Short-Term Municipal Fund | MDLMX

Filter list by keyword Show More Show Less to of Total Sorry, no data available.

NAV as of Jun 07, 2023 $9.76
52 WK: 9.63 - 9.89
1 Day NAV Change as of Jun 07, 2023 0.01 (0.10%)
NAV Total Return as of Jun 07, 2023 YTD: 1.16%

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.

Next: Previous:

Performance

Growth of Hypothetical $10,000

Performance chart data not available for display.

Growth of Hypothetical $10,000
Historical NAVs

Short-Term Municipal Fund ($)

Cum. Fund Perf. Since Inception: 322.81

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

Interactive chart displaying fund performance. Javascript is required.

Recent
Calendar Year

Chart
Table

Interactive chart displaying fund performance. Javascript is required.

Ex-Date	Payable Date	Record Date	Total Distribution	Income	ST Cap Gains	LT Cap Gains	Return of Capital

Chart
Table

Interactive chart displaying fund performance. Javascript is required.

Year	Total Distribution	Income	ST Cap Gains	LT Cap Gains

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

Returns

	1y	3y	5y	10y
Total Return (%)	0.94	0.04	0.57	0.41
Benchmark (%)	1.54	0.57	1.31	1.15
Morningstar Category Avg. (%)	1.10	0.53	1.05	0.87
Morningstar Ranking	115/218	170/205	160/184	123/137
Morningstar Quartile	3	4	4	4
Lipper Category Avg. (%)	1.12	0.45	0.89	0.68
Lipper Ranking	87/133	104/121	88/105	63/74
Lipper Quartile	3	4	4	4
BBG Muni National Short 0-3 Years	1.46	0.54	1.16	-

Performance data is not currently available

	YTD	1m	3m	1y	3y	5y	10y
Total Return (%)	0.99	0.72	0.99	0.94	0.11	2.86	4.22
Benchmark (%)	1.37	1.48	1.37	1.54	1.71	6.75	12.06
Morningstar Category Avg. (%)	1.24	1.01	1.24	1.10	1.60	5.38	9.03
Lipper Category Avg. (%)	1.11	0.89	1.11	1.12	1.36	4.56	7.06
BBG Muni National Short 0-3 Years	1.13	1.24	1.13	1.46	1.61	5.95	-

Performance data is not currently available

	2018	2019	2020	2021	2022
Total Return (%)	1.34	2.40	1.16	-0.13	-2.69
Benchmark (%)	1.36	7.26	4.95	0.36	-3.17
Morningstar Category Avg. (%)	1.18	3.12	2.28	0.22	-2.64

Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation.

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.

Key Facts

Size of Class (Millions) as of Jun 07, 2023 $10.2 M

Size of Fund (Millions) as of Jun 07, 2023 $615.8 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 BBG Municipal Bond 1-5Yr Index (USD)

CUSIP 09253C850

Distribution Frequency Monthly

Number of Holdings as of May 31, 2023 224

Max Offer Price as of Jun 07, 2023 $9.86

Open to New Investors No

Turnover Percent in the Annual Report 106%

Portfolio Characteristics

Alpha (3y) as of Sep 30, 2021 0.02

R-Squared (3y) as of Sep 30, 2021 69.91

Beta (3y) as of Sep 30, 2021 0.24

30 Day SEC Yield as of Apr 30, 2023 2.84%

Unsubsidized 30-Day SEC Yield as of Apr 30, 2023 2.77%

Yield to Maturity as of May 31, 2023 4.15%

Yield to Worst as of May 31, 2023 4.13%

Average Coupon as of May 31, 2023 4.12%

Effective Duration as of May 31, 2023 1.55 yrs

Weighted Average Life as of May 31, 2023 2.24 yrs

Best 3-Month Return Over the Last 3 Years 3 months ending Jan 31, 2023 2.58%

Worst 3-Month Return Over the Last 3 Years 3 months ending Mar 31, 2022 -2.64%

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.

Sustainability Characteristics

To be included in MSCI ESG Fund Ratings, 65% (or 50% for bond funds and money market funds) of the fund’s gross weight must come from securities with ESG coverage by MSCI ESG Research (certain cash positions and other asset types deemed not relevant for ESG analysis by MSCI are removed prior to calculating a fund’s gross weight; the absolute values of short positions are included but treated as uncovered), the fund’s holdings date must be less than one year old, and the fund must have at least ten securities. MSCI Ratings are currently unavailable for this fund.

Business Involvement

Business Involvement metrics can help investors gain a more comprehensive view of specific activities in which a fund may be exposed through its investments.

Business Involvement metrics are not indicative of a fund’s investment objective, and, unless otherwise stated in fund documentation and included within a fund’s investment objective, do not change a fund’s investment objective or constrain the fund’s investable universe. For more information regarding a fund's investment strategy, please see the fund's prospectus.

Review the MSCI methodology behind the Business Involvement metrics, using links below.

MSCI - Controversial Weapons as of May 31, 2023 0.00%

MSCI - UN Global Compact Violators as of May 31, 2023 0.00%

MSCI - Nuclear Weapons as of May 31, 2023 0.00%

MSCI - Thermal Coal as of May 31, 2023 0.00%

MSCI - Civilian Firearms as of May 31, 2023 0.00%

MSCI - Oil Sands as of May 31, 2023 0.00%

MSCI - Tobacco as of May 31, 2023 0.00%

Business Involvement Coverage as of May 31, 2023 27.86%

Percentage of Fund not covered as of May 31, 2023 72.14%

BlackRock business involvement exposures as shown above for Thermal Coal and Oil Sands are calculated and reported for companies that generate more than 5% of revenue from thermal coal or oil sands as defined by MSCI ESG Research. For the exposure to companies that generate any revenue from thermal coal or oil sands (at a 0% revenue threshold), as defined by MSCI ESG Research, it is as follows: Thermal Coal 0.00% and for Oil Sands 0.00%.

Business Involvement metrics are calculated by BlackRock using data from MSCI ESG Research which provides a profile of each company’s specific business involvement. BlackRock leverages this data to provide a summed up view across holdings and translates it to a fund's market value exposure to the listed Business Involvement areas above.

Business Involvement metrics are designed only to identify companies where MSCI has conducted research and identified as having involvement in the covered activity. As a result, it is possible there is additional involvement in these covered activities where MSCI does not have coverage. This information should not be used to produce comprehensive lists of companies without involvement. Business Involvement metrics are only displayed if at least 1% of the fund’s gross weight includes securities covered by MSCI ESG Research.

ESG Integration

ESG integration is the practice of incorporating material environmental, social and governance (ESG) information or insights alongside traditional measures into the investment decision process to improve long term financial outcomes of portfolios. Unless otherwise stated in Fund documentation or included within the Fund’s investment objective, inclusion of this statement does not imply that the Fund has an ESG-aligned investment objective, but rather describes how ESG information is considered as part of the overall investment process.

Where applicable, the Fund manager includes ESG considerations in combination with other information in the research and due diligence stage of the investment process. ESG information may be sourced from both internal and external sources and included in the Aladdin risk system. The Fund manager conducts regular portfolio risk reviews with the Risk and Quantitative Analysis group. These reviews include discussion of the portfolio’s exposure to material ESG risks, as well as exposure to sustainability-related business involvements, climate-related metrics, and other factors.

Fees

as of current prospectus

Gross Expense Ratio	0.51%
Net Expense Ratio	0.46%

Net Expense Ratio excluding Investment Related Expenses is 0.46%

Acquired Fund Fees and Expenses 0.00%
Interest expense 0.00%

Ratings

Lipper Leader

Lipper Leader Ratings

Expense

Preservation

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 May 31, 2023 out of 121, 6,250, 121, 38 and 121 Funds, respectively in Lipper's Short Muni Debt Funds classification.

Holdings

Top

as of May 31, 2023

Name	Weight (%)
PATRIOTS ENERGY GROUP FING AGY 4 10/01/2048	2.76
BLACK BELT ENERGY GAS DIST ALA 4 10/01/2052	2.69
BLACK BELT ENERGY GAS DIST ALA 4 12/01/2049	2.12
LAKE CHARLES LA HBR & TERM DIS 1 12/01/2051	2.06
WISCONSIN ST 3.83 05/01/2025	1.85

Name	Weight (%)
TENNERGY CORP TENN GAS REV 4 12/01/2051	1.66
KENTUCKY INC KY PUB ENERGY AUT 4 02/01/2050	1.60
KING CNTY WASH SWR REV 3.64 01/01/2040	1.53
NEW JERSEY ST 5 06/01/2024	1.40
NEW JERSEY ECONOMIC DEV AUTH R 5 06/15/2023	1.36

Exposure Breakdowns

as of May 31, 2023

% Notional Value

Type	Fund	Benchmark	Net

Show More Show Less

as of May 31, 2023

% Notional Value

Type	Fund	Benchmark	Net

Show More Show Less

as of Jun 06, 2023

% Notional Value

Type	Fund

Show More Show Less

as of May 31, 2023

% Notional Value

Type	Fund	Benchmark	Net

Show More Show Less

as of May 31, 2023

% Notional Value

Type	Fund	Benchmark	Net

Show More Show Less

Allocations subject to change.

as of Jun 06, 2023

% Notional Value

Type	Fund

Show More Show Less

as of Jun 05, 2023

% Notional Value

Type	Fund

Show More Show Less

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.