BlackRock LifePath Dynamic Retirement Fund (BlackRock LifePath Retirement P) Fonds

The fund advisor allocates and reallocates the fund's assets among a combination of equity, bond and money market funds (the "underlying funds") and derivatives 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.