0000893818 bf3:S000032778Member 2024-12-31 2024-12-31 0000893818 bf3:S000032779Member 2024-12-31 2024-12-31 0000893818 bf3:S000032780Member 2024-12-31 2024-12-31 0000893818 bf3:S000032781Member 2024-12-31 2024-12-31 0000893818 bf3:S000032782Member 2024-12-31 2024-12-31 0000893818 bf3:S000032783Member 2024-12-31 2024-12-31 0000893818 bf3:S000052849Member 2024-12-31 2024-12-31 0000893818 bf3:S000066171Member 2024-12-31 2024-12-31 0000893818 bf3:S000086333Member 2024-12-31 2024-12-31 0000893818 2024-12-31 2024-12-31 false 2024-12-31 497 0000893818 N-1A 2025-04-30 <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">BlackRock Funds III</div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:center;">BlackRock LifePath<sup style="font-size:75%;vertical-align:top">®</sup> Index 2030 Fund </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:center;">BlackRock LifePath<sup style="font-size:75%;vertical-align:top">®</sup> Index 2035 Fund </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:center;">BlackRock LifePath<sup style="font-size:75%;vertical-align:top">®</sup> Index 2040 Fund </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:center;">BlackRock LifePath<sup style="font-size:75%;vertical-align:top">®</sup> Index 2045 Fund </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:center;">BlackRock LifePath<sup style="font-size:75%;vertical-align:top">®</sup> Index 2050 Fund </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:center;">BlackRock LifePath<sup style="font-size:75%;vertical-align:top">®</sup> Index 2055 Fund </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:center;">BlackRock LifePath<sup style="font-size:75%;vertical-align:top">®</sup> Index 2060 Fund </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:center;">BlackRock LifePath<sup style="font-size:75%;vertical-align:top">®</sup> Index 2065 Fund </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:center;">BlackRock LifePath<sup style="font-size:75%;vertical-align:top">®</sup> Index 2070 Fund </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">(each, a “Fund” and collectively, the “Funds”) </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">Supplement dated February 24, 2026 to the Summary Prospectuses and Prospectuses of each Fund, as amended </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">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 Summary Prospectus and Prospectus, as applicable: </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">The glide path chart and target allocation table in the section of each Fund’s Summary Prospectus entitled “Key Facts About [the Fund] — Principal Investment Strategies of the Fund” and 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: </div><div style="margin-top:0pt;margin-bottom:0pt;text-align:center;"> <img alt="LOGO" src="g112461g33m73.jpg" style="width:4.26978in;height:2.42012in;"/> <span style="font-weight:bold"> </span> </div><div style="margin-top:0pt;margin-bottom:0pt;text-indent:4%;font-size:10pt;font-family:times new roman;">The following table lists the target allocation by years until retirement: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:68%;"></td> <td style="vertical-align:bottom;width:15%;"></td> <td style="width:38pt;"></td> <td></td> <td></td> <td style="width:38pt;"></td> <td style="vertical-align:bottom;width:15%;"></td> <td style="width:29pt;"></td> <td></td> <td></td> <td style="width:29pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"><span style="font-weight:bold">Years Until Retirement</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td colspan="4" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">Equity Funds<br/>(Includes REITs)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td colspan="4" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">Fixed‑Income<br/>Funds</span></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">45</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">99</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">1</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">40</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">99</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">1</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">35</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">99</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">1</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">30</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">99</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">1</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">25</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">96</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">4</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">20</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">90</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">10</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">15</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">81</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">19</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">10</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">71</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">29</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">5</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">59</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">41</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">0</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">40</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">60</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> </table> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">BlackRock Funds III</div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:center;">BlackRock LifePath<sup style="font-size:75%;vertical-align:top">®</sup> Index 2030 Fund </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">(each, a “Fund” and collectively, the “Funds”) </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">Supplement dated February 24, 2026 to the Summary Prospectuses and Prospectuses of each Fund, as amended </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">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 Summary Prospectus and Prospectus, as applicable: </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">The glide path chart and target allocation table in the section of each Fund’s Summary Prospectus entitled “Key Facts About [the Fund] — Principal Investment Strategies of the Fund” and 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: </div><div style="margin-top:0pt;margin-bottom:0pt;text-align:center;"> <img alt="LOGO" src="g112461g33m73.jpg" style="width:4.26978in;height:2.42012in;"/> <span style="font-weight:bold"> </span> </div><div style="margin-top:0pt;margin-bottom:0pt;text-indent:4%;font-size:10pt;font-family:times new roman;">The following table lists the target allocation by years until retirement: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:68%;"></td> <td style="vertical-align:bottom;width:15%;"></td> <td style="width:38pt;"></td> <td></td> <td></td> <td style="width:38pt;"></td> <td style="vertical-align:bottom;width:15%;"></td> <td style="width:29pt;"></td> <td></td> <td></td> <td style="width:29pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"><span style="font-weight:bold">Years Until Retirement</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td colspan="4" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">Equity Funds<br/>(Includes REITs)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td colspan="4" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">Fixed‑Income<br/>Funds</span></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">45</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">99</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">1</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">40</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">99</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">1</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">35</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">99</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">1</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">30</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">99</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">1</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">25</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">96</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">4</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">20</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">90</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">10</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">15</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">81</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">19</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">10</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">71</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">29</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">5</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">59</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">41</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">0</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">40</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">60</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> </table> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">BlackRock Funds III</div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:center;">BlackRock LifePath<sup style="font-size:75%;vertical-align:top">®</sup> Index 2035 Fund </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">(each, a “Fund” and collectively, the “Funds”) </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">Supplement dated February 24, 2026 to the Summary Prospectuses and Prospectuses of each Fund, as amended </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">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 Summary Prospectus and Prospectus, as applicable: </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">The glide path chart and target allocation table in the section of each Fund’s Summary Prospectus entitled “Key Facts About [the Fund] — Principal Investment Strategies of the Fund” and 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: </div><div style="margin-top:0pt;margin-bottom:0pt;text-align:center;"> <img alt="LOGO" src="g112461g33m73.jpg" style="width:4.26978in;height:2.42012in;"/> <span style="font-weight:bold"> </span> </div><div style="margin-top:0pt;margin-bottom:0pt;text-indent:4%;font-size:10pt;font-family:times new roman;">The following table lists the target allocation by years until retirement: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:68%;"></td> <td style="vertical-align:bottom;width:15%;"></td> <td style="width:38pt;"></td> <td></td> <td></td> <td style="width:38pt;"></td> <td style="vertical-align:bottom;width:15%;"></td> <td style="width:29pt;"></td> <td></td> <td></td> <td style="width:29pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"><span style="font-weight:bold">Years Until Retirement</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td colspan="4" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">Equity Funds<br/>(Includes REITs)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td colspan="4" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">Fixed‑Income<br/>Funds</span></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">45</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">99</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">1</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">40</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">99</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">1</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">35</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">99</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">1</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">30</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">99</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">1</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">25</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">96</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">4</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">20</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">90</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">10</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">15</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">81</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">19</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">10</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">71</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">29</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">5</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">59</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">41</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">0</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">40</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">60</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> </table> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">BlackRock Funds III</div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:center;">BlackRock LifePath<sup style="font-size:75%;vertical-align:top">®</sup> Index 2040 Fund </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">(each, a “Fund” and collectively, the “Funds”) </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">Supplement dated February 24, 2026 to the Summary Prospectuses and Prospectuses of each Fund, as amended </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">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 Summary Prospectus and Prospectus, as applicable: </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">The glide path chart and target allocation table in the section of each Fund’s Summary Prospectus entitled “Key Facts About [the Fund] — Principal Investment Strategies of the Fund” and 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: </div><div style="margin-top:0pt;margin-bottom:0pt;text-align:center;"> <img alt="LOGO" src="g112461g33m73.jpg" style="width:4.26978in;height:2.42012in;"/> <span style="font-weight:bold"> </span> </div><div style="margin-top:0pt;margin-bottom:0pt;text-indent:4%;font-size:10pt;font-family:times new roman;">The following table lists the target allocation by years until retirement: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:68%;"></td> <td style="vertical-align:bottom;width:15%;"></td> <td style="width:38pt;"></td> <td></td> <td></td> <td style="width:38pt;"></td> <td style="vertical-align:bottom;width:15%;"></td> <td style="width:29pt;"></td> <td></td> <td></td> <td style="width:29pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"><span style="font-weight:bold">Years Until Retirement</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td colspan="4" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">Equity Funds<br/>(Includes REITs)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td colspan="4" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">Fixed‑Income<br/>Funds</span></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">45</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">99</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">1</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">40</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">99</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">1</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">35</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">99</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">1</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">30</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">99</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">1</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">25</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">96</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">4</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">20</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">90</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">10</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">15</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">81</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">19</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">10</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">71</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">29</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">5</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">59</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">41</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">0</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">40</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">60</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> </table> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">BlackRock Funds III</div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:center;">BlackRock LifePath<sup style="font-size:75%;vertical-align:top">®</sup> Index 2045 Fund </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">(each, a “Fund” and collectively, the “Funds”) </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">Supplement dated February 24, 2026 to the Summary Prospectuses and Prospectuses of each Fund, as amended </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">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 Summary Prospectus and Prospectus, as applicable: </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">The glide path chart and target allocation table in the section of each Fund’s Summary Prospectus entitled “Key Facts About [the Fund] — Principal Investment Strategies of the Fund” and 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: </div><div style="margin-top:0pt;margin-bottom:0pt;text-align:center;"> <img alt="LOGO" src="g112461g33m73.jpg" style="width:4.26978in;height:2.42012in;"/> <span style="font-weight:bold"> </span> </div><div style="margin-top:0pt;margin-bottom:0pt;text-indent:4%;font-size:10pt;font-family:times new roman;">The following table lists the target allocation by years until retirement: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:68%;"></td> <td style="vertical-align:bottom;width:15%;"></td> <td style="width:38pt;"></td> <td></td> <td></td> <td style="width:38pt;"></td> <td style="vertical-align:bottom;width:15%;"></td> <td style="width:29pt;"></td> <td></td> <td></td> <td style="width:29pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"><span style="font-weight:bold">Years Until Retirement</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td colspan="4" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">Equity Funds<br/>(Includes REITs)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td colspan="4" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">Fixed‑Income<br/>Funds</span></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">45</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">99</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">1</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">40</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">99</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">1</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">35</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">99</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">1</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">30</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">99</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">1</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">25</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">96</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">4</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">20</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">90</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">10</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">15</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">81</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">19</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">10</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">71</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">29</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">5</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">59</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">41</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">0</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">40</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">60</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> </table> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">BlackRock Funds III</div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:center;">BlackRock LifePath<sup style="font-size:75%;vertical-align:top">®</sup> Index 2050 Fund </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">(each, a “Fund” and collectively, the “Funds”) </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">Supplement dated February 24, 2026 to the Summary Prospectuses and Prospectuses of each Fund, as amended </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">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 Summary Prospectus and Prospectus, as applicable: </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">The glide path chart and target allocation table in the section of each Fund’s Summary Prospectus entitled “Key Facts About [the Fund] — Principal Investment Strategies of the Fund” and 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: </div><div style="margin-top:0pt;margin-bottom:0pt;text-align:center;"> <img alt="LOGO" src="g112461g33m73.jpg" style="width:4.26978in;height:2.42012in;"/> <span style="font-weight:bold"> </span> </div><div style="margin-top:0pt;margin-bottom:0pt;text-indent:4%;font-size:10pt;font-family:times new roman;">The following table lists the target allocation by years until retirement: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:68%;"></td> <td style="vertical-align:bottom;width:15%;"></td> <td style="width:38pt;"></td> <td></td> <td></td> <td style="width:38pt;"></td> <td style="vertical-align:bottom;width:15%;"></td> <td style="width:29pt;"></td> <td></td> <td></td> <td style="width:29pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"><span style="font-weight:bold">Years Until Retirement</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td colspan="4" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">Equity Funds<br/>(Includes REITs)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td colspan="4" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">Fixed‑Income<br/>Funds</span></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">45</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">99</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">1</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">40</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">99</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">1</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">35</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">99</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">1</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">30</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">99</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">1</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">25</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">96</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">4</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">20</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">90</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">10</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">15</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">81</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">19</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">10</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">71</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">29</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">5</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">59</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">41</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">0</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">40</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">60</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> </table> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">BlackRock Funds III</div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:center;">BlackRock LifePath<sup style="font-size:75%;vertical-align:top">®</sup> Index 2055 Fund </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">(each, a “Fund” and collectively, the “Funds”) </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">Supplement dated February 24, 2026 to the Summary Prospectuses and Prospectuses of each Fund, as amended </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">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 Summary Prospectus and Prospectus, as applicable: </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">The glide path chart and target allocation table in the section of each Fund’s Summary Prospectus entitled “Key Facts About [the Fund] — Principal Investment Strategies of the Fund” and 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: </div><div style="margin-top:0pt;margin-bottom:0pt;text-align:center;"> <img alt="LOGO" src="g112461g33m73.jpg" style="width:4.26978in;height:2.42012in;"/> <span style="font-weight:bold"> </span> </div><div style="margin-top:0pt;margin-bottom:0pt;text-indent:4%;font-size:10pt;font-family:times new roman;">The following table lists the target allocation by years until retirement: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:68%;"></td> <td style="vertical-align:bottom;width:15%;"></td> <td style="width:38pt;"></td> <td></td> <td></td> <td style="width:38pt;"></td> <td style="vertical-align:bottom;width:15%;"></td> <td style="width:29pt;"></td> <td></td> <td></td> <td style="width:29pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"><span style="font-weight:bold">Years Until Retirement</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td colspan="4" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">Equity Funds<br/>(Includes REITs)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td colspan="4" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">Fixed‑Income<br/>Funds</span></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">45</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">99</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">1</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">40</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">99</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">1</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">35</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">99</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">1</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">30</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">99</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">1</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">25</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">96</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">4</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">20</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">90</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">10</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">15</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">81</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">19</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">10</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">71</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">29</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">5</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">59</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">41</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">0</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">40</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">60</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> </table> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">BlackRock Funds III</div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:center;">BlackRock LifePath<sup style="font-size:75%;vertical-align:top">®</sup> Index 2060 Fund </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">(each, a “Fund” and collectively, the “Funds”) </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">Supplement dated February 24, 2026 to the Summary Prospectuses and Prospectuses of each Fund, as amended </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">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 Summary Prospectus and Prospectus, as applicable: </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">The glide path chart and target allocation table in the section of each Fund’s Summary Prospectus entitled “Key Facts About [the Fund] — Principal Investment Strategies of the Fund” and 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: </div><div style="margin-top:0pt;margin-bottom:0pt;text-align:center;"> <img alt="LOGO" src="g112461g33m73.jpg" style="width:4.26978in;height:2.42012in;"/> <span style="font-weight:bold"> </span> </div><div style="margin-top:0pt;margin-bottom:0pt;text-indent:4%;font-size:10pt;font-family:times new roman;">The following table lists the target allocation by years until retirement: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:68%;"></td> <td style="vertical-align:bottom;width:15%;"></td> <td style="width:38pt;"></td> <td></td> <td></td> <td style="width:38pt;"></td> <td style="vertical-align:bottom;width:15%;"></td> <td style="width:29pt;"></td> <td></td> <td></td> <td style="width:29pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"><span style="font-weight:bold">Years Until Retirement</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td colspan="4" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">Equity Funds<br/>(Includes REITs)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td colspan="4" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">Fixed‑Income<br/>Funds</span></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">45</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">99</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">1</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">40</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">99</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">1</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">35</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">99</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">1</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">30</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">99</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">1</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">25</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">96</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">4</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">20</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">90</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">10</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">15</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">81</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">19</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">10</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">71</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">29</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">5</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">59</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">41</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">0</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">40</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">60</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> </table> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">BlackRock Funds III</div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:center;">BlackRock LifePath<sup style="font-size:75%;vertical-align:top">®</sup> Index 2065 Fund </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">(each, a “Fund” and collectively, the “Funds”) </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">Supplement dated February 24, 2026 to the Summary Prospectuses and Prospectuses of each Fund, as amended </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">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 Summary Prospectus and Prospectus, as applicable: </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">The glide path chart and target allocation table in the section of each Fund’s Summary Prospectus entitled “Key Facts About [the Fund] — Principal Investment Strategies of the Fund” and 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: </div><div style="margin-top:0pt;margin-bottom:0pt;text-align:center;"> <img alt="LOGO" src="g112461g33m73.jpg" style="width:4.26978in;height:2.42012in;"/> <span style="font-weight:bold"> </span> </div><div style="margin-top:0pt;margin-bottom:0pt;text-indent:4%;font-size:10pt;font-family:times new roman;">The following table lists the target allocation by years until retirement: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:68%;"></td> <td style="vertical-align:bottom;width:15%;"></td> <td style="width:38pt;"></td> <td></td> <td></td> <td style="width:38pt;"></td> <td style="vertical-align:bottom;width:15%;"></td> <td style="width:29pt;"></td> <td></td> <td></td> <td style="width:29pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"><span style="font-weight:bold">Years Until Retirement</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td colspan="4" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">Equity Funds<br/>(Includes REITs)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td colspan="4" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">Fixed‑Income<br/>Funds</span></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">45</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">99</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">1</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">40</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">99</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">1</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">35</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">99</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">1</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">30</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">99</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">1</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">25</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">96</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">4</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">20</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">90</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">10</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">15</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">81</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">19</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">10</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">71</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">29</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">5</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">59</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">41</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">0</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">40</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">60</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> </table> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">BlackRock Funds III</div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:center;">BlackRock LifePath<sup style="font-size:75%;vertical-align:top">®</sup> Index 2070 Fund </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">(each, a “Fund” and collectively, the “Funds”) </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">Supplement dated February 24, 2026 to the Summary Prospectuses and Prospectuses of each Fund, as amended </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">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 Summary Prospectus and Prospectus, as applicable: </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;">The glide path chart and target allocation table in the section of each Fund’s Summary Prospectus entitled “Key Facts About [the Fund] — Principal Investment Strategies of the Fund” and 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: </div><div style="margin-top:0pt;margin-bottom:0pt;text-align:center;"> <img alt="LOGO" src="g112461g33m73.jpg" style="width:4.26978in;height:2.42012in;"/> <span style="font-weight:bold"> </span> </div><div style="margin-top:0pt;margin-bottom:0pt;text-indent:4%;font-size:10pt;font-family:times new roman;">The following table lists the target allocation by years until retirement: </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:68%;"></td> <td style="vertical-align:bottom;width:15%;"></td> <td style="width:38pt;"></td> <td></td> <td></td> <td style="width:38pt;"></td> <td style="vertical-align:bottom;width:15%;"></td> <td style="width:29pt;"></td> <td></td> <td></td> <td style="width:29pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"><span style="font-weight:bold">Years Until Retirement</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td colspan="4" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">Equity Funds<br/>(Includes REITs)</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td colspan="4" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;"><span style="font-weight:bold">Fixed‑Income<br/>Funds</span></td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">45</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">99</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">1</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">40</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">99</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">1</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">35</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">99</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">1</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">30</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">99</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">1</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">25</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">96</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">4</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">20</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">90</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">10</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">15</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">81</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">19</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">10</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">71</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">29</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt;background-color:#d8d8d8"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">5</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">59</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">41</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;">0</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">40</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:right;">60</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:top;">%</td> </tr> </table> BlackRock Funds III