BLACKROCK FUNDS III
iShares MSCI Total International Index Fund
iShares Russell 1000 Large-Cap Index Fund
(each, a “Fund”)
Supplement dated May 16, 2025 to the Summary Prospectuses and the
Prospectuses of each Fund, dated April 30, 2025, as amended or supplemented to date
Effective June 30, 2025, the following changes are made to each Fund’s Summary Prospectuses and Prospectuses, as applicable:
The section of the Summary Prospectuses entitled “Key Facts About [Fund] — Portfolio Managers” and the section of the Prospectuses entitled “Fund Overview — Key Facts About [Fund] — Portfolio Managers” are deleted in their entirety and replaced with the following:
| Portfolio Manager | Portfolio Manager of the Master |
Title | ||
| Jennifer Hsui, CFA | 2016 | Managing Director of BlackRock, Inc. | ||
| Matt Waldron, CFA | 2025 | Managing Director of BlackRock, Inc. | ||
| Peter Sietsema, CFA | 2025 | Director of BlackRock, Inc. | ||
| Steven White | 2025 | Director of BlackRock, Inc. |
The section of the Prospectuses entitled “Details About the Funds — How Each Fund Invests — Total International Index Fund — About the Portfolio Management Team of Total International Index Fund/Total International Ex U.S. Index Master Portfolio” is deleted in its entirety and replaced with the following:
| ABOUT THE PORTFOLIO MANAGEMENT TEAM OF TOTAL INTERNATIONAL INDEX FUND/TOTAL INTERNATIONAL EX U.S. INDEX MASTER PORTFOLIO |
| Total International ex U.S. Index Master Portfolio is managed by a team of financial professionals. Jennifer Hsui, CFA, Matt Waldron, CFA, Peter Sietsema, CFA, and Steven White are the portfolio managers of Total International ex U.S. Index Master Portfolio and are jointly and primarily responsible for the day-to-day management of Total International ex U.S. Index Master Portfolio. Please see “Management of the Funds —Portfolio Managers” for additional information about the portfolio management team. |
The section of the Prospectuses entitled “Details About the Funds — How Each Fund Invests — Large-Cap Index Fund — About the Portfolio Management Team of Large-Cap Index Fund/Large Cap Index Master Portfolio” is deleted in its entirety and replaced with the following:
| ABOUT THE PORTFOLIO MANAGEMENT TEAM OF LARGE-CAP INDEX FUND/LARGE CAP INDEX MASTER PORTFOLIO |
| Large Cap Index Master Portfolio is managed by a team of financial professionals. Jennifer Hsui, CFA, Matt Waldron, CFA, Peter Sietsema, CFA, and Steven White are the portfolio managers of Large Cap Index Master Portfolio and are jointly and primarily responsible for the day-to-day management of Large Cap Index Master Portfolio. Please see “Management of the Funds — Portfolio Managers” for additional information about the portfolio management team. |
The section of the Prospectuses entitled “Management of the Funds — Portfolio Managers” is deleted in its entirety and replaced with the following:
Information regarding the portfolio managers of each Master Portfolio is set forth below. Further information regarding the portfolio managers, including other accounts managed, compensation, ownership of Fund shares, and possible conflicts of interest, is available in the Funds’ SAI.
| Portfolio Manager | Primary Role | Since | Title and Recent Biography | |||
| Jennifer Hsui, CFA | Jointly and primarily responsible for the day-to-day management of each Master Portfolio, including setting the Master Portfolio’s overall investment strategy and overseeing the management of the Master Portfolio. | 2016 | Managing Director of BlackRock, Inc. since 2011. | |||
| Matt Waldron, CFA | Jointly and primarily responsible for the day-to-day management of the Fund, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. | 2025 | Managing Director of BlackRock, Inc. since 2024; Director of BlackRock, Inc from 2010 to 2024. | |||
| Peter Sietsema, CFA | Jointly and primarily responsible for the day-to-day management of the Fund, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. | 2025 | Director of BlackRock, Inc. since 2013. | |||
| Steven White | Jointly and primarily responsible for the day-to-day management of the Fund, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. | 2025 | Director of BlackRock, Inc. since 2020. |
Shareholders should retain this Supplement for future reference.
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