BlackRock Strategic Municipal Opportunities Fund
BlackRock Municipal Series Trust
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2025 Q3
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.
| Share class | Gross | Net |
|---|---|---|
| C000011339 | 0.87% | 0.82% |
| C000011342 | 0.81% | 0.76% |
| C000038983 | 1.01% | 0.96% |
| C000038984 | 1.79% | 1.73% |
| C000199785 | 0.72% | 0.67% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 66.00% · as of 2025 Q3
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| 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).
Latest quarter
What changed since the fund's previous filing
Largest new: United States Treasury, New York State Dormitory Authority, State of Louisiana, City of Boston MA, Black Belt Energy Gas District, Triborough Bridge & Tunnel Authority, Southern California Public Power Authority, Idaho Housing & Finance Association
Largest exited: United States Treasury, State of Washington ×2, Salt River Project Agricultural Improvement & Power District, South Carolina Jobs-Economic Development Authority, City of New York NY, City of Los Angeles Department of Airports, Indiana Finance Authority
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
May 2026 has been filed since the trailing figures were struck, so it is 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.
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | United States Treasury | 7.44% | $249.62M | — |
| MCSXX | BlackRock Liquidity FundsMCSXX | 1.59% | $53.49M | — |
| — | Port Authority of New York & New Jersey5.00% · due 2052-01-15 | 1.21% | $40.71M | — |
| — | Energy Southeast A Cooperative District5.75% floating · due 2054-04-01 | 1.20% | $40.39M | — |
| — | Commonwealth of Puerto Rico0.00% · due 2051-11-01 | 1.00% | $33.53M | — |
| — | Southeast Energy Authority A Cooperative District5.00% floating · due 2054-01-01 | 0.99% | $33.36M | — |
| — | Black Belt Energy Gas District5.25% floating · due 2054-01-01 | 0.98% | $32.95M | — |
| — | Energy Southeast A Cooperative District5.50% floating · due 2053-11-01 | 0.97% | $32.47M | — |
| — | Omaha Public Power District5.25% · due 2048-02-01 | 0.89% | $29.85M | — |
| — | Kansas Development Finance Authority5.00% · due 2050-09-01 | 0.83% | $27.71M | — |
Top 10 positions are 17.12% of net assets, top 25 26.94%, across 288 issuers.
See more of this fund's book
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