Fixed Income

MAMTX

Strategic Municipal Opportunities Fund

Overview

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Performance

Performance

Growth of Hypothetical $10,000

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Distributions

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  1y 3y 5y 10y
-2.97 1.23 0.72 2.15
Benchmark (%) 0.26 0.35 2.03 2.38
Morningstar Category Avg. (%) -0.31 0.40 1.62 1.79
Morningstar Ranking 283/299 25/273 213/236 36/185
Morningstar Quartile 4 1 4 1
Lipper Category Avg. (%) -0.10 0.59 1.63 1.69
Lipper Ranking 213/294 24/280 214/248 75/177
Lipper Quartile 3 1 4 2
BBG Muni 72% Investment Grade + 23% Muni High Yield + 5% Muni Taxable Custo -1.16 0.80 2.28 -
  YTD 1m 3m 1y 3y 5y 10y
1.99 1.03 1.99 -2.97 3.74 3.65 23.75
Benchmark (%) 2.78 2.22 2.78 0.26 1.05 10.59 26.55
Morningstar Category Avg. (%) 2.34 1.80 2.34 -0.31 1.21 8.36 19.42
Lipper Category Avg. (%) 2.25 1.71 2.25 -0.10 1.81 8.47 18.31
BBG Muni 72% Investment Grade + 23% Muni High Yield + 5% Muni Taxable Custo 2.89 2.08 2.89 -1.16 2.42 11.91 -
  2018 2019 2020 2021 2022
Total Return (%) 1.26 6.66 0.57 5.83 -11.53
Benchmark (%) 2.22 8.51 5.64 1.52 -8.53
Morningstar Category Avg. (%) 0.78 6.91 4.51 1.67 -8.23

Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation.

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 27, 2014 are the returns of the Fund when it followed different investment strategies under the name “BlackRock Intermediate Municipal Fund.” 

Key Facts

Key Facts

Size of Class (Millions) as of Jun 06, 2023 $3,995.1 M
Size of Fund (Millions) as of Jun 06, 2023 $5,126.4 M
Share Class launch date Oct 31, 1988
Asset Class Fixed Income
Morningstar Category Muni National Interm
Lipper Classification Gen & Ins Muni Debt Fds
Benchmark Index BBG Municipal Bond Index Unadjusted (Risk Basis: MUNI)
CUSIP 09253E609
Distribution Frequency Monthly
Number of Holdings as of Apr 28, 2023 919
Max Offer Price as of Jun 06, 2023 $10.42
Open to New Investors Yes
Turnover Percent in the Annual Report 106%

Portfolio Characteristics

Portfolio Characteristics

30 Day SEC Yield as of Apr 30, 2023 2.97%
Unsubsidized 30-Day SEC Yield as of Apr 30, 2023 2.91%
Yield to Maturity as of Apr 28, 2023 4.73%
Yield to Worst as of Apr 28, 2023 4.57%
Average Coupon as of Apr 28, 2023 3.78%
Effective Duration as of Apr 28, 2023 6.62 yrs
Weighted Average Life as of Apr 28, 2023 14.60 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending Jan 31, 2023 7.90%
Worst 3-Month Return Over the Last 3 Years 3 months ending Oct 31, 2022 -7.36%
Fund Standard Deviation (3y) as of May 31, 2023 6.72

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.

Sustainability Characteristics

Sustainability Characteristics

To be included in MSCI ESG Fund Ratings, 65% (or 50% for bond funds and money market funds) of the fund’s gross weight must come from securities with ESG coverage by MSCI ESG Research (certain cash positions and other asset types deemed not relevant for ESG analysis by MSCI are removed prior to calculating a fund’s gross weight; the absolute values of short positions are included but treated as uncovered), the fund’s holdings date must be less than one year old, and the fund must have at least ten securities. MSCI Ratings are currently unavailable for this fund.

ESG Integration

ESG Integration

ESG integration is the practice of incorporating material environmental, social and governance (ESG) information or insights alongside traditional measures into the investment decision process to improve long term financial outcomes of portfolios. Unless otherwise stated in Fund documentation or included within the Fund’s investment objective, inclusion of this statement does not imply that the Fund has an ESG-aligned investment objective, but rather describes how ESG information is considered as part of the overall investment process.


Where applicable, the Fund manager includes ESG considerations in combination with other information in the research and due diligence stage of the investment process. ESG information may be sourced from both internal and external sources and included in the Aladdin risk system. The Fund manager conducts regular portfolio risk reviews with the Risk and Quantitative Analysis group. These reviews include discussion of the portfolio’s exposure to material ESG risks, as well as exposure to sustainability-related business involvements, climate-related metrics, and other factors.

Fees

Fees

as of current prospectus
Gross Expense Ratio 0.68%
Net Expense Ratio 0.63%

Net Expense Ratio excluding Investment Related Expenses is 0.54%

  • Acquired Fund Fees and Expenses 0.01%
  • Interest expense 0.08%

Ratings

Ratings

Holdings

Holdings

as of Apr 28, 2023
Name Weight (%)
NEW YORK N Y CITY MUN WTR FIN 5.25 06/15/2052 1.04
PUERTO RICO SALES TAX FING COR 4.329 07/01/2040 1.03
CALIFORNIA POLLUTION CTL FING 5 11/21/2045 0.97
PUERTO RICO SALES TAX FING CO (RST 4.75 07/01/2053 0.81
PUERTO RICO COMWLTH AQUEDUCT & 3.75 07/01/2027 0.81
Name Weight (%)
PUERTO RICO COMWLTH 0 11/01/2051 0.73
Grand Canyon University 5.125 10/01/2028 0.62
PUERTO RICO SALES TAX FING COR 4.784 07/01/2058 0.61
MARICOPA CNTY ARIZ POLLUTION C 2.4 06/01/2035 0.60
BLACK BELT ENERGY GAS DIST ALA 5.25 02/01/2053 0.54

Exposure Breakdowns

Exposure Breakdowns

as of Apr 28, 2023

% Notional Value

Type Fund
as of Apr 28, 2023

% Notional Value

Type Fund
as of Apr 28, 2023

% Notional Value

Type Fund
as of Apr 28, 2023

% Notional Value

Type Fund
as of Apr 28, 2023

% Notional Value

Type Fund
Allocations subject to change.
as of Apr 28, 2023

% Notional Value

Type Fund
as of Apr 28, 2023

% Notional Value

Type Fund
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

 

 

Ryan McDonald, CFA
Municipal Credit Research

    

Michael Kalinoski, CFA
Portfolio Manager, Municipal Mutual Fund

   

Kevin Maloney
Kevin Maloney
Phillip Soccio
Phillip Soccio
Portfolio Manager

Literature

Literature

 

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