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MDNLX

National Municipal Fund

Fixed Income

MDNLX

National Municipal Fund

Overview

Keep more of what you earn

The BlackRock National Municipal Fund is high-quality municipal holding with a history of attractive tax-advantaged income and strong results.

High quality municipal holding

Strong commitment to credit research

Seeks outperformance and tax-advantaged income

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Monthly Global Allocation Insights

High-Quality Municipal Fund
High-Quality Municipal Fund

See the fund's history of income and returns.
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Monthly Global Allocation Insights

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Performance

Performance

  • Returns

  1y 3y 5y 10y
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.

as of Dec 31, 2019

7.11 4.17 3.19 4.59
Return w/ Sales Charge (%) Max Sales Charge: 4.25

as of Dec 31, 2019

2.56 2.67 2.30 4.14
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.

as of Dec 31, 2019

7.26 4.49 3.50 4.41
Morningstar Category Avg. (%) Muni National Interm

as of Dec 31, 2019

6.91 4.05 2.89 3.70
Morningstar Ranking Rankings are based on total return excluding sales charges, independently calculated and not combined to create an overall ranking.

as of Dec 31, 2019

87/282 93/239 56/215 15/149
Morningstar Quartile Rankings based on total return excluding sales charges, independently calculated and not combined to create an overall ranking.

as of Dec 31, 2019

2 2 2 1
Lipper Category Avg. (%) Gen & Ins Muni Debt Fds

as of Dec 31, 2019

7.60 4.52 3.31 4.27
Lipper Ranking Rankings are based on total return excluding sales charges.

as of Dec 31, 2019

206/282 156/238 124/211 64/167
Lipper Quartile Rankings are based on total return excluding sales charges.

as of Dec 31, 2019

3 3 3 2
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.

as of Dec 31, 2019

7.11 0.29 0.65 7.11 13.03 17.00 56.64
Return w/ Sales Charge (%) Max Sales Charge: 4.25

as of Dec 31, 2019

2.56 -3.98 -3.63 2.56 8.22 12.02 50.00
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.

as of Dec 31, 2019

7.26 0.33 0.65 7.26 14.09 18.78 53.96
Morningstar Category Avg. (%) Muni National Interm

as of Dec 31, 2019

6.91 0.33 0.57 6.91 12.66 15.30 43.76
Lipper Category Avg. (%) Gen & Ins Muni Debt Fds

as of Dec 31, 2019

7.60 0.28 0.47 7.60 14.21 17.80 52.48
  2015 2016 2017 2018 2019
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund. 3.35 0.15 5.15 0.36 7.11
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. 3.32 0.77 4.95 1.36 7.26
Morningstar Category Avg. (%) Muni National Interm 2.50 -0.20 4.61 0.78 6.91
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.

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.

Performance chart data not available for display.
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Cum. Fund Perf. Since Inception: 1,187.61

Source: Lipper. Data reflects different methodology from the BlackRock calculated returns in the Returns tab. The $10,000 Hypothetical Over Time chart reflects a hypothetical $10,000 investment in the investor class of shares noted and does not assume the max sales charge. Had sales charge been included, returns would have been lower. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

Distributions

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Ex-Date Payable Date Record Date Total Distribution Current year distributions are not classified as “Income,” “Short-Term Capital Gains,” “Long-Term Capital Gains,” or “Return of Capital” until approximately 60 days following calendar year-end. Income ST Cap Gains LT Cap Gains Return of Capital

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Year Total Distribution Current year distributions are not classified as “Income,” “Short-Term Capital Gains,” “Long-Term Capital Gains,” or “Return of Capital” until calendar year-end. Income ST Cap Gains LT Cap Gains

Past distributions are not indicative of future distributions.
Click here, for the most recent distributions.



Key Facts

Key Facts

Size of Class (Millions) as of Jan 17, 2020 $3,971.3 M
Size of Fund (Millions) as of Jan 17, 2020 $13,200.8 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 How often a distribution is paid by the fund. The most common distribution frequencies are annually, biannually and quarterly. Monthly
Number of Holdings as of Dec 31, 2019 457
Max Offer Price as of Jan 17, 2020 $11.76
Open to New Investors Yes
Turnover Percent as of Dec 31, 2019 77%

Portfolio Characteristics

Portfolio Characteristics

Alpha (3y) Compared to SNP MUNI MAIN Years 5 and above.<br/><br/>Alpha is calculated at the portfolio level.<br/><br/>A measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the fund relative to the return of the benchmark index is a fund&#39;s alpha. as of Dec 31, 2019 0.01
R-Squared (3y) as of Dec 31, 2019 92.04
Beta (3y) as of Dec 31, 2019 0.91
30 Day SEC Yield A standard calculation of yield introduced by the SEC in order to provide fairer comparison among funds. This yield reflects the interest earned after deducting the fund&#39;s expenses during the most recent 30-day period by the average investor in the fund. Negative 30-Day SEC Yield results when accrued expenses of the past 30 days exceed the income collected during the past 30 days. as of Dec 31, 2019 1.18%
Unsubsidized 30-Day SEC Yield Represents what a fund&#39;s 30-Day SEC Yield would have been had no fee waiver or expense reimbursement been in place over the period. as of Dec 31, 2019 1.18%
Yield to Maturity Yield to Maturity (YTM) is the discount rate that equates the present value of a bond&#39;s cash flows with its market price (including accrued interest). The Fund Average YTM is the weighted average of the fund&#39;s individual bond holding YTMs based upon Net Asset Value (&#39;NAV&#39;). The measure does not include fees and expenses. For callable bonds, YTM is the yield-to-worst. as of Dec 31, 2019 3.02%
Yield to Worst The average rate of return of the portfolio at current market prices, adjusting for optionality. as of Dec 31, 2019 2.04%
Average Coupon as of Dec 31, 2019 4.31%
Effective Duration Effective Duration measures the sensitivity of the price of a bond with or without embedded options to changes in interest rates, taking into account the likelihood of the bond being called, put and/or sunk prior to its final maturity date while incorporating after-tax impacts on the bond. The options-based duration model used by BlackRock employs certain assumptions and may differ from other fund complexes. Effective Duration is measured at the individual bond level, aggregated to the portfolio level, and adjusted for leverage, hedging transactions and non-bond holdings, including derivatives.&lt;br /&gt;As the method for calculating duration in municipal bond funds changed as of Sept. 26, please see the &#39;Literature&#39; section for more information on that measure. as of Dec 31, 2019 6.16 yrs
Weighted Average Life Weighted Average Life to Maturity is shown. Weighted Average Life is the average number of years for which each dollar of unpaid principal on a loan or mortgage remains outstanding. as of Dec 31, 2019 13.74 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending May 31, 2019 3.56%
Worst 3-Month Return Over the Last 3 Years 3 months ending Oct 31, 2018 -1.43%
Fund Standard Deviation (3y) as of Dec 31, 2019 2.14

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

5
Overall Morningstar Rating for National Municipal Fund, Class A, as of Dec 31, 2019 rated against 239 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 Dec 31, 2019 out of 236, 5,840, 238, 96 and 238 Funds, respectively in Lipper's Gen & Ins Muni Debt Fds classification.

Morningstar Analyst Rating

Morningstar Analyst Rating - Silver
Morningstar has awarded the Fund a Silver medal. Fewer than 10% of US open-end funds hold medalist ratings. (Effective Feb 12, 2019) ‡

Holdings

Holdings

as of Dec 31, 2019
Name Weight (%)
ISHARES NATIONAL MUNI BOND ETF 2.70
BLACK BELT ENERGY GAS DIST ALA 4 12/01/2049 2.05
SOUTHEAST ALA GAS SUPPLY DIST 4 06/01/2049 1.92
PEFA INC IOWA GAS PROJ REV 5 09/01/2049 1.50
PATRIOTS ENERGY GROUP FING AGY 4 10/01/2048 1.21
Name Weight (%)
KENTUCKY INC KY PUB ENERGY AUT 4 12/01/2049 1.17
FLORIDA ST BRD OF EDU PUBLIC EDU 5 06/01/2022 1.16
NEW YORK N Y CITY MUN WTR FIN 5 06/15/2040 1.07
TOB 5 91412G2K0 UNVHGR 144A 0.94
METROPOLITAN TRANSN AUTH N Y R 5 09/01/2022 0.93

Exposure Breakdowns

Exposure Breakdowns

as of Dec 31, 2019

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type Fund Benchmark Net
as of Dec 31, 2019

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type Fund Benchmark Net
as of Dec 31, 2019

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type Fund Benchmark Net
as of Dec 31, 2019

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type Fund Benchmark Net
as of Dec 31, 2019

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type Fund Benchmark Net
Allocations subject to change.
as of Dec 31, 2019

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type Fund Benchmark Net
as of Dec 31, 2019

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

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
21 of 24 U.S. bond funds, accounting for 98% of our active mutual fund assets, outperformed within their Morningstar peer groups. Based on institutional share class.*
BlackRock Fixed Income Funds Delivered

Portfolio Managers

Portfolio Managers

Walter O&#39;Connor, CFA
Walter O'Connor, CFA
Managing Director is a Co-head and Portfolio Manager for the Municipal Bond Funds team

  

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Walter O'Connor, CFA, Managing Director, is a member of Americas Fixed Income within Alpha Strategies. He is head Portfolio Manager on the Municipal Mutual Fund Desk. He is also a member of the Municipal Bond Operating 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
Portfolio Manager, Municipal Mutual Fund

   

Read More

Michael Kalinoski, CFA , Director, is a member of Americas Fixed Income within Alpha Strategies. He is a portfolio manager on the Municipal Mutual Fund Desk.

 

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.

Portfolio Manager

Literature

Literature

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