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Fixed Income

MCCMX

California Municipal Opportunities Fund

Overview

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Performance

Performance

  • Returns

  YTD 1m 3m 1y 3y 5y 10y
5.73 0.42 0.74 5.73 13.45 18.03 57.04
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.

as of Dec 31, 2019

7.40 0.33 0.66 7.40 14.75 19.70 63.07
Morningstar Category Avg. (%) Muni California Intermediate

as of Dec 31, 2019

6.10 0.34 0.60 6.10 11.69 14.14 44.57
Lipper Category Avg. (%) CA Muni Debt Funds

as of Dec 31, 2019

7.90 0.29 0.45 7.90 15.01 19.28 61.22
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. The performance information for periods prior to the inception date of the share class is based on the Fund’s Institutional Shares, adjusted to reflect the fees and expenses applicable to such share class. See the fund prospectus for more details.

The Fund’s returns prior to January 26, 2015 are the returns of the Fund when it followed different investment strategies under the name “BlackRock California Municipal Bond Fund.” 

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
21 of 24 U.S. bond funds, accounting for 98% 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 Jan 21, 2020 $0.2 M
Size of Fund (Millions) as of Jan 21, 2020 $4,101.5 M
Share Class launch date Oct 21, 1994
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 09252Y507
Number of Holdings as of Dec 31, 2019 331
Max Offer Price as of Jan 21, 2020 $12.95
Open to New Investors No
Turnover Percent as of Dec 31, 2019 126%

Portfolio Characteristics

Portfolio Characteristics

R-Squared (3y) as of Dec 31, 2019 50.27
Beta (3y) as of Dec 31, 2019 0.55
Average Coupon as of Dec 31, 2019 4.15%
Best 3-Month Return Over the Last 3 Years 3 months ending Apr 30, 2019 3.49%
Worst 3-Month Return Over the Last 3 Years 3 months ending Oct 31, 2018 -1.08%

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

4
Overall Morningstar Rating for California Municipal Opportunities Fund, Class C1, as of Dec 31, 2019 rated against 58 Muni California Intermediate Funds based on risk adjusted total return.

Holdings

Holdings

as of Dec 31, 2019
Name Weight (%)
ISHARES NATIONAL MUNI BOND ETF 3.57
LOS ANGELES CALIF DEPT ARPTS ARPT 5 05/15/2040 2.11
GOLDEN ST TOB SECURITIZATION C 5 06/01/2047 1.76
LOS ANGELES CALIF DEPT WTR & P 5 07/01/2041 1.47
CALIFORNIA ST 5 04/01/2021 1.33
Name Weight (%)
TOB 4 677765DW6 OHLHGR 144A 1.30
TOB 5 79768HFM5 SFOUTL 144A 1.29
TOB 5 91412HAZ6 UNVHGR 144A 1.29
CALIFORNIA HEALTH FACS FING AU 5 10/01/2039 1.23
TOB 5.25 79766DKH1 SFOAPT 144A 1.22

Exposure Breakdowns

Exposure Breakdowns

Type Fund Benchmark Net
Type Fund Benchmark Net
Type Fund Benchmark Net
Type Fund Benchmark Net
Type Fund Benchmark Net
Allocations subject to change.
Type Fund Benchmark Net
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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