Strategic Income Opportunities Fund | BSIIX

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NAV as of May 21, 2025 $9.53
52 WK: 9.29 - 9.66
1 Day NAV Change as of May 21, 2025 -0.02 (-0.21%)
NAV Total Return as of May 21, 2025 YTD: 2.49%
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

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Performance

Returns

	1y	3y	5y	10y
Total Return (%)	6.18	3.73	4.48	2.98
Morningstar Category Avg. (%)	5.69	3.46	4.38	2.66
Morningstar Ranking	142/273	135/260	96/238	56/167
Morningstar Quartile	2	2	2	2
Lipper Category Avg. (%)	6.37	3.52	4.79	2.33
Lipper Ranking	50/85	40/82	45/78	16/55
Lipper Quartile	3	2	3	2

Performance data is not currently available

	YTD	1m	3m	1y	3y	5y	10y
Total Return (%)	1.74	-0.42	1.74	6.18	11.61	24.52	34.10
Morningstar Category Avg. (%)	1.24	-0.42	1.24	5.69	10.74	23.88	30.06
Lipper Category Avg. (%)	1.49	-0.37	1.49	6.37	11.03	27.14	26.64

Performance data is not currently available

	2020	2021	2022	2023	2024
Total Return (%)	7.21	0.96	-5.64	7.26	5.30
Morningstar Category Avg. (%)	3.44	1.80	-6.27	6.95	6.18

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 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.

Click here for Distribution data

Key Facts

Size of Fund (Millions)

as of May 21, 2025

$41,315.1 M

Share Class launch date

Feb 05, 2008

Distribution Frequency

Monthly

Lipper Classification

Alt Credit Focus Funds

Max Offer Price

as of May 21, 2025

$9.53

Turnover Percent in the Annual Report

as of Dec 31, 2024

1,117.00%

Size of Class (Millions)

as of May 21, 2025

$26,424.0 M

Asset Class

Fixed Income

Morningstar Category

Nontraditional Bond

CUSIP

09260B382

Open to New Investors

Yes

Portfolio Characteristics

Number of Holdings

as of Apr 30, 2025

6,077

Alpha (3y)

as of Apr 30, 2025

0.22

R-Squared (3y)

as of Apr 30, 2025

89.45

Beta (3y)

as of Apr 30, 2025

0.58

Unsubsidized 30-Day SEC Yield

as of Apr 30, 2025

5.08%

Effective Duration

as of Apr 30, 2025

3.46 yrs

Best 3-Month Return Over the Last 3 Years

3 months ending Jan 31, 2024

6.07%

30 Day SEC Yield

as of Apr 30, 2025

5.09%

Yield to Maturity

as of Apr 30, 2025

6.06%

Fund Standard Deviation (3y)

as of Apr 30, 2025

4.37

Average Coupon

as of Apr 30, 2025

5.21%

Yield to Worst

as of Apr 30, 2025

5.95%

Weighted Average Life

as of Apr 30, 2025

7.03 yrs

Worst 3-Month Return Over the Last 3 Years

3 months ending Oct 31, 2022

-3.46%

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

as of current prospectus

Gross Expense Ratio	0.71%
Net Expense Ratio	0.71%

Net Expense Ratio excluding Investment Related Expenses is 0.61%

Acquired Fund Fees and Expenses 0.01%
Interest expense 0.09%

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

Ratings

Morningstar Medalist Rating

Morningstar has awarded the Fund a Gold medal, its highest level of conviction. (Effective Feb 11, 2025)

Analyst-Driven % as of Feb 11, 2025

100.00

Data Coverage % as of Feb 11, 2025

100.00

Lipper Leader

Lipper Leader Ratings

Expense

Preservation

Tax Efficiency

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 Apr 30, 2025 out of 79, 6,092, 79, 41 and 79 Funds, respectively in Lipper's Alt Credit Focus Funds classification.

Holdings

as of Apr 30, 2025

Name	Weight (%)
UNIFORM MBS	17.49
UNITED STATES TREASURY	5.25
SPAIN (KINGDOM OF)	3.00
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION II	1.95
IRELAND (GOVERNMENT)	1.31

Name	Weight (%)
SOUTH AFRICA (REPUBLIC OF)	0.69
ITALY (REPUBLIC OF)	0.66
MALAYSIA (GOVERNMENT)	0.65
POLAND (REPUBLIC OF)	0.63
JAPAN (GOVERNMENT OF)	0.58

Name	Market Value	Weight (%)	Shares	Maturity	Coupon (%)
UMBS 30YR TBA(REG A)	$4,210,986,290.35	10.08	4,636,901,114.00	Mar 13, 2025	3.50
UMBS 30YR TBA(REG A)	$3,102,605,478.24	7.43	3,046,908,000.00	Mar 13, 2025	6.00
UMBS 30YR TBA(REG A)	$2,241,755,710.01	5.37	2,234,954,000.00	Mar 13, 2025	5.50
BLACKROCK LIQ FUND T-FD-IN	$872,770,539.36	2.09	872,770,539.00	-	4.35
ISHARES IBOXX $ HIGH YIELD CORPORA	$425,110,323.54	1.02	5,305,258.00	-	0.00
GNMA2 30YR TBA(REG C)	$408,030,679.49	0.98	405,721,000.00	Mar 20, 2025	5.50
SPAIN (KINGDOM OF)	$407,937,559.25	0.98	388,716,000.00	Jan 31, 2030	2.70
GNMA2 30YR TBA(REG C)	$401,475,650.69	0.96	414,754,000.00	Mar 20, 2025	4.50
SPAIN (KINGDOM OF)	$324,129,580.60	0.78	297,972,000.00	Oct 31, 2034	3.45
CASH COLLATERAL USD XMS	$231,028,000.00	0.55	231,028,000.00	Dec 31, 2049	4.35

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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

as of Apr 30, 2025

% Notional Exposures

Type	Fund
Agency Residential Mortgages	23.66
Non-US Credit	14.90
Emerging Markets	13.71
Net Derivatives	9.82
US High Yield Credit	7.61
CLO Securities	6.46
Non-Agency Mortgages	6.46
Commercial Mortgages	6.40
Bank Loans	6.29
ABS	6.11

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as of Apr 30, 2025

% Market Value

Type	Fund
Derivatives	-0.09
0 - 1 Years	11.80
1 - 2 Years	12.14
2 - 3 Years	13.67
3 - 5 Years	35.22
5 - 7 Years	18.82
7 - 10 Years	12.49
10 - 15 Years	2.28
15 - 20 Years	1.31
20+ Years	6.57

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as of Apr 30, 2025

% Market Value

Type	Fund
Derivatives	-0.09
AAA Rated	11.63
AA rated	35.74
A Rated	11.39
BBB Rated	13.85
BB Rated	12.37
B Rated	9.60
CCC Rated	1.52
CC Rated	0.52
C Rated	0.37

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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

Chief Investment Officer of Global Fixed Income

Rick Rieder, Senior 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.

Responsible for managing roughly $2.4 trillion in assets, Mr. Rieder is a member of BlackRock’s Global Executive Committee (GEC) and its GEC Investment Sub-Committee. He also is Chairman of the firm-wide BlackRock Investment Council.

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.

Mr. Rieder has 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.

Before joining BlackRock in 2009, Mr. Rieder was President and Chief Executive Officer of R3 Capital Partners. From 1987 to 2008, he was with Lehman Brothers where he was 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 Goizueta 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 Goizueta Business School's BBA investment fund and community financial literacy outreach program, Graduation Generation. Mr. Rieder serves as Chairman and President of the Board of Education for North Star Academy's fourteen Charter Schools in Newark, NJ. 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 in Atlanta, and Trustee for the U.S. 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.