Prospectus by Investment Company - Form 497

BlackRock Diversified Fixed Income Fund

BlackRock Funds III

BlackRock Diversified Fixed Income Fund

(the "Fund")

Supplement dated October 1, 2024 to the Prospectuses (each, a "Prospectus") and Statement of Additional Information (the "SAI") of the Fund

Effective immediately, each Prospectus is amended as follows:

The following disclosure replaces the subsection of the Institutional Shares Prospectus entitled "Account Information-How to Buy, Sell, Exchange and Transfer Shares-How to Buy Shares-Add to Your Investment-Have your Financial Intermediary submit your purchase order for additional shares":

To purchase additional shares you may contact your Financial Intermediary.

The subsections of the Prospectuses entitled "Account Information-How to Buy, Sell, Exchange and Transfer Shares-How to Buy Shares-Add to Your Investment-Or contact BlackRock (for accounts held directly with BlackRock)-Purchase by Internet" and "Account Information-How to Buy, Sell, Exchange and Transfer Shares-How to Sell Shares-Full or Partial Redemption of Shares-Selling shares held directly with BlackRock-Redeem by Internet" are hereby deleted in its entirety.

The subsection of the SAI entitled "Redemption of Shares-Redemption-Redeem by Internet" is hereby deleted in its entirety.

Shareholders should retain this Supplement for future reference.

PRSAI-DFI-1024SUP

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