Fixed Income

MDLMX

Short-Term Municipal Fund

  • NAV as of Nov 20, 2024 $9.91
    52 WK: 9.77 - 9.99
  • 1 Day NAV Change as of Nov 20, 2024 0.00 (0.00%)
  • NAV Total Return as of Nov 20, 2024 YTD: 3.03%

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

Performance

  1y 3y 5y 10y
Total Return (%) 6.60 1.54 1.28 1.03
Benchmark (%) 6.09 0.90 1.35 1.41
BBG Muni National Short 0-3 Years 5.38 1.26 1.40 -
Morningstar Category Avg. (%) 5.91 1.21 1.35 1.25
Morningstar Ranking 85/225 53/207 113/198 105/146
Morningstar Quartile 2 2 3 3
Lipper Category Avg. (%) 5.48 1.36 1.30 1.11
Lipper Ranking 19/134 48/123 67/114 54/79
Lipper Quartile 1 2 3 3
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) 3.28 0.58 2.15 6.60 4.69 6.56 10.80
Benchmark (%) 2.47 0.51 2.31 6.09 2.73 6.96 15.08
Morningstar Category Avg. (%) 2.75 0.48 1.85 5.91 3.69 6.94 13.25
Lipper Category Avg. (%) 2.83 0.43 1.74 5.48 4.14 6.69 11.74
BBG Muni National Short 0-3 Years 2.58 0.38 1.90 5.38 3.83 7.19 -
  2019 2020 2021 2022 2023
Total Return (%) 2.40 1.16 -0.13 -2.69 4.37
Benchmark (%) 7.26 4.95 0.36 -3.17 3.58
Morningstar Category Avg. (%) 3.12 2.28 0.22 -2.64 3.70
BBG Muni National Short 0-3 Years 2.84 2.15 0.32 -2.00 3.34

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.
Click here for Distribution data

Key Facts

Key Facts

Size of Fund (Millions)
as of Nov 20, 2024
$443.3 M
Share Class launch date
Oct 21, 1994
Benchmark Index
BBG Municipal Bond 1-5Yr Index (USD)
Morningstar Category
Muni National Short
CUSIP
09253C850
Open to New Investors
No
Size of Class (Millions)
as of Nov 20, 2024
$8.5 M
Asset Class
Fixed Income
Distribution Frequency
Monthly
Lipper Classification
Short Muni Debt Funds
Max Offer Price
as of Nov 20, 2024
$10.01
Turnover Percent in the Annual Report
as of Jun 30, 2024
90%

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Oct 31, 2024
152
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
Unsubsidized 30-Day SEC Yield
as of Oct 31, 2024
2.83%
Effective Duration
as of Oct 31, 2024
2.16 yrs
Best 3-Month Return Over the Last 3 Years
3 months ending Jan 31, 2024
3.30%
30 Day SEC Yield
as of Oct 31, 2024
2.91%
Yield to Maturity
as of Oct 31, 2024
3.66%
Fund Standard Deviation (3y)
as of Sep 30, 2021
1.08
Average Coupon
as of Oct 31, 2024
4.46%
Yield to Worst
as of Oct 31, 2024
3.60%
Nominal WAL
as of Oct 31, 2024
2.55 yrs
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

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 Oct 31, 2024
0.00%
MSCI - Nuclear Weapons
as of Oct 31, 2024
0.00%
MSCI - Civilian Firearms
as of Oct 31, 2024
0.00%
MSCI - Tobacco
as of Oct 31, 2024
0.00%
MSCI - UN Global Compact Violators
as of Oct 31, 2024
0.00%
MSCI - Thermal Coal
as of Oct 31, 2024
0.00%
MSCI - Oil Sands
as of Oct 31, 2024
0.00%
Business Involvement Coverage
as of Oct 31, 2024
24.58%
Percentage of Fund not covered
as of Oct 31, 2024
75.42%
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 0.16%.

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

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.

Fees

Fees

as of current prospectus
Gross Expense Ratio 0.53%
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

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 Oct 31, 2024 out of 123, 6,105, 123, 37 and 123 Funds, respectively in Lipper's Short Muni Debt Funds classification.

Holdings

Holdings

as of Oct 31, 2024
Name Weight (%)
SOUTHEAST ENERGY AUTH COMMODIT 5.25 01/01/2054 2.58
NEW JERSEY ECONOMIC DEV AUTH R 5 11/01/2026 2.53
SOUTHEAST ENERGY AUTH COOP DIS 5 01/01/2054 2.43
MAIN STR NAT GAS INC GA GAS SU 5 07/01/2053 2.41
LOUISIANA PUB FACS AUTH SOLID 5 10/01/2043 2.32
Name Weight (%)
TRIBOROUGH BRDG & TUNL AUTH N 5.35277 04/01/2026 1.69
LAKE CHARLES LA HBR & TERM DIS 1 12/01/2051 1.69
WASHOE CNTY NEV WTR FAC REV 4.125 03/01/2036 1.63
CALIFORNIA CMNTY CHOICE FING A 7.15316 12/01/2053 1.62
NEW JERSEY ECONOMIC DEV AUTH R 5 03/01/2028 1.45
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 Oct 31, 2024

% Notional Value

Type Fund Benchmark Net
as of Oct 31, 2024

% Notional Value

Type Fund Benchmark Net
as of Nov 19, 2024

% Notional Value

Type Fund
as of Nov 19, 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
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.

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

  

Read More

Kevin Maloney, CFA, 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.

Alicia De Lorenzo
Alicia De Lorenzo
Portfolio Manager
Read the Team's Commentary

Literature

Literature

 

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