Fixed Income

MANLX

National Municipal Fund

Overview

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Performance

Performance

  • Returns

  1y 3y 5y 10y Incept. Performance data for certain classes of shares of certain funds are based on pre-class inception information dating back to an older class of fund shares. This information may be considered when assessing a fund's performance, but it does not represent actual performance of these classes of shares. The inception date noted under Key Fund Facts is the date the class of shares was incepted. See fund prospectus or fact sheet for details.
0.61 3.63 3.62 4.42 7.02
Benchmark (%) Index: S&P Municipal Bond Index.<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results. 0.55 3.67 3.41 4.26 -
Morningstar Category Avg. (%) Muni National Interm -0.31 2.71 2.57 3.48 -
Morningstar Ranking Rankings are based on total return excluding sales charges, independently calculated and not combined to create an overall ranking. 36/286 35/256 19/224 7/150 -
Morningstar Quartile Rankings based on total return excluding sales charges, independently calculated and not combined to create an overall ranking. 1 1 1 1 -
Lipper Category Avg. (%) Gen & Ins Muni Debt Fds -0.06 3.46 3.20 3.65 -
Lipper Ranking Rankings are based on total return excluding sales charges. 36/263 105/231 60/207 23/152 -
Lipper Quartile Rankings are based on total return excluding sales charges. 1 2 2 1 -


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.

Growth of Hypothetical $10,000 The growth of hypothetical $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

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Distributions

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Key Facts

Key Facts

Size of Class (Millions) as of 26-May-2017 $3,185.4 M
Size of Fund (Millions) as of 26-May-2017 $7,739.2 M
Share Class launch date 02-Nov-1979
Asset Class Fixed Income
Morningstar Category Muni National Interm
Lipper Classification Gen & Ins Muni Debt Fds
Benchmark Index S&P Municipal Bond Index
CUSIP 09253C876
Net, Excluding Investment Related Expenses 0.44%
Gross Expense Ratio 0.60%
Contractual End Date 31-Oct-2017
Number of Holdings as of 28-Apr-2017 435
Max Offer Price as of 26-May-2017 $10.89
Open to New Investors Yes
Turnover Percent as of 30-Apr-2017 83%

Portfolio Characteristics

Portfolio Characteristics

R-Squared (3y) as of 28-Apr-2017 96.37
Beta (3y) as of 28-Apr-2017 0.86
Average Coupon as of 28-Apr-2017 5.23%
Best 3-Month Return Over the Last 3 Years 3 months ending 30-Jun-2016 2.45%
Worst 3-Month Return Over the Last 3 Years 3 months ending 30-Nov-2016 -4.11%

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.

Ratings

Ratings

Morningstar Rating

Overall Morningstar Rating for National Municipal Fund, Class Inst, as of 30-Apr-2017 rated against 256 Muni National Interm Funds.

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 30-Apr-2017 out of 223, 5,771, 231, 68 and 231 Funds, respectively in Lipper's Gen & Ins Muni Debt Fds classification.

Morningstar Analyst Rating

Morningstar Analyst Rating - Bronze
Morningstar has awarded the Fund a Bronze medal. Fewer than 10% of US open-end funds hold medalist ratings. (Effective 24-Feb-2017) ‡

Holdings

Holdings

as of 28-Apr-2017
Name Weight (%)
CALIFORNIA ST FOR PREVIOUS ISS 5 08/01/2030 1.66
FLORIDA ST BRD ED PUB ED 5 06/01/2037 1.50
CALIFORNIA ST FOR PREVIOUS ISS 5 08/01/2028 1.46
MASSACHUSETTS ST 5.25 04/01/2047 1.44
CALIFORNIA ST 6 04/01/2038 1.23
Name Weight (%)
ALABAMA SPL CARE FACS FING AUT 5 11/15/2046 1.16
PORT AUTH N Y & N J 6 09/15/2028 1.05
UTAH CNTY UTAH HOSP REV 5 05/15/2043 1.04
NEW YORK N Y CITY MUN WTR FIN 5.25 06/15/2046 1.04
TEXAS WATER DEV BRD 5.25 10/15/2046 1.03

Exposure Breakdowns

Exposure Breakdowns

Type Fund Benchmark Net
Type Fund Benchmark Net
Type Fund Benchmark Net
Type Fund Benchmark Net
Type Fund Benchmark Net
Allocations subject to change.
Type Fund Benchmark Net
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.
BlackRock Fixed Income Funds Delivered
BlackRock Fixed Income Funds Delivered
14 of 23 U.S. bond funds, accounting for 87% of assets, have 1st quartile performance*
20 of 23 U.S. bond funds, accounting for 87% of our fixed income funds, are priced in the least expensive quartile
See the numbers See the numbers

Portfolio Managers

Portfolio Managers

Walter O'Connor, CFA
Managing Director is a Co-head and Portfolio Manager for the Municipal Bond Funds team

  

Michael Kalinoski, CFA
Portfolio Manager, Municipal Mutual Fund
Portfolio Manager

Literature

Literature

 

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