Fixed Income

BNMSX

National Municipal Fund

  • NAV as of Jan 12, 2026 $10.03
    52 WK: 9.57 - 10.10
  • 1 Day NAV Change as of Jan 12, 2026 $0.00 (0.00%)
  • NAV Total Return as of Jan 12, 2026 YTD: 0.62%

Overview

About this Fund

1. High quality municipal holding
2. Strong commitment to credit research
3. Seeks outperformance and tax-advantaged income

Investment Approach

Invests in municipal bonds rated in any rating category or unrated municipal bonds, but does not intend to invest more than 35% of its assets in municipal bonds rated below investment grade. The Fund will usually invest in municipal bonds having a maturity of five years or longer.

For more information read our monthly commentary
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Performance

Performance

  1y 3y 5y 10y
Total Return (%)

as of Dec 31, 2025

2.99 3.47 0.27 1.78
Benchmark (%)

as of Dec 31, 2025

4.25 3.88 0.80 2.34
BBG Muni 90% Investment Grade + 10% High Yield Custom

as of Dec 31, 2025

4.07 4.09 0.94 -
Morningstar Category Avg. (%)

as of Dec 31, 2025

4.36 3.94 0.91 2.05
Morningstar Ranking

as of Dec 31, 2025

263/274 208/253 206/232 130/176
Morningstar Quartile

as of Dec 31, 2025

4 4 4 4
Lipper Category Avg. (%)

as of Dec 31, 2025

3.35 4.03 0.56 2.13
Lipper Ranking

as of Dec 31, 2025

191/283 217/270 190/257 141/188
Lipper Quartile

as of Dec 31, 2025

3 4 3 3
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%)

as of Dec 31, 2025

2.99 0.00 1.21 2.99 10.79 1.34 19.31
Benchmark (%)

as of Dec 31, 2025

4.25 0.09 1.56 4.25 12.09 4.09 26.08
Morningstar Category Avg. (%)

as of Dec 31, 2025

4.36 0.20 1.48 4.36 12.30 4.66 22.52
Lipper Category Avg. (%)

as of Dec 31, 2025

3.35 0.05 1.41 3.35 12.61 2.86 23.66
BBG Muni 90% Investment Grade + 10% High Yield Custom

as of Dec 31, 2025

4.07 0.06 1.52 4.07 12.76 4.81 -
  2021 2022 2023 2024 2025
Total Return (%) 2.03 -10.35 5.87 1.62 2.99
Benchmark (%) 1.52 -8.53 6.40 1.05 4.25
Morningstar Category Avg. (%) 1.67 -8.23 5.61 1.89 4.36
BBG Muni 90% Investment Grade + 10% High Yield Custom 2.13 -8.99 6.68 1.57 4.07

Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation.

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.

Click here for historical distribution data and here for upcoming distribution estimates

Key Facts

Key Facts

Size of Fund (Millions)
as of Jan 12, 2026
$5,816.2 M
Share Class launch date
Jul 15, 2011
Benchmark Index
BBG Municipal Bond Index Unadjusted (Risk Basis: MUNI) (USD)
Lipper Classification
Gen & Ins Muni Debt Fds
Max Offer Price
as of Jan 12, 2026
$10.03
Turnover Percent in the Annual Report
as of Jun 30, 2025
46%
Size of Class (Millions)
as of Jan 12, 2026
$0.6 M
Asset Class
Fixed Income
Morningstar Category
Muni National Interm
CUSIP
09253C751
Open to New Investors
Yes

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Dec 31, 2025
458
Alpha (3y)
as of Dec 31, 2025
0.03
R-Squared (3y)
as of Dec 31, 2025
97.09
Beta (3y)
as of Dec 31, 2025
0.81
Unsubsidized 30-Day SEC Yield
as of Dec 31, 2025
3.23%
Nominal WAL
as of Dec 31, 2025
6.52 yrs
Best 3-Month Return Over the Last 3 Years
3 months ending Jan 31, 2024
6.55%
30 Day SEC Yield
as of Dec 31, 2025
3.33%
Yield to Maturity
as of Dec 31, 2025
4.74%
Fund Standard Deviation (3y)
as of Dec 31, 2025
4.82
Average Coupon
as of Dec 31, 2025
5.13%
Yield to Worst
as of Dec 31, 2025
4.33%
Effective Duration
as of Dec 31, 2025
6.80 yrs
Worst 3-Month Return Over the Last 3 Years
3 months ending Oct 31, 2023
-4.12%

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.

Fees

Fees

as of current prospectus
Gross Expense Ratio 0.81%
Net Expense Ratio 0.72%

Net Expense Ratio excluding Investment Related Expenses is 0.68%

  • Acquired Fund Fees and Expenses 0.01%
  • Interest expense 0.03%

Ratings

Ratings

Holdings

Holdings

as of Dec 31, 2025
Name Weight (%)
SOUTHEAST ENERGY AUTH COMMODIT 4 11/01/2051 1.74
ENERGY SOUTHEAST ALA COOP DIST 5.5 11/01/2053 1.65
SAN FRANCISCO CALIF CITY & CNT 1 10/01/2026 1.65
MAIN STR NAT GAS INC GA GAS SU 5 09/01/2053 1.63
PATRIOTS ENERGY GROUP FING AGY 5.25 02/01/2054 1.59
Name Weight (%)
TARRANT CNTY TEX CULTURAL ED F 5 11/15/2051 1.46
VANGUARD TAX-EXEMPT BOND INDEX FUN 1.30
TOB -99 09182TFT9 BLACKB 144A 1.22
NEW YORK N Y CITY MUN WTR FIN 5 06/15/2040 1.10
TOBACCO SETTLEMENT FING CORP N 5.25 06/01/2046 1.05
Name Market Value Weight (%) Shares Maturity Coupon (%)
Detailed Holdings and Analytics
Holdings are subject to change. Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. The Fund is actively managed and its details, holdings and characteristics will vary. Holdings shown should not be deemed as a recommendation to buy or sell securities. The user relies on this data at its own risk and neither BlackRock nor any other party makes any representations or express or implied warranties (which are expressly disclaimed) nor shall they incur any liability for any errors or omissions in the data.

Exposure Breakdowns

Exposure Breakdowns

as of Dec 31, 2025

% Notional Value

Type Fund Benchmark Net
as of Dec 31, 2025

% Notional Value

Type Fund Benchmark Net
as of Dec 31, 2025

% Notional Value

Type Fund Benchmark Net
as of Dec 31, 2025

% 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

Sean Carney
Sean Carney
CIO of Municipal Bond Funds and Head of Municipal Strategy

   

Read More

Sean Carney, Managing Director, is Chief Investment Officer (CIO) of Municipal Bond Funds and Head of the Municipal Strategy team within BlackRock's Municipal Fixed Income business in BlackRock's Portfolio Management Group (PMG). He is also a member of the firm's Investment Strategy Team, a five-member committee tasked with setting the strategic direction of BlackRock's taxable and tax-exempt product suite and a member of the Municipal Bond Operating Committee responsible for setting the overall direction of the Municipal Bond Business. Mr. Carney has 20 plus years' of experience in the industry, having joined BlackRock in 2007 as a municipal bond trader on the Private Investor (SMA) platform and previously working as a municipal bond broker at Chapdelaine & Co. in New York City. During his tenure at Blackrock he was instrumental in building out the Municipal Strategy platform as well as the Primary Markets Group. In his current role as CIO of Municipal Bond Funds and Head of Municipal Strategist, Mr. Carney monitors market developments on a daily basis and offers analysis and interpretation of technical and fundamental developments for BlackRock's broader municipal bond organization. He is a frequent commentator on the market and is a lead author of the firm's monthly municipal market review and outlook. In seven out of the past eight years Mr. Carney received recognition as the industry’s top buy-side Municipal Strategist by Smith's Research and Grading covering over 80 buy-side and sell-side firms polling more than 1,000 institutional investors. Mr. Carney holds a bachelor's degree from Moravian University and served six years as an infantryman in the U.S. Army National Guard.

Kevin Maloney, CFA
Kevin Maloney, CFA
Managing Director, Co-Head and Portfolio Manager, Municipal Mutual Funds

  

Read More

Kevin Maloney, CFA, Managing Director and Co-Head of the Municipal Funds team, is a Portfolio Manager within the Municipal Fixed Income business in BlackRock's Portfolio Management Group. He is also a member of the Municipal Management Committee, which oversees all municipal bond portfolio management, research, and trading activities.

 

Mr. Maloney began his career at BlackRock in 2011 as a research analyst on the Municipal Credit Research Team.

 

He graduated from Drexel University in 2011 with a BS degree in Finance.

Walter O'Connor, CFA
Walter O'Connor, CFA
Managing Director, Co-Head and Portfolio Manager, Municipal Mutual Funds

  

Read More

Walter O'Connor, CFA, Managing Director and Co-Head of the Municipal Funds team within the Municipal Fixed Income business in BlackRock's Portfolio Management Group. He is also a member of the Municipal Management 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 
Director, Portfolio Manager, Municipal Mutual Funds
Read More

Michael Kalinoski, CFA , Director, is a portfolio manager on the Municipal Mutual Fund Desk within BlackRock's Municipal Fixed Income business in BlackRock's Portfolio Management Group.

 

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.

Phillip Soccio, CFA
Phillip Soccio, CFA
Director, Portfolio Manager, Municipal Mutual Funds

  

Read More

Phillip Soccio, CFA, Director, is a Portfolio Manager for the Municipal Fixed Income business in BlackRock's Portfolio Management Group. Prior to assuming his current role in 2007, Mr. Soccio was a member of BlackRock's Cash Management Group, where he was responsible for managing various tax-exempt money market funds. From 1998 to 2000, he was a member of BlackRock's Account Management Group responsible for institutional client service and marketing support. Mr. Soccio began his career at BlackRock in 1998.

Mr. Soccio earned a BS degree in finance from Wilmington University.

Portfolio Manager

ESG Integration

ESG Integration

BlackRock considers many investment risks in our processes. In order to seek the best risk-adjusted returns for our clients, we manage material risks and opportunities that could impact portfolios, including financially material Environmental, Social and/or Governance (ESG) data or information, where available. See our Firm Wide ESG Integration Statement for more information on this approach and fund documentation for how these material risks are considered within this product, where applicable.

This fund does not seek to follow a sustainable, impact or ESG investment strategy. For more information regarding the fund's investment strategy, please see the fund's prospectus or, as applicable, shareholder report.

Literature

Literature

 

Funds related to BNMSX

Funds related to BNMSX

MAMTX
Strategic Municipal Opportunities Fund
Learn more about MAMTX
MUB
iShares National Muni Bond ETF
Learn more about MUB
MALMX
BlackRock Short Duration Muni Fund
Learn more about MALMX

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