California Municipal Opportunities Fund | MACMX

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NAV as of 28-Sep-2016 $12.74
52 WK: 12.33 - 12.84
1 Day NAV Change as of 28-Sep-2016 0.01 (0.08%)
NAV Total Return as of 28-Sep-2016 YTD: 3.32% YTD (year to date) is a period, starting from the beginning of the current calendar year, and continuing up to the present day.
Morningstar Rating

5

Overall Morningstar Rating for California Municipal Opportunities Fund, Class Inst, as of 31-Aug-2016 rated against 76 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

	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.	7.39	6.63	6.80	5.58	5.99
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.	8.41	6.66	6.49	5.44	-
Morningstar Category Avg. (%) Muni California Intermediate	6.88	5.15	5.00	4.31	-
Morningstar Ranking Rankings are based on total return excluding sales charges, independently calculated and not combined to create an overall ranking.	24/78	8/75	6/72	1/57	-
Morningstar Quartile Rankings based on total return excluding sales charges, independently calculated and not combined to create an overall ranking.	2	1	1	1	-
Lipper Category Avg. (%) CA Muni Debt Funds	9.02	6.72	6.67	4.86	-
Lipper Ranking Rankings are based on total return excluding sales charges.	106/126	54/120	42/108	11/86	-
Lipper Quartile Rankings are based on total return excluding sales charges.	4	2	2	1	-

Missing average annual returns data

	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.	3.32	0.93	2.51	7.39	21.23	38.94	72.11	400.60
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.	4.55	1.63	2.75	8.41	21.33	36.94	69.91	-
Morningstar Category Avg. (%) Muni California Intermediate	3.80	1.41	2.24	6.88	16.27	27.62	52.52	-
Lipper Category Avg. (%) CA Muni Debt Funds	5.07	1.82	3.21	9.02	21.57	38.30	61.02	-

Missing cumulative returns data

	2011	2012	2013	2014	2015
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	12.95	11.69	-5.41	12.42	4.87
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.	10.62	7.42	-2.55	10.58	4.02
Morningstar Category Avg. (%) Muni California Intermediate	8.67	5.51	-1.44	6.79	2.95

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.

Distributions

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Recent
Calendar Year

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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

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.

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, and numbers may reflect small variances due to rounding. Standardized performance and performance data current to the most recent month end may be found in the Performance section.

Key Facts

Size of Class (Millions) as of 28-Sep-2016 $569.2 M

Size of Fund (Millions) as of 28-Sep-2016 $1,269.1 M

Share Class launch date 25-Oct-1988

Asset Class Fixed Income

Morningstar Category Muni California Intermediate

Lipper Classification CA Muni Debt Funds

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

CUSIP 09252Y606

Net, Including Investment Related Expenses Expenses stated as of the fund's most recent prospectus. Investment dividend expense, interest expense, acquired fund fees and expenses and certain other fund expenses are included in the Net, Including Investment Related expenses and excluded from the Net, Excluding Investment Related expenses. BlackRock may contractually agree to waive or reimburse certain fees and expenses until a specified date. Contractual waivers terminable upon 90 days’ notice by the fund's independent trustees or majority vote of outstanding fund securities. BlackRock may also voluntarily agree to waive certain fees and expenses in which the adviser may discontinue at any time without notice. For LifePath Portfolios, the Net, Including Investment Related expense ratio includes a contractual waiver equal to the amount of the acquired fund fees and independent expenses of the funds. Please see the prospectus for additional information. 0.52%

Net, Excluding Investment Related Expenses 0.48%

Gross Expense Ratio 0.73%

Contractual End Date 30-Sep-2017

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 31-Aug-2016 167

Max Offer Price as of 28-Sep-2016 $12.74

Open to New Investors Yes

Turnover Percent as of 31-Aug-2016 119%

Portfolio Characteristics

Alpha (3y) Compared to . 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 31-Aug-2016 0.11

R-Squared (3y) as of 31-Aug-2016 82.35

Beta (3y) as of 31-Aug-2016 1.02

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 31-Aug-2016 1.27%

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 31-Aug-2016 1.12%

Tax Equiv. Yield Tax equivalent yield (TEY) is used by investors to compare yields on taxable and tax-exempt securities after accounting for taxes. TEY represents the yield a taxable bond would have to earn in order to match, after taxes, the yield available on a tax-exempt municipal bond. Tax Equivalent Yield (TEY) = Tax Free Municipal Bond Yield/(1 - Tax Rate*) For example, an investor in the 43.4% tax bracket would have to earn a yield of 3.53% on a taxable bond to match a 2.00% yield on a tax-exempt security. The highest Federal individual income tax rate of 43.4% is assumed. as of 31-Aug-2016 2.59%

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 31-Aug-2016 3.23%

Yield to Worst The average rate of return of the portfolio at current market prices, adjusting for optionality. as of 31-Aug-2016 1.62%

Average Coupon as of 31-Aug-2016 4.88%

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 of 31-Aug-2016 2.84 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 31-Aug-2016 17.27 yrs

Worst 3-Month Return Over the Last 3 Years 3 months ending 30-Apr-2015 -0.78%

This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

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 76, 72 and 57 Muni California Intermediate Funds, respectively. Performance results represent past performance and are no guarantee of future results. For each U.S.-domiciled fund with at least a 3-year history, Morningstar calculates a Morningstar RatingTM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted-average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics. 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 31-Aug-2016 rated against 76 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: 4 (121 funds), 3 (108 funds), and 5 (86 funds). Lipper ratings for Consistent Return reflect funds' historical risk-adjusted returns, adjusted for volatility, relative to peers.

Total Return California Municipal Opportunities Fund received the following Total Return ratings for the 3-, 5-, and 10-year periods, respectively: 4 (121 funds), 3 (108 funds), and 5 (86 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 31-Jul-2016 out of 121, 5,586, 121, 52 and 121 Funds, respectively in Lipper's CA Muni Debt Funds classification.

Holdings

Top

as of 31-Aug-2016

Name	Weight (%)
RIB 2.43 UNVHGR 913366HL7 5 05/15/2024	2.98
MS-TOB 13077C3R3 4 05/01/2024	2.73
CALIFORNIA ST FOR PREVIOUS ISS 4 09/01/2036	2.55
GOLDEN ST TOB SECURITIZATION C 5 06/01/2045	2.53
TD - TOB 2.8 CASMED 13032UCL0 5 11/15/2023	2.00

Name	Weight (%)
CALIFORNIA HEALTH FACS FING AU 5 08/15/2052	1.90
CALIFORNIA ST FOR PREVIOUS ISS 4 09/01/2017	1.82
CALIFORNIA STATEWIDE CMNTYS DE 5 04/01/2042	1.63
MS-TOB 13077CY65 5 11/01/2023	1.62
VISTA CALIF JT PWRS FING AUTH 5.25 05/01/2037	1.53

as of 31-Aug-2016

% 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.

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States
Countries
Regions

as of 31-Aug-2016

% 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

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as of 31-Aug-2016

% 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

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as of 31-Aug-2016

% 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.

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Geographic exposure relates principally to the domicile of the issuers of the securities held in the product, added together and then expressed as a percentage of the product’s total holdings. However, in some instances it can reflect the country where the issuer of the securities carries out much of their business.

as of 31-Aug-2016

% 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.

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Allocations subject to change.

as of 31-Aug-2016

% 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

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as of 31-Aug-2016

% 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.

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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.