Fixed Income

MKYHX

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
5.70 -0.66 2.21 4.26
Benchmark (%) 7.91 0.55 3.03 4.55
Morningstar Category Avg. (%) 5.75 -0.83 1.54 3.32
Morningstar Ranking 108/191 79/185 33/176 -
Lipper Ranking 111/191 82/184 36/175 -
BBG Muni 60% HY + 20% Muni BBB + 20% Muni IG ex BBB Custom 6.46 0.27 2.63 -
  YTD 1m 3m 1y 3y 5y 10y
1.40 0.91 1.40 5.70 -1.96 11.56 51.79
Benchmark (%) 1.51 1.19 1.51 7.91 1.67 16.07 56.09
Morningstar Category Avg. (%) 1.54 0.59 1.54 5.75 -2.48 7.94 38.65
Morningstar Ranking 127/193 21/203 127/193 108/191 - - -
Lipper Ranking 126/192 19/198 126/192 111/191 82.00/184.00 36/175 -
BBG Muni 60% HY + 20% Muni BBB + 20% Muni IG ex BBB Custom - 0.85 0.94 6.46 0.82 13.84 -
  2019 2020 2021 2022 2023
Total Return (%) 10.05 4.58 9.16 -15.24 7.15
Morningstar Category Avg. (%) 9.12 3.45 5.44 -13.71 6.48

Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation.

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.

The performance information for periods prior to January 25, 2018, the commencement of operations of the share class, shows the performance of the Fund’s Institutional Shares. The performance of this share class would be substantially similar to Institutional Shares because this share class and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that this share class and Institutional Shares have different expenses.

Effective October 1, 2021, the Bloomberg Municipal High Yield Bond Index and a customized weighted index comprised of 20% Bloomberg Municipal Bond Rated Baa Index / 60% Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index / 20% Bloomberg Municipal Investment Grade ex BBB (the “High Yield Customized Reference Benchmark”) replaced the S&P® Municipal Bond Index and the Custom High Yield Index (a customized benchmark that reflects the returns of the S&P® Customized High Yield Municipal Bond Index for periods prior to January 1, 2013, and the returns of only those bonds in the S&P® Customized High Yield Municipal Bond Index that have maturities greater than five years for periods subsequent to January 1, 2013) as the performance benchmarks against which the Fund measures its performance.

See the Fund’s prospectus for more details.

Key Facts

Key Facts

Size of Class (Millions) as of May 23, 2024 $296.5 M
Size of Fund (Millions) as of May 23, 2024 $1,613.7 M
Share Class launch date Jan 25, 2018
Asset Class Fixed Income
Morningstar Category High Yield Muni
Lipper Classification Hi Yld Muni Debt Funds
Benchmark Index BBG Municipal High Yield Bond Index (Risk Basis: MUNI) (USD)
CUSIP 09253C710
Distribution Frequency Monthly
Number of Holdings as of Apr 30, 2024 676
Max Offer Price as of May 23, 2024 $8.97
Open to New Investors No
Turnover Percent in the Annual Report 36%

Portfolio Characteristics

Portfolio Characteristics

Alpha (3y) as of Sep 30, 2021 -0.24
R-Squared (3y) as of Sep 30, 2021 78.12
Beta (3y) as of Sep 30, 2021 2.19
30 Day SEC Yield as of Apr 30, 2024 4.00%
Unsubsidized 30-Day SEC Yield as of Apr 30, 2024 4.30%
Yield to Maturity as of Apr 30, 2024 5.41%
Yield to Worst as of Apr 30, 2024 5.34%
Average Coupon as of Apr 30, 2024 3.55%
Effective Duration as of Apr 30, 2024 7.78 yrs
Weighted Average Life as of Apr 30, 2024 15.71 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending Jan 31, 2024 11.98%
Worst 3-Month Return Over the Last 3 Years 3 months ending Oct 31, 2022 -10.67%
Fund Standard Deviation (3y) as of Sep 30, 2021 9.13

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% (or 50% for bond funds and money market funds) of the fund’s gross weight must come from securities with ESG coverage 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. MSCI Ratings are currently unavailable for this fund.

Business Involvement

Business Involvement

Business Involvement metrics can help investors gain a more comprehensive view of specific activities in which a fund may be exposed through its investments.


Business Involvement metrics are not indicative of a fund’s investment objective, and, unless otherwise stated in fund documentation and included within a fund’s investment objective, do not change a fund’s investment objective or constrain the fund’s investable universe. For more information regarding a fund's investment strategy, please see the fund's prospectus.


Review the MSCI methodology behind the Business Involvement metrics, using links below.

MSCI - Controversial Weapons as of - -
MSCI - UN Global Compact Violators as of - -
MSCI - Nuclear Weapons as of - -
MSCI - Thermal Coal as of - -
MSCI - Civilian Firearms as of - -
MSCI - Oil Sands as of - -
MSCI - Tobacco as of - -

Business Involvement Coverage as of - -
Percentage of Fund not covered as of - -
BlackRock business involvement exposures as shown above for Thermal Coal and Oil Sands are calculated and reported for companies that generate more than 5% of revenue from thermal coal or oil sands as defined by MSCI ESG Research. For the exposure to companies that generate any revenue from thermal coal or oil sands (at a 0% revenue threshold), as defined by MSCI ESG Research, it is as follows: Thermal Coal -% and for Oil Sands -%.

Business Involvement metrics are calculated by BlackRock using data from MSCI ESG Research which provides a profile of each company’s specific business involvement. BlackRock leverages this data to provide a summed up view across holdings and translates it to a fund's market value exposure to the listed Business Involvement areas above.


Business Involvement metrics are designed only to identify companies where MSCI has conducted research and identified as having involvement in the covered activity. As a result, it is possible there is additional involvement in these covered activities where MSCI does not have coverage. This information should not be used to produce comprehensive lists of companies without involvement. Business Involvement metrics are only displayed if at least 1% of the fund’s gross weight includes securities covered by MSCI ESG Research.

ESG Integration

ESG Integration

ESG integration is the practice of incorporating financially material environmental, social and governance (ESG) data or information into the investment decision process with the objective of enhancing risk-adjusted returns of our clients’ 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 or strategy, but rather describes how ESG data or 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. This information may broadly inform investment decisions: ESG criteria are considered in combination with other information. The Fund manager conducts regular portfolio risk reviews between the investment team and BlackRock's 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, where appropriate.

Fees

Fees

as of current prospectus
Gross Expense Ratio 0.66%
Net Expense Ratio 0.61%

Net Expense Ratio excluding Investment Related Expenses is 0.49%

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

Ratings

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for High Yield Municipal Fund, Class K, as of Apr 30, 2024 rated against 185 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 Apr 30, 2024 out of 183, 6,134, 183, 89 and 183 Funds, respectively in Lipper's Hi Yld Muni Debt Funds classification.

Holdings

Holdings

as of Apr 30, 2024
Name Weight (%)
PUERTO RICO COMWLTH 0 11/01/2051 3.32
BUCKEYE OHIO TOB SETTLEMENT FI 5 06/01/2055 1.67
FLORIDA DEV FIN CORP REV 12 07/15/2032 1.39
SOUTHEAST ENERGY AUTH COMMODIT 5 05/01/2053 1.35
OKLAHOMA DEV FIN AUTH REV 7.25 09/01/2051 1.07
Name Weight (%)
ARKANSAS ST DEV FIN AUTH INDL 4.75 09/01/2049 1.06
PORT BEAUMONT TEX NAV DIST DOC 3 01/01/2050 0.95
BLACK BELT ENERGY GAS DIST ALA 5.25 02/01/2053 0.94
ARKANSAS ST DEV FIN AUTH INDL 4.5 09/01/2049 0.90
TOB 5.45 70879QUL5 PASSFH 144A 0.84
Name Weight (%) Shares Market Value Coupon (%) Maturity
References to holdings in “Restructured Puerto Rico Electric” reflects a contingent forward gross commitment on restructured Puerto Rico Electric Power Authority (“PREPA”) bonds. The future purchase of the restructured PREPA bonds is contingent on the PREPA bankruptcy plan being confirmed.

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 Apr 30, 2024

% of Market Value

Type Fund Benchmark Net
as of Apr 30, 2024

% of Market Value

Type Fund Benchmark Net
as of Mar 28, 2024

% of Market Value

Type Fund Benchmark Net
as of Mar 28, 2024

% of Market Value

Type Fund Benchmark Net
as of Mar 28, 2024

% of Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of Apr 30, 2024

% of Market Value

Type Fund Benchmark Net
as of Apr 30, 2024

% of Market 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

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

  

Ryan McDonald, CFA
Managing Director, Municipal Fixed Income

    

Walter O'Connor, CFA
Managing Director, Co-Head and Portfolio Manager, Municipal Mutual Funds

  

Kevin Maloney, CFA
Director, Co-Head and Portfolio Manager, Municipal Mutual Funds

  

Portfolio Manager

Literature

Literature