Fixed Income

MKMTX

Strategic Municipal Opportunities Fund

Overview

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Performance

Performance

  • Returns

  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.
1.33 -0.12 -0.18 1.33 10.35 25.26 72.89 369.37
Benchmark (%) Index: 65% SP MUN INVGRD/30% SP MUNHY/5% BAR TX MUN AG.<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. 2.22 1.13 1.06 2.22 9.84 25.71 85.85 -
Morningstar Category Avg. (%) Muni National Interm 0.81 0.81 2.70 2.55 4.88 15.01 46.62 -
Morningstar Ranking Rankings are based on total return excluding sales charges, independently calculated and not combined to create an overall ranking. - 310.00/321.00 299.00/313.00 - - - - -
  2014 2015 2016 2017 2018
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund. - - - - 1.33
Morningstar Category Avg. (%) Muni National Interm 6.77 2.50 -0.20 4.61 0.78
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. Effective as of May 31, 2018, the performance information for periods prior to the inception date of the share class shows the performance of the Fund’s Institutional Shares. The performance of this share class would be substantially similar to Institutional Shares because this share class and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that this share class and Institutional Shares have different expenses. For performance periods prior to May 31, 2018, the performance information for periods prior to the inception date of the share class shows the performance of the Fund’s Institutional Shares, adjusted to reflect the fees and expenses applicable to such share class. See the fund prospectus for more details.

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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Key Facts

Key Facts

Size of Class (Millions) as of Feb 15, 2019 $97.3 M
Size of Fund (Millions) as of Feb 15, 2019 $9,516.5 M
Share Class launch date Jan 25, 2018
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 09253E807
Number of Holdings as of Dec 31, 2018 1,165
Max Offer Price as of Feb 15, 2019 $11.43
Open to New Investors No

Portfolio Characteristics

Portfolio Characteristics

Average Coupon as of Dec 31, 2018 4.96%
Weighted Average Life as of Dec 31, 2018 20.33 yrs
Fund Standard Deviation (3y) as of Jan 31, 2019 0.00

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

Holdings

Holdings

as of Jan 31, 2019
Name Weight (%)
NEW YORK ST DORM AUTH SALES TA 5 03/15/2048 0.92
WASHINGTON ST CONVENTION CTR P 5 07/01/2058 0.91
TEXAS WATER DEV BRD 5 04/15/2049 0.81
BUCKEYE OHIO TOB SETTLEMENT 5.875 06/01/2047 0.75
NEW YORK LIBERTY DEV CORP LIBE 5 11/15/2044 0.69
Name Weight (%)
CENTRAL PUGET SOUND WASH REGL 5 11/01/2050 0.62
SALT RIV PROJ AGRIC IMPT & PWR 5 12/01/2045 0.62
MARYLAND ST 5 08/01/2025 0.61
ILLINOIS ST 5 11/01/2026 0.60
NEW YORK TRANSN DEV CORP SPL F 5.25 01/01/2050 0.59

Exposure Breakdowns

Exposure Breakdowns

as of Dec 31, 2018

% of Market Value

Type Fund Benchmark Net
as of Dec 31, 2018

% of Market Value

Type Fund Benchmark Net
as of Dec 31, 2018

% of Market Value

Type Fund Benchmark Net
as of Dec 31, 2018

% of Market Value

Type Fund Benchmark Net
as of Dec 31, 2018

% of Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of Dec 31, 2018

% of Market Value

Type Fund Benchmark Net
as of Dec 31, 2018

% of Market Value

Type Fund Benchmark Net
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.
BlackRock Fixed Income Funds Delivered
21 of 25 U.S. bond funds, accounting for 99% of our assets, outperformed within their Morningstar peer groups. Based on Inst. shares.*
22 of 25 U.S. bond funds, accounting for 88% of our bond funds, are in the least expensive quartile. Based on Inst. shares.†
See the numbers See the numbers

Portfolio Managers

Portfolio Managers

Peter Hayes
Head of Municipal Bonds

 

 

Ted Jaeckel, CFA
Head Portfolio Manager, Municipal Mutual Fund

    

James Pruskowski
Head Portfolio Manager, Municipal Institutional Portfolio

     

Michael Kalinoski, CFA
Portfolio Manager, Municipal Mutual Fund

   

Portfolio Manager

Literature

Literature