New York Municipal Opportunities Fund | MFNKX

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NAV as of Apr 04, 2025 $10.56
52 WK: 10.36 - 10.89
1 Day NAV Change as of Apr 04, 2025 0.06 (0.57%)
NAV Total Return as of Apr 04, 2025 YTD: 0.79%
NEGATIVE

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

Invests in New York municipal bonds through a flexible investment approach seeking to manage interest rate risk and credit risk while provide a compelling combination of attractive tax-advantaged income, returns and meaningful downside protection.

For more information read our monthly commentary

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Performance

Returns

	1y	3y	5y	10y
Total Return (%)	0.25	0.86	1.35	1.66
Return w/ Sales Charge (%)	-0.73	0.86	1.35	1.66
Benchmark (%)	1.22	1.53	1.07	2.13
BBG Muni 85% IG New York + 10% HY NY + 5% Taxable NY Custom	1.57	1.65	1.37	-
Morningstar Category Avg. (%)	0.77	0.95	0.91	1.86
Morningstar Ranking	63/79	48/79	14/75	45/61
Morningstar Quartile	4	3	1	4
Lipper Category Avg. (%)	0.88	0.98	0.94	1.81
Lipper Ranking	77/94	58/94	18/90	55/75
Lipper Quartile	4	3	1	3

	YTD	1m	3m	1y	3y	5y	10y
Total Return (%)	-0.69	-1.85	-0.69	0.25	2.62	6.92	17.85
Return w/ Sales Charge (%)	-1.68	-2.83	-1.68	-0.73	2.62	6.92	17.85
Benchmark (%)	-0.22	-1.69	-0.22	1.22	4.65	5.48	23.41
Morningstar Category Avg. (%)	-1.01	-2.19	-1.01	0.77	2.87	4.63	20.22
Lipper Category Avg. (%)	-0.95	-2.10	-0.95	0.88	2.98	4.80	19.85
BBG Muni 85% IG New York + 10% HY NY + 5% Taxable NY Custom	-0.29	-1.73	-0.29	1.57	5.05	7.02	-

Performance data is not currently available

	2020	2021	2022	2023	2024
Total Return (%)	-0.78	4.47	-9.28	5.86	1.24
Annual w/ Sales Charge (%)	-1.76	3.47	-10.17	4.86	0.25
Benchmark (%)	4.35	1.52	-8.53	6.40	1.05
Morningstar Category Avg. (%)	4.55	3.06	-12.05	7.45	1.72
BBG Muni 85% IG New York + 10% HY NY + 5% Taxable NY Custom	4.97	2.40	-9.74	7.56	1.39

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 February 18, 2015 are the returns of the Fund when it followed different investment strategies under the name “BlackRock New York Municipal Bond Fund.”

Click here for Distribution data

Key Facts

Size of Fund (Millions)

as of Apr 04, 2025

$1,153.7 M

Share Class launch date

Oct 02, 2006

Benchmark Index

BBG Municipal Bond Index Unadjusted (Risk Basis: MUNI) (USD)

Morningstar Category

Muni New York Intermediate

CUSIP

09253A789

Open to New Investors

Yes

Size of Class (Millions)

as of Apr 04, 2025

$27.1 M

Asset Class

Fixed Income

Distribution Frequency

Monthly

Lipper Classification

NY Muni Debt Funds

Max Offer Price

as of Apr 04, 2025

$10.56

Turnover Percent in the Annual Report

as of Jun 30, 2024

31.00%

Portfolio Characteristics

Number of Holdings

as of Feb 28, 2025

336

Alpha (3y)

as of Mar 31, 2025

-0.05

R-Squared (3y)

as of Mar 31, 2025

95.99

Beta (3y)

as of Mar 31, 2025

0.95

Unsubsidized 30-Day SEC Yield

as of Feb 28, 2025

2.40%

Effective Duration

as of Feb 28, 2025

7.90 yrs

Best 3-Month Return Over the Last 3 Years

3 months ending Jan 31, 2024

8.86%

30 Day SEC Yield

as of Feb 28, 2025

2.48%

Yield to Maturity

as of Feb 28, 2025

4.68%

Fund Standard Deviation (3y)

as of Mar 31, 2025

7.13

Average Coupon

as of Feb 28, 2025

4.61%

Yield to Worst

as of Feb 28, 2025

4.17%

Nominal WAL

as of Feb 28, 2025

9.05 yrs

Worst 3-Month Return Over the Last 3 Years

3 months ending Oct 31, 2022

-6.05%

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

as of current prospectus

Gross Expense Ratio	1.80%
Net Expense Ratio	1.72%

Net Expense Ratio excluding Investment Related Expenses is 1.50%

Acquired Fund Fees and Expenses 0.01%
Interest expense 0.21%

Ratings

Holdings

as of Feb 28, 2025

Name	Weight (%)
NEW YORK TRANSN DEV CORP SPL F 6 06/30/2054	1.78
UTILITY DEBT SECURITIZATION AU 5 12/15/2040	1.60
CALIFORNIA INFRASTRUCTURE & EC 9.5 01/01/2065	1.56
TOB 5 44420RBC3 HUYGEN 144A	1.53
TRIBOROUGH BRDG & TUNL AUTH N 5.25 05/15/2052	1.42

Name	Weight (%)
NEW YORK ST DORM AUTH REVS NON 5.5 07/01/2054	1.42
NEW YORK ST DORM AUTH SALES TA 5 03/15/2049	1.38
NEW YORK TRANSN DEV CORP SPL F 5.5 06/30/2054	1.35
NEW YORK N Y CITY TRANSITIONAL 5 05/01/2040	1.34
NEW YORK ST DORM AUTH REVS NON 4.802 12/01/2034	1.31

Name	Market Value	Weight (%)	Shares	Maturity	Coupon (%)
BLACKROCK LIQ MUNICASH CL INS MMF	$46,114,154.09	3.89	46,109,543.00	-	4.35
NEW YORK TRANSN DEV CORP SPL F	$21,126,929.42	1.78	19,465,000.00	Jun 30, 2054	6.00
CALIFORNIA INFRASTRUCTURE & EC	$18,455,318.75	1.56	18,205,000.00	Jan 01, 2035	9.50
TRIBOROUGH BRDG & TUNL AUTH N	$16,817,632.98	1.42	15,465,000.00	May 15, 2052	5.25
NEW YORK ST DORM AUTH REVS NON	$16,805,087.90	1.42	15,000,000.00	Jul 01, 2054	5.50
NEW YORK TRANSN DEV CORP SPL F	$15,976,111.67	1.35	15,000,000.00	Jun 30, 2054	5.50
NEW YORK N Y CITY TRANSITIONAL	$15,931,616.55	1.34	15,000,000.00	May 01, 2040	5.00
UTILITY DEBT SECURITIZATION AU	$15,528,565.48	1.31	14,695,000.00	Dec 15, 2040	5.00
NEW YORK ST DORM AUTH REVS NON	$15,513,849.24	1.31	15,220,000.00	Dec 01, 2034	4.80
NEW YORK N Y CITY MUN WTR FIN	$15,006,678.08	1.27	15,000,000.00	Jun 15, 2049	1.60

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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

as of Feb 28, 2025

% Notional Value

Type	Fund	Benchmark	Net
Transportation	24.68	16.89	7.79
Utility	15.05	11.21	3.84
State Tax-Backed - Dedicated Tax	13.39	15.08	-1.69
Local Tax-Backed - Dedicated Tax	12.60	20.27	-7.67
Education	10.59	4.46	6.13
Local Tax-Backed - General Obligation	6.90	9.89	-2.99
Housing	5.84	4.33	1.51
Cash	3.54	0.14	3.40
Corporate Muni	3.11	2.98	0.13
Tobacco	2.97	2.40	0.57

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as of Feb 28, 2025

% Notional Value

Type	Fund	Benchmark	Net
New York	88.60	94.63	-6.03
Puerto Rico	5.75	0.00	5.75
New York/New Jersey	3.50	5.23	-1.73
California	2.52	0.00	2.52
Florida	0.63	0.00	0.63
Alabama	0.22	0.00	0.22
Nevada	0.01	0.00	0.01
Net Derivatives	-4.77	0.00	-4.77
Cash	3.54	0.14	3.40

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as of Feb 28, 2025

% Notional Value

Type	Fund	Benchmark	Net
Net Derivatives	-4.77	0.00	-4.77
0 - 3 Years	6.10	7.49	-1.39
3 - 6 Years	9.61	10.85	-1.24
6 - 8 Years	1.58	7.90	-6.32
8 - 10 Years	5.88	7.62	-1.74
10 - 12 Years	3.57	7.96	-4.39
12 - 15 Years	6.81	9.68	-2.87
15 - 20 Years	24.45	16.77	7.69
20 - 25 Years	25.09	15.01	10.09
25+ Years	18.14	16.60	1.54

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as of Feb 28, 2025

% Notional Value

Type	Fund	Benchmark	Net
Net Derivatives	-4.77	0.00	-4.77
AAA Rated	11.31	18.61	-7.30
AA rated	48.42	54.92	-6.50
A Rated	20.37	11.33	9.04
BBB Rated	9.05	5.13	3.92
BB Rated	0.79	1.61	-0.81
B Rated	0.72	1.79	-1.08
CCC Rated	0.00	0.61	-0.61
CC Rated	0.00	0.17	-0.17
Not Rated	10.57	5.69	4.88

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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.