Fixed Income

MDNJX

New Jersey Municipal Bond Fund

How To Buy
  • NAV as of Jun 24, 2022 $10.17
    52 WK: 10.08 - 11.72
  • 1 Day NAV Change as of Jun 24, 2022 0.00 (0.00%)
  • NAV Total Return as of Jun 23, 2022 YTD: -10.82%
  • Morningstar Rating

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

Performance

Growth of Hypothetical $10,000

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Cum. Fund Perf. Since Inception: 349.10

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.

Distributions

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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.



  1y 3y 5y 10y
Total Return (%) -4.29 1.61 2.90 3.21
Benchmark (%) -4.47 1.53 2.52 2.88
Morningstar Category Avg. (%) -7.52 0.56 1.93 2.28
Morningstar Ranking 34/49 25/48 13/43 10/38
Morningstar Quartile 3 3 2 1
Lipper Category Avg. (%) -3.70 1.65 2.64 2.71
Lipper Ranking 34/49 25/48 13/42 10/38
Lipper Quartile 3 3 2 2
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) -6.74 -3.47 -6.74 -4.29 4.91 15.38 37.22
Benchmark (%) -6.23 -3.24 -6.23 -4.47 4.67 13.24 32.84
Morningstar Category Avg. (%) -8.76 -2.98 -6.39 -7.52 5.30 14.19 30.61
Lipper Category Avg. (%) -6.03 -2.94 -6.03 -3.70 5.06 13.98 30.85
  2017 2018 2019 2020 2021
Total Return (%) 6.99 1.05 7.42 4.50 3.02
Benchmark (%) 4.95 1.36 7.26 4.95 1.52
Morningstar Category Avg. (%) 4.71 1.91 7.49 4.54 2.54
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) -
Size of Fund (Millions) as of Jun 23, 2022 $333.1 M
Share Class launch date Oct 21, 1994
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 09253A805
Distribution Frequency Monthly
Number of Holdings as of May 31, 2022 212
Max Offer Price as of Jun 23, 2022 $10.59
Open to New Investors No
Turnover Percent in the Annual Report 16%

Portfolio Characteristics

Portfolio Characteristics

Alpha (3y) as of May 31, 2022 -0.02
R-Squared (3y) as of May 31, 2022 91.00
Beta (3y) as of May 31, 2022 1.26
30 Day SEC Yield as of May 31, 2022 2.81%
Unsubsidized 30-Day SEC Yield as of May 31, 2022 2.67%
Yield to Maturity as of May 31, 2022 3.74%
Yield to Worst as of May 31, 2022 3.08%
Average Coupon as of May 31, 2022 3.60%
Effective Duration as of May 31, 2022 6.49 yrs
Weighted Average Life as of May 31, 2022 13.87 yrs
Best 3-Month Return Over the Last 3 Years 3 months ending Jul 31, 2020 8.45%
Worst 3-Month Return Over the Last 3 Years 3 months ending Apr 30, 2020 -8.17%

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% 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. For newly launched funds, Sustainability Characteristics are typically available 6 months after launch. MSCI Ratings are currently unavailable for this fund.

ESG Integration

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

Fees

as of current prospectus
Gross Expense Ratio 0.79%
Net Expense Ratio 0.67%

Net Expense Ratio excluding Investment Related Expenses is 0.62%

  • Acquired Fund Fees and Expenses 0.01%
  • Interest expense 0.04%

Ratings

Ratings

Morningstar Rating

4 stars
Overall Morningstar Rating for New Jersey Municipal Bond Fund, Class A1, as of May 31, 2022 rated against 49 Muni New Jersey Funds based on risk adjusted total return.

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 May 31, 2022 out of 49, 6,254, 49, 206 and 49 Funds, respectively in Lipper's NJ Muni Debt Funds classification.

Holdings

Holdings

as of May 31, 2022
Name Weight (%)
TOB 3 645779CG2 NJSDEV 144A 2.92
GARDEN ST PRESERVATION TR NJ 0 11/01/2024 2.76
ESSEX CNTY N J IMPT AUTH REV 4 11/01/2044 2.22
DRIVER 3.77 NJSMED 645790LQ7 2.18
NEW JERSEY ST TRANSN TR FD AUTH 0 12/15/2032 1.97
Name Weight (%)
NEW JERSEY HEALTH CARE FACS FI 5 07/01/2037 1.94
TOB 4.97 UNNUTL 906363AB2 1.89
NEW JERSEY HEALTH CARE FACS FI 5 07/01/2039 1.64
HUDSON CNTY N J IMPT AUTH LEAS 3 10/01/2036 1.59
NEW JERSEY INST TECHNOLOGY 5 07/01/2040 1.55

Exposure Breakdowns

Exposure Breakdowns

as of May 31, 2022

% Notional Value

Type Fund Benchmark Net
as of May 31, 2022

% Notional Value

Type Fund Benchmark Net
as of May 31, 2022

% Notional Value

Type Fund Benchmark Net
as of May 31, 2022

% Notional Value

Type Fund Benchmark Net
as of May 31, 2022

% Notional Value

Type Fund Benchmark Net
Allocations subject to change.
as of May 31, 2022

% Notional Value

Type Fund Benchmark Net
as of May 31, 2022

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

    

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Theodore R. Jaeckel, Jr., CFA, Managing Director, is a member of Americas Fixed Income within Alpha Strategies. He is head portfolio manager on the Municipal Mutual Fund Desk.

 

He is also a member of BlackRock's Municipal Bond Operating Committee, which oversees all municipal bond portfolio management, research and trading activities.

 

Mr. Jaeckel's service with the firm dates back to 1991, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. At MLIM, he was a portfolio manager for municipal bond alternative and high yield strategies. Prior to joining MLIM, Mr. Jaeckel was a municipal bond trader with Chemical Bank.

 

Mr. Jaeckel earned a BA degree in history from Hamilton College in 1981.

Portfolio Manager

Literature

Literature

 

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Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses, which may be obtained by visiting the iShares ETF and BlackRock Fund prospectus pages. Read the prospectus carefully before investing. Investing involves risk, including possible loss of principal.

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