Fixed Income

MALMX

Short-Term Municipal Fund

Overview

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Performance

Performance

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 Aug 14, 2020 $452.0 M
Size of Fund (Millions) as of Aug 14, 2020 $708.1 M
Share Class launch date Nov 02, 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
Number of Holdings as of Jul 31, 2020 275
Max Offer Price as of Aug 14, 2020 $10.19
Open to New Investors Yes
Turnover Percent in the Annual Report 129%

Portfolio Characteristics

Portfolio Characteristics

R-Squared (3y) as of Jul 31, 2020 68.34
Beta (3y) as of Jul 31, 2020 0.25
Average Coupon as of Jul 31, 2020 2.97%
Best 3-Month Return Over the Last 3 Years 3 months ending Jul 31, 2020 1.45%
Worst 3-Month Return Over the Last 3 Years 3 months ending Apr 30, 2020 -0.79%
Fund Standard Deviation (3y) as of Jul 31, 2020 1.10

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 Jul 31, 2020 out of 117, 6,022, 117, 58 and 117 Funds, respectively in Lipper's Short Muni Debt Funds classification.

Holdings

Holdings

as of Jul 31, 2020
Name Weight (%)
MAIN STR NAT GAS INC GA GAS SU 4 04/01/2048 2.66
NEW JERSEY ECONOMIC DEV AUTH R 5 06/15/2021 1.93
CONNECTICUT ST 5 04/15/2021 1.92
ST JOHN BAPTIST PARISH LA REV 2 06/01/2037 1.49
GRANT CNTY WASH PUB UTIL DIST 2 01/01/2044 1.31
Name Weight (%)
CLEVELAND OHIO ARPT SYS REV 5.25 01/01/2021 1.04
NEW JERSEY ECONOMIC DEV AUTH R 5 03/01/2022 0.91
NEW JERSEY ST TRANSN TR FD 5.5 12/15/2021 0.91
PENNSYLVANIA ST 5 06/01/2022 0.79
CONNECTICUT ST 5 05/15/2022 0.79

Exposure Breakdowns

Exposure Breakdowns

Type Fund Benchmark Net
Type Fund Benchmark Net
Type Fund
Type Fund Benchmark Net
Type Fund Benchmark Net
Allocations subject to change.
Type Fund
Type Fund
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

Kristi Manidis
Kristi Manidis
Kevin Schiatta
Director

     

Portfolio Manager

Literature

Literature

 

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