BlackRock Funds III NPORT-P BlackRock LifePath Dynamic Retirement Fund (Mar 2024 report)

Schedule of Investments (unaudited)  March 31, 2024 BlackRock LifePath^® Dynamic Retirement Fund (Percentages shown are based on Net Assets)

Security	Shares/ Investment Value		Value
Investment Companies(a)
Equity Funds — 38.4%
BlackRock Advantage Emerging Markets Fund, Class K		555,374	$	5,531,525
BlackRock Tactical Opportunities Fund, Class K		816,728		11,622,034
Diversified Equity Master Portfolio	$	55,418,620		55,418,620
International Tilts Master Portfolio	$	10,960,764		10,960,764
iShares Developed Real Estate Index Fund, Class K		332,203		3,129,346
iShares MSCI EAFE Small-Cap ETF(b)		89,072		5,640,930
				92,303,219
Fixed-Income Funds — 50.2%
BlackRock Diversified Fixed Income Fund, Class K		10,480,844		100,406,481
BlackRock High Yield Bond Portfolio, Class K		145,728		1,030,295
iShares TIPS Bond ETF		178,114		19,131,225
			120,568,001

Security	Shares		Value
Money Market Funds — 11.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(c)(d)		1,299,346	$	1,299,866
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.29%(c)		26,302,031		26,302,031
				27,601,897
Total Investments — 100.1% (Cost: $186,443,137)				240,473,117
Liabilities in Excess of Other Assets — (0.1)%				(291,066	)
Net Assets — 100.0%			$	240,182,051

^(a)  Affiliate of the Fund.

^(b)  All or a portion of this security is on loan.

^(c)  Annualized 7-day yield as of period end.

^(d)  All or a portion of this security was purchased with the cash collateral from loaned securities. 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended March 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

	Affiliated Issuer	Value at 12/31/23		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 03/31/24		Shares/ Investment Value Held at 03/31/24		Income			Capital Gain Distributions from Underlying Funds
	BlackRock Advantage Emerging Markets Fund, Class K	$	5,320,481	$	—		$	—		$	—	$	211,044		$	5,531,525		555,374	$	—		$	—
	BlackRock Cash Funds: Institutional, SL Agency Shares		—		1,299,978	(a)		—			16		(128	)		1,299,866		1,299,346		672	(b)		—
	BlackRock Cash Funds: Treasury, SL Agency Shares		11,046,629		15,255,402	(a)		—			—		—			26,302,031		26,302,031		268,442			—
	BlackRock Diversified Fixed Income Fund, Class K		96,294,912		5,866,964			—			—		(1,755,395	)		100,406,481		10,480,844		1,221,023			—
	BlackRock High Yield Bond Portfolio, Class K		2,157,887		37,106			(1,164,123	)		80,067		(80,642	)		1,030,295		145,728		30,138			—
	BlackRock Tactical Opportunities Fund, Class K		10,854,310		—			—			—		767,724			11,622,034		816,728		—			—
	Diversified Equity Master Portfolio		50,354,959		—			(506,009	)(a)(c)		2,686,675		2,882,995			55,418,620	$	55,418,620		168,482			—
	International Tilts Master Portfolio		10,353,349		61,590	(a)(c)		—			76,332		469,493			10,960,764	$	10,960,764		61,590			—
	iShares Developed Real Estate Index Fund, Class K		2,613,498		526,000			—			—		(10,152	)		3,129,346		332,203		—			—
	iShares MSCI EAFE Small-Cap ETF		5,513,557		—			—			—		127,373			5,640,930		89,072		—			—
	iShares TIPS Bond ETF		16,782,521		2,357,426			—			—		(8,722	)		19,131,225		178,114		—			—
										$	2,843,090	$	2,603,590		$	240,473,117			$	1,750,347		$	—

^(a) Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

^(c)  Inclusive of income and expense allocated from the Master Portfolio.

SCHEDULE OF INVESTMENTS 1

Schedule of Investments (unaudited) (continued) March 31, 2024 BlackRock LifePath^® Dynamic Retirement Fund  

Derivative Financial Instruments Outstanding as of Period End 

Futures Contracts 

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts 10-Year U.S. Treasury Note		55		06/18/24	$	6,094	$	18,188
S&P/TSE 60 Index		12		06/20/24		2,377		36,244
E-mini Russell 2000 Index		52		06/21/24		5,579		138,766
Euro Stoxx 50 Index		43		06/21/24		2,343		52,864
MSCI EAFE Index		39		06/21/24		4,596		14,619
MSCI Emerging Markets Index		56		06/21/24		2,937		(27,629	)
S&P 500 E-Mini Index		9		06/21/24		2,389		54,900
S&P 500 Micro E-Mini Index		149		06/21/24		3,955		68,265
5-Year U.S. Treasury Note		41		06/28/24		4,388		4,761
								360,978
Short Contracts
U.S. Long Bond		19		06/18/24		2,288		(35,626	)
Ultra U.S. Treasury Bond		25		06/18/24		3,225		(28,278	)
								(63,904	)
							$	297,074

Forward Foreign Currency Exchange Contracts 

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	40,704		EUR	37,000	Deutsche Bank AG		06/20/24	$	699
USD	187,629		JPY	27,289,000	Deutsche Bank AG		06/20/24		5,171
									5,870
AUD	10,667,789		USD	7,090,474	JPMorgan Chase Bank N.A.		06/20/24		(123,561	)
CAD	3,195,169		USD	2,376,635	Nomura International PLC		06/20/24		(15,121	)
CAD	3,209,204		USD	2,387,075	Nomura International PLC		06/20/24		(15,188	)
EUR	4,290,000		USD	4,719,590	Morgan Stanley & Co. International PLC		06/20/24		(76,711	)
									(230,581	)
								$	(224,711	)

OTC Total Return Swaps 

Counterparty

Effective Date

Termination Date

Notional Amount (000)

Value

Upfront Premium Paid (Received)

Unrealized Appreciation (Depreciation)

Paid by the Fund

Received by the Fund

Rate

Frequency

Reference

Frequency

1-Day SOFR plus 0.38%, 5.34%

Quarterly

Russell 1000 Value Index Total Return (RU10VATR)

Quarterly

Morgan Stanley & Co. International PLC

N/A

10/04/24

USD

4,445

$ 372,242

$

—

$

372,242

Fair Value Hierarchy as of Period End 

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows: 

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

2

Schedule of Investments (unaudited) (continued) March 31, 2024 BlackRock LifePath^® Dynamic Retirement Fund  

Fair Value Hierarchy as of Period End (continued)

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

Certain investments of the Fund were fair valued using net asset value (“NAV”) as a practical expedient or its equivalent as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2			Level 3		Total
Assets
Investments
Investment Companies
Equity Funds	$	25,923,835		$	—		$	—	$	25,923,835
Fixed-Income Funds		120,568,001			—			—		120,568,001
Money Market Funds		27,601,897			—			—		27,601,897
	$	174,093,733		$	—		$	—		174,093,733
Investments Valued at NAV(a)										66,379,384
									$	240,473,117
Derivative Financial Instruments(b)
Assets
Equity Contracts	$	312,794		$	425,106		$	—	$	737,900
Foreign Currency Exchange Contracts		—			5,870			—		5,870
Interest Rate Contracts		22,949			—			—		22,949
Liabilities
Equity Contracts		(27,629	)		—			—		(27,629	)
Foreign Currency Exchange Contracts		—			(230,581	)		—		(230,581	)
Interest Rate Contracts		(63,904	)		—			—		(63,904	)
	$	244,210		$	200,395		$	—	$	444,605

^(a)  Certain investments of the Fund were fair valued using NAV as a practical expedient or its equivalent as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

^(b)  Derivative financial instruments are swaps, futures contracts and forward foreign currency exchange contracts. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

Currency Abbreviation		Portfolio Abbreviation (continued)
AUD	Australian Dollar	SOFR	Secured Overnight Financing Rate
CAD	Canadian Dollar
EUR	Euro
JPY	Japanese Yen
USD	United States Dollar
Portfolio Abbreviation
ETF	Exchange-Traded Fund
MSCI	Morgan Stanley Capital International
S&P	Standard & Poor’s

SCHEDULE OF INVESTMENTS 3