0001193125-20-092576.txt : 20200331 0001193125-20-092576.hdr.sgml : 20200331 20200331132050 ACCESSION NUMBER: 0001193125-20-092576 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 17 FILED AS OF DATE: 20200331 DATE AS OF CHANGE: 20200331 EFFECTIVENESS DATE: 20200331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BlackRock Advantage U.S. Total Market Fund, Inc. CENTRAL INDEX KEY: 0000230382 IRS NUMBER: 132928561 STATE OF INCORPORATION: MD FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-60836 FILM NUMBER: 20760894 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGNTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGNTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BlackRock Value Opportunities Fund, Inc. DATE OF NAME CHANGE: 20061002 FORMER COMPANY: FORMER CONFORMED NAME: Merrill Lynch Value Opportunities Fund, Inc. DATE OF NAME CHANGE: 20040726 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH SMALL CAP VALUE FUND INC DATE OF NAME CHANGE: 20000628 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK BALANCED CAPITAL FUND, INC. CENTRAL INDEX KEY: 0000110055 IRS NUMBER: 132757134 STATE OF INCORPORATION: MD FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-49007 FILM NUMBER: 20760890 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 08536 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 08536 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH BALANCED CAPITAL FUND INC DATE OF NAME CHANGE: 20051214 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH BALANCE CAPITAL FUND INC DATE OF NAME CHANGE: 20000831 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH CAPITAL FUND INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK ASIAN DRAGON FUND, INC. CENTRAL INDEX KEY: 0000202741 IRS NUMBER: 132866632 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-56978 FILM NUMBER: 20760880 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK PACIFIC FUND, INC. DATE OF NAME CHANGE: 20061002 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH PACIFIC FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: NOMURA CAPITAL FUND OF JAPAN INC DATE OF NAME CHANGE: 19800819 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK BASIC VALUE FUND, INC. CENTRAL INDEX KEY: 0000216557 IRS NUMBER: 132895755 STATE OF INCORPORATION: MD FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-58521 FILM NUMBER: 20760891 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH BASIC VALUE FUND INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK BOND FUND, INC. CENTRAL INDEX KEY: 0000276463 IRS NUMBER: 132949519 STATE OF INCORPORATION: MD FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-62329 FILM NUMBER: 20760881 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH BOND FUND INC DATE OF NAME CHANGE: 20030804 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH CORPORATE BOND FUND INC/NY DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH HIGH INCOME FUND INC - CORRECTED NAME CHANGE DATE OF NAME CHANGE: 19600201 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK FINANCIAL INSTITUTIONS SERIES TRUST CENTRAL INDEX KEY: 0000353281 IRS NUMBER: 136797398 STATE OF INCORPORATION: MD FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-78646 FILM NUMBER: 20760887 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: FINANCIAL INSTITUTIONS SERIES TRUST DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK CALIFORNIA MUNICIPAL SERIES TRUST CENTRAL INDEX KEY: 0000765199 IRS NUMBER: 226437105 STATE OF INCORPORATION: MA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-96581 FILM NUMBER: 20760878 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH CALIFORNIA MUNICIPAL SERIES TRUST DATE OF NAME CHANGE: 20051212 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH CALIFORNIA INSURED MUNICIPAL SERIES TRUST DATE OF NAME CHANGE: 20051212 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH CALIFORNIA INSURED MUNICIPAL BOND FUND DATE OF NAME CHANGE: 20010822 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK EUROFUND CENTRAL INDEX KEY: 0000790525 IRS NUMBER: 226410940 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-04026 FILM NUMBER: 20760883 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH EUROFUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH EUROPE TRUST DATE OF NAME CHANGE: 19861203 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK EQUITY DIVIDEND FUND CENTRAL INDEX KEY: 0000814507 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-14517 FILM NUMBER: 20760893 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 08543-9011 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 08543-9011 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH EQUITY DIVIDEND FUND DATE OF NAME CHANGE: 20051128 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH EQUITY INCOME FUND DATE OF NAME CHANGE: 20010103 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH DIVIDEND APPRECIATION FUND DATE OF NAME CHANGE: 19870803 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK FUNDS CENTRAL INDEX KEY: 0000844779 IRS NUMBER: 510318674 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-26305 FILM NUMBER: 20760884 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: COMPASS CAPITAL FUNDS\ DATE OF NAME CHANGE: 19961114 FORMER COMPANY: FORMER CONFORMED NAME: PNC FUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: NCP FUNDS DATE OF NAME CHANGE: 19890511 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK EMERGING MARKETS FUND, INC. CENTRAL INDEX KEY: 0000849402 IRS NUMBER: 222986118 STATE OF INCORPORATION: MD FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-28248 FILM NUMBER: 20760892 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK GLOBAL EMERGING MARKETS FUND, INC. DATE OF NAME CHANGE: 20080317 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK DEVELOPING CAPITAL MARKETS FUND, INC. DATE OF NAME CHANGE: 20061002 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH DEVELOPING CAPITAL MARKETS FUND INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BlackRock Capital Appreciation Fund, Inc. CENTRAL INDEX KEY: 0000887509 IRS NUMBER: 223186366 STATE OF INCORPORATION: MD FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-47875 FILM NUMBER: 20760882 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK FUNDAMENTAL GROWTH FUND, INC. DATE OF NAME CHANGE: 20061002 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH FUNDAMENTAL GROWTH FUND INC DATE OF NAME CHANGE: 19920929 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BlackRock Funds III CENTRAL INDEX KEY: 0000893818 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-54126 FILM NUMBER: 20760888 BUSINESS ADDRESS: STREET 1: 400 HOWARD STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94105 BUSINESS PHONE: 8006439691 MAIL ADDRESS: STREET 1: 400 HOWARD STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94105 FORMER COMPANY: FORMER CONFORMED NAME: BARCLAYS GLOBAL INVESTORS FUNDS DATE OF NAME CHANGE: 20060201 FORMER COMPANY: FORMER CONFORMED NAME: BARCLAYS GLOBAL INVESTORS FUNDS INC DATE OF NAME CHANGE: 19990804 FORMER COMPANY: FORMER CONFORMED NAME: MASTERWORKS FUNDS INC DATE OF NAME CHANGE: 19960607 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK ALLOCATION TARGET SHARES CENTRAL INDEX KEY: 0001221845 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-109980 FILM NUMBER: 20760889 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK BOND ALLOCATION TARGET SHARES DATE OF NAME CHANGE: 20030306 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BlackRock Funds II CENTRAL INDEX KEY: 0001398078 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-142592 FILM NUMBER: 20760879 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BlackRock Fixed Income Trust DATE OF NAME CHANGE: 20070501 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BlackRock Funds V CENTRAL INDEX KEY: 0001738078 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-224371 FILM NUMBER: 20760885 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BlackRock Funds IV CENTRAL INDEX KEY: 0001738074 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-224373 FILM NUMBER: 20760886 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 0000110055 S000002175 BLACKROCK BALANCED CAPITAL FUND, INC. C000005578 Investor A C000005580 Investor C C000005581 Institutional C000005582 Class R C000199764 Class K 0000202741 S000002248 BLACKROCK ASIAN DRAGON FUND, INC. C000005805 Investor A C000005807 Investor C C000005808 Institutional C000005809 Class R C000198217 Class K 0000216557 S000002321 BLACKROCK BASIC VALUE FUND, INC. C000006074 Investor A C000006076 Investor C C000006077 Institutional C000007847 Class R C000152172 Class K Shares 0000230382 S000002323 BlackRock Advantage U.S. Total Market Fund, Inc. C000006079 Investor A C000006081 Investor C C000006082 Institutional C000006083 Class R C000199765 Class K 0000276463 S000004071 BlackRock Total Return Fund C000011387 Investor A C000011390 Institutional C000011391 Class R C000037618 Investor A1 C000037620 Investor C C000052630 Service C000052631 Class K Shares 0000353281 S000004031 BlackRock Summit Cash Reserves Fund C000011303 Investor A C000199555 Investor C C000213594 Institutional 0000765199 S000004030 BlackRock California Municipal Opportunities Fund C000011299 Investor A1 C000011302 Institutional C000038561 Investor A C000038562 Investor C C000199773 Class K 0000790525 S000002177 BLACKROCK EUROFUND C000005587 Investor A C000005589 Investor C C000005590 Institutional C000005591 Class R C000199787 Class K 0000814507 S000002243 BLACKROCK EQUITY DIVIDEND FUND C000005780 Investor A C000005782 Investor C C000005783 Institutional C000005784 Class R C000038256 Service C000166015 Class K 0000844779 S000001503 BLACKROCK MONEY MARKET PORTFOLIO C000004025 INSTITUTIONAL PNIXX C000004026 SERVICE PNPXX C000004027 INVESTOR A PINXX C000004029 INVESTOR C BMCXX C000213745 Premier 0000844779 S000001505 BLACKROCK MID CAP GROWTH EQUITY PORTFOLIO C000004036 INSTITUTIONAL CMGIX C000004037 SERVICE CMGSX C000004038 INVESTOR A BMGAX C000004040 INVESTOR C BMGCX C000037625 Class R Shares BMRRX C000166016 Class K 0000844779 S000001509 BLACKROCK HIGH EQUITY INCOME FUND C000004057 INSTITUTIONAL BMCIX C000004058 SERVICE BMCSX C000004059 INVESTOR A BMEAX C000004061 INVESTOR C BMECX C000037629 R Shares 0000844779 S000001510 BlackRock Technology Opportunities Fund C000004062 INSTITUTIONAL BGSIX C000004063 SERVICE BSTSX C000004064 INVESTOR A BGSAX C000004066 INVESTOR C BGSCX C000037630 Class R Shares C000216612 Class K 0000844779 S000001511 BLACKROCK INTERNATIONAL DIVIDEND FUND C000004067 INSTITUTIONAL BISIX C000004068 SERVICE BRESX C000004069 INVESTOR A BREAX C000004071 INVESTOR C BRECX C000037631 R Shares C000198240 Class K 0000844779 S000001869 BLACKROCK ENERGY OPPORTUNITIES FUND C000004873 INSTITUTIONAL BACIX C000004874 SERVICE BACSX C000004875 INVESTOR A BACAX C000004877 INVESTOR C BACCX C000037654 R Shares 0000844779 S000001870 BLACKROCK TACTICAL OPPORTUNITIES FUND C000004878 INSTITUTIONAL PBAIX C000004879 SERVICE PCBSX C000004880 INVESTOR A PCBAX C000004882 INVESTOR C BRBCX C000037655 R Shares C000173964 Class K Shares 0000844779 S000001877 BLACKROCK HEALTH SCIENCES OPPORTUNITIES PORTFOLIO C000004912 INSTITUTIONAL SHSSX C000004913 SERVICE SHISX C000004914 INVESTOR A SHSAX C000004916 INVESTOR C SHSCX C000037661 Class R Shares C000172900 Class K 0000844779 S000001878 BLACKROCK EXCHANGE PORTFOLIO C000004917 BLACKROCK STSEX 0000844779 S000033601 BlackRock Commodity Strategies Fund C000103250 Investor A Shares C000103251 Investor C Shares C000103252 Institutional Shares C000198241 Class K 0000844779 S000038448 BlackRock Real Estate Securities Fund C000118599 Investor A Shares C000118600 Investor C Shares C000118601 Institutional Shares 0000844779 S000038550 BlackRock Short Obligations Fund C000119004 Class K Shares C000129315 Institutional Shares C000198747 Investor A Shares 0000844779 S000039515 BlackRock Total Factor Fund C000121711 Institutional Shares C000121712 Investor A Shares C000121713 Investor C Shares C000177759 Class K 0000844779 S000049319 iShares Russell Mid-Cap Index Fund C000155940 Institutional C000155941 Class K C000163604 Investor A 0000844779 S000050371 iShares Developed Real Estate Index Fund C000159045 Investor A C000159046 Institutional C000159047 Class K 0000844779 S000050372 iShares Total U.S. Stock Market Index Fund C000159048 Investor A C000159049 Institutional C000159050 Class K 0000844779 S000050373 iShares Russell Small/Mid-Cap Index Fund C000159051 Investor A C000159052 Institutional C000159053 Class K 0000844779 S000052837 iShares Short-Term TIPS Bond Index Fund C000166148 Investor A C000166149 Institutional C000166150 Class K 0000844779 S000052876 BlackRock Emerging Markets Equity Strategies Fund C000166353 Investor A C000166354 Investor C C000166355 Institutional C000166356 Class K 0000844779 S000054534 iShares Edge MSCI Multifactor USA Index Fund C000171193 Institutional C000171194 Class K 0000844779 S000054535 iShares Edge MSCI Multifactor Intl Index Fund C000171197 Institutional C000171198 Class K 0000844779 S000054536 iShares Edge MSCI Min Vol USA Index Fund C000171200 Institutional C000171201 Class K 0000844779 S000054537 iShares Edge MSCI Min Vol EAFE Index Fund C000171205 Institutional C000171206 Class K 0000844779 S000059911 iShares Municipal Bond Index Fund C000195947 Investor A C000195948 Institutional C000195949 Class K C000201952 Investor P Shares 0000844779 S000065181 BlackRock Liquid Environmentally Aware Fund C000211009 Direct C000211010 Investor A C000211011 Institutional 0000849402 S000002250 BLACKROCK EMERGING MARKETS FUND, INC. C000005814 Investor A C000005816 Investor C C000005817 Institutional C000198223 Class K 0000887509 S000002520 BLACKROCK CAPITAL APPRECIATION FUND, INC. C000006952 Investor A C000006954 Investor C C000006955 Institutional C000006956 Class R C000088417 Class K 0000893818 S000004270 iShares U.S. Aggregate Bond Index Fund C000011974 Class K Shares WFBIX C000099166 Investor A Shares C000099167 Institutional Shares C000201953 Investor P Shares 0000893818 S000004272 iShares S&P 500 Index Fund C000011979 Class K Shares WFSPX C000117725 Investor A Shares C000117726 Institutional Shares C000117728 Service Shares C000201951 Investor P Shares C000212062 Class G Shares 0000893818 S000004273 BlackRock Cash Funds: Treasury C000011980 Institutional Shares BRIXX C000011981 Premium Shares Class BSPXX C000011982 Select Shares Class BRSXX C000011983 Trust Shares Class BYTXX C000060669 Capital Shares BCYXX C000074117 SL Agency Shares 0000893818 S000004275 BlackRock Cash Funds: Institutional C000074119 SL Agency Shares 0000893818 S000004278 BlackRock LifePath Dynamic 2030 Fund C000011997 Investor A Shares LPRDX C000011998 Institutional Shares STLDX C000051481 Class K LPSDX C000082487 Class R Shares LPRNX C000088835 Investor C Shares LPCNX 0000893818 S000004279 BlackRock LifePath Dynamic 2040 Fund C000011999 Investor A Shares LPREX C000012000 Institutional Shares STLEX C000051482 Class K LPSFX C000082488 Class R Shares LPRKX C000088838 Investor C Shares LPCKX 0000893818 S000004280 BlackRock LifePath Dynamic Retirement Fund C000012001 Investor A Shares LPRAX C000012002 Institutional Shares STLAX C000051483 Class K LPSAX C000082489 Class R Shares LPRRX C000088841 Investor C Shares LPCRX 0000893818 S000022024 BlackRock Lifepath Dynamic 2050 Fund C000063260 Investor A Shares LPRFX C000063261 Institutional Shares STLFX C000063262 Class K LPSGX C000082490 Class R Shares LPRPX C000088844 Investor C Shares LPCPX 0000893818 S000029259 BlackRock LifePath Dynamic 2025 Fund C000089947 Investor A Shares LPBAX C000089948 Investor C Shares LPBCX C000089949 Institutional Shares LPBIX C000089950 Class K Shares LPBKX C000089951 Class R Shares LPBRX 0000893818 S000029260 BlackRock LifePath Dynamic 2035 Fund C000089952 Class R Shares LPJRX C000089953 Investor A Shares LPJAX C000089954 Investor C Shares LPJCX C000089955 Institutional Shares LPJIX C000089956 Class K Shares LPJKX 0000893818 S000029261 BlackRock LifePath Dynamic 2045 Fund C000089957 Investor A Shares LPHAX C000089958 Investor C Shares LPHCX C000089959 Institutional Shares LPHIX C000089960 Class K Shares LPHKX C000089961 Class R Shares LPHRX 0000893818 S000029262 BlackRock LifePath Dynamic 2055 Fund C000089962 Investor A Shares LPVAX C000089963 Investor C Shares LPVCX C000089964 Institutional Shares LPVIX C000089965 Class K Shares LPVKX C000089966 Class R Shares LPVRX 0000893818 S000031723 iShares Russell 1000 Large-Cap Index Fund C000098723 Investor A Shares C000098724 Institutional Shares C000098725 Class K shares 0000893818 S000032775 BLACKROCK LIFEPATH INDEX RETIREMENT FUND C000101134 Investor A C000101135 Institutional Shares C000101136 Class K Shares C000201968 Investor P Shares 0000893818 S000032777 BLACKROCK LIFEPATH INDEX 2025 FUND C000101140 Investor A C000101141 Institutional Shares C000101142 Class K Shares C000201970 Investor P Shares 0000893818 S000032778 BLACKROCK LIFEPATH INDEX 2030 FUND C000101143 Investor A C000101144 Institutional Shares C000101145 Class K Shares C000201971 Investor P Shares 0000893818 S000032779 BLACKROCK LIFEPATH INDEX 2035 FUND C000101146 Investor A C000101147 Institutional Shares C000101148 Class K Shares C000201972 Investor P Shares 0000893818 S000032780 BLACKROCK LIFEPATH INDEX 2040 FUND C000101149 Investor A C000101150 Institutional Shares C000101151 Class K Shares C000201973 Investor P Shares 0000893818 S000032781 BLACKROCK LIFEPATH INDEX 2045 FUND C000101152 Investor A C000101153 Institutional Shares C000101154 Class K Shares C000201974 Investor P Shares 0000893818 S000032782 BLACKROCK LIFEPATH INDEX 2050 FUND C000101155 Investor A C000101156 Institutional Shares C000101157 Class K Shares C000201975 Investor P Shares 0000893818 S000032783 BLACKROCK LIFEPATH INDEX 2055 FUND C000101158 Investor A C000101159 Institutional Shares C000101160 Class K Shares C000201976 Investor P Shares 0000893818 S000033188 iShares MSCI Total International Index Fund C000102140 Investor A Shares C000102141 Institutional Shares C000102142 Class K shares 0000893818 S000052849 BlackRock LifePath Index 2060 Fund C000166217 Investor A C000166218 Institutional C000166219 Class K C000201977 Investor P Shares 0000893818 S000057862 BlackRock LifePath Dynamic 2060 Fund C000187068 Investor A Shares C000187069 Investor C Shares C000187070 Institutional Shares C000187071 Class R Shares C000187072 Class K Shares 0000893818 S000066171 BlackRock LifePath Index 2065 Fund C000213835 Class K Shares C000213836 Investor A Shares C000213837 Institutional Shares C000213838 Investor P Shares 0000893818 S000066172 BlackRock LifePath Dynamic 2065 Fund C000213843 Investor C Shares C000213844 Class K Shares C000213845 Investor A 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Institutional Shares C000202259 Class K Shares 0001738078 S000062357 BlackRock Emerging Markets Flexible Dynamic Bond Portfolio C000202260 Investor A Shares C000202261 Investor C Shares C000202262 Institutional Shares C000202263 Class K Shares 0001738078 S000062358 BlackRock Strategic Income Opportunities Portfolio C000202264 Investor A Shares C000202265 Investor C Shares C000202266 Institutional Shares C000202267 Class K Shares 0001738078 S000062359 BlackRock Floating Rate Income Portfolio C000202268 Investor A Shares C000202269 Investor C Shares C000202270 Institutional Shares C000202272 Class K Shares 0001738078 S000062360 BlackRock High Yield Bond Portfolio C000202273 Service Shares C000202275 Investor A Shares C000202276 Investor C Shares C000202277 Institutional Shares C000202278 Class R Shares C000202279 Class K Shares 0001738078 S000062361 BlackRock Low Duration Bond Portfolio C000202280 Investor A Shares C000202281 Investor C Shares C000202282 Institutional Shares C000202283 Class R Shares C000202284 Class K Shares C000202285 Service Shares C000202286 Investor A1 Shares 0001738078 S000062362 BlackRock Core Bond Portfolio C000202289 Investor A Shares C000202290 Investor C Shares C000202291 Institutional Shares C000202292 Class R Shares C000202293 Class K Shares C000202294 Service Shares 0001738078 S000062363 BlackRock GNMA Portfolio C000202295 Investor A Shares C000202296 Investor C Shares C000202297 Institutional Shares C000202298 Class K Shares C000202299 Service Shares C000202300 Class R Shares 0001738078 S000062364 BlackRock U.S. Government Bond Portfolio C000202301 Investor A Shares C000202302 Investor C Shares C000202303 Institutional Shares C000202304 Class R Shares C000202305 Class K Shares C000202306 Service Shares 0001738078 S000062365 BlackRock Inflation Protected Bond Portfolio C000202308 Investor A Shares C000202309 Investor C Shares C000202310 Institutional Shares C000202311 Class K Shares C000202312 Service Shares C000202313 Class R Shares 0001738078 S000062366 BlackRock Emerging Markets Bond Fund C000202314 Institutional Shares C000202315 Class K Shares 497 1 d900342d497.htm BLACKROCK GLOBAL SUPPLEMENT BlackRock Global Supplement
LOGO  

    

LOGO

March 31, 2020

VIA EDGAR

Securities and Exchange Commission

100 F Street, NE

Washington, DC 20549

 

  Re:

Each Registrant listed on Appendix A

Ladies and Gentlemen:

On behalf of each registrant listed on Appendix A and pursuant to Rule 497(e) under the Securities Act of 1933, as amended, attached for filing are exhibits containing interactive data format risk/return summary information that mirrors the risk/return summary information in a supplement to the Summary Prospectuses and/or Prospectuses of each of the funds listed in Appendix A (the “Funds”), as applicable, as filed pursuant to Rule 497(e) under the Securities Act of 1933 on March 10, 2020 (the “497 Filing”). The purpose of this filing is to submit the 497 Filing in XBRL for the Funds.

Any questions or comments on the 497 Filing should be directed to the undersigned at (212) 728-8925.

Very truly yours,

/s/ Curtis A. Tate

Curtis A. Tate

 

cc:

Janey Ahn, Esq.

    

Elliot J. Gluck, Esq.

Names of Registrants and Funds

   

File Numbers

BlackRock Advantage U.S. Total Market Fund, Inc.    File No. 002-60836 and File No. 811-02809
BlackRock Allocation Target Shares    File No. 333-109980 and File No. 811-21457

BATS: Series A Portfolio

   

BATS: Series C Portfolio

   

BATS: Series E Portfolio

   

BATS: Series M Portfolio

   

BATS: Series P Portfolio

   

BATS: Series S Portfolio

   
BlackRock Asian Dragon Fund, Inc.    File No. 002-56978 and File No. 811-02661
BlackRock Balanced Capital Fund, Inc.    File No. 002-49007 and File No. 811-02405
BlackRock Basic Value Fund, Inc.    File No. 002-58521 and File No. 811-02739
BlackRock Bond Fund, Inc.    File No. 002-62329 and File No. 811-02857

BlackRock Total Return Fund

   
BlackRock California Municipal Series Trust    File No. 002-96581 and File No. 811-04264

BlackRock California Municipal Opportunities Fund

   
BlackRock Capital Appreciation Fund, Inc.    File No. 033-47875 and File No. 811-06669
BlackRock Emerging Markets Fund, Inc.    File No. 033-28248 and File No. 811-05723
BlackRock Equity Dividend Fund    File No. 033-14517 and File No. 811-05178
BlackRock EuroFund    File No. 033-04026 and File No. 811-04612
BlackRock Financial Institutions Series Trust    File No. 002-78646 and File No. 002-78646

BlackRock Summit Cash Reserves Fund

   
BlackRock FundsSM    File No. 033-26305 and File No. 811-05742

BlackRock Commodity Strategies Fund

   

BlackRock Emerging Markets Equity Strategies Fund

   

BlackRock Energy Opportunities Fund

   

BlackRock Exchange Portfolio

   

BlackRock Health Sciences Opportunities Portfolio

   

BlackRock High Equity Income Fund

   

BlackRock International Dividend Fund

   

BlackRock Liquid Environmentally Aware Fund

   

BlackRock Mid-Cap Growth Equity Portfolio

   

BlackRock Money Market Portfolio

   

BlackRock Real Estate Securities Fund

   

BlackRock Short Obligations Fund

   

BlackRock Tactical Opportunities Fund

   

BlackRock Technology Opportunities Fund

   

BlackRock Total Factor Fund

   

iShares Developed Real Estate Index Fund

   

iShares Edge MSCI Min Vol EAFE Index Fund

   

iShares Edge MSCI Min Vol USA Index Fund

   

iShares Edge MSCI Multifactor Intl Index Fund

   

iShares Edge MSCI Multifactor USA Index Fund

   

iShares Municipal Bond Index Fund

   

iShares Russell Mid-Cap Index Fund

   

iShares Russell Small/Mid-Cap Index Fund

   

iShares Short-Term TIPS Bond Index Fund

   

iShares Total U.S. Stock Market Index Fund

   
BlackRock Funds II    File No. 333-142592 and File No. 811-22061

BlackRock 20/80 Target Allocation Fund

   

BlackRock 40/60 Target Allocation Fund

   

BlackRock 60/40 Target Allocation Fund

   

BlackRock 80/20 Target Allocation Fund

   

Names of Registrants and Funds

   

File Numbers

BlackRock Dynamic High Income Portfolio

   

BlackRock Global Dividend Portfolio

   

BlackRock LifePath® Smart Beta Retirement Fund

   

BlackRock LifePath® Smart Beta 2025 Fund

   

BlackRock LifePath® Smart Beta 2030 Fund

   

BlackRock LifePath® Smart Beta 2035 Fund

   

BlackRock LifePath® Smart Beta 2040 Fund

   

BlackRock LifePath® Smart Beta 2045 Fund

   

BlackRock LifePath® Smart Beta 2050 Fund

   

BlackRock LifePath® Smart Beta 2055 Fund

   

BlackRock LifePath® Smart Beta 2060 Fund

   

BlackRock LifePath® Smart Beta 2065 Fund

   

BlackRock Managed Income Fund

   

BlackRock Multi-Asset Income Portfolio

   
BlackRock Funds III    File No. 033-54126 and File No. 811-07332

BlackRock Cash Funds: Institutional

   

BlackRock Cash Funds: Treasury

   

BlackRock LifePath® Dynamic Retirement Fund

   

BlackRock LifePath® Dynamic 2025 Fund

   

BlackRock LifePath® Dynamic 2030 Fund

   

BlackRock LifePath® Dynamic 2035 Fund

   

BlackRock LifePath® Dynamic 2040 Fund

   

BlackRock LifePath® Dynamic 2045 Fund

   

BlackRock LifePath® Dynamic 2050 Fund

   

BlackRock LifePath® Dynamic 2055 Fund

   

BlackRock LifePath® Dynamic 2060 Fund

   

BlackRock LifePath® Dynamic 2065 Fund

   

BlackRock LifePath® Index Retirement Fund

   

BlackRock LifePath® Index 2025 Fund

   

BlackRock LifePath® Index 2030 Fund

   

BlackRock LifePath® Index 2035 Fund

   

BlackRock LifePath® Index 2040 Fund

   

BlackRock LifePath® Index 2045 Fund

   

BlackRock LifePath® Index 2050 Fund

   

BlackRock LifePath® Index 2055 Fund

   

BlackRock LifePath® Index 2060 Fund

   

BlackRock LifePath® Index 2065 Fund

   

iShares MSCI Total International Index Fund

   

iShares Russell 1000 Large-Cap Index Fund

   

iShares S&P 500 Index Fund

   

iShares U.S. Aggregate Bond Index Fund

   
BlackRock Funds IV    File No. 333-224373 and File No. 811-23341

BlackRock Global Long/Short Credit Fund

   
BlackRock Funds V    File No. 333-224371 and File No. 811-23339

BlackRock Core Bond Portfolio

   

BlackRock Credit Strategies Income Fund

   

BlackRock Emerging Markets Bond Fund

   

BlackRock Emerging Markets Flexible Dynamic Bond Portfolio

   

BlackRock Floating Rate Income Portfolio

   

BlackRock GNMA Portfolio

   

BlackRock High Yield Bond Portfolio

   

Names of Registrants and Funds

   

File Numbers

BlackRock Inflation Protected Bond Portfolio

   

BlackRock Low Duration Bond Portfolio

   

BlackRock Strategic Income Opportunities Portfolio

   

BlackRock U.S. Government Bond Portfolio

   
BlackRock Global Allocation Fund, Inc.    File No. 033-22462 and File No. 811-05576
BlackRock Index Funds, Inc.    File No. 333-15265 and File No. 811-07899

iShares MSCI EAFE International Index Fund

   

iShares Russell 2000 Small-Cap Index Fund

   
BlackRock Large Cap Focus Growth Fund, Inc.    File No. 333-89775 and File No. 811-09651
BlackRock Large Cap Series Funds, Inc.    File No. 333-89389 and File No. 811-09637

BlackRock Event Driven Equity Fund

   
BlackRock Latin America Fund, Inc.    File No. 033-41622 and File No. 811-06349
BlackRock Liquidity Funds    File No. 002-47015 and File No. 811-02354

California Money Fund

   

Federal Trust Fund

   

FedFund

   

MuniCash

   

MuniFund

   

New York Money Fund

   

TempCash

   

TempFund

   

T-Fund

   

Treasury Trust Fund

   
BlackRock Long-Horizon Equity Fund    File No. 333-124372 and File No. 811-21759
BlackRock Mid Cap Dividend Series, Inc.    File No. 033-53887 and File No. 811-07177

BlackRock Mid Cap Dividend Fund

   
BlackRock Multi-State Municipal Series Trust    File No. 002-99473 and File No. 811-04375

BlackRock New Jersey Municipal Bond Fund

   

BlackRock New York Municipal Opportunities Fund

   

BlackRock Pennsylvania Municipal Bond Fund

   
BlackRock Municipal Bond Fund, Inc.    File No. 002-57354 and File No. 811-02688

BlackRock High Yield Municipal Fund

   

BlackRock National Municipal Fund

   

BlackRock Short-Term Municipal Fund

   
BlackRock Municipal Series Trust    File No. 033-08058 and File No. 811-04802

BlackRock Strategic Municipal Opportunities Fund

   
BlackRock Natural Resources Trust    File No. 002-97095 and File No. 811-04282
BlackRock Series Fund, Inc.    File No. 002-69062 and File No. 811-03091

BlackRock Advantage Large Cap Core Portfolio

   

BlackRock Balanced Capital Portfolio

   

BlackRock Capital Appreciation Portfolio

   

BlackRock Global Allocation Portfolio

   

BlackRock Government Money Market Portfolio

   
BlackRock Series Fund II, Inc.    File No. 333-224375 and File No. 811-23345

BlackRock High Yield Portfolio

   

BlackRock U.S. Government Bond Portfolio

   
BlackRock Series, Inc.    File No. 333-56203 and File No. 811-08797

BlackRock International Fund

   
BlackRock Strategic Global Bond Fund, Inc.    File No. 033-42681 and File No. 811-05603
BlackRock Variable Series Funds, Inc.    File No. 002-74452 and File No. 811-03290

BlackRock 60/40 Target Allocation ETF V.I. Fund

   

BlackRock Advantage Large Cap Core V.I. Fund

   

Names of Registrants and Funds

   

File Numbers

BlackRock Advantage Large Cap Value V.I. Fund

   

BlackRock Advantage U.S. Total Market V.I. Fund

   

BlackRock Basic Value V.I. Fund

   

BlackRock Capital Appreciation V.I. Fund

   

BlackRock Equity Dividend V.I. Fund

   

BlackRock Global Allocation V.I. Fund

   

BlackRock Government Money Market V.I. Fund

   

BlackRock International Index V.I. Fund

   

BlackRock International V.I. Fund

   

BlackRock Large Cap Focus Growth V.I. Fund

   

BlackRock Managed Volatility V.I. Fund

   

BlackRock S&P 500 Index V.I. Fund

   

BlackRock Small Cap Index V.I. Fund

   
BlackRock Variable Series Funds II, Inc.    File No. 333-224376 and File No. 811-23346

BlackRock High Yield V.I. Fund

   

BlackRock Total Return V.I. Fund

   

BlackRock U.S. Government Bond V.I. Fund

   
Funds For Institutions Series    File No. 033-14190 and File No. 811-05149

BlackRock Premier Government Institutional Fund

   

BlackRock Select Treasury Strategies Institutional Fund

   

BlackRock Treasury Strategies Institutional Fund

   

FFI Government Fund

   

FFI Treasury Fund

   
Managed Account Series    File No. 333-124463 and File No. 811-21763

BlackRock GA Disciplined Volatility Equity Fund

   

BlackRock GA Dynamic Equity Fund

   
Managed Account Series II    File No. 333-224372 and File No. 811-23340

BlackRock U.S. Mortgage Portfolio

   
Ready Assets Government Liquidity Fund    File No. 022-52711 and File No. 811-02556
Retirement Series Trust    File No. 002-74583 and File No. 811-03310

Retirement Reserves Money Fund

   
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Exchange Portfolio </p> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:4%; ">BlackRock Health Sciences Opportunities Portfolio </p> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:4%; ">BlackRock High Equity Income Fund </p> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:4%; ">BlackRock International Dividend Fund </p> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:4%; ">BlackRock Liquid Environmentally Aware Fund </p> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:4%; ">BlackRock Mid-Cap Growth Equity Portfolio </p> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:4%; ">BlackRock Money Market Portfolio </p> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:4%; ">BlackRock Real Estate Securities Fund </p> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:4%; ">BlackRock Short Obligations Fund </p> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:4%; ">BlackRock Tactical Opportunities Fund </p> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:4%; ">BlackRock Technology Opportunities Fund </p> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:4%; ">BlackRock Total Factor Fund </p> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:4%; ">iShares Developed Real Estate Index Fund </p></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt"><p style="margin-top:0pt; margin-bottom:0pt; margin-left:4%; ">&nbsp;</p> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:4%; ">iShares Edge MSCI Min Vol EAFE Index Fund </p> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:4%; ">iShares Edge MSCI Min Vol USA Index Fund </p> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:4%; ">iShares Edge MSCI Multifactor Intl Index Fund </p> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:4%; ">iShares Edge MSCI Multifactor USA Index Fund </p> <p style="margin-top:0pt; 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style="margin-top:0pt; margin-bottom:0pt; margin-left:4%; ">BlackRock LifePath<sup>&#174;</sup> Index 2050 Fund </p> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:4%; ">BlackRock LifePath<sup>&#174;</sup> Index 2055 Fund </p></div><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p> <div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt"> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:4%; ">BlackRock LifePath<sup>&#174;</sup> Index 2060 Fund </p> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:4%; ">BlackRock LifePath<sup>&#174;</sup> Index 2065 Fund </p> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:4%; ">iShares MSCI Total International Index Fund </p> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:4%; ">iShares Russell 1000 Large-Cap Index Fund </p> <p style="margin-top:0pt; margin-bottom:0pt; 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margin-bottom:0pt; margin-left:4%; ">BlackRock GNMA Portfolio </p> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:4%; ">BlackRock High Yield Bond Portfolio </p> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:4%; ">BlackRock Inflation Protected Bond Portfolio </p> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:4%; ">BlackRock Low Duration Bond Portfolio </p> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:4%; ">BlackRock Strategic Income Opportunities Portfolio </p> <p style="margin-top:0pt; margin-bottom:0pt; margin-left:4%; ">BlackRock U.S. Government Bond Portfolio </p></div> <div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money. </div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Advantage U.S. Total Market Fund, Inc.</b></p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money. </div></td></tr></table> N-1A <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Allocation Target Shares</b><br/>BATS: Series A Portfolio</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money. </div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Allocation Target Shares</b><br/>BATS: Series C Portfolio</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money. </div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Allocation Target Shares</b><br/>BATS: Series E Portfolio</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money. </div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Allocation Target Shares</b><br/>BATS: Series M Portfolio</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Allocation Target Shares</b><br/>BATS: Series P Portfolio</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Allocation Target Shares</b><br/>BATS: Series S Portfolio</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Asian Dragon Fund, Inc.</b></p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money. </div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Balanced Capital Fund, Inc.</b></p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money. </div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Basic Value Fund, Inc.</b></p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money. </div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Bond Fund, Inc.</b><br/>BlackRock Total Return Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock California Municipal Series Trust</b><br/>BlackRock California Municipal Opportunities Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Capital Appreciation Fund, Inc.</b></p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money. </div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Emerging Markets Fund, Inc.</b></p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money. </div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Equity Dividend Fund</b></p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money. </div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock EuroFund</b></p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money. </div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Financial Institutions Series Trust</b><br/>BlackRock Summit Cash Reserves Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds<sup>SM</sup></b><br/>BlackRock Commodity Strategies Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds<sup>SM</sup></b><br/>BlackRock Emerging Markets Equity Strategies Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds<sup>SM</sup></b><br/>BlackRock Energy Opportunities Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds<sup>SM</sup></b><br/>BlackRock Exchange Portfolio</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds<sup>SM</sup></b><br/>BlackRock Health Sciences Opportunities Portfolio</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds<sup>SM</sup></b><br/>BlackRock High Equity Income Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds<sup>SM</sup></b><br/>BlackRock International Dividend Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds<sup>SM</sup></b><br/>BlackRock Liquid Environmentally Aware Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds<sup>SM</sup></b><br/>BlackRock Mid-Cap Growth Equity Portfolio</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds<sup>SM</sup></b><br/>BlackRock Money Market Portfolio</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds<sup>SM</sup></b><br/>BlackRock Real Estate Securities Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds<sup>SM</sup></b><br/>BlackRock Short Obligations Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds<sup>SM</sup></b><br/>BlackRock Tactical Opportunities Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds<sup>SM</sup></b><br/>BlackRock Technology Opportunities Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds<sup>SM</sup></b><br/>BlackRock Total Factor Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds<sup>SM</sup></b><br/>iShares Developed Real Estate Index Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds<sup>SM</sup></b><br/>iShares Edge MSCI Min Vol EAFE Index Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds<sup>SM</sup></b><br/>iShares Edge MSCI Min Vol USA Index Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds<sup>SM</sup></b><br/>iShares Edge MSCI Multifactor Intl Index Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds<sup>SM</sup></b><br/>iShares Edge MSCI Multifactor USA Index Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds<sup>SM</sup></b><br/>iShares Municipal Bond Index Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds<sup>SM</sup></b><br/>iShares Russell Mid-Cap Index Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds<sup>SM</sup></b><br/>iShares Russell Small/Mid-Cap Index Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds<sup>SM</sup></b><br/>iShares Short-Term TIPS Bond Index Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds<sup>SM</sup></b><br/>iShares Total U.S. Stock Market Index Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds II</b><br/>BlackRock 20/80 Target Allocation Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds II</b><br/>BlackRock 40/60 Target Allocation Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds II</b><br/>BlackRock 60/40 Target Allocation Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds II</b><br/>BlackRock 80/20 Target Allocation Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds II</b><br/>BlackRock Dynamic High Income Portfolio</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds II</b><br/>BlackRock Global Dividend Portfolio</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds II</b><br/>BlackRock LifePath<sup>&#174;</sup>&nbsp;Smart Beta Retirement Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds II</b><br/>BlackRock LifePath<sup>&#174;</sup>&nbsp;Smart Beta 2025 Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds II</b><br/>BlackRock LifePath<sup>&#174;</sup>&nbsp;Smart Beta 2030 Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds II</b><br/>BlackRock LifePath<sup>&#174;</sup>&nbsp;Smart Beta 2035 Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds II</b><br/>BlackRock LifePath<sup>&#174;</sup>&nbsp;Smart Beta 2040 Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds II</b><br/>BlackRock LifePath<sup>&#174;</sup>&nbsp;Smart Beta 2045 Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds II</b><br/>BlackRock LifePath<sup>&#174;</sup>&nbsp;Smart Beta 2050 Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds II</b><br/>BlackRock LifePath<sup>&#174;</sup>&nbsp;Smart Beta 2055 Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds II</b><br/>BlackRock LifePath<sup>&#174;</sup>&nbsp;Smart Beta 2060 Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds II</b><br/>BlackRock LifePath<sup>&#174;</sup>&nbsp;Smart Beta 2065 Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds II</b><br/>BlackRock Managed Income Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds II</b><br/>BlackRock Multi-Asset Income Portfolio</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds III</b><br/>BlackRock Cash Funds: Institutional</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds III</b><br/>BlackRock Cash Funds: Treasury</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds III</b><br/>BlackRock LifePath<sup>&#174;</sup> Dynamic Retirement Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds III</b><br/>BlackRock LifePath<sup>&#174;</sup> Dynamic 2025 Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds III</b><br/>BlackRock LifePath<sup>&#174;</sup> Dynamic 2030 Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds III</b><br/>BlackRock LifePath<sup>&#174;</sup> Dynamic 2035 Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds III</b><br/>BlackRock LifePath<sup>&#174;</sup> Dynamic 2040 Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds III</b><br/>BlackRock LifePath<sup>&#174;</sup> Dynamic 2045 Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds III</b><br/>BlackRock LifePath<sup>&#174;</sup> Dynamic 2050 Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds III</b><br/>BlackRock LifePath<sup>&#174;</sup> Dynamic 2055 Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds III</b><br/>BlackRock LifePath<sup>&#174;</sup> Dynamic 2060 Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds III</b><br/>BlackRock LifePath<sup>&#174;</sup> Dynamic 2065 Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds III</b><br/>BlackRock LifePath<sup>&#174;</sup> Index Retirement Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds III</b><br/>BlackRock LifePath<sup>&#174;</sup> Index 2025 Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds III</b><br/>BlackRock LifePath<sup>&#174;</sup> Index 2030 Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds III</b><br/>BlackRock LifePath<sup>&#174;</sup> Index 2035 Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds III</b><br/>BlackRock LifePath<sup>&#174;</sup> Index 2040 Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds III</b><br/>BlackRock LifePath<sup>&#174;</sup> Index 2045 Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds III</b><br/>BlackRock LifePath<sup>&#174;</sup> Index 2050 Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds III</b><br/>BlackRock LifePath<sup>&#174;</sup> Index 2055 Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds III</b><br/>BlackRock LifePath<sup>&#174;</sup> Index 2060 Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds III</b><br/>BlackRock LifePath<sup>&#174;</sup> Index 2065 Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds III</b><br/>iShares MSCI Total International Index Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds III</b><br/>iShares Russell 1000 Large-Cap Index Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds III</b><br/>iShares S&amp;P 500 Index Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds III</b><br/>iShares U.S. Aggregate Bond Index Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds IV</b><br/>BlackRock Global Long/Short Credit Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds V</b><br/>BlackRock Core Bond Portfolio</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds V</b><br/>BlackRock Credit Strategies Income Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds V</b><br/>BlackRock Emerging Markets Bond Fund</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds V</b><br/>BlackRock Emerging Markets Flexible Dynamic Bond Portfolio</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds V</b><br/>BlackRock Floating Rate Income Portfolio</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds V</b><br/>BlackRock GNMA Portfolio</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds V</b><br/>BlackRock High Yield Bond Portfolio</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds V</b><br/>BlackRock Inflation Protected Bond Portfolio</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds V</b><br/>BlackRock Low Duration Bond Portfolio</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds V</b><br/>BlackRock Strategic Income Opportunities Portfolio</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</div></td></tr></table> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BlackRock Funds V</b><br/>BlackRock U.S. Government Bond Portfolio</p><div style="clear:both; height:0pt; ">&nbsp;</div> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p><p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>(each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) </b></p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated March&nbsp;10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of each Fund&#8217;s Summary Prospectus(es) entitled &#8220;Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund,&#8221; the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Fund Overview &#8212; Key Facts About [the Fund] &#8212; Principal Risks of Investing in the Fund&#8221; and the section of each Fund&#8217;s Prospectus(es) entitled &#8220;Details About the Fund[s] &#8212; Investment Risks &#8212; Principal Risks of Investing in the Fund&#8221; or &#8220;Details About the Fund &#8212; Investment Risks &#8212; Other Principal Risks of Investing in the Fund and/or an Underlying ETF&#8221; are amended to delete &#8220;Market Risk and Selection Risk&#8221; or &#8220;Market Risk&#8221;, as applicable, in its entirety and to replace it with the following: </b></p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="5%">&nbsp;</td> <td width="3%" valign="top" align="left">&#8226;</td> <td width="1%" valign="top">&nbsp;</td> <td align="left" valign="top"> <div align="left" style=" margin-top:0pt ; margin-bottom:0pt; "><b>Market Risk and Selection Risk </b>&#8212; Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security&nbsp;or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security&nbsp;or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. 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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName BlackRock Advantage U.S. Total Market Fund, Inc.
Prospectus Date rr_ProspectusDate Mar. 10, 2020
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Advantage U.S. Total Market Fund, Inc.

BlackRock Allocation Target Shares

BATS: Series A Portfolio

BATS: Series C Portfolio

BATS: Series E Portfolio

BATS: Series M Portfolio

BATS: Series P Portfolio

BATS: Series S Portfolio

BlackRock Asian Dragon Fund, Inc.

BlackRock Balanced Capital Fund, Inc.

BlackRock Basic Value Fund, Inc.

BlackRock Bond Fund, Inc.

BlackRock Total Return Fund

BlackRock California Municipal Series Trust

BlackRock California Municipal Opportunities Fund

BlackRock Capital Appreciation Fund, Inc.

BlackRock Emerging Markets Fund, Inc.

BlackRock Equity Dividend Fund

BlackRock EuroFund

BlackRock Financial Institutions Series Trust

BlackRock Summit Cash Reserves Fund

BlackRock FundsSM

BlackRock Commodity Strategies Fund

BlackRock Emerging Markets Equity Strategies Fund

BlackRock Energy Opportunities Fund

BlackRock Exchange Portfolio

BlackRock Health Sciences Opportunities Portfolio

BlackRock High Equity Income Fund

BlackRock International Dividend Fund

BlackRock Liquid Environmentally Aware Fund

BlackRock Mid-Cap Growth Equity Portfolio

BlackRock Money Market Portfolio

BlackRock Real Estate Securities Fund

BlackRock Short Obligations Fund

BlackRock Tactical Opportunities Fund

BlackRock Technology Opportunities Fund

BlackRock Total Factor Fund

iShares Developed Real Estate Index Fund

 

iShares Edge MSCI Min Vol EAFE Index Fund

iShares Edge MSCI Min Vol USA Index Fund

iShares Edge MSCI Multifactor Intl Index Fund

iShares Edge MSCI Multifactor USA Index Fund

iShares Municipal Bond Index Fund

iShares Russell Mid-Cap Index Fund

iShares Russell Small/Mid-Cap Index Fund

iShares Short-Term TIPS Bond Index Fund

iShares Total U.S. Stock Market Index Fund

BlackRock Funds II

BlackRock 20/80 Target Allocation Fund

BlackRock 40/60 Target Allocation Fund

BlackRock 60/40 Target Allocation Fund

BlackRock 80/20 Target Allocation Fund

BlackRock Dynamic High Income Portfolio

BlackRock Global Dividend Portfolio

BlackRock LifePath® Smart Beta Retirement Fund

BlackRock LifePath® Smart Beta 2025 Fund

BlackRock LifePath® Smart Beta 2030 Fund

BlackRock LifePath® Smart Beta 2035 Fund

BlackRock LifePath® Smart Beta 2040 Fund

BlackRock LifePath® Smart Beta 2045 Fund

BlackRock LifePath® Smart Beta 2050 Fund

BlackRock LifePath® Smart Beta 2055 Fund

BlackRock LifePath® Smart Beta 2060 Fund

BlackRock LifePath® Smart Beta 2065 Fund

BlackRock Managed Income Fund

BlackRock Multi-Asset Income Portfolio

BlackRock Funds III

BlackRock Cash Funds: Institutional

BlackRock Cash Funds: Treasury

BlackRock LifePath® Dynamic Retirement Fund

BlackRock LifePath® Dynamic 2025 Fund

BlackRock LifePath® Dynamic 2030 Fund

BlackRock LifePath® Dynamic 2035 Fund

BlackRock LifePath® Dynamic 2040 Fund

BlackRock LifePath® Dynamic 2045 Fund

BlackRock LifePath® Dynamic 2050 Fund

BlackRock LifePath® Dynamic 2055 Fund

BlackRock LifePath® Dynamic 2060 Fund

BlackRock LifePath® Dynamic 2065 Fund

BlackRock LifePath® Index Retirement Fund

BlackRock LifePath® Index 2025 Fund

BlackRock LifePath® Index 2030 Fund

BlackRock LifePath® Index 2035 Fund

BlackRock LifePath® Index 2040 Fund

BlackRock LifePath® Index 2045 Fund

BlackRock LifePath® Index 2050 Fund

BlackRock LifePath® Index 2055 Fund

 

BlackRock LifePath® Index 2060 Fund

BlackRock LifePath® Index 2065 Fund

iShares MSCI Total International Index Fund

iShares Russell 1000 Large-Cap Index Fund

iShares S&P 500 Index Fund

iShares U.S. Aggregate Bond Index Fund

BlackRock Funds IV

BlackRock Global Long/Short Credit Fund

BlackRock Funds V

BlackRock Core Bond Portfolio

BlackRock Credit Strategies Income Fund

BlackRock Emerging Markets Bond Fund

BlackRock Emerging Markets Flexible Dynamic Bond Portfolio

BlackRock Floating Rate Income Portfolio

BlackRock GNMA Portfolio

BlackRock High Yield Bond Portfolio

BlackRock Inflation Protected Bond Portfolio

BlackRock Low Duration Bond Portfolio

BlackRock Strategic Income Opportunities Portfolio

BlackRock U.S. Government Bond Portfolio

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Advantage U.S. Total Market Fund, Inc. | BlackRock Advantage U.S. Total Market Fund, Inc.  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Advantage U.S. Total Market Fund, Inc.

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BLACKROCK ALLOCATION TARGET SHARES | BATS SERIES A  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Allocation Target Shares
BATS: Series A Portfolio

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BLACKROCK ALLOCATION TARGET SHARES | BATS SERIES C  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Allocation Target Shares
BATS: Series C Portfolio

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BLACKROCK ALLOCATION TARGET SHARES | BATS SERIES E  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Allocation Target Shares
BATS: Series E Portfolio

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BLACKROCK ALLOCATION TARGET SHARES | BATS SERIES M  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Allocation Target Shares
BATS: Series M Portfolio

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BLACKROCK ALLOCATION TARGET SHARES | BATS SERIES P  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Allocation Target Shares
BATS: Series P Portfolio

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BLACKROCK ALLOCATION TARGET SHARES | BATS SERIES S  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Allocation Target Shares
BATS: Series S Portfolio

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BLACKROCK ASIAN DRAGON FUND, INC. | BLACKROCK ASIAN DRAGON FUND, INC.  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Asian Dragon Fund, Inc.

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BLACKROCK BALANCED CAPITAL FUND, INC. | BLACKROCK BALANCED CAPITAL FUND, INC.  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Balanced Capital Fund, Inc.

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BLACKROCK BASIC VALUE FUND, INC. | BLACKROCK BASIC VALUE FUND, INC.  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Basic Value Fund, Inc.

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BLACKROCK BOND FUND, INC. | BlackRock Total Return Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Bond Fund, Inc.
BlackRock Total Return Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BLACKROCK CALIFORNIA MUNICIPAL SERIES TRUST | BlackRock California Municipal Opportunities Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock California Municipal Series Trust
BlackRock California Municipal Opportunities Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Capital Appreciation Fund, Inc. | BLACKROCK CAPITAL APPRECIATION FUND, INC.  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Capital Appreciation Fund, Inc.

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BLACKROCK EMERGING MARKETS FUND, INC. | BLACKROCK EMERGING MARKETS FUND, INC.  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Emerging Markets Fund, Inc.

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BLACKROCK EQUITY DIVIDEND FUND | BLACKROCK EQUITY DIVIDEND FUND  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Equity Dividend Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BLACKROCK EUROFUND | BLACKROCK EUROFUND  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock EuroFund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BLACKROCK FINANCIAL INSTITUTIONS SERIES TRUST | BlackRock Summit Cash Reserves Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Financial Institutions Series Trust
BlackRock Summit Cash Reserves Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BLACKROCK FUNDS | BlackRock Commodity Strategies Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock FundsSM
BlackRock Commodity Strategies Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BLACKROCK FUNDS | BlackRock Emerging Markets Equity Strategies Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock FundsSM
BlackRock Emerging Markets Equity Strategies Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BLACKROCK FUNDS | BLACKROCK ENERGY OPPORTUNITIES FUND  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock FundsSM
BlackRock Energy Opportunities Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BLACKROCK FUNDS | BLACKROCK EXCHANGE PORTFOLIO  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock FundsSM
BlackRock Exchange Portfolio

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BLACKROCK FUNDS | BLACKROCK HEALTH SCIENCES OPPORTUNITIES PORTFOLIO  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock FundsSM
BlackRock Health Sciences Opportunities Portfolio

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BLACKROCK FUNDS | BLACKROCK HIGH EQUITY INCOME FUND  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock FundsSM
BlackRock High Equity Income Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BLACKROCK FUNDS | BLACKROCK INTERNATIONAL DIVIDEND FUND  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock FundsSM
BlackRock International Dividend Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BLACKROCK FUNDS | BlackRock Liquid Environmentally Aware Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock FundsSM
BlackRock Liquid Environmentally Aware Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BLACKROCK FUNDS | BLACKROCK MID CAP GROWTH EQUITY PORTFOLIO  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock FundsSM
BlackRock Mid-Cap Growth Equity Portfolio

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BLACKROCK FUNDS | BLACKROCK MONEY MARKET PORTFOLIO  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock FundsSM
BlackRock Money Market Portfolio

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BLACKROCK FUNDS | BlackRock Real Estate Securities Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock FundsSM
BlackRock Real Estate Securities Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BLACKROCK FUNDS | BlackRock Short Obligations Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock FundsSM
BlackRock Short Obligations Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BLACKROCK FUNDS | BLACKROCK TACTICAL OPPORTUNITIES FUND  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock FundsSM
BlackRock Tactical Opportunities Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BLACKROCK FUNDS | BlackRock Technology Opportunities Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock FundsSM
BlackRock Technology Opportunities Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BLACKROCK FUNDS | BlackRock Total Factor Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock FundsSM
BlackRock Total Factor Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BLACKROCK FUNDS | iShares Developed Real Estate Index Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock FundsSM
iShares Developed Real Estate Index Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BLACKROCK FUNDS | iShares Edge MSCI Min Vol EAFE Index Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock FundsSM
iShares Edge MSCI Min Vol EAFE Index Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BLACKROCK FUNDS | iShares Edge MSCI Min Vol USA Index Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock FundsSM
iShares Edge MSCI Min Vol USA Index Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BLACKROCK FUNDS | iShares Edge MSCI Multifactor Intl Index Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock FundsSM
iShares Edge MSCI Multifactor Intl Index Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BLACKROCK FUNDS | iShares Edge MSCI Multifactor USA Index Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock FundsSM
iShares Edge MSCI Multifactor USA Index Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BLACKROCK FUNDS | iShares Municipal Bond Index Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock FundsSM
iShares Municipal Bond Index Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BLACKROCK FUNDS | iShares Russell Mid-Cap Index Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock FundsSM
iShares Russell Mid-Cap Index Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BLACKROCK FUNDS | iShares Russell Small/Mid-Cap Index Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock FundsSM
iShares Russell Small/Mid-Cap Index Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BLACKROCK FUNDS | iShares Short-Term TIPS Bond Index Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock FundsSM
iShares Short-Term TIPS Bond Index Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BLACKROCK FUNDS | iShares Total U.S. Stock Market Index Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock FundsSM
iShares Total U.S. Stock Market Index Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds II | BLACKROCK 20/80 TARGET ALLOCATION FUND  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds II
BlackRock 20/80 Target Allocation Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds II | BLACKROCK 40/60 TARGET ALLOCATION FUND  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds II
BlackRock 40/60 Target Allocation Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds II | BLACKROCK 60/40 TARGET ALLOCATION FUND  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds II
BlackRock 60/40 Target Allocation Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds II | BLACKROCK 80/20 TARGET ALLOCATION FUND  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds II
BlackRock 80/20 Target Allocation Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds II | BlackRock Dynamic High Income Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds II
BlackRock Dynamic High Income Portfolio

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds II | BLACKROCK GLOBAL DIVIDEND PORTFOLIO  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds II
BlackRock Global Dividend Portfolio

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds II | BLACKROCK LIFEPATH SMART BETA RETIREMENT FUND  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds II
BlackRock LifePath® Smart Beta Retirement Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds II | BLACKROCK LIFEPATH SMART BETA 2025 FUND  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds II
BlackRock LifePath® Smart Beta 2025 Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds II | BLACKROCK LIFEPATH SMART BETA 2030 FUND  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds II
BlackRock LifePath® Smart Beta 2030 Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds II | BLACKROCK LIFEPATH SMART BETA 2035 FUND  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds II
BlackRock LifePath® Smart Beta 2035 Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds II | BLACKROCK LIFEPATH SMART BETA 2040 FUND  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds II
BlackRock LifePath® Smart Beta 2040 Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds II | BLACKROCK LIFEPATH SMART BETA 2045 FUND  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds II
BlackRock LifePath® Smart Beta 2045 Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds II | BLACKROCK LIFEPATH SMART BETA 2050 FUND  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds II
BlackRock LifePath® Smart Beta 2050 Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds II | BLACKROCK LIFEPATH SMART BETA 2055 FUND  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds II
BlackRock LifePath® Smart Beta 2055 Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds II | BLACKROCK LIFEPATH SMART BETA 2060 FUND  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds II
BlackRock LifePath® Smart Beta 2060 Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds II | BlackRock LifePath Smart Beta 2065 Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds II
BlackRock LifePath® Smart Beta 2065 Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds II | BLACKROCK MANAGED INCOME FUND  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds II
BlackRock Managed Income Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds II | BLACKROCK MULTI-ASSET INCOME PORTFOLIO  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds II
BlackRock Multi-Asset Income Portfolio

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds III | BlackRock Cash Funds: Institutional  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds III
BlackRock Cash Funds: Institutional

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds III | BlackRock Cash Funds: Treasury  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds III
BlackRock Cash Funds: Treasury

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds III | BlackRock LifePath Dynamic Retirement Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds III
BlackRock LifePath® Dynamic Retirement Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds III | BlackRock LifePath Dynamic 2025 Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds III
BlackRock LifePath® Dynamic 2025 Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds III | BlackRock LifePath Dynamic 2030 Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds III
BlackRock LifePath® Dynamic 2030 Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds III | BlackRock LifePath Dynamic 2035 Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds III
BlackRock LifePath® Dynamic 2035 Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds III | BlackRock LifePath Dynamic 2040 Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds III
BlackRock LifePath® Dynamic 2040 Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds III | BlackRock LifePath Dynamic 2045 Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds III
BlackRock LifePath® Dynamic 2045 Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds III | BlackRock Lifepath Dynamic 2050 Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds III
BlackRock LifePath® Dynamic 2050 Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds III | BlackRock LifePath Dynamic 2055 Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds III
BlackRock LifePath® Dynamic 2055 Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds III | BlackRock LifePath Dynamic 2060 Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds III
BlackRock LifePath® Dynamic 2060 Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds III | BlackRock LifePath Dynamic 2065 Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds III
BlackRock LifePath® Dynamic 2065 Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds III | BLACKROCK LIFEPATH INDEX RETIREMENT FUND  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds III
BlackRock LifePath® Index Retirement Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds III | BLACKROCK LIFEPATH INDEX 2025 FUND  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds III
BlackRock LifePath® Index 2025 Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds III | BLACKROCK LIFEPATH INDEX 2030 FUND  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds III
BlackRock LifePath® Index 2030 Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds III | BLACKROCK LIFEPATH INDEX 2035 FUND  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds III
BlackRock LifePath® Index 2035 Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds III | BLACKROCK LIFEPATH INDEX 2040 FUND  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds III
BlackRock LifePath® Index 2040 Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds III | BLACKROCK LIFEPATH INDEX 2045 FUND  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds III
BlackRock LifePath® Index 2045 Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds III | BLACKROCK LIFEPATH INDEX 2050 FUND  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds III
BlackRock LifePath® Index 2050 Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds III | BLACKROCK LIFEPATH INDEX 2055 FUND  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds III
BlackRock LifePath® Index 2055 Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds III | BlackRock LifePath Index 2060 Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds III
BlackRock LifePath® Index 2060 Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds III | BlackRock LifePath Index 2065 Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds III
BlackRock LifePath® Index 2065 Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds III | iShares MSCI Total International Index Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds III
iShares MSCI Total International Index Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds III | iShares Russell 1000 Large-Cap Index Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds III
iShares Russell 1000 Large-Cap Index Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds III | iShares S&P 500 Index Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds III
iShares S&P 500 Index Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds III | iShares U.S. Aggregate Bond Index Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds III
iShares U.S. Aggregate Bond Index Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds IV | BlackRock Global Long/Short Credit Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds IV
BlackRock Global Long/Short Credit Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds V | BlackRock Core Bond Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds V
BlackRock Core Bond Portfolio

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds V | BlackRock Credit Strategies Income Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds V
BlackRock Credit Strategies Income Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds V | BlackRock Emerging Markets Bond Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds V
BlackRock Emerging Markets Bond Fund

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds V | BlackRock Emerging Markets Flexible Dynamic Bond Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds V
BlackRock Emerging Markets Flexible Dynamic Bond Portfolio

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds V | BlackRock Floating Rate Income Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds V
BlackRock Floating Rate Income Portfolio

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds V | BlackRock GNMA Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds V
BlackRock GNMA Portfolio

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds V | BlackRock High Yield Bond Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds V
BlackRock High Yield Bond Portfolio

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds V | BlackRock Inflation Protected Bond Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds V
BlackRock Inflation Protected Bond Portfolio

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds V | BlackRock Low Duration Bond Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds V
BlackRock Low Duration Bond Portfolio

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds V | BlackRock Strategic Income Opportunities Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds V
BlackRock Strategic Income Opportunities Portfolio

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
BlackRock Funds V | BlackRock U.S. Government Bond Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

BlackRock Funds V
BlackRock U.S. Government Bond Portfolio

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
XML 16 R2.htm IDEA: XBRL DOCUMENT v3.20.1
Mar. 10, 2020

BlackRock Advantage U.S. Total Market Fund, Inc.

BlackRock Allocation Target Shares

BATS: Series A Portfolio

BATS: Series C Portfolio

BATS: Series E Portfolio

BATS: Series M Portfolio

BATS: Series P Portfolio

BATS: Series S Portfolio

BlackRock Asian Dragon Fund, Inc.

BlackRock Balanced Capital Fund, Inc.

BlackRock Basic Value Fund, Inc.

BlackRock Bond Fund, Inc.

BlackRock Total Return Fund

BlackRock California Municipal Series Trust

BlackRock California Municipal Opportunities Fund

BlackRock Capital Appreciation Fund, Inc.

BlackRock Emerging Markets Fund, Inc.

BlackRock Equity Dividend Fund

BlackRock EuroFund

BlackRock Financial Institutions Series Trust

BlackRock Summit Cash Reserves Fund

BlackRock FundsSM

BlackRock Commodity Strategies Fund

BlackRock Emerging Markets Equity Strategies Fund

BlackRock Energy Opportunities Fund

BlackRock Exchange Portfolio

BlackRock Health Sciences Opportunities Portfolio

BlackRock High Equity Income Fund

BlackRock International Dividend Fund

BlackRock Liquid Environmentally Aware Fund

BlackRock Mid-Cap Growth Equity Portfolio

BlackRock Money Market Portfolio

BlackRock Real Estate Securities Fund

BlackRock Short Obligations Fund

BlackRock Tactical Opportunities Fund

BlackRock Technology Opportunities Fund

BlackRock Total Factor Fund

iShares Developed Real Estate Index Fund

 

iShares Edge MSCI Min Vol EAFE Index Fund

iShares Edge MSCI Min Vol USA Index Fund

iShares Edge MSCI Multifactor Intl Index Fund

iShares Edge MSCI Multifactor USA Index Fund

iShares Municipal Bond Index Fund

iShares Russell Mid-Cap Index Fund

iShares Russell Small/Mid-Cap Index Fund

iShares Short-Term TIPS Bond Index Fund

iShares Total U.S. Stock Market Index Fund

BlackRock Funds II

BlackRock 20/80 Target Allocation Fund

BlackRock 40/60 Target Allocation Fund

BlackRock 60/40 Target Allocation Fund

BlackRock 80/20 Target Allocation Fund

BlackRock Dynamic High Income Portfolio

BlackRock Global Dividend Portfolio

BlackRock LifePath® Smart Beta Retirement Fund

BlackRock LifePath® Smart Beta 2025 Fund

BlackRock LifePath® Smart Beta 2030 Fund

BlackRock LifePath® Smart Beta 2035 Fund

BlackRock LifePath® Smart Beta 2040 Fund

BlackRock LifePath® Smart Beta 2045 Fund

BlackRock LifePath® Smart Beta 2050 Fund

BlackRock LifePath® Smart Beta 2055 Fund

BlackRock LifePath® Smart Beta 2060 Fund

BlackRock LifePath® Smart Beta 2065 Fund

BlackRock Managed Income Fund

BlackRock Multi-Asset Income Portfolio

BlackRock Funds III

BlackRock Cash Funds: Institutional

BlackRock Cash Funds: Treasury

BlackRock LifePath® Dynamic Retirement Fund

BlackRock LifePath® Dynamic 2025 Fund

BlackRock LifePath® Dynamic 2030 Fund

BlackRock LifePath® Dynamic 2035 Fund

BlackRock LifePath® Dynamic 2040 Fund

BlackRock LifePath® Dynamic 2045 Fund

BlackRock LifePath® Dynamic 2050 Fund

BlackRock LifePath® Dynamic 2055 Fund

BlackRock LifePath® Dynamic 2060 Fund

BlackRock LifePath® Dynamic 2065 Fund

BlackRock LifePath® Index Retirement Fund

BlackRock LifePath® Index 2025 Fund

BlackRock LifePath® Index 2030 Fund

BlackRock LifePath® Index 2035 Fund

BlackRock LifePath® Index 2040 Fund

BlackRock LifePath® Index 2045 Fund

BlackRock LifePath® Index 2050 Fund

BlackRock LifePath® Index 2055 Fund

 

BlackRock LifePath® Index 2060 Fund

BlackRock LifePath® Index 2065 Fund

iShares MSCI Total International Index Fund

iShares Russell 1000 Large-Cap Index Fund

iShares S&P 500 Index Fund

iShares U.S. Aggregate Bond Index Fund

BlackRock Funds IV

BlackRock Global Long/Short Credit Fund

BlackRock Funds V

BlackRock Core Bond Portfolio

BlackRock Credit Strategies Income Fund

BlackRock Emerging Markets Bond Fund

BlackRock Emerging Markets Flexible Dynamic Bond Portfolio

BlackRock Floating Rate Income Portfolio

BlackRock GNMA Portfolio

BlackRock High Yield Bond Portfolio

BlackRock Inflation Protected Bond Portfolio

BlackRock Low Duration Bond Portfolio

BlackRock Strategic Income Opportunities Portfolio

BlackRock U.S. Government Bond Portfolio

 

 

(each, a “Fund” and collectively, the “Funds”)

Supplement dated March 10, 2020 to the Summary Prospectus(es) and Prospectus(es) of each Fund

The section of each Fund’s Summary Prospectus(es) entitled “Key Facts About [the Fund] — Principal Risks of Investing in the Fund,” the section of each Fund’s Prospectus(es) entitled “Fund Overview — Key Facts About [the Fund] — Principal Risks of Investing in the Fund” and the section of each Fund’s Prospectus(es) entitled “Details About the Fund[s] — Investment Risks — Principal Risks of Investing in the Fund” or “Details About the Fund — Investment Risks — Other Principal Risks of Investing in the Fund and/or an Underlying ETF” are amended to delete “Market Risk and Selection Risk” or “Market Risk”, as applicable, in its entirety and to replace it with the following:

 

  •  
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and its investments. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
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