Fixed Income

MEMTX

Strategic Municipal Opportunities Fund

Overview

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Performance

Performance

  1y 3y 5y 10y
12.16 -0.66 0.67 2.20
7.40 -2.08 -0.20 1.76
BBG Muni 72% Investment Grade + 23% Muni High Yield + 5% Muni Taxable Custo 12.12 0.22 1.76 -
Morningstar Category Avg. (%) 12.98 -0.83 0.88 2.23
Morningstar Ranking 85/168 118/164 124/155 80/116
Morningstar Quartile 2 3 4 3
Lipper Category Avg. (%) 9.13 0.20 1.32 1.99
Lipper Ranking 104/287 209/272 205/257 114/183
Lipper Quartile 2 4 4 3
  YTD 1m 3m 1y 3y 5y 10y
4.11 0.38 1.52 12.16 -1.96 3.39 24.37
-0.31 -3.89 -2.80 7.40 -6.12 -0.99 19.10
Morningstar Category Avg. (%) 2.20 -1.57 0.34 12.98 -1.09 6.11 27.60
Lipper Category Avg. (%) 2.80 0.85 2.41 9.13 0.62 6.83 21.92
BBG Muni 72% Investment Grade + 23% Muni High Yield + 5% Muni Taxable Custo 3.62 0.99 2.96 12.12 0.67 9.14 -
  2019 2020 2021 2022 2023
Total Return (%) 6.43 0.33 5.69 -11.72 4.95
Annual w/ Sales Charge (%) 1.90 -3.93 1.20 -15.47 0.50
Morningstar Category Avg. (%) 8.37 5.36 2.88 -11.88 6.97
BBG Muni 72% Investment Grade + 23% Muni High Yield + 5% Muni Taxable Custo 8.43 5.48 2.90 -10.08 7.17

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. 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.” 
Click here for Distribution data

Key Facts

Key Facts

Size of Fund (Millions)
as of Dec 06, 2024
$3,959.2 M
Share Class launch date
Oct 02, 2006
Distribution Frequency
Monthly
Lipper Classification
Gen & Ins Muni Debt Fds
Max Offer Price
as of Dec 06, 2024
$11.21
Turnover Percent in the Annual Report
as of May 31, 2024
70%
Size of Class (Millions)
as of Dec 06, 2024
$671.0 M
Asset Class
Fixed Income
Morningstar Category
Muni National Interm
CUSIP
09253E104
Open to New Investors
Yes

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Oct 31, 2024
617
Alpha (3y)
as of Nov 30, 2024
-0.06
R-Squared (3y)
as of Nov 30, 2024
94.37
Beta (3y)
as of Nov 30, 2024
1.02
Unsubsidized 30-Day SEC Yield
as of Oct 31, 2024
3.15%
Effective Duration
as of Oct 31, 2024
8.17 yrs
Best 3-Month Return Over the Last 3 Years
3 months ending Jan 31, 2024
8.97%
30 Day SEC Yield
as of Oct 31, 2024
3.20%
Yield to Maturity
as of Oct 31, 2024
4.77%
Fund Standard Deviation (3y)
as of Nov 30, 2024
7.95
Average Coupon
as of Oct 31, 2024
4.44%
Yield to Worst
as of Oct 31, 2024
4.45%
Nominal WAL
as of Oct 31, 2024
9.16 yrs
Worst 3-Month Return Over the Last 3 Years
3 months ending Oct 31, 2022
-7.50%

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.

Sustainability Characteristics

Sustainability Characteristics

To be included in MSCI ESG Fund Ratings, 65% (or 50% for bond funds and money market funds) of the fund’s gross weight must come from securities with ESG coverage by MSCI ESG Research (certain cash positions and other asset types deemed not relevant for ESG analysis by MSCI are removed prior to calculating a fund’s gross weight; the absolute values of short positions are included but treated as uncovered), the fund’s holdings date must be less than one year old, and the fund must have at least ten securities. MSCI Ratings are currently unavailable for this fund.

Business Involvement

Business Involvement

Business Involvement metrics can help investors gain a more comprehensive view of specific activities in which a fund may be exposed through its investments.


Business Involvement metrics are not indicative of a fund’s investment objective, and, unless otherwise stated in fund documentation and included within a fund’s investment objective, do not change a fund’s investment objective or constrain the fund’s investable universe. For more information regarding a fund's investment strategy, please see the fund's prospectus.


Review the MSCI methodology behind the Business Involvement metrics, using links below.

MSCI - Controversial Weapons
as of Oct 31, 2024
0.00%
MSCI - Nuclear Weapons
as of Oct 31, 2024
0.00%
MSCI - Civilian Firearms
as of Oct 31, 2024
0.00%
MSCI - Tobacco
as of Oct 31, 2024
0.00%
MSCI - UN Global Compact Violators
as of Oct 31, 2024
0.00%
MSCI - Thermal Coal
as of Oct 31, 2024
0.00%
MSCI - Oil Sands
as of Oct 31, 2024
0.00%

Business Involvement Coverage
as of Oct 31, 2024
8.75%
Percentage of Fund not covered
as of Oct 31, 2024
91.25%
BlackRock business involvement exposures as shown above for Thermal Coal and Oil Sands are calculated and reported for companies that generate more than 5% of revenue from thermal coal or oil sands as defined by MSCI ESG Research. For the exposure to companies that generate any revenue from thermal coal or oil sands (at a 0% revenue threshold), as defined by MSCI ESG Research, it is as follows: Thermal Coal 0.00% and for Oil Sands 0.15%.

Business Involvement metrics are calculated by BlackRock using data from MSCI ESG Research which provides a profile of each company’s specific business involvement. BlackRock leverages this data to provide a summed up view across holdings and translates it to a fund's market value exposure to the listed Business Involvement areas above.


Business Involvement metrics are designed only to identify companies where MSCI has conducted research and identified as having involvement in the covered activity. As a result, it is possible there is additional involvement in these covered activities where MSCI does not have coverage. This information should not be used to produce comprehensive lists of companies without involvement. Business Involvement metrics are only displayed if at least 1% of the fund’s gross weight includes securities covered by MSCI ESG Research.

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.

Fees

Fees

as of current prospectus
Gross Expense Ratio 0.93%
Net Expense Ratio 0.88%

Net Expense Ratio excluding Investment Related Expenses is 0.80%

  • Acquired Fund Fees and Expenses 0.01%
  • Interest expense 0.07%

Ratings

Ratings

Holdings

Holdings

as of Oct 31, 2024
Name Weight (%)
PUERTO RICO COMWLTH 0 11/01/2051 2.00
ENERGY SOUTHEAST ALA COOP DIST 5.75 04/01/2054 1.58
SOUTHEAST ENERGY AUTH COOP DIS 5 01/01/2054 1.01
CALIFORNIA INFRASTRUCTURE & EC 8 01/01/2050 1.01
TOB 5 115012AS5 BROGEN 144A 0.94
Name Weight (%)
ENERGY SOUTHEAST ALA COOP DIST 5.5 11/01/2053 0.89
GRAND CANYON UNIVERSITY 5.125 10/01/2028 0.87
BLACK BELT ENERGY GAS DIST ALA 5.25 01/01/2054 0.86
TOB 5.25 682001JU7 OMAPWR 144A 0.80
ENERGY SOUTHEAST ALA COOP DIST 5.25 07/01/2054 0.76
Name Market Value Weight (%) Shares Maturity Coupon (%)
References to holdings in “Restructured Puerto Rico Electric” reflects a contingent forward gross commitment on restructured Puerto Rico Electric Power Authority (“PREPA”) bonds. The future purchase of the restructured PREPA bonds is contingent on the PREPA bankruptcy plan being confirmed.

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, 2024

% Notional Value

Type Fund
as of Oct 31, 2024

% Notional Value

Type Fund
as of Oct 31, 2024

% Notional Value

Type Fund
as of Oct 31, 2024

% Notional Value

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.

Portfolio Managers

Portfolio Managers

Sean Carney
CIO of Municipal Bond Funds and Head of Municipal Strategy

   

Ryan McDonald, CFA
Managing Director, Municipal Fixed Income

    

Michael Kalinoski, CFA 
Director, Portfolio Manager, Municipal Mutual Funds

   

Kevin Maloney, CFA
Director, Co-Head and Portfolio Manager, Municipal Mutual Funds

  

Phillip Soccio, CFA
Director, Portfolio Manager, Municipal Mutual Funds

  

Portfolio Manager

Literature

Literature

 

Funds related to MEMTX

Funds related to MEMTX

MANLX
National Municipal Fund
MAYHX
High Yield Municipal Fund
MALMX
Short-Term Municipal Fund
MUB
iShares National Muni Bond ETF

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