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Fixed Income

MKPYX

Pennsylvania Municipal Bond Fund

Overview

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Performance

Performance

  • Returns

  2014 2015 2016 2017 2018
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund. - - - - 0.76
Morningstar Category Avg. (%) Muni Pennsylvania 10.14 3.07 0.36 4.35 1.34
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. Effective as of May 31, 2018, the performance information for periods prior to the inception date 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. For performance periods prior to May 31, 2018, the performance information for periods prior to the inception date of the share class shows the performance of the Fund’s Institutional Shares, adjusted to reflect the fees and expenses applicable to such share class. See the fund prospectus for more details.

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 Sep 16, 2019 $3.0 M
Size of Fund (Millions) as of Sep 16, 2019 $560.0 M
Share Class launch date Jan 25, 2018
Asset Class Fixed Income
Morningstar Category Muni Pennsylvania
Lipper Classification PA Muni Debt Funds
Benchmark Index S&P Municipal Bond Index
CUSIP 09253A649
Number of Holdings as of Aug 30, 2019 202
Max Offer Price as of Sep 16, 2019 $11.14
Open to New Investors No
Turnover Percent as of Aug 31, 2019 23%

Portfolio Characteristics

Portfolio Characteristics

R-Squared (3y) as of Aug 31, 2019 0.00
Beta (3y) as of Aug 31, 2019 0.00
Average Coupon as of Aug 30, 2019 4.80%
Weighted Average Life as of Aug 30, 2019 17.84 yrs
Fund Standard Deviation (3y) as of Aug 31, 2019 0.00

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

Holdings

Holdings

as of Aug 30, 2019
Name Weight (%)
PHILADELPHIA PA ARPT REV 5 06/15/2040 2.58
TOB 5.125 GEIMED 368497GN7 2.40
TOB 4 70914PN24 PAS 144A 2.24
PENNSYLVANIA ECONOMIC DEV FING 5 06/30/2042 2.15
PENNSYLVANIA ST HIGHER EDL FAC 5 03/01/2040 2.04
Name Weight (%)
PENNSYLVANIA ST UNIV 5 03/01/2040 1.85
TOB 5.372 PASEDU 70917RT39 1.80
TOB 4 84129NMD8 SCAGEN 144A 1.79
TOB 4.8 PHIMED 717903H35 1.78
TOB 4 71781XFF5 PHIDEV 144A 1.62

Exposure Breakdowns

Exposure Breakdowns

as of Aug 30, 2019

% of Market Value

Type Fund Benchmark Net
as of Aug 30, 2019

% of Market Value

Type Fund Benchmark Net
as of Aug 30, 2019

% of Market Value

Type Fund Benchmark Net
as of Aug 30, 2019

% of Market Value

Type Fund Benchmark Net
as of Aug 30, 2019

% of Market Value

Type Fund Benchmark Net
Allocations subject to change.
as of Aug 30, 2019

% of Market Value

Type Fund Benchmark Net
as of Aug 30, 2019

% 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
Phillip Soccio
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