Fixed Income

BNMLX

National Municipal Fund

  • NAV as of Nov 18, 2024 $10.12
    52 WK: 9.90 - 10.27
  • 1 Day NAV Change as of Nov 18, 2024 0.00 (0.00%)
  • NAV Total Return as of Nov 18, 2024 YTD: 2.21%
  • Morningstar Rating

Overview

About this Fund

1. High quality municipal holding
2. Strong commitment to credit research
3. Seeks outperformance and tax-advantaged income

Investment Approach

Invests in municipal bonds rated in any rating category or unrated municipal bonds, but does not intend to invest more than 35% of its assets in municipal bonds rated below investment grade. The Fund will usually invest in municipal bonds having a maturity of five years or longer.

For more information read our monthly commentary
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Performance

Performance

  1y 3y 5y 10y
Total Return (%) 9.05 -0.30 1.09 2.31
Benchmark (%) 10.37 0.09 1.39 2.52
BBG Muni 90% Investment Grade + 10% High Yield Custom 11.06 0.19 1.56 -
Morningstar Category Avg. (%) 9.51 0.14 1.21 2.02
Morningstar Ranking 185/289 201/262 155/240 49/176
Morningstar Quartile 3 4 3 2
Lipper Category Avg. (%) 11.58 -0.26 1.15 2.34
Lipper Ranking 256/287 160/272 154/257 106/183
Lipper Quartile 4 3 3 3
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) 2.93 0.88 2.27 9.05 -0.90 5.57 25.72
Benchmark (%) 2.30 0.99 2.71 10.37 0.28 7.13 28.21
Morningstar Category Avg. (%) 2.89 0.90 2.50 9.51 0.43 6.22 22.19
Lipper Category Avg. (%) 3.57 1.10 2.73 11.58 -0.75 5.95 26.26
BBG Muni 90% Investment Grade + 10% High Yield Custom 2.81 0.98 2.76 11.06 0.58 8.07 -
  2019 2020 2021 2022 2023
Total Return (%) 7.43 4.22 2.34 -10.08 6.18
Benchmark (%) 7.26 4.95 1.52 -8.53 6.40
Morningstar Category Avg. (%) 6.91 4.51 1.67 -8.23 5.61
BBG Muni 90% Investment Grade + 10% High Yield Custom 7.85 5.22 2.13 -8.99 6.68

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.

The returns for Class K Shares prior to August 15, 2016 reflects the performance of the share class when it was classified as BlackRock Shares. The performance information for periods prior to July 18, 2011, the commencement of operations of Class K Shares (when classified as BlackRock Shares), shows the performance of the Fund’s Institutional Shares. The performance of Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would differ only to the extent that Institutional Shares and Class K Shares have different expenses.

Effective October 1, 2021, the Bloomberg Municipal Bond Index and a customized weighted index comprised of 90% Bloomberg Municipal Bond Index Total Return Index Value Unhedged / 10% Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (the “National Customized Reference Benchmark”) replaced the S&P® Municipal Bond Index and the Custom National Index (a customized benchmark that reflects the returns of the S&P® Municipal Bond Index for periods prior to January 1, 2013, and the returns of only those bonds in the S&P® Municipal Bond Index that have maturities greater than five years for periods subsequent to January 1, 2013)  as the performance benchmarks against which the Fund measures its performance.

See the Fund’s prospectus for more details.
Click here for Distribution data

Key Facts

Key Facts

Size of Fund (Millions)
as of Nov 18, 2024
$7,445.7 M
Share Class launch date
Jul 15, 2011
Benchmark Index
BBG Municipal Bond Index Unadjusted (Risk Basis: MUNI) (USD)
Morningstar Category
Muni National Interm
CUSIP
09253C744
Open to New Investors
Yes
Size of Class (Millions)
as of Nov 18, 2024
$1,381.3 M
Asset Class
Fixed Income
Distribution Frequency
Monthly
Lipper Classification
Gen & Ins Muni Debt Fds
Max Offer Price
as of Nov 18, 2024
$10.12
Turnover Percent in the Annual Report
as of Jun 30, 2024
58.00%

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Oct 31, 2024
411
Alpha (3y)
as of Oct 31, 2024
-0.03
R-Squared (3y)
as of Oct 31, 2024
95.33
Beta (3y)
as of Oct 31, 2024
0.97
Unsubsidized 30-Day SEC Yield
as of Oct 31, 2024
3.34%
Effective Duration
as of Oct 31, 2024
6.58 yrs
Best 3-Month Return Over the Last 3 Years
3 months ending Jan 31, 2023
9.14%
30 Day SEC Yield
as of Oct 31, 2024
3.37%
Yield to Maturity
as of Oct 31, 2024
4.47%
Fund Standard Deviation (3y)
as of Oct 31, 2024
7.54
Average Coupon
as of Oct 31, 2024
4.86%
Yield to Worst
as of Oct 31, 2024
4.03%
Nominal WAL
as of Oct 31, 2024
6.21 yrs
Worst 3-Month Return Over the Last 3 Years
3 months ending Oct 31, 2022
-7.85%

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.

Sustainability Characteristics

Sustainability Characteristics

To be included in MSCI ESG Fund Ratings, 65% (or 50% for bond funds and money market funds) of the fund’s gross weight must come from securities with ESG coverage by MSCI ESG Research (certain cash positions and other asset types deemed not relevant for ESG analysis by MSCI are removed prior to calculating a fund’s gross weight; the absolute values of short positions are included but treated as uncovered), the fund’s holdings date must be less than one year old, and the fund must have at least ten securities. MSCI Ratings are currently unavailable for this fund.

Business Involvement

Business Involvement

Business Involvement metrics can help investors gain a more comprehensive view of specific activities in which a fund may be exposed through its investments.


Business Involvement metrics are not indicative of a fund’s investment objective, and, unless otherwise stated in fund documentation and included within a fund’s investment objective, do not change a fund’s investment objective or constrain the fund’s investable universe. For more information regarding a fund's investment strategy, please see the fund's prospectus.


Review the MSCI methodology behind the Business Involvement metrics, using links below.

MSCI - Controversial Weapons
as of Oct 31, 2024
0.00%
MSCI - Nuclear Weapons
as of Oct 31, 2024
0.00%
MSCI - Civilian Firearms
as of Oct 31, 2024
0.00%
MSCI - Tobacco
as of Oct 31, 2024
0.00%
MSCI - UN Global Compact Violators
as of Oct 31, 2024
0.00%
MSCI - Thermal Coal
as of Oct 31, 2024
0.00%
MSCI - Oil Sands
as of Oct 31, 2024
0.00%
Business Involvement Coverage
as of Oct 31, 2024
10.67%
Percentage of Fund not covered
as of Oct 31, 2024
89.33%
BlackRock business involvement exposures as shown above for Thermal Coal and Oil Sands are calculated and reported for companies that generate more than 5% of revenue from thermal coal or oil sands as defined by MSCI ESG Research. For the exposure to companies that generate any revenue from thermal coal or oil sands (at a 0% revenue threshold), as defined by MSCI ESG Research, it is as follows: Thermal Coal 0.00% and for Oil Sands 0.22%.

Business Involvement metrics are calculated by BlackRock using data from MSCI ESG Research which provides a profile of each company’s specific business involvement. BlackRock leverages this data to provide a summed up view across holdings and translates it to a fund's market value exposure to the listed Business Involvement areas above.


Business Involvement metrics are designed only to identify companies where MSCI has conducted research and identified as having involvement in the covered activity. As a result, it is possible there is additional involvement in these covered activities where MSCI does not have coverage. This information should not be used to produce comprehensive lists of companies without involvement. Business Involvement metrics are only displayed if at least 1% of the fund’s gross weight includes securities covered by MSCI ESG Research.

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.

Fees

Fees

as of current prospectus
Gross Expense Ratio 0.49%
Net Expense Ratio 0.46%

Net Expense Ratio excluding Investment Related Expenses is 0.38%

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

Ratings

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for National Municipal Fund, as of Oct 31, 2024 rated against 257 Muni National Interm Funds based on risk adjusted total return.

Morningstar Medalist Rating

Morningstar Medalist Rating - SILVER
Morningstar has awarded the Fund a Silver medal. (Effective Jan 30, 2024)
Analyst-Driven % as of Jan 30, 2024
100.00
Data Coverage % as of Jan 30, 2024
100.00

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 Oct 31, 2024 out of 270, 6,105, 272, 128 and 271 Funds, respectively in Lipper's Gen & Ins Muni Debt Fds classification.

Holdings

Holdings

as of Oct 31, 2024
Name Weight (%)
LAKE CHARLES LA HBR & TERM DIS 1 12/01/2051 2.81
PATRIOTS ENERGY GROUP FING AGY 5.25 02/01/2054 1.42
MAIN STR NAT GAS INC GA GAS SU 5 09/01/2053 1.40
SOUTHEAST ENERGY AUTH COMMODIT 4 11/01/2051 1.37
NEW JERSEY ST TRANSN TR FD AUT 5 06/15/2038 1.36
Name Weight (%)
ENERGY SOUTHEAST ALA COOP DIST 5.5 11/01/2053 1.32
SAN FRANCISCO CALIF CITY & CNT 1 10/01/2026 1.30
CALIFORNIA CMNTY CHOICE FING A 5 01/01/2055 1.20
WASHINGTON D C MET AREA TRAN A 5 07/01/2042 1.16
GRAND PARKWAY TRANSN CORP TEX 5 10/01/2043 1.16
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 Oct 31, 2024

% Notional Value

Type Fund Benchmark Net
as of Oct 31, 2024

% Notional Value

Type Fund Benchmark Net
as of Oct 31, 2024

% Notional Value

Type Fund Benchmark Net
as of Oct 31, 2024

% Notional 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

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.

Michael Kalinoski, CFA 
Michael Kalinoski, CFA 
Director, Portfolio Manager, Municipal Mutual Funds

   

Read More

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.

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

  

Read More

Kevin Maloney, CFA, 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.

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

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