Summary

• BlackRock Strategic Income Opportunities Fund posted returns of -0.36% (Institutional shares) and -0.42% (Investor A shares, without sales charge) for the first quarter of 2026.
• The fund's positioning in securitized products contributed to performance, given resilient all-in yields and spreads in high-quality segments of the market.
• U.S. rates, particularly exposure to the front end of the yield curve, detracted as rates sold off due to concerns that elevated inflation would keep U.S. interest rates higher for longer.

Inst: BSIIX A: BASIX C: BSICX K: BSIKX

Commentary as of 03/31/26

• The fund posted returns of -0.36% (Institutional shares)(BSIIX) and -0.42% (Investor A shares, without sales charge)(BASIX) for the first quarter of 2026.
• Structured