New Jersey Municipal Bond Fund | MDNJX

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

Average Annual
Cumulative
Calendar Year

	1y	3y	5y	10y
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund. as of Dec 31, 2019	7.42	5.11	3.68	4.97
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. as of Dec 31, 2019	7.26	4.49	3.50	4.41
Morningstar Category Avg. (%) Muni New Jersey as of Dec 31, 2019	7.49	4.65	3.35	4.04
Morningstar Ranking Rankings are based on total return excluding sales charges, independently calculated and not combined to create an overall ranking. as of Dec 31, 2019	17/51	12/45	15/44	3/38
Morningstar Quartile Rankings based on total return excluding sales charges, independently calculated and not combined to create an overall ranking. as of Dec 31, 2019	2	2	2	1
Lipper Category Avg. (%) NJ Muni Debt Funds as of Dec 31, 2019	7.39	4.62	3.35	4.08
Lipper Ranking Rankings are based on total return excluding sales charges. as of Dec 31, 2019	17/51	12/45	15/44	3/38
Lipper Quartile Rankings are based on total return excluding sales charges. as of Dec 31, 2019	2	2	2	1

Missing average annual returns data

	YTD	1m	3m	1y	3y	5y	10y
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund. as of Dec 31, 2019	7.42	0.27	0.53	7.42	16.14	19.78	62.49
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. as of Dec 31, 2019	7.26	0.33	0.65	7.26	14.09	18.78	53.96
Morningstar Category Avg. (%) Muni New Jersey as of Dec 31, 2019	7.49	0.33	0.46	7.49	14.62	17.93	48.55
Lipper Category Avg. (%) NJ Muni Debt Funds as of Dec 31, 2019	7.39	0.32	0.44	7.39	14.52	17.95	49.51

Missing cumulative returns data

	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

Missing calendar year returns data

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: 355.27

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

Chart
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

Chart
Table

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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.

21 of 24 U.S. bond funds, accounting for 98% of our active mutual fund assets, outperformed within their Morningstar peer groups. Based on institutional share class.^*

Key Facts

Size of Class (Millions) as of Jan 21, 2020 $19.5 M

Size of Fund (Millions) as of Jan 21, 2020 $383.1 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 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 Dec 31, 2019 206

Max Offer Price as of Jan 21, 2020 $12.00

Open to New Investors No

Turnover Percent as of Dec 31, 2019 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 Dec 31, 2019 0.06

R-Squared (3y) as of Dec 31, 2019 89.93

Beta (3y) as of Dec 31, 2019 0.97

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 Dec 31, 2019 1.72%

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 Dec 31, 2019 1.72%

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 Dec 31, 2019 3.53%

Yield to Worst The average rate of return of the portfolio at current market prices, adjusting for optionality. as of Dec 31, 2019 2.48%

Average Coupon as of Dec 31, 2019 3.87%

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 Dec 31, 2019 7.94 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 Dec 31, 2019 15.71 yrs

Best 3-Month Return Over the Last 3 Years 3 months ending May 31, 2019 3.61%

Worst 3-Month Return Over the Last 3 Years 3 months ending Oct 31, 2018 -1.29%

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 5 stars for the 10-year period, rated against 45, 44 and 38 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.

Overall Morningstar Rating for New Jersey Municipal Bond Fund, Class A1, as of Dec 31, 2019 rated against 45 Muni New Jersey Funds based on risk adjusted total return.

Lipper Leader

Lipper Leader Ratings

Consistent Return New Jersey Municipal Bond Fund received the following Consistent Return ratings for the 3-, 5-, and 10-year periods, respectively: 4 (45 funds), 4 (44 funds), and 5 (38 funds). Lipper ratings for Consistent Return reflect funds' historical risk-adjusted returns, adjusted for volatility, relative to peers.

Expense New Jersey Municipal Bond Fund received the following Expense ratings for the 3-, 5-, and 10-year periods, respectively: 5 (210 funds), 5 (210 funds), and 5 (204 funds). Lipper ratings for Expense reflect funds' expense minimization relative to peers with similar load structures.

Tax Efficiency New Jersey Municipal Bond Fund received the following Tax Efficiency ratings for the 3-, 5-, and 10-year periods, respectively: 5 (45 funds), 5 (44 funds), and 5 (38 funds). Lipper ratings for Tax Efficiency (US) reflect funds' historical success in postponing taxable distributions relative to peers. Tax Efficiency (US) offers no benefit to investors in tax-sheltered accounts such as retirement plans.

Total Return New Jersey Municipal Bond Fund received the following Total Return ratings for the 3-, 5-, and 10-year periods, respectively: 4 (45 funds), 4 (44 funds), and 5 (38 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 Dec 31, 2019 out of 45, 5,840, 45, 210 and 45 Funds, respectively in Lipper's NJ Muni Debt Funds classification.

Holdings

as of Dec 31, 2019

Name	Weight (%)
TOB 3 645779CG2 NJSDEV 144A	2.94
NEW JERSEY ST TPK AUTH TPK REV 4 01/01/2048	2.72
GARDEN ST PRESERVATION TR NJ 0 11/01/2024	2.43
PORT AUTH N Y & N J 4 09/01/2043	2.20
DRIVER 3.77 NJSMED 645790LQ7	2.16

Name	Weight (%)
TOBACCO SETTLEMENT FING CORP N 5 06/01/2046	2.10
NEW JERSEY HEALTH CARE FACS FI 5 07/01/2037	1.96
NEW JERSEY ST TRANSN TR FD AUTH 0 12/15/2032	1.80
TOB 4.97 UNNUTL 906363AB2	1.80
NEW JERSEY HEALTH CARE FACS FI 5 07/01/2039	1.65

as of Dec 31, 2019

% 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.

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as of Dec 31, 2019

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as of Dec 31, 2019

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Allocations subject to change.

as of Dec 31, 2019

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as of Dec 31, 2019

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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.

Portfolio Managers

Phillip Soccio

Head Portfolio Manager, Municipal Mutual Fund

Portfolio Manager

Literature

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Important Information

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 Fund and BlackRock Fund prospectus pages. Read the prospectus carefully before investing.

BlackRock offers investments across a comprehensive range of asset classes and exposures, addressing investor needs with respect to growth, income, and capital preservation.

Source: BlackRock and Morningstar as of 9/30/19.
^*Based on 5-year performance. 21 of 24 fixed income funds outperformed their respective Morningstar category median 5-year performance. 21 of 24 fixed income funds accounts for 88% of BlackRock active fixed income mutual funds. Over the 1, 3, 5 and 10-year periods, 14, 19, 21 and 19 of BlackRock fixed income funds outperformed the Morningstar category median. 22 funds have 5-year performance track records. Based on institutional share classes of BlackRock open-end taxable and tax-free fixed income funds (based on 24 funds). 98% statistic based on $71.1B out of $72.9B AUM of all institutional share classes of the funds. Strategic Income Opportunities Fund (institutional share class) AUM is $22.7B which accounts for 31% of the total $72.9B AUM of funds that outperformed their Morningstar category median 5-year performance.

^†Source: BlackRock and Morningstar. As of 5/31/18. Current fee rankings may vary based on recent and frequent prospectus updates to the funds within the respective Morningstar categories. Expenses are based on the funds’ most recent prospectus net expense ratios, excluding investment dividend expense, interest expense, and certain other fund expenses. Morningstar category net expense ratio also excludes these expenses. Includes active open-end taxable and tax-free fixed income mutual funds only, and excludes index funds. Analysis based only on institutional shares of BlackRock active retail fixed income funds vs. institutional shares of active fixed income funds within their respective Morningstar categories. 88% of BlackRock active fixed income funds are in the lowest fee quartile (22 out of 25 funds). Based on 25 BlackRock active taxable and tax-free funds. Institutional shares may not be available to all retail investors. Performance for different share classes may vary.

The fund is actively managed and its characteristics will vary.

Bond values fluctuate in price so the value of your investment can go down depending on market conditions.

Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments.

Non-investment-grade debt securities (high-yield/junk bonds) may be subject to greater market fluctuations, risk of default or loss of income and principal than higher rated securities.

There may be less information on the financial condition of municipal issuers than for public corporations. The market for municipal bonds may be less liquid than for taxable bonds. Some investors may be subject to Alternative Minimum Tax (AMT). Capital gains distributions, if any, are taxable.

A fund concentrating in a single state is subject to greater risk of adverse economic conditions and regulatory changes.

The insurance on a bond does not protect against declines in a bonds value. Insurance guarantees are dependent upon financial strength of the insurance company.

The fund may use derivatives to hedge its investments or to seek to enhance returns. Derivatives entail risks relating to liquidity, leverage and credit that may reduce returns and increase volatility.

Performance results reflect past performance and are no guarantee of future results. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. All returns assume reinvestment of all dividends. Performance information shown without sales charge would have been lower if the applicable sales charge had been included. Performance during periods of exceptional market conditions should not be expected to be repeated in a normal market environment. Current performance may be lower or higher than the performance data quoted.

Performance shown for certain share classes of certain funds is synthetic, pre-inception performance leveraging the performance of a different share class of the fund. When evaluating fund performance, it is important to note that it does not represent actual performance of such share class. All performance after inception of the share class is actual performance. For details regarding which funds and share classes leverage synthetic, pre-inception performance, please visit this page.

Investing involves risk, including possible loss of principal.

Fund details, holdings and characteristics are as of the date noted and subject to change.

Yields are based on income earned for the period cited and on the Fund's NAV at the end of the period.

Some BlackRock funds make distributions of ordinary income and capital gains at calendar year end. Those distributions temporarily cause extraordinarily high yields. There is no assurance that a fund will repeat that yield in the future. Subsequent monthly distributions that do not include ordinary income or capital gains in the form of dividends will likely be lower.

The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

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