BLACKROCK FUNDS III
BlackRock LifePath® Index Retirement Fund
BlackRock LifePath® Index 2030 Fund
BlackRock LifePath® Index 2035 Fund
BlackRock LifePath® Index 2040 Fund
BlackRock LifePath® Index 2045 Fund
BlackRock LifePath® Index 2050 Fund
BlackRock LifePath® Index 2055 Fund
BlackRock LifePath® Index 2060 Fund
BlackRock LifePath® Index 2065 Fund
BlackRock LifePath® Index 2070 Fund
(the “Funds”)
Supplement dated January 21, 2025 to the Summary Prospectuses and the Prospectuses of the Funds, each dated April 29, 2024 or September 18, 2024, as applicable, as supplemented to date
Effective immediately, the following changes are made to the Funds’ Summary Prospectuses and Prospectuses, as applicable:
For all Funds except BlackRock LifePath® Index 2070 Fund, the section of the Summary Prospectuses entitled “Key Facts About [Fund] — Portfolio Managers” and the section of the Prospectuses entitled “Fund Overview — Key Facts About [Fund] — Portfolio Managers” are deleted in their entirety and replaced with the following:
| Portfolio Manager | Portfolio Manager of the Fund Since |
Title | ||
| Chris Chung, CFA | 2020 | Managing Director of BlackRock, Inc. | ||
| Michael Pensky, CFA | 2025 | Managing Director of BlackRock, Inc. | ||
| Peter Tsang | 2025 | Director of BlackRock, Inc. |
For BlackRock LifePath® Index 2070 Fund, the section of the Summary Prospectuses entitled “Key Facts About BlackRock LifePath® Index 2070 Fund — Portfolio Managers” and the section of the Prospectuses entitled “Fund Overview — Key Facts About BlackRock LifePath® Index 2070 Fund — Portfolio Managers” are deleted in their entirety and replaced with the following:
| Portfolio Manager | Portfolio Manager of the Fund Since |
Title | ||
| Chris Chung, CFA | 2024 | Managing Director of BlackRock, Inc. | ||
| Michael Pensky, CFA | 2025 | Managing Director of BlackRock, Inc. | ||
| Peter Tsang | 2025 | Director of BlackRock, Inc. |
For all Funds except BlackRock LifePath® Index 2070 Fund, the section of the Prospectuses entitled “Details About the Funds — A Further Discussion of Principal Investment Strategies — About the Portfolio Management Team of the Funds” is deleted in its entirety and replaced with the following:
| ABOUT THE PORTFOLIO MANAGEMENT TEAM OF THE FUNDS |
| The Funds are managed by a team of financial professionals. Chris Chung, CFA, Michael Pensky, CFA, and Peter Tsang are the portfolio managers and are jointly and primarily responsible for the day-to-day management of each Fund. Please see “Management of the Funds — Portfolio Managers” for additional information about the portfolio management team. |
For BlackRock LifePath® Index 2070 Fund, the section of the Prospectuses entitled “Details About the Fund — A Further Discussion of Principal Investment Strategies — About the Portfolio Management Team of the Fund” is deleted in its entirety and replaced with the following:
| ABOUT THE PORTFOLIO MANAGEMENT TEAM OF THE FUND |
| The Fund is managed by a team of financial professionals. Chris Chung, CFA, Michael Pensky, CFA, and Peter Tsang are the portfolio managers and are jointly and primarily responsible for the day-to-day management of the Fund. Please see “Management of the Fund — Portfolio Managers” for additional information about the portfolio management team. |
For all Funds except BlackRock LifePath® Index 2070 Fund, the section of the Prospectuses entitled “Management of the Funds — Portfolio Managers” is deleted in its entirety and replaced with the following:
Information regarding the portfolio managers of the Funds is set forth below. Further information regarding the portfolio managers, including other accounts managed, compensation, ownership of Fund shares and possible conflicts of interest, is available in the SAI.
| Portfolio Manager | Primary Role | Since | Title and Recent Biography | |||
| Chris Chung, CFA | Jointly and primarily responsible for the day-to-day management of each Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. | 2020 | Managing Director of BlackRock, Inc. since 2021; Director of BlackRock, Inc. from 2015 to 2021. | |||
| Michael Pensky, CFA | Jointly and primarily responsible for the day-to-day management of each Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. | 2025 | Managing Director of BlackRock, Inc. since 2021; Director of BlackRock, Inc. from 2018 to 2020. | |||
| Peter Tsang | Jointly and primarily responsible for the day-to-day management of each Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. | 2025 | Director of BlackRock, Inc. since 2017. |
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For BlackRock LifePath® Index 2070 Fund, the section of the Prospectuses entitled “Management of the Fund — Portfolio Managers” is deleted in its entirety and replaced with the following:
Information regarding the portfolio managers of the Fund is set forth below. Further information regarding the portfolio managers, including other accounts managed, compensation, ownership of Fund shares and possible conflicts of interest, is available in the SAI.
| Portfolio Manager | Primary Role | Since | Title and Recent Biography | |||
| Chris Chung, CFA | Jointly and primarily responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. | 2024 | Managing Director of BlackRock, Inc. since 2021; Director of BlackRock, Inc. from 2015 to 2021. | |||
| Michael Pensky, CFA | Jointly and primarily responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. | 2025 | Managing Director of BlackRock, Inc. since 2021; Director of BlackRock, Inc. from 2018 to 2020. | |||
| Peter Tsang | Jointly and primarily responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. | 2025 | Director of BlackRock, Inc. since 2017. |
Shareholders should retain this Supplement for future reference.
PR2-LPI-0125SUP
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