Fixed Income

MFLMX

BlackRock Short Duration Muni Fund

  • NAV as of Oct 09, 2026 $9.35
    52 WK: 9.26 - 9.76
  • 1 Day NAV Change as of Oct 09, 2026 $0.03 (0.32%)
  • NAV Total Return as of Oct 09, 2026 YTD: -1.45%

Overview

About this Fund

  • Seeks to provide tax-free income consistent with capital preservation
  • Diversified, short-term focus, high-quality portfolio makes this a core short duration holding
  • Experienced team focused on market analysis and credit research, using a relative value approach with an emphasis on security selection, yield curve, and sector rotation

Investment Approach

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

Performance

Distributions

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

Past distributions are not indicative of future distributions.

Certain Funds record and have an ex-dividend date daily on undistributed net investment income, with distributions paid monthly.

Click here for historical distribution data and here for upcoming distribution estimates

  1y 3y 5y 10y
Total Return (%) -1.44 2.34 0.67 0.53
Return w/ Sales Charge (%) -2.40 2.34 0.67 0.53
Benchmark (%) -0.37 2.95 1.10 1.47
BBG Muni National Short 0-3 Years 0.61 3.01 1.49 1.52
Morningstar Category Avg. (%) 0.32 3.04 1.39 1.39
Morningstar Ranking 199/219 189/205 159/191 150/150
Morningstar Quartile 4 4 4 4
Lipper Category Avg. (%) 0.64 3.06 1.52 1.37
Lipper Ranking 131/131 118/123 107/114 84/84
Lipper Quartile 4 4 4 4
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) -1.95 -2.30 -2.82 -1.44 7.19 3.39 5.44
Return w/ Sales Charge (%) -2.91 -3.28 -3.78 -2.40 7.19 3.39 5.44
Benchmark (%) -0.83 -2.16 -2.10 -0.37 9.10 5.64 15.66
Morningstar Category Avg. (%) -0.34 -1.56 -1.62 0.32 9.41 7.13 14.75
Lipper Category Avg. (%) 0.00 -1.30 -1.23 0.64 9.48 7.89 14.60
BBG Muni National Short 0-3 Years 0.11 -1.52 -1.26 0.61 9.30 7.69 16.28
  2021 2022 2023 2024 2025
Total Return (%) -1.01 -3.56 3.38 1.85 4.15
Annual w/ Sales Charge (%) -2.00 -4.52 2.38 0.85 3.15
Benchmark (%) 0.36 -3.17 3.58 2.07 4.11
Morningstar Category Avg. (%) 0.22 -2.64 3.70 2.59 3.86
BBG Muni National Short 0-3 Years 0.32 -2.00 3.34 2.53 3.66
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.

Click here for historical distribution data and here for upcoming distribution estimates

Key Facts

Key Facts

Size of Fund (Millions)
as of Oct 09, 2026
$517.2 M
Share Class launch date
Oct 02, 2006
Benchmark Index
Bloomberg Municipal 1-5 Year Index
Lipper Classification
Short Muni Debt Funds
Max Offer Price
as of Oct 09, 2026
$9.35
Turnover Percent in the Annual Report
as of Jun 30, 2026
44%
Size of Class (Millions)
as of Oct 09, 2026
$1.6 M
Asset Class
Fixed Income
Morningstar Category
Muni National Short
CUSIP
09253C835
Open to New Investors
Yes

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Sep 30, 2026
241
Alpha (3y)
as of Sep 30, 2026
-0.04
R-Squared (3y)
as of Sep 30, 2026
91.23
Beta (3y)
as of Sep 30, 2026
0.98
Unsubsidized 30-Day SEC Yield
as of Aug 31, 2026
2.10%
Weighted Average Life
as of Sep 30, 2026
4.01 yrs
Best 3-Month Return Over the Last 3 Years
3 months ending Dec 31, 2023
3.06%
30 Day SEC Yield
as of Aug 31, 2026
2.19%
Yield to Maturity
as of Sep 30, 2026
4.65%
Fund Standard Deviation (3y)
as of Sep 30, 2026
2.55
Average Coupon
as of Sep 30, 2026
4.70%
Yield to Worst
as of Sep 30, 2026
4.58%
Effective Duration
as of Sep 30, 2026
3.39 yrs
Worst 3-Month Return Over the Last 3 Years
3 months ending Sep 30, 2026
-2.82%
For standardized performance, please see the Performance section above.

Fees

Fees

as of current prospectus
Gross Expense Ratio 1.48%
Net Expense Ratio 1.37%

Net Expense Ratio excluding Investment Related Expenses is 1.36%

  • Acquired Fund Fees and Expenses 0.01%
  • 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 Sep 30, 2026 out of 123, 5,944, 123, 14 and 123 Funds, respectively in Lipper's Short Muni Debt Funds classification.

Holdings

Holdings

as of Sep 30, 2026
Name Weight (%)
NEW JERSEY ECONOMIC DEV AUTH R 5 11/01/2026 2.11
SOUTHEAST ENERGY AUTH COOP DIS 5 01/01/2054 2.00
BLACK BELT ENERGY GAS DIST ALA 5.25 02/01/2053 1.72
MAIN STR NAT GAS INC GA GAS SU 5 07/01/2053 1.39
CALIFORNIA CMNTY CHOICE FING A 6.38607 12/01/2053 1.39
Name Weight (%)
WASHOE CNTY NEV WTR FAC REV 4.125 03/01/2036 1.37
PENNSYLVANIA ECONOMIC DEV FING 5 03/15/2060 1.30
INDIANA FIN AUTH HEALTH SYS RE 5 10/01/2059 1.24
NEW JERSEY ECONOMIC DEV AUTH R 5 03/01/2028 1.19
MICHIGAN ST STRATEGIC FD LTD O 5 06/30/2029 1.19
Name Market Value Weight (%) Shares Maturity Coupon (%)
Detailed Holdings and Analytics
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 Sep 30, 2026

% Notional Value

Type Fund Benchmark Net
as of Sep 30, 2026

% Notional Value

Type Fund Benchmark Net
as of Oct 08, 2026

% Notional Value

Type Fund
as of Oct 08, 2026

% 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.

Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management. Certain transactions the funds may utilize may give rise to a form of leverage through either (a) additional market exposure or (b) borrowing capital in an attempt to increase investment return. The use of such transactions includes certain leverage-related risks, including potential for higher volatility, greater decline of the fund’s net asset value and fluctuations of dividends and distributions paid by the fund.

Allocations are subject to change.

Portfolio Managers

Portfolio Managers

Kristi Manidis
Kristi Manidis
Director, Portfolio Manager, Municipal Mutual Funds

  

Read More

Kristi Manidis, Director, is a Portfolio Manager for the Municipal Fixed Income business in BlackRock's Portfolio Management Group.

 

Prior to moving to her current role in 2009, Ms. Manidis was a trader and portfolio manager on various high net worth equity and balanced separately managed accounts. Previously, she was responsible for institutional client service and marketing for BlackRock's Cash Management Group. Ms. Manidis began her career at BlackRock in 2003.

 

Ms. Manidis earned a BS degree in Business Administration, with concentrations in Finance and Management Information Systems, from Drexel University in 2003.

Alicia De Lorenzo
Alicia De Lorenzo
Vice President, Portfolio Manager, Municipal Mutual Funds

  

Read More

Alicia De Lorenzo, Vice President, is a portfolio manager within the Municipal Fixed Income business in BlackRock's Portfolio Management Group.

 

Prior to her current role, Ms. De Lorenzo was a member of the Municipal Strategy team within BlackRock's Portfolio Management Group. Her responsibilities included monitoring and analyzing market activity to develop data and strategy that contributed to the multiple businesses within the municipal department.

 

Previously, Ms. De Lorenzo was a portfolio specialist for BlackRock’s Separately Managed Accounts business within Multi-Asset Strategies (MAS). In this role she partnered with Financial Advisors and Financial Professionals to provide customized portfolios and wealth management solutions for high net worth and institutional clients.

 

Ms. De Lorenzo's service with the firm dates back to 2007 when she was a member of the Aladdin Portfolio Services Group within Business Operations. Her responsibilities included producing monthly net asset value and performance measurement for BlackRock's institutional separate accounts.

 

Ms. De Lorenzo earned a BS degree in Finance from Rider University.

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

  

Read More

Kevin Maloney, CFA, Managing Director and Co-Head of the Municipal Funds team, is a Portfolio Manager within the Municipal Fixed Income business in BlackRock's Portfolio Management Group. He is also a member of the Municipal Management Committee, which oversees all municipal bond portfolio management, research, and trading activities.

 

Mr. Maloney began his career at BlackRock in 2011 as a research analyst on the Municipal Credit Research Team.

 

He graduated from Drexel University in 2011 with a BS degree in Finance.

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

   

Read More

Christian Romaglino, CFA, Director, is a Portfolio Manager for the Municipal Fixed Income business within BlackRock's Portfolio Management Group.
Prior to joining BlackRock in 2017, Mr. Romaglino was a Portfolio Manager at Brown Brothers Harriman focusing on a diverse set of institutional mandates and high net worth SMAs. Mr. Romaglino also held various trading and portfolio construction positions at Brown Brothers Harriman across several taxable fixed income sectors prior to 2010 when he transitioned to Municipals.
Mr. Romaglino earned a BS degree in Industrial Engineering from Lehigh University.

Portfolio Manager
Read the Team's Commentary

ESG Integration

ESG Integration

BlackRock considers many investment risks in our processes. In order to seek the best risk-adjusted returns for our clients, we manage material risks and opportunities that could impact portfolios, including financially material Environmental, Social and/or Governance (ESG) data or information, where available. See our Firm Wide ESG Integration Statement for more information on this approach and fund documentation for how these material risks are considered within this product, where applicable.

This fund does not seek to follow a sustainable, impact or ESG investment strategy. For more information regarding the fund's investment strategy, please see the fund's prospectus or, as applicable, shareholder report.

Literature

Literature

 

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Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses, which may be obtained by visiting the iShares ETF and BlackRock Fund prospectus pages. Read the prospectus carefully before investing. Investing involves risk, including possible loss of principal.

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