UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-07332

Name of Fund: BlackRock Funds III

BlackRock LifePath® ESG Index 2025 Fund

BlackRock LifePath® ESG Index 2030 Fund

BlackRock LifePath® ESG Index 2035 Fund

BlackRock LifePath® ESG Index 2040 Fund

BlackRock LifePath® ESG Index 2045 Fund

BlackRock LifePath® ESG Index 2050 Fund

BlackRock LifePath® ESG Index 2055 Fund

BlackRock LifePath® ESG Index 2060 Fund

BlackRock LifePath® ESG Index 2065 Fund

BlackRock LifePath® ESG Index Retirement Fund

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Funds III,
55 East 52^nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 441-7762

Date of fiscal year end: 10/31/2022

Date of reporting period: 10/31/2022

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.

OCTOBER 31, 2022

2022 Annual Report

BlackRock Funds III

·  BlackRock LifePath^® ESG Index Retirement Fund

·  BlackRock LifePath^® ESG Index 2025 Fund

·  BlackRock LifePath^® ESG Index 2030 Fund

·  BlackRock LifePath^® ESG Index 2035 Fund

·  BlackRock LifePath^® ESG Index 2040 Fund

·  BlackRock LifePath^® ESG Index 2045 Fund

·  BlackRock LifePath^® ESG Index 2050 Fund

·  BlackRock LifePath^® ESG Index 2055 Fund

·  BlackRock LifePath^® ESG Index 2060 Fund

·  BlackRock LifePath^® ESG Index 2065 Fund

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large- and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic’s restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy’s capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

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

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of October 31, 2022
	6-Month		12-Month
U.S. large cap equities (S&P 500® Index)		(5.50)%		(14.61)%
U.S. small cap equities (Russell 2000® Index)		(0.20)		(18.54)
International equities (MSCI Europe, Australasia, Far East Index)		(12.70)		(23.00)
Emerging market equities (MSCI Emerging Markets Index)		(19.66)		(31.03)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.72		0.79
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(8.24)		(17.68)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(6.86)		(15.68)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(4.43)		(11.98)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(4.71)		(11.76)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

Table of Contents

	Page
The Markets in Review	2
Annual Report:
Fund Summary	4
About Fund Performance	25
Disclosure of Expenses	26
Financial Statements:
Schedules of Investments	27
Statements of Assets and Liabilities	47
Statements of Operations	50
Statements of Changes in Net Assets	53
Financial Highlights	58
Notes to Financial Statements	88
Report of Independent Registered Public Accounting Firm	101
Important Tax Information	102
Disclosure of Investment Advisory Agreement	104
Trustee and Officer Information	108
Additional Information	113
Glossary of Terms Used in this Report	115

3

Fund Summary    as ofOctober  31, 2022 LifePath ESG Index Funds

Portfolio Management Commentary

How did each Fund perform?

For the 12-month period ended October 31, 2022, each of the LifePath^® ESG Index Funds (as defined below) across the vintages Retirement, 2025, 2030, 2040, 2045, 2050, 2055, 2060, and 2065 underperformed its respective custom benchmark. With respect to the 2035 vintage, Class K Shares performed in line with its respective custom benchmark while the Institutional and Investor A Shares underperformed its custom benchmark.

What factors influenced performance?

Global stock and bond markets declined against the backdrop of rising interest rates and recession fears affective performance of all asset classes. The iShares ESG Aware U.S. Aggregate Bond ETF and iShares ESG Aware MSCI USA ETF detracted the most from shorter-dated vintages closer to retirement, while the iShares ESG Aware MSCI USA ETF and iShares ESG Aware EAFE ETF detracted the most from longer-dated vintages further from retirement.

Describe recent portfolio activity.

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

Describe portfolio positioning at period end.

At period end, each of the LifePath^®ESG Index Funds was invested according to its respective strategic allocation benchmark within tolerance limits.

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

Glide Path Evolution

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

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

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

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

Fund Summary    as ofOctober 31, 2022 BlackRock LifePath^® ESG Index Retirement Fund

Investment Objective

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

GROWTH OF $10,000 INVESTMENT

The LifePath ESG Index Fund commenced operations on August 18, 2020.

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

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

Period(a)	Bloomberg MSCI U.S. Aggregate ESG Focus Index			Bloomberg U.S.Treasury Inflation Protected Securities (TIPS) Index (Series-L)			FTSE EPRA Nareit Developed Index			MSCI Canada Custom Capped Index			MSCI EAFE Extended ESG Focus Index			MSCI EAFE Small Cap Index			MSCI EM Extended ESG Focus Index			MSCI EM Small Cap Index			MSCI USA Extended ESG Focus Index			MSCI USA Small Cap Extended ESG Focus Index
08/18/20 to 10/31/20		52.0	%		8.0	%		2.2	%		0.3	%		11.6	%		1.4	%		0.1	%		0.4	%		20.1	%		3.9	%
11/01/20 to 10/31/21		52.0			8.0			2.2			0.3			11.3			1.5			0.6			0.5			19.1			4.5
11/01/21 to 10/31/22		52.0			8.0			2.2			1.5			10.3			1.5			1.0			0.6			18.4			4.5

^(a)  The LifePath ESG Index Fund commenced operations on August 18, 2020.

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

F U N D   S U M M A R Y 5

Fund Summary    as ofOctober 31, 2022 (continued) BlackRock LifePath^® ESG Index Retirement Fund

Performance

	Average Annual Total Returns(a)(b)
				Since
		1 Year			Inception	(c)
Institutional		(17.14	)%		(2.93	)%
Investor A		(17.34	)		(3.15	)
Class K		(17.10	)		(2.88	)
LifePath® ESG Retirement Fund Custom Benchmark		(17.02	)		(2.74	)
Bloomberg MSCI U.S. Aggregate ESG Focus Index		(15.71	)		(7.93	)
Bloomberg U.S. TIPS Index (Series-L)		(11.47	)		(2.47	)
FTSE EPRA Nareit Developed Index		(24.95	)		0.50
MSCI Canada Custom Capped Index		(13.86	)		8.72
MSCI EAFE Extended ESG Focus Index		(23.69	)		(1.47	)
MSCI EAFE Small Cap Index		(30.28	)		(3.71	)
MSCI EM Extended ESG Focus Index		(33.08	)		(9.79	)
MSCI EM Small Cap Index		(23.42	)		4.46
MSCI USA Extended ESG Focus Index		(17.37	)		6.62
MSCI USA Small Cap Extended ESG Focus Index		(16.19	)		11.57

^(a)  See “About Fund Performance” for a detailed description of share classes, including any related fees.

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

^(c)  The LifePath ESG Index Fund commenced operations on August 18, 2020.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

PORTFOLIO ALLOCATION

Asset Type	Percent of    Net Assets
Fixed-Income Funds		60.0%
Equity Funds		40.6
Money Market Funds		39.8
Liabilities in Excess of Other Assets		(40.4)

TEN LARGEST HOLDINGS

Security(a)	Percent of    Net Assets
iShares ESG Aware U.S. Aggregate Bond ETF		51.9%
BlackRock Cash Funds: Institutional, SL Agency Shares		39.6
iShares ESG Aware MSCI USA ETF		18.7
iShares ESG Aware MSCI EAFE ETF		10.1
iShares TIPS Bond ETF		8.1
iShares ESG Aware MSCI USA Small-Cap ETF		4.9
iShares Developed Real Estate Index Fund, Class K		2.2
iShares MSCI EAFE Small-Cap ETF		1.4
iShares MSCI Canada ETF		1.4
iShares ESG Aware MSCI EM ETF		1.4

^(a)  Excludes short-term securities.

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

Fund Summary    as ofOctober 31, 2022 BlackRock LifePath^® ESG Index 2025 Fund

Investment Objective

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

GROWTH OF $10,000 INVESTMENT

The LifePath ESG Index Fund commenced operations on August 18, 2020.

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

The LifePath ESG Index 2025 Fund’s custom benchmark consists of the following:

Period(a)	Bloomberg MSCI U.S. Aggregate ESG Focus Index			Bloomberg U.S.Treasury Inflation Protected Securities (TIPS) Index (Series-L)			FTSE EPRA Nareit Developed Index			MSCI Canada Custom Capped Index			MSCI EAFE Extended ESG Focus Index			MSCI EAFE Small Cap Index			MSCI EM Extended ESG Focus Index			MSCI EM Small Cap Index			MSCI USA Extended ESG Focus Index			MSCI USA Small Cap Extended ESG Focus Index
08/18/20 to 10/31/20		40.8	%		7.3	%		2.4	%		1.2	%		14.0	%		1.9	%		2.1	%		0.5	%		24.9	%		4.9	%
11/01/20 to 10/31/21		42.6			7.4			2.3			1.0			13.3			2.0			2.0			0.7			23.6			5.1
11/01/21 to 10/31/22		45.8			7.6			2.1			1.5			12.0			1.8			1.5			0.7			22.1			4.9

^(a)  The LifePath ESG Index Fund commenced operations on August 18, 2020.

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

F U N D   S U M M A R Y 7

Fund Summary    as ofOctober 31, 2022 (continued) BlackRock LifePath^® ESG Index 2025 Fund

Performance

	Average Annual Total Returns(a)(b)
				Since
		1 Year		Inception(c)
Institutional		(17.56	)%	(1.71)%
Investor A		(17.78	)	(1.94)
Class K		(17.60	)	(1.70)
LifePath® ESG Index 2025 Fund Custom Benchmark		(17.46	)	(1.50)
Bloomberg MSCI U.S. Aggregate ESG Focus Index		(15.71	)	(7.93)
Bloomberg U.S. TIPS Index (Series-L)		(11.47	)	(2.47)
FTSE EPRA Nareit Developed Index		(24.95	)	0.50
MSCI Canada Custom Capped Index		(13.86	)	8.72
MSCI EAFE Extended ESG Focus Index		(23.69	)	(1.47)
MSCI EAFE Small Cap Index		(30.28	)	(3.71)
MSCI EM Extended ESG Focus Index		(33.08	)	(9.79)
MSCI EM Small Cap Index		(23.42	)	4.46
MSCI USA Extended ESG Focus Index		(17.37	)	6.62
MSCI USA Small Cap Extended ESG Focus Index		(16.19	)	11.57

^(a)  See “About Fund Performance” for a detailed description of share classes, including any related fees.

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

^(c)  The LifePath ESG Index Fund commenced operations on August 18, 2020.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

PORTFOLIO ALLOCATION

Asset Type	Percent of    Net Assets
Fixed-Income Funds		53.5%
Equity Funds		46.9
Money Market Funds		44.4
Liabilities in Excess of Other Assets		(44.8)

TEN LARGEST HOLDINGS

Security(a)	Percent of    Net Assets
iShares ESG Aware U.S. Aggregate Bond ETF		45.7%
BlackRock Cash Funds: Institutional, SL Agency Shares		44.2
iShares ESG Aware MSCI USA ETF		22.3
iShares ESG Aware MSCI EAFE ETF		11.9
iShares TIPS Bond ETF		7.8
iShares ESG Aware MSCI USA Small-Cap ETF		5.2
iShares Developed Real Estate Index Fund, Class K		2.1
iShares MSCI EAFE Small-Cap ETF		1.7
iShares ESG Aware MSCI EM ETF		1.6
iShares MSCI Canada ETF		1.5

^(a)  Excludes short-term securities.

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

Fund Summary    as ofOctober 31, 2022     BlackRock LifePath^® ESG Index 2030 Fund

Investment Objective

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

GROWTH OF $10,000 INVESTMENT

The LifePath ESG Index Fund commenced operations on August 18, 2020.

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

The LifePath ESG Index 2030 Fund’s custom benchmark consists of the following:

Period(a)	Bloomberg MSCI U.S. Aggregate ESG Focus Index			Bloomberg U.S.Treasury Inflation Protected Securities (TIPS) Index (Series-L)			FTSE EPRA Nareit Developed Index			MSCI Canada Custom Capped Index			MSCI EAFE Extended ESG Focus Index			MSCI EAFE Small Cap Index			MSCI EM Extended ESG Focus Index			MSCI EM Small Cap Index			MSCI USA Extended ESG Focus Index			MSCI USA Small Cap Extended ESG Focus Index
08/18/20 to 10/31/20		29.9	%		6.2	%		3.0	%		2.0	%		17.5	%		2.5	%		2.6	%		0.7	%		29.9	%		5.7	%
11/01/20 to 10/31/21		31.5			6.4			2.9			1.8			16.6			2.5			2.5			0.9			29.1			5.8
11/01/21 to 10/31/22		34.1			6.7			2.8			1.5			15.2			2.3			2.2			0.9			28.9			5.4

^(a)  The LifePath ESG Index Fund commenced operations on August 18, 2020.

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

F U N D   S U M M A R Y 9

Fund Summary    as ofOctober 31, 2022 (continued) BlackRock LifePath^® ESG Index 2030 Fund

Performance

	Average Annual Total Returns(a)(b)
				Since
		1 Year		Inception(c)
Institutional		(18.24	)%	(0.42)%
Investor A		(18.44	)	(0.66)
Class K		(18.18	)	(0.37)
LifePath® ESG Index 2030 Fund Custom Benchmark		(18.07	)	(0.17)
Bloomberg MSCI U.S. Aggregate ESG Focus Index		(15.71	)	(7.93)
Bloomberg U.S. TIPS Index (Series-L)		(11.47	)	(2.47)
FTSE EPRA Nareit Developed Index		(24.95	)	0.50
MSCI Canada Custom Capped Index		(13.86	)	8.72
MSCI EAFE Extended ESG Focus Index		(23.69	)	(1.47)
MSCI EAFE Small Cap Index		(30.28	)	(3.71)
MSCI EM Extended ESG Focus Index		(33.08	)	(9.79)
MSCI EM Small Cap Index		(23.42	)	4.46
MSCI USA Extended ESG Focus Index		(17.37	)	6.62
MSCI USA Small Cap Extended ESG Focus Index		(16.19	)	11.57

^(a)  See “About Fund Performance” for a detailed description of share classes, including any related fees.

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

^(c)  The LifePath ESG Index Fund commenced operations on August 18, 2020.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

PORTFOLIO ALLOCATION

Asset Type	Percent of    Net Assets
Equity Funds		59.4%
Fixed-Income Funds		40.9
Money Market Funds		36.7
Liabilities in Excess of Other Assets		(37.0)

TEN LARGEST HOLDINGS

Security(a)	Percent of    Net Assets
BlackRock Cash Funds: Institutional, SL Agency Shares		36.5%
iShares ESG Aware U.S. Aggregate Bond ETF		34.1
iShares ESG Aware MSCI USA ETF		29.3
iShares ESG Aware MSCI EAFE ETF		15.2
iShares TIPS Bond ETF		6.8
iShares ESG Aware MSCI USA Small-Cap ETF		5.6
iShares Developed Real Estate Index Fund, Class K		2.7
iShares MSCI EAFE Small-Cap ETF		2.2
iShares ESG Aware MSCI EM ETF		2.0
iShares MSCI Canada ETF		1.6

^(a)  Excludes short-term securities.

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

Fund Summary    as ofOctober 31, 2022 BlackRock LifePath^® ESG Index 2035 Fund

Investment Objective

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

GROWTH OF $10,000 INVESTMENT

The LifePath ESG Index Fund commenced operations on August 18, 2020.

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

The LifePath ESG Index 2035 Fund’s custom benchmark consists of the following:

Period(a)	Bloomberg MSCI U.S. Aggregate ESG Focus Index			Bloomberg U.S.Treasury Inflation Protected Securities (TIPS) Index (Series-L)			FTSE EPRA Nareit Developed Index			MSCI Canada Custom Capped Index			MSCI EAFE Extended ESG Focus Index			MSCI EAFE Small Cap Index			MSCI EM Extended ESG Focus Index			MSCI EM Small Cap Index			MSCI USA Extended ESG Focus Index			MSCI USA Small Cap Extended ESG Focus Index
08/18/20 to 10/31/20		19.6	%		4.9	%		3.6	%		3.0	%		20.9	%		3.1	%		3.3	%		0.9	%		34.6	%		6.1	%
11/01/20 to 10/31/21		21.2			5.1			3.5			2.7			19.9			3.1			3.0			1.1			34.5			5.9
11/01/21 to 10/31/22		23.9			5.5			3.4			1.7			18.1			2.7			2.9			1.1			35.0			5.7

^(a)  The LifePath ESG Index Fund commenced operations on August 18, 2020.

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

F U N D   S U M M A R Y 11

Fund Summary    as ofOctober 31, 2022 (continued) BlackRock LifePath^® ESG Index 2035 Fund

Performance

	Average Annual Total Returns(a)(b)
				Since
		1 Year		Inception(c)
Institutional		(18.79	)%	0.94%
Investor A		(19.07	)	0.67
Class K		(18.74	)	0.99
LifePath® ESG Index 2035 Fund Custom Benchmark		(18.72	)	1.05
Bloomberg MSCI U.S. Aggregate ESG Focus Index		(15.71	)	(7.93)
Bloomberg U.S. TIPS Index (Series-L)		(11.47	)	(2.47)
FTSE EPRA Nareit Developed Index		(24.95	)	0.50
MSCI Canada Custom Capped Index		(13.86	)	8.72
MSCI EAFE Extended ESG Focus Index		(23.69	)	(1.47)
MSCI EAFE Small Cap Index		(30.28	)	(3.71)
MSCI EM Extended ESG Focus Index		(33.08	)	(9.79)
MSCI EM Small Cap Index		(23.42	)	4.46
MSCI USA Extended ESG Focus Index		(17.37	)	6.62
MSCI USA Small Cap Extended ESG Focus Index		(16.19	)	11.57

^(a)  See “About Fund Performance” for a detailed description of share classes, including any related fees.

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

^(c)  The LifePath ESG Index Fund commenced operations on August 18, 2020.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

PORTFOLIO ALLOCATION

Asset Type	Percent of    Net Assets
Equity Funds		71.2%
Fixed-Income Funds		29.3
Money Market Funds		24.9
Liabilities in Excess of Other Assets		(25.4)

TEN LARGEST HOLDINGS

Security(a)	Percent of    Net Assets
iShares ESG Aware MSCI USA ETF		35.8%
BlackRock Cash Funds: Institutional, SL Agency Shares		24.7
iShares ESG Aware U.S. Aggregate Bond ETF		23.9
iShares ESG Aware MSCI EAFE ETF		18.3
iShares ESG Aware MSCI USA Small-Cap ETF		5.9
iShares TIPS Bond ETF		5.4
iShares Developed Real Estate Index Fund, Class K		3.3
iShares MSCI EAFE Small-Cap ETF		2.6
iShares ESG Aware MSCI EM ETF		2.5
iShares MSCI Canada ETF		1.8

^(a)  Excludes short-term securities.

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

Fund Summary    as ofOctober 31, 2022 BlackRock LifePath^® ESG Index 2040 Fund

Investment Objective

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

GROWTH OF $10,000 INVESTMENT

The LifePath ESG Index Fund commenced operations on August 18, 2020.

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

The LifePath ESG Index 2040 Fund’s custom benchmark consists of the following:

Period(a)	Bloomberg MSCI U.S. Aggregate ESG Focus Index			Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L)			FTSE EPRA Nareit Developed Index			MSCI Canada Custom Capped Index			MSCI EAFE Extended ESG Focus Index			MSCI EAFE Small Cap Index			MSCI EM Extended ESG Focus Index			MSCI EM Small Cap Index			MSCI USA Extended ESG Focus Index			MSCI USA Small Cap Extended ESG Focus Index
08/18/20 to 10/31/20		10.8	%		3.2	%		4.2	%		3.9	%		23.9	%		3.6	%		3.9	%		1.0	%		39.1	%		6.4	%
11/01/20 to 10/31/21		12.2			3.5			4.1			3.5			23.0			3.6			3.4			1.2			39.4			6.1
11/01/21 to 10/31/22		14.4			4.0			3.9			1.9			20.8			3.1			3.5			1.2			41.3			5.9

^(a)  The LifePath ESG Index Fund commenced operations on August 18, 2020.

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

F U N D   S U M M A R Y 13

Fund Summary    as ofOctober 31, 2022 (continued) BlackRock LifePath^® ESG Index 2040 Fund

Performance

	Average Annual Total Returns(a)(b)
				Since
		1 Year		Inception(c)
Institutional		(19.53	)%	1.95%
Investor A		(19.73	)	1.71
Class K		(19.49	)	1.99
LifePath® ESG Index 2040 Fund Custom Benchmark		(19.35	)	2.12
Bloomberg MSCI U.S. Aggregate ESG Focus Index		(15.71	)	(7.93)
Bloomberg U.S. TIPS Index (Series-L)		(11.47	)	(2.47)
FTSE EPRA Nareit Developed Index		(24.95	)	0.50
MSCI Canada Custom Capped Index		(13.86	)	8.72
MSCI EAFE Extended ESG Focus Index		(23.69	)	(1.47)
MSCI EAFE Small Cap Index		(30.28	)	(3.71)
MSCI EM Extended ESG Focus Index		(33.08	)	(9.79)
MSCI EM Small Cap Index		(23.42	)	4.46
MSCI USA Extended ESG Focus Index		(17.37	)	6.62
MSCI USA Small Cap Extended ESG Focus Index		(16.19	)	11.57

^(a)  See “About Fund Performance” for a detailed description of share classes, including any related fees.

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

^(c) The LifePath ESG Index Fund commenced operations on August 18, 2020.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

PORTFOLIO ALLOCATION

Asset Type	Percent of Net Assets
Equity Funds		82.0	%
Fixed-Income Funds		18.3
Money Market Funds		3.6
Liabilities in Excess of Other Assets		(3.9	)

TEN LARGEST HOLDINGS

Security(a)	Percent of Net Assets
iShares ESG Aware MSCI USA ETF		41.9	%
iShares ESG Aware MSCI EAFE ETF		21.1
iShares ESG Aware U.S. Aggregate Bond ETF		14.4
iShares ESG Aware MSCI USA Small-Cap ETF		6.1
iShares TIPS Bond ETF		3.9
iShares Developed Real Estate Index Fund, Class K		3.8
BlackRock Cash Funds: Institutional, SL Agency Shares		3.3
iShares MSCI EAFE Small-Cap ETF		3.1
iShares ESG Aware MSCI EM ETF		2.9
iShares MSCI Canada ETF		1.9

^(a)  Excludes short-term securities.

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

Fund Summary    as ofOctober 31, 2022 BlackRock LifePath^® ESG Index 2045 Fund

Investment Objective

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

GROWTH OF $10,000 INVESTMENT

The LifePath ESG Index Fund commenced operations on August 18, 2020.

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

The LifePath ESG Index 2045 Fund’s custom benchmark consists of the following:

Period(a)	Bloomberg MSCI U.S. Aggregate ESG Focus Index			Bloomberg U.S.Treasury Inflation Protected Securities (TIPS) Index (Series-L)			FTSE EPRA Nareit Developed Index			MSCI Canada Custom Capped Index			MSCI EAFE Extended ESG Focus Index			MSCI EAFE Small Cap Index			MSCI EM Extended ESG Focus Index			MSCI EM Small Cap Index			MSCI USA Extended ESG Focus Index			MSCI USA Small Cap Extended ESG Focus Index
08/18/20 to 10/31/20		4.2	%		1.6	%		4.5	%		4.6	%		26.3	%		4.0	%		4.4	%		1.1	%		42.7	%		6.6	%
11/01/20 to 10/31/21		5.0			1.9			4.5			4.2			25.5			4.0			3.7			1.4			43.6			6.2
11/01/21 to 10/31/22		6.5			2.3			4.4			2.0			23.3			3.5			4.1			1.4			46.4			6.1

^(a) The LifePath ESG Index Fund commenced operations on August 18, 2020.

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

F U N D   S U M M A R Y 15

Fund Summary    as ofOctober 31, 2022 (continued) BlackRock LifePath^® ESG Index 2045 Fund

Performance

	Average Annual Total Returns(a)(b)
				Since
		1 Year		Inception(c)
Institutional		(20.08	)%	2.83%
Investor A		(20.27	)	2.59
Class K		(20.03	)	2.88
LifePath® ESG Index 2045 Fund Custom Benchmark		(19.91	)	2.93
Bloomberg MSCI U.S. Aggregate ESG Focus Index		(15.71	)	(7.93)
Bloomberg U.S. TIPS Index (Series-L)		(11.47	)	(2.47)
FTSE EPRA Nareit Developed Index		(24.95	)	0.50
MSCI Canada Custom Capped Index		(13.86	)	8.72
MSCI EAFE Extended ESG Focus Index		(23.69	)	(1.47)
MSCI EAFE Small Cap Index		(30.28	)	(3.71)
MSCI EM Extended ESG Focus Index		(33.08	)	(9.79)
MSCI EM Small Cap Index		(23.42	)	4.46
MSCI USA Extended ESG Focus Index		(17.37	)	6.62
MSCI USA Small Cap Extended ESG Focus Index		(16.19	)	11.57

^(a)  See “About Fund Performance” for a detailed description of share classes, including any related fees.

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

^(c) The LifePath ESG Index Fund commenced operations on August 18, 2020.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

PORTFOLIO ALLOCATION

Asset Type	Percent of Net Assets
Equity Funds		91.6	%
Fixed-Income Funds		8.6
Money Market Funds		2.3
Liabilities in Excess of Other Assets		(2.5	)

TEN LARGEST HOLDINGS

Security(a)	Percent of Net Assets
iShares ESG Aware MSCI USA ETF		47.2	%
iShares ESG Aware MSCI EAFE ETF		23.6
iShares ESG Aware U.S. Aggregate Bond ETF		6.4
iShares ESG Aware MSCI USA Small-Cap ETF		6.3
iShares Developed Real Estate Index Fund, Class K		4.4
iShares MSCI EAFE Small-Cap ETF		3.5
iShares ESG Aware MSCI EM ETF		3.2
iShares TIPS Bond ETF		2.2
iShares MSCI Canada ETF		2.1
BlackRock Cash Funds: Institutional, SL Agency Shares		2.0

^(a)  Excludes short-term securities.

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

Fund Summary    as ofOctober 31, 2022 BlackRock LifePath^® ESG Index 2050 Fund

Investment Objective

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

GROWTH OF $10,000 INVESTMENT

The LifePath ESG Index Fund commenced operations on August 18, 2020.

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

The LifePath ESG Index 2050 Fund’s custom benchmark consists of the following:

Period(a)	Bloomberg MSCI U.S. Aggregate ESG Focus Index			Bloomberg U.S.Treasury Inflation Protected Securities (TIPS) Index (Series-L)			FTSE EPRA Nareit Developed Index			MSCI Canada Custom Capped Index			MSCI EAFE Extended ESG Focus Index			MSCI EAFE Small Cap Index			MSCI EM Extended ESG Focus Index			MSCI EM Small Cap Index			MSCI USA Extended ESG Focus Index			MSCI USA Small Cap Extended ESG Focus Index
08/18/20 to 10/31/20		1.3	%		0.5	%		4.8	%		4.9	%		27.5	%		4.2	%		4.6	%		1.2	%		44.3	%		6.7	%
11/01/20 to 10/31/21		1.5			0.6			4.7			4.7			26.8			4.3			3.9			1.5			45.7			6.3
11/01/21 to 10/31/22		2.0			0.8			4.7			2.2			24.7			3.8			4.4			1.5			49.7			6.2

^(a)  The LifePath ESG Index Fund commenced operations on August 18, 2020.

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

F U N D   S U M M A R Y 17

Fund Summary    as ofOctober 31, 2022 (continued) BlackRock LifePath^® ESG Index 2050 Fund

Performance

	Average Annual Total Returns(a)(b)
				Since
		1 Year			Inception	(c)
Institutional		(20.46	)%		3.17	%
Investor A		(20.58	)		2.95
Class K		(20.41	)		3.22
LifePath® ESG Index 2050 Fund Custom Benchmark		(20.25	)		3.32
Bloomberg MSCI U.S. Aggregate ESG Focus Index		(15.71	)		(7.93	)
Bloomberg U.S. TIPS Index (Series-L)		(11.47	)		(2.47	)
FTSE EPRA Nareit Developed Index		(24.95	)		0.50
MSCI Canada Custom Capped Index		(13.86	)		8.72
MSCI EAFE Extended ESG Focus Index		(23.69	)		(1.47	)
MSCI EAFE Small Cap Index		(30.28	)		(3.71	)
MSCI EM Extended ESG Focus Index		(33.08	)		(9.79	)
MSCI EM Small Cap Index		(23.42	)		4.46
MSCI USA Extended ESG Focus Index		(17.37	)		6.62
MSCI USA Small Cap Extended ESG Focus Index		(16.19	)		11.57

^(a)  See “About Fund Performance” for a detailed description of share classes, including any related fees.

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

^(c)  The LifePath ESG Index Fund commenced operations on August 18, 2020.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

PORTFOLIO ALLOCATION
Asset Type	Percent of    Net Assets
Equity Funds		97.4%
Money Market Funds		8.3
Fixed-Income Funds		2.8
Liabilities in Excess of Other Assets		(8.5)

TEN LARGEST HOLDINGS
Security(a)	Percent of    Net Assets
iShares ESG Aware MSCI USA ETF		50.4%
iShares ESG Aware MSCI EAFE ETF		25.1
BlackRock Cash Funds: Institutional, SL Agency Shares		8.0
iShares ESG Aware MSCI USA Small-Cap ETF		6.5
iShares Developed Real Estate Index Fund, Class K		4.6
iShares MSCI EAFE Small-Cap ETF		3.7
iShares ESG Aware MSCI EM ETF		3.4
iShares MSCI Canada ETF		2.3
iShares ESG Aware U.S. Aggregate Bond ETF		2.0
iShares MSCI Emerging Markets Small-Cap ETF		1.4

^(a)  Excludes short-term securities.

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

Fund Summary    as ofOctober 31, 2022 BlackRock LifePath^® ESG Index 2055 Fund

Investment Objective

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

GROWTH OF $10,000 INVESTMENT

The LifePath ESG Index Fund commenced operations on August 18, 2020.

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

The LifePath ESG Index 2055 Fund’s custom benchmark consists of the following:

Period(a)	Bloomberg MSCI U.S. Aggregate ESG Focus Index			Bloomberg U.S.Treasury Inflation Protected Securities (TIPS) Index (Series-L)			FTSE EPRA Nareit Developed Index			MSCI Canada Custom Capped Index			MSCI EAFE Extended ESG Focus Index			MSCI EAFE Small Cap Index			MSCI EM Extended ESG Focus Index			MSCI EM Small Cap Index			MSCI USA Extended ESG Focus Index			MSCI USA Small Cap Extended ESG Focus Index
08/18/20 to 10/31/20		0.8	%		0.2	%		4.8	%		5.0	%		27.7	%		4.2	%		4.7	%		1.2	%		44.6	%		6.8	%
11/01/20 to 10/31/21		0.8			0.2			4.8			4.8			27.1			4.3			4.0			1.5			46.2			6.3
11/01/21 to 10/31/22		0.8			0.2			4.8			2.2			25.2			3.8			4.5			1.5			50.7			6.3

^(a)  The LifePath ESG Index Fund commenced operations on August 18, 2020.

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

F U N D   S U M M A R Y 19

Fund Summary    as ofOctober 31, 2022 (continued) BlackRock LifePath^® ESG Index 2055 Fund

Performance

	Average Annual Total Returns(a)(b)
				Since
		1 Year			Inception	(c)
Institutional		(20.47	)%		3.27	%
Investor A		(20.74	)		2.99
Class K		(20.43	)		3.33
LifePath® ESG Index 2055 Fund Custom Benchmark		(20.34	)		3.38
Bloomberg MSCI U.S. Aggregate ESG Focus Index		(15.71	)		(7.93	)
Bloomberg U.S. TIPS Index (Series-L)		(11.47	)		(2.47	)
FTSE EPRA Nareit Developed Index		(24.95	)		0.50
MSCI Canada Custom Capped Index		(13.86	)		8.72
MSCI EAFE Extended ESG Focus Index		(23.69	)		(1.47	)
MSCI EAFE Small Cap Index		(30.28	)		(3.71	)
MSCI EM Extended ESG Focus Index		(33.08	)		(9.79	)
MSCI EM Small Cap Index		(23.42	)		4.46
MSCI USA Extended ESG Focus Index		(17.37	)		6.62
MSCI USA Small Cap Extended ESG Focus Index		(16.19	)		11.57

^(a)  See “About Fund Performance” for a detailed description of share classes, including any related fees.

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

^(c)  The LifePath ESG Index Fund commenced operations on August 18, 2020.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

PORTFOLIO ALLOCATION
Asset Type	Percent of    Net Assets
Equity Funds		99.3%
Money Market Funds		3.5
Fixed-Income Funds		1.0
Liabilities in Excess of Other Assets		(3.8)

TEN LARGEST HOLDINGS
Security(a)	Percent of    Net Assets
iShares ESG Aware MSCI USA ETF		51.5%
iShares ESG Aware MSCI EAFE ETF		25.6
iShares ESG Aware MSCI USA Small-Cap ETF		6.6
iShares Developed Real Estate Index Fund, Class K		4.7
iShares MSCI EAFE Small-Cap ETF		3.7
iShares ESG Aware MSCI EM ETF		3.5
BlackRock Cash Funds: Institutional, SL Agency Shares		3.1
iShares MSCI Canada ETF		2.3
iShares MSCI Emerging Markets Small-Cap ETF		1.4
iShares ESG Aware U.S. Aggregate Bond ETF		0.8

^(a)  Excludes short-term securities.

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

Fund Summary    as ofOctober 31, 2022 BlackRock LifePath^® ESG Index 2060 Fund

Investment Objective

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

GROWTH OF $10,000 INVESTMENT

The LifePath ESG Index Fund commenced operations on August 18, 2020.

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

The LifePath ESG Index 2060 Fund’s custom benchmark consists of the following:

Period(a)	Bloomberg MSCI U.S. Aggregate ESG Focus Index			Bloomberg U.S.Treasury Inflation Protected Securities (TIPS) Index (Series-L)			FTSE EPRA Nareit Developed Index			MSCI Canada Custom Capped Index			MSCI EAFE Extended ESG Focus Index			MSCI EAFE Small Cap Index			MSCI EM Extended ESG Focus Index			MSCI EM Small Cap Index			MSCI USA Extended ESG Focus Index			MSCI USA Small Cap Extended ESG Focus Index
08/18/20 to 10/31/20		0.9	%		0.1	%		4.8	%		5.0	%		27.7	%		4.2	%		4.7	%		1.2	%		44.6	%		6.8	%
11/01/20 to 10/31/21		0.9			0.1			4.8			4.8			27.1			4.3			4.0			1.5			46.2			6.3
11/01/21 to 10/31/22		0.9			0.1			4.8			2.2			25.2			3.8			4.5			1.5			50.7			6.3

^(a)  The LifePath ESG Index Fund commenced operations on August 18, 2020.

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

F U N D   S U M M A R Y 21

Fund Summary    as ofOctober 31, 2022 (continued) BlackRock LifePath^® ESG Index 2060 Fund

Performance

	Average Annual Total Returns(a)(b)
				Since
		1 Year		Inception(c)
Institutional		(20.53	)%	3.25%
Investor A		(20.75	)	2.98
Class K		(20.48	)	3.29
LifePath® ESG Index 2060 Fund Custom Benchmark		(20.35	)	3.38
Bloomberg MSCI U.S. Aggregate ESG Focus Index		(15.71	)	(7.93)
Bloomberg U.S. TIPS Index (Series-L)		(11.47	)	(2.47)
FTSE EPRA Nareit Developed Index		(24.95	)	0.50
MSCI Canada Custom Capped Index		(13.86	)	8.72
MSCI EAFE Extended ESG Focus Index		(23.69	)	(1.47)
MSCI EAFE Small Cap Index		(30.28	)	(3.71)
MSCI EM Extended ESG Focus Index		(33.08	)	(9.79)
MSCI EM Small Cap Index		(23.42	)	4.46
MSCI USA Extended ESG Focus Index		(17.37	)	6.62
MSCI USA Small Cap Extended ESG Focus Index		(16.19	)	11.57

^(a)  See “About Fund Performance” for a detailed description of share classes, including any related fees.

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

^(c)  The LifePath ESG Index Fund commenced operations on August 18, 2020.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

PORTFOLIO ALLOCATION
Asset Type	Percent of    Net Assets
Equity Funds		99.2%
Money Market Funds		3.3
Fixed-Income Funds		1.0
Liabilities in Excess of Other Assets		(3.5)

TEN LARGEST HOLDINGS
Security(a)	Percent of    Net Assets
iShares ESG Aware MSCI USA ETF		51.5%
iShares ESG Aware MSCI EAFE ETF		25.6
iShares ESG Aware MSCI USA Small-Cap ETF		6.5
iShares Developed Real Estate Index Fund, Class K		4.7
iShares MSCI EAFE Small-Cap ETF		3.7
iShares ESG Aware MSCI EM ETF		3.5
BlackRock Cash Funds: Institutional, SL Agency Shares		2.9
iShares MSCI Canada ETF		2.3
iShares MSCI Emerging Markets Small-Cap ETF		1.4
iShares ESG Aware U.S. Aggregate Bond ETF		0.9

^(a)  Excludes short-term securities.

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

Fund Summary    as ofOctober 31, 2022 BlackRock LifePath^® ESG Index 2065 Fund

Investment Objective

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

GROWTH OF $10,000 INVESTMENT

The LifePath ESG Index Fund commenced operations on August 18, 2020.

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

The LifePath ESG Index 2065 Fund’s custom benchmark consists of the following:

Period(a)	Bloomberg MSCI U.S. Aggregate ESG Focus Index			Bloomberg U.S.Treasury Inflation Protected Securities (TIPS) Index (Series-L)			FTSE EPRA Nareit Developed Index			MSCI Canada Custom Capped Index			MSCI EAFE Extended ESG Focus Index			MSCI EAFE Small Cap Index			MSCI EM Extended ESG Focus Index			MSCI EM Small Cap Index			MSCI USA Extended ESG Focus Index			MSCI USA Small Cap Extended ESG Focus Index
08/18/20 to 10/31/20		1.0	%		0.0	%		4.8	%		5.0	%		27.7	%		4.2	%		4.7	%		1.2	%		44.6	%		6.8	%
11/01/20 to 10/31/21		1.0			0.0			4.8			4.8			27.1			4.3			4.0			1.5			46.2			6.3
11/01/21 to 10/31/22		1.0			0.0			4.8			2.2			25.2			3.8			4.5			1.5			50.7			6.3

^(a)  The LifePath ESG Index Fund commenced operations on August 18, 2020.

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

F U N D   S U M M A R Y 23

Fund Summary    as ofOctober 31, 2022 (continued) BlackRock LifePath^® ESG Index 2065 Fund

Performance

	Average Annual Total Returns(a)(b)
				Since
		1 Year			Inception	(c)
Institutional		(20.46	)%		3.29	%
Investor A		(20.59	)		3.05
Class K		(20.42	)		3.34
LifePath® ESG Index 2065 Fund Custom Benchmark		(20.35	)		3.37
Bloomberg MSCI U.S. Aggregate ESG Focus Index		(15.71	)		(7.93	)
Bloomberg U.S. TIPS Index (Series-L)		(11.47	)		(2.47	)
FTSE EPRA Nareit Developed Index		(24.95	)		0.50
MSCI Canada Custom Capped Index		(13.86	)		8.72
MSCI EAFE Extended ESG Focus Index		(23.69	)		(1.47	)
MSCI EAFE Small Cap Index		(30.28	)		(3.71	)
MSCI EM Extended ESG Focus Index		(33.08	)		(9.79	)
MSCI EM Small Cap Index		(23.42	)		4.46
MSCI USA Extended ESG Focus Index		(17.37	)		6.62
MSCI USA Small Cap Extended ESG Focus Index		(16.19	)		11.57

^(a)  See “About Fund Performance” for a detailed description of share classes, including any related fees.

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

^(c)  The LifePath ESG Index Fund commenced operations on August 18, 2020.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

PORTFOLIO ALLOCATION
Asset Type	Percent of    Net Assets
Equity Funds		99.5%
Money Market Funds		2.2
Fixed-Income Funds		1.0
Liabilities in Excess of Other Assets		(2.7)

TEN LARGEST HOLDINGS
Security(a)	Percent of    Net Assets
iShares ESG Aware MSCI USA ETF		51.7%
iShares ESG Aware MSCI EAFE ETF		25.7
iShares ESG Aware MSCI USA Small-Cap ETF		6.6
iShares Developed Real Estate Index Fund, Class K		4.7
iShares MSCI EAFE Small-Cap ETF		3.7
iShares ESG Aware MSCI EM ETF		3.4
iShares MSCI Canada ETF		2.3
BlackRock Cash Funds: Institutional, SL Agency Shares		2.0
iShares MSCI Emerging Markets Small-Cap ETF		1.4
iShares ESG Aware U.S. Aggregate Bond ETF		1.0

^(a)  Excludes short-term securities.

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About Fund Performance

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

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

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

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

The LifePath ESG Index Funds’ custom benchmarks are hypothetical representations of the performance of the respective LifePath ESG Index Fund’s asset classes according to their weightings as of the most recent quarter-end. The weightings of the various indexes that are included in the LifePath ESG Index Funds’ custom benchmarks are adjusted quarterly to reflect the LifePath Index ESG Funds’ changing asset allocations over time. As of October 31, 2022, the following indexes are used to calculate the LifePath ESG Index Funds’ custom benchmarks: Bloomberg MSCI U.S. Aggregate ESG Focus Index, Bloomberg U.S. Treasury Inflation Protected Securities (“TIPS”) Index (Series-L), FTSE EPRA Nareit Developed Index, MSCI Canada Custom Capped Index, MSCI EAFE Extended ESG Focus Index, MSCI EAFE Small Cap Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Small Cap Index, MSCI USA Extended ESG Focus Index and MSCI USA Small Cap Extended ESG Focus Index.

The Bloomberg MSCI U.S. Aggregate ESG Focus Index is an optimized fixed-income index designed to reflect the performance of U.S. dollar-denominated, investment-grade bonds from issuers generally evaluated for favorable ESG practices, while exhibiting risk and return characteristics similar to those of the Bloomberg U.S. Aggregate Bond Index. The Bloomberg U.S. TIPS Index (Series-L) is a market value-weighted index that tracks inflation-protected securities issued by the U.S. Treasury. The FTSE EPRA Nareit Developed Index is a global market capitalization weighted index composed of listed real estate securities from developed market countries in North America, Europe, and Asia. The MSCI Canada Custom Capped Index is an index that is designed to measure the performance of the large and mid-cap segments of the Canadian market. The MSCI Canada Custom Capped Index uses a variation of MSCI 25/50 Indexes methodology. The MSCI EAFE Extended ESG Focus Index is an index based on the MSCI EAFE Index, its parent index, which includes securities across Developed Markets (DM) countries* around the world, excluding the US and Canada. The Index is designed to maximize exposure to positive environmental, social and governance (ESG) factors while exhibiting risk and return characteristics similar to those of the MSCI EAFE Index. The MSCI EAFE Small Cap Index is an equity index which captures small cap representation across Developed Markets countries around the world, excluding the US and Canada. The index covers approximately 14% of the free float-adjusted market capitalization in each country. The MSCI EM Extended ESG Focus Index is an index based on the MSCI Emerging Markets Index, its parent index, which includes securities across Emerging Markets (EM) countries. The index is designed to maximize exposure to positive ESG factors while exhibiting risk and return characteristics similar to those of the MSCI Emerging Markets Index. The MSCI EM Small Cap Index is an equity index which includes small cap representation across Emerging Markets countries. The index covers approximately 14% of the free float-adjusted market capitalization in each country. The MSCI USA Extended ESG Focus Index is an optimized equity index designed to reflect the equity performance of U.S. companies that have favorable ESG characteristics, while exhibiting risk and return characteristics similar to those of the MSCI USA Index. The MSCI USA Small Cap Extended ESG Focus Index is an index based on the MSCI USA Small Cap Index, its parent index, which includes small cap stocks across the U.S. equity markets. The Index is designed to maximize exposure to positive ESG factors while exhibiting risk and return characteristics similar to those of the MSCI USA Small Cap Index.

A B O U T   F U N D   P E R F O R M A N C E 25

Disclosure of Expenses

Shareholders of each LifePath ESG Index Fund may incur the following charges: (a) transactional expenses; and (b) operating expenses, including investment advisory fees, administration fees, service and distribution fees, including 12b-1 fees, acquired fund fees and expenses, and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period (or from commencement of operations if less than 6 months) and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each LifePath ESG Index Fund and in comparing these expenses with similar costs of investing in other mutual funds.

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

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

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

Expense Example

	Actual						Hypothetical 5% Return
	Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period (a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period (a)		Annualized Expense Ratio
LifePath ESG Index Retirement Fund
Institutional		$ 1,000.00		$ 923.10		$ 0.53		$ 1,000.00		$ 1,024.65		$ 0.56		0.11	%
Investor A		1,000.00		923.00		1.70		1,000.00		1,023.44		1.79		0.35
Class K		1,000.00		923.40		0.29		1,000.00		1,024.90		0.31		0.06
LifePath ESG Index 2025 Fund
Institutional		1,000.00		922.10		0.44		1,000.00		1,024.75		0.46		0.09
Investor A		1,000.00		920.80		1.69		1,000.00		1,023.44		1.79		0.35
Class K		1,000.00		921.40		0.24		1,000.00		1,024.95		0.26		0.05
LifePath ESG Index 2030 Fund
Institutional		1,000.00		919.30		0.44		1,000.00		1,024.75		0.46		0.09
Investor A		1,000.00		918.00		1.64		1,000.00		1,023.49		1.73		0.34
Class K		1,000.00		919.50		0.19		1,000.00		1,025.00		0.20		0.04
LifePath ESG Index 2035 Fund
Institutional		1,000.00		915.60		0.34		1,000.00		1,024.85		0.36		0.07
Investor A		1,000.00		913.40		1.54		1,000.00		1,023.59		1.63		0.32
Class K		1,000.00		915.80		0.14		1,000.00		1,025.05		0.15		0.03
LifePath ESG Index 2040 Fund
Institutional		1,000.00		910.60		0.29		1,000.00		1,024.90		0.31		0.06
Investor A		1,000.00		909.40		1.49		1,000.00		1,023.64		1.58		0.31
Class K		1,000.00		910.90		0.05		1,000.00		1,025.16		0.05		0.01
LifePath ESG Index 2045 Fund
Institutional		1,000.00		908.10		0.24		1,000.00		1,024.95		0.26		0.05
Investor A		1,000.00		907.90		1.44		1,000.00		1,023.69		1.53		0.30
Class K		1,000.00		908.50		—		1,000.00		1,025.21		—		—
LifePath ESG Index 2050 Fund
Institutional		1,000.00		906.10		0.24		1,000.00		1,024.95		0.26		0.05
Investor A		1,000.00		905.70		1.44		1,000.00		1,023.69		1.53		0.30
Class K		1,000.00		906.40		—		1,000.00		1,025.21		—		—
LifePath ESG Index 2055 Fund
Institutional		1,000.00		907.00		0.24		1,000.00		1,024.95		0.26		0.05
Investor A		1,000.00		904.90		1.44		1,000.00		1,023.69		1.53		0.30
Class K		1,000.00		907.30		—		1,000.00		1,025.21		—		—
LifePath ESG Index 2060 Fund
Institutional		1,000.00		906.80		0.24		1,000.00		1,024.95		0.26		0.05
Investor A		1,000.00		905.50		1.44		1,000.00		1,023.69		1.53		0.30
Class K		1,000.00		907.10		—		1,000.00		1,025.21		—		—
LifePath ESG Index 2065 Fund
Institutional		1,000.00		906.90		0.24		1,000.00		1,024.95		0.26		0.05
Investor A		1,000.00		905.70		1.44		1,000.00		1,023.69		1.53		0.30
Class K		1,000.00		907.10		—		1,000.00		1,025.21		—		—

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

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Schedule of Investments October 31, 2022 BlackRock LifePath^® ESG Index Retirement Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies(a)
Equity Funds — 40.6%
iShares Developed Real Estate Index Fund, Class K		4,777	$	40,936
iShares ESG Aware MSCI EAFE ETF		3,153		187,288
iShares ESG Aware MSCI EM ETF		930		25,380
iShares ESG Aware MSCI USA ETF		4,032		345,744
iShares ESG Aware MSCI USA Small-Cap ETF		2,685		90,538
iShares MSCI Canada ETF(b)		811		26,787
iShares MSCI EAFE Small-Cap ETF		532		27,100
iShares MSCI Emerging Markets Small-Cap ETF		202		9,228
				753,001
Fixed-Income Funds — 60.0%
iShares ESG Aware U.S. Aggregate Bond ETF(b)		21,025		960,632
iShares TIPS Bond ETF		1,410		150,010
				1,110,642
Money Market Funds — 39.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%(c)(d)		733,086		732,939
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(c)		3,606		3,606
				736,545
Total Investments — 140.4% (Cost: $2,814,303)				2,600,188
Liabilities in Excess of Other Assets — (40.4)%			(748,020)
Net Assets — 100.0%			$	1,852,168

^(a)  Affiliate of the Fund.

^(b)  All or a portion of this security is on loan.

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

^(d)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/22		Shares Held at 10/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,019,240	$	—	$	(286,051	)(a)	$	(246	)	$	(4	)	$	732,939		733,086	$	2,151	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		8,145		—		(4,539	)(a)		—			—			3,606		3,606		40			—
iShares Developed Real Estate Index Fund, Class K		52,944		7,771		(6,489	)		584			(13,874	)		40,936		4,777		1,133			86
iShares ESG Aware MSCI EAFE ETF		250,459		39,518		(34,971	)		(1,179	)		(66,539	)		187,288		3,153		7,955			—
iShares ESG Aware MSCI EM ETF		14,989		17,033		(746	)		(141	)		(5,755	)		25,380		930		416			—
iShares ESG Aware MSCI USA ETF		429,294		84,509		(91,417	)		4,800			(81,442	)		345,744		4,032		5,403			—
iShares ESG Aware MSCI USA Small-Cap ETF		104,239		20,374		(16,299	)		(808	)		(16,968	)		90,538		2,685		1,159			—
iShares ESG Aware U.S. Aggregate Bond ETF		1,159,108		187,521		(184,959	)		(24,397	)		(176,641	)		960,632		21,025		17,044			—
iShares MSCI Canada ETF		5,916		26,905		(2,353	)		(325	)		(3,356	)		26,787		811		226			—
iShares MSCI EAFE Small-Cap ETF		32,864		7,933		(2,078	)		(237	)		(11,382	)		27,100		532		1,183			—
iShares MSCI Emerging Markets Small-Cap ETF		10,083		2,682		(805	)		(60	)		(2,672	)		9,228		202		297			—
iShares TIPS Bond ETF		177,694		20,415		(16,726	)		(1,381	)		(29,992	)		150,010		1,410		11,292			—
								$	(23,390	)	$	(408,625	)	$	2,600,188			$	48,299		$	86

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

S C H E D U L E   O F   I N V E S T M E N T S 27

Schedule of Investments  (continued) October 31, 2022 BlackRock LifePath^® ESG Index Retirement Fund

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Investment Companies
Equity Funds	$	753,001	$	—	$	—	$	753,001
Fixed-Income Funds		1,110,642		—		—		1,110,642
Money Market Funds		736,545		—		—		736,545
	$	2,600,188	$	—	$	—	$	2,600,188

See notes to financial statements.

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

Schedule of Investments October 31, 2022 BlackRock LifePath^® ESG Index 2025 Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies(a)
Equity Funds — 46.9%
iShares Developed Real Estate Index Fund, Class K		6,258	$	53,630
iShares ESG Aware MSCI EAFE ETF		5,109		303,475
iShares ESG Aware MSCI EM ETF		1,509		41,181
iShares ESG Aware MSCI USA ETF		6,608		566,636
iShares ESG Aware MSCI USA Small-Cap ETF		3,891		131,205
iShares MSCI Canada ETF(b)		1,149		37,951
iShares MSCI EAFE Small-Cap ETF		859		43,757
iShares MSCI Emerging Markets Small-Cap ETF		340		15,531
				1,193,366
Fixed-Income Funds — 53.5%
iShares ESG Aware U.S. Aggregate Bond ETF(b)		25,447		1,162,673
iShares TIPS Bond ETF		1,852		197,034
				1,359,707
Money Market Funds — 44.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%(c)(d)		1,123,905		1,123,681
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(c)		5,067		5,067
				1,128,748
Total Investments — 144.8% (Cost: $3,925,369)				3,681,821
Liabilities in Excess of Other Assets — (44.8)%			(1,138,275)
Net Assets — 100.0%			$  2,543,546

^(a)  Affiliate of the Fund.

^(b)  All or a portion of this security is on loan.

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

^(d)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/22		Shares Held at 10/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	107,719	$	1,015,806	(a)	$	—		$	150		$	6		$	1,123,681		1,123,905	$	1,745	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		7,051		—			(1,984	)(a)		—			—			5,067		5,067		47			—
iShares Developed Real Estate Index Fund, Class K		65,264		13,017			(7,886	)		617			(17,382	)		53,630		6,258		1,411			106
iShares ESG Aware MSCI EAFE ETF		376,417		73,692			(42,893	)		(3,237	)		(100,504	)		303,475		5,109		12,250			—
iShares ESG Aware MSCI EM ETF		51,333		17,270			(9,211	)		(1,891	)		(16,320	)		41,181		1,509		1,417			—
iShares ESG Aware MSCI USA ETF		674,771		151,448			(136,143	)		4,449			(127,889	)		566,636		6,608		8,642			—
iShares ESG Aware MSCI USA Small-Cap ETF		150,612		27,458			(21,054	)		(1,353	)		(24,458	)		131,205		3,891		1,663			—
iShares ESG Aware U.S. Aggregate Bond ETF		1,249,025		311,888			(170,435	)		(22,086	)		(205,719	)		1,162,673		25,447		19,255			—
iShares MSCI Canada ETF		28,641		16,078			(1,549	)		(45	)		(5,174	)		37,951		1,149		583			—
iShares MSCI EAFE Small-Cap ETF		55,968		9,757			(2,260	)		(469	)		(19,239	)		43,757		859		1,988			—
iShares MSCI Emerging Markets Small-Cap ETF		18,333		2,995			(852	)		(146	)		(4,799	)		15,531		340		543			—
iShares TIPS Bond ETF		212,949		33,154			(9,869	)		(877	)		(38,323	)		197,034		1,852		13,941			—
									$	(24,888	)	$	(559,801	)	$	3,681,821			$	63,485		$	106

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

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

Schedule of Investments  (continued) October 31, 2022 BlackRock LifePath^® ESG Index 2025 Fund

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Investment Companies
Equity Funds	$	1,193,366	$	—	$	—	$	1,193,366
Fixed-Income Funds		1,359,707		—		—		1,359,707
Money Market Funds		1,128,748		—		—		1,128,748
	$	3,681,821	$	—	$	—	$	3,681,821

See notes to financial statements.

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

Schedule of Investments October 31, 2022 BlackRock LifePath^® ESG Index 2030 Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies(a)
Equity Funds — 59.4%
iShares Developed Real Estate Index Fund, Class K		9,153	$	78,441
iShares ESG Aware MSCI EAFE ETF(b)		7,375		438,075
iShares ESG Aware MSCI EM ETF		2,112		57,636
iShares ESG Aware MSCI USA ETF(b)		9,813		841,465
iShares ESG Aware MSCI USA Small-Cap ETF(b)		4,770		160,844
iShares MSCI Canada ETF(b)		1,351		44,624
iShares MSCI EAFE Small-Cap ETF(b)		1,250		63,675
iShares MSCI Emerging Markets Small-Cap ETF		519		23,708
				1,708,468
Fixed-Income Funds — 40.9%
iShares ESG Aware U.S. Aggregate Bond ETF(b)		21,458		980,416
iShares TIPS Bond ETF		1,836		195,332
				1,175,748
Money Market Funds — 36.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%(c)(d)		1,049,416		1,049,206
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(c)		5,785		5,785
				1,054,991
Total Investments — 137.0% (Cost: $4,164,781)				3,939,207
Liabilities in Excess of Other Assets — (37.0)%				(1,064,166	)
Net Assets — 100.0%			$	2,875,041

^(a)  Affiliate of the Fund.

^(b)  All or a portion of this security is on loan.

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

^(d)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/22		Shares Held at 10/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	494,118	$	555,139	(a)	$	—		$	(28	)	$	(23	)	$	1,049,206		1,049,416	$	1,698	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		8,132		—			(2,347	)(a)		—			—			5,785		5,785		50			—
iShares Developed Real Estate Index Fund, Class K		100,362		16,387			(12,677	)		342			(25,973	)		78,441		9,153		2,207			172
iShares ESG Aware MSCI EAFE ETF		560,660		96,929			(66,130	)		(6,899	)		(146,485	)		438,075		7,375		18,137			—
iShares ESG Aware MSCI EM ETF		80,139		12,284			(4,908	)		(745	)		(29,134	)		57,636		2,112		2,258			—
iShares ESG Aware MSCI USA ETF		1,001,932		190,835			(162,630	)		(5,418	)		(183,254	)		841,465		9,813		12,857			—
iShares ESG Aware MSCI USA Small-Cap ETF		198,126		23,428			(26,217	)		(2,378	)		(32,115	)		160,844		4,770		2,122			—
iShares ESG Aware U.S. Aggregate Bond ETF		1,104,419		265,435			(189,954	)		(20,651	)		(178,833	)		980,416		21,458		16,791			—
iShares MSCI Canada ETF		59,554		6,021			(12,881	)		2,004			(10,074	)		44,624		1,351		1,136			—
iShares MSCI EAFE Small-Cap ETF		84,866		13,846			(4,990	)		(840	)		(29,207	)		63,675		1,250		3,071			—
iShares MSCI Emerging Markets Small-Cap ETF		27,744		5,238			(1,725	)		(203	)		(7,346	)		23,708		519		870			—
iShares TIPS Bond ETF		220,541		30,883			(16,074	)		(1,022	)		(38,996	)		195,332		1,836		14,382			—
									$	(35,838	)	$	(681,440	)	$	3,939,207			$	75,579		$	172

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

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

Schedule of Investments  (continued) October 31, 2022 BlackRock LifePath^® ESG Index 2030 Fund

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Investment Companies
Equity Funds	$	1,708,468	$	—	$	—	$	1,708,468
Fixed-Income Funds		1,175,748		—		—		1,175,748
Money Market Funds		1,054,991		—		—		1,054,991
	$	3,939,207	$	—	$	—	$	3,939,207

See notes to financial statements.

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

Schedule of Investments October 31, 2022 BlackRock LifePath^® ESG Index 2035 Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies(a)
Equity Funds — 71.2%
iShares Developed Real Estate Index Fund, Class K		9,005	$	77,174
iShares ESG Aware MSCI EAFE ETF		7,173		426,076
iShares ESG Aware MSCI EM ETF		2,153		58,755
iShares ESG Aware MSCI USA ETF(b)		9,736		834,862
iShares ESG Aware MSCI USA Small-Cap ETF		4,076		137,443
iShares MSCI Canada ETF(b)		1,266		41,816
iShares MSCI EAFE Small-Cap ETF		1,213		61,790
iShares MSCI Emerging Markets Small-Cap ETF		498		22,749
				1,660,665
Fixed-Income Funds — 29.3%
iShares ESG Aware U.S. Aggregate Bond ETF(b)		12,173		556,184
iShares TIPS Bond ETF		1,190		126,604
				682,788
Money Market Funds — 24.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%(c)(d)		575,562		575,447
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(c)		5,790		5,790
				581,237
Total Investments — 125.4% (Cost: $3,033,205)				2,924,690
Liabilities in Excess of Other Assets — (25.4)%				(591,907	)
Net Assets — 100.0%			$	2,332,783

^(a)  Affiliate of the Fund.

^(b)  All or a portion of this security is on loan.

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

^(d)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/22		Shares Held at 10/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,041,898	$	—	$	(466,205	)(a)	$	(232	)	$	(14	)	$	575,447		575,562	$	3,101	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		6,283		—		(493	)(a)		—			—			5,790		5,790		55			—
iShares Developed Real Estate Index Fund, Class K		89,754		19,704		(8,334	)		1,168			(25,118	)		77,174		9,005		1,961			146
iShares ESG Aware MSCI EAFE ETF		494,361		118,045		(48,008	)		(1,421	)		(136,901	)		426,076		7,173		16,358			—
iShares ESG Aware MSCI EM ETF		72,435		24,711		(8,896	)		(3,626	)		(25,869	)		58,755		2,153		2,012			—
iShares ESG Aware MSCI USA ETF		877,033		214,265		(85,160	)		684			(171,960	)		834,862		9,736		11,760			—
iShares ESG Aware MSCI USA Small-Cap ETF		148,330		27,251		(12,853	)		385			(25,670	)		137,443		4,076		1,661			—
iShares ESG Aware U.S. Aggregate Bond ETF		551,410		197,028		(87,631	)		(10,898	)		(93,725	)		556,184		12,173		8,734			—
iShares MSCI Canada ETF		65,705		8,573		(24,762	)		4,742			(12,442	)		41,816		1,266		1,180			—
iShares MSCI EAFE Small-Cap ETF		75,030		17,191		(2,735	)		(178	)		(27,518	)		61,790		1,213		2,809			—
iShares MSCI Emerging Markets Small-Cap ETF		23,894		6,080		(545	)		(16	)		(6,664	)		22,749		498		714			—
iShares TIPS Bond ETF		128,284		25,935		(3,344	)		(170	)		(24,101	)		126,604		1,190		8,537			—
								$	(9,562	)	$	(549,982	)	$	2,924,690			$	58,882		$	146

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

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

Schedule of Investments  (continued) October 31, 2022 BlackRock LifePath^® ESG Index 2035 Fund

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Investment Companies
Equity Funds	$	1,660,665	$	—	$	—	$	1,660,665
Fixed-Income Funds		682,788		—		—		682,788
Money Market Funds		581,237		—		—		581,237
	$	2,924,690	$	—	$	—	$	2,924,690

See notes to financial statements.

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

Schedule of Investments October 31, 2022 BlackRock LifePath^® ESG Index 2040 Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies(a)
Equity Funds — 82.0%
iShares Developed Real Estate Index Fund, Class K		12,276	$	105,211
iShares ESG Aware MSCI EAFE ETF		9,785		581,229
iShares ESG Aware MSCI EM ETF		2,922		79,741
iShares ESG Aware MSCI USA ETF		13,437		1,152,223
iShares ESG Aware MSCI USA Small-Cap ETF		5,014		169,072
iShares MSCI Canada ETF(b)		1,586		52,385
iShares MSCI EAFE Small-Cap ETF(b)		1,686		85,885
iShares MSCI Emerging Markets Small-Cap ETF		701		32,022
				2,257,768
Fixed-Income Funds — 18.3%
iShares ESG Aware U.S. Aggregate Bond ETF		8,650		395,219
iShares TIPS Bond ETF		1,014		107,879
				503,098
Money Market Funds — 3.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%(c)(d)		90,718		90,700
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(c)		8,157		8,157
				98,857
Total Investments — 103.9% (Cost: $2,945,272)				2,859,723
Liabilities in Excess of Other Assets — (3.9)%				(108,662	)
Net Assets — 100.0%			$	2,751,061

^(a)  Affiliate of the Fund.

^(b)  All or a portion of this security is on loan.

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

^(d)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/22		Shares Held at 10/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	98,358	$	—		$	(7,109	)(a)	$	(549	)	$	—		$	90,700		90,718	$	2,679	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		6,949		1,208	(a)		—			—			—			8,157		8,157		68			—
iShares Developed Real Estate Index Fund, Class K		114,569		36,306			(14,029	)		(371	)		(31,264	)		105,211		12,276		2,549			186
iShares ESG Aware MSCI EAFE ETF		623,072		213,839			(76,967	)		(8,137	)		(170,578	)		581,229		9,785		21,386			—
iShares ESG Aware MSCI EM ETF		87,969		58,802			(26,470	)		(11,029	)		(29,531	)		79,741		2,922		2,509			—
iShares ESG Aware MSCI USA ETF		1,101,641		370,291			(98,903	)		(7,673	)		(213,133	)		1,152,223		13,437		15,332			—
iShares ESG Aware MSCI USA Small-Cap ETF		161,329		48,695			(13,581	)		(361	)		(27,010	)		169,072		5,014		1,899			—
iShares ESG Aware U.S. Aggregate Bond ETF		350,186		171,267			(57,375	)		(6,970	)		(61,889	)		395,219		8,650		5,823			—
iShares MSCI Canada ETF		93,640		17,286			(47,743	)		6,490			(17,288	)		52,385		1,586		1,670			—
iShares MSCI EAFE Small-Cap ETF		99,049		28,283			(4,680	)		(740	)		(36,027	)		85,885		1,686		3,723			—
iShares MSCI Emerging Markets Small-Cap ETF		32,999		9,470			(1,119	)		(128	)		(9,200	)		32,022		701		976			—
iShares TIPS Bond ETF		96,502		35,223			(4,258	)		(284	)		(19,304	)		107,879		1,014		6,889			—
									$	(29,752	)	$	(615,224	)	$	2,859,723			$	65,503		$	186

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

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

Schedule of Investments  (continued) October 31, 2022 BlackRock LifePath^® ESG Index 2040 Fund

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Investment Companies
Equity Funds	$	2,257,768	$	—	$	—	$	2,257,768
Fixed-Income Funds		503,098		—		—		503,098
Money Market Funds		98,857		—		—		98,857
	$	2,859,723	$	—	$	—	$	2,859,723

See notes to financial statements.

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

Schedule of Investments October 31, 2022 BlackRock LifePath^® ESG Index 2045 Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies(a)
Equity Funds — 91.6%
iShares Developed Real Estate Index Fund, Class K		17,126	$	146,767
iShares ESG Aware MSCI EAFE ETF		13,405		796,257
iShares ESG Aware MSCI EM ETF		3,977		108,532
iShares ESG Aware MSCI USA ETF		18,562		1,591,691
iShares ESG Aware MSCI USA Small-Cap ETF		6,352		214,189
iShares MSCI Canada ETF(b)		2,152		71,081
iShares MSCI EAFE Small-Cap ETF		2,290		116,653
iShares MSCI Emerging Markets Small-Cap ETF		976		44,584
				3,089,754
Fixed-Income Funds — 8.6%
iShares ESG Aware U.S. Aggregate Bond ETF		4,757		217,347
iShares TIPS Bond ETF		687		73,090
				290,437
Money Market Funds — 2.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%(c)(d)		68,040		68,027
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(c)		9,165		9,165
				77,192
Total Investments — 102.5% (Cost: $3,564,241)				3,457,383
Liabilities in Excess of Other Assets — (2.5)%				(84,868	)
Net Assets — 100.0%			$	3,372,515

^(a)  Affiliate of the Fund.

^(b)  All or a portion of this security is on loan.

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

^(d)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/22		Shares Held at 10/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	374,640	$	—		$	(305,994	)(a)	$	(619	)	$	—		$	68,027		68,040	$	3,547	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		7,548		1,617	(a)		—			—			—			9,165		9,165		115			—
iShares Developed Real Estate Index Fund, Class K		129,530		77,088			(18,178	)		(1,106	)		(40,567	)		146,767		17,126		3,213			223
iShares ESG Aware MSCI EAFE ETF		706,693		445,438			(124,728	)		(16,923	)		(214,223	)		796,257		13,405		27,511			—
iShares ESG Aware MSCI EM ETF		100,907		115,608			(52,763	)		(20,499	)		(34,721	)		108,532		3,977		3,135			—
iShares ESG Aware MSCI USA ETF		1,242,666		752,249			(122,069	)		(11,201	)		(269,954	)		1,591,691		18,562		20,017			—
iShares ESG Aware MSCI USA Small-Cap ETF		166,708		96,575			(18,559	)		(1,145	)		(29,390	)		214,189		6,352		2,278			—
iShares ESG Aware U.S. Aggregate Bond ETF		150,450		120,374			(18,609	)		(2,195	)		(32,673	)		217,347		4,757		2,939			—
iShares MSCI Canada ETF		114,954		45,197			(74,339	)		6,990			(21,721	)		71,081		2,152		2,227			—
iShares MSCI EAFE Small-Cap ETF		112,774		60,239			(8,799	)		(1,918	)		(45,643	)		116,653		2,290		4,754			—
iShares MSCI Emerging Markets Small-Cap ETF		38,072		20,714			(1,759	)		(197	)		(12,246	)		44,584		976		1,203			—
iShares TIPS Bond ETF		52,240		35,977			(2,546	)		(198	)		(12,383	)		73,090		687		4,293			—
									$	(49,011	)	$	(713,521	)	$	3,457,383			$	75,232		$	223

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

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

Schedule of Investments  (continued) October 31, 2022 BlackRock LifePath^® ESG Index 2045 Fund

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Investment Companies
Equity Funds	$	3,089,754	$	—	$	—	$	3,089,754
Fixed-Income Funds		290,437		—		—		290,437
Money Market Funds		77,192		—		—		77,192
	$	3,457,383	$	—	$	—	$	3,457,383

See notes to financial statements.

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

Schedule of Investments October 31, 2022 BlackRock LifePath^® ESG Index 2050 Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies(a)
Equity Funds — 97.4%
iShares Developed Real Estate Index Fund, Class K		18,299	$	156,820
iShares ESG Aware MSCI EAFE ETF		14,369		853,519
iShares ESG Aware MSCI EM ETF		4,273		116,610
iShares ESG Aware MSCI USA ETF		19,960		1,711,570
iShares ESG Aware MSCI USA Small-Cap ETF		6,590		222,215
iShares MSCI Canada ETF(b)		2,314		76,432
iShares MSCI EAFE Small-Cap ETF(b)		2,445		124,548
iShares MSCI Emerging Markets Small-Cap ETF(c)		1,045		47,736
				3,309,450
Fixed-Income Funds — 2.8%
iShares ESG Aware U.S. Aggregate Bond ETF(b)		1,478		67,530
iShares TIPS Bond ETF		247		26,278
				93,808
Money Market Funds — 8.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%(c)(d)		274,168		274,113
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(a)(c)		9,477		9,477
				283,590
Total Investments — 108.5% (Cost: $3,783,421)				3,686,848
Liabilities in Excess of Other Assets — (8.5)%				(289,634	)
Net Assets — 100.0%			$	3,397,214

^(a)  Affiliate of the Fund.

^(b)  All or a portion of this security is on loan.

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

^(d)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/22		Shares Held at 10/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,258,401	$	—		$	(983,721	)(a)	$	(555	)	$	(12	)	$	274,113		274,168	$	2,884	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		7,424		2,053	(a)		—			—			—			9,477		9,477		107			—
iShares Developed Real Estate Index Fund, Class K		129,836		84,628			(13,905	)		(495	)		(43,244	)		156,820		18,299		3,238			210
iShares ESG Aware MSCI EAFE ETF		724,341		503,919			(131,255	)		(13,084	)		(230,402	)		853,519		14,369		29,155			—
iShares ESG Aware MSCI EM ETF		102,581		133,339			(60,990	)		(21,928	)		(36,392	)		116,610		4,273		3,148			—
iShares ESG Aware MSCI USA ETF		1,268,383		841,896			(106,292	)		(3,068	)		(289,349	)		1,711,570		19,960		20,857			—
iShares ESG Aware MSCI USA Small-Cap ETF		161,737		104,650			(15,377	)		2,428			(31,223	)		222,215		6,590		2,271			—
iShares ESG Aware U.S. Aggregate Bond ETF		41,127		37,594			(1,015	)		(62	)		(10,114	)		67,530		1,478		875			—
iShares MSCI Canada ETF		123,221		52,309			(82,764	)		7,114			(23,448	)		76,432		2,314		2,345			—
iShares MSCI EAFE Small-Cap ETF		117,196		66,815			(9,473	)		(1,790	)		(48,200	)		124,548		2,445		5,004			—
iShares MSCI Emerging Markets Small-Cap ETF		39,355		22,744			(1,332	)		(36	)		(12,995	)		47,736		1,045		1,186			—
iShares TIPS Bond ETF		15,955		14,794			(508	)		(14	)		(3,949	)		26,278		247		1,347			—
									$	(31,490	)	$	(729,328	)	$	3,686,848			$	72,417		$	210

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

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

Schedule of Investments  (continued) October 31, 2022 BlackRock LifePath^® ESG Index 2050 Fund

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Investment Companies
Equity Funds	$	3,309,450	$	—	$	—	$	3,309,450
Fixed-Income Funds		93,808		—		—		93,808
Money Market Funds		283,590		—		—		283,590
	$	3,686,848	$	—	$	—	$	3,686,848

See notes to financial statements.

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

Schedule of Investments October 31, 2022 BlackRock LifePath^® ESG Index 2055 Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies(a)
Equity Funds — 99.3%
iShares Developed Real Estate Index Fund, Class K		13,951	$	119,562
iShares ESG Aware MSCI EAFE ETF		10,992		652,925
iShares ESG Aware MSCI EM ETF		3,264		89,075
iShares ESG Aware MSCI USA ETF		15,322		1,313,861
iShares ESG Aware MSCI USA Small-Cap ETF		4,949		166,880
iShares MSCI Canada ETF(b)		1,763		58,232
iShares MSCI EAFE Small-Cap ETF		1,862		94,850
iShares MSCI Emerging Markets Small-Cap ETF		792		36,179
				2,531,564
Fixed-Income Funds — 1.0%
iShares ESG Aware U.S. Aggregate Bond ETF(b)		449		20,515
iShares TIPS Bond ETF		60		6,383
				26,898
Money Market Funds — 3.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%(c)(d)		78,937		78,921
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(c)		9,689		9,689
				88,610
Total Investments — 103.8% (Cost: $2,649,628)				2,647,072
Liabilities in Excess of Other Assets — (3.8)%				(97,869	)
Net Assets — 100.0%			$	2,549,203

^(a)  Affiliate of the Fund.

^(b)  All or a portion of this security is on loan.

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

^(d)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/22		Shares Held at 10/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,230,477	$	—		$	(1,151,049	)(a)	$	(504	)	$	(3	)	$	78,921		78,937	$	3,033	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		7,183		2,506	(a)		—			—			—			9,689		9,689		60			—
iShares Developed Real Estate Index Fund, Class K		128,914		41,581			(14,705	)		413			(36,641	)		119,562		13,951		2,933			212
iShares ESG Aware MSCI EAFE ETF		717,460		264,752			(121,168	)		(10,313	)		(197,806	)		652,925		10,992		25,006			—
iShares ESG Aware MSCI EM ETF		98,060		93,515			(53,649	)		(18,795	)		(30,056	)		89,075		3,264		2,889			—
iShares ESG Aware MSCI USA ETF		1,255,525		405,577			(89,346	)		(1,575	)		(256,320	)		1,313,861		15,322		17,754			—
iShares ESG Aware MSCI USA Small-Cap ETF		156,317		51,352			(14,749	)		2,369			(28,409	)		166,880		4,949		1,871			—
iShares ESG Aware U.S. Aggregate Bond ETF		21,445		6,634			(3,633	)		(505	)		(3,426	)		20,515		449		333			—
iShares MSCI Canada ETF		123,064		24,319			(76,032	)		12,396			(25,515	)		58,232		1,763		2,190			—
iShares MSCI EAFE Small-Cap ETF		116,434		31,090			(9,580	)		(1,742	)		(41,352	)		94,850		1,862		4,415			—
iShares MSCI Emerging Markets Small-Cap ETF		38,805		9,727			(1,302	)		(66	)		(10,985	)		36,179		792		1,176			—
iShares TIPS Bond ETF		7,077		1,415			(827	)		(77	)		(1,205	)		6,383		60		454			—
									$	(18,399	)	$	(631,718	)	$	2,647,072			$	62,114		$	212

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

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

Schedule of Investments  (continued) October 31, 2022 BlackRock LifePath^® ESG Index 2055 Fund

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Investment Companies
Equity Funds	$	2,531,564	$	—	$	—	$	2,531,564
Fixed-Income Funds		26,898		—		—		26,898
Money Market Funds		88,610		—		—		88,610
	$	2,647,072	$	—	$	—	$	2,647,072

See notes to financial statements.

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

Schedule of Investments October 31, 2022 BlackRock LifePath^® ESG Index 2060 Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies(a)
Equity Funds — 99.2%
iShares Developed Real Estate Index Fund, Class K		15,074	$	129,188
iShares ESG Aware MSCI EAFE ETF		11,855		704,187
iShares ESG Aware MSCI EM ETF		3,524		96,170
iShares ESG Aware MSCI USA ETF		16,505		1,415,304
iShares ESG Aware MSCI USA Small-Cap ETF		5,331		179,761
iShares MSCI Canada ETF(b)		1,902		62,823
iShares MSCI EAFE Small-Cap ETF		2,019		102,848
iShares MSCI Emerging Markets Small-Cap ETF		854		39,011
				2,729,292
Fixed-Income Funds — 1.0%
iShares ESG Aware U.S. Aggregate Bond ETF(b)		527		24,079
iShares TIPS Bond ETF		42		4,468
				28,547
Money Market Funds — 3.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%(c)(d)		79,449		79,433
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(c)		9,827		9,827
				89,260
Total Investments — 103.5% (Cost: $2,854,697)				2,847,099
Liabilities in Excess of Other Assets — (3.5)%				(96,255	)
Net Assets — 100.0%			$	2,750,844

^(a)  Affiliate of the Fund.

^(b)  All or a portion of this security is on loan.

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

^(d)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/22		Shares Held at 10/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,304,763	$	—		$	(1,224,799	)(a)	$	(524	)	$	(7	)	$	79,433		79,449	$	2,714	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		9,471		356	(a)		—			—			—			9,827		9,827		73			—
iShares Developed Real Estate Index Fund, Class K		139,634		48,700			(20,283	)		(570	)		(38,293	)		129,188		15,074		3,171			230
iShares ESG Aware MSCI EAFE ETF		786,996		306,295			(166,356	)		(17,176	)		(205,572	)		704,187		11,855		26,702			—
iShares ESG Aware MSCI EM ETF		110,411		100,852			(62,112	)		(21,362	)		(31,619	)		96,170		3,524		3,132			—
iShares ESG Aware MSCI USA ETF		1,378,527		494,022			(182,034	)		(9,500	)		(265,711	)		1,415,304		16,505		19,107			—
iShares ESG Aware MSCI USA Small-Cap ETF		172,250		60,113			(24,830	)		2,642			(30,414	)		179,761		5,331		2,015			—
iShares ESG Aware U.S. Aggregate Bond ETF		27,565		5,910			(4,687	)		(528	)		(4,181	)		24,079		527		405			—
iShares MSCI Canada ETF		135,484		27,803			(86,727	)		12,868			(26,605	)		62,823		1,902		2,371			—
iShares MSCI EAFE Small-Cap ETF		126,880		38,300			(15,935	)		(3,062	)		(43,335	)		102,848		2,019		4,743			—
iShares MSCI Emerging Markets Small-Cap ETF		43,266		11,602			(3,987	)		(438	)		(11,432	)		39,011		854		1,304			—
iShares TIPS Bond ETF		3,474		1,968			(242	)		(16	)		(716	)		4,468		42		255			—
									$	(37,666	)	$	(657,885	)	$	2,847,099			$	65,992		$	230

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

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

Schedule of Investments  (continued) October 31, 2022 BlackRock LifePath^® ESG Index 2060 Fund

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Investment Companies
Equity Funds	$	2,729,292	$	—	$	—	$	2,729,292
Fixed-Income Funds		28,547		—		—		28,547
Money Market Funds		89,260		—		—		89,260
	$	2,847,099	$	—	$	—	$	2,847,099

See notes to financial statements.

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

Schedule of Investments October 31, 2022 BlackRock LifePath^® ESG Index 2065 Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies(a)
Equity Funds — 99.5%
iShares Developed Real Estate Index Fund, Class K		11,763	$	100,815
iShares ESG Aware MSCI EAFE ETF		9,272		550,757
iShares ESG Aware MSCI EM ETF		2,632		71,827
iShares ESG Aware MSCI USA ETF		12,929		1,108,662
iShares ESG Aware MSCI USA Small-Cap ETF		4,191		141,320
iShares MSCI Canada ETF(b)		1,499		49,512
iShares MSCI EAFE Small-Cap ETF		1,570		79,976
iShares MSCI Emerging Markets Small-Cap ETF		671		30,651
				2,133,520
Fixed-Income Funds — 1.0%
iShares ESG Aware U.S. Aggregate Bond ETF(b)		465		21,246
Money Market Funds — 2.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%(c)(d)		41,939		41,930
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(c)		4,319		4,319
				46,249
Total Investments — 102.7% (Cost: $2,164,266)				2,201,015
Liabilities in Excess of Other Assets — (2.7)%				(56,971	)
Net Assets — 100.0%			$	2,144,044

^(a)  Affiliate of the Fund.

^(b)  All or a portion of this security is on loan.

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

^(d)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/22		Shares Held at 10/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	294,947	$	—	$	(252,457	)(a)	$	(560	)	$	—		$	41,930		41,939	$	2,683	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		7,003		—		(2,684	)(a)		—			—			4,319		4,319		39			—
iShares Developed Real Estate Index Fund, Class K		129,338		18,533		(14,224	)		1,005			(33,837	)		100,815		11,763		2,755			210
iShares ESG Aware MSCI EAFE ETF		718,674		126,360		(104,863	)		(6,580	)		(182,834	)		550,757		9,272		22,670			—
iShares ESG Aware MSCI EM ETF		98,352		65,225		(47,531	)		(16,892	)		(27,327	)		71,827		2,632		2,728			—
iShares ESG Aware MSCI USA ETF		1,257,422		174,821		(81,701	)		(334	)		(241,546	)		1,108,662		12,929		16,057			—
iShares ESG Aware MSCI USA Small-Cap ETF		156,684		22,870		(13,304	)		3,475			(28,405	)		141,320		4,191		1,680			—
iShares ESG Aware U.S. Aggregate Bond ETF		28,337		2,253		(4,766	)		(620	)		(3,958	)		21,246		465		390			—
iShares MSCI Canada ETF		123,613		7,891		(70,551	)		15,294			(26,735	)		49,512		1,499		2,075			—
iShares MSCI EAFE Small-Cap ETF		116,586		11,850		(8,766	)		(1,722	)		(37,972	)		79,976		1,570		4,064			—
iShares MSCI Emerging Markets Small-Cap ETF		38,866		3,848		(1,877	)		(175	)		(10,011	)		30,651		671		1,155			—
								$	(7,109	)	$	(592,625	)	$	2,201,015			$	56,296		$	210

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

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

Schedule of Investments  (continued) October 31, 2022 BlackRock LifePath^® ESG Index 2065 Fund

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Investment Companies
Equity Funds	$	2,133,520	$	—	$	—	$	2,133,520
Fixed-Income Funds		21,246		—		—		21,246
Money Market Funds		46,249		—		—		46,249
	$	2,201,015	$	—	$	—	$	2,201,015

See notes to financial statements.

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

Statements of Assets and Liabilities

October 31, 2022

	BlackRock LifePath® ESG Index Retirement Fund				BlackRock LifePath® ESG Index 2025 Fund				BlackRock LifePath® ESG Index 2030 Fund				BlackRock LifePath® ESG Index 2035 Fund
ASSETS
Investments, at value — affiliated(a)(b)		$	2,600,188			$	3,681,821			$	3,939,207			$	2,924,690
Receivables:
Investments sold			22,287				31,471				30,383				20,622
Securities lending income — affiliated			225				338				273				234
Capital shares sold			—				352				646				—
Dividends — affiliated			8				—				—				—
From the Administrator			1,384				1,279				1,223				1,326
From the Manager			168				215				266				237
Total assets			2,624,260				3,715,476				3,971,998				2,947,109
LIABILITIES
Collateral on securities loaned			732,936				1,123,447				1,049,413				575,618
Payables:
Investments purchased			22,301				31,533				30,528				21,850
Trustees’ and Officer’s fees			1,723				1,723				1,723				1,723
Professional fees			15,102				15,103				15,089				15,102
Service fees			30				124				204				33
Total liabilities			772,092				1,171,930				1,096,957				614,326
NET ASSETS		$	1,852,168			$	2,543,546			$	2,875,041			$	2,332,783
NET ASSETS CONSIST OF
Paid-in capital		$	2,087,993			$	2,809,872			$	3,134,835			$	2,449,679
Accumulated loss			(235,825	)			(266,326	)			(259,794	)			(116,896	)
NET ASSETS		$	1,852,168			$	2,543,546			$	2,875,041			$	2,332,783
NET ASSET VALUE
Institutional
Net assets		$	88,902			$	92,157			$	100,609			$	116,977
Shares outstanding			10,000				10,000				10,616				12,101
Net asset value		$	8.89			$	9.22			$	9.48			$	9.67
Shares authorized			Unlimited				Unlimited				Unlimited				Unlimited
Par value			No par value				No par value				No par value				No par value
Investor A
Net assets		$	148,260			$	628,234			$	1,018,383			$	167,054
Shares outstanding			16,681				68,239				107,586				17,290
Net asset value		$	8.89			$	9.21			$	9.47			$	9.66
Shares authorized			Unlimited				Unlimited				Unlimited				Unlimited
Par value			No par value				No par value				No par value				No par value
Class K
Net assets		$	1,615,006			$	1,823,155			$	1,756,049			$	2,048,752
Shares outstanding			181,650				197,862				185,310				211,927
Net asset value		$	8.89			$	9.21			$	9.48			$	9.67
Shares authorized			Unlimited				Unlimited				Unlimited				Unlimited
Par value			No par value				No par value				No par value				No par value
(a) Investments, at cost — affiliated		$	2,814,303			$	3,925,369			$	4,164,781			$	3,033,205
(b) Securities loaned, at value		$	712,501			$	1,092,133			$	1,020,359			$	559,562

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 47

Statements of Assets and Liabilities  (continued)

October 31, 2022

	BlackRock LifePath® ESG Index 2040 Fund				BlackRock LifePath® ESG Index 2045 Fund				BlackRock LifePath® ESG Index 2050 Fund				BlackRock LifePath® ESG Index 2055 Fund
ASSETS
Investments, at value — affiliated(a)(b)		$	2,859,723			$	3,457,383			$	3,686,848			$	2,647,072
Receivables:
Investments sold			13,859				6,062				—				270
Securities lending income — affiliated			214				342				502				423
Capital shares sold			—				809				2,283				630
From the Administrator			1,274				1,182				1,201				1,305
From the Manager			307				405				336				285
Total assets			2,875,377				3,466,183				3,691,170				2,649,985
LIABILITIES
Collateral on securities loaned			90,854				68,269				274,392				79,109
Payables:
Investments purchased			16,597				8,462				2,687				4,819
Trustees’ and Officer’s fees			1,723				1,723				1,724				1,723
Professional fees			15,102				15,076				15,102				15,102
Service fees			40				138				51				29
Total liabilities			124,316				93,668				293,956				100,782
NET ASSETS		$	2,751,061			$	3,372,515			$	3,397,214			$	2,549,203
NET ASSETS CONSIST OF
Paid-in capital		$	2,865,502			$	3,528,208			$	3,525,189			$	2,569,997
Accumulated loss			(114,441	)			(155,693	)			(127,975	)			(20,794	)
NET ASSETS		$	2,751,061			$	3,372,515			$	3,397,214			$	2,549,203
NET ASSET VALUE
Institutional
Net assets		$	264,478			$	105,443			$	107,775			$	105,766
Shares outstanding			26,687				10,406				10,553				10,361
Net asset value		$	9.91			$	10.13			$	10.21			$	10.21
Shares authorized			Unlimited				Unlimited				Unlimited				Unlimited
Par value			No par value				No par value				No par value				No par value
Investor A
Net assets		$	232,525			$	693,424			$	262,702			$	147,610
Shares outstanding			23,466				68,523				25,742				14,466
Net asset value		$	9.91			$	10.12			$	10.21			$	10.20
Shares authorized			Unlimited				Unlimited				Unlimited				Unlimited
Par value			No par value				No par value				No par value				No par value
Class K
Net assets		$	2,254,058			$	2,573,648			$	3,026,737			$	2,295,827
Shares outstanding			227,389				253,978				296,417				224,902
Net asset value		$	9.91			$	10.13			$	10.21			$	10.21
Shares authorized			Unlimited				Unlimited				Unlimited				Unlimited
Par value			No par value				No par value				No par value				No par value
(a) Investments, at cost — affiliated		$	2,945,272			$	3,564,241			$	3,783,421			$	2,649,628
(b) Securities loaned, at value		$	87,338			$	66,325			$	265,859			$	76,865

See notes to financial statements.

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

Statements of Assets and Liabilities  (continued)

October 31, 2022

	BlackRock LifePath® ESG Index 2060 Fund				BlackRock LifePath® ESG Index 2065 Fund
ASSETS
Investments, at value — affiliated(a)(b)		$	2,847,099			$	2,201,015
Receivables:
Investments sold			1				644
Securities lending income — affiliated			503				415
Capital shares sold			2,785				50
From the Administrator			1,277				1,352
From the Manager			296				272
Total assets			2,851,961				2,203,748
LIABILITIES
Collateral on securities loaned			79,666				42,162
Payables:
Investments purchased			4,584				685
Trustees’ and Officer’s fees			1,723				1,724
Professional fees			15,103				15,102
Service fees			41				31
Total liabilities			101,117				59,704
NET ASSETS		$	2,750,844			$	2,144,044
NET ASSETS CONSIST OF
Paid-in capital		$	2,796,217			$	2,114,064
Accumulated earnings (loss)			(45,373	)			29,980
NET ASSETS		$	2,750,844			$	2,144,044
NET ASSET VALUE
Institutional
Net assets		$	158,701			$	102,930
Shares outstanding			15,500				10,078
Net asset value		$	10.24			$	10.21
Shares authorized			Unlimited				Unlimited
Par value			No par value				No par value
Investor A
Net assets		$	222,027			$	160,219
Shares outstanding			21,700				15,695
Net asset value		$	10.23			$	10.21
Shares authorized			Unlimited				Unlimited
Par value			No par value				No par value
Class K
Net assets		$	2,370,116			$	1,880,895
Shares outstanding			231,446				184,157
Net asset value		$	10.24			$	10.21
Shares authorized			Unlimited				Unlimited
Par value			No par value				No par value
(a) Investments, at cost — affiliated		$	2,854,697			$	2,164,266
(b) Securities loaned, at value		$	77,409			$	40,974

See notes to financial statements.

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

Statements of Operations

Year Ended October 31, 2022

	BlackRock LifePath® ESG Index Retirement Fund				BlackRock LifePath® ESG Index 2025 Fund				BlackRock LifePath® ESG Index 2030 Fund				BlackRock LifePath® ESG Index 2035 Fund
INVESTMENT INCOME
Dividends — affiliated		$	46,232			$	61,751			$	73,890			$	55,876
Securities lending income — affiliated — net			2,067				1,734				1,689				3,006
Total investment income			48,299				63,485				75,579				58,882
EXPENSES
Professional			15,276				15,276				15,277				15,276
Trustees and Officer			6,753				6,757				6,760				6,755
Administration — class specific			3,235				4,481				5,460				3,745
Investment advisory			1,039				1,362				1,608				1,197
Service — class specific			332				1,709				2,819				447
Miscellaneous			57				57				57				57
Total expenses			26,692				29,642				31,981				27,477
Less:
Fees waived and/or reimbursed by the Administrator/Manager			(24,990	)			(26,181	)			(27,293	)			(26,231	)
Total expenses after fees waived and/or reimbursed			1,702				3,461				4,688				1,246
Net investment income			46,597				60,024				70,891				57,636
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — affiliated			(23,390	)			(24,888	)			(35,838	)			(9,562	)
Capital gain distributions from underlying funds — affiliated			86				106				172				146
			(23,304	)			(24,782	)			(35,666	)			(9,416	)
Net change in unrealized appreciation (depreciation) on:
Investments — affiliated			(408,625	)			(559,801	)			(681,440	)			(549,982	)
			(408,625	)			(559,801	)			(681,440	)			(549,982	)
Net realized and unrealized loss			(431,929	)			(584,583	)			(717,106	)			(559,398	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	(385,332	)		$	(524,559)			$	(646,215)			$	(501,762)

See notes to financial statements.

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

Statements of Operations (continued)

Year Ended October 31, 2022

	BlackRock LifePath® ESG Index 2040 Fund				BlackRock LifePath® ESG Index 2045 Fund				BlackRock LifePath® ESG Index 2050 Fund				BlackRock LifePath® ESG Index 2055 Fund
INVESTMENT INCOME
Dividends — affiliated		$	62,926			$	71,795			$	69,634			$	59,181
Securities lending income — affiliated — net			2,577				3,437				2,783				2,933
Total investment income			65,503				75,232				72,417				62,114
EXPENSES
Professional			15,276				15,276				15,276				15,276
Trustees and Officer			6,757				6,760				6,760				6,756
Administration — class specific			4,252				4,894				4,644				3,976
Investment advisory			1,340				1,521				1,485				1,281
Service — class specific			448				1,360				652				374
Miscellaneous			57				55				55				56
Total expenses			28,130				29,866				28,872				27,719
Less:
Fees waived and/or reimbursed by the Administrator/Manager			(27,069	)			(28,092	)			(27,966	)			(27,155	)
Total expenses after fees waived and/or reimbursed			1,061				1,774				906				564
Net investment income			64,442				73,458				71,511				61,550
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — affiliated			(29,752	)			(49,011	)			(31,490	)			(18,399	)
Capital gain distributions from underlying funds — affiliated			186				223				210				212
			(29,566	)			(48,788	)			(31,280	)			(18,187	)
Net change in unrealized appreciation (depreciation) on:
Investments — affiliated			(615,224	)			(713,521	)			(729,328	)			(631,718	)
			(615,224	)			(713,521	)			(729,328	)			(631,718	)
Net realized and unrealized loss			(644,790	)			(762,309	)			(760,608	)			(649,905	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	(580,348	)		$	(688,851	)		$	(689,097	)		$	(588,355	)

See notes to financial statements.

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

Statements of Operations (continued)

Year Ended October 31, 2022

	BlackRock LifePath® ESG Index 2060 Fund				BlackRock LifePath® ESG Index 2065 Fund
INVESTMENT INCOME
Dividends — affiliated		$	63,388			$	53,711
Securities lending income — affiliated — net			2,604				2,585
Total investment income			65,992				56,296
EXPENSES
Professional			15,275				15,274
Trustees and Officer			6,758				6,754
Administration — class specific			4,402				3,706
Investment advisory			1,392				1,190
Service — class specific			691				388
Miscellaneous			57				58
Total expenses			28,575				27,370
Less:
Fees waived and/or reimbursed by the Administrator/Manager			(27,604	)			(26,788	)
Total expenses after fees waived and/or reimbursed			971				582
Net investment income			65,021				55,714
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — affiliated			(37,666	)			(7,109	)
Capital gain distributions from underlying funds — affiliated			230				210
			(37,436	)			(6,899	)
Net change in unrealized appreciation (depreciation) on:
Investments — affiliated			(657,885	)			(592,625	)
			(657,885	)			(592,625	)
Net realized and unrealized loss			(695,321	)			(599,524	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	(630,300	)		$	(543,810	)

See notes to financial statements.

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

Statements of Changes in Net Assets

	BlackRock LifePath® ESG Index Retirement Fund						BlackRock LifePath® ESG Index 2025 Fund
		Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/22			Year Ended 10/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	46,597		$	34,733		$	60,024		$	39,278
Net realized gain (loss)		(23,304	)		26,697			(24,782	)		13,101
Net change in unrealized appreciation (depreciation)		(408,625	)		238,091			(559,801	)		365,077
Net increase (decrease) in net assets resulting from operations		(385,332	)		299,521			(524,559	)		417,456
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional		(3,563	)		(1,704	)		(2,798	)		(1,631	)
Investor A		(4,266	)		(1,584	)		(16,678	)		(7,071	)
Class K		(65,972	)		(31,647	)		(53,835	)		(30,337	)
Decrease in net assets resulting from distributions to shareholders		(73,801	)		(34,935	)		(73,311	)		(39,039	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		71,156			16,837			249,558			560,314
NET ASSETS
Total increase (decrease) in net assets		(387,977	)		281,423			(348,312	)		938,731
Beginning of year		2,240,145			1,958,722			2,891,858			1,953,127
End of year	$	1,852,168		$	2,240,145		$	2,543,546		$	2,891,858

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

See notes to financial statements.

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

Statements of Changes in Net Assets (continued)

	BlackRock LifePath® ESG Index 2030 Fund						BlackRock LifePath® ESG Index 2035 Fund
		Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/22			Year Ended 10/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	70,891		$	45,508		$	57,636		$	40,824
Net realized gain (loss)		(35,666	)		16,971			(9,416	)		29,908
Net change in unrealized appreciation (depreciation)		(681,440	)		512,109			(549,982	)		505,142
Net increase (decrease) in net assets resulting from operations		(646,215	)		574,588			(501,762	)		575,874
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional		(4,717	)		(1,682	)		(4,853	)		(2,185	)
Investor A		(28,575	)		(12,001	)		(6,186	)		(1,989	)
Class K		(55,230	)		(31,281	)		(77,098	)		(36,328	)
Decrease in net assets resulting from distributions to shareholders		(88,522	)		(44,964	)		(88,137	)		(40,502	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(34,798	)		1,169,633			391,648			58,031
NET ASSETS
Total increase (decrease) in net assets		(769,535	)		1,699,257			(198,251	)		593,403
Beginning of year		3,644,576			1,945,319			2,531,034			1,937,631
End of year	$	2,875,041		$	3,644,576		$	2,332,783		$	2,531,034

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

See notes to financial statements.

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

Statements of Changes in Net Assets (continued)

	BlackRock LifePath® ESG Index 2040 Fund						BlackRock LifePath® ESG Index 2045 Fund
		Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/22			Year Ended 10/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	64,442		$	41,690		$	73,458		$	43,289
Net realized gain (loss)		(29,566	)		25,417			(48,788	)		17,749
Net change in unrealized appreciation (depreciation)		(615,224	)		600,240			(713,521	)		682,622
Net increase (decrease) in net assets resulting from operations		(580,348	)		667,347			(688,851	)		743,660
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional		(9,520	)		(2,483	)		(3,536	)		(2,030	)
Investor A		(5,367	)		(2,112	)		(14,940	)		(3,037	)
Class K		(75,745	)		(36,459	)		(73,945	)		(37,598	)
Decrease in net assets resulting from distributions to shareholders		(90,632	)		(41,054	)		(92,421	)		(42,665	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		645,872			199,630			1,307,739			220,469
NET ASSETS
Total increase (decrease) in net assets		(25,108	)		825,923			526,467			921,464
Beginning of year		2,776,169			1,950,246			2,846,048			1,924,584
End of year	$	2,751,061		$	2,776,169		$	3,372,515		$	2,846,048

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

See notes to financial statements.

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

Statements of Changes in Net Assets (continued)

	BlackRock LifePath® ESG Index 2050 Fund						BlackRock LifePath® ESG Index 2055 Fund
		Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/22			Year Ended 10/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	71,511		$	42,377		$	61,550		$	42,109
Net realized gain (loss)		(31,280	)		16,980			(18,187	)		21,367
Net change in unrealized appreciation (depreciation)		(729,328	)		711,433			(631,718	)		708,384
Net increase (decrease) in net assets resulting from operations		(689,097	)		770,790			(588,355	)		771,860
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional		(3,530	)		(2,025	)		(3,804	)		(2,055	)
Investor A		(7,233	)		(2,336	)		(4,297	)		(1,885	)
Class K		(78,752	)		(37,520	)		(75,672	)		(37,769	)
Decrease in net assets resulting from distributions to shareholders		(89,515	)		(41,881	)		(83,773	)		(41,709	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		1,421,147			104,042			528,216			41,781
NET ASSETS
Total increase (decrease) in net assets		642,535			832,951			(143,912	)		771,932
Beginning of year		2,754,679			1,921,728			2,693,115			1,921,183
End of year	$	3,397,214		$	2,754,679		$	2,549,203		$	2,693,115

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

See notes to financial statements.

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

Statements of Changes in Net Assets (continued)

	BlackRock LifePath® ESG Index 2060 Fund						BlackRock LifePath® ESG Index 2065 Fund
		Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/22			Year Ended 10/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	65,021		$	43,341		$	55,714		$	42,391
Net realized gain (loss)		(37,436	)		14,339			(6,899	)		22,220
Net change in unrealized appreciation (depreciation)		(657,885	)		729,523			(592,625	)		708,544
Net increase (decrease) in net assets resulting from operations		(630,300	)		787,203			(543,810	)		773,155
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional		(5,016	)		(2,134	)		(3,827	)		(2,051	)
Investor A		(7,645	)		(2,890	)		(4,579	)		(1,890	)
Class K		(67,919	)		(37,832	)		(70,212	)		(37,986	)
Decrease in net assets resulting from distributions to shareholders		(80,580	)		(42,856	)		(78,618	)		(41,927	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		529,384			266,833			93,528			20,536
NET ASSETS
Total increase (decrease) in net assets		(181,496	)		1,011,180			(528,900	)		751,764
Beginning of year		2,932,340			1,921,160			2,672,944			1,921,180
End of year	$	2,750,844		$	2,932,340		$	2,144,044		$	2,672,944

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

See notes to financial statements.

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

Financial Highlights

(For a share outstanding throughout each period)

	BlackRock LifePath® ESG Index Retirement Fund
	Institutional
									Period from
	Year Ended				Year Ended						08/18/20	(a)
		10/31/22				10/31/21			to 10/31/20
Net asset value, beginning of period		$	11.11			$	9.79			$	10.00
Net investment income(b)			0.22				0.17				0.02
Net realized and unrealized gain (loss)			(2.09	)			1.32				(0.22	)
Net increase (decrease) from investment operations			(1.87	)			1.49				(0.20	)
Distributions(c)
From net investment income			(0.21	)			(0.17	)			(0.01	)
From net realized gain			(0.14	)			(0.00	)(d)			—
Total distributions			(0.35	)			(0.17	)			(0.01	)
Net asset value, end of period		$	8.89			$	11.11			$	9.79
Total Return(e)
Based on net asset value			(17.14	)%			15.30	%			(1.97	)%(f)
Ratios to Average Net Assets(g)
Total expenses			1.31	%			1.35	%			1.98	%(h)(i)
Total expenses after fees waived and/or reimbursed			0.11	%			0.12	%			0.05	%(h)
Net investment income			2.21	%			1.57	%			1.17	%(h)
Supplemental Data
Net assets, end of period (000)		$	89			$	111			$	98
Portfolio turnover rate			17	%			11	%			1	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

^(d)  Amount is greater than $(0.005) per share.

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

^(f)  Not annualized.

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

^(h)  Annualized.

⁽ⁱ⁾  Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.66%.

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock LifePath® ESG Index Retirement Fund  (continued)
	Investor A
									Period from
	Year Ended				Year Ended						08/18/20	(a)
		10/31/22				10/31/21			to 10/31/20
Net asset value, beginning of period		$	11.11			$	9.79			$	10.00
Net investment income(b)			0.20				0.14				0.02
Net realized and unrealized gain (loss)			(2.09	)			1.32				(0.22	)
Net increase (decrease) from investment operations			(1.89	)			1.46				(0.20	)
Distributions(c)
From net investment income			(0.19	)			(0.14	)			(0.01	)
From net realized gain			(0.14	)			(0.00	)(d)			—
Total distributions			(0.33	)			(0.14	)			(0.01	)
Net asset value, end of period		$	8.89			$	11.11			$	9.79
Total Return(e)
Based on net asset value			(17.34	)%			15.02	%			(2.00	)%(f)
Ratios to Average Net Assets(g)
Total expenses			1.57	%			1.60	%			2.22	%(h)(i)
Total expenses after fees waived and/or reimbursed			0.36	%			0.37	%			0.29	%(h)
Net investment income			1.98	%			1.32	%			0.94	%(h)
Supplemental Data
Net assets, end of period (000)		$	148			$	129			$	98
Portfolio turnover rate			17	%			11	%			1	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

^(d)  Amount is greater than $(0.005) per share.

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

^(f)  Not annualized.

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

^(h)  Annualized.

⁽ⁱ⁾  Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.91%.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 59

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock LifePath® ESG Index Retirement Fund  (continued)
	Class K
									Period from
	Year Ended				Year Ended						08/18/20	(a)
		10/31/22				10/31/21				to 10/31/20
Net asset value, beginning of period		$	11.11			$	9.79			$	10.00
Net investment income(b)			0.23				0.17				0.02
Net realized and unrealized gain (loss)			(2.09	)			1.32				(0.22	)
Net increase (decrease) from investment operations			(1.86	)			1.49				(0.20	)
Distributions(c)
From net investment income			(0.22	)			(0.17	)			(0.01	)
From net realized gain			(0.14	)			(0.00	)(d)			—
Total distributions			(0.36	)			(0.17	)			(0.01	)
Net asset value, end of period		$	8.89			$	11.11			$	9.79
Total Return(e)
Based on net asset value			(17.10	)%			15.35	%			(1.96	)%(f)
Ratios to Average Net Assets(g)
Total expenses			1.26	%			1.30	%			1.93	%(h)(i)
Total expenses after fees waived and/or reimbursed			0.06	%			0.07	%			—	%(h)
Net investment income			2.26	%			1.62	%			1.23	%(h)
Supplemental Data
Net assets, end of period (000)		$	1,615			$	2,000			$	1,763
Portfolio turnover rate			17	%			11	%			1	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

^(d)  Amount is greater than $(0.005) per share.

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

^(f)  Not annualized.

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

^(h)  Annualized.

⁽ⁱ⁾  Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.61%.

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock LifePath® ESG Index 2025 Fund
	Institutional
										Period from
		Year Ended				Year Ended						08/18/20	(a)
		10/31/22				10/31/21				to 10/31/20
Net asset value, beginning of period			$	11.49			$	9.77			$	10.00
Net investment income(b)				0.23				0.17				0.02
Net realized and unrealized gain (loss)				(2.22	)			1.71				(0.24	)
Net increase (decrease) from investment operations				(1.99	)			1.88				(0.22	)
Distributions(c)
From net investment income				(0.22	)			(0.16	)			(0.01	)
From net realized gain				(0.06	)			(0.00	)(d)			—
Total distributions				(0.28	)			(0.16	)			(0.01	)
Net asset value, end of period			$	9.22			$	11.49			$	9.77
Total Return(e)
Based on net asset value				(17.56	)%			19.36	%			(2.16	)%(f)
Ratios to Average Net Assets(g)
Total expenses				1.06	%			1.17	%			1.98	%(h)(i)
Total expenses after fees waived and/or reimbursed				0.10	%			0.10	%			0.05	%(h)
Net investment income				2.19	%			1.52	%			1.12	%(h)
Supplemental Data
Net assets, end of period (000)			$	92			$	115			$	98
Portfolio turnover rate				15	%			12	%			1	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

^(d)  Amount is greater than $(0.005) per share.

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

^(f)  Not annualized.

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

^(h)  Annualized.

⁽ⁱ⁾  Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.66%.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 61

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock LifePath® ESG Index 2025 Fund (continued)
	Investor A
										Period from
		Year Ended				Year Ended						08/18/20	(a)
		10/31/22				10/31/21				to 10/31/20
Net asset value, beginning of period			$	11.48			$	9.76			$	10.00
Net investment income(b)				0.20				0.14				0.02
Net realized and unrealized gain (loss)				(2.21	)			1.72				(0.25	)
Net increase (decrease) from investment operations				(2.01	)			1.86				(0.23	)
Distributions(c)
From net investment income				(0.20	)			(0.14	)			(0.01	)
From net realized gain				(0.06	)			(0.00	)(d)			—
Total distributions				(0.26	)			(0.14	)			(0.01	)
Net asset value, end of period			$	9.21			$	11.48			$	9.76
Total Return(e)
Based on net asset value				(17.78	)%			19.19	%			(2.29	)%(f)
Ratios to Average Net Assets(g)
Total expenses				1.31	%			1.36	%			2.23	%(h)(i)
Total expenses after fees waived and/or reimbursed				0.35	%			0.35	%			0.30	%(h)
Net investment income				1.97	%			1.22	%			0.87	%(h)
Supplemental Data
Net assets, end of period (000)			$	628			$	709			$	98
Portfolio turnover rate				15	%			12	%			1	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

^(d)  Amount is greater than $(0.005) per share.

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

^(f)  Not annualized.

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

^(h)  Annualized.

⁽ⁱ⁾  Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.91%.

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock LifePath® ESG Index 2025 Fund (continued)
	Class K
										Period from
		Year Ended				Year Ended						08/18/20	(a)
		10/31/22				10/31/21				to 10/31/20
Net asset value, beginning of period			$	11.49			$	9.77			$	10.00
Net investment income(b)				0.24				0.17				0.02
Net realized and unrealized gain (loss)				(2.23	)			1.72				(0.24	)
Net increase (decrease) from investment operations				(1.99	)			1.89				(0.22	)
Distributions(c)
From net investment income				(0.23	)			(0.17	)			(0.01	)
From net realized gain				(0.06	)			(0.00	)(d)			—
Total distributions				(0.29	)			(0.17	)			(0.01	)
Net asset value, end of period			$	9.21			$	11.49			$	9.77
Total Return(e)
Based on net asset value				(17.60	)%			19.42	%			(2.15	)%(f)
Ratios to Average Net Assets(g)
Total expenses				1.01	%			1.12	%			1.93	%(h)(i)
Total expenses after fees waived and/or reimbursed				0.05	%			0.05	%			—	%(h)
Net investment income				2.29	%			1.57	%			1.18	%(h)
Supplemental Data
Net assets, end of period (000)			$	1,823			$	2,068			$	1,758
Portfolio turnover rate				15	%			12	%			1	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

^(d)  Amount is greater than $(0.005) per share.

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

^(f)  Not annualized.

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

^(h)  Annualized.

⁽ⁱ⁾  Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.61%.

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock LifePath® ESG Index 2030 Fund
	Institutional
										Period from
		Year Ended				Year Ended						08/18/20	(a)
				10/31/22				10/31/21		to 10/31/20
Net asset value, beginning of period			$	11.92			$	9.73			$	10.00
Net investment income(b)				0.25				0.17				0.02
Net realized and unrealized gain (loss)				(2.39	)			2.19				(0.27	)
Net increase (decrease) from investment operations				(2.14	)			2.36				(0.25	)
Distributions(c)
From net investment income				(0.24	)			(0.17	)			(0.02	)
From net realized gain				(0.06	)			(0.00	)(d)			—
Total distributions				(0.30	)			(0.17	)			(0.02	)
Net asset value, end of period			$	9.48			$	11.92			$	9.73
Total Return(e)
Based on net asset value				(18.24	)%			24.34	%			(2.55	)%(f)
Ratios to Average Net Assets(g)
Total expenses				0.92	%			1.05	%			1.98	%(h)(i)
Total expenses after fees waived and/or reimbursed				0.09	%			0.08	%			0.05	%(h)
Net investment income				2.32	%			1.47	%			1.10	%(h)
Supplemental Data
Net assets, end of period (000)			$	101			$	253			$	97
Portfolio turnover rate				16	%			11	%			1	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

^(d)  Amount is greater than $(0.005) per share.

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

^(f)  Not annualized.

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

^(h)  Annualized.

⁽ⁱ⁾  Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.66%.

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock LifePath® ESG Index 2030 Fund (continued)
	Investor A
										Period from
		Year Ended				Year Ended						08/18/20	(a)
		10/31/22				10/31/21				to 10/31/20
Net asset value, beginning of period			$	11.91			$	9.72			$	10.00
Net investment income(b)				0.21				0.15				0.02
Net realized and unrealized gain (loss)				(2.38	)			2.19				(0.29	)
Net increase (decrease) from investment operations				(2.17	)			2.34				(0.27	)
Distributions(c)
From net investment income				(0.21	)			(0.15	)			(0.01	)
From net realized gain				(0.06	)			(0.00	)(d)			—
Total distributions				(0.27	)			(0.15	)			(0.01	)
Net asset value, end of period			$	9.47			$	11.91			$	9.72
Total Return(e)
Based on net asset value				(18.44	)%			24.17	%			(2.68	)%(f)
Ratios to Average Net Assets(g)
Total expenses				1.19	%			1.25	%			2.23	%(h)(i)
Total expenses after fees waived and/or reimbursed				0.34	%			0.33	%			0.30	%(h)
Net investment income				2.01	%			1.31	%			0.85	%(h)
Supplemental Data
Net assets, end of period (000)			$	1,018			$	1,246			$	97
Portfolio turnover rate				16	%			11	%			1	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

^(d)  Amount is greater than $(0.005) per share.

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

^(f)  Not annualized.

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

^(h)  Annualized.

⁽ⁱ⁾  Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.91%.

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock LifePath® ESG Index 2030 Fund (continued)
	Class K
										Period from
		Year Ended				Year Ended						08/18/20	(a)
		10/31/22				10/31/21				to 10/31/20
Net asset value, beginning of period			$	11.92			$	9.73			$	10.00
Net investment income(b)				0.25				0.18				0.02
Net realized and unrealized gain (loss)				(2.39	)			2.18				(0.27	)
Net increase (decrease) from investment operations				(2.14	)			2.36				(0.25	)
Distributions(c)
From net investment income				(0.24	)			(0.17	)			(0.02	)
From net realized gain				(0.06	)			(0.00	)(d)			—
Total distributions				(0.30	)			(0.17	)			(0.02	)
Net asset value, end of period			$	9.48			$	11.92			$	9.73
Total Return(e)
Based on net asset value				(18.18	)%			24.40	%			(2.55	)%(f)
Ratios to Average Net Assets(g)
Total expenses				0.89	%			1.01	%			1.93	%(h)(i)
Total expenses after fees waived and/or reimbursed				0.04	%			0.04	%			—	%(h)
Net investment income				2.31	%			1.60	%			1.16	%(h)
Supplemental Data
Net assets, end of period (000)			$	1,756			$	2,146			$	1,751
Portfolio turnover rate				16	%			11	%			1	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

^(d)  Amount is greater than $(0.005) per share.

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

^(f)  Not annualized.

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

^(h)  Annualized.

⁽ⁱ⁾  Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.61%.

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock LifePath® ESG Index 2035 Fund
	Institutional
										Period from
		Year Ended				Year Ended						08/18/20	(a)
		10/31/21				10/31/21				to 10/31/20
Net asset value, beginning of period			$	12.34			$	9.69			$	10.00
Net investment income(b)				0.26				0.20				0.02
Net realized and unrealized gain (loss)				(2.53	)			2.65				(0.31	)
Net increase (decrease) from investment operations				(2.27	)			2.85				(0.29	)
Distributions(c)
From net investment income				(0.25	)			(0.20	)			(0.02	)
From net realized gain				(0.15	)			(0.00	)(d)			—
Total distributions				(0.40	)			(0.20	)			(0.02	)
Net asset value, end of period			$	9.67			$	12.34			$	9.69
Total Return(e)
Based on net asset value				(18.79	)%			29.53	%			(2.94	)%(f)
Ratios to Average Net Assets(g)
Total expenses				1.17	%			1.26	%			1.98	%(h)(i)
Total expenses after fees waived and/or reimbursed				0.08	%			0.07	%			0.05	%(h)
Net investment income				2.37	%			1.70	%			1.10	%(h)
Supplemental Data
Net assets, end of period (000)			$	117			$	148			$	97
Portfolio turnover rate				12	%			11	%			2	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

^(d)  Amount is greater than $(0.005) per share.

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

^(f)  Not annualized.

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

^(h)  Annualized.

⁽ⁱ⁾  Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.66%.

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock LifePath® ESG Index 2035 Fund (continued)
	Investor A
										Period from
		Year Ended				Year Ended						08/18/20	(a)
		10/31/22				10/31/21				to 10/31/20
Net asset value, beginning of period			$	12.34			$	9.69			$	10.00
Net investment income(b)				0.23				0.17				0.02
Net realized and unrealized gain (loss)				(2.53	)			2.65				(0.32	)
Net increase (decrease) from investment operations				(2.30	)			2.82				(0.30	)
Distributions(c)
From net investment income				(0.23	)			(0.17	)			(0.01	)
From net realized gain				(0.15	)			(0.00	)(d)			—
Total distributions				(0.38	)			(0.17	)			(0.01	)
Net asset value, end of period			$	9.66			$	12.34			$	9.69
Total Return(e)
Based on net asset value				(19.07	)%			29.24	%			(2.97	)%(f)
Ratios to Average Net Assets(g)
Total expenses				1.42	%			1.50	%			2.23	%(h)(i)
Total expenses after fees waived and/or reimbursed				0.33	%			0.32	%			0.30	%(h)
Net investment income				2.14	%			1.47	%			0.85	%(h)
Supplemental Data
Net assets, end of period (000)			$	167			$	161			$	97
Portfolio turnover rate				12	%			11	%			2	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

^(d)  Amount is greater than $(0.005) per share.

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

^(f)  Not annualized.

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

^(h)  Annualized.

⁽ⁱ⁾  Audit, offering and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.91%.

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock LifePath® ESG Index 2035 Fund (continued)
	Class K
										Period from
		Year Ended				Year Ended						08/18/20	(a)
		10/31/22				10/31/21				to 10/31/20
Net asset value, beginning of period			$	12.34			$	9.69			$	10.00
Net investment income(b)				0.26				0.20				0.02
Net realized and unrealized gain (loss)				(2.52	)			2.65				(0.31	)
Net increase (decrease) from investment operations				(2.26	)			2.85				(0.29	)
Distributions(c)
From net investment income				(0.26	)			(0.20	)			(0.02	)
From net realized gain				(0.15	)			(0.00	)(d)			—
Total distributions				(0.41	)			(0.20	)			(0.02	)
Net asset value, end of period			$	9.67			$	12.34			$	9.69
Total Return(e)
Based on net asset value				(18.74	)%			29.59	%			(2.94	)%(f)
Ratios to Average Net Assets(g)
Total expenses				1.12	%			1.22	%			1.93	%(h)(i)
Total expenses after fees waived and/or reimbursed				0.03	%			0.02	%			—	%(h)
Net investment income				2.43	%			1.75	%			1.16	%(h)
Supplemental Data
Net assets, end of period (000)			$	2,049			$	2,222			$	1,744
Portfolio turnover rate				12	%			11	%			2	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

^(d)  Amount is greater than $(0.005) per share.

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

^(f)  Not annualized.

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

^(h)  Annualized.

⁽ⁱ⁾  Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.61%.

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock LifePath® ESG Index 2040 Fund
	Institutional
										Period from
		Year Ended				Year Ended						08/18/20	(a)
		10/31/22				10/31/21				to 10/31/20
Net asset value, beginning of period			$	12.73			$	9.65			$	10.00
Net investment income(b)				0.26				0.19				0.02
Net realized and unrealized gain (loss)				(2.70	)			3.09				(0.35	)
Net increase (decrease) from investment operations				(2.44	)			3.28				(0.33	)
Distributions(c)
From net investment income				(0.26	)			(0.20	)			(0.02	)
From net realized gain				(0.12	)			(0.00	)(d)			—
Total distributions				(0.38	)			(0.20	)			(0.02	)
Net asset value, end of period			$	9.91			$	12.73			$	9.65
Total Return(e)
Based on net asset value				(19.53	)%			34.16	%			(3.34	)%(f)
Ratios to Average Net Assets(g)
Total expenses				1.08	%			1.20	%			1.98	%(h)(i)
Total expenses after fees waived and/or reimbursed				0.06	%			0.06	%			0.05	%(h)
Net investment income				2.36	%			1.60	%			1.06	%(h)
Supplemental Data
Net assets, end of period (000)			$	264			$	305			$	97
Portfolio turnover rate				13	%			10	%			2	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

^(d)  Amount is greater than $(0.005) per share.

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

^(f)  Not annualized.

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

^(h)  Annualized.

⁽ⁱ⁾  Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.66%.

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock LifePath® ESG Index 2040 Fund (continued)
			Investor A
											Period from
		Year Ended					Year Ended						08/18/20	(a)
	10/31/22					10/31/21					to 10/31/20
Net asset value, beginning of period			$	12.73				$	9.65			$	10.00
Net investment income(b)				0.23					0.17				0.02
Net realized and unrealized gain (loss)				(2.70	)				3.08				(0.36	)
Net increase (decrease) from investment operations				(2.47	)				3.25				(0.34	)
Distributions(c)
From net investment income				(0.23	)				(0.17	)			(0.01	)
From net realized gain				(0.12	)				(0.00	)(d)			—
Total distributions				(0.35	)				(0.17	)			(0.01	)
Net asset value, end of period			$	9.91				$	12.73			$	9.65
Total Return(e)
Based on net asset value				(19.73	)%				33.83	%			(3.36	)%(f)
Ratios to Average Net Assets(g)
Total expenses				1.32	%				1.48	%			2.24	%(h)(i)
Total expenses after fees waived and/or reimbursed				0.31	%				0.31	%			0.30	%(h)
Net investment income				2.07	%				1.43	%			0.81	%(h)
Supplemental Data
Net assets, end of period (000)			$	233				$	180			$	116
Portfolio turnover rate				13	%				10	%			2	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

^(d)  Amount is greater than $(0.005) per share.

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

^(f)  Not annualized.

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

^(h)  Annualized.

⁽ⁱ⁾  Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.93%.

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock LifePath® ESG Index 2040 Fund (continued)
			Class K
											Period from
		Year Ended					Year Ended						08/18/20	(a)
	10/31/22					10/31/21					to 10/31/20
Net asset value, beginning of period			$	12.73				$	9.65			$	10.00
Net investment income(b)				0.27					0.21				0.02
Net realized and unrealized gain (loss)				(2.70	)				3.07				(0.35	)
Net increase (decrease) from investment operations				(2.43	)				3.28				(0.33	)
Distributions(c)
From net investment income				(0.27	)				(0.20	)			(0.02	)
From net realized gain				(0.12	)				(0.00	)(d)			—
Total distributions				(0.39	)				(0.20	)			(0.02	)
Net asset value, end of period			$	9.91				$	12.73			$	9.65
Total Return(e)
Based on net asset value				(19.49	)%				34.20	%			(3.33	)%(f)
Ratios to Average Net Assets(g)
Total expenses				1.02	%				1.18	%			1.93	%(h)(i)
Total expenses after fees waived and/or reimbursed				0.01	%				0.01	%			—	%(h)
Net investment income				2.44	%				1.74	%			1.11	%(h)
Supplemental Data
Net assets, end of period (000)			$	2,254				$	2,292			$	1,737
Portfolio turnover rate				13	%				10	%			2	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

^(d)  Amount is greater than $(0.005) per share.

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

^(f)  Not annualized.

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

^(h)  Annualized.

⁽ⁱ⁾  Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.61%.

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock LifePath® ESG Index 2045 Fund
			Institutional
											Period from
		Year Ended					Year Ended						08/18/20	(a)
	10/31/22					10/31/21					to 10/31/20
Net asset value, beginning of period			$	13.06				$	9.62			$	10.00
Net investment income(b)				0.27					0.21				0.02
Net realized and unrealized gain (loss)				(2.85	)				3.43				(0.38	)
Net increase (decrease) from investment operations				(2.58	)				3.64				(0.36	)
Distributions(c)
From net investment income				(0.27	)				(0.20	)			(0.02	)
From net realized gain				(0.08	)				—				—
Total distributions				(0.35	)				(0.20	)			(0.02	)
Net asset value, end of period			$	10.13				$	13.06			$	9.62
Total Return(d)
Based on net asset value				(20.08	)%				38.08	%			(3.63	)%(e)
Ratios to Average Net Assets(f)
Total expenses				0.99	%				1.21	%			1.98	%(g)(h)
Total expenses after fees waived and/or reimbursed				0.05	%				0.05	%			0.05	%(g)
Net investment income				2.36	%				1.72	%			1.06	%(g)
Supplemental Data
Net assets, end of period (000)			$	105				$	131			$	96
Portfolio turnover rate				15	%				11	%			3	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

^(e)  Not annualized.

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

^(g)  Annualized.

^(h)  Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.66%.

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock LifePath® ESG Index 2045 Fund (continued)
			Investor A
											Period from
		Year Ended					Year Ended						08/18/20	(a)
	10/31/22					10/31/21					to 10/31/20
Net asset value, beginning of period			$	13.05				$	9.62			$	10.00
Net investment income(b)				0.24					0.17				0.02
Net realized and unrealized gain (loss)				(2.84	)				3.44				(0.39	)
Net increase (decrease) from investment operations				(2.60	)				3.61				(0.37	)
Distributions(c)
From net investment income				(0.25	)				(0.18	)			(0.01	)
From net realized gain				(0.08	)				—				—
Total distributions				(0.33	)				(0.18	)			(0.01	)
Net asset value, end of period			$	10.12				$	13.05			$	9.62
Total Return(d)
Based on net asset value				(20.27	)%				37.74	%			(3.66	)%(e)
Ratios to Average Net Assets(f)
Total expenses				1.23	%				1.42	%			2.23	%(g)(h)
Total expenses after fees waived and/or reimbursed				0.30	%				0.30	%			0.30	%(g)
Net investment income				2.11	%				1.40	%			0.81	%(g)
Supplemental Data
Net assets, end of period (000)			$	693				$	365			$	96
Portfolio turnover rate				15	%				11	%			3	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

^(e)  Not annualized.

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

^(g)  Annualized.

^(h)  Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.91%.

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock LifePath® ESG Index 2045 Fund (continued)
			Class K
											Period from
		Year Ended					Year Ended						08/18/20	(a)
	10/31/22					10/31/21					to 10/31/20
Net asset value, beginning of period			$	13.06				$	9.62			$	10.00
Net investment income(b)				0.28					0.21				0.02
Net realized and unrealized gain (loss)				(2.85	)				3.44				(0.38	)
Net increase (decrease) from investment operations				(2.57	)				3.65				(0.36	)
Distributions(c)
From net investment income				(0.28	)				(0.21	)			(0.02	)
From net realized gain				(0.08	)				—				—
Total distributions				(0.36	)				(0.21	)			(0.02	)
Net asset value, end of period			$	10.13				$	13.06			$	9.62
Total Return(d)
Based on net asset value				(20.03	)%				38.15	%			(3.63	)%(e)
Ratios to Average Net Assets(f)
Total expenses				0.93	%				1.16	%			1.93	%(g)(h)
Total expenses after fees waived and/or reimbursed				—	%				—	%			—	%(g)
Net investment income				2.49	%				1.77	%			1.11	%(g)
Supplemental Data
Net assets, end of period (000)			$	2,574				$	2,351			$	1,732
Portfolio turnover rate				15	%				11	%			3	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

^(e)  Not annualized.

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

^(g)  Annualized.

^(h)  Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.61%.

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock LifePath® ESG Index 2050 Fund
	Institutional
										Period from
		Year Ended				Year Ended						08/18/20	(a)
		10/31/22				10/31/21				to 10/31/20
Net asset value, beginning of period			$	13.22			$	9.61			$	10.00
Net investment income(b)				0.27				0.20				0.02
Net realized and unrealized gain (loss)				(2.93	)			3.61				(0.39	)
Net increase (decrease) from investment operations				(2.66	)			3.81				(0.37	)
Distributions(c)
From net investment income				(0.27	)			(0.20	)			(0.02	)
From net realized gain				(0.08	)			—				—
Total distributions				(0.35	)			(0.20	)			(0.02	)
Net asset value, end of period			$	10.21			$	13.22			$	9.61
Total Return(d)
Based on net asset value				(20.46	)%			39.90	%			(3.73	)%(e)
Ratios to Average Net Assets(f)
Total expenses				1.01	%			1.21	%			1.98	%(g)(h)
Total expenses after fees waived and/or reimbursed				0.05	%			0.05	%			0.05	%(g)
Net investment income				2.31	%			1.68	%			1.05	%(g)
Supplemental Data
Net assets, end of period (000)			$	108			$	132			$	96
Portfolio turnover rate				14	%			8	%			3	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

^(e)  Not annualized.

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

^(g)  Annualized.

^(h)  Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.66%.

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock LifePath® ESG Index 2050 Fund (continued)
	Investor A
										Period from
		Year Ended				Year Ended						08/18/20	(a)
		10/31/22				10/31/21				to 10/31/20
Net asset value, beginning of period			$	13.21			$	9.61			$	10.00
Net investment income(b)				0.22				0.17				0.02
Net realized and unrealized gain (loss)				(2.90	)			3.61				(0.40	)
Net increase (decrease) from investment operations				(2.68	)			3.78				(0.38	)
Distributions(c)
From net investment income				(0.24	)			(0.18	)			(0.01	)
From net realized gain				(0.08	)			—				—
Total distributions				(0.32	)			(0.18	)			(0.01	)
Net asset value, end of period			$	10.21			$	13.21			$	9.61
Total Return(d)
Based on net asset value				(20.58	)%			39.49	%			(3.76	)%(e)
Ratios to Average Net Assets(f)
Total expenses				1.26	%			1.44	%			2.23	%(g)(h)
Total expenses after fees waived and/or reimbursed				0.30	%			0.30	%			0.30	%(g)
Net investment income				1.92	%			1.41	%			0.81	%(g)
Supplemental Data
Net assets, end of period (000)			$	263			$	243			$	96
Portfolio turnover rate				14	%			8	%			3	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

^(e)  Not annualized.

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

^(g)  Annualized.

^(h)  Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.91%.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 77

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock LifePath® ESG Index 2050 Fund  (continued)
	Class K
										Period from
		Year Ended				Year Ended						08/18/20	(a)
		10/31/22				10/31/21				to 10/31/20
Net asset value, beginning of period			$	13.22			$	9.61			$	10.00
Net investment income(b)				0.28				0.21				0.02
Net realized and unrealized gain (loss)				(2.94	)			3.61				(0.39	)
Net increase (decrease) from investment operations				(2.66	)			3.82				(0.37	)
Distributions(c)
From net investment income				(0.27	)			(0.21	)			(0.02	)
From net realized gain				(0.08	)			—				—
Total distributions				(0.35	)			(0.21	)			(0.02	)
Net asset value, end of period			$	10.21			$	13.22			$	9.61
Total Return(d)
Based on net asset value				(20.41	)%			39.96	%			(3.72	)%(e)
Ratios to Average Net Assets(f)
Total expenses				0.94	%			1.16	%			1.93	%(g)(h)
Total expenses after fees waived and/or reimbursed				—	%			—	%			—	%(g)
Net investment income				2.46	%			1.74	%			1.11	%(g)
Supplemental Data
Net assets, end of period (000)			$	3,027			$	2,379			$	1,730
Portfolio turnover rate				14	%			8	%			3	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

^(e)  Not annualized.

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

^(g)  Annualized.

^(h)  Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.61%.

See notes to financial statements.

78 2 0 2 2   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock LifePath® ESG Index 2055 Fund
	Institutional
										Period from
		Year Ended				Year Ended						08/18/20	(a)
		10/31/22				10/31/21				to 10/31/20
Net asset value, beginning of period			$	13.25			$	9.61			$	10.00
Net investment income(b)				0.27				0.21				0.02
Net realized and unrealized gain (loss)				(2.93	)			3.63				(0.39	)
Net increase (decrease) from investment operations				(2.66	)			3.84				(0.37	)
Distributions(c)
From net investment income				(0.27	)			(0.20	)			(0.02	)
From net realized gain				(0.11	)			—				—
Total distributions				(0.38	)			(0.20	)			(0.02	)
Net asset value, end of period			$	10.21			$	13.25			$	9.61
Total Return(d)
Based on net asset value				(20.47	)%			40.22	%			(3.73	)%(e)
Ratios to Average Net Assets(f)
Total expenses				1.11	%			1.22	%			1.98	%(g)(h)
Total expenses after fees waived and/or reimbursed				0.05	%			0.05	%			0.05	%(g)
Net investment income				2.33	%			1.69	%			1.06	%(g)
Supplemental Data
Net assets, end of period (000)			$	106			$	133			$	96
Portfolio turnover rate				15	%			9	%			3	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

^(e)  Not annualized.

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

^(g)  Annualized.

^(h)  Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.66%.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 79

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock LifePath® ESG Index 2055 Fund (continued)
	Investor A
										Period from
		Year Ended				Year Ended						08/18/20	(a)
		10/31/22				10/31/21				to 10/31/20
Net asset value, beginning of period			$	13.25			$	9.60			$	10.00
Net investment income(b)				0.24				0.18				0.02
Net realized and unrealized gain (loss)				(2.94	)			3.65				(0.41	)
Net increase (decrease) from investment operations				(2.70	)			3.83				(0.39	)
Distributions(c)
From net investment income				(0.24	)			(0.18	)			(0.01	)
From net realized gain				(0.11	)			—				—
Total distributions				(0.35	)			(0.18	)			(0.01	)
Net asset value, end of period			$	10.20			$	13.25			$	9.60
Total Return(d)
Based on net asset value				(20.74	)%			40.05	%			(3.86	)%(e)
Ratios to Average Net Assets(f)
Total expenses				1.36	%			1.47	%			2.23	%(g)(h)
Total expenses after fees waived and/or reimbursed				0.30	%			0.30	%			0.30	%(g)
Net investment income				2.06	%			1.44	%			0.81	%(g)
Supplemental Data
Net assets, end of period (000)			$	148			$	175			$	96
Portfolio turnover rate				15	%			9	%			3	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

^(e)  Not annualized.

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

^(g)  Annualized.

^(h)  Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.91%.

See notes to financial statements.

80 2 0 2 2   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock LifePath® ESG Index 2055 Fund (continued)
	Class K
											Period from
		Year Ended					Year Ended						08/18/20	(a)
	10/31/22					10/31/21					to 10/31/20
Net asset value, beginning of period			$	13.25				$	9.61			$	10.00
Net investment income(b)				0.28					0.21				0.02
Net realized and unrealized gain (loss)				(2.93	)				3.64				(0.39	)
Net increase (decrease) from investment operations				(2.65	)				3.85				(0.37	)
Distributions(c)
From net investment income				(0.28	)				(0.21	)			(0.02	)
From net realized gain				(0.11	)				—				—
Total distributions				(0.39	)				(0.21	)			(0.02	)
Net asset value, end of period			$	10.21				$	13.25			$	9.61
Total Return(d)
Based on net asset value				(20.43	)%				40.29	%			(3.72	)%(e)
Ratios to Average Net Assets(f)
Total expenses				1.06	%				1.18	%			1.93	%(g)(h)
Total expenses after fees waived and/or reimbursed				—	%				—	%			—	%(g)
Net investment income				2.43	%				1.74	%			1.11	%(g)
Supplemental Data
Net assets, end of period (000)			$	2,296				$	2,385			$	1,729
Portfolio turnover rate				15	%				9	%			3	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

^(e)  Not annualized.

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

^(g)  Annualized.

^(h)  Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.61%.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 81

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock LifePath® ESG Index 2060 Fund
	Institutional
											Period from
		Year Ended					Year Ended						08/18/20	(a)
	10/31/22					10/31/21					to 10/31/20
Net asset value, beginning of period			$	13.25				$	9.61			$	10.00
Net investment income(b)				0.27					0.20				0.02
Net realized and unrealized gain (loss)				(2.95	)				3.65				(0.39	)
Net increase (decrease) from investment operations				(2.68	)				3.85				(0.37	)
Distributions(c)
From net investment income				(0.26	)				(0.21	)			(0.02	)
From net realized gain				(0.07	)				—				—
Total distributions				(0.33	)				(0.21	)			(0.02	)
Net asset value, end of period			$	10.24				$	13.25			$	9.61
Total Return(d)
Based on net asset value				(20.53	)%				40.24	%			(3.73	)%(e)
Ratios to Average Net Assets(f)
Total expenses				1.04	%				1.19	%			1.98	%(g)(h)
Total expenses after fees waived and/or reimbursed				0.05	%				0.05	%			0.05	%(g)
Net investment income				2.31	%				1.66	%			1.05	%(g)
Supplemental Data
Net assets, end of period (000)			$	159				$	196			$	96
Portfolio turnover rate				20	%				9	%			3	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

^(e)  Not annualized.

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

^(g)  Annualized.

^(h)  Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.66%.

See notes to financial statements.

82 2 0 2 2   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock LifePath® ESG Index 2060 Fund (continued)
	Investor A
											Period from
		Year Ended					Year Ended						08/18/20	(a)
	10/31/22					10/31/21					to 10/31/20
Net asset value, beginning of period			$	13.24				$	9.60			$	10.00
Net investment income(b)				0.24					0.18				0.02
Net realized and unrealized gain (loss)				(2.94	)				3.64				(0.41	)
Net increase (decrease) from investment operations				(2.70	)				3.82				(0.39	)
Distributions(c)
From net investment income				(0.24	)				(0.18	)			(0.01	)
From net realized gain				(0.07	)				—				—
Total distributions				(0.31	)				(0.18	)			(0.01	)
Net asset value, end of period			$	10.23				$	13.24			$	9.60
Total Return(d)
Based on net asset value				(20.75	)%				40.02	%			(3.86	)%(e)
Ratios to Average Net Assets(f)
Total expenses				1.30	%				1.41	%			2.23	%(g)(h)
Total expenses after fees waived and/or reimbursed				0.30	%				0.30	%			0.30	%(g)
Net investment income				2.05	%				1.42	%			0.81	%(g)
Supplemental Data
Net assets, end of period (000)			$	222				$	351			$	96
Portfolio turnover rate				20	%				9	%			3	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

^(e)  Not annualized.

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

^(g)  Annualized.

^(h)  Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.91%.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 83

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock LifePath® ESG Index 2060 Fund (continued)
	Class K
										Period from
	Year Ended					Year Ended						08/18/20	(a)
	10/31/22				10/31/21					to 10/31/20
Net asset value, beginning of period		$	13.25				$	9.61			$	10.00
Net investment income(b)			0.27					0.21				0.02
Net realized and unrealized gain (loss)			(2.94	)				3.64				(0.39	)
Net increase (decrease) from investment operations			(2.67	)				3.85				(0.37	)
Distributions(c)
From net investment income			(0.27	)				(0.21	)			(0.02	)
From net realized gain			(0.07	)				—				—
Total distributions			(0.34	)				(0.21	)			(0.02	)
Net asset value, end of period		$	10.24				$	13.25			$	9.61
Total Return(d)
Based on net asset value			(20.48	)%				40.30	%			(3.72	)%(e)
Ratios to Average Net Assets(f)
Total expenses			0.99	%				1.15	%			1.93	%(g)(h)
Total expenses after fees waived and/or reimbursed			—	%				—	%			—	%(g)
Net investment income			2.37	%				1.75	%			1.11	%(g)
Supplemental Data
Net assets, end of period (000)		$	2,370				$	2,385			$	1,729
Portfolio turnover rate			20	%				9	%			3	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

^(e)  Not annualized.

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

^(g)  Annualized.

^(h)  Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.61%.

See notes to financial statements.

84 2 0 2 2   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock LifePath® ESG Index 2065 Fund
	Institutional
										Period from
	Year Ended					Year Ended						08/18/20	(a)
	10/31/22				10/31/21					to 10/31/20
Net asset value, beginning of period		$	13.25				$	9.61			$	10.00
Net investment income(b)			0.27					0.21				0.02
Net realized and unrealized gain (loss)			(2.93	)				3.64				(0.39	)
Net increase (decrease) from investment operations			(2.66	)				3.85				(0.37	)
Distributions(c)
From net investment income			(0.27	)				(0.21	)			(0.02	)
From net realized gain			(0.11	)				—				—
Total distributions			(0.38	)				(0.21	)			(0.02	)
Net asset value, end of period		$	10.21				$	13.25			$	9.61
Total Return(d)
Based on net asset value			(20.46	)%				40.24	%			(3.73	)%(e)
Ratios to Average Net Assets(f)
Total expenses			1.18	%				1.22	%			1.98	%(g)(h)
Total expenses after fees waived and/or reimbursed			0.05	%				0.05	%			0.05	%(g)
Net investment income			2.31	%				1.70	%			1.04	%(g)
Supplemental Data
Net assets, end of period (000)		$	103				$	132			$	96
Portfolio turnover rate			15	%				10	%			3	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

^(e)  Not annualized.

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

^(g)  Annualized.

^(h)  Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.66%.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 85

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock LifePath® ESG Index 2065 Fund (continued)
	Investor A
											Period from
		Year Ended					Year Ended						08/18/20	(a)
	10/31/22					10/31/21					to 10/31/20
Net asset value, beginning of period			$	13.24				$	9.60			$	10.00
Net investment income(b)				0.24					0.17				0.02
Net realized and unrealized gain (loss)				(2.92	)				3.65				(0.41	)
Net increase (decrease) from investment operations				(2.68	)				3.82				(0.39	)
Distributions(c)
From net investment income				(0.24	)				(0.18	)			(0.01	)
From net realized gain				(0.11	)				—				—
Total distributions				(0.35	)				(0.18	)			(0.01	)
Net asset value, end of period			$	10.21				$	13.24			$	9.60
Total Return(d)
Based on net asset value				(20.59	)%				39.95	%			(3.85	)%(e)
Ratios to Average Net Assets(f)
Total expenses				1.43	%				1.47	%			2.23	%(g)(h)
Total expenses after fees waived and/or reimbursed				0.30	%				0.30	%			0.30	%(g)
Net investment income				2.05	%				1.43	%			0.80	%(g)
Supplemental Data
Net assets, end of period (000)			$	160				$	155			$	96
Portfolio turnover rate				15	%				10	%			3	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

^(e) Not annualized.

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

^(g)  Annualized.

^(h)  Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.91%.

See notes to financial statements.

86 2 0 2 2   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock LifePath® ESG Index 2065 Fund (continued)
	Class K
											Period from
		Year Ended					Year Ended						08/18/20	(a)
	10/31/22					10/31/21					to 10/31/20
Net asset value, beginning of period			$	13.25				$	9.61			$	10.00
Net investment income(b)				0.27					0.21				0.02
Net realized and unrealized gain (loss)				(2.92	)				3.64				(0.39	)
Net increase (decrease) from investment operations				(2.65	)				3.85				(0.37	)
Distributions(c)
From net investment income				(0.28	)				(0.21	)			(0.02	)
From net realized gain				(0.11	)				—				—
Total distributions				(0.39	)				(0.21	)			(0.02	)
Net asset value, end of period			$	10.21				$	13.25			$	9.61
Total Return(d)
Based on net asset value				(20.42	)%				40.31	%			(3.72	)%(e)
Ratios to Average Net Assets(f)
Total expenses				1.13	%				1.17	%			1.93	%(g)(h)
Total expenses after fees waived and/or reimbursed				—	%				—	%			—	%(g)
Net investment income				2.36	%				1.75	%			1.10	%(g)
Supplemental Data
Net assets, end of period (000)			$	1,881				$	2,385			$	1,729
Portfolio turnover rate				15	%				10	%			3	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

^(e)  Not annualized.

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

^(g)  Annualized.

^(h)  Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.61%.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 87

Notes to Financial Statements  

1. ORGANIZATION

BlackRock Funds III (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust. The following, each of which is a series of the Trust, are referred to herein collectively as the “Funds” or individually as a “Fund”:

Fund Name	Herein Referred To As	Diversification Classification
BlackRock LifePath® ESG Index Retirement Fund	LifePath ESG Index Retirement Fund	Diversified
BlackRock LifePath® ESG Index 2025 Fund	LifePath ESG Index 2025 Fund	Diversified
BlackRock LifePath® ESG Index 2030 Fund	LifePath ESG Index 2030 Fund	Diversified
BlackRock LifePath® ESG Index 2035 Fund	LifePath ESG Index 2035 Fund	Diversified
BlackRock LifePath® ESG Index 2040 Fund	LifePath ESG Index 2040 Fund	Diversified
BlackRock LifePath® ESG Index 2045 Fund	LifePath ESG Index 2045 Fund	Diversified
BlackRock LifePath® ESG Index 2050 Fund	LifePath ESG Index 2050 Fund	Diversified
BlackRock LifePath® ESG Index 2055 Fund	LifePath ESG Index 2055 Fund	Diversified
BlackRock LifePath® ESG Index 2060 Fund	LifePath ESG Index 2060 Fund	Diversified
BlackRock LifePath® ESG Index 2065 Fund	LifePath ESG Index 2065 Fund	Diversified

The Funds will generally invest in other registered investment companies (each, an “Underlying Fund” and collectively, the “Underlying Funds”) that are managed by subsidiaries of BlackRock, Inc. (“BlackRock”) and its affiliates, which are affiliates of the Funds.

Each Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional and Class K Shares are sold only to certain eligible investors. Investor A Shares bear certain expenses related to shareholder servicing of such shares. Investor A Shares are generally available through financial intermediaries. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures.

Share Class	Initial Sales Charge	CDSC	Conversion Privilege
Institutional, Investor A and Class K Shares	No	No	None

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

Distributions: Distributions from net investment income are declared quarterly and paid quarterly. Distributions of capital gains are recorded on the ex-dividend dates and made at least annually. The portion of distributions, if any, that exceeds a fund’s current and accumulated earnings and profits, as measured on a tax basis, constitute a non-taxable return of capital. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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

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

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Notes to Financial Statements  (continued)

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

• Exchange-traded funds (“ETFs”) and closed-end funds traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. ETFs and closed-end funds traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

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

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Certain Funds may lend their securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Funds collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. During the term of the loan, the Funds are entitled to all distributions made on or in respect of the loaned securities, but do not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Institutional Trust Company, N.A. (“BTC”), if any, is disclosed in the Schedules of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are disclosed in the Funds’ Schedules of Investments. The market value of any securities on loan and the value of any related collateral are shown separately in the Statements of Assets and Liabilities as a component of investments at value – affiliated and collateral on securities loaned, respectively.

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Notes to Financial Statements  (continued)

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

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

	Securities		Cash Collateral			Non-Cash Collateral			Net
Fund Name/Counterparty		Loaned at Value		Received	(a)		Received, at Fair Value	(a)		Amount
LifePath ESG Index Retirement Fund
Barclays Bank PLC	$	9,149	$	(9,149	)	$	—		$	—
J.P. Morgan Securities LLC		703,352		(703,352	)		—			—
	$	712,501	$	(712,501	)	$	—		$	—
LifePath ESG Index 2025 Fund
Barclays Bank PLC	$	66	$	(66	)	$	—		$	—
Credit Suisse Securities (USA) LLC		33		(33	)		—			—
J.P. Morgan Securities LLC		1,091,671		(1,091,671	)		—			—
Toronto-Dominion Bank		363		(363	)		—			—
	$	1,092,133	$	(1,092,133	)	$	—		$	—
LifePath ESG Index 2030 Fund
Barclays Bank PLC	$	33	$	(33	)	$	—		$	—
J.P. Morgan Securities LLC		855,882		(855,882	)		—			—
Toronto-Dominion Bank		1,519		(1,519	)		—			—
UBS AG		162,925		(162,925	)		—			—
	$	1,020,359	$	(1,020,359	)	$	—		$	—
LifePath ESG Index 2035 Fund
Barclays Bank PLC	$	99	$	(99	)	$	—		$	—
J.P. Morgan Securities LLC		533,705		(533,705	)		—			—
Toronto-Dominion Bank		33		(33	)		—			—
Wells Fargo Bank N.A.		25,725		(25,725	)		—			—
	$	559,562	$	(559,562	)	$	—		$	—
LifePath ESG Index 2040 Fund
Barclays Bank PLC	$	1,387	$	(1,387	)	$	—		$	—
J.P. Morgan Securities LLC		85,885		(85,885	)		—			—
Toronto-Dominion Bank		66		(66	)		—			—
	$	87,338	$	(87,338	)	$	—		$	—
LifePath ESG Index 2045 Fund
Barclays Bank PLC	$	3,237	$	(3,237	)	$	—		$	—
Credit Suisse Securities (USA) LLC		562		(562	)		—			—
Toronto-Dominion Bank		62,526		(62,526	)		—			—
	$	66,325	$	(66,325	)	$	—		$	—
LifePath ESG Index 2050 Fund
Barclays Bank PLC	$	6,177	$	(6,177	)	$	—		$	—
BofA Securities, Inc.		123,784		(123,784	)		—			—
J.P. Morgan Securities LLC		66,238		(66,238	)		—			—
Toronto-Dominion Bank		69,660		(69,660	)		—			—
	$	265,859	$	(265,859	)	$	—		$	—
LifePath ESG Index 2055 Fund
Barclays Bank PLC	$	3,798	$	(3,798	)	$	—		$	—
Credit Suisse Securities (USA) LLC		66		(66	)		—			—
J.P. Morgan Securities LLC		19,327		(19,327	)		—			—
Toronto-Dominion Bank		53,674		(53,674	)		—			—
	$	76,865	$	(76,865	)	$	—		$	—
LifePath ESG Index 2060 Fund
Barclays Bank PLC	$	3,831	$	(3,831	)	$	—		$	—
Credit Suisse Securities (USA) LLC		66		(66	)		—			—

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Notes to Financial Statements  (continued)

Fund Name/Counterparty	Securities Loaned at Value			Cash Collateral Received(a)				Non-Cash Collateral Received, at Fair Value(a)			Net Amount
LifePath ESG Index 2060 Fund (continued)
J.P. Morgan Securities LLC		$	24,033		$	(24,033	)		$	—		$	—
Toronto-Dominion Bank			49,479			(49,479	)			—			—
		$	77,409		$	(77,409	)		$	—		$	—
LifePath ESG Index 2065 Fund
Barclays Bank PLC		$	18,464		$	(18,464	)		$	—		$	—
Credit Suisse Securities (USA) LLC			66			(66	)			—			—
J.P. Morgan Securities LLC			20,561			(20,561	)			—			—
Toronto-Dominion Bank			1,883			(1,883	)			—			—
		$	40,974		$	(40,974	)		$	—		$	—

^(a)  Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities.

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

5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory: The Trust, on behalf of each Fund, entered into an Investment Advisory Agreement with the Manager, the Funds’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock, to provide investment advisory services. The Manager is responsible for the management of each Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.

For such services, each Fund pays the Manager a monthly fee at an annual rate equal to 0.05% of the average daily value of each Fund’s net assets.

Service Fees: The Trust, on behalf of each Fund, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC (“BRIL”),an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, each Fund pays BRIL ongoing service fees. The fees are accrued daily and paid monthly at an annual rate of 0.25% based upon the average daily net assets of each Fund’s Investor A Shares.

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

For the year ended October 31, 2022, the following table shows the class specific service fees borne directly by each share class of each Fund:

Fund Name	Investor A
LifePath ESG Index Retirement Fund	$        332
LifePath ESG Index 2025 Fund	1,709
LifePath ESG Index 2030 Fund	2,819
LifePath ESG Index 2035 Fund	447
LifePath ESG Index 2040 Fund	448
LifePath ESG Index 2045 Fund	1,360
LifePath ESG Index 2050 Fund	652
LifePath ESG Index 2055 Fund	374
LifePath ESG Index 2060 Fund	691
LifePath ESG Index 2065 Fund	388

Administration: The Trust, on behalf of each Fund, entered into an Administration Agreement with BlackRock Advisors, LLC (“BAL” or the “Administrator”), an indirect, wholly-owned subsidiary of BlackRock, which has agreed to provide general administrative services (other than investment advice and related portfolio activities). BAL has agreed to bear all of the Funds’ ordinary operating expenses, excluding, generally, investment advisory fees, distribution fees, brokerage and other expenses related to the execution of portfolio transactions, extraordinary expenses and certain other expenses which are borne by the Funds. BAL is entitled to receive for these administrative services an annual fee of 0.20% based on the average daily net assets of each Fund’s Institutional and Investor A Shares and 0.15% of the average daily net assets of each Fund’s Class K Shares.

From time to time, BAL may waive such fees in whole or in part. Any such waiver will reduce the expenses of the Funds and, accordingly, have a favorable impact on their performance. BAL may delegate certain of its administration duties to sub-administrators.

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Notes to Financial Statements  (continued)

For the year ended October 31, 2022, the following table shows the class specific administration fees borne directly by each share class of each Fund:

Fund Name	Institutional		Investor A		Class K		Total
LifePath ESG Index Retirement Fund	$	200	$	266	$	2,769	$	3,235
LifePath ESG Index 2025 Fund		217		1,367		2,897		4,481
LifePath ESG Index 2030 Fund		292		2,255		2,913		5,460
LifePath ESG Index 2035 Fund		264		358		3,123		3,745
LifePath ESG Index 2040 Fund		568		359		3,325		4,252
LifePath ESG Index 2045 Fund		232		1,088		3,574		4,894
LifePath ESG Index 2050 Fund		235		521		3,888		4,644
LifePath ESG Index 2055 Fund		234		299		3,443		3,976
LifePath ESG Index 2060 Fund		349		553		3,500		4,402
LifePath ESG Index 2065 Fund		233		310		3,163		3,706

Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the year ended October 31, 2022, the Funds did not pay any amounts to affiliates in return for these services.

Expense Waivers and Reimbursements: With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2023. The contractual agreement may be terminated upon 90 days’ notice by a majority of the trustees who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”), or by a vote of a majority of the outstanding voting securities of a Fund. These amounts are included in fees waived and/or reimbursed by the Administrator/Manager in the Statements of Operations. For the year ended October 31, 2022, the amounts waived were as follows:

Fund Name	Fees Waived and/or Reimbursed by the Administrator/Manager
LifePath ESG Index Retirement Fund	$	4
LifePath ESG Index 2025 Fund		4
LifePath ESG Index 2030 Fund		4
LifePath ESG Index 2035 Fund		4
LifePath ESG Index 2040 Fund		6
LifePath ESG Index 2045 Fund		9
LifePath ESG Index 2050 Fund		9
LifePath ESG Index 2055 Fund		5
LifePath ESG Index 2060 Fund		6
LifePath ESG Index 2065 Fund		3

The Manager and the Administrator have contractually agreed to reimburse each Fund for acquired fund fees and expenses up to a maximum amount equal to the combined investment advisory fee and administration fee of each share class through June 30, 2023. These amounts are included in fees waived and/or reimbursed by the Administrator/Manager in the Statements of Operations. For the year ended October 31, 2022, the amounts waived were as follows:

Fund Name	Fees Waived and/or Reimbursed by the Administrator/Manager
LifePath ESG Index Retirement Fund	$	2,958
LifePath ESG Index 2025 Fund		4,144
LifePath ESG Index 2030 Fund		5,252
LifePath ESG Index 2035 Fund		4,197
LifePath ESG Index 2040 Fund		5,031
LifePath ESG Index 2045 Fund		6,048
LifePath ESG Index 2050 Fund		5,921
LifePath ESG Index 2055 Fund		5,119
LifePath ESG Index 2060 Fund		5,565
LifePath ESG Index 2065 Fund		4,756

The fees and expenses of the Funds’ Independent Trustees, counsel to the Independent Trustees and the Funds’ independent registered public accounting firm (together, the “independent expenses”) are paid directly by the Funds. Each of BAL and BFA have contractually agreed to reimburse the Funds or provide an offsetting credit for such Independent Expenses through June 30, 2032. These amounts are included in fees waived and/or reimbursed by the Administrator/Manager in the Statements of Operations. For the year ended October 31, 2022, the Funds waived the following amounts:

Fund Name	Fees Waived and/or Reimbursed by the Administrator/Manager
LifePath ESG Index Retirement Fund	$	22,028
LifePath ESG Index 2025 Fund		22,033
LifePath ESG Index 2030 Fund		22,037
LifePath ESG Index 2035 Fund		22,030
LifePath ESG Index 2040 Fund		22,032

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Notes to Financial Statements  (continued)

Fund Name	Fees Waived and/or Reimbursed by the Administrator/Manager
LifePath ESG Index 2045 Fund	$	22,035
LifePath ESG Index 2050 Fund		22,036
LifePath ESG Index 2055 Fund		22,031
LifePath ESG Index 2060 Fund		22,033
LifePath ESG Index 2065 Fund		22,029

Securities Lending: The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BTC, an affiliate of the Manager, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The Funds are responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by the Manager or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Funds bear to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits a remaining portion to BTC as compensation for its services as securities lending agent.

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

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

The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in the Statements of Operations. For the year ended October 31, 2022, each Fund paid BTC the following amounts for securities lending agent services:

Fund Name	Amounts
LifePath ESG Index Retirement Fund	$	576
LifePath ESG Index 2025 Fund		454
LifePath ESG Index 2030 Fund		440
LifePath ESG Index 2035 Fund		807
LifePath ESG Index 2040 Fund		729
LifePath ESG Index 2045 Fund		929
LifePath ESG Index 2050 Fund		759
LifePath ESG Index 2055 Fund		755
LifePath ESG Index 2060 Fund		730
LifePath ESG Index 2065 Fund		682

Interfund Lending: In accordance with an exemptive order (the “Order”) from the SEC, each Fund may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund’s investment policies and restrictions. Each Fund is currently permitted to borrow and lend under the Interfund Lending Program.

A lending BlackRock fund may lend in aggregate up to 15% of its net assets but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing BlackRock fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the year ended October 31, 2022, the Funds did not participate in the Interfund Lending Program.

Trustees and Officers: Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates.

Other Transactions: Each Fund may invest its positive cash balances in certain money market funds managed by the Manager or an affiliate. The income earned on these temporary cash investments is shown as income-affiliated in the Statements of Operations.

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 93

Notes to Financial Statements  (continued)

6. PURCHASES AND SALES

For the year ended October 31, 2022, purchases and sales of investments in the Underlying Funds, excluding short-term securities, were as follows:

Fund Name	Purchases		Sales
LifePath ESG Index Retirement Fund	$	414,658	$	356,841
LifePath ESG Index 2025 Fund		656,759		402,153
LifePath ESG Index 2030 Fund		661,284		498,185
LifePath ESG Index 2035 Fund		658,783		282,269
LifePath ESG Index 2040 Fund		989,461		345,124
LifePath ESG Index 2045 Fund		1,769,458		442,349
LifePath ESG Index 2050 Fund		1,862,687		422,911
LifePath ESG Index 2055 Fund		929,962		384,991
LifePath ESG Index 2060 Fund		1,095,564		567,193
LifePath ESG Index 2065 Fund		433,651		347,583

7. INCOME TAX INFORMATION

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

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

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

The tax character of distributions paid was as follows:

Fund Name	Year Ended 10/31/22		Year Ended 10/31/21
LifePath ESG Index Retirement Fund
Ordinary income	$	66,437	$	34,935
Long-term capital gains		7,364		—
	$	73,801	$	34,935
LifePath ESG Index 2025 Fund
Ordinary income	$	71,904	$	39,039
Long-term capital gains		1,407		—
	$	73,311	$	39,039
LifePath ESG Index 2030 Fund
Ordinary income	$	87,405	$	44,964
Long-term capital gains		1,117		—
	$	88,522	$	44,964
LifePath ESG Index 2035 Fund
Ordinary income	$	80,446	$	40,502
Long-term capital gains		7,691		—
	$	88,137	$	40,502
LifePath ESG Index 2040 Fund
Ordinary income	$	90,053	$	41,054
Long-term capital gains		579		—
	$	90,632	$	41,054
LifePath ESG Index 2045 Fund
Ordinary income	$	91,936	$	42,665
Long-term capital gains		485		—
	$	92,421	$	42,665
LifePath ESG Index 2050 Fund
Ordinary income	$	88,339	$	41,881
Long-term capital gains		1,176		—
	$	89,515	$	41,881

94 2 0 2 2   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Notes to Financial Statements  (continued)

Fund Name	Year Ended 10/31/22		Year Ended 10/31/21
LifePath ESG Index 2055 Fund
Ordinary income	$	81,286	$	41,709
Long-term capital gains		2,487		—
	$	83,773	$	41,709
LifePath ESG Index 2060 Fund
Ordinary income	$	80,253	$	42,856
Long-term capital gains		327		—
	$	80,580	$	42,856
LifePath ESG Index 2065 Fund
Ordinary income	$	75,504	$	41,927
Long-term capital gains		3,114		—
	$	78,618	$	41,927

As of October 31, 2022, the tax components of accumulated earnings (loss) were as follows:

Fund Name	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Non-Expiring Capital Loss Carryforwards			Net Unrealized Gains (Losses)(a)			Total
LifePath ESG Index Retirement Fund	$	2,276	$	—	$	(5,261	)	$	(232,840	)	$	(235,825	)
LifePath ESG Index 2025 Fund		2,673		2,155		—			(271,154	)		(266,326	)
LifePath ESG Index 2030 Fund		2,205		—		(12,258	)		(249,741	)		(259,794	)
LifePath ESG Index 2035 Fund		1,533		8,322		—			(126,751	)		(116,896	)
LifePath ESG Index 2040 Fund		1,298		—		(2,284	)		(113,455	)		(114,441	)
LifePath ESG Index 2045 Fund		1,078		—		(10,435	)		(146,336	)		(155,693	)
LifePath ESG Index 2050 Fund		761		—		(7,302	)		(121,434	)		(127,975	)
LifePath ESG Index 2055 Fund		790		2,266		—			(23,850	)		(20,794	)
LifePath ESG Index 2060 Fund		877		—		(7,201	)		(39,049	)		(45,373	)
LifePath ESG Index 2065 Fund		763		3,838		—			25,379			29,980

^(a)  The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales.

As of October 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

Fund Name	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
LifePath ESG Index Retirement Fund	$	2,833,028	$	48,707	$	(281,547	)	$	(232,840	)
LifePath ESG Index 2025 Fund		3,952,975		75,189		(346,343	)		(271,154	)
LifePath ESG Index 2030 Fund		4,188,948		100,507		(350,248	)		(249,741	)
LifePath ESG Index 2035 Fund		3,051,441		91,720		(218,471	)		(126,751	)
LifePath ESG Index 2040 Fund		2,973,178		101,331		(214,786	)		(113,455	)
LifePath ESG Index 2045 Fund		3,603,719		88,587		(234,923	)		(146,336	)
LifePath ESG Index 2050 Fund		3,808,282		81,969		(203,403	)		(121,434	)
LifePath ESG Index 2055 Fund		2,670,922		111,545		(135,395	)		(23,850	)
LifePath ESG Index 2060 Fund		2,886,148		117,677		(156,726	)		(39,049	)
LifePath ESG Index 2065 Fund		2,175,635		125,282		(99,903	)		25,379

8. BANK BORROWINGS

The Trust, on behalf of the Funds, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is a party to a 364-day, $2.50 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate (“OBFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate (“SOFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2023 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the year ended October 31, 2022, the Funds did not borrow under the credit agreement.

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 95

Notes to Financial Statements  (continued)

9. PRINCIPAL RISKS

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

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

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

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

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

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:

	Year Ended 10/31/22						Year Ended 10/31/21
Fund Name / Share Class	Shares			Amounts			Shares		Amounts
LifePath ESG Index Retirement Fund
Investor A
Shares sold		5,011		$	49,300			1,560	$	16,700
Shares issued in reinvestment of distributions		97			933			13		137
		5,108		$	50,233			1,573	$	16,837
Class K
Shares sold		11,498		$	117,429			—	$	—
Shares issued in reinvestment of distributions		98			912			—		—
Shares redeemed		(9,946	)		(97,418	)		—		—
		1,650		$	20,923			—	$	—
		6,758		$	71,156			1,573	$	16,837

96 2 0 2 2   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Notes to Financial Statements  (continued)

	Year Ended 10/31/22						Year Ended 10/31/21
Fund Name / Share Class	Shares			Amounts			Shares			Amounts
LifePath ESG Index 2025 Fund
Institutional
Shares sold		6,041		$	62,400			—		$	—
Shares redeemed		(6,041	)		(60,407	)		—			—
		—		$	1,993			—		$	—
Investor A
Shares sold		5,557		$	59,708			52,814		$	571,202
Shares issued in reinvestment of distributions		1,375			14,128			507			5,612
Shares redeemed		(510	)		(5,163	)		(1,504	)		(16,500	)
		6,422		$	68,673			51,817		$	560,314
Class K
Shares sold		20,891		$	209,900			—		$	—
Shares issued in reinvestment of distributions		246			2,298			—			—
Shares redeemed		(3,275	)		(33,306	)		—			—
		17,862		$	178,892			—		$	—
		24,284		$	249,558			51,817		$	560,314

	Year Ended 10/31/22						Year Ended 10/31/21
Fund Name / Share Class	Shares			Amounts			Shares			Amounts
LifePath ESG Index 2030 Fund
Institutional
Shares sold		608		$	6,421			11,214		$	130,640
Shares issued in reinvestment of distributions		150			1,755			—			—
Shares redeemed		(11,356	)		(127,486	)		—			—
		(10,598	)	$	(119,310	)		11,214		$	130,640
Investor A
Shares sold		1,964		$	21,280			94,061		$	1,032,718
Shares issued in reinvestment of distributions		2,416			25,745			929			10,504
Shares redeemed		(1,427	)		(17,108	)		(357	)		(4,229	)
		2,953		$	29,917			94,633		$	1,038,993
Class K
Shares sold		5,278		$	54,312			—		$	—
Shares issued in reinvestment of distributions		57			536			—			—
Shares redeemed		(25	)		(253	)		—			—
		5,310		$	54,595			—		$	—
		(2,335	)	$	(34,798	)		105,847		$	1,169,633

	Year Ended 10/31/22						Year Ended 10/31/21
Fund Name / Share Class	Shares			Amounts			Shares		Amounts
LifePath ESG Index 2035 Fund
Institutional
Shares sold		—		$	—			2,008	$	23,461
Shares issued in reinvestment of distributions		74			824			19		222
		74		$	824			2,027	$	23,683
Investor A
Shares sold		4,052		$	48,491			3,009	$	34,061
Shares issued in reinvestment of distributions		207			2,318			24		287
Shares redeemed		(2	)		(30	)		—		—
		4,257		$	50,779			3,033	$	34,348

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 97

Notes to Financial Statements  (continued)

	Year Ended 10/31/22						Year Ended 10/31/21
Fund Name / Share Class (continued)	Shares			Amounts			Shares		Amounts
LifePath ESG Index 2035 Fund (continued)
Class K
Shares sold		31,699		$	337,886			—	$	—
Shares issued in reinvestment of distributions		363			3,497			—		—
Shares redeemed		(135	)		(1,338	)		—		—
		31,927		$	340,045			—	$	—
		36,258		$	391,648			5,060	$	58,031

	Year Ended 10/31/22						Year Ended 10/31/21
Fund Name / Share Class	Shares			Amounts			Shares			Amounts
LifePath ESG Index 2040 Fund
Institutional
Shares sold		2,852		$	32,092			13,892		$	174,199
Shares issued in reinvestment of distributions		499			5,691			40			493
Shares redeemed		(590	)		(6,508	)		(6	)		(73	)
		2,761		$	31,275			13,926		$	174,619
Investor A
Shares sold		9,730		$	96,970			1,993		$	24,591
Shares issued in reinvestment of distributions		161			1,812			36			420
Shares redeemed		(527	)		(5,550	)		—			—
		9,364		$	93,232			2,029		$	25,011
Class K
Shares sold		51,414		$	564,077			—		$	—
Shares issued in reinvestment of distributions		581			5,742			—			—
Shares redeemed		(4,606	)		(48,454	)		—			—
		47,389		$	521,365			—		$	—
		59,514		$	645,872			15,955		$	199,630

	Year Ended 10/31/22						Year Ended 10/31/21
Fund Name / Share Class	Shares			Amounts			Shares			Amounts
LifePath ESG Index 2045 Fund
Institutional
Shares sold		404		$	4,219			1,112		$	13,000
Shares issued in reinvestment of distributions		2			16			—			—
Shares redeemed		—			(3	)		(1,112	)		(13,000	)
		406		$	4,232			—		$	—
Investor A
Shares sold		42,079		$	490,863			19,991		$	246,199
Shares issued in reinvestment of distributions		1,020			11,660			98			1,218
Shares redeemed		(2,523	)		(28,380	)		(2,142	)		(26,948	)
		40,576		$	474,143			17,947		$	220,469
Class K
Shares sold		76,180		$	854,608			—		$	—
Shares issued in reinvestment of distributions		931			9,383			—			—
Shares redeemed		(3,133	)		(34,627	)		—			—
		73,978		$	829,364			—		$	—
		114,960		$	1,307,739			17,947		$	220,469

98 2 0 2 2   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Notes to Financial Statements  (continued)

	Year Ended 10/31/22						Year Ended 10/31/21
Fund Name / Share Class	Shares			Amounts			Shares			Amounts
LifePath ESG Index 2050 Fund
Institutional
Shares sold		551		$	5,794			146		$	1,835
Shares issued in reinvestment of distributions		2			19			—			—
Shares redeemed		—			(4	)		(146	)		(1,835	)
		553		$	5,809			—		$	—
Investor A
Shares sold		7,031		$	86,714			8,358		$	103,542
Shares issued in reinvestment of distributions		340			3,980			45			574
Shares redeemed		(26	)		(306	)		(6	)		(74	)
		7,345		$	90,388			8,397		$	104,042
Class K
Shares sold		116,692		$	1,331,335			—		$	—
Shares issued in reinvestment of distributions		1,406			14,282			—			—
Shares redeemed		(1,681	)		(20,667	)		—			—
		116,417		$	1,324,950			—		$	—
		124,315		$	1,421,147			8,397		$	104,042

	Year Ended 10/31/22						Year Ended 10/31/21
Fund Name / Share Class	Shares			Amounts			Shares			Amounts
LifePath ESG Index 2055 Fund
Institutional
Shares sold		360		$	3,776			198		$	2,417
Shares issued in reinvestment of distributions		1			14			2			17
Shares redeemed		—			(3	)		(200	)		(2,603	)
		361		$	3,787			—		$	(169	)
Investor A
Shares sold		1,168		$	10,750			3,232		$	41,836
Shares issued in reinvestment of distributions		70			788			10			129
Shares redeemed		(13	)		(162	)		(1	)		(15	)
		1,225		$	11,376			3,241		$	41,950
Class K
Shares sold		45,665		$	521,130			—		$	—
Shares issued in reinvestment of distributions		600			6,297			—			—
Shares redeemed		(1,363	)		(14,374	)		—			—
		44,902		$	513,053			—		$	—
		46,488		$	528,216			3,241		$	41,781

	Year Ended 10/31/22						Year Ended 10/31/21
Fund Name / Share Class	Shares			Amounts			Shares			Amounts
LifePath ESG Index 2060 Fund
Institutional
Shares sold		2,078		$	24,794			4,812		$	62,267
Shares issued in reinvestment of distributions		143			1,684			6			81
Shares redeemed		(1,537	)		(19,315	)		(2	)		(27	)
		684		$	7,163			4,816		$	62,321
Investor A
Shares sold		7,991		$	94,355			16,450		$	203,600
Shares issued in reinvestment of distributions		373			4,606			84			1,065
Shares redeemed		(13,186	)		(163,360	)		(12	)		(153	)
		(4,822	)	$	(64,399	)		16,522		$	204,512

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 99

Notes to Financial Statements  (continued)

	Year Ended 10/31/22						Year Ended 10/31/21
Fund Name / Share Class (continued)	Shares			Amounts			Shares			Amounts
LifePath ESG Index 2060 Fund (continued)
Class K
Shares sold		55,896		$	634,461			—		$	—
Shares issued in reinvestment of distributions		653			6,779			—			—
Shares redeemed		(5,103	)		(54,620	)		—			—
		51,446		$	586,620			—		$	—
		47,308		$	529,384			21,338		$	266,833
	Year Ended 10/31/22						Year Ended 10/31/21
Fund Name / Share Class	Shares			Amounts			Shares			Amounts
LifePath ESG Index 2065 Fund
Institutional
Shares sold		77		$	816			61		$	729
Shares issued in reinvestment of distributions		1			7			—			—
Shares redeemed		—			—			(61	)		(765	)
		78		$	823			—		$	(36	)
Investor A
Shares sold		4,344		$	50,732			2,584		$	31,137
Shares issued in reinvestment of distributions		90			1,035			10			124
Shares redeemed		(474	)		(5,856	)		(859	)		(10,689	)
		3,960		$	45,911			1,735		$	20,572
Class K
Shares sold		4,127		$	46,496			—		$	—
Shares issued in reinvestment of distributions		38			383			—			—
Shares redeemed		(8	)		(85	)		—			—
		4,157		$	46,794			—		$	—
		8,195		$	93,528			1,735		$	20,536

As of October 31, 2022, shares owned by BlackRock Financial Management, Inc., an affiliate of the Funds, were as follows:

Fund Name	Institutional		Investor A		Class K
LifePath ESG Index Retirement Fund		10,000		10,000		180,000
LifePath ESG Index 2025 Fund		10,000		10,000		180,000
LifePath ESG Index 2030 Fund		10,000		10,000		180,000
LifePath ESG Index 2035 Fund		10,000		10,000		180,000
LifePath ESG Index 2040 Fund		10,000		10,000		180,000
LifePath ESG Index 2045 Fund		10,000		10,000		180,000
LifePath ESG Index 2050 Fund		10,000		10,000		180,000
LifePath ESG Index 2055 Fund		10,000		10,000		180,000
LifePath ESG Index 2060 Fund		10,000		10,000		180,000
LifePath ESG Index 2065 Fund		10,000		10,000		180,000

11. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

100 2 0 2 2   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of BlackRock Funds III and Shareholders of each of the ten funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (ten of the funds constituting BlackRock Funds III, hereafter collectively referred to as the “Funds”) as of October 31, 2022, the related statements of operations for the year ended October 31, 2022, the statements of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2022 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

BlackRock LifePath^® ESG Index Retirement Fund

BlackRock LifePath^® ESG Index 2025 Fund

BlackRock LifePath^® ESG Index 2030 Fund

BlackRock LifePath^® ESG Index 2035 Fund

BlackRock LifePath^® ESG Index 2040 Fund

BlackRock LifePath^® ESG Index 2045 Fund

BlackRock LifePath^® ESG Index 2050 Fund

BlackRock LifePath^® ESG Index 2055 Fund

BlackRock LifePath^® ESG Index 2060 Fund

BlackRock LifePath^® ESG Index 2065 Fund

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 21, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

R E P O R T   O F   I N D E P E N D E N T   R E G I S T E R E D   P U B L I C    A C C O U N T I N G   F I R M 101

Important Tax Information  (unaudited) 

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended October 31, 2022:

Fund Name	Qualified Dividend Income
LifePath ESG Index Retirement Fund	$	3,310
LifePath ESG Index 2025 Fund		16,892
LifePath ESG Index 2030 Fund		23,890
LifePath ESG Index 2035 Fund		17,708
LifePath ESG Index 2040 Fund		37,712
LifePath ESG Index 2045 Fund		39,925
LifePath ESG Index 2050 Fund		51,011
LifePath ESG Index 2055 Fund		39,323
LifePath ESG Index 2060 Fund		40,596
LifePath ESG Index 2065 Fund		33,691

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended October 31, 2022:

Fund Name	Qualified Business Income
LifePath ESG Index Retirement Fund	$	419
LifePath ESG Index 2025 Fund		539
LifePath ESG Index 2030 Fund		809
LifePath ESG Index 2035 Fund		672
LifePath ESG Index 2040 Fund		861
LifePath ESG Index 2045 Fund		1,078
LifePath ESG Index 2050 Fund		1,083
LifePath ESG Index 2055 Fund		998
LifePath ESG Index 2060 Fund		1,049
LifePath ESG Index 2065 Fund		935

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended October 31, 2022:

Fund Name	20% Rate Long-Term Capital Gain Dividends
LifePath ESG Index Retirement Fund	$	7,364
LifePath ESG Index 2025 Fund		1,407
LifePath ESG Index 2030 Fund		1,117
LifePath ESG Index 2035 Fund		7,691
LifePath ESG Index 2040 Fund		579
LifePath ESG Index 2045 Fund		485
LifePath ESG Index 2050 Fund		1,176
LifePath ESG Index 2055 Fund		2,487
LifePath ESG Index 2060 Fund		327
LifePath ESG Index 2065 Fund		3,114

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended October 31, 2022:

Fund Name	Foreign Source Income Earned		Foreign Taxes Paid
LifePath ESG Index Retirement Fund	$	1,348	$	105
LifePath ESG Index 2025 Fund		9,056		590
LifePath ESG Index 2030 Fund		13,819		926
LifePath ESG Index 2035 Fund		12,826		888
LifePath ESG Index 2040 Fund		26,145		1,676
LifePath ESG Index 2045 Fund		27,894		1,756
LifePath ESG Index 2050 Fund		35,441		2,263
LifePath ESG Index 2055 Fund		22,373		1,558
LifePath ESG Index 2060 Fund		29,323		1,898
LifePath ESG Index 2065 Fund		22,714		1,528

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Important Tax Information  (unaudited) (continued)

The Fund hereby designates the following amount, or maximum amount allowable by law, of distributions from direct federal obligation interest for the fiscal year ended October 31, 2022:

Fund Name	Federal Obligation Interest
LifePath ESG Index Retirement Fund	$	10,978
LifePath ESG Index 2025 Fund		16,528
LifePath ESG Index 2030 Fund		15,097
LifePath ESG Index 2035 Fund		8,525
LifePath ESG Index 2040 Fund		6,175
LifePath ESG Index 2045 Fund		3,789
LifePath ESG Index 2050 Fund		1,127
LifePath ESG Index 2055 Fund		398
LifePath ESG Index 2060 Fund		275
LifePath ESG Index 2065 Fund		64

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended October 31, 2022 qualified for the dividends-received deduction for corporate shareholders:

Fund Name	Dividends-Received Deduction
LifePath ESG Index Retirement Fund		4.03	%
LifePath ESG Index 2025 Fund		13.58
LifePath ESG Index 2030 Fund		14.83
LifePath ESG Index 2035 Fund		8.97
LifePath ESG Index 2040 Fund		18.22
LifePath ESG Index 2045 Fund		16.51
LifePath ESG Index 2050 Fund		21.73
LifePath ESG Index 2055 Fund		27.85
LifePath ESG Index 2060 Fund		17.49
LifePath ESG Index 2065 Fund		20.99

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2022:

Fund Name	Interest             Dividends
LifePath ESG Index Retirement Fund	$	19,388
LifePath ESG Index 2025 Fund		29,296
LifePath ESG Index 2030 Fund		26,702
LifePath ESG Index 2035 Fund		12,681
LifePath ESG Index 2040 Fund		8,696
LifePath ESG Index 2045 Fund		5,371
LifePath ESG Index 2050 Fund		1,469
LifePath ESG Index 2055 Fund		636
LifePath ESG Index 2060 Fund		535
LifePath ESG Index 2065 Fund		287

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended October 31, 2022:

Fund Name	Interest Related       Dividends
LifePath ESG Index Retirement Fund	$	19,388
LifePath ESG Index 2025 Fund		29,296
LifePath ESG Index 2030 Fund		26,702
LifePath ESG Index 2035 Fund		12,681
LifePath ESG Index 2040 Fund		8,696
LifePath ESG Index 2045 Fund		5,371
LifePath ESG Index 2050 Fund		1,469
LifePath ESG Index 2055 Fund		636
LifePath ESG Index 2060 Fund		535
LifePath ESG Index 2065 Fund		287

I M P O R T A N T   T A X   I N F O R M A T I O N 103

Disclosure of Investment Advisory Agreement  

The Board of Trustees (the “Board,” the members of which are referred to as “Board Members”) of BlackRock Funds III (the “Trust”) met on April 20, 2022 (the “April Meeting”) and May 10-11, 2022 (the “May Meeting”) to consider the approval to continue the investment advisory agreement (the “Agreement”) between the Trust, on behalf of BlackRock LifePath ESG Index Retirement Fund (“LifePath ESG Index Retirement Fund”), BlackRock LifePath ESG Index 2025 Fund (“LifePath ESG Index 2025 Fund”), BlackRock LifePath ESG Index 2030 Fund (“LifePath ESG Index 2030 Fund”), BlackRock LifePath ESG Index 2035 Fund (“LifePath ESG Index 2035 Fund”), BlackRock LifePath ESG Index 2040 Fund (“LifePath ESG Index 2040 Fund”), BlackRock LifePath ESG Index 2045 Fund (“LifePath ESG Index 2045 Fund”), BlackRock LifePath ESG Index 2050 Fund (“LifePath ESG Index 2050 Fund”), BlackRock LifePath ESG Index 2055 Fund (“LifePath ESG Index 2055 Fund”), BlackRock LifePath ESG Index 2060 Fund (“LifePath ESG Index 2060 Fund”) and BlackRock LifePath ESG Index 2065 Fund (“LifePath ESG Index 2065 Fund”) (each, a “Fund” and collectively, the “Funds”), each a series of the Trust, and BlackRock Fund Advisors (the “Manager” or “BlackRock”), each Fund’s investment advisor.

The Approval Process

Consistent with the requirements of the Investment Company Act of 1940 (the “1940 Act”), the Board considers the approval of the continuation of the Agreement for each Fund on an annual basis. The Board members who are not “interested persons” of the Trust, as defined in the 1940 Act, are considered independent Board members (the “Independent Board Members”). The Board’s consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock’s various services to each Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, each typically extending for two days, as well as additional ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also had an additional one-day meeting to consider specific information surrounding the renewal of the Agreement. In particular, the Board assessed, among other things, the nature, extent and quality of the services provided to the Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock’s management.

During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreement, including the services and support provided by BlackRock to the Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, an applicable benchmark, and other performance metrics, as applicable, as well as BlackRock senior management’s and portfolio managers’ analyses of the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Fund for services; (c) Fund operating expenses and how BlackRock allocates expenses to the Fund; (d) the resources devoted to risk oversight of, and compliance reports relating to, implementation of the Fund’s investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock’s and each Fund’s adherence to applicable compliance policies and procedures; (f) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as available; (g) BlackRock’s and other service providers’ internal controls and risk and compliance oversight mechanisms; (h) BlackRock’s implementation of the proxy voting policies approved by the Board; (i) the use of brokerage commissions and execution quality of portfolio transactions; (j) BlackRock’s implementation of the Fund’s valuation and liquidity procedures; (k) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, exchange-traded fund (“ETF”), closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to the Fund; (l) BlackRock’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage; and (m) periodic updates on BlackRock’s business.

Prior to and in preparation for the April Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreement. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), based on either a Lipper classification or Morningstar category, regarding each Fund’s fees and expenses as compared with a peer group of funds as determined by Broadridge (“Expense Peers”) and the investment performance of each Fund as compared with a peer group of funds (“Performance Peers”); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge’s methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreement and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, ETFs, closed-end funds, open-end funds, and separately managed accounts under similar investment mandates, as well as the performance of such other products, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with the Funds; (g) a summary of aggregate amounts paid by each Fund to BlackRock; (h) sales and redemption data regarding each Fund’s shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock’s and the Funds’ operations.

At the April Meeting, the Board reviewed materials relating to its consideration of the Agreement and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the May Meeting.

At the May Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with the Funds; (d) each Fund’s fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with the Funds; and (g) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock’s services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock’s personnel to

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Disclosure of Investment Advisory Agreement  (continued)

engage in open, candid discussions with the Board. The Board Members evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

A. Nature, Extent and Quality of the Services Provided by BlackRock

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services and the resulting performance of each Fund. Throughout the year, the Board compared each Fund’s performance to the performance of a comparable group of mutual funds, relevant benchmark, and performance metrics, as applicable. The Board met with BlackRock’s senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by each Fund’s portfolio management team discussing the Fund’s performance, investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the number, education and experience of investment personnel generally and each Fund’s portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock’s Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock’s compensation structure with respect to each Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to each Fund. BlackRock and its affiliates provide the Funds with certain administrative, shareholder and other services (in addition to any such services provided to the Funds by third-parties) and officers and other personnel as are necessary for the operations of the Funds. In particular, BlackRock and its affiliates provide the Funds with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third-party service providers, including, among others, each Fund’s custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of the Funds, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing each Fund’s distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations. The Board considered the operation of BlackRock’s business continuity plans, including in light of the ongoing COVID-19 pandemic.

B. The Investment Performance of the Funds and BlackRock

The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund throughout the year and at the April Meeting. In preparation for the April Meeting, the Board was provided with reports independently prepared by Broadridge, which included an analysis of each Fund’s performance as of December 31, 2021, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, with respect to each Fund, the Board received and reviewed information regarding the investment performance of the Fund as compared to its Performance Peers. The Board and its Performance Oversight Committee regularly review, and meet with Fund management to discuss, the performance of each Fund throughout the year.

In evaluating performance, the Board focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board noted that for each of the one-year and since-inception periods reported, each of LifePath ESG Index Retirement Fund, LifePath ESG Index 2040 Fund, LifePath ESG Index 2045 Fund, LifePath ESG Index 2050 Fund, LifePath ESG Index 2055 Fund, LifePath ESG Index 2060 Fund and LifePath ESG Index 2065 Fund ranked in the first quartile against its Performance Peers.

The Board noted that for the one-year and since-inception periods reported, LifePath ESG Index 2035 Fund ranked in the first and second quartiles, respectively, against its Performance Peers.

The Board noted that for the one-year and since-inception periods reported, LifePath ESG Index 2030 Fund ranked in the second and third quartiles, respectively, against its Performance Peers. The Board and BlackRock reviewed the Fund’s underperformance relative to its Performance Peers during the applicable period.

The Board noted that for each of the one-year and since-inception periods reported, LifePath ESG Index 2025 Fund ranked in the third quartile against its Performance Peers. The Board and BlackRock reviewed the Fund’s underperformance relative to its Performance Peers during the applicable periods.

C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with the Funds

The Board, including the Independent Board Members, reviewed each Fund’s contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also

D I S C L O S U R E   O F   I N V E S T M E N T   A D V I S O R Y    A G R E E M E N T 105

Disclosure of Investment Advisory Agreement  (continued)

compared each Fund’s total expense ratio, as well as its actual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund’s total net operating expenses, including any 12b-1 or non-12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board received and reviewed statements relating to BlackRock’s financial condition. The Board reviewed BlackRock’s profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock’s estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2021 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock’s estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at the individual fund level is difficult.

The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. The Board reviewed BlackRock’s overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of technology at BlackRock, BlackRock’s expense management, and the relative product mix.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreement and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock’s commitment of time, assumption of risk, and liability profile in servicing the Funds, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.

The Board noted that the varying fee structures for fund of funds can limit the value of management fee comparisons.

The Board also noted that each of LifePath ESG Index Retirement Fund’s, LifePath ESG Index 2025 Fund’s, LifePath ESG Index 2030 Fund’s, LifePath ESG Index 2035 Fund’s, LifePath ESG Index 2040 Fund’s, LifePath ESG Index 2045 Fund’s, LifePath ESG Index 2050 Fund’s, LifePath ESG Index 2055 Fund’s and LifePath ESG Index 2060 Fund’s contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to each Fund’s Expense Peers.

The Board also noted that LifePath ESG Index 2065 Fund’s contractual management fee rate ranked four out of four funds, and that the actual management fee rate and total expense ratio ranked in the first out of four funds and in the first quartile, respectively, relative to the Fund’s Expense Peers.

Additionally, the Board noted that BlackRock and its affiliates have contractually agreed to reimburse or otherwise compensate each Fund for certain other fees and expenses.

D. Economies of Scale

The Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of the Funds increase, including the existence of fee waivers and/or expense caps, as applicable, noting that any contractual fee waivers and contractual expense caps had been approved by the Board. In its consideration, the Board further considered the continuation and/or implementation of fee waivers and/or expense caps, as applicable. The Board also considered the extent to which the Funds benefit from such economies of scale in a variety of ways and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable the Funds to more fully participate in these economies of scale. The Board considered each Fund’s asset levels and whether the current fee schedule was appropriate.

E. Other Factors Deemed Relevant by the Board Members

The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from BlackRock’s respective relationships with the Funds, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to the Funds, including for administrative, distribution, securities lending and cash management services. The Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreement, the Board also received information regarding BlackRock’s brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the open-end fund marketplace, and that shareholders are able to redeem their Fund shares if they believe that the pertinent Fund’s fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

Conclusion

At the May Meeting, as a result of the discussions that occurred during the April Meeting, and as a culmination of the Board’s year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of the Agreement between the Manager and the Trust, on behalf of each Fund, for a one-year term ending June 30, 2023. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreement were fair and reasonable and, in the best interest of each Fund and its shareholders. In arriving

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Disclosure of Investment Advisory Agreement  (continued)

at its decision to approve the Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination.

D I S C L O S U R E   O F   I N V E S T M E N T   A D V I S O R Y    A G R E E M E N T 107

Trustee and Officer Information

Independent Trustees(a)
Name     Year of Birth(b)	Position(s) Held (Length of Service)(c)	Principal Occupation(s) During Past 5 Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past 5 Years
Mark Stalnecker 1951	Chair of the Board (Since 2019) and Trustee (Since 2015)	Chief Investment Officer, University of Delaware from 1999 to 2013; Trustee and Chair of the Finance and Investment Committees, Winterthur Museum and Country Estate from 2005 to 2016; Member of the Investment Committee, Delaware Public Employees’ Retirement System since 2002; Member of the Investment Committee, Christiana Care Health System from 2009 to 2017; Member of the Investment Committee, Delaware Community Foundation from 2013 to 2014; Director and Chair of the Audit Committee, SEI Private Trust Co. from 2001 to 2014.	28 RICs consisting of 164 Portfolios	None
Susan J. Carter 1956	Trustee (Since 2016)	Trustee, Financial Accounting Foundation from 2017 to 2021; Advisory Board Member, Center for Private Equity and Entrepreneurship at Tuck School of Business from 1997 to 2021; Director, Pacific Pension Institute from 2014 to 2018; Senior Advisor, Commonfund Capital, Inc. (“CCI”) (investment adviser) in 2015; Chief Executive Officer, CCI from 2013 to 2014; President & Chief Executive Officer, CCI from 1997 to 2013; Advisory Board Member, Girls Who Invest from 2015 to 2018 and Board Member thereof since 2018; Advisory Board Member, Bridges Fund Management since 2016; Practitioner Advisory Board Member, Private Capital Research Institute (“PCRI”) since 2017; Lecturer in the Practice of Management, Yale School of Management since 2019; Advisor to Finance Committee, Altman Foundation since 2020; Investment Committee Member, Tostan since 2021.	28 RICs consisting of 164 Portfolios	None
Collette Chilton 1958	Trustee (Since 2015)	Chief Investment Officer, Williams College since 2006; Chief Investment Officer, Lucent Asset Management Corporation from 1998 to 2006; Director, Boys and Girls Club of Boston since 2017; Director, B1 Capital since 2018; Director, David and Lucile Packard Foundation since 2020.	28 RICs consisting of 164 Portfolios	None
Neil A. Cotty 1954	Trustee (Since 2016)	Bank of America Corporation from 1996 to 2015, serving in various senior finance leadership roles, including Chief Accounting Officer from 2009 to 2015, Chief Financial Officer of Global Banking, Markets and Wealth Management from 2008 to 2009, Chief Accounting Officer from 2004 to 2008, Chief Financial Officer of Consumer Bank from 2003 to 2004, Chief Financial Officer of Global Corporate Investment Bank from 1999 to 2002.	28 RICs consisting of 164 Portfolios	None
Lena G. Goldberg 1949	Trustee (Since 2019)	Director, Charles Stark Draper Laboratory, Inc. since 2013; Senior Lecturer, Harvard Business School from 2008 to 2021; FMR LLC/Fidelity Investments (financial services) from 1996 to 2008, serving in various senior roles including Executive Vice President - Strategic Corporate Initiatives and Executive Vice President and General Counsel; Partner, Sullivan & Worcester LLP from 1985 to 1996 and Associate thereof from 1979 to 1985.	28 RICs consisting of 164 Portfolios	None

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Trustee and Officer Information  (continued)

Independent Trustees(a) (continued)
Name     Year of Birth(b)	Position(s) Held (Length of Service)(c)	Principal Occupation(s) During Past 5 Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past 5 Years
Henry R. Keizer 1956	Trustee (Since 2019)	Director, Park Indemnity Ltd. (captive insurer) since 2010; Director, MUFG Americas Holdings Corporation and MUFG Union Bank, N.A. (financial and bank holding company) from 2014 to 2016; Director, American Institute of Certified Public Accountants from 2009 to 2011; Director, KPMG LLP (audit, tax and advisory services) from 2004 to 2005 and 2010 to 2012; Director, KPMG International in 2012, Deputy Chairman and Chief Operating Officer thereof from 2010 to 2012 and U.S. Vice Chairman of Audit thereof from 2005 to 2010; Global Head of Audit, KPMGI (consortium of KPMG firms) from 2006 to 2010; Director, YMCA of Greater New York from 2006 to 2010.	28 RICs consisting of 164 Portfolios	Hertz Global Holdings (car rental); GrafTech International Ltd. (materials manufacturing); Montpelier Re Holdings, Ltd. (publicly held property and casualty reinsurance) from 2013 to 2015; WABCO (commercial vehicle safety systems) from 2015 to 2020; Sealed Air Corp. (packaging) from 2015 to 2021
Cynthia A. Montgomery 1952	Trustee (Since 2009)	Professor, Harvard Business School since 1989.	28 RICs consisting of 164 Portfolios	Newell Rubbermaid, Inc. (manufacturing) from 1995 to 2016
Donald C. Opatrny 1952	Trustee (Since 2019)	Director, Athena Capital Advisors LLC (investment management firm) from 2013 to 2020; Trustee, Vice Chair, Member of the Executive Committee and Chair of the Investment Committee, Cornell University from 2004 to 2019; President and Trustee, the Center for the Arts, Jackson Hole from 2011 to 2018; Member of the Board and Investment Committee, University School from 2007 to 2018; Trustee, Artstor (a Mellon Foundation affiliate) from 2010 to 2015; Member of the Investment Committee, Mellon Foundation from 2009 to 2015; President, Trustee and Member of the Investment Committee, The Aldrich Contemporary Art Museum from 2007 to 2014; Trustee and Chair of the Investment Committee, Community Foundation of Jackson Hole since 2014; Member of Affordable Housing Supply Board of Jackson, Wyoming since 2017; Member, Investment Funds Committee, State of Wyoming since 2017; Trustee, Phoenix Art Museum since 2018; Trustee, Arizona Community Foundation and Member of Investment Committee since 2020.	28 RICs consisting of 164 Portfolios	None
Joseph P. Platt 1947	Trustee (Since 2009)	General Partner, Thorn Partners, LP (private investments) since 1998; Director, WQED Multi-Media (public broadcasting not-for-profit) since 2001; Chair, Basic Health International (non-profit) since 2015.	28 RICs consisting of 164 Portfolios	Greenlight Capital Re, Ltd. (reinsurance company); Consol Energy Inc.

T R U S T E E   A N D   O F F I C E R   I N F O R M A T I O N 109

Trustee and Officer Information  (continued)

Independent Trustees(a) (continued)
Name     Year of Birth(b)	Position(s) Held (Length of Service)(c)	Principal Occupation(s) During Past 5 Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past 5 Years
Kenneth L. Urish 1951	Trustee (Since 2009)	Managing Partner, Urish Popeck & Co., LLC (certified public accountants and consultants) since 1976; Past- Chairman of the Professional Ethics Committee of the Pennsylvania Institute of Certified Public Accountants and Committee Member thereof since 2007; Member of External Advisory Board, The Pennsylvania State University Accounting Department since founding in 2001; Principal, UP Strategic Wealth Investment Advisors, LLC since 2013; Trustee, The Holy Family Institute from 2001 to 2010; President and Trustee, Pittsburgh Catholic Publishing Associates from 2003 to 2008; Director, Inter- Tel from 2006 to 2007; Member, Advisory Board, ESG Competent Boards since 2020.	28 RICs consisting of 164 Portfolios	None
Claire A. Walton 1957	Trustee (Since 2016)	Chief Operating Officer and Chief Financial Officer of Liberty Square Asset Management, LP from 1998 to 2015; General Partner of Neon Liberty Capital Management, LLC since 2003; Director, Boston Hedge Fund Group from 2009 to 2018; Director, Woodstock Ski Runners since 2013; Director, Massachusetts Council on Economic Education from 2013 to 2015.	28 RICs consisting of 164 Portfolios	None

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Trustee and Officer Information  (continued)

Interested Trustees(a)(d)
Name     Year of Birth(b)	Position(s) Held (Length of Service)(c)	Principal Occupation(s) During Past 5 Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past 5 Years
Robert Fairbairn 1965	Trustee (Since 2018)	Vice Chairman of BlackRock, Inc. since 2019; Member of BlackRock’s Global Executive and Global Operating Committees; Co-Chair of BlackRock’s Human Capital Committee; Senior Managing Director of BlackRock, Inc. from 2010 to 2019; oversaw BlackRock’s Strategic Partner Program and Strategic Product Management Group from 2012 to 2019; Member of the Board of Managers of BlackRock Investments, LLC from 2011 to 2018; Global Head of BlackRock’s Retail and iShares® businesses from 2012 to 2016.	98 RICs consisting of 265 Portfolios	None
John M. Perlowski(e) 1964	Trustee (Since 2015) President and Chief Executive Officer (Since 2010)	Managing Director of BlackRock, Inc. since 2009; Head of BlackRock Global Accounting and Product Services since 2009; Advisory Director of Family Resource Network (charitable foundation) since 2009.	100 RICs consisting of 267 Portfolios	None

^(a)  The address of each Trustee is c/o BlackRock, Inc., 55 East 52nd Street, New York, New York 10055.

^(b)  Independent Trustees serve until their resignation, retirement, removal or death, or until December 31 of the year in which they turn 75. The Board may determine to extend the terms of Independent Trustees on a case-by-case basis, as appropriate.

^(c)  In connection with the acquisition of Barclays Global Investors by BlackRock, Inc. in December 2009, certain Independent Trustees were elected to the Board. Furthermore, effective January 1, 2019, three BlackRock Fund Complexes were realigned and consolidated into two BlackRock Fund Complexes. As a result, although the chart shows the year that each Independent Trustee joined the Board, certain Independent Trustees first became members of the boards of other BlackRock-advised Funds or legacy BlackRock funds as follows: Cynthia A. Montgomery, 1994; Joseph P. Platt, 1999; Kenneth L. Urish, 1999; Lena G. Goldberg, 2016; Henry R. Keizer, 2016; Donald C. Opatrny, 2015.

^(d)  Mr. Fairbairn and Mr. Perlowski are both “interested persons,” as defined in the 1940 Act, of the Trust based on their positions with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Fixed-Income Complex.

^(e)  Mr. Perlowski is also a trustee of the BlackRock Credit Strategies Fund and BlackRock Private Investments Fund.

Officers Who Are Not Trustees(a)
Name Year of Birth(b)	Position(s) Held (Length of Service)	Principal Occupation(s) During Past 5 Years
Roland Villacorta 1971	Vice President (Since 2022)	Managing Director of BlackRock, Inc. since 2022; Head of Global Cash Management and Head of Securities Lending within BlackRock’s Portfolio Management Group since 2022; Member of BlackRock’s Global Operating Committee since 2022; Head of Portfolio Management in BlackRock’s Financial Markets Advisory Group within BlackRock Solutions from 2008 to 2015; Co-Head of BlackRock Solutions’ Portfolio Analytics Group; previously Mr. Villacorta was Co-Head of Fixed Income within BlackRock’s Risk & Quantitative Analysis Group.
Jennifer McGovern 1977	Vice President (Since 2014)	Managing Director of BlackRock, Inc. since 2016; Director of BlackRock, Inc. from 2011 to 2015; Head of Americas Product Development and Governance for BlackRock’s Global Product Group since 2019; Head of Product Structure and Oversight for BlackRock’s U.S. Wealth Advisory Group from 2013 to 2019.
Trent Walker 1974	Chief Financial Officer (Since 2021)	Managing Director of BlackRock, Inc. since September 2019; Executive Vice President of PIMCO from 2016 to 2019; Senior Vice President of PIMCO from 2008 to 2015; Treasurer from 2013 to 2019 and Assistant Treasurer from 2007 to 2017 of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Jay M. Fife 1970	Treasurer (Since 2009)	Managing Director of BlackRock, Inc. since 2007.
Charles Park 1967	Chief Compliance Officer (Since 2014)	Anti-Money Laundering Compliance Officer for certain BlackRock-advised Funds from 2014 to 2015; Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex since 2014; Principal of and Chief Compliance Officer for iShares® Delaware Trust Sponsor LLC since 2012 and BlackRock Fund Advisors (“BFA”) since 2006; Chief Compliance Officer for the BFA-advised iShares® exchange traded funds since 2006; Chief Compliance Officer for BlackRock Asset Management International Inc. since 2012.

T R U S T E E   A N D   O F F I C E R   I N F O R M A T I O N 111

Trustee and Officer Information  (continued)

Officers Who Are Not Trustees(a) (continued)
Name Year of Birth(b)	Position(s) Held (Length of Service)	Principal Occupation(s) During Past 5 Years
Lisa Belle 1968	Anti-Money Laundering Compliance Officer (Since 2019)	Managing Director of BlackRock, Inc. since 2019; Global Financial Crime Head for Asset and Wealth Management of JP Morgan from 2013 to 2019; Managing Director of RBS Securities from 2012 to 2013; Head of Financial Crimes for Barclays Wealth Americas from 2010 to 2012.
Janey Ahn 1975	Secretary (Since 2019)	Managing Director of BlackRock, Inc. since 2018; Director of BlackRock, Inc. from 2009 to 2017.

^(a)  The address of each Officer is c/o BlackRock, Inc., 55 East 52nd Street, New York, New York 10055.

^(b)  Officers of the Trust serve at the pleasure of the Board.

Further information about the Trust’s Trustees and Officers is available in the Trust’s Statement of Additional Information, which can be obtained without charge by calling (800) 441-7762.

Effective December 31, 2021, Bruce R. Bond retired as a Trustee of the Trust.

Effective March 31, 2022, Thomas Callahan resigned as a Vice President of the Trust and effective May 10, 2022, Roland Villacorta was appointed as a Vice President of the Trust.

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Additional Information  

General Information

Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Funds may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this report.

Householding

The Funds will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at (800) 441-7762.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at blackrock.com/fundreports.

Availability of Proxy Voting Policies, Procedures and Voting Records

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information about how the Funds voted proxies relating to securities held in the Funds’ portfolios during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 441-7762; (2) on the BlackRock website at blackrock.com; and (3) on the SEC’s website at sec.gov.

BlackRock’s Mutual Fund Family

BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit blackrock.com for more information.

Shareholder Privileges

Account Information

Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit blackrock.com for more information.

Automatic Investment Plans

Investor class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.

Systematic Withdrawal Plans

Investor class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.

Retirement Plans

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

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

A D D I T I O N A L   I N F O R M A T I O N 113

Additional Information  (continued)

BlackRock Privacy Principles (continued)

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

Fund and Service Providers

Investment Adviser	Distributor
BlackRock Fund Advisors	BlackRock Investments, LLC
San Francisco, CA 94105	New York, NY 10022
Administrator	Independent Registered Public Accounting Firm
BlackRock Advisors, LLC	PricewaterhouseCoopers LLP
Wilmington, DE 19809	Philadelphia, PA 19103
Accounting Agent and Custodian	Legal Counsel
State Street Bank and Trust Company	Sidley Austin LLP
Boston, MA 02111	New York, NY 10019
Transfer Agent	Address of the Funds
BNY Mellon Investment Servicing (US) Inc.	400 Howard Street
Wilmington, DE 19809	San Francisco, CA 94105

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Glossary of Terms Used in this Report  

Portfolio Abbreviation
ETF	Exchange-Traded Fund
MSCI	Morgan Stanley Capital International

G L O S S A R Y   O F   T E R M S   U S E D   I N   T H I S   R E P O R T 115

Want to know more?

blackrock.com | 800-441-7762

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

LPESG-10/22-AR

(b) Not Applicable

Item 2 – Code of Ethics – The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762.

Item 3 – Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Neil A. Cotty

Henry R. Keizer

Kenneth L. Urish

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

Item 4 – Principal Accountant Fees and Services

The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for the services rendered to the Fund:

	(a) Audit Fees		(b) Audit-Related  Fees1		(c) Tax Fees2		(d) All Other Fees3
Entity Name	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End
BlackRock LifePath® ESG Index 2025 Fund	$15,100	$15,100	$0	$0	$10,750	$7,000	$0	$0
BlackRock LifePath® ESG Index 2030 Fund	$15,100	$15,100	$0	$0	$10,750	$7,000	$0	$0
BlackRock LifePath® ESG Index 2035 Fund	$15,100	$15,100	$0	$0	$10,750	$7,000	$0	$0
BlackRock LifePath® ESG Index 2040 Fund	$15,100	$15,100	$0	$0	$10,750	$7,000	$0	$0
BlackRock LifePath® ESG Index 2045 Fund	$15,100	$15,100	$0	$0	$10,750	$7,000	$0	$0

2

BlackRock LifePath® ESG Index 2050 Fund	$15,100	$15,100	$0	$0	$10,750	$7,000	$0	$0
BlackRock LifePath® ESG Index 2055 Fund	$15,100	$15,100	$0	$0	$10,750	$7,000	$0	$0
BlackRock LifePath® ESG Index 2060 Fund	$15,100	$15,100	$0	$0	$10,750	$7,000	$0	$0
BlackRock LifePath® ESG Index 2065 Fund	$15,100	$15,100	$0	$0	$10,750	$7,000	$0	$0
BlackRock LifePath® ESG Index Retirement Fund	$15,100	$15,100	$0	$0	$10,750	$7,000	$0	$0

The following table presents fees billed by PwC that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):

	Current Fiscal Year End	Previous Fiscal Year End
(b) Audit-Related Fees1	$0	$0
(c) Tax Fees2	$0	$0
(d) All Other Fees3	$0	$0

¹ The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

² The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

³ Aggregate fees borne by BlackRock in connection with the review of compliance procedures and attestation thereto performed by PwC with respect to all of the registered closed-end funds and some of the registered open-end funds advised by BlackRock.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct

3

impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g) The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:

Entity Name	Current Fiscal Year End	Previous Fiscal Year End
BlackRock LifePath® ESG Index 2025 Fund	$10,750	$7,000
BlackRock LifePath® ESG Index 2030 Fund	$10,750	$7,000
BlackRock LifePath® ESG Index 2035 Fund	$10,750	$7,000
BlackRock LifePath® ESG Index 2040 Fund	$10,750	$7,000
BlackRock LifePath® ESG Index 2045 Fund	$10,750	$7,000
BlackRock LifePath® ESG Index 2050 Fund	$10,750	$7,000
BlackRock LifePath® ESG Index 2055 Fund	$10,750	$7,000
BlackRock LifePath® ESG Index 2060 Fund	$10,750	$7,000
BlackRock LifePath® ESG Index 2065 Fund	$10,750	$7,000
BlackRock LifePath® ESG Index Retirement Fund	$10,750	$7,000

(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

4

(i) – Not Applicable

(j) – Not Applicable

Item 5 – Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

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

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 10 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 – Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 13 – Exhibits attached hereto

(a)(2) Section 302 Certifications are attached

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

5

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

BlackRock Funds III

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock Funds III

Date: December 21, 2022

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

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock Funds III

Date: December 21, 2022

By:	/s/ Trent Walker
	Trent Walker
	Chief Financial Officer (principal financial officer) of
	BlackRock Funds III

Date: December 21, 2022

6