BlackRock Short Duration Muni Fund

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NAV as of Mar 28, 2025 $9.85
52 WK: 9.80 - 9.98
1 Day NAV Change as of Mar 28, 2025 0.00 (0.00%)
NAV Total Return as of Mar 28, 2025 YTD: 0.85%
Morningstar Rating

4 stars
BRONZE

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

Returns

	1y	3y	5y	10y
Total Return (%)	2.94	1.63	1.24	1.15
Benchmark (%)	2.07	0.78	1.10	1.38
BBG Muni National Short 0-3 Years	2.53	1.26	1.25	-
Morningstar Category Avg. (%)	2.59	1.12	1.20	1.25
Morningstar Ranking	72/225	42/207	83/197	83/146
Morningstar Quartile	2	2	2	3
Lipper Category Avg. (%)	2.86	1.36	1.20	1.10
Lipper Ranking	60/134	43/122	52/113	36/78
Lipper Quartile	2	2	2	2

Performance data is not currently available

	YTD	1m	3m	1y	3y	5y	10y
Total Return (%)	2.94	-0.32	-0.34	2.94	4.98	6.37	12.11
Benchmark (%)	2.07	-0.34	-0.40	2.07	2.37	5.65	14.69
Morningstar Category Avg. (%)	2.59	-0.26	-0.11	2.59	3.40	6.16	13.20
Lipper Category Avg. (%)	2.86	-0.16	0.03	2.86	4.16	6.16	11.63
BBG Muni National Short 0-3 Years	2.53	-0.13	-0.05	2.53	3.83	6.39	-

Performance data is not currently available

	2020	2021	2022	2023	2024
Total Return (%)	1.41	-0.08	-2.44	4.53	2.94
Benchmark (%)	4.95	0.36	-3.17	3.58	2.07
Morningstar Category Avg. (%)	2.28	0.22	-2.64	3.70	2.59
BBG Muni National Short 0-3 Years	2.15	0.32	-2.00	3.34	2.53

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.

The returns for Class K Shares prior to September 1, 2015 reflects the performance of the share class when it was classified as BlackRock Shares.

Effective October 1, 2021, the Bloomberg Municipal 1-5 Year Index and a customized index comprised of the Bloomberg National Short 0-3 year maturities, excluding non-investment grade (the “Short-Term Customized Reference Benchmark”) replaced the S&P® Municipal Bond Index and the S&P® Limited Maturity Municipal Bond Index as the performance benchmarks against which the Fund measures its performance.

See the Fund’s prospectus for more details.

Click here for Distribution data

Key Facts

Size of Fund (Millions)

as of Mar 28, 2025

$450.5 M

Share Class launch date

Oct 02, 2006

Benchmark Index

BBG Municipal Bond 1-5Yr Index (USD)

Morningstar Category

Muni National Short

CUSIP

09253C793

Open to New Investors

Yes

Size of Class (Millions)

as of Mar 28, 2025

$34.7 M

Asset Class

Fixed Income

Distribution Frequency

Monthly

Lipper Classification

Short Muni Debt Funds

Max Offer Price

as of Mar 28, 2025

$9.85

Turnover Percent in the Annual Report

as of Jun 30, 2024

90%

Portfolio Characteristics

Number of Holdings

as of Feb 28, 2025

159

Alpha (3y)

as of Sep 30, 2021

0.03

R-Squared (3y)

as of Sep 30, 2021

71.06

Beta (3y)

as of Sep 30, 2021

0.25

Unsubsidized 30-Day SEC Yield

as of Feb 28, 2025

3.00%

Effective Duration

as of Feb 28, 2025

2.35 yrs

Best 3-Month Return Over the Last 3 Years

3 months ending Dec 31, 2023

3.35%

30 Day SEC Yield

as of Feb 28, 2025

3.05%

Yield to Maturity

as of Feb 28, 2025

3.36%

Fund Standard Deviation (3y)

as of Sep 30, 2021

1.09

Average Coupon

as of Feb 28, 2025

4.42%

Yield to Worst

as of Feb 28, 2025

3.26%

Nominal WAL

as of Feb 28, 2025

2.75 yrs

Worst 3-Month Return Over the Last 3 Years

3 months ending Oct 31, 2022

-2.13%

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.

Fees

as of current prospectus

Gross Expense Ratio	0.37%
Net Expense Ratio	0.31%

Net Expense Ratio excluding Investment Related Expenses is 0.31%

Acquired Fund Fees and Expenses 0.00%
Interest expense 0.00%

Ratings

Morningstar Rating

Overall

4 stars

Overall Morningstar Rating for BlackRock Short Duration Muni Fund, as of Feb 28, 2025 rated against 208 Muni National Short Funds based on risk adjusted total return.

Morningstar Medalist Rating

Morningstar has awarded the Fund a Bronze medal. (Effective Feb 28, 2025)

Analyst-Driven % as of Feb 28, 2025

10.00

Data Coverage % as of Feb 28, 2025

99.00

Lipper Leader

Lipper Leader Ratings

Consistent Return

Expense

Preservation

Tax Efficiency

Total Return

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 Feb 28, 2025 out of 123, 6,088, 123, 61 and 123 Funds, respectively in Lipper's Short Muni Debt Funds classification.

Holdings

as of Feb 28, 2025

Name	Weight (%)
SOUTHEAST ENERGY AUTH COMMODIT 5.25 01/01/2054	2.51
NEW JERSEY ECONOMIC DEV AUTH R 5 11/01/2026	2.47
MAIN STR NAT GAS INC GA GAS SU 5 07/01/2053	2.42
SOUTHEAST ENERGY AUTH COOP DIS 5 01/01/2054	2.37
LOUISIANA PUB FACS AUTH SOLID 5 10/01/2043	2.27

Name	Weight (%)
TRIBOROUGH BRDG & TUNL AUTH N 5.00768 04/01/2026	1.66
WASHOE CNTY NEV WTR FAC REV 4.125 03/01/2036	1.60
CALIFORNIA CMNTY CHOICE FING A 7.62271 12/01/2053	1.59
NEW JERSEY ECONOMIC DEV AUTH R 5 03/01/2028	1.44
SOUTHEAST ENERGY AUTH COOP DIS 5.25 03/01/2055	1.44

Name	Market Value	Weight (%)	Shares	Maturity	Coupon (%)
BLACKROCK LIQ MUNICASH CL INS MMF	$25,066,698.42	5.54	25,064,192.00	-	4.35
ST JAMES PARISH LA REV	$24,748,337.56	5.47	24,700,000.00	Nov 01, 2040	2.03
BURLINGTON KANS ENVIRONMENTAL	$18,036,468.49	3.99	18,000,000.00	Sep 01, 2035	2.18
SOUTHEAST ENERGY AUTH COMMODIT	$11,346,633.21	2.51	10,700,000.00	Jul 01, 2029	5.25
NEW JERSEY ECONOMIC DEV AUTH R	$11,165,272.43	2.47	10,620,000.00	Nov 01, 2026	5.00
MAIN STR NAT GAS INC GA GAS SU	$10,921,060.24	2.41	10,045,000.00	Mar 01, 2030	5.00
SOUTHEAST ENERGY AUTH COOP DIS	$10,716,560.83	2.37	10,000,000.00	Jun 01, 2030	5.00
LOUISIANA PUB FACS AUTH SOLID	$10,244,436.60	2.27	10,000,000.00	Nov 01, 2025	5.00
TRIBOROUGH BRDG & TUNL AUTH N	$7,520,262.66	1.66	7,500,000.00	Apr 01, 2026	5.01
CALIFORNIA CMNTY CHOICE FING A	$7,188,472.04	1.59	7,000,000.00	Aug 01, 2029	7.62

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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

as of Feb 28, 2025

% Notional Value

Type	Fund	Benchmark	Net
Corporate Muni	30.46	9.70	20.75
Cash	16.57	0.00	16.57
Health	13.34	5.68	7.66
Transportation	8.17	9.83	-1.66
State Tax-Backed - Lease Backed	7.15	2.71	4.44
Utility	5.13	11.34	-6.21
Housing	4.35	2.01	2.34
Prerefund/Escrow	3.77	6.50	-2.73
School Districts	2.76	8.29	-5.53
State Tax-Backed - General Obligation	1.93	15.78	-13.84

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as of Feb 28, 2025

% Notional Value

Type	Fund	Benchmark	Net
Alabama	11.28	2.95	8.33
Texas	9.37	8.97	0.40
New York	7.33	12.49	-5.15
New Jersey	6.57	3.83	2.74
Georgia	4.42	3.21	1.21
Kentucky	4.05	1.32	2.73
Florida	3.80	3.24	0.56
California	3.06	16.54	-13.48
Arizona	2.89	1.73	1.16
Pennsylvania	2.77	3.26	-0.49

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as of Mar 27, 2025

% Notional Value

Type	Fund
1-7	21.74
15-30	0.51
31-60	0.97
61-90	2.21
91-120	0.47
121-150	0.72
151-180	0.26
181-210	0.95
211-240	4.65
241-270	0.27

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as of Mar 27, 2025

% Notional Value

Type	Fund
No Short-term S&P Rating	36.50
S&P Rating A-1+	26.45
S&P Rating A-2	22.43
S&P Rating A-1	14.61

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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.