Fixed Income

MSUMX

Securitized Income Fund

  • NAV as of Dec 04, 2025 $9.11
    52 WK: 8.82 - 9.14
  • 1 Day NAV Change as of Dec 04, 2025 $-0.01 (-0.11%)
  • NAV Total Return as of Dec 04, 2025 YTD: 7.90%

Overview

About this Fund

1. Seeking income in diversified exposures across Securitized Assets

2. Diversification delivered through sub-sector exposures and across the capital structure

3. A history of risk-adjusted income and returns

Investment Approach

The BlackRock Securitized Income Fund seeks total return and income by identifying pricing and/or structural inefficiencies across all subsectors of securitized assets, up and down the capital structure.
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Performance

Performance

  1y 3y 5y 10y
Total Return (%) 5.69 6.61 1.67 2.49
Benchmark (%) 5.03 5.86 1.86 2.66
Morningstar Ranking 187/381 296/360 304/324 205/221
Morningstar Quartile 2 4 4 4
Lipper Category Avg. (%) 4.10 5.36 0.63 1.47
Lipper Ranking 22/137 21/123 20/108 9/81
Lipper Quartile 1 1 1 1
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) 6.67 0.78 2.12 5.69 21.16 8.62 27.83
Benchmark (%) 5.44 0.44 1.75 5.03 18.64 9.66 29.99
Lipper Category Avg. (%) 6.39 0.81 2.07 4.10 17.02 3.58 16.15
  2020 2021 2022 2023 2024
Total Return (%) 5.63 2.59 -13.58 6.40 5.96
Benchmark (%) 5.72 -0.30 -11.81 5.35 6.02
Morningstar Category Avg. (%) 2.38 1.44 -10.27 6.62 5.37

Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation.

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.

Click here for historical distribution data and here for upcoming distribution estimates

Key Facts

Key Facts

Size of Fund (Millions)
as of Dec 04, 2025
$458.3 M
Share Class launch date
Jul 29, 2005
Benchmark Index
50% Bloomberg ABS Index/50% Bloomberg Non-Agency Investment Grade CMBS Index
Lipper Classification
US Mortgage Funds
Max Offer Price
as of Dec 04, 2025
$9.11
Turnover Percent in the Annual Report
as of Apr 30, 2025
285%
Size of Class (Millions)
as of Dec 04, 2025
$444.9 M
Asset Class
Fixed Income
Morningstar Category
Securitized Bond - Diversified
CUSIP
56166L303
Open to New Investors
Yes

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Oct 31, 2025
781
Alpha (3y)
as of Jun 30, 2025
0.21
R-Squared (3y)
as of Jun 30, 2025
95.38
Beta (3y)
as of Jun 30, 2025
0.76
Unsubsidized 30-Day SEC Yield
as of Oct 31, 2025
5.54%
Weighted Average Life
as of Oct 31, 2025
4.85 yrs
Best 3-Month Return Over the Last 3 Years
3 months ending Jan 31, 2024
8.73%
30 Day SEC Yield
as of Oct 31, 2025
5.61%
Yield to Maturity
as of Oct 31, 2025
5.85%
Fund Standard Deviation (3y)
as of Jun 30, 2025
6.45
Average Coupon
as of Oct 31, 2025
3.93%
Yield to Worst
as of Oct 31, 2025
5.85%
Effective Duration
as of Oct 31, 2025
3.34 yrs
Worst 3-Month Return Over the Last 3 Years
3 months ending Oct 31, 2023
-4.14%

For the latest month-end Distribution Yield, click here.


This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Fees

Fees

as of current prospectus
Gross Expense Ratio 0.55%
Net Expense Ratio 0.45%

Net Expense Ratio excluding Investment Related Expenses is 0.45%

  • Acquired Fund Fees and Expenses 0.00%
  • Interest expense 0.00%

Ratings

Ratings

Morningstar Medalist Rating

Morningstar Medalist Rating - BRONZE
Morningstar has awarded the Fund a Bronze medal. (Effective Jul 01, 2025)
Analyst-Driven % as of Jul 01, 2025
100.00
Data Coverage % as of Jul 01, 2025
100.00

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 Sep 30, 2025 out of 123, 6,065, 123, 78 and 123 Funds, respectively in Lipper's US Mortgage Funds classification.

Holdings

Holdings

as of Oct 31, 2025
Name Weight (%)
UMBS 30YR TBA(REG A) 6.91
FHLMC 30YR UMBS SUPER 0.98
WFCM_25-1918 A 144A 0.89
GNMA_22-88D IA 0.87
CIP_25-SBAY A 144A 0.81
Name Weight (%)
GNMA_21-97C LI 0.68
MDPK_65 A1 144A 0.67
DK_25-LXP A 144A 0.66
HOF_20-2 B1 144A 0.66
DGWD_25-INFL A 144A 0.63
Name Market Value Weight (%) Shares Maturity Coupon (%)
Detailed Holdings and Analytics
Holdings are subject to change. Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. The Fund is actively managed and its details, holdings and characteristics will vary. Holdings shown should not be deemed as a recommendation to buy or sell securities. The user relies on this data at its own risk and neither BlackRock nor any other party makes any representations or express or implied warranties (which are expressly disclaimed) nor shall they incur any liability for any errors or omissions in the data.

Exposure Breakdowns

Exposure Breakdowns

as of Oct 31, 2025

% Notional Exposures

Type Fund Benchmark Net
as of Oct 31, 2025

% Market Value

Type Fund Benchmark Net
as of Oct 31, 2025

% Market Value

Type Fund Benchmark Net
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.

Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management. Certain transactions the funds may utilize may give rise to a form of leverage through either (a) additional market exposure or (b) borrowing capital in an attempt to increase investment return. The use of such transactions includes certain leverage-related risks, including potential for higher volatility, greater decline of the fund’s net asset value and fluctuations of dividends and distributions paid by the fund.

Allocations are subject to change.

Portfolio Managers

Portfolio Managers

Matthew Kraeger
Matthew Kraeger
Managing Director, Global Fixed Income

    

Read More

Matthew Kraeger, Managing Director, is Co-Head of the Agency Mortgage Team and lead portfolio manager for mortgage portfolios within Global Fixed Income.

Mr. Kraeger has been a portfolio manager within the mortgage team since 2004, serving as a PM across both institutional accounts and retail funds. He is a portfolio manager on the BlackRock GNMA Fund and BlackRock US Mortgage Fund. Mr. Kraeger co-led BlackRock’s effort to develop an agency MBS sustainable investing framework and is a portfolio manager on the BlackRock Impact Mortgage Fund and the BGF US Government Mortgage Impact Fund. Mr. Kraeger is a member of BlackRock’s Fixed Income ESG Committee.

He began his investment career as an analyst in BlackRock's trade operations department in 2000 and joined the Portfolio Analytics Group in 2002. Mr. Kraeger earned a BS degree in finance from Syracuse University.

Ibrahim Incoglu
Ibrahim Incoglu
Samir Lakhani
Samir Lakhani
Managing Director

Co-Head of Securitized Assets within Global Fixed Income

Read More

Samir Lakhani, Managing Director, is Co-Head of the Securitized Assets Team within Global Fixed Income. Since 2012, Mr. Lakhani has been co-head of the CMBS and Senior CRE Debt business and continues to act as a Lead CMBS / CRE Debt Portfolio Manager in addition to his other responsibilities. Mr. Lakhani is Chair of the Commercial Mortgage Loan Committee within Global Fixed Income, and a member of the BlackRock Real Estate Debt Investment Committee within BlackRock's Real Assets Group.

 

Prior to joining BlackRock in 2009, Mr. Lakhani was a Vice President at R3 Capital Partners, responsible for investing in securitized assets. Mr. Lakhani held similar roles at Lehman Brothers in their Global Principal Strategies group. Mr. Lakhani joined Lehman Brothers in 2006 initially in Structured Credit Products. Previously, Mr. Lakhani held positions at JP Morgan Partners, in their Private Equity and Mezzanine Debt group, from 2001 to 2004.

 

Mr. Lakhani served on the Board of Governors for the Commercial Real Estate Finance Council ("CREFC") from 2012 - 2018.

 

Mr. Lakhani earned a B.S. degree in Economics and a B.S. degree in Engineering, summa cum laude, from the University of Pennsylvania, and an MBA degree from Harvard Business School.

Siddharth Mehta
Siddharth Mehta
Director, Portfolio Manager

   

Read More

Siddharth Mehta, Director, is Head of Customized Core and Core Plus Business within the Global Fixed Income (GFI) group at BlackRock. He is also a portfolio manager on the Short Duration, Total Return, and Core Bond Portfolios. Additionally, he serves as a voting member on a number of private capital investment committees, such as BlackRock’s Commercial Mortgage Loan Investment Committee, and the Securitized Assets Investment Committee.

 

Prior to taking on his current responsibilities, Mr. Mehta was a portfolio manager on BlackRock's agency mortgage and securitized products portfolios. Mr. Mehta joined the Portfolio Management Group in 2008. From 2006 to 2008, Mr. Mehta was a member of BlackRock's Risk and Quantitative Analytics Group, where he was responsible for supporting the mortgage team. Mr. Mehta began his investment career with BlackRock as an analyst in the Portfolio Analytics Group. Mr. Mehta is a member of the Mental Health Ambassador program, serving as a resource to colleagues on issues around mental health.

 

Mr. Mehta earned a BS degree, magna cum laude, in electrical engineering from the University of Michigan in 2005.

Portfolio Manager
Read the Team's Commentary

ESG Integration

ESG Integration

BlackRock considers many investment risks in our processes. In order to seek the best risk-adjusted returns for our clients, we manage material risks and opportunities that could impact portfolios, including financially material Environmental, Social and/or Governance (ESG) data or information, where available. See our Firm Wide ESG Integration Statement for more information on this approach and fund documentation for how these material risks are considered within this product, where applicable.

This fund does not seek to follow a sustainable, impact or ESG investment strategy. For more information regarding the fund's investment strategy, please see the fund's prospectus or, as applicable, shareholder report.

Literature

Literature

 

Funds related to MSUMX

Funds related to MSUMX

BGNIX
BlackRock Mortgage-Backed Securities Fund
Learn more about BGNIX
BLDIX
Managed Income Fund
Learn more about BLDIX
MBB
iShares MBS ETF
Learn more about MBB

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