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*Source: Morningstar Direct as of 11/20/17. “High Yield Bonds” = Markit iBoxx Liquid High Yield TR USD. “Emerging Market Bonds” = JPM EMBI Global Core TR USD. “Investment Grade Bonds” = BBg Barclays US Agg Bond TR USD. Rising rate periods are calculated by sorting through the daily 10-year treasury rates from 12/21/2010 and counting any period shorter than 60 days with at least a 40bp increase in the 10-year treasury from the start of the period to the end of the period. Overlapping periods are eliminated by choosing the period with the highest rate increase. Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results. This material represents an assessment of the market environment at a specific time and is not intended to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding the funds or any security in particular.

**Based on $6.44 trillion in AUM as of 09/30/18.

All investing involves risk, including risk of loss of principal. Asset allocation and diversification may not protect against market risk, loss of principal or volatility of returns. Carefully consider any fund’s investment objectives, risk factors, and charges and expenses before investing.

In Latin America for institutional investors and financial intermediaries only. This material is for educational purposes only and does not constitute an offer or solicitation to sell or a solicitation of an offer to buy any shares of any fund or security and it is your responsibility to inform yourself of, and to observe, all applicable laws and regulations of your relevant jurisdiction. If any funds are mentioned or inferred in this material, such funds have not been registered with the securities regulators of Argentina, Brazil, Chile, Colombia, Mexico, Panama, Peru, Uruguay or any other securities regulator in any Latin American country and thus, may not be publicly offered in any such countries, except for Chile where certain funds have been registered with the Superintendencia de Valores y Seguros for public offering and in Mexico where certain funds have been listed on the Sistema Internacional de Cotizaciones  (SIC) exchange of the Bolsa Mexicana de Valores.

BlackRock Strategic Funds (BSF) is an open-ended investment company established in Luxembourg which is available for sale in certain jurisdictions only. BSF is not available for sale in the U.S. or to U.S. persons. Product information concerning BSF should not be published in the U.S. 348220