BlackRock Strategic Income Opportunities Portfolio Institutional Shares

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The fund will invest in a combination of fixed-income securities, including, but not limited to: high yield securities, international securities, emerging markets debt and mortgages. It may invest significantly in non-investment grade bonds (high yield or junk bonds). It may invest up to 15% of its net assets in collateralized debt obligations, of which 10% (as a percentage of the fund's net assets) may be in collateralized loan obligations.