Fixed Income

BNMLX

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
-13.43 -2.66 0.03 1.58
Benchmark (%) -11.50 -1.85 0.59 1.79
Morningstar Category Avg. (%) -11.16 -2.01 0.22 1.23
Morningstar Ranking 277/302 238/277 175/240 42/178
Morningstar Quartile 4 4 4 1
Lipper Category Avg. (%) -13.21 -2.51 0.15 1.47
Lipper Ranking 168/295 167/275 147/243 82/175
Lipper Quartile 3 3 3 2
  YTD 1m 3m 1y 3y 5y 10y
-14.15 -4.79 -4.31 -13.43 -7.78 0.13 17.01
Benchmark (%) -12.13 -3.84 -3.46 -11.50 -5.46 2.98 19.41
Morningstar Category Avg. (%) -11.84 -0.71 -5.95 -11.16 -5.92 1.11 12.97
Lipper Category Avg. (%) -13.92 -4.14 -3.87 -13.21 -7.31 0.80 15.93
  2017 2018 2019 2020 2021
Total Return (%) 5.46 0.66 7.43 4.22 2.34
Benchmark (%) 4.95 1.36 7.26 4.95 1.52
Morningstar Category Avg. (%) 4.61 0.78 6.91 4.51 1.67
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.

Key Facts

Key Facts

Size of Class (Millions) as of Dec 02, 2022 $3,494.1 M
Size of Fund (Millions) as of Dec 02, 2022 $10,156.9 M
Share Class launch date Jul 15, 2011
Asset Class Fixed Income
Morningstar Category Muni National Interm
Lipper Classification Gen & Ins Muni Debt Fds
Benchmark Index BBG Municipal Bond Index Unadjusted (Risk Basis: MUNI)
CUSIP 09253C744
Distribution Frequency Monthly
Number of Holdings as of Oct 31, 2022 679
Max Offer Price as of Dec 02, 2022 $9.99
Open to New Investors Yes
Turnover Percent in the Annual Report 74%

Portfolio Characteristics

Portfolio Characteristics

Alpha (3y) as of Nov 30, 2022 -0.03
R-Squared (3y) as of Nov 30, 2022 96.59
Beta (3y) as of Nov 30, 2022 1.16
30 Day SEC Yield as of Oct 31, 2022 4.07%
Unsubsidized 30-Day SEC Yield as of Oct 31, 2022 4.04%
Yield to Maturity as of Oct 31, 2022 5.08%
Yield to Worst as of Oct 31, 2022 4.91%
Average Coupon as of Oct 31, 2022 4.18%
Effective Duration as of Oct 31, 2022 8.72 yrs
Weighted Average Life as of Oct 31, 2022 18.29 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending Jul 31, 2020 6.91%
Worst 3-Month Return Over the Last 3 Years 3 months ending Oct 31, 2022 -7.85%
Fund Standard Deviation (3y) as of Nov 30, 2022 6.90

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 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. 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 0.43%
Net Expense Ratio 0.41%

Net Expense Ratio excluding Investment Related Expenses is 0.38%

  • Acquired Fund Fees and Expenses 0.02%
  • Interest expense 0.01%

Ratings

Ratings

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, 2022 out of 274, 6,284, 276, 125 and 275 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 04, 2022)

Holdings

Holdings

as of Oct 31, 2022
Name Weight (%)
CALIFORNIA CMNTY CHOICE FING A 4 02/01/2052 1.97
LAKE CHARLES LA HBR & TERM DIS 1 12/01/2051 1.41
TOB 5 91412G2K0 UNVHGR 144A 1.07
NEW YORK N Y CITY MUN WTR FIN 4 06/15/2045 1.06
NEW YORK N Y CITY MUN WTR FIN 5 06/15/2040 1.02
Name Weight (%)
MASSACHUSETTS ST 5.25 09/01/2043 0.99
MIAMI-DADE CNTY FLA AVIATION R 5 10/01/2040 0.99
SOUTHEAST ENERGY AUTH COMMODIT 4 11/01/2051 0.98
TOB 5 91412HKT9 UNVHGR 144A 0.95
SAN FRANCISCO CALIF CITY & CNT 1 10/01/2026 0.94

Exposure Breakdowns

Exposure Breakdowns

as of Oct 31, 2022

% Notional Value

Type Fund Benchmark Net
as of Oct 31, 2022

% Notional Value

Type Fund Benchmark Net
as of Oct 31, 2022

% Notional Value

Type Fund Benchmark Net
as of Oct 31, 2022

% Notional Value

Type Fund Benchmark Net
as of Oct 31, 2022

% Notional Value

Type Fund Benchmark Net
Allocations subject to change.
as of Oct 31, 2022

% Notional Value

Type Fund Benchmark Net
as of Oct 31, 2022

% 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

   

Kevin Maloney
Kevin Maloney
Phillip Soccio
Phillip Soccio
Portfolio Manager

Literature

Literature

 

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