New Jersey Municipal Bond Fund

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NAV as of Mar 31, 2025 $10.08
52 WK: 10.03 - 10.47
1 Day NAV Change as of Mar 31, 2025 0.03 (0.30%)
NAV Total Return as of Mar 31, 2025 YTD: -0.44%
NEUTRAL

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 (%)	1.09	-0.92	0.85	2.18
Return w/ Sales Charge (%)	-3.20	-2.34	-0.02	1.74
Benchmark (%)	1.05	-0.55	0.99	2.25
BBG Muni 90% IG New Jersey + 10% HY New Jersey Custom	1.54	-0.12	1.66	-
Morningstar Category Avg. (%)	1.83	-0.64	0.99	2.17
Morningstar Ranking	40/46	31/46	28/46	24/38
Morningstar Quartile	4	3	3	3
Lipper Category Avg. (%)	1.84	-0.73	0.93	2.15
Lipper Ranking	40/46	31/46	28/46	24/38
Lipper Quartile	4	3	3	3

Performance data is not currently available

	YTD	1m	3m	1y	3y	5y	10y
Total Return (%)	1.09	-1.65	-1.40	1.09	-2.73	4.32	24.08
Return w/ Sales Charge (%)	-3.20	-5.83	-5.59	-3.20	-6.86	-0.11	18.79
Benchmark (%)	1.05	-1.46	-1.22	1.05	-1.64	5.05	24.94
Morningstar Category Avg. (%)	1.83	-1.26	-1.01	1.83	-1.92	5.05	23.93
Lipper Category Avg. (%)	1.84	-1.29	-1.01	1.84	-2.17	4.78	23.78
BBG Muni 90% IG New Jersey + 10% HY New Jersey Custom	1.54	-1.36	-1.05	1.54	-0.36	8.58	-

Performance data is not currently available

	2020	2021	2022	2023	2024
Total Return (%)	4.35	2.77	-10.40	7.39	1.09
Annual w/ Sales Charge (%)	-0.08	-1.59	-14.21	2.83	-3.20
Benchmark (%)	4.95	1.52	-8.53	6.40	1.05
Morningstar Category Avg. (%)	4.54	2.54	-9.67	6.64	1.83
BBG Muni 90% IG New Jersey + 10% HY New Jersey Custom	5.46	3.33	-8.55	7.30	1.54

Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation.

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.

Click here for Distribution data

Key Facts

Size of Fund (Millions)

as of Mar 31, 2025

$291.9 M

Share Class launch date

Oct 02, 2006

Benchmark Index

BBG Municipal Bond Index Unadjusted (Risk Basis: MUNI) (USD)

Morningstar Category

Muni New Jersey

CUSIP

09253A706

Open to New Investors

Yes

Size of Class (Millions)

as of Mar 31, 2025

$86.4 M

Asset Class

Fixed Income

Distribution Frequency

Monthly

Lipper Classification

NJ Muni Debt Funds

Max Offer Price

as of Mar 31, 2025

$10.53

Turnover Percent in the Annual Report

as of May 31, 2024

10%

Portfolio Characteristics

Number of Holdings

as of Feb 28, 2025

189

Alpha (3y)

as of Feb 28, 2025

-0.03

R-Squared (3y)

as of Feb 28, 2025

99.24

Beta (3y)

as of Feb 28, 2025

1.03

Unsubsidized 30-Day SEC Yield

as of Feb 28, 2025

2.92%

Effective Duration

as of Feb 28, 2025

6.37 yrs

Best 3-Month Return Over the Last 3 Years

3 months ending Jan 31, 2024

8.71%

30 Day SEC Yield

as of Feb 28, 2025

3.06%

Yield to Maturity

as of Feb 28, 2025

4.26%

Fund Standard Deviation (3y)

as of Feb 28, 2025

7.74

Average Coupon

as of Feb 28, 2025

3.86%

Yield to Worst

as of Feb 28, 2025

3.91%

Nominal WAL

as of Feb 28, 2025

8.31 yrs

Worst 3-Month Return Over the Last 3 Years

3 months ending Oct 31, 2022

-7.01%

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	0.93%
Net Expense Ratio	0.78%

Net Expense Ratio excluding Investment Related Expenses is 0.77%

Acquired Fund Fees and Expenses 0.01%
Interest expense 0.00%

Ratings

Lipper Leader

Lipper Leader Ratings

Tax Efficiency

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 Feb 28, 2025 out of 46, 6,088, 46, 186 and 46 Funds, respectively in Lipper's NJ Muni Debt Funds classification.

Holdings

as of Feb 28, 2025

Name	Weight (%)
NEW JERSEY ST TRANSN TR FD AUT 5.25 06/15/2050	3.22
ESSEX CNTY N J IMPT AUTH REV 4 11/01/2044	2.58
NEW JERSEY ST TRANSN TR FD AUTH 0 12/15/2032	2.55
NEW JERSEY HEALTH CARE FACS FI 3 07/01/2051	2.39
TOBACCO SETTLEMENT FING CORP N 5 06/01/2046	2.24

Name	Weight (%)
NEW JERSEY ST TRANSN TR FD AUT 5.25 06/15/2055	2.04
NEW JERSEY ST TRANSN TR FD AUTH 0 12/15/2035	1.99
UNION CNTY N J UTILS AUTH RESO 5.25 12/01/2031	1.97
NEW JERSEY ST TRANSN TR FD AUTH 0 12/15/2038	1.94
NEW JERSEY HEALTH CARE FACS FI 5 07/01/2037	1.74

Name	Market Value	Weight (%)	Shares	Maturity	Coupon (%)
BLACKROCK LIQ MUNICASH CL INS MMF	$17,956,444.37	6.02	17,954,649.00	-	4.35
ESSEX CNTY N J IMPT AUTH REV	$7,713,297.32	2.58	7,695,000.00	Nov 01, 2044	4.00
NEW JERSEY ST TRANSN TR FD AUTH	$7,604,715.70	2.55	10,000,000.00	Dec 15, 2032	0.00
NEW JERSEY HEALTH CARE FACS FI	$7,140,303.64	2.39	9,155,000.00	Jul 01, 2051	3.00
NEW JERSEY ST TRANSN TR FD AUT	$6,090,182.63	2.04	5,600,000.00	Jun 15, 2055	5.25
NEW JERSEY ST TRANSN TR FD AUTH	$5,957,178.15	2.00	8,900,000.00	Dec 15, 2035	0.00
UNION CNTY N J UTILS AUTH RESO	$5,889,081.36	1.97	5,805,000.00	Dec 01, 2031	5.25
NEW JERSEY ST TRANSN TR FD AUTH	$5,793,388.70	1.94	10,000,000.00	Dec 15, 2038	0.00
TOBACCO SETTLEMENT FING CORP N	$5,656,081.64	1.89	5,525,000.00	Jun 01, 2046	5.00
NEW JERSEY ST TRANSN TR FD AUT	$5,558,458.47	1.86	5,125,000.00	Jun 15, 2050	5.25

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Detailed Holdings and Analytics

Holdings are subject to change. Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. The Fund is actively managed and its details, holdings and characteristics will vary. Holdings shown should not be deemed as a recommendation to buy or sell securities. The user relies on this data at its own risk and neither BlackRock nor any other party makes any representations or express or implied warranties (which are expressly disclaimed) nor shall they incur any liability for any errors or omissions in the data.

Exposure Breakdowns

as of Feb 28, 2025

% Notional Value

Type	Fund	Benchmark	Net
State Tax-Backed - Dedicated Tax	18.82	24.93	-6.11
Transportation	14.45	33.42	-18.97
Education	10.49	9.26	1.23
State Tax-Backed - Lease Backed	9.61	6.89	2.72
Health	9.52	5.57	3.94
Local Tax-Backed - General Obligation	7.08	1.48	5.60
Cash	6.51	0.00	6.51
Other	3.76	0.10	3.66
Housing	3.72	1.68	2.04
School Districts	3.50	0.81	2.69

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as of Feb 28, 2025

% Notional Value

Type	Fund	Benchmark	Net
New Jersey	81.67	79.69	1.98
Puerto Rico	4.93	0.00	4.93
New York/New Jersey	4.31	18.64	-14.33
Pennsylvania	1.40	0.86	0.54
Wisconsin	0.79	0.00	0.79
California	0.39	0.00	0.39
Delaware	0.00	0.09	-0.09
Delaware/New Jersey	0.00	0.24	-0.24
Pennsylvania/New Jersey	0.00	0.49	-0.49
Cash	6.51	0.00	6.51

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as of Feb 28, 2025

% Notional Value

Type	Fund	Benchmark	Net
0 - 3 Years	4.55	11.67	-7.12
3 - 6 Years	6.46	16.04	-9.58
6 - 8 Years	9.81	9.76	0.05
8 - 10 Years	2.82	9.22	-6.41
10 - 12 Years	4.26	7.25	-3.00
12 - 15 Years	13.12	9.87	3.25
15 - 20 Years	20.17	13.43	6.74
20 - 25 Years	16.05	11.70	4.35
25+ Years	16.25	11.05	5.20
Cash	6.51	0.00	6.51

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as of Feb 28, 2025

% Notional Value

Type	Fund	Benchmark	Net
AAA Rated	3.30	6.47	-3.16
AA rated	22.05	24.24	-2.19
A Rated	52.97	55.52	-2.55
BBB Rated	6.69	3.78	2.90
BB Rated	1.27	5.76	-4.49
B Rated	0.00	0.90	-0.90
CCC Rated	0.00	0.16	-0.16
Not Rated	7.20	3.17	4.03
Cash	6.51	0.00	6.51

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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.