New Jersey Municipal Bond Fund

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NAV as of Jul 06, 2020 $11.08
52 WK: 10.01 - 11.70
1 Day NAV Change as of Jul 06, 2020 0.00 (0.00%)
NAV Total Return as of Jul 06, 2020 YTD: -0.95% YTD (year to date) is a period, starting from the beginning of the current calendar year, and continuing up to the prior day's close.
Morningstar Rating

4

Overall Morningstar Rating for New Jersey Municipal Bond Fund, Investor A1, as of Jun 30, 2020 rated against 45 Muni New Jersey Funds based on risk adjusted total return.

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

Returns

	1y	3y	5y	10y
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	1.03	3.62	3.73	4.48
Benchmark (%) Index: S&P Municipal Bond Index.<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.	4.23	4.06	3.91	4.27
Morningstar Category Avg. (%) Muni New Jersey	2.00	3.62	3.50	3.70
Morningstar Ranking Rankings are based on total return excluding sales charges, independently calculated and not combined to create an overall ranking.	44/51	18/45	15/43	5/37
Morningstar Quartile Rankings based on total return excluding sales charges, independently calculated and not combined to create an overall ranking.	4	2	2	1
Lipper Category Avg. (%) NJ Muni Debt Funds	1.89	3.58	3.47	3.72
Lipper Ranking Rankings are based on total return excluding sales charges.	44/51	18/45	15/43	5/37
Lipper Quartile Rankings are based on total return excluding sales charges.	4	2	2	1

Performance data is not currently available

	YTD	1m	3m	1y	3y	5y	10y
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	-1.00	2.39	2.12	1.03	11.26	20.09	54.97
Benchmark (%) Index: S&P Municipal Bond Index.<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.	1.97	0.78	2.57	4.23	12.67	21.12	51.95
Morningstar Category Avg. (%) Muni New Jersey	-0.13	1.67	2.19	2.00	11.26	18.75	43.83
Lipper Category Avg. (%) NJ Muni Debt Funds	-0.24	1.68	2.13	1.89	11.15	18.67	44.31

Performance data is not currently available

	2015	2016	2017	2018	2019
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund.	2.78	0.34	6.99	1.05	7.42
Benchmark (%) Index: S&P Municipal Bond Index<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.	3.32	0.77	4.95	1.36	7.26
Morningstar Category Avg. (%) Muni New Jersey	2.24	0.56	4.71	1.91	7.49

Performance data is not currently available

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.

Growth of Hypothetical $10,000 The growth of hypothetical $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Performance chart data not available for display.

Growth of Hypothetical $10,000
Historical NAVs

New Jersey Municipal Bond Fund ($)

Cum. Fund Perf. Since Inception: 350.74

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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Recent
Calendar Year

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Table

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Ex-Date	Payable Date	Record Date	Total Distribution Current year distributions are not classified as “Income,” “Short-Term Capital Gains,” “Long-Term Capital Gains,” or “Return of Capital” until approximately 60 days following calendar year-end.	Income	ST Cap Gains	LT Cap Gains	Return of Capital

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Year	Total Distribution Current year distributions are not classified as “Income,” “Short-Term Capital Gains,” “Long-Term Capital Gains,” or “Return of Capital” until calendar year-end.	Income	ST Cap Gains	LT Cap Gains

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

Key Facts

Size of Class (Millions) as of Jul 06, 2020 $17.5 M

Size of Fund (Millions) as of Jul 06, 2020 $361.3 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 How often a distribution is paid by the fund. The most common distribution frequencies are annually, biannually and quarterly. Monthly

Number of Holdings as of May 29, 2020 195

Max Offer Price as of Jul 06, 2020 $11.54

Open to New Investors No

Turnover Percent in the Annual Report 15%

Portfolio Characteristics

Alpha (3y) Compared to S&P Muni Bond, New Jersey, years 5 and above (Risk Basis: Muni) INDEX. Alpha is calculated at the portfolio level. A measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the fund relative to the return of the benchmark index is a fund's alpha. as of May 31, 2020 -0.18

R-Squared (3y) as of May 31, 2020 88.86

Beta (3y) as of May 31, 2020 1.37

30 Day SEC Yield A standard calculation of yield introduced by the SEC in order to provide fairer comparison among funds. This yield reflects the interest earned after deducting the fund's expenses during the most recent 30-day period by the average investor in the fund. Negative 30-Day SEC Yield results when accrued expenses of the past 30 days exceed the income collected during the past 30 days. as of May 31, 2020 2.49%

Unsubsidized 30-Day SEC Yield Represents what a fund's 30-Day SEC Yield would have been had no fee waiver or expense reimbursement been in place over the period. as of May 31, 2020 2.38%

Yield to Maturity Yield to Maturity (YTM) is the discount rate that equates the present value of a bond's cash flows with its market price (including accrued interest). The Fund Average YTM is the weighted average of the fund's individual bond holding YTMs based upon Net Asset Value ('NAV'). The measure does not include fees and expenses. For callable bonds, YTM is the yield-to-worst. as of May 29, 2020 3.79%

Yield to Worst The average rate of return of the portfolio at current market prices, adjusting for optionality. as of May 29, 2020 2.97%

Average Coupon as of May 29, 2020 3.78%

Effective Duration Effective Duration measures the sensitivity of the price of a bond with or without embedded options to changes in interest rates, taking into account the likelihood of the bond being called, put and/or sunk prior to its final maturity date while incorporating after-tax impacts on the bond. The options-based duration model used by BlackRock employs certain assumptions and may differ from other fund complexes. Effective Duration is measured at the individual bond level, aggregated to the portfolio level, and adjusted for leverage, hedging transactions and non-bond holdings, including derivatives. As the method for calculating duration in municipal bond funds changed as of Sept. 26, please see the 'Literature' section for more information on that measure. as of May 29, 2020 8.32 yrs

Weighted Average Life Weighted Average Life to Maturity is shown. Weighted Average Life is the average number of years for which each dollar of unpaid principal on a loan or mortgage remains outstanding. as of May 29, 2020 15.89 yrs

Best 3-Month Return Over the Last 3 Years 3 months ending Feb 29, 2020 3.69%

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

as of current prospectus

Gross Expense Ratio	0.88%
Net Expense Ratio The difference between gross and net expense ratios are due to contractual and/or voluntary waivers, if applicable. Any applicable contractual waiver will be terminable upon 90 days’ notice. BlackRock may agree to voluntarily waive certain fees and expenses, which the adviser may discontinue at any time without notice. For this share class, the contractual waiver end date is Sep 30, 2020.	0.75%

Net Expense Ratio excluding Investment Related Expenses is 0.62%

Ratings

Morningstar Rating

Overall New Jersey Municipal Bond Fund received a Morningstar Rating of 4 stars for the 3-year period, 4 stars for the 5-year period and 4 stars for the 10-year period, rated against 45, 43 and 37 Muni New Jersey Funds, respectively. Performance results represent past performance and are no guarantee of future results. The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Morningstar Ratings are for the share classes cited only; other classes may have different ratings.

4

Overall Morningstar Rating for New Jersey Municipal Bond Fund, Class A1, as of Jun 30, 2020 rated against 45 Muni New Jersey Funds based on risk adjusted total return.

Lipper Leader

Lipper Leader Ratings

Expense New Jersey Municipal Bond Fund received the following Expense ratings for the 3-, 5-, and 10-year periods, respectively: 5 (211 funds), 5 (211 funds), and 5 (203 funds). Lipper ratings for Expense reflect funds' expense minimization relative to peers with similar load structures.

Total Return New Jersey Municipal Bond Fund received the following Total Return ratings for the 3-, 5-, and 10-year periods, respectively: 3 (45 funds), 4 (43 funds), and 5 (37 funds). Lipper ratings for Total Return reflect funds' historical total return performance relative to peers.

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, 2020 out of 45, 6,020, 45, 211 and 45 Funds, respectively in Lipper's NJ Muni Debt Funds classification.

Holdings

Top

as of May 29, 2020

Name	Weight (%)
TOB 3 645779CG2 NJSDEV 144A	3.26
TOBACCO SETTLEMENT FING CORP N 5 06/01/2046	2.91
NEW JERSEY ST TPK AUTH TPK REV 4 01/01/2048	2.81
GARDEN ST PRESERVATION TR NJ 0 11/01/2024	2.59
ESSEX CNTY N J IMPT AUTH REV 4 11/01/2044	2.35

Name	Weight (%)
PORT AUTH N Y & N J 4 09/01/2043	2.26
DRIVER 3.77 NJSMED 645790LQ7	2.18
NEW JERSEY HEALTH CARE FACS FI 5 07/01/2037	2.00
TOB 4.97 UNNUTL 906363AB2	1.92
NEW JERSEY HEALTH CARE FACS FI 5 07/01/2039	1.71

Exposure Breakdowns

as of May 29, 2020

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type	Fund	Benchmark	Net

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as of May 29, 2020

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type	Fund	Benchmark	Net

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as of May 29, 2020

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type	Fund	Benchmark	Net

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as of May 29, 2020

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type	Fund	Benchmark	Net

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as of May 29, 2020

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type	Fund	Benchmark	Net

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Allocations subject to change.

as of May 29, 2020

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type	Fund	Benchmark	Net

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as of May 29, 2020

% Notional Value % of Notional Exposures is a breakdown designed to represent a fund’s ownership of both traditional fixed income securities and derivatives including, but not limited to, futures, options and swap contracts. For traditional fixed income securities, there is no difference between the market value and the notional exposure. For derivatives, the notional exposure represents the exposure to the underlying assets plus the value of the financing (or lending) associated with the implementation of these derivatives. The sum of all exposures (both market value and notional exposure) is equal to the fund’s net asset value (open-end) or net managed assets (closed-end). Net Derivatives represents the approximate net notional value of the longs less the short derivatives held in the fund.

Type	Fund	Benchmark	Net

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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.