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: 06/30/2015
Date of reporting period: 09/30/2014
Item 1 – Schedule of Investments
Schedule of Investments September 30, 2014 (Unaudited) | BlackRock High Yield Municipal Fund |
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||||
Alabama — 1.6% | |||||||
City of Phenix Alabama IDB, Refunding RB, Meadwestvaco Coated Board Project, Series A, AMT, 4.13%, 5/15/35 | $ | 1,750 | $ | 1,630,878 | |||
County of Jefferson Alabama, RB, Limited Obligation School, Series A, 4.75%, 1/01/25 | 2,180 | 2,148,564 | |||||
County of Jefferson Alabama Sewer, Refunding RB: | |||||||
Senior Lien, Series A (AGM), 5.00%, 10/01/44 | 365 | 387,539 | |||||
Senior Lien, Series A (AGM), 5.25%, 10/01/48 | 1,010 | 1,095,254 | |||||
Sub-Lien, Series D, 7.00%, 10/01/51 | 2,355 | 2,824,446 | |||||
State of Alabama Docks Department, Refunding RB, 6.00%, 10/01/40 | 710 | 827,377 | |||||
8,914,058 | |||||||
Alaska — 1.0% | |||||||
Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A: | |||||||
4.63%, 6/01/23 | 980 | 975,717 | |||||
5.00%, 6/01/32 | 1,500 | 1,174,365 | |||||
5.00%, 6/01/46 | 4,120 | 3,073,603 | |||||
5,223,685 | |||||||
Arizona — 1.1% | |||||||
City of Phoenix Arizona IDA, ERB, Eagle College Prep Project, Series A, 5.00%, 7/01/43 | 1,445 | 1,284,070 | |||||
City of Phoenix Arizona IDA, RB: | |||||||
Great Hearts Academies - Veritas Project, 6.40%, 7/01/47 | 415 | 436,186 | |||||
Legacy Traditional Schools, Series A, 6.50%, 7/01/34 (a) | 465 | 516,378 | |||||
Legacy Traditional Schools, Series A, 6.75%, 7/01/44 (a) | 810 | 908,634 | |||||
City of Phoenix Arizona IDA, Refunding RB, America West Airlines, Inc. Project, AMT, 6.30%, 10/01/14 (b) | 1,000 | 1,000,160 | |||||
County of Maricopa Arizona IDA, RB, Arizona Charter Schools Project, Series A, 6.75%, 7/01/29 | 70 | 66,065 | |||||
Municipal Bonds | Par (000) |
Value | |||||
Arizona (concluded) | |||||||
Florence Town Inc., IDA, ERB, Legacy Traditional School Project, Queen Creek and Casa Grande Campuses, 6.00%, 7/01/43 | $ | 1,375 | $ | 1,453,416 | |||
University Medical Center Corp. Arizona, RB, 6.25%, 7/01/29 | 180 | 208,924 | |||||
5,873,833 | |||||||
Arkansas — 0.2% | |||||||
County of Benton Arkansas Public Facilities Board, RB, BCCSO Project, Series A, 6.00%, 6/01/40 | 750 | 824,573 | |||||
California — 7.4% | |||||||
California Health Facilities Financing Authority, RB: | |||||||
St. Joseph Health System, Series A, 5.75%, 7/01/39 | 1,000 | 1,166,970 | |||||
Sutter Health, Series B, 6.00%, 8/15/42 | 1,000 | 1,197,960 | |||||
California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West, Series A, 6.00%, 7/01/39 | 265 | 301,846 | |||||
California HFA, RB, S/F, Home Mortgage, Series I, AMT, 4.80%, 8/01/36 | 1,500 | 1,504,905 | |||||
California Municipal Finance Authority (a)(c): | |||||||
5.50%, 8/01/34 | 310 | 309,975 | |||||
6.00%, 8/01/44 | 655 | 655,419 | |||||
6.13%, 8/01/49 | 570 | 569,789 | |||||
California Pollution Control Financing Authority, RB, Poseidon Resources (Channel Side) LP Desalination Project, AMT (a): | |||||||
5.00%, 7/01/37 | 775 | 822,198 | |||||
5.00%, 11/21/45 | 3,100 | 3,275,057 | |||||
California School Finance Authority, RB, Value Schools: | |||||||
6.65%, 7/01/33 | 295 | 318,712 | |||||
6.90%, 7/01/43 | 650 | 707,766 | |||||
California Statewide Communities Development Authority, RB, Series A: | |||||||
American Baptist Homes of the West, 5.00%, 10/01/43 | 1,000 | 1,067,200 | |||||
Sutter Health, 6.00%, 8/15/42 | 400 | 479,184 | |||||
BLACKROCK MUNICIPAL BOND FUND, INC. | September 30, 2014 | 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, Refunding RB, American Baptist Homes of the West, 6.25%, 10/01/39 | $ | 2,575 | $ | 2,888,609 | |||
California Statewide Financing Authority, RB, Tobacco Settlement: | |||||||
Series A, 6.00%, 5/01/43 | 2,500 | 2,460,225 | |||||
Series B, 6.00%, 5/01/43 | 3,485 | 3,472,489 | |||||
City of Chula Vista California, Refunding RB, San Diego Gas & Electric, Series A, 5.88%, 2/15/34 | 500 | 588,540 | |||||
City of San Jose California Hotel Tax, RB, Convention Center Expansion & Renovation Project: | |||||||
6.50%, 5/01/36 | 310 | 381,678 | |||||
6.50%, 5/01/42 | 760 | 927,527 | |||||
City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/40 | 240 | 281,678 | |||||
County of Riverside California Transportation Commission, RB, Senior Lien, Series A, 5.75%, 6/01/48 | 2,115 | 2,389,400 | |||||
County of San Marcos California Unified School District, GO, CAB, Election of 2010, Series B, 0.00%, 8/01/51 (d) | 4,425 | 736,586 | |||||
Golden State Tobacco Securitization Corp., Refunding RB, 5.75%, 6/01/47 | 7,490 | 5,963,912 | |||||
Lammersville School District Community Facilities District, Special Tax Bonds, District No. 2002, Mountain House, 5.13%, 9/01/35 | 325 | 332,524 | |||||
State of California, GO, Various Purpose, 5.00%, 4/01/43 | 5,000 | 5,570,800 | |||||
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, 0.00%, 8/01/43 (d) | 3,000 | 575,220 | |||||
Temecula Public Financing Authority, Refunding, Special Tax Bonds, Harveston, Sub-Series B, 5.10%, 9/01/36 | 165 | 166,472 | |||||
Municipal Bonds | Par (000) |
Value | |||||
California (concluded) | |||||||
Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed, Senior Series A-1, 4.75%, 6/01/25 | $ | 1,280 | $ | 1,259,315 | |||
40,371,956 | |||||||
Colorado — 1.6% | |||||||
Colorado Educational & Cultural Facilities Authority, RB, Littleton Preparatory Charter School Project: | |||||||
5.00%, 12/01/33 | 450 | 450,567 | |||||
5.00%, 12/01/42 | 545 | 525,037 | |||||
Denver Convention Center Hotel Authority, Refunding RB, Senior (Syncora), 5.00%, 12/01/30 | 1,175 | 1,207,736 | |||||
Denver Health & Hospital Authority, RB, Series A: | |||||||
5.00%, 12/01/39 | 900 | 964,899 | |||||
5.25%, 12/01/45 | 1,350 | 1,468,665 | |||||
Plaza Metropolitan District No. 1 Colorado, Refunding, Tax Allocation Bonds, Public Improvement Fee, Tax Increment, 5.00%, 12/01/40 | 425 | 436,152 | |||||
Regional Transportation District, RB, Denver Transit Partners Eagle P3 Project: | |||||||
6.00%, 1/15/34 | 1,500 | 1,681,605 | |||||
6.00%, 1/15/41 | 1,000 | 1,115,540 | |||||
Tallyn's Reach Metropolitan District No. 3, GO, Refunding, Limited Tax, 5.13%, 11/01/38 | 1,035 | 1,056,569 | |||||
8,906,770 | |||||||
Connecticut — 0.5% | |||||||
Mohegan Tribe of Indians of Connecticut, Refunding RB, Public Improvement, Priority Distribution, 6.25%, 1/01/31 | 2,505 | 2,498,888 | |||||
Delaware — 0.5% | |||||||
Delaware State EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45 | 2,775 | 2,942,333 | |||||
District of Columbia — 1.4% | |||||||
District of Columbia, RB, Methodist Home District of Columbia, Series A: | |||||||
7.38%, 1/01/30 | 310 | 310,729 | |||||
7.50%, 1/01/39 | 500 | 500,870 | |||||
BLACKROCK MUNICIPAL BOND FUND, INC. | September 30, 2014 | 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) | |||||||
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed: | |||||||
6.50%, 5/15/33 | $ | 2,520 | $ | 2,898,454 | |||
6.75%, 5/15/40 | 385 | 383,564 | |||||
Metropolitan Washington Airports Authority, Refunding RB: | |||||||
CAB, 2nd Senior Lien, Series B (AGC), 0.00%, 10/01/30 (d) | 3,005 | 1,484,891 | |||||
Dulles Toll Road, 1st Senior Lien, Series A, 5.00%, 10/01/39 | 185 | 198,599 | |||||
Dulles Toll Road, 1st Senior Lien, Series A, 5.25%, 10/01/44 | 1,610 | 1,753,692 | |||||
7,530,799 | |||||||
Florida — 6.2% | |||||||
Boggy Creek Improvement District, Refunding RB, Special Assessment Bonds, 5.13%, 5/01/43 | 1,465 | 1,485,759 | |||||
Capital Trust Agency Inc, RB: | |||||||
8.25%, 1/01/44 | 445 | 474,539 | |||||
8.25%, 1/01/49 | 950 | 1,011,750 | |||||
County of Alachua Florida Health Facilities Authority, RB, East Ridge Retirement Village, Inc. Project, 6.25%, 11/15/44 | 2,000 | 2,139,160 | |||||
County of Collier Florida IDA, Refunding RB, Arlington of Naples Project, Series A, 8.13%, 5/15/44 (a) | 1,490 | 1,623,206 | |||||
County of Hillsborough Florida IDA, RB: | |||||||
National Gypsum Co., Series B, AMT, 7.13%, 4/01/30 | 1,500 | 1,501,785 | |||||
Tampa General Hospital Project, 5.25%, 10/01/41 | 895 | 942,784 | |||||
County of Martin Florida IDA, Refunding RB, Indiantown Cogeneration, L.P. Project, AMT, 4.20%, 12/15/25 | 1,750 | 1,779,680 | |||||
County of Palm Beach Florida Health Facilities Authority, RB, Acts Retirement Life Community, 5.50%, 11/15/33 | 1,500 | 1,610,970 | |||||
County of Palm Beach Florida Health Facilities Authority, Refunding RB, 7.50%, 6/01/49 | 1,000 | 1,122,130 | |||||
Municipal Bonds | Par (000) |
Value | |||||
Florida (continued) | |||||||
Greater Orlando Aviation Authority Florida, Refunding RB, Special Purpose, Jetblue Airways Corp. Project, AMT, 5.00%, 11/15/36 | $ | 2,000 | $ | 1,954,080 | |||
Greeneway Improvement District, RB, Special Assessment Bonds, 5.13%, 5/01/43 | 1,475 | 1,495,901 | |||||
Highland Meadows Community Development District Florida, Special Assessment Bonds, Series A, 5.50%, 5/01/36 (e)(f) | 490 | 194,687 | |||||
Jacksonville Economic Development Commission, RB, Gerdau Ameristeel U.S. Inc., AMT, 5.30%, 5/01/37 | 3,300 | 3,300,429 | |||||
Lakewood Ranch Stewardship District, Refunding, Special Assessment Bonds, Lakewood Center & New Sector Projects, 8.00%, 5/01/40 | 515 | 658,263 | |||||
Martin County Health Facilities Authority, RB, 5.50%, 11/15/42 | 1,000 | 1,086,980 | |||||
Miami Beach Health Facilities Authority, Refunding RB, 5.00%, 11/15/44 | 460 | 496,377 | |||||
Mid-Bay Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/40 | 1,450 | 1,758,038 | |||||
Midtown Miami Community Development District, Refunding, Special Assessment Bonds, Series A: | |||||||
5.00%, 5/01/29 | 1,750 | 1,829,432 | |||||
5.00%, 5/01/37 | 900 | 923,337 | |||||
Pine Island Community Development District, RB, 5.30%, 11/01/10 (e)(f) | 1,355 | 760,060 | |||||
Santa Rosa Bay Bridge Authority, RB, 6.25%, 7/01/28 (e)(f) | 449 | 188,559 | |||||
Tolomato Community Development District, Refunding, Special Assessment Bonds: | |||||||
Series A2, 0.00%, 5/01/39 (g) | 40 | 29,295 | |||||
Series A3, 0.00%, 5/01/40 (g) | 90 | 53,707 | |||||
Series A4, 0.00%, 5/01/40 (g) | 50 | 22,086 | |||||
Series A1, 6.65%, 5/01/40 | 140 | 142,831 | |||||
Tolomato Community Development District, Convertible CAB (e)(f): | |||||||
Series 1, 6.65%, 5/01/40 | 5 | 5,129 | |||||
Series 2, 6.65%, 5/01/40 | 330 | 195,112 | |||||
Series 3, 6.65%, 5/01/40 | 105 | 1 | |||||
BLACKROCK MUNICIPAL BOND FUND, INC. | September 30, 2014 | 3 | |||
Schedule of Investments (continued) | BlackRock High Yield Municipal Fund |
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||||
Florida (concluded) | |||||||
Viera East Community Development District, Refunding, Special Assessment Bonds, 5.00%, 5/01/26 | $ | 640 | $ | 641,715 | |||
Village Community Development District No. 9, Special Assessment Bonds: | |||||||
7.00%, 5/01/41 | 1,560 | 1,920,922 | |||||
5.50%, 5/01/42 | 560 | 609,510 | |||||
Village Community Development District No. 10, Special Assessment Bonds, 5.13%, 5/01/43 | 1,855 | 1,879,931 | |||||
33,838,145 | |||||||
Georgia — 0.4% | |||||||
County of Clayton Georgia, Tax Allocation Bonds, Ellenwood Project, 7.50%, 7/01/33 | 125 | 131,334 | |||||
County of Clayton Georgia Development Authority, Refunding RB, Delta Air Lines, Inc. Project, Series A, 8.75%, 6/01/29 | 635 | 792,435 | |||||
County of Gainesville & Hall Georgia Development Authority, Refunding RB, Acts Retirement Life Community, Series A-2, 6.63%, 11/15/39 | 220 | 245,806 | |||||
Private Colleges & Universities Authority, RB, 5.00%, 4/01/44 (c) | 1,075 | 1,159,291 | |||||
2,328,866 | |||||||
Guam — 1.6% | |||||||
Guam Government Waterworks Authority, RB, Water & Wastewater System: | |||||||
5.25%, 7/01/33 | 910 | 1,014,586 | |||||
5.50%, 7/01/43 | 1,520 | 1,716,825 | |||||
Guam Government Waterworks Authority, Refunding RB, Water & Wastewater System, 6.00%, 7/01/15 (b) | 735 | 767,046 | |||||
Territory of Guam, GO, Series A: | |||||||
6.00%, 11/15/19 | 100 | 110,006 | |||||
6.75%, 11/15/29 | 1,650 | 1,851,861 | |||||
Municipal Bonds | Par (000) |
Value | |||||
Guam (concluded) | |||||||
Territory of Guam, GO, Series A (concluded): | |||||||
7.00%, 11/15/39 | $ | 2,660 | $ | 3,011,306 | |||
8,471,630 | |||||||
Idaho — 0.0% | |||||||
County of Power Idaho Industrial Development Corp., RB, FMC Corp. Project, AMT, 6.45%, 8/01/32 | 265 | 265,472 | |||||
Illinois — 6.5% | |||||||
City of Chicago Illinois, GO, Refunding, Series A, 5.00%, 1/01/36 | 3,000 | 3,062,160 | |||||
City of Chicago Illinois, GO, Series A, 5.25%, 1/01/35 | 4,500 | 4,629,960 | |||||
City of Chicago Illinois Board of Education, GO, Series A, 5.25%, 12/01/41 | 7,300 | 7,519,073 | |||||
City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien Project, 5.00%, 11/01/42 | 3,040 | 3,291,834 | |||||
Illinois Finance Authority, RB, Lake Forest College, Series A, 6.00%, 10/01/48 | 1,700 | 1,836,578 | |||||
Illinois Finance Authority, Refunding RB: | |||||||
Central Dupage Health, Series B, 5.50%, 11/01/39 | 1,400 | 1,579,410 | |||||
Friendship Village of Schaumburg, 7.13%, 2/15/39 | 1,000 | 1,061,060 | |||||
Lutheran Home & Services Obligated Group, 5.63%, 5/15/42 | 2,805 | 2,916,190 | |||||
Rogers Park Montessori School Project, Series 2014, 6.00%, 2/01/34 | 335 | 341,924 | |||||
6.13%, 2/01/45 | 790 | 795,783 | |||||
Roosevelt University Project, 6.50%, 4/01/44 | 830 | 901,687 | |||||
Swedish Covenant, Series A, 6.00%, 8/15/38 | 1,000 | 1,097,340 | |||||
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, McCormick Place Expansion Project, Series B (AGM), 0.00%, 6/15/44 (d) | 3,455 | 773,920 | |||||
Quad Cities Regional EDA, Refunding RB, Augustana College, 4.75%, 10/01/32 | 675 | 700,009 | |||||
Railsplitter Tobacco Settlement Authority, RB, 6.00%, 6/01/28 | 390 | 457,142 | |||||
BLACKROCK MUNICIPAL BOND FUND, INC. | September 30, 2014 | 4 | |||
Schedule of Investments (continued) | BlackRock High Yield Municipal Fund |
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||||
Illinois (concluded) | |||||||
State of Illinois, GO: | |||||||
5.00%, 2/01/39 | $ | 500 | $ | 517,700 | |||
Series A, 5.00%, 4/01/35 | 1,460 | 1,522,634 | |||||
Series A, 5.00%, 4/01/38 | 2,190 | 2,265,095 | |||||
35,269,499 | |||||||
Indiana — 1.4% | |||||||
City of Carmel Indiana, RB, Barrington Carmel Project, Series A: | |||||||
7.13%, 11/15/42 | 1,500 | 1,625,160 | |||||
7.13%, 11/15/47 | 1,500 | 1,620,135 | |||||
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT: | |||||||
6.75%, 1/01/34 | 525 | 594,631 | |||||
7.00%, 1/01/44 | 1,270 | 1,441,081 | |||||
Indiana Finance Authority, RB, Private Activity Bond, Ohio River Bridges East End Crossing Project, Series A, AMT: | |||||||
5.00%, 7/01/44 | 370 | 390,498 | |||||
5.00%, 7/01/48 | 1,230 | 1,292,902 | |||||
Indiana Finance Authority, Refunding RB, Marquette Project, 5.00%, 3/01/39 | 725 | 750,397 | |||||
7,714,804 | |||||||
Iowa — 3.4% | |||||||
Iowa Finance Authority, Refunding RB: | |||||||
Development, Care Initiatives Project, Series A, 5.00%, 7/01/19 | 500 | 517,490 | |||||
Midwestern Disaster Area, Iowa Fertilizer Co. Project, 5.50%, 12/01/22 | 3,295 | 3,480,673 | |||||
Sunrise Retirement Community Project, 5.50%, 9/01/37 | 890 | 877,415 | |||||
Sunrise Retirement Community Project, 5.75%, 9/01/43 | 1,385 | 1,393,227 | |||||
Iowa Student Loan Liquidity Corp., Refunding RB, AMT, Senior Series A-1, 5.00%, 12/01/21 | 3,900 | 4,231,383 | |||||
Iowa Tobacco Settlement Authority, Refunding RB: | |||||||
Asset-Backed, CAB, Series B, 5.60%, 6/01/34 | 1,200 | 1,060,692 | |||||
Asset-Backed, Series C, 5.50%, 6/01/42 | 2,000 | 1,671,720 | |||||
Municipal Bonds | Par (000) |
Value | |||||
Iowa (concluded) | |||||||
Iowa Tobacco Settlement Authority, Refunding RB (concluded): | |||||||
Asset-Backed, Series C, 5.63%, 6/01/46 | $ | 3,345 | $ | 2,798,293 | |||
Series C, 5.38%, 6/01/38 | 3,075 | 2,536,445 | |||||
18,567,338 | |||||||
Kentucky — 0.7% | |||||||
Kentucky Economic Development Finance Authority, Refunding RB, Norton Healthcare, Inc., Series B (NPFGC), 0.00%, 10/01/24 (d) | 250 | 176,297 | |||||
Kentucky Public Transportation Infrastructure Authority, RB, 6.00%, 7/01/53 | 3,000 | 3,429,540 | |||||
3,605,837 | |||||||
Louisiana — 1.6% | |||||||
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp., Series A-2, 6.50%, 11/01/35 | 1,630 | 1,878,542 | |||||
Louisiana Public Facilities Authority, RB, Belle Chasse Educational Foundation Project, 6.75%, 5/01/41 | 645 | 721,439 | |||||
Parish of St. John the Baptist Louisiana, RB, Marathon Oil Corp., Series A, 5.13%, 6/01/37 | 1,905 | 2,006,517 | |||||
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A, 5.25%, 5/15/35 | 3,910 | 4,176,858 | |||||
8,783,356 | |||||||
Maine — 0.2% | |||||||
Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 6.75%, 7/01/41 | 1,075 | 1,188,714 | |||||
Maryland — 1.0% | |||||||
City of Gaithersburg Maryland, Refunding RB, Asbury Maryland Obligation, Series B, 6.00%, 1/01/23 | 750 | 843,420 | |||||
County of Frederick Maryland, RB, Jefferson Technology Park Project, Series B, 7.13%, 7/01/43 | 1,910 | 2,108,029 | |||||
BLACKROCK MUNICIPAL BOND FUND, INC. | September 30, 2014 | 5 | |||
Schedule of Investments (continued) | BlackRock High Yield Municipal Fund |
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||||
Maryland (concluded) | |||||||
County of Howard Maryland, Refunding RB, Vantage House Facility, Series A, 5.25%, 4/01/33 | $ | 500 | $ | 478,610 | |||
Maryland EDC, RB: | |||||||
Term Project, Series B, 5.75%, 6/01/35 | 1,500 | 1,609,860 | |||||
Transportation Facilities Project, Series A, 5.75%, 6/01/35 | 265 | 284,408 | |||||
5,324,327 | |||||||
Massachusetts — 1.4% | |||||||
Massachusetts Development Finance Agency, RB: | |||||||
Foxborough Regional Charter School, Series A, 7.00%, 7/01/42 | 350 | 395,965 | |||||
Linden Ponds, Inc. Facility, Series A-1, 6.25%, 11/15/39 | 353 | 286,163 | |||||
Linden Ponds, Inc. Facility, Series A-2, 5.50%, 11/15/46 | 19 | 13,090 | |||||
Linden Ponds, Inc. Facility, Series B, 0.00%, 11/15/56 (d) | 94 | 412 | |||||
North Hill Communities Issue, Series A, 6.50%, 11/15/43 | 1,480 | 1,546,082 | |||||
Massachusetts Development Finance Agency, Refunding RB: | |||||||
Covanta Energy Project, Series C, AMT, 5.25%, 11/01/42 | 3,000 | 3,074,460 | |||||
Seven Hills Foundation & Affiliates (Radian), 5.00%, 9/01/35 | 1,500 | 1,505,955 | |||||
Tufts Medical Center, Series I, 6.75%, 1/01/36 | 510 | 602,009 | |||||
7,424,136 | |||||||
Michigan — 1.7% | |||||||
City of Detroit Michigan, GO, Taxable Capital Improvement, Limited Tax (e)(f): | |||||||
Series A-1, 5.00%, 4/01/16 | 350 | 98,035 | |||||
Series A-2, 8.00%, 4/01/15 | 1,715 | 480,371 | |||||
City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 7/01/39 | 1,660 | 1,771,950 | |||||
Municipal Bonds | Par (000) |
Value | |||||
Michigan (concluded) | |||||||
County of Monroe Michigan Hospital Finance Authority, Refunding RB, Mercy Memorial Hospital Corp. Obligation, 5.50%, 6/01/35 | $ | 1,565 | $ | 1,613,703 | |||
Kentwood EDC, Refunding RB, Limited Obligation, Holland Home, 5.63%, 11/15/41 | 1,000 | 1,026,880 | |||||
Michigan Finance Authority, RB, Senior Lien: | |||||||
C-1, 5.00%, 7/01/44 | 800 | 837,072 | |||||
Series 2014 C-2, AMT, 5.00%, 7/01/44 | 350 | 358,330 | |||||
Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, Series V, 8.25%, 9/01/18 (b) | 915 | 1,173,936 | |||||
State of Michigan Hospital Finance Authority, Refunding RB, Henry Ford Health, 5.75%, 11/15/39 | 1,710 | 1,877,221 | |||||
9,237,498 | |||||||
Minnesota — 0.1% | |||||||
St. Paul Housing & Redevelopment Authority, RB, Nova Classical Academy, Series A, 6.63%, 9/01/42 | 500 | 557,600 | |||||
Missouri — 0.9% | |||||||
City of Kansas Missouri, Tax Allocation Bonds, Kansas City MainCor Project, Series A, 5.25%, 3/01/18 (h) | 400 | 435,456 | |||||
Kirkwood IDA Missouri, RB, Aberdeen Heights, Series A, 8.25%, 5/15/39 | 435 | 500,320 | |||||
Lees Summit Industrial Development Authority, RB, 5.25%, 8/15/39 | 1,890 | 1,904,364 | |||||
Poplar Bluff Regional Transportation Development District, RB, 4.75%, 12/01/42 | 2,200 | 2,244,660 | |||||
5,084,800 | |||||||
Nebraska — 0.2% | |||||||
Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.00%, 9/01/42 | 780 | 833,563 | |||||
Nevada — 0.3% | |||||||
County of Clark Nevada, RB, Southwest Gas Corp. Project, Series A, AMT (NPFGC), 4.75%, 9/01/36 | 20 | 20,196 | |||||
BLACKROCK MUNICIPAL BOND FUND, INC. | September 30, 2014 | 6 | |||
Schedule of Investments (continued) | BlackRock High Yield Municipal Fund |
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||||
Nevada (concluded) | |||||||
County of Clark Nevada, Refunding, Special Assessment, Special Improvement District No. 142, Mountain's Edge: | |||||||
4.00%, 8/01/22 | $ | 815 | $ | 828,138 | |||
4.00%, 8/01/23 | 510 | 510,796 | |||||
1,359,130 | |||||||
New Hampshire — 0.1% | |||||||
New Hampshire Health & Education Facilities Authority, Refunding RB, Dartmouth-Hitchcock, 6.00%, 8/01/38 | 435 | 496,687 | |||||
New Jersey — 4.0% | |||||||
County of Gloucester New Jersey Pollution Control Financing Authority, Refunding RB, AMT, 5.00%, 12/01/24 | 1,500 | 1,662,465 | |||||
New Jersey EDA, RB: | |||||||
AMT, Series A, 10.50%, 6/01/32 (a)(e)(f) | 1,660 | 911,639 | |||||
Continental Airlines, Inc. Project, AMT, 5.13%, 9/15/23 | 1,965 | 2,082,192 | |||||
Continental Airlines, Inc. Project, AMT, 5.25%, 9/15/29 | 840 | 879,337 | |||||
Kapkowski Road Landfill Project, Series B, AMT, 6.50%, 4/01/31 | 3,000 | 3,615,180 | |||||
Private Activity Bond, The Goethals Bridge Replacement Project, AMT, 5.38%, 1/01/43 | 1,360 | 1,487,378 | |||||
Team Academy Charter School Project, 6.00%, 10/01/43 | 970 | 1,085,876 | |||||
New Jersey Health Care Facilities Financing Authority, Refunding RB, St. Joseph's Healthcare System, 6.63%, 7/01/38 | 725 | 789,989 | |||||
Tobacco Settlement Financing Corp. New Jersey, Refunding RB, Series 1A: | |||||||
4.50%, 6/01/23 | 5,885 | 5,806,965 | |||||
Municipal Bonds | Par (000) |
Value | |||||
New Jersey (concluded) | |||||||
Tobacco Settlement Financing Corp. New Jersey, Refunding RB, Series 1A (concluded): | |||||||
5.00%, 6/01/29 | $ | 3,730 | $ | 3,193,365 | |||
21,514,386 | |||||||
New Mexico — 0.3% | |||||||
New Mexico Hospital Equipment Loan Council, Refunding RB, Gerald Champion Regional Medical Center Project, 5.50%, 7/01/42 | 2,030 | 1,885,667 | |||||
New York — 9.0% | |||||||
Build New York City Resource Corp., RB, South Bronx Charter School for International Cultures and the Arts Project, Series A, 5.00%, 4/15/43 | 2,750 | 2,684,577 | |||||
City of New York New York Industrial Development Agency, ARB, AMT: | |||||||
American Airlines, Inc., JFK International Airport, 8.00%, 8/01/28 (i) | 235 | 258,808 | |||||
British Airways PLC Project, 7.63%, 12/01/32 | 1,500 | 1,508,070 | |||||
City of New York New York Industrial Development Agency, RB: | |||||||
JetBlue Airways Corp. Project, AMT, 5.13%, 5/15/30 | 1,750 | 1,750,157 | |||||
Queens Baseball Stadium, PILOT (AMBAC), 5.00%, 1/01/46 | 2,000 | 2,046,460 | |||||
City of New York New York Water & Sewer System, Refunding RB, 2nd General Resolution, Series CC, 5.00%, 6/15/47 | 8,535 | 9,427,761 | |||||
County of Chautauqua New York Industrial Development Agency, RB, NRG Dunkirk Power Project, 5.88%, 4/01/42 | 3,115 | 3,399,057 | |||||
County of Westchester New York Healthcare Corp., RB, Senior Lien, Series A, 5.00%, 11/01/44 | 1,552 | 1,704,267 | |||||
County of Westchester New York Local Development Corp., RB, Pace University, Series A, 5.50%, 5/01/42 | 2,000 | 2,207,180 | |||||
Dutchess County Industrial Development Agency, Refunding RB, 5.00%, 8/01/46 | 5,000 | 5,024,600 | |||||
BLACKROCK MUNICIPAL BOND FUND, INC. | September 30, 2014 | 7 | |||
Schedule of Investments (continued) | BlackRock High Yield Municipal Fund |
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||||
New York (concluded) | |||||||
New York Counties Tobacco Trust II, RB, 5.75%, 6/01/43 | $ | 2,905 | $ | 2,842,078 | |||
New York Liberty Development Corp., Refunding RB, 2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 7/15/49 | 375 | 422,782 | |||||
New York State Dormitory Authority, Refunding RB, 5.00%, 9/01/38 | 2,500 | 2,472,375 | |||||
Niagara Area Development Corp., Refunding RB, Solid Waste Disposal Facility, Covanta Energy Project, Series A, AMT, 5.25%, 11/01/42 | 3,895 | 3,984,351 | |||||
Onondaga Civic Development Corp., Refunding RB, St. Joseph's Hospital Health Center Project, 5.00%, 7/01/42 | 1,220 | 1,226,137 | |||||
Rensselaer Tobacco Asset Securitization Corp., RB, Asset-Backed, Series A, 5.75%, 6/01/43 | 2,500 | 2,490,725 | |||||
Rockland Tobacco Asset Securitization Corp., RB, Asset-Backed, 5.75%, 8/15/43 | 690 | 684,570 | |||||
TSASC Inc, Refunding RB, 5.00%, 6/01/26 | 5,000 | 4,879,650 | |||||
49,013,605 | |||||||
North Carolina — 0.8% | |||||||
North Carolina Medical Care Commission, Refunding RB: | |||||||
1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%, 3/01/41 | 3,055 | 3,429,360 | |||||
Carolina Village Project, 6.00%, 4/01/38 | 1,000 | 1,055,400 | |||||
4,484,760 | |||||||
North Dakota — 0.3% | |||||||
City of Williston North Dakota, RB, Eagle Crest Apartments LLC Project, 7.75%, 9/01/38 | 1,345 | 1,413,703 | |||||
Ohio — 0.7% | |||||||
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed Bonds, Series A-2, 5.75%, 6/01/34 | 4,460 | 3,547,127 | |||||
Municipal Bonds | Par (000) |
Value | |||||
Oklahoma — 0.1% | |||||||
Oklahoma Development Finance Authority, Refunding RB, Inverness Village Community, 6.00%, 1/01/32 | $ | 695 | $ | 721,792 | |||
Oregon — 1.0% | |||||||
City of Forest Grove Oregon, Refunding RB, Pacific University Project, Series A: | |||||||
4.50%, 5/01/29 | 1,000 | 1,073,680 | |||||
5.00%, 5/01/40 | 1,570 | 1,709,291 | |||||
Hospital Facilities Authority of Multnomah County Oregon, Refunding RB: | |||||||
5.40%, 10/01/44 | 1,145 | 1,184,720 | |||||
5.50%, 10/01/49 | 1,620 | 1,672,925 | |||||
5,640,616 | |||||||
Pennsylvania — 4.4% | |||||||
Allentown Neighborhood Improvement Zone Development Authority, Refunding RB, Series A: | |||||||
5.00%, 5/01/35 | 1,185 | 1,250,732 | |||||
5.00%, 5/01/42 | 2,730 | 2,863,306 | |||||
City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 7/01/36 | 3,000 | 3,180,330 | |||||
County of Cumberland Pennsylvania Municipal Authority, Refunding RB, Diakon Lutheran, 6.38%, 1/01/39 | 2,680 | 2,934,118 | |||||
County of Lancaster Pennsylvania Hospital Authority, Refunding RB, Brethren Village Project, Series A, 6.50%, 7/01/40 | 835 | 871,122 | |||||
County of Lehigh Pennsylvania General Purpose Authority, Refunding RB, Bible Fellowship Church Homes, 5.13%, 7/01/32 | 2,095 | 2,117,877 | |||||
County of Northampton Pennsylvania IDA, Route 33 Project, Tax Allocation Bonds, 7.00%, 7/01/32 | 1,345 | 1,455,357 | |||||
East Hempfield Township Industrial Development Authority, RB: | |||||||
5.00%, 7/01/34 | 1,000 | 1,054,400 | |||||
5.00%, 7/01/46 | 1,750 | 1,816,938 | |||||
BLACKROCK MUNICIPAL BOND FUND, INC. | September 30, 2014 | 8 | |||
Schedule of Investments (continued) | BlackRock High Yield Municipal Fund |
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||||
Pennsylvania (concluded) | |||||||
Pennsylvania Economic Development Financing Authority, RB: | |||||||
National Gypsum Co., Series B, AMT, 6.13%, 11/01/27 | $ | 2,200 | $ | 2,200,968 | |||
US Airways Group, Series A, 7.50%, 5/01/20 | 1,200 | 1,402,452 | |||||
Township of East Hempfield IDA, RB, Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania, 5.00%, 7/01/45 | 2,600 | 2,691,104 | |||||
23,838,704 | |||||||
Puerto Rico — 0.6% | |||||||
Commonwealth of Puerto Rico, GO, Refunding, Series A, 8.00%, 7/01/35 | 4,000 | 3,520,080 | |||||
Rhode Island — 0.3% | |||||||
Tobacco Settlement Financing Corp., RB, Asset-Backed, Series A, 6.25%, 6/01/42 | 1,360 | 1,356,831 | |||||
South Carolina — 1.1% | |||||||
State of South Carolina Public Service Authority, RB, Santee Cooper, Series A, 5.50%, 12/01/54 (a) | 5,070 | 5,713,586 | |||||
Texas — 6.9% | |||||||
Brazos River Authority, RB, TXU Electric, Series A, AMT, 8.25%, 10/01/30 (e)(f) | 750 | 67,500 | |||||
Central Texas Regional Mobility Authority, Refunding RB: | |||||||
CAB, 0.00%, 1/01/28 (d) | 3,000 | 1,656,930 | |||||
CAB, 0.00%, 1/01/29 (d) | 500 | 262,220 | |||||
CAB, 0.00%, 1/01/30 (d) | 1,330 | 660,691 | |||||
CAB, 0.00%, 1/01/31 (d) | 4,000 | 1,882,960 | |||||
Senior Lien, 5.75%, 1/01/25 (d) | 250 | 278,730 | |||||
Senior Lien, 6.25%, 1/01/46 | 765 | 878,243 | |||||
Sub-Lien, 5.00%, 1/01/42 | 265 | 275,979 | |||||
City of Houston Texas Airport System, RB, Special Facilities, Continental Airlines, Inc., AMT, Series A, 6.63%, 7/15/38 | 1,110 | 1,246,619 | |||||
City of Houston Texas Airport System, Refunding ARB: | |||||||
Senior Lien, Series A, 5.50%, 7/01/39 | 120 | 136,134 | |||||
United Airlines, Inc. Terminal E Project, AMT, 4.75%, 7/01/24 | 1,250 | 1,305,900 | |||||
Municipal Bonds | Par (000) |
Value | |||||
Texas (continued) | |||||||
City of Houston Texas Airport System, Refunding ARB (concluded): | |||||||
United Airlines, Inc. Terminal E Project, AMT, 5.00%, 7/01/29 | $ | 1,000 | $ | 1,032,670 | |||
Clifton Higher Education Finance Corp., ERB, Idea Public Schools: | |||||||
5.50%, 8/15/31 | 255 | 282,790 | |||||
5.75%, 8/15/41 | 280 | 313,827 | |||||
5.00%, 8/15/42 | 1,310 | 1,399,421 | |||||
Clifton Higher Education Finance Corp., Refunding RB, Uplift Education, Series A, 4.40%, 12/01/47 | 590 | 578,855 | |||||
County of Bexar Texas Health Facilities Development Corp., RB, Army Retirement Residence Project, 6.20%, 7/01/45 | 1,320 | 1,459,960 | |||||
County of Harris Texas Cultural Education Facilities Finance Corp., Refunding, MRB, Brazos Presbyterian Homes, Inc. Project, Series A: | |||||||
5.00%, 1/01/38 | 510 | 509,959 | |||||
5.00%, 1/01/43 | 520 | 512,985 | |||||
5.13%, 1/01/48 | 1,535 | 1,507,216 | |||||
County of Harris Texas Houston Sports Authority, Refunding RB, CAB, Senior Lien, Series G (NPFGC), 0.00%, 11/15/41 (d) | 350 | 78,666 | |||||
County of Matagorda Texas Navigation District No. 1, Refunding RB, Central Power & Light Co. Project, Series A, 6.30%, 11/01/29 | 290 | 332,650 | |||||
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Series A: | |||||||
CC Young Memorial Home, 8.00%, 2/15/38 | 330 | 368,234 | |||||
Senior Living Center Project, 8.25%, 11/15/44 | 800 | 767,408 | |||||
County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Northwest Senior Housing, Edgemere Project, Series A, 6.00%, 11/15/36 | 1,500 | 1,544,715 | |||||
County of Travis Texas Health Facilities Development Corp., Refunding RB, 7.13%, 1/01/46 | 1,920 | 2,081,395 | |||||
BLACKROCK MUNICIPAL BOND FUND, INC. | September 30, 2014 | 9 | |||
Schedule of Investments (continued) | BlackRock High Yield Municipal Fund |
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||||
Texas (continued) | |||||||
Danbury Higher Education Authority, Inc., RB, A.W. Brown Fellowship Charter, Series A (ACA), 5.00%, 8/15/16 (b) | $ | 355 | $ | 385,232 | |||
Decatur Hospital Authority, Refunding RB: | |||||||
5.00%, 9/01/34 | 195 | 201,716 | |||||
5.25%, 9/01/44 | 635 | 657,822 | |||||
Houston Higher Education Finance Corp., RB, Cosmos Foundation, Inc., Series A, 6.50%, 5/15/31 | 1,000 | 1,197,210 | |||||
Mesquite Health Facility Development Corp., Refunding RB, 5.13%, 2/15/42 | 690 | 692,760 | |||||
New Hope Cultural Education Facilities Corp., RB, Stephenville LLC Tarleton State University Project: | |||||||
5.88%, 4/01/36 | 890 | 1,003,813 | |||||
6.00%, 4/01/45 | 1,355 | 1,530,987 | |||||
North Texas Tollway Authority, RB, CAB, Special Project System, Series B, 0.00%, 9/01/37 (d) | 725 | 237,619 | |||||
North Texas Tollway Authority, Refunding RB, 2nd Tier System, Series F, 6.13%, 1/01/31 | 1,150 | 1,212,629 | |||||
Red River Health Facilities Development Corp., First MRB, Project: | |||||||
Eden Home, Inc., 7.25%, 12/15/42 | 1,330 | 1,256,916 | |||||
Wichita Falls Retirement Foundation, 5.13%, 1/01/41 | 600 | 583,290 | |||||
State of Texas Turnpike Authority, RB, CAB (AMBAC), 0.00%, 8/15/30 (d) | 5,200 | 2,020,616 | |||||
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien: | |||||||
LBJ Infrastructure Group LLC, LBJ Freeway Managed Lanes Project, 7.00%, 6/30/40 | 1,000 | 1,202,430 | |||||
NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39 | 1,740 | 2,054,679 | |||||
Municipal Bonds | Par (000) |
Value | |||||
Texas (concluded) | |||||||
Town of Flower Mound Texas, Special Assessment Bonds, 6.50%, 9/01/36 | $ | 1,500 | $ | 1,545,045 | |||
37,205,421 | |||||||
Utah — 0.6% | |||||||
State of Utah Charter School Finance Authority, RB, Navigator Pointe Academy, Series A, 5.63%, 7/15/40 | 1,000 | 1,057,770 | |||||
State of Utah Charter School Finance Authority, Refunding RB, 6.75%, 10/15/43 | 2,050 | 2,184,009 | |||||
3,241,779 | |||||||
Virginia — 3.8% | |||||||
County of Fairfax Virginia EDA, Refunding RB: | |||||||
Goodwin House, Inc., 5.13%, 10/01/37 | 1,800 | 1,861,920 | |||||
Goodwin House, Inc., 5.13%, 10/01/42 | 1,185 | 1,221,012 | |||||
Vinson Hall LLC, Series A, 5.00%, 12/01/42 | 970 | 995,773 | |||||
Vinson Hall LLC, Series A, 5.00%, 12/01/47 | 1,265 | 1,297,207 | |||||
County of Hanover Virginia EDA, Refunding RB, Covenant Woods, Series A: | |||||||
5.00%, 7/01/42 | 2,000 | 2,015,180 | |||||
Residential Care Facility, 5.00%, 7/01/47 | 1,015 | 1,021,811 | |||||
County of York Virginia EDA, Refunding RB, Series A, 1.88%, 5/01/33 (i) | 2,945 | 3,009,819 | |||||
Mosaic District Community Development Authority, Special Assessment, Series A: | |||||||
6.63%, 3/01/26 | 515 | 589,912 | |||||
6.88%, 3/01/36 | 450 | 519,012 | |||||
Virginia Small Business Financing Authority, RB, Senior Lien, AMT: | |||||||
Elizabeth River Crossings OpCo LLC Project, 6.00%, 1/01/37 | 4,095 | 4,622,927 | |||||
BLACKROCK MUNICIPAL BOND FUND, INC. | September 30, 2014 | 10 | |||
Schedule of Investments (continued) | BlackRock High Yield Municipal Fund |
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||||
Virginia (concluded) | |||||||
Virginia Small Business Financing Authority, RB, Senior Lien, AMT (concluded): | |||||||
Express Lanes LLC, 5.00%, 7/01/34 | $ | 3,300 | $ | 3,457,080 | |||
20,611,653 | |||||||
Washington — 0.3% | |||||||
County of King Washington Public Hospital District No. 4, GO, Refunding, Snoqualmie Valley Hospital, 7.00%, 12/01/40 | 545 | 586,164 | |||||
Greater Wenatchee Regional Events Center Public Facilities District, Refunding RB, Series A, 5.50%, 9/01/42 | 1,005 | 1,042,808 | |||||
1,628,972 | |||||||
Wisconsin — 1.4% | |||||||
Public Finance Authority, RB: | |||||||
5.38%, 7/01/34 | 1,000 | 1,028,970 | |||||
5.63%, 7/01/44 | 2,000 | 2,058,040 | |||||
Series A, 5.75%, 11/15/44 | 380 | 390,093 | |||||
Series A, 6.00%, 11/15/49 | 235 | 244,945 | |||||
Public Finance Authority, Refunding RB, Senior Obligated Group, Series B, AMT, 5.00%, 7/01/42 | 1,500 | 1,531,785 | |||||
Wisconsin Health & Educational Facilities Authority, Refunding RB: | |||||||
5.50%, 5/01/34 | 875 | 900,567 | |||||
5.75%, 5/01/39 | 1,065 | 1,094,554 | |||||
St. Johns Communities, Inc., Series A, 7.25%, 9/15/29 | 75 | 88,399 | |||||
St. Johns Communities, Inc., Series A, 7.63%, 9/15/39 | 145 | 172,588 | |||||
7,509,941 | |||||||
Total Municipal Bonds — 78.6% | 426,286,920 | ||||||
Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (j) | |||||||
California — 0.5% | |||||||
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area, Series F-1, 5.63%, 4/01/44 (b) | 480 | 578,778 | |||||
Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (j) |
Par (000) |
Value | |||||
California (concluded) | |||||||
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Senior Series A, 5.00%, 5/15/40 | $ | 1,679 | $ | 1,894,058 | |||
2,472,836 | |||||||
Colorado — 1.1% | |||||||
Colorado Health Facilities Authority, Refunding RB, Sisters of Leavenworth Health System, Series A, 5.00%, 1/01/40 | 5,595 | 6,064,029 | |||||
District of Columbia — 0.2% | |||||||
District of Columbia Water & Sewer Authority, Refunding RB, Senior Lien, Series A, 6.00%, 10/01/35 (k) | 940 | 1,095,329 | |||||
Florida — 0.7% | |||||||
County of Miami-Dade Florida, RB, Water & Sewer System, 5.00%, 10/01/34 | 3,500 | 3,952,273 | |||||
Illinois — 1.2% | |||||||
City of Chicago Illinois, GARB, O’Hare International Airport, 3rd Lien, Series A (NPFGC), 5.00%, 1/01/33 (k) | 3,495 | 3,668,561 | |||||
Illinois Finance Authority, RB, The Carle Foundation, Series A (AGM), 6.00%, 8/15/41 | 2,480 | 2,859,093 | |||||
6,527,654 | |||||||
New York — 4.0% | |||||||
City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution: | |||||||
Series EE, 5.50%, 6/15/43 | 3,795 | 4,481,174 | |||||
Series HH, 5.00%, 6/15/31 (k) | 3,015 | 3,414,784 | |||||
Hudson Yards Infrastructure Corp., RB, Fiscal 2012, Series A, 5.75%, 2/15/47 (k) | 1,720 | 1,984,565 | |||||
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43 | 7,725 | 8,705,071 | |||||
BLACKROCK MUNICIPAL BOND FUND, INC. | September 30, 2014 | 11 | |||
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 (j) | Par (000) |
Value | |||||
New York (concluded) | |||||||
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 (k) | $ | 2,520 | $ | 2,898,706 | |||
21,484,300 | |||||||
Ohio — 0.4% | |||||||
State of Ohio, Refunding RB, Cleveland Clinic Health System Obligated Group, Series A, 5.50%, 1/01/39 | 2,010 | 2,244,519 | |||||
South Carolina — 0.2% | |||||||
State of South Carolina Housing Finance & Development Authority, Refunding RB, S/F Housing, Series B-1, 5.50%, 7/01/39 | 999 | 1,025,017 | |||||
Virginia — 0.5% | |||||||
Virginia Small Business Financing Authority, Refunding RB, Sentara Healthcare, 5.00%, 11/01/40 | 2,501 | 2,705,572 | |||||
Washington — 0.6% | |||||||
City of Bellingham Washington, RB, Water & Sewer, 5.00%, 8/01/40 | 2,999 | 3,310,122 | |||||
Wisconsin — 0.4% | |||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health Inc., Obligated Group, Series C, 5.25%, 4/01/39 (k) | 2,179 | 2,367,160 | |||||
Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (j) | Value | ||||||
Total Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts — 9.8% | $ | 53,248,811 | |||||
Total Long-Term Investments (Cost — $453,267,548) — 88.4% |
479,535,731 | ||||||
Short-Term Securities (l) | Shares | ||||||
FFI Institutional Tax-Exempt Fund, 0.03% (m) | 89,329,802 | 89,329,802 | |||||
Total Short-Term Securities (Cost — $89,329,802) — 16.5% |
89,329,802 | ||||||
Total Investments (Cost — $542,597,350*) — 104.9% |
568,865,533 | ||||||
Other Assets Less Liabilities — 0.4% | 2,176,596 | ||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (5.3%) | (28,907,331) | ||||||
Net Assets — 100.0% | $ | 542,134,798 | |||||
* | As of September 30, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows: | ||||||
Tax cost | $ | 513,621,010 | |||||
Gross unrealized appreciation | $ | 31,633,510 | |||||
Gross unrealized depreciation | (5,289,819) | ||||||
Net unrealized appreciation | $ | 26,343,691 | |||||
Notes to Schedule of Investments | ||
(a) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. | |
(b) | U.S. 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. | |
(c) | When-issued security. Unsettled when-issued transactions were as follows: | |
Counterparty | Value | Unrealized Appreciation | ||||||
Robert W. Baird & Co., Inc. | $ | 1,535,183 | $ | 183 | ||||
Wells Fargo Securities LLC | $ | 1,159,291 | $ | 17,501 |
(d) | Zero-coupon bond. | |
(e) | Non-income producing security. | |
(f) | Issuer filed for bankruptcy and/or is in default of principal and/or interest payments. | |
(g) | 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. | |
BLACKROCK MUNICIPAL BOND FUND, INC. | September 30, 2014 | 12 | |||
Schedule of Investments (continued) | BlackRock High Yield Municipal Fund |
(h) | Security is collateralized by municipal or U.S. Treasury obligations. | |
(i) | Variable rate security. Rate shown is as of report date. | |
(j) | Represent bonds transferred to a TOB. In exchange for which the Fund received cash and residual interest certificates. These bonds serve as collateral in a financing transaction. | |
(k) |
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 agreement, which expire on January 1, 2015 to November 15, 2019 is $8,633,909. | |
(l) | Investments in issuers considered to be an affiliate of the Fund during the period ended September 30, 2014, 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, 2014 | Net Activity | Shares Held at September 30, 2014 | Income | ||||||||||||
FFI Institutional Tax-Exempt Fund | 34,830,577 | 54,499,225 | 89,329,802 | $ 2,645 |
(m) | Represents the current yield as of report date. |
Portfolio Abbreviations | ||
ACA | American Capital Access Holding Ltd. | |
AGC | Assured Guarantee Corp. | |
AGM | Assured Guaranty Municipal Corp. | |
AMBAC | American Municipal Bond Assurance Corp. | |
AMT | Alternative Minimum Tax (subject to) | |
ARB | Airport Revenue Bonds | |
CAB | Capital Appreciation Bonds | |
EDA | Economic Development Authority | |
EDC | Economic Development Corp. | |
ERB | Education Revenue Bonds | |
GARB | General Airport 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 | |
Radian | Radian Guaranty, Inc. | |
RB | Revenue Bonds | |
S/F | Single-Family | |
Syncora | Syncora Guarantee | |
• | Financial futures contracts outstanding as of September 30, 2014 were as follows: |
Contracts Sold |
Issue | Exchange | Expiration | Notional Value |
Unrealized Appreciation |
(359) | 10-Year U.S. Treasury Note | Chicago Board of Trade | December 2014 |
USD 44,745,984 | $352,888 |
BLACKROCK MUNICIPAL BOND FUND, INC. | September 30, 2014 | 13 | |||
Schedule of Investments (continued) | 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. 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 fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The categorization of a value determined for investments and derivative fianncial instruments is based on the pricing transparency of the investment and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. The three levels of the fair value hierarchy are as follows: | |
• | Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Series 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) | |
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. For information about the Fund's policy regarding valuation of investments and derivative financial instruments, 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 September 30, 2014: |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Investments: | ||||||||||||||||
Long-Term Investments1 | — | $ | 479,535,731 | — | $ | 479,535,731 | ||||||||||
Short-Term Securities | $ | 89,329,802 | — | — | 89,329,802 | |||||||||||
Total | $ | 89,329,802 | $ | 479,535,731 | — | $ | 568,865,533 | |||||||||
1 | See above Schedule of Investments for values in each sector. |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivative Financial Instruments2 | |||||||||||||||
Assets: | |||||||||||||||
Interest rate contracts | $ | 352,888 | — | — | $ | 352,888 | |||||||||
2 | Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument. |
BLACKROCK MUNICIPAL BOND FUND, INC. | September 30, 2014 | 14 | |||
Schedule of Investments (concluded) | BlackRock High Yield Municipal Fund |
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of September 30, 2014, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Cash pledged for financial futures contracts | $ | 491,000 | — | — | $ | 491,000 | |||||||||||
Liabilities: | |||||||||||||||||
Bank overdraft | — | $ | (6,231) | — | (6,231) | ||||||||||||
TOB trust certificates | — | (28,900,832) | — | (28,900,832) | |||||||||||||
Total | $ | 491,000 | $ | (28,907,063) | — | $ | (28,416,063) | ||||||||||
There were no transfers between levels during the period ended September 30, 2014. |
BLACKROCK MUNICIPAL BOND FUND, INC. | September 30, 2014 | 15 | |||
Schedule of Investments September 30, 2014 (Unaudited) | BlackRock National Municipal Fund |
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||
Alabama — 0.9% | |||||
City of Birmingham Alabama Special Care Facilities Financing Authority, RB, Children's Hospital (AGC), 6.00%, 6/01/39 | $ | 15,955 | $ | 18,635,600 | |
Courtland IDB Alabama, Refunding RB, International Paper Co., Series B, AMT, 6.25%, 8/01/25 | 750 | 750,750 | |||
Prattville IDB Alabama, RB, Recovery Zone Facility, Series C, 6.25%, 11/01/33 | 3,380 | 3,817,913 | |||
State of Alabama Docks Department, Refunding RB, 6.00%, 10/01/40 | 15,945 | 18,581,027 | |||
41,785,290 | |||||
Alaska — 0.2% | |||||
Borough of Matanuska-Susitna Alaska, RB, Goose Creek Correctional Center (AGC): | |||||
6.00%, 9/01/28 | 2,000 | 2,409,060 | |||
6.00%, 9/01/32 | 5,250 | 6,265,298 | |||
8,674,358 | |||||
Arizona — 2.9% | |||||
City of Phoenix & County of Maricopa Arizona IDA, Refunding RB, S/F, Series A-2, AMT (Fannie Mae), 5.80%, 7/01/40 | 225 | 228,886 | |||
City of Phoenix Arizona IDA, RB: | |||||
Candeo School, Inc. Project, 6.88%, 7/01/44 | 3,440 | 3,804,365 | |||
Legacy Traditional Schools, Series A, 6.50%, 7/01/34 (a) | 2,000 | 2,220,980 | |||
Legacy Traditional Schools, Series A, 6.75%, 7/01/44 (a) | 3,500 | 3,926,195 | |||
County of Maricopa Arizona IDA, RB, Arizona Charter Schools Project, Series A, 6.75%, 7/01/29 | 2,100 | 1,981,959 | |||
County of Pinal Arizona, RB, Electric District No. 4, 6.00%, 12/01/38 | 1,200 | 1,332,900 | |||
County of Pinal Arizona IDA, RB, San Manuel Facility Project, AMT, 6.25%, 6/01/26 | 500 | 503,280 | |||
Salt River Project Agricultural Improvement & Power District, RB, Series A: | |||||
5.00%, 1/01/37 | 98,935 | 103,151,609 | |||
Municipal Bonds | Par (000) |
Value | |||
Arizona (concluded) | |||||
Salt River Project Agricultural Improvement & Power District, RB, Series A (concluded): | |||||
5.00%, 1/01/38 | $ | 3,990 | $ | 4,368,970 | |
Salt River Project Agricultural Improvement & Power District, Refunding RB, Series A, 5.00%, 1/01/35 | 13,700 | 14,317,048 | |||
Vistancia Community Facilities District Arizona, GO: | |||||
6.75%, 7/15/22 | 2,760 | 2,767,949 | |||
5.75%, 7/15/24 | 2,125 | 2,162,910 | |||
140,767,051 | |||||
California — 16.9% | |||||
ABAG Finance Authority for Nonprofit Corps., Refunding RB, Sharp Healthcare, Series B, 6.25%, 8/01/39 | 11,525 | 13,424,550 | |||
Anaheim Public Financing Authority, RB, 2nd Lien (BHAC), 5.00%, 10/01/34 | 10,995 | 11,033,483 | |||
California Health Facilities Financing Authority, RB: | |||||
Catholic Healthcare West, Series J, 5.63%, 7/01/32 | 10,000 | 10,310,800 | |||
Sutter Health, Series A, 5.25%, 11/15/46 | 10,500 | 11,313,435 | |||
Sutter Health, Series B, 6.00%, 8/15/42 | 21,340 | 25,564,466 | |||
California Health Facilities Financing Authority, Refunding RB: | |||||
Catholic Healthcare West, Series A, 6.00%, 7/01/34 | 5,110 | 5,123,337 | |||
Catholic Healthcare West, Series A, 6.00%, 7/01/39 | 26,655 | 30,361,111 | |||
Stanford Hospital, Series A-3, 5.50%, 11/15/40 | 10,645 | 12,497,017 | |||
California Statewide Communities Development Authority, RB, Series A: | |||||
Kaiser Permanente, 5.00%, 4/01/42 | 50,000 | 54,747,000 | |||
Sutter Health, 6.00%, 8/15/42 | 10,190 | 12,207,212 | |||
California Statewide Communities Development Authority, Refunding RB, Catholic Healthcare West: | |||||
Series B, 5.50%, 7/01/30 | 2,915 | 3,234,047 | |||
Series E, 5.50%, 7/01/31 | 1,920 | 2,130,701 | |||
BLACKROCK MUNICIPAL BOND FUND, INC. | September 30, 2014 | 1 | |||
Schedule of Investments (continued) | BlackRock National Municipal Fund |
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||
California (continued) | |||||
City & County of San Francisco California Airports Commission, ARB, Series E, 6.00%, 5/01/39 | $ | 24,300 | $ | 28,982,124 | |
City & County of San Francisco California Airports Commission, Refunding ARB, AMT: | |||||
2nd Series 34E (AGM), 5.75%, 5/01/21 | 8,220 | 9,376,307 | |||
2nd Series 34E (AGM), 5.75%, 5/01/23 | 17,000 | 19,302,310 | |||
2nd Series A, 5.25%, 5/01/33 | 2,475 | 2,809,447 | |||
City of Chula Vista California, Refunding RB, San Diego Gas & Electric, Series A, 5.88%, 2/15/34 | 5,850 | 6,885,918 | |||
City of Los Angeles California Department of Water & Power, Refunding RB, Series A, 5.25%, 7/01/39 | 40,000 | 45,021,600 | |||
City of Los Angeles California Municipal Improvement Corp., RB, Real Property, Series E: | |||||
6.00%, 9/01/34 | 4,890 | 5,812,890 | |||
6.00%, 9/01/39 | 9,450 | 11,184,831 | |||
City of San Jose California, Refunding ARB, AMT: | |||||
Series A (AMBAC), 5.50%, 3/01/32 | 6,530 | 7,120,051 | |||
Series A-1, 5.75%, 3/01/34 | 7,010 | 7,927,469 | |||
Series A-1, 6.25%, 3/01/34 | 5,250 | 6,126,540 | |||
City of San Jose California Hotel Tax, RB, Convention Center Expansion & Renovation Project: | |||||
6.50%, 5/01/36 | 1,510 | 1,859,142 | |||
6.50%, 5/01/42 | 5,130 | 6,260,806 | |||
City of San Juan California Water District, COP, Series A, 6.00%, 2/01/39 | 10,000 | 11,707,100 | |||
County of Alameda & City of Oakland California, GO, Election of 2012, 6.63%, 8/01/38 | 3,750 | 4,633,988 | |||
County of Orange California Sanitation District, COP: | |||||
Series A, 5.00%, 2/01/35 | 10,000 | 11,355,200 | |||
Series B (AGM), 5.00%, 2/01/37 | 25,000 | 27,123,000 | |||
County of Orange California Water District, COP, Refunding: | |||||
5.00%, 8/15/39 | 15,000 | 17,161,950 | |||
5.00%, 8/15/41 | 7,110 | 8,120,544 | |||
Municipal Bonds | Par (000) |
Value | |||
California (continued) | |||||
County of Sacramento California, RB, Subordinated & Passenger Facility Charges/Grant, Series C: | |||||
6.00%, 7/01/39 | $ | 16,945 | $ | 19,516,065 | |
6.00%, 7/01/41 | 13,280 | 15,294,974 | |||
County of San Diego California Water Authority, COP, Refunding, Series A (AGM), 5.00%, 5/01/33 | 4,500 | 5,002,335 | |||
County of San Joaquin California Transportation Authority, Refunding RB, Limited Tax, Measure K, Series A: | |||||
6.00%, 3/01/36 | 12,830 | 15,511,470 | |||
5.50%, 3/01/41 | 26,390 | 30,087,503 | |||
Cucamonga Valley Water District, Refunding RB, Series A (AGM), 5.38%, 9/01/35 | 26,315 | 31,284,851 | |||
Gilroy Public Facilities Financing Authority, Refunding RB, 6.00%, 11/01/33 | 6,535 | 8,025,503 | |||
Grossmont Healthcare District, GO, Election of 2006, Series B, 6.13%, 7/15/40 | 3,500 | 4,251,275 | |||
Metropolitan Water District of Southern California, RB: | |||||
Series A, 5.00%, 1/01/39 | 10,000 | 11,291,000 | |||
Series A, 5.00%, 7/01/37 | 10,000 | 11,060,300 | |||
Series B, 5.00%, 7/01/35 | 13,170 | 13,987,857 | |||
Modesto Irrigation District, COP, Capital Improvements, Series A, 6.00%, 10/01/39 | 11,755 | 13,604,179 | |||
Port of Oakland California, Refunding RB, Senior Lien, Series P, AMT: | |||||
5.00%, 5/01/27 | 12,480 | 14,207,482 | |||
5.00%, 5/01/31 | 12,750 | 14,220,967 | |||
South San Francisco Unified School District, GO, Series G, 3.50%, 7/01/18 | 19,205 | 21,088,242 | |||
State of California, GO, Various Purposes: | |||||
6.50%, 4/01/33 | 35,000 | 42,763,000 | |||
6.00%, 4/01/38 | 33,925 | 40,548,178 | |||
State of California Public Works Board, LRB: | |||||
Various Capital Project, Sub-Series I-1, 6.38%, 11/01/34 | 11,680 | 14,388,125 | |||
BLACKROCK MUNICIPAL BOND FUND, INC. | September 30, 2014 | 2 | |||
Schedule of Investments (continued) | BlackRock National Municipal Fund |
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||
California (concluded) | |||||
State of California Public Works Board, LRB (concluded): | |||||
Various Capital Projects, Sub-Series A-1, 6.00%, 3/01/35 | $ | 14,125 | $ | 16,812,987 | |
Various Capital Projects, Sub-Series I-1, 6.13%, 11/01/29 | 10,000 | 12,214,300 | |||
Tuolumne Wind Project Authority, RB, Tuolumne Co. Project, Series A, 5.88%, 1/01/29 | 19,355 | 23,015,418 | |||
University of California, RB, Series O, 5.75%, 5/15/34 | 1,450 | 1,709,550 | |||
810,603,937 | |||||
Colorado — 0.1% | |||||
Colorado Health Facilities Authority, RB, Catholic Health Initiatives, Series D, 6.25%, 10/01/33 | 4,385 | 5,104,886 | |||
Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiative, Series A, 5.50%, 7/01/34 | 1,580 | 1,813,666 | |||
6,918,552 | |||||
Connecticut — 1.7% | |||||
State of Connecticut Health & Educational Facility Authority, RB, Series A, 0.80%, 7/01/48 (b) | 30,000 | 30,071,100 | |||
State of Connecticut Health & Educational Facility Authority, Refunding RB, Series B, 0.65%, 7/01/49 (b) | 50,000 | 50,118,500 | |||
80,189,600 | |||||
Delaware — 0.7% | |||||
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40 | 31,500 | 34,975,395 | |||
District of Columbia — 1.1% | |||||
District of Columbia, RB, Series A, 5.50%, 12/01/30 | 20,530 | 24,214,724 | |||
District of Columbia Water & Sewer Authority, Refunding RB, Series A: | |||||
6.00%, 10/01/35 | 12,630 | 14,720,265 | |||
5.50%, 10/01/39 | 7,475 | 8,462,747 | |||
Municipal Bonds | Par (000) |
Value | |||
District of Columbia (concluded) | |||||
Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road, 1st Senior Lien, Series A, 5.25%, 10/01/44 | $ | 5,765 | $ | 6,279,526 | |
53,677,262 | |||||
Florida — 5.1% | |||||
Anthem Park Community Development District, Special Assessment Bonds, 5.80%, 5/01/36 (c)(d) | 1,240 | 1,240,496 | |||
City of State Augustine, RB, 5.75%, 10/01/41 | 1,000 | 1,152,750 | |||
County of Escambia Florida, RB, International Paper Co. Projects, Series B, 6.25%, 11/01/33 | 7,500 | 8,471,700 | |||
County of Highlands Florida Health Facilities Authority, RB, Adventist Health System/Sunbelt, Series B, 6.00%, 11/15/37 | 4,990 | 5,889,897 | |||
County of Hillsborough Florida IDA, RB, National Gypsum Co., AMT: | |||||
Series A, 7.13%, 4/01/30 | 6,000 | 6,046,920 | |||
Series B, 7.13%, 4/01/30 | 7,750 | 7,759,222 | |||
County of Miami-Dade Florida, GO, Building Better Communities Program: | |||||
Series B, 6.38%, 7/01/28 | 9,300 | 10,938,939 | |||
Series B-1, 5.75%, 7/01/33 | 2,400 | 2,748,120 | |||
Series B-1, 6.00%, 7/01/38 | 30,000 | 34,646,400 | |||
County of Miami-Dade Florida, RB, Seaport, Series A, 5.50%, 10/01/42 | 5,375 | 6,114,492 | |||
County of Miami-Dade Florida, Refunding ARB, Miami International Airport, Series A, AMT, (AGC): | |||||
5.50%, 10/01/26 | 7,000 | 7,959,770 | |||
5.50%, 10/01/27 | 5,495 | 6,185,172 | |||
County of Miami-Dade Florida, Refunding RB, Water & Sewer Systems, Series C, 6.00%, 10/01/23 | 25,000 | 29,435,250 | |||
County of Miami-Dade Florida Seaport Department, RB: | |||||
Series A, 6.00%, 10/01/38 | 6,175 | 7,405,863 | |||
Series B, AMT, 6.25%, 10/01/38 | 5,000 | 5,985,650 | |||
BLACKROCK MUNICIPAL BOND FUND, INC. | September 30, 2014 | 3 | |||
Schedule of Investments (continued) | BlackRock National Municipal Fund |
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||
Florida (concluded) | |||||
Florida Housing Finance Corp., Refunding RB, S/F Housing, Homeowner Mortgage, Series 1 (Ginnie Mae), AMT, 6.00%, 7/01/39 | $ | 1,720 | $ | 1,854,882 | |
Florida Ports Financing Commission, Refunding RB, State Transportation Trust Fund, Series B, AMT, 5.13%, 6/01/27 | 10,000 | 11,303,400 | |||
Harbor Bay Community Development District Florida, Special Assessment Bonds, Series A, 7.00%, 5/01/33 | 900 | 902,943 | |||
Highland Meadows Community Development District Florida, Special Assessment Bonds, Series A, 5.50%, 5/01/36 (c)(d) | 1,090 | 433,079 | |||
Jacksonville Electric Authority Florida, RB, Sub-Series A, 5.63%, 10/01/32 | 10,525 | 11,834,310 | |||
Mid-Bay Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/40 | 14,350 | 17,398,514 | |||
State of Florida, GO, Board of Education, Series A: | |||||
5.38%, 6/01/33 | 3,950 | 4,514,771 | |||
5.50%, 6/01/38 | 4,790 | 5,496,094 | |||
State of Florida, RB, Board of Education Lottery Revenue, Series A, 5.75%, 7/01/28 | 3,890 | 4,573,979 | |||
State of Florida Turnpike Authority, RB, Series B, 5.00%, 7/01/40 | 35,720 | 41,364,474 | |||
Sterling Hill Community Development District, Refunding RB, Special Assessment Bonds, Series B, 5.50%, 11/01/10 (c)(d) | 160 | 102,501 | |||
Watergrass Community Development District Florida, Special Assessment Bonds, Series B, 6.96%, 11/01/17 | 355 | 336,789 | |||
242,096,377 | |||||
Georgia — 1.8% | |||||
City of Atlanta Georgia Department of Aviation, Refunding GARB, Series C, 6.00%, 1/01/30 | 30,000 | 36,080,400 | |||
County of DeKalb Georgia Hospital Authority, Refunding RB, DeKalb Medical Center, Inc. Project, 6.13%, 9/01/40 | 2,000 | 2,175,100 | |||
Municipal Bonds | Par (000) |
Value | |||
Georgia (concluded) | |||||
County of Richmond Georgia Development Authority, RB, Recovery Zone Facility, International Paper Co., Series B, 6.25%, 11/01/33 | $ | 3,625 | $ | 4,094,655 | |
County of Rockdale Georgia Development Authority, RB, Visy Paper Project, Series A, AMT, 6.13%, 1/01/34 | 5,000 | 5,129,200 | |||
Municipal Electric Authority of Georgia, Refunding RB: | |||||
Project One, Sub-Series D, 6.00%, 1/01/23 | 10,000 | 11,733,500 | |||
Series EE (AMBAC), 7.00%, 1/01/25 | 20,000 | 27,526,400 | |||
86,739,255 | |||||
Illinois — 6.1% | |||||
Bolingbrook Special Service Area No. 1, Special Tax Bonds, Forest City Project, 5.90%, 3/01/27 | 1,000 | 1,004,380 | |||
City of Chicago Illinois, GARB, O’Hare International Airport, 3rd Lien: | |||||
Series B-2, AMT (NPFGC), 6.00%, 1/01/27 | 2,125 | 2,134,648 | |||
Series B-2, AMT (Syncora), 6.00%, 1/01/29 | 40,905 | 41,080,483 | |||
Series C, 6.50%, 1/01/41 | 24,835 | 30,038,429 | |||
City of Chicago Illinois, Refunding GARB, O'Hare International Airport, Senior Lien, Series C, AMT, 5.50%, 1/01/34 | 5,380 | 6,099,790 | |||
City of Chicago Illinois Transit Authority, RB, Federal Transit Administration, Section 5309, Series A (AGC), 6.00%, 6/01/26 | 15,000 | 16,891,650 | |||
City of Chicago Illinois Wastewater Transmission, RB, Series A (BHAC), 5.50%, 1/01/38 | 3,000 | 3,324,960 | |||
City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien (AGM), 5.25%, 11/01/33 | 5,000 | 5,483,500 | |||
Illinois Finance Authority, RB: | |||||
Advocate Health Care Network, Series D, 6.50%, 11/01/38 | 7,020 | 8,154,502 | |||
Carle Foundation, Series A, 6.00%, 8/15/41 | 6,500 | 7,467,915 | |||
Carle Foundation, Series A (AGM), 6.00%, 8/15/41 | 3,675 | 4,236,761 | |||
BLACKROCK MUNICIPAL BOND FUND, INC. | September 30, 2014 | 4 | |||
Schedule of Investments (continued) | BlackRock National Municipal Fund |
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||
Illinois (concluded) | |||||
Illinois Finance Authority, RB (concluded): | |||||
Community Rehabilitation Providers Facilities, Series A, 6.50%, 7/01/22 | $ | 735 | $ | 736,147 | |
DePaul University, Series A, 6.13%, 10/01/40 | 11,735 | 13,777,711 | |||
Memorial Health System, Series A, 5.25%, 7/01/44 | 8,370 | 9,033,071 | |||
Rush University Medical Center, Series B, 7.25%, 11/01/30 | 5,280 | 6,311,818 | |||
Rush University Medical Center, Series C, 6.38%, 11/01/29 | 2,860 | 3,319,802 | |||
University of Chicago, Series B, 6.25%, 7/01/18 (e) | 25,035 | 30,058,523 | |||
Illinois Finance Authority, Refunding RB: | |||||
Central Dupage Health, Series B, 5.50%, 11/01/39 | 4,205 | 4,743,871 | |||
Northwestern Memorial Hospital, Series A, 6.00%, 8/15/39 | 29,905 | 35,009,185 | |||
OSF Healthcare System, Series A, 7.00%, 11/17/14 (e) | 3,335 | 3,364,815 | |||
OSF Healthcare System, Series A, 7.13%, 11/17/14 (e) | 1,970 | 1,987,927 | |||
OSF Healthcare System, Series A, 6.00%, 5/15/39 | 11,515 | 13,029,338 | |||
Roosevelt University Project, 6.50%, 4/01/39 | 8,000 | 8,717,120 | |||
Rush University Medical Center Obligation Group, Series A, 7.25%, 11/01/30 | 6,900 | 8,248,398 | |||
Railsplitter Tobacco Settlement Authority, RB, 6.00%, 6/01/28 | 13,865 | 16,251,998 | |||
University of Illinois, RB, Series A, 5.75%, 4/01/38 | 275 | 316,478 | |||
Village of Hodgkins Illinois, RB, Metropolitan Biosolids Management LLC Project, AMT, 6.00%, 11/01/23 | 10,000 | 10,015,100 | |||
Village of Wheeling Illinois, Tax Allocation Bonds, North Milwaukee/Lake-Cook TIF Project, 6.00%, 1/01/25 | 1,215 | 1,216,361 | |||
292,054,681 |
Municipal Bonds | Par (000) |
Value | |||
Indiana — 3.9% | |||||
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT: | |||||
6.75%, 1/01/34 | $ | 3,870 | $ | 4,383,278 | |
7.00%, 1/01/44 | 7,330 | 8,317,424 | |||
Indiana Finance Authority, RB, CWA Authority Project, 1st Lien, Series A, 5.25%, 10/01/38 | 17,500 | 19,860,050 | |||
Indiana Finance Authority, Refunding RB: | |||||
Duke Energy Indiana Project, Series B, 6.00%, 8/01/39 | 11,000 | 12,608,090 | |||
Parkview Health System, Series A, 5.75%, 5/01/31 | 1,570 | 1,771,604 | |||
Trinity Health, Series A, 5.63%, 12/01/38 | 12,000 | 13,895,760 | |||
U.S. Steel Corp. Project, 6.00%, 12/01/26 | 105 | 114,855 | |||
Indiana Municipal Power Agency, RB, Series B, 6.00%, 1/01/39 | 19,620 | 22,518,463 | |||
Indianapolis Local Public Improvement Bond Bank, RB, Pilot Infrastructure Project, Series F, 5.00%, 1/01/35 | 23,550 | 25,978,711 | |||
Indianapolis Local Public Improvement Bond Bank, Refunding RB, Waterworks Project, Series A: | |||||
5.75%, 1/01/38 | 12,800 | 14,429,312 | |||
(AGC), 5.50%, 1/01/38 | 56,725 | 63,988,069 | |||
187,865,616 | |||||
Iowa — 1.8% | |||||
Iowa Finance Authority, RB, Iowa Health Care Facilities: | |||||
Genesis Health System, 5.50%, 7/01/33 | 17,250 | 19,887,007 | |||
Series A (AGC), 5.63%, 8/15/37 | 5,600 | 6,422,024 | |||
Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project, 5.50%, 12/01/22 | 35,000 | 36,972,250 | |||
Iowa Student Loan Liquidity Corp., RB, Senior Series A-2, AMT: | |||||
5.40%, 12/01/24 | 11,735 | 12,680,254 | |||
5.50%, 12/01/25 | 7,775 | 8,418,226 | |||
84,379,761 | |||||
Kansas — 0.0% | |||||
Counties of Sedgwick & Shawnee Kansas, RB, AMT (Ginnie Mae), 6.95%, 6/01/29 | 320 | 337,507 | |||
BLACKROCK MUNICIPAL BOND FUND, INC. | September 30, 2014 | 5 | |||
Schedule of Investments (continued) | BlackRock National Municipal Fund |
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||
Louisiana — 1.8% | |||||
City of New Orleans Louisiana Aviation Board, Refunding GARB, Restructuring, Series A-2 (AGC), 6.00%, 1/01/23 | $ | 1,370 | $ | 1,572,390 | |
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project: | |||||
6.75%, 11/01/32 | 7,080 | 7,935,689 | |||
Series A, 6.50%, 8/01/29 | 11,195 | 13,082,029 | |||
Series A-1, 6.50%, 11/01/35 | 17,185 | 19,805,369 | |||
State of Louisiana Gasoline & Fuels Tax, Refunding RB, 2nd Lien, Series B (b): | |||||
0.58%, 5/01/43 | 32,000 | 32,038,080 | |||
0.66%, 5/01/43 | 10,000 | 10,040,000 | |||
84,473,557 | |||||
Maine — 0.4% | |||||
Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center: | |||||
7.50%, 7/01/32 | 12,365 | 14,432,799 | |||
6.95%, 7/01/41 | 2,235 | 2,499,043 | |||
16,931,842 | |||||
Maryland — 0.8% | |||||
Maryland Health & Higher Educational Facilities Authority, RB, University of Maryland Medical System, Series B (NPFGC), 7.00%, 7/01/22 | 3,785 | 4,605,474 | |||
Maryland Health & Higher Educational Facilities Authority, Refunding RB, Charlestown Community Project, 6.25%, 1/01/41 | 11,000 | 12,177,000 | |||
State of Maryland, GO, Series A, 4.15%, 3/01/16 (e) | 21,880 | 23,075,961 | |||
39,858,435 | |||||
Massachusetts — 3.6% | |||||
Commonwealth of Massachusetts, GO, 0.34%, 8/01/43 (b) | 35,000 | 34,974,800 | |||
Massachusetts Development Finance Agency, RB, Foxborough Regional Charter School, Series A, 7.00%, 7/01/42 | 1,375 | 1,555,579 | |||
Massachusetts Health & Educational Facilities Authority, RB, Series N, 5.00%, 7/01/17 (e) | 31,000 | 34,736,120 |
Municipal Bonds | Par (000) |
Value | |||
Massachusetts (concluded) | |||||
Massachusetts Health & Educational Facilities Authority, Refunding RB, Harvard University, Series A, 5.50%, 11/15/36 | $ | 69,710 | $ | 81,500,052 | |
Massachusetts HFA, RB, M/F Housing, Series B, 7.00%, 12/01/38 | 4,585 | 5,074,678 | |||
Massachusetts School Building Authority, RB, Series A (AGM), 5.00%, 8/15/15 (e) | 10,000 | 10,423,000 | |||
Massachusetts Water Resources Authority, Refunding RB, Series C, 5.25%, 8/01/42 | 5,000 | 5,710,350 | |||
173,974,579 | |||||
Michigan — 1.4% | |||||
City of Lansing Michigan, RB, Board of Water & Light Utilities System, Series A, 5.50%, 7/01/41 | 6,485 | 7,581,289 | |||
Michigan State Building Authority, Refunding RB, Facilities Program, Series I, 6.00%, 10/15/38 | 12,455 | 14,459,383 | |||
Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital: | |||||
Series V, 8.25%, 9/01/18 (e) | 18,130 | 23,260,609 | |||
Series W, 6.00%, 8/01/39 | 5,145 | 5,849,659 | |||
State of Michigan Building Authority, Refunding RB, Facilities Program, Series I, 6.25%, 10/15/38 | 7,500 | 8,779,725 | |||
State of Michigan HDA, RB, S/F Housing, Series C, AMT, 5.50%, 12/01/28 | 1,435 | 1,527,414 | |||
State of Michigan Hospital Finance Authority, Refunding RB, Henry Ford Health, 5.75%, 11/15/39 | 4,285 | 4,704,030 | |||
66,162,109 | |||||
Minnesota — 0.6% | |||||
City of Minneapolis Minnesota, Refunding RB, Fairview Health Services: | |||||
Series A, 6.75%, 11/15/32 | 5,940 | 7,041,989 | |||
Series B (AGC), 6.50%, 11/15/38 | 17,970 | 21,197,053 | |||
BLACKROCK MUNICIPAL BOND FUND, INC. | September 30, 2014 | 6 | |||
Schedule of Investments (continued) | BlackRock National Municipal Fund |
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||
Minnesota (concluded) | |||||
County of Ramsey Minnesota Housing & Redevelopment Authority, RB, Hanover Townhouses Project, M/F Housing, AMT, 6.00%, 7/01/31 | $ | 1,110 | $ | 1,111,598 | |
29,350,640 | |||||
Mississippi — 0.0% | |||||
County of Warren Mississippi, RB, International Paper Co. Project, Series A, 6.50%, 9/01/32 | 1,500 | 1,681,170 | |||
Missouri — 0.0% | |||||
City of St. Louis Missouri, RB, Lambert-St. Louis International Airport, Series A-1, 6.25%, 7/01/29 | 1,175 | 1,341,239 | |||
Nevada — 2.5% | |||||
City of Las Vegas Nevada, GO, Limited Tax, Performing Arts Center, 6.00%, 4/01/34 | 12,925 | 15,115,012 | |||
County of Clark Nevada Airport System, ARB, Series B, 5.75%, 7/01/42 | 51,700 | 60,783,690 | |||
County of Clark Nevada Water Reclamation District, GO, Series B: | |||||
5.75%, 7/01/34 | 3,125 | 3,695,000 | |||
5.75%, 7/01/38 | 32,685 | 38,613,732 | |||
118,207,434 | |||||
New Hampshire — 0.4% | |||||
New Hampshire Health & Education Facilities Authority, Refunding RB, Dartmouth-Hitchcock, 6.00%, 8/01/38 | 15,590 | 17,800,818 | |||
New Jersey — 5.8% | |||||
County Cape May New Jersey Industrial Pollution Control Financing Authority, Refunding RB, Atlantic City Electric Co., Series A (NPFGC), 6.80%, 3/01/21 | 5,000 | 6,146,900 | |||
County of Monmouth New Jersey Improvement Authority, RB, Brookdale Community College Project, 6.00%, 8/01/38 | 3,600 | 4,193,100 | |||
New Jersey EDA, RB, Motor Vehicle Surcharge, Series A (NPFGC), 5.25%, 7/01/33 | 26,500 | 27,019,400 |
Municipal Bonds | Par (000) |
Value | |||
New Jersey (concluded) | |||||
New Jersey EDA, Refunding RB, New Jersey American Water Co., Inc. Project, Series B, AMT, 5.60%, 11/01/34 | $ | 8,280 | $ | 9,315,580 | |
New Jersey Educational Facilities Authority, Refunding RB, University of Medicine & Dentistry, Series B (e): | |||||
7.13%, 6/01/19 | 2,870 | 3,661,374 | |||
7.50%, 6/01/19 | 9,200 | 11,893,576 | |||
New Jersey Health Care Facilities Financing Authority, Refunding RB, AHS Hospital Corp.: | |||||
6.00%, 7/01/37 | 1,200 | 1,424,160 | |||
6.00%, 7/01/41 | 30,685 | 36,211,062 | |||
New Jersey Higher Education Student Assistance Authority, Refunding RB, Series 1, AMT: | |||||
5.75%, 12/01/27 | 500 | 568,890 | |||
5.75%, 12/01/28 | 450 | 510,633 | |||
New Jersey Housing & Mortgage Finance Agency, RB, S/F Housing, Series AA: | |||||
6.38%, 10/01/28 | 630 | 655,981 | |||
6.50%, 10/01/38 | 1,035 | 1,076,462 | |||
New Jersey State Turnpike Authority, Refunding RB (b): | |||||
Series D, 0.57%, 1/01/22 | 17,000 | 17,045,220 | |||
Series D, 0.66%, 1/01/23 | 17,000 | 17,063,410 | |||
Series D, 0.72%, 1/01/24 | 15,000 | 15,059,700 | |||
Series E, 0.57%, 1/01/22 | 12,000 | 12,031,920 | |||
Series E, 0.66%, 1/01/23 | 10,000 | 10,037,700 | |||
New Jersey Transportation Trust Fund Authority, RB: | |||||
Transportation Program, Series AA, 5.50%, 6/15/39 | 34,760 | 39,131,765 | |||
Transportation System, Series A, 5.13%, 6/15/28 | 5,000 | 5,554,400 | |||
Transportation System, Series A, 5.13%, 6/15/29 | 12,875 | 14,261,637 | |||
Transportation System, Series A, 5.88%, 12/15/38 | 14,255 | 16,614,060 | |||
Transportation System, Series B, 5.25%, 6/15/36 | 25,000 | 27,469,000 | |||
276,945,930 | |||||
New Mexico — 0.3% | |||||
County of Santa Fe New Mexico, RB, (AGM), 6.00%, 2/01/27 | 250 | 302,528 | |||
BLACKROCK MUNICIPAL BOND FUND, INC. | September 30, 2014 | 7 | |||
Schedule of Investments (continued) | BlackRock National Municipal Fund |
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||
New Mexico (concluded) | |||||
New Mexico Municipal Energy Acquisition Authority, Refunding RB, Series B, 0.86%, 11/01/39 (b) | $ | 15,000 | $ | 15,101,400 | |
15,403,928 | |||||
New York — 7.1% | |||||
City of New York New York, GO: | |||||
0.62%, 8/01/27 (b) | 39,000 | 39,090,090 | |||
Series E-1, 6.25%, 10/15/28 | 10,100 | 12,054,855 | |||
City of New York New York Housing Development Corp., RB, M/F Housing, Series M: | |||||
6.50%, 11/01/28 | 4,300 | 4,802,627 | |||
6.88%, 11/01/38 | 7,785 | 8,568,327 | |||
City of New York New York Municipal Water Finance Authority, Refunding RB: | |||||
Second General Resolution, Fiscal 2012, Series BB, 5.25%, 6/15/44 | 9,800 | 10,969,826 | |||
Water & Sewer System, 2nd General Resolution, Fiscal 2011, Series EE, 5.38%, 6/15/43 | 7,125 | 8,348,647 | |||
Long Island Power Authority, Refunding RB, Electric System, Series A, 6.00%, 5/01/33 | 49,450 | 58,163,584 | |||
Metropolitan Transportation Authority, RB: | |||||
Series A-1, 5.25%, 11/15/39 | 33,035 | 37,821,771 | |||
Series C, 6.50%, 11/15/28 | 22,665 | 27,540,015 | |||
Series D, 5.25%, 11/15/41 | 12,700 | 14,286,230 | |||
Metropolitan Transportation Authority, Refunding RB, Sub-Series B (AGM), 0.71%, 11/01/32 (b) | 20,000 | 20,054,600 | |||
Niagara Area Development Corp., Refunding RB, Solid Waste Disposal Facility, Covanta Energy Project, Series A, AMT, 5.25%, 11/01/42 | 5,000 | 5,114,700 | |||
Port Authority of New York & New Jersey, Refunding ARB, Consolidated, 152nd Series, AMT, 5.75%, 11/01/30 | 4,695 | 5,324,553 | |||
Sales Tax Asset Receivable Corp., Refunding RB, Series A (AMBAC): | |||||
5.25%, 10/15/27 | 13,935 | 13,964,682 | |||
5.00%, 10/15/32 | 20,000 | 20,040,400 |
Municipal Bonds | Par (000) |
Value | |||
New York (concluded) | |||||
State of New York Dormitory Authority, ERB, Series B, 5.75%, 3/15/36 | $ | 19,270 | $ | 22,520,271 | |
State of New York Dormitory Authority, RB, Columbia University, 5.00%, 7/01/38 | 21,400 | 23,998,174 | |||
Triborough Bridge & Tunnel Authority, RB, General, Series A-2, 5.38%, 11/15/38 | 5,715 | 6,637,973 | |||
339,301,325 | |||||
North Carolina — 0.1% | |||||
County of Columbus North Carolina Industrial Facilities & Pollution Control Financing Authority, RB, International Paper Co. Projects, Series B, 6.25%, 11/01/33 | 3,000 | 3,388,680 | |||
Ohio — 0.9% | |||||
County of Lucas Ohio, Refunding RB, Promedica Healthcare, Series A: | |||||
5.75%, 11/15/31 | 500 | 598,585 | |||
6.50%, 11/15/37 | 12,140 | 14,934,506 | |||
6.00%, 11/15/41 | 4,400 | 5,234,724 | |||
County of Montgomery Ohio, Refunding RB, Catholic Health, Series A, 5.50%, 5/01/34 | 10,595 | 12,135,513 | |||
State of Ohio, RB, Cleveland Health Clinic, 5.50%, 1/01/34 | 1,000 | 1,124,580 | |||
State of Ohio, Refunding RB, Cleveland Clinic Health, Series A, 5.50%, 1/01/39 | 10,195 | 11,386,286 | |||
45,414,194 | |||||
Oregon — 0.0% | |||||
City of Portland Oregon, M/F HRB, Lovejoy Station Apartments Project, AMT (NPFGC), 5.90%, 7/01/23 | 390 | 390,889 | |||
Pennsylvania — 1.9% | |||||
City of Philadelphia Pennsylvania Gas Works, RB, 12th Series B (NPFGC), 7.00%, 5/15/20 (f) | 3,110 | 3,685,039 | |||
County of Allegheny Pennsylvania IDA, Refunding RB, Environmental Improvement, U.S. Steel Corp. Project: | |||||
6.75%, 11/01/24 | 5,785 | 6,594,842 | |||
6.75%, 12/01/27 | 5,000 | 5,661,200 | |||
6.88%, 5/01/30 | 5,000 | 5,722,200 | |||
BLACKROCK MUNICIPAL BOND FUND, INC. | September 30, 2014 | 8 | |||
Schedule of Investments (continued) | BlackRock National Municipal Fund |
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||
Pennsylvania (concluded) | |||||
County of Cumberland Pennsylvania Municipal Authority, Refunding RB, Diakon Lutheran, 6.38%, 1/01/39 | $ | 10,575 | $ | 11,577,721 | |
County of Dauphin Pennsylvania General Authority, Refunding RB, Pinnacle Health System Project, Series A: | |||||
6.00%, 6/01/29 | 12,555 | 14,631,848 | |||
6.00%, 6/01/36 | 3,300 | 3,809,058 | |||
County of Lancaster Pennsylvania Hospital Authority, Refunding RB, Brethren Village Project, Series A, 6.25%, 7/01/26 | 1,160 | 1,222,512 | |||
County of Northampton Pennsylvania IDA, Route 33 Project, Tax Allocation Bonds, 7.00%, 7/01/32 | 2,455 | 2,656,433 | |||
Pennsylvania Economic Development Financing Authority, RB, American Water Co. Project, 6.20%, 4/01/39 | 3,475 | 4,067,453 | |||
Pennsylvania Turnpike Commission, RB: | |||||
5.25%, 6/01/39 | 24,900 | 27,743,580 | |||
Subordinate, Special Motor License Fund, 6.00%, 12/01/36 | 1,195 | 1,412,813 | |||
88,784,699 | |||||
South Carolina — 0.8% | |||||
South Carolina Jobs EDA, Refunding RB, Palmetto Health, Series A (AGM): | |||||
6.50%, 8/01/39 | 4,455 | 5,181,655 | |||
6.25%, 8/01/34 | 1,525 | 1,764,882 | |||
State of South Carolina Public Service Authority, Refunding RB, Santee Cooper, Series A: | |||||
5.50%, 12/01/33 | 6,465 | 7,554,288 | |||
5.50%, 1/01/38 | 2,390 | 2,725,150 | |||
5.75%, 12/01/43 | 19,875 | 23,355,709 | |||
40,581,684 | |||||
Texas — 10.2% | |||||
City of Houston Texas Utility System, Refunding RB, Series A, 1st Lien: | |||||
5.25%, 11/15/30 | 24,305 | 28,729,239 | |||
Combined (AGC), 6.00%, 11/15/35 | 32,350 | 38,657,927 | |||
Combined (AGC), 5.38%, 11/15/38 | 5,000 | 5,706,650 |
Municipal Bonds | Par (000) |
Value | |||
Texas (continued) | |||||
City of San Antonio Texas Water System, Refunding RB, Junior Lien, 0.44%, 5/01/44 (b) | $ | 23,000 | $ | 23,135,010 | |
County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B: | |||||
6.38%, 1/01/33 | 465 | 533,490 | |||
7.00%, 1/01/43 | 1,075 | 1,239,239 | |||
7.00%, 1/01/48 | 2,625 | 3,006,754 | |||
County of Lamar Texas Consolidated, GO, Series A (ISD/PSF-GTD), 2.00%, 8/15/47 (b) | 70,000 | 71,861,300 | |||
County of Matagorda Texas Navigation District No. 1, Refunding RB, Central Power & Light Co. Project, Series A, 6.30%, 11/01/29 | 9,775 | 11,212,609 | |||
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare, 6.00%, 8/15/45 | 50,000 | 59,928,000 | |||
County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Northwest Senior Housing, Edgemere Project, Series A, 6.00%, 11/15/26 | 2,200 | 2,289,584 | |||
Lower Colorado River Authority, Refunding RB, 5.50%, 5/15/30 | 6,085 | 7,212,976 | |||
North East Independent School District, GO, (PSF-GTD), 2.00%, 8/01/44 (b) | 51,300 | 52,326,000 | |||
North Texas Tollway Authority, RB, Special Projects System, Series A, 6.00%, 9/01/41 | 4,815 | 5,872,759 | |||
North Texas Tollway Authority, Refunding RB: | |||||
1st Tier System, 6.00%, 1/01/34 | 11,490 | 13,512,929 | |||
1st Tier System, 0.84%, 1/01/50 (b) | 15,000 | 14,999,700 | |||
1st Tier System, Series A, 6.00%, 1/01/28 | 1,000 | 1,172,970 | |||
1st Tier System, Series A (NPFGC), 5.75%, 1/01/40 | 7,720 | 8,627,023 | |||
1st Tier System, Series B (NPFGC), 5.75%, 1/01/40 | 9,870 | 11,029,626 | |||
1st Tier System, Series K-2 (AGC), 6.00%, 1/01/38 | 2,245 | 2,603,324 | |||
BLACKROCK MUNICIPAL BOND FUND, INC. | September 30, 2014 | 9 | |||
Schedule of Investments (continued) | BlackRock National Municipal Fund |
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||
Texas (concluded) | |||||
North Texas Tollway Authority, Refunding RB (concluded): | |||||
2nd Tier System, Series F, 6.13%, 1/01/31 | $ | 25,615 | $ | 27,009,993 | |
Port of Bay City Authority Texas, RB, Hoechst Celanese Corp. Project, AMT, 6.50%, 5/01/26 | 4,000 | 4,019,200 | |||
State of Texas Transportation Commission State Highway Fund, RB, 1st Tier System, Series B, 0.39%, 4/01/32 (b) | 36,000 | 36,094,680 | |||
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien: | |||||
LBJ Infrastructure Group LLC, LBJ Freeway Managed Lanes Project, 7.00%, 6/30/40 | 24,695 | 29,694,009 | |||
NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39 | 23,000 | 27,159,550 | |||
487,634,541 | |||||
Utah — 2.4% | |||||
City of Salt Lake Utah, Refunding RB, IHC Hospital, Inc., Series A, 8.13%, 5/15/15 (f) | 5 | 5,213 | |||
County of Utah Utah, RB: | |||||
IHC Health Services, Inc., 5.00%, 5/15/43 | 70,000 | 77,597,800 | |||
Series A, 5.00%, 5/15/45 | 31,500 | 35,995,680 | |||
113,598,693 | |||||
Virginia — 1.4% | |||||
City of Winchester Virginia IDA, Refunding RB, Valley Health (BHAC) (AMBAC), 5.25%, 1/01/37 | 31,970 | 34,437,764 | |||
Virginia HDA, RB, M/F Housing, Rental Housing, Series A, 5.25%, 5/01/41 | 2,865 | 3,059,849 | |||
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT, 6.00%, 1/01/37 | 28,085 | 31,705,718 | |||
69,203,331 |
Municipal Bonds | Par (000) |
Value | |||
Washington — 1.3% | |||||
City of Seattle Washington Housing Authority, RB, M/F Housing, Newholly Project, AMT, 6.25%, 12/01/35 | $ | 2,750 | $ | 2,752,090 | |
Washington Health Care Facilities Authority, RB: | |||||
Catholic Health Initiatives, Series A, 5.75%, 1/01/45 | 21,355 | 24,475,393 | |||
MultiCare Health System, Series B (AGC), 6.00%, 8/15/39 | 2,000 | 2,296,560 | |||
Swedish Health Services, Series A, 6.75%, 5/15/21 (e) | 16,000 | 21,143,520 | |||
Washington Health Care Facilities Authority, Refunding RB, Catholic Health Initiatives, Series D, 6.38%, 10/01/36 | 10,000 | 11,660,200 | |||
62,327,763 | |||||
Wisconsin — 0.2% | |||||
City of Superior Wisconsin, Refunding RB, Midwest Energy Resources, Series E (NPFCG), 6.90%, 8/01/21 | 7,000 | 9,038,750 | |||
Total Municipal Bonds — 87.1% | 4,172,860,872 | ||||
Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (g) | |||||
Arizona — 1.9% | |||||
City of Mesa Arizona, RB, Utility System, 5.00%, 7/01/35 | 30,000 | 33,254,700 | |||
Salt River Project Agricultural Improvement & Power District, RB, Electric System, Series A, 5.00%, 1/01/38 | 54,015 | 59,144,985 | |||
92,399,685 | |||||
Arkansas — 0.5% | |||||
University of Arkansas, RB, Various Facilities, UAMS Campus (NPFGC), 5.00%, 3/01/36 | 21,290 | 22,354,926 | |||
California — 3.1% | |||||
City & County of San Francisco California Public Utilities Commission, Refunding RB, Series A, 5.13%, 11/01/39 | 23,000 | 26,435,280 | |||
County of Orange California, ARB, Series B, 5.25%, 7/01/34 | 13,045 | 14,441,149 | |||
BLACKROCK MUNICIPAL BOND FUND, INC. | September 30, 2014 | 10 | |||
Schedule of Investments (continued) | BlackRock National Municipal Fund |
(Percentages shown are based on Net Assets) |
Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (g) |
Par (000) |
Value | |||
California (concluded) | |||||
Los Angeles Department of Water & Power, RB, Power System, Sub-Series A-1 (AMBAC), 5.00%, 7/01/37 | $ | 27,500 | $ | 30,109,200 | |
Metropolitan Water District of Southern California, Refunding RB, Series C, 5.00%, 7/01/35 | 13,375 | 15,299,642 | |||
San Diego Community College District California, GO, Election of 2006 (AGM), 5.00%, 8/01/32 | 18,000 | 19,850,040 | |||
San Diego Public Facilities Financing Authority, Refunding RB, Series B, 5.38%, 8/01/34 | 15,000 | 17,506,200 | |||
University of California, RB, General, Series O, 5.25%, 5/15/39 | 20,695 | 23,971,180 | |||
147,612,691 | |||||
Florida — 2.8% | |||||
City of Tallahassee Florida, RB, Energy System (NPFGC), 5.00%, 10/01/37 | 10,000 | 10,940,500 | |||
Jacksonville Electric Authority Florida, RB, Sub-Series A, 5.63%, 10/01/32 | 6,300 | 7,084,067 | |||
State of Florida, GO, Board of Education: | |||||
Capital Outlay, Series E, 5.00%, 6/01/37 | 39,730 | 44,993,430 | |||
Series C, 5.00%, 6/01/37 | 65,545 | 72,257,961 | |||
135,275,958 | |||||
Illinois — 0.4% | |||||
Illinois Finance Authority, RB, The Carle Foundation, Series A (AGM), 6.00%, 8/15/41 | 15,600 | 17,984,616 | |||
Indiana — 0.7% | |||||
Indiana Finance Authority, RB, Sisters of St. Francis Health, 5.25%, 11/01/39 | 31,460 | 34,387,038 | |||
Louisiana — 0.3% | |||||
State of Louisiana, RB, Series A (AGM), 5.00%, 5/01/31 | 11,950 | 12,841,351 | |||
Massachusetts — 0.2% | |||||
Massachusetts School Building Authority, RB, Series A (AMBAC), 5.00%, 8/15/37 | 10,000 | 10,957,500 |
Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (g) |
Par (000) |
Value | |||
Ohio — 0.4% | |||||
County of Hamilton Ohio, Refunding RB, Sub-Series A (AGM), 5.00%, 12/01/32 | $ | 20,000 | $ | 21,426,400 | |
Texas — 2.3% | |||||
City of Houston Texas, Refunding RB, Combined, 1st Lien, Series A (AGC), 5.38%, 11/15/38 | 26,160 | 29,857,193 | |||
City of San Antonio Texas, Refunding RB, Electric and Gas Revenue, 5.00%, 2/01/32 | 28,990 | 31,366,020 | |||
County of Harris Texas Cultural Education Facilities Finance Corp., RB, Texas Children's Hospital Project, 5.50%, 10/01/39 | 8,500 | 9,823,025 | |||
Cypress-Fairbanks ISD, GO, Refunding, Schoolhouse (PSF-GTD), 5.00%, 2/15/32 | 10,000 | 10,931,500 | |||
Dallas Area Rapid Transit, Refunding RB, Senior Lien (AMBAC), 5.00%, 12/01/36 | 27,860 | 29,927,391 | |||
111,905,129 | |||||
Washington — 0.6% | |||||
Central Puget Sound Regional Transit Authority, RB, Series A: | |||||
5.00%, 11/01/34 | 8,500 | 9,359,520 | |||
5.00%, 11/01/36 | 15,715 | 17,288,958 | |||
26,648,478 | |||||
Total Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts — 13.2% |
633,793,772 | ||||
U.S. Government Sponsored Agency Securities |
Shares |
||||
Mortgage-Backed Securities — 0.0% | |||||
Ginnie Mae Mortgage-Backed Securities, 6.00%, 11/15/31 | — | (h) | 188 | ||
Total Long-Term Investments (Cost — $4,402,891,883) — 100.3% |
4,806,654,832 | ||||
BLACKROCK MUNICIPAL BOND FUND, INC. | September 30, 2014 | 11 | |||
Schedule of Investments (continued) | BlackRock National Municipal Fund |
(Percentages shown are based on Net Assets) |
Short-Term Securities | Par (000) |
Value | |||
California — 2.3% | |||||
County of Tulare California, GO, 2.00%, 6/30/15 | $ | 56,000 | $ | 56,785,680 | |
State of California, RB, 1.50%, 6/22/15 | 50,000 | 50,503,735 | |||
107,289,415 | |||||
Idaho — 1.1% | |||||
State of Idaho, GO, 2.00%, 6/30/15 | 53,000 | 53,743,590 | |||
Massachusetts — 0.2% | |||||
Massachusetts State, Industrial Finance Agency, Pollution Control Revenue, Series 1992, 0.25%, 10/03/14 | 8,800 | 8,800,000 | |||
Shares |
|||||
Money Market Funds — 2.0% | |||||
FFI Institutional Tax-Exempt Fund, 0.03%, 12/31/49 (i)(j) | 96,385,892 | 96,384,892 | |||
Total Short-Term Securities (Cost — $266,221,333) — 5.6% |
266,217,897 | ||||
Value | |||||
Total Investments (Cost — $4,669,113,216*) — 105.9% |
$ | 5,072,872,729 | |||
Other Assets Less Liabilities — 0.1% | 5,962,402 | ||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (6.0%) | (286,155,773) | ||||
Net Assets — 100.0% | $ | 4,792,679,358 | |||
* | As of September 30, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows: | ||||
Tax cost | $ | 4,381,383,985 | |||
Gross unrealized appreciation | $ | 406,933,572 | |||
Gross unrealized depreciation | (1,539,759) | ||||
Net unrealized appreciation | $ | 405,393,813 | |||
Notes to Schedule of Investments | ||
* | As of September 30, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows: | |
(a) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. | |
(b) | Variable rate security. Rate shown is 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) | U.S. 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. | |
(f) | Security is collateralized by municipal or U.S. Treasury obligations. | |
(g) | Represent bonds transferred to a TOB. In exchange for which the Fund received cash and residual interest certificates. These bonds serve as collateral in a financing transaction. | |
(h) | Amount is less than $500. | |
(i) | Investments in issuers considered to be an affiliate of the Fund during the period ended September 30, 2014, for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows: | |
Affiliate | Shares Held at June 30, 2014 |
Net Activity |
Shares Held at September 30, 2014 |
Income | |||||||||||||||||
FFI Institutional Tax-Exempt Fund | 94,354,491 | 2,030,401 | 96,384,892 | $ | 9,803 | ||||||||||||||||
(j) | Represents the current yield as of report date. |
BLACKROCK MUNICIPAL BOND FUND, INC. | September 30, 2014 | 12 | |||
Schedule of Investments (continued) | BlackRock National Municipal Fund |
Portfolio Abbreviations | |||
AGC | Assured Guarantee 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. | ||
COP | Certificates of Participation | ||
EDA | Economic Development Authority | ||
ERB | Education Revenue Bonds | ||
GARB | General Airport Revenue Bonds | ||
GO | General Obligation Bonds | ||
GTD | Guaranteed | ||
HDA | Housing Development Authority | ||
HFA | Housing Finance Agency | ||
HRB | Housing Revenue Bonds | ||
IDA | Industrial Development Authority | ||
IDB | Industrial Development Board | ||
ISD | Independent School District | ||
LRB | Lease Revenue Bonds | ||
M/F | Multi-Family | ||
NPFGC | National Public Finance Guarantee Corp. | ||
PSF | Public School Fund | ||
RB | Revenue Bonds | ||
S/F | Single-Family | ||
Syncora | Syncora Guarantee | ||
• | Financial futures contracts outstanding as of September 30, 2014 were as follows: |
Contracts Sold |
Issue | Exchange | Expiration | Notional Value |
Unrealized Appreciation |
|||
(1,500) | 10-Year U.S. Treasury Note | Chicago Board of Trade | December 2014 |
$ | 186,960,938 | $ | 1,427,588 |
BLACKROCK MUNICIPAL BOND FUND, INC. | September 30, 2014 | 13 | |||
Schedule of Investments (continued) | 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. 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 fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. The three levels of the fair value hierarchy are as follows: | |
• | Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or 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) | |
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. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, please refer to the Fund’s most recent financial statements as contained in its annual report. The following tables summarizes the Fund's investments and derivative financial instruments categorized in the disclosure hierarchy as of September 30, 2014: |
Level 1 | Level 2 | Level 3 | Total | |||||||
Assets: | ||||||||||
Investments: | ||||||||||
Long-Term Investments 1 | — | $ | 4,806,654,832 | — | $ | 4,806,654,832 | ||||
Short-Term Securities | $ | 96,384,892 | 169,833,005 | — | 266,217,897 | |||||
Total | $ | 96,384,892 | $ | 4,976,487,837 | — | $ | 5,072,872,729 | |||
1 | See above Schedule of Investments for values in each sector. | |
Level 1 | Level 2 | Level 3 | Total | ||||||
Derivative Financial Instruments 2 | |||||||||
Assets: | |||||||||
Interest rate contracts | $ | 1,427,588 | — | — | $ | 1,427,588 | |||
2 | Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument. |
BLACKROCK MUNICIPAL BOND FUND, INC. | September 30, 2014 | 14 | |||
Schedule of Investments (concluded) | BlackRock National Municipal Fund |
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of September 30, 2014, such assets and/or liabilities are categorized within the disclosure hierarchy as follows: |
Level 1 | Level 2 | Level 3 | Total | |||||||
Assets: | ||||||||||
Cash pledged for financial futures contracts | $ | 1,890,000 | — | — | $ | 1,890,000 | ||||
Liabilities: | ||||||||||
Bank overdraft | — | $ | (10,388) | — | (10,388) | |||||
TOB trust certificates | — | (286,094,931) | — | (286,094,931) | ||||||
Total | $ | 1,890,000 | $ | (286,105,319) | — | $ | (284,215,319) | |||
There were no transfers between levels during the period ended September 30, 2014. |
BLACKROCK MUNICIPAL BOND FUND, INC. | September 30, 2014 | 15 | |||
Schedule of Investments September 30, 2014 (Unaudited) | BlackRock Short-Term Municipal Fund |
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||
Alabama — 0.9% | |||||
Alabama 21st Century Authority, Refunding RB, Series A, 4.00%, 6/01/15 | $ | 2,000 | $ | 2,049,380 | |
Alabama Federal Aid Highway Finance Authority, RB, Grant Appreciation, 5.00%, 9/01/16 | 5,130 | 5,576,567 | |||
7,625,947 | |||||
Alaska — 0.3% | |||||
Alaska Student Loan Corp., RB, Senior Series A, AMT, 5.00%, 6/01/16 | 2,000 | 2,063,900 | |||
Arizona — 0.3% | |||||
Arizona Health Facilities Authority, Refunding RB, Series D, 5.00%, 1/01/17 | 1,080 | 1,184,890 | |||
City of Phoenix Civic Improvement Corp., Refunding RB, Transit Excise Tax, Light Rail Project, 5.00%, 7/01/16 | 1,000 | 1,080,630 | |||
2,265,520 | |||||
California — 7.1% | |||||
California Pollution Control Financing Authority, RB, Waste Management Inc. Project, Series A-1 AMT, 1.88%, 4/01/25 (a) | 5,000 | 5,027,750 | |||
California School Cash Reserve Program Authority, RB, Series O, 2.00%, 12/31/14 | 3,000 | 3,013,020 | |||
East Bay Municipal Utility District, Refunding RB, Wastewater System, 0.36%, 6/01/38 (a) | 300 | 299,886 | |||
Los Angeles Unified School District, GO, Refunding: | |||||
Series A, 3.00%, 7/01/16 | 3,765 | 3,941,202 | |||
Series A, 5.00%, 7/01/17 | 18,145 | 20,347,803 | |||
Series A-1, 5.00%, 7/01/15 | 6,000 | 6,220,680 | |||
State of California, GO, Refunding: | |||||
(NPFGC), 5.00%, 9/01/16 | 1,380 | 1,503,759 | |||
Various Purpose, 4.00%, 11/01/15 | 3,430 | 3,573,751 | |||
Various Purpose, 5.00%, 4/01/16 | 10,000 | 10,711,300 | |||
Municipal Bonds | Par (000) |
Value | |||
California (concluded) | |||||
State of California, GO, Refunding (concluded): | |||||
Various Purpose, 5.00%, 9/01/16 | $ | 3,000 | $ | 3,269,040 | |
57,908,191 | |||||
Colorado — 0.1% | |||||
Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiatives, Series C, 4.00%, 10/01/40 (a) | 1,000 | 1,040,800 | |||
Connecticut — 5.2% | |||||
Connecticut Resources Recovery Authority, Refunding RB, Covanta Southeastern Connecticut Co. Project, Series A, AMT, 4.00%, 11/15/15 | 2,635 | 2,750,439 | |||
Connecticut State Development Authority, RB, Connecticut Light & Power Co., Series A, Mandatory Put Bonds, AMT, 1.55%, 5/01/31 (a) | 13,200 | 13,272,204 | |||
State of Connecticut, GO, Refunding, Series C, 5.00%, 12/15/17 | 21,065 | 23,882,865 | |||
State of Connecticut, Special Tax Revenue, RB, Transportation Infrastructure, Series A, 5.00%, 11/01/14 | 2,700 | 2,711,448 | |||
42,616,956 | |||||
Delaware — 2.0% | |||||
Delaware River & Bay Authority, Refunding RB, Series C, 5.00%, 1/01/16 (b) | 3,670 | 3,885,503 | |||
Delaware Transportation Authority, Refunding RB, Senior, 5.00%, 7/01/15 | 1,945 | 2,016,537 | |||
University of Delaware, Refunding RB, Series C, 0.70%, 11/01/37 (a) | 10,000 | 10,028,900 | |||
15,930,940 | |||||
District of Columbia — 0.5% | |||||
Metropolitan Washington Airports Authority, Refunding RB, Series A AMT, 5.00%, 10/01/17 | 4,000 | 4,488,560 | |||
Florida — 5.8% | |||||
Citizens Property Insurance Corp., RB, Senior Secured, Series A-1: | |||||
Coastal Account, 5.00%, 6/01/15 | 7,745 | 7,993,847 | |||
BLACKROCK MUNICIPAL BOND FUND, INC. | September 30, 2014 | 1 | |||
Schedule of Investments (continued) | BlackRock Short-Term Municipal Fund |
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||
Florida (concluded) | |||||
Citizens Property Insurance Corp., RB, Senior Secured, Series A-1 (concluded): | |||||
Personal Lines & Commercial Lines Account, 5.00%, 6/01/16 | $ | 10,000 | $ | 10,736,900 | |
City of Jacksonville Florida, Refunding RB, Series C, 5.00%, 10/01/16 | 1,280 | 1,396,659 | |||
County of Broward Florida Airport System, ARB, Series Q-1, 5.00%, 10/01/15 | 1,000 | 1,047,700 | |||
County of Miami-Dade Florida, Refunding ARB, Series A, AMT: | |||||
4.00%, 10/01/15 | 2,750 | 2,853,647 | |||
5.00%, 10/01/16 | 1,750 | 1,906,538 | |||
Florida State Board of Education, GO, Refunding: | |||||
Series A, 5.00%, 1/01/15 | 6,395 | 6,473,658 | |||
Series B, 5.00%, 6/01/16 | 8,200 | 8,840,338 | |||
Florida State Department of Environmental Protection, Refunding RB, Everglades Restoration, Series A (AGC), 5.00%, 7/01/16 | 1,205 | 1,301,267 | |||
Highlands County Health Facilities Authority, Refunding RB, Adventist Health System/Sunbelt Obligated Group, Series I, 5.00%, 11/15/16 | 1,035 | 1,133,553 | |||
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 | 3,650,839 | |||
47,334,946 | |||||
Georgia — 2.6% | |||||
City of Atlanta Georgia Department of Aviation, RB, Series B, 5.00%, 1/01/17 | 7,000 | 7,703,080 | |||
City of Atlanta Georgia Department of Aviation, Refunding RB, Series C AMT, 5.00%, 1/01/17 | 1,500 | 1,649,580 | |||
Municipal Bonds | Par (000) |
Value | |||
Georgia (concluded) | |||||
Municipal Gas Authority of Georgia, Refunding RB, 4.00%, 10/01/16 | $ | 10,615 | $ | 11,364,313 | |
20,716,973 | |||||
Hawaii — 0.2% | |||||
State of Hawaii, GO, Refunding, Series DG (AMBAC), 5.00%, 7/01/16 | 1,290 | 1,336,904 | |||
Illinois — 7.4% | |||||
City of Chicago Illinois, Refunding GARB, O'Hare International Airport, Senior Lien, Series A, AMT: | |||||
5.00%, 1/01/16 | 3,000 | 3,174,600 | |||
5.00%, 1/01/16 | 4,500 | 4,761,900 | |||
Illinois Finance Authority, Refunding RB, Hospital Sisters Services, Inc., Series C, 5.00%, 8/15/15 | 1,000 | 1,040,790 | |||
Regional Transportation Authority, GO, Refunding, ERS, Series B, 0.40%, 6/01/25 (a) | 15,000 | 15,000,000 | |||
State of Illinois, GO: | |||||
2.00%, 5/01/15 | 14,000 | 14,123,060 | |||
5.00%, 5/01/16 | 4,600 | 4,883,314 | |||
4.00%, 7/01/16 | 3,000 | 3,148,980 | |||
4.00%, 2/01/17 | 2,000 | 2,121,120 | |||
5.00%, 5/01/17 | 8,100 | 8,836,614 | |||
State of Illinois, RB, Unemployment Insurance Fund Building Receipts, Series A, 5.00%, 6/15/16 | 2,500 | 2,697,350 | |||
59,787,728 | |||||
Indiana — 1.3% | |||||
Indiana Finance Authority, Refunding RB, Marquette Project, 5.00%, 3/01/16 | 1,425 | 1,464,886 | |||
Indiana Health Facility Financing Authority, RB, 4.00%, 11/01/27 (a) | 8,000 | 8,710,000 | |||
10,174,886 | |||||
Iowa — 0.5% | |||||
Iowa Student Loan Liquidity Corp., Refunding RB, Senior Series A-1, AMT, 3.10%, 12/01/14 | 3,910 | 3,919,814 | |||
BLACKROCK MUNICIPAL BOND FUND, INC. | September 30, 2014 | 2 | |||
Schedule of Investments (continued) | BlackRock Short-Term Municipal Fund |
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||
Kentucky — 1.2% | |||||
Counties of Louisville & Jefferson Kentucky Metropolitan Government, GO, Refunding Series E, 4.00%, 11/15/16 | $ | 4,450 | $ | 4,793,585 | |
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Series A, 5.00%, 7/01/17 | 4,500 | 4,975,785 | |||
9,769,370 | |||||
Louisiana — 0.4% | |||||
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.00%, 5/15/16 | 3,000 | 3,178,770 | |||
Maryland — 1.1% | |||||
Maryland State Transportation Authority, Refunding RB, Baltimore/Washington Thurgood Marshall Airport Project, AMT, 5.00%, 3/01/16 | 8,315 | 8,839,926 | |||
Massachusetts — 2.0% | |||||
City of Boston Massachusetts, GO, Refunding, Series B, 4.00%, 2/01/15 | 6,580 | 6,666,132 | |||
Commonwealth of Massachusetts, GO, Consolidated Loan, Series B, 5.00%, 8/01/15 | 2,500 | 2,601,725 | |||
Massachusetts Port Authority, RB, Series A, AMT, 5.00%, 7/01/16 | 1,625 | 1,753,928 | |||
Massachusetts State Educational Financing Authority, RB, AMT: | |||||
4.00%, 1/01/17 | 800 | 851,840 | |||
4.00%, 1/01/18 | 1,750 | 1,887,777 | |||
Massachusetts Water Pollution Abatement Trust, Refunding RB, 2.00%, 8/01/16 | 2,600 | 2,678,910 | |||
16,440,312 | |||||
Michigan — 4.4% | |||||
Michigan Finance Authority, Refunding RB, Unemployment Obligation Assessment, Series A: | |||||
5.00%, 7/01/15 | 7,000 | 7,256,410 | |||
5.00%, 1/01/16 | 13,525 | 14,329,737 | |||
State of Michigan Trunk Line, Refunding RB, Series B (AGM), 5.00%, 9/01/15 | 7,825 | 8,170,787 | |||
Municipal Bonds | Par (000) |
Value | |||
Michigan (concluded) | |||||
State of Michigan Trunk Line Revenue, Refunding RB, 5.00%, 11/15/16 | $ | 5,200 | $ | 5,704,452 | |
35,461,386 | |||||
Minnesota — 0.7% | |||||
State of Minnesota, GO, Series A, 5.00%, 8/01/16 | 5,295 | 5,746,240 | |||
Missouri — 0.3% | |||||
University of Missouri, Refunding RB, Series A, 4.00%, 11/01/17 | 2,555 | 2,814,128 | |||
Nebraska — 0.1% | |||||
Nebraska Public Power District, Refunding RB, General, Series A, 5.00%, 1/01/16 | 1,000 | 1,059,630 | |||
Nevada — 7.8% | |||||
County of Clark Nevada, Refunding RB, Motor Vehicle Fuel Tax, 5.00%, 7/01/15 | 8,000 | 8,292,400 | |||
County of Clark Nevada School District, GO, Refunding: | |||||
Limited Tax, Series A, 5.00%, 6/15/16 | 11,000 | 11,860,530 | |||
Series B, 5.50%, 6/15/16 | 5,885 | 6,395,406 | |||
Series B, 5.50%, 6/15/17 | 13,760 | 15,552,102 | |||
State of Nevada, Refunding RB: | |||||
5.00%, 12/01/16 | 5,000 | 5,500,500 | |||
5.00%, 6/01/17 | 14,000 | 15,633,380 | |||
63,234,318 | |||||
New Hampshire — 1.5% | |||||
State of New Hampshire, GO, Refunding, Series B, 5.00%, 6/01/16 | 10,000 | 10,775,900 | |||
State of New Hampshire, RB, Federal Highway, GAN, 5.00%, 9/01/16 | 1,250 | 1,358,988 | |||
12,134,888 | |||||
New Jersey — 10.5% | |||||
County of Ocean New Jersey, GO, Refunding, 5.00%, 8/01/16 | 1,235 | 1,340,247 | |||
New Jersey Building Authority, Refunding RB, Series A, 5.00%, 6/15/15 | 13,880 | 14,331,378 | |||
New Jersey EDA, RB, School Facilities Construction Notes, Series G (SIFMA Index Notes), 0.62%, 2/01/15 (a) | 3,000 | 3,000,150 | |||
BLACKROCK MUNICIPAL BOND FUND, INC. | September 30, 2014 | 3 | |||
Schedule of Investments (continued) | BlackRock Short-Term Municipal Fund |
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||
New Jersey (concluded) | |||||
New Jersey EDA, Refunding RB, School Facilities Construction: | |||||
Series DD-1, 5.00%, 12/15/16 | $ | 5,075 | $ | 5,543,676 | |
Series EE, 5.00%, 9/01/15 (c) | 1,650 | 1,723,606 | |||
New Jersey Educational Facilities Authority, RB, 5.00%, 6/01/17 | 12,910 | 14,242,054 | |||
New Jersey Health Care Facilities Financing Authority, Refunding RB: | |||||
Barnabas Health, Series A, 5.00%, 7/01/16 | 1,000 | 1,070,580 | |||
Meridian Health System, 5.00%, 7/01/17 | 2,000 | 2,223,600 | |||
New Jersey Housing & Mortgage Finance Agency, Refunding RB, M/F Housing, Series 4, AMT, 0.90%, 5/01/15 | 1,690 | 1,690,693 | |||
New Jersey State Turnpike Authority, Refunding RB, Series C, 0.52%, 1/01/17 (a) | 8,000 | 8,004,880 | |||
New Jersey Transportation Trust Fund Authority, RB: | |||||
Series AA, 4.00%, 6/15/16 | 2,850 | 3,001,449 | |||
Series B, 5.00%, 6/15/15 | 1,825 | 1,884,349 | |||
Transportation System, 5.75%, 6/15/16 | 6,275 | 6,793,127 | |||
New Jersey Transportation Trust Fund Authority, Refunding RB, Transportation System: | |||||
Series A, 5.00%, 12/15/15 | 1,640 | 1,729,331 | |||
Series B (NPFGC), 5.50%, 12/15/15 | 2,745 | 2,911,045 | |||
State of New Jersey, GO, Refunding, Series O, 5.00%, 8/01/16 | 2,300 | 2,485,748 | |||
State of New Jersey, GO, Tax-Exempt, Various Purposes, 5.00%, 6/01/16 | 12,075 | 12,967,946 | |||
84,943,859 | |||||
New Mexico — 0.1% | |||||
County of Albuquerque Bernalillo New Mexico Water Utility Authority, Refunding RB, Series B, 5.00%, 7/01/16 | 1,000 | 1,081,360 | |||
New York — 16.0% | |||||
City of New York New York, GO, Refunding Series J, 3.00%, 8/01/16 | 14,210 | 14,892,222 | |||
Metropolitan Transportation Authority, Refunding RB, Series D, 4.00%, 11/15/15 | 1,400 | 1,458,940 | |||
Municipal Bonds | Par (000) |
Value | |||
New York (continued) | |||||
New York City Transitional Finance Authority, RB, Future Tax Secured: | |||||
Sub-Series A, 5.00%, 8/01/16 | $ | 4,880 | $ | 5,297,435 | |
Sub-Series C-1, 5.00%, 11/01/15 | 4,860 | 5,114,956 | |||
Sub-Series F-1, 5.00%, 5/01/15 | 2,000 | 2,056,840 | |||
Sub-Series I, 2.00%, 5/01/15 | 11,870 | 11,998,790 | |||
New York City Transitional Finance Authority, Refunding RB, Future Tax Secured, Sub-Series A, 5.00%, 11/01/15 | 5,455 | 5,741,169 | |||
New York State Dormitory Authority, RB: | |||||
General Purpose, Series A, 5.00%, 3/15/15 | 5,560 | 5,683,654 | |||
Series A, 4.00%, 3/15/17 | 4,000 | 4,339,560 | |||
Series B, 5.00%, 3/15/17 | 3,600 | 3,991,536 | |||
New York State Dormitory Authority, Refunding RB, NYU Hospital Center, Series A: | |||||
5.00%, 7/01/15 | 1,500 | 1,555,410 | |||
5.00%, 7/01/16 | 1,000 | 1,077,140 | |||
New York State HFA, RB, Affordable Housing, Series F (SONYMA), 0.75%, 5/01/15 | 2,000 | 2,006,920 | |||
New York State Local Government Assistance Corp., Refunding RB, Sub-Lien, Series A, 5.00%, 4/01/15 | 7,000 | 7,170,730 | |||
New York State Thruway Authority, RB, 2nd General Highway & Bridge Trust Fund Bonds, Series B, 5.00%, 4/01/15 | 2,150 | 2,202,159 | |||
New York State Thruway Authority, Refunding RB, General, Series I, 5.00%, 1/01/16 | 500 | 528,840 | |||
New York State Urban Development Corp., RB, Personal Income Tax, Series C, 5.00%, 3/15/17 | 6,470 | 7,173,677 | |||
Port Authority of New York & New Jersey, RB, Consolidated, 169th Series, AMT, 5.00%, 10/15/15 | 2,680 | 2,812,124 | |||
Port Authority of New York & New Jersey, Refunding RB, AMT: | |||||
5.00%, 9/01/16 | 5,000 | 5,431,200 | |||
5.00%, 9/01/17 | 3,750 | 4,202,325 | |||
Consolidated, 177th Series, 4.00%, 7/15/15 | 10,000 | 10,301,400 | |||
BLACKROCK MUNICIPAL BOND FUND, INC. | September 30, 2014 | 4 | |||
Schedule of Investments (continued) | BlackRock Short-Term Municipal Fund |
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||
New York (concluded) | |||||
Sales Tax Asset Receivable Corp., Refunding RB, Series A, 3.00%, 10/15/16 (b) | $ | 15,475 | $ | 16,297,187 | |
State of New York, GO, Refunding, Series C, 5.00%, 4/15/16 | 7,675 | 8,236,810 | |||
129,571,024 | |||||
North Carolina — 1.5% | |||||
North Carolina Capital Facilities Finance Agency, Refunding RB, High Point University, 4.00%, 5/01/16 | 1,770 | 1,858,040 | |||
North Carolina Medical Care Commission, Refunding RB, Healthcare Facilities Revenue, WakeMed, Series A, 4.00%, 10/01/15 | 730 | 757,207 | |||
North Carolina Municipal Power Agency No. 1, Refunding RB, Catawba Electric, Series A: | |||||
5.00%, 1/01/16 | 3,500 | 3,701,425 | |||
5.25%, 1/01/17 | 5,000 | 5,514,650 | |||
11,831,322 | |||||
Ohio — 0.5% | |||||
City of Cleveland Ohio, Public Power System, Refunding RB, 5.00%, 11/15/15 | 2,335 | 2,458,778 | |||
State of Ohio, Refunding RB, AMT, 2.25%, 11/01/22 (a) | 1,500 | 1,534,170 | |||
3,992,948 | |||||
Oklahoma — 1.7% | |||||
County of Cleveland Oklahoma Educational Facilities Authority, LRB: | |||||
Moore Public Schools Project, 5.00%, 6/01/15 | 2,050 | 2,115,436 | |||
Moore Public Schools Project, 5.00%, 6/01/16 | 845 | 907,268 | |||
Norman Public Schools Project, 5.00%, 7/01/16 | 1,000 | 1,076,960 | |||
Norman Public Schools Project, 5.00%, 7/01/17 | 1,520 | 1,693,903 | |||
Oklahoma Turnpike Authority, Refunding RB, 2nd Senior Series A, 5.00%, 1/01/15 | 7,875 | 7,972,099 | |||
13,765,666 | |||||
Pennsylvania — 2.5% | |||||
City of Philadelphia Pennsylvania, Refunding ARB, Series A, AMT: | |||||
5.00%, 6/15/15 | 2,550 | 2,636,088 | |||
Municipal Bonds | Par (000) |
Value | |||
Pennsylvania (concluded) | |||||
City of Philadelphia Pennsylvania, Refunding ARB, Series A, AMT (concluded): | |||||
5.00%, 6/15/17 | $ | 2,000 | $ | 2,225,720 | |
Pennsylvania Economic Development Financing Authority, RB, Waste Management, Inc. Project, 1.75%, 12/01/33 (a) | 4,500 | 4,573,935 | |||
Pennsylvania Economic Development Financing Authority, Refunding RB, Series A, 5.00%, 1/01/16 | 6,000 | 6,357,000 | |||
Pennsylvania IDA, Refunding RB, Economic Development, 5.00%, 7/01/15 | 2,500 | 2,589,825 | |||
State Public School Building Authority, RB, School District of Philadelphia Project, 5.00%, 4/01/15 | 1,710 | 1,750,749 | |||
20,133,317 | |||||
South Carolina — 0.9% | |||||
South Carolina Transportation Infrastructure Bank, Refunding RB (AMBAC): | |||||
Series A, 5.00%, 10/01/15 | 5,440 | 5,702,262 | |||
Series B, 5.25%, 10/01/14 | 2,000 | 2,000,280 | |||
7,702,542 | |||||
Texas — 4.5% | |||||
City of Corpus Christi Texas Utility System, Refunding RB, 4.00%, 7/15/17 | 2,000 | 2,185,180 | |||
City of Dallas Texas ISD, GO, Refunding, (PSF-GTD), 4.00%, 2/15/15 | 2,200 | 2,231,680 | |||
City Public Service Board of San Antonio, Refunding RB, 5.00%, 2/01/18 (b) | 6,000 | 6,818,520 | |||
County of Comal Texas ISD, GO, Refunding, Unlimited Tax, Series A (PSF-GTD), 4.00%, 2/01/16 | 1,500 | 1,573,560 | |||
County of Harris Texas Cultural Education Facilities Finance Corp., Refunding RB: | |||||
Memorial Hermann Health System, Series A, 4.00%, 12/01/16 | 525 | 563,960 | |||
Methodist Hospital System, Series B, 5.25%, 12/01/14 | 2,600 | 2,622,438 | |||
Lower Colorado River Authority, Refunding RB, 5.00%, 5/15/16 | 2,490 | 2,670,824 | |||
BLACKROCK MUNICIPAL BOND FUND, INC. | September 30, 2014 | 5 | |||
Schedule of Investments (continued) | BlackRock Short-Term Municipal Fund |
(Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) |
Value | |||
Texas (concluded) | |||||
Northside Texas ISD, GO, Refunding, 5.00%, 2/15/17 | $ | 6,910 | $ | 7,638,038 | |
Texas A&M University System Board of Regents, Refunding RB, 5.00%, 7/01/16 | 5,005 | 5,413,158 | |||
Texas Public Finance Authority, Refunding RB, 5.00%, 7/01/16 | 4,350 | 4,705,525 | |||
36,422,883 | |||||
Virginia — 4.4% | |||||
Commonwealth of Virginia, GO, Series B, 4.00%, 6/01/16 | 5,000 | 5,306,500 | |||
Virginia College Building Authority, RB, Series A: | |||||
21st Century College & Equipment Programs, 5.00%, 2/01/16 | 11,910 | 12,660,211 | |||
5.00%, 2/01/17 | 4,800 | 5,298,384 | |||
Virginia Commonwealth Transportation Board, Refunding RB, Series B, 5.00%, 5/15/16 | 7,835 | 8,428,893 | |||
Wise County Industrial Development Authority, RB, Series A, 2.38%, 11/01/40 (a) | 4,000 | 4,081,400 | |||
35,775,388 | |||||
Wisconsin — 2.3% | |||||
State of Wisconsin, Refunding RB, Series 1, 5.00%, 7/01/16 | 10,000 | 10,804,400 | |||
Wisconsin Health & Educational Facilities Authority, Refunding RB, Series B, 5.13%, 8/15/27 (a) | 7,500 | 8,135,475 | |||
18,939,875 | |||||
Total Long-Term Investments (Cost — $796,673,251) — 98.6% |
800,051,217 | ||||
Short-Term Securities | Par (000) |
Value | |||
California — 1.2% | |||||
State of California, RB, 1.50%, 6/22/15 | $ | 10,100 | $ | 10,100,359 | |
Illinois — 1.9% | |||||
Cook County, GO, Series B, VRDN, 0.29%, 10/01/15 (d) | 15,000 | 15,000,000 | |||
Shares |
|||||
Money Market Funds — 0.7% | |||||
FFI Institutional Tax-Exempt Fund, 0.03% (e)(f) | 5,335,392 | 5,335,392 | |||
Total Short-Term Securities (Cost — $30,435,751) — 3.8% |
30,435,751 | ||||
Total Investments (Cost — $827,109,002*) — 102.4% |
830,486,968 | ||||
Liabilities in Excess of Other Assets — (2.4)% | (19,095,699) | ||||
Net Assets — 100.0% | $ | 811,391,269 | |||
* | As of September 30, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows: | ||||
Tax cost | $ | 827,109,002 | |||
Gross unrealized appreciation | $ | 3,600,939 | |||
Gross unrealized depreciation | (222,973) | ||||
Net unrealized appreciation | $ | 3,377,966 | |||
Notes to Schedule of Investments | ||
* | As of September 30, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows: | |
(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/ (Depreciation) |
||||
Citigroup Global Markets, Inc. | $ | 3,885,503 | $ | 9,946 | ||
J.P.Morgan Securities LLC | $ | 16,297,187 | $ | (3,869) | ||
Merrill Lynch, Pierce, Fenner & Smith, Inc. | $ | 6,818,520 | $ | 18,600 | ||
BLACKROCK MUNICIPAL BOND FUND, INC. | September 30, 2014 | 6 | |||
Schedule of Investments (continued) | BlackRock Short-Term Municipal Fund |
(c) | Security is collateralized by municipal or U.S. Treasury obligations. | |
(d) | Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand. | |
(e) | Investments in issuers considered to be an affiliate of the Fund during the period ended September 30, 2014, for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows: | |
Affiliate | Shares Held at June 30, 2014 |
Net Activity |
Shares Held at September 30, 2014 |
Income | ||||||
FFI Institutional Tax-Exempt Fund | 3,454,392 | 1,881,000 | 5,335,392 | $ | 359 | |||||
(f) | Represents the current yield as of report date. |
Portfolio Abbreviations | ||
AGC | Assured Guarantee Corp. | |
AGM | Assured Guaranty Municipal Corp. | |
AMBAC | American Municipal Bond Assurance Corp. | |
AMT | Alternative Minimum Tax (subject to) | |
ARB | Airport Revenue Bonds | |
EDA | Economic Development Authority | |
ERS | Extendible Reset Securities | |
GAN | Grant Anticipation Notes | |
GARB | General Airport Revenue Bonds | |
GO | General Obligation Bonds | |
GTD | Guaranteed | |
HFA | Housing Finance Agency | |
IDA | Industrial Development Authority | |
ISD | Independent School District | |
LRB | Lease Revenue Bonds | |
M/F | Multi-Family | |
NPFGC | National Public Finance Guarantee Corp. | |
PSF | Public School Fund | |
RB | Revenue Bonds | |
SIFMA | Securities Industry and Financial Markets Association | |
SONYMA | State of New York Mortgage Agency | |
VRDN | Variable Rate Demand Notes | |
BLACKROCK MUNICIPAL BOND FUND, INC. | September 30, 2014 | 7 | |||
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. 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 fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. 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. The three levels of the fair value hierarchy are as follows: | |
• | Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or 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) | |
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. For information about the Fund’s policy regarding valuation of investments, please refer to the Fund’s most recent financial statements as contained in its annual report. The following tables summarizes the Fund's investments categorized in the disclosure hierarchy as of September 30, 2014: |
Level 1 | Level 2 | Level 3 | Total | |||||||
Assets: | ||||||||||
Investments: | ||||||||||
Long-Term Investments 1 | — | $ | 800,051,217 | — | $ | 800,051,217 | ||||
Short-Term Securities | $ | 5,335,392 | 25,100,359 | — | 30,435,751 | |||||
Total | $ | 5,335,392 | $ | 825,151,576 | — | $ | 830,486,968 | |||
1 | See above Schedule of Investments for values in each sector. |
The Fund may hold liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of September 30, 2014, Bank overdraft at value of $5,991 is categorized as Level 2 within the disclosure hierarchy. |
There were no transfers between levels during the period ended September 30, 2014. |
BLACKROCK MUNICIPAL BOND FUND, INC. | September 30, 2014 | 8 | |||
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: November 24, 2014 | ||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | ||
By: | /s/ John M. Perlowski | |
John M. Perlowski | ||
Chief Executive Officer (principal executive officer) of | ||
BlackRock Municipal Bond Fund, Inc. | ||
Date: November 24, 2014 | ||
By: | /s/ Neal J. Andrews | |
Neal J. Andrews | ||
Chief Financial Officer (principal financial officer) of | ||
BlackRock Municipal Bond Fund, Inc. | ||
Date: November 24, 2014 |
EX-99. CERT
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Municipal Bond Fund, Inc., certify that:
1. I have reviewed this report on Form N-Q of BlackRock Municipal Bond Fund, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: November 24, 2014
/s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive
officer) of
BlackRock Municipal Bond Fund, Inc.
EX-99. CERT
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock Municipal Bond Fund, Inc., certify that:
1. I have reviewed this report on Form N-Q of BlackRock Municipal Bond Fund, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: November 24, 2014
/s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial
officer) of
BlackRock Municipal Bond Fund, Inc.