Fixed Income

BNMSX

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
2.14 3.31 3.15 3.89
Benchmark (%) 3.85 4.13 3.80 4.03
Morningstar Category Avg. (%) 2.74 3.37 2.99 3.29
Lipper Category Avg. (%) 2.68 3.78 3.55 3.79
Lipper Ranking 199/278 179/246 151/223 -
Lipper Quartile 3 3 3 -
  YTD 1m 3m 1y 3y 5y 10y
1.56 -0.13 1.06 2.14 10.25 16.79 46.40
Benchmark (%) 3.18 0.02 1.18 3.85 12.89 20.49 48.51
Morningstar Category Avg. (%) 2.31 -0.20 -0.44 2.74 10.47 15.85 38.25
Lipper Category Avg. (%) 2.27 -0.12 1.41 2.68 11.79 19.11 45.57
  2015 2016 2017 2018 2019
Total Return (%) 3.23 0.20 5.07 0.46 7.02
Benchmark (%) 3.32 0.77 4.95 1.36 7.26
Morningstar Category Avg. (%) 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.

Key Facts

Key Facts

Size of Class (Millions) as of Dec 03, 2020 $3.6 M
Size of Fund (Millions) as of Dec 03, 2020 $13,529.1 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
Distribution Frequency Monthly
Number of Holdings as of Oct 30, 2020 450
Max Offer Price as of Dec 03, 2020 $11.29
Open to New Investors Yes
Turnover Percent in the Annual Report 75%

Portfolio Characteristics

Portfolio Characteristics

Alpha (3y) as of Nov 30, 2020 -0.14
R-Squared (3y) as of Nov 30, 2020 92.22
Beta (3y) as of Nov 30, 2020 1.23
30 Day SEC Yield as of Oct 31, 2020 0.99%
Unsubsidized 30-Day SEC Yield as of Oct 31, 2020 0.96%
Yield to Maturity as of Oct 30, 2020 2.74%
Yield to Worst as of Oct 30, 2020 1.75%
Average Coupon as of Oct 30, 2020 3.79%
Effective Duration as of Oct 30, 2020 6.13 yrs
Weighted Average Life as of Oct 30, 2020 14.36 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending Jul 31, 2020 6.84%
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.

Sustainability Characteristics

Sustainability Characteristics

To be included in MSCI ESG Fund Ratings, 65% of the fund’s gross weight must come from securities covered 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.

Fees

Fees

as of current prospectus
Gross Expense Ratio 0.76%
Net Expense Ratio 0.73%

Net Expense Ratio excluding Investment Related Expenses is 0.67%

  • Acquired Fund Fees and Expenses 0.02%
  • Interest expense 0.04%

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.

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, 2020 out of 245, 6,065, 247, 97 and 247 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 16, 2018)

Holdings

Holdings

as of Oct 30, 2020
Name Weight (%)
BLACK BELT ENERGY GAS DIST ALA 4 12/01/2049 2.01
SOUTHEAST ALA GAS SUPPLY DIST 4 06/01/2049 1.86
PEFA INC IOWA GAS PROJ REV 5 09/01/2049 1.42
NEW YORK N Y CITY MUN WTR FIN 5 06/15/2040 1.14
KENTUCKY INC KY PUB ENERGY AUT 4 12/01/2049 1.10
Name Weight (%)
NEW YORK N Y CITY MUN WTR FIN 4 06/15/2042 1.07
PATRIOTS ENERGY GROUP FING AGY 4 10/01/2048 1.03
TOB 5 91412G2K0 UNVHGR 144A 0.93
BUCKEYE OHIO TOB SETTLEMENT FI 5 06/01/2055 0.91
MASSACHUSETTS ST 5.25 09/01/2043 0.88

Exposure Breakdowns

Exposure Breakdowns

as of Oct 30, 2020

% Notional Value

Type Fund Benchmark Net
as of Oct 30, 2020

% Notional Value

Type Fund Benchmark Net
as of Oct 30, 2020

% Notional Value

Type Fund Benchmark Net
as of Oct 30, 2020

% Notional Value

Type Fund Benchmark Net
as of Oct 30, 2020

% Notional Value

Type Fund Benchmark Net
Allocations subject to change.
as of Oct 30, 2020

% Notional Value

Type Fund Benchmark Net
as of Oct 30, 2020

% 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

   

Portfolio Manager

Literature

Literature

 

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