STRATEGIC INCOME OPPORTUNITIES FUND

All numbers listed above are calculated using Investor A share class and are based on the timeframe 3/31/10 the first month-end after the investment strategy changed (investment strategy change effective date 03/05/10).

Performance data quoted represents past performance and is no guarantee of future results. Investment returns and principal values may fluctuate so that so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown. All returns assume reinvestment of all dividend and capital gain distributions. Total annual operating expenses as stated in the fund's most recent prospectus are 1.41% (Investor A Shares). Since inception date of the fund is 02/05/08.

The share classes have different sales charges, fees and other features. Returns with sales charge reflect the deduction of current maximum initial sales charge of 4% for Investor A shares.

¹Traditional core bonds defined as the Barclays US Aggregate Bond Index as of 3/31/10 the first month-end after the investment strategy changed to 3/31/13. Correlation is a statistical measure of how two securities move in relation to each other. A perfect correlation of +1 implies movement in lockstep, -1 implies movement in the opposite direction, while a correlation of 0 implies completely random movement. The percentage 28% represents the correlation in percentage form rather than decimal which is 0.28.

²Traditional core bonds defined as the Barclays US Aggregate Bond Index, defined by months in which the Fund (Investor A shares) outperformed the Barclays US Aggregate Bond Index when the 10-Year Treasury yield rose. Data as of 3/31/10 the first month-end after the investment strategy changed to 3/31/13.

³Traditional bond investment defined as Morningstar’s Intermediate Term Bond Category Average as of 3/31/10 the first month-end after the investment strategy changed to 3/31/13. Based on the 30-day SEC unsubsidized yield.

⁴Source: Barclays. Based on yield and duration of the Barclays US Aggregate Bond Index as of 3/31/13.

IMPORTANT RISKS OF THE FUND

Past performance is no guarantee of future results. The fund is actively managed and its characteristics will vary. Any holdings shown are for information only and should not be deemed as a recommendation to buy or sell securities mentioned. Bond values fluctuate in price so the value of your investment can go down depending on market conditions. Two main risks related to fixed income investing are interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in market value of bonds. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments. Investments in noninvestment-grade debt securities ("high-yield" or "junk" bonds) may be subject to greater market fluctuations and risk of default or loss of income and principal than securities in higher rating categories. The fund may use derivatives, such as futures, options, swaps or tender-option bonds, to hedge its investments or to seek to enhance returns. Investing in derivatives entails specific risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. There may be less information available on the financial condition of issuers of municipal securities than for public corporations. The market for municipal bonds may be less liquid than for taxable bonds. A portion of the income may be taxable. Some investors may be subject to Alternative Minimum Tax (AMT). Capital gains distributions, if any, are taxable.

You should consider the investment objectives, risks, charges and expenses of the fund carefully before investing. The Fund's prospectus contains this and other information about the Fund. The prospectus should be read carefully before investing.

Prepared by BlackRock Investments, LLC, member FINRA.

USR-2094