Fixed Income

MCYHX

High Yield Municipal Fund

Overview

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Performance

Performance

Growth of Hypothetical $10,000

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Distributions

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  1y 3y 5y 10y
14.88 5.36 4.28 6.21
13.88 5.36 4.28 6.21
Benchmark (%) 5.29 4.73 3.44 4.60
Morningstar Category Avg. (%) 10.94 5.27 4.38 6.13
Morningstar Ranking 11/196 92/179 84/152 52/100
Morningstar Quartile 1 2 3 3
Lipper Category Avg. (%) 11.21 5.30 4.38 6.08
Lipper Ranking 11/189 88/170 78/142 50/98
Lipper Quartile 1 3 3 3
  YTD 1m 3m 1y 3y 5y 10y
2.27 1.18 2.27 14.88 16.97 23.32 82.60
1.27 0.18 1.27 13.88 16.97 23.32 82.60
Benchmark (%) -0.26 0.55 -0.26 5.29 14.86 18.42 56.78
Morningstar Category Avg. (%) 1.14 0.79 1.14 10.94 16.65 23.88 81.36
Lipper Category Avg. (%) 1.24 0.78 1.24 11.21 16.78 23.99 81.26
  2016 2017 2018 2019 2020
Total Return (%) 0.02 7.96 1.12 8.91 3.59
Benchmark (%) 0.77 4.95 1.36 7.26 4.95
Morningstar Category Avg. (%) 0.90 7.38 2.11 9.12 3.45
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.

Key Facts

Key Facts

Size of Class (Millions) as of May 07, 2021 $43.0 M
Size of Fund (Millions) as of May 07, 2021 $1,869.8 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 09253C777
Distribution Frequency Monthly
Number of Holdings as of Mar 31, 2021 749
Max Offer Price as of May 07, 2021 $10.44
Open to New Investors Yes
Turnover Percent in the Annual Report 31%

Portfolio Characteristics

Portfolio Characteristics

Alpha (3y) as of Apr 30, 2021 -0.40
R-Squared (3y) as of Apr 30, 2021 78.88
Beta (3y) as of Apr 30, 2021 2.18
30 Day SEC Yield as of Mar 31, 2021 1.49%
Unsubsidized 30-Day SEC Yield as of Mar 31, 2021 1.44%
Yield to Maturity as of Mar 31, 2021 4.14%
Yield to Worst as of Mar 31, 2021 2.89%
Average Coupon as of Mar 31, 2021 3.21%
Effective Duration as of Mar 31, 2021 9.21 yrs
Weighted Average Life as of Mar 31, 2021 20.00 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending Jul 31, 2020 12.53%
Worst 3-Month Return Over the Last 3 Years 3 months ending Apr 30, 2020 -13.86%
Fund Standard Deviation (3y) as of Apr 30, 2021 9.07

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.

Sustainability Characteristics

Sustainability Characteristics

To be included in MSCI ESG Fund Ratings, 65% of the fund’s gross weight must come from securities covered by MSCI ESG Research (certain cash positions and other asset types deemed not relevant for ESG analysis by MSCI are removed prior to calculating a fund’s gross weight; the absolute values of short positions are included but treated as uncovered), the fund’s holdings date must be less than one year old, and the fund must have at least ten securities. For newly launched funds, sustainability characteristics are typically available 6 months after launch. MSCI Ratings are currently unavailable for this fund.

ESG Integration

ESG Integration

ESG integration is the practice of incorporating material environmental, social and governance (ESG) information or insights alongside traditional measures into the investment decision process to improve long term financial outcomes of portfolios. Unless otherwise stated in Fund documentation or included within the Fund’s investment objective, inclusion of this statement does not imply that the Fund has an ESG-aligned investment objective, but rather describes how ESG information is considered as part of the overall investment process.


Where applicable, the Fund manager includes ESG considerations in combination with other information in the research and due diligence stage of the investment process. ESG information may be sourced from both internal and external sources and included in the Aladdin risk system. The Fund manager conducts regular portfolio risk reviews with the Risk and Quantitative Analysis group. These reviews include discussion of the portfolio’s exposure to material ESG risks, as well as exposure to sustainability-related business involvements, climate-related metrics, and other factors.

Fees

Fees

as of current prospectus
Gross Expense Ratio 1.70%
Net Expense Ratio 1.66%

Net Expense Ratio excluding Investment Related Expenses is 1.54%

  • Acquired Fund Fees and Expenses 0.01%
  • Interest expense 0.11%

Ratings

Ratings

Holdings

Holdings

as of Mar 31, 2021
Name Weight (%)
DRIVER 3.338 NYSHGR 64990EY35 1.56
TOB 4 64990FPV0 NYSHGR 144A 1.19
ARKANSAS ST DEV FIN AUTH INDL 4.5 09/01/2049 1.18
TOB 4 73358W5V2 PORTRN 144A 1.15
PUERTO RICO COMWLTH 0 07/01/2035 1.06
Name Weight (%)
TOB 4 5742187N7 MDSMED 144A 1.05
NEW YORK LIBERTY DEV CORP LIBE 5 11/15/2044 1.02
CHILDRENS TR FD P R TOB SETTLEMENT 0 05/15/2057 0.92
PUERTO RICO SALES TAX FING CO (RST 5 07/01/2058 0.90
TOB 4 6500358F8 NYSDEV 144A 0.89

Exposure Breakdowns

Exposure Breakdowns

as of Mar 31, 2021

% Notional Value

Type Fund Benchmark Net
as of Mar 31, 2021

% Notional Value

Type Fund Benchmark Net
as of Mar 31, 2021

% Notional Value

Type Fund Benchmark Net
as of Mar 31, 2021

% Notional Value

Type Fund Benchmark Net
as of Mar 31, 2021

% Notional Value

Type Fund Benchmark Net
Allocations subject to change.
as of Mar 31, 2021

% Notional Value

Type Fund Benchmark Net
as of Mar 31, 2021

% Notional Value

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

  

Michael Perilli
Michael Perilli
Portfolio Manager

Literature

Literature

 

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