BlackRock Strategic Municipal Opportunities Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, BlackRock Strategic Municipal Opportunities Fund held 548 positions with $3.35B in net assets. Its ten largest holdings made up 17.1% of the fund. Its share classes cost 0.67%–1.73% a year. Over the 12 months to May 2026, it returned 6.6%, with dividends reinvested. In 2026 Q3 it added 76 new positions and exited 32.
The investment objective of the BlackRock Strategic Municipal Opportunities Fund (the Fund) is to provide shareholders with a high level of income exempt from Federal income taxes.
The fund invests at least 80% of its assets in municipal bonds whose interest payments are exempt from Federal income tax, selecting across issuers, maturities, and credit qualities while maintaining an average portfolio duration of zero to ten years. The fund may also hold up to 20% in taxable securities and up to 50% in non-investment grade bonds, and may use leverage through tender option bond transactions and derivatives including futures, options, and swaps to hedge or enhance returns. Because the fund may invest substantially in high-yield and non-investment grade municipal bonds, credit risk is material to performance.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
United States Treasury | 7.44% | $249.62M | — |
MCSXXBlackRock Liquidity Funds | 1.59% | $53.49M | — |
Port Authority of New York & New Jersey 5.00% · due 2052-01-15 | 1.21% | $40.71M | — |
Energy Southeast A Cooperative District 5.75% floating · due 2054-04-01 | 1.20% | $40.39M | — |
Commonwealth of Puerto Rico 0.00% · due 2051-11-01 | 1.00% | $33.53M | — |
Southeast Energy Authority A Cooperative District 5.00% floating · due 2054-01-01 | 0.99% | $33.36M | — |
Black Belt Energy Gas District 5.25% floating · due 2054-01-01 | 0.98% | $32.95M | — |
Energy Southeast A Cooperative District 5.50% floating · due 2053-11-01 | 0.97% | $32.47M | — |
Omaha Public Power District 5.25% · due 2048-02-01 | 0.89% | $29.85M | — |
Kansas Development Finance Authority 5.00% · due 2050-09-01 | 0.83% | $27.71M | — |
The 200 largest of 548 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 101.31% |
| Cash & short-term | 3.79% |
| Stocks | 0.23% |
| Securitized | 0.20% |
Look-through blends 1 underlying fund; 0.0% of NAV was not looked through and stays direct-classified. The blend is as of 2025Q4, one or more quarters before the direct holdings (2026Q2).
How it has done
C000011339 share class · total returns with dividends reinvested
Volatility over the last 12 months: 4.38%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 and Aug 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
This fund changed legal form during the period shown. The history above is continuous — it spans both eras, and the change is not a gap in reporting.
Fees & fund details
BlackRock Strategic Municipal Opportunities Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Mixed credit
- Rate sensitivity
- Long duration
- Expense ratio, by class
- 0.67% – 1.73%
- Portfolio turnover
- 66.00% a year · as of 2025 Q3
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
76 new· the largest 6
32 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 87.4% |
| Floating rate | 9.5% |
| Zero-coupon or unclassified | 3.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 2.5% |
| 1-3y | 0.5% |
| 3-5y | 1.4% |
| 5-10y | 4.0% |
| 10y+ | 91.6% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 50% |
| Interest rates | 50% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +7.36 yr |
| High yield | +1.37 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.02 yr | 0% |
| 1 yr | 0.16 yr | 2% |
| 5 yr | 2.30 yr | 27% |
| 10 yr | 3.13 yr | 37% |
| 30 yr | 2.96 yr | 34% |
| 3 mo | 1.04 yr | 12% |
| 1 yr | 0.08 yr | 1% |
| 5 yr | 3.55 yr | 41% |
| 10 yr | 3.15 yr | 36% |
| 30 yr | 0.91 yr | 10% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.02 | +0.75 | +0.28 | $252.7k | $94.6k |
| 1 yr | +0.16 | +0.01 | +0.07 | $2.9k | $22.8k |
| 5 yr | +2.30 | +3.47 | +0.08 | $1.16m | $26.2k |
| 10 yr | +3.13 | +2.83 | +0.32 | $949.6k | $108.4k |
| 30 yr | +2.96 | +0.30 | +0.62 | $99.1k | $206.5k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
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