BLACKROCK’ STRATEGIC INCOME OPPORTUNITIES FUND BSIIX « Investor A: BASIX «+ Investor C: BSICX Fund Highlights + AFlexible, Core Bond Alternative: An all-in-one flexible bond portfolio that widens the investment opportunity set by blending traditional and non-traditional investment strategies. + Adapting to Changing Bond Markets; Built to adapt to diverse interest rate and credit conditions by investing across the entire bond market without sector, quality and geography limitations. + AHistory of Attractive Income & Returns: The Fund has offered a unique combination of attractive income, strong returns and downside protection through diverse market environments. % AVERAGE ANNUAL TOTAL RETURNS (6/30/14)' Institutional | 6.25 473 | B24 = | 5.45 Investor A | 5.97 446 | 7.97 = | 5.19 Investor C J say | 368 | 7 | 88 { { Investor A | 4.73 3.05 7009 | — | 82 Investor C | 4 3.68 2.14 — | 439 Lipper Category Avg. | 4.01 382 697 | 498 | = Morningstar Category Avg. | 3.11 2.90 6.00 | 461 | - Barclays US Universal” [8.20 422 | 558 527 | BofAML3-MonthT-Bilr | 0.05 oo | on | 163 = % CALENDAR YEAR RETURNS (FUND PERFORMANCE WITHOUT SALES CHARGES)’ Institutional Investor A | Investor C Lipper Category Avg. . E : Barclays US Universal? | a60 | 7.17 7.40 | 553 | -1.35 4.19 | 220 Morningstar Category Avg. | 19.00 5.44 1.29 750 | 0.29 2.38 | 1.14 BofA ML 3-Month T-Bil? Performance date quoted represents past performance and is no guarantee of future results. investment returns and principal values may fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be tower or higher than that shown. All returns assume reinvestment of all dividend and capital gain distributions. Refer to www.blackrock.com for current month-end performance. index performance is shown for illustrative purposes only. You cannot invest directly in an index. The share classes have different sales changes, fees and otter features. Retums with sales change reflect the deduction of current maximum intial able contingent deterred sales c XC} for Investor C shares. The marinurs COSC of 1% Minimum initial ipwestment for in: ares & $2 milion. Institutional shares atso are avaiable to clients of registered investment advisors watt $750,008 invested in the fund, and offered to participants in wrap fee progcats and other sponsored arrangemesits at various minmumes. www.blackrock.com/sio Lipper Category Alternative Credit Focus Funds Morningstar Category Nontraditional Bond Overall Morningstar Rating™: Institutional kkk Rated against 170 Nontraditional Bond Funds, ngs are determine} monthly and Rating for 2 fund is derte me eciatad mthits 3-, 5 metrics.+ as of (/3IV14, tesed on ct to change. The waghted average of te per and | 0-year §t applicathe) Momingstar Objective Seeks total return as is consistent with preservation of capital. Portfolio Management Rick Rieder Bob Miller PORTFOLIO STATISTICS Inception Date Number of Holdings Size of Fund Weighted Avg. Life® ANNUAL EXPENSES (% OF ASSETS) Inst. | 0.92 i 0.90 0.65 inv. A | 1.18) 1.15 0.90 Inv.C | 1.96 | 1.90 1.65 Expenses stated as of the fund's most recent prospectus. Investment dividend expense, interest expense, acquired fund fees and expenses and certain other fund expenses ore included in the Net, including Investment Retated Expenses and excluded from the Net, Ex-investment Reloted Expenses. Institu- tional, Investor A, Investor C have contractual waivers with an end date of 5/1/15 terminable upon 90 days’ notice. UBSTERRAMARO0000651 EFTA00236350 CONFIDENTIAL

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LIPPER AND MORNINGSTAR RANKINGS (6/30/14) RISK MEASURES (3-YEAR)® 1 Year 3 Year 5 Year WYear _1Year 3Year SYear 10 Year Standard Deviation | 2.83% 2.71% institutional 29 FE) 12 — [1 2 2 — Bete 040 7.00 Investor A 26 Fr) 4 a a R-Squared 74.40% — Out of 135 Outof 86 Out of 41 = Sharpe Ratio 153 is? Institutional 39 % 2 — [4 1 1 — ___ YIELD (%) Investor A 81 39 23 = 4 1 2. — Standardized 30-day SEC yield as of 6/30/14 Outof 262 Outof170 Out of BB = Lipper Categery: Alternative Credit Focus Funds, As of 4/20/14 and may not accurately represent the current composition ef the portfolio. All shave classes of the fund ara imested in a common portfolio. Lippar carkings ave based on total retern encluding sales charges. Morningstar Category: Nontraditional Band. Rethings are bases an tatal etuin excluding sales charges, indepententiy calculated and not comtined ta create an overall rarking, SECTOR ALLOCATION Subsidized $4-Day SEC Yield is based on 2 38-day penad ending on the last day of the previeus month and is competed by dading te net investment income per share eamed during the period by the maximum Securitized Assets 268 __High Yield 38 affening price per share on the last day of the periad. If the burnt US Agency/MBS 16.3 |_Other 3.3 expanses have wavels, the subsidized yield is tased on the net EmergingMrkt Debt | 1.2 __Bank Loans | 1.3____eypanses. Unstesitied 32-Day SEC Ved is based on total expensas of Non-US Credit 10.2 ___Non-US Sovereign _ 62 the fund Municipats 49 US Treasury/Other _ -12.0 Investment Grade Credit 41 | Cash* | 38.2 * Cash impact of US Treasury fetures held. CREDIT QUALITY (% MARKET VALUE) The fund itself has not been rated by an independent rating agency. Credit quebty ratings on uaderlying securities of the fund ate recened fram SRP, Moody's and Fitch and converted to tw equivalent S&P major tating category, This brealutown is provided by BlackRuck and takes the median rating of the thres agencies when all there ajencies rata a security the lower of the two ratings if only two agenoes rate 2 security and ane rating & that is all tat is proeded. Unrated securities de not necessarily indicate low quality. Behow imvestment-geade is sepresented by a rating of 8B ant below. Ratings and partialio credit quality may change over time. Negative weightings rey tesuit from specific circumstances lincluding Srring Gfferences between wale and settle dates of securities purchased by the funds] andfar the use of certain financial rstreenents. including derteatives, which may be used to gain er reduce market exposure and/or risk management, Certain varsactions the funds may eile may give rise to a form of Leverage through ether additional mateat expasure or berowing capital in an atterrpt to increase inwestrnent return. The use of such transactions includes certain leverage-related risas. including potentiat for higher volatility. greater decline of the fund's net asset value and fluctuations of Gividends and distnbutions paid by the fund. % Motional Expeseres represents a fund's use of dernatives, inclading tut rot Gmited to futures. aptions, and swaps. This value capteres tte fund exposures as @ the Gerivative wes replaced with the underlying asset ané the corresponding financing or lending, such that ail expesures sum t the net assat velue. For non-denvatives, the Market Value and the Notional Maseat Value are identical Important Risks: The fund is actively managed and its characteristics will vary. Bond values fluctuate in price so the value of your investment can g0 down depending on market conditions. Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest pay- ments. Principal of mortgage- or asset-backed securities normally may be prepaid at any time, reducing the yield and market value of those secu- nities. Obligations of US gov't agencies are supported by varying degrees of credit but generally are not backed by the full faith and credit of the US gov't. The fund may use derivatives to hedge its investments or to seek to enhance returns. Derivatives entail risks relating to liquidity, leverage and credit that may reduce returns and increase voiatility. International investing involves special risks including, but not limited to currency fluctua- tions, illiquidity and voictility. These risks may be heightened for investments in emerging markets. Non-investment-grade debt securities (high- yieid/junk bonds) may be subject to greater market fluctuations, risk of default or loss of income and principal thon higher-rated securities. Short- selling entails special risks. If the fund makes short sales in securities that increase in value, the fund will (ose value. Any loss on shart pasitions may or may not be offset by investing short-sale proceeds in other investments. You should consider the investment objectives, risks, charges and expenses of the fund carefully before investing. The prospectus and, if available, the summary prospectus contain this and other information about the fund and are available, along with information on other BlackRock funds, by calling 800-882-0052 or from your financial professional. The prospectus should be read carefully before investing. 1 Institutional shares are sold to a limited group of investors, imclading certain retirement plans and certain investment gragrams. See prospectus for detaits. 2 The unmanaged. market-valee-weighted Barclays US Universal Berd Index features lived income securities isseed in US dollars. cluding US government and investment-prade debt. non-investment-grade debi. asset-backed and mortgaje-tacked securities, Eurotonds, 1444 securities ant emerging-market debt with maturities of at least | year. 3 The BafA Mernél Lynch 3-Mont US Treasury Bitl index tracks US Treasury securities maturing in 90 days and assumes reirwestment of all inceme. 4 Weighted Aver- ‘age Life is the avorage mumter of years far which each dallar of enpaid principal on @ loan or mortgage remains outstanting. Duration mezsures sensitivity of 2 fowd-incorne investment price te a change in interest rates. Effective Duration considers that expected cash flows will Auctwate as interest rates change, § Risk stabstics ate based on Investor A morithly returns for the 3-year period. Benchrratk 1k measures ate cat culated in retabon to the Barclays US Uniersal Bond Index Standard Deviation measures the volatlity of the fund's raters. Higher deviaton represents higher wolatibty. Sharpe Ratie eses 2 lund’s standard dewation and its excess return Mitference between the funt's return and the risk-free retum ef 90-day reasury Bills} t determine reward per wrt of risk. Beta measures the fund's sensittaty te market movements; beta greater than 1 is more volatile than the market. beta less than | is Less volatile than the market. R-Squared reflects the percentage of a fund's moverrents that are explained by movernents in its benchrratk. showing the degree of carrelation between the fund and benchmark, This figure is helptul in assessing tow Likely it is that Seta is statistically sagrficant. Far each fund witha 3-year history. a Meringstar Rating” is calculated based on risk-adjusted metus that account for vefatons in 2 fund's monthly performance jimclading sales charges, leads and redemption fees), placing more emphasis on dewnwaré vatiations and rewarding consistent perfermnance. The top 10% of funds receive § stars, the ext 72.5% recetee 4 stars, the next 35% receive 3 stars, Ste next 22.5% receive 2 stars end the battom 10% recetre 1 star. (Each share dass is counted es @ lractan of one fund within this scda and rated separately. which May Cause slight variations i the distribution percentages.| The fund was tated agannst the following numbers of US-domiciled Nowtrad tonal Bend fends over the following time periods: 170 in the Last 3 years and 88 m the tast 5 years. With respect to these Nentreditional Bond funds. the fund racaived a Morningstar Rating of 4 and 4 stars for the - and $-year periods, respectively. Other classes may have different performance charactenstics. FOR MORE INFORMATION: www.blackrock.com ®IT14 BlackRock, inc. All Rights Reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its subsidanies in the United States and elseaPere. All other tatemarks are these of their respective ouners. Prepared by BlackRock Investments, LLC, member FINRA. Not FDIC Insured + May Lose Value + No Bank Guarantee 7 BLACKROCK’ O74 - Strategic Income Opportunities Fund / BASI-U614 USR-4734 K CONFIDENTIAL UBSTERRAMARO0000652 EFTA00236351