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
1.00 2.80 3.03 3.36
0.01 2.80 3.03 3.36
Benchmark (%) 3.85 4.13 3.80 4.03
Morningstar Category Avg. (%) 2.18 3.86 3.63 3.52
Morningstar Ranking 46/50 42/46 33/42 23/37
Morningstar Quartile 4 4 4 3
Lipper Category Avg. (%) 2.02 3.81 3.61 3.54
Lipper Ranking 46/50 42/46 33/42 23/37
Lipper Quartile 4 4 4 3
  YTD 1m 3m 1y 3y 5y 10y
0.61 -0.18 2.08 1.00 8.65 16.09 39.11
-0.38 -1.18 1.08 0.01 8.65 16.09 39.11
Benchmark (%) 3.18 0.02 1.18 3.85 12.89 20.49 48.51
Morningstar Category Avg. (%) 1.72 -0.05 1.86 2.18 12.05 19.51 41.38
Lipper Category Avg. (%) 1.57 -0.05 1.84 2.02 11.89 19.46 41.78
  2015 2016 2017 2018 2019
Total Return (%) 1.87 -0.56 6.14 0.06 6.56
Benchmark (%) 3.32 0.77 4.95 1.36 7.26
Morningstar Category Avg. (%) 2.24 0.56 4.71 1.91 7.49
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 performance information for periods prior to the inception date of the share class is based on the Fund’s Institutional Shares, adjusted to reflect the fees and expenses applicable to such share class. See the fund prospectus for more details.

Key Facts

Key Facts

Size of Class (Millions) as of Oct 23, 2020 $27.7 M
Size of Fund (Millions) as of Oct 23, 2020 $369.1 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 S&P Municipal Bond Index
CUSIP 09253A862
Distribution Frequency Monthly
Number of Holdings as of Sep 30, 2020 188
Max Offer Price as of Oct 23, 2020 $11.17
Open to New Investors Yes
Turnover Percent in the Annual Report 15%

Portfolio Characteristics

Portfolio Characteristics

Alpha (3y) as of Sep 30, 2020 -0.24
R-Squared (3y) as of Sep 30, 2020 87.82
Beta (3y) as of Sep 30, 2020 1.42
30 Day SEC Yield as of Sep 30, 2020 0.68%
Unsubsidized 30-Day SEC Yield as of Sep 30, 2020 0.55%
Yield to Maturity as of Sep 30, 2020 3.22%
Yield to Worst as of Sep 30, 2020 2.15%
Average Coupon as of Sep 30, 2020 3.60%
Effective Duration as of Sep 30, 2020 7.42 yrs
Weighted Average Life as of Sep 30, 2020 14.75 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending Jul 31, 2020 8.21%
Worst 3-Month Return Over the Last 3 Years 3 months ending Apr 30, 2020 -8.31%
Fund Standard Deviation (3y) as of Sep 30, 2020 5.57

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 1.77%
Net Expense Ratio 1.64%

Net Expense Ratio excluding Investment Related Expenses is 1.52%

  • Acquired Fund Fees and Expenses 0.01%
  • Interest expense 0.11%

Ratings

Ratings

Holdings

Holdings

as of Sep 30, 2020
Name Weight (%)
TOB 3 645779CG2 NJSDEV 144A 3.07
NEW JERSEY ST TPK AUTH TPK REV 4 01/01/2048 2.69
GARDEN ST PRESERVATION TR NJ 0 11/01/2024 2.57
TOBACCO SETTLEMENT FING CORP N 5 06/01/2046 2.39
ESSEX CNTY N J IMPT AUTH REV 4 11/01/2044 2.27
Name Weight (%)
DRIVER 3.77 NJSMED 645790LQ7 2.16
NEW JERSEY HEALTH CARE FACS FI 5 07/01/2037 1.97
TOB 4.97 UNNUTL 906363AB2 1.81
NEW JERSEY ST TRANSN TR FD AUTH 0 12/15/2032 1.80
NEW JERSEY HEALTH CARE FACS FI 5 07/01/2039 1.66

Exposure Breakdowns

Exposure Breakdowns

as of Sep 30, 2020

% Notional Value

Type Fund Benchmark Net
as of Sep 30, 2020

% Notional Value

Type Fund Benchmark Net
as of Sep 30, 2020

% Notional Value

Type Fund Benchmark Net
as of Sep 30, 2020

% Notional Value

Type Fund Benchmark Net
as of Sep 30, 2020

% Notional Value

Type Fund Benchmark Net
Allocations subject to change.
as of Sep 30, 2020

% Notional Value

Type Fund Benchmark Net
as of Sep 30, 2020

% 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
Phillip Soccio
Ted Jaeckel, CFA
Head Portfolio Manager, Municipal Mutual Fund

    

Portfolio Manager

Literature

Literature

 

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