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Name

As of 07/24/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

BlackRock National Municipal Fund

BNMLX | Fund

$10.14

$8.16 B

3.48%

$0.35

0.54%

Vitals

YTD Return

1.3%

1 yr return

3.6%

3 Yr Avg Return

-1.2%

5 Yr Avg Return

0.8%

Net Assets

$8.16 B

Holdings in Top 10

16.4%

52 WEEK LOW AND HIGH

$10.1
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.54%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 42.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$5,000,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 07/24/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

BlackRock National Municipal Fund

BNMLX | Fund

$10.14

$8.16 B

3.48%

$0.35

0.54%

BNMLX - Profile

Distributions

  • YTD Total Return 1.3%
  • 3 Yr Annualized Total Return -1.2%
  • 5 Yr Annualized Total Return 0.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.94%
DIVIDENDS
  • Dividend Yield 3.5%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    BlackRock National Municipal Fund
  • Fund Family Name
    BlackRock-advised Funds
  • Inception Date
    Jul 18, 2011
  • Shares Outstanding
    N/A
  • Share Class
    K
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Walter O'Connor

Fund Description

Under normal circumstances, the Fund seeks to achieve its objective by investing at least 80% of its assets in municipal bonds. Municipal bonds include debt obligations issued by or on behalf of a governmental entity or other qualifying issuer that pay interest that is, in the opinion of bond counsel to the issuer, generally excludable from gross income for Federal income tax purposes (except that the interest may be includable in taxable income for purposes of the Federal alternative minimum tax). Municipal bonds may be obligations of a variety of issuers, including governmental entities or other qualifying issuers. Issuers may be states, territories and possessions of the United States and the District of Columbia and their political subdivisions, agencies and instrumentalities. Municipal bonds also include short-term tax-exempt obligations like municipal notes and variable rate demand obligations.
The Fund may invest in municipal bonds rated in any rating category or in unrated municipal bonds. Although Fund management presently intends to invest at least 65% of the Fund’s net assets in municipal bonds rated investment grade or in unrated municipal bonds that Fund management believes are of comparable quality, it is possible that in the future the Fund could invest up to 100% of its assets in “junk bonds.” Investment grade bonds are securities which are rated in the four highest categories by at least one of the major rating agencies or determined by the management team to be of similar quality. The Fund does not intend to invest more than 35% of its net assets in junk bonds or in unrated bonds that Fund management believes are of comparable quality. This is a non-fundamental policy and may be changed by the Board at any time. The Fund will primarily invest in municipal bonds that have a maturity of five years or longer.
The Fund may engage in transactions in certain derivatives, such as financial futures contracts and options thereon, indexed and inverse floating rate obligations and swap agreements, including credit default swap agreements. The Fund may use derivative instruments to hedge its investments or to seek to enhance returns. The Fund may leverage its assets through the use of proceeds received through tender option bond transactions. In a tender option bond transaction, the Fund transfers municipal bonds or other municipal securities into a special purpose entity (a “TOB Trust”). A TOB Trust typically issues two classes of beneficial interests: short-term floating rate interests (“TOB Floaters”), which are sold to third party investors, and residual inverse floating rate interests (“TOB Residuals”), which are generally issued to the Fund. The Fund may invest in TOB Residuals and may also invest in TOB Floaters. The Fund will look through to the underlying municipal bond held by a TOB Trust for purposes of the Fund’s 80% policy.
Read More

BNMLX - Performance

Return Ranking - Trailing

Period BNMLX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.3% -3.1% 18.1% 43.62%
1 Yr 3.6% -3.1% 29.3% 54.90%
3 Yr -1.2%* -11.5% 3.1% 53.82%
5 Yr 0.8%* -6.6% 1102.5% 48.78%
10 Yr 2.2%* -0.7% 248.5% 26.82%

* Annualized

Return Ranking - Calendar

Period BNMLX Return Category Return Low Category Return High Rank in Category (%)
2023 2.7% -1.4% 41.0% 52.59%
2022 -12.6% -39.7% 0.3% 62.82%
2021 0.0% -5.6% 6.9% 29.28%
2020 2.0% -2.6% 310.0% 37.70%
2019 4.4% 0.0% 26.0% 28.14%

Total Return Ranking - Trailing

Period BNMLX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.3% -3.1% 18.1% 43.62%
1 Yr 3.6% -3.1% 29.3% 54.90%
3 Yr -1.2%* -11.5% 3.1% 53.82%
5 Yr 0.8%* -6.6% 1102.5% 48.78%
10 Yr 2.2%* -0.7% 248.5% 26.82%

* Annualized

Total Return Ranking - Calendar

Period BNMLX Return Category Return Low Category Return High Rank in Category (%)
2023 6.5% -1.3% 41.0% 29.34%
2022 -9.9% -39.7% 1.1% 58.37%
2021 2.5% -4.8% 23761504.0% 25.53%
2020 3.8% -1.5% 17057.9% 48.22%
2019 7.5% 0.2% 3514.6% 22.60%

NAV & Total Return History

BNMLX - Holdings

Concentration Analysis

BNMLX Category Low Category High BNMLX % Rank
Net Assets 8.16 B 3.22 M 71.9 B 3.79%
Number of Holdings 486 2 13203 25.47%
Net Assets in Top 10 1.34 B -317 M 3.56 B 0.91%
Weighting of Top 10 16.41% 1.4% 100.2% 57.65%

Top 10 Holdings

  1. BlackRock Liquidity Funds: MuniCash, Institutional Shares 3.99%
  2. LAKE CHARLES LA HARBOR TERMINAL DIST 2.47%
  3. MASSACHUSETTS ST 1.38%
  4. MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE 1.31%
  5. PATRIOTS ENERGY GROUP FING AGY SC GAS SPLY REVENUE 1.28%
  6. ENERGY S E AL A COOPERATIVE DIST ENERGY SPLY REVENUE 1.27%
  7. SOUTHEAST ENERGY AUTH AL COMMODITY SPLY REVENUE 1.26%
  8. UNIV OF CALIFORNIA CA REVENUES 1.19%
  9. SAN FRANCISCO CITY CNTY CA PUBLIC UTILS COMMISSION WSTWTR 1.17%
  10. MASSACHUSETTS ST 1.09%

Asset Allocation

Weighting Return Low Return High BNMLX % Rank
Bonds 		96.92% 0.00% 150.86% 78.66%
Cash 		3.99% -50.86% 46.80% 10.65%
Stocks 		0.00% 0.00% 100.23% 63.12%
Preferred Stocks 		0.00% 0.00% 0.56% 58.85%
Other 		0.00% -3.18% 33.35% 61.40%
Convertible Bonds 		0.00% 0.00% 0.93% 58.69%

Bond Sector Breakdown

Weighting Return Low Return High BNMLX % Rank
Municipal 		89.82% 44.39% 100.00% 94.62%
Cash & Equivalents 		3.99% 0.00% 46.24% 8.75%
Derivative 		0.00% -3.18% 19.67% 59.05%
Securitized 		0.00% 0.00% 5.93% 59.41%
Corporate 		0.00% 0.00% 9.41% 66.49%
Government 		0.00% 0.00% 52.02% 62.69%

Bond Geographic Breakdown

Weighting Return Low Return High BNMLX % Rank
US 		96.92% 0.00% 142.23% 76.22%
Non US 		0.00% 0.00% 23.89% 61.07%

BNMLX - Expenses

Operational Fees

BNMLX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.54% 0.01% 20.65% 78.37%
Management Fee 0.39% 0.00% 1.20% 36.68%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.44% N/A

Sales Fees

BNMLX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 4.75% N/A
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

BNMLX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

BNMLX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 42.00% 0.00% 283.00% 89.48%

BNMLX - Distributions

Dividend Yield Analysis

BNMLX Category Low Category High BNMLX % Rank
Dividend Yield 3.48% 0.00% 14.51% 18.41%

Dividend Distribution Analysis

BNMLX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Quarterly Monthly Monthly

Net Income Ratio Analysis

BNMLX Category Low Category High BNMLX % Rank
Net Income Ratio 1.94% -0.53% 5.33% 50.83%

Capital Gain Distribution Analysis

BNMLX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

BNMLX - Fund Manager Analysis

Managers

Walter O'Connor

Start Date

Tenure

Tenure Rank

Dec 31, 1996

25.43

25.4%

Walter O’Connor, CFA, is a Managing Director and Co-Head of the Municipal Funds team within BlackRock’s Global Fixed Income Group. 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 B.A. degree in finance and philosophy from the University of Notre Dame in 1984.

Michael Kalinoski

Start Date

Tenure

Tenure Rank

Dec 02, 2016

5.5

5.5%

Kalinoski, director at BlackRock, joined BlackRock following the merger with Merrill Lynch Investment Managers(MLIM) in 2006. Prior to joining MLIM in 1999, he was with Strong Capital Management. Mr. Kalinoski earned a B.S. degree in accounting from Marquette University in 1992. Kalinoski holds the Chartered Financial Analyst designation.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.37 1.58

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