Fixed Income

MPICX

Impact Municipal Fund

  • NAV as of Nov 20, 2024 $9.80
    52 WK: 9.40 - 9.99
  • 1 Day NAV Change as of Nov 20, 2024 0.00 (0.00%)
  • NAV Total Return as of Nov 20, 2024 YTD: 2.87%

Overview

About this Fund

1) The fund will take a Use of Proceeds Approach to invest in municipal bonds that generate positive social and environmental impacts and align with UNSDG’s.

2) Employ BlackRock’s proprietary Impact Municipal Framework and Social Opportunity Model to identify areas for potential investment based upon various metrics.

3) Seeks to deliver an investment advantage for clients with attractive tax-free income and total return.

Investment Approach

Invests primarily in municipal bonds that have a maturity of five years or longer rated in any category. The fund may also invest in unrated municipal bonds but does not intend to invest more than 50% of its assets in municipal bonds rated below investment grade.
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Performance

Performance

  1y 3y 5y 10y Incept.
Total Return (%) 13.05 - - - 3.10
Benchmark (%) 12.78 - - - 2.18
Morningstar Category Avg. (%) 12.98 - - - -
Morningstar Ranking 46/168 - - - -
Morningstar Quartile 2 - - - -
Lipper Ranking 53/287 - - - -
Lipper Quartile 1 - - - -
  YTD 1m 3m 1y 3y 5y 10y Incept.
Total Return (%) 3.72 0.90 2.43 13.05 - - - 8.09
Benchmark (%) 4.09 0.96 2.89 12.78 - - - 5.64
Morningstar Category Avg. (%) 2.20 -1.57 0.34 12.98 - - - -
  2019 2020 2021 2022 2023
Total Return (%) - - - - 7.89
Benchmark (%) - - - - 7.39
Morningstar Category Avg. (%) - - - - 6.97

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.
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Key Facts

Key Facts

Size of Fund (Millions)
as of Nov 20, 2024
$50.0 M
Share Class launch date
Mar 14, 2022
Benchmark Index
65% Bloomberg U.S. Municipal Bond Index and 35% Bloomberg Municipal High Yield Bond Index. (USD)
Morningstar Category
Muni National Long
CUSIP
09253C678
Open to New Investors
Yes
Size of Class (Millions)
as of Nov 20, 2024
$0.2 M
Asset Class
Fixed Income
Distribution Frequency
Monthly
Lipper Classification
Gen & Ins Muni Debt Fds
Max Offer Price
as of Nov 20, 2024
$9.80
Turnover Percent in the Annual Report
as of May 31, 2024
18%

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Oct 31, 2024
81
Alpha (3y)
as of -
-
R-Squared (3y)
as of -
-
Beta (3y)
as of -
-
Unsubsidized 30-Day SEC Yield
as of Oct 31, 2024
3.12%
Effective Duration
as of Oct 31, 2024
8.50 yrs
30 Day SEC Yield
as of Oct 31, 2024
3.55%
Yield to Maturity
as of Oct 31, 2024
4.51%
Fund Standard Deviation (3y)
as of -
-
Average Coupon
as of Oct 31, 2024
4.85%
Yield to Worst
as of Oct 31, 2024
4.22%
Nominal WAL
as of Oct 31, 2024
9.51 yrs
This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Sustainability Characteristics

Sustainability Characteristics

To be included in MSCI ESG Fund Ratings, 65% (or 50% for bond funds and money market funds) of the fund’s gross weight must come from securities with ESG coverage by MSCI ESG Research (certain cash positions and other asset types deemed not relevant for ESG analysis by MSCI are removed prior to calculating a fund’s gross weight; the absolute values of short positions are included but treated as uncovered), the fund’s holdings date must be less than one year old, and the fund must have at least ten securities. MSCI Ratings are currently unavailable for this fund.

Business Involvement

Business Involvement

Business Involvement metrics can help investors gain a more comprehensive view of specific activities in which a fund may be exposed through its investments.


Business Involvement metrics are not indicative of a fund’s investment objective, and, unless otherwise stated in fund documentation and included within a fund’s investment objective, do not change a fund’s investment objective or constrain the fund’s investable universe. For more information regarding a fund's investment strategy, please see the fund's prospectus.


Review the MSCI methodology behind the Business Involvement metrics, using links below.

MSCI - Controversial Weapons
as of Oct 31, 2024
0.00%
MSCI - Nuclear Weapons
as of Oct 31, 2024
0.00%
MSCI - Civilian Firearms
as of Oct 31, 2024
0.00%
MSCI - Tobacco
as of Oct 31, 2024
0.00%
MSCI - UN Global Compact Violators
as of Oct 31, 2024
0.00%
MSCI - Thermal Coal
as of Oct 31, 2024
0.00%
MSCI - Oil Sands
as of Oct 31, 2024
0.00%
Business Involvement Coverage
as of Oct 31, 2024
5.09%
Percentage of Fund not covered
as of Oct 31, 2024
94.91%
BlackRock business involvement exposures as shown above for Thermal Coal and Oil Sands are calculated and reported for companies that generate more than 5% of revenue from thermal coal or oil sands as defined by MSCI ESG Research. For the exposure to companies that generate any revenue from thermal coal or oil sands (at a 0% revenue threshold), as defined by MSCI ESG Research, it is as follows: Thermal Coal 0.00% and for Oil Sands 0.13%.

Business Involvement metrics are calculated by BlackRock using data from MSCI ESG Research which provides a profile of each company’s specific business involvement. BlackRock leverages this data to provide a summed up view across holdings and translates it to a fund's market value exposure to the listed Business Involvement areas above.


Business Involvement metrics are designed only to identify companies where MSCI has conducted research and identified as having involvement in the covered activity. As a result, it is possible there is additional involvement in these covered activities where MSCI does not have coverage. This information should not be used to produce comprehensive lists of companies without involvement. Business Involvement metrics are only displayed if at least 1% of the fund’s gross weight includes securities covered by MSCI ESG Research.

ESG Integration

ESG Integration

BlackRock considers many investment risks in our processes. In order to seek the best risk-adjusted returns for our clients, we manage material risks and opportunities that could impact portfolios, including financially material Environmental, Social and/or Governance (ESG) data or information, where available. See our Firm Wide ESG Integration Statement for more information on this approach and fund documentation for how these material risks are considered within this product, where applicable.

Fees

Fees

as of current prospectus
Gross Expense Ratio 1.09%
Net Expense Ratio 0.59%

Net Expense Ratio excluding Investment Related Expenses is 0.58%

  • Acquired Fund Fees and Expenses 0.01%
  • Interest expense 0.00%

Ratings

Ratings

Holdings

Holdings

as of Oct 31, 2024
Name Weight (%)
MASSACHUSETTS ST TRANSN FD REV 5 06/01/2050 3.26
ST LUCIE CNTY FLA SCH BRD CTFS 5 07/01/2048 3.25
CALIFORNIA CMNTY CHOICE FING A 5 05/01/2054 3.12
UNIVERSITY UTAH UNIV REVS 4 08/01/2043 3.04
CHICAGO ILL TRAN AUTH SALES TA 5 12/01/2057 2.52
Name Weight (%)
PHILADELPHIA PA WTR & WASTEWTR 5.5 06/01/2047 2.27
DISTRICT COLUMBIA REV 5.5 02/28/2034 2.27
UNIVERSITY CONN 5 05/01/2039 2.26
SOUTHEASTERN PA TRANSN AUTH RE 5.25 06/01/2047 2.23
CONNECTICUT ST 5 01/15/2042 2.22
Name Market Value Weight (%) Shares Maturity Coupon (%)
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

Exposure Breakdowns

as of Oct 31, 2024

% of Market Value

Type Fund Benchmark Net
as of Oct 31, 2024

% of Market Value

Type Fund Benchmark Net
as of Oct 31, 2024

% of Market Value

Type Fund Benchmark Net
as of Oct 31, 2024

% of Market 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.

Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management. Certain transactions the funds may utilize may give rise to a form of leverage through either (a) additional market exposure or (b) borrowing capital in an attempt to increase investment return. The use of such transactions includes certain leverage-related risks, including potential for higher volatility, greater decline of the fund’s net asset value and fluctuations of dividends and distributions paid by the fund.

Allocations are subject to change.

Portfolio Managers

Portfolio Managers

Michael Kalinoski, CFA 
Michael Kalinoski, CFA 
Director, Portfolio Manager, Municipal Mutual Funds

   

Read More

Michael Kalinoski, CFA , Director, is a portfolio manager on the Municipal Mutual Fund Desk within BlackRock's Municipal Fixed Income business in BlackRock's Portfolio Management Group.

 

Mr. Kalinoski's service with the firm dates back to 1999, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. At MLIM, he was a member of the tax-exempt fixed income team responsible for managing a number of national and state funds. Prior to joining MLIM in 1999, Mr. Kalinoski was a municipal trader with Strong Capital Management.

 

Mr. Kalinoski earned a BS degree in accounting from Marquette University in 1992.

Kristi Manidis
Kristi Manidis
Director, Portfolio Manager, Municipal Mutual Funds

  

Read More

Kristi Manidis, Director, is a Portfolio Manager for the Municipal Fixed Income business in BlackRock's Portfolio Management Group.

 

Prior to moving to her current role in 2009, Ms. Manidis was a trader and portfolio manager on various high net worth equity and balanced separately managed accounts. Previously, she was responsible for institutional client service and marketing for BlackRock's Cash Management Group. Ms. Manidis began her career at BlackRock in 2003.

 

Ms. Manidis earned a BS degree in Business Administration, with concentrations in Finance and Management Information Systems, from Drexel University in 2003.

Portfolio Manager

Literature

Literature

 

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USR-9694