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Performance
Performance
-
Returns
Missing average annual returns data
Missing cumulative returns data
| 2012 | 2013 | 2014 | 2015 | 2016 | |
|---|---|---|---|---|---|
| Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund. | 11.69 | -5.41 | 12.42 | 4.87 | 0.42 |
| 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. | 7.42 | -2.55 | 10.58 | 4.02 | 0.27 |
| Morningstar Category Avg. (%) Muni California Intermediate | 5.51 | -1.44 | 6.79 | 2.95 | -0.57 |
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
Interactive chart displaying fund performance. Javascript is required.
BlackRock Fixed Income Funds Delivered
15 of 23 U.S. bond funds, accounting for 89% of assets, have 1st quartile performance*
20 of 23 U.S. bond funds, accounting for 87% of our fixed income funds, are priced in the least expensive quartile†
See the numbers
See the numbers
20 of 23 U.S. bond funds, accounting for 87% of our fixed income funds, are priced in the least expensive quartile†
Key Facts
Key Facts
Size of Class (Millions)
as of Sep 22, 2017
$795.1 M
Size of Fund (Millions)
as of Sep 22, 2017
$1,509.8 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, 2017
177
Max Offer Price
as of Sep 22, 2017
$12.67
Open to New Investors
Yes
Turnover Percent
as of Aug 31, 2017
142%
Portfolio Characteristics
Portfolio Characteristics
R-Squared (3y)
as of Aug 31, 2017
87.59
Beta (3y)
as of Aug 31, 2017
0.89
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 Jul 31, 2017
2.18%
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, 2017
3.32%
Yield to Worst
The average rate of return of the portfolio at current market prices, adjusting for optionality.
as of Aug 31, 2017
2.04%
Average Coupon
as of Aug 31, 2017
4.93%
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, 2017
19.87 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, 2017
3.17
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
Fees
as of current prospectus
Net Expense Ratio excluding Investment Related Expenses is 0.44%
- Acquired Fund Fees and Expenses Investment related expense that reflects the Fund’s pro rata share of the indirect fees and expenses incurred by investing in one or more acquired funds, such as mutual funds, exchange traded funds, or other pooled investment vehicles. AFFE are reflected in the prices of the acquired funds and thus included in the total returns of the Fund. 0.03%
- Interest expense Investment related expense that reflects the cost of borrowing securities to seek to enhance return or reduce risk. The amount of Interest Expense (if any) will fluctuate with each Fund’s use of certain investments. 0.04%
Ratings
Ratings
Holdings
Holdings
as of Aug 31, 2017
| Name | Weight (%) |
|---|---|
| RIB 2.43 UNVHGR 913366HL7 5 05/15/2024 | 2.42 |
| ANTELOPE VALLEY CALIF CMNTY CO 5.25 08/01/2042 | 2.24 |
| CHAFFEY CALIF UN HIGH SCH DIST 5.25 08/01/2047 | 2.01 |
| DRIVER 0.0295 SFOAPT 79766DGF0 5 05/01/2024 | 1.98 |
| LOS ANGELES CALIF DEPT ARPTS R 5 05/15/2042 | 1.93 |
| Name | Weight (%) |
|---|---|
| CALIFORNIA ST UNIV REV 5 11/01/2041 | 1.84 |
| CALIFORNIA ST 5 11/01/2035 | 1.66 |
| LOS ANGELES CNTY CALIF MET TRA 5 07/01/2042 | 1.65 |
| SAN DIEGO CALIF CMNTY COLLEGE 5 08/01/2041 | 1.64 |
| TD - TOB 2.8 CASMED 13032UCL0 5 11/15/2023 | 1.61 |
Exposure Breakdowns
Exposure Breakdowns
Allocations subject to change.
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.
Allocations are subject to change.
Portfolio Managers
Portfolio Managers
Managing Director is a Co-head and Portfolio Manager for the Municipal Bond Funds team
Portfolio Manager
Literature
Literature
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How to Buy BlackRock Funds
How to Buy BlackRock Funds
There are many ways to access BlackRock Funds, learn how you can add them to your portfolio
Important Information
Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses which may be obtained by visiting the iShares Fund and BlackRock Fund prospectus pages. Read the prospectus carefully before investing.
*Source: BlackRock and Morningstar. As of 6/30/17 (most recent quarter end). 15 of 23 funds accounts for 65% of our total active fixed income mutual funds. Based on 5 year performance of BlackRock’s active mutual funds only. Over the 1, 3, 5 and 10 year periods, 7, 13, 15 and 11 of BlackRock fixed income funds are in the first quartile of their respective Morningstar categories. Based on institutional share classes of BlackRock open-end taxable and tax-free fixed income funds (based on 23 funds). 89% statistic based on $81.5B out of $91.9B AUM of all share classes of the funds. Strategic Income Opportunities Fund AUM is $29.0B which accounts for 36% of the total $81.5B AUM of funds that have first quartile performance.
†Source: Morningstar. As of 3/31/17. Current fee rankings may vary based on recent and frequent prospectus updates to the funds within the respective Morningstar categories. Analysis based only on institutional shares of BlackRock active fixed income funds vs. institutional shares of active fixed income funds within their respective Morningstar categories. Expenses are based on the funds’ most recent prospectus net expense ratios, excluding investment dividend expense, interest expense, and certain other fund expenses. Morningstar category net expense ratio also excludes these expenses. Includes active open-end taxable and tax-free fixed income mutual funds only, and excludes index funds. 87% of BlackRock active fixed income funds are in the lowest fee quartile (20 out of 23 funds). Based on 23 BlackRock active taxable and tax-free funds. Institutional shares may not be available to all retail investors. Performance for different share classes may vary.
The fund is actively managed and its characteristics will vary.
Bond values fluctuate in price so the value of your investment can go down depending on market conditions.
Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments.
The fund can invest up to 50% in non-investment-grade debt securities. Non-investment-grade debt securities (high-yield/junk bonds) may be subject to greater market fluctuations, risk of default or loss of income and principal than higher rated securities.
There may be less information on the financial condition of municipal issuers than for public corporations. The market for municipal bonds may be less liquid than for taxable bonds. Some investors may be subject to Alternative Minimum Tax (AMT). Capital gains distributions, if any, are taxable.
A fund concentrating in a single state is subject to greater risk of adverse economic conditions and regulatory changes.
The insurance on a bond does not protect against declines in a bonds value. Insurance guarantees are dependent upon financial strength of the insurance company.
The fund may use derivatives to hedge its investments or to seek to enhance returns. Derivatives entail risks relating to liquidity, leverage and credit that may reduce returns and increase volatility.
Performance results reflect past performance and are no guarantee of future results. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. All returns assume reinvestment of all dividends. Performance information shown without sales charge would have been lower if the applicable sales charge had been included. Performance during periods of exceptional market conditions should not be expected to be repeated in a normal market environment. Current performance may be lower or higher than the performance data quoted.
Investing involves risk, including possible loss of principal.
Fund details, holdings and characteristics are as of the date noted and subject to change.
Yields are based on income earned for the period cited and on the Fund's NAV at the end of the period.
Some BlackRock funds make distributions of ordinary income and capital gains at calendar year end. Those distributions temporarily cause extraordinarily high yields. There is no assurance that a fund will repeat that yield in the future. Subsequent monthly distributions that do not include ordinary income or capital gains in the form of dividends will likely be lower.
The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
©2017 BlackRock, Inc. All rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, BUILD ON BLACKROCK, ALADDIN, iSHARES, iBONDS, iSHARES CONNECT, FUND FRENZY, LIFEPATH, SO WHAT DO I DO WITH MY MONEY, INVESTING FOR A NEW WORLD, BUILT FOR THESE TIMES, the iShares Core Graphic, CoRI and the CoRI logo are registered and unregistered trademarks of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other marks are the property of their respective owners.
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