LifePath Dynamic 2035 Fund | LPJIX

Overview

A simple way to invest for retirement

A professionally managed portfolio of diversified investments that adjusts over time.

Invests in a mix of actively managed funds, smart beta ETFs, and traditional index funds

$144

billion in LifePath assets*

in 5 Fortune 100 companies use LifePath*

Get insights

Monthly Global Allocation Insights

Flexible for changing markets

Allocations are flexible to capture opportunities in changing markets.

Allocations are flexible

Monthly Global Allocation Insights

Balance risk and return

Our mix of global stocks and bonds slowly changes as retirement nears.

Balance risk and return

Monthly Global Allocation Insights

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Performance

Returns

Average Annual
Cumulative
Calendar Year

	1y	3y	5y	10y	Incept. Performance data for certain classes of shares of certain funds are based on pre-class inception information dating back to an older class of fund shares. This information may be considered when assessing a fund's performance, but it does not represent actual performance of these classes of shares. The inception date noted under Key Fund Facts is the date the class of shares was incepted. See fund prospectus or fact sheet for details.
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	13.97	4.66	8.39	-	9.60
Morningstar Category Avg. (%) Target-Date 2035	14.62	4.81	9.41	4.47	-
Morningstar Ranking Rankings are based on total return excluding sales charges, independently calculated and not combined to create an overall ranking.	131/200	96/158	100/118	-	-
Morningstar Quartile Rankings based on total return excluding sales charges, independently calculated and not combined to create an overall ranking.	3	3	4	-	-
Lipper Category Avg. (%) Mixed-Asset Target 2035 Funds	14.62	4.82	9.40	4.54	-
Lipper Ranking Rankings are based on total return excluding sales charges.	123/192	88/146	87/105	-	-
Lipper Quartile Rankings are based on total return excluding sales charges.	3	3	4	-	-

Missing average annual returns data

	YTD	1m	3m	1y	3y	5y	10y	Incept. Performance data for certain classes of shares of certain funds are based on pre-class inception information dating back to an older class of fund shares. This information may be considered when assessing a fund's performance, but it does not represent actual performance of these classes of shares. The inception date noted under Key Fund Facts is the date the class of shares was incepted. See fund prospectus or fact sheet for details.
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	9.09	0.58	3.98	13.97	14.66	49.59	-	89.96
Morningstar Category Avg. (%) Target-Date 2035	8.99	0.53	3.46	14.62	15.14	56.79	54.85	-
Lipper Category Avg. (%) Mixed-Asset Target 2035 Funds	9.01	0.53	3.47	14.62	15.18	56.89	56.26	-

Missing cumulative returns data

	2012	2013	2014	2015	2016
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	13.85	15.33	5.44	-2.15	7.61
Morningstar Category Avg. (%) Target-Date 2035	14.64	20.00	5.24	-1.76	7.57

Missing calendar year returns data

Growth of Hypothetical $10,000 The growth of hypothetical $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Performance chart data not available for display.

Growth of Hypothetical $10,000
Historical NAVs

LifePath Dynamic 2035 Fund ($)

Cum. Fund Perf. Since Inception : 93.30

Source: Lipper. Data reflects different methodology from the BlackRock calculated returns in the Returns tab. The $10,000 Hypothetical Over Time chart reflects a hypothetical $10,000 investment in the investor class of shares noted and does not assume the max sales charge. Had sales charge been included, returns would have been lower. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

Historical NAVs

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted, and numbers may reflect small variances due to rounding. Standardized performance and performance data current to the most recent month end may be found in the Performance section.

Distributions

Interactive chart displaying fund performance. Javascript is required.

Recent
Calendar Year

Chart
Table

Interactive chart displaying fund performance. Javascript is required.

Ex-Date	Payable Date	Record Date	Total Distribution Current year distributions are not classified as “Income,” “Short-Term Capital Gains,” “Long-Term Capital Gains,” or “Return of Capital” until approximately 60 days following calendar year-end.	Income	ST Cap Gains	LT Cap Gains

Chart
Table

Interactive chart displaying fund performance. Javascript is required.

Year	Total Distribution Current year distributions are not classified as “Income,” “Short-Term Capital Gains,” “Long-Term Capital Gains,” or “Return of Capital” until calendar year-end.	Income	ST Cap Gains	LT Cap Gains

Past distributions are not indicative of future distributions.
Click here, for the most recent distributions.

Key Facts

Size of Class (Millions) as of Aug 18, 2017 $9.9 M

Size of Fund (Millions) as of Aug 18, 2017 $51.3 M

Share Class launch date Jun 30, 2010

Asset Class MultiAsset

Morningstar Category Target-Date 2035

Lipper Classification Mixed-Asset Target 2035 Funds

Benchmark Index LifePath Dynamic 2035 Custom Benchmark

CUSIP 066922253

Contractual End Date Apr 30, 2018

Distribution Frequency How often a distribution is paid by the fund. The most common distribution frequencies are annually, biannually and quarterly. Quarterly

Max Offer Price as of Aug 18, 2017 $14.31

Open to New Investors Yes

Turnover Percent as of Jun 30, 2017 76%

Portfolio Characteristics

R-Squared as of Jul 31, 2017 0.01

Alpha (3y) Compared to Fund has no benchmark. Alpha is calculated at the portfolio level. A measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the fund relative to the return of the benchmark index is a fund's alpha. as of Jul 31, 2017 0.04

Average Market Cap (Millions) The average size of the securities the fund invests in. as of Jul 31, 2017 $8,773.4 M

Equity Beta Beta is a measure of the tendency of securities to move with the market as a whole. A beta of 1 indicates that the security's price will move with the market. A beta less than 1 indicates the security tends to be less volatile than the market, while a beta greater than 1 indicates the security is more volatile than the market. Calculated vs. S&P 500 as of Jul 31, 2017 0.23

Sharpe Ratio (3y) Compared to Fund has no benchmark. A ratio to measure risk-adjusted performance. The Sharpe ratio is calculated by subtracting the risk-free rate - such as that of the 10-year U.S. Treasury bond - from the rate of return for a portfolio and dividing the result by the standard deviation of the portfolio returns. as of Jul 31, 2017 0.74

Best 3-Month Return Over the Last 3 Years 3 months ending May 31, 2016 8.59%

Worst 3-Month Return Over the Last 3 Years 3 months ending Sep 30, 2015 -7.08%

This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Fees

as of current prospectus

Gross Expense Ratio	1.02%
Net Expense Ratio The difference between gross and net expense ratios are due to contractual and/or voluntary waivers, if applicable. Any applicable contractual waiver will be terminable upon 90 days’ notice. BlackRock may agree to voluntarily waive certain fees and expenses, which the adviser may discontinue at any time without notice. For this share class, the contractual waiver end date is not applicable.	0.66%

Net Expense Ratio excluding Investment Related Expenses is 0.40%

Ratings

Lipper Leader

Lipper Leader Ratings

Expense LifePath Dynamic 2035 Fund received the following Expense ratings for the 3-, 5-, and 10-year periods, respectively: 4 (96 funds), 4 (71 funds), and - ( funds). Lipper ratings for Expense reflect funds' expense minimization relative to peers with similar load structures.

Overall Lipper Leaders ratings based on an equal-weighted average of percentile ranks for each measure over 3-, 5-, and 10-year periods (if applicable) and do not take into account the effects of sales charges for these categories (Consistent Return, Preservation, Total Return, Expense, and Tax Efficiency) as of Jun 30, 2017 out of 145, 4,201, 146, 96 and 146 Funds, respectively in Lipper's Mixed-Asset Target 2035 Funds classification.

Holdings

as of Jul 31, 2017

Name	Weight (%)
ACTIVE STOCK MASTER PORTFOLIO	36.19
INTERNATIONAL TILTS MASTER	12.07
BLACKROCK COREALPHA BOND FUND	8.82
ISHS EDGE MSCI MULTIFACTOR USA ETF	6.11
BLK ADV EM INST CLASS	5.00

Name	Weight (%)
MASTER TR LP DYNAMIC 2035	4.79
BLACKROCK COMMODITY STRAT FUND	4.11
BLK TACTICAL OPPORTUNITIES CLASS K	3.02
ISHS EDG MSCI MULTIFCTR INTL ETF	2.78
ISHARES TIPS BOND ETF	2.37

as of Jul 31, 2017

% of Market Value

Type	Fund

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as of Jul 31, 2017

% of Market Value

Type	Fund

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Allocations subject to change.

Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management.

Allocations are subject to change.

Portfolio Managers

Global Head of the Lifetime Asset Allocation Group

Managing Director, Head of Global Tactical Asset Allocation

Portfolio Manager

Literature

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Important Information

* As of 9/30/2016

Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses which may be obtained by visiting the iShares Fund and BlackRock Fund prospectus pages. Read the prospectus carefully before investing.

The fund is actively managed and its characteristics will vary.

Fund of funds are subject to the risks associated with the underlying BlackRock funds in which it invests.

Stock and bond values fluctuate in price so the value of your investment can go down depending on market conditions.

International investing involves special risks including, but not limited to currency fluctuations, illiquidity and volatility. These risks may be heightened for investments in emerging markets.

Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments.

Asset allocation strategies do not assure profit and do not protect against loss.

Non-diversification of investments means that more assets are potentially invested in fewer securities than if investments were diversified, so risk is increased because each investment has a greater effect on performance.

The fund may use derivatives to hedge its investments or to seek to enhance returns. Derivatives entail risks relating to liquidity, leverage and credit that may reduce returns and increase volatility.

The target date in the funds name is the approximate date an investor plans to start withdrawing money. The principal value is not guaranteed at any time, including at the target date.

Performance results reflect past performance and are no guarantee of future results. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. All returns assume reinvestment of all dividends. Performance information shown without sales charge would have been lower if the applicable sales charge had been included. Performance during periods of exceptional market conditions should not be expected to be repeated in a normal market environment. Current performance may be lower or higher than the performance data quoted.

Investing involves risk, including possible loss of principal.

Fund details, holdings and characteristics are as of the date noted and subject to change.

Yields are based on income earned for the period cited and on the Fund's NAV at the end of the period.

Some BlackRock funds make distributions of ordinary income and capital gains at calendar year end. Those distributions temporarily cause extraordinarily high yields. There is no assurance that a fund will repeat that yield in the future. Subsequent monthly distributions that do not include ordinary income or capital gains in the form of dividends will likely be lower.

The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

©2017 BlackRock, Inc. All rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, BUILD ON BLACKROCK, ALADDIN, iSHARES, iBONDS, iSHARES CONNECT, FUND FRENZY, LIFEPATH, SO WHAT DO I DO WITH MY MONEY, INVESTING FOR A NEW WORLD, BUILT FOR THESE TIMES, the iShares Core Graphic, CoRI and the CoRI logo are registered and unregistered trademarks of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other marks are the property of their respective owners.

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