BlackRock National Municipal Fund Q4 2025 Commentary

BlackRock5.13K FollowersFollow5ShareSavePlay(6min)CommentsSummaryBlackRock National Municipal Fund posted returns of 1.27% (Institutional shares) and 1.21% (Investor A shares, without sales charge) for the fourth quarter of 2025.High-quality investment grade holdings in the “belly” of the yield curve (maturities in a range of 12-20 years) drove performance, while high yield positions were the largest detractor.The fund had an overweight exposure to prepaid gas debt, while it maintained a notable, albeit declining, allocation to shorter-call bonds to enhance dividend yield. Pla2na/iStock via Getty Images Commentary as of 12/31/25 The fund posted returns of 1.27% (Institutional shares)(MANLX) and 1.21% (Investor A shares, without sales charge)(MDNLX) for the fourth quarter of 2025. High-quality investment grade holdings in the “belly” of the yield curve (maturities This article was written byBlackRock5.13K FollowersFollowBlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable.