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Fixed Income

MAYHX

High Yield Municipal Fund

Overview

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Performance

Performance

  • Returns

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
19 of 24 U.S. bond funds, accounting for 97% of our active mutual fund assets, outperformed within their Morningstar peer groups. Based on institutional share class.*
BlackRock Fixed Income Funds Delivered

Key Facts

Key Facts

Size of Class (Millions) as of Oct 18, 2019 $787.1 M
Size of Fund (Millions) as of Oct 18, 2019 $1,318.4 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 Sep 30, 2019 654
Max Offer Price as of Oct 18, 2019 $10.01
Open to New Investors Yes
Turnover Percent as of Sep 30, 2019 14%

Portfolio Characteristics

Portfolio Characteristics

R-Squared (3y) as of Sep 30, 2019 88.91
Beta (3y) as of Sep 30, 2019 1.30
Average Coupon as of Sep 30, 2019 4.63%
Best 3-Month Return Over the Last 3 Years 3 months ending May 31, 2019 4.47%
Worst 3-Month Return Over the Last 3 Years 3 months ending Dec 31, 2016 -5.70%
Fund Standard Deviation (3y) as of Sep 30, 2019 4.48

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

Overall Morningstar Rating for High Yield Municipal Fund, Class Inst, as of Sep 30, 2019 rated against 155 High Yield Muni Funds.

Morningstar Analyst Rating

Morningstar Analyst Rating - Silver
Morningstar has awarded the Fund a Silver medal. Fewer than 10% of US open-end funds hold medalist ratings. (Effective Oct 23, 2018) ‡

Holdings

Holdings

as of Sep 30, 2019
Name Weight (%)
DRIVER 3.338 NYSHGR 64990EY35 1.97
ARKANSAS ST DEV FIN AUTH INDL 4.5 09/01/2049 1.32
SOUTH CAROLINA ST PUB SVCS AUT 5 12/01/2050 1.16
TOB 4 6500358F8 NYSDEV 144A 1.14
VANECK VECTORS HIGH-YIELD MUNICIPA 1.11
Name Weight (%)
TOB 4.3 64972B8M0 NYCHSG 144A 1.10
GOLDEN ST TOB SECURITIZATION C 5 06/01/2047 1.09
PUERTO RICO SALES TAX FING CO (RST 5 07/01/2058 1.07
TOBACCO SETTLEMENT FING CORP N 5 06/01/2046 0.89
BUCKEYE OHIO TOB SETTLEMENT 5.875 06/01/2047 0.83

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
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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