National Municipal Fund | MANLX

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NAV as of Apr 11, 2025 $9.66
52 WK: 9.58 - 10.26
1 Day NAV Change as of Apr 11, 2025 -0.16 (-1.63%)
NAV Total Return as of Apr 11, 2025 YTD: -2.88%
Morningstar Rating

4 stars
NEUTRAL

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

Returns

	1y	3y	5y	10y
Total Return (%)	1.51	1.12	1.27	1.90
Benchmark (%)	1.22	1.53	1.07	2.13
BBG Muni 90% Investment Grade + 10% High Yield Custom	1.65	1.66	1.40	-
Morningstar Category Avg. (%)	1.70	1.58	1.22	1.74
Morningstar Ranking	169/283	206/260	118/241	71/174
Morningstar Quartile	3	4	2	2
Lipper Category Avg. (%)	1.61	1.14	1.12	1.92
Lipper Ranking	147/286	150/272	104/260	105/186
Lipper Quartile	3	3	2	3

	YTD	1m	3m	1y	3y	5y	10y
Total Return (%)	-0.20	-1.28	-0.20	1.51	3.40	6.53	20.71
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	-

Performance data is not currently available

	2020	2021	2022	2023	2024
Total Return (%)	4.26	2.28	-10.21	6.24	1.87
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

Size of Fund (Millions)

as of Apr 11, 2025

$6,343.5 M

Share Class launch date

Nov 02, 1979

Benchmark Index

BBG Municipal Bond Index Unadjusted (Risk Basis: MUNI) (USD)

Morningstar Category

Muni National Interm

CUSIP

09253C876

Open to New Investors

Yes

Size of Class (Millions)

as of Apr 11, 2025

$3,278.6 M

Asset Class

Fixed Income

Distribution Frequency

Monthly

Lipper Classification

Gen & Ins Muni Debt Fds

Max Offer Price

as of Apr 11, 2025

$9.66

Turnover Percent in the Annual Report

as of Jun 30, 2024

58.00%

Portfolio Characteristics

Number of Holdings

as of Mar 31, 2025

385

Alpha (3y)

as of Mar 31, 2025

-0.03

R-Squared (3y)

as of Mar 31, 2025

94.95

Beta (3y)

as of Mar 31, 2025

0.97

Unsubsidized 30-Day SEC Yield

as of Mar 31, 2025

3.64%

Effective Duration

as of Mar 31, 2025

7.21 yrs

Best 3-Month Return Over the Last 3 Years

3 months ending Jan 31, 2023

9.13%

30 Day SEC Yield

as of Mar 31, 2025

3.72%

Yield to Maturity

as of Mar 31, 2025

4.61%

Fund Standard Deviation (3y)

as of Mar 31, 2025

7.30

Average Coupon

as of Mar 31, 2025

5.09%

Yield to Worst

as of Mar 31, 2025

4.27%

Nominal WAL

as of Mar 31, 2025

6.75 yrs

Worst 3-Month Return Over the Last 3 Years

3 months ending Oct 31, 2022

-7.86%

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

as of current prospectus

Gross Expense Ratio	0.57%
Net Expense Ratio	0.51%

Net Expense Ratio excluding Investment Related Expenses is 0.43%

Acquired Fund Fees and Expenses 0.01%
Interest expense 0.07%

Ratings

Morningstar Rating

Overall

4 stars

Overall Morningstar Rating for National Municipal Fund, as of Mar 31, 2025 rated against 260 Muni National Interm Funds based on risk adjusted total return.

Lipper Leader

Lipper Leader Ratings

Expense

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 Mar 31, 2025 out of 270, 6,077, 272, 112 and 272 Funds, respectively in Lipper's Gen & Ins Muni Debt Fds classification.

Holdings

as of Mar 31, 2025

Name	Weight (%)
PATRIOTS ENERGY GROUP FING AGY 5.25 02/01/2054	1.54
SOUTHEAST ENERGY AUTH COMMODIT 4 11/01/2051	1.52
MAIN STR NAT GAS INC GA GAS SU 5 09/01/2053	1.51
CALIFORNIA CMNTY CHOICE FING A 5 01/01/2055	1.43
SAN FRANCISCO CALIF CITY & CNT 1 10/01/2026	1.43

Name	Weight (%)
ENERGY SOUTHEAST ALA COOP DIST 5.5 11/01/2053	1.42
WASHINGTON D C MET AREA TRAN A 5 07/01/2042	1.24
NEW JERSEY ST TRANSN TR FD AUT 5 06/15/2038	1.15
CALIFORNIA INFRASTRUCTURE & EC 9.5 01/01/2065	1.07
MICHIGAN FIN AUTH REV 5 11/15/2041	1.01

Name	Market Value	Weight (%)	Shares	Maturity	Coupon (%)
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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

as of Mar 31, 2025

% Notional Value

Type	Fund	Benchmark	Net
Transportation	24.05	13.86	10.19
Corporate Muni	16.35	5.51	10.84
Health	12.62	8.95	3.66
State Tax-Backed - Dedicated Tax	10.47	8.14	2.33
Utility	7.73	13.34	-5.61
State Tax-Backed - General Obligation	6.06	10.53	-4.48
Education	4.80	6.55	-1.74
Local Tax-Backed - Dedicated Tax	4.77	8.18	-3.41
Housing	4.12	3.89	0.24
Cash	3.25	0.00	3.25

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as of Mar 31, 2025

% Notional Value

Type	Fund	Benchmark	Net
New York	12.95	15.95	-3.01
Texas	12.46	10.44	2.02
California	10.64	16.53	-5.89
Illinois	6.04	4.03	2.01
Alabama	5.89	1.93	3.96
Massachusetts	5.25	3.40	1.85
New Jersey	4.81	3.15	1.66
South Carolina	4.76	1.06	3.70
Georgia	3.81	2.45	1.36
District of Columbia	3.20	1.39	1.81

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as of Mar 31, 2025

% Notional Value

Type	Fund	Benchmark	Net
Net Derivatives	-1.05	0.00	-1.05
0 - 3 Years	3.84	9.90	-6.05
3 - 6 Years	10.59	14.56	-3.97
6 - 8 Years	7.07	9.80	-2.73
8 - 10 Years	3.16	8.51	-5.36
10 - 12 Years	0.83	7.89	-7.07
12 - 15 Years	5.73	9.81	-4.08
15 - 20 Years	28.66	14.03	14.63
20 - 25 Years	32.21	13.56	18.65
25+ Years	5.72	11.93	-6.21

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as of Mar 31, 2025

% Notional Value

Type	Fund	Benchmark	Net
Net Derivatives	-1.05	0.00	-1.05
AAA Rated	8.87	18.49	-9.61
AA rated	48.76	53.19	-4.43
A Rated	30.94	22.65	8.29
BBB Rated	3.71	5.65	-1.94
BB Rated	0.30	0.00	0.30
B Rated	0.02	0.00	0.02
Not Rated	5.20	0.02	5.17
Cash	3.25	0.00	3.25

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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.