UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-02688
Name of Fund: BlackRock Municipal Bond Fund, Inc.
BlackRock High Yield Municipal Fund
BlackRock National Municipal Fund
BlackRock Short-Term Municipal Fund
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Municipal Bond Fund, Inc., 55 East 52nd Street, New York, NY 10055
Registrant’s telephone number, including area code: (800) 441-7762
Date of fiscal year end: 06/30/2013
Date of reporting period: 09/30/2012
Item 1 – Schedule of Investments
Schedule of Investments September 30, 2012 (Unaudited) | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
Par (000) |
Value | |||
Municipal Bonds | ||||
Alabama — 2.0% | ||||
Alabama State Docks Department, | ||||
Refunding RB, 6.00%, 10/01/40 | $ | 710 | $ | 826,028 |
County of Jefferson Alabama, RB, | ||||
Series A: | ||||
5.25%, 1/01/17 | 1,000 | 1,000,080 | ||
5.25%, 1/01/19 | 1,000 | 999,120 | ||
5.25%, 1/01/20 | 500 | 499,720 | ||
5.50%, 1/01/21 | 1,200 | 1,198,788 | ||
5.00%, 1/01/24 | 2,000 | 1,960,240 | ||
4.75%, 1/01/25 | 325 | 310,846 | ||
6,794,822 | ||||
Alaska — 1.2% | ||||
Northern Tobacco Securitization Corp., | ||||
Refunding RB, Asset-Backed, Series A: | ||||
4.63%, 6/01/23 | 1,235 | 1,236,507 | ||
5.00%, 6/01/32 | 1,500 | 1,297,635 | ||
5.00%, 6/01/46 | 1,620 | 1,306,271 | ||
3,840,413 | ||||
Arizona — 3.7% | ||||
Arizona Health Facilities Authority, | ||||
Refunding RB, Phoenix Children's | ||||
Hospital, Series A, 5.00%, 2/01/42 | 2,500 | 2,621,550 | ||
Maricopa County IDA Arizona, RB, | ||||
Arizona Charter Schools Project, | ||||
Series A: | ||||
6.63%, 7/01/20 | 25 | 20,375 | ||
6.75%, 7/01/29 | 300 | 211,170 | ||
Phoenix IDA Arizona, ERB, Great Hearts | ||||
Academies - Veritas Project, 6.40%, | ||||
7/01/47 | 415 | 445,050 | ||
Phoenix IDA Arizona, Refunding RB, | ||||
America West Airlines, Inc. Project, | ||||
AMT, 6.30%, 4/01/23 | 1,000 | 885,880 | ||
Pima County IDA, RB, Tucson Electric | ||||
Power, Series A: | ||||
4.50%, 6/01/30 | 2,000 | 2,082,740 | ||
5.25%, 10/01/40 | 1,390 | 1,519,006 | ||
6.38%, 9/01/29 | 780 | 792,254 | ||
Salt Verde Financial Corp., RB, Senior: | ||||
5.00%, 12/01/32 | 750 | 820,297 | ||
5.00%, 12/01/37 | 2,180 | 2,395,362 | ||
Tempe IDA, Refunding RB, Friendship | ||||
Village of Tempe, Series A, 6.25%, | ||||
12/01/42 | 280 | 302,378 | ||
University Medical Center Corp. Arizona, | ||||
RB, 6.25%, 7/01/29 | 180 | 208,847 | ||
12,304,909 | ||||
Arkansas — 0.3% | ||||
Benton County Public Facilities Board, | ||||
RB, BCCSO Project, Series A, 6.00%, | ||||
6/01/40 | 750 | 851,955 |
Par (000) |
Value | |||
Municipal Bonds | ||||
California — 7.9% | ||||
California Health Facilities Financing | ||||
Authority, RB: | ||||
St. Joseph Health System, | ||||
Series A, 5.75%, 7/01/39 | $ | 1,000 | $ | 1,155,790 |
Sutter Health, Series B, | ||||
6.00%, 8/15/42 | 1,000 | 1,202,120 | ||
California Health Facilities Financing | ||||
Authority, Refunding RB, Catholic | ||||
Healthcare West, Series A, 6.00%, | ||||
7/01/39 | 265 | 313,826 | ||
California HFA, RB, Home Mortgage, | ||||
Series I, AMT: | ||||
4.60%, 8/01/21 | 855 | 859,112 | ||
4.70%, 8/01/26 | 5,000 | 4,998,800 | ||
4.80%, 8/01/36 | 1,500 | 1,422,375 | ||
California Pollution Control Financing | ||||
Authority, RB, Waste Management Inc. | ||||
Project, Series C, AMT, 5.13%, | ||||
11/01/23 (a) | 750 | 814,447 | ||
California Pollution Control Financing | ||||
Authority, Refunding RB, Waste | ||||
Management Inc. Project, Series B, | ||||
AMT, 5.00%, 7/01/27 | 1,000 | 1,067,780 | ||
California Statewide Communities | ||||
Development Authority, RB: | ||||
John Muir Health, 5.13%, | ||||
7/01/39 | 425 | 459,051 | ||
Kaiser Permanente, Series A, | ||||
5.00%, 4/01/42 | 1,145 | 1,259,546 | ||
Sutter Health, Series A, 6.00%, | ||||
8/15/42 | 400 | 480,848 | ||
California Statewide Communities | ||||
Development Authority, Refunding RB: | ||||
American Baptist Homes of | ||||
the West, 6.25%, 10/01/39 | 2,575 | 2,810,973 | ||
Eskaton Properties, Inc., | ||||
5.25%, 11/15/34 | 905 | 965,762 | ||
City of Chula Vista California, Refunding | ||||
RB, San Diego Gas & Electric, | ||||
Series A, 5.88%, 2/15/34 | 500 | 591,660 | ||
City of Roseville California, Special Tax | ||||
Bonds, Fiddyment Ranch Community | ||||
Facilities District No. 1, 5.25%, | ||||
9/01/36 | 465 | 461,224 | ||
City of San Jose California, RB, | ||||
Convention Center Expansion & | ||||
Renovation Project: | ||||
6.50%, 5/01/36 | 310 | 372,363 | ||
6.50%, 5/01/42 | 760 | 906,726 | ||
Foothill Eastern Transportation Corridor | ||||
Agency California, Refunding RB, CAB, | ||||
6.07%, 1/15/33 (b) | 6,525 | 1,938,969 |
BLACKROCK MUNICIPAL BOND FUND, INC. | SEPTEMBER 30, 2012 | 1 |
Schedule of Investments (continued) | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
Par (000) |
Value | |||
Municipal Bonds | ||||
California (concluded) | ||||
Lammersville School District Community | ||||
Facilities District, Special Tax Bonds, | ||||
District No. 2002, Mountain House, | ||||
5.13%, 9/01/35 | $ | 325 | $ | 325,959 |
Roseville Finance Authority, Special Tax | ||||
Bonds, Refunding, Senior Lien, | ||||
Series A (AMBAC), 4.50%, 9/01/33 | 725 | 661,577 | ||
San Jose Redevelopment Agency, Tax | ||||
Allocation Bonds, Merged Arearedev | ||||
Project (NPFGC), 4.90%, 8/01/33 | 405 | 398,018 | ||
San Marcos County Unified School | ||||
District, GO, CAB, Election of 2010, | ||||
Series B (b): | ||||
5.13%, 8/01/37 | 1,000 | 284,130 | ||
5.22%, 8/01/51 | 4,450 | 601,462 | ||
Temecula Public Financing Authority, | ||||
Special Tax Bonds, Refunding, | ||||
Harveston, Sub-Series B, 5.10%, | ||||
9/01/36 | 170 | 165,189 | ||
Tobacco Securitization Authority of | ||||
Southern California, Refunding RB, | ||||
Senior Series A-1, 5.00%, 6/01/37 | 2,140 | 1,711,016 | ||
26,228,723 | ||||
Colorado — 0.8% | ||||
Denver Convention Center Hotel | ||||
Authority, Refunding RB, Senior | ||||
(Syncora), 5.00%, 12/01/30 | 1,500 | 1,553,760 | ||
Regional Transportation District, RB, | ||||
Denver Transport Partners, 6.00%, | ||||
1/15/41 | 1,000 | 1,159,630 | ||
2,713,390 | ||||
Connecticut — 0.2% | ||||
Mohegan Tribe of Indians of | ||||
Connecticut, Refunding RB, Public | ||||
Improvement, Priority Distribution, | ||||
6.25%, 1/01/31 | 605 | 605,532 | ||
Delaware — 0.5% | ||||
Delaware State EDA, RB, Exempt | ||||
Facilities, Indian River Power, 5.38%, | ||||
10/01/45 | 1,480 | 1,618,276 | ||
District of Columbia — 2.5% | ||||
District of Columbia, RB, Methodist | ||||
Home District of Columbia, Series A: | ||||
7.38%, 1/01/30 | 310 | 322,899 | ||
7.50%, 1/01/39 | 500 | 520,390 | ||
District of Columbia Tobacco Settlement | ||||
Financing Corp., Refunding RB, Asset- | ||||
Backed: | ||||
6.50%, 5/15/33 | 3,575 | 4,050,225 | ||
6.75%, 5/15/40 | 385 | 392,665 |
Par (000) |
Value | |||
Municipal Bonds | ||||
District of Columbia (concluded) | ||||
Metropolitan Washington Airports | ||||
Authority, Refunding RB: | ||||
CAB, Second Senior Lien, Series B | ||||
(AGC), 4.89%, 10/01/30 (b) | $ | 3,005 | $ | 1,258,945 |
First Senior Lien, Series A, | ||||
5.00%, 10/01/39 | 85 | 93,640 | ||
First Senior Lien, Series A, | ||||
5.25%, 10/01/44 | 1,610 | 1,789,048 | ||
8,427,812 | ||||
Florida — 5.1% | ||||
Greater Orlando Aviation Authority | ||||
Florida, RB, Special Purpose, JetBlue | ||||
Airways Corp., AMT, 6.38%, 11/15/26 | 1,740 | 1,753,694 | ||
Highland Meadows Community | ||||
Development District, Special | ||||
Assessment Bonds, Series A, 5.50%, | ||||
5/01/36 (c)(d) | 490 | 199,209 | ||
Hillsborough County IDA, RB: | ||||
National Gypsum Co., National | ||||
Gypsum Co., Series B, AMT, | ||||
7.13%, 4/01/30 | 1,500 | 1,500,570 | ||
Tampa General Hospital | ||||
Project, 5.25%, 10/01/41 | 1,000 | 1,048,510 | ||
Jacksonville Economic Development | ||||
Commission, RB, Gerdau Ameristeel | ||||
US Inc., AMT, 5.30%, 5/01/37 | 3,300 | 3,300,462 | ||
Lakewood Ranch Stewardship District, | ||||
Refunding, Special Assessment | ||||
Bonds, Lakewood Center & NW Sector | ||||
Projects, 8.00%, 5/01/40 | 515 | 566,624 | ||
Mid-Bay Bridge Authority, RB, Series A, | ||||
7.25%, 10/01/40 | 1,450 | 1,836,193 | ||
Palm Beach County Health Facilities | ||||
Authority, RB, ACTS Retirement-Life | ||||
Community, 5.50%, 11/15/33 | 1,500 | 1,644,960 | ||
Santa Rosa Bay Bridge Authority, RB, | ||||
6.25%, 7/01/28 (c)(d) | 500 | 193,690 | ||
Sarasota County Health Facilities | ||||
Authority, Refunding RB, Village On | ||||
The Isle Project, 5.50%, 1/01/27 | 210 | 222,644 | ||
Sumter Landing Community | ||||
Development District Florida, RB, Sub- | ||||
Series B, 5.70%, 10/01/38 | 780 | 719,573 | ||
Tolomato Community Development | ||||
District, Special Assessment Bonds: | ||||
Special Assessment, Series 1, | ||||
6.65%, 5/01/40 | 10 | 5,328 | ||
Special Assessment, Series 2, | ||||
6.65%, 5/01/40 | 330 | 149,176 | ||
Special Assessment, Series 3, | ||||
6.65%, 5/01/40 | 105 | 1 |
BLACKROCK MUNICIPAL BOND FUND, INC. | SEPTEMBER 30, 2012 | 2 |
Schedule of Investments (continued) | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
Par (000) |
Value | |||
Municipal Bonds | ||||
Florida (concluded) | ||||
Tolomato Community Development | ||||
District, Special Assessment Bonds, | ||||
Refunding: | ||||
Convertible CAB, 0.00%, | ||||
5/01/17 (e) | $ | 40 | $ | 28,701 |
Convertible CAB, 0.00%, | ||||
5/01/19 (e) | 90 | 51,843 | ||
Convertible CAB, 0.00%, | ||||
5/01/22 (e) | 50 | 21,187 | ||
Special Assessment, Series A- | ||||
1, 6.65%, 5/01/40 | 140 | 136,613 | ||
Viera East Community Development | ||||
District, Refunding, Special | ||||
Assessment, 5.00%, 5/01/26 | 640 | 645,312 | ||
Village Community Development District | ||||
No. 9, Special Assessment Bonds: | ||||
7.00%, 5/01/41 | 1,760 | 2,044,698 | ||
5.50%, 5/01/42 | 620 | 656,685 | ||
Watergrass Community Development | ||||
District, Special Assessment Bonds, | ||||
Series A, 5.38%, 5/01/39 | 650 | 341,887 | ||
17,067,560 | ||||
Georgia — 1.1% | ||||
Clayton County Development Authority, | ||||
Refunding RB, Delta Air Lines, Inc. | ||||
Project, Series A, 8.75%, 6/01/29 | 635 | 793,680 | ||
County of Clayton Georgia, Tax | ||||
Allocation Bonds, Ellenwood Project, | ||||
7.50%, 7/01/33 | 345 | 358,245 | ||
DeKalb County Hospital Authority | ||||
Georgia, Refunding RB, DeKalb | ||||
Medical Center, Inc. Project, 6.13%, | ||||
9/01/40 | 1,240 | 1,438,412 | ||
Gainesville & Hall County Development | ||||
Authority, Refunding RB, ACTS | ||||
Retirement-Life Community, | ||||
Series A-2, 6.63%, 11/15/39 | 220 | 251,548 | ||
Private Colleges & Universities Authority, | ||||
Refunding RB, Mercer University | ||||
Project, Series A, 5.00%, 10/01/32 | 395 | 427,426 | ||
Richmond County Development | ||||
Authority, RB, International Paper Co. | ||||
Projects, Series A, AMT, 5.00%, | ||||
8/01/30 | 500 | 501,300 | ||
3,770,611 | ||||
Guam — 0.9% | ||||
Guam Government Waterworks | ||||
Authority, Refunding RB, Water and | ||||
Wastewater System, 6.00%, 7/01/25 | 735 | 767,509 | ||
Territory of Guam, GO, Series A: | ||||
6.00%, 11/15/19 | 100 | 110,242 | ||
6.75%, 11/15/29 | 1,650 | 1,854,616 |
Par (000) |
Value | |||
Municipal Bonds | ||||
Guam (concluded) | ||||
Territory of Guam, GO, Series A | ||||
(concluded): | ||||
7.00%, 11/15/39 | $ | 160 | $ | 180,877 |
2,913,244 | ||||
Idaho — 0.1% | ||||
Power County Industrial Development | ||||
Corp., RB, FMC Corp. Project, AMT, | ||||
6.45%, 8/01/32 | 265 | 265,458 | ||
Illinois — 3.1% | ||||
City of Chicago Illinois, Refunding RB, | ||||
American Airlines, Inc. Project, 5.50%, | ||||
12/01/30 (c)(d) | 1,000 | 657,560 | ||
Illinois Finance Authority, RB, Lake | ||||
Forest College, Series A: | ||||
5.75%, 10/01/32 | 600 | 628,836 | ||
6.00%, 10/01/48 | 1,700 | 1,766,079 | ||
Illinois Finance Authority, Refunding RB: | ||||
Central DuPage Health, | ||||
Series B, 5.50%, 11/01/39 | 1,400 | 1,578,192 | ||
Friendship Village of | ||||
Schaumburg, 7.13%, | ||||
2/15/39 | 1,000 | 1,098,200 | ||
Roosevelt University Project, | ||||
6.50%, 4/01/44 | 830 | 936,273 | ||
Swedish Covenant, Series A, | ||||
6.00%, 8/15/38 | 1,000 | 1,137,630 | ||
Metropolitan Pier & Exposition Authority, | ||||
Refunding RB, CAB, McCormick Place | ||||
Expansion Project, Series B (AGM), | ||||
5.07%, 6/15/44 (b) | 3,455 | 706,064 | ||
Quad Cities Regional EDA, Refunding | ||||
RB, Augustana College, 4.75%, | ||||
10/01/32 | 1,000 | 1,050,400 | ||
Railsplitter Tobacco Settlement | ||||
Authority, RB: | ||||
5.50%, 6/01/23 | 355 | 416,142 | ||
6.00%, 6/01/28 | 390 | 459,506 | ||
10,434,882 | ||||
Indiana — 1.2% | ||||
City of Carmel, RB, Barrington Carmel | ||||
Project, Series A: | ||||
7.13%, 11/15/42 | 1,500 | 1,516,410 | ||
7.13%, 11/15/47 | 1,500 | 1,511,100 | ||
Indiana Finance Authority, Refunding | ||||
RB, Marquette Project, 5.00%, | ||||
3/01/39 | 725 | 744,720 | ||
Indiana Health Facility Financing | ||||
Authority, Refunding RB, Methodist | ||||
Hospital Inc., 5.38%, 9/15/22 | 185 | 185,189 | ||
3,957,419 |
BLACKROCK MUNICIPAL BOND FUND, INC. | SEPTEMBER 30, 2012 | 3 |
Schedule of Investments (continued) | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
Par (000) |
Value | |||
Municipal Bonds | ||||
Iowa — 1.6% | ||||
Iowa Finance Authority, RB, Alcoa, Inc. | ||||
Project, 4.75%, 8/01/42 | $ | 2,500 | $ | 2,533,225 |
Iowa Finance Authority, Refunding RB: | ||||
Development, Care Initiatives | ||||
Project, Series A, 5.00%, | ||||
7/01/19 | 500 | 538,590 | ||
Sunrise Retirement | ||||
Community Project, 5.50%, | ||||
9/01/37 (g) | 890 | 860,675 | ||
Sunrise Retirement | ||||
Community Project, 5.75%, | ||||
9/01/43 (g) | 1,385 | 1,360,347 | ||
5,292,837 | ||||
Kentucky — 0.9% | ||||
Kentucky Economic Development | ||||
Finance Authority, RB, Owensboro | ||||
Medical Health System, Series A: | ||||
6.38%, 6/01/40 | 1,050 | 1,249,248 | ||
6.50%, 3/01/45 | 1,000 | 1,195,870 | ||
Kentucky Economic Development | ||||
Finance Authority, Refunding RB: | ||||
Norton Healthcare Inc., Series B | ||||
(NPFGC), 4.47%, 10/01/24 (b) | 250 | 147,025 | ||
Owensboro Medical Health | ||||
System, Series B, 6.38%, | ||||
3/01/40 | 395 | 469,078 | ||
3,061,221 | ||||
Louisiana — 1.8% | ||||
Louisiana Local Government | ||||
Environmental Facilities & Community | ||||
Development Authority, RB, Westlake | ||||
Chemical Corp. Projects, 6.75%, | ||||
11/01/32 | 1,000 | 1,126,980 | ||
Louisiana Public Facilities Authority, RB, | ||||
Belle Chasse Educational Foundation | ||||
Project, 6.75%, 5/01/41 | 645 | 745,194 | ||
Parish of Saint John the Baptist | ||||
Louisiana, RB, Marathon Oil Corp., | ||||
Series A, 5.13%, 6/01/37 | 4,000 | 4,251,280 | ||
6,123,454 | ||||
Maine — 0.4% | ||||
Maine Health & Higher Educational | ||||
Facilities Authority, RB, Maine General | ||||
Medical Center, 6.75%, 7/01/41 | 1,075 | 1,263,716 | ||
Maryland — 2.0% | ||||
County of Howard Maryland, Refunding | ||||
RB, Vantage House Facility, Series A, | ||||
5.25%, 4/01/33 | 500 | 499,685 | ||
Gaithersburg Maryland, Refunding RB, | ||||
Asbury Maryland Obligation, Series B, | ||||
6.00%, 1/01/23 | 750 | 832,665 |
Par (000) |
Value | |||
Municipal Bonds | ||||
Maryland (concluded) | ||||
Maryland EDC, RB: | ||||
Term Project, Series B, 5.75%, | ||||
6/01/35 | $ | 1,500 | $ | 1,644,090 |
Transportation Facilities | ||||
Project, Series A, 5.75%, | ||||
6/01/35 | 265 | 290,146 | ||
Maryland EDC, Refunding RB, CNX | ||||
Marine Terminals Inc., 5.75%, | ||||
9/01/25 | 2,000 | 2,174,740 | ||
Maryland Health & Higher Educational | ||||
Facilities Authority, RB, Washington | ||||
Christian Academy, 5.25%, 7/01/18 | ||||
(c)(d) | 250 | 99,992 | ||
Maryland Health & Higher Educational | ||||
Facilities Authority, Refunding RB, | ||||
Doctors Community Hospital, 5.75%, | ||||
7/01/38 | 890 | 968,792 | ||
6,510,110 | ||||
Massachusetts — 1.4% | ||||
Massachusetts Development Finance | ||||
Agency, RB: | ||||
Foxborough Regional Charter | ||||
School, Series A, 7.00%, | ||||
7/01/42 | 350 | 413,777 | ||
Linden Ponds, Inc. Facility, | ||||
Series A-1, 6.25%, | ||||
11/15/39 | 353 | 266,883 | ||
Linden Ponds, Inc. Facility, | ||||
Series A-2, 5.50%, | ||||
11/15/46 | 19 | 11,902 | ||
Linden Ponds, Inc. Facility, | ||||
Series B, —%, 11/15/56 (b) | 94 | 491 | ||
Massachusetts Development Finance | ||||
Agency, Refunding RB: | ||||
Boston Medical Center, | ||||
Series C, 5.00%, 7/01/29 | 2,500 | 2,723,400 | ||
Eastern Nazarene College, | ||||
5.63%, 4/01/29 | 500 | 500,115 | ||
Tufts Medical Center, Series I, | ||||
6.75%, 1/01/36 | 510 | 623,852 | ||
4,540,420 | ||||
Michigan — 2.9% | ||||
City of Detroit Michigan, GO: | ||||
Taxable Capital Improvement, | ||||
Limited Tax, Series A-1, | ||||
5.00%, 4/01/16 | 350 | 321,020 | ||
Taxable Capital Improvement, | ||||
Limited Tax, Series A-2, | ||||
8.00%, 4/01/14 | 1,715 | 1,638,768 | ||
Kentwood EDC, Refunding RB, Limited | ||||
Obligation Holland Home, 5.63%, | ||||
11/15/41 | 1,250 | 1,289,288 |
BLACKROCK MUNICIPAL BOND FUND, INC. | SEPTEMBER 30, 2012 | 4 |
Schedule of Investments (continued) | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
Par (000) |
Value | |||
Municipal Bonds | ||||
Michigan (concluded) | ||||
Michigan State Hospital Finance | ||||
Authority, Refunding RB, Hospital, | ||||
Henry Ford Health, 5.75%, 11/15/39 $ | $ | 1,710 | $ | 1,969,492 |
Monroe County Hospital Finance | ||||
Authority, Refunding RB, Mercy | ||||
Memorial Hospital Corp. Obligation, | ||||
5.50%, 6/01/35 | 3,065 | 3,192,841 | ||
Royal Oak Hospital Finance Authority | ||||
Michigan, Refunding RB, William | ||||
Beaumont Hospital, 8.25%, 9/01/39 | 915 | 1,180,277 | ||
9,591,686 | ||||
Minnesota — 1.8% | ||||
Minnesota State Higher Education | ||||
Facilities Authority, RB, College of St. | ||||
Benedict, Series 7-M, 5.13%, | ||||
3/01/36 | 275 | 291,794 | ||
St. Paul Housing & Redevelopment | ||||
Authority, RB, Nova Classical | ||||
Academy, Series A, 6.63%, 9/01/42 | 500 | 545,210 | ||
St. Paul Port Authority, RB, Energy Park | ||||
Utility Co. Project, AMT, 5.70%, | ||||
8/01/36 | 1,265 | 1,288,744 | ||
Tobacco Securitization Authority | ||||
Minnesota, Refunding RB, Tobacco | ||||
Settlement, Series B, 5.25%, 3/01/31 | 3,500 | 3,949,050 | ||
6,074,798 | ||||
Mississippi — 0.7% | ||||
Warren County Mississippi, RB, Gulf | ||||
Opportunity Zone Bonds, International | ||||
Paper Company Project, Series A, | ||||
AMT, 5.38%, 12/01/35 | 2,000 | 2,186,840 | ||
Missouri — 0.3% | ||||
City of Kansas City Missouri, Tax | ||||
Allocation Bonds, Kansas City | ||||
MainCor Project, Series A, 5.25%, | ||||
3/01/18 | 600 | 631,452 | ||
Kirkwood IDA Missouri, RB, Aberdeen | ||||
Heights, Series A, 8.25%, 5/15/39 | 435 | 519,768 | ||
1,151,220 | ||||
Nebraska — 0.4% | ||||
Central Plains Energy Project Nebraska, | ||||
RB, Gas Project No. 3: | ||||
5.25%, 9/01/37 | 445 | 477,730 | ||
5.00%, 9/01/42 | 780 | 817,923 | ||
1,295,653 | ||||
Nevada — 0.4% | ||||
County of Clark Nevada, RB, Southwest | ||||
Gas Corp. Project, Series A, AMT | ||||
(NPFGC), 4.75%, 9/01/36 | 20 | 20,642 |
Par (000) |
Value | |||
Municipal Bonds | ||||
Nevada (concluded) | ||||
County of Clark Nevada, Special | ||||
Assessment Bonds, Refunding, | ||||
Special Improvement District #142, | ||||
Mountain's Edge: | ||||
4.00%, 8/01/22 | $ | 885 | $ | 881,469 |
4.00%, 8/01/23 | 555 | 549,245 | ||
1,451,356 | ||||
New Hampshire — 1.1% | ||||
New Hampshire Health & Education | ||||
Facilities Authority, Refunding RB: | ||||
Dartmouth-Hitchcock, 6.00%, | ||||
8/01/38 | 435 | 511,917 | ||
Havenwood-Heritage Heights, | ||||
Series A, 5.40%, 1/01/30 | 500 | 504,410 | ||
Southern New Hampshire | ||||
University, 5.00%, 1/01/34 | 2,500 | 2,671,725 | ||
3,688,052 | ||||
New Jersey — 5.8% | ||||
Burlington County Bridge Commission, | ||||
Refunding RB, The Evergreens | ||||
Project, 5.63%, 1/01/38 | 750 | 776,633 | ||
New Jersey EDA, RB: | ||||
Cigarette Tax, 5.75%, | ||||
6/15/14 (f) | 1,100 | 1,202,476 | ||
Cigarette Tax, 5.75%, | ||||
6/15/14 (f) | 535 | 584,841 | ||
Continental Airlines Inc. | ||||
Project, AMT, 5.13%, | ||||
9/15/23 | 1,965 | 1,996,951 | ||
Continental Airlines, Inc. | ||||
Project, AMT, 5.25%, | ||||
9/15/29 | 590 | 600,950 | ||
Kapkowski Road Landfill | ||||
Project, Series 1998B-MB, | ||||
AMT, 6.50%, 4/01/31 | 3,000 | 3,557,340 | ||
Patterson Charter School for | ||||
Science and Technology, | ||||
Inc. Project, Series A, 6.10%, | ||||
7/01/44 | 660 | 715,460 | ||
New Jersey EDA, Refunding RB, | ||||
Cigarette Tax, 5.00%, 6/15/23 | 795 | 911,293 | ||
New Jersey Educational Facilities | ||||
Authority, Refunding RB, University of | ||||
Medicine & Dentistry, Series B, | ||||
7.13%, 12/01/23 | 580 | 726,177 | ||
New Jersey Health Care Facilities | ||||
Financing Authority, RB: | ||||
Pascack Valley Hospital | ||||
Association, 6.63%, | ||||
7/01/36 (c)(d) | 650 | 7 | ||
RWJ Healthcare Corp., Series B | ||||
(Radian), 5.00%, 7/01/35 | 1,570 | 1,584,365 |
BLACKROCK MUNICIPAL BOND FUND, INC. | SEPTEMBER 30, 2012 | 5 |
Schedule of Investments (continued) | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
Par (000) |
Value | |||
Municipal Bonds | ||||
New Jersey (concluded) | ||||
New Jersey Health Care Facilities | ||||
Financing Authority, Refunding RB: | ||||
Barnabas Health, Series A, | ||||
5.63%, 7/01/37 | $ | 1,000 | $ | 1,114,310 |
St. Joseph's Healthcare | ||||
System, 6.63%, 7/01/38 | 725 | 840,949 | ||
Tobacco Settlement Financing Corp. | ||||
New Jersey, Refunding RB, Series 1A, | ||||
4.50%, 6/01/23 | 4,955 | 4,767,552 | ||
19,379,304 | ||||
New Mexico — 0.8% | ||||
City of Farmington New Mexico, | ||||
Refunding RB, Arizona Public Service, | ||||
Series A, 4.70%, 5/01/24 | 500 | 558,250 | ||
New Mexico Hospital Equipment Loan | ||||
Council, Refunding RB, Gerald | ||||
Champion, 5.50%, 7/01/42 | 2,030 | 2,023,910 | ||
2,582,160 | ||||
New York — 2.8% | ||||
Chautauqua County Industrial | ||||
Development Agency, RB, NRG | ||||
Dunkirk Power Project, 5.88%, | ||||
4/01/42 | 1,615 | 1,820,024 | ||
Genesee County Industrial Development | ||||
Agency New York, Refunding RB, | ||||
United Memorial Medical Center | ||||
Project, 5.00%, 12/01/32 | 500 | 482,715 | ||
New York City Industrial Development | ||||
Agency, RB, AMT: | ||||
American Airlines Inc., JFK | ||||
International Airport, 8.00%, | ||||
8/01/28 (a)(c)(d) | 235 | 247,526 | ||
British Airways Plc Project, | ||||
7.63%, 12/01/32 | 1,500 | 1,529,430 | ||
JetBlue Airways Corp. Project, | ||||
5.13%, 5/15/30 | 1,750 | 1,696,572 | ||
New York Liberty Development Corp., | ||||
Refunding RB, Second Priority, Bank | ||||
of America Tower at One Bryant Park | ||||
Project, 6.38%, 7/15/49 | 375 | 430,729 | ||
Onondaga Civic Development Corp., | ||||
Refunding RB, St. Joseph's Hospital | ||||
Health Center, 5.00%, 7/01/42 | 1,220 | 1,238,739 | ||
Westchester County Industrial | ||||
Development Agency New York, RB, | ||||
Kendal on Hudson Project, Series A, | ||||
6.38%, 1/01/24 | 1,500 | 1,505,925 | ||
Yonkers Industrial Development Agency | ||||
New York, RB, Sarah Lawrence | ||||
College Project, Series A, 6.00%, | ||||
6/01/41 | 410 | 463,747 | ||
9,415,407 |
Par (000) |
Value | |||
Municipal Bonds | ||||
North Carolina — 2.1% | ||||
City of Charlotte North Carolina, | ||||
Refunding RB, Charlotte-Douglas | ||||
International Airport, Special Facilities | ||||
Revenue, US Airway, Inc., Project, | ||||
AMT, 5.60%, 7/01/27 | $ | 1,180 | $ | 1,079,523 |
North Carolina Capital Facilities Finance | ||||
Agency, Refunding RB, High Point | ||||
University, 4.38%, 5/01/34 | 2,100 | 2,164,428 | ||
North Carolina Medical Care | ||||
Commission, RB, First Mortgage, | ||||
Galloway Ridge Project, Series A, | ||||
6.00%, 1/01/39 | 1,520 | 1,631,507 | ||
North Carolina Medical Care | ||||
Commission, Refunding RB: | ||||
Carolina Village Project, | ||||
6.00%, 4/01/38 | 1,000 | 1,049,590 | ||
First Mortgage, Whitestone, | ||||
Series A, 7.75%, 3/01/41 | 830 | 943,129 | ||
6,868,177 | ||||
Ohio — 1.1% | ||||
County of Hamilton Ohio, RB, Christ | ||||
Hospital Project, 5.00%, 6/01/42 | 1,120 | 1,192,408 | ||
Southeastern Ohio Port Authority | ||||
Hospital Facilities, Refunding RB, | ||||
Memorial Health System Obligated | ||||
Group Project, 6.00%, 12/01/42 | 565 | 600,776 | ||
State of Ohio, RB, Ford Motor Co. | ||||
Project, AMT, 5.75%, 4/01/35 | 1,720 | 1,791,156 | ||
3,584,340 | ||||
Oklahoma — 0.2% | ||||
Oklahoma Development Finance | ||||
Authority, Refunding RB, Inverness | ||||
Village Community, 6.00%, 1/01/32 | 695 | 750,218 | ||
Pennsylvania — 5.0% | ||||
Allegheny County Hospital Development | ||||
Authority, Refunding RB, Health | ||||
System, West Penn, Series A, 5.38%, | ||||
11/15/40 | 2,140 | 1,626,378 | ||
Allegheny County IDA, RB, US Steel | ||||
Corp. Project, AMT, 5.75%, 8/01/42 | 1,500 | 1,482,990 | ||
Allentown Neighborhood Improvement | ||||
Zone Development Authority, RB, | ||||
Series A: | ||||
5.00%, 5/01/35 | 1,185 | 1,244,831 | ||
5.00%, 5/01/42 | 2,730 | 2,833,112 | ||
City of Philadelphia Pennsylvania Gas | ||||
Works, RB, Ninth Series, 5.25%, | ||||
8/01/40 | 1,000 | 1,073,620 | ||
Cumberland County Municipal Authority, | ||||
Refunding RB, Diakon Lutheran, | ||||
6.38%, 1/01/39 | 2,335 | 2,596,847 |
BLACKROCK MUNICIPAL BOND FUND, INC. | SEPTEMBER 30, 2012 | 6 |
Schedule of Investments (continued) | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
Par (000) |
Value | |||
Municipal Bonds | ||||
Pennsylvania (concluded) | ||||
Lancaster County Hospital Authority, | ||||
Refunding RB, Brethren Village | ||||
Project, Series A, 6.50%, 7/01/40 | $ | 835 | $ | 895,036 |
Pennsylvania Economic Development | ||||
Financing Authority, RB, US Airways | ||||
Group, Series A, 7.50%, 5/01/20 | 1,100 | 1,241,141 | ||
Pennsylvania Higher Educational | ||||
Facilities Authority, Refunding RB, | ||||
LaSalle University, 5.00%, 5/01/37 | 1,500 | 1,631,295 | ||
Philadelphia Hospitals & Higher | ||||
Education Facilities Authority, RB, | ||||
Temple University Health System, | ||||
Series A, 5.63%, 7/01/42 | 1,865 | 1,971,697 | ||
16,596,947 | ||||
Puerto Rico — 2.6% | ||||
Puerto Rico Electric Power Authority, RB: | ||||
Series A, 5.00%, 7/01/42 | 965 | 956,064 | ||
Series WW, 5.50%, 7/01/38 | 1,000 | 1,047,580 | ||
Puerto Rico Public Buildings Authority, | ||||
Refunding RB, Government Facilities, | ||||
Series U, 5.25%, 7/01/42 | 2,210 | 2,223,238 | ||
Puerto Rico Public Finance Corp., | ||||
Refunding RB, Series B, 5.50%, | ||||
8/01/31 | 2,500 | 2,622,875 | ||
Puerto Rico Sales Tax Financing Corp., | ||||
RB, First Sub-Series A, 6.50%, | ||||
8/01/44 | 750 | 882,803 | ||
Puerto Rico Sales Tax Financing Corp., | ||||
Refunding RB, CAB, First | ||||
Sub-Series C, 5.99%, 8/01/38 (b) | 5,000 | 1,087,900 | ||
8,820,460 | ||||
Tennessee — 0.7% | ||||
Johnson City Health & Educational | ||||
Facilities Board, RB, Mountain States | ||||
Health, 5.00%, 8/15/42 | 1,000 | 1,058,300 | ||
Tennessee Energy Acquisition Corp., RB, | ||||
Series A, 5.25%, 9/01/26 | 1,250 | 1,385,888 | ||
2,444,188 | ||||
Texas — 11.5% | ||||
Bexar County Health Facilities | ||||
Development Corp., RB, Army | ||||
Retirement Residence Project, 6.20%, | ||||
7/01/45 | 1,320 | 1,482,941 | ||
Brazos River Authority, RB, TXU Electric, | ||||
Series A, AMT, 8.25%, 10/01/30 | 750 | 116,452 | ||
Central Texas Regional Mobility | ||||
Authority, Refunding RB: | ||||
Senior Lien, 5.75%, 1/01/25 | 250 | 289,582 | ||
Senior Lien, 6.25%, 1/01/46 | 765 | 894,369 | ||
CAB, 4.97%, 1/01/28 (b) | 3,000 | 1,418,430 | ||
CAB, 5.01%, 1/01/29 (b) | 500 | 223,695 |
Par (000) |
Value | |||
Municipal Bonds | ||||
Texas (continued) | ||||
Central Texas Regional Mobility | ||||
Authority, Refunding RB (concluded): | ||||
CAB, 5.11%, 1/01/30 (b) | $ | 1,330 | $ | 557,031 |
CAB, 5.27%, 1/01/31 (b) | 4,000 | 1,549,280 | ||
City of Houston Texas, RB, Special | ||||
Facilities: | ||||
Continental Airlines, Inc. | ||||
Terminal Improvement | ||||
Projects, AMT, 6.63%, | ||||
7/15/38 | 1,110 | 1,237,428 | ||
Continental Airlines, Series E, | ||||
AMT, 7.38%, 7/01/22 | 500 | 502,170 | ||
Continental Airlines, Series E, | ||||
AMT, 6.75%, 7/01/21 | 630 | 632,407 | ||
City of Houston Texas, Refunding RB, | ||||
Senior Lien, Series A, 5.50%, | ||||
7/01/39 | 120 | 134,940 | ||
Clifton Higher Education Finance Corp., | ||||
ERB, Idea Public Schools: | ||||
5.00%, 8/15/42 | 1,360 | 1,430,203 | ||
5.50%, 8/01/31 | 370 | 405,905 | ||
5.75%, 8/01/41 | 280 | 308,389 | ||
Danbury Higher Education Authority Inc., | ||||
RB, A.W. Brown Fellowship Charter, | ||||
Series A (ACA), 5.00%, 8/15/16 (f) | 355 | 416,809 | ||
Gulf Coast IDA, RB, AMT, Citgo | ||||
Petroleum Project, 4.88%, 5/01/25 | 1,580 | 1,586,336 | ||
Houston Higher Education Finance | ||||
Corp., RB, Cosmos Foundation, Inc., | ||||
Series A: | ||||
6.50%, 5/15/31 | 1,000 | 1,199,480 | ||
6.88%, 5/15/41 | 205 | 250,664 | ||
Love Field Airport Modernization Corp., | ||||
RB, Southwest Airlines Co. Project: | ||||
AMT, 5.00%, 11/01/28 | 530 | 569,305 | ||
5.25%, 11/01/40 | 500 | 539,415 | ||
Matagorda County Navigation District | ||||
No. 1 Texas, Refunding RB, Central | ||||
Power & Light Co. Project, Series A, | ||||
6.30%, 11/01/29 | 290 | 337,899 | ||
North Texas Education Finance | ||||
Corporation, ERB, Uplift Education, | ||||
Series A, 5.13%, 12/01/42 | 1,255 | 1,334,128 | ||
North Texas Tollway Authority, RB, CAB, | ||||
Special Projects System, Series B, | ||||
5.32%, 9/01/37 (b) | 725 | 195,844 | ||
North Texas Tollway Authority, | ||||
Refunding RB, Toll, Second Tier, | ||||
Series F, 6.13%, 1/01/31 | 1,150 | 1,281,146 | ||
Red River Health Facilities Development | ||||
Corp., First MRB, Eden Home, Inc. | ||||
Project, 7.25%, 12/15/42 | 1,330 | 1,418,299 |
BLACKROCK MUNICIPAL BOND FUND, INC. | SEPTEMBER 30, 2012 | 7 |
Schedule of Investments (continued) | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
Par (000) |
Value | |||
Municipal Bonds | ||||
Texas (concluded) | ||||
Sam Rayburn Municipal Power Agency, | ||||
Refunding RB, 5.00%, 10/01/21 | $ | 500 | $ | 595,930 |
Tarrant County Cultural Education | ||||
Facilities Finance Corp., RB: | ||||
CC Young Memorial Home, | ||||
8.00%, 2/15/38 | 330 | 364,310 | ||
Senior Living Center Project, | ||||
8.25%, 11/15/44 | 800 | 898,168 | ||
Tarrant County Cultural Education | ||||
Facilities Finance Corp., Refunding | ||||
RB, Northwest Senior Housing, | ||||
Edgemere Project, Series A, 6.00%, | ||||
11/15/36 | 1,500 | 1,594,305 | ||
Texas Private Activity Bond Surface | ||||
Transportation Corp., RB, Senior Lien: | ||||
LBJ Infrastructure Group LLC, | ||||
LBJ Freeway Managed | ||||
Lanes Project, 7.00%, | ||||
6/30/40 | 2,320 | 2,838,914 | ||
NTE Mobility Partners LLC, | ||||
North Tarrant Express | ||||
Managed Lanes Project, | ||||
6.88%, 12/31/39 | 1,740 | 2,093,516 | ||
Texas State Public Finance Authority, | ||||
Refunding ERB, KIPP Inc., | ||||
Series A (ACA): | ||||
5.00%, 2/15/28 | 680 | 699,081 | ||
5.00%, 2/15/36 | 2,000 | 2,049,800 | ||
Texas State Turnpike Authority, RB | ||||
(AMBAC): | ||||
CAB, 5.95%, 8/15/30 (b) | 5,200 | 1,821,976 | ||
CAB, 6.03%, 8/15/35 (b) | 10,000 | 2,570,300 | ||
First Tier, Series A, 5.00%, | ||||
8/15/42 | 2,500 | 2,517,200 | ||
38,356,047 | ||||
US Virgin Islands — 0.7% | ||||
Virgin Islands Public Finance Authority, | ||||
RB, Matching Fund Loan Note, | ||||
Series A, 5.00%, 10/01/32 | 2,025 | 2,192,407 | ||
Utah — 0.3% | ||||
Utah State Charter School Finance | ||||
Authority, RB, Navigator Pointe | ||||
Academy, Series A, 5.63%, 7/15/40 | 1,000 | 1,026,870 | ||
Vermont — 0.3% | ||||
Vermont EDA, Refunding MRB, Wake | ||||
Robin Corp. Project, 5.40%, 5/01/33 | 930 | 972,008 | ||
Virginia — 5.0% | ||||
Albemarle County IDA, Refunding RB, | ||||
Westminster-Canterbury, 5.00%, | ||||
1/01/31 | 500 | 511,110 | ||
City of Norfolk Virginia, Refunding RB, | ||||
Series B (AMBAC), 5.50%, 2/01/31 | 220 | 220,264 |
Par (000) |
Value | |||
Municipal Bonds | ||||
Virginia (concluded) | ||||
Fairfax County EDA, Refunding RB, | ||||
Goodwin House Inc.: | ||||
5.13%, 10/01/37 | $ | 2,040 | $ | 2,103,974 |
5.13%, 10/01/42 | 1,185 | 1,218,405 | ||
Lexington IDA, Refunding MRB, Kendal | ||||
at Lexington, Series A, 5.38%, | ||||
1/01/28 | 210 | 213,938 | ||
Mosaic District Community | ||||
Development Authority, RB, Special | ||||
Assessment, Series A: | ||||
6.63%, 3/01/26 | 515 | 582,146 | ||
6.88%, 3/01/36 | 450 | 508,073 | ||
Virginia Small Business Financing | ||||
Authority, RB, Senior Lien, AMT: | ||||
Elizabeth River Crossings, LLC | ||||
Project, 5.25%, 1/01/32 | 420 | 459,913 | ||
Elizabeth River Crossings, LLC | ||||
Project, 6.00%, 1/01/37 | 3,290 | 3,785,474 | ||
Elizabeth River Crossings, LLC | ||||
Project, 5.50%, 1/01/42 | 610 | 671,372 | ||
Express Lanes LLC, 5.00%, | ||||
7/01/34 | 1,700 | 1,782,042 | ||
Express Lanes LLC, 5.00%, | ||||
1/01/40 | 3,640 | 3,801,543 | ||
Watkins Centre Community | ||||
Development Authority, RB, 5.40%, | ||||
3/01/20 | 650 | 670,052 | ||
16,528,306 | ||||
Washington — 2.1% | ||||
Greater Wenatchee Regional Events | ||||
Center Public Facilities District, | ||||
Refunding RB, Series A, 5.50%, | ||||
9/01/42 | 1,005 | 1,002,166 | ||
King County, Washington Public Hospital | ||||
District No. 4, GO, Refunding, | ||||
Snoqualmie Valley Hospital, 7.00%, | ||||
12/01/40 | 545 | 600,748 | ||
Port of Seattle Industrial Development | ||||
Corp., Refunding RB, Special | ||||
Facilities, Delta Airline, Inc. Project, | ||||
AMT, 5.00%, 4/01/30 (g) | 1,065 | 1,063,637 | ||
Tobacco Settlement Authority of | ||||
Washington, RB, Asset-Backed, | ||||
6.50%, 6/01/26 | 2,240 | 2,321,737 | ||
Washington Health Care Facilities | ||||
Authority, RB: | ||||
Kadlec Regional Medical | ||||
Center, 5.00%, 12/01/42 | 1,000 | 1,025,080 |
BLACKROCK MUNICIPAL BOND FUND, INC. | SEPTEMBER 30, 2012 | 8 |
Schedule of Investments (continued) | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
Par (000) |
Value | |||
Municipal Bonds | ||||
Washington (concluded) | ||||
Washington Health Care Facilities | ||||
Authority, RB (concluded): | ||||
Swedish Health Services, | ||||
Series A, 6.75%, | ||||
5/15/21 (f) | $ | 730 | $ | 1,034,768 |
7,048,136 | ||||
West Virginia — 0.5% | ||||
City of Princeton West Virginia, | ||||
Refunding RB, Princeton Community | ||||
Hospital Project, 5.00%, 5/01/27 | 1,575 | 1,696,354 | ||
Wisconsin — 0.5% | ||||
Public Finance Authority, Refunding RB, | ||||
Senior Obligated Group, Series B, | ||||
AMT, 5.00%, 7/01/42 | 1,500 | 1,506,795 | ||
Wisconsin Health & Educational | ||||
Facilities Authority, Refunding RB, St. | ||||
John's Communities Inc., Series A: | ||||
7.25%, 9/15/29 | 75 | 86,294 | ||
7.63%, 9/15/39 | 145 | 168,304 | ||
1,761,393 | ||||
Total Municipal Bonds – 88.3% | 294,049,091 | |||
Municipal Bonds Transferred to | ||||
Tender Option Bond (TOB) Trusts (h) | ||||
California — 0.7% | ||||
Bay Area Toll Authority, Refunding RB, | ||||
San Francisco Bay Area, Series F-1, | ||||
5.63%, 4/01/44 | 480 | 554,999 | ||
City of Los Angeles California | ||||
Department of Airports, Refunding RB, | ||||
Senior, Los Angeles International | ||||
Airport, Series A, 5.00%, 5/15/40 | 1,680 | 1,891,509 | ||
2,446,508 | ||||
Colorado — 1.8% | ||||
Colorado Health Facilities Authority, | ||||
Refunding RB, Sisters of Leavenworth, | ||||
Series A, 5.00%, 1/01/40 | 5,595 | 6,087,416 | ||
District of Columbia — 0.4% | ||||
District of Columbia Water & Sewer | ||||
Authority, Refunding RB, Series A, | ||||
6.00%, 10/01/35 (i) | 950 | 1,157,968 | ||
Florida — 1.2% | ||||
County of Miami-Dade Florida, RB, | ||||
Water & Sewer System, 5.00%, | ||||
10/01/34 | 3,500 | 3,959,851 |
Par (000) |
Value | |||
Municipal Bonds Transferred to | ||||
Tender Option Bond (TOB) Trusts (h) | ||||
Illinois — 5.0% | ||||
City of Chicago Illinois, RB, General | ||||
Airport, Third Lien, Series A (NPFGC), | ||||
5.00%, 1/01/33 | $ | 3,495 | $ | 3,742,865 |
City of Chicago Illinois, Refunding RB, | ||||
5.00%, 11/01/42 | 8,616 | 9,856,744 | ||
Illinois Finance Authority, RB, Carle | ||||
Foundation, Series A (AGM), 6.00%, | ||||
8/15/41 | 2,480 | 2,896,020 | ||
16,495,629 | ||||
Michigan — 0.9% | ||||
Detroit Water and Sewerage | ||||
Department, Refunding RB, Senior | ||||
Lien, Series A: | ||||
5.00%, 7/01/32 | 963 | 1,029,132 | ||
5.25%, 7/01/39 | 1,662 | 1,778,222 | ||
2,807,354 | ||||
New York — 7.7% | ||||
Hudson New York Yards Infrastructure | ||||
Corp., RB, 5.75%, 2/15/47 | 1,720 | 2,030,831 | ||
New York City Municipal Water Finance | ||||
Authority, Refunding RB, Water & | ||||
Sewer System, Second General | ||||
Resolution: | ||||
Series EE, 5.50%, 6/15/43 | 3,795 | 4,532,824 | ||
Series HH, 5.00%, 6/15/31 (i) | 3,015 | 3,567,654 | ||
New York Liberty Development Corp., | ||||
RB, 1 World Trade Center Port | ||||
Authority Construction, 5.25%, | ||||
12/15/43 | 7,725 | 8,906,186 | ||
New York Liberty Development Corp., | ||||
Refunding RB, 4 World Trade Center | ||||
Project, 5.75%, 11/15/51 | 2,520 | 2,979,219 | ||
New York State Dormitory Authority, | ||||
ERB, Series F, 5.00%, 3/15/35 | 3,405 | 3,715,038 | ||
25,731,752 | ||||
Ohio — 1.4% | ||||
County of Allen Ohio, Refunding RB, | ||||
Catholic Healthcare, Series A, 5.25%, | ||||
6/01/38 | 2,200 | 2,436,764 | ||
State of Ohio, Refunding RB, Cleveland | ||||
Clinic Health, Series A, 5.50%, | ||||
1/01/39 | 2,010 | 2,257,744 | ||
4,694,508 | ||||
South Carolina — 0.5% | ||||
South Carolina State Housing Finance & | ||||
Development Authority, Refunding RB, | ||||
Series B-1, 5.55%, 7/01/39 | 1,659 | 1,786,713 |
BLACKROCK MUNICIPAL BOND FUND, INC. | SEPTEMBER 30, 2012 | 9 |
Schedule of Investments (continued) | BlackRock High Yield Municipal Fund (Percentages shown are based on Net Assets) |
Par (000) |
Value | |||
Municipal Bonds Transferred to | ||||
Tender Option Bond (TOB) Trusts (h) | ||||
Virginia — 0.8% | ||||
Virginia Small Business Financing | ||||
Authority, Refunding RB, Sentara | ||||
Healthcare, 5.00%, 11/01/40 | $ | 2,501 | $ | 2,768,244 |
Washington — 1.0% | ||||
City of Bellingham Washington, RB, | ||||
Water & Sewer, 5.00%, 8/01/40 | 2,999 | 3,411,297 | ||
Wisconsin — 0.7% | ||||
Wisconsin Health & Educational | ||||
Facilities Authority, Refunding RB, | ||||
Froedtert & Community Health Inc., | ||||
5.25%, 4/01/39 (i) | 2,180 | 2,393,146 | ||
Total Municipal Bonds Transferred to | ||||
Tender Option Bond (TOB) Trusts – 22.1% | 73,740,386 | |||
Total Long-Term Investments | ||||
(Cost – $340,239,852) – 110.4% | 367,789,477 | |||
Shares | ||||
Short-Term Securities | ||||
FFI Institutional Tax-Exempt Fund, | ||||
0.01% (j)(k) | 7,793,738 | 7,793,738 | ||
Total Short-Term Securities | ||||
(Cost – $7,793,738) – 2.3% | 7,793,738 | |||
Total Investments (Cost - $348,033,590*) – 112.7% | 375,583,215 | |||
Liabilities in Excess of Other Assets – (0.6)% | (2,085,488) | |||
Liability for TOB Trust Certificates, Including | ||||
Interest Expense and Fees Payable – (12.1)% | (40,319,167) | |||
Net Assets – 100.0% | $ | 333,178,560 |
* | As of September 30, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows: |
Tax Cost | $ | 307,747,777 | |
Gross unrealized appreciation | $ | 30,797,120 | |
Gross unrealized depreciation | (3,258,540) | ||
Net unrealized appreciation | $ | 27,538,580 |
(a) | Variable rate security. Rate shown is as of report date. |
(b) | Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
(c) | Issuer filed for bankruptcy and/or is in default of principal and/or interest payments. |
(d) | Non-income producing security. |
(e) | Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown is as of report date. |
(f) | US government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(g) | When-issued security. Unsettled when-issued transactions were as follows: |
Counterparty | Value | Unrealized Appreciation | ||
Citigroup, Inc. | $ | 1,063,637 | $ | 10,874 |
Piper Jaffray | $ | 2,221,022 | $ | — |
(h) | Securities represent bonds transferred to a TOB in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction. |
(i) | Security is subject to a recourse agreement which may require the Fund to pay in the event there is a shortfall between the short-term floating rate certificates and proceeds received from the sale of the security contributed to the TOB trust. In the case of a shortfall, the aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements is $3,575,000. |
(j) | Investments in issuers considered to be an affiliate of the Fund during the period ended September 30, 2012, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
Affiliate | Shares Held at June 30, 2012 |
Net Activity |
Shares Held at September 30, 2012 |
Income |
FFI Institutional | ||||
Tax-Exempt | ||||
Fund | 25,189,057 | (17,395,319) | 7,793,738 | $ 549 |
(k) | Represents the current yield as of report date. |
Portfolio Abbreviations
To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:
ACA | American Capital Access Corp. |
AGC | Assured Guaranty Corp. |
AGM | Assured Guaranty Municipal Corp. |
AMBAC | American Municipal Bond Assurance Corp. |
AMT | Alternative Minimum Tax (subject to) |
CAB | Capital Appreciation Bonds |
EDA | Economic Development Authority |
EDC | Economic Development Corp. |
ERB | Education Revenue Bonds |
GO | General Obligation Bonds |
HFA | Housing Finance Agency |
IDA | Industrial Development Authority |
MRB | Mortgage Revenue Bonds |
NPFGC | National Public Finance Guarantee Corp. |
Radian | Radian Financial Guaranty |
RB | Revenue Bonds |
BLACKROCK MUNICIPAL BOND FUND, INC. | SEPTEMBER 30, 2012 | 10 |
Schedule of Investments (concluded) | BlackRock High Yield Municipal Fund |
• | Fair Value Measurements - Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows: |
• | Level 1 — unadjusted price quotations in active markets/exchanges for identical assets and liabilities that the Fund has the ability to access |
• | Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
• | Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's own assumptions used in determining the fair value of investments) |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund's policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report.
The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2012:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Investments: | ||||||||||||||||
Long Term | ||||||||||||||||
Investments1 | — | $ | 367,789,477 | — | $ | 367,789,477 | ||||||||||
Short-Term | ||||||||||||||||
Securities | $ | 7,793,738 | — | — | 7,793,738 | |||||||||||
Total | $ | 7,793,738 | $ | 367,789,477 | — | $ | 375,583,215 |
1 See above Schedule of Investments for values in each state or political subdivision.
Certain of the Fund’s liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of September 30, 2012, TOB trust certificates of $40,296,858 are categorized as Level 2 within the disclosure hierarchy.
There were no transfers between levels during the period ended September 30, 2012.
BLACKROCK MUNICIPAL BOND FUND, INC. | SEPTEMBER 30, 2012 | 11 |
Schedule of Investments September 30, 2012 (Unaudited) | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Par (000) |
Value | |||
Municipal Bonds | ||||
Alabama — 0.9% | ||||
Alabama State Docks Department, | ||||
Refunding RB, 6.00%, 10/01/40 | $ | 15,500 | $ | 18,033,010 |
Birmingham Special Care Facilities | ||||
Financing Authority, RB (AGC), 6.00%, | ||||
6/01/39 | 15,195 | 18,101,196 | ||
Courtland IDB Alabama, RB, | ||||
International Paper Co. Projects, | ||||
Series A, 6.25%, 11/01/33 | 2,590 | 2,996,811 | ||
Courtland IDB Alabama, | ||||
Refunding RB, AMT: | ||||
Champion International Corp. | ||||
Project, AMT, 6.00%, 8/01/29 | 195 | 196,209 | ||
International Paper Co., Series B, | ||||
6.25%, 8/01/25 | 750 | 778,695 | ||
Prattville IDB, RB, Recovery Zone Facility | ||||
Series C, 6.25%, 11/01/33 | 3,380 | 3,910,897 | ||
44,016,818 | ||||
Alaska — 0.2% | ||||
Borough of Matanuska-Susitna Alaska, | ||||
RB, Goose Creek Correctional Center | ||||
(AGC): | ||||
6.00%, 9/01/28 | 2,000 | 2,435,440 | ||
6.00%, 9/01/32 | 5,250 | 6,267,975 | ||
8,703,415 | ||||
Arizona — 0.3% | ||||
Maricopa County & Phoenix IDA, | ||||
Refunding RB, S/F, Series A-2, AMT | ||||
(Ginnie Mae), 5.80%, 7/01/40 | 1,205 | 1,242,199 | ||
Maricopa County IDA Arizona, RB, | ||||
Arizona Charter Schools Project, | ||||
Series A, 6.75%, 7/01/29 | 3,100 | 2,182,090 | ||
Peoria Improvement District No. 8401 | ||||
Arizona, Special Assessment Bonds, | ||||
No. 8802, 7.20%, 1/01/13 | 510 | 518,150 | ||
Pima County IDA, IDRB, Tucson Electric | ||||
Power, Series A, 6.38%, 9/01/29 | 4,065 | 4,128,861 | ||
Pinal County IDA Arizona, RB, San | ||||
Manuel Facility Project, AMT, 6.25%, | ||||
6/01/26 | 500 | 503,650 | ||
Vistancia Community Facilities District | ||||
Arizona, GO: | ||||
6.75%, 7/15/22 | 3,000 | 3,008,640 | ||
5.75%, 7/15/24 | 2,125 | 2,263,486 | ||
13,847,076 | ||||
California — 16.2% | ||||
ABAG Finance Authority for Nonprofit | ||||
Corps, Refunding RB, Sharp | ||||
Healthcare, 6.25%, 8/01/39 | 9,000 | 10,815,120 | ||
California Health Facilities Financing | ||||
Authority, RB: | ||||
Catholic Healthcare West, | ||||
Series J, 5.63%, 7/01/32 | 10,000 | 10,939,500 |
Par (000) |
Value | |||
Municipal Bonds | ||||
California (continued) | ||||
California Health Facilities Financing | ||||
Authority, RB (concluded): | ||||
Sutter Health, Series A, 5.25%, | ||||
11/15/46 | $ | 20,000 | $ | 21,212,400 |
Sutter Health, Series B, | ||||
6.00%, 8/15/42 | 21,340 | 25,653,241 | ||
California Health Facilities Financing | ||||
Authority, Refunding RB: | ||||
Catholic Healthcare West, | ||||
Series A, 6.00%, 7/01/34 | 5,100 | 5,365,251 | ||
Catholic Healthcare West, | ||||
Series A, 6.00%, 7/01/39 | 11,905 | 14,098,496 | ||
Stanford Hospital, Series A-3, | ||||
5.50%, 11/15/40 | 10,645 | 12,662,653 | ||
California State Public Works Board, RB, | ||||
Various Capital Projects: | ||||
Sub-Series A-1, 6.00%, | ||||
3/01/35 | 14,125 | 16,802,252 | ||
Sub-Series I-1, 6.13%, | ||||
11/01/29 | 10,000 | 12,276,500 | ||
Sub-Series I-1, 6.38%, | ||||
11/01/34 | 11,680 | 14,172,629 | ||
Sub-Series I-1, 6.63%, | ||||
11/01/34 | 6,710 | 8,262,828 | ||
California Statewide Communities | ||||
Development Authority, RB: | ||||
Health Facility, Memorial | ||||
Health Services, Series A, | ||||
6.00%, 4/01/13 (a) | 9,880 | 10,171,559 | ||
Kaiser Permanente, Series A, | ||||
5.00%, 4/01/42 | 43,500 | 47,851,740 | ||
Kaiser Permanente, Series B, | ||||
5.25%, 3/01/45 | 10,000 | 10,639,700 | ||
Sutter Health, Series A, 6.00%, | ||||
8/15/42 | 10,190 | 12,249,603 | ||
California Statewide Communities | ||||
Development Authority, Refunding RB, | ||||
Catholic Healthcare West: | ||||
Series B, 5.50%, 7/01/30 | 2,970 | 3,299,611 | ||
Series E, 5.50%, 7/01/31 | 1,920 | 2,134,886 | ||
Chula Vista Community Facilities District | ||||
California, Special Tax Bonds, District | ||||
No. 06-1, Eastlake-Woods, | ||||
Improvement Area A, 6.15%, 9/01/26 | 3,215 | 3,264,447 | ||
City of Chula Vista California, Refunding | ||||
RB, San Diego Gas & Electric, | ||||
Series A, 5.88%, 2/15/34 | 5,850 | 6,922,422 | ||
City of Newport Beach California, | ||||
Refunding RB, Hoag Memorial Hospital | ||||
Presbyterian, 6.00%, 12/01/40 | 7,485 | 9,226,685 | ||
City of San Jose California, RB, Hotel Tax | ||||
Revenue, Convention Center | ||||
Expansion & Renovation Project: | ||||
6.50%, 5/01/36 | 1,510 | 1,813,767 | ||
6.50%, 5/01/42 | 5,130 | 6,120,398 |
BLACKROCK MUNICIPAL BOND FUND, INC. | SEPTEMBER 30, 2012 | 1 |
Schedule of Investments (continued) | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Par (000) |
Value | |||
Municipal Bonds | ||||
California (continued) | ||||
City of San Jose California, Refunding | ||||
ARB, AMT: | ||||
California Airport, Series A-1, | ||||
5.75%, 3/01/34 | $ | 6,000 | $ | 6,963,240 |
Series A (AMBAC), 5.50%, 3/01/32 | 6,355 | 6,847,385 | ||
County of Sacramento California, RB, | ||||
Subordinated and Passenger Facility | ||||
Charges/Grant, Series C: | ||||
6.00%, 7/01/39 | 16,745 | 19,287,058 | ||
6.00%, 7/01/41 | 13,240 | 15,234,871 | ||
Cucamonga Valley Water District, | ||||
Refunding RB (AGM), 5.38%, | ||||
9/01/35 | 26,315 | 31,130,908 | ||
East Bay Municipal Utility District, | ||||
Refunding RB, Sub-Series A, 5.00%, | ||||
6/01/36 | 9,000 | 10,507,410 | ||
Grossmont Healthcare District, GO, | ||||
Election of 2006, Series B, 6.13%, | ||||
7/15/40 | 3,500 | 4,307,275 | ||
Los Angeles Department of Water & | ||||
Power, RB, Power System, Sub-Series | ||||
A-1 (AGM), 5.00%, 7/01/35 | 40,000 | 44,019,200 | ||
Los Angeles Department of Water & | ||||
Power, Refunding RB, System, | ||||
Series A, 5.25%, 7/01/39 | 40,000 | 46,793,600 | ||
Los Angeles Municipal Improvement | ||||
Corp., RB, Real Property, Series E: | ||||
6.00%, 9/01/34 | 4,540 | 5,280,973 | ||
6.00%, 9/01/39 | 9,450 | 11,005,092 | ||
Metropolitan Water District of Southern | ||||
California, RB, Series A, 5.00%, | ||||
7/01/37 | 10,000 | 11,492,900 | ||
Modesto Irrigation District, COP, Capital | ||||
Improvements, Series A, 6.00%, | ||||
10/01/39 | 11,755 | 13,518,603 | ||
Orange County Sanitation District, COP, | ||||
Series A, 5.00%, 2/01/35 | 10,000 | 11,282,200 | ||
Orange County Water District, COP: | ||||
Refunding, 5.00%, 8/15/39 | 15,000 | 16,871,850 | ||
Series B (NPFGC), 5.00%, 8/15/34 | 10,000 | 10,334,700 | ||
San Diego Community College District | ||||
California, GO, Election of 2002 | ||||
(AGM), 5.00%, 5/01/15 (a) | 20,000 | 22,401,000 | ||
San Francisco City & County Airports | ||||
Commission, RB, Series E, 6.00%, | ||||
5/01/39 | 24,300 | 28,757,592 | ||
San Francisco City & County Airports | ||||
Commission, Refunding RB, Second | ||||
Series 34E, AMT (AGM): | ||||
5.75%, 5/01/21 | 8,220 | 9,755,414 | ||
5.75%, 5/01/23 | 17,000 | 19,888,810 |
Par (000) |
Value | |||
Municipal Bonds | ||||
California (concluded) | ||||
San Francisco City & County | ||||
Redevelopment Agency, Special Tax | ||||
Bonds, Community Facilities District | ||||
No. 6-Mission, Series A: | ||||
6.00%, 8/01/21 | $ | 5,000 | $ | 5,040,100 |
6.00%, 8/01/25 | 2,550 | 2,566,855 | ||
San Joaquin County Transportation | ||||
Authority, Refunding RB, Limited Tax | ||||
Measure K, Series A: | ||||
6.00%, 3/01/36 | 12,830 | 15,772,945 | ||
5.50%, 3/01/41 | 25,740 | 30,435,491 | ||
San Jose Financing Authority, Refunding | ||||
RB, Civic Center Project, Series B | ||||
(AMBAC), 5.00%, 6/01/32 | 9,060 | 9,089,354 | ||
San Juan Water District, COP, Series A, | ||||
6.00%, 2/01/39 | 10,000 | 11,732,900 | ||
State of California, GO, Various Purpose: | ||||
6.50%, 4/01/33 | 40,000 | 49,936,800 | ||
6.00%, 4/01/35 | 4,100 | 4,932,423 | ||
6.00%, 4/01/38 | 35,665 | 42,622,885 | ||
Tahoe-Truckee Unified School District, | ||||
GO, School Facility Improvement | ||||
District 2, Election of 2002, Series A | ||||
(NPFGC), 5.25%, 8/01/13 (a) | 2,535 | 2,641,850 | ||
Tuolumne Wind Project Authority, RB, | ||||
Tuolumne Co. Project, Series A, | ||||
5.88%, 1/01/29 | 19,355 | 23,166,387 | ||
University of California, RB, Series O, | ||||
5.75%, 5/15/34 | 1,450 | 1,746,076 | ||
University of California, Refunding RB, | ||||
Limited Project, Series G, 5.00%, | ||||
5/15/37 | 16,750 | 19,426,985 | ||
830,746,820 | ||||
Colorado — 0.6% | ||||
Colorado Health Facilities Authority, RB, | ||||
Catholic Health Initiatives, Series D, | ||||
6.25%, 10/01/33 | 4,315 | 5,119,877 | ||
Plaza Metropolitan District No. 1 | ||||
Colorado, Tax Allocation Bonds, Public | ||||
Improvement Fee, Tax Increment: | ||||
8.00%, 12/01/25 | 7,700 | 7,978,278 | ||
Subordinate, 8.13%, 12/01/25 | 1,885 | 1,884,924 | ||
University of Colorado Hospital | ||||
Authority, RB, Series A, 5.00%, | ||||
11/15/42 (b) | 15,000 | 16,343,100 | ||
31,326,179 | ||||
Connecticut — 0.6% | ||||
Connecticut State Health & Educational | ||||
Facility Authority, RB, Yale University, | ||||
Series Z-1, 5.00%, 7/01/42 | 28,145 | 31,484,686 |
BLACKROCK MUNICIPAL BOND FUND, INC. | SEPTEMBER 30, 2012 | 2 |
Schedule of Investments (continued) | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Par (000) |
Value | |||
Municipal Bonds | ||||
Delaware — 0.3% | ||||
County of Sussex Delaware, RB, NRG | ||||
Energy, Inc., Indian River Project, | ||||
6.00%, 10/01/40 | $ | 15,500 | $ | 17,764,550 |
District of Columbia — 1.0% | ||||
District of Columbia, RB, Series A, | ||||
5.50%, 12/01/30 | 20,530 | 25,857,124 | ||
District of Columbia Water & Sewer | ||||
Authority, Refunding RB, Series A: | ||||
6.00%, 10/01/35 | 12,630 | 15,392,813 | ||
5.50%, 10/01/39 | 6,475 | 7,585,916 | ||
48,835,853 | ||||
Florida — 4.1% | ||||
Anthem Park Community Development | ||||
District, Special Assessment Bonds, | ||||
5.80%, 5/01/36 (c)(d) | 1,755 | 1,272,954 | ||
County of Escambia Florida, RB, | ||||
International Paper Co. Projects, | ||||
Series B, 6.25%, 11/01/33 | 7,500 | 8,678,025 | ||
County of Miami-Dade Florida, GO, | ||||
Building Better Communities Program: | ||||
Series B, 6.38%, 7/01/28 | 9,300 | 11,237,748 | ||
Series B-1, 5.75%, 7/01/33 | 2,400 | 2,779,536 | ||
Series B-1, 6.00%, 7/01/38 | 30,000 | 34,967,100 | ||
County of Miami-Dade Florida, | ||||
Refunding RB, Miami International | ||||
Airport, Series A, AMT (AGC): | ||||
5.50%, 10/01/26 | 7,000 | 7,792,750 | ||
5.50%, 10/01/27 | 5,495 | 6,096,867 | ||
County of Miami-Dade Florida, | ||||
Refunding RB, Series C, 6.00%, | ||||
10/01/23 | 25,000 | 31,359,000 | ||
Fiddlers Creek Community Development | ||||
District No. 2, Special Assessment | ||||
Bonds, Series A, 6.38%, 5/01/35 | ||||
(c)(d) | 6,850 | 3,600,497 | ||
Florida Housing Finance Corp., | ||||
Refunding RB, AMT, Homeowner | ||||
Mortgage, Series 1 (Ginnie Mae), | ||||
6.00%, 7/01/39 | 2,805 | 2,813,022 | ||
Florida Ports Financing Commission, | ||||
Refunding RB, State Transportation | ||||
Trust Fund, Series B, AMT, 5.13%, | ||||
6/01/27 | 10,000 | 11,661,900 | ||
Harbor Bay Community Development | ||||
District Florida, Special Assessment | ||||
Bonds, Series A, 7.00%, 5/01/33 | 935 | 935,505 | ||
Highland Meadows Community | ||||
Development District, Special | ||||
Assessment Bonds, Series A, 5.50%, | ||||
5/01/36 (c)(d) | 1,090 | 443,140 | ||
Highlands County Health Facilities | ||||
Authority, RB, Adventist Health | ||||
System/Sunbelt, Series B, 6.00%, | ||||
11/15/37 | 4,990 | 5,860,356 |
Par (000) |
Value | |||
Municipal Bonds | ||||
Florida (concluded) | ||||
Hillsborough County IDA, RB, National | ||||
Gypsum Co., AMT: | ||||
Series A, 7.13%, 4/01/30 | $ | 6,000 | $ | 6,019,020 |
Series B, 7.13%, 4/01/30 | 7,750 | 7,752,945 | ||
Jacksonville Electric Authority | ||||
Florida, RB: | ||||
Scherer 4 Project, Series A, | ||||
6.00%, 10/01/37 | 11,225 | 12,036,792 | ||
Sub-Series A, 5.63%, | ||||
10/01/32 | 10,525 | 12,172,478 | ||
Sub-Series A, 5.50%, | ||||
10/01/39 | 10,000 | 10,582,000 | ||
Jacksonville Port Authority, RB, AMT | ||||
(AGC), 6.00%, 11/01/38 | 8,240 | 8,278,481 | ||
Mid-Bay Bridge Authority, RB, Series A, | ||||
7.25%, 10/01/40 | 6,000 | 7,598,040 | ||
State of Florida, GO, Board of Education, | ||||
Series A: | ||||
5.38%, 6/01/33 | 4,000 | 4,835,960 | ||
5.50%, 6/01/38 | 4,790 | 5,800,115 | ||
State of Florida, RB, Board of Education | ||||
Lottery Revenue, Series A, 5.75%, | ||||
7/01/28 | 3,890 | 4,565,615 | ||
Sterling Hill Community Development | ||||
District, Refunding RB, Special | ||||
Assessment Bonds, Series B, 5.50%, | ||||
11/01/10 (c)(d) | 160 | 112,013 | ||
Watergrass Community Development | ||||
District, Special Assessment Bonds, | ||||
Series B: | ||||
5.13%, 11/01/14 | 1,000 | 760,640 | ||
6.96%, 11/01/17 | 1,470 | 1,387,401 | ||
211,399,900 | ||||
Georgia — 1.9% | ||||
City of Atlanta Georgia, Refunding RB, | ||||
General, Series C, 6.00%, 1/01/30 | 30,000 | 37,308,300 | ||
DeKalb County Hospital Authority | ||||
Georgia, Refunding RB, Dekalb | ||||
Medical Center, Inc. Project, 6.13%, | ||||
9/01/40 | 4,285 | 4,970,643 | ||
Fulton County Residential Care Facilities | ||||
for the Elderly Authority, Refunding | ||||
RB, Canterbury Court Project, | ||||
Series A, 6.00%, 2/15/22 | 2,250 | 2,252,452 | ||
Municipal Electric Authority of Georgia, | ||||
Refunding RB: | ||||
Project One, Sub-Series D, | ||||
6.00%, 1/01/23 | 10,000 | 11,930,900 | ||
Series EE (AMBAC), 7.00%, | ||||
1/01/25 | 20,000 | 28,845,200 | ||
Series Y (AMBAC), 6.40%, 1/01/13 | 2,810 | 2,848,075 | ||
Series Y (AMBAC), 6.40%, | ||||
1/01/13 (e) | 195 | 198,126 |
BLACKROCK MUNICIPAL BOND FUND, INC. | SEPTEMBER 30, 2012 | 3 |
Schedule of Investments (continued) | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Par (000) |
Value | |||
Municipal Bonds | ||||
Georgia (concluded) | ||||
Richmond County Development | ||||
Authority, RB, Recovery Zone Facility, | ||||
International Paper Co., Series B, | ||||
6.25%, 11/01/33 | $ | 3,625 | $ | 4,194,379 |
Rockdale County Development | ||||
Authority, RB, Visy Paper Project, | ||||
Series A, AMT, 6.13%, 1/01/34 | 5,000 | 5,230,450 | ||
97,778,525 | ||||
Illinois — 7.9% | ||||
Bolingbrook Special Service Area No. 1, | ||||
Special Tax Bonds, Forest City Project, | ||||
5.90%, 3/01/27 | 1,000 | 920,610 | ||
Chicago Board of Education Illinois, GO, | ||||
Series A, 5.50%, 12/01/39 | 39,205 | 45,881,612 | ||
Chicago Transit Authority, RB, Federal | ||||
Transit Administration Section 5309, | ||||
Series A (AGC), 6.00%, 6/01/26 | 15,000 | 17,763,150 | ||
City of Chicago Illinois, GARB, O'Hare | ||||
International Airport, Third Lien: | ||||
Series B-2, AMT (NPFGC), 6.00%, | ||||
1/01/27 | 17,690 | 18,659,943 | ||
Series B-2, AMT (Syncora), 6.00%, | ||||
1/01/29 | 70,000 | 73,765,300 | ||
Series C, 6.50%, 1/01/41 | 24,325 | 30,208,488 | ||
City of Chicago Illinois Wastewater | ||||
Transmission, RB, Series A (BHAC), | ||||
5.50%, 1/01/38 | 3,000 | 3,346,740 | ||
Illinois Finance Authority, RB: | ||||
Advocate Health Care | ||||
Network, Series D, 6.50%, | ||||
11/01/38 | 6,920 | 8,153,628 | ||
Carle Foundation, Series A, | ||||
6.00%, 8/15/41 | 6,450 | 7,736,840 | ||
Carle Foundation, Series A (AGM), | ||||
6.00%, 8/15/41 | 3,675 | 4,291,481 | ||
Community Rehabilitation | ||||
Providers Facilities, Series A, | ||||
6.50%, 7/01/22 | 1,410 | 1,312,513 | ||
DePaul University, Series A, | ||||
6.13%, 10/01/40 | 11,675 | 13,725,364 | ||
Rush University Medical | ||||
Center Obligation Group, | ||||
Series B, 7.25%, 11/01/30 | 5,280 | 6,686,539 | ||
Rush University Medical | ||||
Center, Series C, 6.38%, | ||||
11/01/29 | 2,860 | 3,527,753 | ||
University of Chicago, Series B, | ||||
6.25%, 7/01/38 | 25,000 | 30,781,500 | ||
Illinois Finance Authority, Refunding RB: | ||||
Ascension Health Alliance, | ||||
5.00%, 11/15/42 | 29,675 | 32,955,571 |
Par (000) |
Value | |||
Municipal Bonds | ||||
Illinois (concluded) | ||||
Illinois Finance Authority, Refunding RB | ||||
(concluded): | ||||
Central DuPage Health, | ||||
Series B, 5.50%, 11/01/39 | $ | 4,205 | $ | 4,740,212 |
Northwestern Memorial | ||||
Hospital, Series A, 6.00%, | ||||
8/15/39 | 29,545 | 34,756,147 | ||
Northwestern Memorial | ||||
Hospital, Series B, 6.00%, | ||||
8/15/39 | 1,200 | 1,266,660 | ||
OSF Healthcare System, | ||||
Series A, 7.00%, | ||||
11/17/14 (a) | 3,335 | 3,706,953 | ||
OSF Healthcare System, | ||||
Series A, 7.13%, | ||||
11/17/14 (a) | 1,970 | 2,164,675 | ||
OSF Healthcare System, | ||||
Series A, 6.00%, 5/15/39 | 10,160 | 11,788,546 | ||
Roosevelt University Project, | ||||
6.50%, 4/01/39 | 8,000 | 9,048,800 | ||
Rush University Medical | ||||
Center Obligation Group, | ||||
Series A, 7.25%, 11/01/30 | 6,900 | 8,738,091 | ||
Railsplitter Tobacco Settlement | ||||
Authority, RB, 6.00%, 6/01/28 | 13,765 | 16,218,198 | ||
Village of Hodgkins Illinois, RB, | ||||
Metropolitan Biosolids Management | ||||
LLC Project, AMT, 6.00%, 11/01/23 | 10,000 | 10,014,200 | ||
Village of Wheeling Illinois, Tax | ||||
Allocation Bonds, North | ||||
Milwaukee/Lake-Cook TIF Project, | ||||
6.00%, 1/01/25 | 1,440 | 1,447,070 | ||
403,606,584 | ||||
Indiana — 2.0% | ||||
Indiana Finance Authority, Refunding | ||||
RB: | ||||
Duke Energy Indiana Project, | ||||
Series B, 6.00%, 8/01/39 | 11,000 | 12,849,100 | ||
Improvement, U.S. Steel Corp., | ||||
6.00%, 12/01/26 | 12,715 | 13,285,522 | ||
Parkview Health System, | ||||
Series A, 5.75%, 5/01/31 | 1,570 | 1,815,266 | ||
Trinity Health, Series A, 5.63%, | ||||
12/01/38 | 12,000 | 13,802,040 | ||
Indiana Municipal Power Agency, RB, | ||||
Series B: | ||||
5.75%, 1/01/34 | 700 | 738,283 | ||
6.00%, 1/01/39 | 17,620 | 21,356,497 | ||
Indianapolis Local Public Improvement | ||||
Bond Bank, Refunding RB, | ||||
Waterworks Project, Series A (AGC): | ||||
5.50%, 1/01/38 | 21,900 | 24,907,965 | ||
5.75%, 1/01/38 | 12,800 | 14,652,800 | ||
103,407,473 |
BLACKROCK MUNICIPAL BOND FUND, INC. | SEPTEMBER 30, 2012 | 4 |
Schedule of Investments (continued) | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Par (000) |
Value | |||
Municipal Bonds | ||||
Iowa — 0.7% | ||||
Iowa Finance Authority, RB, Series A | ||||
(AGC), 5.63%, 8/15/37 | $ | 5,600 | $ | 6,376,888 |
Iowa Student Loan Liquidity Corp., RB, | ||||
AMT, Senior Series A-2: | ||||
5.40%, 12/01/24 | 15,000 | 16,874,550 | ||
5.50%, 12/01/25 | 10,000 | 11,264,900 | ||
34,516,338 | ||||
Kansas — 0.3% | ||||
Kansas Development Finance Authority, | ||||
Refunding RB, Adventist Health | ||||
System/Sunbelt Obligated Group, | ||||
Series A, 5.00%, 11/15/34 | 14,970 | 17,107,566 | ||
Sedgwick & Shawnee Counties Kansas, | ||||
RB, Mortgage-Backed Securities, | ||||
Series A1, AMT (Ginnie Mae), 6.95%, | ||||
6/01/29 | 490 | 492,612 | ||
17,600,178 | ||||
Kentucky — 0.6% | ||||
Kentucky Economic Development | ||||
Finance Authority, RB, Owensboro | ||||
Medical Health System, Series A, | ||||
6.38%, 6/01/40 | 21,200 | 25,222,912 | ||
Kentucky State Property & Building | ||||
Commission, Refunding RB, 5.50%, | ||||
11/01/28 | 2,650 | 3,080,307 | ||
28,303,219 | ||||
Louisiana — 0.8% | ||||
Louisiana HFA, RB, S/F, Series D-2, AMT | ||||
(Ginnie Mae), 5.80%, 6/01/20 | 55 | 55,836 | ||
Louisiana Local Government | ||||
Environmental Facilities & Community | ||||
Development Authority, RB, | ||||
Series A-1, 6.50%, 11/01/35 | 16,835 | 19,630,620 | ||
Louisiana Local Government | ||||
Environmental Facilities & Community | ||||
Development Authority, RB, Westlake | ||||
Chemical Corp. Project: | ||||
6.75%, 11/01/32 | 5,080 | 5,725,058 | ||
Series A, 6.50%, 8/01/29 | 11,195 | 13,177,634 | ||
New Orleans Aviation Board Louisiana, | ||||
Refunding GARB, Restructuring (AGC), | ||||
6.00%, 1/01/23 | 1,370 | 1,641,740 | ||
40,230,888 | ||||
Maine — 0.4% | ||||
Maine Health & Higher Educational | ||||
Facilities Authority, RB, Maine General | ||||
Medical Center: | ||||
7.50%, 7/01/32 | 12,365 | 15,451,922 | ||
6.95%, 7/01/41 | 2,130 | 2,529,588 | ||
17,981,510 |
Par (000) |
Value | |||
Municipal Bonds | ||||
Maryland — 0.2% | ||||
Maryland Health & Higher Educational | ||||
Facilities Authority, RB, University of | ||||
Maryland Medical System, Series B | ||||
(NPFGC), 7.00%, 7/01/22 | $ | 4,205 | $ | 5,193,217 |
Maryland Health & Higher Educational | ||||
Facilities Authority, Refunding RB, | ||||
Charlestown Community, 6.25%, | ||||
1/01/41 | 6,000 | 6,891,000 | ||
12,084,217 | ||||
Massachusetts — 1.8% | ||||
Massachusetts Development Finance | ||||
Agency, RB: | ||||
Foxborough Regional Charter | ||||
School, Series A, 7.00%, | ||||
7/01/42 | 1,375 | 1,625,552 | ||
Linden Ponds, Inc. Facility, | ||||
Series A-1, 6.25%, | ||||
11/15/39 | 705 | 533,768 | ||
Linden Ponds, Inc. Facility, | ||||
Series A-2, 5.50%, | ||||
11/15/46 | 38 | 23,804 | ||
Linden Ponds, Inc. Facility, | ||||
Series B, 0.00%, | ||||
11/15/56 (f) | 187 | 981 | ||
Massachusetts Development Finance | ||||
Agency, Refunding RB, Harvard | ||||
University, Series B-1, 5.00%, | ||||
10/15/40 | 33,000 | 38,769,390 | ||
Massachusetts HFA, RB: | ||||
Rental Mortgage, Series C, AMT | ||||
(AGM), 5.60%, 1/01/45 | 4,000 | 4,017,040 | ||
Series B, 7.00%, 12/01/38 | 4,585 | 5,287,330 | ||
Massachusetts School Building | ||||
Authority, RB: | ||||
Senior Series B, 5.00%, | ||||
10/15/35 | 30,000 | 35,268,600 | ||
Series A (AGM), 5.00%, 8/15/30 | 4,230 | 4,665,986 | ||
90,192,451 | ||||
Michigan — 1.4% | ||||
Eastern Michigan University, Refunding | ||||
RB, General (AMBAC), 6.00%, | ||||
6/01/24 | 415 | 416,664 | ||
Lansing Board of Water & Light, RB, | ||||
Series A, 5.50%, 7/01/41 | 6,485 | 7,703,272 | ||
Michigan State Building Authority, | ||||
Refunding RB, Facilities Program, | ||||
Series I: | ||||
6.00%, 10/15/38 | 12,230 | 14,164,541 | ||
6.25%, 10/15/38 | 7,500 | 8,791,200 | ||
Michigan State HDA, RB, Series C, | ||||
5.50%, 12/01/28 | 1,690 | 1,837,385 | ||
Michigan Strategic Fund, Refunding RB, | ||||
Detroit Edison Co. Project, Series A, | ||||
AMT (Syncora), 5.50%, 6/01/30 | 7,345 | 7,463,034 |
BLACKROCK MUNICIPAL BOND FUND, INC. | SEPTEMBER 30, 2012 | 5 |
Schedule of Investments (continued) | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Par (000) |
Value | |||
Municipal Bonds | ||||
Michigan (concluded) | ||||
Royal Oak Hospital Finance Authority | ||||
Michigan, Refunding RB, William | ||||
Beaumont Hospital: | ||||
8.25%, 9/01/39 | $ | 18,130 | $ | 23,386,250 |
Series W, 6.00%, 8/01/39 | 5,095 | 5,833,724 | ||
69,596,070 | ||||
Minnesota — 0.6% | ||||
City of Eden Prairie Minnesota, RB, | ||||
Rolling Hills Project, Series A (Ginnie | ||||
Mae), 6.15%, 8/20/31 | 1,000 | 1,043,110 | ||
City of Minneapolis Minnesota, | ||||
Refunding RB, Fairview Health | ||||
Services: | ||||
Series A, 6.75%, 11/15/32 | 5,870 | 7,090,373 | ||
Series B (AGC), 6.50%, 11/15/38 | 17,375 | 21,561,333 | ||
Ramsey County Housing & | ||||
Redevelopment Authority Minnesota, | ||||
RB, Hanover Townhouses Project, | ||||
AMT (US Bank NA LOC), 6.00%, | ||||
7/01/31 | 1,110 | 1,111,709 | ||
30,806,525 | ||||
Mississippi — 0.0% | ||||
County of Warren Mississippi, Refunding | ||||
RB, International Paper Co. Project, | ||||
Series B, AMT, 6.75%, 8/01/21 | 1,700 | 1,703,451 | ||
Harrison County Wastewater | ||||
Management District, Refunding RB, | ||||
Wastewater Treatment Facilities, | ||||
Series A (NPFGC), 8.50%, 2/01/13 (e) | 715 | 734,062 | ||
2,437,513 | ||||
Missouri — 0.1% | ||||
City of Fenton Missouri, Tax Allocation | ||||
Bonds, Refunding, Gravois Bluffs | ||||
Redevelopment Project, 5.00%, | ||||
4/01/14 | 1,000 | 1,048,750 | ||
City of St. Louis Missouri, RB, Lambert- | ||||
St. Louis International, Series A-1, | ||||
6.25%, 7/01/29 | 1,175 | 1,374,068 | ||
Kansas City IDA, Refunding RB, | ||||
Downtown Redevelopment District, | ||||
Series A, 5.50%, 9/01/29 | 2,000 | 2,376,840 | ||
4,799,658 | ||||
Nevada — 2.5% | ||||
City of Las Vegas Nevada, GO, Limited | ||||
Tax, Performing Arts Center, 6.00%, | ||||
4/01/34 | 12,925 | 15,269,078 | ||
City of Reno Nevada, Special | ||||
Assessment Bonds, Somerset | ||||
Parkway, 6.63%, 12/01/22 | 1,565 | 1,587,771 | ||
Clark County Water Reclamation | ||||
District, GO, Series B: | ||||
5.75%, 7/01/34 | 3,125 | 3,927,469 |
Par (000) |
Value | |||
Municipal Bonds | ||||
Nevada (concluded) | ||||
Clark County Water Reclamation | ||||
District, GO, Series B (concluded): | ||||
5.75%, 7/01/38 | $ | 32,685 | $ | 41,078,181 |
County of Clark Nevada, RB, Series B, | ||||
5.75%, 7/01/42 | 51,700 | 59,489,639 | ||
Nevada Housing Division, RB, Multi-Unit | ||||
Housing, Series A, AMT (Freddie Mac), | ||||
6.30%, 4/01/32 | 4,950 | 4,952,178 | ||
126,304,316 | ||||
New Hampshire — 0.4% | ||||
New Hampshire Health & Education | ||||
Facilities Authority, Refunding RB, | ||||
Dartmouth-Hitchcock, 6.00%, | ||||
8/01/38 | 15,500 | 18,240,710 | ||
New Jersey — 3.6% | ||||
Cape May County Industrial Pollution | ||||
Control Financing Authority, Refunding | ||||
RB, Atlantic City Electric Co., Series A | ||||
(NPFGC), 6.80%, 3/01/21 | 5,000 | 6,627,200 | ||
Garden State Preservation Trust, RB, | ||||
Election of 2005, Series A (AGM) (a): | ||||
5.80%, 11/01/15 | 3,125 | 3,635,594 | ||
5.80%, 11/01/15 | 8,310 | 9,667,771 | ||
5.80%, 11/01/15 | 4,340 | 5,049,113 | ||
Monmouth County Improvement | ||||
Authority, RB, Brookdale Community | ||||
College Project, 6.00%, 8/01/38 | 3,600 | 4,500,468 | ||
New Jersey EDA, RB, Motor Vehicle | ||||
Surcharge, Series A (NPFGC), 5.25%, | ||||
7/01/33 | 26,500 | 28,279,740 | ||
New Jersey EDA, Refunding RB, New | ||||
Jersey American Water Co., Inc. | ||||
Project, Series B, AMT, 5.60%, | ||||
11/01/34 | 8,270 | 9,436,483 | ||
New Jersey Educational Facilities | ||||
Authority, Refunding RB, University of | ||||
Medicine & Dentistry, Series B: | ||||
7.13%, 12/01/23 | 2,870 | 3,593,326 | ||
7.50%, 12/01/32 | 9,200 | 11,560,168 | ||
New Jersey Health Care Facilities | ||||
Financing Authority, Refunding RB, | ||||
AHS Hospital Corp., 6.00%, 7/01/41 | 24,235 | 29,339,860 | ||
New Jersey Higher Education Student | ||||
Assistance Authority, Refunding RB, | ||||
Series 1, AMT: | ||||
5.50%, 12/01/25 | 950 | 1,108,783 | ||
5.75%, 12/01/27 | 500 | 585,965 | ||
5.75%, 12/01/28 | 450 | 525,002 | ||
New Jersey State Housing & Mortgage | ||||
Finance Agency, RB, Series AA: | ||||
6.38%, 10/01/28 | 1,655 | 1,856,347 | ||
6.50%, 10/01/38 | 2,165 | 2,299,793 |
BLACKROCK MUNICIPAL BOND FUND, INC. | SEPTEMBER 30, 2012 | 6 |
Schedule of Investments (continued) | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Par (000) |
Value | |||
Municipal Bonds | ||||
New Jersey (concluded) | ||||
New Jersey State Housing & Mortgage | ||||
Finance Agency, Refunding RB, | ||||
Series B (AGM), 6.25%, 11/01/26 | $ | 640 | $ | 645,203 |
New Jersey State Turnpike Authority, | ||||
RB, Series C (AGM), 5.00%, 1/01/30 | 13,500 | 14,610,915 | ||
New Jersey Transportation Trust Fund | ||||
Authority, RB, Transportation System: | ||||
Series A, 5.13%, 6/15/28 | 5,000 | 5,914,350 | ||
Series A, 5.13%, 6/15/29 | 12,875 | 15,163,917 | ||
Series A, 5.88%, 12/15/38 | 4,255 | 4,959,330 | ||
Series B, 5.25%, 6/15/36 | 19,510 | 22,706,909 | ||
182,066,237 | ||||
New Mexico — 0.0% | ||||
County of Santa Fe New Mexico, RB | ||||
(AGM), 6.00%, 2/01/27 | 250 | 315,757 | ||
New Mexico Mortgage Finance | ||||
Authority, RB, S/F Mortgage Program, | ||||
Series D, AMT (Fannie Mae), 6.15%, | ||||
7/01/35 | 1,195 | 1,274,886 | ||
1,590,643 | ||||
New York — 6.0% | ||||
City of New York New York, GO, | ||||
Series E-1, 6.25%, 10/15/28 | 10,100 | 12,605,103 | ||
City of Niagara Falls New York, GO, | ||||
Public Improvement (NPFGC), 6.90%, | ||||
3/01/24 | 5 | 5,013 | ||
Long Island Power Authority, | ||||
Refunding RB: | ||||
General, Series A, 5.70%, | ||||
4/01/30 | 4,510 | 5,502,200 | ||
Series A, 6.00%, 5/01/33 | 49,450 | 59,906,697 | ||
Metropolitan Transportation Authority, | ||||
RB, Series C, 6.50%, 11/15/28 | 21,870 | 28,029,904 | ||
New York City Housing Development | ||||
Corp., RB, Series M: | ||||
6.50%, 11/01/28 | 4,300 | 4,935,970 | ||
6.88%, 11/01/38 | 7,785 | 8,925,191 | ||
New York State Dormitory Authority, | ||||
ERB, Series B, 5.75%, 3/15/36 | 17,250 | 21,142,117 | ||
New York State Dormitory Authority, RB, | ||||
Columbia University, 5.00%, | ||||
10/01/41 | 54,780 | 63,892,653 | ||
New York State Dormitory Authority, | ||||
Refunding RB, State University | ||||
Educational Facilities, Series A, | ||||
7.50%, 5/15/13 | 3,000 | 3,136,350 | ||
New York State Thruway Authority, RB, | ||||
Series I, 5.00%, 1/01/42 | 30,000 | 33,859,800 | ||
New York State Thruway Authority, | ||||
Refunding RB, Series G (AGM), 5.00%, | ||||
1/01/32 | 10,000 | 11,002,000 | ||
New York State Urban Development | ||||
Corp., RB, Series A-1 (NPFGC), 5.25%, | ||||
3/15/14 (a) | 10,050 | 10,785,057 |
Par (000) |
Value | |||
Municipal Bonds | ||||
New York (concluded) | ||||
Port Authority of New York & New | ||||
Jersey, Refunding RB, Consolidated, | ||||
GO, 152nd Series, AMT, 5.75%, | ||||
11/01/30 | $ | 3,250 | $ | 3,876,470 |
Sales Tax Asset Receivable Corp., | ||||
Refunding RB, Series A: | ||||
(AMBAC), 5.00%, 10/15/32 | 13,000 | 14,070,420 | ||
(NPFGC), 5.00%, 10/15/20 | 10,000 | 10,927,200 | ||
Triborough Bridge & Tunnel Authority, | ||||
RB, General, Series A-2, 5.38%, | ||||
11/15/38 | 5,715 | 6,896,691 | ||
Westchester County Industrial | ||||
Development Agency New York, RB, | ||||
Kendal on Hudson Project, Series A: | ||||
6.50%, 1/01/13 (a) | 8,095 | 8,226,868 | ||
6.38%, 1/01/24 | 2,500 | 2,509,875 | ||
310,235,579 | ||||
North Carolina — 1.3% | ||||
Columbus County Industrial Facilities & | ||||
Pollution Control Financing Authority | ||||
North Carolina, RB, International | ||||
Paper Co. Projects, Series B, 6.25%, | ||||
11/01/33 | 3,000 | 3,471,210 | ||
North Carolina Eastern Municipal Power | ||||
Agency, Refunding RB, Series B, | ||||
5.00%, 1/01/26 | 4,230 | 4,807,480 | ||
North Carolina Medical Care | ||||
Commission, RB: | ||||
Duke University Health | ||||
System, Series A, 5.00%, | ||||
6/01/42 | 50,000 | 56,152,000 | ||
First Mortgage, Givens Estates | ||||
Project, Series A, 6.50%, | ||||
7/01/13 (a) | 2,500 | 2,644,250 | ||
67,074,940 | ||||
Ohio — 0.8% | ||||
County of Lucas Ohio, Refunding RB: | ||||
Promedica Healthcare, | ||||
Obligated Group, Series A, | ||||
6.00%, 11/15/41 | 400 | 484,876 | ||
Promedica Healthcare, | ||||
Series A, 5.75%, 11/15/31 | 500 | 602,875 | ||
Promedica Healthcare, | ||||
Series A, 6.50%, 11/15/37 | 12,035 | 15,059,997 | ||
County of Montgomery Ohio, Refunding | ||||
RB, Catholic Healthcare, Series A, | ||||
5.50%, 5/01/34 | 10,000 | 11,395,000 | ||
Ohio Higher Educational Facility | ||||
Commission, Refunding RB, Cleveland | ||||
Clinic Health, 5.00%, 1/01/38 | 10,000 | 11,235,900 |
BLACKROCK MUNICIPAL BOND FUND, INC. | SEPTEMBER 30, 2012 | 7 |
Schedule of Investments (continued) | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Par (000) |
Value | |||
Municipal Bonds | ||||
Ohio (concluded) | ||||
State of Ohio, Refunding RB, Cleveland | ||||
Clinic Health, Series A, 5.50%, | ||||
1/01/39 | $ | 4,000 | $ | 4,493,720 |
43,272,368 | ||||
Oregon — 0.0% | ||||
City of Portland Oregon, HRB, Lovejoy | ||||
Station Apartments Project, AMT | ||||
(NPFGC), 5.90%, 7/01/23 | 455 | 455,946 | ||
Pennsylvania — 1.6% | ||||
Allegheny County Hospital Development | ||||
Authority, Refunding RB, Health | ||||
System, West Penn, Series A, 5.38%, | ||||
11/15/40 | 5,330 | 4,050,747 | ||
Allegheny County IDA, Refunding RB: | ||||
Environmental Improvement, | ||||
6.75%, 11/01/24 | 5,785 | 6,282,279 | ||
Environmental Improvement, | ||||
6.88%, 5/01/30 | 5,000 | 5,466,350 | ||
U.S. Steel Corp. Project, | ||||
6.75%, 12/01/27 | 5,000 | 5,528,600 | ||
City of Philadelphia Pennsylvania Gas | ||||
Works, RB, 12th Series B (NPFGC), | ||||
7.00%, 5/15/20 (e) | 3,940 | 4,890,840 | ||
Cumberland County Municipal Authority, | ||||
Refunding RB, Diakon Lutheran: | ||||
6.38%, 1/01/39 | 10,575 | 11,760,880 | ||
6.50%, 1/01/39 | 2,245 | 2,304,403 | ||
Dauphin County General Authority, | ||||
Refunding RB, Pinnacle Health | ||||
System Project, Series A: | ||||
6.00%, 6/01/29 | 12,360 | 14,113,390 | ||
6.00%, 6/01/36 | 2,870 | 3,257,106 | ||
Delaware County IDA Pennsylvania, | ||||
Refunding RB, Resource Recovery | ||||
Facility, Series A, 6.10%, 7/01/13 | 1,970 | 1,978,175 | ||
Lancaster County Hospital Authority, | ||||
Refunding RB, Brethren Village | ||||
Project, Series A, 6.25%, 7/01/26 | 1,160 | 1,254,238 | ||
Pennsylvania Economic Development | ||||
Financing Authority, RB: | ||||
Allegheny Energy Supply Co., | ||||
7.00%, 7/15/39 | 12,000 | 14,370,240 | ||
American Water Co. Project, | ||||
6.20%, 4/01/39 | 3,475 | 4,074,229 | ||
Pennsylvania Turnpike Commission, RB, | ||||
Subordinate, Special Motor License | ||||
Fund, 6.00%, 12/01/36 | 950 | 1,172,272 | ||
Philadelphia Authority for Industrial | ||||
Development, RB, Commercial | ||||
Development, AMT, 7.75%, 12/01/17 | 1,265 | 1,267,049 | ||
81,770,798 |
Par (000) |
Value | |||
Municipal Bonds | ||||
Puerto Rico — 1.3% | ||||
Puerto Rico Industrial Tourist | ||||
Educational Medical & Environmental | ||||
Control Facilities Financing Authority, | ||||
RB, Hospital De La Concepcion, Series | ||||
A, 6.13%, 11/15/25 | $ | 4,000 | $ | 4,017,120 |
Puerto Rico Sales Tax Financing Corp., | ||||
RB, First Sub-Series A: | ||||
6.38%, 8/01/39 | 22,100 | 25,628,707 | ||
6.50%, 8/01/44 | 30,125 | 35,459,234 | ||
Puerto Rico Sales Tax Financing Corp., | ||||
Refunding RB, CAB, Senior Series C, | ||||
5.60%, 8/01/39 (f) | 10,000 | 2,270,800 | ||
67,375,861 | ||||
Rhode Island — 0.3% | ||||
Rhode Island Health & Educational | ||||
Building Corp., Refunding RB, Public | ||||
Schools Financing Program, Series E | ||||
(AGC), 6.00%, 5/15/29 | 13,320 | 15,462,655 | ||
South Carolina — 0.6% | ||||
County of Richland South Carolina, | ||||
Refunding RB, International Paper Co. | ||||
Project, AMT, 6.10%, 4/01/23 | 3,000 | 3,094,860 | ||
South Carolina Jobs-EDA, Refunding RB, | ||||
Palmetto Health, Series A (AGM): | ||||
6.25%, 8/01/34 | 1,245 | 1,509,700 | ||
6.50%, 8/01/39 | 2,740 | 3,369,679 | ||
South Carolina State Public Service | ||||
Authority, Refunding RB: | ||||
Santee Cooper, Series A, | ||||
5.50%, 1/01/38 | 2,300 | 2,734,470 | ||
Series D, 5.00%, 12/01/43 | 19,365 | 21,968,818 | ||
32,677,527 | ||||
Tennessee — 0.5% | ||||
Rutherford County Health & Educational | ||||
Facilities Board, RB, Ascension Health | ||||
Alliance, Series C, 5.00%, 11/15/47 | 23,740 | 26,818,366 | ||
Texas — 8.8% | ||||
Belton Independent School District, GO, | ||||
School Building (PSF-GTD), 5.00%, | ||||
2/15/39 | 20,130 | 23,346,371 | ||
Brazos River Harbor Navigation District, | ||||
Refunding RB, Dow Chemical Co. | ||||
Project, Series A7, AMT, 6.63%, | ||||
5/15/33 | 7,040 | 7,127,296 | ||
City of Austin Texas Water & Wastewater | ||||
System Revenue, Refunding RB, | ||||
5.00%, 11/15/42 | 26,245 | 30,551,017 | ||
City of Houston Texas, Refunding RB, | ||||
Combined, First Lien, Series A (AGC), | ||||
6.00%, 11/15/35 | 32,350 | 39,448,560 | ||
City of Houston Texas Airport System | ||||
Revenue, Refunding RB, Sub Lien, | ||||
Series B (AGM), 5.00%, 7/01/32 | 2,290 | 2,293,733 |
BLACKROCK MUNICIPAL BOND FUND, INC. | SEPTEMBER 30, 2012 | 8 |
Schedule of Investments (continued) | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Par (000) |
Value | |||
Municipal Bonds | ||||
Texas (continued) | ||||
City of San Antonio Texas Water System | ||||
Revenue, Refunding RB, Ref, Series A, | ||||
5.00%, 5/15/40 (b) | $ | 2,350 | $ | 2,725,577 |
Clear Creek ISD, GO, Refunding, School | ||||
Building (PSF-GTD), 5.00%, 2/15/33 | 20,000 | 22,923,600 | ||
County of Harris Texas, Refunding RB, | ||||
Toll Road, Senior Lien (AGM), 5.00%, | ||||
8/15/30 | 10,000 | 10,032,900 | ||
Dallas-Fort Worth International Airport | ||||
Facilities Improvement Corp., RB, | ||||
Series A, AMT (NPFGC): | ||||
6.00%, 11/01/24 | 9,220 | 9,223,688 | ||
6.00%, 11/01/28 | 9,480 | 9,483,792 | ||
Gulf Coast Waste Disposal Authority, | ||||
Refunding RB, Series A, AMT, 6.10%, | ||||
8/01/24 | 4,025 | 4,039,128 | ||
Harris County Flood Control District, GO, | ||||
Refunding, Series A, 5.00%, | ||||
10/01/31 | 17,275 | 19,605,916 | ||
Harris County Health Facilities | ||||
Development Corp., Refunding RB, | ||||
Memorial Hermann Healthcare | ||||
System, Series B: | ||||
7.13%, 12/01/31 | 1,500 | 1,869,315 | ||
7.25%, 12/01/35 | 4,450 | 5,577,007 | ||
Matagorda County Navigation District | ||||
No. 1 Texas, Refunding RB, Central | ||||
Power & Light Co. Project, Series A, | ||||
6.30%, 11/01/29 | 9,775 | 11,389,537 | ||
North Texas Tollway Authority, RB, | ||||
Special Projects System, Series A, | ||||
6.00%, 9/01/41 | 4,815 | 6,015,620 | ||
North Texas Tollway Authority, | ||||
Refunding RB: | ||||
First Tier System, 6.00%, | ||||
1/01/34 | 11,490 | 13,697,574 | ||
First Tier System (NPFGC), 5.75%, | ||||
1/01/40 | 9,870 | 11,088,846 | ||
First Tier System, Series A, | ||||
6.00%, 1/01/28 | 1,000 | 1,171,830 | ||
First Tier System, Series B | ||||
(NPFGC), 5.75%, 1/01/40 | 7,700 | 8,650,873 | ||
First Tier System, Series K-2 (AGC), | ||||
6.00%, 1/01/38 | 2,225 | 2,581,156 | ||
Second Tier System, Series F, | ||||
6.13%, 1/01/31 | 25,615 | 28,536,135 | ||
Port of Bay City Authority Texas, RB, | ||||
Hoechst Celanese Corp. Project, AMT, | ||||
6.50%, 5/01/26 | 4,000 | 4,004,520 | ||
State of Texas, GO, Water Financial | ||||
Assistance, Series G, 5.00%, | ||||
8/01/41 (b) | 20,000 | 23,423,400 | ||
State of Texas, GO, Refunding, Water | ||||
Financial Assistance, 5.75%, 8/01/22 | 3,445 | 3,460,158 |
Par (000) |
Value | |||
Municipal Bonds | ||||
Texas (concluded) | ||||
Tarrant County Cultural Education | ||||
Facilities Finance Corp., RB, Scott & | ||||
White Healthcare, 6.00%, 8/15/45 $ | $ | 50,000 | $ | 59,375,000 |
Tarrant County Cultural Education | ||||
Facilities Finance Corp., Refunding | ||||
RB, Northwest Senior Housing, | ||||
Edgemere Project, Series A, 6.00%, | ||||
11/15/26 | 2,200 | 2,351,184 | ||
Texas Department of Housing & | ||||
Community Affairs, MRB, Series A, | ||||
AMT (NPFGC): | ||||
5.45%, 9/01/23 | 1,650 | 1,652,739 | ||
5.50%, 3/01/26 | 2,160 | 2,163,175 | ||
Texas Private Activity Bond Surface | ||||
Transportation Corp., RB, Senior Lien: | ||||
LBJ Infrastructure Group LLC, | ||||
LBJ Freeway Managed | ||||
Lanes Project, 7.00%, | ||||
6/30/40 | 25,500 | 31,203,585 | ||
NTE Mobility Partners LLC, | ||||
North Tarrant Express | ||||
Managed Lanes Project, | ||||
6.88%, 12/31/39 | 23,000 | 27,672,910 | ||
University of Texas System, Refunding | ||||
RB, Financing System, Series B, | ||||
5.00%, 8/15/43 | 20,000 | 23,528,800 | ||
450,214,942 | ||||
Utah — 0.0% | ||||
City of Salt Lake City Utah, Refunding | ||||
RB, IHC Hospital, Inc., Series A, | ||||
8.13%, 5/15/15 (e) | 35 | 38,395 | ||
Virginia — 1.2% | ||||
Virginia Small Business Financing | ||||
Authority, RB, Senior Lien, Elizabeth | ||||
River Crossings LLC Project, AMT, | ||||
6.00%, 1/01/37 | 23,085 | 26,561,601 | ||
Winchester IDA, Refunding RB, Valley | ||||
Health, (BHAC) (AMBAC), 5.25%, | ||||
1/01/37 | 31,970 | 35,995,023 | ||
62,556,624 | ||||
Washington — 1.8% | ||||
Seattle Housing Authority | ||||
Washington, RB: | ||||
Newholly Project, AMT, 6.25%, | ||||
12/01/35 | 2,750 | 2,746,370 | ||
Replacement Housing | ||||
Projects, 6.13%, 12/01/32 | 4,260 | 4,265,240 | ||
University of Washington, Refunding RB, | ||||
Series A, 5.00%, 7/01/41 | 25,000 | 29,155,500 | ||
Washington Healthcare Facilities | ||||
Authority, RB: | ||||
MultiCare Health System, Series B | ||||
(AGC), 6.00%, 8/15/39 | 2,000 | 2,345,160 |
BLACKROCK MUNICIPAL BOND FUND, INC. | SEPTEMBER 30, 2012 | 9 |
Schedule of Investments (continued) | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Par (000) |
Value | |||
Municipal Bonds | ||||
Washington (concluded) | ||||
Washington Healthcare Facilities | ||||
Authority, RB (concluded): | ||||
Swedish Health Services, | ||||
Series A, 6.75%, | ||||
5/15/21 (a) | $ | 17,500 | $ | 24,806,075 |
Washington Healthcare Facilities | ||||
Authority, Refunding RB: | ||||
Catholic Health Initiatives, | ||||
Series D, 6.38%, 10/01/36 | 10,000 | 12,296,600 | ||
Providence Health & Services, | ||||
Series A, 5.00%, 10/01/42 | 17,080 | 19,028,999 | ||
94,643,944 | ||||
Wisconsin — 2.0% | ||||
City of Superior Wisconsin, Refunding | ||||
RB, Midwest Energy Resources, | ||||
Series E (NPFGC), 6.90%, 8/01/21 | 7,000 | 9,168,530 | ||
State of Wisconsin, Refunding RB, | ||||
Series A, 6.00%, 5/01/36 | 11,000 | 13,511,300 | ||
Wisconsin Health & Educational | ||||
Facilities Authority, RB: | ||||
Ascension Health Alliance, | ||||
Series D, 5.00%, 11/15/41 | 40,000 | 44,554,000 | ||
SynergyHealth, Inc., 6.00%, | ||||
8/01/13 (a) | 4,755 | 4,984,143 | ||
Wisconsin Health & Educational | ||||
Facilities Authority, Refunding RB, | ||||
Froedtert Health, Inc. Obligated | ||||
Group, Series A, 5.00%, 4/01/42 (b) | 28,190 | 31,033,807 | ||
Wisconsin Housing & EDA, RB, Series C, | ||||
AMT, 6.00%, 9/01/36 | 90 | 93,900 | ||
103,345,680 | ||||
Total Municipal Bonds – 75.6% | 3,875,611,977 | |||
Municipal Bonds Transferred to | ||||
Tender Option Bond (TOB) Trusts (g) | ||||
Arizona — 4.3% | ||||
City of Mesa Arizona, RB, Utility System, | ||||
5.00%, 7/01/35 | 30,000 | 34,465,200 | ||
Salt River Project Agricultural | ||||
Improvement & Power District, RB, | ||||
Series A: | ||||
5.00%, 1/01/37 | 98,935 | 109,138,380 | ||
5.00%, 1/01/38 | 54,016 | 61,918,886 | ||
Salt River Project Agricultural | ||||
Improvement & Power District, | ||||
Refunding RB, Series A, 5.00%, | ||||
1/01/35 | 13,700 | 15,126,718 | ||
220,649,184 |
Par (000) |
Value | |||
Municipal Bonds Transferred to | ||||
Tender Option Bond (TOB) Trusts (g) | ||||
Arkansas — 0.5% | ||||
University of Arkansas, RB, Various | ||||
Facilities, UAMS Campus (NPFGC), | ||||
5.00%, 3/01/36 | $ | 21,290 | $ | 23,439,651 |
California — 4.1% | ||||
Anaheim Public Financing Authority, RB, | ||||
Distribution System, Second Lien | ||||
(BHAC), 5.00%, 10/01/34 | 10,995 | 11,446,655 | ||
County of Orange California, ARB, Series | ||||
B, 5.25%, 7/01/34 | 13,045 | 14,403,892 | ||
Los Angeles Department of Water & | ||||
Power, RB, Sub-Series A-1 (AMBAC), | ||||
5.00%, 7/01/37 | 27,500 | 31,139,625 | ||
Metropolitan Water District of Southern | ||||
California, RB, Series A: | ||||
5.00%, 1/01/39 | 10,000 | 11,562,100 | ||
(AGM), 5.00%, 7/01/30 | 6,827 | 7,647,414 | ||
Metropolitan Water District of Southern | ||||
California, Refunding RB: | ||||
Series B, 5.00%, 7/01/35 | 13,168 | 14,751,386 | ||
Series C, 5.00%, 7/01/35 | 13,375 | 15,316,768 | ||
San Diego Community College District | ||||
California, GO, Election of 2006 | ||||
(AGM), 5.00%, 8/01/32 | 18,000 | 20,605,680 | ||
San Diego County Water Authority, COP, | ||||
Refunding, Series A (AGM), 5.00%, | ||||
5/01/33 | 4,500 | 5,004,090 | ||
San Diego Public Facilities Financing | ||||
Authority, Refunding RB, Series B, | ||||
5.38%, 8/01/34 | 15,000 | 17,644,350 | ||
San Francisco City & County Public | ||||
Utilities Commission, Refunding RB, | ||||
Series A, 5.13%, 11/01/39 | 23,000 | 26,632,850 | ||
Sequoia Union High School District | ||||
California, GO, Refunding, Election of | ||||
2004, Series B (AGM), 5.50%, | ||||
7/01/35 | 10,055 | 11,409,941 | ||
University of California, RB, Series O, | ||||
5.25%, 5/15/39 | 20,695 | 23,689,349 | ||
211,254,100 | ||||
Colorado — 0.0% | ||||
Colorado Health Facilities Authority, | ||||
Refunding RB, Catholic Health, | ||||
Catholic Healthcare, Series A, 5.50%, | ||||
7/01/34 (h) | 1,580 | 1,808,080 | ||
Florida — 2.8% | ||||
City of Tallahassee Florida, RB, Energy | ||||
System (NPFGC), 5.00%, 10/01/37 | 10,000 | 10,822,000 | ||
Jacksonville Electric Authority Florida, | ||||
RB, Sub-Series A, 5.63%, 10/01/32 | 6,300 | 7,286,580 | ||
Orange County School Board, COP, | ||||
Series A (NPFGC), 5.00%, 8/01/30 | 2,000 | 2,213,780 |
BLACKROCK MUNICIPAL BOND FUND, INC. | SEPTEMBER 30, 2012 | 10 |
Schedule of Investments (continued) | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Par (000) |
Value | |||
Municipal Bonds Transferred to | ||||
Tender Option Bond (TOB) Trusts (g) | ||||
Florida (concluded) | ||||
State of Florida, GO, Board of Education: | ||||
Capital Outlay 2008, Series E, | ||||
5.00%, 6/01/37 | $ | 39,730 | $ | 47,576,278 |
Series C, 5.00%, 6/01/37 | 65,545 | 75,760,625 | ||
143,659,263 | ||||
Illinois — 0.5% | ||||
City of Chicago Illinois, Refunding RB, | ||||
Second Lien (AGM), 5.25%, | ||||
11/01/33 | 5,000 | 5,794,800 | ||
Illinois Finance Authority, RB, Carle | ||||
Foundation, Series A (AGM), 6.00%, | ||||
8/15/41 | 15,600 | 18,216,900 | ||
24,011,700 | ||||
Indiana — 2.1% | ||||
Indiana Finance Authority, RB, Sisters of | ||||
St. Francis Health, 5.25%, 11/01/39 | 31,460 | 34,640,921 | ||
Indianapolis Local Public Improvement | ||||
Bond Bank, RB, PILOT (AGM): | ||||
Infrastructure Project F, | ||||
5.00%, 1/01/40 | 7,000 | 7,872,760 | ||
Infrastructure Project, Series | ||||
F, 5.00%, 1/01/35 | 23,550 | 26,798,016 | ||
Indianapolis Local Public Improvement | ||||
Bond Bank, Refunding RB, | ||||
Waterworks Project, Series A (AGC), | ||||
5.50%, 1/01/38 | 34,125 | 38,811,902 | ||
108,123,599 | ||||
Louisiana — 0.3% | ||||
State of Louisiana, RB, Series A (AGM), | ||||
5.00%, 5/01/31 | 11,950 | 13,480,078 | ||
Massachusetts — 1.0% | ||||
Massachusetts School Building | ||||
Authority, RB: | ||||
(AGM), 5.00%, 8/15/15 (a) | 1,933 | 2,139,500 | ||
Senior Series B, 5.00%, | ||||
10/15/41 | 20,000 | 23,114,200 | ||
Series A (AGM) 5.00%, | ||||
8/15/30 | 13,067 | 14,462,950 | ||
Series A (AMBAC), 5.00%, 8/15/37 | 10,000 | 11,463,100 | ||
51,179,750 | ||||
Nebraska — 0.2% | ||||
Omaha Public Power District, RB, Series | ||||
A, 5.00%, 2/01/43 | 10,000 | 11,359,900 | ||
New York — 0.3% | ||||
New York State Dormitory Authority, | ||||
ERB, Series B, 5.75%, 3/15/36 | 2,010 | 2,463,516 | ||
Sales Tax Asset Receivable Corp., | ||||
Refunding RB, Series A (AMBAC), | ||||
5.25%, 10/15/27 | 13,931 | 15,190,401 | ||
17,653,917 |
Par (000) |
Value | |||
Municipal Bonds Transferred to | ||||
Tender Option Bond (TOB) Trusts (g) | ||||
Ohio — 0.4% | ||||
County of Hamilton Ohio, Refunding RB, | ||||
Sub-Series A (AGM), 5.00%, | ||||
12/01/32 | $ | 20,000 | $ | 21,697,000 |
State of Ohio, RB, Cleveland Clinic | ||||
Health, Series B, 5.50%, 1/01/34 | 1,000 | 1,137,350 | ||
22,834,350 | ||||
Pennsylvania — 0.4% | ||||
Pennsylvania HFA, Refunding RB, Series | ||||
105C, 5.00%, 10/01/39 | 19,460 | 20,841,660 | ||
Texas — 2.9% | ||||
City of Houston Texas, Refunding RB, | ||||
Combined, First Lien, Series A: | ||||
(AGC), 5.38%, 11/15/38 | 26,160 | 30,295,373 | ||
(NPFGC), 5.13%, 5/15/28 | 20,000 | 21,246,800 | ||
City of San Antonio Texas, Refunding | ||||
RB, Electric and Gas Revenue: | ||||
5.00%, 2/01/17 (a) | 220 | 249,319 | ||
5.00%, 2/01/32 | 28,990 | 32,853,497 | ||
Cypress-Fairbanks ISD, GO, Refunding, | ||||
Schoolhouse (PSF-GTD), 5.00%, | ||||
2/15/32 | 10,000 | 11,484,700 | ||
Dallas Area Rapid Transit, Refunding | ||||
RB, Senior Lien (AMBAC), 5.00%, | ||||
12/01/36 | 27,860 | 31,711,350 | ||
Harris County Cultural Education | ||||
Facilities Finance Corp., RB, Hospital, | ||||
Texas Children's Hospital Project, | ||||
5.50%, 10/01/39 | 8,500 | 10,135,570 | ||
Harris County Flood Control District, | ||||
Refunding RB, Contract Tax, Series A, | ||||
5.00%, 10/01/39 | 10,000 | 11,429,700 | ||
149,406,309 | ||||
Washington — 0.8% | ||||
Central Puget Sound Regional Transit | ||||
Authority, RB, Series A: | ||||
5.00%, 11/01/34 | 8,500 | 9,738,790 | ||
5.00%, 11/01/36 | 15,715 | 17,971,127 | ||
State of Washington, GO, Series D | ||||
(AGM), 5.00%, 1/01/15 (a) | 10,000 | 11,045,000 | ||
38,754,917 | ||||
Total Municipal Bonds Transferred to | ||||
Tender Option Bond (TOB) Trusts – 20.6% | 1,058,456,458 | |||
US Government Sponsored Agency Securities - 0.0% | ||||
Ginnie Mae MBS Certificates, 6.00%, | ||||
11/15/31 | 1 | 1,487 |
BLACKROCK MUNICIPAL BOND FUND, INC. | SEPTEMBER 30, 2012 | 11 |
Schedule of Investments (continued) | BlackRock National Municipal Fund (Percentages shown are based on Net Assets) |
Par (000) |
Value | |||
Total Long-Term Investments | ||||
(Cost – $4,444,093,637) – 96.2% | $ | 4,934,069,922 | ||
Short-Term Securities | ||||
California — 2.5% | ||||
State of California, RAN, Series A-2, | ||||
2.50%, 6/20/13 | $ | 123,700 | 125,687,859 | |
Shares | ||||
Money Market Fund — 10.8% | ||||
FFI Institutional Tax-Exempt Fund, | ||||
0.01% (i)(j) | 556,333,372 | 556,333,372 | ||
Total Short-Term Securities | ||||
(Cost – $681,866,015) – 13.3% | 682,021,231 | |||
Total Investments (Cost - $5,125,959,652*) – 109.5% | 5,616,091,153 | |||
Liabilities in Excess of Other Assets – (0.4)% | (17,257,958) | |||
Liability for TOB Trust Certificates, Including | ||||
Interest Expense and Fees Payable – (9.1)% | (468,195,648) | |||
Net Assets – 100.0% | $ | 5,130,637,547 |
* | As of September 30, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows: |
Tax Cost | $ | 4,657,115,573 | |
Gross unrealized appreciation | $ | 496,806,458 | |
Gross unrealized depreciation | (5,772,953) | ||
Net unrealized appreciation | $ | 491,033,505 |
(a) | US government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(b) | When-issued security. Unsettled when-issued transactions were as follows: |
Counterparty | Value | Unrealized Appreciation | ||
Barclays Plc | $ | 23,423,400 | $ | 298,800 |
Citigroup, Inc. | $ | 16,343,100 | $ | 170,100 |
First Southwest Co. | $ | 2,725,577 | $ | 27,801 |
Morgan Stanley | $ | 31,033,807 | $ | 266,658 |
(c) | Issuer filed for bankruptcy and/or is in default of principal and/or interest payments. |
(d) | Non-income producing security. |
(e) | Security is collateralized by Municipal or US Treasury obligations. |
(f) | Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
(g) | Securities represent bonds transferred to a TOB in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction. |
(h) | Security is subject to a recourse agreement which may require the Fund to pay in the event there is a shortfall between the short-term floating rate certificates and proceeds received from the sale of the security contributed to the TOB trust. In the case of a shortfall, the maximum potential amount the Fund could ultimately be required to pay under the agreement is $790,000. |
(i) | Investments in issuers considered to be an affiliate of the Fund during the period ended September 30, 2012, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
Affiliate | Shares Held at June 30, 2012 |
Net Activity |
Shares Held at September 30, 2012 |
Income |
FFI Institutional | ||||
Tax-Exempt | ||||
Fund | 444,234,095 | 112,099,277 | 556,333,372 | $ 12,982 |
(j) | Represents the current yield as of report date. |
Portfolio Abbreviations
To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:
AGC | Assured Guaranty Corp. |
AGM | Assured Guaranty Municipal Corp. |
AMBAC | American Municipal Bond Assurance Corp. |
AMT | Alternative Minimum Tax (subject to) |
ARB | Airport Revenue Bonds |
BHAC | Berkshire Hathaway Assurance Corp. |
CAB | Capital Appreciation Bonds |
COP | Certificates of Participation |
EDA | Economic Development Authority |
ERB | Education Revenue Bonds |
GARB | General Airport Revenue Bonds |
GO | General Obligation Bonds |
HDA | Housing Development Authority |
HFA | Housing Finance Agency |
HRB | Housing Revenue Bonds |
IDA | Industrial Development Authority |
IDB | Industrial Development Board |
IDRB | Industrial Development Revenue Bonds |
ISD | Independent School District |
LOC | Letter of Credit |
MBS | Mortgage Backed Security |
MRB | Mortgage Revenue Bonds |
NPFGC | National Public Finance Guarantee Corp. |
PSF-GTD | Permanent School Fund Guaranteed |
PILOT | Payment in Lieu of Taxes |
RAN | Revenue Anticipation Notes |
RB | Revenue Bonds |
S/F | Single-Family |
Syncora | Syncora Guarantee |
BLACKROCK MUNICIPAL BOND FUND, INC. | SEPTEMBER 30, 2012 | 12 |
Schedule of Investments (concluded) | BlackRock National Municipal Fund |
• | Fair Value Measurements - Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows: |
• | Level 1 — unadjusted price quotations in active markets/exchanges for identical assets and liabilities that the Fund has the ability to access |
• | Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
• | Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's own assumptions used in determining the fair value of investments) |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund's policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report.
The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2012:
Level 1 | Level 2 | Level 3 | Total | |
Assets: | ||||
Investments: | ||||
Long Term | ||||
Investments1 | $4,934,069,922 | — | $ 4,934,069,922 | |
Short-Term | ||||
Securities | $556,333,372 | 125,687,859 | — | 682,021,231 |
Total | $556,333,372 | $5,059,757,781 | — | $ 5,616,091,153 |
1 See above schedule of investments for values in each state or political subdivision.
Certain of the Fund’s liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of September 30, 2012, such liabilities are categorized within the disclosure hierarchy as follows:
Level 1 | Level 2 | Level 3 | Total | |
Liabilities: | ||||
TOB trust | ||||
certificates | — | $ (467,942,075) | — | $ (467,942,075) |
Bank overdraft | — | (1,687,704) | — | (1,687,704) |
Total | — | $ (469,629,779) | — | $ (469,629,779) |
There were no transfers between levels during the period ended September 30, 2012.
BLACKROCK MUNICIPAL BOND FUND, INC. | SEPTEMBER 30, 2012 | 13 |
Schedule of Investments September 30, 2012 (Unaudited) | BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
Par (000) |
Value | |||
Municipal Bonds | ||||
Alabama — 0.6% | ||||
Alabama 21st Century Authority, RB, | ||||
Series A, 4.00%, 6/01/15 | $ | 2,000 | $ | 2,163,220 |
Mobile IDB, RB, Alabama Power Co. | ||||
Barry Project, Series B, Mandatory Put | ||||
Bonds, 4.88%, 3/19/13 (a) | 3,270 | 3,334,125 | ||
5,497,345 | ||||
Arizona — 1.0% | ||||
Phoenix Civic Improvement Corp., | ||||
Refunding RB, Junior Lien, 4.00%, | ||||
7/01/14 | 5,000 | 5,316,850 | ||
Yavapai County IDA, RB, Waste | ||||
Management, Inc. Project, Series A-2, | ||||
Mandatory Put Bonds, AMT, 2.88%, | ||||
3/01/13 (a) | 5,000 | 5,051,850 | ||
10,368,700 | ||||
California — 12.9% | ||||
California Pollution Control Financing | ||||
Authority, RB, Waste Management, | ||||
Inc. Project, Series A-1, AMT, | ||||
Mandatory Put Bonds, 1.88%, | ||||
4/01/15 (a) | 5,000 | 5,074,450 | ||
California State Department of Water | ||||
Resources, Refunding RB, Series M: | ||||
3.00%, 5/01/13 | 3,095 | 3,145,727 | ||
5.00%, 5/01/14 | 35,000 | 37,559,550 | ||
California Statewide Communities | ||||
Development Authority, RB: | ||||
Kaiser Permanente, Series A, | ||||
5.00%, 4/01/13 | 5,150 | 5,271,901 | ||
Kaiser Permanente, Series A, | ||||
5.00%, 4/01/14 | 1,000 | 1,065,190 | ||
Proposition 1A Receivables | ||||
Program, 5.00%, 6/15/13 | 33,730 | 34,861,642 | ||
City of Long Beach California, Refunding | ||||
RB, Series B, AMT (NPFGC), 5.50%, | ||||
5/15/14 | 5,215 | 5,623,908 | ||
Los Angeles Unified School District, GO, | ||||
Refunding, Series A-1, 5.00%, | ||||
7/01/15 | 6,000 | 6,731,640 | ||
State of California, GO, Various Purpose, | ||||
5.00%, 10/01/14 | 2,565 | 2,791,310 | ||
State of California, GO, Refunding, | ||||
Various Purpose: | ||||
5.00%, 4/01/15 | 10,360 | 11,480,848 | ||
5.00%, 4/01/16 | 10,000 | 11,453,900 | ||
State of California Economic Recovery, | ||||
GO, Series A (NPFGC), 5.00%, | ||||
7/01/15 | 3,805 | 4,117,314 | ||
129,177,380 | ||||
Colorado — 0.8% | ||||
City & County of Denver Colorado, RB, | ||||
Series A, AMT, 3.00%, 11/15/12 | 3,000 | 3,010,890 |
Par (000) |
Value | |||
Municipal Bonds | ||||
Colorado (concluded) | ||||
Colorado Health Facilities Authority, | ||||
Refunding RB, Catholic Healthcare, | ||||
Series B, Mandatory Put Bonds, | ||||
5.00%, 11/08/12 (a) | $ | 5,000 | $ | 5,025,550 |
8,036,440 | ||||
Connecticut — 4.7% | ||||
Connecticut Municipal Electric Energy | ||||
Cooperative, Refunding RB, Series A | ||||
(AGC), 5.00%, 1/01/14 | 2,115 | 2,233,948 | ||
Connecticut State Development | ||||
Authority, RB, Connecticut Light & | ||||
Power Co., Series A, Mandatory Put | ||||
Bonds, AMT, 1.55%, 4/01/15 (a) | 7,200 | 7,253,928 | ||
Connecticut State Development | ||||
Authority, Refunding RB, Pollution | ||||
Control, Series B, Mandatory Put | ||||
Bonds, 1.25%, 9/03/13 (a) | 10,000 | 10,056,400 | ||
State of Connecticut, GO, Economic | ||||
Recovery, Series A: | ||||
5.00%, 1/01/13 | 11,500 | 11,643,635 | ||
5.00%, 1/01/14 | 7,280 | 7,712,213 | ||
State of Connecticut, RB, Transportation | ||||
Infrastructure, Series A, 5.00%, | ||||
11/01/14 | 2,700 | 2,958,012 | ||
State of Connecticut, Special Tax Bonds, | ||||
Transportation Infrastructure, | ||||
Series A, 5.00%, 11/01/13 | 5,000 | 5,257,400 | ||
47,115,536 | ||||
Delaware — 1.7% | ||||
Delaware Transportation Authority, | ||||
Refunding RB, Senior, 5.00%, | ||||
7/01/15 | 1,945 | 2,188,456 | ||
State of Delaware, GO, Refunding, | ||||
Series 2009C, 5.00%, 10/01/13 | 7,700 | 8,072,526 | ||
University of Delaware, RB, Series A, | ||||
Mandatory Put Bonds, 0.85%, | ||||
6/04/13 (a) | 7,000 | 7,029,120 | ||
17,290,102 | ||||
District of Columbia — 0.5% | ||||
Metropolitan Washington Airports | ||||
Authority, RB, Series A, AMT (NPFGC), | ||||
5.25%, 10/01/13 | 5,000 | 5,249,750 | ||
Florida — 2.1% | ||||
Broward County Florida Airport System | ||||
Revenue, RB, Series Q-1, 5.00%, | ||||
10/01/15 | 1,000 | 1,129,540 | ||
Florida State Board of Education, GO, | ||||
Refunding, Series A, 5.00%, 1/01/15 | 7,395 | 8,150,103 | ||
Florida State Department of | ||||
Environmental Protection, RB, | ||||
Florida Forever: | ||||
Series A, 5.00%, 7/01/13 | 4,675 | 4,838,578 |
BLACKROCK MUNICIPAL BOND FUND, INC. | SEPTEMBER 30, 2012 | 1 |
Schedule of Investments (continued) | BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
Par (000) |
Value | |||
Municipal Bonds | ||||
Florida (concluded) | ||||
Florida State Department of | ||||
Environmental Protection, RB, | ||||
Florida Forever (concluded): | ||||
Series D, 5.00%, 7/01/13 | $ | 3,620 | $ | 3,746,664 |
Greater Orlando Aviation Authority, | ||||
Refunding RB, Orlando Florida Airport | ||||
Facilities Revenue, Series A, AMT | ||||
(AGM), 5.00%, 10/01/14 | 2,500 | 2,719,525 | ||
20,584,410 | ||||
Hawaii — 1.0% | ||||
State of Hawaii, Refunding RB, AMT: | ||||
5.00%, 7/01/14 | 5,000 | 5,387,900 | ||
Series B, 5.00%, 7/01/13 | 4,000 | 4,143,560 | ||
9,531,460 | ||||
Idaho — 0.9% | ||||
Idaho Housing & Finance Association, | ||||
RB, Unemployment Compensation, | ||||
5.00%, 8/15/14 | 8,585 | 9,316,099 | ||
Illinois — 2.5% | ||||
City of Chicago Illinois O'Hare | ||||
International Airport, Refunding RB, | ||||
Senior Lien, Series A, AMT, 5.00%, | ||||
1/01/16 | 4,500 | 5,001,975 | ||
Illinois Finance Authority, RB, University | ||||
of Chicago, Series B, 5.00%, 7/01/13 | 2,000 | 2,070,820 | ||
Illinois Finance Authority, Refunding RB, | ||||
Hospital Sisters Services, Inc., | ||||
Series C (b): | ||||
3.00%, 8/15/14 | 1,340 | 1,397,995 | ||
5.00%, 8/15/15 | 1,000 | 1,117,320 | ||
Railsplitter Tobacco Settlement | ||||
Authority, RB, 4.00%, 6/01/13 | 12,690 | 12,973,875 | ||
State of Illinois, RB, Unemployment | ||||
Insurance Fund, Series A, | ||||
5.00%, 6/15/16 | 2,500 | 2,895,650 | ||
25,457,635 | ||||
Indiana — 1.3% | ||||
City of Whiting, RB, BP Products North | ||||
America, Inc., Mandatory Put Bonds, | ||||
2.80%, 6/02/14 (a) | 3,325 | 3,445,664 | ||
Indiana Finance Authority, RB: | ||||
Marquette Project, 5.00%, | ||||
3/01/16 | 1,425 | 1,536,036 | ||
Water Utilities, Citizens Energy | ||||
Group Project, 3.00%, | ||||
10/01/14 | 5,000 | 5,210,050 | ||
Indiana Health Facility Financing | ||||
Authority, RB, Ascension Health, | ||||
Series A1, Mandatory Put Bonds, | ||||
5.00%, 5/01/13 (a) | 2,265 | 2,327,288 | ||
12,519,038 |
Par (000) |
Value | |||
Municipal Bonds | ||||
Iowa — 0.6% | ||||
Iowa Higher Education Loan Authority, | ||||
RB, Private College Facility, 4.00%, | ||||
12/01/13 | $ | 1,150 | $ | 1,200,657 |
Iowa Student Loan Liquidity Corp., RB, | ||||
Senior Series A-1, AMT, 3.10%, | ||||
12/01/14 | 5,000 | 5,165,050 | ||
6,365,707 | ||||
Louisiana — 2.0% | ||||
State of Louisiana, GO, Refunding, | ||||
Series A (NPFGC), 5.00%, 8/01/14 | 12,000 | 13,017,240 | ||
State of Louisiana, GO, Series A, 5.00%, | ||||
5/01/13 | 7,075 | 7,275,010 | ||
20,292,250 | ||||
Maryland — 4.4% | ||||
Maryland State Transportation Authority, | ||||
Refunding RB, Baltimore/Washington | ||||
Thurgood Marshall Airport Project: | ||||
4.00%, 3/01/14 | 3,170 | 3,323,618 | ||
AMT, 4.00%, 3/01/14 | 7,675 | 8,033,346 | ||
AMT, 5.00%, 3/01/16 | 8,315 | 9,401,105 | ||
State of Maryland, GO, State & Local | ||||
Facilities Loan-First Series B, 5.00%, | ||||
3/15/16 | 20,000 | 23,151,000 | ||
43,909,069 | ||||
Massachusetts — 4.9% | ||||
City of Boston, GO, Refunding, Series B: | ||||
3.00%, 2/01/14 | 10,210 | 10,582,563 | ||
4.00%, 2/01/15 | 6,580 | 7,137,392 | ||
Commonwealth of Massachusetts, GO, | ||||
Consolidated Loan, Series B, 5.00%, | ||||
8/01/15 | 2,500 | 2,820,550 | ||
Commonwealth of Massachusetts, GO, | ||||
Refunding, Consolidated Loan, | ||||
Series D (NPFGC), 6.00%, 11/01/13 | 5,000 | 5,312,050 | ||
Massachusetts Port Authority, RB, | ||||
Series A, AMT, 5.00%, 7/01/16 | 1,625 | 1,855,100 | ||
Massachusetts State Department of | ||||
Transportation, Refunding RB, Senior | ||||
Series B, 5.00%, 1/01/14 | 12,155 | 12,835,437 | ||
University of Massachusetts Building | ||||
Authority, RB, Senior Series 1, 5.00%, | ||||
11/01/13 | 7,555 | 7,937,963 | ||
48,481,055 | ||||
Michigan — 3.5% | ||||
Michigan Finance Authority, Refunding | ||||
RB, Unemployment Obligation | ||||
Assessment, Series A: | ||||
5.00%, 1/01/14 | 1,000 | 1,058,330 | ||
5.00%, 7/01/15 | 7,000 | 7,867,930 | ||
5.00%, 1/01/16 | 13,525 | 15,494,240 |
BLACKROCK MUNICIPAL BOND FUND, INC. | SEPTEMBER 30, 2012 | 2 |
Schedule of Investments (continued) | BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
Par (000) |
Value | |||
Municipal Bonds | ||||
Michigan (concluded) | ||||
State of Michigan Trunk Line Revenue, | ||||
Refunding RB, Series B (AGM), 5.00%, | ||||
9/01/15 | $ | 7,825 | $ | 8,829,808 |
Utica Community Schools, GO, | ||||
Refunding, School Building & Site | ||||
(Q-SBLF), 3.00%, 5/01/14 | 1,380 | 1,428,963 | ||
34,679,271 | ||||
Minnesota — 0.7% | ||||
State of Minnesota, GO, Refunding, | ||||
Various Purpose, Series D, 5.00%, | ||||
8/01/14 | 6,000 | 6,515,760 | ||
Missouri — 0.2% | ||||
County of Jackson Missouri, RB, Harry S. | ||||
Truman Sports Complex (AMBAC), | ||||
5.00%, 12/01/12 | 2,000 | 2,014,840 | ||
Nebraska — 0.4% | ||||
Nebraska Public Power District, RB, | ||||
General, Series A, 5.00%, 1/01/16 | 1,000 | 1,140,710 | ||
Nebraska Public Power District, | ||||
Refunding RB, General, Series B-1 | ||||
(NPFGC), 5.00%, 1/01/14 | 3,000 | 3,176,550 | ||
4,317,260 | ||||
Nevada — 1.6% | ||||
Clark County Nevada, Refunding RB, | ||||
Motor Vehicle Fuel Tax, 5.00%, | ||||
7/01/15 | 8,000 | 8,963,840 | ||
Clark County School District, GO, Limited | ||||
Tax, Building, Series C, 5.00%, | ||||
6/15/13 | 6,305 | 6,515,587 | ||
15,479,427 | ||||
New Jersey — 6.5% | ||||
County of Essex New Jersey, GO, | ||||
Improvement, Series A, 5.00%, | ||||
8/01/13 | 2,290 | 2,379,104 | ||
Gloucester County Improvement | ||||
Authority, Refunding RB, Waste | ||||
Management, Inc. Project, Series A, | ||||
Mandatory Put Bonds, 2.63%, | ||||
12/01/29 (a) | 4,625 | 4,644,888 | ||
New Jersey Building Authority, | ||||
Refunding RB, Series A, 5.00%, | ||||
6/15/15 | 13,880 | 15,454,825 | ||
New Jersey EDA, RB, School Facilities | ||||
Construction Notes, Series G (SIFMA | ||||
Index Notes), 0.76%, 2/01/15 (a)(b) | 3,000 | 3,000,570 | ||
New Jersey EDA, Refunding RB, | ||||
Cigarette Tax Revenue, 5.00%, | ||||
6/15/14 | 4,000 | 4,270,000 | ||
New Jersey Health Care Facilities | ||||
Financing Authority, Refunding RB: | ||||
Barnabas Health, Series A, | ||||
5.00%, 7/01/14 | 7,250 | 7,612,137 |
Par (000) |
Value | |||
Municipal Bonds | ||||
New Jersey (concluded) | ||||
New Jersey Health Care Facilities | ||||
Financing Authority, Refunding RB | ||||
(concluded): | ||||
Meridian Health, 5.00%, | ||||
7/01/14 | $ | 2,000 | $ | 2,139,780 |
New Jersey Transportation Trust Fund | ||||
Authority, RB, Transportation System, | ||||
Series B, 5.00%, 6/15/15 | 1,825 | 2,030,495 | ||
New Jersey Transportation Trust Fund | ||||
Authority, Refunding RB, | ||||
Transportation System, Series B | ||||
(NPFGC), 5.25%, 12/15/12 | 4,990 | 5,043,792 | ||
State of New Jersey, GO, Refunding, | ||||
Series Q, 4.00%, 8/15/13 | 18,000 | 18,607,320 | ||
65,182,911 | ||||
New Mexico — 0.8% | ||||
New Mexico Finance Authority, | ||||
Refunding RB, Senior Lien, Series A, | ||||
5.00%, 6/15/13 | 8,000 | 8,273,360 | ||
New York — 11.4% | ||||
City of New York, GO: | ||||
Prerefunded, Series C, 5.00%, | ||||
8/01/13 (c) | 650 | 676,033 | ||
Prerefunded, Series D, 5.00%, | ||||
2/01/13 (c) | 1,245 | 1,265,443 | ||
Series C, 5.00%, 8/01/13 | 7,575 | 7,880,121 | ||
Series D, 5.00%, 2/01/13 | 755 | 767,412 | ||
City of New York New York, GO, | ||||
Refunding: | ||||
Series B, 5.00%, 8/01/13 | 22,750 | 23,666,370 | ||
Series B (NPFGC), 5.75%, 8/01/13 | 340 | 341,608 | ||
Series F, 5.00%, 8/01/15 | 6,000 | 6,762,600 | ||
Long Island Power Authority, RB, Series | ||||
2010A, 5.00%, 5/01/14 | 4,400 | 4,711,564 | ||
Metropolitan Transportation Authority, | ||||
Refunding RB, Series D, 4.00%, | ||||
11/15/15 | 1,400 | 1,543,612 | ||
New York City Transitional Finance | ||||
Authority, RB, Future Tax Secured: | ||||
Sub-Series A, 5.00%, 8/01/16 | 13,380 | 15,636,939 | ||
Sub-Series E, 5.00%, | ||||
11/01/13 | 2,000 | 2,102,960 | ||
Sub-Series F-1, 5.00%, | ||||
5/01/15 | 2,000 | 2,234,580 | ||
New York State Dormitory Authority, RB, | ||||
General Purpose: | ||||
Series A, 5.00%, 3/15/15 | 5,560 | 6,195,174 | ||
Series E, 5.00%, 2/15/13 | 5,865 | 5,973,913 |
BLACKROCK MUNICIPAL BOND FUND, INC. | SEPTEMBER 30, 2012 | 3 |
Schedule of Investments (continued) | BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
Par (000) |
Value | |||
Municipal Bonds | ||||
New York (concluded) | ||||
New York State Energy Research & | ||||
Development Authority, Refunding RB, | ||||
Consolidated Edison Co. of New York, | ||||
Inc. Project, Mandatory Put Bonds, | ||||
AMT, 1.45%, 11/01/12 (a) | $ | 5,000 | $ | 5,004,500 |
New York State Environmental Facilities | ||||
Corp., RB, Waste Management, Inc. | ||||
Project, Series A, Mandatory Put | ||||
Bonds, 2.50%, 1/02/13 (a) | 5,000 | 5,029,050 | ||
New York State Local Government | ||||
Assistance Corp., Refunding RB, Sub- | ||||
Lien, Series A, 5.00%, 4/01/15 | 7,000 | 7,826,210 | ||
New York State Thruway Authority, RB, | ||||
General, Series I, 5.00%, 1/01/16 | 500 | 567,750 | ||
New York State Thruway Authority, | ||||
Refunding RB, General, Second | ||||
Series B (NPFGC), 5.00%, 4/01/13 | 5,550 | 5,686,863 | ||
New York State Urban Development | ||||
Corp., Refunding RB, Service Contract, | ||||
Series A-1, 5.00%, 1/01/13 | 7,320 | 7,408,938 | ||
Port Authority of New York & New | ||||
Jersey, RB, Consolidated, 169th | ||||
Series, AMT, 5.00%, 10/15/15 | 2,680 | 3,014,812 | ||
114,296,452 | ||||
North Carolina — 3.7% | ||||
County of Mecklenburg, GO, Refunding, | ||||
Series C, 5.00%, 2/01/13 | 9,400 | 9,555,946 | ||
North Carolina Capital Facilities Finance | ||||
Agency, Refunding RB, High Point | ||||
University, 4.00%, 5/01/16 | 1,770 | 1,909,104 | ||
North Carolina Medical Care | ||||
Commission, Refunding RB, | ||||
Healthcare Facilities Revenue, | ||||
WakeMed, Series A, 4.00%, | ||||
10/01/15 | 730 | 789,875 | ||
State of North Carolina, GO, Public | ||||
Improvement, Series A, 5.00%, | ||||
3/01/13 | 9,000 | 9,185,670 | ||
State of North Carolina, RB, Series A, | ||||
5.00%, 5/01/13 | 8,055 | 8,282,232 | ||
State of North Carolina, Refunding RB, | ||||
Series B, 4.00%, 11/01/14 | 4,905 | 5,273,807 | ||
University of North Carolina at Chapel | ||||
Hill, RB, Series A, 4.00%, 2/01/13 | 1,605 | 1,623,409 | ||
36,620,043 | ||||
Ohio — 0.4% | ||||
Ohio State University, Refunding RB, | ||||
Series A, 5.00%, 12/01/12 | 4,000 | 4,033,360 | ||
Oklahoma — 0.9% | ||||
Oklahoma Turnpike Authority, Refunding | ||||
RB, Second Senior, Series A, 5.00%, | ||||
1/01/15 | 7,875 | 8,675,415 |
Par (000) |
Value | |||
Municipal Bonds | ||||
Oregon — 0.5% | ||||
City of Portland Oregon, Refunding RB, | ||||
Second Lien, Series A, 5.00%, | ||||
3/01/14 | $ | 4,950 | $ | 5,274,720 |
Pennsylvania — 5.9% | ||||
City of Philadelphia Pennsylvania, | ||||
Refunding RB, Series A: | ||||
Airport Revenue, AMT, 5.00%, | ||||
6/15/15 | 2,550 | 2,780,418 | ||
(AGM), 5.00%, 6/15/13 | 9,000 | 9,302,220 | ||
Commonwealth of Pennsylvania, GO: | ||||
First Series, 5.00%, 3/15/13 | 7,455 | 7,620,948 | ||
First Series, 5.00%, 6/01/15 | 7,980 | 8,947,735 | ||
First Series A, 5.00%, | ||||
2/15/13 | 8,280 | 8,431,441 | ||
Refunding, First Series (NPFGC), | ||||
5.00%, 2/01/15 | 7,605 | 8,069,818 | ||
Pennsylvania Economic Development | ||||
Financing Authority, RB, Waste | ||||
Management, Inc. Project: | ||||
2.75%, 9/01/13 | 4,250 | 4,332,960 | ||
Mandatory Put Bonds, 2.63%, | ||||
12/03/12 (a) | 3,500 | 3,515,050 | ||
Pennsylvania IDA, Refunding RB, | ||||
Economic Development, 5.00%, | ||||
7/01/15 | 2,500 | 2,772,825 | ||
Pennsylvania Intergovernmental | ||||
Cooperation Authority, Special Tax | ||||
Bonds, Refunding, Philadelphia | ||||
Funding Program, 5.00%, 6/15/13 | 3,085 | 3,187,977 | ||
58,961,392 | ||||
South Carolina — 0.6% | ||||
South Carolina Transportation | ||||
Infrastructure Bank, Refunding RB, | ||||
Series A (AMBAC), 5.00%, 10/01/15 | 5,440 | 6,111,731 | ||
Tennessee — 0.9% | ||||
Metropolitan Government of Nashville & | ||||
Davidson County Tennessee, | ||||
Refunding RB (NPFGC), 5.00%, | ||||
1/01/14 | 8,110 | 8,578,758 | ||
Texas — 6.6% | ||||
City of El Paso Texas, Refunding RB, | ||||
Series A, 4.00%, 3/01/14 | 2,000 | 2,100,160 | ||
City of Houston Texas, Sub-Lien, | ||||
Refunding RB: | ||||
Series A, AMT, 5.00%, | ||||
7/01/14 | 4,000 | 4,310,320 | ||
Series B, 5.00%, 7/01/14 | 1,500 | 1,612,230 | ||
County of Harris Texas, Refunding RB, | ||||
Toll Road, Senior Lien, Series B-1 | ||||
(NPFGC), 5.00%, 8/15/14 | 1,295 | 1,405,982 |
BLACKROCK MUNICIPAL BOND FUND, INC. | SEPTEMBER 30, 2012 | 4 |
Schedule of Investments (continued) | BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
Par (000) |
Value | |||
Municipal Bonds | ||||
Texas (concluded) | ||||
Dallas Independent School District, GO, | ||||
Refunding, 4.00%, 2/15/15 | $ | 2,200 | $ | 2,387,594 |
Gulf Coast Waste Disposal Authority, RB, | ||||
BP Products North America, Inc. | ||||
Project, Mandatory Put Bonds, 2.30%, | ||||
9/03/13 (a) | 4,615 | 4,689,948 | ||
Harris County Cultural Education | ||||
Facilities Finance Corp., RB, | ||||
Methodist Hospital System, Series B, | ||||
5.25%, 12/01/14 | 2,600 | 2,861,820 | ||
Harris County Cultural Education | ||||
Facilities Finance Corp., Refunding | ||||
RB, Methodist Hospital System, | ||||
5.00%, 6/01/13 | 10,000 | 10,309,000 | ||
Lower Colorado River Authority, RB: | ||||
5.00%, 5/15/13 | 5,965 | 6,143,711 | ||
5.00%, 5/15/14 | 4,935 | 5,302,559 | ||
5.00%, 5/15/16 | 2,490 | 2,874,879 | ||
Prerefunded, 5.00%, 5/15/13 (c)(d) | 5 | 5,151 | ||
Prerefunded, 5.00%, 5/15/14 (c)(d) | 15 | 16,149 | ||
Prerefunded, 5.00%, 5/15/14 (c)(d) | 50 | 53,760 | ||
Lower Colorado River Authority, | ||||
Refunding RB, Series A, 5.00%, | ||||
5/15/14 | 3,590 | 3,851,244 | ||
North Texas Tollway Authority, RB, | ||||
System, First Tier, Series L-2, | ||||
Mandatory Put Bonds, 6.00%, | ||||
1/01/13 (a) | 3,700 | 3,750,653 | ||
Texas A&M University, RB, Financing | ||||
System, Series D, 5.00%, 5/15/13 | 3,325 | 3,425,082 | ||
Texas Public Finance Authority, RB, | ||||
Unemployment Compensation, | ||||
Series A, 5.00%, 7/01/13 | 10,000 | 10,361,200 | ||
65,461,442 | ||||
Utah — 0.1% | ||||
City of Riverton Utah, RB, IHC Health | ||||
Services, Inc., 5.00%, 8/15/13 | 1,400 | 1,456,518 | ||
Virginia — 4.7% | ||||
Chesterfield County, GO, Refunding, | ||||
Series B, 5.00%, 1/01/15 | 2,810 | 3,104,994 | ||
County of Fairfax Virginia, GO, Series D, | ||||
5.00%, 10/01/13 | 10,000 | 10,486,900 | ||
Louisa IDA, RB, Virginia Electric & Power | ||||
Co. Project, Series A, Mandatory Put | ||||
Bonds, AMT, 2.50%, 3/01/13 (a) | 20,000 | 20,134,800 | ||
Virginia College Building Authority, RB, | ||||
21st Century College & Equipment | ||||
Programs, Series A, 5.00%, 2/01/16 | 11,910 | 13,693,760 | ||
47,420,454 |
Par (000) |
Value | |||
Municipal Bonds | ||||
Washington — 1.6% | ||||
City of Seattle Washington, GO, | ||||
Refunding, Limited Tax, Series B, | ||||
5.00%, 8/01/13 | $ | 5,000 | $ | 5,201,350 |
City of Seattle Washington, Refunding | ||||
RB, Improvement, Series B, 5.00%, | ||||
2/01/14 | 10,000 | 10,623,900 | ||
15,825,250 | ||||
Total Long-Term Investments | ||||
(Cost – $919,610,964) – 92.9% | 928,370,340 | |||
Short-Term Securities | ||||
California — 3.2% | ||||
California School Cash Reserve Program | ||||
Authority, RN: | ||||
Series P, 2.00%, 2/01/13 | 10,000 | 10,028,163 | ||
Series X, 2.50%, 1/31/13 | 7,955 | 7,982,498 | ||
State of California, RAN, Series A-2, | ||||
2.50%, 6/20/13 | 13,500 | 13,716,945 | ||
31,727,606 | ||||
Illinois — 1.7% | ||||
Regional Transit Authority, Refunding | ||||
RB, ERS, VRDN, Series B, 0.60%, | ||||
10/01/12 (e) | 17,600 | 17,600,000 | ||
Michigan — 0.8% | ||||
Michigan Finance Authority, RB, State | ||||
Aid Notes, Series B-1, 2.00%, | ||||
8/20/13 | 8,000 | 8,112,776 | ||
Wisconsin — 1.0% | ||||
State of Wisconsin ECN, 0.20% | ||||
10/02/12 (f) | 10,000 | 10,000,000 | ||
Total Municipal Bonds – 6.7% | 67,440,382 |
BLACKROCK MUNICIPAL BOND FUND, INC. | SEPTEMBER 30, 2012 | 5 |
Schedule of Investments (continued) | BlackRock Short-Term Municipal Fund (Percentages shown are based on Net Assets) |
Shares | Value | |||
Money Market — 0.0% | ||||
FFI Institutional Tax-Exempt Fund, | ||||
0.15% (g) (h) | 386,257 | $ | 386,257 | |
Total Short-Term Securities | ||||
(Cost – $67,809,699) – 6.7% | 67,826,639 | |||
Total Investments (Cost - $987,420,663*) – 99.6% | 996,196,979 | |||
Other Assets Less Liabilities – 0.4% | 3,659,146 | |||
Net Assets – 100.0% | $ | 999,856,125 |
* | As of September 30, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows: |
Tax cost | $ | 987,420,663 | |
Gross unrealized appreciation | $ | 8,806,736 | |
Gross unrealized depreciation | (30,420) | ||
Net unrealized appreciation | $ | 8,776,316 |
(a) | Variable rate security. Rate shown is as of report date. |
(b) | When-issued security. Unsettled when-issued transactions were as follows: |
Counterparty | Value | Unrealized Appreciation | ||||||
Merrill Lynch, Pierce, | ||||||||
Fenner and Smith | $ | 2,515,315 | $ | 2,340 | ||||
Royal Bank of Canada | $ | 3,000,570 | $ | 570 |
(c) | Security is collateralized by Municipal or US Treasury obligations. |
(d) | US government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(e) | Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand. |
(f) | Rates shown are discount rates or a range of discount rates paid at the time of purchase. |
(g) | Investments in issuers considered to be an affiliate of the Fund during the period ended September 30, 2012, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
Affiliate | Shares Held at June 30, 2012 |
Net Activity |
Shares Held at September 30, 2012 |
Income |
FFI Institutional | ||||
Tax-Exempt | ||||
Fund | 1,302,407 | (916,150) | 386,257 | $ 149 |
(h) | Represents the current yield as of report date. |
Portfolio Abbreviations
To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:
AGC | Assured Guaranty Corp. |
AGM | Assured Guaranty Municipal Corp. |
AMBAC | American Municipal Bond Assurance Corp. |
AMT | Alternative Minimum Tax (subject to) |
ECN | Extendible Commercial Note |
EDA | Economic Development Authority |
ERS | Extendible Reset Securities |
GO | General Obligation Bonds |
IDA | Industrial Development Authority |
IDB | Industrial Development Board |
NPFGC | National Public Finance Guarantee Corp. |
Q-SBLF | Qualified School Bond Loan Fund |
RAN | Revenue Anticipation Notes |
RB | Revenue Bonds |
RN | Revenue Notes |
SIFMA | Securities Industry and Financial Markets Association |
VRDN | Variable Rate Demand Notes |
• | Fair Value Measurements - Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows: |
• | Level 1 — unadjusted price quotations in active markets/exchanges for identical assets and liabilities that the Fund has the ability to access |
• | Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
• | Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's own assumptions used in determining the fair value of investments) |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
BLACKROCK MUNICIPAL BOND FUND, INC. | SEPTEMBER 30, 2012 | 6 |
Schedule of Investments (concluded) | BlackRock Short-Term Municipal Fund |
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund's policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report.
The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2012:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Assets: | ||||||||||||||||||
Investments: | ||||||||||||||||||
Long-Term | ||||||||||||||||||
Investments1 | $ | 928,370,340 | — | $ | 928,370,340 | |||||||||||||
Short-Term | ||||||||||||||||||
Securities | $ | 386,257 | 67,440,382 | — | 67,826,639 | |||||||||||||
Total | $ | 386,257 | $ | 995,810,722 | — | $ | 996,196,979 |
1 See above Schedule of Investments for values in each state or political subdivision.
Certain of the Fund’s liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of September 30, 2012, a bank overdraft of $227,493 is categorized as Level 2 within the disclosure hierarchy.
There were no transfers between levels during the period ended September 30, 2012.
BLACKROCK MUNICIPAL BOND FUND, INC. | SEPTEMBER 30, 2012 | 7 |
Item 2 – Controls and Procedures
2(a) – | The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the ″1940 Act″)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended. |
2(b) – | There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. |
Item 3 – | Exhibits |
Certifications – Attached hereto | ||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. | ||
BlackRock Municipal Bond Fund, Inc. | ||
By: | /s/ John M. Perlowski | |
John M. Perlowski | ||
Chief Executive Officer (principal executive officer) of | ||
BlackRock Municipal Bond Fund, Inc. | ||
Date: November 26, 2012 | ||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | ||
By: | /s/ John M. Perlowski | |
John M. Perlowski | ||
Chief Executive Officer (principal executive officer) of | ||
BlackRock Municipal Bond Fund, Inc. | ||
Date: November 26, 2012 | ||
By: | /s/ Neal J. Andrews | |
Neal J. Andrews | ||
Chief Financial Officer (principal financial officer) of | ||
BlackRock Municipal Bond Fund, Inc. | ||
Date: November 26, 2012 |
EX-99. CERT
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Municipal Bond Fund, Inc., certify that:
1. I have reviewed this report on Form N-Q of BlackRock Municipal Bond Fund, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: November 26, 2012
/s/ John M. Perlowski
John M. Perlowski |
Chief Executive Officer (principal
executive officer) of
BlackRock Municipal Bond Fund, Inc.
EX-99. CERT
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock Municipal Bond Fund, Inc., certify that:
1. I have reviewed this report on Form N-Q of BlackRock Municipal Bond Fund, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: November 26, 2012
/s/ Neal J. Andrews
Neal J. Andrews |
Chief Financial Officer (principal
financial officer) of
BlackRock Municipal Bond Fund, Inc.