Fixed Income

MDNJX

New Jersey Municipal Bond Fund

How To Buy
  • NAV as of Nov 24, 2020 $11.43
    52 WK: 10.01 - 11.70
  • 1 Day NAV Change as of Nov 24, 2020 0.01 (0.09%)
  • NAV Total Return as of Nov 24, 2020 YTD: 3.38%
  • 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: 360.69

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 (%) 1.83 3.70 3.94 4.28
Benchmark (%) 3.85 4.13 3.80 4.03
Morningstar Category Avg. (%) 2.01 3.82 3.49 3.53
Morningstar Ranking 30/50 22/46 14/43 5/37
Morningstar Quartile 3 2 2 1
Lipper Category Avg. (%) 2.02 3.81 3.61 3.54
Lipper Ranking 30/50 21/46 14/42 5/37
Lipper Quartile 3 2 2 1
  YTD 1m 3m 1y 3y 5y 10y
Total Return (%) 1.29 -0.19 2.31 1.83 11.53 21.30 52.11
Benchmark (%) 3.18 0.02 1.18 3.85 12.89 20.49 48.51
Morningstar Category Avg. (%) 1.55 -0.17 -0.40 2.01 11.89 18.70 41.49
Lipper Category Avg. (%) 1.57 -0.05 1.84 2.02 11.89 19.46 41.78
  2015 2016 2017 2018 2019
Total Return (%) 2.78 0.34 6.99 1.05 7.42
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 Nov 24, 2020 $17.8 M
Size of Fund (Millions) as of Nov 24, 2020 $376.8 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 S&P Municipal Bond Index
CUSIP 09253A805
Distribution Frequency Monthly
Number of Holdings as of Oct 30, 2020 191
Max Offer Price as of Nov 24, 2020 $11.91
Open to New Investors No
Turnover Percent in the Annual Report 15%

Portfolio Characteristics

Portfolio Characteristics

Alpha (3y) as of Oct 31, 2020 -0.17
R-Squared (3y) as of Oct 31, 2020 87.89
Beta (3y) as of Oct 31, 2020 1.43
30 Day SEC Yield as of Oct 31, 2020 1.65%
Unsubsidized 30-Day SEC Yield as of Oct 31, 2020 1.53%
Yield to Maturity as of Oct 30, 2020 3.38%
Yield to Worst as of Oct 30, 2020 2.30%
Average Coupon as of Oct 30, 2020 3.76%
Effective Duration as of Oct 30, 2020 7.09 yrs
Weighted Average Life as of Oct 30, 2020 15.56 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.

Fees

Fees

as of current prospectus
Gross Expense Ratio 0.86%
Net Expense Ratio 0.73%

Net Expense Ratio excluding Investment Related Expenses is 0.61%

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

Ratings

Ratings

Morningstar Rating

4
Overall Morningstar Rating for New Jersey Municipal Bond Fund, Class A1, as of Oct 31, 2020 rated against 46 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 Oct 31, 2020 out of 46, 6,065, 46, 211 and 46 Funds, respectively in Lipper's NJ Muni Debt Funds classification.

Holdings

Holdings

as of Oct 30, 2020
Name Weight (%)
TOB 3 645779CG2 NJSDEV 144A 3.10
NEW JERSEY ST TPK AUTH TPK REV 4 01/01/2048 2.74
GARDEN ST PRESERVATION TR NJ 0 11/01/2024 2.58
TOBACCO SETTLEMENT FING CORP N 5 06/01/2046 2.41
ESSEX CNTY N J IMPT AUTH REV 4 11/01/2044 2.28
Name Weight (%)
DRIVER 3.77 NJSMED 645790LQ7 2.18
NEW JERSEY HEALTH CARE FACS FI 5 07/01/2037 1.97
TOB 4.97 UNNUTL 906363AB2 1.82
NEW JERSEY ST TRANSN TR FD AUTH 0 12/15/2032 1.80
HUDSON CNTY N J IMPT AUTH LEAS 3 10/01/2036 1.73

Exposure Breakdowns

Exposure Breakdowns

as of Oct 30, 2020

% Notional Value

Type Fund Benchmark Net
as of Oct 30, 2020

% Notional Value

Type Fund Benchmark Net
as of Oct 30, 2020

% Notional Value

Type Fund Benchmark Net
as of Oct 30, 2020

% Notional Value

Type Fund Benchmark Net
as of Oct 30, 2020

% Notional Value

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

% Notional Value

Type Fund Benchmark Net
as of Oct 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
Ted Jaeckel, CFA
Head Portfolio Manager, Municipal Mutual Fund

    

Read More

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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