or that you will have enough saved to be able to retire in the target year identified in the Fund name; this will depend on the amount of money you have invested in the Fund, the length of time you have held your investment, the returns of the markets over time, the amount you spend in retirement, and your other assets and income sources.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Small and Mid-Capitalization Company Risk</b> — Companies with small or mid-size market capitalizations will normally have more limited product lines, markets and financial resources and will be dependent upon a more limited management group than larger capitalized companies. In addition, it is more difficult to get information on smaller companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by large investors and are followed by relatively few securities analysts.</p></li></ul> 2009-09-30 -0.0024 The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The Fund’s Annual Total Returns prior to November 27, 2012 as reflected in the bar chart and the table are the returns of the Fund when it followed a different glide path under the name “BlackRock Prepared Portfolio 2020.” The returns for Class K Shares prior to November 27, 2012 are the returns of the predecessor class. The table compares the Fund’s performance to that of the S&P 500 Index and the 2020 Custom Benchmark. Prior to November 27, 2012, the 2020 Custom Benchmark was comprised of the Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 3000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and the MSCI EAFE Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>; effective November 27, 2012, the 2020 Custom Benchmark is comprised of the Russell 1000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 2000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, MSCI ACWI ex US IMI Index, FTSE EPRA/NAREIT Developed Real Estate Index, Dow Jones UBS Commodity Index, Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and Barclays TIPs. The 2020 Custom Benchmark reflects the investment advisor’s change of these indices’ weightings over time, which are adjusted periodically with its evaluation and adjustment of the Fund’s asset allocation strategy. The 2020 Custom Benchmark is not recalculated or restated when it is adjusted to reflect the Fund’s asset allocation strategy but rather reflects the 2020 Custom Benchmark’s actual allocation over time, which may be different than the current allocation. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If the Fund’s investment manager and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at 800-882-0052. 0.1252 -0.0099 The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The Fund’s Annual Total Returns prior to November 27, 2012 as reflected in the bar chart and the table are the returns of the Fund when it followed a different glide path under the name “BlackRock Prepared Portfolio 2050.” The returns for Institutional Shares prior to November 27, 2012, the commencement of operations of Institutional Shares, are based upon performance of the Fund’s Class K Shares, as adjusted to reflect the fees applicable to Institutional Shares. The table compares the Fund’s performance to that of the S&P 500 Index and the 2050 Custom Benchmark. Prior to November 27, 2012, the 2050 Custom Benchmark was comprised of the Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 3000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, and the MSCI EAFE Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>; effective November 27, 2012, the 2050 Custom Benchmark is comprised of the Russell 1000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 2000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, MSCI ACWI ex US IMI Index, FTSE EPRA/NAREIT Developed Real Estate Index, Dow Jones UBS Commodity Index, Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and Barclays TIPs. The 2050 Custom Benchmark reflects the investment advisor’s change of these indices’ weightings over time, which are adjusted periodically with its evaluation and adjustment of the Fund’s asset allocation strategy. The 2050 Custom Benchmark is not recalculated or restated when it is adjusted to reflect the Fund’s asset allocation strategy but rather reflects the 2050 Custom Benchmark’s actual allocation over time, which may be different than the current allocation. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If the Fund’s investment manager and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at 800-882-0052. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. -0.0055 After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 0.0119 0.006 -0.0134 2008-12-31 0.0063 -0.1335 The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 0.0525 0 0 0.0068 800-882-0052 0.0068 0.0068 0.0203 0.0192 0 0 0.0233 http://www.blackrock.com/funds 628 84 133 1040 456 625 highest return 1477 853 1144 lowest return -0.0239 0.1394 2687 1965 0.2873 2569 -0.3497 -0.01 -0.0114 -0.0106 0 The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. 0.0103 0.0078 0.0127 As with all such investments, past performance (before and after taxes) is not an indication of future results. <b>As of 12/31/11<br/>Average Annual Total Returns</b> http://www.blackrock.com/funds highest return 0.1484 800-882-0052 2009-09-30 lowest return 2008-12-31 -0.1814 year-to-date return 0.1238 2012-09-30 As with all such investments, past performance (before and after taxes) is not an indication of future results. <b>Investor A Shares </b><br/><b>ANNUAL TOTAL RETURNS </b><br/><b>2050 Fund </b><br/><b>As of 12/31 </b> The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent annual report which does not include the Acquired Fund Fees and Expenses. year-to-date return March 1, 2014 2012-09-30 1.38 0.1356 highest return 2009-06-30 0.1563 lowest return You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. 2008-12-31 -0.1892 The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. -0.0265 -0.0401 -0.0114 0.0211 -0.0065 800-882-0052 http://www.blackrock.com/funds As with all such investments, past performance (before and after taxes) is not an indication of future results. -0.0012 -0.376 -0.0031 <b>Example: </b> -0.0065 Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. -0.0134 -0.0137 0.2807 2007-04-20 2007-04-20 2007-04-20 0.139 This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: -0.0326 You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. However, the table includes all applicable fees and sales charges. -0.0239 -0.0292 -0.0099 After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. 0.0211 Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. -0.0005 -0.0037 -0.0014 -0.0134 highest return 2009-09-30 0.1299 lowest return In pursuit of its investment objective, the Fund, which is a fund of funds, allocates and reallocates its assets among a combination of equity, fixed income and money market funds (the “underlying funds”) in proportions based on its own comprehensive investment strategy. <br /><br />The Fund is designed for investors expecting to retire or to begin withdrawing assets around the year 2020. As of the date of this prospectus, the Fund held approximately 54% of its assets in underlying funds that invest primarily in equity securities and 46% of its assets in underlying funds that invest primarily in fixed income, including underlying funds that invest primarily in money market instruments. Certain underlying funds may invest in real estate investment trusts (“REITs”), foreign securities, emerging market securities, below investment-grade bonds and derivative securities or instruments, such as options and futures, the value of which is derived from another security, a commodity, a currency or an index. <br /><br />Under normal circumstances the asset allocation will change over time according to a “glide path” as the Fund approaches its target date. The glide path below represents the shifting of asset classes over time. As the glide path shows, the Fund’s asset mix becomes more conservative — both prior to and after retirement — as time elapses. This reflects the need for reduced investment risks as retirement approaches and the need for lower volatility of the Fund, which may be a primary source of income after retirement. <br /><br />The following chart illustrates the glide path — the target allocation among asset classes as the Fund approaches its target date: <br/><br/><div align="center"><img src="g452681g403177g05u63.jpg" alt="(glide path mountain chart)"></img></div><br/>The asset allocation targets are established by the portfolio managers working with oversight from a committee of BlackRock investment professionals. The investment team, including the portfolio managers and this investment committee, meets regularly to assess market conditions, review the asset allocation targets of the Fund, and determine whether any changes are required to enable the Fund to achieve its investment objective. <br /><br />Although the asset allocation targets listed for the “glide path” are general, long term targets, BlackRock may adjust the proportion of equity funds and fixed income funds in the Fund based on an assessment of the current market conditions and the potential contribution of each asset class to the expected risk and return characteristics of the Fund. In general, the adjustments will be limited to +/- 10% relative to the target allocations. BlackRock may determine, in light of market conditions or other factors, that a greater variation is warranted to protect the Fund or achieve its investment objective. <br /><br />BlackRock’s second step in the structuring of the Fund is the selection of the underlying funds. Factors such as fund classifications, historical risk and performance, and the relationship to other underlying funds in the Fund are considered when selecting underlying funds. The specific underlying funds selected for the Fund are determined at BlackRock’s discretion and may change as deemed appropriate to allow the Fund to meet its investment objective. See “Description of Underlying Funds” for a complete list of the underlying funds, their classification into equity or fixed income funds and a brief description of their investment objectives and primary investment strategies. <br /><br />Within the prescribed percentage allocations to equity and fixed income funds, BlackRock seeks to diversify the Fund. The equity allocation may be further diversified by style (including both value and growth funds), market capitalization (including both large cap and small cap funds), region (including domestic and international (including emerging market) funds), or other factors. The fixed income allocation may be further diversified by sector (including government, corporate, agency, and other sectors), duration (a calculation of the average life of a bond which measures its price risk), credit quality (including non-investment grade debt or “junk bonds”), geographic location (including U.S. and foreign-issued securities), or other factors. The percentage allocation to the various styles of equity and fixed income are determined at the discretion of the investment team and can be changed to reflect the current market environment. <br /><br />At the time the Fund reaches its target retirement date in 2020, the asset allocation of the Fund is expected to be 38% in underlying funds that invest in equity and 62% in underlying funds that invest in fixed income, and the target allocation may shift over time depending on market conditions. On approximately the target retirement date of the Fund, the Board of Trustees of the Fund (the “Board”) may evaluate alternatives available to the Fund. These alternatives may include a merger into another BlackRock fund subject to the Board determining, among other things, that it would be in the best interest of the Fund. Such a merger may or may not require shareholder approval. Finally, the Board may instead cause the Fund to be liquidated. <br /><br />The Fund may, when consistent with its investment goal, buy or sell options or futures, or enter into total return swaps and foreign currency transactions (collectively, commonly known as derivatives). The Fund may seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as reverse repurchase agreements or dollar rolls).<br/><br/>The Fund is a non-diversified portfolio under the Investment Company Act of 1940, as amended. 2008-12-31 -0.1454 year-to-date return 2012-09-30 0.1175 625 80 129 During the period shown in the bar chart, the highest return for a quarter was 15.60% (quarter ended September 30, 2009) and the lowest return for a quarter was –20.61% (quarter ended December 31, 2008). The year-to-date return as of September 30, 2012 was 12.81%. 1036 463 613 1473 871 1124 2684 2007-04-20 2012 2528 -0.2809 0.2637 0.1368 2007-04-20 0.0004 year-to-date return 2012-09-30 0.1281 highest return 2009-09-30 0.156 lowest return 2008-12-31 0.0048 -0.2061 -0.0118 0.0086 0.0211 0.0308 0.0251 0.0159 0.0167 -0.0134 0.0206 The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent annual report which does not include the Acquired Fund Fees and Expenses. 2007-04-20 <b>Portfolio Turnover: </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 112% of the average value of its portfolio. However, the table includes all applicable fees and sales charges. 0 <b>As of 12/31/11</b><br/><b>Average Annual Total Returns</b> 0 After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Institutional and Class R Shares will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at time of purchase as part of an investment of $1,000,000 or more. The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent annual report which does not include the Acquired Fund Fees and Expenses. Fund Overview<br/><br/><b>Key Facts about LifePath<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Active 2045 Portfolio </b> <b>Investment Objective </b> The LifePath<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Active 2045 Portfolio (the “2045 Fund” or the “Fund”) seeks a balance between long term capital appreciation and high current income consistent with its current asset allocation. <b>Fees and Expenses of the Fund </b> This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the BlackRock-advised fund complex. More information about these and other discounts is available from your financial professional and in the “Details about the Share Classes” section on page 92 of the Fund’s prospectus and in the “Purchase of Shares” section on page II-73 of the Fund’s statement of additional information. <b>Shareholder Fees <br/>(fees paid directly from your investment)</b> <b>Annual Fund Operating Expenses<br/>(expenses that you pay each year as a percentage of the value of your investment)</b> <b>Example:</b> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Portfolio Turnover: </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 82% of the average value of its portfolio. <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualTotalReturnsLIFEPATHACTIVE2045PORTFOLIOClassKBarChart column period compact * ~</div> <b>Principal Investment Strategies of the Fund </b> In pursuit of its investment objective, the Fund, which is a fund of funds, allocates and reallocates its assets among a combination of equity, fixed income and money market funds (the “underlying funds”) in proportions based on its own comprehensive investment strategy. <br /><br />The Fund is designed for investors expecting to retire or to begin withdrawing assets around the year 2045. As of the date of this prospectus, the Fund held approximately 88% of its assets in underlying funds that invest primarily in equity securities and 12% of its assets in underlying funds that invest primarily in fixed income, including underlying funds that invest primarily in money market instruments. Certain underlying funds may invest in real estate investment trusts (“REITs”), foreign securities, emerging market securities, below investment-grade bonds and derivative securities or instruments, such as options and futures, the value of which is derived from another security, a commodity, a currency or an index. <br /><br />Under normal circumstances the asset allocation will change over time according to a “glide path” as the Fund approaches its target date. The glide path below represents the shifting of asset classes over time. As the glide path below shows, the Fund’s asset mix becomes more conservative — both prior to and after retirement — as time elapses. This reflects the need for reduced investment risks as retirement approaches and the need for lower volatility of the Fund, which may be a primary source of income after retirement.<br/><br/>The following chart illustrates the glide path — the target allocation among asset classes as the Fund approaches its target date: <br/><br/><div align="center"><img src="g452681g403177g05u63.jpg" alt="(glide path mountain chart)"></img></div><br/> The asset allocation targets are established by the portfolio managers working with oversight from a committee of BlackRock investment professionals. The investment team, including the portfolio managers and this investment committee, meets regularly to assess market conditions, review the asset allocation targets of the Fund, and determine whether any changes are required to enable the Fund to achieve its investment objective. <br /><br />Although the asset allocation targets listed for the “glide path” are general, long term targets, BlackRock may adjust the proportion of equity funds and fixed income funds in the Fund based on an assessment of the current market conditions and the potential contribution of each asset class to the expected risk and return characteristics of the Fund. In general, the adjustments will be limited to +/- 10% relative to the target allocations. BlackRock may determine, in light of market conditions or other factors, that a greater variation is warranted to protect the Fund or achieve its investment objective. <br /><br />BlackRock’s second step in the structuring of the Fund is the selection of the underlying funds. Factors such as fund classifications, historical risk and performance, and the relationship to other underlying funds in the Fund are considered when selecting underlying funds. The specific underlying funds selected for the Fund are determined at BlackRock’s discretion and may change as deemed appropriate to allow the Fund to meet its investment objective. See “Description of Underlying Funds” for a complete list of the underlying funds, their classification into equity or fixed income funds and a brief description of their investment objectives and primary investment strategies. <br /><br />Within the prescribed percentage allocations to equity and fixed income funds, BlackRock seeks to diversify the Fund. The equity allocation may be further diversified by style (including both value and growth funds), market capitalization (including both large cap and small cap funds), region (including domestic and international (including emerging market) funds), or other factors. The fixed income allocation may be further diversified by sector (including government, corporate, agency, and other sectors), duration (a calculation of the average life of a bond which measures its price risk), credit quality (including non-investment grade debt or “junk bonds”), geographic location (including U.S. and foreign-issued securities), or other factors. The percentage allocation to the various styles of equity and fixed income are determined at the discretion of the investment team and can be changed to reflect the current market environment. <br /><br />At the time the Fund reaches its target retirement date in 2045, the asset allocation of the Fund is expected to be 38% in underlying funds that invest in equity and 62% in underlying funds that invest in fixed income, and the target allocation may shift over time depending on market conditions. On approximately the target retirement date of the Fund, the Board of Trustees of the Fund (the “Board”) may evaluate alternatives available to the Fund. These alternatives may include a merger into another BlackRock fund subject to the Board determining, among other things, that it would be in the best interest of the Fund. Such a merger may or may not require shareholder approval. Finally, the Board may instead cause the Fund to be liquidated. <br /><br />The Fund may, when consistent with its investment goal, buy or sell options or futures, or enter into total return swaps and foreign currency transactions (collectively, commonly known as derivatives). The Fund may seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as reverse repurchase agreements or dollar rolls). <br /><br />The Fund is a non-diversified portfolio under the Investment Company Act of 1940, as amended. <b>Principal Risks of Investing in the Fund </b> Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund. <ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Affiliated Fund Risk</b> — In managing the Fund, BlackRock will have authority to select and substitute underlying funds. BlackRock may be subject to potential conflicts of interest in selecting underlying funds because the fees paid to BlackRock by some underlying funds are higher than the fees paid by other underlying funds. However, BlackRock is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interests when selecting underlying funds. If an underlying fund holds interests in an affiliated fund, the Fund may be prohibited from purchasing shares of that underlying fund.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Allocation Risk</b> — The Fund’s ability to achieve its investment goal depends upon BlackRock’s skill in determining the Fund’s strategic asset class allocation and in selecting the best mix of underlying funds and direct investments. There is a risk that BlackRock’s evaluations and assumptions regarding asset classes or underlying funds may be incorrect in view of actual market conditions.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Credit Risk</b> — Credit risk refers to the possibility that the issuer of a security will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Derivatives Risk</b> — The Fund’s use of derivatives may reduce the Fund’s returns and/or increase volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately. Derivatives may give rise to a form of leverage and may expose the Fund to greater risk and increase its costs. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation is not yet known and may not be known for some time. New regulation may make derivatives more costly, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Emerging Markets Risk</b> — Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Equity Securities Risk</b> — Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Foreign Securities Risk — </b>Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Fund will lose money. These risks include:</p></li></ul><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">The governments of certain countries may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments. </p></td></tr></table></div><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Interest Rate Risk</b> — Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall, and decrease as interest rates rise.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Investments in Mutual Funds and ETFs Risk</b> — The Fund’s investments are concentrated in underlying BlackRock funds, so the Fund’s investment performance is directly related to the performance of the underlying funds. The Fund may also directly invest in exchange-traded funds (“ETFs”). The Fund’s net asset value will change with changes in the equity and bond markets and the value of the mutual funds, ETFs and other securities in which it invests. An investment in the Fund will entail more direct and indirect costs and expenses than a direct investment in the underlying funds and ETFs.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Junk Bonds Risk</b> — Although junk bonds generally pay higher rates of interest than investment grade bonds, junk bonds are high risk investments that may cause income and principal losses for the Fund.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Market Risk and Selection Risk</b> — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Retirement Income Risk</b> — The Fund does not provide a guarantee that sufficient capital appreciation will be achieved to provide adequate income at and through retirement. The Fund also does not ensure that you will have assets in your account sufficient to cover your retirement expenses or that you will have enough saved to be able to retire in the target year identified in the Fund name; this will depend on the amount of money you have invested in the Fund, the length of time you have held your investment, the returns of the markets over time, the amount you spend in retirement, and your other assets and income sources.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Small and Mid-Capitalization Company Risk</b> — Companies with small or mid-size market capitalizations will normally have more limited product lines, markets and financial resources and will be dependent upon a more limited management group than larger capitalized companies. In addition, it is more difficult to get information on smaller companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by large investors and are followed by relatively few securities analysts.</p></li></ul> <b>Performance Information </b> The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The Fund’s Annual Total Returns prior to November 27, 2012 as reflected in the bar chart and the table are the returns of the Fund when it followed a different glide path under the name “BlackRock Prepared Portfolio 2045.” The returns for Institutional Shares prior to November 27, 2012, the commencement of operations of Institutional Shares, are based upon performance of the Fund’s Class K Shares, as adjusted to reflect the fees applicable to Institutional Shares. The table compares the Fund’s performance to that of the S&P 500 Index and the 2045 Custom Benchmark. Prior to November 27, 2012, the 2045 Custom Benchmark was comprised of the Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 3000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, and the MSCI EAFE Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>; effective November 27, 2012, the 2045 Custom Benchmark is comprised of the Russell 1000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 2000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, MSCI ACWI ex US IMI Index, FTSE EPRA/NAREIT Developed Real Estate Index, Dow Jones UBS Commodity Index, Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and Barclays TIPs. The 2045 Custom Benchmark reflects the investment advisor’s change of these indices’ weightings over time, which are adjusted periodically with its evaluation and adjustment of the Fund’s asset allocation strategy. The 2045 Custom Benchmark is not recalculated or restated when it is adjusted to reflect the Fund’s asset allocation strategy but rather reflects the 2045 Custom Benchmark’s actual allocation over time, which may be different than the current allocation. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If the Fund’s investment manager and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at 800-882-0052. Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund.<ul type="square"><li><p style="PADDING-LEFT: 15px"><b>Affiliated Fund Risk</b> — In managing the Fund, BlackRock will have authority to select and substitute underlying funds. BlackRock may be subject to potential conflicts of interest in selecting underlying funds because the fees paid to BlackRock by some underlying funds are higher than the fees paid by other underlying funds. However, BlackRock is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interests when selecting underlying funds. If an underlying fund holds interests in an affiliated fund, the Fund may be prohibited from purchasing shares of that underlying fund.</p></li><li><p style="PADDING-LEFT: 15px"><b>Allocation Risk</b> — The Fund’s ability to achieve its investment goal depends upon BlackRock’s skill in determining the Fund’s strategic asset class allocation and in selecting the best mix of underlying funds and direct investments. There is a risk that BlackRock’s evaluations and assumptions regarding asset classes or underlying funds may be incorrect in view of actual market conditions.</p></li><li><p style="PADDING-LEFT: 15px"><b>Credit Risk</b> — Credit risk refers to the possibility that the issuer of a security will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer.</p></li><li><p style="PADDING-LEFT: 15px"><b>Derivatives Risk</b> — The Fund’s use of derivatives may reduce the Fund’s returns and/or increase volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately. Derivatives may give rise to a form of leverage and may expose the Fund to greater risk and increase its costs. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation is not yet known and may not be known for some time. New regulation may make derivatives more costly, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives.</p></li><li><p style="PADDING-LEFT: 15px"><b>Emerging Markets Risk</b> — Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets.</p></li><li><p style="PADDING-LEFT: 15px"><b>Equity Securities Risk</b> — Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions.</p></li><li><p style="PADDING-LEFT: 15px"><b>Foreign Securities Risk</b> — Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Fund will lose money. These risks include:</p></li></ul><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;"> The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight. </p></td></tr></table></div><br/> <div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;"> Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio. </p></td></tr></table></div><br/> <div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;"> The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position. </p></td></tr></table></div><br/> <div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;"> The governments of certain countries may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries.</p></td></tr></table></div><br/> <div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;"> Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws.</p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;"> Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments. </p></td></tr></table></div><br/><ul type="square"><li><p style="PADDING-LEFT: 15px"><b>Interest Rate Risk</b> — Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall, and decrease as interest rates rise.</p></li><li><p style="PADDING-LEFT: 15px"><b>Investments in Mutual Funds and ETFs Risk</b> — The Fund’s investments are concentrated in underlying BlackRock funds, so the Fund’s investment performance is directly related to the performance of the underlying funds. The Fund may also directly invest in exchange-traded funds (“ETFs”). The Fund’s net asset value will change with changes in the equity and bond markets and the value of the mutual funds, ETFs and other securities in which it invests. An investment in the Fund will entail more direct and indirect costs and expenses than a direct investment in the underlying funds and ETFs.</p></li><li><p style="PADDING-LEFT: 15px"><b>Junk Bonds Risk</b> — Although junk bonds generally pay higher rates of interest than investment grade bonds, junk bonds are high risk investments that may cause income and principal losses for the Fund.</p></li><li><p style="PADDING-LEFT: 15px"><b>Market Risk and Selection Risk</b> — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</p></li><li><p style="PADDING-LEFT: 15px"><b>Retirement Income Risk</b> — The Fund does not provide a guarantee that sufficient capital appreciation will be achieved to provide adequate income at and through retirement. The Fund also does not ensure that you will have assets in your account sufficient to cover your retirement expenses or that you will have enough saved to be able to retire in the target year identified in the Fund name; this will depend on the amount of money you have invested in the Fund, the length of time you have held your investment, the returns of the markets over time, the amount you spend in retirement, and your other assets and income sources.</p></li><li><p style="PADDING-LEFT: 15px"><b>Small and Mid-Capitalization Company Risk</b> — Companies with small or mid-size market capitalizations will normally have more limited product lines, markets and financial resources and will be dependent upon a more limited management group than larger capitalized companies. In addition, it is more difficult to get information on smaller companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by large investors and are followed by relatively few securities analysts.</p></li></ul> <b>Investor A Shares<br/>ANNUAL TOTAL RETURNS<br/>2045 Fund<br/>As of 12/31</b> During the period shown in the bar chart, the highest return for a quarter was 15.41% (quarter ended June 30, 2009) and the lowest return for a quarter was –19.10% (quarter ended December 31, 2008). The year-to-date return as of September 30, 2012 was 13.04%. <b>As of 12/31/11</b><br/><b>Average Annual Total Returns</b> After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. However, the table includes all applicable fees and sales charges. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Institutional and Class R Shares will vary. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <div style="display:none">~ http://www.blackrock.com/role/ScheduleAverageAnnualTotalReturnsTransposedLIFEPATHACTIVE2045PORTFOLIOClassK column period compact * ~</div> After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. -0.3537 0.2799 <div style="display:none">~ http://www.blackrock.com/role/ScheduleShareholderFeesLIFEPATHACTIVE2045PORTFOLIOClassK column period compact * ~</div> 0.1335 -0.0285 The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The Fund’s Annual Total Returns prior to November 27, 2012 as reflected in the bar chart and the table are the returns of the Fund when it followed a different glide path under the name “BlackRock Prepared Portfolio 2030.” The returns for Institutional Shares prior to November 27, 2012, the commencement of operations of Institutional Shares, are based upon performance of the Fund’s Class K Shares, as adjusted to reflect the fees applicable to Institutional Shares. The table compares the Fund’s performance to that of the S&P 500 Index and the 2030 Custom Benchmark. Prior to November 27, 2012, the 2030 Custom Benchmark was comprised of the Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 3000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, and the MSCI EAFE Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>; effective November 27, 2012, the 2030 Custom Benchmark is comprised of the Russell 1000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 2000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, MSCI ACWI ex US IMI Index, FTSE EPRA/NAREIT Developed Real Estate Index, Dow Jones UBS Commodity Index, Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and Barclays TIPs. The 2030 Custom Benchmark reflects the investment advisor’s change of these indices’ weightings over time, which are adjusted periodically with its evaluation and adjustment of the Fund’s asset allocation strategy. The 2030 Custom Benchmark is not recalculated or restated when it is adjusted to reflect the Fund’s asset allocation strategy but rather reflects the 2030 Custom Benchmark’s actual allocation over time, which may be different than the current allocation. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If the Fund’s investment manager and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at 800-882-0052. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. <b>Principal Investment Strategies of the Fund </b> In pursuit of its investment objective, the Fund, which is a fund of funds, allocates and reallocates its assets among a combination of equity, fixed income and money market funds (the “underlying funds”) in proportions based on its own comprehensive investment strategy.<br/><br/>The Fund is designed for investors expecting to retire or to begin withdrawing assets around the year 2015. As of the date of this prospectus, the Fund held approximately 44% of its assets in underlying funds that invest primarily in equity securities and 56% of its assets in underlying funds that invest primarily in fixed income, including underlying funds that invest primarily in money market instruments. Certain underlying funds may invest in real estate investment trusts (“REITs”), foreign securities, emerging market securities, below investment-grade bonds and derivative securities or instruments, such as options and futures, the value of which is derived from another security, a commodity, a currency or an index.<br/><br/> Under normal circumstances the asset allocation will change over time according to a “glide path” as the Fund approaches its target date. The glide path below represents the shifting of asset classes over time. As the glide path shows, the Fund’s asset mix becomes more conservative — both prior to and after retirement — as time elapses. This reflects the need for reduced investment risks as retirement approaches and the need for lower volatility of the Fund, which may be a primary source of income after retirement.<br/><br/> The following chart illustrates the glide path — the target allocation among asset classes as the Fund approaches its target date: <br/><br/><div align="center"><img src="g452681g403177g05u63.jpg" alt="(glide path mountain chart)"></img></div><br/> The asset allocation targets are established by the portfolio managers working with oversight from a committee of BlackRock investment professionals. The investment team, including the portfolio managers and this investment committee, meets regularly to assess market conditions, review the asset allocation targets of the Fund, and determine whether any changes are required to enable the Fund to achieve its investment objective.<br/><br/> Although the asset allocation targets listed for the “glide path” are general, long term targets, BlackRock may adjust the proportion of equity funds and fixed income funds in the Fund based on an assessment of the current market conditions and the potential contribution of each asset class to the expected risk and return characteristics of the Fund. In general, the adjustments will be limited to +/- 10% relative to the target allocations. BlackRock may determine, in light of market conditions or other factors, that a greater variation is warranted to protect the Fund or achieve its investment objective.<br/><br/> BlackRock’s second step in the structuring of the Fund is the selection of the underlying funds. Factors such as fund classifications, historical risk and performance, and the relationship to other underlying funds in the Fund are considered when selecting underlying funds. The specific underlying funds selected for the Fund are determined at BlackRock’s discretion and may change as deemed appropriate to allow the Fund to meet its investment objective. See “Description of Underlying Funds” for a complete list of the underlying funds, their classification into equity or fixed income funds and a brief description of their investment objectives and primary investment strategies.<br/><br/> Within the prescribed percentage allocations to equity and fixed income funds, BlackRock seeks to diversify the Fund. The equity allocation may be further diversified by style (including both value and growth funds), market capitalization (including both large cap and small cap funds), region (including domestic and international (including emerging market) funds), or other factors. The fixed income allocation may be further diversified by sector (including government, corporate, agency, and other sectors), duration (a calculation of the average life of a bond which measures its price risk), credit quality (including non-investment grade debt or “junk bonds”), geographic location (including U.S. and foreign-issued securities), or other factors. The percentage allocation to the various styles of equity and fixed income are determined at the discretion of the investment team and can be changed to reflect the current market environment.<br/><br/> At the time the Fund reaches its target retirement date in 2015, the asset allocation of the Fund is expected to be 38% in underlying funds that invest in equity and 62% in underlying funds that invest in fixed income, and the target allocation may shift over time depending on market conditions. On approximately the target retirement date of the Fund, the Board of Trustees of the Fund (the “Board”) may evaluate alternatives available to the Fund. These alternatives may include a merger into another BlackRock fund subject to the Board determining, among other things, that it would be in the best interest of the Fund. Such a merger may or may not require shareholder approval. Finally, the Board may instead cause the Fund to be liquidated.<br/><br/> The Fund may, when consistent with its investment goal, buy or sell options or futures, or enter into total return swaps and foreign currency transactions (collectively, commonly known as derivatives). The Fund may seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as reverse repurchase agreements or dollar rolls).<br/><br/> The Fund is a non-diversified portfolio under the Investment Company Act of 1940, as amended. <b>Principal Risks of Investing in the Fund </b> After-tax returns are shown for Investor A Shares only, and the after-tax returns for Institutional and Class R Shares will vary. March 1, 2014 Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund. <ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Affiliated Fund Risk</b> — In managing the Fund, BlackRock will have authority to select and substitute underlying funds. BlackRock may be subject to potential conflicts of interest in selecting underlying funds because the fees paid to BlackRock by some underlying funds are higher than the fees paid by other underlying funds. However, BlackRock is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interests when selecting underlying funds. If an underlying fund holds interests in an affiliated fund, the Fund may be prohibited from purchasing shares of that underlying fund.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Allocation Risk</b> — The Fund’s ability to achieve its investment goal depends upon BlackRock’s skill in determining the Fund’s strategic asset class allocation and in selecting the best mix of underlying funds and direct investments. There is a risk that BlackRock’s evaluations and assumptions regarding asset classes or underlying funds may be incorrect in view of actual market conditions.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Credit Risk</b> — Credit risk refers to the possibility that the issuer of a security will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Derivatives Risk</b> — The Fund’s use of derivatives may reduce the Fund’s returns and/or increase volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately. Derivatives may give rise to a form of leverage and may expose the Fund to greater risk and increase its costs. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation is not yet known and may not be known for some time. New regulation may make derivatives more costly, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Emerging Markets Risk</b> — Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Equity Securities Risk</b> — Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Foreign Securities Risk — </b>Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Fund will lose money. These risks include:</p></li></ul><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">The governments of certain countries may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments. </p></td></tr></table></div><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Interest Rate Risk</b> — Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall, and decrease as interest rates rise.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Investments in Mutual Funds and ETFs Risk</b> — The Fund’s investments are concentrated in underlying BlackRock funds, so the Fund’s investment performance is directly related to the performance of the underlying funds. The Fund may also directly invest in exchange-traded funds (“ETFs”). The Fund’s net asset value will change with changes in the equity and bond markets and the value of the mutual funds, ETFs and other securities in which it invests. An investment in the Fund will entail more direct and indirect costs and expenses than a direct investment in the underlying funds and ETFs.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Junk Bonds Risk</b> — Although junk bonds generally pay higher rates of interest than investment grade bonds, junk bonds are high risk investments that may cause income and principal losses for the Fund.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Market Risk and Selection Risk</b> — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Retirement Income Risk</b> — The Fund does not provide a guarantee that sufficient capital appreciation will be achieved to provide adequate income at and through retirement. The Fund also does not ensure that you will have assets in your account sufficient to cover your retirement expenses or that you will have enough saved to be able to retire in the target year identified in the Fund name; this will depend on the amount of money you have invested in the Fund, the length of time you have held your investment, the returns of the markets over time, the amount you spend in retirement, and your other assets and income sources.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Small and Mid-Capitalization Company Risk</b> — Companies with small or mid-size market capitalizations will normally have more limited product lines, markets and financial resources and will be dependent upon a more limited management group than larger capitalized companies. In addition, it is more difficult to get information on smaller companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by large investors and are followed by relatively few securities analysts.</p></li></ul> 0.82 25000 <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualFundOperatingExpensesLIFEPATHACTIVE2045PORTFOLIOClassK column period compact * ~</div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the BlackRock-advised fund complex. The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent annual report which does not include the Acquired Fund Fees and Expenses. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. 800-882-0052 http://www.blackrock.com/funds As with all such investments, past performance (before and after taxes) is not an indication of future results. <div style="display:none">~ http://www.blackrock.com/role/ScheduleExpenseExampleTransposedLIFEPATHACTIVE2045PORTFOLIOClassK column period compact * ~</div> 0 0 0 As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. 0.0025 0 0.005 0.0175 0.0167 0.0176 0.0075 0.0075 0.0075 0.0275 0.0242 0.0301 However, the table includes all applicable fees and sales charges. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. -0.0165 After-tax returns are shown for Investor A Shares only, and the after-tax returns for Institutional and Class R Shares will vary. -0.0157 -0.0167 You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. 0.011 0.0085 0.0134 <b>Performance Information </b> highest return However, the table includes all applicable fees and sales charges. 2009-06-30 800-882-0052 0.1541 lowest return The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The Fund’s Annual Total Returns prior to November 27, 2012 as reflected in the bar chart and the table are the returns of the Fund when it followed a different glide path under the name “BlackRock Prepared Portfolio 2015.” The returns for Institutional Shares prior to November 27, 2012, the commencement of operations of Institutional Shares, are based upon performance of the Fund’s Class K Shares, as adjusted to reflect the fees applicable to Institutional Shares. The table compares the Fund’s performance to that of the S&P 500 Index and the 2015 Custom Benchmark. Prior to November 27, 2012, the 2015 Custom Benchmark was comprised of the Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 3000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, and the MSCI EAFE Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>; effective November 27, 2012, the 2015 Custom Benchmark is comprised of the Russell 1000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 2000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, MSCI ACWI ex US IMI Index, FTSE EPRA/NAREIT Developed Real Estate Index, Dow Jones UBS Commodity Index, Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and Barclays TIPs. The 2015 Custom Benchmark reflects the investment advisor’s change of these indices’ weightings over time, which are adjusted periodically with its evaluation and adjustment of the Fund’s asset allocation strategy. The 2015 Custom Benchmark is not recalculated or restated when it is adjusted to reflect the Fund’s asset allocation strategy but rather reflects the 2015 Custom Benchmark’s actual allocation over time, which may be different than the current allocation. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If the Fund’s investment manager and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at 800-882-0052. 2008-12-31 The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent annual report which does not include the Acquired Fund Fees and Expenses. -0.191 http://www.blackrock.com/funds year-to-date return 0.1304 2012-09-30 0.99 Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. 800-882-0052 http://www.blackrock.com/funds As with all such investments, past performance (before and after taxes) is not an indication of future results. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. During the period shown in the bar chart, the highest return for a quarter was 15.40% (quarter ended June 30, 2009) and the lowest return for a quarter was –19.26% (quarter ended December 31, 2008). The year-to-date return as of September 30, 2012 was 12.68%. <b>Investor A Shares </b><br/><b>ANNUAL TOTAL RETURNS </b><br/><b>2015 Fund </b><br/><b>As of 12/31 </b> Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund. <ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Affiliated Fund Risk</b> — In managing the Fund, BlackRock will have authority to select and substitute underlying funds. BlackRock may be subject to potential conflicts of interest in selecting underlying funds because the fees paid to BlackRock by some underlying funds are higher than the fees paid by other underlying funds. However, BlackRock is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interests when selecting underlying funds. If an underlying fund holds interests in an affiliated fund, the Fund may be prohibited from purchasing shares of that underlying fund.</p></li> <li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Allocation Risk</b> — The Fund’s ability to achieve its investment goal depends upon BlackRock’s skill in determining the Fund’s strategic asset class allocation and in selecting the best mix of underlying funds and direct investments. There is a risk that BlackRock’s evaluations and assumptions regarding asset classes or underlying funds may be incorrect in view of actual market conditions.</p></li> <li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Credit Risk</b> — Credit risk refers to the possibility that the issuer of a security will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer.</p></li> <li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Derivatives Risk</b> — The Fund’s use of derivatives may reduce the Fund’s returns and/or increase volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately. Derivatives may give rise to a form of leverage and may expose the Fund to greater risk and increase its costs. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation is not yet known and may not be known for some time. New regulation may make derivatives more costly, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives.</p></li> <li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Emerging Markets Risk</b> — Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets.</p></li> <li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Equity Securities Risk</b> — Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions.</p></li> <li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Foreign Securities Risk — </b>Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Fund will lose money. These risks include:</p></li> </ul><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight.</p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position.</p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">The governments of certain countries may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries.</p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws. </p></td></tr></table> </div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments.</p></td></tr></table></div><ul type="square"> <li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Interest Rate Risk</b> — Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall, and decrease as interest rates rise.</p></li><li style="margin-left:-20px"> <p style="PADDING-LEFT: 15px"><b>Investments in Mutual Funds and ETFs Risk</b> — The Fund’s investments are concentrated in underlying BlackRock funds, so the Fund’s investment performance is directly related to the performance of the underlying funds. The Fund may also invest directly in exchange-traded funds (“ETFs”). The Fund’s net asset value will change with changes in the equity and bond markets and the value of the mutual funds, ETFs and other securities in which it invests. An investment in the Fund will entail more direct and indirect costs and expenses than a direct investment in the underlying funds and ETFs.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"> <b>Junk Bonds Risk</b> — Although junk bonds generally pay higher rates of interest than investment grade bonds, junk bonds are high risk investments that may cause income and principal losses for the Fund.</p></li> <li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Market Risk and Selection Risk</b> — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</p></li> <li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Retirement Income Risk</b> — The Fund does not provide a guarantee that sufficient capital appreciation will be achieved to provide adequate income at and through retirement. The Fund also does not ensure that you will have assets in your account sufficient to cover your retirement expenses or that you will have enough saved to be able to retire in the target year identified in the Fund name; this will depend on the amount of money you have invested in the Fund, the length of time you have held your investment, the returns of the markets over time, the amount you spend in retirement, and your other assets and income sources.</p></li> <li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Small and Mid-Capitalization Company Risk</b> — Companies with small or mid-size market capitalizations will normally have more limited product lines, markets and financial resources and will be dependent upon a more limited management group than larger capitalized companies. In addition, it is more difficult to get information on smaller companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by large investors and are followed by relatively few securities analysts.</p></li></ul> However, the table includes all applicable fees and sales charges. During the period shown in the bar chart, the highest return for a quarter was 12.45% (quarter ended September 30, 2009) and the lowest return for a quarter was –13.47% (quarter ended December 31, 2008). The year-to-date return as of September 30, 2012 was 11.11%. During the period shown in the bar chart, the highest return for a quarter was 14.64% (quarter ended September 30, 2009) and the lowest return for a quarter was –18.22% (quarter ended December 31, 2008). The year-to-date return as of September 30, 2012 was 12.00%. <b>Performance Information </b> The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The Fund’s Annual Total Returns prior to November 27, 2012 as reflected in the bar chart and the table are the returns of the Fund when it followed a different glide path under the name “BlackRock Prepared Portfolio 2020.” The returns for Institutional Shares prior to November 27, 2012, the commencement of operations of Institutional Shares, are based upon performance of the Fund’s Class K Shares, as adjusted to reflect the fees applicable to Institutional Shares. The table compares the Fund’s performance to that of the S&P 500 Index and the 2020 Custom Benchmark. Prior to November 27, 2012, the 2020 Custom Benchmark was comprised of the Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 3000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, and the MSCI EAFE Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>; effective November 27, 2012, the 2020 Custom Benchmark is comprised of the Russell 1000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 2000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, MSCI ACWI ex US IMI Index, FTSE EPRA/NAREIT Developed Real Estate Index, Dow Jones UBS Commodity Index, Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and Barclays TIPs. The 2020 Custom Benchmark reflects the investment advisor’s change of these indices’ weightings over time, which are adjusted periodically with its evaluation and adjustment of the Fund’s asset allocation strategy. The 2020 Custom Benchmark is not recalculated or restated when it is adjusted to reflect the Fund’s asset allocation strategy but rather reflects the 2020 Custom Benchmark’s actual allocation over time, which may be different than the current allocation. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If the Fund’s investment manager and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at 800-882-0052. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Institutional and Class R Shares will vary. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Institutional and Class R Shares will vary. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Institutional and Class R Shares will vary. -0.2582 0.253 0.1303 A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at time of purchase as part of an investment of $1,000,000 or more. 0 -0.0834 -0.0955 -0.0496 -0.0281 -0.034 0.0211 -0.0065 -0.0263 -0.0315 -0.0244 -0.0114 -0.0174 -0.0134 -0.0137 <b>As of 12/31/11 <br/>Average Annual Total Returns</b> 0.0525 After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Institutional and Class R Shares will vary. 136 87 631 1057 484 635 1507 907 1160 0 0 2753 2087 2599 The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. 800-882-0052 http://www.blackrock.com/funds As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. <div style="display:none">~ http://www.blackrock.com/role/ScheduleShareholderFeesLIFEPATHACTIVE2030PORTFOLIOClassK column period compact * ~</div> However, the table includes all applicable fees and sales charges. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. -0.3416 0.2824 0.1342 -0.0175 A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at time of purchase as part of an investment of $1,000,000 or more. <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualFundOperatingExpensesLIFEPATHACTIVE2030PORTFOLIOClassK column period compact * ~</div> 0 0 0 0.0025 0 0.005 0.0175 0.0162 0.0185 0 <div style="display:none">~ http://www.blackrock.com/role/ScheduleExpenseExampleTransposedLIFEPATHACTIVE2030PORTFOLIOClassK column period compact * ~</div> -0.082 -0.0871 -0.048 0 0.0075 -0.0269 0.0075 -0.0335 0.0075 0.0211 -0.0065 0.0275 0.0237 0.031 0.01 -0.0198 -0.0226 -0.0175 -0.0055 -0.0117 0.0069 -0.0134 -0.0141 -0.0165 -0.0152 -0.0176 0.0169 The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund.<ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Affiliated Fund Risk</b> — In managing the Fund, BlackRock will have authority to select and substitute underlying funds. BlackRock may be subject to potential conflicts of interest in selecting underlying funds because the fees paid to BlackRock by some underlying funds are higher than the fees paid by other underlying funds. However, BlackRock is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interests when selecting underlying funds. If an underlying fund holds interests in an affiliated fund, the Fund may be prohibited from purchasing shares of that underlying fund.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Allocation Risk</b> — The Fund’s ability to achieve its investment goal depends upon BlackRock’s skill in determining the Fund’s strategic asset class allocation and in selecting the best mix of underlying funds and direct investments. There is a risk that BlackRock’s evaluations and assumptions regarding asset classes or underlying funds may be incorrect in view of actual market conditions.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Credit Risk</b> — Credit risk refers to the possibility that the issuer of a security will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. </p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Derivatives Risk</b> — The Fund’s use of derivatives may reduce the Fund’s returns and/or increase volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately. Derivatives may give rise to a form of leverage and may expose the Fund to greater risk and increase its costs. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation is not yet known and may not be known for some time. New regulation may make derivatives more costly, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives. </p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Emerging Markets Risk</b> — Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets. </p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Equity Securities Risk</b> — Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. </p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Foreign Securities Risk</b> — Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Fund will lose money. These risks include:</p></li></ul><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight.</p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">The governments of certain countries may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments. </p></td></tr></table></div><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Interest Rate Risk</b> — Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall, and decrease as interest rates rise. </p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Investments in Mutual Funds and ETFs Risk</b> — The Fund’s investments are concentrated in underlying BlackRock funds, so the Fund’s investment performance is directly related to the performance of the underlying funds. The Fund may also directly invest in exchange-traded funds (“ETFs”). The Fund’s net asset value will change with changes in the equity and bond markets and the value of the mutual funds, ETFs and other securities in which it invests. An investment in the Fund will entail more direct and indirect costs and expenses than a direct investment in the underlying funds and ETFs. </p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Junk Bonds Risk</b> — Although junk bonds generally pay higher rates of interest than investment grade bonds, junk bonds are high risk investments that may cause income and principal losses for the Fund. </p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Market Risk and Selection Risk</b> — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money. </p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Retirement Income Risk</b> — The Fund does not provide a guarantee that sufficient capital appreciation will be achieved to provide adequate income at and through retirement. The Fund also does not ensure that you will have assets in your account sufficient to cover your retirement expenses or that you will have enough saved to be able to retire in the target year identified in the Fund name; this will depend on the amount of money you have invested in the Fund, the length of time you have held your investment, the returns of the markets over time, the amount you spend in retirement, and your other assets and income sources. </p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Small and Mid-Capitalization Company Risk</b> — Companies with small or mid-size market capitalizations will normally have more limited product lines, markets and financial resources and will be dependent upon a more limited management group than larger capitalized companies. In addition, it is more difficult to get information on smaller companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by large investors and are followed by relatively few securities analysts. </p></li></ul> 0.011 0.0085 0.0134 year-to-date return 0.12 2012-09-30 As with all such investments, past performance (before and after taxes) is not an indication of future results. -0.01 0.0069 highest return Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. 0.1464 However, the table includes all applicable fees and sales charges. 2009-09-30 lowest return http://www.blackrock.com/funds -0.1822 2008-12-31 800-882-0052 You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualTotalReturnsLIFEPATHACTIVE2030PORTFOLIOClassKBarChart column period compact * ~</div> <b>Performance Information</b> -0.283 -0.0859 -0.0387 -0.0142 -0.0211 0.0211 0.2592 0.0106 The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The Fund’s Annual Total Returns prior to November 27, 2012 as reflected in the bar chart and the table are the returns of the Fund when it followed a different glide path under the name “BlackRock Prepared Portfolio 2025.” The returns for Class K Shares prior to November 27, 2012 are the returns of the predecessor class. The table compares the Fund’s performance to that of the S&P 500 Index and the 2025 Custom Benchmark. Prior to November 27, 2012, the 2025 Custom Benchmark was comprised of the Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 3000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and the MSCI EAFE Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>; effective November 27, 2012, the 2025 Custom Benchmark is comprised of the Russell 1000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 2000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, MSCI ACWI ex US IMI Index, FTSE EPRA/NAREIT Developed Real Estate Index, Dow Jones UBS Commodity Index, Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and Barclays TIPs. The 2025 Custom Benchmark reflects the investment advisor’s change of these indices’ weightings over time, which are adjusted periodically with its evaluation and adjustment of the Fund’s asset allocation strategy. The 2025 Custom Benchmark is not recalculated or restated when it is adjusted to reflect the Fund’s asset allocation strategy but rather reflects the 2025 Custom Benchmark’s actual allocation over time, which may be different than the current allocation. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If the Fund’s investment manager and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at 800-882-0052. 0.131 -0.003 -0.0106 -0.0168 -0.0116 0.0042 -0.0021 -0.0134 -0.0081 <div style="display:none">~ http://www.blackrock.com/role/ScheduleAverageAnnualTotalReturnsTransposedLIFEPATHACTIVE2030PORTFOLIOClassK column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleShareholderFeesLIFEPATHACTIVE2025PORTFOLIO column period compact * ~</div> -0.0065 -0.0137 <div style="display:none">~ http://www.blackrock.com/role/ScheduleShareholderFeesLIFEPATHACTIVE2035PORTFOLIOClassK column period compact * ~</div> The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. 2007-04-20 2007-04-20 800-882-0052 2007-04-20 http://www.blackrock.com/funds As with all such investments, past performance (before and after taxes) is not an indication of future results. highest return 2009-09-30 0.1292 lowest return 2008-12-31 -0.1457 year-to-date return 2012-09-30 0.1126 <b>Class K Shares<br/><b>ANNUAL TOTAL RETURNS<br/><b>2025 Fund<br/><b>As of 12/31</b> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualFundOperatingExpensesLIFEPATHACTIVE2035PORTFOLIOClassK column period compact * ~</div> However, the table includes all applicable fees and sales charges. <b>As of 12/31/11 <br/>Average Annual Total Returns</b> After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Institutional and Class R Shares will vary. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Institutional and Class R Shares will vary. During the period shown in the bar chart, the highest return for a quarter was 13.82% (quarter ended September 30, 2009) and the lowest return for a quarter was –16.35% (quarter ended December 31, 2008). The year-to-date return as of September 30, 2012 was 12.13%. <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualFundOperatingExpensesLIFEPATHACTIVE2025PORTFOLIO column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleExpenseExampleTransposedLIFEPATHACTIVE2035PORTFOLIOClassK column period compact * ~</div> 631 87 136 Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund. <ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Affiliated Fund Risk</b> — In managing the Fund, BlackRock will have authority to select and substitute underlying funds. BlackRock may be subject to potential conflicts of interest in selecting underlying funds because the fees paid to BlackRock by some underlying funds are higher than the fees paid by other underlying funds. However, BlackRock is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interests when selecting underlying funds. If an underlying fund holds interests in an affiliated fund, the Fund may be prohibited from purchasing shares of that underlying fund.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Allocation Risk</b> — The Fund’s ability to achieve its investment goal depends upon BlackRock’s skill in determining the Fund’s strategic asset class allocation and in selecting the best mix of underlying funds and direct investments. There is a risk that BlackRock’s evaluations and assumptions regarding asset classes or underlying funds may be incorrect in view of actual market conditions.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Credit Risk</b> — Credit risk refers to the possibility that the issuer of a security will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Derivatives Risk</b> — The Fund’s use of derivatives may reduce the Fund’s returns and/or increase volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately. Derivatives may give rise to a form of leverage and may expose the Fund to greater risk and increase its costs. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation is not yet known and may not be known for some time. New regulation may make derivatives more costly, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Emerging Markets Risk</b> — Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Equity Securities Risk</b> — Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Foreign Securities Risk — </b>Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Fund will lose money. These risks include:</p></li></ul><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">The governments of certain countries may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments. </p></td></tr></table></div><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Interest Rate Risk</b> — Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall, and decrease as interest rates rise.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Investments in Mutual Funds and ETFs Risk</b> — The Fund’s investments are concentrated in underlying BlackRock funds, so the Fund’s investment performance is directly related to the performance of the underlying funds. The Fund may also directly invest in exchange-traded funds (“ETFs”). The Fund’s net asset value will change with changes in the equity and bond markets and the value of the mutual funds, ETFs and other securities in which it invests. An investment in the Fund will entail more direct and indirect costs and expenses than a direct investment in the underlying funds and ETFs.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Junk Bonds Risk</b> — Although junk bonds generally pay higher rates of interest than investment grade bonds, junk bonds are high risk investments that may cause income and principal losses for the Fund.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Market Risk and Selection Risk</b> — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Retirement Income Risk</b> — The Fund does not provide a guarantee that sufficient capital appreciation will be achieved to provide adequate income at and through retirement. The Fund also does not ensure that you will have assets in your account sufficient to cover your retirement expenses or that you will have enough saved to be able to retire in the target year identified in the Fund name; this will depend on the amount of money you have invested in the Fund, the length of time you have held your investment, the returns of the markets over time, the amount you spend in retirement, and your other assets and income sources.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Small and Mid-Capitalization Company Risk</b> — Companies with small or mid-size market capitalizations will normally have more limited product lines, markets and financial resources and will be dependent upon a more limited management group than larger capitalized companies. In addition, it is more difficult to get information on smaller companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by large investors and are followed by relatively few securities analysts.</p></li></ul> 1057 484 635 1507 907 1160 After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. -0.0527 -0.0674 -0.0291 Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 0.0038 0.0211 -0.0033 0.0308 After-tax returns are shown for Investor A Shares only, and the after-tax returns for Institutional and Class R Shares will vary. 2753 2087 2599 year-to-date return 0.0098 0.0015 2012-09-30 0.0042 0.0241 0.018 -0.0134 0.0206 0.1213 highest return 2009-09-30 2007-04-20 0.1382 2007-04-20 2007-04-20 lowest return 70 2008-12-31 -0.1635 <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualTotalReturnsLIFEPATHACTIVE2035PORTFOLIOClassKBarChart column period compact * ~</div> 435 824 1914 2007-04-20 2007-04-20 2007-04-20 Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. -0.3069 0.2691 0.1367 -0.004 <div style="display:none">~ http://www.blackrock.com/role/ScheduleAverageAnnualTotalReturnsTransposedLIFEPATHACTIVE2035PORTFOLIOClassK column period compact * ~</div> 0.0004 -0.0132 0.0069 0.0211 0.0263 <div style="display:none">~ http://www.blackrock.com/role/ScheduleAverageAnnualTotalReturnsTransposedLIFEPATHACTIVE2025PORTFOLIO column period compact * ~</div> 0.0196 After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 0.0114 0.0127 -0.0134 0.0151 After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at time of purchase as part of an investment of $1,000,000 or more. The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent annual report which does not include the Acquired Fund Fees and Expenses. -0.3599 0.2845 <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualTotalReturnsLIFEPATHACTIVE2025PORTFOLIOBarChart column period compact * ~</div> 0.1381 -0.0314 <div style="display:none">~ http://www.blackrock.com/role/ScheduleShareholderFeesLIFEPATHACTIVE2050PORTFOLIO column period compact * ~</div> -0.0556 -0.0673 -0.0301 -0.0007 -0.0065 0.0211 0.0263 Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. 0.0043 -0.0028 0.0003 0.0186 0.0127 -0.0134 0.0151 However, the table includes all applicable fees and sales charges. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualFundOperatingExpensesLIFEPATHACTIVE2050PORTFOLIO column period compact * ~</div> Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. -0.004 -0.0231 0.0045 0.0211 0.0197 0.0129 0.0043 0.007 -0.0134 0.0063 <div style="display:none">~ http://www.blackrock.com/role/ScheduleExpenseExampleTransposedLIFEPATHACTIVE2050PORTFOLIO column period compact * ~</div> Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund. <ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Affiliated Fund Risk</b> — In managing the Fund, BlackRock will have authority to select and substitute underlying funds. BlackRock may be subject to potential conflicts of interest in selecting underlying funds because the fees paid to BlackRock by some underlying funds are higher than the fees paid by other underlying funds. However, BlackRock is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interests when selecting underlying funds. If an underlying fund holds interests in an affiliated fund, the Fund may be prohibited from purchasing shares of that underlying fund.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Allocation Risk</b> — The Fund’s ability to achieve its investment goal depends upon BlackRock’s skill in determining the Fund’s strategic asset class allocation and in selecting the best mix of underlying funds and direct investments. There is a risk that BlackRock’s evaluations and assumptions regarding asset classes or underlying funds may be incorrect in view of actual market conditions.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Credit Risk</b> — Credit risk refers to the possibility that the issuer of a security will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Derivatives Risk</b> — The Fund’s use of derivatives may reduce the Fund’s returns and/or increase volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately. Derivatives may give rise to a form of leverage and may expose the Fund to greater risk and increase its costs. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation is not yet known and may not be known for some time. New regulation may make derivatives more costly, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Emerging Markets Risk</b> — Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Equity Securities Risk</b> — Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Foreign Securities Risk — </b>Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Fund will lose money. These risks include:</p></li></ul><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">The governments of certain countries may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws. </p></td></tr></table></div><br/><div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="3.5%" align="left">—</td> <td valign="top" align="left"> <p style="margin-top: 0px; margin-bottom: 0px;">Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments. </p></td></tr></table></div><ul type="square"><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Interest Rate Risk</b> — Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall, and decrease as interest rates rise.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Investments in Mutual Funds and ETFs Risk</b> — The Fund’s investments are concentrated in underlying BlackRock funds, so the Fund’s investment performance is directly related to the performance of the underlying funds. The Fund may also directly invest in exchange-traded funds (“ETFs”). The Fund’s net asset value will change with changes in the equity and bond markets and the value of the mutual funds, ETFs and other securities in which it invests. An investment in the Fund will entail more direct and indirect costs and expenses than a direct investment in the underlying funds and ETFs.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Junk Bonds Risk</b> — Although junk bonds generally pay higher rates of interest than investment grade bonds, junk bonds are high risk investments that may cause income and principal losses for the Fund.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Market Risk and Selection Risk</b> — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Retirement Income Risk</b> — The Fund does not provide a guarantee that sufficient capital appreciation will be achieved to provide adequate income at and through retirement. The Fund also does not ensure that you will have assets in your account sufficient to cover your retirement expenses or that you will have enough saved to be able to retire in the target year identified in the Fund name; this will depend on the amount of money you have invested in the Fund, the length of time you have held your investment, the returns of the markets over time, the amount you spend in retirement, and your other assets and income sources.</p></li><li style="margin-left:-20px"><p style="PADDING-LEFT: 15px"><b>Small and Mid-Capitalization Company Risk</b> — Companies with small or mid-size market capitalizations will normally have more limited product lines, markets and financial resources and will be dependent upon a more limited management group than larger capitalized companies. In addition, it is more difficult to get information on smaller companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by large investors and are followed by relatively few securities analysts.</p></li></ul> 2007-04-20 <b>Principal Risks of Investing in the Fund </b> 2007-04-20 2007-04-20 2007-04-20 <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualTotalReturnsLIFEPATHACTIVE2050PORTFOLIOBarChart column period compact * ~</div> highest return 2009-06-30 0.154 lowest return 2008-12-31 -0.1926 year-to-date return 2012-09-30 0.1268 -0.0824 -0.0942 -0.0484 -0.0275 -0.0338 0.0211 <div style="display:none">~ http://www.blackrock.com/role/ScheduleShareholderFeesLIFEPATHACTIVE2015PORTFOLIOClassK column period compact * ~</div> -0.0065 <div style="display:none">~ http://www.blackrock.com/role/ScheduleAverageAnnualTotalReturnsTransposedLIFEPATHACTIVE2050PORTFOLIO column period compact * ~</div> -0.0173 -0.0217 -0.0163 -0.0022 -0.0085 -0.0134 -0.0137 1.19 2007-04-20 <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualFundOperatingExpensesLIFEPATHACTIVE2015PORTFOLIOClassK column period compact * ~</div> -0.069 <div style="display:none">~ http://www.blackrock.com/role/ScheduleShareholderFeesLIFEPATHACTIVE2035PORTFOLIO column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleShareholderFeesLIFEPATHACTIVE2020PORTFOLIOClassK column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleExpenseExampleTransposedLIFEPATHACTIVE2015PORTFOLIOClassK column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualFundOperatingExpensesLIFEPATHACTIVE2035PORTFOLIO column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualFundOperatingExpensesLIFEPATHACTIVE2020PORTFOLIOClassK column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualTotalReturnsLIFEPATHACTIVE2015PORTFOLIOClassKBarChart column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleExpenseExampleTransposedLIFEPATHACTIVE2035PORTFOLIO column period compact * ~</div> 1.12 <div style="display:none">~ http://www.blackrock.com/role/ScheduleAverageAnnualTotalReturnsTransposedLIFEPATHACTIVE2020PORTFOLIOClassK column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleShareholderFeesLIFEPATHACTIVE2030PORTFOLIO column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleExpenseExampleTransposedLIFEPATHACTIVE2020PORTFOLIOClassK column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAverageAnnualTotalReturnsTransposedLIFEPATHACTIVE2015PORTFOLIOClassK column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualTotalReturnsLIFEPATHACTIVE2035PORTFOLIOBarChart column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleShareholderFeesLIFEPATHACTIVE2015PORTFOLIO column period compact * ~</div> 2007-04-20 2007-04-20 2007-04-20 <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualFundOperatingExpensesLIFEPATHACTIVE2030PORTFOLIO column period compact * ~</div> March 1, 2014 <div style="display:none">~ http://www.blackrock.com/role/ScheduleAverageAnnualTotalReturnsTransposedLIFEPATHACTIVE2035PORTFOLIO column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualTotalReturnsLIFEPATHACTIVE2020PORTFOLIOClassKBarChart column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualFundOperatingExpensesLIFEPATHACTIVE2015PORTFOLIO column period compact * ~</div> <b>Principal Investment Strategies of the Fund </b> <div style="display:none">~ http://www.blackrock.com/role/ScheduleExpenseExampleTransposedLIFEPATHACTIVE2030PORTFOLIO column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleExpenseExampleTransposedLIFEPATHACTIVE2015PORTFOLIO column period compact * ~</div> 0 0 <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualTotalReturnsLIFEPATHACTIVE2030PORTFOLIOBarChart column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualTotalReturnsLIFEPATHACTIVE2015PORTFOLIOBarChart column period compact * ~</div> 0 <div style="display:none">~ http://www.blackrock.com/role/ScheduleAverageAnnualTotalReturnsTransposedLIFEPATHACTIVE2030PORTFOLIO column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAverageAnnualTotalReturnsTransposedLIFEPATHACTIVE2015PORTFOLIO column period compact * ~</div> 2007-04-20 2007-04-20 2007-04-20 <div style="display:none">~ http://www.blackrock.com/role/ScheduleExpenseExampleTransposedLIFEPATHACTIVE2025PORTFOLIO column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleShareholderFeesLIFEPATHACTIVE2040PORTFOLIO column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualFundOperatingExpensesLIFEPATHACTIVE2040PORTFOLIO column period compact * ~</div> 0.0525 0 0 0 0 0 <div style="display:none">~ http://www.blackrock.com/role/ScheduleShareholderFeesLIFEPATHACTIVE2025PORTFOLIOClassK column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleShareholderFeesLIFEPATHACTIVE2045PORTFOLIO column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleShareholderFeesLIFEPATHACTIVE2040PORTFOLIOClassK column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualFundOperatingExpensesLIFEPATHACTIVE2025PORTFOLIOClassK column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualFundOperatingExpensesLIFEPATHACTIVE2045PORTFOLIO column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualFundOperatingExpensesLIFEPATHACTIVE2040PORTFOLIOClassK column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleExpenseExampleTransposedLIFEPATHACTIVE2025PORTFOLIOClassK column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleExpenseExampleTransposedLIFEPATHACTIVE2045PORTFOLIO column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleExpenseExampleTransposedLIFEPATHACTIVE2040PORTFOLIOClassK column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualTotalReturnsLIFEPATHACTIVE2040PORTFOLIOClassKBarChart column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualTotalReturnsLIFEPATHACTIVE2025PORTFOLIOClassKBarChart column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualTotalReturnsLIFEPATHACTIVE2045PORTFOLIOBarChart column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAverageAnnualTotalReturnsTransposedLIFEPATHACTIVE2040PORTFOLIOClassK column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAverageAnnualTotalReturnsTransposedLIFEPATHACTIVE2025PORTFOLIOClassK column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAverageAnnualTotalReturnsTransposedLIFEPATHACTIVE2045PORTFOLIO column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleExpenseExampleTransposedLIFEPATHACTIVE2040PORTFOLIO column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualTotalReturnsLIFEPATHACTIVE2040PORTFOLIOBarChart column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAverageAnnualTotalReturnsTransposedLIFEPATHACTIVE2040PORTFOLIO column period compact * ~</div> highest return 2009-09-30 0.1245 lowest return 2008-12-31 -0.1347 Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. Fund Overview<br/><br/><b>Key Facts About LifePath<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Active 2050 Portfolio </b> <div style="display:none">~ http://www.blackrock.com/role/ScheduleShareholderFeesLIFEPATHACTIVE2050PORTFOLIOClassK column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualFundOperatingExpensesLIFEPATHACTIVE2050PORTFOLIOClassK column period compact * ~</div> The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent annual report which does not include the Acquired Fund Fees and Expenses. March 1, 2014 0 0 0 0 0.0383 <div style="display:none">~ http://www.blackrock.com/role/ScheduleExpenseExampleTransposedLIFEPATHACTIVE2050PORTFOLIOClassK column period compact * ~</div> 0.0075 0.0458 -0.0383 0.0075 <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualTotalReturnsLIFEPATHACTIVE2050PORTFOLIOClassKBarChart column period compact * ~</div> 77 453 855 1979 <div style="display:none">~ http://www.blackrock.com/role/ScheduleAverageAnnualTotalReturnsTransposedLIFEPATHACTIVE2050PORTFOLIOClassK column period compact * ~</div> 0.96 <b>Investment Objective </b> The LifePath<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> Active 2050 Portfolio (the “2050 Fund” or the “Fund”) seeks a balance between long term capital appreciation and high current income consistent with its current asset allocation. <b>Fees and Expenses of the Fund </b> The table below describes the fees and expenses that you may pay if you buy and hold Class K Shares of the Fund. <b>Shareholder Fees</b><br/><b>(fees paid directly from your investment)</b> <b>Annual Fund Operating Expenses</b><br/><b>(expenses that you pay each year as a percentage of the value of your investment)</b> <b>Example: </b> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Portfolio Turnover: </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 96% of the average value of its portfolio. <b>Principal Risks of Investing in the Fund </b> Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. <b>Principal Investment Strategies of the Fund </b> In pursuit of its investment objective, the Fund, which is a fund of funds, allocates and reallocates its assets among a combination of equity, fixed income and money market funds (the “underlying funds”) in proportions based on its own comprehensive investment strategy. <br /><br />The Fund is designed for investors expecting to retire or to begin withdrawing assets around the year 2050. As of the date of this prospectus, the Fund held approximately 93% of its assets in underlying funds that invest primarily in equity securities and 7 % of its assets in underlying funds that invest primarily in fixed income, including underlying funds that invest primarily in money market instruments. Certain underlying funds may invest in real estate investment trusts (“REITs”), foreign securities, emerging market securities, below investment-grade bonds and derivative securities or instruments, such as options and futures, the value of which is derived from another security, a commodity, a currency or an index. <br /><br />Under normal circumstances the asset allocation will change over time according to a “glide path” as the Fund approaches its target date. The glide path below represents the shifting of asset classes over time. As the glide path shows, the Fund’s asset mix becomes more conservative — both prior to and after retirement — as time elapses. This reflects the need for reduced investment risks as retirement approaches and the need for lower volatility of the Fund, which may be a primary source of income after retirement. <br /><br />The following chart illustrates the glide path — the target allocation among asset classes as the Fund approaches its target date:<br/><br/><div align="center"><img src="g452681g409089g05u63.jpg" alt="(glide path mountain chart)"></img></div><br/>The asset allocation targets are established by the portfolio managers working with oversight from a committee of BlackRock investment professionals. The investment team, including the portfolio managers and this investment committee, meets regularly to assess market conditions, review the asset allocation targets of the Fund, and determine whether any changes are required to enable the Fund to achieve its investment objective. <br /><br />Although the asset allocation targets listed for the “glide path” are general, long term targets, BlackRock may adjust the proportion of equity funds and fixed income funds in the Fund based on an assessment of the current market conditions and the potential contribution of each asset class to the expected risk and return characteristics of the Fund. In general, the adjustments will be limited to +/- 10% relative to the target allocations. BlackRock may determine, in light of market conditions or other factors, that a greater variation is warranted to protect the Fund or achieve its investment objective. <br /><br />BlackRock’s second step in the structuring of the Fund is the selection of the underlying funds. Factors such as fund classifications, historical risk and performance, and the relationship to other underlying funds in the Fund are considered when selecting underlying funds. The specific underlying funds selected for the Fund are determined at BlackRock’s discretion and may change as deemed appropriate to allow the Fund to meet its investment objective. See “Description of Underlying Funds” for a complete list of the underlying funds, their classification into equity or fixed income funds and a brief description of their investment objectives and primary investment strategies. <br /><br />Within the prescribed percentage allocations to equity and fixed income funds, BlackRock seeks to diversify the Fund. The equity allocation may be further diversified by style (including both value and growth funds), market capitalization (including both large cap and small cap funds), region (including domestic and international (including emerging market) funds), or other factors. The fixed income allocation may be further diversified by sector (including government, corporate, agency, and other sectors), duration (a calculation of the average life of a bond which measures its price risk), credit quality (including non-investment grade debt or “junk bonds”), geographic location (including U.S. and foreign-issued securities), or other factors. The percentage allocation to the various styles of equity and fixed income are determined at the discretion of the investment team and can be changed to reflect the current market environment. <br /><br />At the time the Fund reaches its target retirement date in 2050, the asset allocation of the Fund is expected to be 38% in underlying funds that invest in equity and 62% in underlying funds that invest in fixed income, and the target allocation may shift over time depending on market conditions. On approximately the target retirement date of the Fund, the Board of Trustees of the Fund (the “Board”) may evaluate alternatives available to the Fund. These alternatives may include a merger into another BlackRock fund subject to the Board determining, among other things, that it would be in the best interest of the Fund. Such a merger may or may not require shareholder approval. Finally, the Board may instead cause the Fund to be liquidated. <br /><br />The Fund may, when consistent with its investment goal, buy or sell options or futures, or enter into total return swaps and foreign currency transactions (collectively, commonly known as derivatives). The Fund may seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as reverse repurchase agreements or dollar rolls). <br /><br />The Fund is a non-diversified portfolio under the Investment Company Act of 1940, as amended. However, the table includes all applicable fees and sales charges. <div style="display:none">~ http://www.blackrock.com/role/ScheduleAverageAnnualTotalReturnsTransposedLIFEPATHACTIVE2020PORTFOLIO column period compact * ~</div> <b>As of 12/31/11</b><br/><b>Average Annual Total Returns</b> <b>Principal Risks of Investing in the Fund </b> Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund.<ul type="square"><li><b>Affiliated Fund Risk </b>— In managing the Fund, BlackRock will have authority to select and substitute underlying funds. BlackRock may be subject to potential conflicts of interest in selecting underlying funds because the fees paid to BlackRock by some underlying funds are higher than the fees paid by other underlying funds. However, BlackRock is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interests when selecting underlying funds. If an underlying fund holds interests in an affiliated fund, the Fund may be prohibited from purchasing shares of that underlying fund.</li></ul><ul type="square"><li><b>Allocation Risk </b>— The Fund’s ability to achieve its investment goal depends upon BlackRock’s skill in determining the Fund’s strategic asset class allocation and in selecting the best mix of underlying funds and direct investments. There is a risk that BlackRock’s evaluations and assumptions regarding asset classes or underlying funds may be incorrect in view of actual market conditions. </li></ul><ul type="square"><li><b>Credit Risk </b>— Credit risk refers to the possibility that the issuer of a security will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. </li></ul> <ul type="square"><li><b>Derivatives Risk </b>— The Fund’s use of derivatives may reduce the Fund’s returns and/or increase volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately. Derivatives may give rise to a form of leverage and may expose the Fund to greater risk and increase its costs. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation is not yet known and may not be known for some time. New regulation may make derivatives more costly, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives. </li></ul><ul type="square"><li><b>Emerging Markets Risk </b>— Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets. </li></ul><ul type="square"><li><b>Equity Securities Risk </b>— Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. </li></ul><ul type="square"><li><b>Foreign Securities Risk </b>— Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Fund will lose money. These risks include:</li></ul><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="4%"></td> <td valign="top" width="3%" align="left">— </td> <td valign="top" align="left"> The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight. </td></tr></table><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="4%"></td> <td valign="top" width="3%" align="left">— </td> <td valign="top" align="left"> Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio. </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="4%"></td> <td valign="top" width="3%" align="left">—</td> <td valign="top" align="left"> The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position. </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="4%"></td> <td valign="top" width="3%" align="left">— </td> <td valign="top" align="left"> The governments of certain countries may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries. </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="4%"></td> <td valign="top" width="3%" align="left">— </td> <td valign="top" align="left"> Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws. </td></tr></table> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="4%"></td> <td valign="top" width="3%" align="left">— </td> <td valign="top" align="left"> Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments.</td></tr></table><ul type="square"><li><b>Interest Rate Risk </b>— Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall, and decrease as interest rates rise. </li></ul><ul type="square"><li><b>Investments in Mutual Funds and ETFs Risk </b>— The Fund’s investments are concentrated in underlying BlackRock funds, so the Fund’s investment performance is directly related to the performance of the underlying funds. The Fund may also directly invest in exchange-traded funds (“ETFs”). The Fund’s net asset value will change with changes in the equity and bond markets and the value of the mutual funds, ETFs and other securities in which it invests. An investment in the Fund will entail more direct and indirect costs and expenses than a direct investment in the underlying funds and ETFs. </li></ul><ul type="square"><li><b>Junk Bonds Risk </b>— Although junk bonds generally pay higher rates of interest than investment grade bonds, junk bonds are high risk investments that may cause income and principal losses for the Fund. </li></ul><ul type="square"><li><b>Market Risk and Selection Risk </b>— Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money. </li></ul><ul type="square"><li><b>Retirement Income Risk </b>— The Fund does not provide a guarantee that sufficient capital appreciation will be achieved to provide adequate income at and through retirement. The Fund also does not ensure that you will have assets in your account sufficient to cover your retirement expenses or that you will have enough saved to be able to retire in the target year identified in the Fund name; this will depend on the amount of money you have invested in the Fund, the length of time you have held your investment, the returns of the markets over time, the amount you spend in retirement, and your other assets and income sources. </li></ul><ul type="square"><li><b>Small and Mid-Capitalization Company Risk </b>— Companies with small or mid-size market capitalizations will normally have more limited product lines, markets and financial resources and will be dependent upon a more limited management group than larger capitalized companies. In addition, it is more difficult to get information on smaller companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by large investors and are followed by relatively few securities analysts. </li></ul> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualTotalReturnsLIFEPATHACTIVE2020PORTFOLIOBarChart column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleExpenseExampleTransposedLIFEPATHACTIVE2020PORTFOLIO column period compact * ~</div> <b>Performance Information </b> The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The Fund’s Annual Total Returns prior to November 27, 2012 as reflected in the bar chart and the table are the returns of the Fund when it followed a different glide path under the name “BlackRock Prepared Portfolio 2050.” The returns for Class K Shares prior to November 27, 2012 are the returns of the predecessor class. The table compares the Fund’s performance to that of the S&P 500 Index and the 2050 Custom Benchmark. Prior to November 27, 2012, the 2050 Custom Benchmark was comprised of the Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 3000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and the MSCI EAFE Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>; effective November 27, 2012, the 2050 Custom Benchmark is comprised of the Russell 1000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 2000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, MSCI ACWI ex US IMI Index, FTSE EPRA/NAREIT Developed Real Estate Index, Dow Jones UBS Commodity Index, Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and Barclays TIPs. The 2050 Custom Benchmark reflects the investment advisor’s change of these indices’ weightings over time, which are adjusted periodically with its evaluation and adjustment of the Fund’s asset allocation strategy. The 2050 Custom Benchmark is not recalculated or restated when it is adjusted to reflect the Fund’s asset allocation strategy but rather reflects the 2050 Custom Benchmark’s actual allocation over time, which may be different than the current allocation. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If the Fund’s investment manager and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at 800-882-0052. The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. 800-882-0052 http://www.blackrock.com/funds As with all such investments, past performance (before and after taxes) is not an indication of future results. <b>Investor A Shares<br/>ANNUAL TOTAL RETURNS<br/>2020 Fund<br/>As of 12/31</b> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualFundOperatingExpensesLIFEPATHACTIVE2020PORTFOLIO column period compact * ~</div> -0.3728 0.2862 0.1444 -0.0271 <b>Class K Shares </b><br/><b>ANNUAL TOTAL RETURNS </b><br/><b>2050 Fund </b><br/><b>As of 12/31 </b> <div style="display:none">~ http://www.blackrock.com/role/ScheduleShareholderFeesLIFEPATHACTIVE2020PORTFOLIO column period compact * ~</div> -0.0271 -0.041 -0.0125 0.0211 -0.0065 -0.0104 -0.0166 -0.0115 -0.0134 -0.0137 2007-04-20 year-to-date return 2012-09-30 0.1319 highest return 2009-09-30 0.1583 lowest return 2008-12-31 -0.2051 Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. During the period shown in the bar chart, the highest return for a quarter was 15.83% (quarter ended September 30, 2009) and the lowest return for a quarter was –20.51% (quarter ended December 31, 2008). The year-to-date return as of September 30, 2012 was 13.19%. <b>As of 12/31/11<br/>Average Annual Total Returns</b> <b>Shareholder Fees<br/> (fees paid directly from your investment)</b> <b>Annual Fund Operating Expenses<br/> (expenses that you pay each year as a percentage of the value of your investment)</b> However, the table includes all applicable fees and sales charges. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. <b>Annual Fund Operating Expenses<br/>(expenses that you pay each year as a percentage of the value of your investment) Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at time of purchase as part of an investment of $1,000,000 or more. year-to-date return 0.1111 2012-09-30 2007-04-20 2007-04-20 2007-04-20 During the period shown in the bar chart, the highest return for a quarter was 12.92% (quarter ended September 30, 2009) and the lowest return for a quarter was –14.57% (quarter ended December 31, 2008). The year-to-date return as of September 30, 2012 was 11.26%. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. <b>As of 12/31/11<br/>Average Annual Total Returns</b> The table compares the Fund’s performance to that of the S&P 500 Index and the 2020 Custom Benchmark. Prior to November 27, 2012, the 2020 Custom Benchmark was comprised of the Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 3000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, and the MSCI EAFE Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>; effective November 27, 2012, the 2020 Custom Benchmark is comprised of the Russell 1000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 2000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, MSCI ACWI ex US IMI Index, FTSE EPRA/NAREIT Developed Real Estate Index, Dow Jones UBS Commodity Index, Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and Barclays TIPs. The table compares the Fund’s performance to that of the S&P 500 Index and the 2020 Custom Benchmark. Prior to November 27, 2012, the 2020 Custom Benchmark was comprised of the Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 3000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and the MSCI EAFE Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>; effective November 27, 2012, the 2020 Custom Benchmark is comprised of the Russell 1000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 2000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, MSCI ACWI ex US IMI Index, FTSE EPRA/NAREIT Developed Real Estate Index, Dow Jones UBS Commodity Index, Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and Barclays TIPs. The table compares the Fund’s performance to that of the S&P 500 Index and the 2015 Custom Benchmark. Prior to November 27, 2012, the 2015 Custom Benchmark was comprised of the Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 3000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, and the MSCI EAFE Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>; effective November 27, 2012, the 2015 Custom Benchmark is comprised of the Russell 1000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 2000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, MSCI ACWI ex US IMI Index, FTSE EPRA/NAREIT Developed Real Estate Index, Dow Jones UBS Commodity Index, Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and Barclays TIPs. The table compares the Fund’s performance to that of the S&P 500 Index and the 2025 Custom Benchmark. Prior to November 27, 2012, the 2025 Custom Benchmark was comprised of the Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 3000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, and the MSCI EAFE Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>; effective November 27, 2012, the 2025 Custom Benchmark is comprised of the Russell 1000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 2000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, MSCI ACWI ex US IMI Index, FTSE EPRA/NAREIT Developed Real Estate Index, Dow Jones UBS Commodity Index, Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and Barclays TIPs. The table compares the Fund’s performance to that of the S&P 500 Index and the 2025 Custom Benchmark. Prior to November 27, 2012, the 2025 Custom Benchmark was comprised of the Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 3000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and the MSCI EAFE Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>; effective November 27, 2012, the 2025 Custom Benchmark is comprised of the Russell 1000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 2000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, MSCI ACWI ex US IMI Index, FTSE EPRA/NAREIT Developed Real Estate Index, Dow Jones UBS Commodity Index, Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and Barclays TIPs. The table compares the Fund’s performance to that of the S&P 500 Index and the 2030 Custom Benchmark. Prior to November 27, 2012, the 2030 Custom Benchmark was comprised of the Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 3000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, and the MSCI EAFE Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>; effective November 27, 2012, the 2030 Custom Benchmark is comprised of the Russell 1000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 2000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, MSCI ACWI ex US IMI Index, FTSE EPRA/NAREIT Developed Real Estate Index, Dow Jones UBS Commodity Index, Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and Barclays TIPs. The table compares the Fund’s performance to that of the S&P 500 Index and the 2030 Custom Benchmark. Prior to November 27, 2012, the 2030 Custom Benchmark was comprised of the Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 3000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and the MSCI EAFE Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>; effective November 27, 2012, the 2030 Custom Benchmark is comprised of the Russell 1000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 2000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, MSCI ACWI ex US IMI Index, FTSE EPRA/NAREIT Developed Real Estate Index, Dow Jones UBS Commodity Index, Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and Barclays TIPs. The table compares the Fund’s performance to that of the S&P 500 Index and the 2035 Custom Benchmark. Prior to November 27, 2012, the 2035 Custom Benchmark was comprised of the Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 3000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, and the MSCI EAFE Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>; effective November 27, 2012, the 2035 Custom Benchmark is comprised of the Russell 1000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 2000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, MSCI ACWI ex US IMI Index, FTSE EPRA/NAREIT Developed Real Estate Index, Dow Jones UBS Commodity Index, Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and Barclays TIPs. The table compares the Fund’s performance to that of the S&P 500 Index and the 2035 Custom Benchmark. Prior to November 27, 2012, the 2035 Custom Benchmark was comprised of the Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 3000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and the MSCI EAFE Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>; effective November 27, 2012, the 2035 Custom Benchmark is comprised of the Russell 1000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 2000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, MSCI ACWI ex US IMI Index, FTSE EPRA/NAREIT Developed Real Estate Index, Dow Jones UBS Commodity Index, Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and Barclays TIPs. The table compares the Fund’s performance to that of the S&P 500 Index and the 2040 Custom Benchmark. Prior to November 27, 2012, the 2040 Custom Benchmark was comprised of the Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 3000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, and the MSCI EAFE Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>; effective November 27, 2012, the 2040 Custom Benchmark is comprised of the Russell 1000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 2000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, MSCI ACWI ex US IMI Index, FTSE EPRA/NAREIT Developed Real Estate Index, Dow Jones UBS Commodity Index, Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and Barclays TIPs. The table compares the Fund’s performance to that of the S&P 500 Index and the 2040 Custom Benchmark. Prior to November 27, 2012, the 2040 Custom Benchmark was comprised of the Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 3000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and the MSCI EAFE Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>; effective November 27, 2012, the 2040 Custom Benchmark is comprised of the Russell 1000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 2000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, MSCI ACWI ex US IMI Index, FTSE EPRA/NAREIT Developed Real Estate Index, Dow Jones UBS Commodity Index, Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and Barclays TIPs. The table compares the Fund’s performance to that of the S&P 500 Index and the 2045 Custom Benchmark. Prior to November 27, 2012, the 2045 Custom Benchmark was comprised of the Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 3000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, and the MSCI EAFE Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>; effective November 27, 2012, the 2045 Custom Benchmark is comprised of the Russell 1000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 2000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, MSCI ACWI ex US IMI Index, FTSE EPRA/NAREIT Developed Real Estate Index, Dow Jones UBS Commodity Index, Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and Barclays TIPs. The table compares the Fund’s performance to that of the S&P 500 Index and the 2045 Custom Benchmark. Prior to November 27, 2012, the 2045 Custom Benchmark was comprised of the Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 3000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and the MSCI EAFE Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>; effective November 27, 2012, the 2045 Custom Benchmark is comprised of the Russell 1000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 2000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, MSCI ACWI ex US IMI Index, FTSE EPRA/NAREIT Developed Real Estate Index, Dow Jones UBS Commodity Index, Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and Barclays TIPs. The table compares the Fund’s performance to that of the S&P 500 Index and the 2050 Custom Benchmark. Prior to November 27, 2012, the 2050 Custom Benchmark was comprised of the Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 3000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, and the MSCI EAFE Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>; effective November 27, 2012, the 2050 Custom Benchmark is comprised of the Russell 1000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 2000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, MSCI ACWI ex US IMI Index, FTSE EPRA/NAREIT Developed Real Estate Index, Dow Jones UBS Commodity Index, Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and Barclays TIPs. The table compares the Fund’s performance to that of the S&P 500 Index and the 2050 Custom Benchmark. Prior to November 27, 2012, the 2050 Custom Benchmark was comprised of the Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 3000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and the MSCI EAFE Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>; effective November 27, 2012, the 2050 Custom Benchmark is comprised of the Russell 1000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 2000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, MSCI ACWI ex US IMI Index, FTSE EPRA/NAREIT Developed Real Estate Index, Dow Jones UBS Commodity Index, Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and Barclays TIPs. The table compares the Fund’s performance to that of the S&P 500 Index and the 2015 Custom Benchmark. Prior to November 27, 2012, the 2015 Custom Benchmark was comprised of the Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 3000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and the MSCI EAFE Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>; effective November 27, 2012, the 2015 Custom Benchmark is comprised of the Russell 1000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, the Russell 2000 Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup>, MSCI ACWI ex US IMI Index, FTSE EPRA/NAREIT Developed Real Estate Index, Dow Jones UBS Commodity Index, Barclays US Aggregate Bond Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">®</sup> and Barclays TIPs. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund's most recent annual report which does not include the Acquired Fund Fees and Expenses. As described in the "Management of the Funds" section of the Fund's prospectus on page 93, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) 1.00% (for Class K Shares) of average daily net assets until March 1, 2023. In addition, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 0.00% (for Class K Shares) of average daily net assets until March 1, 2014. The Fund may have to repay some of these waivers and reimbursements to BlackRock in the following two years. These contractual agreement(s) may be terminated upon 90 days notice by a majority of the non-interested trustees of the Fund or by a vote of a majority of the outstanding voting securities of the Fund. A contingent deferred sales charge ("CDSC") of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at time of purchase as part of an investment of $1,000,000 or more. As described in the "Management of the Funds" section of the Fund's prospectus on page 105, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 1.35% (for Investor A Shares), 1.10% (for Institutional Shares) and 1.59% (for Class R Shares) of average daily net assets until March 1, 2023. In addition, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 0.35% (for Investor A Shares), 0.10% (for Institutional Shares) and 0.59% (for Class R Shares) of average daily net assets until March 1, 2014. The Fund may have to repay some of these waivers and reimbursements to BlackRock in the following two years. These contractual agreement(s) may be terminated upon 90 days notice by a majority of the non-interested trustees of the Fund or by a vote of a majority of the outstanding voting securities of the Fund. As described in the "Management of the Funds" section of the Fund's prospectus on page 93, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 1.00% (for Class K Shares) of average daily net assets until March 1, 2023. In addition, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 0.00% (for Class K Shares) of average daily net assets until March 1, 2014. The Fund may have to repay some of these waivers and reimbursements to BlackRock in the following two years. These contractual agreement(s) may be terminated upon 90 days notice by a majority of the non-interested trustees of the Fund or by a vote of a majority of the outstanding voting securities of the Fund. As described in the "Management of the Funds" section of the Fund's prospectus on page 105, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 1.35% (for Investor A Shares), 1.10% (for Institutional Shares) and 1.59% (for Class R Shares) of average daily net assets until March 1, 2013. In addition, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 0.35% (for Investor A Shares), 0.10% (for Institutional Shares) and 0.59% (for Class R Shares) of average daily net assets until March 1, 2014. The Fund may have to repay some of these waivers and reimbursements to BlackRock in the following two years. These contractual agreement(s) may be terminated upon 90 days notice by a majority of the non-interested trustees of the Fund or by a vote of a majority of the outstanding voting securities of the Fund. 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