BlackRock New Jersey Municipal Bond Fund Institutional Shares is an open‑end municipal bond fund focused on generating income that is exempt from federal and New Jersey personal income taxes. The portfolio invests primarily in long‑term, investment‑grade municipal securities issued by state and local New Jersey entities, with active use of credit research to construct a diversified, high‑quality lineup of revenue and general obligation bonds. The strategy targets an intermediate interest‑rate profile, reflected by an effective duration of roughly five to six years, balancing income objectives with rate sensitivity. Management may employ derivatives for hedging or efficient exposure, which can introduce liquidity and leverage risks alongside traditional municipal credit considerations. The fund serves investors seeking tax‑advantaged income sourced from New Jersey’s public finance sectors such as transportation, healthcare, utilities, and essential services, and has been in operation since 1990 under experienced portfolio leadership. It is positioned within the Muni New Jersey category and emphasizes rigorous underwriting standards to pursue attractive risk‑adjusted returns over a full market cycle.