Fixed Income

MALMX

Short-Term Municipal Fund

Overview

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Performance

Performance

  • Returns

  1y 3y 5y 10y Incept. Performance data for certain classes of shares of certain funds are based on pre-class inception information dating back to an older class of fund shares. This information may be considered when assessing a fund's performance, but it does not represent actual performance of these classes of shares. The inception date noted under Key Fund Facts is the date the class of shares was incepted. See fund prospectus or fact sheet for details.
0.38 0.44 0.51 1.68 4.01
Benchmark (%) Index: S&P Municipal Bond Index.<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results. 5.84 5.69 4.66 4.68 -
Morningstar Category Avg. (%) Muni National Short 1.56 1.30 1.30 2.26 -
Morningstar Ranking Rankings are based on total return excluding sales charges, independently calculated and not combined to create an overall ranking. 193/216 168/192 155/176 94/115 -
Morningstar Quartile Rankings based on total return excluding sales charges, independently calculated and not combined to create an overall ranking. 4 4 4 4 -
Lipper Category Avg. (%) Short Muni Debt Funds 0.85 0.83 0.91 1.71 -


The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.

Growth of Hypothetical $10,000 The growth of hypothetical $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

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Distributions

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Key Facts

Key Facts

Size of Class (Millions) as of 06-Dec-2016 $504.8 M
Size of Fund (Millions) as of 06-Dec-2016 $658.7 M
Share Class launch date 02-Nov-1979
Asset Class Fixed Income
Morningstar Category Muni National Short
Lipper Classification Short Muni Debt Funds
Benchmark Index S&P Municipal Bond Index
CUSIP 09253C819
Net, Excluding Investment Related Expenses 0.36%
Gross Expense Ratio 0.52%
Contractual End Date 31-Oct-2017
Number of Holdings as of 31-Oct-2016 141
Max Offer Price as of 06-Dec-2016 $10.06
Open to New Investors Yes
Turnover Percent as of 30-Nov-2016 67%

Portfolio Characteristics

Portfolio Characteristics

R-Squared (3y) as of 30-Nov-2016 50.76
Beta (3y) as of 30-Nov-2016 0.16
Average Coupon as of 31-Oct-2016 4.48%
Best 3-Month Return Over the Last 3 Years 3 months ending 29-Feb-2016 0.62%
Worst 3-Month Return Over the Last 3 Years 3 months ending 30-Nov-2016 -1.04%

For the latest month-end Distribution Yield, click here.


This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Ratings

Ratings

Lipper Leader

 
Overall Lipper Leaders ratings based on an equal-weighted average of percentile ranks for each measure over 3-, 5-, and 10-year periods (if applicable) and do not take into account the effects of sales charges for these categories (Consistent Return, Preservation, Total Return, Expense, and Tax Efficiency) as of 30-Nov-2016 out of 95, 5,686, 95, 44 and 95 Funds, respectively in Lipper's Short Muni Debt Funds classification.

Holdings

Holdings

as of 31-Oct-2016
Name Weight (%)
NEW YORK ST DORM AUTH SALES TA 5 03/15/2018 4.88
FLORIDA ST DEPT ENVIRONMENTAL 5 07/01/2018 3.30
SEATTLE WASH MUN LT & PWR REV 5 09/01/2018 2.88
NEW YORK ST URBAN DEV CORP REVENUE 5 03/15/2019 2.80
REGIONAL TRANSN AUTH ILL EXTENDIBL 0.9 06/01/2025 2.42
Name Weight (%)
NEW JERSEY ST EDL FACS AUTH RE 5 06/01/2017 2.28
PORTLAND ORE SWR SYS REV 5 06/01/2019 1.90
NEW YORK N Y 5 08/01/2019 1.90
LOS ANGELES CALIF DEPT WTR & P 5 12/01/2018 1.87
COLUMBUS OHIO 5 02/15/2018 1.80

Exposure Breakdowns

Exposure Breakdowns

Type Fund Benchmark Net
Sorry, countries/regions are not available at this time.
Sorry, countries/regions are not available at this time.
Type Fund Benchmark Net
Allocations subject to change.
Sorry, maturities are not available at this time.
Sorry, ratings are not available at this time.
The fund itself has not been rated by an independent rating agency. Credit quality ratings on underlying securities of the fund are received from S&P, Moody’s and Fitch and converted to the equivalent S&P major rating category. This breakdown is provided by BlackRock and takes the median rating of the three agencies when all three agencies rate a security the lower of the two ratings if only two agencies rate a security and one rating if that is all that is provided. Unrated securities do not necessarily indicate low quality. Below investment-grade is represented by a rating of BB and below. Ratings and portfolio credit quality may change over time.

Notional value represents a fund’s use of derivatives, including but not limited to futures, options, and swaps. This value captures the fund exposures as if the derivative was replaced with the underlying asset and the corresponding financing or lending, such that all exposures sum to the net asset value. For non-derivatives, the market value and the notional value are identical.

Allocations are subject to change.

Portfolio Managers

Portfolio Managers

Marie Sheehan
Marie Sheehan
William Henderson Jr.
Portfolio Manager, Municipal Liquidity
Kevin Schiatta, CFA
Kevin Schiatta, CFA
Portfolio Manager

Literature

Literature

 

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