N-Q 1 munibond.txt MERRILL LYNCH MUNICIPAL BOND FUND 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 811-2688 Name of Fund: Merrill Lynch Municipal Bond Fund, Inc. Insured Portfolio National Portfolio Short-Term Portfolio Fund Address: P.O. Box 9011 Princeton, NJ 08543-9011 Name and address of agent for service: Robert C. Doll, Jr., Chief Executive Officer, Merrill Lynch Municipal Bond Fund, Inc., 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011 Registrant's telephone number, including area code: (609) 282-2800 Date of fiscal year end: 06/30/2006 Date of reporting period: 01/01/06 - 03/31/06 Item 1 - Schedule of Investments Merrill Lynch Municipal Bond Fund, Inc. - Insured Portfolio Schedule of Investments as of March 31, 2006 (in Thousands)
Face State Amount Municipal Bonds Value Alabama - 2.2% $ 3,020 Alabama Water Pollution Control Authority Revenue Bonds, 5.75% due 8/15/2018 (a) $ 3,253 10,000 Lauderdale County and Florence, Alabama, Health Care Authority, Revenue Refunding Bonds (Coffee Health Group), Series A, 6% due 7/01/2029 (b) 10,959 7,000 University of Alabama, University Revenue Bonds (Birmingham), 6% due 10/01/2009 (d)(g) 7,529 Arkansas - 0.5% 5,000 University of Arkansas, University Revenue Bonds (Various Facilities-Fayetteville Campus), 5% due 12/01/2027 (d) 5,160 California - 18.2% 10,680 California Pollution Control Financing Authority, PCR, Refunding, DRIVERS, AMT, Series 878Z, 7.193% due 12/01/2009 (b)(j) 11,997 2,075 California State Department of Veteran Affairs, Home Purpose Revenue Refunding Bonds, Series A, 5.35% due 12/01/2027 (a) 2,210 2,795 East Side Union High School District, California, Santa Clara County, GO (Election of 2002), Series D, 5% due 8/01/2017 (i) 2,969 3,480 East Side Union High School District, California, Santa Clara County, GO (Election of 2002), Series D, 5% due 8/01/2022 (i) 3,646 5,170 Fresno, California, Unified School District, GO (Election of 2001), Series D, 5% due 8/01/2027 (b) 5,401 5,000 Golden State Tobacco Securitization Corporation of California, Tobacco Settlement Revenue Bonds, Series B, 5.50% due 6/01/2013 (d)(g) 5,476 5,000 Los Angeles, California, GO, Series A, 5% due 9/01/2019 (b) 5,254 24,465 Los Angeles, California, Unified School District, GO (Election of 1997), Series F, 5% due 1/01/2028 (d) 25,474 13,780 Los Angeles, California, Unified School District, GO, Series A, 5% due 1/01/2028 (b) 14,348 6,680 Los Angeles County, California, Metropolitan Transportation Authority, Sales Tax Revenue Refunding Bonds, Proposition A, First Tier Senior-Series A, 5% due 7/01/2021 (a) 7,044 8,965 Modesto, California, Schools Infrastructure Financing Agency, Special Tax Bonds, 5.50% due 9/01/2036 (a) 9,704 12,040 Mount Diablo, California, Unified School District, GO (Election of 2002), 5% due 7/01/2027 (d) 12,476 3,875 Oakland, California, Sewer Revenue Bonds, Series A, 5% due 6/15/2027 (f) 4,033 2,270 Oakland, California, Sewer Revenue Bonds, Series A, 5% due 6/15/2029 (f) 2,363 6,440 Palm Springs, California, Financing Authority, Lease Revenue Refunding Bonds (Convention Center Project), Series A, 5.50% due 11/01/2035 (b) 7,064
Portfolio Abbreviations To simplify the listings of Merrill Lynch Municipal Bond Fund, Inc. - Insured Portfolio's portfolio holdings in the Schedule of Investments, we have abbreviated the names of many of the securities according to the list below. AMT Alternative Minimum Tax (subject to) COP Certificates of Participation DRIVERS Derivative Inverse Tax-Exempt Receipts EDA Economic Development Authority GO General Obligation Bonds HFA Housing Finance Agency IDR Industrial Development Revenue Bonds PCR Pollution Control Revenue Bonds RIB Residual Interest Bonds S/F Single-Family Merrill Lynch Municipal Bond Fund, Inc. - Insured Portfolio Schedule of Investments as of March 31, 2006 (concluded) (in Thousands)
Face State Amount Municipal Bonds Value California $ 11,685 Rialto, California, Unified School District, GO, Series A, 6.24%** due (concluded) 6/01/2025 (d) $ 4,725 5,000 Roseville, California, Joint Union High School District, GO (Election of 2004), Series A, 5% due 8/01/2029 (d) 5,204 5,075 Sacramento, California, Unified School District, GO (Election of 1999), Series B, 5% due 7/01/2026 (d) 5,238 3,000 San Diego, California, Unified School District, GO (Election of 1998), Series G, 5% due 7/01/2028 (f) 3,133 4,645 San Diego, California, Unified School District, GO (Election of 1998), Series G, 5% due 7/01/2029 (f) 4,851 3,700 San Jose, California, GO (Libraries, Parks and Public Safety Projects), 5% due 9/01/2030 (b) 3,832 10,055 Sequoia, California, Unified High School District, GO, Refunding, Series B, 5.50% due 7/01/2035 (f) 11,099 2,755 Tahoe Truckee, California, Unified School District, GO (School Facilities Improvement District Number 2), Series A, 5.25% due 8/01/2029 (b) 2,923 7,980 Tustin, California, Unified School District, Senior Lien Special Tax Bonds (Community Facilities District Number 97-1), Series A, 5% due 9/01/2032 (f) 8,194 9,330 Tustin, California, Unified School District, Senior Lien Special Tax Bonds (Community Facilities District Number 97-1), Series A, 5% due 9/01/2038 (f) 9,556 Colorado - 2.6% 19,250 Aurora, Colorado, COP, 6% due 12/01/2010 (a)(g) 21,087 4,000 Logan County, Colorado, Justice Center Finance Corporation, COP, 5.50% due 12/01/2020 (b) 4,305 Florida - 0.8% 5,500 Dade County, Florida, Water and Sewer System Revenue Bonds, 5.25% due 10/01/2026 (d) 5,660 1,955 West Coast Regional Water Supply Authority, Florida, Capital Improvement Revenue Bonds, 10.40% due 10/01/2010 (a)(g) 2,226 Georgia - 3.7% 20,000 Georgia Municipal Electric Authority, Power Revenue Refunding Bonds, Series EE, 7% due 1/01/2025 (a) 26,529 90 Georgia Municipal Electric Authority, Power Revenue Refunding Bonds, Series Y, 6.40% due 1/01/2011 (a)(g) 100 490 Georgia Municipal Electric Authority, Power Revenue Refunding Bonds, Series Y, 6.40% due 1/01/2013 (a)(h) 550 8,420 Georgia Municipal Electric Authority, Power Revenue Refunding Bonds, Series Y, 6.40% due 1/01/2013 (a) 9,407 Illinois - 1.8% 8,845 Chicago, Illinois, O'Hare International Airport Revenue Bonds, DRIVERS, AMT, Series 845-Z, 8.472% due 1/01/2012 (b)(i)(j) 10,754 6,800 Illinois State, GO, 5.75% due 5/01/2021 (b) 6,947 Indiana - 0.8% 7,100 Indianapolis, Indiana, Local Public Improvement Bond Bank, Revenue Refunding Bonds (Indianapolis Airport Authority Project), AMT, Series B, 5.25% due 1/01/2029 (b) 7,385 Kansas - 0.6% 5,145 Manhattan, Kansas, Hospital Revenue Bonds (Mercy Health Center), 5.50% due 8/15/2020 (f) 5,504 Louisiana - 0.5% 5,000 New Orleans, Louisiana, GO (Public Improvements), 5.25% due 12/01/2029 (a) 5,263 Maryland - 1.8% 10,820 Baltimore, Maryland, Convention Center Hotel Revenue Bonds, RIB, Series 1252X, 7.08% due 9/01/2039 (i)(j) 12,194 4,400 Maryland State Health and Higher Educational Facilities Authority Revenue Bonds (University of Maryland Medical System), Series B, 7% due 7/01/2022 (d) 5,658 Massachusetts - 10,720 Massachusetts State, HFA, Rental Housing Mortgage Revenue Bonds, AMT, Series A, 6.5% 5.15% due 7/01/2026 (f) 10,641 4,000 Massachusetts State, HFA, Rental Housing Mortgage Revenue Bonds, AMT, Series C, 5.60% due 1/01/2045 (f) 4,212 5,000 Massachusetts State School Building Authority, Dedicated Sales Tax Revenue Bonds, Series A, 5% due 8/15/2023 (f) 5,248 18,740 Massachusetts State School Building Authority, Dedicated Sales Tax Revenue Bonds, Series A, 5% due 8/15/2030 (f) 19,595 10,000 Massachusetts State Special Obligation Dedicated Tax Revenue Bonds, 5.25% due 1/01/2014 (d)(g) 10,784 12,250 Massachusetts State Special Obligation Dedicated Tax Revenue Bonds, 5.25% due 1/01/2014 (d)(g) 13,210 Michigan - 0.7% 6,170 Michigan State Strategic Fund, Limited Obligation Revenue Refunding Bonds, DRIVERS, AMT, Series 858Z, 7.474% due 12/01/2011 (i)(j) 6,937 Minnesota - 1.6% 5,860 Delano, Minnesota, Independent School District Number 879, GO, Series A, 5.875% due 2/01/2025 (f) 6,382 3,735 Sauk Rapids, Minnesota, Independent School District Number 047, GO, Series A, 5.65% due 2/01/2020 (b) 4,050 4,440 Sauk Rapids, Minnesota, Independent School District Number 047, GO, Series A, 5.70% due 2/01/2021 (b) 4,825 Mississippi - 1.3% 1,320 Harrison County, Mississippi, Wastewater Management District, Revenue Refunding Bonds (Wastewater Treatment Facilities), Series A, 8.50% due 2/01/2013 (d) 1,647 10,000 Mississippi Hospital Equipment and Facilities Authority Revenue Bonds (Forrest County General Hospital Project), 6% due 1/01/2030 (f) 10,872 Missouri - 2.3% 12,990 Kansas City, Missouri, Airport Revenue Refunding and Improvement Bonds, Series A, 5.50% due 9/01/2013 (b) 13,488 9,000 Kansas City, Missouri, Airport Revenue Refunding and Improvement Bonds, Series A, 5.50% due 9/01/2014 (b) 9,345 Nevada - 7.6% 10,000 Clark County, Nevada, IDR (Power Company Project), AMT, Series A, 6.70% due 6/01/2022 (d) 10,399 10,575 Clark County, Nevada, IDR (Southwest Gas Corporation Project), AMT, Series A, 5.25% due 7/01/2034 (a) 10,954 10,690 Clark County, Nevada, School District, GO, Series D, 5% due 6/15/2017 (b) 11,296 40,000 Washoe County, Nevada, Water Facility Revenue Bonds (Sierra Pacific Power Company), AMT, 6.65% due 6/01/2017 (b) 41,531 New Jersey - 10.5% 6,810 Cape May County, New Jersey, Industrial Pollution Control Financing Authority, Revenue Refunding Bonds (Atlantic City Electric Company Project), Series A, 6.80% due 3/01/2021 (b) 8,660 3,125 Garden State Preservation Trust of New Jersey, Open Space and Farmland Preservation Revenue Bonds, Series A, 5.80% due 11/01/2021 (f) 3,554 8,310 Garden State Preservation Trust of New Jersey, Open Space and Farmland Preservation Revenue Bonds, Series A, 5.80% due 11/01/2022 (f) 9,454 4,340 Garden State Preservation Trust of New Jersey, Open Space and Farmland Preservation Revenue Bonds, Series A, 5.80% due 11/01/2023 (f) 4,941 5,000 New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds, Series A, 5% due 7/01/2027 (b) 5,188 23,000 New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds, Series A, 5.25% due 7/01/2033 (b) 24,503 10,000 New Jersey State Transportation Trust Fund Authority, Transportation System Revenue Bonds, Series D, 5% due 6/15/2018 (a) 10,542 21,100 New Jersey State Transportation Trust Fund Authority, Transportation System Revenue Bonds, Series D, 5% due 6/15/2019 (f) 22,195 13,500 New Jersey State Turnpike Authority, Turnpike Revenue Bonds, Series C, 5% due 1/01/2030 (f) 14,052 New Mexico - 0.7% 6,000 New Mexico Finance Authority, Senior Lien State Transportation Revenue Bonds, Series A, 5.125% due 6/15/2017 (b) 6,406 New York - 13.9% 145 New York City, New York, GO, Refunding, Series G, 5.75% due 2/01/2017 (f) 147 11,500 New York City, New York, GO, Series C, 5.625% due 3/15/2018 (i) 12,497 21,000 New York City, New York, GO, Series I, 6% due 4/15/2012 (f) 21,685 6,965 New York City, New York, Sales Tax Asset Receivable Corporation Revenue Bonds, DRIVERS, Series 1133Z, 7.015% due 10/15/2012 (a)(j) 7,954 9,885 New York City, New York, Sales Tax Asset Receivable Corporation Revenue Bonds, Series A, 5.25% due 10/15/2018 (b) 10,654 8,000 New York City, New York, Sales Tax Asset Receivable Corporation Revenue Bonds, Series A, 5% due 10/15/2029 (a) 8,362 15,650 New York City, New York, Sales Tax Asset Receivable Corporation Revenue Bonds, Series A, 5% due 10/15/2032 (a) 16,335 9,190 New York State Dormitory Authority Revenue Bonds (School Districts Financing Program), Series D, 5.25% due 10/01/2023 (b) 9,807 2,990 New York State Thruway Authority, General Revenue Refunding Bonds, Series G, 5.25% due 1/01/2027 (f) 3,212 9,110 New York State Urban Development Corporation, Personal Income Tax Revenue Bonds (State Facilities), Series A-1, 5.25% due 3/15/2034 (d) 9,661 5 Niagara Falls, New York, GO, Public Improvement, 6.90% due 3/01/2024 (b) 5 22,500 Tobacco Settlement Financing Corporation of New York Revenue Bonds, Series A-1, 5.25% due 6/01/2022 (a) 23,890 10,755 Tobacco Settlement Financing Corporation of New York Revenue Bonds, Series C-1, 5.50% due 6/01/2020 (d)(l) 11,660 North 3,120 North Carolina HFA, Home Ownership Revenue Bonds, AMT, Series 14-A, 5.35% due Carolina - 0.3% 1/01/2022 (a) 3,218 North Dakota - 0.3% 3,080 North Dakota State, HFA, Revenue Bonds (Housing Finance Program), Series C, 5.30% due 7/01/2022 (a)(l) 3,160 Oklahoma - 0.7% 2,680 Oklahoma State Industries Authority, Health System Revenue Refunding Bonds (Integris Obligated Group), Series A, 6.25% due 8/15/2009 (b)(g) 2,910 3,705 Oklahoma State Industries Authority, Health System Revenue Refunding Bonds (Integris Obligated Group), Series A, 6.25% due 8/15/2016 (b) 4,013 Oregon - 1.4% 8,700 Oregon State Department, Administrative Services, COP, Series A, 6.25% due 5/01/2010 (a)(g) 9,605 3,865 Port of Portland, Oregon, Airport Revenue Refunding Bonds (Portland International Airport), AMT, Series 7-B, 7.10% due 1/01/2012 (b)(g) 4,453 Pennsylvania - 1.4% 2,035 Pennsylvania State Higher Educational Facilities Authority, Revenue Bonds (Slippery Rock University Foundation, Inc.), Series A, 5% due 7/01/2019 (i) 2,139 6,000 Philadelphia, Pennsylvania, Gas Works Revenue Bonds, 12th Series B, 7% due 5/15/2020 (b)(h) 7,125 4,420 Philadelphia, Pennsylvania, Redevelopment Authority Revenue Bonds (Neighborhood Transformation), Series A, 5.50% due 4/15/2020 (d) 4,760 Rhode Island - 0.8% 6,815 Rhode Island State Economic Development Corporation, Airport Revenue Bonds, Series B, 6% due 7/01/2010 (d)(g) 7,490 Texas - 4.9% 17,975 Dallas-Fort Worth, Texas, International Airport Revenue Bonds, DRIVERS, AMT, Series 202, 8.478% due 11/01/2028 (d)(j) 20,327 10,500 Harris County, Texas, Revenue Refunding Bonds, DRIVERS, Series 1111, 7.004% due 8/15/2009 (f)(j) 11,482 7,025 Harris County, Texas, Revenue Refunding Bonds, DRIVERS, Series 1172-Z, 7.015% due 8/15/2009 (f)(j) 7,651 3,500 Houston, Texas, Water Conveyance System Contract, COP, Series J, 6.25% due 12/15/2013 (a) 3,971 2,085 Texas State Department of Housing and Community Affairs, S/F Mortgage Revenue Bonds, AMT, Series A, 5.45% due 9/01/2023 (b)(e) 2,163 2,725 Texas State Department of Housing and Community Affairs, S/F Mortgage Revenue Bonds, AMT, Series A, 5.50% due 3/01/2026 (b)(e) 2,815 Utah - 1.7% 9,535 Utah Transit Authority, Sales Tax and Transportation Revenue Bonds (Salt Lake County Light Rail Transit Project), 5.375% due 12/15/2007 (f)(g) 9,879 2,515 Utah Water Finance Agency Revenue Bonds (Pooled Loan Financing Program), Series A, 5.75% due 10/01/2015 (a) 2,712 3,770 Utah Water Finance Agency Revenue Bonds (Pooled Loan Financing Program), Series A, 6% due 10/01/2020 (a) 4,109 Washington - 0.8% 7,225 Chelan County, Washington, Public Utility District Number 001, Consolidated Revenue Bonds (Chelan Hydro System), AMT, Series A, 5.45% due 7/01/2037 (a) 7,627 West 12,250 Pleasants County, West Virginia, PCR, Refunding (Potomac-Pleasants), Series C, Virginia - 1.3% 6.15% due 5/01/2015 (a)(l) 12,383 Wisconsin - 1.3% 9,000 Superior, Wisconsin, Limited Obligation Revenue Refunding Bonds (Midwest Energy Resources), Series E, 6.90% due 8/01/2021 (d) 11,529 670 Wisconsin State, GO, AMT, Series B, 6.50% due 5/01/2025 (b) 672 Puerto Rico - 2.8% 1,750 Puerto Rico Commonwealth Highway and Transportation Authority, Transportation Revenue Bonds, Series G, 5.25% due 7/01/2017 (d) 1,883 10,150 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series RR, 5% due 7/01/2027 (i) 10,600 14,400 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series RR, 5% due 7/01/2028 (c) 15,028 Total Municipal Bonds (Cost - $906,320) - 96.3% 943,168 Shares Held Mutual Funds 300 BlackRock California Insured Municipal 2008 Term Trust, Inc. 4,617 810 BlackRock Insured Municipal 2008 Term Trust, Inc. 12,636 237 BlackRock Insured Municipal Term Trust, Inc. 2,532 Total Mutual Funds (Cost - $21,469) - 2.0% 19,785 Short-Term Securities 11,817 Merrill Lynch Institutional Tax-Exempt Fund, 3.02% (k)(m) 11,817 Total Short-Term Securities (Cost - $11,817) - 1.2% 11,817 Total Investments (Cost - $939,606*) - 99.5% 974,770 Other Assets Less Liabilities - 0.5% 4,988 ---------- Net Assets - 100.0% $ 979,758 ========== * The cost and unrealized appreciation (depreciation) of investments as of March 31, 2006, as computed for federal income tax purposes, were as follows: Aggregate cost $ 939,606 ================= Gross unrealized appreciation $ 39,816 Gross unrealized depreciation (4,652) ----------------- Net unrealized appreciation $ 35,164 ================= ** Represents a zero coupon bond, the interest rate shown reflects the effective yield at the time of purchase. (a) AMBAC Insured. (b) MBIA Insured. (c) CIFG Insured. (d) FGIC Insured. (e) FNMA/GNMA Collateralized. (f) FSA Insured. (g) Prerefunded. (h) Escrowed to maturity. (i) XL Capital Insured. (j) The rate disclosed is that currently in effect. This rate changes periodically and inversely based upon prevailing market rates. (k) Investments in companies considered to be an affiliate of the Fund, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: Net Dividend Affiliate Activity Income Merrill Lynch Institutional Tax-Exempt Fund 800 $220 (l) Tradable Custodial Receipts (TRACERS). (m) Variable rate security.
Merrill Lynch Municipal Bond Fund, Inc. - National Portfolio Schedule of Investments as of March 31, 2006 (in Thousands)
Face State Amount Municipal Bonds Value Alabama - 0.7% $ 3,820 Alabama Incentives Financing Authority, Special Obligation Revenue Refunding Bonds, Series A, 6% due 10/01/2029 (c) $ 4,158 500 Mobile, Alabama, Industrial Development Board, Environmental Improvement Revenue Refunding Bonds (International Paper Company Project), AMT, Series A, 6.35% due 5/15/2016 526 2,500 Selma, Alabama, IDB, Environmental Improvement Revenue Refunding Bonds (International Paper Company Project), AMT, Series A, 6.70% due 2/01/2018 2,683 3,400 Tuscaloosa, Alabama, Special Care Facilities Financing Authority, Residential Care Facility Revenue Bonds (Capstone Village, Inc. Project) Series A, 5.875% due 8/01/2036 3,408 Alaska - 0.4% 1,150 Alaska State Housing Financial Corporation, General Mortgage Revenue Refunding, Series A, 6% due 6/01/2027 (f) 1,180 3,860 Anchorage, Alaska, School, GO, Series B, 5.875% due 12/01/2010 (e)(j) 4,217 Arizona - 3.2% 4,000 Arizona Health Facilities Authority Revenue Bonds (Catholic Healthcare West), Series A, 6.625% due 7/01/2020 4,434 5,000 Downtown Phoenix Hotel Corporation, Arizona, Revenue Bonds, Senior Series A, 5% due 7/01/2040 (e) 5,134 730 Maricopa County, Arizona, Hospital Revenue Refunding Bonds (Sun Health Corporation), 6.125% due 4/01/2007 (j) 762 270 Maricopa County, Arizona, Hospital Revenue Refunding Bonds (Sun Health Corporation), 6.125% due 4/01/2018 279 3,600 Maricopa County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools Project 1), Series A, 6.75% due 7/01/2029 3,605 1,625 Maricopa County, Arizona, IDA, Health Facilities Revenue Refunding Bonds (Catholic Healthcare West Project), Series A, 5% due 7/01/2021 1,640 1,000 Maricopa County, Arizona, IDA, M/F Housing Revenue Bonds (Metro Gardens-Mesa Ridge Project), Series A, 5.65% due 7/01/2019 (f) 1,027 1,000 Maricopa County, Arizona, Pollution Control Corporation, PCR, Refunding (Public Service Company of New Mexico Project), Series A, 6.30% due 12/01/2026 1,041 430 Peoria, Arizona, Improvement District Number 8401, Special Assessment Bonds Number 8802, 7.20% due 1/01/2010 438 510 Peoria, Arizona, Improvement District Number 8401, Special Assessment Bonds Number 8802, 7.20% due 1/01/2013 519
Portfolio Abbreviations To simplify the listings of Merrill Lynch Municipal Bond Fund, Inc. - National Portfolio's portfolio holdings in the Schedule of Investments, we have abbreviated the names of many of the securities according to the list at right. AMT Alternative Minimum Tax (subject to) CARS Complementary Auction Rate Securities COP Certificates of Participation DRIVERS Derivative Inverse Tax-Exempt Receipts EDA Economic Development Authority GO General Obligation Bonds HFA Housing Finance Agency IDA Industrial Development Authority IDB Industrial Development Board IDR Industrial Development Revenue Bonds M/F Multi-Family PCR Pollution Control Revenue Bonds RIB Residual Interest Bonds ROLS Reset Option Long Securities S/F Single-Family VRDN Variable Rate Demand Notes Merrill Lynch Municipal Bond Fund, Inc. - National Portfolio Schedule of Investments as of March 31, 2006 (concluded) (in Thousands)
Face State Amount Municipal Bonds Value Arizona $ 190 Peoria, Arizona, Improvement District, Special Assessment Bonds Number 8801, 7.30% (concluded) due 1/01/2009 $ 193 395 Peoria, Arizona, Improvement District, Special Assessment Bonds Number 8801, 7.30% due 1/01/2011 402 5,000 Phoenix, Arizona, Civic Improvement Corporation, Excise Tax Revenue Bonds (Civic Plaza Expansion Project), Sub-Series A, 5% due 7/01/2030 (e) 5,214 2,330 Phoenix, Arizona, Civic Improvement Corporation, Municipal Facilities, Excise Tax Revenue Bonds, 5.75% due 7/01/2016 (e) 2,526 5,000 Phoenix, Arizona, IDA, Airport Facility, Revenue Refunding Bonds (America West Airlines Inc. Project), AMT, 6.30% due 4/01/2023 4,495 432 Prescott Valley, Arizona, Improvement District, Special Assessment Bonds (Sewer Collection System Roadway Repair), 7.90% due 1/01/2012 444 3,515 Tucson, Arizona, IDA, Senior Living Facilities Revenue Bonds (Christian Care Tucson Inc. Project), Series A, 6.125% due 7/01/2024 (m) 3,812 3,180 University of Arizona, COP, Refunding, Series A, 5.50% due 6/01/2018 (c) 3,432 1,000 University of Arizona, COP (University of Arizona Parking and Student Housing), 5.75% due 6/01/2009 (c)(j) 1,061 3,000 Vistancia Community Facilities District, Arizona, GO, 6.75% due 7/15/2022 3,206 2,125 Vistancia Community Facilities District, Arizona, GO, 5.75% due 7/15/2024 2,151 Arkansas - 0.1% 40 Arkansas State Development Finance Authority, S/F Mortgage Revenue Bonds (Mortgage Backed Securities Program), Series H, 6.15% due 7/01/2016 (i) 41 250 Arkansas State Student Loan Authority Revenue Bonds, AMT, Sub-Series B, 7.25% due 6/01/2009 264 200 Jonesboro, Arkansas, Residential Housing and Health Care Facilities Board, Hospital Revenue Refunding Bonds (Saint Bernards Regional Medical Center), Series B, 5.90% due 7/01/2016 (c) 205 250 North Little Rock, Arkansas, Health Facilities Board, Health Care Revenue Bonds (Baptist Health), 5.50% due 7/01/2016 258 500 Pine Bluff, Arkansas, Environmental Improvement Revenue Refunding Bonds (International Paper Company Project), AMT, Series A, 6.70% due 8/01/2020 538 250 University of Central Arkansas, Housing System Revenue Bonds, 6.50% due 1/01/2031 (h) 276 California - 12.7% 2,500 Agua Caliente Band of Cahuilla Indians, California, Casino Revenue Bonds, 6% due 7/01/2018 2,722 8,840 Alameda County, California, COP (Financing Project), 6% due 9/01/2006 (f)(j) 9,104 30 California Rural Home Mortgage Finance Authority, S/F Mortgage Revenue Bonds (Mortgage Backed Securities Program), AMT, Series C, Class 5, 6.75% due 3/01/2029 (i)(l) 30 60 California Rural Home Mortgage Finance Authority, S/F Mortgage Revenue Bonds (Mortgage Backed Securities Program), AMT, Series D, Class 5, 6.70% due 5/01/2029 (i)(l) 60 155 California Rural Home Mortgage Finance Authority, S/F Mortgage Revenue Refunding Bonds (Mortgage Backed Securities Program), AMT, Series A-2, 7% due 9/01/2029 (i)(l) 158 7,500 California State Department of Water Resources, Power Supply Revenue Bonds, Series A, 5.75% due 5/01/2012 (j) 8,379 5,000 California State, GO, 5.25% due 4/01/2029 5,281 1,005 California State, GO, Refunding, 5.75% due 5/01/2010 (j) 1,091 995 California State, GO, Refunding, 5.75% due 5/01/2030 1,068 14,100 California State, Various Purpose, GO, 5.50% due 11/01/2033 15,304 9,880 California Statewide Communities Development Authority, Health Facility Revenue Bonds (Memorial Health Services), Series A, 6% due 10/01/2023 10,836 2,880 Capistrano, California, Unified School District, Community Facility District, Special Tax Bonds (No. 90-2 Talega), 6% due 9/01/2032 3,038 1,080 Chula Vista, California, Community Facilities District, Special Tax Bonds (Number 06-1, Eastlake Woods Area), Series A, 6.05% due 9/01/2020 1,162 2,965 Chula Vista, California, Community Facilities District, Special Tax Bonds (Number 06-1, Eastlake Woods Area), Series A, 6.15% due 9/01/2026 3,170 1,585 Contra Costa County, California, Special Tax Bonds (Community Facilities District Number 2001-01), 6% due 9/01/2026 1,680 1,200 Contra Costa County, California, Special Tax Bonds (Community Facilities District Number 2001-01), 6.10% due 9/01/2031 1,275 3,100 Elk Grove, California, Poppy Ridge Community Facilities Number 3 Special Tax, Series 1, 6% due 9/01/2008 (j) 3,280 3,230 Fullerton, California, Joint Union High School District, GO (Election of 2002), Series B, 5% due 8/01/2027 (e) 3,374 7,530 Los Angeles, California, Wastewater System Revenue Refunding Bonds, Series A, 5% due 6/01/2030 (f) 7,856 12,730 Los Angeles County, California, Metropolitan Transportation Authority, Sales Tax Revenue Refunding Bonds, Proposition A, First Tier Senior-Series A, 5% due 7/01/2035 (c) 13,265 9,100 Los Angeles County, California, Sanitation Districts Financing Authority, Revenue Refunding Bonds (Capital Projects - District Number 14), Sub-Series B, 5% due 10/01/2034 (e) 9,470 2,740 Pomona, California, Public Financing Authority, Revenue Refunding Bonds (Merged Redevelopment Project), Series A1, 5.75% due 2/01/2034 2,880 1,100 Poway, California, Unified School District, Special Tax Bonds (Community District Number 6), Series A, 6.05% due 9/01/2025 1,160 2,695 Riverside, California, Improvement Bond Act of 1915, Special Assessment (Riverwalk Assessment District), 6.375% due 9/02/2026 2,886 1,250 Roseville, California, Special Tax (Stoneridge Community Facilities Number 1), 6.20% due 9/01/2021 1,348 1,125 Roseville, California, Special Tax (Stoneridge Community Facilities Number 1), 6% due 9/01/2025 1,206 2,500 Roseville, California, Special Tax (Stoneridge Community Facilities Number 1), 6.30% due 9/01/2031 2,715 2,200 Sacramento, California, Special Tax (North Natomas Community Facilities), Series 01-03, 6% due 9/01/2028 2,328 2,270 Sacramento, California, Special Tax (North Natomas Community Facilities), Series 4-C, 6% due 9/01/2028 2,435 20,075 Sacramento County, California, Sanitation District Financing Authority, Revenue Bonds, Series A, 5% due 12/01/2035 (c) 20,875 5,000 San Diego, California, Community College District, GO (Election of 2002), 5% due 5/01/2030 (h) 5,215 10,000 San Diego, California, Public Facilities Financing Authority, Subordinated Water Revenue Refunding Bonds, 5% due 8/01/2032 (f) 10,266 11,520 San Diego, California, Unified School District, GO (Election of 1998), Series F, 5% due 7/01/2028 (h) 11,985 5,000 San Francisco California, City and County Redevelopment Agency Revenue Bonds (Community Facilities District Number 6-Mission), 6% due 8/01/2021 5,253 2,500 San Francisco, California, City and County Redevelopment Agency Revenue Bonds, GO (Community Facilities District Number 6 Mission), Series A, 6% due 8/01/2025 2,621 1,075 San Francisco, California, Uptown Parking Corporation, Parking Revenue Bonds (Union Square), 6% due 7/01/2020 (f) 1,198 3,680 Santa Margarita, California, Water District, Special Tax Refunding Bonds (Community Facilities District Number 99), Series 1, 6.20% due 9/01/2020 3,958 2,990 Santa Margarita, California, Water District, Special Tax Refunding Bonds (Community Facilities District Number 99), Series 1, 6.25% due 9/01/2029 3,218 Colorado - 2.9% 9,900 Arkansas River Power Authority, Colorado, Power Improvement Revenue Bonds, 5.25% due 10/01/2032 (k) 10,584 500 Boulder County, Colorado, Hospital Development Revenue Bonds (Longmont United Hospital Project), 6% due 12/01/2030 (m) 540 410 Colorado HFA, Revenue Bonds (S/F Program), Series B-3, 6.55% due 10/01/2016 415 400 Colorado HFA, Revenue Refunding Bonds (S/F Program), AMT, Senior Series A-2, 7.50% due 4/01/2031 416 140 Colorado HFA, Revenue Refunding Bonds (S/F Program), AMT, Senior Series B-2, 7.10% due 4/01/2017 141 950 Colorado HFA, Revenue Refunding Bonds (S/F Program), AMT, Senior Series B-2, 7.25% due 10/01/2031 980 65 Colorado HFA, Revenue Refunding Bonds (S/F Program), AMT, Senior Series B-3, 6.80% due 11/01/2028 65 400 Colorado HFA, Revenue Refunding Bonds (S/F Program), AMT, Senior Series C-2, 7.25% due 10/01/2031 (b) 406 130 Colorado HFA, Revenue Refunding Bonds (S/F Program), Senior Series A-3, 7.35% due 10/01/2030 136 570 Colorado HFA, Revenue Refunding Bonds (S/F Program), Senior Series C-3, 6.75% due 10/01/2021 (b) 577 145 Colorado HFA, Revenue Refunding Bonds (S/F Program), Senior Series C-3, 7.15% due 10/01/2030 (b) 147 2,500 Colorado Health Facilities Authority Revenue Refunding Bonds (Catholic Health Initiatives), 5.50% due 9/01/2017 2,635 550 Colorado Water Resource and Power Development Authority, Small Water Resource Revenue Bonds, Series A, 5.80% due 11/01/2020 (e) 595 7,560 Elk Valley, Colorado, Public Improvement Revenue Bonds (Public Improvement Fee), Series A, 7.35% due 9/01/2031 8,041 1,200 Elk Valley, Colorado, Public Improvement Revenue Bonds (Public Improvement Fee), Series B, 7% due 9/01/2031 1,235 3,685 Larimer County, Colorado, Poudre School District Number R-1, GO, 6% due 12/15/2010 (e)(j) 4,048 7,700 Plaza Metropolitan District Number 1, Colorado, Tax Allocation Revenue Bonds (Public Improvement Fees), 8% due 12/01/2025 8,509 1,910 Plaza Metropolitan District Number 1, Colorado, Tax Allocation Revenue Bonds (Public Improvement Fees), 8.125% due 12/01/2025 1,914 Connecticut - 2.0% 4,000 Bridgeport, Connecticut, Senior Living Facilities Revenue Bonds (3030 Park Retirement Community Project), 7.25% due 4/01/2035 3,384 1,000 Connecticut State Development Authority, Governmental Lease Revenue Bonds, 6.60% due 6/15/2014 (f) 1,006 1,250 Connecticut State Development Authority, Water Facility Revenue Bonds (Bridgeport Hydraulic Company), AMT, 6.15% due 4/01/2035 (c) 1,304 1,200 Connecticut State, HFA, Revenue Refunding Bonds (Housing Mortgage Finance Program), Series C-1, 6.30% due 11/15/2017 1,226 1,000 Connecticut State Health and Educational Facilities Authority Revenue Bonds (Bridgeport Hospital), Series A, 6.625% due 7/01/2018 (f) 1,007 1,500 Connecticut State Health and Educational Facilities Authority Revenue Bonds (Waterbury Hospital Issue), Series C, 5.75% due 7/01/2020 (m) 1,588 1,000 Connecticut State Health and Educational Facilities Authority Revenue Bonds (Westover School), Series A, 5.70% due 7/01/2030 (m) 1,064 5,025 Connecticut State Health and Educational Facilities Authority, Revenue Refunding Bonds, DRIVERS, Series 215, 9.504% due 6/01/2030 (m)(n) 6,028 1,885 Connecticut State Health and Educational Facilities Authority, Revenue Refunding Bonds (Eastern Connecticut Health Network), Series A, 6.50% due 7/01/2010 (j)(m) 2,104 115 Connecticut State Health and Educational Facilities Authority, Revenue Refunding Bonds (Eastern Connecticut Health Network), Series A, 6.50% due 7/01/2030 (m) 126 640 Connecticut State Health and Educational Facilities Authority, Revenue Refunding Bonds (Sacred Heart University), 6.625% due 7/01/2026 (m) 657 5,710 Connecticut State Health and Educational Facilities Authority, Revenue Refunding Bonds (University of Hartford), Series E, 5.50% due 7/01/2022 (m) 6,155 1,000 Connecticut State Health and Educational Facilities Authority, Revenue Refunding Bonds (Yale-New Haven Hospital Issue), Series H, 5.70% due 7/01/2006 (f)(j) 1,025 775 Connecticut State Higher Education Supplemental Loan Authority, Revenue Bonds (Family Education Loan Program), AMT, Series A, 5.50% due 11/15/2020 (f) 776 860 Waterbury, Connecticut, GO, 6% due 2/01/2009 (j)(m) 922 Delaware - 0.1% 1,685 New Castle County, Delaware, PCR (General Motors Corporation Project), VRDN, 7.875% due 10/01/2008 (g) 1,685 District of 5,000 District of Columbia, GO, Refunding, DRIVERS, Series 214, 8.498% due 6/01/2026 (f)(n) 5,469 Columbia - 0.4% Florida - 7.5% 2,000 Anthem Park Community Development District, Florida, Capital Improvement Revenue Bonds, 5.80% due 5/01/2036 2,056 1,685 Ballantrae, Florida, Community Development District, Capital Improvement Revenue Bonds, 6% due 5/01/2035 1,758 1,140 Baywinds Community Development District, Florida, Special Assessment Bonds, Series A, 5.25% due 5/01/2037 1,141 1,500 Baywinds Community Development District, Florida, Special Assessment Bonds, Series B, 4.90% due 5/01/2012 1,500 1,870 Beacon Tradeport Community, Florida, Development District, Special Assessment Revenue Refunding Bonds (Commercial Project), Series A, 5.25% due 5/01/2016 (m) 1,991 2,500 CFM Community Development District, Florida, Capital Improvement Revenue Bonds, Series B, 5.875% due 5/01/2014 2,580 2,725 Duval County, Florida, School Board, COP, 5.75% due 7/01/2017 (h) 2,888 1,000 East Homestead Community Development District, Florida, Special Assessment Revenue Bonds, 5.375% due 5/01/2036 1,007 1,500 East Homestead Community Development District, Florida, Special Assessment Revenue Bonds, 5.45% due 5/01/2036 1,525 5,350 Fiddlers Creek, Florida, Community Development District Number 2, Special Assessment Revenue Bonds, Series A, 6.375% due 5/01/2035 5,679 1,250 Fiddlers Creek, Florida, Community Development District Number 2, Special Assessment Revenue Bonds, Series B, 5.75% due 5/01/2013 1,303 20,000 Gainesville, Florida, Utilities System Revenue Refunding Bonds, Series A, 5% due 10/01/2035 (h) 20,798 500 Heritage Isles Community Development District, Florida, Special Assessment Revenue Refunding Bonds, 5.90% due 11/01/2006 504 5,000 Hillsborough County, Florida, IDA, Exempt Facilities Revenue Bonds (National Gypsum), AMT, Series A, 7.125% due 4/01/2030 5,534 7,000 Lee County, Florida, Airport Revenue Bonds, RIB, AMT, Series 580X, 8.53% due 10/01/2029 (h)(n) 8,155 1,200 Lexington Oaks, Florida, Community Development District, Special Assessment Revenue Bonds, Series A, 6.70% due 5/01/2033 1,287 1,040 Mediterra, Florida, South Community Development District, Capital Improvement Revenue Bonds, 6.85% due 5/01/2031 1,117 2,500 Middle Village Community Development District, Florida, Special Assessment Bonds, Series A, 6% due 5/01/2035 2,610 6,095 Midtown Miami, Florida, Community Development District, Special Assessment Revenue Bonds, Series A, 6.25% due 5/01/2037 6,623 2,050 Old Palm Community Development District, Florida, Special Assessment Bonds (Palm Beach Gardens), Series B, 5.375% due 5/01/2014 2,095 3,500 Orange County, Florida, HFA, M/F Housing Revenue Bonds (Loma Vista Project), Series G, 5.50% due 3/01/2032 3,515 40 Orange County, Florida, HFA, Mortgage Revenue Bonds, AMT, Series A, 8.375% due 3/01/2021 (b)(d) 41 1,000 Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds (Orlando Regional Healthcare), 5.70% due 7/01/2026 1,001 5 Panther Trace, Florida, Community Development District, Special Assessment Revenue Bonds, Series B, 6.50% due 5/01/2009 5 5,000 Panther Trace, Florida, Community Development District II, Special Assessment Revenue Bonds, Series A, 5.60% due 5/01/2035 5,081 1,000 Park Place Community Development District, Florida, Special Assessment Revenue Bonds, 6.75% due 5/01/2032 1,065 2,500 Park Place Community Development District, Florida, Special Assessment Revenue Bonds, 6.375% due 5/01/2034 2,626 2,000 Saint Lucie, Florida, West Services District, Utility Revenue Refunding Bonds, Senior Lien, 6% due 10/01/2022 (f) 2,208 2,875 Somerset Community Development District, Florida, Capital Improvement Revenue Bonds, 5% due 5/01/2015 2,883 870 Sterling Hill, Florida, Community Development District, Capital Improvement Revenue Refunding Bonds, Series B, 5.50% due 11/01/2010 876 470 Stoneybrook West, Florida, Community Development District, Special Assessment Revenue Bonds, Series B, 6.45% due 5/01/2010 473 2,185 Tuscany Reserve Community Development District, Florida, Capital Improvement Revenue Bonds, Series B, 5.25% due 5/01/2016 2,225 3,520 University of South Florida Financing Corporation, COP (Master Lease Program), Refunding, Series A, 5.375% due 7/01/2022 (c) 3,817 340 Verandah West, Florida, Community Development District, Capital Improvement Revenue Bonds, Series B, 5.25% due 5/01/2008 342 915 Vista Lakes Community, Florida, Development District, Capital Improvement Revenue Bonds, Series B, 5.80% due 5/01/2008 918 2,060 Watergrass Community Development District, Florida, Special Assessment Revenue Bonds, Series B, 4.875% due 11/01/2010 2,067 6,000 West Villages Improvement District, Florida, Special Assessment Revenue Refunding Bonds (Unit of Development Number 2), 5.80% due 5/01/2036 6,154 Georgia - 3.5% 5,000 Atlanta, Georgia, Tax Allocation Bonds (Atlantic Station Project), 7.90% due 12/01/2024 5,563 22,325 Atlanta, Georgia, Water and Wastewater Revenue Bonds, 5% due 11/01/2034 (h) 23,016 2,285 Brunswick & Glynn County, Georgia, Development Authority, First Mortgage Revenue Bonds (Coastal Community Retirement Corporation Project), Series A, 7.125% due 1/01/2025 2,319 3,305 Brunswick & Glynn County, Georgia, Development Authority, First Mortgage Revenue Bonds (Coastal Community Retirement Corporation Project), Series A, 7.25% due 1/01/2035 3,351 5,210 College Park, Georgia, Business and IDA Revenue Bonds (Civic Center Project), 5.75% due 9/01/2010 (c)(j) 5,730 1,940 Fulton County, Georgia, Development Authority, PCR (General Motors Corporation), Refunding, VRDN, 8% due 4/01/2010 (g) 1,940 3,450 Fulton County, Georgia, Development Authority Revenue Bonds (Morehouse College Project), 5.875% due 12/01/2030 (c) 3,767 2,250 Fulton County, Georgia, Residential Care Facilities, Revenue Refunding Bonds (Canterbury Court Project), Series A, 6% due 2/15/2022 2,285 1,500 Milledgeville-Baldwin County, Georgia, Development Authority Revenue Bonds (Georgia College and State University Foundation), 6% due 9/01/2033 1,623 Illinois - 7.6% 1,000 Bolingbrook, Illinois, Special Services Area Number 1, Special Tax Bonds (Forest City Project), 5.90%** due 9/01/2007 919 10,620 Chicago, Illinois, Board of Education, GO, DRIVERS, Series 199, 7.997% due 12/01/2020 (c)(n) 11,766 26,800 Chicago, Illinois, O'Hare International Airport Revenue Bonds, Third Lien, AMT, Series B-2, 6% due 1/01/2029 (k) 29,681 6,915 Chicago, Illinois, O'Hare International Airport, Special Facility Revenue Refunding Bonds (American Airlines Inc. Project), 8.20% due 12/01/2024 6,949 1,915 Chicago, Illinois, Park District, GO, Refunding, Series B, 5.75% due 1/01/2011 (e)(j) 2,083 350 Chicago, Illinois, Park District, GO, Refunding, Series B, 5.75% due 1/01/2015 (e) 378 230 Chicago, Illinois, Park District, Limited Tax, GO, Series A, 5.75% due 1/01/2016 (e) 248 395 Chicago, Illinois, S/F Mortgage Revenue Bonds, AMT, Series A, 7.15% due 9/01/2031 (i)(l) 397 2,000 Chicago, Illinois, Special Assessment Bonds (Lake Shore East), 6.75% due 12/01/2032 2,158 3,210 Cicero, Illinois, GO, Refunding (Corporate Purpose), 6% due 12/01/2028 (f) 3,501 7,000 Decatur, Illinois, GO, Refunding, 6% due 3/01/2008 (e)(j) 7,306 10,000 Hodgkins, Illinois, Environmental Improvement Revenue Bonds (Metro Biosolids Management LLC Project), AMT, 6% due 11/01/2023 10,517 3,140 Illinois Development Finance Authority Revenue Bonds (Community Rehabilitation Providers Facilities), Series A, 6.50% due 7/01/2022 3,397 660 Illinois Development Finance Authority Revenue Bonds, Series B, 6.40% due 9/01/2031 (h) 681 1,750 Illinois State Finance Authority Revenue Bonds (Friendship Village of Schaumburg), Series A, 5.625% due 2/15/2037 1,772 2,155 Illinois State Finance Authority Revenue Bonds (Landing At Plymouth Place Project), Series A, 6% due 5/15/2037 2,163 8,890 Illinois State, GO, 1st Series, 5.75% due 12/01/2015 (f) 9,602 3,745 Illinois State, GO, 1st Series, 5.75% due 12/01/2016 (f) 4,040 4,000 Illinois State, GO, 1st Series, 5.75% due 12/01/2017 (f) 4,315 3,000 Illinois State, Sales Tax Revenue Bonds, 6% due 6/15/2020 3,245 2,000 Lake County, Illinois, Forest Preservation District, GO (Land Acquisition and Development), 5.75% due 12/15/2016 2,170 625 Naperville, Illinois, IDR (General Motors Corporation), Refunding, VRDN, 8% due 12/01/2012 (g) 625 1,585 Village of Wheeling, Illinois, Revenue Bonds (North Milwaukee/Lake-Cook Tax Increment Financing (TIF) Redevelopment Project), 6% due 1/01/2025 1,543 Iowa - 0.6% 1,000 Iowa City, Iowa, Sewer Revenue Bonds, 5.75% due 7/01/2021 (f) 1,005 6,780 Iowa Finance Authority, Health Care Facilities, Revenue Refunding Bonds (Care Initiatives Project), 9.25% due 7/01/2025 8,102 Kansas - 0.3% 1,970 Sedgwick and Shawnee Counties, Kansas, S/F Revenue Bonds, AMT, Series A-1, 6.95% due 6/01/2029 (d) 2,055 2,500 Wichita, Kansas, Hospital Facilities Revenue Refunding and Improvement Bonds, Series III, 6.25% due 11/15/2019 2,736 Louisiana - 1.0% 515 Louisiana HFA, S/F Mortgage Revenue Bonds, AMT, Series D-2, 5.80% due 6/01/2020 (i) 522 9,500 Louisiana Local Government, Environmental Facilities, Community Development Authority Revenue Bonds (Capital Projects and Equipment Acquisition), Series A, 6.30% due 7/01/2030 (c) 10,537 1,120 Louisiana State, HFA, Single Family Revenue Refunding Bonds (Home Ownership Program), Series B-2, AMT, 6.20% due 12/01/2029 (b)(i) 1,132 2,000 Rapides Finance Authority, Louisiana, Environmental Improvement Revenue Bonds (International Paper Company Project), AMT, Series A, 6.55% due 11/15/2023 2,131 Maine - 0.9% 8,635 Maine Finance Authority, Solid Waste Recycling Facilities Revenue Bonds (Great Northern Paper Project-Bowater), AMT, 7.75% due 10/01/2022 8,730 4,390 Maine State Housing Authority, Mortgage Purpose Revenue Bonds, DRIVERS, AMT, Series 170, 8.473% due 11/15/2028 (n) 4,669 Maryland - 0.9% 500 Anne Arundel County, Maryland, Special Obligation Revenue Bonds (Arundel Mills Project), 7.10% due 7/01/2009 (j) 560 1,000 Maryland State Community Development Administration, Department of Housing and Community Development, Housing Revenue Bonds, AMT, Series B, 6.15% due 1/01/2021 1,045 1,055 Maryland State Community Development Administration, Department of Housing and Community Development, Residential Revenue Refunding Bonds, Series A, 5.60% due 3/01/2017 (b) 1,082 1,000 Maryland State Community Development Administration, Department of Housing and Community Development Revenue Bonds (Waters Landing II Apartments), AMT, Series A, 5.875% due 8/01/2033 1,048 1,000 Maryland State Energy Financing Administration, Solid Waste Disposal Revenue Bonds, Limited Obligation (Wheelabrator Water Projects), AMT, 6.45% due 12/01/2016 1,031 7,565 Maryland State Health and Higher Educational Facilities Authority, Revenue Refunding Bonds (Peninsula Regional Medical Center), 5% due 7/01/2036 7,698 Massachusetts - 1.6% 375 Massachusetts Educational Financing Authority, Education Loan Revenue Refunding Bonds, AMT, Issue E, 5.85% due 7/01/2014 (c) 377 1,000 Massachusetts State Development Finance Agency, Revenue Refunding Bonds (Eastern Nazarene College), 5.625% due 4/01/2029 1,015 4,850 Massachusetts State Health and Educational Facilities Authority Revenue Bonds (Medical Center of Central Massachusetts), CARS, Series B, 9.67% due 6/23/2022 (c)(n) 5,366 1,000 Massachusetts State Industrial Finance Agency, Higher Education Revenue Refunding Bonds (Hampshire College Project), 5.625% due 10/01/2007 (j) 1,048 130 Massachusetts State Water Pollution Abatement Trust, Water Abatement Revenue Bonds, Series A, 6.375% due 2/01/2015 130 12,650 Massachusetts State Water Resource Authority, General Revenue Refunding Bonds, Series A, 5% due 8/01/2041 13,069 1,600 Montachusett, Massachusetts, Regional Vocational Technical School District, GO, 5.95% due 1/15/2020 (f) 1,738 Michigan - 1.6% 7,500 Delta County, Michigan, Economic Development Corporation, Environmental Improvement Revenue Refunding Bonds (Mead Westvaco-Escanaba), Series A, 6.25% due 4/15/2012 (j) 8,469 500 Dickinson County, Michigan, Economic Development Corporation, Environmental Improvement Revenue Refunding Bonds (International Paper Company Project), Series A, 5.75% due 6/01/2016 533 585 Eastern Michigan University, General Revenue Refunding Bonds, 6% due 6/01/2010 (c)(j) 641 415 Eastern Michigan University, General Revenue Refunding Bonds, 6% due 6/01/2024 (c) 452 3,000 Flint, Michigan, Hospital Building Authority, Revenue Refunding Bonds (Hurley Medical Center), 6% due 7/01/2020 3,117 4,250 Hartland, Michigan, Consolidated School District, GO, Refunding, RIB, Series 1204, 6.83% due 5/01/2029 (n) 4,525 3,325 Macomb County, Michigan, Hospital Finance Authority, Hospital Revenue Bonds (Mount Clemens General Hospital), Series B, 5.875% due 11/15/2034 3,493 1,500 Michigan State Hospital Finance Authority, Revenue Refunding Bonds (Mercy-Mount Clemens), Series A, 6% due 5/15/2014 (f) 1,604 Minnesota - 1.0% 765 Anoka County, Minnesota, Solid Waste Disposal Revenue Bonds (Natural Rural Utilities), AMT, Series A, 6.95% due 12/01/2008 768 1,000 Eden Prairie, Minnesota, M/F Housing Revenue Bonds (Rolling Hills Project), Series A, 6.15% due 8/20/2031 (d) 1,084 470 Minneapolis and Saint Paul, Minnesota, Metropolitan Airports Commission, Airport Revenue Bonds, AMT, Sub-Series D, 5.75% due 1/01/2012 (e) 502 470 Minneapolis and Saint Paul, Minnesota, Metropolitan Airports Commission, Airport Revenue Bonds, AMT, Sub-Series D, 5.75% due 1/01/2014 (e) 500 2,060 Minneapolis and Saint Paul, Minnesota, Metropolitan Airports Commission, Airport Revenue Bonds, AMT, Sub-Series D, 5.75% due 1/01/2015 (e) 2,191 635 Minneapolis, Minnesota, Community Development Agency, Supported Development Revenue Bonds (Common Bond Fund), AMT, Series 2, 6.20% due 6/01/2017 645 1,500 Minneapolis, Minnesota, Health Care System Revenue Bonds (Allina Health System), Series A, 5.70% due 11/15/2022 1,603 2,665 Minneapolis, Minnesota, Health Care System Revenue Bonds (Allina Health System), Series A, 5.75% due 11/15/2032 2,829 1,110 Ramsey County, Minnesota, Housing and Redevelopment Authority, M/F Housing Revenue Bonds (Hanover Townhouses Project), AMT, 6% due 7/01/2031 1,144 1,000 Saint Cloud, Minnesota, Health Care Revenue Refunding Bonds (Saint Cloud Hospital Obligation Group), Series A, 6.25% due 5/01/2020 (h) 1,099 1,500 Waconia, Minnesota, Health Care Facilities Revenue Bonds (Ridgeview Medical Center Project), Series A, 6.125% due 1/01/2029 (m) 1,608 Mississippi - 0.1% 1,700 Warren County, Mississippi, Environmental Improvement Revenue Refunding Bonds (International Paper Company Project), AMT, Series B, 6.75% due 8/01/2021 1,840 Missouri - 0.4% 3,905 Fenton, Missouri, Tax Increment Revenue Refunding and Improvement Bonds (Gravois Bluffs), 7% due 10/01/2011 (j) 4,167 1,500 Kansas City, Missouri, IDA, First Mortgage Health Facilities Revenue Bonds (Bishop Spencer Place), Series A, 6.50% due 1/01/2035 1,570 Montana - 0.4% 6,000 Montana State Higher Education, Student Assistance Corporation, Student Loan Revenue Refunding Bonds, AMT, Sub-Series B, 6.40% due 12/01/2032 6,340 Nevada - 2.0% 5,000 Clark County, Nevada, IDR (Power Company Project), AMT, Series A, 6.70% due 6/01/2022 (e) 5,199 1,550 Clark County, Nevada, Improvement District Number 142, Special Assessment Bonds, 6.375% due 8/01/2023 1,606 165 Elko, Nevada, GO (Airport Improvement), AMT, Series B, 6.10% due 10/01/2014 (f) 171 245 Elko, Nevada, GO (Airport Improvement), AMT, Series B, 6.30% due 10/01/2019 (f) 256 320 Elko, Nevada, GO (Airport Improvement), AMT, Series B, 6.75% due 10/01/2024 (f) 338 225 Elko, Nevada, GO (Airport Improvement), AMT, Series B, 7% due 10/01/2029 (f) 238 2,845 Henderson, Nevada, Local Improvement Districts, Special Assessment, Series NO T-14, 5.80% due 3/01/2023 2,947 1,755 Las Vegas, Nevada, Local Improvement Bonds, Special Assessment, Special Improvement District Number 808, Summerlin, 5.875% due 6/01/2009 1,811 2,020 Las Vegas, Nevada, Local Improvement Bonds, Special Assessment, Special Improvement District Number 808, Summerlin, 6.125% due 6/01/2012 2,086 2,255 Las Vegas, Nevada, Local Improvement Bonds, Special Assessment, Special Improvement District Number 808, Summerlin, 6.25% due 6/01/2013 2,329 55 Nevada Housing Division, S/F Program, AMT, Senior Series E, 7.05% due 4/01/2027 (b) 55 1,960 Reno, Nevada, Special Assessment District Number 4 (Somerset Parkway), 6.625% due 12/01/2022 2,021 3,110 Sparks, Nevada, Redevelopment Agency, Tax Allocation Revenue Refunding Bonds, Series A, 6% due 1/15/2015 (m) 3,337 6,315 Sparks, Nevada, Redevelopment Agency, Tax Allocation Revenue Refunding Bonds, Series A, 6% due 1/15/2023 (m) 6,764 New Hampshire - 0.1% 1,750 New Hampshire Health and Education Facilities Authority, Revenue Refunding Bonds (Elliot Hospital), Series B, 5.60% due 10/01/2022 1,840 New Jersey - 4.2% 440 Camden County, New Jersey, Pollution Control Financing Authority, Solid Waste Resource Recovery, Revenue Refunding Bonds, AMT, Series B, 7.50% due 12/01/2009 446 3,300 New Jersey EDA, Retirement Community Revenue Bonds (Cedar Crest Village Inc. Facility), Series A, 7.25% due 11/15/2031 3,570 11,000 New Jersey EDA, Revenue Bonds, RIB, Series 1187, 6.98% due 3/01/2024 (n) 12,416 3,680 New Jersey EDA, State Lease Revenue Bonds (State Office Buildings Projects), 6% due 6/15/2010 (c)(j) 4,008 3,130 New Jersey Health Care Facilities Financing Authority Revenue Bonds (South Jersey Hospital), 6% due 7/01/2026 3,324 2,250 New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds (Capital Health System Inc.), Series A, 5.75% due 7/01/2023 2,395 1,090 New Jersey State Housing and Mortgage Finance Agency, M/F Housing Revenue Refunding Bonds, Series B, 6.25% due 11/01/2026 (h) 1,145 10,000 New Jersey State Turnpike Authority, Turnpike Revenue Refunding Bonds, DRIVERS, Series 155, 8.004% due 1/01/2018 (a)(f)(n) 11,343 7,025 New Jersey State Turnpike Authority, Turnpike Revenue Refunding Bonds, Series A, 5.75% due 1/01/2010 (f)(j) 7,527 2,975 New Jersey State Turnpike Authority, Turnpike Revenue Refunding Bonds, Series A, 5.75% due 1/01/2018 (f) 3,175 9,500 Tobacco Settlement Financing Corporation of New Jersey, Asset-Backed Revenue Bonds, 7% due 6/01/2041 10,816 New Mexico - 0.6% 8,000 Farmington, New Mexico, PCR, Refunding (Public Service Company of New Mexico - San Juan Project), Series B, 6.30% due 12/01/2016 8,269 130 New Mexico Mortgage Finance Authority, Revenue Refunding Bonds, Mortgage-Backed Securities, Series F, 7% due 1/01/2026 (i) 134 250 Santa Fe County, New Mexico, Correctional System Revenue Bonds, 6% due 2/01/2027 (h) 293 New York - 9.7% 12,000 Long Island Power Authority, New York, Electric System Revenue Refunding Bonds, Series A, 5.25% due 12/01/2020 (e) 13,033 9,500 Metropolitan Transportation Authority, New York, Commuter Facilities, Service Contract Revenue Refunding Bonds, Series 8, 5.50% due 7/01/2013 (h)(j) 10,470 10,000 Metropolitan Transportation Authority, New York, Transit Facilities Revenue Bonds, Series A, 5.625% due 7/01/2007 (f)(j) 10,401 3,230 New York City, New York, City IDA, Civic Facility Revenue Bonds (Special Needs Facilities Pooled Program), Series C-1, 6% due 7/01/2012 3,335 4,050 New York City, New York, City IDA, Special Facility Revenue Bonds (British Airways Plc Project), AMT, 7.625% due 12/01/2032 4,411 3,500 New York City, New York, City Municipal Water Finance Authority, Water and Sewer System Revenue Bonds, Series B, 5.75% due 6/15/2006 (f)(j) 3,551 10,000 New York City, New York, City Municipal Water Finance Authority, Water and Sewer System Revenue Bonds, Series B, 5.875% due 6/15/2026 (h) 10,148 6,500 New York City, New York, City Municipal Water Finance Authority, Water and Sewer System, Revenue Refunding Bonds, Series B, 5.75% due 6/15/2026 (f) 6,595 6,540 New York City, New York, GO, Refunding, Series A, 6% due 5/15/2010 (j) 7,179 2,205 New York City, New York, GO, Refunding, Series A, 6.25% due 5/15/2010 (j)(k) 2,441 60 New York City, New York, GO, Refunding, Series A, 6% due 5/15/2021 (k) 65 4,000 New York City, New York, GO, Refunding, Series B, 8.25% due 6/01/2006 (a)(k) 4,031 4,000 New York City, New York, GO, Refunding, Series C, 5.875% due 2/01/2016 (e) 4,089 675 New York City, New York, GO, Refunding, Series H, 6% due 8/01/2007 (j)(k) 703 325 New York City, New York, GO, Refunding, Series H, 6% due 8/01/2017 (k) 339 6,600 New York City, New York, GO, Series B, 5.875% due 8/01/2010 (f)(j) 7,240 1,340 New York City, New York, GO, Series B, 5.875% due 8/01/2015 (f) 1,460 19,000 New York City, New York, Sales Tax Asset Receivable Corporation Revenue Bonds, Series A, 5% due 10/15/2032 (c) 19,831 3,165 New York State Dormitory Authority, Revenue Refunding Bonds (Concord Nursing Home Inc.), 6.25% due 7/01/2016 3,385 2,500 New York State Dormitory Authority, Revenue Refunding Bonds (Concord Nursing Home Inc.), 6.50% due 7/01/2029 2,694 3,000 New York State Dormitory Authority, Revenue Refunding Bonds (Mount Sinai Health), Series A, 6.50% due 7/01/2016 3,235 3,950 New York State Dormitory Authority, Revenue Refunding Bonds (Mount Sinai Health), Series A, 6.50% due 7/01/2025 4,233 3,000 New York State Dormitory Authority, Revenue Refunding Bonds (State University Educational Facilities), Series A, 7.50% due 5/15/2013 3,611 1,360 New York State Environmental Facilities Corporation, State Clean Water and Drinking Revenue Bonds (Revolving Funds), Series B, 5.875% due 1/15/2019 1,463 2,285 Oneida County, New York, IDA Revenue Bonds (Civic Facility-Faxton Hospital), Series C, 6.625% due 1/01/2015 (m) 2,492 95 Suffolk County, New York, IDA, Civic Facility Revenue Bonds (Special Needs Facilities Pooled Program), Series D-1, 6% due 7/01/2012 98 705 Westchester County, New York, IDA, Civic Facilities Revenue Bonds (Special Needs Facilities Pooled Program), Series E-1, 6% due 7/01/2012 726 8,095 Westchester County, New York, IDA, Continuing Care Retirement, Mortgage Revenue Bonds (Kendal on Hudson Project), Series A, 6.50% due 1/01/2034 8,625 North 920 Brunswick County, North Carolina, COP, 6% due 6/01/2010 (h)(j) 1,009 Carolina - 2.7% 1,500 Haywood County, North Carolina, Industrial Facilities and Pollution Control Financing Authority Revenue Bonds (Champion International Corporation Project), AMT, 6.25% due 9/01/2025 1,532 1,500 North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series B, 5.875% due 1/01/2007 (f)(j) 1,555 4,000 North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series D, 6.75% due 1/01/2026 4,373 4,440 North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, Series D, 6.70% due 1/01/2019 (o) 4,862 4,840 North Carolina HFA, Home Ownership Revenue Bonds, AMT, Series 9-A, 5.80% due 1/01/2020 5,041 45 North Carolina HFA, S/F Revenue Bonds, Series W, 6.50% due 3/01/2018 45 2,500 North Carolina Medical Care Commission, Health Care Facilities, First Mortgage Revenue Bonds (Presbyterian Homes Project), 6.875% due 10/01/2021 2,665 1,625 North Carolina Medical Care Commission, Retirement Facilities, First Mortgage Revenue Bonds (Forest at Duke Project), 6.375% due 9/01/2032 1,707 2,500 North Carolina Medical Care Commission, Retirement Facilities, First Mortgage Revenue Bonds (Givens Estates Project), Series A, 6.50% due 7/01/2032 2,667 5,000 North Carolina Municipal Power Agency Number 1, Catawba Electric Revenue Refunding Bonds, Series B, 6.50% due 1/01/2010 5,448 500 North Carolina Municipal Power Agency Number 1, Catawba Electric Revenue Refunding Bonds, Series B, 6.375% due 1/01/2013 541 1,080 North Carolina Municipal Power Agency Number 1, Catawba Electric Revenue Refunding Bonds, Series B, 6.375% due 1/01/2013 (o) 1,172 2,500 North Carolina Municipal Power Agency Number 1, Catawba Electric Revenue Refunding Bonds, Series B, 6.50% due 1/01/2020 (o) 2,724 1,175 North Carolina State Educational Assistance Authority Revenue Bonds (Guaranteed Student Loan), AMT, Sub-lien, Series C, 6.35% due 7/01/2016 1,203 1,000 Piedmont Triad Airport Authority, North Carolina, Airport Revenue Refunding Bonds, Series A, 6% due 7/01/2009 (h)(j) 1,080 1,000 Piedmont Triad Airport Authority, North Carolina, Airport Revenue Refunding Bonds, Series A, 6.375% due 7/01/2009 (h)(j) 1,091 North Dakota - 0.4% 5,695 North Dakota State, Board of Higher Education Revenue Bonds (University of North Dakota and Auxiliary Facilities), 5% due 4/01/2035 (h) 5,899 Ohio - 0.4% 365 Ohio HFA, Mortgage Revenue Bonds, AMT, Series A-1, 6.15% due 3/01/2029 (d) 370 1,470 Port of Greater Cincinnati Development Authority, Ohio, Special Assessment Revenue Bonds (Cooperative Public Parking Infrastructure Project), 6.40% due 2/15/2034 1,588 3,005 Toledo-Lucas County, Ohio, Lodging Tax Revenue Refunding Bonds (Convention Center Project), 5.70% due 10/01/2015 (f) 3,094 Oregon - 0.4% 250 Forest Grove, Oregon, Campus Improvement Revenue Refunding Bonds (Pacific University), 6% due 5/01/2010 (j)(m) 272 250 Forest Grove, Oregon, Campus Improvement Revenue Refunding Bonds (Pacific University), 6.20% due 5/01/2010 (j)(m) 273 45 Oregon State Housing and Community Services Department, Mortgage Revenue Refunding Bonds (S/F Mortgage Program), AMT, Series A, 6.20% due 7/01/2027 46 70 Oregon State Housing and Community Services Department, Mortgage Revenue Refunding Bonds (S/F Mortgage Program), Series A, 6.40% due 7/01/2018 70 500 Portland, Oregon, M/F Housing Authority Revenue Bonds (Lovejoy Station Apartments Project), AMT, 5.90% due 7/01/2023 (f) 521 1,000 Portland, Oregon, Urban Renewal and Redevelopment Revenue Refunding Bonds (Downtown Waterfront), Series A, 5.75% due 6/15/2018 (c) 1,085 3,190 Portland, Oregon, Urban Renewal and Redevelopment Revenue Refunding Bonds (South Park Blocks), Series A, 5.75% due 6/15/2018 (c) 3,461 Pennsylvania - 2.7% 3,640 Allegheny County, Pennsylvania, IDA, Environmental Improvement Revenue Refunding Bonds, 5.50% due 11/01/2016 3,757 2,220 Allegheny County, Pennsylvania, Sanitation Authority, Sewer Revenue Bonds, 5.75% due 12/01/2010 (f)(j) 2,420 1,760 Bucks County, Pennsylvania, IDA, Retirement Community Revenue Bonds (Ann's Choice Inc.), Series A, 6.125% due 1/01/2025 1,822 4,000 Pennsylvania State Higher Educational Facilities Authority Revenue Bonds (University of Pennsylvania Medical Center Health System), Series A, 6% due 1/15/2031 4,342 1,265 Philadelphia, Pennsylvania, Authority for IDR, Commercial Development, 7.75% due 12/01/2017 1,280 18,105 Philadelphia, Pennsylvania, Redevelopment Authority Revenue Bonds, ROLS, Series RR-II-432X, 7.307% due 10/15/2010 (e)(n) 20,219 5,000 Sayre, Pennsylvania, Health Care Facilities Authority, Revenue Refunding Bonds (Guthrie Healthcare System), Series A, 5.875% due 12/01/2031 5,316 Rhode 6,815 Rhode Island State Economic Development Corporation, Airport Revenue Bonds, Series B, 6% Island - 0.6% due 7/01/2010 (e)(j) 7,490 1,000 Rhode Island State Economic Development Corporation Revenue Bonds (Providence Place Mall), 6.125% due 7/01/2020 (m) 1,106 South 2,450 Medical University Hospital Authority, South Carolina, Hospital Facilities Revenue Carolina - 1.0% Refunding Bonds, 6.50% due 8/15/2012 (j) 2,813 5,400 Medical University Hospital Authority, South Carolina, Hospital Facilities Revenue Refunding Bonds, Series A, 6.375% due 8/15/2012 (j) 6,162 5,000 South Carolina Jobs EDA, Residential Care Facilities Revenue Bonds (South Carolina Episcopal - Still Hopes Residence Project), Series A, 6.375% due 5/15/2032 5,167 South 3,750 Pierre, South Dakota, School District Number 32-2, GO, 5.75% due 8/01/2010 (h)(j) 4,055 Dakota - 0.4% 1,775 South Dakota Housing Development Authority, Homeownership Revenue Bonds, AMT, Series C, 5.375% due 5/01/2018 1,825 Tennessee - 2.0% 4,485 Chattanooga, Tennessee, IDB, Lease Rent Revenue Bonds (Southside Redevelopment Corporation), 5.75% due 10/01/2017 (c) 4,831 3,740 Chattanooga, Tennessee, IDB, Lease Rent Revenue Bonds (Southside Redevelopment Corporation), 5.75% due 10/01/2018 (c) 4,029 1,000 Johnson City, Tennessee, Health and Educational Facilities Board, Retirement Facility Revenue Bonds (Appalachian Christian Village Project), Series A, 6.25% due 2/15/2032 1,033 4,950 McMinn County, Tennessee, IDB, Solid Waste Revenue Bonds (Recycling Facility-Calhoun Newsprint), AMT, 7.40% due 12/01/2022 4,976 5,000 Metropolitan Government of Nashville and Davidson County, Tennessee, GO, 5.875% due 5/15/2026 5,062 7,300 Shelby County, Tennessee, Health, Educational and Housing Facility Board, Hospital Revenue Refunding Bonds (Methodist Healthcare), 6.50% due 9/01/2012 (j) 8,387 Texas - 11.6% 5,300 Austin, Texas, Convention Center Revenue Bonds (Convention Enterprises Inc.), First Tier, Series A, 6.60% due 1/01/2021 5,597 2,300 Austin, Texas, Convention Center Revenue Bonds (Convention Enterprises Inc.), First Tier, Series A, 6.70% due 1/01/2028 2,451 10,630 Austin, Texas, Revenue Bonds (Town Lake Community Events Center Venue), 6.20% due 11/15/2009 (e)(j) 11,520 600 Bexar County, Texas, Health Facilities Development Corporation Revenue Refunding Bonds (Army Retirement Residence Project), 6.125% due 7/01/2022 640 1,750 Bexar County, Texas, Health Facilities Development Corporation Revenue Refunding Bonds (Army Retirement Residence Project), 6.30% due 7/01/2032 1,862 2,280 Brazos River Authority, Texas, PCR, Refunding (Texas Utility Company), AMT, Series A, 7.70% due 4/01/2033 2,675 4,250 Brazos River Authority, Texas, Revenue Refunding Bonds (Reliant Energy Inc. Project), Series B, 7.75% due 12/01/2018 4,621 3,700 Brazos River, Texas, Harbor Navigation District, Brazoria County Environmental Revenue Refunding Bonds (Dow Chemical Company Project), AMT, Series A-7, 6.625% due 5/15/2033 4,138 885 Central Texas Housing Finance Corporation, S/F Mortgage Revenue Bonds (GNMA Mortgage Program), AMT, 8.20% due 6/28/2017 (b)(d) 900 3,620 Dallas-Fort Worth, Texas, International Airport Facility Improvement Corporation, Revenue Bonds (Learjet Inc.), AMT, Series A-1, 6.15% due 1/01/2016 3,650 18,250 Dallas-Fort Worth, Texas, International Airport Revenue Bonds, DRIVERS, AMT, Series 201, 8.478% due 11/01/2024 (e)(n) 20,638 1,260 Fort Bend County, Texas, Municipal Utility District Number 23, GO, 6.625% due 9/01/2007 (j)(m) 1,314 1,000 Gregg County, Texas, Health Facilities Development Corporation, Hospital Revenue Bonds (Good Shepherd Medical Center Project), 6.875% due 10/01/2020 (m) 1,118 3,500 Gregg County, Texas, Health Facilities Development Corporation, Hospital Revenue Bonds (Good Shepherd Medical Center Project), 6.375% due 10/01/2025 (m) 3,843 2,465 Gulf Coast, Texas, Waste Disposal Authority, Revenue Refunding Bonds (International Paper Company), AMT, Series A, 6.10% due 8/01/2024 2,601 10,000 Houston, Texas, Utility System Revenue Refunding Bonds, DRIVERS, Series 1076, 6.764% due 5/15/2012 (f)(n) 10,958 4,000 Kerrville, Texas, Health Facilities Development Corporation, Hospital Revenue Bonds (Sid Peterson Memorial Hospital Project), 5.25% due 8/15/2021 4,118 8,080 Matagorda County, Texas, Navigation District Number 1, Revenue Refunding Bonds (Reliant Energy Inc.), Series C, 8% due 5/01/2029 8,710 7,350 Matagorda County, Texas, Port of Bay City Authority Revenue Bonds (Hoechst Celanese Corp. Project), AMT, 6.50% due 5/01/2026 7,511 4,825 Port Corpus Christi, Texas, Individual Development Corporation, Environmental Facilities Revenue Bonds (Citgo Petroleum Corporation Project), AMT, 8.25% due 11/01/2031 5,063 1,000 Red River, Texas, Education Finance Revenue Bonds (Saint Mark's School-Texas Project), 6% due 8/15/2019 1,071 1,095 South Plains, Texas, Housing Finance Corporation, S/F Mortgage Revenue Bonds, AMT, Series A, 7.30% due 9/01/2031 (i) 1,106 90 Southeast Texas Housing Finance Corporation, Revenue Bonds, AMT, Series A, 8% due 11/01/2025 (d)(l) 92 180 Southeast Texas Housing Finance Corporation, Revenue Bonds, AMT, Series B, 8.50% due 11/01/2025 (d)(l) 184 2,100 Texas State Public Finance Authority, Building Revenue Bonds (General Services Commission Project), Series A, 6% due 2/01/2010 (h)(j) 2,269 1,000 Texas State Public Finance Authority, Building Revenue Bonds (State Preservation Project), Series B, 6% due 8/01/2009 (h)(j) 1,071 45,000 Texas State Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier, Series A, 5.75% due 8/15/2038 (c) 49,206 4,930 Upper Trinity Regional Water District, Texas, Water Revenue Bonds (Regional Treated Water Supply System), Series A, 6% due 8/01/2010 (e)(j) 5,376 1,500 Webster, Texas, GO, COP, Series A, 6% due 3/01/2010 (h)(j) 1,624 805 Webster, Texas, GO, COP, Series A, 6% due 3/01/2021 (h) 866 Utah - 0.1% 960 Utah State HFA, S/F Mortgage Revenue Refunding Bonds, AMT, Series C, Class III, 5.50% due 1/01/2018 975 Virginia - 0.6% 2,425 Chesterfield County, Virginia, IDA, PCR, Refunding (Virginia Electric and Power Company), Series B, 5.875% due 6/01/2017 2,634 500 Norfolk, Virginia, Redevelopment and Housing Authority, First Mortgage Revenue Bonds (Retirement Community), Series A, 6% due 1/01/2025 516 1,100 Norfolk, Virginia, Redevelopment and Housing Authority, First Mortgage Revenue Bonds (Retirement Community), Series A, 6.125% due 1/01/2035 1,133 3,825 Pocahontas Parkway Association, Virginia, Toll Road Revenue Bonds, Senior-Series A, 5.50% due 8/15/2028 3,923 Washington - 1.6% 3,000 Port of Seattle, Washington, Special Facilities Revenue Bonds, Series A, 6% due 3/01/2010 (f)(j) 3,275 3,010 Seattle, Washington, Drain and Wastewater Utility Revenue Bonds, 5.75% due 11/01/2022 (f) 3,227 2,750 Seattle, Washington, Housing Authority Revenue Bonds (Newholly Project), AMT, 6.25% due 12/01/2035 2,786 4,800 Seattle, Washington, Housing Authority Revenue Bonds (Replacement Housing Project), 6.125% due 12/01/2032 4,771 7,750 Tacoma, Washington, Electric System Revenue Refunding Bonds, Series A, 5.75% due 1/01/2011 (h)(j) 8,494 Wisconsin - 0.6% 3,250 Wisconsin State Health and Educational Facilities Authority Revenue Bonds (Synergyhealth Inc.), 6% due 11/15/2023 3,520 3,700 Wisconsin State Health and Educational Facilities Authority Revenue Bonds (Synergyhealth Inc.), 6% due 11/15/2032 3,981 1,960 Wisconsin State, GO, AMT, Series B, 6.20% due 11/01/2026 (f) 1,967 Wyoming - 0.6% 8,400 Sweetwater County, Wyoming, PCR, Refunding (Idaho Power Company Project), Series A, 6.05% due 7/15/2026 (f) 8,622 Guam - 0.0% 115 Guam Housing Corporation, S/F Mortgage Revenue Bonds, AMT, Series A, 5.75% due 9/01/2031 (l) 127 Puerto Rico - 2.7% 8,045 Puerto Rico Commonwealth Highway and Transportation Authority, Transportation Revenue Bonds, 5.75% due 7/01/2022 8,775 30,000 Puerto Rico Commonwealth Infrastructure Financing Authority, Special Tax and Capital Appreciation Revenue Bonds, Series A, 4.64%** due 7/01/2032 (e) 8,586 11,785 Puerto Rico Commonwealth Infrastructure Financing Authority, Special Tax and Capital Appreciation Revenue Bonds, Series A, 4.67%** due 7/01/2036 (c) 2,775 785 Puerto Rico Commonwealth, Public Improvement, GO, Refunding, 5.70% due 7/01/2020 (f) 844 15,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series NN, 5.125% due 7/01/2029 15,528 2,000 Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Revenue Bonds (Ascension Health), RIB, Series 377, 8.79% due 11/15/2030 (n) 2,374 U.S. Virgin 8,000 Virgin Islands Government Refinery Facilities, Revenue Refunding Bonds (Hovensa Coker Islands - 0.6% Project), AMT, 6.50% due 7/01/2021 9,016 Total Municipal Bonds (Cost - $1,311,692) - 95.5% 1,373,548 Shares Held Short-Term Securities 42,323 Merrill Lynch Institutional Tax-Exempt Fund, 3.02% (p)(q) 42,323 Total Short-Term Securities (Cost - $42,323) - 3.0% 42,323 Total Investments (Cost - $1,354,015*) - 98.5% 1,415,871 Other Assets Less Liabilities - 1.5% 22,144 ----------- Net Assets - 100.0% $ 1,438,015 =========== * The cost and unrealized appreciation (depreciation) of investments as of March 31, 2006, as computed for federal income tax purposes, were as follows: Aggregate cost $ 1,354,015 ================ Gross unrealized appreciation $ 65,519 Gross unrealized depreciation (3,663) ---------------- Net unrealized appreciation $ 61,856 ================ ** Represents a zero coupon bond; the interest rate shown reflects the effective yield at the time of purchase. (a) Escrowed to maturity. (b) FHA Insured. (c) AMBAC Insured. (d) GNMA Collateralized. (e) FGIC Insured. (f) MBIA Insured. (g) Security may have a maturity of more than one year at time of issuance, but has variable rate and demand features that qualify it as a short-term security. The rate disclosed is that currently in effect. This rate changes periodically based upon prevailing market rates. (h) FSA Insured. (i) FNMA/GNMA Collateralized. (j) Prerefunded. (k) XL Capital Insured. (l) FHLMC Collateralized. (m) Radian Insured. (n) The rate disclosed is that currently in effect. This rate changes periodically and inversely based upon prevailing market rates. (o) ACA Insured. (p) Floating rate security. (q) Investments in companies considered to be an affiliate of the Portolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: Net Dividend Affiliate Activity Income Merrill Lynch Institutional Tax-Exempt Fund 25,455 $ 508
Merrill Lynch Municipal Bond Fund, Inc. - Short-Term Portfolio Schedule of Investments as of March 31, 2006 (in Thousands)
Face State Amount Municipal Bonds Value Alaska - 2.0% $ 5,000 Alaska State Housing Financing Corporation, Collateralized Revenue Bonds (Veterans Mortgage Program), AMT, 3.43% due 12/01/2006 (f) $ 4,992 2,150 Alaska Student Loan Corporation, Capital Project Revenue Bonds, Series A, 5% due 1/01/2008 (g) 2,200 Arkansas - 2.9% 10,000 Arkansas State, Federal Highway Grant Anticipation and Tax Revenue Bonds, GO, Series A, 5.25% due 8/01/2007 10,220 California - 1.0% 3,650 Contra Costa County, California, M/F Housing Revenue Bonds (Pleasant Hill - Bart Transit), AMT, VRDN, Series A, 3.95% due 4/15/2046 (b) 3,643 Connecticut - 2.0% 6,925 Connecticut State, Special Tax Obligation, Revenue Refunding Bonds (Transportation Infrastructure), Series B, 5% due 10/01/2007 (g) 7,071 Florida - 5.0% 4,365 Saint Johns River Management District, Florida, Land Acquisition Revenue Refunding Bonds, 4.50% due 7/01/2007 (g) 4,413 13,100 Volusia County, Florida, Educational Facility Authority, Educational Facilities Revenue Bonds (Embry-Riddle Aeronautical University Project), Series A, 6.125% due 10/15/2006 (a) 13,533 Georgia - 2.4% 220 Georgia Municipal Electric Authority, Power Revenue Refunding Bonds, Series DD, 7% due 1/01/2008 (d)(i) 232 6,005 Georgia Municipal Electric Authority, Power Revenue Refunding Bonds, Series DD, 7% due 1/01/2008 (i) 6,337 2,000 Georgia State, GO, Series B, 6.25% due 4/01/2008 2,101 Illinois - 6.6% 12,500 Chicago, Illinois, O'Hare International Airport, Revenue Refunding Bonds, Third Lien, Series A, 5% due 1/01/2008 (i) 12,770 7,350 Illinois Development Finance Authority, PCR, Refunding (Commonwealth Edison Company Project), Series A, 4.40% due 12/01/2006 (c) 7,387 3,275 Illinois State, GO, First Series, 5.50% due 8/01/2007 3,355 Indiana - 2.9% 10,000 Indiana Health Facilities Financing Authority, Subordinate Credit Group Revenue Bonds (Ascension Health), Series A, 5% due 5/01/2008 10,247 Iowa - 1.2% 4,000 Iowa Finance Authority, State Revolving Fund, Revenue Refunding Bonds, 5% due 8/01/2008 4,123 Kansas - 1.6% 5,380 Kansas State Department of Transportation, Highway Revenue Bonds, 5.75% due 9/01/2009 (a) 5,734 Louisiana - 4.1% 4,800 Louisiana HFA, S/F Mortgage Revenue Bonds, VRDN, AMT, 3.87% due 11/28/2008 (b) 4,787 9,800 Louisiana HFA, S/F Mortgage Revenue Refunding Bonds, VRDN, AMT, 4.044% due 4/30/2007 (b) 9,800 Massachusetts - 12,000 Massachusetts Municipal Wholesale Electric Company, Power Supply System, Revenue Refunding 3.4% Bonds (Nuclear Project Number 4 Issue), Series A, 5% due 7/01/2007 (i) 12,197
Portfolio Abbreviations To simplify the listings of Merrill Lynch Municipal Bond Fund, Inc. - Short- Term Portfolio's portfolio holdings in the Schedule of Investments, we have abbreviated the names of many of the securities according to the list below. AMT Alternative Minimum Tax (subject to) GO General Obligation Bonds HFA Housing Finance Agency M/F Multi-Family PCR Pollution Control Revenue Bonds S/F Single-Family VRDN Variable Rate Demand Notes Merrill Lynch Municipal Bond Fund, Inc. - Short-Term Portfolio Schedule of Investments as of March 31, 2006 (concluded) (in Thousands)
Face State Amount Municipal Bonds Value Michigan - 0.8% $ 3,000 Michigan State, GO, Series A, 4.50% due 9/29/2006 $ 3,013 Minnesota - 2.7% 2,500 Lakeville, Minnesota, Independent School District Number 194, GO, Refunding, Series B, 4% due 2/01/2007 (j) 2,510 7,000 Minnesota Public Facilities Authority, Water, PCR, Refunding, Series C, 5% due 3/01/2008 7,181 Missouri - 1.1% 3,980 Kansas City, Missouri, Passenger Facility Charge Revenue Bonds, AMT, 5% due 4/01/2007 (c) 4,033 Nebraska - 4.3% 14,730 Nebraska Public Power District, General Revenue Refunding Bonds, Series A, 5.25% due 1/01/2008 (a)(i) 15,274 Nevada - 0.7% 2,430 Nevada State, Capital Improvement, GO, Refunding, Series A, 5% due 2/01/2009 2,517 New Jersey - 2.6% 4,000 New Jersey State Educational Facilities Authority, Revenue Refunding Bonds (Higher Education Trust Fund), Sub-Series A-1, 5% due 9/01/2007 4,075 5,000 New Jersey State Educational Facilities Authority, Revenue Refunding Bonds (Higher Education Trust Fund), Sub-Series A-1, 5% due 9/01/2008 5,149 New York - 8.3% 9,800 Long Island Power Authority, New York, Electric System Revenue Refunding Bonds, Series A, 6% due 12/01/2007 (c) 10,177 11,025 Metropolitan Transportation Authority, New York, Commuter Facilities Revenue Bonds, Series C-1, 5.30% due 7/01/2009 (a)(e) 11,581 3,910 New York City, New York, GO, Series J, 5% due 3/01/2008 4,007 3,645 New York City, New York, GO, Series M, 4% due 4/01/2008 3,669 North 7,725 North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series B, Carolina - 6.6% 5.875% due 1/01/2007 (a)(i) 8,009 10,500 North Carolina State, Public Improvements, GO, Series A, 5% due 3/01/2007 10,643 5,000 North Carolina State, Public School Building, GO, 4.60% due 4/01/2006 5,000 Ohio - 1.3% 4,500 Ohio State Water Development Authority, Water Pollution Control, Revenue Refunding Bonds, VRDN, Series A, 3.35% due 6/01/2033 (b) 4,497 Pennsylvania - 1.5% 5,415 Pennsylvania State, GO, Refunding, Second Series, 5% due 7/01/2006 5,435 Tennessee - 2.8% 9,725 Shelby County, Tennessee, Public Improvement and Schools, GO, Series A, 5% due 3/01/2008 (g) 9,975 Texas - 14.9% 9,080 Brazos River Authority, Texas, PCR, Refunding (Utilities Electric Company), AMT, VRDN, Series B, 5.05% due 6/01/2030 (b) 9,104 4,500 El Paso, Texas, GO, 5.75% due 8/15/2007 (a)(g) 4,631 14,000 Matagorda County, Texas, Navigation District Number 1, PCR (Central Power and Light Company), Refunding, VRDN, Series A, 4.55% due 11/01/2029 (b) 14,067 4,920 San Antonio, Texas, Electric and Gas Revenue Refunding Bonds, 5.25% due 2/01/2007 4,988 2,500 San Antonio, Texas, Electric and Gas System, Junior Lien Revenue Bonds, VRDN, 3.55% due 12/01/2027 (b) 2,494 2,750 Texas State, GO, Refunding, Series A, 8% due 10/01/2007 2,922 7,995 Texas State Public Finance Authority, GO, Refunding, Series A, 5.25% due 10/01/2007 8,188 6,490 University of Texas, Financing System Revenue Refunding Bonds, Series D, 5% due 8/15/2007 6,613 Virginia - 4.6% 4,490 Virginia Beach, Virginia, Development Authority, Public Facility Revenue Refunding Bonds, Series A, 5% due 5/01/2007 4,560 5,560 Virginia State Public Building Authority, Public Facilities Revenue Bonds, Series B, 5% due 8/01/2008 5,727 6,000 Virginia State Public School Authority, School Financing Revenue Bonds (1997 Resolution), Series D, 5% due 8/01/2007 6,109 Washington - 3.9% 6,500 Energy Northwest, Washington, Electric Revenue Refunding Bonds (Columbia Generating Station), Series A, 5.25% due 7/01/2008 6,720 6,810 Washington State, GO, Series A, 5% due 7/01/2008 (e) 7,009 Wisconsin - 3.9% 4,250 Franklin, Wisconsin, Solid Waste Disposal, Revenue Bonds, VRDN, 3.625% due 4/01/2016 (b) 4,250 2,635 Wisconsin State, GO, Series E, 4.50% due 5/01/2008 2,680 6,890 Wisconsin State, Transportation Revenue Bonds, Series B, 4.50% due 7/01/2009 (c) 7,060 Total Municipal Bonds (Cost - $341,093) - 95.1% 339,009 Shares Held Short-Term Securities 17,904 Merrill Lynch Institutional Tax-Exempt Fund, 3.02% (h)(k) 17,904 Total Short-Term Securities (Cost - $17,904) - 5.0% 17,904 Total Investments (Cost - $358,997*) - 100.1% 356,913 Liabilities in Excess of Other Assets - (0.1%) (467) ---------- Net Assets - 100.0% $ 356,446 ========== * The cost and unrealized appreciation (depreciation) of investments as of March 31, 2006, as computed for federal income tax purposes, were as follows: Aggregate cost $ 358,997 ================= Gross unrealized appreciation $ - Gross unrealized depreciation (2,084) ----------------- Net unrealized depreciation $ (2,084) ================= (a) Prerefunded. (b) Security may have a maturity of more than one year at time of issuance, but has variable rate and demand features that qualify it as a short-term security. The rate disclosed is that currently in effect. This rate changes periodically based upon prevailing market rates. (c) AMBAC Insured. (d) Escrowed to maturity. (e) FGIC Insured. (f) FNMA/GNMA Collateralized. (g) FSA Insured. (h) Investments in companies considered to be an affiliate of the Fund, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: Net Dividend Affiliate Activity Income Merrill Lynch Institutional Tax-Exempt Fund 17,900 $ 541 (i) MBIA Insured. (j) XL Capital Insured. (k) Variable rate security.
Item 2 - Controls and Procedures 2(a) - The registrant's certifying officers have reasonably designed such disclosure controls and procedures to ensure material information relating to the registrant is made known to us by others particularly during the period in which this report is being prepared. The registrant's certifying officers have determined that the registrant's disclosure controls and procedures are effective based on our evaluation of these controls and procedures as of a date within 90 days prior to the filing date of this report. 2(b) - There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the last fiscal quarter of the period covered by this report that has materially affected, or is 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. Merrill Lynch Municipal Bond Fund, Inc. By: /s/ Robert C. Doll, Jr. ----------------------- Robert C. Doll, Jr. Chief Executive Officer Merrill Lynch Municipal Bond Fund, Inc. Date: May 22, 2006 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/ Robert C. Doll, Jr. ----------------------- Robert C. Doll, Jr. Chief Executive Officer Merrill Lynch Municipal Bond Fund, Inc. Date: May 22, 2006 By: /s/ Donald C. Burke -------------------- Donald C. Burke Chief Financial Officer Merrill Lynch Municipal Bond Fund, Inc. Date: May 22, 2006