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Fixed Income

MEMTX

Strategic Municipal Opportunities Fund

Overview

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Performance

Performance

  • Returns

  YTD 1m 3m 1y 3y 5y 10y
4.40 0.13 1.87 4.06 9.33 21.17 65.40
-0.03 -4.13 -2.46 -0.36 4.68 16.02 58.37
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. 5.66 0.51 2.43 6.94 10.02 24.08 79.24
Morningstar Category Avg. (%) Muni National Interm 4.85 0.41 2.06 5.93 6.29 15.89 49.07
Lipper Category Avg. (%) Intmdt Muni Debt Funds 4.54 0.41 1.92 5.63 5.71 14.12 44.67
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. The performance information for periods prior to the inception date of the share class is based on the Fund’s Institutional Shares, adjusted to reflect the fees and expenses applicable to such share class. See the fund prospectus for more details.

The Fund’s returns prior to January 27, 2014 are the returns of the Fund when it followed different investment strategies under the name “BlackRock Intermediate Municipal Fund.” 

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 Jul 12, 2019 $1,919.7 M
Size of Fund (Millions) as of Jul 12, 2019 $11,218.2 M
Share Class launch date Oct 02, 2006
Asset Class Fixed Income
Morningstar Category Muni National Interm
Lipper Classification General Muni Debt Funds
Benchmark Index 65% SP MUN INVGRD/30% SP MUNHY/5% BAR TX MUN AG
CUSIP 09253E104
Number of Holdings as of Jun 28, 2019 1,461
Max Offer Price as of Jul 12, 2019 $12.27
Open to New Investors Yes
Turnover Percent as of Jun 30, 2019 145%

Portfolio Characteristics

Portfolio Characteristics

Average Coupon as of Jun 28, 2019 4.62%
Best 3-Month Return Over the Last 3 Years 3 months ending Apr 30, 2019 3.35%
Worst 3-Month Return Over the Last 3 Years 3 months ending Nov 30, 2016 -5.60%
Fund Standard Deviation (3y) as of Jun 30, 2019 3.49

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.

Ratings

Ratings

Morningstar Rating

4
Overall Morningstar Rating for Strategic Municipal Opportunities Fund, Class A, as of Jun 30, 2019 rated against 242 Muni National Interm Funds.

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 Jun 30, 2019 out of 236, 5,787, 238, 101 and 238 Funds, respectively in Lipper's General Muni Debt Funds classification.

Holdings

Holdings

as of Jun 28, 2019
Name Weight (%)
SACRAMENTO CNTY CALIF SANTN DI 2.219 12/01/2035 0.91
METROPOLITAN TRANSN AUTH N Y R 5 11/15/2052 0.81
METROPOLITAN TRANSN AUTH N Y R 5 05/15/2022 0.75
GOLDEN ST TOB SECURITIZATION C 5 06/01/2047 0.67
BUCKEYE OHIO TOB SETTLEMENT 5.875 06/01/2047 0.66
Name Weight (%)
WASHINGTON ST CONVENTION CTR P 5 07/01/2058 0.64
NEW YORK LIBERTY DEV CORP LIBE 5 11/15/2044 0.59
PUERTO RICO SALES TAX FING CO (RST 5 07/01/2058 0.58
DALLAS FORT WORTH TEX INTL ARP 1.35 11/01/2020 0.54
CENTRAL PUGET SOUND WASH REGL 5 11/01/2050 0.53

Exposure Breakdowns

Exposure Breakdowns

Type Fund
Type Fund
Type Fund
Type Fund
Type Fund
Allocations subject to change.
Type Fund
Type Fund
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.
BlackRock Fixed Income Funds Delivered
21 of 24 U.S. bond funds, accounting for 99% of our active mutual fund assets, outperformed within their Morningstar peer groups. Based on institutional share class.*
BlackRock Fixed Income Funds Delivered

Portfolio Managers

Portfolio Managers

Peter Hayes
Head of Municipal Bonds

 

 

Ted Jaeckel, CFA
Head Portfolio Manager, Municipal Mutual Fund

    

James Pruskowski
Head Portfolio Manager, Municipal Institutional Portfolio

     

Michael Kalinoski, CFA
Portfolio Manager, Municipal Mutual Fund

   

Portfolio Manager

Literature

Literature

 

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