Fixed Income

MAYHX

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
0.47 4.40 4.90 5.58
Benchmark (%) 3.85 4.13 3.80 4.03
Morningstar Category Avg. (%) 0.18 3.86 4.05 4.85
Morningstar Ranking 103/193 46/176 37/151 19/98
Morningstar Quartile 3 2 1 1
Lipper Category Avg. (%) 0.40 3.81 4.18 4.83
Lipper Ranking 96/189 40/168 32/143 18/98
Lipper Quartile 3 1 1 1
  YTD 1m 3m 1y 3y 5y 10y
-0.44 0.11 2.72 0.47 13.78 27.04 72.19
Benchmark (%) 3.18 0.02 1.18 3.85 12.89 20.49 48.51
Morningstar Category Avg. (%) -0.45 -0.10 -0.16 0.18 12.02 21.97 60.56
Lipper Category Avg. (%) -0.34 -0.03 2.15 0.40 11.90 22.85 60.69
  2015 2016 2017 2018 2019
Total Return (%) 5.50 1.03 9.05 2.15 10.02
Benchmark (%) 3.32 0.77 4.95 1.36 7.26
Morningstar Category Avg. (%) 4.09 0.90 7.38 2.11 9.12
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 Nov 27, 2020 $871.6 M
Size of Fund (Millions) as of Nov 27, 2020 $1,489.8 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 09253C769
Distribution Frequency Monthly
Number of Holdings as of Oct 30, 2020 701
Max Offer Price as of Nov 27, 2020 $9.91
Open to New Investors Yes
Turnover Percent in the Annual Report 31%

Portfolio Characteristics

Portfolio Characteristics

Alpha (3y) as of Oct 31, 2020 -0.33
R-Squared (3y) as of Oct 31, 2020 77.80
Beta (3y) as of Oct 31, 2020 2.10
30 Day SEC Yield as of Oct 31, 2020 3.27%
Unsubsidized 30-Day SEC Yield as of Oct 31, 2020 3.24%
Yield to Maturity as of Oct 30, 2020 4.61%
Yield to Worst as of Oct 30, 2020 3.69%
Average Coupon as of Oct 30, 2020 3.18%
Effective Duration as of Oct 30, 2020 9.82 yrs
Weighted Average Life as of Oct 30, 2020 21.16 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending Jul 31, 2020 12.69%
Worst 3-Month Return Over the Last 3 Years 3 months ending Apr 30, 2020 -13.64%
Fund Standard Deviation (3y) as of Oct 31, 2020 8.75

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.

Fees

Fees

as of current prospectus
Gross Expense Ratio 0.67%
Net Expense Ratio 0.65%

Net Expense Ratio excluding Investment Related Expenses is 0.53%

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

Ratings

Ratings

Morningstar Rating

4
Overall Morningstar Rating for High Yield Municipal Fund, Class Inst, as of Oct 31, 2020 rated against 176 High Yield Muni Funds based on risk adjusted total return.

Lipper Leader

 
 
 
 
Overall Lipper Leaders ratings based on an equal-weighted average of percentile ranks for each measure over 3-, 5-, and 10-year periods (if applicable) and do not take into account the effects of sales charges for these categories (Consistent Return, Preservation, Total Return, Expense, and Tax Efficiency) as of Oct 31, 2020 out of 167, 6,065, 167, 72 and 167 Funds, respectively in Lipper's Hi Yld Muni Debt Funds classification.

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 Nov 02, 2020)

Holdings

Holdings

as of Oct 30, 2020
Name Weight (%)
BUCKEYE OHIO TOB SETTLEMENT FI 5 06/01/2055 1.94
DRIVER 3.338 NYSHGR 64990EY35 1.82
TOB 4 64990FPV0 NYSHGR 144A 1.38
TOB 4 73358W5V2 PORTRN 144A 1.32
TOB 4 5742187N7 MDSMED 144A 1.19
Name Weight (%)
ARKANSAS ST DEV FIN AUTH INDL 4.5 09/01/2049 1.15
SOUTH CAROLINA ST PUB SVCS AUT 5 12/01/2050 1.06
TOB 4 6500358F8 NYSDEV 144A 1.03
TOB 4.3 64972B8M0 NYCHSG 144A 1.03
PUERTO RICO SALES TAX FING CO (RST 5 07/01/2058 1.00

Exposure Breakdowns

Exposure Breakdowns

as of Oct 30, 2020

% Notional Value

Type Fund Benchmark Net
as of Oct 30, 2020

% Notional Value

Type Fund Benchmark Net
as of Oct 30, 2020

% Notional Value

Type Fund Benchmark Net
as of Oct 30, 2020

% Notional Value

Type Fund Benchmark Net
as of Oct 30, 2020

% Notional Value

Type Fund Benchmark Net
Allocations subject to change.
as of Oct 30, 2020

% Notional Value

Type Fund Benchmark Net
as of Oct 30, 2020

% 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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