Fixed Income

MELMX

Short-Term Municipal Fund

Overview

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Performance

Performance

Growth of Hypothetical $10,000

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Distributions

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  1y 3y 5y 10y
3.70 0.45 0.79 0.63
0.59 -0.56 0.17 0.33
Benchmark (%) 1.99 0.13 1.11 1.25
Morningstar Category Avg. (%) 2.70 0.50 1.13 1.10
Morningstar Ranking 12/224 80/209 152/197 130/143
Morningstar Quartile 1 2 4 4
Lipper Category Avg. (%) 2.86 0.60 1.05 0.93
Lipper Ranking 9/133 63/123 89/113 69/78
Lipper Quartile 1 3 4 4
BBG Muni National Short 0-3 Years 2.16 0.45 1.11 -
  YTD 1m 3m 1y 3y 5y 10y
0.45 0.26 0.45 3.70 1.36 4.00 6.52
-2.56 -2.75 -2.56 0.59 -1.67 0.88 3.33
Benchmark (%) -0.19 -0.12 -0.19 1.99 0.39 5.68 13.19
Morningstar Category Avg. (%) 0.29 0.07 0.29 2.70 1.52 5.80 11.53
Lipper Category Avg. (%) 0.39 0.11 0.39 2.86 1.82 5.36 9.72
BBG Muni National Short 0-3 Years - -0.07 -0.02 2.16 1.36 5.67 -
  2019 2020 2021 2022 2023
Total Return (%) 2.15 1.12 -0.26 -2.82 4.23
Benchmark (%) 7.26 4.95 0.36 -3.17 3.58
Morningstar Category Avg. (%) 3.12 2.28 0.22 -2.64 3.70

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

Key Facts

Size of Class (Millions) as of Apr 24, 2024 $196.0 M
Size of Fund (Millions) as of Apr 24, 2024 $484.1 M
Share Class launch date Oct 02, 2006
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 09253C868
Distribution Frequency Monthly
Number of Holdings as of Mar 28, 2024 157
Max Offer Price as of Apr 24, 2024 $10.14
Open to New Investors Yes
Turnover Percent in the Annual Report 101%

Portfolio Characteristics

Portfolio Characteristics

Alpha (3y) as of Mar 31, 2024 0.03
R-Squared (3y) as of Mar 31, 2024 94.12
Beta (3y) as of Mar 31, 2024 0.74
30 Day SEC Yield as of Mar 31, 2024 2.74%
Unsubsidized 30-Day SEC Yield as of Mar 31, 2024 2.70%
Yield to Maturity as of Mar 28, 2024 4.10%
Yield to Worst as of Mar 28, 2024 4.06%
Average Coupon as of Mar 28, 2024 4.33%
Effective Duration as of Mar 28, 2024 1.81 yrs
Weighted Average Life as of Mar 28, 2024 2.55 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending Dec 31, 2023 3.28%
Worst 3-Month Return Over the Last 3 Years 3 months ending Mar 31, 2022 -2.67%
Fund Standard Deviation (3y) as of Mar 31, 2024 2.50

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

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

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 - -
MSCI - UN Global Compact Violators as of - -
MSCI - Nuclear Weapons as of - -
MSCI - Thermal Coal as of - -
MSCI - Civilian Firearms as of - -
MSCI - Oil Sands as of - -
MSCI - Tobacco as of - -

Business Involvement Coverage as of - -
Percentage of Fund not covered as of - -
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 -% and for Oil Sands -%.

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

ESG integration is the practice of incorporating financially material environmental, social and governance (ESG) data or information into the investment decision process with the objective of enhancing risk-adjusted returns of our clients’ 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 or strategy, but rather describes how ESG data or 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. This information may broadly inform investment decisions: ESG criteria are considered in combination with other information. The Fund manager conducts regular portfolio risk reviews between the investment team and BlackRock's 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, where appropriate.

Fees

Fees

as of current prospectus
Gross Expense Ratio 0.65%
Net Expense Ratio 0.61%

Net Expense Ratio excluding Investment Related Expenses is 0.59%

  • Acquired Fund Fees and Expenses 0.00%
  • Interest expense 0.00%

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 Mar 31, 2024 out of 123, 6,162, 123, 37 and 123 Funds, respectively in Lipper's Short Muni Debt Funds classification.

Holdings

Holdings

as of Mar 28, 2024
Name Weight (%)
LAKE CHARLES LA HBR & TERM DIS 1 12/01/2051 2.61
SOUTHEAST ENERGY AUTH COMMODIT 5.25 01/01/2054 2.26
WISCONSIN ST 4.06 05/01/2025 2.25
NEW JERSEY ECONOMIC DEV AUTH R 5 11/01/2026 2.22
SOUTHEAST ENERGY AUTH COOP DIS 5 01/01/2054 2.12
Name Weight (%)
MAIN STR NAT GAS INC GA GAS SU 5 07/01/2053 2.10
LOUISIANA PUB FACS AUTH SOLID 5 10/01/2043 2.02
KING CNTY WASH SWR REV 3.87 01/01/2040 1.86
TEXAS MUN GAS ACQUISITION & SU 5.5 01/01/2054 1.72
BLACK BELT ENERGY GAS DIST ALA 4 10/01/2052 1.70
Name Weight (%) Shares Market Value Coupon (%) Maturity
Holdings are subject to change. Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. The Fund is actively managed and its details, holdings and characteristics will vary. Holdings shown should not be deemed as a recommendation to buy or sell securities. The user relies on this data at its own risk and neither BlackRock nor any other party makes any representations or express or implied warranties (which are expressly disclaimed) nor shall they incur any liability for any errors or omissions in the data.

Exposure Breakdowns

Exposure Breakdowns

as of Mar 28, 2024

% Notional Value

Type Fund Benchmark Net
as of Mar 28, 2024

% Notional Value

Type Fund Benchmark Net
as of Apr 23, 2024

% Notional Value

Type Fund
as of Mar 28, 2024

% Notional Value

Type Fund Benchmark Net
as of Mar 28, 2024

% Notional Value

Type Fund Benchmark Net
Allocations subject to change.
as of Apr 23, 2024

% Notional Value

Type Fund
as of Apr 23, 2024

% Notional Value

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
Director, Portfolio Manager, Municipal Mutual Funds

  

Kevin Maloney, CFA
Director, Co-Head and Portfolio Manager, Municipal Mutual Funds

  

Christian Romaglino, CFA
Director, Portfolio Manager, Municipal Mutual Funds

   

Portfolio Manager

Literature

Literature

 

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