Fixed Income

MDMTX

Strategic Municipal Opportunities Fund

  • NAV as of Apr 25, 2025 $10.15
    52 WK: 9.93 - 10.85
  • 1 Day NAV Change as of Apr 25, 2025 0.02 (0.20%)
  • NAV Total Return as of Apr 25, 2025 YTD: -2.27%

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

Performance

  1y 3y 5y 10y
Total Return (%) 1.91 0.91 1.87 2.08
BBG Muni 72% Investment Grade + 23% Muni High Yield + 5% Muni Taxable Custo 2.38 1.80 1.80 -
Morningstar Category Avg. (%) 1.45 1.05 1.09 1.98
Morningstar Ranking 45/167 104/165 17/156 48/114
Morningstar Quartile 1 3 1 2
Lipper Category Avg. (%) 1.79 1.68 1.39 1.74
Lipper Ranking 94/286 186/272 34/260 78/186
Lipper Quartile 2 3 1 2
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) -0.35 -1.67 -0.35 1.91 2.76 9.72 22.82
Morningstar Category Avg. (%) -0.64 -2.02 -0.64 1.45 3.19 5.57 21.62
Lipper Category Avg. (%) 0.13 -1.33 0.13 1.79 5.12 7.20 18.93
BBG Muni 72% Investment Grade + 23% Muni High Yield + 5% Muni Taxable Custo 0.18 -1.51 0.18 2.38 5.48 9.31 -
  2020 2021 2022 2023 2024
Total Return (%) 0.57 5.76 -11.59 5.10 3.20
Morningstar Category Avg. (%) 5.36 2.88 -11.88 6.97 2.34
BBG Muni 72% Investment Grade + 23% Muni High Yield + 5% Muni Taxable Custo 5.48 2.90 -10.08 7.17 2.27

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.” 
Click here for Distribution data

Key Facts

Key Facts

Size of Fund (Millions)
as of Apr 25, 2025
$3,586.0 M
Share Class launch date
Oct 21, 1994
Distribution Frequency
Monthly
Lipper Classification
Gen & Ins Muni Debt Fds
Max Offer Price
as of Apr 25, 2025
$10.25
Turnover Percent in the Annual Report
as of May 31, 2024
70%
Size of Class (Millions)
as of Apr 25, 2025
$13.3 M
Asset Class
Fixed Income
Morningstar Category
Muni National Interm
CUSIP
09253E203
Open to New Investors
No

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Mar 31, 2025
578
Alpha (3y)
as of Mar 31, 2025
0.00
R-Squared (3y)
as of Mar 31, 2025
0.00
Beta (3y)
as of Mar 31, 2025
0.00
Unsubsidized 30-Day SEC Yield
as of Mar 31, 2025
3.85%
Effective Duration
as of Mar 31, 2025
8.82 yrs
Best 3-Month Return Over the Last 3 Years
3 months ending Jan 31, 2024
9.11%
30 Day SEC Yield
as of Mar 31, 2025
3.90%
Yield to Maturity
as of Mar 31, 2025
5.14%
Fund Standard Deviation (3y)
as of Mar 31, 2025
0.00
Average Coupon
as of Mar 31, 2025
4.35%
Yield to Worst
as of Mar 31, 2025
4.85%
Nominal WAL
as of Mar 31, 2025
9.29 yrs
Worst 3-Month Return Over the Last 3 Years
3 months ending Oct 31, 2022
-7.38%

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.

Fees

Fees

as of current prospectus
Gross Expense Ratio 0.80%
Net Expense Ratio 0.75%

Net Expense Ratio excluding Investment Related Expenses is 0.67%

  • Acquired Fund Fees and Expenses 0.01%
  • Interest expense 0.07%

Ratings

Ratings

Holdings

Holdings

as of Mar 31, 2025
Name Weight (%)
PUERTO RICO COMWLTH 0 11/01/2051 1.90
ENERGY SOUTHEAST ALA COOP DIST 5.75 04/01/2054 1.61
CALIFORNIA INFRASTRUCTURE & EC 9.5 01/01/2065 1.57
TOB 5 73358XHF2 PORTRN 144A 1.10
SOUTHEAST ENERGY AUTH COOP DIS 5 01/01/2054 1.04
Name Weight (%)
BROWARD CNTY FLA CONVENTION CT 5 01/01/2047 0.95
ENERGY SOUTHEAST ALA COOP DIST 5.5 11/01/2053 0.91
BLACK BELT ENERGY GAS DIST ALA 5.25 01/01/2054 0.90
TOB 5.25 682001JU7 OMAPWR 144A 0.80
TOB 5 48542RU93 KSSDEV 144A 0.74
Name Market Value Weight (%) Shares Maturity Coupon (%)
Detailed Holdings and Analytics
References to holdings in “Restructured Puerto Rico Electric” reflects a contingent forward gross commitment on restructured Puerto Rico Electric Power Authority (“PREPA”) bonds. The future purchase of the restructured PREPA bonds is contingent on the PREPA bankruptcy plan being confirmed.

Holdings are subject to change. Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. The Fund is actively managed and its details, holdings and characteristics will vary. Holdings shown should not be deemed as a recommendation to buy or sell securities. The user relies on this data at its own risk and neither BlackRock nor any other party makes any representations or express or implied warranties (which are expressly disclaimed) nor shall they incur any liability for any errors or omissions in the data.

Exposure Breakdowns

Exposure Breakdowns

as of Mar 31, 2025

% Notional Value

Type Fund
as of Mar 31, 2025

% Notional Value

Type Fund
as of Mar 31, 2025

% Notional Value

Type Fund
as of Mar 31, 2025

% 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

Sean Carney
Sean Carney
CIO of Municipal Bond Funds and Head of Municipal Strategy

   

Read More

Sean Carney, Managing Director, is Chief Investment Officer (CIO) of Municipal Bond Funds and Head of the Municipal Strategy team within BlackRock's Municipal Fixed Income business in BlackRock's Portfolio Management Group (PMG). He is also a member of the firm's Investment Strategy Team, a five-member committee tasked with setting the strategic direction of BlackRock's taxable and tax-exempt product suite and a member of the Municipal Bond Operating Committee responsible for setting the overall direction of the Municipal Bond Business. Mr. Carney has 20 plus years' of experience in the industry, having joined BlackRock in 2007 as a municipal bond trader on the Private Investor (SMA) platform and previously working as a municipal bond broker at Chapdelaine & Co. in New York City. During his tenure at Blackrock he was instrumental in building out the Municipal Strategy platform as well as the Primary Markets Group. In his current role as CIO of Municipal Bond Funds and Head of Municipal Strategist, Mr. Carney monitors market developments on a daily basis and offers analysis and interpretation of technical and fundamental developments for BlackRock's broader municipal bond organization. He is a frequent commentator on the market and is a lead author of the firm's monthly municipal market review and outlook. In seven out of the past eight years Mr. Carney received recognition as the industry’s top buy-side Municipal Strategist by Smith's Research and Grading covering over 80 buy-side and sell-side firms polling more than 1,000 institutional investors. Mr. Carney holds a bachelor's degree from Moravian University and served six years as an infantryman in the U.S. Army National Guard.

Kevin Maloney, CFA
Kevin Maloney, CFA
Managing Director, Co-Head and Portfolio Manager, Municipal Mutual Funds

  

Read More

Kevin Maloney, CFA, Managing Director and Co-Head of the Municipal Funds team, is a Portfolio Manager within the Municipal Fixed Income business in BlackRock's Portfolio Management Group. He is also a member of the Municipal Management Committee, which oversees all municipal bond portfolio management, research, and trading activities.

 

Mr. Maloney began his career at BlackRock in 2011 as a research analyst on the Municipal Credit Research Team.

 

He graduated from Drexel University in 2011 with a BS degree in Finance.

Ryan McDonald, CFA
Ryan McDonald, CFA
Managing Director, Portfolio Manager, Municipal Mutual Funds

    

Read More

Ryan McDonald, CFA, Managing Director, is Head of the Municipal High Yield Franchise and a Portfolio Manager in BlackRock’s Portfolio Management Group. He is also a member of the Municipal Management Committee, which oversees all municipal bond portfolio management, research and trading activities. Prior to becoming a Portfolio Manager, Mr. McDonald was a high yield credit research analyst with a particular focus on distressed securities and special situations in the municipal market.

 

Prior to joining BlackRock in 2014, Mr. McDonald was a vice president at Moelis & Co. where his responsibilities included the analysis of distressed municipal bonds and derivative products. His work also encompassed the analysis of monoline insurers and their various municipal/structured finance exposures. Prior to Moelis, Mr. McDonald was a financial analyst at MAEVA Group, LLC where he was responsible for analyzing state and local pension plans and making restructuring recommendations. Prior to MAEVA, Mr. McDonald spent 8 years at JPMorgan where he worked in both the Public Finance and Structured Credit areas.

 

Mr. McDonald graduated summa cum laude from the University of Notre Dame in 2004.

Michael Kalinoski, CFA 
Michael Kalinoski, CFA 
Director, Portfolio Manager, Municipal Mutual Funds
Read More

Michael Kalinoski, CFA , Director, is a portfolio manager on the Municipal Mutual Fund Desk within BlackRock's Municipal Fixed Income business in BlackRock's Portfolio Management Group.

 

Mr. Kalinoski's service with the firm dates back to 1999, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. At MLIM, he was a member of the tax-exempt fixed income team responsible for managing a number of national and state funds. Prior to joining MLIM in 1999, Mr. Kalinoski was a municipal trader with Strong Capital Management.

 

Mr. Kalinoski earned a BS degree in accounting from Marquette University in 1992.

Phillip Soccio, CFA
Phillip Soccio, CFA
Director, Portfolio Manager, Municipal Mutual Funds

  

Read More

Phillip Soccio, CFA, Director, is a Portfolio Manager for the Municipal Fixed Income business in BlackRock's Portfolio Management Group. Prior to assuming his current role in 2007, Mr. Soccio was a member of BlackRock's Cash Management Group, where he was responsible for managing various tax-exempt money market funds. From 1998 to 2000, he was a member of BlackRock's Account Management Group responsible for institutional client service and marketing support. Mr. Soccio began his career at BlackRock in 1998.

Mr. Soccio earned a BS degree in finance from Wilmington University.

Portfolio Manager
Read the Team's Commentary

Literature

Literature

 

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