Fund Evaluator:
BlackRock NY Municipal Opps Inv A1 (MDNKX)
Follow This Fund
Best Performing in Muni New York Long Over the Last Year
| 5.5% | Vanguard NY Long-Term Tax-Exempt Adm (VNYUX) |
| 5.5% | Vanguard NY Long-Term Tax-Exempt Inv (VNYTX) |
| 5.4% | T. Rowe Price New York Municipal Bond (PRNYX) |
| 5.3% | Victory NY Bond (USNYX) |
| 4.6% | Fidelity Advisor NY Municipal Inc Z (FIJAX) |
Fund Details
BlackRock NY Municipal Opps Inv A1 Overview
BlackRock NY Municipal Opps Inv A1 (MDNKX) is an actively managed Municipal Bond Muni New York Long fund. BlackRock launched the fund in 1994.
The investment seeks to provide shareholders with income exempt from Federal income tax and New York State and New York City personal income taxes. Under normal circumstances, the fund will invest at least 80% of its assets in investment grade New York municipal bonds. Municipal bonds also include short-term tax-exempt obligations, like municipal notes, variable rate demand obligations, private activity bonds and insured municipal bonds. The fund seeks to maintain an average portfolio duration of zero to ten years.
About BlackRock NY Municipal Opps Inv A1 (MDNKX)
There are 5 members of the management team with an average tenure of 5.07 years: Christian Romaglino (2023), Sean Carney (2023), Kevin Maloney (2022), Ryan McDonald (2023), Michael Kalinoski (2015). Management tenure is more important for actively managed funds than passive index funds.
The fund has 4 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100%, Bloomberg Muni NY Taxable Bonds TR USD index with a weighting of 5%, Bloomberg Muni New York HY nonIG TR USD index with a weighting of 10% and Bloomberg Municipal New York Exempt TR index with a weighting of 85%. BlackRock NY Municipal Opps Inv A1 has 292 securities in its portfolio. The top 10 holdings constitute 18.4% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
BlackRock NY Municipal Opps Inv A1 is part of the Fixed Income global asset class and is within the Municipal Bond fund group. BlackRock NY Municipal Opps Inv A1 has 3.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 96.6% (93.0% domestic bond, 3.6% foreign bond and 0.0% convertible bond). BlackRock NY Municipal Opps Inv A1 has 3.3% of the portfolio in cash.
Assets Under Management
The fund has $46 million in total assets, which is below the $284 million average for the Muni New York Long category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
MDNKX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The BlackRock NY Municipal Opps Inv A1 expense ratio is high compared to funds in the Muni New York Long category. BlackRock NY Municipal Opps Inv A1 has an expense ratio of 0.80%, which is 6% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. BlackRock NY Municipal Opps Inv A1 has a portfolio turnover rate of 26%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 27% for the Muni New York Long category.
Recently, in the month of August 2026, BlackRock NY Municipal Opps Inv A1 returned -0.6%, which earned it a grade of F, as the Muni New York Long category had an average return of -0.5%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
BlackRock NY Municipal Opps Inv A1 has a trailing yield of 3.76%, which is above the 3.67% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
BlackRock NY Municipal Opps Inv A1 Grades
Year to date, the fund has returned 1.0%, 0.6 percentage points better than the category, which translates into a grade of A. The fund has returned 5.3% over the past year (grade of D), 3.7% over the past three years (grade of B) and 0.9% per year over the past five years (grade of A) and 1.9% per year over the past 10 years (grade of A).
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MDNKX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| MDNKX Return (NAV) | -0.6% | -1.2% | 5.3% | 3.7% | 0.9% | 1.9% |
| MDNKX Grade | F | A | D | B | A | A |
| +/- Category | -0.1% | 0.4% | -0.0% | 0.4% | 1.0% | 0.3% |
| Muni New York Long Avg | -0.5% | -1.5% | 5.3% | 3.3% | -0.1% | 1.6% |
| MDNKX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
MDNKX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MDNKX Return (NAV) | 1.0% | 2.6% | 2.3% | 6.8% | -8.5% | 5.4% | 0.2% | 6.9% | 1.0% | 6.8% | 1.1% |
| MDNKX Grade | A | C | B | F | A | A | F | D | B | A | A |
| +/- Category | 0.6% | 0.1% | 0.3% | -0.7% | 3.4% | 2.1% | -3.9% | -0.9% | -0.4% | 2.1% | 0.4% |
| Muni New York Long Avg | 0.4% | 2.4% | 2.0% | 7.5% | -11.9% | 3.3% | 4.1% | 7.8% | 1.4% | 4.7% | 0.7% |
| Risk Measures | |
| Standard Deviation: | 6.1% |
| Total Risk Index: | 0.50 - Below Average |
| Category Risk Index: | 0.89 - Low |
| Category Risk Grade: | A (7% Rank) |
| Beta: | 1.06 |
| R-Squared: | 96% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Extensive Sensitivity |
| Yield: | 3.8% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1077 Mil |
| Fund Total Assets: | $ 47 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 26% |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 11.5 years | |||
| Average Tenure: 5.1 years | |||
| Managers (Year): Kalinoski Michael (2015), Maloney Kevin (2022), McDonald Ryan (2023), Romaglino Christian (2023), Carney Sean (2023) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 292 |
| % in Top 10 Holdings: | 18.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 3.6% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 93.0% |
| Foreign Bond: | 3.6% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 3.3% |
Purchase Information
| Fund Family: | BlackRock |
| Phone Number: | 800-441-7762 |
| Website: | www.blackrock.com |
| Status: | Closed |
| Inception Date: | October 21, 1994 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 100 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.10% |
Expenses and Fees | |
| Expense Ratio (%): | 0.80% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.85% |
| Share Class: | BlackRock NY Municipal Opps Instl |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
