California Municipal Opportunities Fund | MACMX

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NAV as of Sep 24, 2018 $12.65
52 WK: 12.60 - 12.85
1 Day NAV Change as of Sep 24, 2018 -0.01 (-0.08%)
NAV Total Return as of Sep 14, 2018 YTD: 1.18% YTD (year to date) is a period, starting from the beginning of the current calendar year, and continuing up to the prior day's close.
Morningstar Rating

5

Overall Morningstar Rating for California Municipal Opportunities Fund as of Aug 31, 2018 rated against 58 Muni California Intermediate Funds.

Overview

About this Fund

A Flexible Municipal Bond Approach
Adapting to Changing Bond Markets
Seeking Tax-Advantaged Income and Downside Protection in All Markets

Investment Approach

Invests in California municipal bonds through a flexible investment approach seeking to manage interest rate risk and credit risk while provide a compelling combination of attractive tax-advantaged income, returns and meaningful downside protection.

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Performance

Returns

Average Annual
Cumulative
Calendar Year

as of

	1y	3y	5y	10y	Incept. Performance data for certain classes of shares of certain funds are based on pre-class inception information dating back to an older class of fund shares. This information may be considered when assessing a fund's performance, but it does not represent actual performance of these classes of shares. The inception date noted under Key Fund Facts is the date the class of shares was incepted. See fund prospectus or fact sheet for details.
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	4.50	4.25	5.04	5.49	5.77
Benchmark (%) Index: S&P Muni Bond, California (Risk Basis: Muni).<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.	1.91	3.20	4.23	4.89	4.82
Morningstar Category Avg. (%) Muni California Intermediate	1.14	2.13	2.90	3.64	-
Morningstar Ranking Rankings are based on total return excluding sales charges, independently calculated and not combined to create an overall ranking.	1/66	1/58	1/54	1/43	-
Morningstar Quartile Rankings based on total return excluding sales charges, independently calculated and not combined to create an overall ranking.	1	1	1	1	-
Lipper Category Avg. (%) CA Muni Debt Funds	2.01	3.18	4.15	4.55	-
Lipper Ranking Rankings are based on total return excluding sales charges.	1/52	1/43	1/41	1/32	-
Lipper Quartile Rankings are based on total return excluding sales charges.	1	1	1	1	-

Missing average annual returns data

as of

	YTD	1m	3m	1y	3y	5y	10y	Incept. Performance data for certain classes of shares of certain funds are based on pre-class inception information dating back to an older class of fund shares. This information may be considered when assessing a fund's performance, but it does not represent actual performance of these classes of shares. The inception date noted under Key Fund Facts is the date the class of shares was incepted. See fund prospectus or fact sheet for details.
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	1.21	0.13	1.35	4.50	13.29	27.88	70.62	428.09
Benchmark (%) Index: S&P Muni Bond, California (Risk Basis: Muni).<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.	-0.01	0.07	1.01	1.91	9.90	22.99	61.14	150.47
Morningstar Category Avg. (%) Muni California Intermediate	-0.08	0.11	0.84	1.14	6.11	16.28	42.83	-
Lipper Category Avg. (%) CA Muni Debt Funds	-0.04	0.10	1.06	2.01	9.88	22.62	56.31	-

Missing cumulative returns data

	2013	2014	2015	2016	2017
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	-5.41	12.42	4.87	0.42	7.24
Benchmark (%) Index: S&P Muni Bond, California (Risk Basis: Muni)<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.	-1.84	10.58	4.02	0.27	5.70
Morningstar Category Avg. (%) Muni California Intermediate	-1.44	6.79	2.95	-0.57	4.62

Missing calendar year returns data

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.

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.

Performance chart data not available for display.

Growth of Hypothetical $10,000
Historical NAVs

California Municipal Opportunities Fund ($)

Cum. Fund Perf. Since Inception: 429.45

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

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Recent
Calendar Year

Chart
Table

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Ex-Date	Payable Date	Record Date	Total Distribution Current year distributions are not classified as “Income,” “Short-Term Capital Gains,” “Long-Term Capital Gains,” or “Return of Capital” until approximately 60 days following calendar year-end.	Income	ST Cap Gains	LT Cap Gains	Return of Capital

Chart
Table

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Year	Total Distribution Current year distributions are not classified as “Income,” “Short-Term Capital Gains,” “Long-Term Capital Gains,” or “Return of Capital” until calendar year-end.	Income	ST Cap Gains	LT Cap Gains

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

15 of 25 U.S. bond funds, accounting for 88% of our assets, have 1st quartile performance*
22 of 25 U.S. bond funds, accounting for 88% of our fixed income funds, are priced in the least expensive quartile†

See the numbers See the numbers

Key Facts

Size of Class (Millions) as of Sep 24, 2018 $1,512.5 M

Size of Fund (Millions) as of Sep 24, 2018 $2,540.7 M

Share Class launch date Oct 25, 1988

Asset Class Fixed Income

Morningstar Category Muni California Intermediate

Lipper Classification CA Intmt Muni Debt Funds

Benchmark Index S&P Muni Bond, California (Risk Basis: Muni)

CUSIP 09252Y606

Distribution Frequency How often a distribution is paid by the fund. The most common distribution frequencies are annually, biannually and quarterly. Monthly

Number of Holdings as of Aug 31, 2018 202

Max Offer Price as of Sep 24, 2018 $12.65

Open to New Investors Yes

Turnover Percent as of Aug 31, 2018 129%

Portfolio Characteristics

Alpha (3y) Compared to S&P Muni Bond, California (Risk Basis: Muni). Alpha is calculated at the portfolio level. A measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the fund relative to the return of the benchmark index is a fund's alpha. as of Aug 31, 2018 0.12

R-Squared (3y) as of Aug 31, 2018 86.11

Beta (3y) as of Aug 31, 2018 0.89

30 Day SEC Yield A standard calculation of yield introduced by the SEC in order to provide fairer comparison among funds. This yield reflects the interest earned after deducting the fund's expenses during the most recent 30-day period by the average investor in the fund. Negative 30-Day SEC Yield results when accrued expenses of the past 30 days exceed the income collected during the past 30 days. as of Aug 31, 2018 2.18%

Unsubsidized 30-Day SEC Yield Represents what a fund's 30-Day SEC Yield would have been had no fee waiver or expense reimbursement been in place over the period. as of Aug 31, 2018 2.16%

Yield to Maturity Yield to Maturity (YTM) is the discount rate that equates the present value of a bond's cash flows with its market price (including accrued interest). The Fund Average YTM is the weighted average of the fund's individual bond holding YTMs based upon Net Asset Value ('NAV'). The measure does not include fees and expenses. For callable bonds, YTM is the yield-to-worst. as of Aug 31, 2018 3.65%

Yield to Worst The average rate of return of the portfolio at current market prices, adjusting for optionality. as of Aug 31, 2018 2.65%

Average Coupon as of Aug 31, 2018 4.66%

Effective Duration Effective Duration measures the sensitivity of the price of a bond with or without embedded options to changes in interest rates, taking into account the likelihood of the bond being called, put and/or sunk prior to its final maturity date while incorporating after-tax impacts on the bond. The options-based duration model used by BlackRock employs certain assumptions and may differ from other fund complexes. Effective Duration is measured at the individual bond level, aggregated to the portfolio level, and adjusted for leverage, hedging transactions and non-bond holdings, including derivatives. As the method for calculating duration in municipal bond funds changed as of Sept. 26, please see the 'Literature' section for more information on that measure. as of Aug 31, 2018 4.63 yrs

Weighted Average Life Weighted Average Life to Maturity is shown. Weighted Average Life is the average number of years for which each dollar of unpaid principal on a loan or mortgage remains outstanding. as of Aug 31, 2018 16.45 yrs

Best 3-Month Return Over the Last 3 Years 3 months ending Feb 28, 2017 2.88%

Worst 3-Month Return Over the Last 3 Years 3 months ending Nov 30, 2016 -4.83%

Standard Deviation (3y) as of Aug 31, 2018 3.18

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	0.57%
Net Expense Ratio The difference between gross and net expense ratios are due to contractual and/or voluntary waivers, if applicable. Any applicable contractual waiver will be terminable upon 90 days’ notice. BlackRock may agree to voluntarily waive certain fees and expenses, which the adviser may discontinue at any time without notice. For this share class, the contractual waiver end date is Sep 30, 2018.	0.53%

Net Expense Ratio excluding Investment Related Expenses is 0.44%

Ratings

Morningstar Rating

Overall California Municipal Opportunities Fund received a Morningstar Rating of 5 stars for the 3-year period, 5 stars for the 5-year period and 5 stars for the 10-year period, rated against 58, 55 and 44 Muni California Intermediate Funds, respectively. Performance results represent past performance and are no guarantee of future results. The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Morningstar Ratings are for the share classes cited only; other classes may have different ratings.

5

Overall Morningstar Rating for California Municipal Opportunities Fund, Class Inst, as of Aug 31, 2018 rated against 58 Muni California Intermediate Funds.

Lipper Leader

Lipper Leader Ratings

Consistent Return California Municipal Opportunities Fund received the following Consistent Return ratings for the 3-, 5-, and 10-year periods, respectively: 5 (43 funds), 5 (41 funds), and 5 (32 funds). Lipper ratings for Consistent Return reflect funds' historical risk-adjusted returns, adjusted for volatility, relative to peers.

Expense California Municipal Opportunities Fund received the following Expense ratings for the 3-, 5-, and 10-year periods, respectively: 4 (54 funds), 4 (48 funds), and 4 (28 funds). Lipper ratings for Expense reflect funds' expense minimization relative to peers with similar load structures.

Preservation California Municipal Opportunities Fund received the following Preservation ratings for the 3-, 5-, and 10-year periods, respectively: 4 (5,775 funds), 5 (4,934 funds), and 2 (3,214 funds). Lipper ratings for Preservation reflect funds' historical loss avoidance relative to other funds within the same asset class. Preservation ratings are relative, rather than absolute, measures, and funds named Lipper Leaders for Preservation may still experience losses periodically; those losses may be larger for equity and mixed equity funds than for fixed income funds.

Total Return California Municipal Opportunities Fund received the following Total Return ratings for the 3-, 5-, and 10-year periods, respectively: 5 (43 funds), 5 (41 funds), and 5 (32 funds). Lipper ratings for Total Return reflect funds' historical total return performance relative to peers.

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 Jul 31, 2018 out of 43, 5,775, 43, 54 and 43 Funds, respectively in Lipper's CA Intmt Muni Debt Funds classification.

Holdings

Top

as of Aug 31, 2018

Name	Weight (%)
ISHARES NATIONAL MUNI BOND ETF	2.76
LOS ANGELES CALIF DEPT WTR & P 5 07/01/2041	2.09
TOB 5.25 79766DKH1 SFOAPT 144A	1.89
TOB 5 13077DEX6 CASHGR 144A	1.67
LOS ANGELES CALIF DEPT ARPTS ARPT 5 05/15/2040	1.62

Name	Weight (%)
GOLDEN ST TOB SECURITIZATION C 5 06/01/2047	1.52
TOB 5 399267GS6 GROHGR 144A	1.42
LOS ANGELES CALIF UNI SCH DIST 5.25 07/01/2042	1.41
TOB 5 271014D41 EBYWTR 144A	1.28
ANTELOPE VALLEY CALIF CMNTY CO 5.25 08/01/2042	1.27

as of Aug 31, 2018

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type	Fund	Benchmark	Net

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as of Aug 31, 2018

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type	Fund	Benchmark	Net

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as of Aug 31, 2018

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type	Fund	Benchmark	Net

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as of Aug 31, 2018

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type	Fund	Benchmark	Net

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as of Aug 31, 2018

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type	Fund	Benchmark	Net

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Allocations subject to change.

as of Aug 31, 2018

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type	Fund	Benchmark	Net

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as of Aug 31, 2018

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type	Fund	Benchmark	Net

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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.

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.