Fixed Income

MAMTX

Strategic Municipal Opportunities Fund

Overview

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Performance

Performance

  • Returns



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.

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Distributions

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Earning an attractive yield
Earning an attractive yield takes double the risk
Income investors are being pushed to extremes and need help rebalancing portfolios.
Earning an attractive yield
Earning an attractive yield takes double the risk Earning an attractive yield
Income investors are being pushed to extremes and need help rebalancing portfolios.

Key Facts

Key Facts

Size of Class (Millions) as of 02-Dec-2016 $3,349.3 M
Size of Fund (Millions) as of 02-Dec-2016 $4,810.0 M
Share Class launch date 31-Oct-1988
Asset Class Fixed Income
Morningstar Category Muni National Interm
Lipper Classification Intmdt Muni Debt Funds
Benchmark Index 65% SP MUN INVGRD/30% SP MUNHY/5% BAR TX MUN AG
CUSIP 09253E609
Net, Excluding Investment Related Expenses 0.59%
Gross Expense Ratio 0.73%
Contractual End Date 30-Sep-2017
Number of Holdings as of 31-Oct-2016 825
Max Offer Price as of 02-Dec-2016 $11.12
Open to New Investors Yes
Turnover Percent as of 30-Nov-2016 174%

Portfolio Characteristics

Portfolio Characteristics

Average Coupon as of 31-Oct-2016 4.65%
Best 3-Month Return Over the Last 3 Years 3 months ending 31-Mar-2014 4.45%
Worst 3-Month Return Over the Last 3 Years 3 months ending 30-Apr-2015 -1.25%

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.

Ratings

Ratings

Morningstar Rating

Overall Morningstar Rating for Strategic Municipal Opportunities Fund, Class Inst, as of 30-Nov-2016 rated against 255 Muni National Interm Funds.

Lipper Leader

 
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-Oct-2016 out of 193, 5,640, 196, 70 and 196 Funds, respectively in Lipper's Intmdt Muni Debt Funds classification.

Holdings

Holdings

as of 31-Oct-2016
Name Weight (%)
TREASURY (CPI) NOTE 0.125 07/15/2026 2.13
BUCKEYE OHIO TOB SETTLEMENT 5.875 06/01/2047 1.37
NEW YORK LIBERTY DEV CORP LIBE 5 11/15/2044 1.09
TOBACCO SETTLEMENT FING CORP N J 5 06/01/2041 1.06
NEW YORK TRANSN DEV CORP SPL F 5 08/01/2026 0.75
Name Weight (%)
NEW YORK CNTYS TOB TR IV 6.25 06/01/2041 0.72
CALIFORNIA STATEWIDE CMNTYS DE 5.25 12/01/2056 0.61
GOLDEN ST TOB SECURITIZATION CORP 5.75 06/01/2047 0.56
MARYLAND ST ECONOMIC DEV CORP 5 03/31/2024 0.56
BROOKLYN ARENA LOC DEV CORP N 5 07/15/2042 0.55

Exposure Breakdowns

Exposure Breakdowns

Allocations subject to change.
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.

Portfolio Managers

Portfolio Managers

Peter Hayes
Head of Municipal Bonds
Ted Jaeckel
Head Portfolio Manager, Municipal Mutual Fund
James Pruskowski
Head Portfolio Manager, Municipal Institutional Portfolio
Michael Kalinoski
Portfolio Manager, Municipal Mutual Fund
Portfolio Manager

Literature

Literature

 

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