Fixed Income

MDNLX

National Municipal Fund

Overview

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Performance

Performance

Growth of Hypothetical $10,000

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Distributions

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  1y 3y 5y 10y
7.17 4.11 3.09 4.71
2.61 2.61 2.20 4.26
Benchmark (%) 5.29 4.73 3.44 4.60
Morningstar Category Avg. (%) 5.77 4.27 2.89 3.82
Morningstar Ranking 55/289 149/249 81/224 23/164
Morningstar Quartile 1 3 2 1
Lipper Category Avg. (%) 6.74 4.66 3.38 4.60
Lipper Ranking 101/287 193/251 155/220 80/163
Lipper Quartile 2 4 3 2
  YTD 1m 3m 1y 3y 5y 10y
-0.03 0.75 -0.03 7.17 12.83 16.43 58.52
-4.28 -3.53 -4.28 2.61 8.03 11.48 51.77
Benchmark (%) -0.26 0.55 -0.26 5.29 14.86 18.42 56.78
Morningstar Category Avg. (%) -0.20 0.53 -0.20 5.77 13.35 15.29 45.51
Lipper Category Avg. (%) -0.09 0.65 -0.09 6.74 14.66 18.18 57.61
  2016 2017 2018 2019 2020
Total Return (%) 0.15 5.15 0.36 7.11 4.00
Benchmark (%) 0.77 4.95 1.36 7.26 4.95
Morningstar Category Avg. (%) -0.20 4.61 0.78 6.91 4.51
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 performance information for periods prior to the inception date of the share class is based on the Fund’s Institutional Shares, adjusted to reflect the fees and expenses applicable to such share class. See the fund prospectus for more details.

Key Facts

Key Facts

Size of Class (Millions) as of Jun 22, 2021 $4,409.8 M
Size of Fund (Millions) as of Jun 22, 2021 $15,120.8 M
Share Class launch date Oct 21, 1994
Asset Class Fixed Income
Morningstar Category Muni National Interm
Lipper Classification Gen & Ins Muni Debt Fds
Benchmark Index S&P Municipal Bond Index
CUSIP 09253C603
Distribution Frequency Monthly
Number of Holdings as of May 28, 2021 517
Max Offer Price as of Jun 22, 2021 $11.98
Open to New Investors Yes
Turnover Percent in the Annual Report 75%

Portfolio Characteristics

Portfolio Characteristics

Alpha (3y) as of May 31, 2021 -0.16
R-Squared (3y) as of May 31, 2021 93.68
Beta (3y) as of May 31, 2021 1.27
30 Day SEC Yield as of Apr 30, 2021 0.61%
Unsubsidized 30-Day SEC Yield as of Apr 30, 2021 0.56%
Yield to Maturity as of May 28, 2021 2.42%
Yield to Worst as of May 28, 2021 1.17%
Average Coupon as of May 28, 2021 3.83%
Effective Duration as of May 28, 2021 6.07 yrs
Weighted Average Life as of May 28, 2021 14.37 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending Jul 31, 2020 6.73%
Worst 3-Month Return Over the Last 3 Years 3 months ending Apr 30, 2020 -5.86%
Fund Standard Deviation (3y) as of May 31, 2021 4.81

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% of the fund’s gross weight must come from securities covered 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. For newly launched funds, sustainability characteristics are typically available 6 months after launch. MSCI Ratings are currently unavailable for this fund.

ESG Integration

ESG Integration

ESG integration is the practice of incorporating material environmental, social and governance (ESG) information or insights alongside traditional measures into the investment decision process to improve long term financial outcomes of portfolios. Unless otherwise stated in Fund documentation or included within the Fund’s investment objective, inclusion of this statement does not imply that the Fund has an ESG-aligned investment objective, but rather describes how ESG information is considered as part of the overall investment process.


Where applicable, the Fund manager includes ESG considerations in combination with other information in the research and due diligence stage of the investment process. ESG information may be sourced from both internal and external sources and included in the Aladdin risk system. The Fund manager conducts regular portfolio risk reviews with the Risk and Quantitative Analysis group. These reviews include discussion of the portfolio’s exposure to material ESG risks, as well as exposure to sustainability-related business involvements, climate-related metrics, and other factors.

Fees

Fees

as of current prospectus
Gross Expense Ratio 0.82%
Net Expense Ratio 0.74%

Net Expense Ratio excluding Investment Related Expenses is 0.68%

  • Acquired Fund Fees and Expenses 0.02%
  • Interest expense 0.04%

Ratings

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for National Municipal Fund, Class A, as of May 31, 2021 rated against 253 Muni National Interm Funds based on risk adjusted total return.

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 May 31, 2021 out of 253, 6,157, 255, 97 and 254 Funds, respectively in Lipper's Gen & Ins Muni Debt Fds classification.

Holdings

Holdings

as of May 28, 2021
Name Weight (%)
BLACK BELT ENERGY GAS DIST ALA 4 12/01/2049 1.68
SOUTHEAST ALA GAS SUPPLY DIST 4 06/01/2049 1.66
ISHARES NATIONAL MUNI BOND ETF 1.36
NEW YORK N Y CITY MUN WTR FIN 4 06/15/2042 1.28
NEW YORK N Y CITY MUN WTR FIN 5 06/15/2040 0.94
Name Weight (%)
ISHARES SHRT TRM NATL MUNI BD ETF 0.85
TOB 5 91412G2K0 UNVHGR 144A 0.83
KENTUCKY INC KY PUB ENERGY AUT 4 12/01/2049 0.81
UNIVERSITY CALIF REVS 5 05/15/2046 0.81
MASSACHUSETTS ST 5.25 09/01/2043 0.80

Exposure Breakdowns

Exposure Breakdowns

as of May 28, 2021

% Notional Value

Type Fund Benchmark Net
as of May 28, 2021

% Notional Value

Type Fund Benchmark Net
as of May 28, 2021

% Notional Value

Type Fund Benchmark Net
as of May 28, 2021

% Notional Value

Type Fund Benchmark Net
as of May 28, 2021

% Notional Value

Type Fund Benchmark Net
Allocations subject to change.
as of May 28, 2021

% Notional Value

Type Fund Benchmark Net
as of May 28, 2021

% 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
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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