Short-Term Municipal Fund | MDLMX

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NAV as of Jun 04, 2020 $10.14
52 WK: 9.90 - 10.21
1 Day NAV Change as of Jun 04, 2020 0.00 (0.00%)
NAV Total Return as of Jun 04, 2020 YTD: 0.27% YTD (year to date) is a period, starting from the beginning of the current calendar year, and continuing up to the prior day's close.

Overview

About this Fund

High Quality Holding
Veteran Managers with Robust Resources
History of Stability

Investment Approach

Invests primarily in investment grade municipal bonds or notes, including variable rate demand obligations that have a maturity of less than four years, as it seeks a high level of income exempt from federal income taxes.

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Performance

Returns

	1y	3y	5y	10y
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	0.72	1.00	0.74	0.70
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.	3.78	3.80	3.17	4.21
Morningstar Category Avg. (%) Muni National Short	0.86	1.26	1.06	1.34
Morningstar Ranking Rankings are based on total return excluding sales charges, independently calculated and not combined to create an overall ranking.	169/205	152/179	126/157	107/119
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	1.17	1.32	0.96	1.08
Lipper Ranking Rankings are based on total return excluding sales charges.	113/137	97/115	75/100	58/68
Lipper Quartile Rankings are based on total return excluding sales charges.	4	4	3	4

Performance data is not currently available

	YTD	1m	3m	1y	3y	5y	10y
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	-0.82	-1.33	-0.82	0.72	3.03	3.76	7.17
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.	-0.58	-3.34	-0.58	3.78	11.85	16.91	51.06
Morningstar Category Avg. (%) Muni National Short	-0.92	-0.24	-1.52	0.86	4.43	5.64	14.76
Lipper Category Avg. (%) Short Muni Debt Funds	-0.51	-1.28	-0.51	1.17	4.02	4.91	11.40

Performance data is not currently available

	2015	2016	2017	2018	2019
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	0.19	-0.17	0.87	1.34	2.40
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.	3.32	0.77	4.95	1.36	7.26
Morningstar Category Avg. (%) Muni National Short	0.70	-0.15	1.69	1.18	3.12

Performance data is not currently available

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. The performance information for periods prior to the inception date of the share class is based on the Fund’s Institutional Shares, adjusted to reflect the fees and expenses applicable to such share class. See the fund prospectus for more details.

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.

Performance chart data not available for display.

Growth of Hypothetical $10,000
Historical NAVs

Short-Term Municipal Fund ($)

Cum. Fund Perf. Since Inception: 327.76

Source: Lipper. Data reflects different methodology from the BlackRock calculated returns in the Returns tab. The $10,000 Hypothetical Over Time chart reflects a hypothetical $10,000 investment in the investor class of shares noted and does not assume the max sales charge. Had sales charge been included, returns would have been lower. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

Historical NAVs

Distributions

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Recent
Calendar Year

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Table

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Ex-Date	Payable Date	Record Date	Total Distribution Current year distributions are not classified as “Income,” “Short-Term Capital Gains,” “Long-Term Capital Gains,” or “Return of Capital” until approximately 60 days following calendar year-end.	Income	ST Cap Gains	LT Cap Gains	Return of Capital

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Table

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Year	Total Distribution Current year distributions are not classified as “Income,” “Short-Term Capital Gains,” “Long-Term Capital Gains,” or “Return of Capital” until calendar year-end.	Income	ST Cap Gains	LT Cap Gains

Past distributions are not indicative of future distributions.
Click here, for the most recent distributions.

Key Facts

Size of Class (Millions) as of Jun 04, 2020 $14.2 M

Size of Fund (Millions) as of Jun 04, 2020 $589.0 M

Share Class launch date Oct 21, 1994

Asset Class Fixed Income

Morningstar Category Muni National Short

Lipper Classification Short Muni Debt Funds

Benchmark Index S&P Municipal Bond Index

CUSIP 09253C850

Distribution Frequency How often a distribution is paid by the fund. The most common distribution frequencies are annually, biannually and quarterly. Monthly

Number of Holdings as of Apr 30, 2020 231

Max Offer Price as of Jun 04, 2020 $10.24

Open to New Investors No

Turnover Percent as of May 31, 2020 129%

Portfolio Characteristics

Alpha (3y) Compared to S&P Muni Bond, LIMITED: < 4 Years (Risk Basis: Muni). Alpha is calculated at the portfolio level. A measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the fund relative to the return of the benchmark index is a fund's alpha. as of May 31, 2020 0.03

R-Squared (3y) as of May 31, 2020 66.70

Beta (3y) as of May 31, 2020 0.26

30 Day SEC Yield A standard calculation of yield introduced by the SEC in order to provide fairer comparison among funds. This yield reflects the interest earned after deducting the fund's expenses during the most recent 30-day period by the average investor in the fund. Negative 30-Day SEC Yield results when accrued expenses of the past 30 days exceed the income collected during the past 30 days. as of Apr 30, 2020 1.23%

Unsubsidized 30-Day SEC Yield Represents what a fund's 30-Day SEC Yield would have been had no fee waiver or expense reimbursement been in place over the period. as of Apr 30, 2020 1.19%

Yield to Maturity Yield to Maturity (YTM) is the discount rate that equates the present value of a bond's cash flows with its market price (including accrued interest). The Fund Average YTM is the weighted average of the fund's individual bond holding YTMs based upon Net Asset Value ('NAV'). The measure does not include fees and expenses. For callable bonds, YTM is the yield-to-worst. as of Apr 30, 2020 1.62%

Yield to Worst The average rate of return of the portfolio at current market prices, adjusting for optionality. as of Apr 30, 2020 1.61%

Average Coupon as of Apr 30, 2020 3.16%

Effective Duration Effective Duration measures the sensitivity of the price of a bond with or without embedded options to changes in interest rates, taking into account the likelihood of the bond being called, put and/or sunk prior to its final maturity date while incorporating after-tax impacts on the bond. The options-based duration model used by BlackRock employs certain assumptions and may differ from other fund complexes. Effective Duration is measured at the individual bond level, aggregated to the portfolio level, and adjusted for leverage, hedging transactions and non-bond holdings, including derivatives. As the method for calculating duration in municipal bond funds changed as of Sept. 26, please see the 'Literature' section for more information on that measure. as of Apr 30, 2020 1.04 yrs

Weighted Average Life Weighted Average Life to Maturity is shown. Weighted Average Life is the average number of years for which each dollar of unpaid principal on a loan or mortgage remains outstanding. as of Apr 30, 2020 1.17 yrs

Best 3-Month Return Over the Last 3 Years 3 months ending Jan 31, 2019 1.01%

Worst 3-Month Return Over the Last 3 Years 3 months ending Mar 31, 2020 -0.82%

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.

Fees

as of current prospectus

Gross Expense Ratio	0.53%
Net Expense Ratio The difference between gross and net expense ratios are due to contractual and/or voluntary waivers, if applicable. Any applicable contractual waiver will be terminable upon 90 days’ notice. BlackRock may agree to voluntarily waive certain fees and expenses, which the adviser may discontinue at any time without notice. For this share class, the contractual waiver end date is Oct 31, 2020.	0.46%

Net Expense Ratio excluding Investment Related Expenses is 0.46%

Ratings

Lipper Leader

Lipper Leader Ratings

Expense Short-Term Municipal Fund received the following Expense ratings for the 3-, 5-, and 10-year periods, respectively: 5 (44 funds), 5 (41 funds), and 5 (29 funds). Lipper ratings for Expense reflect funds' expense minimization relative to peers with similar load structures.

Preservation Short-Term Municipal Fund received the following Preservation ratings for the 3-, 5-, and 10-year periods, respectively: 5 (6,020 funds), 5 (5,180 funds), and 5 (3,399 funds). Lipper ratings for Preservation reflect funds' historical loss avoidance relative to other funds within the same asset class. Preservation ratings are relative, rather than absolute, measures, and funds named Lipper Leaders for Preservation may still experience losses periodically; those losses may be larger for equity and mixed equity funds than for fixed income funds.

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 Apr 30, 2020 out of 116, 6,039, 116, 44 and 116 Funds, respectively in Lipper's Short Muni Debt Funds classification.

Holdings

Top

as of Apr 30, 2020

Name	Weight (%)
MAIN STR NAT GAS INC GA GAS SU 4 04/01/2048	3.00
CONNECTICUT ST 5 04/15/2021	2.38
NEW JERSEY ST TRANSN TR FD AUT 5 06/15/2020	2.23
ST JOHN BAPTIST PARISH LA REV 2 06/01/2037	1.69
NEW JERSEY ECONOMIC DEV AUTH R 5 06/15/2021	1.66

Name	Weight (%)
GRANT CNTY WASH PUB UTIL DIST 2 01/01/2044	1.65
CLEVELAND OHIO ARPT SYS REV 5.25 01/01/2021	1.32
NEW JERSEY ECONOMIC DEV AUTH R 5 03/01/2022	1.09
NEW JERSEY ECONOMIC DEV AUTH R 5 06/15/2020	1.07
PENNSYLVANIA ST 5 06/01/2022	1.00

Exposure Breakdowns

as of Apr 30, 2020

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type	Fund	Benchmark	Net

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as of Apr 30, 2020

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type	Fund	Benchmark	Net

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as of Jun 03, 2020

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type	Fund

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as of Apr 30, 2020

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type	Fund	Benchmark	Net

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as of Apr 30, 2020

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type	Fund	Benchmark	Net

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Allocations subject to change.

as of Jun 03, 2020

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type	Fund

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as of Jun 03, 2020

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type	Fund

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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

Kristi Manidis

Director

Portfolio Manager

Read the Team's Commentary

Literature

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