BLACKROCK MUNICIPAL BOND FUND, INC.
BlackRock High Yield Municipal Fund
BlackRock National Municipal Fund
(each, a “Fund” and collectively, the “Funds”)
Supplement dated September 29, 2022 (the “Supplement”) to each Fund’s
Summary Prospectuses and Prospectuses, each dated October 28, 2021, as supplemented to date
The following changes are made to each Fund’s Summary Prospectuses and Prospectuses, as applicable:
The section of the Summary Prospectuses entitled “Key Facts About BlackRock High Yield Municipal Fund — Portfolio Managers” and the section of the Prospectuses entitled “Fund Overview — Key Facts About BlackRock High Yield Municipal Fund — Portfolio Managers” are deleted in their entirety and replaced with the following:
Portfolio Managers
| Name | Portfolio Manager of the Fund Since |
Title | ||
| Walter O’Conner, CFA | 2006 | Managing Director of BlackRock, Inc. | ||
| Theodore R. Jaeckel, Jr., CFA1 | 2006 | Managing Director of BlackRock, Inc. | ||
| Michael Perilli, CFA | 2020 | Director of BlackRock, Inc. | ||
| Kevin Maloney, CFA | 2022 | Director of BlackRock, Inc. | ||
| Phillip Soccio, CFA | 2022 | Director of BlackRock, Inc. |
| 1 | On or about March 1, 2023, Theodore R. Jaeckel, Jr. will retire from BlackRock, Inc., and will no longer serve as a portfolio manager of the Fund. |
The section of the Summary Prospectuses entitled “Key Facts About BlackRock National Municipal Fund — Portfolio Managers” and the section of the Prospectuses entitled “Fund Overview — Key Facts About BlackRock National Municipal Fund — Portfolio Managers” are deleted in their entirety and replaced with the following:
Portfolio Managers
| Name | Portfolio Manager of the Fund Since |
Title | ||
| Walter O’Conner, CFA | 1996 | Managing Director of BlackRock, Inc. | ||
| Michael Kalinoski, CFA | 2016 | Director of BlackRock, Inc. | ||
| Kevin Maloney, CFA | 2022 | Director of BlackRock, Inc. | ||
| Phillip Soccio, CFA | 2022 | Director of BlackRock, Inc. |
The section of the Prospectuses entitled “Details About the Funds — How Each Fund Invests — High Yield Fund — About the Portfolio Management of the High Yield Fund” is deleted in its entirety and replaced with the following:
| ABOUT THE PORTFOLIO MANAGEMENT OF THE HIGH YIELD FUND |
| The Fund is managed by a team of financial professionals. Walter O’Conner, CFA, Theodore R. Jaeckel, Jr., CFA1, Michael Perilli, CFA, Kevin Maloney, CFA, and Phillip Soccio, CFA, are the portfolio managers and are jointly and primarily responsible for the day-to-day management of the Fund. Please see “Management of the Funds — Portfolio Manager Information” for additional information about the portfolio management team. |
| 1 | On or about March 1, 2023, Theodore R. Jaeckel, Jr. will retire from BlackRock, Inc., and will no longer serve as a portfolio manager of the Fund. |
The section of the Prospectuses for Investor A Shares, Investor C Shares, Institutional Shares and Class K Shares entitled “Details About the Funds — How Each Fund Invests — National Fund — About the Portfolio Management of the National Fund” and the section of the Prospectus for Service Shares “Details About the Fund — How the Fund Invests — About the Portfolio Management of the Fund” are deleted in their entirety and replaced with the following:
| ABOUT THE PORTFOLIO MANAGEMENT OF THE NATIONAL FUND |
| The Fund is managed by a team of financial professionals. Walter O’Conner, CFA, Michael Kalinoski, CFA, Kevin Maloney, CFA, and Phillip Soccio, CFA, are the portfolio managers and are jointly and primarily responsible for the day-to-day management of the Fund. Please see “Management of the Funds — Portfolio Manager Information” for additional information about the portfolio management team. |
The section of the Prospectuses entitled “Management of the Funds — Portfolio Manager Information — High Yield Fund” is deleted in its entirety and replaced with the following:
High Yield Fund
The Fund is managed by a team of financial professionals. Walter O’Conner, CFA, Theodore R. Jaeckel, Jr., CFA, Michael Perilli, CFA, Kevin Maloney, CFA, and Phillip Soccio, CFA, are jointly and primarily responsible for the day-to-day management of the Fund.
| Portfolio Manager | Primary Role | Since | Title and Recent Biography | |||
| Walter O’Conner, CFA | Responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. | 2006 | Managing Director of BlackRock, Inc. since 2006. | |||
| Theodore R. Jaeckel, Jr., CFA1 | Responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. | 2006 | Managing Director of BlackRock, Inc. since 2006. | |||
| Michael Perilli, CFA | Responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. | 2020 | Director of BlackRock, Inc. since 2021; Vice President of BlackRock, Inc. from 2017 to 2020; Associate of BlackRock, Inc. from 2011 to 2016. | |||
| Kevin Maloney, CFA | Responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. | 2022 | Director of BlackRock, Inc. since 2021; Vice President of BlackRock, Inc. from 2018 to 2020; Associate of BlackRock, Inc. from 2014 to 2017; Analyst of BlackRock, Inc. from 2011 to 2013. |
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| Portfolio Manager | Primary Role | Since | Title and Recent Biography | |||
| Phillip Soccio, CFA | Responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. | 2022 | Director of BlackRock, Inc. since 2009; Vice President of BlackRock, Inc. from 2005 to 2009. |
| 1 | On or about March 1, 2023, Theodore R. Jaeckel, Jr. will retire from BlackRock, Inc., and will no longer serve as a portfolio manager of the Fund. |
The section of the Prospectuses for Investor A Shares, Investor C Shares, Institutional Shares and Class K Shares entitled “Management of the Funds — Portfolio Manager Information — National Fund” and the section of the Prospectus for Service Shares “Management of the Fund — Portfolio Manager Information” are deleted in their entirety and replaced with the following:
National Fund
The Fund is managed by a team of financial professionals. Walter O’Conner, CFA, Michael Kalinoski, CFA, Kevin Maloney, CFA, and Phillip Soccio, CFA, are jointly and primarily responsible for the day-to-day management of the Fund.
| Portfolio Manager | Primary Role | Since | Title and Recent Biography | |||
| Walter O’Conner, CFA | Responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. | 1996 | Managing Director of BlackRock, Inc. since 2006. | |||
| Michael Kalinoski, CFA | Responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. | 2016 | Director of BlackRock, Inc. since 2006. | |||
| Kevin Maloney, CFA | Responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. | 2022 | Director of BlackRock, Inc. since 2021; Vice President of BlackRock, Inc. from 2018 to 2020; Associate of BlackRock, Inc. from 2014 to 2017; Analyst of BlackRock, Inc. from 2011 to 2013. | |||
| Phillip Soccio, CFA | Responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. | 2022 | Director of BlackRock, Inc. since 2009; Vice President of BlackRock, Inc. from 2005 to 2009. |
Shareholders should retain this Supplement for future reference.
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