Strategic Income Opportunities Fund | BSIIX

Filter list by keyword Show More Show Less to of Total Sorry, no data available.

NAV as of Oct 03, 2022 $9.25
52 WK: 9.23 - 10.31
1 Day NAV Change as of Oct 03, 2022 0.02 (0.22%)
NAV Total Return as of Oct 03, 2022 YTD: -6.93%
Morningstar Rating

5 stars
Gold

Overview

About this Fund

1. Flexible, core bond complement
2. Diversified across markets and strategies
3. Seeks total return that is consistent with preservation of capital

Investment Approach

The BlackRock Strategic Income Opportunities Fund is a flexible bond strategy that seeks to offer investors attractive income, returns and meaningful portfolio diversification.

For more information read our monthly commentary

Next: Previous:

Performance

Growth of Hypothetical $10,000

Performance chart data not available for display.

Growth of Hypothetical $10,000
Historical NAVs

Strategic Income Opportunities Fund ($)

Cum. Fund Perf. Since Inception: 68.92

Source: Lipper. Data reflects different methodology from the BlackRock calculated returns in the Returns tab. The $10,000 Hypothetical Over Time chart reflects a hypothetical $10,000 investment in the investor class of shares noted and does not assume the max sales charge. Had sales charge been included, returns would have been lower. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

Historical NAVs

Distributions

Interactive chart displaying fund performance. Javascript is required.

Recent
Calendar Year

Chart
Table

Interactive chart displaying fund performance. Javascript is required.

Ex-Date	Payable Date	Record Date	Total Distribution	Income	ST Cap Gains	LT Cap Gains	Return of Capital

Chart
Table

Interactive chart displaying fund performance. Javascript is required.

Year	Total Distribution	Income	ST Cap Gains	LT Cap Gains

Past distributions are not indicative of future distributions.
Click here, for the most recent distributions.

Returns

	1y	3y	5y	10y
Total Return (%)	-5.73	1.60	2.33	2.99
Benchmark (%)	-10.89	-0.94	0.94	1.83
Morningstar Category Avg. (%)	-5.53	0.52	1.23	1.96
Morningstar Ranking	94/334	53/310	32/265	12/123
Morningstar Quartile	2	1	1	1
Lipper Category Avg. (%)	-8.84	-0.76	0.53	1.65
Lipper Ranking	26/97	23/89	20/83	4/29
Lipper Quartile	2	2	1	1

Performance data is not currently available

	YTD	1m	3m	1y	3y	5y	10y
Total Return (%)	-5.45	-1.93	-2.67	-5.73	4.87	12.22	34.25
Benchmark (%)	-10.93	-2.00	-5.13	-10.89	-2.80	4.76	19.88
Morningstar Category Avg. (%)	-5.20	1.61	-1.38	-5.53	0.47	5.40	21.39
Lipper Category Avg. (%)	-8.37	-2.78	-4.85	-8.84	-1.83	3.37	18.50

Performance data is not currently available

	2017	2018	2019	2020	2021
Total Return (%)	4.88	-0.46	7.62	7.21	0.96
Benchmark (%)	4.09	-0.25	9.29	7.58	-1.10
Morningstar Category Avg. (%)	4.06	-1.17	6.69	3.44	1.80

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 Fund’s returns prior to September 17, 2018 are the returns of a predecessor fund that reorganized into the Fund on September 17, 2018. The predecessor fund had the same investment objectives, strategies and policies, portfolio management team and contractual arrangements, including the same contractual fees and expenses, as the Fund as of the date of the reorganization. As a result, the performance of the Fund would have been substantially similar to that of the predecessor fund.

Key Facts

Size of Class (Millions) as of Oct 03, 2022 $29,238.7 M

Size of Fund (Millions) as of Oct 03, 2022 $40,128.0 M

Share Class launch date Feb 05, 2008

Asset Class Fixed Income

Morningstar Category Nontraditional Bond

Lipper Classification Alt Credit Focus Funds

Benchmark Index BBG U.S. Universal Index

CUSIP 09260B382

Distribution Frequency None

Number of Holdings as of Aug 31, 2022 5,254

Max Offer Price as of Oct 03, 2022 $9.25

Open to New Investors Yes

Turnover Percent in the Annual Report 1,155%

Portfolio Characteristics

30 Day SEC Yield as of Aug 31, 2022 3.96%

Unsubsidized 30-Day SEC Yield as of Aug 31, 2022 3.94%

Yield to Maturity as of Aug 31, 2022 4.94%

Yield to Worst as of Aug 31, 2022 4.86%

Effective Duration as of Aug 31, 2022 2.45 yrs

Weighted Average Life as of Aug 31, 2022 6.30 yrs

Best 3-Month Return Over the Last 3 Years 3 months ending Jun 30, 2020 6.30%

Worst 3-Month Return Over the Last 3 Years 3 months ending Mar 31, 2020 -5.76%

Fund Standard Deviation (3y) as of Sep 30, 2022 5.31

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

To be included in MSCI ESG Fund Ratings, 65% 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. For newly launched funds, Sustainability Characteristics are typically available 6 months after launch. MSCI Ratings are currently unavailable for this fund.

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 Aug 31, 2022 0.04%

MSCI - UN Global Compact Violators as of Aug 31, 2022 0.26%

MSCI - Nuclear Weapons as of Aug 31, 2022 0.03%

MSCI - Thermal Coal as of Aug 31, 2022 0.00%

MSCI - Civilian Firearms as of Aug 31, 2022 0.00%

MSCI - Oil Sands as of Aug 31, 2022 0.01%

MSCI - Tobacco as of Aug 31, 2022 0.06%

Business Involvement Coverage as of Aug 31, 2022 19.59%

Percentage of Fund not covered as of Aug 31, 2022 80.40%

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 0.09% and for Oil Sands 0.19%.

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 is the practice of incorporating material environmental, social and governance (ESG) information or insights alongside traditional measures into the investment decision process to improve long term financial outcomes of portfolios. Unless otherwise stated in Fund documentation or included within the Fund’s investment objective, inclusion of this statement does not imply that the Fund has an ESG-aligned investment objective, but rather describes how ESG information is considered as part of the overall investment process.

The Fund manager includes ESG considerations in combination with other information in the research and due diligence phase of the investment process. ESG information may be sourced internally, via collaboration with the BlackRock Investment Stewardship team in engaging issuers on material environmental, social or governance topics, or from third-party providers. The Fund manager’s ongoing monitoring of the portfolio involves regular portfolio risk reviews with the Risk and Quantitative Analysis group. These reviews include discussion of the portfolio’s exposure to material ESG risks, as well as exposure to sustainability-related business involvements, climate-related metrics, and other factors.

Fees

as of current prospectus

Gross Expense Ratio	0.69%
Net Expense Ratio	0.68%

Net Expense Ratio excluding Investment Related Expenses is 0.60%

Acquired Fund Fees and Expenses 0.02%
Interest expense 0.06%

There is an additional management fee waiver of 0.01% related to certain affiliated investments.

Ratings

Morningstar Rating

Overall

5 stars

Overall Morningstar Rating for Strategic Income Opportunities Fund, Class Inst, as of Sep 30, 2022 rated against 308 Nontraditional Bond Funds based on risk adjusted total return.

Lipper Leader

Lipper Leader Ratings

Consistent Return

Expense

Preservation

Total Return

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 Aug 31, 2022 out of 93, 6,265, 93, 47 and 93 Funds, respectively in Lipper's Alt Credit Focus Funds classification.

Morningstar Analyst Rating

Morningstar has awarded the Fund a Gold medal, its highest level of conviction. (Effective Feb 16, 2022)

Holdings

Top

as of Aug 31, 2022

Name	Weight (%)
UNITED STATES TREASURY	27.76
FEDERAL NATIONAL MORTGAGE ASSOCIATION	4.69
FEDERAL HOME LOAN MORTGAGE CORPORATION	2.27
ISHARES IBOXX INVESTMENT GRADE CORPORATE BOND FUND ETF	1.63
ISHARES JPMORGAN USD EMERGING MARKETS BOND FUND	0.70

Name	Weight (%)
BANK OF AMERICA CORP	0.58
GOLDMAN SACHS GROUP INC/THE	0.50
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF	0.49
GERMANY (FEDERAL REPUBLIC OF)	0.47
JPMORGAN CHASE & CO	0.41

Exposure Breakdowns

as of Aug 31, 2022

% Notional Exposures

Type	Fund

Show More Show Less

as of Aug 31, 2022

% Notional Exposures

Type	Fund

Show More Show Less

as of Aug 31, 2022

% Notional Exposures

Type	Fund

Show More Show Less

as of Aug 31, 2022

% Market Value

Type	Fund

Show More Show Less

Allocations subject to change.

as of Aug 31, 2022

% Market Value

Type	Fund

Show More Show Less

as of Aug 31, 2022

% Notional Exposures

Type	Fund

Show More Show Less

as of Aug 31, 2022

% Market Value

Type	Fund

Show More Show Less

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

Rick Rieder, Managing Director, is BlackRock's Chief Investment Officer of Global Fixed Income, Head of the Fundamental Fixed Income business, and Head of the Global Allocation Investment Team. Mr. Rieder is responsible for roughly $2.4 trillion in assets. He is a member of BlackRock’s Executive Sub-Committee on Investments, a member of BlackRock's Global Operating Committee, and Chairman of the firm-wide BlackRock Investment Council.

Before joining BlackRock in 2009, Mr. Rieder was President and Chief Executive Officer of R3 Capital Partners. He served as Vice Chairman and member of the Borrowing Committee for the U.S. Treasury and member of the Federal Reserve’s Investment Advisory Committee on Financial Markets.

Mr. Rieder currently serves on the Alphabet/Google Investment Advisory Committee and the UBS Research Advisory Board. He was nominated for Outstanding Portfolio Manager by Morningstar in 2021, was awarded the Global Unconstrained Fixed Income Manager of the Year for 2015 by Institutional Investor, was nominated for Fixed Income Manager of the Year by Institutional Investor for 2014, and was inducted into the Fixed Income Analysts Society Fixed Income Hall of Fame in 2013. Four of the funds Mr. Rieder manages (Strategic Income Opportunities, Fixed Income Global Opportunities, Total Return, and Strategic Global Bond) have been awarded Gold Medals by Morningstar.

From 1987 to 2008, Mr. Rieder was with Lehman Brothers, most recently as head of the firm's Global Principal Strategies team, a global proprietary investment platform. He was also global head of the firm's credit businesses, Chairman of the Corporate Bond and Loan Capital Commitment Committee, and a member of the Board of Trustees for the corporate pension fund. Before joining Lehman Brothers, Mr. Rieder was a credit analyst at SunTrust Banks in Atlanta.

Mr. Rieder earned a BBA degree in Finance from Emory University in 1983 and an MBA degree from The Wharton School of the University of Pennsylvania in 1987. He is a member of the board of Emory University, Emory's Business School, and the University's Finance Committee, and is the Vice Chairman of the Investment Committee. Mr. Rieder is founder and chairman of the business school's BBA investment fund and community financial literacy program.

Mr. Rieder serves as Chairman and President of the Board of Education for North Star Academy's fourteen Charter Schools in Newark, New Jersey, and is the Founder and Chairman of the Board of Graduation Generation Public School Collaboration in Atlanta. He is on the Board of the BlackRock Foundation, the Board of Advisors for the Hospital for Special Surgery, and the Board of Big Brothers/Big Sisters of Newark and Essex County. Mr. Rieder formerly served on the Board and National Leadership Council of the Communities in Schools Educational Foundation, and Trustee for the US Olympic Foundation. Mr. Rieder was honored at the Choose Success Awards ceremony in Atlanta in 2015 for his dedication to public education in Atlanta through CIS and Graduation Generation.