Fixed Income

MEMTX

Strategic Municipal Opportunities Fund

Overview

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Performance

Performance

  • Returns

  1y 3y 5y 10y Incept. Performance data for certain classes of shares of certain funds are based on pre-class inception information dating back to an older class of fund shares. This information may be considered when assessing a fund's performance, but it does not represent actual performance of these classes of shares. The inception date noted under Key Fund Facts is the date the class of shares was incepted. See fund prospectus or fact sheet for details.
8.87 5.81 5.66 5.15 5.29
4.24 4.28 4.75 4.70 5.13
Benchmark (%) Index: 65% SP MUN INVGRD/30% SP MUNHY/5% BAR TX MUN AG.<br /><br /> 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. 9.25 6.25 6.49 - -
Morningstar Category Avg. (%) Muni National Interm 6.41 4.58 4.48 4.21 -
Morningstar Quartile Rankings based on total return excluding sales charges, independently calculated and not combined to create an overall ranking. 1 1 1 1 -
Lipper Category Avg. (%) Intmdt Muni Debt Funds 6.07 4.20 4.02 4.02 -
Lipper Ranking Rankings are based on total return excluding sales charges. 10/209 14/193 10/164 - -
Lipper Quartile Rankings are based on total return excluding sales charges. 1 1 1 - -


The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.

Growth of Hypothetical $10,000 The growth of hypothetical $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

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Distributions

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Key Facts

Key Facts

Size of Class (Millions) as of 26-Aug-2016 $1,210.0 M
Size of Fund (Millions) as of 26-Aug-2016 $5,050.4 M
Share Class launch date 02-Oct-2006
Asset Class Fixed Income
Morningstar Category Muni National Interm
Lipper Classification Intmdt Muni Debt Funds
Benchmark Index 65% SP MUN INVGRD/30% SP MUNHY/5% BAR TX MUN AG
CUSIP 09253E104
Net, Excluding Investment Related Expenses 0.82%
Gross Expense Ratio 0.93%
Number of Holdings as of 29-Jul-2016 750
Max Offer Price as of 26-Aug-2016 $12.45
Open to New Investors Yes
Turnover Percent as of 31-Jul-2016 174%

Portfolio Characteristics

Portfolio Characteristics

Average Coupon as of 29-Jul-2016 4.81%
Best 3-Month Return Over the Last 3 Years 3 months ending 31-Mar-2014 4.39%
Worst 3-Month Return Over the Last 3 Years 3 months ending 31-Aug-2013 -5.57%
This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Ratings

Ratings

Lipper Leader

 
Overall Lipper Leaders ratings based on an equal-weighted average of percentile ranks for each measure over 3-, 5-, and 10-year periods (if applicable) and do not take into account the effects of sales charges for these categories (Consistent Return, Preservation, Total Return, Expense, and Tax Efficiency) as of 31-Jul-2016 out of 191, 5,586, 194, 81 and 194 Funds, respectively in Lipper's Intmdt Muni Debt Funds classification.

Holdings

Holdings

as of 29-Jul-2016
Name Weight (%)
BUCKEYE OHIO TOB SETTLEMENT 5.875 06/01/2047 1.51
NEW YORK LIBERTY DEV CORP LIBE 5 11/15/2044 1.17
NEW YORK N Y CITY INDL DEV AGY 2 08/01/2028 1.16
TOBACCO SETTLEMENT FING CORP N J 5 06/01/2041 0.94
NEW YORK TRANSN DEV CORP SPL F 5 08/01/2026 0.80
Name Weight (%)
NEW YORK CNTYS TOB TR IV 6.25 06/01/2041 0.76
CALIFORNIA STATEWIDE CMNTYS DE 5.25 12/01/2056 0.67
GOLDEN ST TOB SECURITIZATION CORP 5.75 06/01/2047 0.61
MARYLAND ST ECONOMIC DEV CORP 5 03/31/2024 0.60
NEW YORK CNTYS TOB TR IV 5 06/01/2042 0.60

Exposure Breakdowns

Exposure Breakdowns

Geographic exposure relates principally to the domicile of the issuers of the securities held in the product, added together and then expressed as a percentage of the product’s total holdings. However, in some instances it can reflect the country where the issuer of the securities carries out much of their business.
Allocations subject to change.
The fund itself has not been rated by an independent rating agency. Credit quality ratings on underlying securities of the fund are received from S&P, Moody’s and Fitch and converted to the equivalent S&P major rating category. This breakdown is provided by BlackRock and takes the median rating of the three agencies when all three agencies rate a security the lower of the two ratings if only two agencies rate a security and one rating if that is all that is provided. Unrated securities do not necessarily indicate low quality. Below investment-grade is represented by a rating of BB and below. Ratings and portfolio credit quality may change over time.

Notional value represents a fund’s use of derivatives, including but not limited to futures, options, and swaps. This value captures the fund exposures as if the derivative was replaced with the underlying asset and the corresponding financing or lending, such that all exposures sum to the net asset value. For non-derivatives, the market value and the notional value are identical.

Allocations are subject to change.

Portfolio Managers

Portfolio Managers

Peter Hayes
Managing Director, Head of Municipal Bonds Group
Ted Jaeckel
Managing Director, Head Portfolio Manager, Municipal Mutual Fund Desk
James Pruskowski
Managing Director, Portfolio Manager
Michael Kalinoski
Director, Portfolio Manager, Municipal Mutual Fund Desk
Portfolio Manager

Literature

Literature

 

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