BlackRock
National Municipal Fund
(the Fund)
Investor and Institutional Shares
to the Summary
Prospectus dated October 28, 2015
Shareholder Fees (fees paid directly from your investment) |
|
Investor A Shares |
|
Investor B Shares |
|
Investor C Shares |
Institutional Shares |
|
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Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price) |
4.25% |
None |
None |
None |
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Maximum Deferred Sales Charge (Load) (as percentage of offering price or redemption proceeds, whichever
is lower) |
None1 |
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 |
|
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Management Fee |
0.43% |
0.43% |
0.43% |
0.43% |
||||||||||||||
Distribution and/or Service (12b-1) Fees |
0.25% |
0.75% |
1.00% |
None |
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Other Expenses |
0.17% |
0.17% |
0.11% |
0.16% |
||||||||||||||
Interest Expense |
0.03% |
0.03% |
0.03% |
0.03% |
||||||||||||||
Miscellaneous Other Expenses |
0.14% |
0.14% |
0.08% |
0.13% |
||||||||||||||
Total Annual Fund Operating Expenses |
0.85% |
1.35% |
1.54% |
0.59% |
||||||||||||||
Fee Waivers and/or Expense Reimbursements4 |
(0.13)% |
(0.13)% |
(0.07)% |
(0.12)% |
||||||||||||||
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense
Reimbursements4 |
0.72% |
1.22% |
1.47% |
0.47% |
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 $250,000 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 Funds prospectus for the complete schedule of CDSCs.) |
3 | There is no CDSC on Investor C Shares after one year. |
4 | As described in the Management of the Funds section of the Funds prospectus on page 52, 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 0.69% (for Investor A Shares), 1.19% (for Investor B Shares), 1.44% (for Investor C Shares) and 0.44% (for Institutional Shares) of average daily net assets through October 31, 2017. The contractual agreement may be terminated upon 90 days notice by a majority of the non-interested directors of the BlackRock Municipal Bond Fund, Inc. or by a vote of a majority of the outstanding securities of the Fund. |
|
1 Year |
|
3 Years |
|
5 Years |
|
10 Years |
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Investor A Shares |
$ | 495 | $ | 672 | $ | 864 | $ | 1,418 | ||||||||||
Investor B Shares |
$ | 524 | $ | 715 | $ | 927 | $ | 1,613 | ||||||||||
Investor C Shares |
$ | 250 | $ | 480 | $ | 833 | $ | 1,829 | ||||||||||
Institutional Shares |
$ | 48 | $ | 177 | $ | 317 | $ | 726 |
|
1 Year |
|
3 Years |
|
5 Years |
|
10 Years |
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Investor B Shares |
$ | 124 | $ | 415 | $ | 727 | $ | 1,613 | ||||||||||
Investor C Shares |
$ | 150 | $ | 480 | $ | 833 | $ | 1,829 |
SPRO-NM-1016SUP