Fixed Income

MFNLX

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
2.73 -1.77 0.20 1.60
1.73 -1.77 0.20 1.60
Benchmark (%) 3.13 -0.41 1.59 2.66
Morningstar Category Avg. (%) 3.35 -0.39 1.36 2.08
Morningstar Ranking 236/293 255/261 231/238 158/177
Morningstar Quartile 3 4 4 4
Lipper Category Avg. (%) 3.97 -0.84 1.29 2.47
Lipper Ranking 254/294 245/271 244/256 174/184
Lipper Quartile 4 4 4 4
BBG Muni 90% Investment Grade + 10% High Yield Custom 3.60 -0.31 1.75 -
  YTD 1m 3m 1y 3y 5y 10y
0.00 0.00 0.00 2.73 -5.20 0.99 17.24
-0.99 -1.00 -0.99 1.73 -5.20 0.99 17.24
Benchmark (%) -0.39 0.00 -0.39 3.13 -1.23 8.22 30.00
Morningstar Category Avg. (%) 0.12 0.07 0.12 3.35 -1.17 6.99 22.92
Lipper Category Avg. (%) 0.21 0.13 0.21 3.97 -2.48 6.66 27.90
BBG Muni 90% Investment Grade + 10% High Yield Custom - 0.12 -0.20 3.60 -0.93 9.04 -
  2019 2020 2021 2022 2023
Total Return (%) 6.32 3.22 1.26 -11.10 5.08
Benchmark (%) 7.26 4.95 1.52 -8.53 6.40
Morningstar Category Avg. (%) 6.91 4.51 1.67 -8.23 5.61

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.

Key Facts

Key Facts

Size of Class (Millions)
as of Jun 21, 2024
$44.9 M
Share Class launch date
Oct 02, 2006
Morningstar Category
Muni National Interm
Benchmark Index
BBG Municipal Bond Index Unadjusted (Risk Basis: MUNI) (USD)
Distribution Frequency
Monthly
Max Offer Price
as of Jun 21, 2024
$10.13
Turnover Percent in the Annual Report
63%
Size of Fund (Millions)
as of Jun 21, 2024
$7,464.8 M
Asset Class
Fixed Income
Lipper Classification
Gen & Ins Muni Debt Fds
CUSIP
09253C801
Number of Holdings
as of May 31, 2024
458
Open to New Investors
Yes

Portfolio Characteristics

Portfolio Characteristics

Alpha (3y)
as of May 31, 2024
-0.10
Beta (3y)
as of May 31, 2024
0.99
Unsubsidized 30-Day SEC Yield
as of May 31, 2024
2.50%
Yield to Worst
as of May 31, 2024
4.22%
Effective Duration
as of May 31, 2024
6.35 yrs
Best 3-Month Return Over the Last 3 Years
3 months ending Jan 31, 2023
8.86%
Fund Standard Deviation (3y)
as of May 31, 2024
7.50
R-Squared (3y)
as of May 31, 2024
95.29
30 Day SEC Yield
as of May 31, 2024
2.55%
Yield to Maturity
as of May 31, 2024
4.62%
Average Coupon
as of May 31, 2024
4.80%
Weighted Average Life
as of May 31, 2024
15.10 yrs
Worst 3-Month Return Over the Last 3 Years
3 months ending Oct 31, 2022
-8.10%

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% (or 50% for bond funds and money market funds) of the fund’s gross weight must come from securities with ESG coverage 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. MSCI Ratings are currently unavailable for this fund.

Business Involvement

Business Involvement

Business Involvement metrics can help investors gain a more comprehensive view of specific activities in which a fund may be exposed through its investments.


Business Involvement metrics are not indicative of a fund’s investment objective, and, unless otherwise stated in fund documentation and included within a fund’s investment objective, do not change a fund’s investment objective or constrain the fund’s investable universe. For more information regarding a fund's investment strategy, please see the fund's prospectus.


Review the MSCI methodology behind the Business Involvement metrics, using links below.

MSCI - Controversial Weapons
as of -
-
MSCI - Nuclear Weapons
as of -
-
MSCI - Civilian Firearms
as of -
-
MSCI - Tobacco
as of -
-
MSCI - UN Global Compact Violators
as of -
-
MSCI - Thermal Coal
as of -
-
MSCI - Oil Sands
as of -
-

Business Involvement Coverage
as of -
-
Percentage of Fund not covered
as of -
-
BlackRock business involvement exposures as shown above for Thermal Coal and Oil Sands are calculated and reported for companies that generate more than 5% of revenue from thermal coal or oil sands as defined by MSCI ESG Research. For the exposure to companies that generate any revenue from thermal coal or oil sands (at a 0% revenue threshold), as defined by MSCI ESG Research, it is as follows: Thermal Coal -% and for Oil Sands -%.

Business Involvement metrics are calculated by BlackRock using data from MSCI ESG Research which provides a profile of each company’s specific business involvement. BlackRock leverages this data to provide a summed up view across holdings and translates it to a fund's market value exposure to the listed Business Involvement areas above.


Business Involvement metrics are designed only to identify companies where MSCI has conducted research and identified as having involvement in the covered activity. As a result, it is possible there is additional involvement in these covered activities where MSCI does not have coverage. This information should not be used to produce comprehensive lists of companies without involvement. Business Involvement metrics are only displayed if at least 1% of the fund’s gross weight includes securities covered by MSCI ESG Research.

ESG Integration

ESG Integration

ESG integration is the practice of incorporating financially material environmental, social and governance (ESG) data or information into the investment decision process with the objective of enhancing risk-adjusted returns of our clients’ 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 or strategy, but rather describes how ESG data or 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. This information may broadly inform investment decisions: ESG criteria are considered in combination with other information. The Fund manager conducts regular portfolio risk reviews between the investment team and BlackRock's 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, where appropriate.

Fees

Fees

as of current prospectus
Gross Expense Ratio 1.62%
Net Expense Ratio 1.56%

Net Expense Ratio excluding Investment Related Expenses is 1.43%

  • Acquired Fund Fees and Expenses 0.01%
  • Interest expense 0.12%

Ratings

Ratings

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, 2024 out of 269, 6,133, 271, 53 and 270 Funds, respectively in Lipper's Gen & Ins Muni Debt Fds classification.

Holdings

Holdings

as of May 31, 2024
Name Weight (%)
LAKE CHARLES LA HBR & TERM DIS 1 12/01/2051 2.74
PATRIOTS ENERGY GROUP FING AGY 5.25 02/01/2054 1.40
MAIN STR NAT GAS INC GA GAS SU 5 09/01/2053 1.40
SOUTHEAST ENERGY AUTH COMMODIT 4 11/01/2051 1.38
ENERGY SOUTHEAST ALA COOP DIST 5.5 11/01/2053 1.37
Name Weight (%)
SAN FRANCISCO CALIF CITY & CNT 1 10/01/2026 1.27
UNIVERSITY CALIF REVS 5 05/15/2046 1.20
WASHINGTON D C MET AREA TRAN A 5 07/01/2042 1.15
GRAND PARKWAY TRANSN CORP TEX 5 10/01/2043 1.08
TENNESSEE ENERGY ACQUISITION C 5 05/01/2053 1.04
Name Weight (%) Shares Market Value Coupon (%) Maturity
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 May 31, 2024

% Notional Value

Type Fund Benchmark Net
as of May 31, 2024

% Notional Value

Type Fund Benchmark Net
as of May 31, 2024

% Notional Value

Type Fund Benchmark Net
as of May 31, 2024

% Notional Value

Type Fund Benchmark Net
as of May 31, 2024

% Notional Value

Type Fund Benchmark Net
Allocations subject to change.
as of May 31, 2024

% Notional Value

Type Fund Benchmark Net
as of May 31, 2024

% 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, Co-Head and Portfolio Manager, Municipal Mutual Funds

  

Michael Kalinoski, CFA 
Director, Portfolio Manager, Municipal Mutual Funds

   

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

  

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

  

Portfolio Manager

Literature

Literature

 

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