Shareholder
Fees (fees paid directly from your investment) |
Investor
A Shares |
Investor
B Shares |
Investor
C Shares |
Institutional
Shares | ||||
Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price) | 4.25% | None | None | None | ||||
Maximum Deferred Sales Charge (Load) (as percentage of offering price or redemption proceeds, whichever is lower) | None 1 | 4.00% 2 | 1.00% 3 | None | ||||
Annual
Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
Investor
A Shares |
Investor
B Shares |
Investor
C Shares |
Institutional
Shares | ||||
Management Fee | 0.48% | 0.48% | 0.48% | 0.48% | ||||
Distribution and/or Service (12b-1) Fees | 0.25% | 0.75% | 1.00% | None | ||||
Other Expenses | 0.19% | 0.18% | 0.14% | 0.20% | ||||
Interest Expense | 0.06% | 0.06% | 0.06% | 0.06% | ||||
Miscellaneous Other Expenses | 0.13% | 0.12% | 0.08% | 0.14% | ||||
Acquired Fund Fees and Expenses4 | 0.01% | 0.01% | 0.01% | 0.01% | ||||
Total Annual Fund Operating Expenses4 | 0.93% | 1.42% | 1.63% | 0.69% | ||||
Fee Waivers and/or Expense Reimbursements5 | (0.14)% | (0.12)% | (0.09)% | — | ||||
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements5 | 0.79% | 1.30% | 1.54% | 0.69% |
1 | A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase of an investment of $1,000,000 or more. |
2 | The CDSC is 4.00% if shares are redeemed in less than two years. The CDSC for Investor B Shares decreases for redemptions made in subsequent years. After six years there is no CDSC on Investor B Shares. (See the section “Details About the Share Classes — Investor B Shares” in the Fund’s prospectus for the complete schedule of CDSCs.) |
3 | There is no CDSC on Investor C Shares after one year. |
4 | The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets given in the Fund’s most recent annual report, which does not include Acquired Fund Fees and Expenses. |
5 | As described in the “Management of the Funds” section of the Fund’s prospectus on page 47, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 0.72% (for Investor A Shares), 1.23% (for Investor B Shares) and 1.47% (for Investor C Shares) of average daily net assets until November 1, 2014. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Fund or by a vote of a majority of the outstanding voting securities of the Fund. |
1 Year | 3 Years | 5 Years | 10 Years | |
Investor A Shares | $502 | $695 | $905 | $1,507 |
Investor B Shares | $532 | $738 | $965 | $1,692 |
Investor C Shares | $257 | $505 | $878 | $1,925 |
Institutional Shares | $ 70 | $221 | $384 | $ 859 |
1 Year | 3 Years | 5 Years | 10 Years | |
Investor B Shares | $132 | $438 | $765 | $1,692 |
Investor C Shares | $157 | $505 | $878 | $1,925 |
As
of 12/31/12 Average Annual Total Returns |
1 Year | 5 Years | 10 Years |
BlackRock National Municipal Fund — Investor A | |||
Return Before Taxes | 4.97% | 5.21% | 4.84% |
Return After Taxes on Distributions | 4.97% | 5.21% | 4.84% |
Return After Taxes on Distributions and Sale of Shares | 4.56% | 5.07% | 4.78% |
BlackRock National Municipal Fund — Investor B | |||
Return Before Taxes | 5.10% | 5.28% | 4.77% |
BlackRock National Municipal Fund — Investor C | |||
Return Before Taxes | 7.81% | 5.34% | 4.49% |
BlackRock National Municipal Fund — Institutional | |||
Return Before Taxes | 9.81% | 6.36% | 5.53% |
S&P
Municipal Bond Index (Reflects no deduction for fees, expenses or taxes) |
7.42% | 5.78% | 5.19% |
Name | Portfolio
Manager of the Fund Since |
Title |
Walter O’Connor, CFA | 1996 | Managing Director of BlackRock, Inc. |
Theodore R. Jaeckel, CFA | 2006 | Managing Director of BlackRock, Inc. |
Investor
A and Investor C Shares |
Investor B Shares | Institutional Shares | |
Minimum Initial Investment | $1,000
for all accounts except: • $250 for certain fee-based programs. • $100 for certain employer-sponsored retirement plans. • $50, if establishing Automatic Investment Plan. |
Available only through exchanges and dividend reinvestments by current holders and for purchase by certain employer-sponsored retirement plans. | $2
million for institutions and individuals. Institutional Shares are available to clients of registered investment advisers who have $250,000 invested in the Fund. |
Minimum
Additional Investment |
$50 for all accounts (with the exception of certain employer-sponsored retirement plans which may have a lower minimum). | N/A | No subsequent minimum. |
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