N-Q 1 e53680nq.htm FORM N-Q

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: 03/31/2013

 

Item 1 – Schedule of Investments

 
 
Schedule of Investments  March 31, 2013 (Unaudited)

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)

 

 

Municipal Bonds  Par
(000)		  Value
Alabama — 2.1%          
Alabama State Docks Department, Refunding RB, 6.00%, 10/01/40  $710   $835,017 
County of Jefferson Alabama, RB, Series A:          
5.25%, 1/01/17   1,000    997,520 
5.25%, 1/01/19   1,000    995,010 
5.25%, 1/01/20   500    496,595 
5.50%, 1/01/21   1,200    1,201,032 
5.00%, 1/01/24   2,000    1,939,960 
4.75%, 1/01/25   325    307,573 
Phenix City IDB, Refunding RB, Meadwestvaco Coated Board Project, Series A, AMT, 4.13%, 5/15/35   1,750    1,684,690 
         8,457,397 
Alaska — 1.0%          
Northern Tobacco Securitization Corp., Refunding RB, Asset-Backed, Series A:          
4.63%, 6/01/23   1,235    1,238,915 
5.00%, 6/01/32   1,500    1,383,300 
5.00%, 6/01/46   1,620    1,438,609 
         4,060,824 
Arizona — 3.8%          
Arizona Health Facilities Authority, Refunding RB, Phoenix Children's Hospital, Series A, 5.00%, 2/01/42   2,500    2,642,525 
Florence Town, Inc., IDA, ERB, Legacy Traditional School Project, Queen Creek and Casa Grande Campuses, 6.00%, 7/01/43   1,375    1,355,970 
Maricopa County Arizona IDA, RB, Arizona Charter Schools Project, Series A:          
6.63%, 7/01/20   25    20,511 
6.75%, 7/01/29   300    210,762 
Phoenix Arizona IDA, ERB:          
Eagle College Prep Project, Series A, 5.00%, 7/01/43   1,445    1,435,969 
Great Hearts Academies - Veritas Project, 6.40%, 7/01/47   415    436,053 
Phoenix Arizona IDA, Refunding RB, America West Airlines, Inc. Project, AMT, 6.30%, 4/01/23   1,000    944,050 
Pima County Arizona IDA, RB, Tucson Electric Power Co. Project, Series A:          
6.38%, 9/01/29   780    780,920 
5.25%, 10/01/40   1,390    1,513,001 
Pima County Arizona IDA, Refunding RB, Tucson Electric Power Co. Project, Series A, 4.50%, 6/01/30   2,000    2,083,100 
Salt Verde Financial Corp., RB, Senior:          
5.00%, 12/01/32   750    844,943 
5.00%, 12/01/37   2,180    2,435,583 
            
Municipal Bonds   Par
(000)		    Value 
Arizona (concluded)          
Tempe Arizona IDA, Refunding RB, Friendship Village of Tempe, Series A, 6.25%, 12/01/42  $280   $302,831 
University Medical Center Corp. Arizona, RB, 6.25%, 7/01/29   180    207,484 
         15,213,702 
Arkansas  — 0.2%          
Benton County Public Facilities Board, RB, BCCSO Project, Series A, 6.00%, 6/01/40   750    846,697 
California — 7.6%          
California Health Facilities Financing Authority, RB:          
St. Joseph Health System, Series A, 5.75%, 7/01/39   1,000    1,173,870 
Sutter Health, Series B, 6.00%, 8/15/42   1,000    1,213,200 
California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West, Series A, 6.00%, 7/01/39   265    314,865 
California HFA, RB, Home Mortgage, Series I, AMT:          
4.60%, 8/01/21   635    644,423 
4.70%, 8/01/26   2,500    2,506,850 
4.80%, 8/01/36   1,500    1,475,085 
California Pollution Control Financing Authority, RB:          
Poseidon Resources (Channel Side) LP Desalination, AMT, 5.00%, 7/01/37   775    791,942 
Poseidon Resources (Channel Side) LP Desalination, AMT, 5.00%, 11/21/45   1,925    1,954,664 
San Diego County Water Anthority Desalination Project, 5.00%, 11/21/45   920    942,595 
Waste Management, Inc. Project, Series C, AMT, 5.13%, 11/01/23 (a)   750    805,335 
California Pollution Control Financing Authority, Refunding RB, Waste Management, Inc. Project, Series B, AMT, 5.00%, 7/01/27   1,000    1,057,400 
California Statewide Communities Development Authority, RB, Series A:          
American Baptist Homes of the West, 5.00%, 10/01/43   1,000    1,055,760 
John Muir Health, 5.13%, 7/01/39   425    461,253 
Kaiser Permanente, 5.00%, 4/01/42   1,145    1,254,474 

 

 BLACKROCK MUNICIPAL BOND FUND, INC.MARCH 31, 2013   1
 

 

Schedule of Investments (continued)

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)

 

 

Municipal Bonds  Par
(000)		  Value
California (continued)          
California Statewide Communities Development Authority, RB (concluded):          
Sutter Health, 6.00%, 8/15/42  $400   $485,280 
California Statewide Communities Development Authority, Refunding RB:          
American Baptist Homes of the West, 6.25%, 10/01/39   2,575    2,902,540 
Eskaton Properties, Inc., 5.25%, 11/15/34   905    959,698 
City of Chula Vista California, Refunding RB, San Diego Gas & Electric, Series A, 5.88%, 2/15/34   500    597,690 
City of Roseville California, Special Tax Bonds, Fiddyment Ranch Community Facilities District No. 1, 5.25%, 9/01/36   465    465,846 
City of San Jose California, RB, Convention Center Expansion & Renovation Project:          
6.50%, 5/01/36   310    375,760 
6.50%, 5/01/42   760    912,904 
Foothill Eastern Transportation Corridor Agency California, Refunding RB, CAB, 6.06%, 1/15/33 (b)   6,525    2,003,893 
Lammersville School District Community Facilities District, Special Tax Bonds, District No. 2002, Mountain House, 5.13%, 9/01/35   325    326,758 
Poway Unified School District Public Financing Authority, Special Tax Bonds, Refunding, 4.13%, 9/15/36   1,500    1,443,180 
Roseville Finance Authority, Special Tax Bonds, Refunding, Senior Lien, Series A (AMBAC), 4.50%, 9/01/33   725    685,393 
San Jose Redevelopment Agency, Tax Allocation Bonds, Merged Arearedev Project (NPFGC), 4.90%, 8/01/33   405    405,037 
San Marcos County Unified School District, GO, CAB, Election of 2010, Series B (b):          
4.85%, 8/01/37   1,000    311,460 
5.18%, 8/01/51   4,450    627,495 
Successor Agency to the San Francisco City & County Redevelopment Agency, Special Tax Bonds, Community Facilities District No. 6 (Mission Bay South Public Improvements), Series C, CAB, 5.81%, 8/01/43 (b)   3,000    527,310 
            
Municipal Bonds   Par
(000)		    Value 
California (concluded)          
Temecula Public Financing Authority, Special Tax Bonds, Refunding, Harveston, Sub-Series B, 5.10%, 9/01/36  $170   $167,933 
Tobacco Securitization Authority of Southern California, Refunding RB, Senior Series A-1, 5.00%, 6/01/37   2,140    1,929,017 
         30,778,910 
Colorado — 1.0%          
Colorado Educational & Cultural Facilities Authority, RB, Littleton Preparatory Charter School Project:          
5.00%, 12/01/33   450    462,132 
5.00%, 12/01/42   545    549,540 
Denver Convention Center Hotel Authority, Refunding RB, Senior (Syncora), 5.00%, 12/01/30   1,500    1,567,545 
Plaza Metropolitan District No. 1 Colorado, Tax Allocation Bonds, Refunding, Public Improvement Fee, Tax Increment, 5.00%, 12/01/40   425    438,732 
Regional Transportation District, RB, Denver Transport Partners, 6.00%, 1/15/41   1,000    1,149,990 
         4,167,939 
Connecticut  — 0.2%          
Mohegan Tribe of Indians of Connecticut, Refunding RB, Public Improvement, Priority Distribution, 6.25%, 1/01/31   605    605,442 
Delaware  — 0.4%          
Delaware State EDA, RB, Exempt Facilities, Indian River Power, 5.38%, 10/01/45   1,480    1,567,527 
District of Columbia — 1.6%          
District of Columbia, RB, Methodist Home District of Columbia, Series A:          
7.38%, 1/01/30   310    314,092 
7.50%, 1/01/39   500    505,970 
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed:          
6.50%, 5/15/33   1,510    1,780,335 
6.75%, 5/15/40   385    400,392 
Metropolitan Washington Airports Authority, Refunding RB:          
CAB, Second Senior Lien, Series B (AGC), 4.68%, 10/01/30 (b)   3,005    1,336,865 
First Senior Lien, Series A, 5.00%, 10/01/39   185    202,377 

 

 BLACKROCK MUNICIPAL BOND FUND, INC.MARCH 31, 2013   2
 

 

Schedule of Investments (continued)

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)

 

 

Municipal Bonds  Par
(000)		  Value
District of Columbia (concluded)      
Metropolitan Washington Airports Authority, Refunding RB (concluded):          
First Senior Lien, Series A, 5.25%, 10/01/44  $1,610   $1,775,669 
         6,315,700 
Florida — 5.1%          
Greater Orlando Aviation Authority Florida, RB, Special Purpose, JetBlue Airways Corp., AMT, 6.38%, 11/15/26   1,740    1,761,976 
Highland Meadows Community Development District, Special Assessment Bonds, Series A, 5.50%, 5/01/36 (c)(d)   490    197,333 
Hillsborough County IDA, RB:          
National Gypsum Co., Series B, AMT, 7.13%, 4/01/30   1,500    1,500,615 
Tampa General Hospital Project, 5.25%, 10/01/41   1,000    1,040,870 
Jacksonville Economic Development Commission, RB, Gerdau Ameristeel US, Inc., AMT, 5.30%, 5/01/37   3,300    3,300,561 
Lakewood Ranch Stewardship District, Refunding, Special Assessment Bonds, Lakewood Center & NW Sector Projects, 8.00%, 5/01/40   515    591,251 
Martin County IDA, Refunding RB, Indiantown Cogeneration LP Project, 4.20%, 12/15/25   1,750    1,756,947 
Mid-Bay Bridge Authority, RB, Series A, 7.25%, 10/01/40   1,450    1,822,795 
Palm Beach County Health Facilities Authority, RB, ACTS Retirement-Life Community, 5.50%, 11/15/33   1,500    1,633,260 
Santa Rosa Bay Bridge Authority, RB, 6.25%, 7/01/28 (c)(d)   475    189,832 
Sarasota County Health Facilities Authority, Refunding RB, Village On The Isle Project, 5.50%, 1/01/27   210    224,356 
Sumter Landing Community Development District Florida, RB,  Sub-Series B, 5.70%, 10/01/38   780    722,834 
Tolomato Community Development District, Special Assessment       Bonds (c)(d):          
Series 1, 6.65%, 5/01/40   10    5,350 
Series 2, 6.65%, 5/01/40   330    149,744 
Series 3, 6.65%, 5/01/40   105    1 
Tolomato Community Development District, Special Assessment Bonds, Refunding:          
Series A-1, 6.65%, 5/01/40   140    137,186 
Series A-2, Convertible CAB, 0.00%, 5/01/17 (e)   40    28,665 
            
Municipal Bonds   Par
(000)		    Value 
Florida (concluded)          
Tolomato Community Development District, Special Assessment Bonds, Refunding (concluded):          
Series A-3, Convertible CAB, 0.00%, 5/01/19 (e)  $90   $51,814 
Series A-4, Convertible CAB, 0.00%, 5/01/22 (e)   50    21,176 
Viera East Community Development District, Refunding, Special Assessment Bonds, 5.00%, 5/01/26   640    638,573 
Village Community Development District No. 9, Special Assessment Bonds:          
7.00%, 5/01/41   1,680    1,942,399 
5.50%, 5/01/42   615    658,979 
Village Community Development District No. 10, Special Assessment Bonds, 5.13%, 5/01/43   1,855    1,886,461 
Watergrass Community Development District, Special Assessment Bonds, Series A, 5.38%, 5/01/39   650    337,109 
         20,600,087 
Georgia — 0.9%          
Clayton County Development Authority, Refunding RB, Delta Air Lines, Inc. Project, Series A, 8.75%, 6/01/29   635    801,973 
County of Clayton Georgia, Tax Allocation Bonds, Ellenwood Project, 7.50%, 7/01/33   345    357,738 
DeKalb County Hospital Authority Georgia, Refunding RB, DeKalb Medical Center, Inc. Project, 6.13%, 9/01/40   1,240    1,440,620 
Gainesville & Hall County Development Authority, Refunding RB, ACTS Retirement-Life Community, Series A-2, 6.63%, 11/15/39   220    250,857 
Private Colleges & Universities Authority, Refunding RB, Mercer University Project, Series A, 5.00%, 10/01/32   395    427,690 
Richmond County Development Authority, RB, International Paper Co. Projects, Series A, AMT, 5.00%, 8/01/30   500    501,545 
         3,780,423 
Guam — 0.7%          
Guam Government Waterworks Authority, Refunding RB, Water and Wastewater System, 6.00%, 7/01/25   735    761,725 
Territory of Guam, GO, Series A:          
6.00%, 11/15/19   100    110,075 

 

 BLACKROCK MUNICIPAL BOND FUND, INC.MARCH 31, 2013   3
 

 

Schedule of Investments (continued)

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)

 

 

Municipal Bonds  Par
(000)		  Value
Guam (concluded)      
Territory of Guam, GO, Series A (concluded):      
6.75%, 11/15/29  $1,650   $1,848,643 
7.00%, 11/15/39   160    180,550 
         2,900,993 
Idaho  — 0.1%          
Power County Industrial Development Corp., RB, FMC Corp. Project, AMT, 6.45%, 8/01/32   265    265,435 
Illinois — 3.2%          
City of Chicago Illinois, Refunding RB, American Airlines, Inc. Project, 5.50%, 12/01/30 (c)(d)   1,000    1,090,000 
Illinois Finance Authority, RB, Lake Forest College, Series A:          
5.75%, 10/01/32   600    654,588 
6.00%, 10/01/48   1,700    1,874,471 
Illinois Finance Authority, Refunding RB:          
Central DuPage Health,   Series B, 5.50%, 11/01/39   1,400    1,580,474 
Friendship Village of Schaumburg, 7.13%, 2/15/39   1,000    1,096,940 
Lutheran Home & Services Obligated Group, 5.63%, 5/15/42   1,605    1,667,579 
Roosevelt University Project, 6.50%, 4/01/44   830    938,730 
Swedish Covenant, Series A, 6.00%, 8/15/38   1,000    1,124,970 
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, McCormick Place Expansion Project, Series B (AGM), 5.09%, 6/15/44 (b)   3,455    719,573 
Quad Cities Regional EDA, Refunding RB, Augustana College, 4.75%, 10/01/32   1,000    1,045,140 
Railsplitter Tobacco Settlement Authority, RB:          
5.50%, 6/01/23   355    426,802 
6.00%, 6/01/28   390    466,432 
         12,685,699 
Indiana — 1.3%          
City of Carmel, RB, Barrington Carmel Project, Series A:          
7.13%, 11/15/42   1,500    1,636,845 
7.13%, 11/15/47   1,500    1,631,085 
Indiana Finance Authority, RB, Private Activity, Ohio River Bridges East End Crossing Project, Series A:          
5.00%, 7/01/44   370    377,718 
5.00%, 7/01/48   505    513,479 
            
Municipal Bonds   Par
(000)		    Value 
Indiana (concluded)          
Indiana Finance Authority, Refunding RB, Marquette Project, 5.00%, 3/01/39  $725   $758,981 
Indiana Health Facility Financing Authority, Refunding RB, Methodist Hospital, Inc., 5.38%, 9/15/22   185    185,276 
         5,103,384 
Iowa — 1.3%          
Iowa Finance Authority, RB, Alcoa, Inc. Project, 4.75%, 8/01/42   2,500    2,509,225 
Iowa Finance Authority, Refunding RB:          
Development, Care Initiatives Project, Series A, 5.00%, 7/01/19   500    526,740 
Sunrise Retirement Community Project, 5.50%, 9/01/37   890    875,858 
Sunrise Retirement Community Project, 5.75%, 9/01/43   1,385    1,386,925 
         5,298,748 
Kentucky — 0.6%          
Kentucky Economic Development Finance Authority, RB, Owensboro Medical Health System, Series A:          
6.38%, 6/01/40   1,050    1,245,877 
6.50%, 3/01/45   1,000    1,193,740 
Kentucky Economic Development Finance Authority, Refunding RB, Norton Healthcare, Inc., Series B (NPFGC), 4.04%, 10/01/24 (b)   250    157,898 
         2,597,515 
Louisiana — 0.5%          
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Projects, 6.75%, 11/01/32   1,000    1,128,790 
Louisiana Public Facilities Authority, RB, Belle Chasse Educational Foundation Project, 6.75%, 5/01/41   645    756,817 
         1,885,607 
Maine  — 0.3%          
Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 6.75%, 7/01/41   1,075    1,289,462 
Maryland — 1.7%          
County of Howard Maryland, Refunding RB, Vantage House Facility, Series A, 5.25%, 4/01/33   500    500,265 

 

 BLACKROCK MUNICIPAL BOND FUND, INC.MARCH 31, 2013   4
 

 

Schedule of Investments (continued)

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)

 

 

Municipal Bonds  Par
(000)		  Value
Maryland (concluded)          
Gaithersburg Maryland, Refunding RB, Asbury Maryland Obligation, Series B, 6.00%, 1/01/23  $750   $845,580 
Maryland EDC, RB:          
Term Project, Series B, 5.75%, 6/01/35   1,500    1,699,710 
Transportation Facilities Project, Series A, 5.75%, 6/01/35   265    300,282 
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 9/01/25   2,000    2,218,120 
Maryland Health & Higher Educational Facilities Authority, RB, Washington Christian Academy, 5.25%,  7/01/18 (c)(d)   250    99,960 
Maryland Health & Higher Educational Facilities Authority, Refunding RB, Doctors Community Hospital, 5.75%, 7/01/38   890    990,775 
         6,654,692 
Massachusetts — 1.1%          
Massachusetts Development Finance Agency, RB:          
Foxborough Regional Charter School, Series A, 7.00%, 7/01/42   350    411,694 
Linden Ponds, Inc. Facility, Series A-1, 6.25%, 11/15/39   353    316,150 
Linden Ponds, Inc. Facility, Series A-2, 5.50%, 11/15/46   19    14,748 
Linden Ponds, Inc. Facility, Series B, 0.00%,    11/15/56 (b)   94    644 
Massachusetts Development Finance Agency, Refunding RB:          
Boston Medical Center,   Series C, 5.00%, 7/01/29   2,500    2,752,675 
Eastern Nazarene College, 5.63%, 4/01/29   500    501,505 
Tufts Medical Center, Series I, 6.75%, 1/01/36   510    614,800 
         4,612,216 
Michigan — 2.4%          
City of Detroit Michigan, GO, Taxable Capital Improvement, Limited Tax:          
Series A-1, 5.00%, 4/01/16   350    318,854 
Series A-2, 8.00%, 4/01/14   1,715    1,641,958 
            
Municipal Bonds   Par
(000)		    Value 
Michigan (concluded)          
Flint Hospital Building Authority, RB, Hurley Medical Center, Series A, 5.25%, 7/01/39  $1,755   $1,743,715 
Kentwood EDC, Refunding RB, Limited Obligation, Holland Home, 5.63%, 11/15/41   1,250    1,308,025 
Michigan State Hospital Finance Authority, Refunding RB, Hospital, Henry Ford Health, 5.75%, 11/15/39   1,710    1,932,608 
Monroe County Hospital Finance Authority, Refunding RB, Mercy Memorial Hospital Corp. Obligation, 5.50%, 6/01/35   1,565    1,664,988 
Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, 8.25%, 9/01/39   915    1,154,867 
         9,765,015 
Minnesota — 0.4%          
City of Woodbury, Refunding RB, MSA Building Co., Series A, 5.00%, 12/01/43   885    894,417 
Minnesota State Higher Education Facilities Authority, RB, College of St. Benedict, Series 7-M, 5.13%, 3/01/36   275    290,815 
St. Paul Housing & Redevelopment Authority, RB, Nova Classical Academy, Series A, 6.63%, 9/01/42   500    558,635 
         1,743,867 
Mississippi  — 0.5%          
Warren County Mississippi, RB, Gulf Opportunity Zone Bonds, International Paper Co. Project, Series A, AMT, 5.38%, 12/01/35   2,000    2,194,400 
Missouri — 0.8%          
City of Kansas City Missouri, Tax Allocation Bonds, Kansas City MainCor Project, Series A, 5.25%, 3/01/18   500    525,165 
Kirkwood IDA Missouri, RB, Aberdeen Heights, Series A, 8.25%, 5/15/39   435    518,163 
Poplar Bluff Regional Transportation Development District, RB, 4.75%, 12/01/42   2,200    2,211,726 
         3,255,054 
Nebraska — 0.3%          
Central Plains Energy Project Nebraska, RB, Gas Project No. 3:          
5.25%, 9/01/37   445    495,908 
5.00%, 9/01/42   780    845,099 
         1,341,007 

 

 BLACKROCK MUNICIPAL BOND FUND, INC.MARCH 31, 2013   5
 

 

Schedule of Investments (continued)

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)

 

 

Municipal Bonds  Par
(000)		  Value
Nevada — 0.4%          
County of Clark Nevada, RB, Southwest Gas Corp. Project, Series A, AMT (NPFGC), 4.75%, 9/01/36  $20   $20,751 
County of Clark Nevada, Special Assessment Bonds, Refunding, Special Improvement District #142, Mountain's Edge:          
4.00%, 8/01/22   870    868,686 
4.00%, 8/01/23   545    540,918 
         1,430,355 
New Hampshire — 0.9%          
New Hampshire Health & Education Facilities Authority, Refunding RB:          
Dartmouth-Hitchcock, 6.00%, 8/01/38   435    504,117 
Havenwood-Heritage Heights, Series A, 5.40%, 1/01/30   500    505,115 
Southern New Hampshire University, 5.00%, 1/01/34   2,500    2,669,700 
         3,678,932 
New Jersey — 4.9%          
Burlington County Bridge Commission, Refunding RB, The Evergreens Project, 5.63%, 1/01/38   750    775,335 
New Jersey EDA, RB:          
Cigarette Tax, 5.75%, 6/15/14 (f)   1,100    1,173,293 
Cigarette Tax, 5.75%, 6/15/14 (f)   535    570,647 
Continental Airlines, Inc. Project, AMT, 5.13%, 9/15/23   1,965    2,025,168 
Continental Airlines, Inc. Project, AMT, 5.25%, 9/15/29   840    865,393 
Kapkowski Road Landfill Project, Series B-MB, AMT, 6.50%, 4/01/31   3,000    3,516,780 
Patterson Charter School for Science and Technology, Inc. Project, Series A, 6.10%, 7/01/44   660    719,862 
New Jersey Educational Facilities Authority, Refunding RB, University of Medicine & Dentistry, Series B, 7.13%, 12/01/23   580    736,501 
New Jersey Health Care Facilities Financing Authority, RB, Pascack Valley Hospital Association, 6.63%, 7/01/36 (c)(d)   650    7 
New Jersey Health Care Facilities Financing Authority, Refunding RB:          
Barnabas Health, Series A, 5.63%, 7/01/37   1,000    1,116,990 
            
Municipal Bonds   Par
(000)		    Value 
New Jersey (concluded)          
New Jersey Health Care Facilities Financing Authority, Refunding RB (concluded):          
St. Joseph's Healthcare System, 6.63%, 7/01/38  $725   $831,778 
Tobacco Settlement Financing Corp. New Jersey, Refunding RB, Series 1-A:          
4.50%, 6/01/23   4,955    4,945,883 
4.63%, 6/01/26   2,500    2,419,525 
         19,697,162 
New Mexico — 0.7%          
City of Farmington New Mexico, Refunding RB, Arizona Public Service, Series A, 4.70%, 5/01/24   500    555,520 
New Mexico Hospital Equipment Loan Council, Refunding RB, Gerald Champion, 5.50%, 7/01/42   2,030    2,076,365 
         2,631,885 
New York — 3.7%          
Chautauqua County IDA, RB, NRG Dunkirk Power Project, 5.88%, 4/01/42   1,615    1,796,623 
Genesee County IDA New York, Refunding RB, United Memorial Medical Center Project, 5.00%, 12/01/32   500    490,150 
New York City IDA, RB:          
American Airlines, Inc., JFK International Airport, AMT, 8.00%, 8/01/28 (a)(c)(d)   235    269,639 
British Airways Plc Project, AMT, 7.63%, 12/01/32   1,500    1,530,015 
JetBlue Airways Corp. Project, AMT, 5.13%, 5/15/30   1,750    1,727,320 
Queens Baseball Stadium, PILOT, (AMBAC), 5.00%, 1/01/46   4,000    4,059,880 
New York Liberty Development Corp., Refunding RB, Second Priority, Bank of America Tower at One Bryant Park Project, 6.38%, 7/15/49   375    446,438 
Niagara Area Development Corp., Refunding RB, Solid Waste Disposal Facility, Covanta Energy Project, Series A, AMT, 5.25%, 11/01/42   1,265    1,301,799 
Onondaga Civic Development Corp., Refunding RB, St. Joseph's Hospital Health Center Project, 5.00%, 7/01/42   1,220    1,251,744 

 

 BLACKROCK MUNICIPAL BOND FUND, INC.MARCH 31, 2013   6
 

 

Schedule of Investments (continued)

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)

 

 

Municipal Bonds  Par
(000)		  Value
New York (concluded)          
Westchester County IDA New York, RB, Kendal on Hudson Project, Series A, 6.38%, 1/01/24  $1,500   $1,502,220 
Yonkers IDA New York, RB, Sarah Lawrence College Project, Series A, 6.00%, 6/01/41   410    459,446 
         14,835,274 
North Carolina — 1.7%          
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    1,181,322 
North Carolina Capital Facilities Finance Agency, Refunding RB, High Point University, 4.38%, 5/01/34   2,100    2,142,252 
North Carolina Medical Care Commission, RB, First Mortgage, Galloway Ridge Project, Series A, 6.00%, 1/01/39   1,520    1,610,592 
North Carolina Medical Care Commission, Refunding RB:          
Carolina Village Project, 6.00%, 4/01/38   1,000    1,050,820 
First Mortgage, Whitestone, Series A, 7.75%, 3/01/41   830    944,606 
         6,929,592 
Ohio — 1.7%          
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed Bonds, Series A-2, 5.75%, 6/01/34   4,460    3,965,386 
County of Hamilton Ohio, RB, Christ Hospital Project, 5.00%, 6/01/42   1,120    1,190,201 
State of Ohio, RB, Ford Motor Co. Project, AMT, 5.75%, 4/01/35   1,720    1,778,033 
         6,933,620 
Oklahoma — 0.5%          
Oklahoma County Finance Authority, Refunding RB, Epworth Villa Project, Series A, 5.13%, 4/01/42   1,025    1,045,972 
Oklahoma Development Finance Authority, Refunding RB, Inverness Village Community, 6.00%, 1/01/32   695    753,484 
         1,799,456 
Pennsylvania — 5.6%          
Allegheny County Hospital Development Authority, Refunding RB, Health System, West Pennsylvania, Series A, 5.38%, 11/15/40   2,890    2,485,400 
            
Municipal Bonds   Par
(000)		    Value 
Pennsylvania (concluded)          
Allegheny County IDA, RB, US Steel Corp. Project, AMT, 5.75%, 8/01/42  $1,500   $1,518,240 
Allentown Neighborhood Improvement Zone Development Authority, Refunding RB, Series A:          
5.00%, 5/01/35   1,185    1,261,515 
5.00%, 5/01/42   2,730    2,880,860 
City of Philadelphia Pennsylvania Gas Works, RB, Ninth Series, 5.25%, 8/01/40   1,000    1,062,440 
Cumberland County Municipal Authority, Refunding RB, Diakon Lutheran, 6.38%, 1/01/39   2,680    2,986,780 
Lancaster County Hospital Authority, Refunding RB, Brethren Village Project, Series A, 6.50%, 7/01/40   835    892,648 
Lehigh County General Purpose Authority, Refunding RB, Bible Fellowship Church Homes, 5.13%, 7/01/32   2,095    2,062,842 
Pennsylvania Economic Development Financing Authority, RB, US Airways Group, Series A, 7.50%, 5/01/20   1,200    1,384,944 
Pennsylvania Higher Educational Facilities Authority, RB, 5.00%, 10/01/44   2,025    2,183,841 
Pennsylvania Higher Educational Facilities Authority, Refunding RB, LaSalle University, 5.00%, 5/01/37   1,500    1,628,430 
Philadelphia Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 7/01/42   1,865    2,048,964 
         22,396,904 
Puerto Rico — 2.9%          
Puerto Rico Electric Power Authority, RB:          
Series A, 5.00%, 7/01/42   965    885,957 
Series WW, 5.50%, 7/01/38   1,000    994,500 
Puerto Rico Public Buildings Authority, Refunding RB, Government Facilities:          
Series N, 5.00%, 7/01/32   3,545    3,233,643 
Series U, 5.25%, 7/01/42   2,210    2,027,962 
Puerto Rico Public Finance Corp., Refunding RB, Series B, 5.50%, 8/01/31   2,500    2,460,100 
Puerto Rico Sales Tax Financing Corp., RB, First Sub-Series A, 6.50%, 8/01/44   750    838,920 

 

 BLACKROCK MUNICIPAL BOND FUND, INC.MARCH 31, 2013   7
 

 

Schedule of Investments (continued)

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)

 

 

Municipal Bonds  Par
(000)		  Value
Puerto Rico (concluded)          
Puerto Rico Sales Tax Financing Corp., Refunding RB, CAB, First Sub-
Series C, 6.07%, 8/01/38 (b)		  $5,000   $1,098,650 
         11,539,732 
Tennessee — 0.6%          
Johnson City Health & Educational Facilities Board, RB, Mountain States Health, 5.00%, 8/15/42   1,000    1,082,410 
Tennessee Energy Acquisition Corp., RB, Series A, 5.25%, 9/01/26   1,250    1,460,775 
         2,543,185 
Texas — 12.4%          
Bexar County Health Facilities Development Corp., RB, Army Retirement Residence Project, 6.20%, 7/01/45   1,320    1,485,356 
Brazos River Authority, RB, TXU Electric, Series A, AMT, 8.25%, 10/01/30   750    64,688 
Central Texas Regional Mobility Authority, Refunding RB:          
CAB, 4.87%, 1/01/28 (b)   3,000    1,474,770 
CAB, 4.93%, 1/01/29 (b)   500    232,130 
CAB, 5.05%, 1/01/30 (b)   1,330    576,887 
CAB, 5.16%, 1/01/31 (b)   4,000    1,619,760 
Senior Lien, 5.75%, 1/01/25   250    287,552 
Senior Lien, 6.25%, 1/01/46   765    895,188 
City of Houston Texas, RB, Continental Airlines, Inc., Special Facilities,   Series E, AMT:          
6.75%, 7/01/21   630    632,287 
7.38%, 7/01/22   500    502,090 
City of Houston Texas, Refunding RB, Series A:          
AMT, 6.63%, 7/15/38   1,110    1,247,207 
5.50%, 7/01/39   120    138,334 
Clifton Higher Education Finance Corp., ERB, Idea Public Schools:          
5.50%, 8/01/31   370    414,766 
5.75%, 8/01/41   280    315,647 
5.00%, 8/15/42   1,360    1,455,554 
Clifton Higher Education Finance Corp., Refunding RB, Uplift Education, Series A:          
4.35%, 12/01/42   715    721,721 
4.40%, 12/01/47   590    595,528 
Danbury Higher Education Authority, Inc., RB, A.W. Brown Fellowship Charter, Series A (ACA), 5.00%, 8/15/16 (f)   355    406,422 
            
Municipal Bonds   Par
(000)		    Value 
Texas (continued)          
Fort Bend County Industrial Development Corp., RB, NRG Energy, Inc. Project, Series B, 4.75%, 11/01/42  $1,705   $1,732,519 
Gulf Coast IDA, RB, Citgo Petroleum Project, AMT, 4.88%, 5/01/25   1,580    1,615,961 
Harris County Cultural Education Facilities Finance Corp., Refunding MRB, Brazos Presbyterian Homes, Inc. Project, Series A:          
5.00%, 1/01/38   510    511,601 
5.00%, 1/01/43   520    516,771 
5.13%, 1/01/48   1,535    1,525,007 
Harris County Cultural Education Facilities Finance Corp., Refunding RB, Young Men's Christian Association of the Greater Houston Area, Series A, 5.00%, 6/01/38   2,065    2,186,484 
Harris County Houston Sports Authority, Refunding RB, CAB, Senior Lien, Series G, 5.64%, 11/15/41 (b)   350    71,288 
Houston Higher Education Finance Corp., RB, Cosmos Foundation, Inc., Series A:          
6.50%, 5/15/31   1,000    1,239,410 
6.88%, 5/15/41   205    258,214 
Love Field Airport Modernization Corp., RB, Southwest Airlines Co. Project:          
5.25%, 11/01/40   500    543,970 
AMT, 5.00%, 11/01/28   530    576,258 
Matagorda County Navigation District No. 1 Texas, Refunding RB:          
Central Power & Light Co. Project, Series A, 6.30%, 11/01/29   290    339,573 
Series B, AMT (AMBAC), 4.55%, 5/01/30   2,000    2,053,160 
North Texas Education Finance Corp., ERB, Uplift Education, Series A, 5.13%, 12/01/42   1,255    1,345,034 
North Texas Tollway Authority, RB, CAB, Special Projects System, Series B, 5.18%, 9/01/37 (b)   725    208,089 
North Texas Tollway Authority, Refunding RB, Toll, Second Tier, Series F, 6.13%, 1/01/31   1,150    1,267,507 
Red River Health Facilities Development Corp., First MRB:          
Eden Home, Inc. Project, 7.25%, 12/15/42   1,330    1,402,844 
Wichita Falls Retirement Foundation Project, 5.13%, 1/01/41   600    596,694 
Sam Rayburn Municipal Power Agency, Refunding RB, 5.00%, 10/01/21   500    594,130 

 

 BLACKROCK MUNICIPAL BOND FUND, INC.MARCH 31, 2013   8
 

 

Schedule of Investments (continued)

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)

 

 

Municipal Bonds  Par
(000)		  Value
Texas (concluded)      
Tarrant County Cultural Education Facilities Finance Corp., RB, Series A:          
CC Young Memorial Home, 8.00%, 2/15/38  $330   $376,702 
Senior Living Center Project, 8.25%, 11/15/44   800    902,032 
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, Northwest Senior Housing, Edgemere Project, Series A, 6.00%, 11/15/36   1,500    1,589,175 
Texas Municipal Gas Acquisition & Supply Corp. III, RB, Gas Supply, 5.00%, 12/15/29   1,360    1,457,186 
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    2,799,010 
NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39   1,740    2,064,562 
Texas State Public Finance Authority, Refunding ERB, KIPP, Inc., Series A (ACA):          
5.00%, 2/15/28   680    690,873 
5.00%, 2/15/36   2,000    2,027,620 
Texas State Turnpike Authority, RB, CAB (AMBAC) (b):          
5.97%, 8/15/30   5,200    1,875,016 
6.02%, 8/15/35   10,000    2,651,100 
Texas Transportation Commission, Refunding RB, First Tier, Series A, 5.00%, 8/15/41   1,890    2,033,470 
         50,117,147 
US Virgin Islands  — 0.6%          
Virgin Islands Public Finance Authority, RB, Matching Fund Loan Note,   Series A, 5.00%, 10/01/32   2,025    2,227,581 
Utah  — 0.3%          
Utah State Charter School Finance Authority, RB, Navigator Pointe Academy, Series A, 5.63%, 7/15/40   1,000    1,063,490 
Vermont  — 0.2%          
Vermont EDA, Refunding MRB, Wake Robin Corp. Project, 5.40%, 5/01/33   930    977,951 
Virginia — 5.9%          
Albemarle County IDA, Refunding RB, Westminster-Canterbury, 5.00%, 1/01/31   500    510,170 
            
Municipal Bonds   Par
(000)		    Value 
Virginia (concluded)          
City of Norfolk Virginia, Refunding RB, Series B (AMBAC), 5.50%, 2/01/31  $220   $220,229 
Fairfax County EDA, Refunding RB:          
Goodwin House, Inc., 5.13%, 10/01/37   2,040    2,143,265 
Goodwin House, Inc., 5.13%, 10/01/42   1,185    1,246,478 
Vinson Hall LLC, Series A, 5.00%, 12/01/42   970    972,318 
Vinson Hall LLC, Series A, 5.00%, 12/01/47   1,265    1,260,775 
Hanover County EDA, Refunding RB, Residential Care Facility, Covenant Woods, Series A:          
5.00%, 7/01/42   770    767,590 
5.00%, 7/01/47   1,015    1,003,429 
Lexington IDA, Refunding MRB, Kendal at Lexington, Series A, 5.38%, 1/01/28   210    214,526 
Mosaic District Community Development Authority, RB, Special Assessment Bonds, Series A:          
6.63%, 3/01/26   515    596,174 
6.88%, 3/01/36   450    519,912 
Route 460 Funding Corp. of Virgina Toll Road, RB, Senior Lien, CAB, Series B (b):          
CAB, Series B, 5.26%, 7/01/42 (b)   2,515    550,860 
CAB, Series B, 5.26%, 7/01/43 (b)   2,600    540,358 
CAB, Series B, 5.27%, 7/01/44 (b)   2,660    524,073 
CAB, Series B, 5.28%, 7/01/45 (b)   2,095    389,754 
Senior Lien, Series A, 5.13%, 7/01/49   920    990,518 
Virginia Small Business Financing Authority, RB, Senior Lien, AMT:          
Elizabeth River Crossings LLC Project, 5.25%, 1/01/32   420    457,884 
Elizabeth River Crossings LLC Project, 6.00%, 1/01/37   3,290    3,764,582 
Elizabeth River Crossings LLC Project, 5.50%, 1/01/42   860    925,145 
Express Lanes LLC, 5.00%, 7/01/34   1,700    1,748,450 
Express Lanes LLC, 5.00%, 1/01/40   3,640    3,730,527 
Watkins Centre Community Development Authority, RB, 5.40%, 3/01/20   650    634,952 
         23,711,969 

 

 BLACKROCK MUNICIPAL BOND FUND, INC.MARCH 31, 2013   9
 

 

Schedule of Investments (continued)

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)

 

 

Municipal Bonds  Par
(000)		  Value
Washington — 1.5%          
Greater Wenatchee Regional Events Center Public Facilities District, Refunding RB, Series A, 5.50%, 9/01/42  $1,005   $1,064,436 
King County, Washington Public Hospital District No. 4, GO, Refunding, Snoqualmie Valley Hospital, 7.00%, 12/01/40   545    593,292 
Tobacco Settlement Authority of Washington, RB, Asset-Backed, 6.50%, 6/01/26   2,240    2,293,693 
Washington Health Care Facilities Authority, RB:          
Kadlec Regional Medical Center, 5.00%, 12/01/42   1,000    1,043,550 
Swedish Health Services, Series A, 6.75%, 11/15/21 (f)   730    1,012,568 
         6,007,539 
West Virginia  — 0.4%          
City of Princeton West Virginia, Refunding RB, Princeton Community Hospital Project, 5.00%, 5/01/27   1,575    1,713,159 
Wisconsin — 0.4%          
Public Finance Authority, Refunding RB, Senior Obligated Group, Series B, AMT, 5.00%, 7/01/42   1,500    1,542,330 
Wisconsin Health & Educational Facilities Authority, Refunding RB, St. John's Communities, Inc., Series A:          
7.25%, 9/15/29   75    85,600 
7.63%, 9/15/39   145    166,878 
         1,794,808 
Total Municipal Bonds – 84.4%       340,017,483 
            
Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts (g)		          
California — 0.6%          
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area, Series F-1, 5.63%, 4/01/44   480    548,606 
City of Los Angeles California Department of Airports, Refunding RB, Senior, Los Angeles International Airport, Series A, 5.00%, 5/15/40   1,680    1,872,490 
         2,421,096 
            
Municipal Bonds Transferred to    
Tender Option Bond (TOB) Trusts (g)		   Par
(000)		    Value 
Colorado  — 1.5%          
Colorado Health Facilities Authority, Refunding RB, Sisters of Leavenworth, Series A, 5.00%, 1/01/40  $5,595   $6,046,964 
District of Columbia  — 0.3%          
District of Columbia Water & Sewer Authority, Refunding RB, Series A, 6.00%, 10/01/35 (h)   950    1,144,392 
Florida  — 1.0%          
County of Miami-Dade Florida, RB, Water & Sewer System, 5.00%, 10/01/34   3,500    3,892,283 
Illinois — 4.0%          
City of Chicago Illinois, RB, General Airport, Third Lien, Series A (NPFGC), 5.00%, 1/01/33   3,495    3,750,450 
City of Chicago Illinois, Refunding RB, 5.00%, 11/01/42   8,616    9,572,348 
Illinois Finance Authority, RB, Carle Foundation, Series A (AGM), 6.00%, 8/15/41   2,480    2,885,753 
         16,208,551 
Michigan — 0.7%          
Detroit Water and Sewerage Department, Refunding RB, Senior Lien, Series A:          
5.00%, 7/01/32   963    1,036,304 
5.25%, 7/01/39   1,662    1,794,395 
         2,830,699 
New York — 9.3%          
Hudson New York Yards Infrastructure Corp., RB, 5.75%, 2/15/47   1,720    2,013,588 
New York City Municipal Water Finance Authority, Refunding RB, Water & Sewer System, Second General Resolution:          
Series CC, 5.00%, 6/15/47   11,040    12,318,653 
Series EE, 5.50%, 6/15/43   3,795    4,425,198 
Series HH, 5.00%, 6/15/31 (h)   3,015    3,495,757 
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Construction, 5.25%, 12/15/43   7,725    8,757,016 
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51   2,520    2,949,332 
New York State Dormitory Authority, ERB, Series F, 5.00%, 3/15/35   3,405    3,647,278 
         37,606,822 

 

 BLACKROCK MUNICIPAL BOND FUND, INC.MARCH 31, 2013   10
 

 

Schedule of Investments (continued)

BlackRock High Yield Municipal Fund

(Percentages shown are based on Net Assets)

 

 

Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts (g)		  Par
(000)		  Value
Ohio — 1.2%          
County of Allen Ohio, Refunding RB, Catholic Healthcare, Series A, 5.25%, 6/01/38  $2,200   $2,439,360 
State of Ohio, Refunding RB, Cleveland Clinic Health, Series A, 5.50%, 1/01/39   2,010    2,321,750 
         4,761,110 
South Carolina  — 0.4%          
South Carolina State Housing Finance & Development Authority, Refunding RB, Series B-1, 5.55%, 7/01/39   1,509    1,622,016 
Virginia  — 0.7%          
Virginia Small Business Financing Authority, Refunding RB, Sentara Healthcare, 5.00%, 11/01/40   2,501    2,741,088 
Washington  — 0.8%          
City of Bellingham Washington, RB, Water & Sewer, 5.00%, 8/01/40   2,999    3,355,977 
            
Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts (g)		   Par
(000)		    Value 
Wisconsin  — 0.6%          
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., 5.25%, 4/01/39 (h)  $2,180   $2,398,204 
Total Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts – 21.1%       85,029,202 
Total Long-Term Investments
(Cost – $397,345,846) – 105.5%		       425,046,685 
            
Short-Term Securities   Shares      
FFI Institutional Tax-Exempt Fund, 0.01% (i)(j)   21,097,122    21,097,122 
Total Short-Term Securities
(Cost – $21,097,122) – 5.2%		       21,097,122 
Total Investments (Cost - $418,442,968*) – 110.7%       446,143,807 
Other Assets Less Liabilities – 1.3%       5,401,336 
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable – (12.0)%      (48,524,431)
Net Assets – 100.0%     $403,020,712 
  
*   As of March 31, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:  
Tax cost      $369,951,916 
Gross unrealized appreciation      $31,716,860 
Gross unrealized depreciation       (4,027,063)
Net unrealized appreciation      $27,689,797 
  
 

Notes to Schedule of Investments

 

(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) 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) All or a portion of security is subject to a recourse agreement, which may require the Fund to pay the liquidity provider in the event there is a shortfall between the TOB trust 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 $3,574,306.

 

 

 BLACKROCK MUNICIPAL BOND FUND, INC.MARCH 31, 2013   11
 

 

Schedule of Investments (continued) BlackRock High Yield Municipal Fund

 

 

(i) Investments in issuers considered to be an affiliate of the Fund during the period ended March 31, 2013, 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
March 31,
2013		  Income
  FFI Institutional Tax-Exempt Fund  25,189,057  (4,091,935)  21,097,122  $1,563

 

(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:  

 

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
IDB Industrial Development Board
MRB Mortgage Revenue Bonds
NPFGC National Public Finance Guarantee Corp.
PILOT Payment in Lieu of Taxes
RB Revenue Bonds
Syncora Syncora Guarantee

 

• Financial futures contracts as of March 31, 2013 were as follows:

 

 Contracts
Sold		  Issue  Exchange  Expiration  Notional Value  Unrealized Depreciation
 (144) 10-Year US Treasury Note  Chicago Board of Trade  June 2013  $19,005,750  $(138,564)

 

 BLACKROCK MUNICIPAL BOND FUND, INC.MARCH 31, 2013   12
 

 

Schedule of Investments (concluded) BlackRock High Yield Municipal Fund

 

 

• Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative financial instruments. 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 and derivative financial instruments)
   
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 and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument 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 derivative financial instruments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report.
   
The following tables summarize the Fund's investments and derivative financial instruments categorized in the disclosure hierarchy as of March 31, 2013:
       
  Level 1    Level 2   Level 3    Total
Assets:                    
Investments:                    
   Long-Term Investments1   —   $ 425,046,685   —   $ 425,046,685
   Short-Term Securities $ 21,097,122     —   —     21,097,122
Total $ 21,097,122   $ 425,046,685   —   $ 446,143,807

 

1 See above Schedule of Investments for values in each state or political subdivision.

 

      Level 1        Level 2       Level 3   Total
Derivative Financial Instruments2              
Liabilities:              
Equity contracts $ (138,564)   —   — $ (138,564)
                     

 

2 Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

 

Certain of the Fund’s assets and liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of March 31, 2013, such assets and liabilities are categorized within the disclosure hierarchy as follows:

 

    Level 1  Level 2     Level 3     Total  
Assets:                  
Cash pledged as collateral for financial futures contracts  $190,000   —      —     $190,000 
Liabilities:                  
Bank overdraft  —  $(69,518)   —      (69,518)
TOB trust certificates  —   (48,502,094)   —      (48,502,094)
Total  $190,000  $(48,571,612)   —     $(48,381,612)

 

There were no transfers between levels during the period ended March 31, 2013.

 BLACKROCK MUNICIPAL BOND FUND, INC.MARCH 31, 2013   13
 

 

 

Schedule of Investments  March 31, 2013 (Unaudited)

BlackRock National Municipal Fund

(Percentages shown are based on Net Assets)

 

 

  Par
(000)		  Value
Municipal Bonds      
Alabama — 0.8%          
Alabama State Docks Department, Refunding RB, 6.00%, 10/01/40  $15,550   $18,288,044 
Birmingham Special Care Facilities Financing Authority, RB (AGC), 6.00%, 6/01/39   15,785    18,542,324 
Courtland IDB Alabama, RB, International Paper Co. Project, Series A, 6.25%, 11/01/33   2,590    2,975,547 
Courtland IDB Alabama, Refunding RB, AMT:          
Champion International Corp. Project, 6.00%, 8/01/29   195    196,219 
International Paper Co.,  Series B, 6.25%, 8/01/25   750    762,697 
Prattville IDB, RB, Recovery Zone Facility Series C, 6.25%, 11/01/33   3,380    3,883,147 
         44,647,978 
Alaska — 0.2%          
Borough of Matanuska-Susitna Alaska, RB, Goose Creek Correctional Center (AGC):          
6.00%, 9/01/28   2,000    2,467,840 
6.00%, 9/01/32   5,250    6,367,988 
         8,835,828 
Arizona — 0.3%          
Florence Town, Inc., IDA, ERB, Legacy Traditional School Project, Queen Creek and Casa Grande Campuses, 6.00%, 7/01/43   1,375    1,355,970 
Maricopa County & Phoenix IDA, Refunding RB, S/F, Series A-2, AMT (Ginnie Mae), 5.80%, 7/01/40   665    685,289 
Maricopa County Arizona IDA, RB, Arizona Charter Schools Project, Series A, 6.75%, 7/01/29   3,100    2,177,874 
Pima County Arizona IDA, RB, Tucson Electric Power, Series A, 6.38%, 9/01/29   4,065    4,069,797 
Pinal County Arizona IDA, RB, San Manuel Facility Project, AMT, 6.25%, 6/01/26   500    504,685 
Vistancia Community Facilities District Arizona, GO:          
6.75%, 7/15/22   3,000    3,008,610 
5.75%, 7/15/24   2,125    2,232,652 
         14,034,877 
California — 17.0%          
ABAG Finance Authority for Nonprofit Corps, Refunding RB, Sharp Healthcare, 6.25%, 8/01/39   9,000    10,569,420 
            
  Par
(000)		  Value
Municipal Bonds          
California (continued)          
California Health Facilities Financing Authority, RB:          
Catholic Healthcare West, Series J, 5.63%, 7/01/32  $10,000   $10,959,500 
Sutter Health, Series A, 5.25%, 11/15/46   13,000    14,436,500 
Sutter Health, Series B, 6.00%, 8/15/42   21,340    25,889,688 
California Health Facilities Financing Authority, Refunding RB:          
Catholic Healthcare West, Series A, 6.00%, 7/01/34   5,100    5,388,201 
Catholic Healthcare West, Series A, 6.00%, 7/01/39   11,905    14,145,164 
Stanford Hospital, Series A-3, 5.50%, 11/15/40   10,645    12,559,077 
California State Public Works Board, RB:          
Sub-Series A-1 Various Capital Projects, 6.00%, 3/01/35   14,125    17,102,691 
Sub-Series I-1, 6.38%, 11/01/34   11,680    14,279,384 
Various Capital Projects Sub-Series I-1, 6.13%, 11/01/29   10,000    12,231,000 
California State University, Refunding RB, Series A, 5.00%, 11/01/42   36,700    40,609,651 
California Statewide Communities Development Authority, RB:          
Health Facility, Memorial Health Services, Series A, 6.00%, 10/01/23 (a)   9,880    9,884,742 
Kaiser Permanente, Series A, 5.00%, 4/01/42   70,000    76,692,700 
Kaiser Permanente, Series B, 5.25%, 3/01/45   2,000    2,176,120 
Sutter Health, Series A, 6.00%, 8/15/42   10,190    12,362,508 
California Statewide Communities Development Authority, Refunding RB, Catholic Healthcare West:          
Series B, 5.50%, 7/01/30   2,970    3,292,186 
Series E, 5.50%, 7/01/31   1,920    2,133,984 
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    3,238,341 
City of Chula Vista California, Refunding RB, San Diego Gas & Electric, Series A, 5.88%, 2/15/34   5,850    6,992,973 
City of Los Angeles California Wastewater System, Refunding RB, Series A (NPFGC), 5.00%, 6/01/34   20,000    21,566,800 

 

 BLACKROCK MUNICIPAL BOND FUND, INC.MARCH 31, 2013   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 Newport Beach California, Refunding RB, Hoag Memorial Hospital Presbyterian, 6.00%, 12/01/40  $7,485   $9,092,853 
City of San Jose California, RB, Convention Center Expansion & Renovation Project, Series 2011 Special Hotel Tax:          
6.50%, 5/01/36   1,510    1,830,316 
6.50%, 5/01/42   5,130    6,162,105 
City of San Jose California, Refunding ARB, AMT:          
California Airport, Series A-1, 5.75%, 3/01/34   6,010    6,862,699 
Series A (AMBAC), 5.50%, 3/01/32   6,410    7,153,560 
County of Sacramento California, RB, Subordinated and Passenger Facility Charges/Grant, Series C:          
6.00%, 7/01/39   16,745    19,651,262 
6.00%, 7/01/41   13,280    15,584,877 
Cucamonga Valley Water District, Refunding RB (AGM), 5.38%, 9/01/35   26,315    31,044,069 
Grossmont Healthcare District, GO, Election of 2006, Series B, 6.13%, 7/15/40   3,500    4,255,440 
Los Angeles Department of Water & Power, RB, Power System:          
Series B, 5.00%, 7/01/43   10,000    11,160,200 
Sub-Series A-1 (AGM), 5.00%, 7/01/35   40,000    43,255,200 
Los Angeles Department of Water & Power, Refunding RB, System, Series A, 5.25%, 7/01/39   40,000    45,592,400 
Los Angeles Municipal Improvement Corp., RB, Real Property, Series E:          
6.00%, 9/01/34   4,540    5,304,309 
6.00%, 9/01/39   9,450    11,027,394 
Metropolitan Water District of Southern California, RB, Series A, 5.00%, 7/01/37   10,000    11,301,400 
Modesto Irrigation District, COP, Capital Improvements, Series A, 6.00%, 10/01/39   11,755    13,680,704 
Orange County Sanitation District, COP, Series A, 5.00%, 2/01/35   10,000    11,305,500 
Orange County Water District, COP, Series B (NPFGC), 5.00%, 8/15/34   10,000    10,147,500 
Orange County Water District, COP, Refunding, 5.00%, 8/15/39   15,000    16,953,900 
San Diego Community College District California, GO, Election of 2002 (AGM), 5.00%, 5/01/15 (a)   20,000    21,940,800 
  Par
(000)		  Value
Municipal Bonds          
California (concluded)          
San Francisco City & County Airports Commission, RB, Series E, 6.00%, 5/01/39  $24,300   $28,820,772 
San Francisco City & County Airports Commission, Refunding RB, Second Series 34E, AMT (AGM):          
5.75%, 5/01/21   8,220    9,643,211 
5.75%, 5/01/23   17,000    19,854,130 
San Joaquin County Transportation Authority, Refunding RB, Limited Tax Measure K, Series A:          
6.00%, 3/01/36   12,830    15,688,652 
5.50%, 3/01/41   25,740    30,070,240 
San Jose Financing Authority, Refunding RB, Civic Center Project, Series B (AMBAC), 5.00%, 6/01/32   9,060    9,109,286 
San Juan Water District, COP, Series A, 6.00%, 2/01/39   10,000    11,789,700 
State of California, GO, Various Purpose:          
6.50%, 4/01/33   39,460    48,885,810 
6.00%, 4/01/35   4,900    5,884,557 
6.00%, 4/01/38   35,485    42,395,704 
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    2,578,044 
Tuolumne Wind Project Authority, RB, Tuolumne Co. Project, Series A, 5.88%, 1/01/29   19,355    23,066,128 
University of California, RB, Series O, 5.75%, 5/15/34   1,450    1,740,899 
University of California, Refunding RB, Series AF, 5.00%, 5/15/39   37,160    42,217,848 
         911,562,099 
Colorado — 0.6%          
Colorado Health Facilities Authority, RB, Catholic Health Initiatives, Series D, 6.25%, 10/01/33   4,315    5,173,555 
Parker Water & Sanitation District, GO, Refunding, 5.00%, 8/01/43   15,540    17,488,561 
Plaza Metropolitan District No. 1 Colorado Tax Allocation Bonds, Public Improvement Fee, Tax Increment, 8.00%, 6/01/14 (a)   7,700    8,458,296 
         31,120,412 
Connecticut  — 0.6%          
Connecticut State Health & Educational Facility Authority, RB, Yale University, Series Z-1, 5.00%, 7/01/42   31,145    34,372,868 
Delaware  — 0.3%          
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Project, 6.00%, 10/01/40   15,500    17,399,525 

 

 BLACKROCK MUNICIPAL BOND FUND, INC.MARCH 31, 2013   2
 

 

Schedule of Investments (continued)

BlackRock National Municipal Fund

(Percentages shown are based on Net Assets)

 

 

  Par
(000)		  Value
Municipal Bonds      
District of Columbia — 0.9%      
District of Columbia, RB, Series A, 5.50%, 12/01/30  $20,530   $25,012,725 
District of Columbia Water & Sewer Authority, Refunding RB, Series A:          
6.00%, 10/01/35   12,630    15,212,330 
5.50%, 10/01/39   6,475    7,564,937 
         47,789,992 
Florida — 4.3%          
Anthem Park Community Development District, Special Assessment Bonds, 5.80%, 5/01/36 (b)(c)   1,755    1,251,842 
County of Escambia Florida, RB, International Paper Co. Project, Series B, 6.25%, 11/01/33   7,500    8,616,450 
County of Miami-Dade Florida, GO, Building Better Communities Program:          
Series B, 6.38%, 7/01/28   9,300    11,209,941 
Series B-1, 5.75%, 7/01/33   2,400    2,789,712 
Series B-1, 6.00%, 7/01/38   30,000    35,304,000 
County of Miami-Dade Florida, Refunding RB:          
Miami International Airport, Series A AMT (AGC), 5.50%, 10/01/26   7,000    8,183,490 
Miami International Airport, Series A AMT (AGC), 5.50%, 10/01/27   5,495    6,336,504 
Water & Sewer Systems, Series C, 6.00%, 10/01/23   25,000    30,786,500 
County of St. John's Florida, Refunding RB, Water & Sewer System, Series A, 5.00%, 6/01/42   10,475    11,837,274 
Fiddlers Creek Community Development District No. 2, Special Assessment Bonds, Series A, 6.38%, 5/01/35 (b)(c)   6,850    3,601,867 
Florida Housing Finance Corp., Refunding RB, AMT, Homeowner Mortgage, Series 1 (Ginnie Mae), 6.00%, 7/01/39   2,425    2,544,383 
Florida Ports Financing Commission, Refunding RB, State Transportation Trust Fund, Series B, AMT, 5.13%, 6/01/27   10,000    11,506,600 
Harbor Bay Community Development District Florida, Special Assessment Bonds, Series A, 7.00%, 5/01/33   935    938,020 
Highland Meadows Community Development District, Special Assessment Bonds, Series A, 5.50%, 5/01/36 (b)(c)   1,090    438,965 
Highlands County Health Facilities Authority, RB, Adventist Health System/Sunbelt, Series B, 6.00%, 11/15/37   4,990    5,949,976 
            
  Par
(000)		  Value
Municipal Bonds          
Florida (concluded)          
Hillsborough County IDA, RB, National Gypsum Co., AMT:          
Series A, 7.13%, 4/01/30  $6,000   $6,020,040 
Series B, 7.13%, 4/01/30   7,750    7,753,177 
Jacksonville Electric Authority Florida, RB:          
Scherer 4 Project, Series A, 6.00%, 10/01/37   11,225    11,783,219 
Sub-Series A, 5.63%, 10/01/32   10,525    12,099,014 
Sub-Series A, 5.50%, 10/01/39   10,000    10,411,100 
Mid-Bay Bridge Authority, RB, Series A, 7.25%, 10/01/40   6,000    7,542,600 
State of Florida, GO, Board of Education, Series A:          
5.38%, 6/01/33   4,000    4,681,240 
5.50%, 6/01/38   4,790    5,627,244 
State of Florida, RB, Board of Education Lottery Revenue, Series A, 5.75%, 7/01/28   3,890    4,599,264 
Sterling Hill Community Development District, Refunding RB, Special Assessment Bonds, Series B, 5.50%, 11/01/10 (b)(c)   160    104,008 
Tampa Bay Water, RB, Utility System, 5.00%, 10/01/38   12,445    14,263,214 
Watergrass Community Development District, Special Assessment Bonds, Series B:          
5.13%, 11/01/14   1,000    807,570 
6.96%, 11/01/17   1,060    998,340 
         227,985,554 
Georgia — 2.3%          
City of Atlanta Georgia, Refunding RB, General, Series C, 6.00%, 1/01/30   30,000    36,721,800 
DeKalb County Hospital Authority Georgia, Refunding RB, Dekalb Medical Center, Inc. Project, 6.13%, 9/01/40   2,000    2,323,580 
Fulton County Residential Care Facilities for the Elderly Authority, Refunding RB, Canterbury Court Project, Series A, 6.00%, 2/15/22   2,250    2,252,745 
Municipal Electric Authority of Georgia, Refunding RB:          
Project One, Sub-Series D, 6.00%, 1/01/23   10,000    12,171,300 
Series EE (AMBAC), 7.00%, 1/01/25   20,000    28,538,800 
Private Colleges & Universities Authority, Refunding RB, Emory University, Series A, 5.00%, 9/01/41   29,945    33,755,801 

 

 BLACKROCK MUNICIPAL BOND FUND, INC.MARCH 31, 2013   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. Project, Series B, 6.25%, 11/01/33  $3,625   $4,164,617 
Rockdale County Development Authority, RB, Visy Paper Project, Series A, AMT, 6.13%, 1/01/34   5,000    5,210,100 
         125,138,743 
Illinois — 7.9%          
Bolingbrook Special Service Area No. 1, Special Tax Bonds, Forest City Project, 5.90%, 3/01/27   1,000    924,820 
Chicago Illinois Board of Education, GO, Series A, 5.50%, 12/01/39   39,205    44,429,850 
Chicago Transit Authority, RB, Federal Transit Administration Section 5309, Series A (AGC), 6.00%, 6/01/26   15,000    17,257,050 
City of Chicago Illinois, GARB, O'Hare International Airport, General Third Lien:          
Series B-2, AMT (NPFGC), 6.00%, 1/01/27   17,690    18,293,052 
Series C, (AGM), 6.50%, 1/01/41   24,325    31,206,542 
Series B-2 AMT (Syncora), 6.00%, 1/01/29   70,000    72,359,000 
City of Chicago Illinois Wastewater Transmission, RB, Series A (BHAC), 5.50%, 1/01/38   3,000    3,414,270 
Illinois Finance Authority, RB:          
Advocate Health Care Network, Series D, 6.50%, 11/01/38   7,020    8,442,533 
Carle Foundation, Series A, 6.00%, 8/15/41   6,450    7,653,376 
Carle Foundation, Series A (AGM), 6.00%, 8/15/41   3,675    4,276,267 
Community Rehabilitation Providers Facilities, Series A, 6.50%, 7/01/22   870    873,524 
DePaul University, Series A, 6.13%, 10/01/40   11,675    13,569,035 
Rush University Medical Center Obligation Group, Series B, 7.25%, 11/01/30   5,280    6,667,901 
Rush University Medical Center, Series C, 6.38%, 11/01/29   2,860    3,452,020 
University of Chicago, Series B, 6.25%, 7/01/38   25,000    30,669,500 
            
  Par
(000)		  Value
Municipal Bonds          
Illinois (concluded)          
Illinois Finance Authority, Refunding RB:          
Ascension Health Alliance, 5.00%, 11/15/42  $25,000   $27,830,750 
Central DuPage Health, Series B, 5.50%, 11/01/39   4,205    4,747,067 
Northwestern Memorial Hospital, Series A, 6.00%, 8/15/39   29,545    35,014,075 
Northwestern Memorial Hospital, Series B, 6.00%, 8/15/14 (a)   1,200    1,294,332 
OSF Healthcare System, Series A, 7.00%, 11/15/14 (a)   3,335    3,694,146 
OSF Healthcare System, Series A, 7.13%, 11/15/14 (a)   1,970    2,185,814 
OSF Healthcare System, Series A, 6.00%, 5/15/39   10,700    12,301,790 
Roosevelt University Project, 6.50%, 4/01/39   8,000    9,076,320 
Rush University Medical Center Obligation Group, Series A, 7.25%, 11/01/30   6,900    8,713,734 
Metropolitan Pier & Exposition Authority, RB, McCormick Place Expansion Project, Series A, 5.50%, 6/15/50   15,000    16,545,150 
Metropolitan Water Reclamation District of Greater Chicago, GO, Refunding, Unlimited Tax, 5.00%, 12/01/30   10,000    11,107,000 
Railsplitter Tobacco Settlement Authority, RB, 6.00%, 6/01/28   13,865    16,582,263 
Village of Hodgkins Illinois, RB, Metropolitan Biosolids Management LLC Project, AMT, 6.00%, 11/01/23   10,000    10,014,400 
Village of Wheeling Illinois, Tax Allocation Bonds, North Milwaukee/Lake-Cook TIF Project, 6.00%, 1/01/25   1,335    1,340,807 
         423,936,388 
Indiana — 2.0%          
Indiana Finance Authority, RB, Wastewater Utility, First Lien, CWA Authority Project, Series A, 5.25%, 10/01/38   4,000    4,596,920 
Indiana Finance Authority, Refunding RB:          
Duke Energy Indiana Project, Series B, 6.00%, 8/01/39   11,000    12,679,590 
Improvement, U.S. Steel Corp., 6.00%, 12/01/26   12,715    13,429,583 
Parkview Health System, Series A, 5.75%, 5/01/31   1,570    1,802,109 
Trinity Health, Series A, 5.63%, 12/01/38   12,000    13,681,800 

 

 BLACKROCK MUNICIPAL BOND FUND, INC.MARCH 31, 2013   4
 

 

Schedule of Investments (continued)

BlackRock National Municipal Fund

(Percentages shown are based on Net Assets)

 

 

  Par
(000)		  Value
Municipal Bonds      
Indiana (concluded)      
Indiana Municipal Power Agency, RB, Series B:          
5.75%, 1/01/34  $700   $724,339 
6.00%, 1/01/39   17,620    20,917,935 
Indianapolis Local Public Improvement Bond Bank, Refunding RB, Waterworks Project, Series A (AGC):          
5.50%, 1/01/38   21,900    24,528,657 
5.75%, 1/01/38   12,800    14,431,616 
         106,792,549 
Iowa — 0.7%          
Iowa Finance Authority, RB, Series A (AGC), 5.63%, 8/15/37   5,600    6,295,408 
Iowa Student Loan Liquidity Corp., RB, AMT, Senior Series A-2:          
5.40%, 12/01/24   15,000    17,084,550 
5.50%, 12/01/25   10,000    11,384,500 
         34,764,458 
Kansas  — 0.0%          
Sedgwick & Shawnee Counties Kansas, RB, Mortgage-Backed Securities, Series A1, AMT (Ginnie Mae), 6.95%, 6/01/29   415    438,804 
Kentucky — 0.5%          
Kentucky Economic Development Finance Authority, RB, Owensboro Medical Health System, Series A, 6.38%, 6/01/40   21,200    25,154,860 
Kentucky State Property & Building Commission, Refunding RB, 5.50%, 11/01/28   2,650    3,099,785 
         28,254,645 
Louisiana — 0.8%          
Louisiana HFA, RB, S/F, Series D-2, AMT (Ginnie Mae), 5.80%, 6/01/20   25    25,131 
Louisiana Local Government Environmental Facilities & Community Development Authority, RB:          
Series A-1, 6.50%, 11/01/35   17,185    20,188,423 
Westlake Chemical Corp. Project, 6.75%, 11/01/32   5,080    5,734,253 
Westlake Chemical Corp. Project, Series A, 6.50%, 8/01/29   11,195    13,251,969 
New Orleans Aviation Board Louisiana, Refunding GARB, Restructuring (AGC), 6.00%, 1/01/23   1,370    1,622,381 
         40,822,157 
            
  Par
(000)		  Value
Municipal Bonds          
Maine — 0.3%          
Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center:          
7.50%, 7/01/32  $12,365   $15,742,005 
6.95%, 7/01/41   2,205    2,675,768 
         18,417,773 
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    5,127,703 
Maryland Health & Higher Educational Facilities Authority, Refunding RB, Charlestown Community, 6.25%, 1/01/41   6,000    6,798,300 
         11,926,003 
Massachusetts — 0.8%          
Massachusetts Development Finance Agency, RB, Foxborough Regional Charter School, Series A, 7.00%, 7/01/42   1,375    1,617,371 
Massachusetts Development Finance Agency, Refunding RB:          
Covanta Energy Project, Series C, AMT, 5.25%, 11/01/42   10,000    10,290,900 
Harvard University, Series B-1, 5.00%, 10/15/40   20,000    23,077,400 
Massachusetts HFA, RB, Series B, 7.00%, 12/01/38   4,585    5,261,792 
Massachusetts School Building Authority, RB, 2012-2, Series A (AGM):          
5.00%, 8/15/15 (a)   4,065    4,512,191 
5.00%, 8/15/30   165    179,409 
         44,939,063 
Michigan — 1.4%          
Lansing Board of Water & Light, RB, Series A, 5.50%, 7/01/41   6,485    7,554,506 
Michigan State Building Authority, Refunding RB, Facilities Program, Series I:          
6.00%, 10/15/38   12,255    14,660,779 
6.25%, 10/15/38   7,500    9,069,675 
Michigan State HDA, RB, Series C, 5.50%, 12/01/28   1,690    1,823,696 
Michigan State Hospital Finance Authority, Refunding RB, Hospital Henry Ford Health, 5.75%, 11/15/39   4,275    4,831,520 
Michigan Strategic Fund, Refunding RB, Detroit Edison Co. Project, Series A, AMT (Syncora), 5.50%, 6/01/30   7,345    7,403,980 
 BLACKROCK MUNICIPAL BOND FUND, INC.MARCH 31, 2013   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   $22,882,780 
Series W, 6.00%, 8/01/39   5,095    5,788,684 
         74,015,620 
Minnesota — 0.6%          
City of Minneapolis Minnesota, Refunding RB:          
Series B (AGC), 6.50%, 11/15/38   17,545    21,428,761 
Fairview Health Services, Series A, 6.75%, 11/15/32   5,870    7,111,681 
Ramsey County Housing & Redevelopment Authority Minnesota, RB, Hanover Townhouses Project, AMT (US Bank NA LOC), 6.00%, 7/01/31   1,110    1,111,776 
         29,652,218 
Mississippi  — 0.0%          
County of Warren Mississippi, Refunding RB, International Paper Co. Project, Series B, AMT, 6.75%, 8/01/21   1,700    1,703,553 
Missouri — 0.1%          
City of Fenton Missouri, Tax Allocation Bonds, Refunding, Gravois Bluffs Redevelopment Project, 5.00%, 4/01/14   1,000    1,037,440 
City of St. Louis Missouri, RB, Lambert-St. Louis International, Series A-1, 6.25%, 7/01/29   1,175    1,368,758 
         2,406,198 
Nevada — 2.2%          
City of Las Vegas Nevada, GO, Limited Tax, Performing Arts Center, 6.00%, 4/01/34   12,925    14,973,095 
City of Reno Nevada, Special Assessment Bonds, Somerset Parkway, 6.63%, 12/01/22   1,520    1,540,368 
Clark County Water Reclamation District, GO, Series B:          
5.75%, 7/01/34   3,125    3,813,094 
5.75%, 7/01/38   32,685    39,667,497 
County of Clark Nevada, RB, Series B, 5.75%, 7/01/42   51,700    59,993,197 
         119,987,251 
New Hampshire  — 0.3%          
New Hampshire Health & Education Facilities Authority, Refunding RB, Dartmouth-Hitchcock, 6.00%, 8/01/38   15,500    17,962,795 
            
  Par
(000)		  Value
Municipal Bonds          
New Jersey — 4.4%          
Cape May County Industrial Pollution Control Financing Authority, Refunding RB, Atlantic City Electric Co., Series A (NPFGC), 6.80%, 3/01/21  $5,000   $6,506,350 
Garden State Preservation Trust, RB, Election of 2005, Series A (AGM) (a):          
5.80%, 11/01/15   3,125    3,554,656 
5.80%, 11/01/15   8,310    9,452,542 
5.80%, 11/01/15   4,340    4,936,707 
Monmouth County Improvement Authority, RB, Brookdale Community College Project, 6.00%, 8/01/38   3,600    4,346,676 
New Jersey EDA, RB, Motor Vehicle Surcharge, Series A (NPFGC), 5.25%, 7/01/33   26,500    27,828,975 
New Jersey EDA, Refunding RB, New Jersey American Water Co., Inc. Project, Series B, AMT, 5.60%, 11/01/34   8,270    9,318,884 
New Jersey Educational Facilities Authority, Refunding RB, University of Medicine & Dentistry, Series B:          
7.13%, 12/01/23   2,870    3,644,412 
7.50%, 12/01/32   9,200    11,359,424 
New Jersey Health Care Facilities Financing Authority, Refunding RB, AHS Hospital Corp., 6.00%, 7/01/41   28,385    34,571,511 
New Jersey Higher Education Student Assistance Authority, Refunding RB, Series 1, AMT:          
5.50%, 12/01/25   950    1,075,324 
5.75%, 12/01/27   500    565,215 
5.75%, 12/01/28   450    503,717 
New Jersey State Housing & Mortgage Finance Agency, RB, Series AA:          
6.38%, 10/01/28   1,425    1,545,512 
6.50%, 10/01/38   1,850    1,928,866 
New Jersey State Housing & Mortgage Finance Agency, Refunding RB, Series B (AGM), 6.25%, 11/01/26   640    644,614 
New Jersey State Turnpike Authority, RB:          
Series A, 5.00%, 1/01/38 (d)   17,990    19,808,249 
Series A, 5.00%, 1/01/43 (d)   27,670    30,171,921 
Series C (AGM), 5.00%, 1/01/30   13,500    14,446,080 
New Jersey Transportation Trust Fund Authority, RB, Transportation System:          
Series A, 5.13%, 6/15/28   5,000    5,772,150 
Series A, 5.13%, 6/15/29   12,875    14,792,474 
Series A, 5.88%, 12/15/38   4,255    5,013,539 
Series B, 5.25%, 6/15/36   19,600    22,133,692 
         233,921,490 

 

 BLACKROCK MUNICIPAL BOND FUND, INC.MARCH 31, 2013   6
 

 

Schedule of Investments (continued)

BlackRock National Municipal Fund

(Percentages shown are based on Net Assets)

 

 

  Par
(000)		  Value
Municipal Bonds      
New Mexico — 0.0%          
County of Santa Fe New Mexico, RB (AGM), 6.00%, 2/01/27  $250   $308,985 
New Mexico Mortgage Finance Authority, RB, S/F Mortgage Program, Series D, AMT (Fannie Mae), 6.15%, 7/01/35   1,075    1,137,909 
         1,446,894 
New York — 5.2%          
City of New York New York, GO, Series E-1, 6.25%, 10/15/28   10,100    12,475,217 
City of Niagara Falls New York, GO, Public Improvement (NPFGC), 6.90%, 3/01/24   5    5,013 
Long Island Power Authority, Refunding RB, Series A, 6.00%, 5/01/33   49,450    59,793,456 
Metropolitan Transportation Authority, RB:          
Series C, 6.50%, 11/15/28   21,870    27,304,695 
Transportation, Series D, 5.25%, 11/15/41   13,925    15,550,187 
New York City Housing Development Corp., RB, Series M:          
6.50%, 11/01/28   4,300    4,912,277 
6.88%, 11/01/38   7,785    8,883,619 
New York State Dormitory Authority, ERB, Series B, 5.75%, 3/15/36   17,250    20,719,148 
New York State Dormitory Authority, RB, Columbia University, 5.00%, 10/01/41   40,000    45,995,200 
New York State Dormitory Authority, Refunding RB, State University Educational Facilities, Series A, 7.50%, 5/15/13   3,000    3,028,680 
New York State Thruway Authority, Refunding RB, Series G (AGM), 5.00%, 1/01/32   10,000    10,790,600 
New York State Urban Development Corp., RB, Series A-1 (NPFGC), 5.25%, 3/15/14 (a)   10,050    10,522,652 
Port Authority of New York & New Jersey, Refunding RB, Consolidated, GO, 152nd Series, AMT, 5.75%, 11/01/30   4,695    5,436,434 
Sales Tax Asset Receivable Corp., Refunding RB, Series A:          
(AMBAC), 5.25%, 10/15/27   13,935    14,898,884 
(AMBAC), 5.00%, 10/15/32   13,000    13,807,690 
(NPFGC), 5.00%, 10/15/20   10,000    10,716,100 
Triborough Bridge & Tunnel Authority, RB, General, Series A-2, 5.38%, 11/15/38   5,715    6,714,839 
Triborough Bridge & Tunnel Authority, Refunding RB, CAB, Series A, 3.97% 11/15/31 (e)   10,000    4,811,100 
            
  Par
(000)		  Value
Municipal Bonds          
New York (concluded)          
Westchester County Industrial Development Agency New York, RB, Kendal on Hudson Project, Series A, 6.38%, 1/01/24  $2,500   $2,503,700 
         278,869,491 
North Carolina — 0.4%          
Columbus County Industrial Facilities & Pollution Control Financing Authority North Carolina, RB, International Paper Co. Project, Series B, 6.25%, 11/01/33   3,000    3,446,580 
North Carolina Eastern Municipal Power Agency, Refunding RB, Series B, 5.00%, 1/01/26   4,230    4,755,070 
North Carolina Medical Care Commission, RB:          
Duke University Health System, Series A, 5.00%, 6/01/42   10,000    11,226,400 
First Mortgage, Givens Estates Project, Series A, 6.50%, 7/01/13 (a)   2,500    2,565,175 
         21,993,225 
Ohio — 0.9%          
County of Lucas Ohio, Refunding RB, Promedica Healthcare, Series A:          
5.75%, 11/15/31   500    602,160 
6.50%, 11/15/37   12,090    15,067,163 
6.00%, 11/15/41   400    480,188 
County of Montgomery Ohio, Refunding RB, Catholic Healthcare, Series A, 5.50%, 5/01/34   10,000    11,611,600 
Dayton, Ohio Metro Library, GO, Library Improvement, Series A, 5.00%, 12/01/38 (d)   10,000    11,129,300 
Ohio State University, RB, General Receipts Special Purpose, Series A, 5.00%, 6/01/43   5,000    5,628,050 
State of Ohio, Refunding RB, Cleveland Clinic Health, Series A, 5.50%, 1/01/39   4,250    4,909,940 
         49,428,401 
Oklahoma  — 0.0%          
Oklahoma County Finance Authority, Refunding RB, Epworth Villa Project, Series A, 5.13%, 4/01/42   2,000    2,040,920 
Oregon  — 0.0%          
City of Portland Oregon, M/F HRB, Lovejoy Station Apartments Project, AMT (NPFGC), 5.90%, 7/01/23   455    455,937 

 

 BLACKROCK MUNICIPAL BOND FUND, INC.MARCH 31, 2013   7
 

 

Schedule of Investments (continued)

BlackRock National Municipal Fund

(Percentages shown are based on Net Assets)

 

 

  Par
(000)		  Value
Municipal Bonds      
Pennsylvania — 1.5%      
Allegheny County IDA, Refunding RB:          
Environmental Improvement, 6.75%, 11/01/24  $5,785   $6,328,559 
Environmental Improvement, 6.88%, 5/01/30   5,000    5,504,450 
U.S. Steel Corp. Project, 6.75%, 12/01/27   5,000    5,588,800 
City of Philadelphia Pennsylvania Gas Works, RB, 12th Series B (NPFGC), 7.00%, 5/15/20 (f)   3,940    4,819,014 
Cumberland County Municipal Authority, Refunding RB, Diakon Lutheran:          
6.38%, 1/01/39   10,575    11,785,520 
6.50%, 1/01/39   2,245    2,284,310 
Dauphin County General Authority, Refunding RB, Pinnacle Health System Project, Series A:          
6.00%, 6/01/29   12,530    14,166,167 
6.00%, 6/01/36   2,960    3,327,366 
Delaware County IDA Pennsylvania, Refunding RB, Resource Recovery Facility, Series A, 6.10%, 7/01/13   1,845    1,852,288 
Lancaster County Hospital Authority, Refunding RB, Brethren Village Project, Series A, 6.25%, 7/01/26   1,160    1,250,341 
Pennsylvania Economic Development Financing Authority, RB:          
Allegheny Energy Supply Co., 7.00%, 7/15/39   12,000    14,276,040 
American Water Co. Project, 6.20%, 4/01/39   3,475    4,014,042 
Pennsylvania Turnpike Commission, RB, Subordinate, Special Motor License Fund, 6.00%, 12/01/36   950    1,152,027 
Philadelphia Authority for Industrial Development, RB, Commercial Development, AMT, 7.75%, 12/01/17   1,265    1,266,834 
         77,615,758 
Puerto Rico — 1.2%          
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    4,017,920 
Puerto Rico Sales Tax Financing Corp., RB, First Sub-Series A:          
6.38%, 8/01/39   24,100    26,791,729 
6.50%, 8/01/44   30,125    33,696,620 
         64,506,269 
Rhode Island  — 0.1%          
Narragansett Bay Commission, Refunding RB, Wastewater System, Series A, 5.00%, 9/01/38   3,700    4,148,514 
            
  Par
(000)		  Value
Municipal Bonds          
South Carolina — 0.2%          
County of Richland South Carolina, Refunding RB, International Paper Co. Project, AMT, 6.10%, 4/01/23  $3,000   $3,041,970 
South Carolina Jobs EDA, Refunding RB, Palmetto Health, Series A (AGM):          
6.25%, 8/01/34   1,245    1,499,764 
6.50%, 8/01/39   2,785    3,366,814 
South Carolina State Public Service Authority, Refunding RB, Santee Cooper, Series A, 5.50%, 1/01/38   2,325    2,675,285 
         10,583,833 
Tennessee  — 0.5%          
Rutherford County Health & Educational Facilities Board, RB, Ascension Health Alliance, Series C, 5.00%, 11/15/47   23,740    26,521,853 
Texas — 7.7%          
Brazos River Harbor Navigation District, Refunding RB, Dow Chemical Co. Project, Series A7, AMT, 6.63%, 5/15/33   7,040    7,066,118 
City of Houston Texas, Refunding RB, Combined, First Lien, Series A (AGC), 6.00%, 11/15/35   32,350    39,094,975 
City of Houston Texas Airport System Revenue, Refunding RB, Sub Lien, Series B (AGM), 5.00%, 7/01/32   2,290    2,293,298 
Clear Creek ISD, GO, Refunding, School Building (PSF-GTD), 5.00%, 2/15/33   20,000    22,450,400 
Dallas Area Rapid Transit, Refunding RB, Senior Lien, 5.00%, 12/01/42   22,485    25,548,132 
Gulf Coast Waste Disposal Authority, Refunding RB, Series A, AMT, 6.10%, 8/01/24   4,025    4,041,100 
Harris County Flood Control District, GO, Refunding, Series A, 5.00%, 10/01/31   17,275    19,203,581 
Harris County Health Facilities Development Corp., Refunding RB, Memorial Hermann Healthcare System, Series B, 7.25%, 12/01/18 (a)   2,000    2,665,600 
Matagorda County Navigation District No. 1 Texas, Refunding RB, Central Power & Light Co. Project, Series A, 6.30%, 11/01/29   9,775    11,445,938 
North Texas Tollway Authority, RB, Special Projects System, Series A, 6.00%, 9/01/41   4,815    5,863,177 
North Texas Tollway Authority, Refunding RB:          
First Tier System, 6.00%, 1/01/34   11,490    13,511,551 
First Tier System (NPFGC), 5.75%, 1/01/40   9,870    11,300,262 

 

 BLACKROCK MUNICIPAL BOND FUND, INC.MARCH 31, 2013   8
 

 

Schedule of Investments (continued)

BlackRock National Municipal Fund

(Percentages shown are based on Net Assets)

 

 

  Par
(000)		  Value
Municipal Bonds      
Texas (concluded)      
North Texas Tollway Authority, Refunding RB (concluded):          
First Tier System, Series A, 6.00%, 1/01/28  $1,000   $1,167,880 
First Tier System, Series B (NPFGC), 5.75%, 1/01/40   7,720    8,790,378 
First Tier System, Series K-2 (AGC), 6.00%, 1/01/38   2,225    2,567,850 
Second Tier System, Series F, 6.13%, 1/01/31   25,615    28,232,341 
Pasadena Independent School District, GO, Refunding, School Building
(PSF-GTD), 5.00%, 2/15/43		   26,395    30,343,428 
Port of Bay City Authority Texas, RB, Hoechst Celanese Corp. Project, AMT, 6.50%, 5/01/26   4,000    4,004,320 
State of Texas, GO, Refunding, Water Financial Assistance, 5.75%, 8/01/22   3,445    3,460,571 
State of Texas, GO, Refunding RB, Transportation Commission, Highway Improvement, 5.00%, 4/01/42   40,845    46,593,934 
Tarrant County Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare, 6.00%, 8/15/45   50,000    59,863,000 
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, Northwest Senior Housing, Edgemere Project, Series A, 6.00%, 11/15/26   2,200    2,342,230 
Texas Department of Housing & Community Affairs, MRB, Series A, AMT (NPFGC):          
5.45%, 9/01/23   1,540    1,542,541 
5.50%, 3/01/26   2,025    2,028,078 
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    30,764,985 
NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39   23,000    27,290,190 
         413,475,858 
Utah — 2.0%          
City of Salt Lake City Utah, Refunding RB, IHC Hospital, Inc., Series A, 8.13%, 5/15/15 (f)   35    37,300 
County of Utah, RB, IHC Health Services Inc., 5.00%, 5/15/43   57,565    64,230,451 
  Par
(000)		  Value
Municipal Bonds          
Utah (concluded)          
Utah Transit Authority, Refunding RB, 5.00%, 6/15/42  $39,970   $44,389,083 
         108,656,834 
Virginia — 1.3%          
Virginia HDA, RB, Rental Housing, Series A, 5.25%, 5/01/41   2,865    3,124,798 
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings LLC Project, AMT, 6.00%, 1/01/37   28,085    32,136,261 
Winchester IDA, Refunding RB, Valley Health (BHAC), 5.25%, 1/01/37   31,970    35,651,346 
         70,912,405 
Washington — 2.2%          
Port of Seattle, Refunding RB, Intermediate Lien, Series A (NPFGC), 5.00%, 3/01/35   26,400    28,129,992 
Seattle Housing Authority Washington, RB:          
Newholly Project, AMT, 6.25%, 12/01/35   2,750    2,750,412 
Replacement Housing Projects, 6.13%, 12/01/32   4,150    4,152,407 
State of Washington, GO, Series D, 5.00%, 1/01/33   19,590    22,301,648 
University of Washington, Refunding RB, Series A, 5.00%, 7/01/41   20,000    22,760,800 
Washington Health Care Facilities Authority, RB:          
MultiCare Health System, Series B (AGC), 6.00%, 8/15/39   2,000    2,305,100 
Swedish Health Services, Series A, 6.75%, 5/15/21 (a)   17,500    24,273,900 
Washington Health Care Facilities Authority, Refunding RB, Catholic Health Initiatives, Series D, 6.38%, 10/01/36   10,000    12,053,900 
         118,728,159 
Wisconsin — 2.3%          
City of Superior Wisconsin, Refunding RB, Midwest Energy Resources, Series E (NPFGC), 6.90%, 8/01/21   7,000    9,250,640 
State of Wisconsin, Refunding RB, Series A, 6.00%, 5/01/36   11,000    13,335,740 
Wisconsin Health & Educational Facilities Authority, RB:          
Ascension Health Alliance, Series D, 5.00%, 11/15/41   45,000    50,095,350 
SynergyHealth, Inc., 6.00%, 11/15/23 (a)   4,490    4,578,543 

 

 BLACKROCK MUNICIPAL BOND FUND, INC.MARCH 31, 2013   9
 

 

Schedule of Investments (continued)

BlackRock National Municipal Fund

(Percentages shown are based on Net Assets)

 

 

  Par
(000)		  Value
Municipal Bonds      
Wisconsin (concluded)          
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert Health, Inc., Obligated Group, Series A, 5.00%, 4/01/42  $44,010   $48,523,665 
Wisconsin Housing & EDA, RB, Series C, AMT, 6.00%, 9/01/36   15    15,498 
         125,799,436 
Total Municipal Bonds – 75.0%       4,028,012,628 
            
Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts (g)		          
Arizona — 4.1%          
City of Mesa Arizona, RB, Utility System, 5.00%, 7/01/35   30,000    33,913,500 
Salt River Project Agricultural Improvement & Power District, RB, Series A:          
5.00%, 1/01/37   98,935    107,386,354 
5.00%, 1/01/38   54,016    60,967,593 
Salt River Project Agricultural Improvement & Power District, Refunding RB, Series A, 5.00%, 1/01/35   13,700    14,874,227 
         217,141,674 
Arkansas  — 0.4%          
University of Arkansas, RB, Various Facilities, UAMS Campus (NPFGC), 5.00%, 3/01/36   21,290    23,071,547 
California — 4.3%          
Anaheim Public Financing Authority, RB, Distribution System, Second Lien (BHAC), 5.00%, 10/01/34   10,995    11,438,295 
County of Orange California, ARB, Series B, 5.25%, 7/01/34   13,045    14,738,494 
Los Angeles Department of Water & Power, RB, Sub-Series A-1 (AMBAC), 5.00%, 7/01/37   27,500    30,512,625 
Metropolitan Water District of Southern California, RB, Series A:          
5.00%, 1/01/39   10,000    11,370,900 
(AGM), 5.00%, 7/01/30   6,827    7,496,370 
Metropolitan Water District of Southern California, Refunding RB:          
Series B, 5.00%, 7/01/35   13,168    14,460,030 
Series C, 5.00%, 7/01/35   13,375    15,290,276 
San Diego Community College District California, GO, Election of 2006 (AGM), 5.00%, 8/01/32   18,000    20,582,640 
            
  Par
(000)		  Value
Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts (g)		          
California (concluded)          
San Diego County Water Authority, COP, Refunding, Series A (AGM), 5.00%, 5/01/33  $4,500   $5,044,005 
San Diego Public Facilities Financing Authority, Refunding RB, Series B, 5.38%, 8/01/34   15,000    17,529,450 
San Francisco City & County Public Utilities Commission, Refunding RB, Series A, 5.13%, 11/01/39   23,000    25,988,160 
Sequoia Union High School District California, GO, Refunding, Election of 2004, Series B (AGM), 5.50%, 7/01/35   10,055    11,197,584 
University of California, RB, Series O, 5.25%, 5/15/39   20,695    24,063,916 
University of California, Refunding RB, Limited Project, Series G, Series G, 5.00%, 5/15/37   20,651    23,311,279 
         233,024,024 
Colorado  — 0.0%          
Colorado Health Facilities Authority, Refunding RB, Catholic Healthcare, Series A, 5.50%, 7/01/34 (h)   1,580    1,837,073 
Florida — 3.4%          
City of Tallahassee Florida, RB, Energy System (NPFGC), 5.00%, 10/01/37   10,000    10,862,700 
Florida State Turnpike Authority, RB, Department of Transportation, Series B, 5.00%, 7/01/40   35,720    40,582,564 
Jacksonville Electric Authority Florida, RB, Sub-Series A, 5.63%, 10/01/32   6,300    7,242,606 
Orange County School Board, COP, Series A (NPFGC), 5.00%, 8/01/30   2,000    2,190,320 
State of Florida, GO, Board of Education:          
Capital Outlay 2008, Series E, 5.00%, 6/01/37   39,730    46,528,597 
Series C, 5.00%, 6/01/37   65,545    74,264,119 
         181,670,906 
Illinois — 0.5%          
City of Chicago Illinois, Refunding RB, Second Lien (AGM), 5.25%, 11/01/33   5,000    5,743,100 
Illinois Finance Authority, RB, Carle Foundation, Series A (AGM), 6.00%, 8/15/41   15,600    18,152,316 
         23,895,416 
Indiana — 2.0%          
Indiana Finance Authority, RB, Sisters of St. Francis Health, 5.25%, 11/01/39   31,460    34,939,476 

 

 BLACKROCK MUNICIPAL BOND FUND, INC.MARCH 31, 2013   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)		      
Indiana (concluded)      
Indianapolis Local Public Improvement Bond Bank, RB, PILOT, Infrastructure Project, Series F, (AGM):          
5.00%, 1/01/35  $23,550   $27,031,397 
5.00%, 1/01/40   7,000    7,896,000 
Indianapolis Local Public Improvement Bond Bank, Refunding RB, Waterworks Project, Series A (AGC), 5.50%, 1/01/38   34,125    38,220,941 
         108,087,814 
Louisiana  — 0.3%          
State of Louisiana, RB, Series A (AGM), 5.00%, 5/01/31   11,950    13,217,536 
Massachusetts — 0.9%          
Massachusetts School Building Authority, RB:          
(AGM), 5.00%, 8/15/30   1,933    2,107,441 
Senior Series B, 5.00%, 10/15/41   20,000    22,577,400 
Series A (AGM), 5.00%, 8/15/30   13,067    14,246,234 
Series A (AMBAC), 5.00%, 8/15/37   10,000    11,264,600 
         50,195,675 
Nebraska  — 0.2%          
Omaha Public Power District, RB, Series A, 5.00%, 2/01/43   10,000    11,104,200 
New York  — 0.1%          
New York State Dormitory Authority, ERB, Series B, 5.75%, 3/15/36   2,010    2,414,231 
Ohio — 0.4%          
County of Hamilton Ohio, Refunding RB, Sub-Series A (AGM), 5.00%, 12/01/32   20,000    21,817,000 
State of Ohio, RB, Cleveland Clinic Health, Series B, 5.50%, 1/01/34   1,000    1,134,090 
         22,951,090 
Pennsylvania  — 0.2%          
Pennsylvania HFA, Refunding RB, Series 105C, 5.00%, 10/01/39   11,670    11,674,668 
Texas — 2.7%          
City of Houston Texas, Refunding RB, Combined, First Lien, Series A:          
(AGC), 5.38%, 11/15/38   26,160    30,040,836 
(NPFGC), 5.13%, 5/15/28   20,000    20,930,400 
City of San Antonio Texas, Refunding RB, Electric and Gas Revenue:          
5.00%, 2/01/17 (a)   220    248,087 
5.00%, 2/01/32   28,990    32,691,153 
            
  Par
(000)		  Value
Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts (g)		          
Texas (concluded)          
Cypress-Fairbanks ISD, GO, Refunding, Schoolhouse (PSF-GTD), 5.00%, 2/15/32  $10,000   $11,245,200 
Dallas Area Rapid Transit, Refunding RB, Senior Lien (AMBAC), 5.00%, 12/01/36   27,860    30,913,711 
Harris County Cultural Education Facilities Finance Corp., RB, Hospital, Texas Children's Hospital Project, 5.50%, 10/01/39   8,500    9,971,605 
Harris County Flood Control District, Refunding RB, Contract Tax, Series A, 5.00%, 10/01/39   10,000    11,178,800 
         147,219,792 
Utah  — 0.6%          
County of Utah UT, RB, IHC Health Services, Inc., 5.00%, 5/15/43   30,000    33,473,700 
Washington — 0.7%          
Central Puget Sound Regional Transit Authority, RB, Series A:          
5.00%, 11/01/34   8,500    9,587,745 
5.00%, 11/01/36   15,715    17,755,528 
State of Washington, GO, Series D (AGM), 5.00%, 10/01/15 (a)   10,000    10,819,900 
         38,163,173 
Total Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts – 20.8%		       1,119,142,519 
            
US Government Sponsored Agency Securities          
District of Columbia  — 0.0%          
Ginnie Mae MBS Certificates, 6.00%, 11/15/31   —(i)   535 
Total Long-Term Investments
(Cost – $4,712,614,752) – 95.8%		       5,147,155,682 
            
Short-Term Securities          
California  — 2.3%          
State of California, RAN, Series A-2, 2.50%, 6/20/13   123,750    124,309,457 
Florida — 2.1%          
Broward County Florida School Board, COP, VDRN, Series D (JPMorgan Chase Bank SBPA), 0.48%, 4/07/13 (j)   111,975    111,975,000 

 

 BLACKROCK MUNICIPAL BOND FUND, INC.MARCH 31, 2013   11
 

 

Schedule of Investments (continued)

BlackRock National Municipal Fund

(Percentages shown are based on Net Assets)

 

 

  Par
(000)		  Value
Short-Term Securities      
New Jersey — 1.9%          
State of New Jersey, Refunding RB, TRAN, Series C, 2.50%, 6/27/13  $100,000   $100,513,658 
Tennessee — 3.9%          
Shelby County Health Educational & Housing Facilities Board, Refunding RB, VRDN, Methodist Le Bonheur, (US Bank NA SBPA) (j):          
Series A (AGC), 0.62%, 4/07/13   135,000    135,000,000 
Series B, 0.56%, 4/07/13   75,000    75,000,000 
         210,000,000 
            
     Shares   Value 
Short-Term Securities          
Money Market Funds  — 3.2%          
FFI Institutional Tax-Exempt Fund, 0.01%  (k)(l)   170,721,968   $170,721,968 
Total Short-Term Securities
(Cost – $717,520,083) – 13.4%		       717,520,083 
Total Investments (Cost - $5,430,134,835*) – 109.2%       5,864,675,765 
Other Assets Less Liabilities – 0.1%       7,969,720 
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable – (9.3)%      (500,503,660)
Net Assets – 100.0%     $5,372,141,825 
  
*   As of March 31, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:  
Tax cost      $4,928,948,147 
Gross unrealized appreciation      $450,910,370 
Gross unrealized depreciation       (15,449,396)
Net unrealized appreciation      $435,460,974 

  

 

Notes to Schedule of Investments

   
(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) Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.
(c) Non-income producing security.
(d) When-issued security. Unsettled when-issued transactions were as follows:

 

  Counterparty  Value  Unrealized
Appreciation
  Stifel Nicolaus & Co.  $11,129,300   $17,400 
  JPMorgan Chase & Co.  $49,980,170   $229,266 

 

(e) Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.
(f) Security is collateralized by Municipal or US Treasury obligations.
(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) All or a portion of security is subject to a recourse agreement, which may require the Fund to pay the liquidity provider in the event there is a shortfall between the TOB trust 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 $789,581.
(i) Amount is less than $500.
(j) Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand.

 

 

 BLACKROCK MUNICIPAL BOND FUND, INC.MARCH 31, 2013   12
 

 

Schedule of Investments (continued)

BlackRock National Municipal Fund

 

 

 

(k) Investments in issuers considered to be an affiliate of the Fund during the period ended March 31, 2013, 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
March 31, 2013		   Income
  FFI Institutional Tax-Exempt Fund   444,234,095   (273,512,127)   170,721,968 $48,955

 

(l) 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  
Fannie Mae Federal National Mortgage Association  
GARB General Airport Revenue Bonds  
Ginnie Mae Government National Mortgage Association  
GO General Obligation Bonds  
HDA Housing Development Authority  
HFA Housing Finance Agency  
HRB Housing Revenue Bonds  
IDA Industrial Development Authority  
IDB Industrial Development Board  
ISD Independent School District  
LOC Letter of Credit  
MBS Mortgage Backed Security  
M/F Multi-Family  
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  
SBPA Stand-by Bond Purchase Agreements  
Syncora Syncora Guarantee  
TRAN Tax Revenue Anticipation Notes  
VRDN Variable Rate Demand Notes  

 

• Financial futures contracts as of March 31, 2013 were as follows:

 

     Contracts
Purchased		 Issue   Exchange   Expiration   Notional
Value		   Unrealized Appreciation
  500 10-Year US Treasury Note  Chicago Board of Trade  June 2013  USD 65,992,188  $59,275

 

 BLACKROCK MUNICIPAL BOND FUND, INC.MARCH 31, 2013   13
 

 

Schedule of Investments (concluded)

BlackRock National Municipal Fund

 

 

 

• Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative financial instruments. 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 and derivative financial instruments)
   
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 and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument 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 derivative financial instruments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its semi-annual report.
   
The following tables summarize the Fund's investments and derivative financial instruments categorized in the disclosure hierarchy as of March 31, 2013:
       

 

    Level 1  Level 2  Level 3  Total
Assets:            
 Investments:                     
    Long-Term Investments1    —     $5,147,155,682    —     $5,147,155,682 
    Short-Term Securities   $170,721,968    546,798,115    —      717,520,083 
 Total   $170,721,968   $5,693,953,797    —     $5,864,675,765 
1See above Schedule of Investments for values in each state or political subdivision.

 

      Level 1        Level 2       Level 3   Total
Derivative Financial Instruments2              
Assets:              
Equity contracts $ 59,275   —   —   $ 59,275
                     
2Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

 

Certain of the Fund’s assets and liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of March 31, 2013, such assets and liabilities are categorized within the disclosure hierarchy as follows:

 

 Level 1  Level 2  Level 3  Total 
 Assets:                   
 Cash pledged as collateral for financial futures contracts   $660,000   —      —     $660,000 
 Liabilities:                   
 Bank overdraft   —  $(96,084)   —      (96,084)
 TOB trust certificates   —   (500,266,644)   —      (500,266,644)
 Total   $660,000  $(500,362,728)   —     $(499,702,728)

 

There were no transfers between levels during the period ended March 31, 2013.

 

 BLACKROCK MUNICIPAL BOND FUND, INC.MARCH 31, 2013   14
 

 

Schedule of Investments  March 31, 2013 (Unaudited)

BlackRock Short-Term Municipal Fund

(Percentages shown are based on Net Assets)

 

  Par
(000)		  Value
Municipal Bonds      
Alabama — 0.9%          
Alabama 21st Century Authority, RB, Series A, 4.00%, 6/01/15  $2,000   $2,131,520 
Alabama Federal Aid Highway Finance Authority, RB, Grant Appreciation, 5.00%, 9/01/16   5,130    5,875,235 
         8,006,755 
Alaska  — 0.3%          
Alaska Student Loan Corp., RB, Senior Series A, 5.00%, 6/01/16   2,000    2,192,460 
Arizona  — 0.6%          
Phoenix Civic Improvement Corp., Refunding RB, Junior Lien, 4.00%, 7/01/14   5,000    5,232,800 
California — 12.6%          
California Pollution Control Financing Authority, RB, Waste Management, Inc. Project, Series A-1, Mandatory Put Bonds, 1.88%, 4/01/25 (a)   5,000    5,080,550 
California Pollution Control Financing Authority, Refunding RB, USA Waste Services, Inc. Project, Series A, Mandatory Put Bonds, AMT, 2.63%, 6/01/18 (a)   3,000    3,059,220 
California State Department of Water Resources, Refunding RB, Series M, 5.00%, 5/01/14   35,000    36,819,300 
California Statewide Communities Development Authority, RB, Kaiser Permanente, Series A, 5.00%, 4/01/14   1,000    1,047,230 
City of Long Beach California, Refunding RB, Series B, AMT (NPFGC), 5.50%, 5/15/14   5,215    5,514,237 
East Bay Municipal Utility District, Refunding RB, Wastewater System, 0.44%, 6/01/38 (a)   1,600    1,600,064 
Los Angeles Unified School District, GO, Refunding, Series A-1, 5.00%, 7/01/15   6,000    6,614,100 
State of California, GO:          
5.00%, 9/01/16   1,380    1,581,121 
Various Purpose, 5.00%, 10/01/14   2,565    2,747,294 
Various Purpose, 5.00%, 2/01/17   10,000    11,574,600 
State of California, GO, Refunding, Various Purpose:          
5.00%, 4/01/15   10,360    11,305,764 
5.00%, 4/01/16   10,000    11,295,400 
5.00%, 9/01/16   3,000    3,437,220 
            
  Par
(000)		  Value
Municipal Bonds          
California (concluded)          
State of California Economic Recovery, GO, Series A (NPFGC), 5.00%, 7/01/15  $3,805   $4,026,185 
         105,702,285 
Connecticut — 4.2%          
Connecticut Municipal Electric Energy Cooperative, Refunding RB, Series A (AGC), 5.00%, 1/01/14   2,115    2,189,236 
Connecticut State Development Authority, RB, Connecticut Light & Power Co., Series A, Mandatory Put Bonds, AMT, 1.55%, 5/01/31 (a)   7,200    7,263,432 
Connecticut State Development Authority, Refunding RB, Pollution Control, Series B, Mandatory Put Bonds, 1.25%, 9/01/28 (a)   10,000    10,041,100 
State of Connecticut, GO, Economic Recovery, Series A, 5.00%, 1/01/14   7,280    7,545,793 
State of Connecticut, RB, Transportation Infrastructure, Series A, 5.00%, 11/01/14   2,700    2,904,174 
State of Connecticut, Special Tax Bonds, Transportation Infrastructure, Series A, 5.00%, 11/01/13   5,000    5,143,350 
         35,087,085 
Delaware — 2.4%          
Delaware Transportation Authority, Refunding RB, Senior, 5.00%, 7/01/15   1,945    2,145,471 
State of Delaware, GO, Refunding, Series C, 5.00%, 10/01/13   7,700    7,889,882 
University of Delaware, RB, Series C, 0.70%, 11/01/37 (a)(b)   10,000    10,011,900 
         20,047,253 
District of Columbia  — 0.6%          
Metropolitan Washington Airports Authority, RB, Series A, AMT (NPFGC), 5.25%, 10/01/13   5,000    5,129,400 
Florida — 6.5%          
Broward County Florida Airport System Revenue, RB, Series Q-1, 5.00%, 10/01/15   1,000    1,107,310 
Citizens Property Insurance Corp., RB Senior Secured, Series A-1:          
Coastal Account, 5.00%, 6/01/15   7,745    8,450,879 
Personal Lines & Commercial Lines Account, 5.00%, 6/01/16   10,000    11,220,100 
City of Jacksonville, Refunding RB, Series C, 5.00%, 10/01/16   1,280    1,470,272 

 

 BLACKROCK MUNICIPAL BOND FUND, INC.MARCH 31, 2013   1
 

 

Schedule of Investments (continued)

BlackRock Short-Term Municipal Fund

(Percentages shown are based on Net Assets)

 

 

  Par
(000)		  Value
Municipal Bonds      
Florida (concluded)      
County of Miami-Dade Florida, Refunding RB, Aviation, Series A, AMT:      
4.00%, 10/01/15  $2,750   $2,970,248 
5.00%, 10/01/16   1,750    1,996,908 
Florida State Board of Education, GO, Refunding, Series A, 5.00%, 1/01/15   7,395    7,998,580 
Florida State Department of Environmental Protection, RB, Florida Forever, Series A, 5.00%, 7/01/13   4,675    4,733,531 
Florida State Department of Environmental Protection, Refunding RB:          
Everglades Restoration, Series A (AGC), 5.00%, 7/01/16   1,205    1,370,157 
Florida Forever, Series A, 5.00%, 7/01/14   5,000    5,296,550 
Greater Orlando Aviation Authority, Refunding RB, Orlando Florida Airport Facilities, Series A, AMT (AGM), 5.00%, 10/01/14   2,500    2,672,375 
Highlands County Health Facilities Authority, RB, Adventist Health System/Sunbelt Obligated Group, Series I, 5.00%, 11/15/16   1,035    1,187,145 
State of Florida, GO, Refunding, Department of Transportation, Full Faith and Credit, Right-of-Way Acquisition and Bridge Construction, Series B, 5.00%, 7/01/16   3,375    3,853,406 
         54,327,461 
Hawaii — 1.3%          
State of Hawaii, GO, Refunding, Series DG (AMBAC), 5.00%, 7/01/16   1,290    1,421,412 
State of Hawaii, Refunding RB, AMT:          
5.00%, 7/01/14   5,000    5,289,700 
Series B, 5.00%, 7/01/13   4,000    4,049,320 
         10,760,432 
Idaho  — 1.1%          
Idaho Housing & Finance Association, RB, Unemployment Compensation, 5.00%, 8/15/14   8,585    9,138,475 
Illinois — 4.8%          
City of Chicago Illinois O'Hare International Airport, Refunding RB, Senior Lien, Series A, AMT, 5.00%, 1/01/16   4,500    5,010,615 
Illinois Finance Authority, RB, University of Chicago, Series B, 5.00%, 7/01/13   2,000    2,024,780 
Illinois Finance Authority, Refunding RB, Hospital Sisters Services, Inc., Series C:          
3.00%, 8/15/14   1,340    1,388,012 
5.00%, 8/15/15   1,000    1,100,460 
            
  Par
(000)		  Value
Municipal Bonds          
Illinois (concluded)          
Railsplitter Tobacco Settlement Authority, RB, 4.00%, 6/01/13  $10,690   $10,756,813 
Regional Transit Authority, Refunding RB, ERS, Series B, 0.45%,
6/01/25 (a)		   17,600    17,600,000 
State of Illinois, RB, Unemployment Insurance Fund, Series A, 5.00%, 6/15/16   2,500    2,854,750 
         40,735,430 
Indiana — 1.5%          
City of Whiting, RB, BP Products North America, Inc., Mandatory Put Bonds, 2.80%, 6/01/44 (a)   3,325    3,420,893 
Indiana Finance Authority, RB:          
Marquette Project, 5.00%, 3/01/16   1,425    1,551,953 
Water Utilities, Citizens Energy Group Project, 3.00%, 10/01/14   5,000    5,181,050 
Indiana Health Facility Financing Authority, RB, Ascension Health, Series A-1, Mandatory Put Bonds, 5.00%, 11/01/27 (a)   2,265    2,274,174 
         12,428,070 
Iowa — 0.7%          
Iowa Higher Education Loan Authority, RB, Private College Facility, 4.00%, 12/01/13   1,150    1,179,383 
Iowa Student Loan Liquidity Corp., RB, Senior Series A-1, AMT, 3.10%, 12/01/14   5,000    5,151,950 
         6,331,333 
Louisiana — 2.6%          
Parish of Morehouse Louisiana, Refunding RB, Pollution Control, International Paper Co. Project, Series A, 5.25%, 11/15/13   8,525    8,763,870 
State of Louisiana, GO, Refunding, Series A (NPFGC), 5.00%, 8/01/14   12,000    12,763,320 
         21,527,190 
Maryland — 3.3%          
Maryland State Transportation Authority, Refunding RB, Baltimore/Washington Thurgood Marshall Airport Project:          
4.00%, 3/01/14   3,170    3,276,481 
AMT, 4.00%, 3/01/14   7,675    7,928,198 
AMT, 5.00%, 3/01/16   8,315    9,258,586 
State of Maryland, GO, State & Local Facilities Loan of 2013, 5.00%, 3/01/17   6,000    7,020,240 
         27,483,505 

 

 BLACKROCK MUNICIPAL BOND FUND, INC.MARCH 31, 2013   2
 

 

Schedule of Investments (continued)

BlackRock Short-Term Municipal Fund

(Percentages shown are based on Net Assets)

 

 

  Par
(000)		  Value
Municipal Bonds      
Massachusetts — 4.4%          
City of Boston, GO, Refunding, Series B, 4.00%, 2/01/15  $6,580   $7,025,663 
Commonwealth of Massachusetts, GO, Consolidated Loan, Series B, 5.00%, 8/01/15   2,500    2,770,225 
Commonwealth of Massachusetts, GO, Refunding, Consolidated Loan,
Series D (NPFGC), 6.00%, 11/01/13		   5,000    5,171,700 
Massachusetts Port Authority, RB, Series A, AMT, 5.00%, 7/01/16   1,625    1,839,565 
Massachusetts State Department of Transportation, Refunding RB, Senior Series B, 5.00%, 1/01/14   12,155    12,584,558 
University of Massachusetts Building Authority, RB, Senior Series 1, 5.00%, 11/01/13   7,555    7,768,882 
         37,160,593 
Michigan — 4.0%          
Michigan Finance Authority, Refunding RB, Unemployment Obligation Assessment,
Series A:		          
5.00%, 1/01/14   1,000    1,036,590 
5.00%, 7/01/15   7,000    7,731,500 
5.00%, 1/01/16   13,525    15,206,022 
State of Michigan Trunk Line, Refunding RB, Series B (AGM), 5.00%, 9/01/15   7,825    8,666,657 
Utica Community Schools, GO, Refunding, School Building & Site
(Q-SBLF), 3.00%, 5/01/14		   1,380    1,415,632 
         34,056,401 
Minnesota  — 0.8%          
State of Minnesota, GO, Refunding, Various Purpose, Series D, 5.00%, 8/01/14   6,000    6,382,740 
Nebraska — 0.5%          
Nebraska Public Power District, RB, General, Series A, 5.00%, 1/01/16   1,000    1,121,640 
Nebraska Public Power District, Refunding RB, General, Series B-1 (NPFGC), 5.00%, 1/01/14   3,000    3,108,810 
         4,230,450 
Nevada — 2.5%          
Clark County Nevada, Refunding RB, Motor Vehicle Fuel Tax, 5.00%, 7/01/15   8,000    8,803,520 
Clark County School District, GO, Limited Tax, Series A, 5.00%, 6/15/16   11,000    12,515,580 
         21,319,100 
            
  Par
(000)		  Value
Municipal Bonds          
New Hampshire  — 0.2%          
State of New Hampshire, RB, Federal Highway, Grant Anticipation, 5.00%, 9/01/16  $1,250   $1,430,025 
New Jersey — 8.0%          
County of Essex New Jersey, GO, Improvement, Series A, 5.00%, 8/01/13   2,290    2,326,709 
New Jersey Building Authority, Refunding RB, Series A, 5.00%, 6/15/15   13,880    15,227,470 
New Jersey EDA, RB, School Facilities Construction Notes, Series G (SIFMA Index Notes), 0.70%, 2/01/15 (a)   3,000    3,003,960 
New Jersey EDA, Refunding RB, Cigarette Tax Revenue, 5.00%, 6/15/14   4,000    4,208,920 
New Jersey Health Care Facilities Financing Authority, Refunding RB:          
Barnabas Health, Series A, 5.00%, 7/01/14   7,250    7,630,408 
Barnabas Health, Series A, 5.00%, 7/01/16   1,000    1,126,190 
Meridian Health, 5.00%, 7/01/14   2,000    2,114,040 
New Jersey Housing & Mortgage Finance Agency, RB, M/F, Series 4, AMT, 0.90%, 5/01/15   9,500    9,490,975 
New Jersey Transportation Trust Fund Authority, RB, Series B, 5.00%, 6/15/15   1,825    2,004,927 
New Jersey Transportation Trust Fund Authority, RB, Transportation System, 5.75%, 6/15/16   6,275    7,269,399 
State of New Jersey, GO, Refunding, Series Q, 4.00%, 8/15/13   12,500    12,683,750 
         67,086,748 
New Mexico  — 1.0%          
New Mexico Finance Authority, Refunding RB, Senior Lien, Series A, 5.00%, 6/15/13   8,000    8,082,800 
New York — 11.0%          
City of New York, New York, GO, Refunding:          
Series B, 5.00%, 8/01/13   20,250    20,585,137 
Series B (NPFGC), 5.75%, 8/01/13   340    341,615 
Series F, 5.00%, 8/01/15   6,000    6,636,360 
Long Island Power Authority, RB, Series A, 5.00%, 5/01/14   4,400    4,616,964 
Metropolitan Transportation Authority, Refunding RB, Series D, 4.00%, 11/15/15   1,400    1,524,152 

 

 BLACKROCK MUNICIPAL BOND FUND, INC.MARCH 31, 2013   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 City Transitional Finance Authority, RB, Future Tax Secured:          
Sub-Series A, 5.00%, 11/01/15  $5,455   $6,094,217 
Sub-Series A, 5.00%, 8/01/16   4,880    5,599,068 
Sub-Series E, 5.00%, 11/01/13   2,000    2,057,420 
Sub-Series F-1, 5.00%, 5/01/15   2,000    2,191,880 
New York State Dormitory Authority, RB, NYU Hospital Center, Series A:          
5.00%, 7/01/14   1,945    2,061,000 
5.00%, 7/01/15   1,500    1,655,670 
New York State Dormitory Authority, RB, General Purpose, Series A, 5.00%, 3/15/15   5,560    6,069,463 
New York State Dormitory Authority, Refunding RB, NYU Hospital Center, Series A, 5.00%, 7/01/16   1,000    1,138,270 
New York State Housing Finance Agency, RB, Affordable Housing, Series F (SONYMA), 0.75%, 5/01/15   2,000    2,004,020 
New York State Local Government Assistance Corp., Refunding RB, Sub-Lien, Series A, 5.00%, 4/01/15   7,000    7,654,570 
New York State Thruway Authority, RB, General, Series I, 5.00%, 1/01/16   500    558,920 
Port Authority of New York & New Jersey, RB, Consolidated:          
169th Series, AMT, 5.00%, 10/15/15   2,680    2,974,612 
177th Series, 4.00%, 7/15/15   10,000    10,783,500 
State of New York, GO, Refunding, Series C, 5.00%, 4/15/16   7,175    8,163,787 
         92,710,625 
North Carolina — 1.4%          
North Carolina Capital Facilities Finance Agency, Refunding RB, High Point University, 4.00%, 5/01/16   1,770    1,898,945 
North Carolina Medical Care Commission, Refunding RB, Healthcare Facilities Revenue, WakeMed, Series A, 4.00%, 10/01/15   730    791,605 
North Carolina Municipal Power Agency, Refunding RB, Catawba Electric, Series A, 5.00%, 1/01/16   3,500    3,919,615 
State of North Carolina, Refunding RB, Series B, 4.00%, 11/01/14   4,905    5,194,787 
         11,804,952 
            
  Par
(000)		  Value
Municipal Bonds          
Oklahoma  — 1.0%          
Oklahoma Turnpike Authority, Refunding RB, Second Senior, Series A, 5.00%, 1/01/15  $7,875   $8,504,685 
Oregon  — 0.6%          
City of Portland Oregon, Refunding RB, Second Lien, Series A, 5.00%, 3/01/14   4,950    5,166,464 
Pennsylvania — 7.5%          
City of Philadelphia Pennsylvania, Refunding RB, Series A:          
(AGM), 5.00%, 6/15/13   9,000    9,092,340 
Airport Revenue, AMT, 5.00%, 6/15/15   2,550    2,784,932 
Commonwealth of Pennsylvania, GO:          
First Series, 5.00%, 6/01/15   7,980    8,775,925 
Refunding, First Series (NPFGC), 5.00%, 2/01/15   7,605    7,906,158 
Pennsylvania Economic Development Financing Authority, RB, Series A:          
5.00%, 7/01/15   10,000    11,045,000 
5.00%, 1/01/16   6,000    6,745,740 
Pennsylvania Economic Development Financing Authority, RB, Waste Management, Inc. Project:          
2.75%, 9/01/13   4,250    4,288,632 
Mandatory Put Bonds, 1.75%, 12/01/33 (a)   4,500    4,581,045 
Pennsylvania IDA, Refunding RB, Economic Development, 5.00%, 7/01/15   2,500    2,734,200 
Pennsylvania Intergovernmental Cooperation Authority, Special Tax Bonds, Refunding, Philadelphia Funding Program, 5.00%, 6/15/13   3,085    3,116,282 
State Public School Building Authority, RB, School District of Philadelphia Project, 5.00%, 4/01/15   1,710    1,857,812 
         62,928,066 
South Carolina — 1.0%          
South Carolina Transportation Infrastructure Bank, Refunding RB (AMBAC):          
Series A, 5.00%, 10/01/15   5,440    6,053,088 
Series B, 5.25%, 10/01/14   2,000    2,148,980 
         8,202,068 
Tennessee  — 1.0%          
Metropolitan Government of Nashville & Davidson County Tennessee, Refunding RB (NPFGC), 5.00%, 1/01/14   8,110    8,402,284 

 

 BLACKROCK MUNICIPAL BOND FUND, INC.MARCH 31, 2013   4
 

 

Schedule of Investments (continued)

BlackRock Short-Term Municipal Fund

(Percentages shown are based on Net Assets)

 

  Par
(000)		  Value
Municipal Bonds      
Texas — 6.3%          
City of El Paso Texas, Refunding RB, Series A, 4.00%, 3/01/14  $2,000   $2,069,000 
City of Houston Texas, Sub-Lien, Refunding RB:          
Series A, AMT, 5.00%, 7/01/14   4,000    4,231,760 
Series B, 5.00%, 7/01/14   1,500    1,586,220 
Comal Independent School District, GO, Refunding Unlimited Tax, Series A, 4.00%, 2/01/16   1,500    1,648,440 
County of Harris Texas, Refunding RB, Toll Road, Senior Lien, Series B-1 (NPFGC), 5.00%, 8/15/14   1,295    1,378,100 
Dallas Independent School District, GO, Refunding, 4.00%, 2/15/15   2,200    2,350,722 
Gulf Coast Waste Disposal Authority, RB, BP Products North America, Inc. Project, Mandatory Put Bonds, 2.30%, 1/01/42 (a)   4,615    4,653,489 
Harris County Cultural Education Facilities Finance Corp., RB:          
Series A, 4.00%, 12/01/16   525    583,921 
Methodist Hospital System, Series B, 5.25%, 12/01/14   2,600    2,812,264 
Harris County Cultural Education Facilities Finance Corp., Refunding RB, Methodist Hospital System, 5.00%, 6/01/13   10,000    10,083,600 
Lower Colorado River Authority, Refunding RB:          
5.00%, 5/15/13 (c)   5    5,031 
5.00%, 5/15/14 (c)   15    15,805 
5.00%, 5/15/14 (c)   50    52,636 
5.00%, 5/15/14   4,935    5,197,542 
5.00%, 5/15/16   2,490    2,820,871 
Series A, 5.00%, 5/15/14   3,590    3,779,157 
Texas Public Finance Authority, RB, Unemployment Compensation,
Series A, 5.00%, 7/01/13		   10,000    10,123,900 
         53,392,458 
            
  Par
(000)		  Value
Municipal Bonds          
Utah  — 0.2%          
City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 8/15/13  $1,400   $1,425,326 
  
Virginia — 3.2%          
Chesterfield County, GO, Refunding, Series B, 5.00%, 1/01/15   2,810    3,041,432 
County of Fairfax Virginia, GO, Series D, 5.00%, 10/01/13   10,000    10,245,600 
Virginia College Building Authority, RB, 21st Century College & Equipment Programs, Series A, 5.00%, 2/01/16   11,910    13,402,561 
         26,689,593 
Washington — 1.8%          
City of Seattle Washington, GO, Refunding, Limited Tax, Series B, 5.00%, 8/01/13   5,000    5,082,950 
City of Seattle Washington, Refunding RB, Improvement, Series B, 5.00%, 2/01/14   10,000    10,402,800 
         15,485,750 
Wisconsin  — 0.3%          
State of Wisconsin, GO, Refunding, Series 1 (NPFGC), 5.00%, 5/01/16   2,500    2,736,750 
Total Long-Term Investments
(Cost – $834,715,522) – 100.1%		       841,327,812 
            
   Shares      
Short-Term Securities          
FFI Institutional Tax-Exempt Fund, 0.01% (d)(e)   1,904,201    1,904,201 
Total Short-Term Securities
(Cost – $1,904,201) – 0.2%		       1,904,201 
Total Investments (Cost - $836,619,723*) – 100.3%       843,232,013 
Liabilities in Excess of Other Assets – (0.3)%      (2,387,955)
Net Assets – 100.0%     $840,844,058 

 

* As of March 31, 2013 gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows: 
Tax cost   $836,619,723 
Gross unrealized appreciation   $6,631,907 
Gross unrealized depreciation    (19,617)
Net unrealized appreciation   $6,612,290 
 BLACKROCK MUNICIPAL BOND FUND, INC.MARCH 31, 2013   5
 

 

Schedule of Investments (continued)

BlackRock Short-Term Municipal Fund

 

 

 

 

Notes to Schedule of Investments

 

(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
  Morgan Stanley   $ 10,011,900 $ 11,900
             
(c) Security is collateralized by Municipal or US Treasury obligations.
(d) Investments in issuers considered to be an affiliate of the Fund during the period ended March 31, 2013, 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
March 31, 2013		   Income
  FFI Institutional Tax-Exempt Fund   1,302,407   601,794   1,904,201 $ 341
                     
(e) 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)
EDA Economic Development Authority
ERS Extendible Reset Securities
GO General Obligation Bonds
IDA Industrial Development Authority
M/F Multi-Family
NPFGC National Public Finance Guarantee Corp.
Q-SBLF Qualified School Bond Loan Fund
RB Revenue Bonds
SIFMA Securities Industry and Financial Markets Association
SONYMA State of New York Mortgage Agency

 

 BLACKROCK MUNICIPAL BOND FUND, INC.MARCH 31, 2013   6
 

 

Schedule of Investments (concluded)

BlackRock Short-Term 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 semi-annual report.
       

The following table summarizes the Fund's investments categorized in the disclosure hierarchy as of March 31, 2013:

  Level 1   Level 2   Level 3   Total
Assets:
Investments:
    Long-Term Investments1   — $ 841,327,812   — $ 841,327,812
    Short-Term Securities $ 1,904,201   —   —   1,904,201
Total $ 1,904,201 $ 841,327,812   — $ 843,232,013
                             

 

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 March 31, 2013, a bank overdraft of $46,368 is categorized as Level 2 within the disclosure hierarchy.

 

There were no transfers between levels during the period ended March 31, 2013.

 

 

 BLACKROCK MUNICIPAL BOND FUND, INC.MARCH 31, 2013   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 15d-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: May 24, 2013
     
  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: May 24, 2013
     
  By: /s/ Neal J. Andrews
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock Municipal Bond Fund, Inc.
     
  Date: May 24, 2013