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<!-- Generated by DFIN XBRL Schema Document - http://www.dfinsolutions.com/ - on 01-03-2026 05:49:40 AM -->
<!-- Copyright(c) 2026 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
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					<link:label xlink:type="resource" xlink:label="label_EquityFundsSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Equity Funds Securities [Member]</link:label>
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										<link:label xlink:type="resource" xlink:label="label_C000101136Member_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US">Class K</link:label>
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										<link:label xlink:type="resource" xlink:label="label_C000201968Member_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US">Investor P</link:label>
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										<link:label xlink:type="resource" xlink:label="label_C000101135Member_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US">Institutional</link:label>
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	<element name="ISharesFTSENAREITAllEquityREITsIndexFundMember" id="bfiii_ISharesFTSENAREITAllEquityREITsIndexFundMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
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</schema>
