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Fixed Income

MKCMX

California Municipal Opportunities Fund

Overview

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Performance

Performance

  • Returns

  YTD 1m 3m 1y 3y 5y 10y
5.52 -0.28 1.05 5.50 11.49 22.11 61.55
Morningstar Category Avg. (%) Muni California Intermediate 5.48 -0.73 1.20 6.70 6.93 14.62 41.67
Morningstar Ranking Rankings are based on total return excluding sales charges, independently calculated and not combined to create an overall ranking. 37.00/68.00 4.00/69.00 49.00/69.00 56.00/66.00 - - -
  2014 2015 2016 2017 2018
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund. - - - - 1.30
Morningstar Category Avg. (%) Muni California Intermediate 6.79 2.95 -0.57 4.62 0.84
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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BlackRock Fixed Income Funds Delivered
19 of 24 U.S. bond funds, accounting for 97% of our active mutual fund assets, outperformed within their Morningstar peer groups. Based on institutional share class.*
BlackRock Fixed Income Funds Delivered

Key Facts

Key Facts

Size of Class (Millions) as of Oct 16, 2019 $121.6 M
Size of Fund (Millions) as of Oct 16, 2019 $3,756.3 M
Share Class launch date Jan 25, 2018
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 09253A664
Number of Holdings as of Sep 30, 2019 317
Max Offer Price as of Oct 16, 2019 $12.80
Open to New Investors No

Portfolio Characteristics

Portfolio Characteristics

R-Squared (3y) as of Sep 30, 2019 0.00
Fund Standard Deviation (3y) as of Sep 30, 2019 0.00
Beta (3y) as of Sep 30, 2019 0.00
Average Coupon as of Sep 30, 2019 4.40%

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 Sep 30, 2019
Name Weight (%)
SACRAMENTO CALIF MUN UTIL DIST 5 08/15/2049 3.63
ISHARES NATIONAL MUNI BOND ETF 3.08
GOLDEN ST TOB SECURITIZATION C 5 06/01/2047 1.91
LOS ANGELES CALIF DEPT WTR & P 5 07/01/2043 1.79
LOS ANGELES CALIF DEPT WTR & P 5 07/01/2041 1.57
Name Weight (%)
CALIFORNIA ST 5 04/01/2021 1.46
TOB 5 79768HFM5 SFOUTL 144A 1.43
TOB 5 91412HAZ6 UNVHGR 144A 1.42
SAN DIEGO CALIF PUB FACS FING 5 08/01/2043 1.41
TOB 4 677765DW6 OHLHGR 144A 1.39

Exposure Breakdowns

Exposure Breakdowns

as of Sep 30, 2019

% of Market Value

Type Fund Benchmark Net
as of Sep 30, 2019

% of Market Value

Type Fund Benchmark Net
as of Sep 30, 2019

% of Market Value

Type Fund Benchmark Net
as of Sep 30, 2019

% of Market Value

Type Fund Benchmark Net
as of Sep 30, 2019

% of Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of Sep 30, 2019

% of Market Value

Type Fund Benchmark Net
as of Sep 30, 2019

% 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.

Portfolio Managers

Portfolio Managers

Ted Jaeckel, CFA
Head Portfolio Manager, Municipal Mutual Fund

    

Peter Hayes
Head of Municipal Bonds

 

 

Walter O'Connor, CFA
Managing Director is a Co-head and Portfolio Manager for the Municipal Bond Funds team

  

James Pruskowski
Head Portfolio Manager, Municipal Institutional Portfolio

     

Michael Kalinoski, CFA
Portfolio Manager, Municipal Mutual Fund

   

Portfolio Manager

Literature

Literature

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