Fixed Income

MFLMX

BlackRock Short Duration Muni Fund

  • NAV as of Apr 25, 2025 $9.46
    52 WK: 9.37 - 9.66
  • 1 Day NAV Change as of Apr 25, 2025 0.01 (0.11%)
  • NAV Total Return as of Apr 25, 2025 YTD: 0.17%

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

  1y 3y 5y 10y
Total Return (%) 2.42 1.76 0.52 0.33
Return w/ Sales Charge (%) 1.42 1.76 0.52 0.33
Benchmark (%) 3.29 2.27 1.39 1.44
BBG Muni National Short 0-3 Years 3.61 2.40 1.47 -
Morningstar Category Avg. (%) 3.09 2.27 1.50 1.30
Morningstar Ranking 198/229 173/208 190/197 148/148
Morningstar Quartile 4 4 4 4
Lipper Category Avg. (%) 3.33 2.41 1.49 1.17
Lipper Ranking 134/136 114/123 112/113 79/79
Lipper Quartile 4 4 4 4
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) 0.81 -0.32 0.81 2.42 5.38 2.63 3.33
Return w/ Sales Charge (%) -0.19 -1.31 -0.19 1.42 5.38 2.63 3.33
Benchmark (%) 1.00 -0.15 1.00 3.29 6.96 7.14 15.37
Morningstar Category Avg. (%) 0.78 -0.25 0.78 3.09 6.96 7.75 13.76
Lipper Category Avg. (%) 0.85 -0.09 0.85 3.33 7.41 7.67 12.41
BBG Muni National Short 0-3 Years 1.03 0.04 1.03 3.61 7.39 7.55 -
  2020 2021 2022 2023 2024
Total Return (%) 0.29 -1.01 -3.56 3.38 1.85
Annual w/ Sales Charge (%) -0.71 -2.00 -4.52 2.38 0.85
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.
Click here for Distribution data

Key Facts

Key Facts

Size of Fund (Millions)
as of Apr 25, 2025
$451.2 M
Share Class launch date
Oct 02, 2006
Benchmark Index
BBG Municipal Bond 1-5Yr Index (USD)
Morningstar Category
Muni National Short
CUSIP
09253C835
Open to New Investors
Yes
Size of Class (Millions)
as of Apr 25, 2025
$2.7 M
Asset Class
Fixed Income
Distribution Frequency
Monthly
Lipper Classification
Short Muni Debt Funds
Max Offer Price
as of Apr 25, 2025
$9.46
Turnover Percent in the Annual Report
as of Jun 30, 2024
90%

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Mar 31, 2025
165
Alpha (3y)
as of Sep 30, 2021
-0.06
R-Squared (3y)
as of Sep 30, 2021
76.71
Beta (3y)
as of Sep 30, 2021
0.25
Unsubsidized 30-Day SEC Yield
as of Mar 31, 2025
2.06%
Effective Duration
as of Mar 31, 2025
2.52 yrs
Best 3-Month Return Over the Last 3 Years
3 months ending Dec 31, 2023
3.06%
30 Day SEC Yield
as of Mar 31, 2025
2.18%
Yield to Maturity
as of Mar 31, 2025
3.73%
Fund Standard Deviation (3y)
as of Sep 30, 2021
1.06
Average Coupon
as of Mar 31, 2025
4.60%
Yield to Worst
as of Mar 31, 2025
3.58%
Nominal WAL
as of Mar 31, 2025
2.98 yrs
Worst 3-Month Return Over the Last 3 Years
3 months ending Oct 31, 2022
-2.37%

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

Fees

as of current prospectus
Gross Expense Ratio 1.47%
Net Expense Ratio 1.36%

Net Expense Ratio excluding Investment Related Expenses is 1.36%

  • 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, 2025 out of 123, 6,077, 123, 18 and 123 Funds, respectively in Lipper's Short Muni Debt Funds classification.

Holdings

Holdings

as of Mar 31, 2025
Name Weight (%)
SOUTHEAST ENERGY AUTH COMMODIT 5.25 01/01/2054 2.50
NEW JERSEY ECONOMIC DEV AUTH R 5 11/01/2026 2.47
SOUTHEAST ENERGY AUTH COOP DIS 5 01/01/2054 2.35
MAIN STR NAT GAS INC GA GAS SU 5 07/01/2053 2.34
LOUISIANA PUB FACS AUTH SOLID 5 10/01/2043 2.27
Name Weight (%)
TRIBOROUGH BRDG & TUNL AUTH N 4.99686 04/01/2026 1.66
WASHOE CNTY NEV WTR FAC REV 4.125 03/01/2036 1.59
CALIFORNIA CMNTY CHOICE FING A 7.5726 12/01/2053 1.57
SOUTHEAST ENERGY AUTH COOP DIS 5.25 03/01/2055 1.42
NEW JERSEY ECONOMIC DEV AUTH R 5 03/01/2028 1.41
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 Mar 31, 2025

% Notional Value

Type Fund Benchmark Net
as of Mar 31, 2025

% Notional Value

Type Fund Benchmark Net
as of Apr 24, 2025

% Notional Value

Type Fund
as of Apr 24, 2025

% 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
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.

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.

Portfolio Manager
Read the Team's Commentary

Literature

Literature

 

Funds related to MFLMX

Funds related to MFLMX

MAMTX
Strategic Municipal Opportunities Fund
Learn more about MAMTX
SUB
iShares Short-Term National Muni Bond ETF
Learn more about SUB
MANLX
National Municipal Fund
Learn more about MANLX

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