BlackRock U.S. Mortgage Portfolio of Managed Account Series II - Institutional (BlackRock U.S. Mortgage Portfol) Fonds

Under normal circumstances, at least 80% of the fund’s net assets, plus any borrowings for investment purposes, will be invested in securitized assets and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such assets. The fund will concentrate its investments (i.e., invest at least 25% of its total assets) in non-agency mortgage-backed securities and may invest in other non-agency securities issued by banks and other financial institutions.