Fixed Income

MUNUX

BlackRock Municipal Credit Alpha Portfolio

Overview

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Performance

Performance

Distributions

View full chart
  1y 3y 5y 10y
-3.77 3.32 -2.13 0.57
  YTD 1m 3m 1y 3y 5y 10y
-3.42 -4.66 -7.90 -3.77 10.28 -10.21 5.87
  2021 2022 2023 2024 2025
Total Return (%) - - - - -1.30

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.

Returns are shown net of advisory fees paid by the fund and net of the fund’s operating fees and expenses. Investors who purchase shares of the fund through an investment adviser or other financial professional may separately pay a fee to that service provider. Past performance is not indicative of future results.

Prior to close of business on 3/21/2025, the Fund operated as an exchange-listed closed-end fund. The Fund has a different investment objective and substantially different investment strategies and investment risk profiles as the predecessor closed-end fund. Performance for the periods prior to 3/21/2025 shown above is based on the investment process and investment strategies utilized by the predecessor closed-end fund when it followed a different investment objective, investment process and investment strategies under the name “BlackRock Municipal Income Fund, Inc.” The NAV returns for the Institutional Class Shares of the Fund are the returns of the predecessor closed-end fund prior to the Fund's commencement of operations as an interval fund, which had structural, regulatory, expense, and fee differences that may result in performance differences over time. Please refer to the current prospectus for further information.

Fund data or information dated before the Fund’s conversion on 3/24/2025 pertains to the predecessor closed-end fund.

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

Key Facts

Key Facts

Size of Fund (Millions)
as of Oct 22, 2026
$138.0 M
Asset Class
Fixed Income
CUSIP
09262J409
Number of Holdings
as of Sep 30, 2026
238
Share Class launch date
Mar 26, 2025
Morningstar Category
High Yield Muni
Open to New Investors
Yes

Portfolio Characteristics

Portfolio Characteristics

Yield to Maturity
as of Sep 30, 2026
10.23%
Yield to Worst
as of Sep 30, 2026
8.97%
WAL to Maturity
as of Sep 30, 2026
23.04 yrs
% Leveraged
as of Sep 30, 2026
20.93%
Average Coupon
as of Sep 30, 2026
3.71%
WAL to Worst
as of Sep 30, 2026
22.26 yrs
Effective Duration
as of Sep 30, 2026
12.10 yrs
% AMT Bonds
as of Sep 30, 2026
6.46%
This information must be preceded or accompanied by an effective prospectus. For standardized performance, please see the Performance section above.

Fees

Fees

Gross Expense Ratio 3.09%
Management Fee 0.90%
Interest Expense 1.10%
Other Expenses 0.33%
Acquired Fund Fees and Expenses 0.01%

Net Expense Ratio excluding Investment Related Expenses is 1.97%

There is an additional management fee waiver of 0.01% related to certain affiliated investments.

Fee data reflected above is current as of its latest prospectus.

Ratings

Portfolio Managers

Portfolio Managers

Patrick Haskell
Head of the Municipal Bond Group within the Portfolio Management Group (PMG) as well as Global Head of the Financial Institutions Group (FIG) Investments Business and the Global Liability Driven Investment (LDI) Business

    

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

  

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

    

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

  

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