Shareholder
Fees (fees paid directly from your investment) |
Investor
A Shares |
Investor
C Shares |
Institutional
Shares | |||
Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price) | 4.25% | None | None | |||
Maximum Deferred Sales Charge (Load) (as percentage of offering price or redemption proceeds, whichever is lower) | None 1 | 1.00% 2 | None | |||
Annual
Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
Investor
A Shares |
Investor
C Shares |
Institutional
Shares | |||
Management Fee | 0.54% | 0.54% | 0.54% | |||
Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% | None | |||
Other Expenses | 0.22% | 0.24% | 0.22% | |||
Interest Expense | 0.07% | 0.07% | 0.07% | |||
Miscellaneous Other Expenses | 0.15% | 0.17% | 0.15% | |||
Acquired Fund Fees and Expenses3 | 0.01% | 0.01% | 0.01% | |||
Total Annual Fund Operating Expenses3 | 1.02% | 1.79% | 0.77% |
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 | There is no CDSC on Investor C Shares after one year. |
3 | 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. |
1 Year | 3 Years | 5 Years | 10 Years | |
Investor A Shares | $525 | $736 | $964 | $1,620 |
Investor C Shares | $282 | $563 | $970 | $2,105 |
Institutional Shares | $ 79 | $246 | $428 | $ 954 |
1 Year | 3 Years | 5 Years | 10 Years | |
Investor C Shares | $182 | $563 | $970 | $2,105 |
■ | Debt Securities Risk — Debt securities, such as bonds, involve interest rate risk, credit risk, extension risk, and prepayment risk, among other things. |
■ | Distressed Securities Risk — Distressed securities are speculative and involve substantial risks in addition to the risks of investing in junk bonds. The Fund will generally not receive interest payments on the distressed securities and may incur costs to protect its investment. In addition, distressed securities involve the substantial risk that principal will not be repaid. These securities may present a substantial risk of default or may be in default at the time of investment. The Fund may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal of or interest on its portfolio holdings. In any reorganization or liquidation proceeding relating to a portfolio company, the Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale. |
■ | Junk Bonds Risk — Although junk bonds generally pay higher rates of interest than investment grade bonds, junk bonds are high risk investments that may cause income and principal losses for the Fund. |
■ | Leverage Risk — Some transactions may give rise to a form of economic leverage. These transactions may include, among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet any required asset segregation requirements. Increases and decreases in the value of the Fund’s portfolio will be magnified when the Fund uses leverage. |
■ | Liquidity Risk — Liquidity risk exists when particular investments are difficult to purchase or sell. The Fund’s investment in illiquid securities may reduce the returns of the Fund because it may be difficult to sell the illiquid securities at an advantageous time or price. To the extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market and/or credit risk, the Fund will tend to have the greatest exposure to liquidity risk. Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil. Illiquid investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. In addition, when there is illiquidity in the market for certain securities, the Fund, due to limitations on illiquid investments, may be subject to purchase and sale restrictions. |
■ | Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is |
the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money. | |
■ | Municipal Securities Risks — Municipal securities risks include the ability of the issuer to repay the obligation, the relative lack of information about certain issuers of municipal securities, and the possibility of future legislative changes which could affect the market for and value of municipal securities. These risks include: |
As
of 12/31/13 Average Annual Total Returns |
1 Year | 5 Years | Since
Inception (August 1, 2006) |
BlackRock High Yield Municipal Fund — Institutional Shares | |||
Return Before Taxes | (7.75)% | 11.80% | 2.91% |
Return After Taxes on Distributions | (7.77)% | 11.79% | 2.89% |
Return After Taxes on Distributions and Sale of Shares | (2.33)% | 10.76% | 3.36% |
BlackRock High Yield Municipal Fund — Investor A Shares | |||
Return Before Taxes | (11.91)% | 10.53% | 2.01% |
BlackRock High Yield Municipal Fund — Investor C Shares | |||
Return Before Taxes | (9.56)% | 10.66% | 1.87% |
S&P
® Municipal Bond Index (Reflects no deduction for fees, expenses or taxes) |
(2.55)% | 6.34% | 4.36% |
S&P
® Customized High Yield Municipal Bond Index (Reflects no deduction for fees, expenses or taxes) |
(4.21)% | 12.31% | 3.83% |
Custom
High Yield Index (Reflects no deduction for fees, expenses or taxes)1 |
(4.91)% | 12.15% | 3.73% |
1 | The Custom High Yield Index reflects the returns of the S&P® Customized High Yield Municipal Bond Index for periods prior to January 1, 2013, and the returns of only those bonds in the S&P® Customized High Yield Municipal Bond Index that have maturities greater than 5 years for periods subsequent to January 1, 2013. |
Name | Portfolio
Manager of the Fund Since |
Title |
Walter O’Connor, CFA | 2006 | Managing Director of BlackRock, Inc. |
Theodore R. Jaeckel, CFA | 2006 | Managing Director of BlackRock, Inc. |
Investor A and Investor C 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 an Automatic Investment Plan. |
$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). | No subsequent minimum. |
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