BlackRock High Yield Municipal Fund
Data updated: 2025-03-27
C000032427 — BlackRock High Yield Municipal Fund. Long Corporate Bond · $1.56B AUM · 1.58% expense ratio. Holdings, fees, performance and SEC filings.
C000032427 Fund Overview
BlackRock High Yield Municipal Fund is a US mutual fund managed by Blackrock Municipal Bond Fund, Inc., categorised as Long Corporate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Blackrock Municipal Bond Fund, Inc.
- Category: Long Corporate Bond
- Assets under management: $1.56B
- 1-year return: 7.3%
- SEC CIK: 0000225635
- SEC series ID: S000011867
- Share class ID: C000032427
C000032427 Investment Objective and Strategy
BlackRock High Yield Municipal Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Blackrock Municipal Bond Fund, Inc..
Investment objective
The investment objective of BlackRock High Yield Municipal Fund (the “High Yield Fund” or the “Fund”) is to provide shareholders with as high a level of income exempt from Federal income taxes as is consistent with the investment policies of the Fund.
Principal investment strategy
Under normal circumstances, the High Yield Fund seeks to achieve its objective by investing at least 80% of its assets in municipal bonds. Municipal bonds include debt obligations issued by or on behalf of a governmental entity or other qualifying issuer that pay interest that is, in the opinion of bond counsel to the issuer, generally excludable from gross income for Federal income tax purposes (except that the interest may be includable in taxable income for purposes of the Federal alternative minimum tax). Municipal bonds may be obligations of a variety of issuers, including governmental entities or other qualifying issuers. Issuers may be states, territories and possessions of the United States and the District of Columbia and their political subdivisions, agencies and instrumentalities.
Municipal bonds also include short-term tax-exempt obligations like municipal notes and variable rate demand obligations. The High Yield Fund may invest in municipal bonds rated in any rating category or in unrated municipal bonds. Although the Fund may invest in municipal bonds in any rating category, Fund management presently intends to invest at least 65% of the Funds net assets in medium- to low-quality bonds as rated by at least one independent rating agency (BBB or lower by S&P Global Ratings (S&P) or Fitch Ratings, Inc. (Fitch) or Baa or lower by Moodys Investors Service, Inc. (Moodys)), or if unrated, judged to be of comparable quality by BlackRock. Obligations rated below BBB or Baa are commonly known as junk bonds. It is possible that the Fund could invest up to 100% of its assets in junk bonds.
The Fund may also invest up to 10% of its assets in municipal bonds that are distressed securities. Distressed securities are securities that are the subject of bankruptcy proceedings or otherwise in default as to the repayment of principal and/or payment of interest at the time of acquisition or are rated in the lowest rating categories by at least one independent rating agency (CC or lower by S&P or Fitch or Ca or lower by Moodys), or if unrated, judged to be of comparable quality by BlackRock. The Fund will usually invest in municipal bonds that have a maturity of five years or longer.
C000032427 Holdings
Top 10 holdings of BlackRock High Yield Municipal Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| BlackRock Liquidity Funds | 3.85% |
| Commonwealth of Puerto Rico | 2.10% |
| California Infrastructure & Economic Development Bank | 2.00% |
| Port of Beaumont Navigation District | 1.41% |
| Florida Development Finance Corp | 1.36% |
| Southeast Energy Authority A Cooperative District | 1.36% |
| City of Jacksonville FL | 1.30% |
| Arkansas Development Finance Authority | 1.07% |
| Black Belt Energy Gas District | 0.93% |
| Oklahoma Development Finance Authority | 0.92% |
C000032427 Portfolio Allocation
Asset-class allocation of BlackRock High Yield Municipal Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 97.6% |
| Cash & Equivalents | 3.8% |
C000032427 Performance
Total returns for C000032427 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 7.3% |
| 3 years (annualised) | -0.8% |
| 5 years (annualised) | 0.5% |
C000032427 Risk Information
Risk metrics for C000032427, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 5.0%
C000032427 Costs and Fees
C000032427 costs about $158 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.58%
- Gross expense ratio: 1.62%
- Portfolio turnover: 34%
- Brokerage commissions: 0.01 bps of average net assets (SEC N-CEN)
C000032427 Cashflows
Over the 12 months to 2025-01, BlackRock High Yield Municipal Fund had net outflows of $69.60M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2025-01 | −$49.65M |
| 2024-12 | −$6.32M |
| 2024-11 | $25.13M |
| 2024-10 | −$44.12M |
| 2024-09 | −$3.38M |
| 2024-08 | $15.84M |
C000032427 Debt Constituents
Largest debt holdings of BlackRock High Yield Municipal Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Commonwealth of Puerto Rico | 2.10% |
| California Infrastructure & Economic Development Bank | 2.00% |
| Port of Beaumont Navigation District | 1.41% |
| Florida Development Finance Corp | 1.36% |
| Southeast Energy Authority A Cooperative District | 1.36% |
| City of Jacksonville FL | 1.30% |
| Arkansas Development Finance Authority | 1.07% |
| Black Belt Energy Gas District | 0.93% |
| Oklahoma Development Finance Authority | 0.92% |
| Arkansas Development Finance Authority | 0.91% |
C000032427 Prospectus and SEC Filings
Official BlackRock High Yield Municipal Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2024-10-23
- Prospectus (485BPOS) — filed 2023-10-24
- Prospectus supplement (497) — filed 2023-11-01
- Portfolio holdings (N-PORT) — filed 2025-03-27
- Portfolio holdings (N-PORT) — filed 2024-12-26
- Portfolio holdings (N-PORT) — filed 2024-11-26
- Annual census (N-CEN) — filed 2025-01-13
- Annual census (N-CEN) — filed 2024-09-09
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Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.