As filed with the U.S. Securities and Exchange Commission on November 6, 2014
Securities Act File No. 002-57354
Investment Company Act File No. 811-02688
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933 | x | |||
Pre-Effective Amendment No. | ¨ | |||
Post-Effective Amendment No. 55 | x | |||
and/or | ||||
REGISTRATION STATEMENT | ||||
UNDER | ||||
THE INVESTMENT COMPANY ACT OF 1940 | x |
Amendment No. 53
(Check appropriate box or boxes)
BLACKROCK MUNICIPAL BOND
FUND, INC.
(Exact Name of Registrant as Specified in Charter)
100 Bellevue Parkway
Wilmington, Delaware 19809
(Address of Principal Executive Office)
Registrants Telephone Number, including Area Code (800) 441-7762
John M. Perlowski
BLACKROCK MUNICIPAL BOND FUND, INC.
55 East 52nd Street, New York, New York 10055
(Name and Address of Agent for Service)
Copies to:
Counsel for the Fund: Margery K. Neale, Esq. Willkie Farr & Gallagher LLP 787 Seventh Avenue New York, New York 10019-6099 |
Benjamin Archibald, Esq. BlackRock Advisors, LLC 55 East 52nd Street New York, New York 10055 |
Continuous
(Approximate Date of Proposed Offering)
It is proposed that this filing will become effective:
x | immediately upon filing pursuant to paragraph (b) |
¨ | on (date) pursuant to paragraph (b) |
¨ | 60 days after filing pursuant to paragraph (a)(1) |
¨ | on (date) pursuant to paragraph (a)(1) |
¨ | 75 days after filing pursuant to paragraph (a)(2) |
¨ | on (date) pursuant to paragraph (a)(2) of Rule 485. |
If appropriate, check the following box:
¨ | This post-effective amendment designates a new effective date for a previously filed post-effective amendment. |
Title of Securities Being Registered: Shares of Common Stock, par value, $0.10 per share.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all the requirements
for the effectiveness of this Post-Effective Amendment to its Registration Statement pursuant to
Rule 485(b) under the Securities Act of 1933 and has duly caused this Post-Effective Amendment to its Registration Statement to be signed on its
behalf by the undersigned, thereunto duly authorized, in the City of New York and the State of New York, on November 6, 2014.
BlackRock Municipal Bond Fund, Inc. | ||
(Registrant) | ||
By: | /s/ JOHN M. PERLOWSKI | |
(John M. Perlowski, President and Chief Executive Officer) |
Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment to its Registration Statement has been signed below by the following persons in the capacities and on the dates indicated:
Signature |
Title |
Date | ||
/s/ JOHN M. PERLOWSKI |
President and Chief Executive Officer |
November 6, 2014 | ||
John M. Perlowski | (Principal Executive Officer) |
|||
/s/ NEAL J. ANDREWS |
Chief Financial Officer (Principal |
November 6, 2014 | ||
Neal J. Andrews | Financial and Accounting Officer) |
|||
JAMES H. BODURTHA* |
Director | |||
(James H. Bodurtha) | ||||
BRUCE R. BOND* |
Director | |||
(Bruce R. Bond) | ||||
DONALD W. BURTON* |
Director | |||
(Donald W. Burton) | ||||
STUART E. EIZENSTAT* |
Director | |||
(Stuart E. Eizenstat) | ||||
KENNETH A. FROOT* |
Director | |||
(Kenneth A. Froot) | ||||
ROBERT M. HERNANDEZ* |
Director | |||
(Robert M. Hernandez) |
- 3 -
JOHN F. OBRIEN* |
Director | |||
(John F. OBrien) | ||||
ROBERTA COOPER RAMO* |
Director | |||
(Roberta Cooper Ramo) | ||||
DAVID H. WALSH* |
Director | |||
(David H. Walsh) | ||||
FRED G. WEISS* |
Director | |||
(Fred G. Weiss) | ||||
PAUL L. AUDET* |
Director | |||
(Paul L. Audet) | ||||
LAURENCE D. FINK* |
Director | |||
(Laurence D. Fink) | ||||
HENRY GABBAY* |
Director | |||
(Henry Gabbay) |
*By: | /s/ BENJAMIN ARCHIBALD |
November 6, 2014 | ||||
Benjamin Archibald (Attorney-in-Fact) |
- 4 -
EXHIBIT INDEX
Index No. |
Description of Exhibit | |
EX-101.INS | XBRL Instance Document | |
EX-101.SCH | XBRL Taxonomy Extension Schema Document | |
EX-101.CAL | XBRL Taxonomy Extension Calculation Linkbase | |
EX-101.DEF | XBRL Taxonomy Extension Definition Linkbase | |
EX-101.LAB | XBRL Taxonomy Extension Labels Linkbase | |
EX-101.PRE | XBRL Taxonomy Extension Presentation Linkbase |
Label | Element | Value |
---|---|---|
Risk/Return: | rr_RiskReturnAbstract | |
Registrant Name | dei_EntityRegistrantName | BLACKROCK MUNICIPAL BOND FUND, INC. |
Prospectus Date | rr_ProspectusDate | Oct. 28, 2014 |
BlackRock | BlackRock Short-Term Municipal Fund
|
||
Risk/Return: | rr_RiskReturnAbstract | |
Risk/Return [Heading] | rr_RiskReturnHeading | Fund Overview Key Facts About BlackRock Short-Term Municipal Fund |
Objective [Heading] | rr_ObjectiveHeading | Investment Objective |
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The investment objective of BlackRock Short-Term Municipal Fund (the “Short-Term Fund” or the “Fund”) is to provide shareholders with as high a level of income exempt from Federal income taxes as is consistent with the investment policies of the Fund. |
Expense [Heading] | rr_ExpenseHeading | Fees and Expenses of the Fund |
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold BlackRock Shares of the Fund. |
Shareholder Fees Caption [Text] | rr_ShareholderFeesCaption | Shareholder Fees (fees paid directly from your investment) |
Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio Turnover: |
Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 56% of the average value of its portfolio. |
Portfolio Turnover, Rate | rr_PortfolioTurnoverRate | 56.00% |
Expense Example [Heading] | rr_ExpenseExampleHeading | Example: |
Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
Strategy [Heading] | rr_StrategyHeading | Principal Investment Strategies of the Fund |
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | Under normal circumstances, the Short-Term Fund seeks to achieve its objective by investing at least 80% of its assets in municipal bonds. Municipal bonds include debt obligations issued by or on behalf of a governmental entity or other qualifying issuer that pay interest that is, in the opinion of bond counsel to the issuer, generally excludable from gross income for Federal income tax purposes (except that the interest may be includable in taxable income for purposes of the Federal alternative minimum tax). Municipal bonds may be obligations of a variety of issuers, including governmental entities or other qualifying issuers. Issuers may be states, territories and possessions of the United States and the District of Columbia and their political subdivisions, agencies and instrumentalities. Municipal bonds also include short-term tax-exempt obligations like municipal notes and variable rate demand obligations. The Short-Term Fund invests primarily in investment grade municipal bonds or municipal notes, including variable rate demand obligations. Investment grade bonds are securities which are rated in the four highest categories by at least one of the major rating agencies or determined by the management team to be of similar quality. Generally, the higher the rating of a bond, the higher the likelihood that interest and principal payments will be made on time. Municipal notes are shorter-term municipal debt obligations that pay interest that is, in the opinion of bond counsel to the issuer, generally excludable from gross income for Federal income tax purposes (except that the interest may be includable in taxable income for purposes of the Federal alternative minimum tax) and that have a maturity that is generally one year or less. The Fund will maintain a dollar weighted maturity of no more than two years. Because of their shorter maturities, the Fund's investments will not usually be as sensitive to changes in prevailing interest rates as are long-term municipal bonds. Fluctuations in interest rates on short-term municipal bonds may, however, vary more widely from time to time than those on long-term municipal bonds. |
Risk [Heading] | rr_RiskHeading | Principal Risks of Investing in the Fund |
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund.
|
Risk Lose Money [Text] | rr_RiskLoseMoney | You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. |
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance Information |
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The table compares the Fund’s performance to that of the S&P® Municipal Bond Index and the S&P® Limited Maturity Municipal Bond Index, which are relevant to the Fund because they have characteristics similar to the Fund’s investment strategies. The returns for BlackRock Shares prior to October 2, 2006, the commencement of operations of BlackRock Shares, are based upon performance of the Fund’s Institutional Shares, as adjusted to reflect class-specific fees applicable to BlackRock Shares. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If the Fund’s investment manager and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance, including its current net asset value, can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at (800) 882-0052. |
Performance Information Illustrates Variability of Returns [Text] | rr_PerformanceInformationIllustratesVariabilityOfReturns | The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. |
Performance Availability Phone [Text] | rr_PerformanceAvailabilityPhone | (800) 882-0052 |
Performance Availability Website Address [Text] | rr_PerformanceAvailabilityWebSiteAddress | http://www.blackrock.com/funds |
Performance Past Does Not Indicate Future [Text] | rr_PerformancePastDoesNotIndicateFuture | As with all such investments, past performance (before and after taxes) is not an indication of future results. |
Bar Chart [Heading] | rr_BarChartHeading | BlackRock Shares ANNUAL TOTAL RETURNS BlackRock Short-Term Municipal Fund As of 12/31 |
Bar Chart Does Not Reflect Sales Loads [Text] | rr_BarChartDoesNotReflectSalesLoads | Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. |
Bar Chart Closing [Text Block] | rr_BarChartClosingTextBlock | During the ten-year period shown in the bar chart, the highest return for a quarter was 1.65% (quarter ended December 31, 2008) and the lowest return for a quarter was -0.43% (quarter ended June 30, 2013). The year-to-date return as of September 30, 2014 was 0.35%. |
Performance Table Heading | rr_PerformanceTableHeading | As of 12/31/13 Average Annual Total Returns |
Performance Table Does Reflect Sales Loads | rr_PerformanceTableDoesReflectSalesLoads | However, the table includes all applicable fees and sales charges. |
Performance Table Uses Highest Federal Rate | rr_PerformanceTableUsesHighestFederalRate | After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. |
Performance Table Not Relevant to Tax Deferred | rr_PerformanceTableNotRelevantToTaxDeferred | Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. |
Performance Table Narrative | rr_PerformanceTableNarrativeTextBlock | After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. |
BlackRock | BlackRock Short-Term Municipal Fund | BlackRock Shares
|
||
Risk/Return: | rr_RiskReturnAbstract | |
Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none |
Maximum Deferred Sales Charge (Load) (as percentage of offering price or redemption proceeds, whichever is lower) | rr_MaximumDeferredSalesChargeOverOfferingPrice | none |
Management Fee | rr_ManagementFeesOverAssets | 0.33% |
Distribution and/or Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | none |
Other Expenses | rr_OtherExpensesOverAssets | 0.06% |
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 0.39% |
1 Year | rr_ExpenseExampleYear01 | $ 40 |
3 Years | rr_ExpenseExampleYear03 | 125 |
5 Years | rr_ExpenseExampleYear05 | 219 |
10 Years | rr_ExpenseExampleYear10 | $ 493 |
2004 | rr_AnnualReturn2004 | 0.72% |
2005 | rr_AnnualReturn2005 | 1.40% |
2006 | rr_AnnualReturn2006 | 2.85% |
2007 | rr_AnnualReturn2007 | 4.04% |
2008 | rr_AnnualReturn2008 | 3.75% |
2009 | rr_AnnualReturn2009 | 3.68% |
2010 | rr_AnnualReturn2010 | 0.65% |
2011 | rr_AnnualReturn2011 | 1.65% |
2012 | rr_AnnualReturn2012 | 0.69% |
2013 | rr_AnnualReturn2013 | 0.48% |
Year to Date Return, Label | rr_YearToDateReturnLabel | year-to-date return |
Bar Chart, Year to Date Return, Date | rr_BarChartYearToDateReturnDate | Sep. 30, 2014 |
Bar Chart, Year to Date Return | rr_BarChartYearToDateReturn | 0.35% |
Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | highest return |
Highest Quarterly Return, Date | rr_BarChartHighestQuarterlyReturnDate | Dec. 31, 2008 |
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 1.65% |
Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | lowest return |
Lowest Quarterly Return, Date | rr_BarChartLowestQuarterlyReturnDate | Jun. 30, 2013 |
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | (0.43%) |
1 Year | rr_AverageAnnualReturnYear01 | 0.48% |
5 Years | rr_AverageAnnualReturnYear05 | 1.42% |
10 Years | rr_AverageAnnualReturnYear10 | 1.98% |
BlackRock | BlackRock Short-Term Municipal Fund | Return After Taxes on Distributions | BlackRock Shares
|
||
Risk/Return: | rr_RiskReturnAbstract | |
1 Year | rr_AverageAnnualReturnYear01 | 0.48% |
5 Years | rr_AverageAnnualReturnYear05 | 1.42% |
10 Years | rr_AverageAnnualReturnYear10 | 1.98% |
BlackRock | BlackRock Short-Term Municipal Fund | Return After Taxes on Distributions and Sale of Fund Shares | BlackRock Shares
|
||
Risk/Return: | rr_RiskReturnAbstract | |
1 Year | rr_AverageAnnualReturnYear01 | 0.53% |
5 Years | rr_AverageAnnualReturnYear05 | 1.38% |
10 Years | rr_AverageAnnualReturnYear10 | 1.97% |
BlackRock | BlackRock Short-Term Municipal Fund | S&P ® Municipal Bond Index (Reflects no deduction for fees, expenses or taxes)
|
||
Risk/Return: | rr_RiskReturnAbstract | |
1 Year | rr_AverageAnnualReturnYear01 | (2.55%) |
5 Years | rr_AverageAnnualReturnYear05 | 6.34% |
10 Years | rr_AverageAnnualReturnYear10 | 4.33% |
BlackRock | BlackRock Short-Term Municipal Fund | S&P ® Limited Maturity Municipal Bond Index (Reflects no deduction for fees, expenses or taxes)
|
||
Risk/Return: | rr_RiskReturnAbstract | |
1 Year | rr_AverageAnnualReturnYear01 | 1.02% |
5 Years | rr_AverageAnnualReturnYear05 | 2.18% |
10 Years | rr_AverageAnnualReturnYear10 | 2.68% |
Label | Element | Value | ||
---|---|---|---|---|
Risk/Return: | rr_RiskReturnAbstract | |||
Registrant Name | dei_EntityRegistrantName | BLACKROCK MUNICIPAL BOND FUND, INC. | ||
Prospectus Date | rr_ProspectusDate | Oct. 28, 2014 | ||
Investor A1 | BlackRock Short-Term Municipal Fund
|
||||
Risk/Return: | rr_RiskReturnAbstract | |||
Risk/Return [Heading] | rr_RiskReturnHeading | Fund Overview Key Facts About BlackRock Short-Term Municipal Fund |
||
Objective [Heading] | rr_ObjectiveHeading | Investment Objective | ||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The investment objective of BlackRock Short-Term Municipal Fund (the “Short-Term Fund” or the “Fund”) is to provide shareholders with as high a level of income exempt from Federal income taxes as is consistent with the investment policies of the Fund. | ||
Expense [Heading] | rr_ExpenseHeading | Fees and Expenses of the Fund | ||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold Investor A1 Shares of the Fund. | ||
Shareholder Fees Caption [Text] | rr_ShareholderFeesCaption | Shareholder Fees (fees paid directly from your investment) |
||
Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
||
Fee Waiver or Reimbursement over Assets, Date of Termination | rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination | November 1, 2015 | ||
Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio Turnover: | ||
Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 56% of the average value of its portfolio. | ||
Portfolio Turnover, Rate | rr_PortfolioTurnoverRate | 56.00% | ||
Expense Example [Heading] | rr_ExpenseExampleHeading | Example: | ||
Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: | ||
Strategy [Heading] | rr_StrategyHeading | Principal Investment Strategies of the Fund | ||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | Under normal circumstances, the Short-Term Fund seeks to achieve its objective by investing at least 80% of its assets in municipal bonds. Municipal bonds include debt obligations issued by or on behalf of a governmental entity or other qualifying issuer that pay interest that is, in the opinion of bond counsel to the issuer, generally excludable from gross income for Federal income tax purposes (except that the interest may be includable in taxable income for purposes of the Federal alternative minimum tax). Municipal bonds may be obligations of a variety of issuers, including governmental entities or other qualifying issuers. Issuers may be states, territories and possessions of the United States and the District of Columbia and their political subdivisions, agencies and instrumentalities. Municipal bonds also include short-term tax-exempt obligations like municipal notes and variable rate demand obligations. The Short-Term Fund invests primarily in investment grade municipal bonds or municipal notes, including variable rate demand obligations. Investment grade bonds are securities which are rated in the four highest categories by at least one of the major rating agencies or determined by the management team to be of similar quality. Generally, the higher the rating of a bond, the higher the likelihood that interest and principal payments will be made on time. Municipal notes are shorter-term municipal debt obligations that pay interest that is, in the opinion of bond counsel to the issuer, generally excludable from gross income for Federal income tax purposes (except that the interest may be includable in taxable income for purposes of the Federal alternative minimum tax) and that have a maturity that is generally one year or less. The Fund will maintain a dollar weighted maturity of no more than two years. Because of their shorter maturities, the Fund's investments will not usually be as sensitive to changes in prevailing interest rates as are long-term municipal bonds. Fluctuations in interest rates on short-term municipal bonds may, however, vary more widely from time to time than those on long-term municipal bonds. |
||
Risk [Heading] | rr_RiskHeading | Principal Risks of Investing in the Fund | ||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund.
|
||
Risk Lose Money [Text] | rr_RiskLoseMoney | You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. | ||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance Information | ||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The table compares the Fund’s performance to that of the S&P® Municipal Bond Index and the S&P® Limited Maturity Municipal Bond Index, which are relevant to the Fund because they have characteristics similar to the Fund’s investment strategies. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If the Fund’s investment manager and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance, including its current net asset value, can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at (800) 882-0052. | ||
Performance Information Illustrates Variability of Returns [Text] | rr_PerformanceInformationIllustratesVariabilityOfReturns | The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. | ||
Performance Additional Market Index [Text] | rr_PerformanceAdditionalMarketIndex | The table compares the Fund’s performance to that of the S&P® Municipal Bond Index and the S&P® Limited Maturity Municipal Bond Index, which are relevant to the Fund because they have characteristics similar to the Fund’s investment strategies. | ||
Performance Availability Phone [Text] | rr_PerformanceAvailabilityPhone | (800) 882-0052 | ||
Performance Availability Website Address [Text] | rr_PerformanceAvailabilityWebSiteAddress | http://www.blackrock.com/funds | ||
Performance Past Does Not Indicate Future [Text] | rr_PerformancePastDoesNotIndicateFuture | As with all such investments, past performance (before and after taxes) is not an indication of future results. | ||
Bar Chart [Heading] | rr_BarChartHeading | Investor A1 Shares ANNUAL TOTAL RETURNS BlackRock Short-Term Municipal Fund As of 12/31 |
||
Bar Chart Does Not Reflect Sales Loads [Text] | rr_BarChartDoesNotReflectSalesLoads | Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. | ||
Bar Chart Closing [Text Block] | rr_BarChartClosingTextBlock | During the ten-year period shown in the bar chart, the highest return for a quarter was 1.65% (quarter ended December 31, 2008) and the lowest return for a quarter was -0.45% (quarter ended June 30, 2013). The year-to-date return as of September 30, 2014 was 0.26%. | ||
Performance Table Heading | rr_PerformanceTableHeading | As of 12/31/13 Average Annual Total Returns |
||
Performance Table Does Reflect Sales Loads | rr_PerformanceTableDoesReflectSalesLoads | However, the table includes all applicable fees and sales charges. | ||
Performance Table Uses Highest Federal Rate | rr_PerformanceTableUsesHighestFederalRate | After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. | ||
Performance Table Not Relevant to Tax Deferred | rr_PerformanceTableNotRelevantToTaxDeferred | Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. | ||
Performance Table Narrative | rr_PerformanceTableNarrativeTextBlock | After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. | ||
Investor A1 | BlackRock Short-Term Municipal Fund | Investor A1 Shares
|
||||
Risk/Return: | rr_RiskReturnAbstract | |||
Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price) | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | 1.00% | ||
Maximum Deferred Sales Charge (Load) (as percentage of offering price or redemption proceeds, whichever is lower) | rr_MaximumDeferredSalesChargeOverOfferingPrice | none | ||
Management Fee | rr_ManagementFeesOverAssets | 0.33% | ||
Distribution and/or Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.10% | ||
Other Expenses | rr_OtherExpensesOverAssets | 0.11% | ||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 0.54% | ||
Fee Waivers and/or Expense Reimbursements | rr_FeeWaiverOrReimbursementOverAssets | (0.02%) | [1] | |
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements | rr_NetExpensesOverAssets | 0.52% | [1] | |
1 Year | rr_ExpenseExampleYear01 | $ 153 | ||
3 Years | rr_ExpenseExampleYear03 | 269 | ||
5 Years | rr_ExpenseExampleYear05 | 397 | ||
10 Years | rr_ExpenseExampleYear10 | $ 768 | ||
2004 | rr_AnnualReturn2004 | 0.62% | ||
2005 | rr_AnnualReturn2005 | 1.20% | ||
2006 | rr_AnnualReturn2006 | 2.85% | ||
2007 | rr_AnnualReturn2007 | 3.87% | ||
2008 | rr_AnnualReturn2008 | 3.70% | ||
2009 | rr_AnnualReturn2009 | 3.60% | ||
2010 | rr_AnnualReturn2010 | 0.53% | ||
2011 | rr_AnnualReturn2011 | 1.53% | ||
2012 | rr_AnnualReturn2012 | 0.57% | ||
2013 | rr_AnnualReturn2013 | 0.46% | ||
Year to Date Return, Label | rr_YearToDateReturnLabel | year-to-date return | ||
Bar Chart, Year to Date Return, Date | rr_BarChartYearToDateReturnDate | Sep. 30, 2014 | ||
Bar Chart, Year to Date Return | rr_BarChartYearToDateReturn | 0.26% | ||
Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | highest return | ||
Highest Quarterly Return, Date | rr_BarChartHighestQuarterlyReturnDate | Dec. 31, 2008 | ||
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 1.65% | ||
Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | lowest return | ||
Lowest Quarterly Return, Date | rr_BarChartLowestQuarterlyReturnDate | Jun. 30, 2013 | ||
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | (0.45%) | ||
1 Year | rr_AverageAnnualReturnYear01 | (0.54%) | ||
5 Years | rr_AverageAnnualReturnYear05 | 1.13% | ||
10 Years | rr_AverageAnnualReturnYear10 | 1.78% | ||
Investor A1 | BlackRock Short-Term Municipal Fund | Return After Taxes on Distributions | Investor A1 Shares
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Risk/Return: | rr_RiskReturnAbstract | |||
1 Year | rr_AverageAnnualReturnYear01 | (0.54%) | ||
5 Years | rr_AverageAnnualReturnYear05 | 1.13% | ||
10 Years | rr_AverageAnnualReturnYear10 | 1.78% | ||
Investor A1 | BlackRock Short-Term Municipal Fund | Return After Taxes on Distributions and Sale of Fund Shares | Investor A1 Shares
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Risk/Return: | rr_RiskReturnAbstract | |||
1 Year | rr_AverageAnnualReturnYear01 | (0.11%) | ||
5 Years | rr_AverageAnnualReturnYear05 | 1.12% | ||
10 Years | rr_AverageAnnualReturnYear10 | 1.79% | ||
Investor A1 | BlackRock Short-Term Municipal Fund | S&P ® Municipal Bond Index (Reflects no deduction for fees, expenses or taxes)
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Risk/Return: | rr_RiskReturnAbstract | |||
1 Year | rr_AverageAnnualReturnYear01 | (2.55%) | ||
5 Years | rr_AverageAnnualReturnYear05 | 6.34% | ||
10 Years | rr_AverageAnnualReturnYear10 | 4.33% | ||
Investor A1 | BlackRock Short-Term Municipal Fund | S&P ® Limited Maturity Municipal Bond Index (Reflects no deduction for fees, expenses or taxes)
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Risk/Return: | rr_RiskReturnAbstract | |||
1 Year | rr_AverageAnnualReturnYear01 | 1.02% | ||
5 Years | rr_AverageAnnualReturnYear05 | 2.18% | ||
10 Years | rr_AverageAnnualReturnYear10 | 2.68% | ||
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Investor A1 | BlackRock Short-Term Municipal Fund | ||||||||||||||||||||||||
Fund Overview Key Facts About BlackRock Short-Term Municipal Fund |
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Investment Objective | ||||||||||||||||||||||||
The investment objective of BlackRock Short-Term Municipal Fund (the “Short-Term Fund” or the “Fund”) is to provide shareholders with as high a level of income exempt from Federal income taxes as is consistent with the investment policies of the Fund. | ||||||||||||||||||||||||
Fees and Expenses of the Fund | ||||||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold Investor A1 Shares of the Fund. | ||||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment) |
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
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Example: | ||||||||||||||||||||||||
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: | ||||||||||||||||||||||||
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Portfolio Turnover: | ||||||||||||||||||||||||
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 56% of the average value of its portfolio. | ||||||||||||||||||||||||
Principal Investment Strategies of the Fund | ||||||||||||||||||||||||
Under normal circumstances, the Short-Term Fund seeks to achieve its objective by investing at least 80% of its assets in municipal bonds. Municipal bonds include debt obligations issued by or on behalf of a governmental entity or other qualifying issuer that pay interest that is, in the opinion of bond counsel to the issuer, generally excludable from gross income for Federal income tax purposes (except that the interest may be includable in taxable income for purposes of the Federal alternative minimum tax). Municipal bonds may be obligations of a variety of issuers, including governmental entities or other qualifying issuers. Issuers may be states, territories and possessions of the United States and the District of Columbia and their political subdivisions, agencies and instrumentalities. Municipal bonds also include short-term tax-exempt obligations like municipal notes and variable rate demand obligations. The Short-Term Fund invests primarily in investment grade municipal bonds or municipal notes, including variable rate demand obligations. Investment grade bonds are securities which are rated in the four highest categories by at least one of the major rating agencies or determined by the management team to be of similar quality. Generally, the higher the rating of a bond, the higher the likelihood that interest and principal payments will be made on time. Municipal notes are shorter-term municipal debt obligations that pay interest that is, in the opinion of bond counsel to the issuer, generally excludable from gross income for Federal income tax purposes (except that the interest may be includable in taxable income for purposes of the Federal alternative minimum tax) and that have a maturity that is generally one year or less. The Fund will maintain a dollar weighted maturity of no more than two years. Because of their shorter maturities, the Fund's investments will not usually be as sensitive to changes in prevailing interest rates as are long-term municipal bonds. Fluctuations in interest rates on short-term municipal bonds may, however, vary more widely from time to time than those on long-term municipal bonds. |
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Principal Risks of Investing in the Fund | ||||||||||||||||||||||||
Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund.
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Performance Information | ||||||||||||||||||||||||
The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The table compares the Fund’s performance to that of the S&P® Municipal Bond Index and the S&P® Limited Maturity Municipal Bond Index, which are relevant to the Fund because they have characteristics similar to the Fund’s investment strategies. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If the Fund’s investment manager and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance, including its current net asset value, can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at (800) 882-0052. | ||||||||||||||||||||||||
Investor A1 Shares ANNUAL TOTAL RETURNS BlackRock Short-Term Municipal Fund As of 12/31 |
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During the ten-year period shown in the bar chart, the highest return for a quarter was 1.65% (quarter ended December 31, 2008) and the lowest return for a quarter was -0.45% (quarter ended June 30, 2013). The year-to-date return as of September 30, 2014 was 0.26%. | ||||||||||||||||||||||||
As of 12/31/13 Average Annual Total Returns |
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After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. |
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