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 Statement of Additional Information (“SAI”)
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 SAI:
The section entitled “Management, Advisory and Other Service Arrangements — Information Regarding the Portfolio Managers” is revised as follows:
The first paragraph is deleted in its entirety and replaced with the following:
Jennifer Hsui, CFA, Matt Waldron, CFA, Peter Sietsema, CFA, and Steven White are the portfolio managers of the Master Portfolios and are jointly and primarily responsible for the day-to-day management of each Master Portfolio.
The sub-section entitled “Other Funds and Accounts Managed” is deleted in its entirety and replaced with the following:
The following table sets forth information about the funds and accounts other than the applicable Master Portfolio for which the portfolio managers are jointly and primarily responsible for the day-to-day portfolio management as of December 31, 2024.
Total International ex US Index Master Portfolio
| Number of Other Accounts Managed and Assets by Account Type |
Number of Other Accounts and Assets for Which Advisory Fee is Performance-Based | |||||||||||
| Name of Portfolio Manager |
Other Registered Investment Companies |
Other Investment Vehicles |
Other Accounts |
Other Registered Investment Companies |
Other Investment Vehicles |
Other Accounts | ||||||
| Jennifer Hsui, CFA | 352 $2.60 Trillion |
0 $0 |
0 $0 |
0 $0 |
0 $0 |
0 $0 | ||||||
| Matt Waldron, CFA | 0 $0 |
0 $0 |
0 $0 |
0 $0 |
0 $0 |
0 $0 | ||||||
| Peter Sietsema, CFA | 70 $162.28 Billion |
3 $62.57 Million |
2 $4.02 Billion |
0 $0 |
0 $0 |
0 $0 | ||||||
| Steven White | 0 $0 |
0 $0 |
0 $0 |
0 $0 |
0 $0 |
0 $0 | ||||||
Large Cap Index Master Portfolio
| Number of Other Accounts Managed and Assets by Account Type |
Number of Other Accounts and Assets for Which Advisory Fee is Performance-Based | |||||||||||
| Name of Portfolio Manager |
Other Registered Investment Companies |
Other Investment Vehicles |
Other Accounts |
Other Registered Investment Companies |
Other Investment Vehicles |
Other Accounts | ||||||
| Jennifer Hsui, CFA | 352 $2.57 Trillion |
0 $0 |
0 $0 |
0 $0 |
0 $0 |
0 $0 | ||||||
| Matt Waldron, CFA | 0 $0 |
0 $0 |
0 $0 |
0 $0 |
0 $0 |
0 $0 | ||||||
| Peter Sietsema, CFA | 70 $162.28 Billion |
3 $62.57 Million |
2 $4.02 Billion |
0 $0 |
0 $0 |
0 $0 | ||||||
| Steven White | 0 $0 |
0 $0 |
0 $0 |
0 $0 |
0 $0 |
0 $0 | ||||||
The last sentence of sub-section entitled “Portfolio Manager Compensation Overview — Discretionary Incentive Compensation” is deleted in its entirety and replaced with the following:
The performance of Messrs. Waldron, Sietsema, and White and Ms. Hsui is not measured against a specific benchmark.
The sub-section entitled “Portfolio Manager Beneficial Holdings” is deleted in its entirety and replaced with the following:
The following table sets forth the dollar range of equity securities of the Fund beneficially owned by the portfolio managers as of December 31, 2024.
| Portfolio Manager |
Funds Managed | Dollar Range of Equity Securities Beneficially Owned | ||
| Jennifer Hsui, CFA | Total International Index Fund Large-Cap Index Fund |
None None | ||
| Matt Waldron, CFA | Total International Index Fund Large-Cap Index Fund |
None None | ||
| Peter Sietsema, CFA | Total International Index Fund Large-Cap Index Fund |
None None | ||
| Steven White | Total International Index Fund Large-Cap Index Fund |
None None |
Shareholders should retain this Supplement for future reference.
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