Fixed Income

MANLX

National Municipal Fund

How To Buy
  • NAV as of Jun 18, 2021 $11.47
    52 WK: 11.06 - 11.51
  • 1 Day NAV Change as of Jun 18, 2021 -0.01 (-0.09%)
  • NAV Total Return as of Jun 18, 2021 YTD: 1.76%
  • Morningstar Rating

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

Growth of Hypothetical $10,000

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Cum. Fund Perf. Since Inception: 1,400.74

Source: Lipper. Data reflects different methodology from the BlackRock calculated returns in the Returns tab. The $10,000 Hypothetical Over Time chart reflects a hypothetical $10,000 investment in the investor class of shares noted and does not assume the max sales charge. Had sales charge been included, returns would have been lower. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

Distributions

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Ex-Date Payable Date Record Date Total Distribution Income ST Cap Gains LT Cap Gains Return of Capital

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Year Total Distribution Income ST Cap Gains LT Cap Gains

Past distributions are not indicative of future distributions.
Click here, for the most recent distributions.



  1y 3y 5y 10y
Total Return (%) 7.44 4.34 3.33 4.92
Benchmark (%) 5.29 4.73 3.44 4.60
Morningstar Category Avg. (%) 5.77 4.27 2.89 3.82
Morningstar Ranking 44/289 108/249 44/224 10/164
Morningstar Quartile 1 2 1 1
Lipper Category Avg. (%) 6.74 4.66 3.38 4.60
Lipper Ranking 90/287 176/251 120/220 63/163
Lipper Quartile 2 3 3 2
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) 0.03 0.78 0.03 7.44 13.58 17.82 61.72
Benchmark (%) -0.26 0.55 -0.26 5.29 14.86 18.42 56.78
Morningstar Category Avg. (%) -0.20 0.53 -0.20 5.77 13.35 15.29 45.51
Lipper Category Avg. (%) -0.09 0.65 -0.09 6.74 14.66 18.18 57.61
  2016 2017 2018 2019 2020
Total Return (%) 0.31 5.41 0.61 7.38 4.26
Benchmark (%) 0.77 4.95 1.36 7.26 4.95
Morningstar Category Avg. (%) -0.20 4.61 0.78 6.91 4.51
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.

Key Facts

Key Facts

Size of Class (Millions) as of Jun 18, 2021 $5,771.2 M
Size of Fund (Millions) as of Jun 18, 2021 $15,111.2 M
Share Class launch date Nov 02, 1979
Asset Class Fixed Income
Morningstar Category Muni National Interm
Lipper Classification Gen & Ins Muni Debt Fds
Benchmark Index S&P Municipal Bond Index
CUSIP 09253C876
Distribution Frequency Monthly
Number of Holdings as of May 28, 2021 517
Max Offer Price as of Jun 18, 2021 $11.47
Open to New Investors Yes
Turnover Percent in the Annual Report 75%

Portfolio Characteristics

Portfolio Characteristics

Alpha (3y) as of May 31, 2021 -0.14
R-Squared (3y) as of May 31, 2021 93.75
Beta (3y) as of May 31, 2021 1.28
30 Day SEC Yield as of Apr 30, 2021 0.89%
Unsubsidized 30-Day SEC Yield as of Apr 30, 2021 0.83%
Yield to Maturity as of May 28, 2021 2.42%
Yield to Worst as of May 28, 2021 1.17%
Average Coupon as of May 28, 2021 3.83%
Effective Duration as of May 28, 2021 6.07 yrs
Weighted Average Life as of May 28, 2021 14.37 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending Jul 31, 2020 6.90%
Worst 3-Month Return Over the Last 3 Years 3 months ending Apr 30, 2020 -5.89%
Fund Standard Deviation (3y) as of May 31, 2021 4.83

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.

ESG Integration

ESG Integration

ESG integration is the practice of incorporating material environmental, social and governance (ESG) information or insights alongside traditional measures into the investment decision process to improve long term financial outcomes of portfolios. Unless otherwise stated in Fund documentation or included within the Fund’s investment objective, inclusion of this statement does not imply that the Fund has an ESG-aligned investment objective, but rather describes how ESG information is considered as part of the overall investment process.


Where applicable, the Fund manager includes ESG considerations in combination with other information in the research and due diligence stage of the investment process. ESG information may be sourced from both internal and external sources and included in the Aladdin risk system. The Fund manager conducts regular portfolio risk reviews with the Risk and Quantitative Analysis group. These reviews include discussion of the portfolio’s exposure to material ESG risks, as well as exposure to sustainability-related business involvements, climate-related metrics, and other factors.

Fees

Fees

as of current prospectus
Gross Expense Ratio 0.55%
Net Expense Ratio 0.49%

Net Expense Ratio excluding Investment Related Expenses is 0.43%

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

Ratings

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for National Municipal Fund, Class Inst, as of May 31, 2021 rated against 253 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 May 31, 2021 out of 253, 6,157, 255, 102 and 254 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 05, 2021)

Holdings

Holdings

as of May 28, 2021
Name Weight (%)
BLACK BELT ENERGY GAS DIST ALA 4 12/01/2049 1.68
SOUTHEAST ALA GAS SUPPLY DIST 4 06/01/2049 1.66
ISHARES NATIONAL MUNI BOND ETF 1.36
NEW YORK N Y CITY MUN WTR FIN 4 06/15/2042 1.28
NEW YORK N Y CITY MUN WTR FIN 5 06/15/2040 0.94
Name Weight (%)
ISHARES SHRT TRM NATL MUNI BD ETF 0.85
TOB 5 91412G2K0 UNVHGR 144A 0.83
KENTUCKY INC KY PUB ENERGY AUT 4 12/01/2049 0.81
UNIVERSITY CALIF REVS 5 05/15/2046 0.81
MASSACHUSETTS ST 5.25 09/01/2043 0.80

Exposure Breakdowns

Exposure Breakdowns

as of May 28, 2021

% Notional Value

Type Fund Benchmark Net
as of May 28, 2021

% Notional Value

Type Fund Benchmark Net
as of May 28, 2021

% Notional Value

Type Fund Benchmark Net
as of May 28, 2021

% Notional Value

Type Fund Benchmark Net
as of May 28, 2021

% Notional Value

Type Fund Benchmark Net
Allocations subject to change.
as of May 28, 2021

% Notional Value

Type Fund Benchmark Net
as of May 28, 2021

% 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
Walter O'Connor, CFA
Managing Director is a Co-head and Portfolio Manager for the Municipal Bond Funds team

  

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Walter O'Connor, CFA, Managing Director, is a member of Americas Fixed Income within Alpha Strategies. He is head Portfolio Manager on the Municipal Mutual Fund Desk. He is also a member of the Municipal Bond Operating 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
Portfolio Manager, Municipal Mutual Fund

   

Read More

Michael Kalinoski, CFA , Director, is a member of Americas Fixed Income within Alpha Strategies. He is a portfolio manager on the Municipal Mutual Fund Desk.

 

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.

Portfolio Manager

Literature

Literature

 

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Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses, which may be obtained by visiting the iShares ETF and BlackRock Fund prospectus pages. Read the prospectus carefully before investing. Investing involves risk, including possible loss of principal.

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