Fixed Income

BNMSX

National Municipal Fund

Overview

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Performance

Performance

  • Returns

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 May 17, 2019 $3.2 M
Size of Fund (Millions) as of May 17, 2019 $10,858.3 M
Share Class launch date Sep 30, 2006
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 Apr 30, 2019 430
Max Offer Price as of May 17, 2019 $11.03
Open to New Investors Yes
Turnover Percent as of Apr 30, 2019 51%

Portfolio Characteristics

Portfolio Characteristics

R-Squared (3y) as of Apr 30, 2019 95.26
Beta (3y) as of Apr 30, 2019 0.90
Average Coupon as of Apr 30, 2019 4.92%
Best 3-Month Return Over the Last 3 Years 3 months ending Apr 30, 2019 3.24%
Worst 3-Month Return Over the Last 3 Years 3 months ending Nov 30, 2016 -4.07%

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.

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 Apr 30, 2019 out of 233, 5,815, 235, 75 and 235 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 Apr 30, 2019
Name Weight (%)
ISHARES NATIONAL MUNI BOND ETF 2.88
SOUTHEAST ALA GAS SUPPLY DIST 4 06/01/2049 2.38
NEW YORK N Y CITY MUN WTR FIN 5 06/15/2040 1.88
KENTUCKY INC KY PUB ENERGY AUT 4 12/01/2049 1.73
PATRIOTS ENERGY GROUP FING AGY 4 10/01/2048 1.60
Name Weight (%)
ILLINOIS ST 5 11/01/2028 1.52
FLORIDA ST BRD OF EDU PUBLIC EDU 5 06/01/2022 1.41
MIAMI-DADE CNTY FLA AVIATION R 5 10/01/2040 1.27
TOB 5 91412G2K0 UNVHGR 144A 1.12
MASSACHUSETTS ST 5.25 04/01/2047 1.02

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
21 of 25 U.S. bond funds, accounting for 99% of our assets, outperformed within their Morningstar peer groups. Based on Inst. shares.*
22 of 25 U.S. bond funds, accounting for 88% of our bond funds, are in the least expensive quartile. Based on Inst. shares.†
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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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