Fixed Income

BNMSX

National Municipal Fund

Overview

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Performance

Performance

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 Aug 05, 2020 $3.7 M
Size of Fund (Millions) as of Aug 05, 2020 $13,741.4 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 S&P Municipal Bond Index
CUSIP 09253C751
Number of Holdings as of Jun 30, 2020 455
Max Offer Price as of Aug 05, 2020 $11.25
Open to New Investors Yes
Turnover Percent in the Annual Report 77%

Portfolio Characteristics

Portfolio Characteristics

R-Squared (3y) as of Jul 31, 2020 91.59
Beta (3y) as of Jul 31, 2020 1.22
Average Coupon as of Jun 30, 2020 3.55%
Best 3-Month Return Over the Last 3 Years 3 months ending Jun 30, 2020 3.60%
Worst 3-Month Return Over the Last 3 Years 3 months ending Apr 30, 2020 -5.95%

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

4
Overall Morningstar Rating for National Municipal Fund, Service, as of Aug 31, 2018 rated against 238 Muni National Interm Funds based on risk adjusted total return.

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 16, 2018) ‡

Holdings

Holdings

as of Jun 30, 2020
Name Weight (%)
BLACK BELT ENERGY GAS DIST ALA 4 12/01/2049 2.00
SOUTHEAST ALA GAS SUPPLY DIST 4 06/01/2049 1.81
PEFA INC IOWA GAS PROJ REV 5 09/01/2049 1.47
NEW YORK N Y CITY MUN WTR FIN 5 06/15/2040 1.15
KENTUCKY INC KY PUB ENERGY AUT 4 12/01/2049 1.08
Name Weight (%)
BUCKEYE OHIO TOB SETTLEMENT FI 5 06/01/2055 1.07
PATRIOTS ENERGY GROUP FING AGY 4 10/01/2048 1.02
MASSACHUSETTS ST 5.25 09/01/2043 0.96
TOB 5 91412G2K0 UNVHGR 144A 0.91
MASSACHUSETTS ST 5.25 04/01/2047 0.87

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.

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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