BLACKROCK FUNDS III
iShares S&P 500 Index Fund
(the “Fund”)
Supplement dated May 16, 2025 to the Statement of Additional Information (“SAI”) of the Fund, dated April 30, 2025, as amended or supplemented to date
Effective June 30, 2025, the following changes are made to the 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 and are jointly and primarily responsible for the day-to-day management of the Master Portfolio’s 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 funds and accounts other than the Fund for which the portfolio managers are primarily responsible for the day-to-day portfolio management as of December 31, 2024.
| 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 Pooled Investment Vehicles |
Other Accounts |
Other Registered Investment Companies |
Other Pooled Investment Vehicles |
Other Accounts | ||||||
| Jennifer Hsui, CFA | 352 $2.56 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 the sub-section entitled “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 |
Dollar Range of Equity Securities Beneficially Owned | ||||
| Jennifer Hsui, CFA | None | ||||
| Matt Waldron, CFA | None | ||||
| Peter Sietsema, CFA | None | ||||
| Steven White | None | ||||
Shareholders should retain this Supplement for future reference.
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