Strategic Municipal Opportunities Fund | MFMTX

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NAV as of Mar 23, 2023 $10.39
52 WK: 9.87 - 11.19
1 Day NAV Change as of Mar 23, 2023 -0.01 (-0.10%)
NAV Total Return as of Mar 23, 2023 YTD: 0.82%

Overview

About this Fund

1. Flexible municipal bond approach
2. Adapts to changing bond markets
3. Seeks tax-advantaged income through different rate environments

Investment Approach

The BlackRock Strategic Municipal Opportunities Fund is an adaptable municipal strategy seeking to provide attractive tax-advantaged income and returns through diverse environments.

For more information read our monthly commentary

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Performance

Growth of Hypothetical $10,000

Performance chart data not available for display.

Growth of Hypothetical $10,000
Historical NAVs

Strategic Municipal Opportunities Fund ($)

Cum. Fund Perf. Since Inception: 261.10

Source: Lipper. Data reflects different methodology from the BlackRock calculated returns in the Returns tab. The $10,000 Hypothetical Over Time chart reflects a hypothetical $10,000 investment in the investor class of shares noted and does not assume the max sales charge. Had sales charge been included, returns would have been lower. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

Historical NAVs

Distributions

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Ex-Date	Payable Date	Record Date	Total Distribution	Income	ST Cap Gains	LT Cap Gains	Return of Capital

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Table

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Year	Total Distribution	Income	ST Cap Gains	LT Cap Gains

Past distributions are not indicative of future distributions.
Click here, for the most recent distributions.

Returns

	1y	3y	5y	10y
Total Return (%)	-12.31	-2.89	-0.62	1.18
Return w/ Sales Charge (%)	-13.17	-2.89	-0.62	1.18
Benchmark (%)	-8.53	-0.77	1.25	2.13
Morningstar Category Avg. (%)	-8.23	-0.84	0.96	1.60
Morningstar Ranking	295/304	280/281	246/248	154/184
Morningstar Quartile	4	4	4	4
Lipper Category Avg. (%)	-7.63	-0.69	0.96	1.48
Lipper Ranking	227/295	268/284	236/246	148/175
Lipper Quartile	4	4	4	4

Performance data is not currently available

	YTD	1m	3m	1y	3y	5y	10y
Total Return (%)	-12.31	0.54	3.45	-12.31	-8.43	-3.08	12.49
Return w/ Sales Charge (%)	-13.17	-0.47	2.45	-13.17	-8.43	-3.08	12.49
Benchmark (%)	-8.53	0.29	4.10	-8.53	-2.30	6.41	23.48
Morningstar Category Avg. (%)	-8.23	0.14	3.40	-8.23	-2.51	4.88	17.17
Lipper Category Avg. (%)	-7.63	0.18	3.26	-7.63	-2.05	4.90	15.99

Performance data is not currently available

	2018	2019	2020	2021	2022
Total Return (%)	0.28	5.54	-0.35	4.80	-12.31
Benchmark (%)	2.22	8.51	5.64	1.52	-8.53
Morningstar Category Avg. (%)	0.78	6.91	4.51	1.67	-8.23

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

Size of Class (Millions) as of Mar 23, 2023 $83.5 M

Size of Fund (Millions) as of Mar 23, 2023 $5,261.7 M

Share Class launch date Oct 02, 2006

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) (USD)

CUSIP 09253E401

Distribution Frequency Monthly

Number of Holdings as of Feb 28, 2023 932

Max Offer Price as of Mar 23, 2023 $10.39

Open to New Investors Yes

Turnover Percent in the Annual Report 106%

Portfolio Characteristics

30 Day SEC Yield as of Feb 28, 2023 2.06%

Unsubsidized 30-Day SEC Yield as of Feb 28, 2023 2.00%

Yield to Maturity as of Feb 28, 2023 4.85%

Yield to Worst as of Feb 28, 2023 4.74%

Average Coupon as of Feb 28, 2023 3.68%

Effective Duration as of Feb 28, 2023 6.11 yrs

Weighted Average Life as of Feb 28, 2023 14.42 yrs

Best 3-Month Return Over the Last 3 Years 3 months ending Jan 31, 2023 7.63%

Worst 3-Month Return Over the Last 3 Years 3 months ending May 31, 2020 -8.58%

Fund Standard Deviation (3y) as of Feb 28, 2023 9.03

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

To be included in MSCI ESG Fund Ratings, 65% 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. For newly launched funds, Sustainability Characteristics are typically available 6 months after launch. MSCI Ratings are currently unavailable for this fund.

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

as of current prospectus

Gross Expense Ratio	1.66%
Net Expense Ratio	1.61%

Net Expense Ratio excluding Investment Related Expenses is 1.52%

Acquired Fund Fees and Expenses 0.01%
Interest expense 0.08%

Ratings

Holdings

Top

as of Feb 28, 2023

Name	Weight (%)
NEW YORK TRANSN DEV CORP SPL F 5 07/01/2046	1.16
PUERTO RICO SALES TAX FING CO (RST 4.75 07/01/2053	1.07
NEW YORK N Y CITY MUN WTR FIN 5.25 06/15/2052	1.02
PUERTO RICO SALES TAX FING COR 4.329 07/01/2040	0.99
CALIFORNIA POLLUTION CTL FING 5 11/21/2045	0.95

Name	Weight (%)
ARIZONA INDL DEV AUTH REV 3.625 05/20/2033	0.92
PUERTO RICO COMWLTH AQUEDUCT & 3.75 07/01/2027	0.74
PUERTO RICO COMWLTH 0 11/01/2051	0.64
Grand Canyon University 5.125 10/01/2028	0.63
MARICOPA CNTY ARIZ POLLUTION C 2.4 06/01/2035	0.58

Exposure Breakdowns

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Allocations subject to change.

as of Feb 28, 2023

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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.