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Institutional Blackrock Cash Funds: Treasury 400 Howard Street, San Francisco, California 94105 • Phone No

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Institutional Blackrock Cash Funds: Treasury 400 Howard Street, San Francisco, California 94105 • Phone No STATEMENT OF ADDITIONAL INFORMATION BlackRock Funds III BlackRock Cash Funds: Institutional BlackRock Cash Funds: Treasury 400 Howard Street, San Francisco, California 94105 • Phone No. (800) 441-7450 This combined Statement of Additional Information (“SAI”) of BlackRock Funds III (the “Trust”) is not a prospectus and should be read in conjunction with the current prospectus of the Trust dated April 30, 2021, as it may from time to time be supplemented or revised, for SL Agency Shares of BlackRock Cash Funds: Institutional and BlackRock Cash Funds: Treasury (each, a “Fund” and collectively, the “Funds”). No investment in shares should be made without reading the prospectus. All terms used in this SAI that are defined in the prospectus have the meanings assigned in the prospectus. This SAI is incorporated by reference in its entirety into the prospectus for SL Agency Shares. Copies of the prospectus and Annual Report and Semi-Annual Report for each of the Funds may be obtained, without charge, by writing to State Street Bank and Trust Company, Institutional Transfer Agency, P.O. Box 5493, Boston, Massachusetts 02206, or by calling 1-888-204-3956 (toll free). The audited financial statements of each of the Funds are incorporated into this SAI by reference to the Funds’ Annual Report to Shareholders for the fiscal year ended December 31, 2020 (the “Annual Report”). References to the Investment Company Act of 1940, as amended (the “1940 Act”), or other applicable law, will include any rules promulgated thereunder and any guidance, interpretations or modifications by the Securities and Exchange Commission (the “SEC”), SEC staff or other authority with appropriate jurisdiction, including court interpretations, and exemptive, no-action or other relief or permission from the SEC, SEC staff or other authority. The Trust is an open-end, series management investment company. The Funds have additional share classes which are described in separate prospectuses and a separate SAI. Each Fund seeks to achieve its investment objective by investing all of its assets in a master portfolio of Master Investment Portfolio (“MIP”). BlackRock Cash Funds: Institutional invests in Money Market Master Portfolio and BlackRock Cash Funds: Treasury invests in Treasury Money Market Master Portfolio (each, a “Master Portfolio” and collectively, the “Master Portfolios”). MIP is an open-end, series management investment company. BlackRock Fund Advisors (“BFA,” the “Manager” or the “Investment Adviser”) serves as investment adviser to each Master Portfolio. References to the investments, investment policies and risks of a Fund, unless otherwise indicated, should be understood to include references to the investments, investment policies and risks of such Fund’s Master Portfolio. BlackRock Fund Advisors — Investment Adviser BlackRock Investments, LLC — Distributor The date of this Statement of Additional Information is April 30, 2021 Fund and Share Class Ticker Symbol BLACKROCK CASH FUNDS: INSTITUTIONAL — SL Agency Shares .... BISXX BLACKROCK CASH FUNDS: TREASURY — SL Agency Shares ......... XTSLA NM0521U-1637012-1/107 TABLE OF CONTENTS Page History of the Trust ................................................................ 2 Description of the Funds and their Investments and Risks .................................. 2 Investment Objectives and Policies ................................................. 2 Master/Feeder Structure ......................................................... 2 Investment Restrictions .............................................................. 3 Fundamental Investment Restrictions of the Funds .................................... 3 Non-Fundamental Investment Restrictions of the Funds ................................ 4 Investments and Risks .............................................................. 5 Asset-Backed and Commercial Mortgage-Backed Securities ............................. 6 Bank Obligations ............................................................... 6 Commercial Paper and Short-Term Corporate Debt Instruments ......................... 7 Asset-Backed Commercial Paper .................................................. 7 Floating-Rate and Variable-Rate Obligations ........................................ 8 Forward Commitments, When-Issued Purchases and Delayed-Delivery Transactions ......... 9 Funding Agreements ............................................................ 9 Illiquid Securities ............................................................... 10 Interfund Lending Program ....................................................... 10 Investment Company Securities ................................................... 11 Letters of Credit ............................................................... 11 Loan Participation Agreements .................................................... 12 Medium-Term Notes ........................................................... 12 Mortgage Pass-Through Securities ................................................. 12 Mortgage Securities ............................................................. 13 Municipal Securities ............................................................ 14 Non-U.S. Obligations ........................................................... 14 Participation Interests ........................................................... 15 Regulation Regarding Derivatives ................................................. 15 Repurchase Agreements ......................................................... 16 Restricted Securities ............................................................ 17 Securities Lending .............................................................. 17 Unrated Investments ............................................................ 18 U.S. Government Obligations ..................................................... 18 U.S. Treasury Obligations ........................................................ 18 Disclosure of Portfolio Holdings ...................................................... 18 Management ...................................................................... 24 Share Ownership Information .................................................... 32 i NM0521U-1637012-2/107 Page Ownership of Securities of Certain Entities .......................................... 33 Compensation of Trustees ....................................................... 33 Codes of Ethics ................................................................ 34 Proxy Voting Policies of the Master Portfolios ....................................... 34 Shareholder Communication to the Board of Trustees ................................. 34 Potential Conflicts of Interest ..................................................... 34 Control Persons and Principal Holders of Securities ....................................... 43 Investment Adviser and Other Service Providers .......................................... 44 Investment Adviser ............................................................. 44 Advisory Fees .................................................................. 44 Administrator ................................................................. 45 Distributor .................................................................... 46 Other Payments by the Fund ..................................................... 46 Additional Payments by BlackRock ................................................ 47 Custodian .................................................................... 52 Transfer and Dividend Disbursing Agent ............................................ 52 Independent Registered Public Accounting Firm ...................................... 52 Determination of Net Asset Value ..................................................... 52 Purchase, Redemption and Pricing of Shares ............................................. 55 Terms of Purchase and Redemption ................................................ 55 In-Kind Purchases .............................................................. 56 Suspension of Redemption Rights or Payment of Redemption Proceeds ................... 56 Declaration of Trust Provisions Regarding Redemptions at Option of Trust ............... 56 Portfolio Transactions .............................................................. 57 General ...................................................................... 57 Portfolio Turnover ............................................................. 58 Securities of Regular Broker-Dealers ............................................... 58 Distributions and Taxes ............................................................. 59 Qualification as a Regulated Investment Company .................................... 59 Excise Tax .................................................................... 60 Capital Loss Carry-Forwards ..................................................... 60 Investment Through the Master Portfolios .......................................... 61 Taxation of Fund Investments .................................................... 61 Taxation of Distributions ........................................................ 62 Sales of Fund Shares ............................................................ 63 Foreign Taxes ................................................................. 64 Federal Income Tax Rates ........................................................ 64 ii NM0521U-1637012-3/107 Page Back-Up Withholding ..........................................................
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