BlackRock Strategic Muni Opps Instl (MAMTX)

Under normal circumstances, the fund will invest at least 80% of its assets in municipal bonds. Municipal bonds may be obligations of a variety of issuers including governmental entities or other qualifying issuers, the payments from which, in the opinion of bond counsel to the issuer, are excludable from gross income for Federal income tax purposes. It may invest up to 50% of its net assets in non-investment grade bonds.