Fund Evaluator:
BlackRock National Municipal K (BNMLX)
Follow This Fund
Best Performing in Muni National Interm Over the Last Year
| 8.4% | Sit Tax-Free Income (SNTIX) |
| 5.6% | Putnam Strategic Intermediate Muncpl Y (PAMYX) |
| 5.5% | Goldman Sachs Dynamic Municipal Inc Inv (GUIRX) |
| 5.3% | Victory Tax Exempt Intermediate-Term (USATX) |
| 5.2% | Vanguard Tax-Exempt Bond Index Admiral (VTEAX) |
Fund Details
BlackRock National Municipal K Overview
BlackRock National Municipal K (BNMLX) is an actively managed Municipal Bond Muni National Interm fund. BlackRock launched the fund in 2011.
The investment seeks to provide shareholders with as high a level of income exempt from Federal income taxes as is consistent with the investment policies of the fund. 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 primarily invest in municipal bonds that have a maturity of five years or longer.
About BlackRock National Municipal K (BNMLX)
There are 4 members of the management team with an average tenure of 4.53 years: Phillip Soccio (2022), Sean Carney (2025), Kevin Maloney (2022), Michael Kalinoski (2016). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg Municipal TR USD index with a weighting of 100%. BlackRock National Municipal K has 516 securities in its portfolio. The top 10 holdings constitute 14.3% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
BlackRock National Municipal K is part of the Fixed Income global asset class and is within the Municipal Bond fund group. BlackRock National Municipal K has 1.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.1%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 98.3% (97.1% domestic bond, 1.2% foreign bond and 0.0% convertible bond). BlackRock National Municipal K has 1.7% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is below the $1 billion average for the Muni National Interm category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
BNMLX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The BlackRock National Municipal K expense ratio is average compared to funds in the Muni National Interm category. BlackRock National Municipal K has an expense ratio of 0.42%, which is 38% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. BlackRock National Municipal K has a portfolio turnover rate of 46%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 39% for the Muni National Interm category.
Recently, in the month of July 2026, BlackRock National Municipal K returned -1.7%, which earned it a grade of D, as the Muni National Interm category had an average return of -1.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
BlackRock National Municipal K has a trailing yield of 3.96%, which is above the 3.27% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
BlackRock National Municipal K Grades
Year to date, the fund has returned 0.8%, 0.4 percentage points better than the category, which translates into a grade of A. The fund has returned 4.8% over the past year (grade of B), 2.8% over the past three years (grade of D) and 0.2% per year over the past five years (grade of D) and 1.8% per year over the past 10 years (grade of C).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about BlackRock National Municipal K, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
BNMLX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BNMLX Return (NAV) | -1.7% | -0.4% | 4.8% | 2.8% | 0.2% | 1.8% |
| BNMLX Grade | D | C | B | D | D | C |
| +/- Category | -0.1% | 0.1% | 0.2% | -0.4% | -0.4% | 0.1% |
| Muni National Interm Avg | -1.6% | -0.5% | 4.6% | 3.2% | 0.6% | 1.7% |
| BNMLX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
BNMLX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BNMLX Return (NAV) | 0.8% | 3.3% | 1.9% | 6.2% | -10.1% | 2.3% | 4.2% | 7.4% | 0.7% | 5.5% | 0.5% |
| BNMLX Grade | A | F | C | B | F | B | C | B | D | B | A |
| +/- Category | 0.4% | -0.9% | -0.1% | 0.4% | -1.8% | 0.6% | -0.1% | 0.7% | -0.1% | 0.8% | 0.7% |
| Muni National Interm Avg | 0.4% | 4.2% | 2.0% | 5.8% | -8.2% | 1.7% | 4.3% | 6.7% | 0.8% | 4.7% | -0.2% |
| Risk Measures | |
| Standard Deviation: | 4.6% |
| Total Risk Index: | 0.37 - Low |
| Category Risk Index: | 0.96 - Below Average |
| Category Risk Grade: | B (37% Rank) |
| Beta: | 0.80 |
| R-Squared: | 99% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 4.0% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $5698 Mil |
| Fund Total Assets: | $1,157 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 46% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 9.7 years | |||
| Average Tenure: 4.5 years | |||
| Managers (Year): Kalinoski Michael (2016), Maloney Kevin (2022), Soccio Phillip (2022), Carney Sean (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 516 |
| % in Top 10 Holdings: | 14.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.2% |
Portfolio Allocation |
|
| Domestic Stock: | 0.1% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 97.1% |
| Foreign Bond: | 1.2% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.7% |
Purchase Information
| Fund Family: | BlackRock |
| Phone Number: | 800-537-4942 |
| Website: | www.blackrock.com |
| Status: | Open |
| Inception Date: | July 15, 2011 |
| Min. Initial Purchase: | $5,000,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.42% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.68% |
| Share Class: | BlackRock National Municipal Instl |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
