0001193125-18-196670.txt : 20180619 0001193125-18-196670.hdr.sgml : 20180619 20180619134714 ACCESSION NUMBER: 0001193125-18-196670 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 17 FILED AS OF DATE: 20180619 DATE AS OF CHANGE: 20180619 EFFECTIVENESS DATE: 20180619 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK MUNICIPAL BOND FUND, INC. CENTRAL INDEX KEY: 0000225635 IRS NUMBER: 132896246 STATE OF INCORPORATION: NJ FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-57354 FILM NUMBER: 18906796 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH MUNICIPAL BOND FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: ONE LIBERTY MUNICIPAL BOND FUND INC DATE OF NAME CHANGE: 19780622 0000225635 S000002334 BlackRock National Municipal Fund C000006118 Investor A C000006121 Institutional C000038033 Investor C 497 1 d587033d497.htm BR MUNICIPAL BOND FUND, INC.- INVESTOR/INSTITUTIONAL BR Municipal Bond Fund, Inc.- Investor/Institutional
LOGO   

 

787 Seventh Avenue

New York, NY 10019-6099

Tel: 212 728 8000

Fax: 212 728 8111

June 19, 2018

VIA EDGAR

Securities and Exchange Commission

100 F Street, NE

Washington, DC 20549

 

Re: BlackRock National Municipal Fund, a series of BlackRock Municipal Bond Fund, Inc.

(File No. 002-57354 and File No. 811-02688)

Ladies and Gentlemen:

On behalf of BlackRock Municipal Bond Fund, Inc. and pursuant to Rule 497(e) under the Securities Act of 1933, as amended, attached for filing are exhibits containing interactive data format risk/return summary information that mirrors the risk/return summary information in a supplement, dated May 30, 2018, to the Prospectus, dated October 27, 2017, for BlackRock National Municipal Fund (the “Fund”). The purpose of the filing is to submit the 497(e) filing dated May 30, 2018 in XBRL for the Fund.

Any questions or comments on this filing should be directed to the undersigned at (212) 728-8955.

Very truly yours,

 

/s/ Bissie K. Bonner

Bissie K. Bonner

Enclosures

 

cc: Benjamin Archibald, Esq., BlackRock Advisors, LLC

Elliot J. Gluck, Esq., Willkie Farr & Gallagher LLP

EX-101.INS 2 bmbfi3-20180530.xml XBRL INSTANCE DOCUMENT 0000225635 2017-10-27 2017-10-27 0000225635 bmbfi3:S000002334Member 2017-10-27 2017-10-27 0000225635 bmbfi3:S000002334Member bmbfi3:C000006118Member 2017-10-27 2017-10-27 0000225635 bmbfi3:S000002334Member bmbfi3:C000038033Member 2017-10-27 2017-10-27 0000225635 bmbfi3:S000002334Member bmbfi3:C000006121Member 2017-10-27 2017-10-27 pure iso4217:USD 2017-10-27 497 2017-06-30 BLACKROCK MUNICIPAL BOND FUND, INC. 0000225635 false 2018-05-30 2018-05-30 <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BLACKROCK MUNICIPAL BOND FUND, INC. </b></p> <p style="margin-top:0pt; margin-bottom:0pt; " align="center">BlackRock National Municipal Fund </p> <p style="margin-top:0pt; margin-bottom:0pt; " align="center">(the &#8220;Fund&#8221;) </p> <p style="margin-top:0pt; margin-bottom:0pt; " align="center">Investor and Institutional Shares </p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated May&nbsp;30, 2018 </b></p> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>to the Summary Prospectus and Prospectus, each dated October&nbsp;27, 2017, as supplemented to date </b></p> <p style="margin-top:12pt; margin-bottom:0pt; ">Effective May&nbsp;31, 2018, BlackRock Advisors, LLC (&#8220;BlackRock&#8221;) has agreed to adjust the caps on total expenses to reduce the net expenses paid by shareholders of the Fund. To achieve these expense caps, BlackRock has agreed to waive and/or reimburse fees and/or expenses if the Fund&#8217;s annual fund operating expenses, excluding certain expenses described in the prospectus, exceed a certain limit for the Fund&#8217;s Investor A, Investor&nbsp;C and Institutional Shares. Accordingly, effective May&nbsp;31, 2018, the Fund&#8217;s Summary Prospectus and Prospectus are amended as follows: </p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of the Fund&#8217;s Summary Prospectus entitled &#8220;Key Facts About BlackRock National Municipal Fund &#8212; Fees and Expenses of the Fund&#8221; and the section of the Fund&#8217;s Prospectus entitled &#8220;Fund Overview &#8212; Key Facts About BlackRock National Municipal Fund &#8212; Fees and Expenses of the Fund&#8221; are deleted in their entirety and replaced with the following: </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>Fees and Expenses of the Fund </b></p> <p style="margin-top:6pt; margin-bottom:0pt; ">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the fund complex advised by BlackRock Advisors, LLC (&#8220;BlackRock&#8221;) or its affiliates. More information about these and other discounts is available from your financial professional or your selected securities dealer, broker, investment adviser, service provider or industry professional (including BlackRock, The PNC Financial Services Group, Inc. (&#8220;PNC&#8221;) and their respective affiliates) (each a &#8220;Financial Intermediary&#8221;) and in the &#8220;Details About the Share Classes&#8221; and the &#8220;Intermediary-Defined Sales Charge Waiver Policies&#8221; sections on pages 37 and A-1, respectively, of the Fund&#8217;s prospectus and in the &#8220;Purchase of Shares&#8221; section on page II-73 of Part II of the Fund&#8217;s Statement of Additional Information. </p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="67%"></td> <td valign="bottom" width="7%"></td> <td style="width:20pt"></td> <td></td> <td></td> <td style="width:20pt"></td> <td valign="bottom" width="7%"></td> <td style="width:20pt"></td> <td></td> <td></td> <td style="width:20pt"></td> <td valign="bottom" width="7%"></td> <td style="width:23pt"></td> <td></td> <td></td> <td style="width:23pt"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="bottom" style="border-bottom:1px solid #000000"><b>Shareholder Fees<br/>(fees paid directly from your investment)</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #000000"><b>Investor&nbsp;A<br/>Shares</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #000000"><b>Investor&nbsp;C<br/>Shares</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #000000"><b>Institutional<br/>Shares</b></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000">Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering&nbsp;price)</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">4.25</td> <td valign="bottom" style="border-bottom:1px solid #000000">%</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">None</td> <td valign="bottom" style="border-bottom:1px solid #000000"></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">None</td> <td valign="bottom" style="border-bottom:1px solid #000000"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000">Maximum Deferred Sales Charge (Load) (as percentage of offering price or redemption proceeds, whichever is lower)</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000"><sup></sup>&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">None<sup></sup></td> <td valign="bottom" style="border-bottom:1px solid #000000"><sup>1</sup></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000"><sup></sup>&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">1.00<sup></sup></td> <td valign="bottom" style="border-bottom:1px solid #000000">%<sup>2</sup></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">None</td> <td valign="bottom" style="border-bottom:1px solid #000000"></td></tr> <tr style=""> <td height="10"></td> <td height="10" colspan="5"></td> <td height="10" colspan="5"></td> <td height="10" colspan="5"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="bottom" style="border-bottom:1px solid #000000"><b>Annual Fund Operating Expenses<br/>(expenses that you pay each year as a percentage of the value of<br/>your&nbsp;investment)</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #000000"><b>Investor&nbsp;A<br/>Shares</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #000000"><b>Investor&nbsp;C<br/>Shares</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #000000"><b>Institutional<br/>Shares</b></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000">Management Fee<sup>3,4,5</sup></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.39</td> <td valign="bottom" style="border-bottom:1px solid #000000">%</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.39</td> <td valign="bottom" style="border-bottom:1px solid #000000">%</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.39</td> <td valign="bottom" style="border-bottom:1px solid #000000">%</td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000">Distribution and/or Service (12b-1) Fees</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.25</td> <td valign="bottom" style="border-bottom:1px solid #000000">%</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">1.00</td> <td valign="bottom" style="border-bottom:1px solid #000000">%</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">None</td> <td valign="bottom" style="border-bottom:1px solid #000000"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top">Other Expenses</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.14</td> <td valign="bottom">%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.09</td> <td valign="bottom">%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.15</td> <td valign="bottom">%</td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; ">Interest Expense</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.01%&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.01%&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.01%&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; ">Miscellaneous Other Expenses</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.13%&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.08%&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.14%&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000">Acquired Fund Fees and Expenses<sup>5</sup></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.01</td> <td valign="bottom" style="border-bottom:1px solid #000000">%</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.01</td> <td valign="bottom" style="border-bottom:1px solid #000000">%</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.01</td> <td valign="bottom" style="border-bottom:1px solid #000000">%</td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000">Total Annual Fund Operating Expenses<sup>5</sup></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.79</td> <td valign="bottom" style="border-bottom:1px solid #000000">%</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">1.49</td> <td valign="bottom" style="border-bottom:1px solid #000000">%</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.55</td> <td valign="bottom" style="border-bottom:1px solid #000000">%</td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000">Fee Waivers and/or Expense Reimbursements<sup>4,6</sup></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">(0.09</td> <td valign="bottom" style="border-bottom:1px solid #000000">)%</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">(0.04</td> <td valign="bottom" style="border-bottom:1px solid #000000">)%</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">(0.10</td> <td valign="bottom" style="border-bottom:1px solid #000000">)%</td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000">Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements<sup>4,6</sup></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.70</td> <td valign="bottom" style="border-bottom:1px solid #000000">%</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">1.45</td> <td valign="bottom" style="border-bottom:1px solid #000000">%</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.45</td> <td valign="bottom" style="border-bottom:1px solid #000000">%</td></tr> </table><table style="border-collapse:collapse; " border="0" cellpadding="2" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="3%" valign="top" align="left"><sup>1</sup>&nbsp;</td> <td align="left" valign="top">A contingent deferred sales charge (&#8220;CDSC&#8221;) 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 as part of an investment of $250,000 or more. </td></tr></table> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="3%" valign="top" align="left"><sup>2</sup>&nbsp;</td> <td align="left" valign="top">There is no CDSC on Investor C Shares after one year. </td></tr></table> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="3%" valign="top" align="left"><sup>3</sup>&nbsp;</td> <td align="left" valign="top">The Management Fee has been restated to reflect current fees. </td></tr></table> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="3%" valign="top" align="left"><sup>4</sup>&nbsp;</td> <td align="left" valign="top">As described in the &#8220;Management of the Funds&#8221; section of the Fund&#8217;s prospectus beginning on page 53, BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund&#8217;s assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through October&nbsp;31, 2019. The contractual agreement may be terminated upon 90 days&#8217; notice by a majority of the non-interested directors of BlackRock Municipal Bond Fund, Inc. (the &#8220;Corporation&#8221;) or by a vote of a majority of the outstanding voting securities of the Fund. </td></tr></table> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="3%" valign="top" align="left"><sup>5</sup>&nbsp;</td> <td align="left" valign="top">The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund&#8217;s most recent annual report, which do not include the restatement of Management Fees to reflect current fees and Acquired Fund Fees and Expenses. </td></tr></table> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="3%" valign="top" align="left"><sup>6</sup>&nbsp;</td> <td align="left" valign="top">As described in the &#8220;Management of the Funds&#8221; section of the Fund&#8217;s prospectus beginning on page 53, 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 0.68% (for Investor A Shares), 1.43% (for Investor C Shares) and 0.43% (for Institutional Shares) of average daily net assets through October&nbsp;31, 2019. The contractual agreement may be terminated upon 90 days&#8217; notice by a majority of the non-interested directors of the Corporation or by a vote of a majority of the outstanding voting securities of the Fund. </td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; "><b>Example: </b></p> <p style="margin-top:0pt; margin-bottom:0pt; ">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&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="41%"></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="13%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="13%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td valign="bottom" width="5%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1&nbsp;Year</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>3&nbsp;Years</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>5&nbsp;Years</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>10&nbsp;Years</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000">Investor A Shares</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="top" style="border-bottom:1px solid #000000">$</td> <td valign="top" style="border-bottom:1px solid #000000" align="right">493</td> <td valign="top" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</td> <td valign="top" style="border-bottom:1px solid #000000">$</td> <td valign="top" style="border-bottom:1px solid #000000" align="right">657</td> <td valign="top" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</td> <td valign="top" style="border-bottom:1px solid #000000">$</td> <td valign="top" style="border-bottom:1px solid #000000" align="right">835</td> <td valign="top" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</td> <td valign="top" style="border-bottom:1px solid #000000">$</td> <td valign="top" style="border-bottom:1px solid #000000" align="right">1,349</td> <td valign="top" style="border-bottom:1px solid #000000">&nbsp;</td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000">Investor C Shares</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="top" style="border-bottom:1px solid #000000">$</td> <td valign="top" style="border-bottom:1px solid #000000" align="right">248</td> <td valign="top" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</td> <td valign="top" style="border-bottom:1px solid #000000">$</td> <td valign="top" style="border-bottom:1px solid #000000" align="right">466</td> <td valign="top" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</td> <td valign="top" style="border-bottom:1px solid #000000">$</td> <td valign="top" style="border-bottom:1px solid #000000" align="right">808</td> <td valign="top" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</td> <td valign="top" style="border-bottom:1px solid #000000">$</td> <td valign="top" style="border-bottom:1px solid #000000" align="right">1,772</td> <td valign="top" style="border-bottom:1px solid #000000">&nbsp;</td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000">Institutional Shares</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="top" style="border-bottom:1px solid #000000">$</td> <td valign="top" style="border-bottom:1px solid #000000" align="right">46</td> <td valign="top" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</td> <td valign="top" style="border-bottom:1px solid #000000">$</td> <td valign="top" style="border-bottom:1px solid #000000" align="right">166</td> <td valign="top" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</td> <td valign="top" style="border-bottom:1px solid #000000">$</td> <td valign="top" style="border-bottom:1px solid #000000" align="right">297</td> <td valign="top" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</td> <td valign="top" style="border-bottom:1px solid #000000">$</td> <td valign="top" style="border-bottom:1px solid #000000" align="right">680</td> <td valign="top" style="border-bottom:1px solid #000000">&nbsp;</td></tr> </table> <p style="margin-top:12pt; margin-bottom:0pt; ">You would pay the following expenses if you did not redeem your shares: </p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="41%"></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="13%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="13%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td valign="bottom" width="5%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1&nbsp;Year</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>3&nbsp;Years</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>5&nbsp;Years</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>10&nbsp;Years</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000">Investor C Shares</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="top" style="border-bottom:1px solid #000000">$</td> <td valign="top" style="border-bottom:1px solid #000000" align="right">148</td> <td valign="top" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</td> <td valign="top" style="border-bottom:1px solid #000000">$</td> <td valign="top" style="border-bottom:1px solid #000000" align="right">466</td> <td valign="top" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</td> <td valign="top" style="border-bottom:1px solid #000000">$</td> <td valign="top" style="border-bottom:1px solid #000000" align="right">808</td> <td valign="top" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</td> <td valign="top" style="border-bottom:1px solid #000000">$</td> <td valign="top" style="border-bottom:1px solid #000000" align="right">1,772</td> <td valign="top" style="border-bottom:1px solid #000000">&nbsp;</td></tr> </table> <p style="margin-top:12pt; margin-bottom:0pt; "><b>Portfolio Turnover: </b></p> <p style="margin-top:0pt; margin-bottom:0pt; ">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 83% of the average value of its portfolio. </p> <b>Fees and Expenses of the Fund</b> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>BLACKROCK MUNICIPAL BOND FUND, INC. </b></p> <p style="margin-top:0pt; margin-bottom:0pt; " align="center">BlackRock National Municipal Fund </p> <p style="margin-top:0pt; margin-bottom:0pt; " align="center">(the &#8220;Fund&#8221;) </p> <p style="margin-top:0pt; margin-bottom:0pt; " align="center">Investor and Institutional Shares </p> <p style="margin-top:12pt; margin-bottom:0pt; " align="center"><b>Supplement dated May&nbsp;30, 2018 </b></p> <p style="margin-top:0pt; margin-bottom:0pt; " align="center"><b>to the Summary Prospectus and Prospectus, each dated October&nbsp;27, 2017, as supplemented to date </b></p> <p style="margin-top:12pt; margin-bottom:0pt; ">Effective May&nbsp;31, 2018, BlackRock Advisors, LLC (&#8220;BlackRock&#8221;) has agreed to adjust the caps on total expenses to reduce the net expenses paid by shareholders of the Fund. To achieve these expense caps, BlackRock has agreed to waive and/or reimburse fees and/or expenses if the Fund&#8217;s annual fund operating expenses, excluding certain expenses described in the prospectus, exceed a certain limit for the Fund&#8217;s Investor A, Investor&nbsp;C and Institutional Shares. Accordingly, effective May&nbsp;31, 2018, the Fund&#8217;s Summary Prospectus and Prospectus are amended as follows: </p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>The section of the Fund&#8217;s Summary Prospectus entitled &#8220;Key Facts About BlackRock National Municipal Fund &#8212; Fees and Expenses of the Fund&#8221; and the section of the Fund&#8217;s Prospectus entitled &#8220;Fund Overview &#8212; Key Facts About BlackRock National Municipal Fund &#8212; Fees and Expenses of the Fund&#8221; are deleted in their entirety and replaced with the following: </b></p> <p style="margin-top:12pt; margin-bottom:0pt; "><b>Fees and Expenses of the Fund </b></p> <p style="margin-top:6pt; margin-bottom:0pt; ">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the fund complex advised by BlackRock Advisors, LLC (&#8220;BlackRock&#8221;) or its affiliates. More information about these and other discounts is available from your financial professional or your selected securities dealer, broker, investment adviser, service provider or industry professional (including BlackRock, The PNC Financial Services Group, Inc. (&#8220;PNC&#8221;) and their respective affiliates) (each a &#8220;Financial Intermediary&#8221;) and in the &#8220;Details About the Share Classes&#8221; and the &#8220;Intermediary-Defined Sales Charge Waiver Policies&#8221; sections on pages 37 and A-1, respectively, of the Fund&#8217;s prospectus and in the &#8220;Purchase of Shares&#8221; section on page II-73 of Part II of the Fund&#8217;s Statement of Additional Information. </p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="67%"></td> <td valign="bottom" width="7%"></td> <td style="width:20pt"></td> <td></td> <td></td> <td style="width:20pt"></td> <td valign="bottom" width="7%"></td> <td style="width:20pt"></td> <td></td> <td></td> <td style="width:20pt"></td> <td valign="bottom" width="7%"></td> <td style="width:23pt"></td> <td></td> <td></td> <td style="width:23pt"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="bottom" style="border-bottom:1px solid #000000"><b>Shareholder Fees<br/>(fees paid directly from your investment)</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #000000"><b>Investor&nbsp;A<br/>Shares</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #000000"><b>Investor&nbsp;C<br/>Shares</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #000000"><b>Institutional<br/>Shares</b></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000">Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering&nbsp;price)</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">4.25</td> <td valign="bottom" style="border-bottom:1px solid #000000">%</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">None</td> <td valign="bottom" style="border-bottom:1px solid #000000"></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">None</td> <td valign="bottom" style="border-bottom:1px solid #000000"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000">Maximum Deferred Sales Charge (Load) (as percentage of offering price or redemption proceeds, whichever is lower)</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000"><sup></sup>&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">None<sup></sup></td> <td valign="bottom" style="border-bottom:1px solid #000000"><sup>1</sup></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000"><sup></sup>&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">1.00<sup></sup></td> <td valign="bottom" style="border-bottom:1px solid #000000">%<sup>2</sup></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">None</td> <td valign="bottom" style="border-bottom:1px solid #000000"></td></tr> <tr style=""> <td height="10"></td> <td height="10" colspan="5"></td> <td height="10" colspan="5"></td> <td height="10" colspan="5"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="bottom" style="border-bottom:1px solid #000000"><b>Annual Fund Operating Expenses<br/>(expenses that you pay each year as a percentage of the value of<br/>your&nbsp;investment)</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #000000"><b>Investor&nbsp;A<br/>Shares</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #000000"><b>Investor&nbsp;C<br/>Shares</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" colspan="4" align="center" style="border-bottom:1px solid #000000"><b>Institutional<br/>Shares</b></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000">Management Fee<sup>3,4,5</sup></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.39</td> <td valign="bottom" style="border-bottom:1px solid #000000">%</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.39</td> <td valign="bottom" style="border-bottom:1px solid #000000">%</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.39</td> <td valign="bottom" style="border-bottom:1px solid #000000">%</td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000">Distribution and/or Service (12b-1) Fees</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.25</td> <td valign="bottom" style="border-bottom:1px solid #000000">%</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">1.00</td> <td valign="bottom" style="border-bottom:1px solid #000000">%</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">None</td> <td valign="bottom" style="border-bottom:1px solid #000000"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top">Other Expenses</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.14</td> <td valign="bottom">%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.09</td> <td valign="bottom">%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.15</td> <td valign="bottom">%</td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; ">Interest Expense</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.01%&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.01%&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.01%&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; ">Miscellaneous Other Expenses</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.13%&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.08%&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.14%&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000">Acquired Fund Fees and Expenses<sup>5</sup></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.01</td> <td valign="bottom" style="border-bottom:1px solid #000000">%</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.01</td> <td valign="bottom" style="border-bottom:1px solid #000000">%</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.01</td> <td valign="bottom" style="border-bottom:1px solid #000000">%</td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000">Total Annual Fund Operating Expenses<sup>5</sup></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.79</td> <td valign="bottom" style="border-bottom:1px solid #000000">%</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">1.49</td> <td valign="bottom" style="border-bottom:1px solid #000000">%</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.55</td> <td valign="bottom" style="border-bottom:1px solid #000000">%</td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000">Fee Waivers and/or Expense Reimbursements<sup>4,6</sup></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">(0.09</td> <td valign="bottom" style="border-bottom:1px solid #000000">)%</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">(0.04</td> <td valign="bottom" style="border-bottom:1px solid #000000">)%</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">(0.10</td> <td valign="bottom" style="border-bottom:1px solid #000000">)%</td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000">Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements<sup>4,6</sup></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.70</td> <td valign="bottom" style="border-bottom:1px solid #000000">%</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">1.45</td> <td valign="bottom" style="border-bottom:1px solid #000000">%</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000;">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.45</td> <td valign="bottom" style="border-bottom:1px solid #000000">%</td></tr> </table><table style="border-collapse:collapse; " border="0" cellpadding="2" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="3%" valign="top" align="left"><sup>1</sup>&nbsp;</td> <td align="left" valign="top">A contingent deferred sales charge (&#8220;CDSC&#8221;) 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 as part of an investment of $250,000 or more. </td></tr></table> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="3%" valign="top" align="left"><sup>2</sup>&nbsp;</td> <td align="left" valign="top">There is no CDSC on Investor C Shares after one year. </td></tr></table> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="3%" valign="top" align="left"><sup>3</sup>&nbsp;</td> <td align="left" valign="top">The Management Fee has been restated to reflect current fees. </td></tr></table> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="3%" valign="top" align="left"><sup>4</sup>&nbsp;</td> <td align="left" valign="top">As described in the &#8220;Management of the Funds&#8221; section of the Fund&#8217;s prospectus beginning on page 53, BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund&#8217;s assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through October&nbsp;31, 2019. The contractual agreement may be terminated upon 90 days&#8217; notice by a majority of the non-interested directors of BlackRock Municipal Bond Fund, Inc. (the &#8220;Corporation&#8221;) or by a vote of a majority of the outstanding voting securities of the Fund. </td></tr></table> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="3%" valign="top" align="left"><sup>5</sup>&nbsp;</td> <td align="left" valign="top">The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund&#8217;s most recent annual report, which do not include the restatement of Management Fees to reflect current fees and Acquired Fund Fees and Expenses. </td></tr></table> <table style="border-collapse:collapse; " border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="3%" valign="top" align="left"><sup>6</sup>&nbsp;</td> <td align="left" valign="top">As described in the &#8220;Management of the Funds&#8221; section of the Fund&#8217;s prospectus beginning on page 53, 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 0.68% (for Investor A Shares), 1.43% (for Investor C Shares) and 0.43% (for Institutional Shares) of average daily net assets through October&nbsp;31, 2019. The contractual agreement may be terminated upon 90 days&#8217; notice by a majority of the non-interested directors of the Corporation or by a vote of a majority of the outstanding voting securities of the Fund. </td></tr></table> <p style="margin-top:12pt; margin-bottom:0pt; "><b>Example: </b></p> <p style="margin-top:0pt; margin-bottom:0pt; ">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&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="41%"></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="13%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="13%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td valign="bottom" width="5%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1&nbsp;Year</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>3&nbsp;Years</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>5&nbsp;Years</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>10&nbsp;Years</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000">Investor A Shares</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="top" style="border-bottom:1px solid #000000">$</td> <td valign="top" style="border-bottom:1px solid #000000" align="right">493</td> <td valign="top" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</td> <td valign="top" style="border-bottom:1px solid #000000">$</td> <td valign="top" style="border-bottom:1px solid #000000" align="right">657</td> <td valign="top" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</td> <td valign="top" style="border-bottom:1px solid #000000">$</td> <td valign="top" style="border-bottom:1px solid #000000" align="right">835</td> <td valign="top" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</td> <td valign="top" style="border-bottom:1px solid #000000">$</td> <td valign="top" style="border-bottom:1px solid #000000" align="right">1,349</td> <td valign="top" style="border-bottom:1px solid #000000">&nbsp;</td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000">Investor C Shares</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="top" style="border-bottom:1px solid #000000">$</td> <td valign="top" style="border-bottom:1px solid #000000" align="right">248</td> <td valign="top" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</td> <td valign="top" style="border-bottom:1px solid #000000">$</td> <td valign="top" style="border-bottom:1px solid #000000" align="right">466</td> <td valign="top" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</td> <td valign="top" style="border-bottom:1px solid #000000">$</td> <td valign="top" style="border-bottom:1px solid #000000" align="right">808</td> <td valign="top" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</td> <td valign="top" style="border-bottom:1px solid #000000">$</td> <td valign="top" style="border-bottom:1px solid #000000" align="right">1,772</td> <td valign="top" style="border-bottom:1px solid #000000">&nbsp;</td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000">Institutional Shares</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="top" style="border-bottom:1px solid #000000">$</td> <td valign="top" style="border-bottom:1px solid #000000" align="right">46</td> <td valign="top" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</td> <td valign="top" style="border-bottom:1px solid #000000">$</td> <td valign="top" style="border-bottom:1px solid #000000" align="right">166</td> <td valign="top" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</td> <td valign="top" style="border-bottom:1px solid #000000">$</td> <td valign="top" style="border-bottom:1px solid #000000" align="right">297</td> <td valign="top" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</td> <td valign="top" style="border-bottom:1px solid #000000">$</td> <td valign="top" style="border-bottom:1px solid #000000" align="right">680</td> <td valign="top" style="border-bottom:1px solid #000000">&nbsp;</td></tr> </table> <p style="margin-top:12pt; margin-bottom:0pt; ">You would pay the following expenses if you did not redeem your shares: </p> <p style="margin-top:0pt;margin-bottom:0pt">&nbsp;</p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="41%"></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="13%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="13%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td valign="bottom" width="5%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1&nbsp;Year</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>3&nbsp;Years</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>5&nbsp;Years</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>10&nbsp;Years</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000">Investor C Shares</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;</td> <td valign="top" style="border-bottom:1px solid #000000">$</td> <td valign="top" style="border-bottom:1px solid #000000" align="right">148</td> <td valign="top" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</td> <td valign="top" style="border-bottom:1px solid #000000">$</td> <td valign="top" style="border-bottom:1px solid #000000" align="right">466</td> <td valign="top" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</td> <td valign="top" style="border-bottom:1px solid #000000">$</td> <td valign="top" style="border-bottom:1px solid #000000" align="right">808</td> <td valign="top" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</td> <td valign="top" style="border-bottom:1px solid #000000">$</td> <td valign="top" style="border-bottom:1px solid #000000" align="right">1,772</td> <td valign="top" style="border-bottom:1px solid #000000">&nbsp;</td></tr> </table> <p style="margin-top:12pt; margin-bottom:0pt; "><b>Portfolio Turnover: </b></p> <p style="margin-top:0pt; margin-bottom:0pt; ">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 83% of the average value of its portfolio. </p> This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the fund complex advised by BlackRock Advisors, LLC (&#8220;BlackRock&#8221;) or its affiliates. More information about these and other discounts is available from your financial professional or your selected securities dealer, broker, investment adviser, service provider or industry professional (including BlackRock, The PNC Financial Services Group, Inc. (&#8220;PNC&#8221;) and their respective affiliates) (each a &#8220;Financial Intermediary&#8221;) and in the &#8220;Details About the Share Classes&#8221; and the &#8220;Intermediary-Defined Sales Charge Waiver Policies&#8221; sections on pages 37 and A-1, respectively, of the Fund&#8217;s prospectus and in the &#8220;Purchase of Shares&#8221; section on page II-73 of Part II of the Fund&#8217;s Statement of Additional Information. <b>Shareholder Fees<br/>(fees paid directly from your investment)</b> <b>Annual Fund Operating Expenses<br/>(expenses that you pay each year as a percentage of the value of<br/>your investment)</b> <b>Example: </b> 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&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: You would pay the following expenses if you did not redeem your shares: <b>Portfolio Turnover: </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 83% of the average value of its portfolio. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the fund complex advised by BlackRock Advisors, LLC (&#8220;BlackRock&#8221;) or its affiliates. A contingent deferred sales charge (&#8220;CDSC&#8221;) 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 as part of an investment of $250,000 or more. The Management Fee has been restated to reflect current fees. The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund&#8217;s most recent annual report, which do not include the restatement of Management Fees to reflect current fees and Acquired Fund Fees and Expenses. October 31, 2019 0.0425 0 0 0 0.01 0 0.0039 0.0039 0.0039 0.0025 0.01 0 0.0014 0.0009 0.0015 0.0001 0.0001 0.0001 0.0013 0.0008 0.0014 0.0001 0.0001 0.0001 0.0079 0.0149 0.0055 -0.0009 -0.0004 -0.001 0.007 0.0145 0.0045 493 657 835 1349 248 466 808 1772 46 166 297 680 148 466 808 1772 0.83 100000 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 as part of an investment of $250,000 or more. There is no CDSC on Investor C Shares after one year. The Management Fee has been restated to reflect current fees. As described in the “Management of the Funds” section of the Fund’s prospectus beginning on page 53, BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund’s assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through October 31, 2019. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested directors of BlackRock Municipal Bond Fund, Inc. (the “Corporation”) or by a vote of a majority of the outstanding voting securities of the Fund. The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent annual report, which do not include the restatement of Management Fees to reflect current fees and Acquired Fund Fees and Expenses. As described in the “Management of the Funds” section of the Fund’s prospectus beginning on page 53, 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 0.68% (for Investor A Shares), 1.43% (for Investor C Shares) and 0.43% (for Institutional Shares) of average daily net assets through October 31, 2019. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Corporation or by a vote of a majority of the outstanding voting securities of the Fund. 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Risk/Return: rr_RiskReturnAbstract  
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Document Period End Date dei_DocumentPeriodEndDate Jun. 30, 2017
Registrant Name dei_EntityRegistrantName BLACKROCK MUNICIPAL BOND FUND, INC.
Central Index Key dei_EntityCentralIndexKey 0000225635
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Document Creation Date dei_DocumentCreationDate May 30, 2018
Document Effective Date dei_DocumentEffectiveDate May 30, 2018
Prospectus Date rr_ProspectusDate Oct. 27, 2017
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Oct. 27, 2017

BLACKROCK MUNICIPAL BOND FUND, INC.

BlackRock National Municipal Fund

(the “Fund”)

Investor and Institutional Shares

Supplement dated May 30, 2018

to the Summary Prospectus and Prospectus, each dated October 27, 2017, as supplemented to date

Effective May 31, 2018, BlackRock Advisors, LLC (“BlackRock”) has agreed to adjust the caps on total expenses to reduce the net expenses paid by shareholders of the Fund. To achieve these expense caps, BlackRock has agreed to waive and/or reimburse fees and/or expenses if the Fund’s annual fund operating expenses, excluding certain expenses described in the prospectus, exceed a certain limit for the Fund’s Investor A, Investor C and Institutional Shares. Accordingly, effective May 31, 2018, the Fund’s Summary Prospectus and Prospectus are amended as follows:

The section of the Fund’s Summary Prospectus entitled “Key Facts About BlackRock National Municipal Fund — Fees and Expenses of the Fund” and the section of the Fund’s Prospectus entitled “Fund Overview — Key Facts About BlackRock National Municipal Fund — Fees and Expenses of the Fund” are deleted in their entirety and replaced with the following:

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the fund complex advised by BlackRock Advisors, LLC (“BlackRock”) or its affiliates. More information about these and other discounts is available from your financial professional or your selected securities dealer, broker, investment adviser, service provider or industry professional (including BlackRock, The PNC Financial Services Group, Inc. (“PNC”) and their respective affiliates) (each a “Financial Intermediary”) and in the “Details About the Share Classes” and the “Intermediary-Defined Sales Charge Waiver Policies” sections on pages 37 and A-1, respectively, of the Fund’s prospectus and in the “Purchase of Shares” section on page II-73 of Part II of the Fund’s Statement of Additional Information.

 

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 Fee3,4,5        0.39 %       0.39 %       0.39 %
Distribution and/or Service (12b-1) Fees        0.25 %       1.00 %       None
Other Expenses        0.14 %       0.09 %       0.15 %
Interest Expense
       0.01%           0.01%           0.01%    
Miscellaneous Other Expenses
       0.13%           0.08%           0.14%    
Acquired Fund Fees and Expenses5        0.01 %       0.01 %       0.01 %
Total Annual Fund Operating Expenses5        0.79 %       1.49 %       0.55 %
Fee Waivers and/or Expense Reimbursements4,6        (0.09 )%       (0.04 )%       (0.10 )%
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements4,6        0.70 %       1.45 %       0.45 %
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 as part of an investment of $250,000 or more.
2  There is no CDSC on Investor C Shares after one year.
3  The Management Fee has been restated to reflect current fees.
4  As described in the “Management of the Funds” section of the Fund’s prospectus beginning on page 53, BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund’s assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through October 31, 2019. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested directors of BlackRock Municipal Bond Fund, Inc. (the “Corporation”) or by a vote of a majority of the outstanding voting securities of the Fund.
5  The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent annual report, which do not include the restatement of Management Fees to reflect current fees and Acquired Fund Fees and Expenses.
6  As described in the “Management of the Funds” section of the Fund’s prospectus beginning on page 53, 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 0.68% (for Investor A Shares), 1.43% (for Investor C Shares) and 0.43% (for Institutional Shares) of average daily net assets through October 31, 2019. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Corporation or by a vote of a majority of the outstanding voting securities of the Fund.

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:

 

      1 Year        3 Years        5 Years        10 Years  
Investor A Shares    $ 493        $ 657        $ 835        $ 1,349  
Investor C Shares    $ 248        $ 466        $ 808        $ 1,772  
Institutional Shares    $ 46        $ 166        $ 297        $ 680  

You would pay the following expenses if you did not redeem your shares:

 

      1 Year        3 Years        5 Years        10 Years  
Investor C Shares    $ 148        $ 466        $ 808        $ 1,772  

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 83% of the average value of its portfolio.

XML 11 R3.htm IDEA: XBRL DOCUMENT v3.8.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName BLACKROCK MUNICIPAL BOND FUND, INC.
Prospectus Date rr_ProspectusDate Oct. 27, 2017
Supplement [Text Block] bmbfi3_SupplementTextBlock

BLACKROCK MUNICIPAL BOND FUND, INC.

BlackRock National Municipal Fund

(the “Fund”)

Investor and Institutional Shares

Supplement dated May 30, 2018

to the Summary Prospectus and Prospectus, each dated October 27, 2017, as supplemented to date

Effective May 31, 2018, BlackRock Advisors, LLC (“BlackRock”) has agreed to adjust the caps on total expenses to reduce the net expenses paid by shareholders of the Fund. To achieve these expense caps, BlackRock has agreed to waive and/or reimburse fees and/or expenses if the Fund’s annual fund operating expenses, excluding certain expenses described in the prospectus, exceed a certain limit for the Fund’s Investor A, Investor C and Institutional Shares. Accordingly, effective May 31, 2018, the Fund’s Summary Prospectus and Prospectus are amended as follows:

The section of the Fund’s Summary Prospectus entitled “Key Facts About BlackRock National Municipal Fund — Fees and Expenses of the Fund” and the section of the Fund’s Prospectus entitled “Fund Overview — Key Facts About BlackRock National Municipal Fund — Fees and Expenses of the Fund” are deleted in their entirety and replaced with the following:

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the fund complex advised by BlackRock Advisors, LLC (“BlackRock”) or its affiliates. More information about these and other discounts is available from your financial professional or your selected securities dealer, broker, investment adviser, service provider or industry professional (including BlackRock, The PNC Financial Services Group, Inc. (“PNC”) and their respective affiliates) (each a “Financial Intermediary”) and in the “Details About the Share Classes” and the “Intermediary-Defined Sales Charge Waiver Policies” sections on pages 37 and A-1, respectively, of the Fund’s prospectus and in the “Purchase of Shares” section on page II-73 of Part II of the Fund’s Statement of Additional Information.

 

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 Fee3,4,5        0.39 %       0.39 %       0.39 %
Distribution and/or Service (12b-1) Fees        0.25 %       1.00 %       None
Other Expenses        0.14 %       0.09 %       0.15 %
Interest Expense
       0.01%           0.01%           0.01%    
Miscellaneous Other Expenses
       0.13%           0.08%           0.14%    
Acquired Fund Fees and Expenses5        0.01 %       0.01 %       0.01 %
Total Annual Fund Operating Expenses5        0.79 %       1.49 %       0.55 %
Fee Waivers and/or Expense Reimbursements4,6        (0.09 )%       (0.04 )%       (0.10 )%
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements4,6        0.70 %       1.45 %       0.45 %
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 as part of an investment of $250,000 or more.
2  There is no CDSC on Investor C Shares after one year.
3  The Management Fee has been restated to reflect current fees.
4  As described in the “Management of the Funds” section of the Fund’s prospectus beginning on page 53, BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund’s assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through October 31, 2019. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested directors of BlackRock Municipal Bond Fund, Inc. (the “Corporation”) or by a vote of a majority of the outstanding voting securities of the Fund.
5  The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent annual report, which do not include the restatement of Management Fees to reflect current fees and Acquired Fund Fees and Expenses.
6  As described in the “Management of the Funds” section of the Fund’s prospectus beginning on page 53, 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 0.68% (for Investor A Shares), 1.43% (for Investor C Shares) and 0.43% (for Institutional Shares) of average daily net assets through October 31, 2019. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Corporation or by a vote of a majority of the outstanding voting securities of the Fund.

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:

 

      1 Year        3 Years        5 Years        10 Years  
Investor A Shares    $ 493        $ 657        $ 835        $ 1,349  
Investor C Shares    $ 248        $ 466        $ 808        $ 1,772  
Institutional Shares    $ 46        $ 166        $ 297        $ 680  

You would pay the following expenses if you did not redeem your shares:

 

      1 Year        3 Years        5 Years        10 Years  
Investor C Shares    $ 148        $ 466        $ 808        $ 1,772  

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 83% of the average value of its portfolio.

BlackRock National Municipal Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] bmbfi3_SupplementTextBlock

BLACKROCK MUNICIPAL BOND FUND, INC.

BlackRock National Municipal Fund

(the “Fund”)

Investor and Institutional Shares

Supplement dated May 30, 2018

to the Summary Prospectus and Prospectus, each dated October 27, 2017, as supplemented to date

Effective May 31, 2018, BlackRock Advisors, LLC (“BlackRock”) has agreed to adjust the caps on total expenses to reduce the net expenses paid by shareholders of the Fund. To achieve these expense caps, BlackRock has agreed to waive and/or reimburse fees and/or expenses if the Fund’s annual fund operating expenses, excluding certain expenses described in the prospectus, exceed a certain limit for the Fund’s Investor A, Investor C and Institutional Shares. Accordingly, effective May 31, 2018, the Fund’s Summary Prospectus and Prospectus are amended as follows:

The section of the Fund’s Summary Prospectus entitled “Key Facts About BlackRock National Municipal Fund — Fees and Expenses of the Fund” and the section of the Fund’s Prospectus entitled “Fund Overview — Key Facts About BlackRock National Municipal Fund — Fees and Expenses of the Fund” are deleted in their entirety and replaced with the following:

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the fund complex advised by BlackRock Advisors, LLC (“BlackRock”) or its affiliates. More information about these and other discounts is available from your financial professional or your selected securities dealer, broker, investment adviser, service provider or industry professional (including BlackRock, The PNC Financial Services Group, Inc. (“PNC”) and their respective affiliates) (each a “Financial Intermediary”) and in the “Details About the Share Classes” and the “Intermediary-Defined Sales Charge Waiver Policies” sections on pages 37 and A-1, respectively, of the Fund’s prospectus and in the “Purchase of Shares” section on page II-73 of Part II of the Fund’s Statement of Additional Information.

 

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 Fee3,4,5        0.39 %       0.39 %       0.39 %
Distribution and/or Service (12b-1) Fees        0.25 %       1.00 %       None
Other Expenses        0.14 %       0.09 %       0.15 %
Interest Expense
       0.01%           0.01%           0.01%    
Miscellaneous Other Expenses
       0.13%           0.08%           0.14%    
Acquired Fund Fees and Expenses5        0.01 %       0.01 %       0.01 %
Total Annual Fund Operating Expenses5        0.79 %       1.49 %       0.55 %
Fee Waivers and/or Expense Reimbursements4,6        (0.09 )%       (0.04 )%       (0.10 )%
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements4,6        0.70 %       1.45 %       0.45 %
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 as part of an investment of $250,000 or more.
2  There is no CDSC on Investor C Shares after one year.
3  The Management Fee has been restated to reflect current fees.
4  As described in the “Management of the Funds” section of the Fund’s prospectus beginning on page 53, BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund’s assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through October 31, 2019. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested directors of BlackRock Municipal Bond Fund, Inc. (the “Corporation”) or by a vote of a majority of the outstanding voting securities of the Fund.
5  The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent annual report, which do not include the restatement of Management Fees to reflect current fees and Acquired Fund Fees and Expenses.
6  As described in the “Management of the Funds” section of the Fund’s prospectus beginning on page 53, 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 0.68% (for Investor A Shares), 1.43% (for Investor C Shares) and 0.43% (for Institutional Shares) of average daily net assets through October 31, 2019. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Corporation or by a vote of a majority of the outstanding voting securities of the Fund.

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:

 

      1 Year        3 Years        5 Years        10 Years  
Investor A Shares    $ 493        $ 657        $ 835        $ 1,349  
Investor C Shares    $ 248        $ 466        $ 808        $ 1,772  
Institutional Shares    $ 46        $ 166        $ 297        $ 680  

You would pay the following expenses if you did not redeem your shares:

 

      1 Year        3 Years        5 Years        10 Years  
Investor C Shares    $ 148        $ 466        $ 808        $ 1,772  

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 83% of the average value of its portfolio.

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 shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the fund complex advised by BlackRock Advisors, LLC (“BlackRock”) or its affiliates. More information about these and other discounts is available from your financial professional or your selected securities dealer, broker, investment adviser, service provider or industry professional (including BlackRock, The PNC Financial Services Group, Inc. (“PNC”) and their respective affiliates) (each a “Financial Intermediary”) and in the “Details About the Share Classes” and the “Intermediary-Defined Sales Charge Waiver Policies” sections on pages 37 and A-1, respectively, of the Fund’s prospectus and in the “Purchase of Shares” section on page II-73 of Part II of the Fund’s Statement of Additional Information.
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 October 31, 2019
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 83% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 83.00%
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock 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 as part of an investment of $250,000 or more.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the fund complex advised by BlackRock Advisors, LLC (“BlackRock”) or its affiliates.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 100,000
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent The Management Fee has been restated to reflect current fees.
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent annual report, which do not include the restatement of Management Fees to reflect current fees and Acquired Fund Fees and Expenses.
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:
Expense Example, No Redemption, By Year, Caption [Text] rr_ExpenseExampleNoRedemptionByYearCaption You would pay the following expenses if you did not redeem your shares:
BlackRock National Municipal Fund | Investor A Shares  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 4.25%
Maximum Deferred Sales Charge (Load) (as percentage of offering price or redemption proceeds, whichever is lower) rr_MaximumDeferredSalesChargeOverOfferingPrice none [1]
Management Fee rr_ManagementFeesOverAssets 0.39% [2],[3],[4]
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Interest Expense rr_Component1OtherExpensesOverAssets 0.01%
Miscellaneous Other Expenses rr_Component2OtherExpensesOverAssets 0.13%
Other Expenses rr_OtherExpensesOverAssets 0.14%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [4]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.79% [4]
Fee Waivers and/or Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.09%) [2],[5]
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements rr_NetExpensesOverAssets 0.70% [2],[5]
1 Year rr_ExpenseExampleYear01 $ 493
3 Years rr_ExpenseExampleYear03 657
5 Years rr_ExpenseExampleYear05 835
10 Years rr_ExpenseExampleYear10 $ 1,349
BlackRock National Municipal Fund | Investor C 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 1.00% [6]
Management Fee rr_ManagementFeesOverAssets 0.39% [2],[3],[4]
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Interest Expense rr_Component1OtherExpensesOverAssets 0.01%
Miscellaneous Other Expenses rr_Component2OtherExpensesOverAssets 0.08%
Other Expenses rr_OtherExpensesOverAssets 0.09%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [4]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.49% [4]
Fee Waivers and/or Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.04%) [2],[5]
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements rr_NetExpensesOverAssets 1.45% [2],[5]
1 Year rr_ExpenseExampleYear01 $ 248
3 Years rr_ExpenseExampleYear03 466
5 Years rr_ExpenseExampleYear05 808
10 Years rr_ExpenseExampleYear10 1,772
1 Year rr_ExpenseExampleNoRedemptionYear01 148
3 Years rr_ExpenseExampleNoRedemptionYear03 466
5 Years rr_ExpenseExampleNoRedemptionYear05 808
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 1,772
BlackRock National Municipal Fund | Institutional 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 0.39% [2],[3],[4]
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Interest Expense rr_Component1OtherExpensesOverAssets 0.01%
Miscellaneous Other Expenses rr_Component2OtherExpensesOverAssets 0.14%
Other Expenses rr_OtherExpensesOverAssets 0.15%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [4]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.55% [4]
Fee Waivers and/or Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.10%) [2],[5]
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements rr_NetExpensesOverAssets 0.45% [2],[5]
1 Year rr_ExpenseExampleYear01 $ 46
3 Years rr_ExpenseExampleYear03 166
5 Years rr_ExpenseExampleYear05 297
10 Years rr_ExpenseExampleYear10 $ 680
[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 as part of an investment of $250,000 or more.
[2] As described in the “Management of the Funds” section of the Fund’s prospectus beginning on page 53, BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund’s assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through October 31, 2019. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested directors of BlackRock Municipal Bond Fund, Inc. (the “Corporation”) or by a vote of a majority of the outstanding voting securities of the Fund.
[3] The Management Fee has been restated to reflect current fees.
[4] The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent annual report, which do not include the restatement of Management Fees to reflect current fees and Acquired Fund Fees and Expenses.
[5] As described in the “Management of the Funds” section of the Fund’s prospectus beginning on page 53, 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 0.68% (for Investor A Shares), 1.43% (for Investor C Shares) and 0.43% (for Institutional Shares) of average daily net assets through October 31, 2019. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Corporation or by a vote of a majority of the outstanding voting securities of the Fund.
[6] There is no CDSC on Investor C Shares after one year.
XML 12 R4.htm IDEA: XBRL DOCUMENT v3.8.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName BLACKROCK MUNICIPAL BOND FUND, INC.
Prospectus Date rr_ProspectusDate Oct. 27, 2017
Document Creation Date dei_DocumentCreationDate May 30, 2018
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