Morningstar

BlackRock National Municipal Fund Investor C Shares MFNLX

Morningstar Medalist Rating
Medalist Rating as of | See BlackRock Investment Hub
  • NAV / 1-Day Return 9.46  /  0.00
  • Total Assets 5.2B
  • Adj. Expense Ratio
    1.440%
  • Expense Ratio 1.490%
  • Distribution Fee Level Average
  • Share Class Type Level Load
  • Category Muni National Interm
  • Credit Quality / Interest Rate Sensitivity Medium/Moderate
  • Min. Initial Investment 1,000
  • Status Open
  • TTM Yield 3.01%
  • Effective Duration 6.32 years

USD | NAV as of Oct 03, 2026 | 1-Day Return as of Oct 03, 2026, 12:11 AM GMT+0

Morningstar’s Analysis MFNLX

Will MFNLX outperform in the future?

Get our overall rating based on a fundamental assessment of the pillars below.

  • Process Pillar

    The Process Pillar is our assessment of how sensible, clearly defined, and repeatable MFNLX’s performance objective and investment process is for both security selection and portfolio construction.

  • People Pillar

    The People Pillar is our evaluation of the MFNLX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.

  • Parent Pillar

    The Parent Pillar is our rating of MFNLX’s parent organization’s priorities and whether they’re in line with investors’ interests.

Team turnover puts this strategy to the test.

Associate Director Tom Murphy

Tom Murphy

Associate Director

Summary

BlackRock National Municipal’s team has faced significant changes and departures, including the retirement of the strategy’s longest-tenured portfolio manager. The People rating has been downgraded to Average from Above Average.

by Tom Murphy
Rated on Published on

Unlock our full analysis with Morningstar Investor

Portfolio Holdings MFNLX

More MFNLX Holdings
  • Current Portfolio Date
  • Equity Holdings —
  • Bond Holdings —
  • Other Holdings —
  • % Assets in Top 10 Holdings 11.5
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

BlackRock Liquidity MuniCash Instl

3.64 206M
Cash and Equivalents

MAIN STR NAT GAS INC GA GAS SUPPLY REV

1.66 94M
municipal

ENERGY SOUTHEAST ALA COOP DIST ENERGY SUPPLY REV

1.62 91M
municipal

PATRIOTS ENERGY GROUP FING AGY S C GAS SUPPLY REV

1.62 91M
municipal

SOUTHEAST ENERGY AUTH COMMODITY SUPPLY REV ALA

1.09 62M
municipal

BLACK BELT ENERGY GAS DIST ALA GAS PROJ REV

0.99 56M
municipal

NEW JERSEY ST TPK AUTH TPK REV

0.93 53M
municipal

iShares National Muni Bond ETF

0.93 53M
—

PATRIOTS ENERGY GROUP FING AGY S C GAS SUPPLY REV

0.91 51M
municipal

iShares High Yield Muni Active ETF

0.90 51M
—

Sponsor Center