Fixed Income

BATEX

BATS: High Income Municipal Series

  • NAV as of Mar 13, 2026 $10.02
    52 WK: 9.62 - 10.36
  • 1 Day NAV Change as of Mar 13, 2026 $0.02 (0.20%)
  • NAV Total Return as of Mar 13, 2026 YTD: 0.63%

Overview

Investment Approach

The investment objective of the BATS: High Income Municipal Series is to seek to maximize Federal tax-free yield with a secondary goal of total return.

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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 (%) 3.19 5.60 2.21 4.28
Benchmark (%) 2.46 5.96 2.18 4.35
Morningstar Category Avg. (%) - - - -
Morningstar Ranking - - - -
Morningstar Quartile - - - -
Lipper Category Avg. (%) 3.35 4.03 0.56 2.13
Lipper Ranking 64/183 37/168 12/164 5/121
Lipper Quartile 2 1 1 1
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) 3.19 -0.37 1.35 3.19 17.74 11.57 52.02
Benchmark (%) 2.46 -0.24 1.15 2.46 18.96 11.41 53.06
Morningstar Category Avg. (%) - - - - - - -
Lipper Category Avg. (%) 3.35 0.05 1.41 3.35 12.61 2.86 23.66
  2021 2022 2023 2024 2025
Total Return (%) 9.28 -13.29 8.11 5.54 3.19
Benchmark (%) 7.77 -13.10 9.21 6.32 2.46
Morningstar Category Avg. (%) - - - - -

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.

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

Key Facts

Key Facts

Size of Fund (Millions)
as of Mar 13, 2026
$611.8 M
Share Class launch date
Aug 04, 2014
Benchmark Index
BBG Municipal High Yield Bond Index (Risk Basis: MUNI) (USD)
Lipper Classification
Hi Yld Muni Debt Funds
Max Offer Price
as of Mar 13, 2026
$10.02
Turnover Percent in the Annual Report
as of Mar 31, 2025
23%
Size of Class (Millions)
as of Mar 13, 2026
$611.8 M
Asset Class
Fixed Income
Morningstar Category
Miscellaneous Fixed Income
CUSIP
092480607
Open to New Investors
Yes

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Feb 27, 2026
746
Alpha (3y)
as of Sep 30, 2021
-0.06
R-Squared (3y)
as of Sep 30, 2021
97.32
Beta (3y)
as of Sep 30, 2021
1.32
Unsubsidized 30-Day SEC Yield
as of Feb 27, 2026
4.96%
Weighted Average Life
as of Feb 27, 2026
12.46 yrs
Best 3-Month Return Over the Last 3 Years
3 months ending Jan 31, 2024
11.85%
30 Day SEC Yield
as of Feb 27, 2026
5.02%
Yield to Maturity
as of Feb 27, 2026
5.98%
Fund Standard Deviation (3y)
as of Sep 30, 2021
8.51
Average Coupon
as of Feb 27, 2026
3.79%
Yield to Worst
as of Feb 27, 2026
5.78%
Effective Duration
as of Feb 27, 2026
8.50 yrs
Worst 3-Month Return Over the Last 3 Years
3 months ending Oct 31, 2023
-6.59%

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 0.15%
Net Expense Ratio 0.06%

Net Expense Ratio excluding Investment Related Expenses is 0.00%

  • Acquired Fund Fees and Expenses 0.01%
  • Interest expense 0.05%

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 Feb 28, 2026 out of 173, 5,984, 173, 78 and 173 Funds, respectively in Lipper's Hi Yld Muni Debt Funds classification.

Holdings

Holdings

as of Feb 27, 2026
Name Weight (%)
PUBLIC FINANCE AUTHORITY WISCONSIN 6.35
PUERTO RICO COMMONWEALTH OF (GOVERNMENT) 4.32
FLORIDA DEVELOPMENT FINANCE CORP 2.66
CHICAGO BOARD OF EDUCATION 2.37
NATIONAL FINANCE AUTHORITY NH 2.27
Name Weight (%)
NEW YORK TRANSPORTATION DEVELOPMENT CORP 2.02
PUERTO RICO ELECTRIC POWER AUTHORITY 1.81
MASSACHUSETTS (COMMONWEALTH OF) 1.63
PUERTO RICO SALES TAX FINANCING CORP 1.61
CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK 1.32
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 Feb 27, 2026

% of Market Value

Type Fund Benchmark Net
Sorry, countries/regions are not available at this time.
as of Mar 12, 2026

% of Market Value

Type Fund
as of Mar 12, 2026

% of Market Value

Type Fund
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.

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

  

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Kevin Maloney, CFA, Managing Director and Co-Head of the Municipal Funds team, is a Portfolio Manager within the Municipal Fixed Income business in BlackRock's Portfolio Management Group. He is also a member of the Municipal Management Committee, which oversees all municipal bond portfolio management, research, and trading activities.

 

Mr. Maloney began his career at BlackRock in 2011 as a research analyst on the Municipal Credit Research Team.

 

He graduated from Drexel University in 2011 with a BS degree in Finance.

Ryan McDonald, CFA
Ryan McDonald, CFA
Managing Director, Portfolio Manager, Municipal Mutual Funds

    

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Ryan McDonald, CFA, Managing Director, is Head of the Municipal High Yield Franchise and a Portfolio Manager in BlackRock’s Portfolio Management Group. He is also a member of the Municipal Management Committee, which oversees all municipal bond portfolio management, research and trading activities. Prior to becoming a Portfolio Manager, Mr. McDonald was a high yield credit research analyst with a particular focus on distressed securities and special situations in the municipal market.

 

Prior to joining BlackRock in 2014, Mr. McDonald was a vice president at Moelis & Co. where his responsibilities included the analysis of distressed municipal bonds and derivative products. His work also encompassed the analysis of monoline insurers and their various municipal/structured finance exposures. Prior to Moelis, Mr. McDonald was a financial analyst at MAEVA Group, LLC where he was responsible for analyzing state and local pension plans and making restructuring recommendations. Prior to MAEVA, Mr. McDonald spent 8 years at JPMorgan where he worked in both the Public Finance and Structured Credit areas.

 

Mr. McDonald graduated summa cum laude from the University of Notre Dame in 2004.

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

  

Read More

Walter O'Connor, CFA, Managing Director and Co-Head of the Municipal Funds team within the Municipal Fixed Income business in BlackRock's Portfolio Management Group. He is also a member of the Municipal Management Committee, which oversees all municipal bond portfolio management, research and trading activities.

 

Mr. O'Connor's service with the firm dates back to 1991, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. At MLIM, he was a portfolio manager for municipal bond retail mutual funds. Prior to joining MLIM, Mr. O'Connor was with Prudential Securities, where he was involved in trading, underwriting, and arbitrage for municipal securities and financial futures.

 

Mr. O'Connor earned a BA degree in finance and philosophy from the University of Notre Dame in 1984.

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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