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BNMLX BlackRock National Municipal K

  • Fund
  • BNMLX
  • Price as of: Mar 22, 2019
  • $10.89
  • + $0.04
  • + 0.37%
  • Category
  • National Munis

BNMLX - Profile

Vitals

  • YTD Return 2.0%
  • 3 Yr Annualized Return -0.4%
  • 5 Yr Annualized Return 0.5%
  • Net Assets $9.97 B
  • Holdings in Top 10 12.9%

52 WEEK LOW AND HIGH

$10.89
$10.51
$10.89

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.44%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 51.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$5,000,000

IRA

N/A

Investment Themes

CATEGORY

National Munis
  • Fund Type Open End Mutual Fund
  • Investment Style Muni National Interm

Distributions

  • YTD Total Return 2.0%
  • 3 Yr Annualized Total Return -0.4%
  • 5 Yr Annualized Total Return 0.5%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.09%
DIVIDENDS
  • Dividend Yield 0.3%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name BlackRock National Municipal Fund
  • Fund Family Name BlackRock
  • Inception Date Jul 15, 2011
  • Shares Outstanding N/A
  • Share Class Other
  • Currency USD
  • Domiciled Country United States
  • Manager Walter O'Connor

Fund Description

The fund seeks to achieve its objective by investing at least 80% of its assets in municipal bonds. Although the advisor 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." It will usually invest in municipal bonds that have a maturity of five years or longer.

BNMLX - Performance

Return Ranking - Trailing

Period BNMLX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 2.0% -13.2% 99.4% 8.09% 1
1 Yr 1.2% -5.8% 10.7% 65.31% 3
3 Yr -0.4% * -4.5% 7.0% 40.55% 3
5 Yr 0.5% * -1.7% 5.8% 66.32% 2
10 Yr N/A * -0.2% 8.7% N/A N/A

* Annualized


Return Ranking - Calendar

Period BNMLX Return Category Return Low Category Return High Rank in Category (%) Quintile
2018 -2.5% -5.3% 3.8% 47.47% 4
2017 2.1% -5.6% 7.2% 21.88% 2
2016 -2.5% -8.5% 8.8% 37.95% 3
2015 0.0% -10.9% 8.6% 19.90% 2
2014 6.4% -9.8% 12.0% 17.05% 2

Total Return Ranking - Trailing

Period BNMLX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 2.0% -13.2% 99.4% 11.65% 1
1 Yr 1.2% -8.9% 8.9% 32.25% 3
3 Yr -0.4% * -5.4% 7.0% 43.30% 3
5 Yr 0.5% * -1.5% 5.8% 34.73% 3
10 Yr N/A * -0.2% 8.7% N/A N/A

* Annualized


Total Return Ranking - Calendar

Period BNMLX Return Category Return Low Category Return High Rank in Category (%) Quintile
2018 -2.5% -5.3% 3.8% 48.14% 4
2017 2.1% -5.6% 6.9% 22.56% 2
2016 -2.5% -8.2% 9.3% 43.59% 3
2015 0.0% -10.3% 8.6% 32.59% 3
2014 6.4% -9.8% 17.0% 21.49% 2

NAV & Total Return History

BNMLX - Holdings

Filings data as of: Feb 28, 2019

Concentration Analysis

BNMLX Category Low Category High BNMLX % Rank Quintile
Net Assets 9.97 B 491 K 63.3 B 1.45% 1
Number of Holdings 475 1 8026 13.87% 2
Net Assets in Top 10 1.29 B -233 M 1.76 B 0.65% 1
Weighting of Top 10 12.9% 0.0% 100.0% 21.94% 3

Top 10 Holdings

  1. SOUTHEAST ALA GAS SUPPLY DIST 4% 2.48%
  2. PATRIOTS ENERGY GROUP FING AGY S C 4% 1.67%
  3. ILLINOIS ST 5% 1.36%
  4. MIAMI-DADE CNTY FLA AVIATION REV 5% 1.33%
  5. LOS ANGELES CALIF UNI SCH DIST 5.25% 1.14%
  6. KENTUCKY INC KY PUB ENERGY AUTH GAS SUPLLY REV 4% 1.08%
  7. MASSACHUSETTS ST 5.25% 1.07%
  8. LAS VEGAS NEV CONVENTION & VISITORS AUTH CONVENTION CTR EXPANSION REV 5% 0.97%
  9. PENNSYLVANIA ST TPK COMMN TPK REV 5.25% 0.84%
  10. iShares National Muni Bond ETF 0.99%

Asset Allocation

Weighting Category Low Category High BNMLX % Rank Quintile
Bonds
93.31% 0.00% 202.21% 26.09% 5
Cash
6.68% -110.85% 100.00% 6.61% 1
Stocks
0.00% 0.00% 0.32% 0.81% 5
Preferred Stocks
0.00% 0.00% 9.45% 0.81% 5
Other
0.00% -2.77% 28.55% 5.48% 5
Convertible Bonds
0.00% 0.00% 2.37% 0.81% 5

Bond Sector Breakdown

Weighting Category Low Category High BNMLX % Rank Quintile
Municipal
93.32% 0.00% 116.34% 26.94% 5
Cash & Equivalents
6.68% -110.85% 100.00% 6.29% 1
Derivative
0.00% -5.91% 0.91% 0.65% 5
Securitized
0.00% 0.00% 45.91% 2.42% 5
Corporate
0.00% 0.00% 41.10% 5.32% 5
Government
0.00% -18.10% 117.34% 4.52% 5

Bond Geographic Breakdown

Weighting Category Low Category High BNMLX % Rank Quintile
US
92.72% 0.00% 202.21% 27.42% 5
Non US
0.59% 0.00% 28.67% 8.71% 2

BNMLX - Expenses

Operational Fees

BNMLX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 0.44% 0.08% 4.80% 23.19% 1
Management Fee 0.39% 0.00% 0.65% 3.22% 3
12b-1 Fee N/A 0.00% 1.00% N/A N/A
Administrative Fee N/A 0.00% 0.35% N/A N/A

Sales Fees

BNMLX Fees (% of AUM) Category Low Category High BNMLX Rank Quintile
Front Load N/A 0.50% 5.75% N/A N/A
Deferred Load N/A 0.50% 5.50% N/A N/A

Trading Fees

BNMLX Fees (% of AUM) Category Low Category High BNMLX Rank Quintile
Max Redemption Fee N/A 0.25% 2.00% N/A N/A

Turnover 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 Low Category High BNMLX Rank Quintile
Turnover 51.00% 0.00% 504.54% 7.73% 5

BNMLX - Distributions

Dividend Yield Analysis

BNMLX Category Low Category High BNMLX % Rank Quintile
Dividend Yield 0.3% 0.00% 1.01% 15.45% 2

Dividend Distribution Analysis

BNMLX Category Low Category High Category Mode
Dividend Distribution Frequency Monthly Quarterly Monthly Annually

Dividend Payout History


Net Income Ratio Analysis

BNMLX Category Low Category High BNMLX % Rank Quintile
Net Income Ratio 3.09% 0.01% 5.26% 12.56% 2

Capital Gain Distribution Analysis

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

BNMLX - Managers

Walter O'Connor

Lead Manager

Start Date

Dec 31, 1996

Tenure

22.18

Tenure Rank

1.9%

O’Connor, CFA, is Managing Director of BlackRock, Inc. since 2006. He is Managing Director of MLIM from 2003 to 2006 and Director (Municipal Tax-Exempt Fund Management) of MLIM from 2000 to 2003.


Michael Kalinoski

Manager

Start Date

Dec 02, 2016

Tenure

2.24

Tenure Rank

18.6%

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. Kalinoski holds the Chartered Financial Analyst designation.


Tenure Analysis

Category Low

0.0

Category High

39.4

Category Average

7.91

Category Mode

4.2