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
11.31 3.60 3.62 4.83
Benchmark (%) 7.62 5.57 4.32 5.51
Morningstar Category Avg. (%) 5.77 4.27 2.89 3.82
Morningstar Ranking 7/289 201/249 21/224 13/164
Morningstar Quartile 1 4 1 1
Lipper Category Avg. (%) 5.81 4.10 2.69 3.52
Lipper Ranking 14/287 227/251 74/220 68/163
Lipper Quartile 1 4 2 2
  YTD 1m 3m 1y 3y 5y 10y
2.46 1.46 2.46 11.31 11.21 19.47 60.33
Benchmark (%) 0.04 0.48 0.04 7.62 17.67 23.53 70.97
Morningstar Category Avg. (%) -0.20 0.53 -0.20 5.77 13.35 15.29 45.51
Lipper Category Avg. (%) -0.17 0.54 -0.17 5.81 12.81 14.23 41.65
  2016 2017 2018 2019 2020
Total Return (%) 0.79 8.05 1.26 6.66 0.57
Benchmark (%) 2.03 5.32 2.22 8.51 5.64
Morningstar Category Avg. (%) -0.20 4.61 0.78 6.91 4.51
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 22, 2021 $6,590.8 M
Size of Fund (Millions) as of Jun 22, 2021 $8,694.0 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 65% SP MUN INVGRD/30% SP MUNHY/5% BAR TX MUN AG
CUSIP 09253E609
Distribution Frequency Monthly
Number of Holdings as of May 28, 2021 1,216
Max Offer Price as of Jun 22, 2021 $11.97
Open to New Investors Yes
Turnover Percent in the Annual Report 68%

Portfolio Characteristics

Portfolio Characteristics

30 Day SEC Yield as of Apr 30, 2021 1.27%
Unsubsidized 30-Day SEC Yield as of Apr 30, 2021 1.22%
Yield to Maturity as of May 28, 2021 2.59%
Yield to Worst as of May 28, 2021 1.45%
Average Coupon as of May 28, 2021 3.87%
Effective Duration as of May 28, 2021 6.99 yrs
Weighted Average Life as of May 28, 2021 16.52 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending Jul 31, 2020 7.45%
Worst 3-Month Return Over the Last 3 Years 3 months ending Apr 30, 2020 -11.20%
Fund Standard Deviation (3y) as of May 31, 2021 6.84

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% of the fund’s gross weight must come from securities covered 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. For newly launched funds, sustainability characteristics are typically available 6 months after launch. MSCI Ratings are currently unavailable for this fund.

Business Involvement

Business Involvement

Business Involvement metrics can help investors gain a more comprehensive view of specific activities in which a fund may be exposed through its investments.


Business Involvement metrics are not indicative of a fund’s investment objective, and, unless otherwise stated in fund documentation and included within a fund’s investment objective, do not change a fund’s investment objective or constrain the fund’s investable universe, and there is no indication that an ESG or Impact focused investment strategy or exclusionary screens will be adopted by a fund. For more information regarding a fund's investment strategy, please see the fund's prospectus.


Review the MSCI methodology behind the Business Involvement metrics, using links below.

MSCI - Controversial Weapons as of May 28, 2021 0.00%
MSCI - UN Global Compact Violators as of May 28, 2021 0.00%
MSCI - Nuclear Weapons as of May 28, 2021 0.00%
MSCI - Thermal Coal as of May 28, 2021 0.00%
MSCI - Civilian Firearms as of May 28, 2021 0.00%
MSCI - Oil Sands as of May 28, 2021 0.00%
MSCI - Tobacco as of May 28, 2021 0.22%

Business Involvement Coverage as of May 28, 2021 1.04%
Percentage of Fund not covered as of May 28, 2021 98.96%
BlackRock business involvement exposures as shown above for Thermal Coal and Oil Sands are calculated and reported for companies that generate more than 5% of revenue from thermal coal or oil sands as defined by MSCI ESG Research. For the exposure to companies that generate any revenue from thermal coal or oil sands (at a 0% revenue threshold), as defined by MSCI ESG Research, it is as follows: Thermal Coal 0.00% and for Oil Sands 0.00%.

Business Involvement metrics are calculated by BlackRock using data from MSCI ESG Research which provides a profile of each company’s specific business involvement. BlackRock leverages this data to provide a summed up view across holdings and translates it to a fund's market value exposure to the listed Business Involvement areas above.


Business Involvement metrics are designed only to identify companies where MSCI has conducted research and identified as having involvement in the covered activity. As a result, it is possible there is additional involvement in these covered activities where MSCI does not have coverage. This information should not be used to produce comprehensive lists of companies without involvement. Business Involvement metrics are only displayed if at least 1% of the fund’s gross weight includes securities covered by MSCI ESG Research.

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 0.76%
Net Expense Ratio 0.71%

Net Expense Ratio excluding Investment Related Expenses is 0.54%

  • Acquired Fund Fees and Expenses 0.01%
  • Interest expense 0.16%

Ratings

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for Strategic Municipal Opportunities Fund, Class Inst, as of May 31, 2021 rated against 253 Muni National Interm Funds based on risk adjusted total return.

Holdings

Holdings

as of May 28, 2021
Name Weight (%)
DETROIT MICH SEW SNR 0.735 07/01/2032 1.15
PUERTO RICO SALES TAX FING CO (RST 4.75 07/01/2053 1.14
CALIFORNIA HSG FIN AGY MUN CTF 3.5 11/20/2035 0.81
PUERTO RICO COMWLTH 0 07/01/2035 0.81
NEW YORK ST URBAN DEV CORP REV 4 03/15/2043 0.80
Name Weight (%)
ARIZONA INDL DEV AUTH REV 3.625 05/20/2033 0.76
PUERTO RICO SALES TAX FING COR 4.329 07/01/2040 0.75
NEW YORK LIBERTY DEV CORP LIBE 5 11/15/2044 0.69
NEW YORK TRANSN DEV CORP SPL F 5 07/01/2046 0.66
MARYLAND ST 5 03/01/2033 0.66

Exposure Breakdowns

Exposure Breakdowns

as of May 28, 2021

% Notional Value

Type Fund
as of May 28, 2021

% Notional Value

Type Fund
as of May 28, 2021

% Notional Value

Type Fund
as of May 28, 2021

% Notional Value

Type Fund
as of May 28, 2021

% Notional Value

Type Fund
Allocations subject to change.
as of May 28, 2021

% Notional Value

Type Fund
as of May 28, 2021

% 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

 

 

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

 

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