Fixed Income

MEPYX

Pennsylvania Municipal Bond Fund

  • NAV as of Jul 02, 2026 $9.95
    52 WK: 9.35 - 10.00
  • 1 Day NAV Change as of Jul 02, 2026 $0.01 (0.10%)
  • NAV Total Return as of Jul 02, 2026 YTD: 2.84%

Overview

About this Fund

  • High-Quality Pennsylvania Municipal Holding
  • Commitment To Credit Research
  • Seeking Attractive Risk-Adjusted Returns Through Diverse Markets

Investment Approach

Invests primarily in a portfolio of long-term investment grade Pennsylvania municipal bonds to seek income exempt from federal income tax and Pennsylvania income taxes.

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Performance

Performance

Distributions

Record Date Ex-Date Payable Date
View full table
Record Date Ex-Date Payable Date Total Distribution Income ST Cap Gains LT Cap Gains Return of Capital

Past distributions are not indicative of future distributions.

Certain Funds record and have an ex-dividend date daily on undistributed net investment income, with distributions paid monthly.

Click here for historical distribution data and here for upcoming distribution estimates

  1y 3y 5y 10y
Total Return (%) 8.38 4.01 0.49 1.61
Return w/ Sales Charge (%) 3.77 2.51 -0.38 1.17
Benchmark (%) 7.03 3.76 1.05 2.15
BBG Muni 90% IG Pennsylvania + 10% HY Pennsylvania Custom 7.16 4.17 1.12 -
Morningstar Category Avg. (%) 7.59 3.88 0.73 1.88
Morningstar Ranking 11/40 17/40 29/40 21/33
Morningstar Quartile 2 2 4 3
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) 2.79 1.22 3.20 8.38 12.52 2.48 17.28
Return w/ Sales Charge (%) -1.58 -3.08 -1.18 3.77 7.73 -1.87 12.31
Benchmark (%) 2.32 0.96 2.50 7.03 11.70 5.38 23.65
Morningstar Category Avg. (%) 2.59 0.94 2.79 7.59 12.09 3.72 20.46
BBG Muni 90% IG Pennsylvania + 10% HY Pennsylvania Custom 2.50 1.02 2.53 7.16 13.04 5.71 -
  2021 2022 2023 2024 2025
Total Return (%) 2.92 -11.96 5.85 2.68 3.62
Annual w/ Sales Charge (%) -1.46 -15.69 1.35 -1.69 -0.78
Benchmark (%) 1.52 -8.53 6.40 1.05 4.25
Morningstar Category Avg. (%) 2.29 -9.99 5.74 2.11 3.45
BBG Muni 90% IG Pennsylvania + 10% HY Pennsylvania Custom 2.50 -9.48 6.05 2.26 4.41
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.

Click here for historical distribution data and here for upcoming distribution estimates

Key Facts

Key Facts

Size of Fund (Millions)
as of Jul 01, 2026
$303.3 M
Share Class launch date
Oct 02, 2006
Benchmark Index
Bloomberg Municipal Bond Index
Lipper Classification
PA Muni Debt Funds
Max Offer Price
as of Jul 01, 2026
$10.38
Turnover Percent in the Annual Report
as of May 31, 2025
35%
Size of Class (Millions)
as of Jul 02, 2026
$91.3 M
Asset Class
Fixed Income
Morningstar Category
Muni Pennsylvania
CUSIP
09253A755
Open to New Investors
Yes

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Jun 30, 2026
148
Alpha (3y)
as of May 31, 2026
-0.03
R-Squared (3y)
as of May 31, 2026
97.00
Beta (3y)
as of May 31, 2026
1.18
Unsubsidized 30-Day SEC Yield
as of May 31, 2026
3.30%
Weighted Average Life
as of Jun 30, 2026
11.17 yrs
Best 3-Month Return Over the Last 3 Years
3 months ending Jan 31, 2024
9.84%
30 Day SEC Yield
as of May 31, 2026
3.45%
Yield to Maturity
as of Jun 30, 2026
4.67%
Fund Standard Deviation (3y)
as of May 31, 2026
6.70
Average Coupon
as of Jun 30, 2026
4.38%
Yield to Worst
as of Jun 30, 2026
4.42%
Effective Duration
as of Jun 30, 2026
8.43 yrs
Worst 3-Month Return Over the Last 3 Years
3 months ending Oct 31, 2023
-6.70%
For standardized performance, please see the Performance section above.

Fees

Fees

as of current prospectus
Gross Expense Ratio 0.95%
Net Expense Ratio 0.84%

Net Expense Ratio excluding Investment Related Expenses is 0.79%

  • Acquired Fund Fees and Expenses 0.01%
  • Interest expense 0.04%

Ratings

Ratings

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 May 31, 2026 out of 41, 5,976, 41, 175 and 41 Funds, respectively in Lipper's PA Muni Debt Funds classification.

Holdings

Holdings

as of May 29, 2026
Name Weight (%)
PHILADELPHIA PA AUTH FOR INDL DEV 4 12/01/2048 2.52
PENNSYLVANIA ECONOMIC DEV FING 5 12/31/2038 2.16
PENNSYLVANIA ST UNIV 5.5 09/01/2055 2.16
TOB 5.25 71783MDF9 PHIUTL 144A 2.14
TOB 5.25 70917TTT8 PASHGR 144A 2.13
Name Weight (%)
PENNSYLVANIA ST TPK COMMN OIL 4 12/01/2051 2.12
PHILADELPHIA PA ARPT REV 4 07/01/2046 1.85
TOB 5 70879QTZ6 PASSFH 144A 1.67
PENNSYLVANIA ST TPK COMMN TPK 4 12/01/2051 1.52
PENNSYLVANIA ST HIGHER EDL FAC 4 05/01/2050 1.45
Name Market Value Weight (%) Shares Maturity Coupon (%)
Detailed Holdings and Analytics
Holdings are subject to change. Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. The Fund is actively managed and its details, holdings and characteristics will vary. Holdings shown should not be deemed as a recommendation to buy or sell securities. The user relies on this data at its own risk and neither BlackRock nor any other party makes any representations or express or implied warranties (which are expressly disclaimed) nor shall they incur any liability for any errors or omissions in the data.

Exposure Breakdowns

Exposure Breakdowns

as of May 29, 2026

% Notional Value

Type Fund Benchmark Net
as of May 29, 2026

% Notional Value

Type Fund Benchmark Net
as of May 29, 2026

% Notional Value

Type Fund Benchmark Net
as of May 29, 2026

% 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.

Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management. Certain transactions the funds may utilize may give rise to a form of leverage through either (a) additional market exposure or (b) borrowing capital in an attempt to increase investment return. The use of such transactions includes certain leverage-related risks, including potential for higher volatility, greater decline of the fund’s net asset value and fluctuations of dividends and distributions paid by the fund.

Allocations are subject to change.

Portfolio Managers

Portfolio Managers

Phillip Soccio, CFA
Phillip Soccio, CFA
Director, Portfolio Manager, Municipal Mutual Funds

  

Read More

Phillip Soccio, CFA, Director, is a Portfolio Manager for the Municipal Fixed Income business in BlackRock's Portfolio Management Group. Prior to assuming his current role in 2007, Mr. Soccio was a member of BlackRock's Cash Management Group, where he was responsible for managing various tax-exempt money market funds. From 1998 to 2000, he was a member of BlackRock's Account Management Group responsible for institutional client service and marketing support. Mr. Soccio began his career at BlackRock in 1998.

Mr. Soccio earned a BS degree in finance from Wilmington University.

Kristi Manidis
Kristi Manidis
Director, Portfolio Manager, Municipal Mutual Funds

  

Read More

Kristi Manidis, Director, is a Portfolio Manager for the Municipal Fixed Income business in BlackRock's Portfolio Management Group.

 

Prior to moving to her current role in 2009, Ms. Manidis was a trader and portfolio manager on various high net worth equity and balanced separately managed accounts. Previously, she was responsible for institutional client service and marketing for BlackRock's Cash Management Group. Ms. Manidis began her career at BlackRock in 2003.

 

Ms. Manidis earned a BS degree in Business Administration, with concentrations in Finance and Management Information Systems, from Drexel University in 2003.

Christian Romaglino, CFA
Christian Romaglino, CFA
Director, Portfolio Manager, Municipal Mutual Funds

   

Read More

Christian Romaglino, CFA, Director, is a Portfolio Manager for the Municipal Fixed Income business within BlackRock's Portfolio Management Group.
Prior to joining BlackRock in 2017, Mr. Romaglino was a Portfolio Manager at Brown Brothers Harriman focusing on a diverse set of institutional mandates and high net worth SMAs. Mr. Romaglino also held various trading and portfolio construction positions at Brown Brothers Harriman across several taxable fixed income sectors prior to 2010 when he transitioned to Municipals.
Mr. Romaglino earned a BS degree in Industrial Engineering from Lehigh University.

Portfolio Manager

ESG Integration

ESG Integration

BlackRock considers many investment risks in our processes. In order to seek the best risk-adjusted returns for our clients, we manage material risks and opportunities that could impact portfolios, including financially material Environmental, Social and/or Governance (ESG) data or information, where available. See our Firm Wide ESG Integration Statement for more information on this approach and fund documentation for how these material risks are considered within this product, where applicable.

This fund does not seek to follow a sustainable, impact or ESG investment strategy. For more information regarding the fund's investment strategy, please see the fund's prospectus or, as applicable, shareholder report.

Literature

Literature

 

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