New Jersey Municipal Bond Fund | MFNJX

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NAV as of Jun 08, 2023 $10.18
52 WK: 9.60 - 10.50
1 Day NAV Change as of Jun 08, 2023 0.00 (0.00%)
NAV Total Return as of Jun 08, 2023 YTD: 2.52%

Overview

About this Fund

High-Quality New Jersey Municipal Holding
Commitment to Credit Research
Seeking Attractive Risk-Adjusted Returns Through Diverse Markets

Investment Approach

Invests primarily in a portfolio of long-term investment grade New Jersey municipal bonds to seek income exempt from federal income tax and New Jersey personal income tax.

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Performance

Growth of Hypothetical $10,000

Performance chart data not available for display.

Growth of Hypothetical $10,000
Historical NAVs

New Jersey Municipal Bond Fund ($)

Cum. Fund Perf. Since Inception: 259.38

Source: Lipper. Data reflects different methodology from the BlackRock calculated returns in the Returns tab. The $10,000 Hypothetical Over Time chart reflects a hypothetical $10,000 investment in the investor class of shares noted and does not assume the max sales charge. Had sales charge been included, returns would have been lower. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted. Performance for other share classes will vary.

Historical NAVs

Distributions

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Table

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

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Year	Total Distribution	Income	ST Cap Gains	LT Cap Gains

Past distributions are not indicative of future distributions.
Click here, for the most recent distributions.

Returns

	1y	3y	5y	10y
Total Return (%)	-1.53	0.02	0.90	1.74
Return w/ Sales Charge (%)	-2.49	0.02	0.90	1.74
Benchmark (%)	0.26	0.35	2.03	2.38
Morningstar Category Avg. (%)	-1.16	0.64	1.88	2.06
Morningstar Ranking	29/49	38/49	43/46	28/38
Morningstar Quartile	3	4	4	3
Lipper Category Avg. (%)	-1.32	0.57	1.79	2.03
Lipper Ranking	29/49	38/49	43/46	28/38
Lipper Quartile	3	4	4	3
BBG Muni 90% IG New Jersey + 10% HY New Jersey Custom	1.01	2.32	3.01	-

Performance data is not currently available

	YTD	1m	3m	1y	3y	5y	10y
Total Return (%)	3.04	2.09	3.04	-1.53	0.06	4.56	18.81
Return w/ Sales Charge (%)	2.04	1.09	2.04	-2.49	0.06	4.56	18.81
Benchmark (%)	2.78	2.22	2.78	0.26	1.05	10.59	26.55
Morningstar Category Avg. (%)	2.90	1.97	2.90	-1.16	1.94	9.75	22.57
Lipper Category Avg. (%)	2.91	1.98	2.91	-1.32	1.73	9.34	22.40
BBG Muni 90% IG New Jersey + 10% HY New Jersey Custom	3.25	2.22	3.25	1.01	7.13	15.97	-

Performance data is not currently available

	2018	2019	2020	2021	2022
Total Return (%)	0.06	6.56	3.57	2.00	-11.09
Benchmark (%)	1.36	7.26	4.95	1.52	-8.53
Morningstar Category Avg. (%)	1.91	7.49	4.54	2.54	-9.67

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

Size of Class (Millions) as of Jun 08, 2023 $12.9 M

Size of Fund (Millions) as of Jun 08, 2023 $303.1 M

Share Class launch date Oct 02, 2006

Asset Class Fixed Income

Morningstar Category Muni New Jersey

Lipper Classification NJ Muni Debt Funds

Benchmark Index BBG Municipal Bond Index Unadjusted (Risk Basis: MUNI)

CUSIP 09253A862

Distribution Frequency Monthly

Number of Holdings as of May 31, 2023 176

Max Offer Price as of Jun 08, 2023 $10.18

Open to New Investors Yes

Turnover Percent in the Annual Report 20%

Portfolio Characteristics

Alpha (3y) as of May 31, 2023 0.05

R-Squared (3y) as of May 31, 2023 96.35

Beta (3y) as of May 31, 2023 1.07

30 Day SEC Yield as of Apr 30, 2023 1.91%

Unsubsidized 30-Day SEC Yield as of Apr 30, 2023 1.76%

Yield to Maturity as of May 31, 2023 4.33%

Yield to Worst as of May 31, 2023 4.02%

Average Coupon as of May 31, 2023 3.69%

Effective Duration as of May 31, 2023 6.47 yrs

Weighted Average Life as of May 31, 2023 13.27 yrs

Best 3-Month Return Over the Last 3 Years 3 months ending Jan 31, 2023 7.73%

Worst 3-Month Return Over the Last 3 Years 3 months ending Oct 31, 2022 -7.29%

Fund Standard Deviation (3y) as of May 31, 2023 6.76

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

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 is the practice of incorporating material environmental, social and governance (ESG) information or insights alongside traditional measures into the investment decision process to improve long term financial outcomes of 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, but rather describes how ESG 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. The Fund manager conducts regular portfolio risk reviews with the 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.

Fees

as of current prospectus

Gross Expense Ratio	1.71%
Net Expense Ratio	1.57%

Net Expense Ratio excluding Investment Related Expenses is 1.52%

Acquired Fund Fees and Expenses 0.01%
Interest expense 0.04%

Ratings

Lipper Leader

Lipper Leader Ratings

Tax Efficiency

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 May 31, 2023 out of 49, 6,250, 49, 122 and 49 Funds, respectively in Lipper's NJ Muni Debt Funds classification.

Holdings

Top

as of May 31, 2023

Name	Weight (%)
GARDEN ST PRESERVATION TR NJ 0 11/01/2024	3.14
ESSEX CNTY N J IMPT AUTH REV 4 11/01/2044	2.51
NEW JERSEY ST TRANSN TR FD AUTH 0 12/15/2032	2.27
NEW JERSEY ST TRANSN TR FD AUT 4 06/15/2050	2.20
UNION CNTY N J UTILS AUTH RESO 5.25 12/01/2031	2.07

Name	Weight (%)
NEW JERSEY ECONOMIC DEV AUTH R 5 06/15/2043	1.98
NEW JERSEY HEALTH CARE FACS FI 3 07/01/2051	1.94
NEW JERSEY HEALTH CARE FACS FI 5 07/01/2037	1.76
NEW JERSEY ST TRANSN TR FD AUTH 0 12/15/2035	1.75
NEW JERSEY INST TECHNOLOGY 5 07/01/2040	1.72

Exposure Breakdowns

as of May 31, 2023

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Allocations subject to change.

as of May 31, 2023

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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.