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*

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 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	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.	4.59	10.96	6.93	12.41	6.18
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.	5.11	10.32	6.77	12.91	6.75
Morningstar Category Avg. (%) Target-Date 2050	2.87	9.94	6.41	12.02	-
Morningstar Ranking Rankings are based on total return excluding sales charges, independently calculated and not combined to create an overall ranking.	15/240	17/194	35/156	22/78	-
Morningstar Quartile Rankings based on total return excluding sales charges, independently calculated and not combined to create an overall ranking.	1	1	2	2	-
Lipper Category Avg. (%) Mixed-Asset Target 2050	2.80	9.85	6.30	11.93	-
Lipper Ranking Rankings are based on total return excluding sales charges.	15/230	17/185	34/147	22/78	-
Lipper Quartile Rankings are based on total return excluding sales charges.	1	1	1	2	-

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.	12.98	1.48	12.98	4.59	36.61	39.77	222.01	90.52
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.	12.73	1.54	12.73	5.11	34.26	38.74	236.89	101.73
Morningstar Category Avg. (%) Target-Date 2050	11.66	1.19	11.66	2.87	32.88	36.42	211.01	-
Lipper Category Avg. (%) Mixed-Asset Target 2050	11.64	1.22	11.64	2.80	32.59	35.80	209.42	-

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: 90.52

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 Apr 17, 2019 $14.1 M

Size of Fund (Millions) as of Apr 17, 2019 $102.2 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 Apr 17, 2019 $19.66

Open to New Investors Yes

Turnover Percent as of Mar 31, 2019 43%

Portfolio Characteristics

R-Squared as of Mar 31, 2019 0.01

Best 3-Month Return Over the Last 3 Years 3 months ending Jan 31, 2018 8.53%

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 Mar 31, 2019 0.98

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

Fund Standard Deviation (3y) as of Mar 31, 2019 9.89

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 Mar 29, 2019 0.08 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	1.01%
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, 2028.	0.68%

Net Expense Ratio excluding Investment Related Expenses is 0.40%

Ratings

Morningstar Rating

Overall LifePath Dynamic 2050 Fund received a Morningstar Rating of 5 stars for the 3-year period, 4 stars for the 5-year period and 3 stars for the 10-year period, rated against 194, 156 and 78 Target-Date 2050 Funds, respectively. Performance results represent past performance and are no guarantee of future results. The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Morningstar Ratings are for the share classes cited only; other classes may have different ratings.

Overall Morningstar Rating for LifePath Dynamic 2050 Fund, Class I, as of Mar 31, 2019 rated against 194 Target-Date 2050 Funds.

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 (184 funds), 5 (146 funds), and 4 (78 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 (119 funds), 4 (88 funds), and 5 (43 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 (185 funds), 4 (147 funds), and 4 (78 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 Feb 28, 2019 out of 184, 4,616, 185, 125 and 185 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 Mar 29, 2019

Name	Weight (%)
ACTIVE STOCK MASTER	46.78
INTL TILTS MASTER	16.45
ADVANTAGE EMERGING MARKETS F INVK	8.79
ISHS EDGE MSCI MULTIFACTOR USA ETF	3.94
ISHARES MSCI EAFE SMALL-CAP ETF	3.36

Name	Weight (%)
ISHS EDG MSCI MULTIFCTR INTL ETF	3.11
COREALPHA BOND MSTR	1.40
SIMON PROPERTY GROUP REIT INC	0.56
PROLOGIS REIT INC	0.45
AVALONBAY COMMUNITIES REIT INC	0.40

as of Mar 29, 2019

% of Market Value

Type	Fund

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as of Mar 29, 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.

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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