BlackRock National Municipal Fund
BlackRock Municipal Bond Fund, Inc.
Fund classification
Classified from what the fund holds · as of 2026 Q2
BlackRock National Municipal Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2025 Q4
The investment objective of BlackRock National Municipal Fund (the National Fundor the Fund) is 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 invests at least 80% of its assets in municipal bonds issued by U.S. governmental entities and qualifying issuers, targeting tax-exempt income. The fund intends to hold at least 65% in investment-grade municipal bonds but may invest up to 100% in below-investment-grade bonds, a non-fundamental policy that can be changed by the board. The fund may leverage its portfolio through tender option bond transactions, in which it transfers municipal bonds to special purpose entities that issue floating-rate interests to third parties while the fund retains inverse floating-rate residuals.
| Share class | Gross | Net |
|---|---|---|
| C000006118 | 0.77% | 0.72% |
| C000006121 | 0.54% | 0.47% |
| C000038033 | 1.53% | 1.47% |
| C000100249 | 0.81% | 0.72% |
| C000100250 | 0.46% | 0.42% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 46.00% · as of 2025 Q4
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 99.25% |
| Cash & short-term | 3.05% |
| Derivatives | 0.09% |
| Stocks | 0.00% |
Look-through blends 2 underlying funds; 0.0% of NAV was not looked through and stays direct-classified.
Latest quarter
What changed since the fund's previous filing
Largest new: iShares National Muni Bond ETF, State of Maryland, Arkansas Development Finance Authority ×2, State of Washington, Black Belt Energy Gas District, Ohio Water Development Authority, Boulder Valley School District No Re-2 Boulder
Largest exited: San Francisco City & County Public Utilities Commission Wastewater Revenue, New York Transportation Development Corp, Michigan Finance Authority, Black Belt Energy Gas District, Arkansas Development Finance Authority ×2, Private Colleges & Universities Authority, State of Illinois
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
This fund changed legal form during the period shown. The history above is continuous — it spans both eras, and the change is not a gap in reporting.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 82.8% |
| Floating rate | 17.1% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.3% |
| 1-3y | 0.6% |
| 3-5y | 1.6% |
| 5-10y | 5.2% |
| 10y+ | 92.3% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 51% |
| Interest rates | 49% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +6.29 yr |
| High yield | +0.47 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.02 yr | 0% |
| 1 yr | 0.24 yr | 4% |
| 5 yr | 2.46 yr | 38% |
| 10 yr | 3.16 yr | 49% |
| 30 yr | 0.56 yr | 9% |
| 3 mo | 0.49 yr | 7% |
| 1 yr | 0.44 yr | 7% |
| 5 yr | 3.36 yr | 50% |
| 10 yr | 2.34 yr | 35% |
| 30 yr | 0.13 yr | 2% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.02 | +0.28 | +0.21 | $164.1k | $119.8k |
| 1 yr | +0.24 | +0.44 | +0.01 | $251.5k | $4.0k |
| 5 yr | +2.46 | +3.26 | +0.09 | $1.88m | $54.6k |
| 10 yr | +3.16 | +2.31 | +0.03 | $1.33m | $17.9k |
| 30 yr | +0.56 | +0.00 | +0.13 | $0 | $74.6k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| MCSXX | BlackRock Liquidity FundsMCSXX | 2.92% | — | $168.45M | — |
| — | iShares National Muni Bond ETF | 1.87% | $107.62 | $107.62M | 1.0M |
| — | Main Street Natural Gas Inc5.00% floating · due 2053-09-01 | 1.62% | — | $93.07M | — |
| — | Energy Southeast A Cooperative District5.50% floating · due 2053-11-01 | 1.60% | — | $92.11M | — |
| — | Patriots Energy Group Financing Agency5.25% floating · due 2054-02-01 | 1.57% | — | $90.37M | — |
| — | Black Belt Energy Gas District5.00% floating · due 2055-12-01 | 1.19% | — | $68.67M | — |
| — | Southeast Energy Authority A Cooperative District4.00% floating · due 2051-11-01 | 1.06% | — | $60.95M | — |
| — | Black Belt Energy Gas District5.50% floating · due 2054-10-01 | 0.97% | — | $56.10M | — |
| — | New Jersey Turnpike Authority5.00% · due 2043-01-01 | 0.95% | — | $54.84M | — |
| — | Commonwealth of Massachusetts5.25% · due 2047-10-01 | 0.93% | — | $53.42M | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
Top 10 positions are 14.68% of net assets, top 25 26.07%, across 216 issuers.
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