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<!-- Generated by DFIN XBRL Schema Document - http://www.dfinsolutions.com/ - on 28-02-2026 01:01:59 AM -->
<!-- Copyright(c) 2026 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
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					<link:label xlink:type="resource" xlink:label="label_BlackRockRealEstateSecuritiesFundMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">BlackRock Real Estate Securities Fund [Member]</link:label>
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					<link:loc xlink:type="locator" xlink:href="#bfiii_ISharesMSCIEAFESmallCapETFMember" xlink:label="ISharesMSCIEAFESmallCapETFMember"/>
					<link:label xlink:type="resource" xlink:label="label_ISharesMSCIEAFESmallCapETFMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">iShares MSCI EAFE Small Cap ETF [Member]</link:label>
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					<link:loc xlink:type="locator" xlink:href="#bfiii_C000251824Member" xlink:label="C000251824Member"/>
					<link:label xlink:type="resource" xlink:label="label_C000251824Member" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">C000251824 [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="C000251824Member" xlink:to="label_C000251824Member"/>

					<link:loc xlink:type="locator" xlink:href="#bfiii_LifePathDynamic2070FundCustomBenchmarkMember" xlink:label="LifePathDynamic2070FundCustomBenchmarkMember"/>
					<link:label xlink:type="resource" xlink:label="label_LifePathDynamic2070FundCustomBenchmarkMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">LifePath Dynamic 2070 Fund Custom Benchmark [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LifePathDynamic2070FundCustomBenchmarkMember" xlink:to="label_LifePathDynamic2070FundCustomBenchmarkMember"/>

					<link:loc xlink:type="locator" xlink:href="#bfiii_ISharesCoreMSCIEAFEETFMember" xlink:label="ISharesCoreMSCIEAFEETFMember"/>
					<link:label xlink:type="resource" xlink:label="label_ISharesCoreMSCIEAFEETFMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">iShares Core MSCI EAFE ETF [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISharesCoreMSCIEAFEETFMember" xlink:to="label_ISharesCoreMSCIEAFEETFMember"/>

					<link:loc xlink:type="locator" xlink:href="#bfiii_ISharesMSCIJapanETFMember" xlink:label="ISharesMSCIJapanETFMember"/>
					<link:label xlink:type="resource" xlink:label="label_ISharesMSCIJapanETFMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">iShares MSCI Japan ETF [Member]</link:label>
					<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISharesMSCIJapanETFMember" xlink:to="label_ISharesMSCIJapanETFMember"/>

					
                <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentTypeAxis" xlink:label="InvestmentTypeAxis"/>
                <link:label xlink:type="resource" xlink:label="label_InvestmentTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Investment Type [Axis]</link:label>
                <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentTypeAxis" xlink:to="label_InvestmentTypeAxis" priority="1"/>
                <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_AssetsNet" xlink:label="AssetsNet"/>
                <link:label xlink:type="resource" xlink:label="label_AssetsNet" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Net Assets</link:label>
                <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetsNet" xlink:to="label_AssetsNet" priority="1"/>
                <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_InvestmentCompanyPortfolioTurnover" xlink:label="InvestmentCompanyPortfolioTurnover"/>
                <link:label xlink:type="resource" xlink:label="label_InvestmentCompanyPortfolioTurnover" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Investment Company Portfolio Turnover</link:label>
                <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentCompanyPortfolioTurnover" xlink:to="label_InvestmentCompanyPortfolioTurnover" priority="1"/>                
                <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag"/>
				<link:label xlink:type="resource" xlink:label="label_NoTradingSymbolFlag" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">No Trading Symbol Flag</link:label>
				<link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_NoTradingSymbolFlag" xlink:to="label_NoTradingSymbolFlag" priority="1"/>		
            </link:labelLink>
         </link:linkbase>
      </appinfo>
  </annotation>   
   <element name="LifePathDynamic2030FundCustomBenchmarkMember" id="bfiii_LifePathDynamic2030FundCustomBenchmarkMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="BloombergUSAggregateBondIndexMember" id="bfiii_BloombergUSAggregateBondIndexMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="LiabilitiesInExcessOfOtherAssetsMember" id="bfiii_LiabilitiesInExcessOfOtherAssetsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="EquityFundsSecuritiesMember" id="bfiii_EquityFundsSecuritiesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="BlackRockRealEstateSecuritiesFundMember" id="bfiii_BlackRockRealEstateSecuritiesFundMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="ISharesMSCIEAFESmallCapETFMember" id="bfiii_ISharesMSCIEAFESmallCapETFMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="ISharesGlobalInfrastructureETFMember" id="bfiii_ISharesGlobalInfrastructureETFMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="ISharesBroadUSDInvestmentGradeCorporateBondETFMember" id="bfiii_ISharesBroadUSDInvestmentGradeCorporateBondETFMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="BlackRockTacticalOpportunitiesFundClassKMember" id="bfiii_BlackRockTacticalOpportunitiesFundClassKMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="ISharesCoreMSCIEmergingMarketsETFMember" id="bfiii_ISharesCoreMSCIEmergingMarketsETFMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="IShares05YearTIPSBondETFMember" id="bfiii_IShares05YearTIPSBondETFMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="InternationalTiltsMasterPortfolioMember" id="bfiii_InternationalTiltsMasterPortfolioMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="BlackRockDiversifiedFixedIncomeFundClassKMember" id="bfiii_BlackRockDiversifiedFixedIncomeFundClassKMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="DiversifiedEquityMasterPortfolioMember" id="bfiii_DiversifiedEquityMasterPortfolioMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="Russell1000IndexMember" id="bfiii_Russell1000IndexMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000082487Member" id="bfiii_C000082487Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000051481Member" id="bfiii_C000051481Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000088835Member" id="bfiii_C000088835Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000011997Member" id="bfiii_C000011997Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000011998Member" id="bfiii_C000011998Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
			<element name="C000012000Member" id="bfiii_C000012000Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000011999Member" id="bfiii_C000011999Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000088838Member" id="bfiii_C000088838Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000051482Member" id="bfiii_C000051482Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000082488Member" id="bfiii_C000082488Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="ISharesMSCICanadaETFMember" id="bfiii_ISharesMSCICanadaETFMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="LifePathDynamic2040FundCustomBenchmarkMember" id="bfiii_LifePathDynamic2040FundCustomBenchmarkMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="Russell1000C000082489IndexMember" id="bfiii_Russell1000C000082489IndexMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="BloombergUSAggregateBondC000082489IndexMember" id="bfiii_BloombergUSAggregateBondC000082489IndexMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="Russell1000C000051483IndexMember" id="bfiii_Russell1000C000051483IndexMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="BloombergUSAggregateBondC000051483IndexMember" id="bfiii_BloombergUSAggregateBondC000051483IndexMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="BloombergUSAggregateBondC000012002IndexMember" id="bfiii_BloombergUSAggregateBondC000012002IndexMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="Russell1000C000012002IndexMember" id="bfiii_Russell1000C000012002IndexMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="Russell1000C000088841IndexMember" id="bfiii_Russell1000C000088841IndexMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="BloombergUSAggregateBondC000088841IndexMember" id="bfiii_BloombergUSAggregateBondC000088841IndexMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="Russell1000C000012001IndexMember" id="bfiii_Russell1000C000012001IndexMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="BloombergUSAggregateBondC000012001IndexMember" id="bfiii_BloombergUSAggregateBondC000012001IndexMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="LifePathDynamicRetirementFundCustomBenchmarkMember" id="bfiii_LifePathDynamicRetirementFundCustomBenchmarkMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000082489Member" id="bfiii_C000082489Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000051483Member" id="bfiii_C000051483Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000088841Member" id="bfiii_C000088841Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000012001Member" id="bfiii_C000012001Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000012002Member" id="bfiii_C000012002Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000063261Member" id="bfiii_C000063261Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000063260Member" id="bfiii_C000063260Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000088844Member" id="bfiii_C000088844Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000063262Member" id="bfiii_C000063262Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000082490Member" id="bfiii_C000082490Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="LifePathDynamic2050FundCustomBenchmarkMember" id="bfiii_LifePathDynamic2050FundCustomBenchmarkMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="ISharesCoreMSCIInternationalDevelopedMarketsETFMember" id="bfiii_ISharesCoreMSCIInternationalDevelopedMarketsETFMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="LifePathDynamic2035FundCustomBenchmarkMember" id="bfiii_LifePathDynamic2035FundCustomBenchmarkMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000089952Member" id="bfiii_C000089952Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000089956Member" id="bfiii_C000089956Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000089954Member" id="bfiii_C000089954Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000089953Member" id="bfiii_C000089953Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000089955Member" id="bfiii_C000089955Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000089959Member" id="bfiii_C000089959Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000089957Member" id="bfiii_C000089957Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000089958Member" id="bfiii_C000089958Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000089960Member" id="bfiii_C000089960Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000089961Member" id="bfiii_C000089961Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="LifePathDynamic2045FundCustomBenchmarkMember" id="bfiii_LifePathDynamic2045FundCustomBenchmarkMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="ISharesRussell2000ETFMember" id="bfiii_ISharesRussell2000ETFMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="LifePathDynamic2055FundCustomBenchmarkMember" id="bfiii_LifePathDynamic2055FundCustomBenchmarkMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000089966Member" id="bfiii_C000089966Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000089965Member" id="bfiii_C000089965Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000089963Member" id="bfiii_C000089963Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000089962Member" id="bfiii_C000089962Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000089964Member" id="bfiii_C000089964Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000187070Member" id="bfiii_C000187070Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000187068Member" id="bfiii_C000187068Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000187069Member" id="bfiii_C000187069Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000187072Member" id="bfiii_C000187072Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000187071Member" id="bfiii_C000187071Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="LifePathDynamic2060FundCustomBenchmarkMember" id="bfiii_LifePathDynamic2060FundCustomBenchmarkMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="LifePathDynamic2065FundCustomBenchmarkMember" id="bfiii_LifePathDynamic2065FundCustomBenchmarkMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000213847Member" id="bfiii_C000213847Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
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	<element name="C000213845Member" id="bfiii_C000213845Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000213846Member" id="bfiii_C000213846Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000251825Member" id="bfiii_C000251825Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000251826Member" id="bfiii_C000251826Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000251827Member" id="bfiii_C000251827Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000251828Member" id="bfiii_C000251828Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="C000251824Member" id="bfiii_C000251824Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="LifePathDynamic2070FundCustomBenchmarkMember" id="bfiii_LifePathDynamic2070FundCustomBenchmarkMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="ISharesCoreMSCIEAFEETFMember" id="bfiii_ISharesCoreMSCIEAFEETFMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>
	<element name="ISharesMSCIJapanETFMember" id="bfiii_ISharesMSCIJapanETFMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration"/>

</schema>
