LifePath Dynamic 2050 Fund | STLFX

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

$200

billion in LifePath assets*

in 5 Fortune 100 companies use LifePath*

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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 to become more conservative as retirement nears.

Balance risk and return

Monthly Global Allocation Insights

As the target date fund pioneer, LifePath has helped millions of people save and
invest for retirement over the past 25 years.

25th Anniversary

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Performance

Returns

Average Annual
Cumulative
Calendar Year

	1y	3y	5y	10y
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	1.99	9.80	7.12	8.82
Benchmark (%) Index: LifePath Dynamic 2050 Custom Benchmark.<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.	3.02	9.29	7.00	9.26
Morningstar Category Avg. (%) Target-Date 2050	1.99	8.88	6.76	8.86
Morningstar Ranking Rankings are based on total return excluding sales charges, independently calculated and not combined to create an overall ranking.	113/241	24/201	43/154	44/77
Morningstar Quartile Rankings based on total return excluding sales charges, independently calculated and not combined to create an overall ranking.	2	1	2	3
Lipper Category Avg. (%) Mixed-Asset Target 2050	1.94	8.71	6.63	8.79
Lipper Ranking Rankings are based on total return excluding sales charges.	111/231	23/191	43/146	44/77
Lipper Quartile Rankings are based on total return excluding sales charges.	2	1	2	3

Missing average annual returns data

	YTD	1m	3m	1y	3y	5y	10y
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	16.55	1.99	-0.02	1.99	32.39	41.07	132.88
Benchmark (%) Index: LifePath Dynamic 2050 Custom Benchmark.<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.	16.76	2.07	0.39	3.02	30.55	40.26	142.52
Morningstar Category Avg. (%) Target-Date 2050	15.74	1.64	0.22	1.99	29.06	38.70	133.64
Lipper Category Avg. (%) Mixed-Asset Target 2050	15.57	1.58	0.17	1.94	28.52	37.91	132.90

Missing cumulative returns data

	2014	2015	2016	2017	2018
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	5.73	-2.46	8.19	22.85	-8.32
Benchmark (%) Index: LifePath Dynamic 2050 Custom Benchmark<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.	6.45	-2.12	8.72	20.57	-8.02
Morningstar Category Avg. (%) Target-Date 2050	5.42	-2.01	8.22	20.67	-8.41

Missing calendar year returns data

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. The performance information for periods prior to the inception date of the share class is based on the Fund’s Institutional Shares, adjusted to reflect the fees and expenses applicable to such share class. See the fund prospectus for more details.

The Fund's returns between November 28, 2014 and November 7, 2016 are the returns of the Fund when it incorporated different allocations in its glidepath. The Fund's returns prior to November 28, 2014 are the returns of the Fund based on the prior glide path and target asset allocation. Please see below for more information.

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 2050 Fund ($)

Cum. Fund Perf. Since Inception: 96.53

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

Distributions

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Recent
Calendar Year

Chart
Table

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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	Return of Capital

Chart
Table

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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 Oct 18, 2019 $15.6 M

Size of Fund (Millions) as of Oct 18, 2019 $111.7 M

Share Class launch date Jun 30, 2008

Asset Class MultiAsset

Morningstar Category Target-Date 2050

Lipper Classification Mixed-Asset Target 2050

Benchmark Index LifePath Dynamic 2050 Custom Benchmark

CUSIP 06739T556

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 Oct 18, 2019 $19.92

Open to New Investors Yes

Turnover Percent as of Sep 30, 2019 43%

Portfolio Characteristics

R-Squared as of Apr 30, 2019 0.01

Best 3-Month Return Over the Last 3 Years 3 months ending Mar 31, 2019 12.98%

Fund 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 Sep 30, 2019 0.77

Worst 3-Month Return Over the Last 3 Years 3 months ending Dec 31, 2018 -12.49%

Fund Standard Deviation (3y) as of Sep 30, 2019 10.94

Effective Duration Effective Duration measures the sensitivity of the price of a bond with or without embedded options to changes in interest rates, taking into account the likelihood of the bond being called, put and/or sunk prior to its final maturity date while incorporating after-tax impacts on the bond. The options-based duration model used by BlackRock employs certain assumptions and may differ from other fund complexes. Effective Duration is measured at the individual bond level, aggregated to the portfolio level, and adjusted for leverage, hedging transactions and non-bond holdings, including derivatives. as of Sep 30, 2019 0.09 yrs

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	0.98%
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 Apr 30, 2029.	0.65%

Net Expense Ratio excluding Investment Related Expenses is 0.40%

Ratings

Lipper Leader

Lipper Leader Ratings

Consistent Return LifePath Dynamic 2050 Fund received the following Consistent Return ratings for the 3-, 5-, and 10-year periods, respectively: 5 (191 funds), 5 (145 funds), and 3 (77 funds). Lipper ratings for Consistent Return reflect funds' historical risk-adjusted returns, adjusted for volatility, relative to peers.

Expense LifePath Dynamic 2050 Fund received the following Expense ratings for the 3-, 5-, and 10-year periods, respectively: 4 (134 funds), 4 (95 funds), and 4 (46 funds). Lipper ratings for Expense reflect funds' expense minimization relative to peers with similar load structures.

Total Return LifePath Dynamic 2050 Fund received the following Total Return ratings for the 3-, 5-, and 10-year periods, respectively: 5 (191 funds), 4 (146 funds), and 3 (77 funds). Lipper ratings for Total Return reflect funds' historical total return performance relative to peers.

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 Aug 31, 2019 out of 188, 4,621, 189, 123 and 189 Funds, respectively in Lipper's Mixed-Asset Target 2050 classification.

Morningstar Analyst Rating

Morningstar has awarded the Fund a Bronze medal. Fewer than 10% of US open-end funds hold medalist ratings. (Effective Jan 31, 2019) ‡

Holdings

as of Sep 30, 2019

Name	Weight (%)
ACTIVE STOCK MASTER	56.13
INTL TILTS MASTER	19.70
ADVANTAGE EMERGING MARKETS F INVK	11.13
ISHARES DEVELOPD RL ESTAT CL K	5.26
ISHARES MSCI EAFE SMALL-CAP ETF	4.46

Name	Weight (%)
ISHS EDG MSCI MULTIFCTR INTL ETF	1.10
ISHS EDGE MSCI MULTIFACTOR USA ETF	1.10
COREALPHA BOND MSTR	0.81
ISHARES TIPS BOND ETF	0.40

Exposure Breakdowns

Asset Class

as of Sep 30, 2019

% 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

Co-Head of LifePath

Managing Director, Head of Global Tactical Asset Allocation

Portfolio Manager

Literature

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Important Information

* As of 12/31/2017

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.

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.

‡Morningstar Analyst Rating™is not a credit or risk rating. It is a subjective evaluation performed by Morningstar’s manager research group, which consists of various Morningstar, Inc. subsidiaries (“Manager Research Group”). In the United States, that subsidiary is Morningstar Research Services LLC, which is registered with and governed by the U.S. Securities and Exchange Commission. The Manager Research Group evaluates funds based on five key pillars, which are process, performance, people, parent, and price. The Manager Research Group uses this five pillar evaluation to determine how they believe funds are likely to perform relative to a benchmark, or in the case of exchange-traded funds and index mutual funds, a relevant peer group, over the long term on a risk-adjusted basis. They consider quantitative and qualitative factors in their research, and the weight of each pillar may vary. The Analyst Rating scale is Gold, Silver, Bronze, Neutral, and Negative. A Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s conviction in a fund’s prospects for outperformance. Analyst Ratings ultimately reflect the Manager Research Group’s overall assessment, are overseen by an Analyst Rating Committee, and are continuously monitored and reevaluated at least every 14 months. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to global.morningstar.com/managerdisclosures/.

The Morningstar Analyst Rating (i) should not be used as the sole basis in evaluating a fund, (ii) involves unknown risks and uncertainties which may cause Analyst expectations not to occur or to differ significantly from what they expected, and (iii) should not be considered an offer or solicitation to buy or sell the fund.

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.

Effective November 7, 2016, the Fund changed its investment strategy to (i) incorporate a Global Tactical Asset Allocation into its glidepath, (ii) increase the flexibility of its equity allocations and (iii) diversify its fixed-income strategies. Performance for the periods shown between December 14, 2015 and November 7, 2016 is based on the prior investment strategy. Effective December 14, 2015, the Fund changed its investment strategy to (i) incorporate a dynamic glidepath and (ii) invest directly in securities and derivatives, as well as in underlying funds. Performance for the periods shown prior to December 14, 2015 is based on the prior investment strategy. Effective November 28, 2014, the Fund changed its target asset allocation to target higher levels of equity exposure. Performance for the periods shown prior to November 28, 2014 is based on the prior target asset allocation.

Performance shown for certain share classes of certain funds is synthetic, pre-inception performance leveraging the performance of a different share class of the fund. When evaluating fund performance, it is important to note that it does not represent actual performance of such share class. All performance after inception of the share class is actual performance. For details regarding which funds and share classes leverage synthetic, pre-inception performance, please visit this page.

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”).

© 2019 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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