80/20 Target Allocation Fund

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NAV as of Jul 02, 2020 $13.36
52 WK: 10.00 - 13.97
1 Day NAV Change as of Jul 02, 2020 0.10 (0.75%)
NAV Total Return as of Jul 02, 2020 YTD: -0.37% YTD (year to date) is a period, starting from the beginning of the current calendar year, and continuing up to the prior day's close.
Morningstar Rating

4

Overall Morningstar Rating for 80/20 Target Allocation Fund, Class K, as of Jun 30, 2020 rated against 302 Allocation--70% to 85% Equity Funds based on risk adjusted total return.

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.

DIVERSIFIED, CORE SOLUTIONS

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

BLENDING ETFs & ACTIVE FUNDS

Efficiently blend one of the most comprehensive sets of ETFs and active strategies in order to help build better portfolios

BALANCING RESULTS & RISK

Seek to balance the trade-offs between risk and return by focusing on the long-term and building portfolios that harness the power of BlackRock

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Performance

Returns

	1y	3y	5y	10y
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	6.29	7.34	6.42	10.40
Benchmark (%) Index: 56% MSCI ACWI Index, 24% MSCI US Index, and 20% 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.	5.37	7.32	7.17	9.36
Morningstar Category Avg. (%) Allocation--70% to 85% Equity	-0.53	4.13	4.87	8.41
Morningstar Ranking Rankings are based on total return excluding sales charges, independently calculated and not combined to create an overall ranking.	20/335	20/309	-	-
Morningstar Quartile Rankings based on total return excluding sales charges, independently calculated and not combined to create an overall ranking.	1	1	1	1
Lipper Ranking Rankings are based on total return excluding sales charges.	4/156	13/150	-	-
Lipper Quartile Rankings are based on total return excluding sales charges.	1	1	-	-

Performance data is not currently available

	YTD	1m	3m	1y	3y	5y	10y
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	-1.49	2.32	17.53	6.29	23.68	36.49	168.95
Benchmark (%) Index: 56% MSCI ACWI Index, 24% MSCI US Index, and 20% 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.	-2.49	2.53	16.71	5.37	23.61	41.38	144.72
Morningstar Category Avg. (%) Allocation--70% to 85% Equity	-6.66	1.84	16.12	-0.53	12.89	26.80	124.34

Performance data is not currently available

	2015	2016	2017	2018	2019
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	-1.45	6.87	17.49	-7.64	24.74
Benchmark (%) Index: 56% MSCI ACWI Index, 24% MSCI US Index, and 20% 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.	-0.97	7.82	19.14	-6.39	24.06
Morningstar Category Avg. (%) Allocation--70% to 85% Equity	-2.77	7.93	15.80	-7.93	21.35

Performance data is not currently available

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. Effective as of May 31, 2018, the performance information for periods prior to the inception date of the share class shows the performance of the Fund’s Institutional Shares. The performance of this share class would be substantially similar to Institutional Shares because this share class and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that this share class and Institutional Shares have different expenses. For performance periods prior to May 31, 2018, the performance information for periods prior to the inception date of the share class shows the performance of the Fund’s Institutional Shares, adjusted to reflect the fees and expenses applicable to such share class. See the fund prospectus for more details.

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

80/20 Target Allocation Fund ($)

Cum. Fund Perf. Since Inception: 128.40

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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Table

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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

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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 Jul 02, 2020 $42.6 M

Size of Fund (Millions) as of Jul 02, 2020 $445.8 M

Share Class launch date Mar 28, 2016

Asset Class MultiAsset

Morningstar Category Allocation--70% to 85% Equity

Lipper Classification Mixed-Asset Target Alloc Agg Growth

Benchmark Index 56% MSCI ACWI Index, 24% MSCI US Index, and 20% Barclays US Universal Index

CUSIP 09257E720

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 May 29, 2020 12

Max Offer Price as of Jul 02, 2020 $13.36

Open to New Investors Yes

Turnover Percent in the Annual Report as of Jun 30, 2020 64%

Portfolio Characteristics

P/E Ratio The price to earnings ratio is a fundamental measure used to determine if an investment is valued appropriately. Each holdings' P/E is the latest closing price divided by the latest 12 months' earnings per share. Negative earnings are excluded, extraordinary items are excluded, and P/E ratios over 60 are set to 60. as of May 29, 2020 0.00

P/B Ratio The price to book (P/B) value ratio is a fundamental measure used to determine if an investment is valued appropriately. The book value of a company is a measure of how much a company's assets are worth assuming the company's debts are paid off. Negative book values are excluded from this calculation and holding price to book ratios over 25 are set to 25. as of May 29, 2020 0.00

Average Market Cap (Millions) The average size of the securities the fund invests in. as of May 29, 2020 $ 17,051.3 M

Yield to Worst The average rate of return of the portfolio at current market prices, adjusting for optionality. as of May 29, 2020 0.38%

Fund Sharpe Ratio (3y) Compared to . 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 May 31, 2020 0.42

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 May 29, 2020 0.68 yrs

Alpha (3y) Compared to . 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 May 31, 2020 0.01

R-Squared (3y) as of May 31, 2020 98.79

Beta (3y) as of May 31, 2020 1.01

Best 3-Month Return Over the Last 3 Years 3 months ending Mar 31, 2019 11.16%

Worst 3-Month Return Over the Last 3 Years 3 months ending Mar 31, 2020 -16.18%

Fund Standard Deviation (3y) as of May 31, 2020 13.44

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	0.42%
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, 2021.	0.34%

Net Expense Ratio excluding Investment Related Expenses is 0.07%

Ratings

Morningstar Rating

Overall 80/20 Target Allocation Fund received a Morningstar Rating of 4 stars for the 3-year period, - stars for the 5-year period and - stars for the 10-year period, rated against 302, 271 and 193 Allocation--70% to 85% 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.

4

Overall Morningstar Rating for 80/20 Target Allocation Fund, Class K, as of Jun 30, 2020 rated against 302 Allocation--70% to 85% Equity Funds based on risk adjusted total return.

Lipper Leader

Lipper Leader Ratings

Consistent Return 80/20 Target Allocation Fund received the following Consistent Return ratings for the 3-, 5-, and 10-year periods, respectively: 5 (149 funds), - ( funds), and - ( funds). Lipper ratings for Consistent Return reflect funds' historical risk-adjusted returns, adjusted for volatility, relative to peers.

Expense 80/20 Target Allocation Fund received the following Expense ratings for the 3-, 5-, and 10-year periods, respectively: 5 (82 funds), - ( funds), and - ( funds). Lipper ratings for Expense reflect funds' expense minimization relative to peers with similar load structures.

Tax Efficiency 80/20 Target Allocation Fund received the following Tax Efficiency ratings for the 3-, 5-, and 10-year periods, respectively: 5 (150 funds), - ( funds), and - ( funds). Lipper ratings for Tax Efficiency (US) reflect funds' historical success in postponing taxable distributions relative to peers. Tax Efficiency (US) offers no benefit to investors in tax-sheltered accounts such as retirement plans.

Total Return 80/20 Target Allocation Fund received the following Total Return ratings for the 3-, 5-, and 10-year periods, respectively: 5 (150 funds), - ( funds), and - ( funds). Lipper ratings for Total Return reflect funds' historical total return performance relative to peers.

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 May 31, 2020 out of 149, 4,755, 150, 82 and 150 Funds, respectively in Lipper's Mixed-Asset Target Alloc Agg Growth classification.

Holdings

Top

as of May 29, 2020

Name	Weight (%)
ISHARES CORE S&P TOTAL U.S. STOCK	21.53
ISHARE ESG MSCI USA ETF	18.18
ISHARES MSCI EAFE GROWTH ETF	9.90
BLACKROCK TOTAL RETURN FUND AGR	9.22
EMERGING MARKETS FUND INVK	8.60

Name	Weight (%)
MASTER ADV LARGE CAP CORE BR_AGR	8.12
TECHNOLOGY OPPORTUNITIES FUN INVK	4.81
ISHARES IBOXX $ INV GRADE CORPORAT	4.68
ISHARES US MEDICAL DEVICES ETF	4.06
ISHS EDG MSCI USA VAL FCT ETF(USD)	3.92

Top Holdings

as of May 29, 2020

% of Market Value

Type	Fund

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as of May 29, 2020

% of Market Value

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as of May 29, 2020

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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.