40/60 Target Allocation Fund | BAMPX

Overview

A simple way to access diversification*

BlackRock Target Allocation Funds offer investors a way to help balance their investing outcome through diversification across active and index, stocks and bonds using a suite of underlying mutual funds and ETFs.

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Core, diversified solutions that provide investors balanced and diversified exposure across a wide range of asset classes, geographies and securities

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Performance

Returns

Average Annual
Cumulative
Calendar Year

	1y	3y	5y	10y
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	5.57	6.04	5.05	7.54
Return w/ Sales Charge (%) Max Sales Charge: 5.25	0.03	4.15	3.92	6.96
Benchmark (%) Index: 28% MSCI ACWI Index, 12% MSCI US Index, 60% Barclays US Universal Index.<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.	7.17	6.30	5.37	6.53
Morningstar Category Avg. (%) Allocation--30% to 50% Equity	9.38	5.88	4.15	6.34
Morningstar Ranking Rankings are based on total return excluding sales charges, independently calculated and not combined to create an overall ranking.	185/558	104/491	93/399	37/263
Morningstar Quartile Rankings based on total return excluding sales charges, independently calculated and not combined to create an overall ranking.	2	1	1	1
Lipper Category Avg. (%) Mixed-Asset Target Allocation Moderate	3.92	6.35	4.95	6.94
Lipper Ranking Rankings are based on total return excluding sales charges.	153/600	315/537	232/485	118/362
Lipper Quartile Rankings are based on total return excluding sales charges.	2	3	2	2

Missing average annual returns data

	YTD	1m	3m	1y	3y	5y	10y
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	12.03	0.26	1.28	5.57	19.24	27.94	106.82
Return w/ Sales Charge (%) Max Sales Charge: 5.25	6.15	-5.01	-4.03	0.03	12.98	21.22	95.96
Benchmark (%) Index: 28% MSCI ACWI Index, 12% MSCI US Index, 60% Barclays US Universal Index.<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.	12.25	0.51	1.44	7.17	20.10	29.91	88.29
Morningstar Category Avg. (%) Allocation--30% to 50% Equity	12.09	0.80	1.59	9.38	18.70	22.55	84.83
Lipper Category Avg. (%) Mixed-Asset Target Allocation Moderate	12.52	0.89	0.96	3.92	20.36	27.59	96.94

Missing cumulative returns data

	2014	2015	2016	2017	2018
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	6.28	0.54	3.96	11.28	-4.09
Benchmark (%) Index: 28% MSCI ACWI Index, 12% MSCI US Index, 60% Barclays US Universal Index<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.	13.69	-0.17	5.88	11.43	-3.18
Morningstar Category Avg. (%) Allocation--30% to 50% Equity	4.02	-2.32	6.62	9.86	-5.04

Missing calendar year returns data

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.

The Fund's returns prior to June 3, 2015 are the returns of the Fund when it followed different investment strategies under the name "BlackRock Moderate Prepared Portfolio."

Growth of Hypothetical $10,000 The growth of hypothetical $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Performance chart data not available for display.

Growth of Hypothetical $10,000
Historical NAVs

40/60 Target Allocation Fund ($)

Cum. Fund Perf. Since Inception: 102.88

Source: Lipper. Data reflects different methodology from the BlackRock calculated returns in the Returns tab. The $10,000 Hypothetical Over Time chart reflects a hypothetical $10,000 investment in the investor class of shares noted and does not assume the max sales charge. Had sales charge been included, returns would have been lower. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

Historical NAVs

Distributions

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Recent
Calendar Year

Chart
Table

Interactive chart displaying fund performance. Javascript is required.

Ex-Date	Payable Date	Record Date	Total Distribution Current year distributions are not classified as “Income,” “Short-Term Capital Gains,” “Long-Term Capital Gains,” or “Return of Capital” until approximately 60 days following calendar year-end.	Income	ST Cap Gains	LT Cap Gains	Return of Capital

Chart
Table

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Year	Total Distribution Current year distributions are not classified as “Income,” “Short-Term Capital Gains,” “Long-Term Capital Gains,” or “Return of Capital” until calendar year-end.	Income	ST Cap Gains	LT Cap Gains

Past distributions are not indicative of future distributions.
Click here, for the most recent distributions.

Key Facts

Size of Class (Millions) as of Dec 13, 2019 $184.5 M

Size of Fund (Millions) as of Dec 13, 2019 $381.1 M

Share Class launch date Dec 21, 2006

Asset Class MultiAsset

Morningstar Category Allocation--30% to 50% Equity

Lipper Classification Mixed-Asset Target Allocation Moderate

Benchmark Index 28% MSCI ACWI Index, 12% MSCI US Index, 60% Barclays US Universal Index

CUSIP 091937151

Distribution Frequency How often a distribution is paid by the fund. The most common distribution frequencies are annually, biannually and quarterly. Annual

Number of Holdings as of Nov 29, 2019 14

Max Offer Price as of Dec 13, 2019 $12.85

Open to New Investors Yes

Turnover Percent as of Nov 30, 2019 68%

Portfolio Characteristics

Average Market Cap (Millions) The average size of the securities the fund invests in. as of Nov 29, 2019 $ 25,413.2 M

Yield to Worst The average rate of return of the portfolio at current market prices, adjusting for optionality. as of Nov 29, 2019 1.58%

Fund Sharpe Ratio (3y) Compared to SPTMICPTRC 22% / LEH_AGG 14% / MSEAFENUSH 11% / IDCOT7 10% / LCREDINT 9%. A ratio to measure risk-adjusted performance. The Sharpe ratio is calculated by subtracting the risk-free rate - such as that of the 10-year U.S. Treasury bond - from the rate of return for a portfolio and dividing the result by the standard deviation of the portfolio returns. as of Nov 30, 2019 1.11

Effective Duration Effective Duration measures the sensitivity of the price of a bond with or without embedded options to changes in interest rates, taking into account the likelihood of the bond being called, put and/or sunk prior to its final maturity date while incorporating after-tax impacts on the bond. The options-based duration model used by BlackRock employs certain assumptions and may differ from other fund complexes. Effective Duration is measured at the individual bond level, aggregated to the portfolio level, and adjusted for leverage, hedging transactions and non-bond holdings, including derivatives. as of Nov 29, 2019 3.34 yrs

Alpha (3y) Compared to SPTMICPTRC 22% / LEH_AGG 14% / MSEAFENUSH 11% / IDCOT7 10% / LCREDINT 9%. Alpha is calculated at the portfolio level. A measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the fund relative to the return of the benchmark index is a fund's alpha. as of Nov 30, 2019 -0.06

R-Squared (3y) as of Nov 30, 2019 98.08

Beta (3y) as of Nov 30, 2019 1.04

Best 3-Month Return Over the Last 3 Years 3 months ending Mar 31, 2019 7.01%

Worst 3-Month Return Over the Last 3 Years 3 months ending Dec 31, 2018 -5.76%

Fund Standard Deviation (3y) as of Nov 30, 2019 5.03

This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Fees

as of current prospectus

Gross Expense Ratio	0.84%
Net Expense Ratio The difference between gross and net expense ratios are due to contractual and/or voluntary waivers, if applicable. Any applicable contractual waiver will be terminable upon 90 days’ notice. BlackRock may agree to voluntarily waive certain fees and expenses, which the adviser may discontinue at any time without notice. For this share class, the contractual waiver end date is Jan 31, 2020.	0.80%

Net Expense Ratio excluding Investment Related Expenses is 0.43%

Ratings

Morningstar Rating

Overall 40/60 Target Allocation Fund received a Morningstar Rating of 4 stars for the 3-year period, 4 stars for the 5-year period and 4 stars for the 10-year period, rated against 498, 401 and 269 Allocation--30% to 50% Equity Funds, respectively. Performance results represent past performance and are no guarantee of future results. The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Morningstar Ratings are for the share classes cited only; other classes may have different ratings.

Overall Morningstar Rating for 40/60 Target Allocation Fund, Class A, as of Nov 30, 2019 rated against 498 Allocation--30% to 50% Equity Funds based on risk adjusted total return.

Lipper Leader

Lipper Leader Ratings

Expense 40/60 Target Allocation Fund received the following Expense ratings for the 3-, 5-, and 10-year periods, respectively: 4 (140 funds), 4 (136 funds), and 4 (117 funds). Lipper ratings for Expense reflect funds' expense minimization relative to peers with similar load structures.

Preservation 40/60 Target Allocation Fund received the following Preservation ratings for the 3-, 5-, and 10-year periods, respectively: 5 (4,572 funds), 5 (3,608 funds), and 4 (2,087 funds). Lipper ratings for Preservation reflect funds' historical loss avoidance relative to other funds within the same asset class. Preservation ratings are relative, rather than absolute, measures, and funds named Lipper Leaders for Preservation may still experience losses periodically; those losses may be larger for equity and mixed equity funds than for fixed income funds.

Overall Lipper Leaders ratings based on an equal-weighted average of percentile ranks for each measure over 3-, 5-, and 10-year periods (if applicable) and do not take into account the effects of sales charges for these categories (Consistent Return, Preservation, Total Return, Expense, and Tax Efficiency) as of Nov 30, 2019 out of 527, 4,572, 529, 140 and 529 Funds, respectively in Lipper's Mixed-Asset Target Allocation Moderate classification.

Holdings

as of Nov 29, 2019

Name	Weight (%)
BLACKROCK TOTAL RETURN FUND MOD	20.06
US TOT BND INDEX MASTER FOR BR_MOD	13.11
STRATEGIC INCOME OPPORTUNITIES FUN	12.72
ISHARES CORE S&P TOTAL U.S. STOCK	11.10
MASTER ADV LARGE CAP CORE BR_MOD	8.10

Name	Weight (%)
ISHARES US TREASURY BOND ETF	7.84
EMERGING MARKETS FUND INVK	4.75
BLK GLOBAL ALLOC K CLASS	4.08
ISHS EDG MSCI USA QUL FCT ETF(USD)	4.05
ISHARES CORE MSCI EAFE ETF	3.98

Top Holdings

as of Nov 29, 2019

% of Market Value

Type	Fund

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as of Nov 29, 2019

% of Market Value

Type	Fund

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as of Nov 29, 2019

% of Market Value

Type	Fund

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Allocations subject to change.

Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management.

Allocations are subject to change.

Portfolio Managers

BlackRock Multi-Asset Strategies Team

Michael Gates, CFA, is a Managing Director in the Multi-Asset Strategies group at BlackRock.

Lisa O'Connor

Portfolio Manager

Literature

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Important Information

* Diversification does not ensure a profit or protect against a loss.

Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses which may be obtained by visiting the iShares Fund and BlackRock Fund prospectus pages. Read the prospectus carefully before investing.

The fund is actively managed and its characteristics will vary.

Fund of funds are subject to the risks associated with the underlying BlackRock funds in which it invests.

Stock and bond values fluctuate in price so the value of your investment can go down depending on market conditions.

International investing involves special risks including, but not limited to currency fluctuations, illiquidity and volatility. These risks may be heightened for investments in emerging markets.

Asset allocation strategies do not assure profit and do not protect against loss.

Non-diversification of investments means that more assets are potentially invested in fewer securities than if investments were diversified, so risk is increased because each investment has a greater effect on performance.

The fund may use derivatives to hedge its investments or to seek to enhance returns. Derivatives entail risks relating to liquidity, leverage and credit that may reduce returns and increase volatility.

Investing in small- and mid-cap companies may entail greater risk than large-cap companies, due to shorter operating histories, less seasoned management or lower trading volumes.

Performance results reflect past performance and are no guarantee of future results. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. All returns assume reinvestment of all dividends. Performance information shown without sales charge would have been lower if the applicable sales charge had been included. Performance during periods of exceptional market conditions should not be expected to be repeated in a normal market environment. Current performance may be lower or higher than the performance data quoted.

Investing involves risk, including possible loss of principal.

Fund details, holdings and characteristics are as of the date noted and subject to change.

Yields are based on income earned for the period cited and on the Fund's NAV at the end of the period.

Some BlackRock funds make distributions of ordinary income and capital gains at calendar year end. Those distributions temporarily cause extraordinarily high yields. There is no assurance that a fund will repeat that yield in the future. Subsequent monthly distributions that do not include ordinary income or capital gains in the form of dividends will likely be lower.

The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

© 2019 BlackRock, Inc. All rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, BUILD ON BLACKROCK, ALADDIN, iSHARES, iBONDS, iSHARES CONNECT, FUND FRENZY, LIFEPATH, SO WHAT DO I DO WITH MY MONEY, INVESTING FOR A NEW WORLD, BUILT FOR THESE TIMES, the iShares Core Graphic, CoRI and the CoRI logo are registered and unregistered trademarks of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other marks are the property of their respective owners.

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