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Fixed Income

MDNLX

National Municipal Fund

Overview

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Performance

Performance

  • Returns

  YTD 1m 3m 1y 3y 5y 10y
5.06 0.30 2.02 5.41 7.35 17.96 63.66
0.60 -3.96 -2.31 0.93 2.79 12.95 56.71
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. 4.94 0.43 2.12 6.39 7.80 19.70 60.81
Morningstar Category Avg. (%) Muni National Interm 5.62 0.75 2.48 6.44 6.29 15.89 49.07
Lipper Category Avg. (%) Gen & Ins Muni Debt Fds 5.28 0.39 2.27 6.13 7.12 18.79 60.79
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.

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Distributions

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Key Facts

Key Facts

Size of Class (Millions) as of Sep 18, 2019 $3,459.0 M
Size of Fund (Millions) as of Sep 18, 2019 $11,841.2 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
Number of Holdings as of Aug 30, 2019 421
Max Offer Price as of Sep 18, 2019 $11.62
Open to New Investors Yes
Turnover Percent as of Aug 31, 2019 77%

Portfolio Characteristics

Portfolio Characteristics

R-Squared (3y) as of Aug 31, 2019 95.91
Beta (3y) as of Aug 31, 2019 0.90
Average Coupon as of Aug 30, 2019 4.60%
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 Nov 30, 2016 -4.15%
Fund Standard Deviation (3y) as of Aug 31, 2019 2.97

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 Aug 31, 2019 rated against 243 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 Aug 31, 2019 out of 236, 5,851, 238, 101 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 Aug 30, 2019
Name Weight (%)
BLACK BELT ENERGY GAS DIST ALA 4 12/01/2049 2.26
SOUTHEAST ALA GAS SUPPLY DIST 4 06/01/2049 2.16
ISHARES NATIONAL MUNI BOND ETF 1.94
PEFA INC IOWA GAS PROJ REV 5 09/01/2049 1.65
PATRIOTS ENERGY GROUP FING AGY 4 10/01/2048 1.52
Name Weight (%)
KENTUCKY INC KY PUB ENERGY AUT 4 12/01/2049 1.28
FLORIDA ST BRD OF EDU PUBLIC EDU 5 06/01/2022 1.28
NEW YORK N Y CITY MUN WTR FIN 5 06/15/2040 1.20
TOB 5 91412G2K0 UNVHGR 144A 1.05
MASSACHUSETTS ST 5.25 04/01/2047 0.99

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
19 of 24 U.S. bond funds, accounting for 97% 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'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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