Annual
Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
Class
K Shares |
Management Fee | 0.33% |
Distribution and/or Service (12b-1) Fees | None |
Other Expenses | 0.08% |
Total Annual Fund Operating Expenses | 0.41% |
1 Year | 3 Years | 5 Years | 10 Years | |
Class K Shares | $42 | $132 | $230 | $518 |
■ | Debt Securities Risk — Debt securities, such as bonds, involve interest rate risk, credit risk, extension risk, and prepayment risk, among other things. |
■ | 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. Liquidity risk may be the result of, among other things, the reduced number and capacity of |
traditional market participants to make a market in fixed-income securities or the lack of an active market. Liquid investments may become illiquid or less liquid after purchase by the Fund, particularly during periods of market turmoil. Illiquid and relatively less liquid 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. This may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed-income mutual funds may be higher than normal. 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: |
■ | Variable Rate Demand Obligations Risk — Variable rate demand obligations are floating rate securities that combine an interest in a long-term municipal bond with a right to demand payment before maturity from a bank or other financial institution. If the bank or financial institution is unable to pay, the Fund may lose money. |
As
of 12/31/14 Average Annual Total Returns |
1 Year | 5 Years | 10 Years |
BlackRock Short-Term Municipal Fund — Class K Shares | |||
Return Before Taxes | 0.24% | 0.74% | 1.93% |
Return After Taxes on Distributions | 0.24% | 0.74% | 1.93% |
Return After Taxes on Distributions and Sale of Fund Shares | 0.33% | 0.78% | 1.91% |
S&P
® Municipal Bond Index (Reflects no deduction for fees, expenses or taxes) |
9.25% | 5.32% | 4.93% |
S&P
® Limited Maturity Municipal Bond Index (Reflects no deduction for fees, expenses or taxes) |
0.94% | 1.45% | 2.59% |
Name | Portfolio
Manager of the Fund Since |
Title |
Peter J. Hayes | 1996 | Managing Director of BlackRock, Inc. |
Marie Sheehan | 2007 | Managing Director of BlackRock, Inc. |
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