Prospectus by Investment Company - Form 497

BlackRock Funds, BlackRock Funds III, Managed Account Series

BlackRock Funds^SM

BlackRock China A Opportunities Fund

BlackRock Funds III

BlackRock Diversified Equity Fund

Managed Account Series

BlackRock GA Disciplined Volatility Equity Fund

BlackRock GA Dynamic Equity Fund

(each, a "Fund")

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

Effective immediately, each Prospectus is amended as follows:

The following disclosure replaces the subsection of each Prospectus 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" or "Account Information-How to Buy, Sell, Exchange and Transfer Shares-How to Buy Shares-Add to Your Investment-Or contact BFA (for accounts held directly with BFA)-Purchase by Internet", as applicable:

Purchase by Internet: You may purchase your shares and view activity in your account by logging onto the BlackRock website at www.blackrock.com. Purchases made on the Internet using the Automated Clearing House ("ACH") will have a trade date that is the day after the purchase is made.

Certain institutional clients' purchase orders placed by wire prior to the close of business on the NYSE will be priced at the net asset value determined that day. Contact your Financial Intermediary or BlackRock for further information. The Fund limits Internet purchases in shares of the Fund to $100,000 per account per day. Different maximums may apply to certain institutional investors.

Please read the On-Line Services Disclosure Statement and User Agreement, the Terms and Conditions page and the Consent to Electronic Delivery Agreement (if you consent to electronic delivery), before attempting to transact online.

The Fund employs reasonable procedures to confirm that transactions entered over the Internet are genuine. By entering into the User Agreement with the Fund in order to open an account through the website, the shareholder waives any right to reclaim any losses from the Fund or any of its affiliates, incurred through fraudulent active.

The following disclosure replaces the subsection of each Prospectus entitled "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" or "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 BFA-Redeem by Internet", as applicable:

Redeem by Internet: You may redeem in your account, by logging onto the BlackRock website at www.blackrock.com. Proceeds from Internet redemptions may be sent via check, ACH or wire to the bank account of record. Payment for shares redeemed by Internet may be made for non-retirement accounts in amounts up to $100,000 per account per day, either through check, ACH or wire. Different maximums may apply to certain institutional investors.

The following disclosure replaces the subsection of each SAI entitled "Redemption of Shares-Redemption-Redeem by Internet:"

Redeem by Internet: Certain Investor and Institutional class shares may also be redeemed by logging onto the BlackRock website at www.blackrock.com. Proceeds from Internet redemptions may be sent via check, ACH or wire to the bank account of record. Payment for shares redeemed by Internet may be made for non-retirement accounts in amounts up to $100,000 per account per day, either through check, ACH or wire. Different maximums may apply to certain institutional investors.

Shareholders should retain this Supplement for future reference.

PRSAI-4INST-1024SUP

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