Fixed Income

MAYHX

High Yield Municipal Fund

Overview

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Performance

Performance

  • Returns

  1y 3y 5y 10y Incept. Performance data for certain classes of shares of certain funds are based on pre-class inception information dating back to an older class of fund shares. This information may be considered when assessing a fund's performance, but it does not represent actual performance of these classes of shares. The inception date noted under Key Fund Facts is the date the class of shares was incepted. See fund prospectus or fact sheet for details.
6.25 4.62 4.54 6.05 4.63
Benchmark (%) Index: S&P Municipal Bond Index.<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results. 2.53 2.33 2.76 4.42 4.24
Morningstar Category Avg. (%) High Yield Muni 4.69 3.54 3.69 4.69 -
Morningstar Ranking Rankings are based on total return excluding sales charges, independently calculated and not combined to create an overall ranking. 24/174 28/146 25/122 2/81 -
Morningstar Quartile Rankings based on total return excluding sales charges, independently calculated and not combined to create an overall ranking. 1 1 1 1 -
Lipper Category Avg. (%) Hi Yld Muni Debt Funds 5.02 3.67 3.83 4.75 -
Lipper Ranking Rankings are based on total return excluding sales charges. 26/162 26/134 24/115 2/75 -
Lipper Quartile Rankings are based on total return excluding sales charges. 1 1 1 1 -
  YTD 1m 3m 1y 3y 5y 10y Incept. Performance data for certain classes of shares of certain funds are based on pre-class inception information dating back to an older class of fund shares. This information may be considered when assessing a fund's performance, but it does not represent actual performance of these classes of shares. The inception date noted under Key Fund Facts is the date the class of shares was incepted. See fund prospectus or fact sheet for details.
0.00 0.66 0.00 6.25 14.50 24.84 79.85 69.46
Benchmark (%) Index: S&P Municipal Bond Index.<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results. -0.92 0.42 -0.92 2.53 7.17 14.59 54.12 62.29
Morningstar Category Avg. (%) High Yield Muni -0.16 0.70 -0.16 4.69 11.00 19.85 58.09 -
Lipper Category Avg. (%) Hi Yld Muni Debt Funds -0.26 0.67 -0.26 5.02 11.45 20.75 59.30 -
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.

Growth of Hypothetical $10,000 The growth of hypothetical $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

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Distributions

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BlackRock Fixed Income Funds Delivered
17 of 25 U.S. bond funds, accounting for 93% of our assets, have 1st quartile performance*
21 of 25 U.S. bond funds, accounting for 84% of our fixed income funds, are priced in the least expensive quartile
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Key Facts

Key Facts

Size of Class (Millions) as of May 18, 2018 $539.3 M
Size of Fund (Millions) as of May 18, 2018 $828.2 M
Share Class launch date Aug 01, 2006
Asset Class Fixed Income
Morningstar Category High Yield Muni
Lipper Classification Hi Yld Muni Debt Funds
Benchmark Index S&P Municipal Bond Index
CUSIP 09253C769
Number of Holdings as of Apr 30, 2018 468
Max Offer Price as of May 18, 2018 $9.54
Open to New Investors Yes
Turnover Percent as of Apr 30, 2018 36%

Portfolio Characteristics

Portfolio Characteristics

R-Squared (3y) as of Mar 31, 2018 92.19
Beta (3y) as of Mar 31, 2018 1.42
Average Coupon as of Apr 30, 2018 5.03%
Best 3-Month Return Over the Last 3 Years 3 months ending Jun 30, 2016 4.42%
Worst 3-Month Return Over the Last 3 Years 3 months ending Nov 30, 2016 -7.32%
Standard Deviation (3y) as of Mar 31, 2018 4.34

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.

Ratings

Ratings

Morningstar Rating

5
Overall Morningstar Rating for High Yield Municipal Fund, Class Inst, as of Apr 30, 2018 rated against 146 High Yield Muni Funds.

Morningstar Analyst Rating

Morningstar Analyst Rating - Bronze
Morningstar has awarded the Fund a Bronze medal. Fewer than 10% of US open-end funds hold medalist ratings. (Effective Oct 26, 2017) ‡

Holdings

Holdings

as of Mar 30, 2018
Name Weight (%)
DRIVER 3.338 NYSHGR 64990EY35 2.99
DRIVER 2.71 MTATRN 59261AHP5 1.66
BUCKEYE OHIO TOB SETTLEMENT 6 06/01/2042 1.23
NEW YORK LIBERTY DEV CORP LIBE 5 11/15/2044 1.20
MS-TOB 3.55 SCWPUD 833116CH7 1.19
Name Weight (%)
NEW YORK CNTYS TOB TR IV 6.25 06/01/2041 1.05
DRIVER 8.33 NYCDEV 649519BV6 1.05
BUCKEYE OHIO TOB SETTLEMENT 5.875 06/01/2047 0.98
NEW JERSEY ST TRANSN TR FD AUT 5 06/15/2028 0.96
SOUTH CAROLINA ST PUB SVCS AUT 5.25 12/01/2055 0.95

Exposure Breakdowns

Exposure Breakdowns

Type Fund Benchmark Net
Type Fund Benchmark Net
Type Fund Benchmark Net
Type Fund Benchmark Net
Type Fund Benchmark Net
Allocations subject to change.
Type Fund Benchmark Net
Type Fund Benchmark Net
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.

Portfolio Managers

Portfolio Managers

Ted Jaeckel, CFA
Head Portfolio Manager, Municipal Mutual Fund

    

Walter O'Connor, CFA
Managing Director is a Co-head and Portfolio Manager for the Municipal Bond Funds team

  

Portfolio Manager

Literature

Literature

 

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