# EDGAR Filing Document

**Accession Number:** 0000893818
**File Stem:** 0001193125-26-064457
**Filing Date:** 2026-2
**Character Count:** 4008
**Document Hash:** 0672ea3e2428592983bb2b4ad233682e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-064457.hdr.sgml**: 20260224

**ACCESSION NUMBER**: 0001193125-26-064457

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260224

**DATE AS OF CHANGE**: 20260223

**EFFECTIVENESS DATE**: 20260224

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock Funds III
- **CENTRAL INDEX KEY:** 0000893818

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-54126
- **FILM NUMBER:** 26666703

**BUSINESS ADDRESS:**
- **STREET 1:** 400 HOWARD STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105
- **BUSINESS PHONE:** 8006439691

**MAIL ADDRESS:**
- **STREET 1:** 400 HOWARD STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BARCLAYS GLOBAL INVESTORS FUNDS
- **DATE OF NAME CHANGE:** 20060201

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BARCLAYS GLOBAL INVESTORS FUNDS INC
- **DATE OF NAME CHANGE:** 19990804

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MASTERWORKS FUNDS INC
- **DATE OF NAME CHANGE:** 19960607

## Series and Classes Contracts Data

### BlackRock LifePath Dynamic 2035 Fund (Series ID: S000029260)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000089952 | Class R Shares       | LPJRX           |
| C000089953 | Investor A Shares    | LPJAX           |
| C000089954 | Investor C Shares    | LPJCX           |
| C000089955 | Institutional Shares | LPJIX           |
| C000089956 | Class K Shares       | LPJKX           |

**BLACKROCK FUNDS III** 

BlackRock LifePath Dynamic<sup>®</sup> 2030 Fund

BlackRock LifePath Dynamic<sup>®</sup> 2035 Fund

BlackRock LifePath Dynamic<sup>®</sup> 2040 Fund

BlackRock LifePath Dynamic<sup>®</sup> 2045 Fund

BlackRock LifePath Dynamic<sup>®</sup> 2050 Fund

BlackRock LifePath Dynamic<sup>®</sup> 2055 Fund

BlackRock LifePath Dynamic<sup>®</sup> 2060 Fund

BlackRock LifePath Dynamic<sup>®</sup> 2065 Fund

BlackRock LifePath Dynamic<sup>®</sup> 2070 Fund

**(each, a "Fund" and collectively, the "Funds")** 

**Supplement dated February 24, 2026 to the Prospectuses of each Fund, as amended** 

**Effective on or about June 1, 2026, certain Funds will begin to implement a revised target asset allocation that will incorporate a higher equity allocation, beginning 30 years from the target retirement date. Within the updated glidepath, equity exposure will be increased (relative to current equity exposure) beginning 30 years before retirement by up to approximately 6%, depending on the vintage of the Fund. The equity exposure at retirement remains unchanged. Accordingly, the following changes are made to each Fund's Prospectus, as applicable:** 

**The glide path chart and target allocation table in the section of each Fund's Prospectus entitled "Fund Overview — Key Facts About [the Fund] — Principal Investment Strategies of the Fund" are deleted in their entirety and replaced with the following:**![LOGO](g74507g44m01.jpg)

------

The following table lists the target allocation by years until retirement:

---

| | | |
|:---|:---|:---|
| **Years Until Retirement** | **Equity Funds<br>(Includes REITs)<sup>1</sup>** | **Fixed-Income<br>Funds<sup>1</sup>** |
| 45 | 99% | 1% |
| 40 | 99% | 1% |
| 35 | 99% | 1% |
| 30 | 99% | 1% |
| 25 | 96% | 4% |
| 20 | 90% | 10% |
| 15 | 81% | 19% |
| 10 | 71% | 29% |
| 5 | 59% | 41% |
| 0 | 40% | 60% |

---

<sup>1</sup> BFA may adjust the allocation to equity and fixed-income in the Fund, based on an assessment of the current market conditions and the potential contribution of each asset class to the expected risk and return characteristics of the Fund. In general, the adjustments will be limited to +/- 10% relative to the target allocations. 

**Shareholders should retain this Supplement for future reference.**

PR2-LPD-0226SUP