QUESTION 1 The objective of the managers of the Blackrock Small Cap Growth Equity Fund is to invest in common stock that pays a dividend yield that is higher than the 30 year yield on BB rated corporate bonds. True False

QUESTION 2 Managers of the BlackRock High Yield Bond Portfolio are able to invest in non-dollar denominated bonds. True False

QUESTION 3 Managers of the Blackrock Small Cap Growth Equity Fund are prohibited from buying shares and then selling the same shares within a year. In other words high portfolio turnover is prohibited. True False

QUESTION 4 The objective of the BlackRock High Yield Bond Portfolio is to minimize risk and earn a 2% spread above 10 year treasury securities. True False QUESTION 5 The objective of the managers of the Blackrock Small Cap Growth Equity Fund is to invest in common stock that offer the chance of short term capital appreciation. True False

QUESTION 6 If interest rates rise, the value of the BlackRock High Yield Bond Portfolio will most likely decline. True False

QUESTION 7 As of May 29th, 2015, .78% of the Blackrock Small Cap Growth Equity Fund's assets were invested in the common stock of SKECHERS U.S.A., INC. True False

QUESTION 8 As of May 29th, 2015, 1.48% of the Blackrock Small Cap Growth Equity Fund's assets were invested in the common stock of JetBlue Airways Corp. True False

QUESTION 9 Since U.S. Treasury securities are guaranteed by the government of the United States; a rise in interest rates will not affect the value of the US Treasury component of the BlackRock High Yield Bond Portfolio. True False

QUESTION 10 Taking into account sales charges the average annual total return on the Blackrock Small Cap Growth Equity Fund for the last ten years has been smaller than the fund's benchmark. True False

QUESTION 11 Thirty percent of the assets of the Blackrock Small Cap Growth Equity Fund are in the technology sector. True False

QUESTION 12 The benchmark index for the Blackrock Small Cap Growth Equity Fund is the Standard and Poor's 500 Index. True False

QUESTION 13 Since the financial crisis of 2008 managers of the BlackRock High Yield Bond Portfolio are not able to invest in mortgage-backed securities. True False

QUESTION 14 If the securities held by the BlackRock High Yield Bond Portfolio become less liquid this will have a negative effect on the return of the fund. True False

QUESTION 15 According to the 2015 Q1 fact sheet for the Blackrock Small Cap Growth Equity Fund, the fund was more diversified than its benchmark. True False

QUESTION 16 The percent calendar year return (ignoring sales charges) for the Investor A class shares of the Blackrock Small Cap Growth Equity Fund was 44.95% in 2013 and 2.11% in 2014. True False

QUESTION 17 The BlackRock High Yield Bond Portfolio invests only in bonds that are rated above BBB by Standard and Poor's. True False

QUESTION 18 The BlackRock High Yield Bond Portfolio invests primarily in non-investment grade bonds with maturities of two years or less.