Fixed Income

MDNLX

National Municipal Fund

  • NAV as of Apr 04, 2025 $10.05
    52 WK: 9.91 - 10.27
  • 1 Day NAV Change as of Apr 04, 2025 0.04 (0.40%)
  • NAV Total Return as of Apr 04, 2025 YTD: 0.80%

Overview

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Performance

Performance

  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) -0.26 -1.30 -0.26 1.26 2.63 5.21 17.92
Return w/ Sales Charge (%) -4.50 -5.50 -4.50 -3.04 -1.73 0.75 12.90
Benchmark (%) -0.22 -1.69 -0.22 1.22 4.65 5.48 23.41
Morningstar Category Avg. (%) -0.08 -1.49 -0.08 1.70 4.81 6.23 18.82
Lipper Category Avg. (%) -0.45 -1.78 -0.45 1.61 3.47 5.79 21.22
BBG Muni 90% Investment Grade + 10% High Yield Custom -0.12 -1.64 -0.12 1.65 5.08 7.18 -
  2020 2021 2022 2023 2024
Total Return (%) 4.00 1.94 -10.35 5.86 1.72
Annual w/ Sales Charge (%) -0.42 -2.40 -14.16 1.37 -2.61
Benchmark (%) 4.95 1.52 -8.53 6.40 1.05
Morningstar Category Avg. (%) 4.51 1.67 -8.23 5.61 1.89
BBG Muni 90% Investment Grade + 10% High Yield Custom 5.22 2.13 -8.99 6.68 1.57

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 Distribution data

Key Facts

Key Facts

Size of Fund (Millions)
as of Apr 04, 2025
$6,765.3 M
Share Class launch date
Oct 21, 1994
Benchmark Index
BBG Municipal Bond Index Unadjusted (Risk Basis: MUNI) (USD)
Morningstar Category
Muni National Interm
CUSIP
09253C603
Open to New Investors
Yes
Size of Class (Millions)
as of Apr 04, 2025
$1,877.3 M
Asset Class
Fixed Income
Distribution Frequency
Monthly
Lipper Classification
Gen & Ins Muni Debt Fds
Max Offer Price
as of Apr 04, 2025
$10.50
Turnover Percent in the Annual Report
as of Jun 30, 2024
58%

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Feb 28, 2025
392
Alpha (3y)
as of Mar 31, 2025
-0.05
R-Squared (3y)
as of Mar 31, 2025
94.60
Beta (3y)
as of Mar 31, 2025
0.97
Unsubsidized 30-Day SEC Yield
as of Feb 28, 2025
3.06%
Effective Duration
as of Feb 28, 2025
6.59 yrs
Best 3-Month Return Over the Last 3 Years
3 months ending Jan 31, 2023
9.06%
30 Day SEC Yield
as of Feb 28, 2025
3.10%
Yield to Maturity
as of Feb 28, 2025
4.34%
Fund Standard Deviation (3y)
as of Mar 31, 2025
7.29
Average Coupon
as of Feb 28, 2025
5.00%
Yield to Worst
as of Feb 28, 2025
3.87%
Nominal WAL
as of Feb 28, 2025
6.23 yrs
Worst 3-Month Return Over the Last 3 Years
3 months ending Oct 31, 2022
-7.92%

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.

Fees

Fees

as of current prospectus
Gross Expense Ratio 0.81%
Net Expense Ratio 0.76%

Net Expense Ratio excluding Investment Related Expenses is 0.68%

  • Acquired Fund Fees and Expenses 0.01%
  • Interest expense 0.07%

Holdings

Holdings

as of Feb 28, 2025
Name Weight (%)
PATRIOTS ENERGY GROUP FING AGY 5.25 02/01/2054 1.48
MAIN STR NAT GAS INC GA GAS SU 5 09/01/2053 1.44
SOUTHEAST ENERGY AUTH COMMODIT 4 11/01/2051 1.41
CALIFORNIA CMNTY CHOICE FING A 5 01/01/2055 1.33
SAN FRANCISCO CALIF CITY & CNT 1 10/01/2026 1.32
Name Weight (%)
ENERGY SOUTHEAST ALA COOP DIST 5.5 11/01/2053 1.32
WASHINGTON D C MET AREA TRAN A 5 07/01/2042 1.16
NEW JERSEY ST TRANSN TR FD AUT 5 06/15/2038 1.10
CALIFORNIA INFRASTRUCTURE & EC 9.5 01/01/2065 1.00
SAN ANTONIO TEX ELEC & GAS REV 5.25 02/01/2049 0.97
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 28, 2025

% Notional Value

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as of Feb 28, 2025

% Notional Value

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as of Feb 28, 2025

% Notional Value

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as of Feb 28, 2025

% Notional Value

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

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

  

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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.

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.

Michael Kalinoski, CFA 
Michael Kalinoski, CFA 
Director, Portfolio Manager, Municipal Mutual Funds
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Michael Kalinoski, CFA , Director, is a portfolio manager on the Municipal Mutual Fund Desk within BlackRock's Municipal Fixed Income business in BlackRock's Portfolio Management Group.

 

Mr. Kalinoski's service with the firm dates back to 1999, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. At MLIM, he was a member of the tax-exempt fixed income team responsible for managing a number of national and state funds. Prior to joining MLIM in 1999, Mr. Kalinoski was a municipal trader with Strong Capital Management.

 

Mr. Kalinoski earned a BS degree in accounting from Marquette University in 1992.

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.

Portfolio Manager

Literature

Literature

 

Funds related to MDNLX

Funds related to MDNLX

MAMTX
Strategic Municipal Opportunities Fund
Learn more about MAMTX
MUB
iShares National Muni Bond ETF
Learn more about MUB
MALMX
BlackRock Short Duration Muni Fund
Learn more about MALMX

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