Fixed Income

MFNJX

New Jersey Municipal Bond 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
2.84 -1.86 0.27 1.83
1.84 -1.86 0.27 1.83
Benchmark (%) 3.21 -0.88 1.16 2.39
Morningstar Category Avg. (%) 3.67 -1.04 1.09 2.30
Morningstar Ranking 42/47 44/47 43/47 32/39
Morningstar Quartile 4 4 4 4
Lipper Category Avg. (%) 3.68 -1.11 1.04 2.28
Lipper Ranking 42/47 44/47 43/47 32/39
Lipper Quartile 4 4 4 4
BBG Muni 90% IG New Jersey + 10% HY New Jersey Custom 3.60 -0.46 1.88 -
  YTD 1m 3m 1y 3y 5y 10y
-0.44 1.40 -0.12 2.84 -5.49 1.35 19.84
-1.43 0.40 -1.11 1.84 -5.49 1.35 19.84
Benchmark (%) -0.40 1.53 -0.02 3.21 -2.63 5.94 26.69
Morningstar Category Avg. (%) 0.21 1.59 0.27 3.67 -3.10 5.57 25.51
Lipper Category Avg. (%) 0.25 1.58 0.29 3.68 -3.29 5.33 25.44
BBG Muni 90% IG New Jersey + 10% HY New Jersey Custom - 1.44 0.12 3.60 -1.38 9.78 -
  2019 2020 2021 2022 2023
Total Return (%) 6.56 3.57 2.00 -11.09 6.59
Benchmark (%) 7.26 4.95 1.52 -8.53 6.40
Morningstar Category Avg. (%) 7.49 4.54 2.54 -9.67 6.64

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 Jul 23, 2024
$10.5 M
Share Class launch date
Oct 02, 2006
Morningstar Category
Muni New Jersey
Benchmark Index
BBG Municipal Bond Index Unadjusted (Risk Basis: MUNI) (USD)
Distribution Frequency
Monthly
Max Offer Price
as of Jul 23, 2024
$10.29
Turnover Percent in the Annual Report
35.00%
Size of Fund (Millions)
as of Jul 23, 2024
$295.7 M
Asset Class
Fixed Income
Lipper Classification
NJ Muni Debt Funds
CUSIP
09253A862
Number of Holdings
as of Jun 28, 2024
178
Open to New Investors
Yes

Portfolio Characteristics

Portfolio Characteristics

Alpha (3y)
as of Jun 30, 2024
-0.08
Beta (3y)
as of Jun 30, 2024
1.04
Unsubsidized 30-Day SEC Yield
as of Jun 30, 2024
2.32%
Yield to Worst
as of Jun 28, 2024
4.10%
Effective Duration
as of Jun 28, 2024
5.66 yrs
Best 3-Month Return Over the Last 3 Years
3 months ending Jan 31, 2024
8.51%
Fund Standard Deviation (3y)
as of Jun 30, 2024
7.78
R-Squared (3y)
as of Jun 30, 2024
99.28
30 Day SEC Yield
as of Jun 30, 2024
2.48%
Yield to Maturity
as of Jun 28, 2024
4.40%
Average Coupon
as of Jun 28, 2024
3.65%
Weighted Average Life
as of Jun 28, 2024
12.39 yrs
Worst 3-Month Return Over the Last 3 Years
3 months ending Oct 31, 2022
-7.29%

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.

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 1.72%
Net Expense Ratio 1.56%

Net Expense Ratio excluding Investment Related Expenses is 1.52%

  • Acquired Fund Fees and Expenses 0.01%
  • Interest expense 0.03%

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 Jun 30, 2024 out of 47, 6,143, 47, 116 and 47 Funds, respectively in Lipper's NJ Muni Debt Funds classification.

Holdings

Holdings

as of Jun 28, 2024
Name Weight (%)
GARDEN ST PRESERVATION TR NJ 0 11/01/2024 3.31
ESSEX CNTY N J IMPT AUTH REV 4 11/01/2044 2.60
NEW JERSEY ST TRANSN TR FD AUTH 0 12/15/2032 2.44
NEW JERSEY HEALTH CARE FACS FI 3 07/01/2051 2.04
UNION CNTY N J UTILS AUTH RESO 5.25 12/01/2031 2.01
Name Weight (%)
NEW JERSEY ST TRANSN TR FD AUT 4 06/15/2050 1.96
NEW JERSEY ST TRANSN TR FD AUTH 0 12/15/2035 1.93
NEW JERSEY ST TRANSN TR FD AUTH 0 12/15/2038 1.91
NEW JERSEY ST TRANSN TR FD AUT 5.25 06/15/2050 1.89
NEW JERSEY HEALTH CARE FACS FI 5 07/01/2037 1.78
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 Jun 28, 2024

% Notional Value

Type Fund Benchmark Net
as of Jun 28, 2024

% Notional Value

Type Fund Benchmark Net
as of Jun 28, 2024

% Notional Value

Type Fund Benchmark Net
as of Jun 28, 2024

% Notional Value

Type Fund Benchmark Net
as of Jun 28, 2024

% Notional Value

Type Fund Benchmark Net
Allocations subject to change.
as of Jun 28, 2024

% Notional Value

Type Fund Benchmark Net
as of Jun 28, 2024

% Notional Value

Type Fund Benchmark Net
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

Phillip Soccio, CFA
Director, Portfolio Manager, Municipal Mutual Funds

  

Kristi Manidis
Director, Portfolio Manager, Municipal Mutual Funds

  

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

   

Portfolio Manager

Literature

Literature

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