BlackRock LifePath Dyn 2040 K (BlackRock LifePath® Dynamic 20) Fonds

The fund manager allocates and reallocates its assets among a combination of equity and bond index funds, including those that seek to maximize exposure to companies with higher ESG ratings and money market funds in proportions based on its own comprehensive investment strategy. Under normal circumstances, the manager intends to invest primarily in affiliated open-end funds and affiliated exchange-traded funds ("ETFs"), some of which may be index funds. The fund is designed for investors expecting to retire or to begin withdrawing assets around the year 2040.