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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 Municipal Insured 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: Donald C. Burke, Chief Executive Officer, BlackRock Municipal Bond Fund, Inc., 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011 Registrants telephone number, including area code: (800) 441-7762 Date of fiscal year end: 06/30/2009 Date of reporting period: 07/01/2008 09/30/2008 Item 1 Schedule of Investments |
BlackRock Municipal Bond Fund, Inc. - BlackRock High Yield Municipal Fund
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||
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Par | ||||||||
State | Municipal Bonds | (000) | Value | |||||
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Alabama - 0.5% | Tuscaloosa, Alabama, Special Care Facilities Financing | |||||||
Authority, Residential Care Facility Revenue Bonds | ||||||||
(Capstone Village, Inc. Project), Series A, 5.875%, | ||||||||
8/01/36 | $ 500 | $ 353,530 | ||||||
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Arizona - 6.3% | Maricopa County, Arizona, IDA, Education Revenue | |||||||
Bonds (Arizona Charter Schools | ||||||||
Project 1), Series A, 6.625%, 7/01/20 | 250 | 215,625 | ||||||
Maricopa County, Arizona, IDA, Education Revenue | ||||||||
Bonds (Arizona Charter Schools | ||||||||
Project 1), Series A, 6.75%, 7/01/29 | 300 | 251,037 | ||||||
Maricopa County, Arizona, IDA, M/F Housing Revenue | ||||||||
Bonds (Sun King Apartments Project), Series A, 6.75%, | ||||||||
5/01/31 | 185 | 164,234 | ||||||
Phoenix, Arizona, IDA, Airport Facility, Revenue | ||||||||
Refunding Bonds (America West Airlines Inc. | ||||||||
Project), AMT, 6.30%, 4/01/23 | 1,000 | 747,010 | ||||||
Pima County, Arizona, IDA, Education Revenue | ||||||||
Bonds (American Charter Schools Foundation), | ||||||||
Series A, 5.625%, 7/01/38 | 685 | 557,597 | ||||||
Pima County, Arizona, IDA, Education Revenue | ||||||||
Refunding Bonds (Arizona Charter Schools Project), | ||||||||
Series O, 5.25%, 7/01/31 | 285 | 216,740 | ||||||
Pima County, Arizona, IDA, Revenue Bonds (Tucson | ||||||||
Electric Power Company), Series A, 6.375%, 9/01/29 | 780 | 689,504 | ||||||
Queen Creek Improvement District Number 001, | ||||||||
Arizona, Special Assessment Bonds, 5%, 1/01/32 | 500 | 409,605 | ||||||
Salt Verde Financial Corporation, Arizona, | ||||||||
Senior Gas Revenue Bonds, 5%, 12/01/32 | 750 | 538,853 | ||||||
Salt Verde Financial Corporation, Arizona, | ||||||||
Senior Gas Revenue Bonds, 5%, 12/01/37 | 1,045 | 729,807 | ||||||
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4,520,012 | ||||||||
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California - 3.5% | California Pollution Control Financing Authority, Solid | |||||||
Waste Disposal Revenue Bonds (Waste Management | ||||||||
Inc. Project), AMT, Series C, | ||||||||
5.125%, 11/01/23 | 750 | 604,897 | ||||||
Lammersville, California, School District, Special Tax | ||||||||
Bonds (Community Facilities District Number 2002 - | ||||||||
Mountain House), 5.125%, 9/01/35 | 500 | 399,755 | ||||||
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Portfolio Abbreviations | ||||||||
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To simplify the listings of portfolio holdings in the Schedule of Investments, the names of many of the securities have been abbreviated according to the list below.
AMT | Alternative Minimum Tax (subject to) | IDA | Industrial Development Authority | |||
EDA | Economic Development Authority | IDR | Industrial Development Revenue Bonds | |||
EDR | Economic Development Revenue Bonds | M/F | Multi-Family | |||
HDA | Housing Development Agency | PCR | Pollution Control Revenue Bonds | |||
HFA | Housing Finance Agency | S/F | Single-Family |
1
BlackRock Municipal Bond Fund, Inc. - BlackRock High Yield Municipal Fund
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||
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Par | ||||||||
State | Municipal Bonds | (000) | Value | |||||
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Roseville, California, Special Tax Bonds (Fiddyment | ||||||||
Ranch Community Facilities Number 1), 5.25%, | ||||||||
9/01/36 | $ 465 | $ 347,634 | ||||||
Southern California Public Power Authority, Natural | ||||||||
Gas Project Number 1 Revenue Bonds, Series A, 5%, | ||||||||
11/01/29 | 480 | 344,309 | ||||||
Temecula, California, Public Financing Authority, | ||||||||
Community Facilities District Number 01-2, Special Tax | ||||||||
Refunding Bonds, Sub-Series B, 5.10%, 9/01/36 | 500 | 389,165 | ||||||
Temecula Valley, California, Unified School District, | ||||||||
Community Facilities District Number 2005-1, Special | ||||||||
Tax Bonds, 5%, 9/01/36 | 565 | 444,378 | ||||||
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2,530,138 | ||||||||
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Colorado - 1.7% | Colorado HFA, Revenue Refunding Bonds (Adventist | |||||||
Health System/Sunbelt Obligor Group), Series D, | ||||||||
5.25%, 11/15/35 | 1,000 | 863,080 | ||||||
Colorado Health Facilities Authority, Revenue | ||||||||
Refunding Bonds (Christian Living Communities | ||||||||
Project), Series A, 5.75%, 1/01/37 | 450 | 361,588 | ||||||
| ||||||||
1,224,668 | ||||||||
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Connecticut - 1.7% | Connecticut State Health and Educational Facilities | |||||||
Authority Revenue Bonds (University of Hartford), | ||||||||
Series G, 5.25%, 7/01/36 (a) | 1,000 | 829,090 | ||||||
Mashantucket Western Pequot Tribe, Connecticut, | ||||||||
Revenue Refunding Bonds, Sub-Series A, | ||||||||
5.50%, 9/01/36 | 500 | 382,290 | ||||||
| ||||||||
1,211,380 | ||||||||
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Florida - 8.0% | Capital Region Community Development District, | |||||||
Florida, Special Assessment Revenue Bonds, Series | ||||||||
A, 7%, 5/01/39 | 215 | 202,154 | ||||||
Highland Meadows Community Development District, | ||||||||
Florida, Special Assessment Bonds, | ||||||||
Series A, 5.50%, 5/01/36 | 490 | 316,202 | ||||||
Jacksonville, Florida, Economic Development | ||||||||
Commission, IDR (Gerdau Ameristeel US, Inc.), AMT, | ||||||||
5.30%, 5/01/37 | 300 | 219,138 | ||||||
Lee County, Florida, IDA, Health Care Facilities, | ||||||||
Revenue Refunding Bonds (Shell Point/Alliance | ||||||||
Obligor Group), 5%, 11/15/29 | 500 | 381,465 | ||||||
Lee County, Florida, IDA, Health Care Facilities, | ||||||||
Revenue Refunding Bonds (Shell Point/Alliance | ||||||||
Obligor Group), 5%, 11/15/32 | 600 | 443,892 | ||||||
Lee County, Florida, IDA, IDR (Lee Charter | ||||||||
Foundation), Series A, 5.375%, 6/15/37 | 570 | 418,517 |
2
BlackRock Municipal Bond Fund, Inc. - BlackRock High Yield Municipal Fund
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||
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Par | ||||||||
State | Municipal Bonds | (000) | Value | |||||
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New River Community Development District, Florida, | ||||||||
Capital Improvement Revenue Bonds, Series B, 5%, | ||||||||
5/01/13 | $ 500 | $ 318,680 | ||||||
Pine Ridge Plantation Community Development | ||||||||
District, Florida, Capital Improvement and Special | ||||||||
Assessment Bonds, Series B, 5%, 5/01/11 | 985 | 917,114 | ||||||
Santa Rosa Bay Bridge Authority, Florida, Revenue | ||||||||
Bonds, 6.25%, 7/01/28 | 500 | 405,330 | ||||||
Sarasota County, Florida, Health Facilities Authority, | ||||||||
Retirement Facility Revenue Refunding Bonds (Village | ||||||||
on the Isle Project), 5.50%, 1/01/27 | 210 | 173,655 | ||||||
Sarasota County, Florida, Health Facilities Authority, | ||||||||
Retirement Facility Revenue Refunding Bonds (Village | ||||||||
on the Isle Project), 5.50%, 1/01/32 | 190 | 150,904 | ||||||
Sumter Landing Community Development District, | ||||||||
Florida, Recreational Revenue Bonds, | ||||||||
Sub-Series B, 5.70%, 10/01/38 | 835 | 648,519 | ||||||
Tolomato Community Development District, Florida, | ||||||||
Special Assessment Bonds, 6.65%, 5/01/40 | 700 | 640,094 | ||||||
Watergrass Community Development District, Florida, | ||||||||
Special Assessment Revenue Bonds, | ||||||||
Series A, 5.375%, 5/01/39 | 650 | 464,464 | ||||||
| ||||||||
5,700,128 | ||||||||
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Georgia - 2.6% | Clayton County, Georgia, Tax Allocation Bonds | |||||||
(Ellenwood Project), 7.50%, 7/01/33 | 690 | 606,255 | ||||||
Richmond County, Georgia, Development Authority, | ||||||||
Environmental Improvement Revenue Bonds | ||||||||
(International Paper Co. Projects), AMT, Series A, 5%, | ||||||||
8/01/30 | 1,000 | 714,140 | ||||||
Rockdale County, Georgia, Development Authority | ||||||||
Revenue Bonds (Visy Paper Project), AMT, | ||||||||
Series A, 6.125%, 1/01/34 | 600 | 523,098 | ||||||
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1,843,493 | ||||||||
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Illinois - 1.8% | Chicago, Illinois, O'Hare International Airport, | |||||||
Special Facility Revenue Refunding Bonds (American | ||||||||
Airlines Inc. Project), 5.50%, 12/01/30 | 1,000 | 509,820 | ||||||
Illinois State Finance Authority Revenue Bonds | ||||||||
(Monarch Landing, Inc. Project), Series A, | ||||||||
7%, 12/01/37 | 430 | 388,303 | ||||||
Illinois State Finance Authority Revenue Bonds | ||||||||
(Three Crowns Park Plaza), Series A, | ||||||||
5.875%, 2/15/38 | 500 | 406,325 | ||||||
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1,304,448 | ||||||||
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3
BlackRock Municipal Bond Fund, Inc. - BlackRock High Yield Municipal Fund
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||
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Par | ||||||||
State | Municipal Bonds | (000) | Value | |||||
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Indiana - 2.0% | Indiana Health and Educational Facilities Financing | |||||||
Authority, Hospital Revenue Bonds (Community | ||||||||
Foundation of Northwest Indiana), 5.50%, 3/01/37 | $ 700 | $ 574,126 | ||||||
Indiana Health Facilities Financing Authority, Hospital | ||||||||
Revenue Refunding Bonds (Methodist Hospital, Inc.), | ||||||||
5.375%, 9/15/22 | 185 | 160,567 | ||||||
Indiana Health Facilities Financing Authority, Hospital | ||||||||
Revenue Refunding Bonds (Methodist Hospital, Inc.), | ||||||||
5.50%, 9/15/31 | 525 | 424,457 | ||||||
Vigo County, Indiana, Hospital Authority Revenue | ||||||||
Bonds (Union Hospital, Inc.), 5.70%, 9/01/37 | 155 | 122,515 | ||||||
Vigo County, Indiana, Hospital Authority Revenue | ||||||||
Bonds (Union Hospital, Inc.), 5.75%, 9/01/42 | 190 | 147,607 | ||||||
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1,429,272 | ||||||||
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Iowa - 0.6% | Iowa Financing Authority, Health Facilities Revenue | |||||||
Refunding Bonds (Care Initiatives Project), | ||||||||
Series A, 5%, 7/01/19 | 500 | 438,685 | ||||||
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Kansas - 3.1% | Lenexa, Kansas, Health Care Facility, Revenue | |||||||
Refunding Bonds, 5.50%, 5/15/39 | 1,350 | 1,084,387 | ||||||
Sedgwick and Shawnee Counties, Kansas, S/F | ||||||||
Mortgage Revenue Bonds (Mortgage-Backed | ||||||||
Securities Program), AMT, Series B-2, | ||||||||
5.25%,12/01/38 (b)(c)(d) | 885 | 857,344 | ||||||
Wyandotte County, Kansas, Kansas City Unified | ||||||||
Government Revenue Refunding Bonds | ||||||||
(General Motors Corporation Project), 6%, 6/01/25 | 450 | 242,663 | ||||||
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2,184,394 | ||||||||
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Louisiana - 2.3% | Louisiana Local Government Environmental Facilities | |||||||
and Community Development Authority Revenue | ||||||||
Bonds (Westlake Chemical Corporation), 6.75%, | ||||||||
11/01/32 | 1,000 | 875,020 | ||||||
Saint John Baptist Parish, Louisiana, Revenue Bonds | ||||||||
(Marathon Oil Corporation), Series A, | ||||||||
5.125%, 6/01/37 | 1,000 | 769,300 | ||||||
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1,644,320 | ||||||||
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Maine - 0.9% | Jay, Maine, Solid Waste Disposal, Revenue Refunding | |||||||
Bonds (International Paper Company Project), AMT, | ||||||||
Series A, 4.90%, 11/01/17 | 750 | 640,215 | ||||||
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Maryland - 4.5% | Baltimore, Maryland, Convention Center Hotel | |||||||
Revenue Bonds, Sub-Series B, 5.875%, 9/01/39 | 540 | 439,339 | ||||||
Howard County, Maryland, Retirement Community | ||||||||
Revenue Refunding Bonds (Columbia Vantage House | ||||||||
Corporation), Series A, 5.25%, 4/01/33 | 500 | 374,690 |
4
BlackRock Municipal Bond Fund, Inc. - BlackRock High Yield Municipal Fund
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||
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Par | ||||||
State | Municipal Bonds | (000) | Value | |||
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Maryland State Economic Development Corporation, | ||||||
Student Housing Revenue Bonds (University of | ||||||
Maryland College Park Project), 5.75%, 6/01/33 | $ 1,000 | $ 910,600 | ||||
Maryland State Energy Financing Administration, | ||||||
Limited Obligation Revenue Bonds (Cogeneration-AES | ||||||
Warrior Run), AMT, 7.40%, 9/01/19 | 1,000 | 933,100 | ||||
Maryland State Health and Higher Educational | ||||||
Facilities Authority Revenue Bonds (King Farm | ||||||
Presbyterian Community), Series A, 5.30%, 1/01/37 | 500 | 366,380 | ||||
Maryland State Health and Higher Educational | ||||||
Facilities Authority Revenue Bonds (Washington | ||||||
Christian Academy), 5.25%, 7/01/18 | 250 | 222,507 | ||||
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3,246,616 | ||||||
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Massachusetts - 2.3% | Massachusetts State Development Finance Agency | |||||
Revenue Bonds (Curry College), Series A, 5.25%, | ||||||
3/01/26 (e) | 390 | 340,692 | ||||
Massachusetts State Development Finance Agency | ||||||
Revenue Bonds (Linden Ponds, Inc. Facility), | ||||||
Series A, 5.75%, 11/15/35 | 1,000 | 755,670 | ||||
Massachusetts State Health and Educational | ||||||
Facilities Authority, Revenue Refunding Bonds | ||||||
(Bay Cove Human Services Issue), Series A, | ||||||
5.90%, 4/01/28 | 640 | 550,778 | ||||
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1,647,140 | ||||||
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Michigan - 0.6% | Advanced Technology Academy, Michigan, Revenue | |||||
Bonds, 6%, 11/01/37 | 275 | 242,234 | ||||
Garden City, Michigan, Hospital Finance Authority, | ||||||
Hospital Revenue Refunding Bonds (Garden City | ||||||
Hospital Obligation), Series A, 5%, 8/15/38 | 310 | 201,416 | ||||
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443,650 | ||||||
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Missouri - 0.8% | Kansas City, Missouri, Tax Increment Financing | |||||
Commission, Tax Allocation Revenue Bonds (Kansas | ||||||
City MainCor Project), Series A, 5.25%, 3/01/18 | 600 | 551,316 | ||||
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Nevada - 1.4% | Clark County, Nevada, IDR (Nevada Power Company | |||||
Project), AMT, Series A, 5.60%, 10/01/30 | 415 | 313,005 | ||||
Clark County, Nevada, IDR (Southwest Gas Corp. | ||||||
Project), AMT, Series A, 4.75%, 9/01/36 (f) | 1,000 | 690,690 | ||||
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1,003,695 | ||||||
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New Hampshire - 2.2% | New Hampshire Health and Education Facilities | |||||
Authority, Revenue Refunding Bonds (Havenwood- | ||||||
Heritage Heights Retirement Community), | ||||||
Series A, 5.40%, 1/01/30 | 950 | 726,969 |
5
BlackRock Municipal Bond Fund, Inc. - BlackRock High Yield Municipal Fund
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||
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Par | ||||||||
State | Municipal Bonds | (000) | Value | |||||
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New Hampshire Health and Education Facilities | ||||||||
Authority, Revenue Refunding Bonds (Southern New | ||||||||
Hampshire University), 5%, 1/01/27 (e) | $ 1,015 | $ 811,939 | ||||||
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1,538,908 | ||||||||
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New Jersey - 6.4% | Burlington County, New Jersey, Bridge Commission, | |||||||
EDR, Refunding (The Evergreens Project), 5.625%, | ||||||||
1/01/38 | 750 | 604,642 | ||||||
New Jersey EDA, Cigarette Tax Revenue Bonds, | ||||||||
5.50%, 6/15/24 | 1,140 | 992,199 | ||||||
New Jersey EDA, Retirement Community Revenue | ||||||||
Refunding Bonds (Seabrook Village, Inc.), 5.25%, | ||||||||
11/15/36 | 1,000 | 742,350 | ||||||
New Jersey EDA, Special Facility Revenue Bonds | ||||||||
(Continental Airlines Inc. Project), AMT, 6.625%, | ||||||||
9/15/12 | 490 | 455,916 | ||||||
New Jersey Health Care Facilities Financing Authority | ||||||||
Revenue Bonds (Pascack Valley Hospital Association), | ||||||||
6.625%, 7/01/36 (g) | 650 | 21,645 | ||||||
New Jersey Health Care Facilities Financing Authority, | ||||||||
Revenue Refunding Bonds (Saint Joseph's | ||||||||
Healthcare System), 6.625%, 7/01/38 | 725 | 653,160 | ||||||
New Jersey Health Care Facilities Financing | ||||||||
Authority, Revenue Refunding Bonds (South | ||||||||
Jersey Hospital System), 5%, 7/01/46 | 1,000 | 832,410 | ||||||
Tobacco Settlement Financing Corporation of New | ||||||||
Jersey, Asset-Backed Revenue Refunding Bonds, | ||||||||
Series 1A, 5%, 6/01/41 | 385 | 242,627 | ||||||
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4,544,949 | ||||||||
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New York - 2.8% | Genesee County, New York, IDA, Civic Facility Revenue | |||||||
Refunding Bonds (United Memorial Medical Center | ||||||||
Project), 5%, 12/01/32 | 500 | 362,710 | ||||||
New York City, New York, City IDA, Special Facility | ||||||||
Revenue Bonds (JetBlue Airways Corporation Project), | ||||||||
AMT, 5.125%, 5/15/30 | 750 | 441,787 | ||||||
New York Liberty Development Corporation Revenue | ||||||||
Bonds (National Sports Museum Project), Series A, | ||||||||
6.125%, 2/15/19 (g) | 1,000 | 348,630 | ||||||
New York State Dormitory Authority, Non-State | ||||||||
Supported Debt, Revenue Refunding Bonds | ||||||||
(New York University Hospital Center), Series A, 5%, | ||||||||
7/01/26 | 1,000 | 837,700 | ||||||
| ||||||||
1,990,827 | ||||||||
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6
BlackRock Municipal Bond Fund, Inc. - BlackRock High Yield Municipal Fund
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||
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Par | ||||||||
State | Municipal Bonds | (000) | Value | |||||
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North Carolina - 3.0% | North Carolina Medical Care Commission, Health | |||||||
Care Facilities, First Mortgage Revenue Refunding | ||||||||
Bonds (Deerfield Episcopal Project), Series A, | ||||||||
6%, 11/01/33 | $ 800 | $ 717,240 | ||||||
North Carolina Medical Care Commission, Health Care | ||||||||
Facilities, First Mortgage Revenue Refunding Bonds | ||||||||
(Deerfield Episcopal Project), Series A, 6.125%, | ||||||||
11/01/38 | 635 | 574,002 | ||||||
North Carolina Medical Care Commission, Retirement | ||||||||
Facilities Revenue Refunding Bonds (Carolina Village | ||||||||
Project), 6%, 4/01/38 | 1,000 | 858,320 | ||||||
| ||||||||
2,149,562 | ||||||||
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North Dakota - 1.2% | Ward County, North Dakota, Health Care Facility | |||||||
Revenue Refunding Bonds (Trinity Health Obligated | ||||||||
Group), 5.125%, 7/01/29 | 1,000 | 845,450 | ||||||
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Ohio - 1.9% | Buckeye Tobacco Settlement Financing Authority, | |||||||
Ohio, Tobacco Settlement Asset-Backed Bonds, Series | ||||||||
A-2, 6.50%, 6/01/47 | 760 | 616,732 | ||||||
Richland County, Ohio, Hospital Facilities Revenue | ||||||||
Refunding Bonds (MedCentral Health System), 5.25%, | ||||||||
11/15/36 | 875 | 731,561 | ||||||
| ||||||||
1,348,293 | ||||||||
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Pennsylvania - 3.8% | Allegheny County, Pennsylvania, Hospital | |||||||
Development Authority, Revenue Refunding Bonds | ||||||||
(West Penn Allegheny Health System), Series A, | ||||||||
5.375%, 11/15/40 | 735 | 507,562 | ||||||
Harrisburg, Pennsylvania, Authority, University | ||||||||
Revenue Bonds (Harrisburg University of Science), | ||||||||
Series B, 6%, 9/01/36 | 500 | 429,255 | ||||||
New Morgan, Pennsylvania, IDA, Solid Waste Disposal | ||||||||
Revenue Bonds (New Morgan Landfill Company, Inc. | ||||||||
Project), AMT, 6.50%, 4/01/19 | 515 | 483,487 | ||||||
Pennsylvania Economic Development Financing | ||||||||
Authority, Exempt Facilities Revenue Bonds (Reliant | ||||||||
Energy), AMT, Series B, 6.75%, 12/01/36 | 1,000 | 875,740 | ||||||
Susquehanna Area Regional Airport Authority, | ||||||||
Pennsylvania, Airport System Revenue Bonds, AMT, | ||||||||
Series A, 6.50%, 1/01/38 | 500 | 448,280 | ||||||
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2,744,324 | ||||||||
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Rhode Island - 1.1% | Rhode Island Housing and Mortgage Finance | |||||||
Corporation, Homeownership Opportunity Revenue | ||||||||
Bonds, AMT, Series 53-B, 5%, 10/01/46 | 1,000 | 775,880 | ||||||
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7
BlackRock Municipal Bond Fund, Inc. - BlackRock High Yield Municipal Fund
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||
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| |||||||
Par | ||||||||
State | Municipal Bonds | (000) | Value | |||||
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South Carolina - 2.0% | Connector 2000 Association, Inc., South Carolina, Toll | |||||||
Road and Capital Appreciation Revenue Bonds, Senior- | ||||||||
Series B, 7.97%, 1/01/15 (h) | $ 1,000 | $ 517,430 | ||||||
Myrtle Beach, South Carolina, Tax Increment Revenue | ||||||||
Bonds (Myrtle Beach Air Force Base), | ||||||||
Series A, 5.25%, 11/01/26 | 500 | 389,025 | ||||||
South Carolina Jobs, EDA, Health Care Facilities, First | ||||||||
Mortgage Revenue Refunding Bonds (Lutheran Homes), | ||||||||
5.50%, 5/01/28 | 600 | 480,918 | ||||||
| ||||||||
1,387,373 | ||||||||
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| ||||
Tennessee - 1.3% | Tennessee Energy Acquisition Corporation, | |||||||
Gas Revenue Bonds, Series A, 5.25%, 9/01/26 | 1,250 | 957,900 | ||||||
|
|
|
| |||||
Texas - 7.9% | Brazos River Authority, Texas, PCR, Refunding (TXU | |||||||
Energy Company LLC Project), AMT, | ||||||||
Series A, 8.25%, 10/01/30 | 750 | 727,132 | ||||||
Dallas-Fort Worth, Texas, International Airport | ||||||||
Facility Improvement Corporation, Revenue | ||||||||
Refunding Bonds (American Airlines, Inc.), | ||||||||
AMT, 5.50%, 11/01/30 | 1,000 | 467,710 | ||||||
Danbury, Texas, Higher Education Authority Revenue | ||||||||
Bonds (A.W. Brown-Fellowship Charter School), Series | ||||||||
A, 5%, 8/15/26 (e) | 355 | 283,503 | ||||||
HFDC of Central Texas, Inc., Retirement Facilities | ||||||||
Revenue Bonds, Series A, 5.75%, 11/01/36 | 655 | 501,671 | ||||||
Houston, Texas, Airport System, Special Facilities | ||||||||
Revenue Bonds (Continental Airlines), AMT, | ||||||||
Series E, 7.375%, 7/01/22 | 500 | 446,625 | ||||||
Mission, Texas, Economic Development Corporation, | ||||||||
Solid Waste Disposal Revenue Bonds (Allied Waste N.A. | ||||||||
Inc Project), Series A, 5.20%, 4/01/18 | 1,000 | 873,430 | ||||||
North Texas Tollway Authority, System Revenue | ||||||||
Refunding Bonds, Second Tier, Series F, 6.125%, | ||||||||
1/01/31 | 1,150 | 1,103,402 | ||||||
Texas State Public Financing Authority, Charter | ||||||||
School Financing Corporation, Revenue Refunding | ||||||||
Bonds (KIPP, Inc.), Series A, 5%, 2/15/28 (e) | 680 | 528,482 | ||||||
Texas State Public Financing Authority, Charter | ||||||||
School Financing Corporation, Revenue Refunding | ||||||||
Bonds (KIPP, Inc.), Series A, 5%, 2/15/36 (e) | 1,000 | 734,680 | ||||||
| ||||||||
5,666,635 | ||||||||
|
|
|
|
| ||||
Virginia - 5.4% | Albemarle County, Virginia, IDA, Residential Care | |||||||
Facilities, Mortgage Revenue Refunding Bonds | ||||||||
(Westminster-Canterbury), 5%, 1/01/31 | 1,150 | 948,428 |
8
BlackRock Municipal Bond Fund, Inc. - BlackRock High Yield Municipal Fund
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||
|
| |||||||
Par | ||||||||
State | Municipal Bonds | (000) | Value | |||||
|
|
|
|
| ||||
Fairfax County, Virginia, EDA, Residential Care | ||||||||
Facilities, Mortgage Revenue Refunding Bonds | ||||||||
(Goodwin House, Inc.), 5.125%, 10/01/42 | $ 300 | $ 237,642 | ||||||
Fairfax County, Virginia, EDA, Retirement Revenue | ||||||||
Refunding Bonds (Greenspring Village Inc.), Series A, | ||||||||
4.875%, 10/01/36 | 500 | 378,705 | ||||||
Henrico County, Virginia, EDA, Residential Care | ||||||||
Facility, Mortgage Revenue Refunding Bonds | ||||||||
(Westminster-Canterbury Of Winchester, Inc.), | ||||||||
5%, 10/01/27 | 450 | 379,111 | ||||||
Lexington, Virginia, IDA, Residential Care Facility, | ||||||||
Mortgage Revenue Refunding Bonds (Kendal at | ||||||||
Lexington), Series A, 5.375%, 1/01/28 | 210 | 167,698 | ||||||
Tobacco Settlement Financing Corporation of Virginia, | ||||||||
Revenue Refunding Bonds, Senior | ||||||||
Series B-1, 5%, 6/01/47 | 230 | 146,216 | ||||||
Virginia State, HDA, Commonwealth Mortgage | ||||||||
Revenue Bonds, Series H, Sub-Series H-1, | ||||||||
5.35%, 7/01/31 (i) | 1,000 | 965,480 | ||||||
Watkins Centre Community Development Authority, | ||||||||
Virginia, Revenue Bonds, 5.40%, 3/01/20 | 750 | 653,993 | ||||||
| ||||||||
3,877,273 | ||||||||
|
|
|
|
| ||||
Washington - 0.6% | Washington State Housing Financing Commission, | |||||||
Nonprofit Revenue Bonds (Skyline at First Hill | ||||||||
Project), Series A, 5.625%, 1/01/38 | 550 | 437,300 | ||||||
|
|
|
| |||||
West Virginia - 1.2% | Pleasants County, West Virginia, PCR, Refunding | |||||||
(Allegheny Energy Supply Company, LLC), | ||||||||
Series F, 5.25%, 10/15/37 | 1,000 | 852,600 | ||||||
|
|
|
|
| ||||
Wisconsin - 0.6% | Wisconsin State Health and Educational Facilities | |||||||
Authority, Revenue Refunding Bonds (Franciscan | ||||||||
Sisters Healthcare), 5%, 9/01/26 | 500 | 413,415 | ||||||
|
|
|
|
| ||||
Wyoming - 1.1% | Wyoming Municipal Power Agency, Power Supply | |||||||
Revenue Bonds, Series A, 5.375%, 1/01/42 | 900 | 794,727 | ||||||
|
|
|
| |||||
Total Municipal Bonds - 87.1% | 62,242,516 | |||||||
|
|
|
|
| ||||
Municipal Bonds Transferred to | ||||||||
Tender Option Bond Trusts (j) | ||||||||
|
|
|
|
| ||||
Virginia - 3.2% | Virginia State, HDA, Commonwealth Mortgage | |||||||
Revenue Bonds, Series H, Sub-Series H-1, | ||||||||
5.375%, 7/01/36 (i) | 2,410 | 2,317,456 | ||||||
|
|
|
|
| ||||
Total Municipal Bonds Transferred to | ||||||||
Tender Option Bond Trusts - 3.2% | 2,317,456 | |||||||
|
|
|
| |||||
Total Long-Term Investments | ||||||||
(Cost - $79,651,114) - 90.3% | 64,559,972 | |||||||
|
|
|
|
|
9
BlackRock Municipal Bond Fund, Inc. - BlackRock High Yield Municipal Fund
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||
|
| |||||
Short-Term Securities | Shares | Value | ||||
|
|
|
| |||
Merrill Lynch Institutional Tax-Exempt Fund, | ||||||
5.29% (k)(l) | 7,300,000 | $ 7,300,000 | ||||
|
|
|
| |||
Total Short-Term Securities | ||||||
(Cost - $7,300,000) - 10.2% | 7,300,000 | |||||
|
|
|
| |||
Total Investments (Cost - $86,951,114*) - 100.5% | 71,859,972 | |||||
Other Assets Less Liabilities - 1.2% | 848,162 | |||||
Liability for Trust Certificates, Including Interest | ||||||
Expense Payable - (1.7)% | (1,212,944) | |||||
|
| |||||
Net Assets - 100.0% | $ 71,495,190 | |||||
|
* | The cost and unrealized appreciation (depreciation) of investments as of September 30, 2008, as computed for federal income tax purposes, were |
as follows: | ||
Aggregate cost | $ 85,746,500 | |
| ||
Gross unrealized appreciation | - | |
Gross unrealized depreciation | $ (15,091,528) | |
| ||
Net unrealized depreciation | $ (15,091,528) | |
|
(a) | Radian Insured. |
(b) | GNMA Collateralized. |
(c) | FHLMC Collateralized. |
(d) | FNMA Collateralized. |
(e) | ACA Insured. |
(f) | FGIC Insured. |
(g) | Non-income producing security; issuer filed for bankruptcy or is in default of interest payments. |
(h) | Represents a zero coupon bond. Rate shown reflects the effective yield at the time of purchase. |
(i) | MBIA Insured. |
(j) | Securities represent bonds transferred to a tender option bond trust in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction. |
(k) | Represents the current yield as of report date. |
(l) | 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: |
Affiliate | Net Activity | Income | ||
|
|
| ||
Merrill Lynch Institutional | ||||
Tax-Exempt Fund | 1,489,290 | $15,725 | ||
|
|
|
10
BlackRock Municipal Bond Fund, Inc. - BlackRock High Yield Municipal Fund
Schedule of Investments September 30, 2008 (Unaudited)
Effective July 1, 2008, the Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" ("FAS 157"). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows: | ||
Level 1 - price quotations in active markets/exchanges for identical securities | ||
Level 2 - other observable inputs (including, but not limited to: quoted prices for 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 circumstance, to the extent observable inputs are not available (including the Fund's own assumption used in determining the fair value of investments) | ||
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report.
The following table summarizes the inputs used as of September 30, 2008 in determining the fair valuation of the Fund's investments:
Valuation | Investments in | |
Inputs | Securities | |
|
|
|
Level 1 | $ 7,300,000 | |
Level 2 | 64,559,972 | |
Level 3 | - | |
|
|
|
Total | $ 71,859,972 | |
|
11
BlackRock Municipal Bond Fund, Inc. - BlackRock Municipal Insured Fund
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||
|
| |||||||
Par | ||||||||
State | Municipal Bonds | (000) | Value | |||||
|
|
|
|
| ||||
Alabama - 3.3% | Lauderdale County and Florence, Alabama, Health Care | |||||||
Authority Revenue Refunding Bonds (Coffee Health Group), | ||||||||
Series A, 6%, 7/01/29 (a) | $ 10,000 | $ 10,165,800 | ||||||
University of Alabama, General Revenue Bonds, Series A, | ||||||||
5%, 7/01/34 (a) | 7,840 | 7,252,078 | ||||||
University of Alabama, University Revenue Bonds | ||||||||
(Birmingham), 6%, 10/01/09 (b)(c) | 7,000 | 7,240,450 | ||||||
| ||||||||
24,658,328 | ||||||||
|
|
|
|
| ||||
California - 15.7% | Antelope Valley, California, Community College District, GO | |||||||
(Election of 2004), Series B, 5.25%, 8/01/39 (a) | 1,050 | 990,811 | ||||||
Arcadia, California, Unified School District, GO (Election of | ||||||||
2006), CABS, Series A, 4.96%, 8/01/39 (d)(e) | 2,800 | 413,140 | ||||||
Cabrillo, California, Community College District, GO | ||||||||
(Election of 2004), Series B, 5.20%, 8/01/37 (a)(e) | 4,100 | 639,026 | ||||||
California State Department of Veteran Affairs, Home | ||||||||
Purchase Revenue Refunding Bonds, Series A, | ||||||||
5.35%, 12/01/27 (f) | 2,075 | 2,020,510 | ||||||
Coast Community College District, California, GO, Refunding | ||||||||
(Election of 2002), Series C, 5.19%, 8/01/13 (d)(g) | 6,475 | 4,461,081 | ||||||
Coast Community College District, California, GO, Refunding | ||||||||
(Election of 2002), Series C, 5.392%, 8/01/36 (d)(f) | 5,800 | 1,062,850 | ||||||
Corona-Norco, California, Unified School District, GO | ||||||||
(Election of 2006), Series A, 5%, 8/01/31 (d) | 2,000 | 1,873,160 | ||||||
Fresno, California, Unified School District, GO (Election of | ||||||||
2001), Series D, 5%, 8/01/27 (a) | 5,170 | 4,868,744 | ||||||
Fresno, California, Unified School District, GO (Election of | ||||||||
2001), Series E, 5%, 8/01/30 (d) | 1,500 | 1,412,490 | ||||||
Hesperia, California, Public Financing Authority Revenue | ||||||||
Bonds (Redevelopment and Housing Projects), Series A, | ||||||||
5.50%, 9/01/27 (h) | 10,000 | 9,112,000 | ||||||
Los Angeles, California, Municipal Improvement Corporation, | ||||||||
Lease Revenue Bonds, Series B1, 4.75%, 8/01/37 (c) | 12,300 | 10,394,730 | ||||||
Modesto, California, Schools Infrastructure Financing | ||||||||
Agency, Special Tax Bonds, 5.50%, 9/01/36 (f) | 8,965 | 8,136,365 | ||||||
Mount Diablo, California, Unified School District, GO | ||||||||
(Election of 2002), 5%, 7/01/27 (c) | 12,040 | 11,141,094 | ||||||
Orange County, California, Sanitation District, COP, | ||||||||
Series B, 5%, 2/01/31 (d) | 1,380 | 1,275,092 | ||||||
Palm Springs, California, Financing Authority, Lease | ||||||||
Revenue Refunding Bonds (Convention Center Project), | ||||||||
Series A, 5.50%, 11/01/35 (a) | 6,440 | 6,271,658 | ||||||
|
|
|
|
| ||||
Portfolio Abbreviations | ||||||||
|
|
|
|
|
To simplify the listings of portfolio holdings in the Schedule of Investments, the names of many of the securities have been abbreviated according to the list below.
AMT | Alternative Minimum Tax (subject to) | HFA | Housing Finance Agency | |||
CABS | Capital Appreciation Bonds | IDR | Industrial Development Revenue Bonds | |||
COP | Certificates of Participation | RIB | Residual Interest Bonds | |||
DRIVERS | Derivative Inverse Tax-Exempt Receipts | S/F | Single-Family | |||
EDA | Economic Development Authority | SIFMA | Securities Industry and Financial Markets | |||
GO | General Obligation Bonds | Association |
1
BlackRock Municipal Bond Fund, Inc. - BlackRock Municipal Insured Fund
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||
|
|
|||||||
Par | ||||||||
State | Municipal Bonds | (000) | Value | |||||
|
|
|
|
|
||||
Ramona, California, Unified School District, Convertible Capital | ||||||||
Appreciation Refunding Bonds, COP, 5.106%, | ||||||||
5/01/32 (c)(g) | $ 10,500 | $ 7,831,530 | ||||||
Rialto, California, Unified School District, GO, Series A, | ||||||||
6.24%, 6/01/25 (c)(e) | 11,685 | 4,209,171 | ||||||
Roseville, California, Joint Union High School District, GO | ||||||||
(Election of 2004), Series A, 5%, 8/01/29 (c) | 5,000 | 4,656,650 | ||||||
Sacramento, California, Unified School District, GO | ||||||||
(Election of 1999), Series B, 5%, 7/01/26 (c) | 5,075 | 4,833,481 | ||||||
San Diego, California, Community College District, GO | ||||||||
(Election of 2002), 5%, 5/01/30 (d) | 2,685 | 2,545,675 | ||||||
San Diego County, California, Water Authority, Water | ||||||||
Revenue Refunding Bonds, COP, Series A, 5%, 5/01/33 (d) | 4,500 | 4,204,215 | ||||||
San Jose, California, Airport Revenue Refunding Bonds, | ||||||||
AMT, Series A, 5.50%, 3/01/32 (f) | 6,500 | 5,830,825 | ||||||
San Jose, California, GO (Libraries, Parks and Public Safety | ||||||||
Projects), 5%, 9/01/30 (a) | 3,700 | 3,483,809 | ||||||
San Jose, California, Unified School District, Santa Clara | ||||||||
County, GO (Election of 2002), Series B, 5%, 8/01/29 (c) | 3,650 | 3,399,355 | ||||||
Tahoe Truckee, California, Unified School District, GO | ||||||||
(School Facilities Improvement District Number 2), Series A, | ||||||||
5.25%, 8/01/29 (a) | 2,755 | 2,637,058 | ||||||
Washington, California, Unified School District, COP (New | ||||||||
High School Project), 5.125%, 8/01/37 (f) | 10,000 | 8,880,800 | ||||||
|
||||||||
116,585,320 | ||||||||
|
|
|
|
|
||||
Colorado - 2.8% | Aurora, Colorado, COP, 6%, 12/01/10 (b)(f) | 19,250 | 20,589,992 | |||||
|
|
|
|
|
||||
Florida - 4.8% | Duval County, Florida, School Board, COP (Master Lease | |||||||
Program), 5%, 7/01/33 (d) | 3,800 | 3,370,942 | ||||||
Hillsborough County, Florida, Aviation Authority Revenue | ||||||||
Bonds, AMT, Series A, 5.375%, 10/01/33 (i) | 5,000 | 4,362,150 | ||||||
Miami-Dade County, Florida, Aviation Revenue Refunding Bonds | ||||||||
(Miami International Airport), AMT, Series A, | ||||||||
5.50%, 10/01/26 (i) | 7,000 | 6,263,530 | ||||||
Miami-Dade County, Florida, Aviation Revenue Refunding Bonds | ||||||||
(Miami International Airport), AMT, Series A, | ||||||||
5.50%, 10/01/27 (i) | 5,495 | 4,900,276 | ||||||
Miami-Dade County, Florida, Aviation Revenue Refunding | ||||||||
Bonds (Miami International Airport), AMT, Series A, | ||||||||
5%, 10/01/39 (a) | 15,000 | 12,043,350 | ||||||
Miami-Dade County, Florida, School Board, COP, Refunding, | ||||||||
Series B, 5.25%, 5/01/31 (i) | 2,500 | 2,370,100 | ||||||
Miami, Florida, Special Obligation Revenue Bonds (Street | ||||||||
and Sidewalk Improvement Program), 5%, 1/01/37 (a) | 1,350 | 1,205,834 | ||||||
West Coast Regional Water Supply Authority, Florida, Capital | ||||||||
Improvement Revenue Bonds, 10.40%, 10/01/10 (b)(f) | 850 | 914,260 | ||||||
|
||||||||
35,430,442 | ||||||||
|
|
|
|
|
||||
Georgia - 4.9% | Atlanta, Georgia, Water and Wastewater Revenue Bonds, | |||||||
5%, 11/01/34 (d) | 4,000 | 3,672,680 | ||||||
Georgia Municipal Electric Authority, Power Revenue | ||||||||
Refunding Bonds, Series EE, 7%, 1/01/25 (f) | 20,000 | 23,146,800 |
2
BlackRock Municipal Bond Fund, Inc. - BlackRock Municipal Insured Fund
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||
|
|
|||||||
Par | ||||||||
State | Municipal Bonds | (000) | Value | |||||
|
|
|
|
|
||||
Georgia Municipal Electric Authority, Power Revenue | ||||||||
Refunding Bonds, Series Y, 6.40%, 1/01/11 (b)(f) | $ 90 | $ 96,837 | ||||||
Georgia Municipal Electric Authority, Power Revenue | ||||||||
Refunding Bonds, Series Y, 6.40%, 1/01/13 (f) | 8,420 | 9,082,738 | ||||||
Georgia Municipal Electric Authority, Power Revenue | ||||||||
Refunding Bonds, Series Y, 6.40%, 1/01/13 (f)(j) | 490 | 531,023 | ||||||
|
||||||||
36,530,078 | ||||||||
|
|
|
|
|
||||
Illinois - 2.9% | Chicago, Illinois, O'Hare International Airport, General | |||||||
Airport Revenue Bonds, Third Lien, AMT, Series B-2, | ||||||||
6%, 1/01/27 (a) | 17,690 | 17,005,928 | ||||||
Chicago, Illinois, Water Revenue Refunding Bonds, Second | ||||||||
Lien, 5.25%, 11/01/33 (d) | 5,000 | 4,791,400 | ||||||
|
||||||||
21,797,328 | ||||||||
|
|
|
|
|
||||
Kansas - 0.7% | Manhattan, Kansas, Hospital Revenue Bonds (Mercy Health | |||||||
Center), 5.50%, 8/15/20 (d) | 5,145 | 5,210,033 | ||||||
|
|
|
|
|
||||
Louisiana - 0.3% | Rapides Financing Authority, Louisiana, Revenue Bonds | |||||||
(Cleco Power LLC Project), AMT, 4.70%, 11/01/36 (f) | 2,800 | 2,126,796 | ||||||
|
|
|
|
|||||
Maryland - 2.5% | Baltimore, Maryland, Convention Center Hotel Revenue | |||||||
Bonds, Senior Series A, 5.25%, 9/01/39 (h)(k) | 14,390 | 13,673,234 | ||||||
Maryland State Health and Higher Educational Facilities | ||||||||
Authority Revenue Bonds (University of Maryland Medical | ||||||||
System), Series B, 7%, 7/01/22 (c) | 4,400 | 5,046,580 | ||||||
|
||||||||
18,719,814 | ||||||||
|
|
|
|
|
||||
Massachusetts - 2.5% | Massachusetts State, HFA, Rental Housing Mortgage Revenue | |||||||
Bonds, AMT, Series C, 5.60%, 1/01/45 (d) | 4,000 | 3,873,160 | ||||||
Massachusetts State, HFA, S/F Housing Revenue Bonds, | ||||||||
AMT, Series 128, 4.80%, 12/01/27 (d) | 2,845 | 2,333,042 | ||||||
Massachusetts State, HFA, S/F Housing Revenue Bonds, | ||||||||
AMT, Series 128, 4.875%, 12/01/38 (d) | 6,975 | 5,453,404 | ||||||
Massachusetts State School Building Authority, Dedicated | ||||||||
Sales Tax Revenue Bonds, Series A, 5%, 8/15/30 (d) | 7,000 | 6,574,330 | ||||||
|
||||||||
18,233,936 | ||||||||
|
|
|
|
|
||||
Michigan - 2.7% | Detroit, Michigan, Sewage Disposal System, Second Lien | |||||||
Revenue Bonds, Series B, 5%, 7/01/36 (a)(c) | 5,000 | 4,476,250 | ||||||
Detroit, Michigan, Sewage Disposal System, Second Lien | ||||||||
Revenue Refunding Bonds, Series E, 5.75%, 7/01/31 (c)(k) | 4,000 | 4,059,240 | ||||||
Detroit, Michigan, Water Supply System Revenue Bonds, | ||||||||
Senior Lien, Series A, 5%, 7/01/30 (c) | 1,500 | 1,342,395 | ||||||
Michigan State Strategic Fund, Limited Obligation Revenue | ||||||||
Refunding Bonds (Detroit Edison Company Pollution Control | ||||||||
Project), AMT, Series A, 5.50%, 6/01/30 (h) | 11,845 | 9,831,232 | ||||||
|
||||||||
19,709,117 | ||||||||
|
|
|
|
|
||||
Minnesota - 2.0% | Delano, Minnesota, Independent School District Number | |||||||
879, GO, Series A, 5.875%, 2/01/25 (d) | 5,860 | 6,206,736 | ||||||
Sauk Rapids, Minnesota, Independent School District | ||||||||
Number 047, GO, Series A, 5.65%, 2/01/20 (a) | 3,735 | 3,937,250 | ||||||
Sauk Rapids, Minnesota, Independent School District | ||||||||
Number 047, GO, Series A, 5.70%, 2/01/21 (a) | 4,440 | 4,685,354 | ||||||
|
||||||||
14,829,340 | ||||||||
|
|
|
|
|
3
BlackRock Municipal Bond Fund, Inc. - BlackRock Municipal Insured Fund
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||
|
|
|||||||
Par | ||||||||
State | Municipal Bonds | (000) | Value | |||||
|
|
|
|
|
||||
Mississippi - 1.7% | Harrison County, Mississippi, Wastewater Management | |||||||
District, Revenue Refunding Bonds (Wastewater Treatment | ||||||||
Facilities), Series A, 8.50%, 2/01/13 (c)(j) | $ 1,320 | $ 1,585,346 | ||||||
Mississippi Hospital Equipment and Facilities Authority | ||||||||
Revenue Bonds (Forrest County General Hospital Project), | ||||||||
6%, 1/01/11 (b)(d) | 10,000 | 10,723,600 | ||||||
|
||||||||
12,308,946 | ||||||||
|
|
|
|
|
||||
Nevada - 0.3% | Clark County, Nevada, IDR (Southwest Gas Corp. Project), | |||||||
AMT, Series A, 4.75%, 9/01/36 (c) | 1,265 | 873,723 | ||||||
Clark County, Nevada, IDR (Southwest Gas Corp. Project), | ||||||||
AMT, Series D, 5.25%, 3/01/38 (c) | 2,200 | 1,650,660 | ||||||
|
||||||||
2,524,383 | ||||||||
|
|
|
|
|
||||
New Jersey - 8.0% | Cape May County, New Jersey, Industrial Pollution Control | |||||||
Financing Authority, Revenue Refunding Bonds (Atlantic City | ||||||||
Electric Company Project), Series A, 6.80%, 3/01/21 (a) | 6,810 | 7,540,985 | ||||||
Garden State Preservation Trust of New Jersey, Open Space | ||||||||
and Farmland Preservation Revenue Bonds, Series A, | ||||||||
5.80%, 11/01/21 (d) | 3,125 | 3,298,188 | ||||||
Garden State Preservation Trust of New Jersey, Open Space | ||||||||
and Farmland Preservation Revenue Bonds, Series A, | ||||||||
5.80%, 11/01/22 (d) | 8,310 | 8,687,025 | ||||||
Garden State Preservation Trust of New Jersey, Open Space | ||||||||
and Farmland Preservation Revenue Bonds, Series A, | ||||||||
5.80%, 11/01/23 (d) | 4,340 | 4,515,944 | ||||||
New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds, | ||||||||
Series A, 5.25%, 7/01/33 (a) | 28,000 | 27,427,680 | ||||||
New Jersey State Transportation Trust Fund Authority, | ||||||||
Transportation System Revenue Bonds, Series D, | ||||||||
5%, 6/15/19 (d) | 8,000 | 8,088,880 | ||||||
|
||||||||
59,558,702 | ||||||||
|
|
|
|
|
||||
New Mexico - 0.7% | New Mexico Finance Authority, Senior Lien State | |||||||
Transportation Revenue Bonds, Series A, 5.125%, 6/15/18 (a) | 5,000 | 5,113,250 | ||||||
|
|
|
|
|||||
New York - 6.3% | New York City, New York, GO, Series C, | |||||||
5.625%, 3/15/18 (h) | 5 | 5,182 | ||||||
New York City, New York, Sales Tax Asset Receivable | ||||||||
Corporation Revenue Bonds, DRIVERS, Series 1133Z, | ||||||||
1.922%, 10/15/12 (f)(l) | 2 | 2,429 | ||||||
New York City, New York, Sales Tax Asset Receivable | ||||||||
Corporation Revenue Bonds, RIB, Series 2577, | ||||||||
7.808%, 4/15/13 (a)(l) | 3 | 2,562 | ||||||
New York City, New York, Sales Tax Asset Receivable | ||||||||
Corporation Revenue Bonds, Series A, 5%, 10/15/32 (f) | 15,650 | 14,852,633 | ||||||
New York State Urban Development Corporation, Personal | ||||||||
Income Tax Revenue Bonds (State Facilities), Series A-1, | ||||||||
5.25%, 3/15/34 (c) | 10,000 | 9,706,000 | ||||||
Niagara Falls, New York, GO, Public Improvement, | ||||||||
6.90%, 3/01/24 (a) | 5 | 5,003 |
4
BlackRock Municipal Bond Fund, Inc. - BlackRock Municipal Insured Fund
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||
|
|
|||||||
Par | ||||||||
State | Municipal Bonds | (000) | Value | |||||
|
|
|
|
|
||||
Tobacco Settlement Financing Corporation of New York | ||||||||
Revenue Bonds, Series A-1, 5.25%, 6/01/22 (f) | $ 22,500 | $ 22,132,350 | ||||||
|
||||||||
46,706,159 | ||||||||
|
|
|
|
|
||||
North Carolina - 0.4% | North Carolina HFA, Home Ownership Revenue Bonds, AMT, | |||||||
Series 14-A, 5.35%, 1/01/22 (f) | 2,880 | 2,679,869 | ||||||
|
|
|
|
|
||||
North Dakota - 0.3% | North Dakota State, HFA, Revenue Bonds (Housing Finance | |||||||
Program), Series C, 5.30%, 7/01/22 (f) | 2,355 | 2,338,821 | ||||||
|
|
|
|
|
||||
Oklahoma - 0.9% | Oklahoma State Industries Authority, Health System | |||||||
Revenue Refunding Bonds (Integris Obligated Group), | ||||||||
Series A, 6.25%, 8/15/09 (a)(b) | 6,385 | 6,658,661 | ||||||
|
|
|
|
|
||||
Oregon - 1.8% | Oregon State Department of Administrative Services, COP, | |||||||
Series A, 6.25%, 5/01/10 (b)(f) | 8,700 | 9,251,667 | ||||||
Port of Portland, Oregon, Airport Revenue Refunding Bonds | ||||||||
(Portland International Airport), AMT, Series 7-B, | ||||||||
7.10%, 1/01/12 (a)(b) | 3,865 | 4,300,044 | ||||||
|
||||||||
13,551,711 | ||||||||
|
|
|
|
|
||||
Pennsylvania - 1.4% | Philadelphia, Pennsylvania, Gas Works Revenue Bonds, 12th | |||||||
Series B, 7%, 5/15/20 (a)(j) | 5,260 | 6,061,466 | ||||||
Philadelphia, Pennsylvania, Redevelopment Authority | ||||||||
Revenue Bonds (Neighborhood Transformation), Series A, | ||||||||
5.50%, 4/15/20 (c) | 4,420 | 4,414,652 | ||||||
|
||||||||
10,476,118 | ||||||||
|
|
|
|
|
||||
Rhode Island - 1.0% | Rhode Island State Economic Development Corporation, | |||||||
Airport Revenue Bonds, Series B, 6%, 7/01/10 (b)(c) | 6,815 | 7,279,170 | ||||||
|
|
|
|
|||||
Texas - 9.3% | Dallas-Fort Worth, Texas, International Airport Revenue | |||||||
Bonds, AMT, Series A, 6%, 11/01/28 (c) | 25,950 | 24,039,302 | ||||||
Dallas-Fort Worth, Texas, International Airport Revenue | ||||||||
Bonds, AMT, Series A, 5.50%, 11/01/33 (a) | 5,000 | 4,351,750 | ||||||
Houston, Texas, Water Conveyance System Contract, COP, | ||||||||
Series J, 6.25%, 12/15/13 (f) | 3,500 | 3,845,135 | ||||||
Lewisville, Texas, Independent School District, Capital | ||||||||
Appreciation and School Building, GO, Refunding, | ||||||||
4.67%, 8/15/24 (e) | 8,110 | 3,025,354 | ||||||
Mansfield, Texas, Independent School District, | ||||||||
GO, 5%, 2/15/33 | 3,000 | 2,773,260 | ||||||
North Texas Tollway Authority, System Revenue Refunding | ||||||||
Bonds, CABS, First Tier, Series I, 5.62%, 1/01/15 (i)(g) | 10,000 | 6,317,300 | ||||||
North Texas Tollway Authority, System Revenue Refunding | ||||||||
Bonds, First Tier, 5.75%, 1/01/40 (a) | 7,700 | 7,546,000 | ||||||
North Texas Tollway Authority, System Revenue Refunding | ||||||||
Bonds, First Tier, Series A, 6%, 1/01/25 | 1,000 | 986,630 | ||||||
North Texas Tollway Authority, System Revenue Refunding | ||||||||
Bonds, First Tier, Series A, 5.625%, 1/01/33 (f) | 2,140 | 2,059,044 | ||||||
North Texas Tollway Authority, System Revenue Refunding | ||||||||
Bonds, First Tier, Series B, 5.75%, 1/01/40 (a) | 9,870 | 9,672,600 |
5
BlackRock Municipal Bond Fund, Inc. - BlackRock Municipal Insured Fund
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||
|
|
|||||||
Par | ||||||||
State | Municipal Bonds | (000) | Value | |||||
|
|
|
|
|
||||
Texas State Department of Housing and Community Affairs, S/F | ||||||||
Mortgage Revenue Bonds, AMT, Series A, | ||||||||
5.45%, 9/01/23 (a)(m)(n) | $ 2,060 | $ 1,892,666 | ||||||
Texas State Department of Housing and Community Affairs, | ||||||||
S/F Mortgage Revenue Bonds, AMT, Series A, | ||||||||
5.50%, 3/01/26 (a)(m)(n) | 2,645 | 2,399,597 | ||||||
|
||||||||
68,908,638 | ||||||||
|
|
|
|
|
||||
Utah - 1.7% | Utah Transit Authority, Sales Tax Revenue Bonds, Series A, | |||||||
5%, 6/15/36 (d) | 4,000 | 3,738,440 | ||||||
Utah Transit Authority, Sales Tax Revenue Refunding Bonds, | ||||||||
Sub-Series A, 5.30%, 6/15/36 (a) | 11,930 | 2,071,167 | ||||||
Utah Water Finance Agency Revenue Bonds (Pooled Loan | ||||||||
Financing Program), Series A, 5.75%, 10/01/15 (f) | 2,515 | 2,610,042 | ||||||
Utah Water Finance Agency Revenue Bonds (Pooled Loan | ||||||||
Financing Program), Series A, 6%, 10/01/20 (f) | 3,770 | 3,923,326 | ||||||
|
||||||||
12,342,975 | ||||||||
|
|
|
|
|
||||
Vermont - 0.2% | Vermont HFA, Revenue Refunding Bonds, AMT, Series C, | |||||||
5.50%, 11/01/38 (d) | 1,300 | 1,138,345 | ||||||
|
|
|
|
|
||||
Washington - 0.8% | Chelan County, Washington, Public Utility District Number | |||||||
001, Consolidated Revenue Bonds (Chelan Hydro System), | ||||||||
AMT, Series A, 5.45%, 7/01/37 (f) | 6,925 | 5,981,815 | ||||||
|
|
|
|
|
||||
Wisconsin - 1.4% | Superior, Wisconsin, Limited Obligation Revenue Refunding | |||||||
Bonds (Midwest Energy Resources), Series E, | ||||||||
6.90%, 8/01/21 (c) | 9,000 | 10,207,980 | ||||||
|
|
|
|
|
||||
Total Municipal Bonds - 81.3% | 602,196,067 | |||||||
|
|
|
|
|
||||
Municipal Bonds Transferred to | ||||||||
Tender Option Bond Trusts (o) | ||||||||
|
|
|
|
|
||||
California - 3.5% | Sequoia, California, Unified High School District, GO, | |||||||
Refunding, Series B, 5.50%, 7/01/35 (d) | 10,055 | 10,123,340 | ||||||
Tustin, California, Unified School District, Senior Lien Special | ||||||||
Tax Bonds (Community Facilities District Number | ||||||||
97-1), Series A, 5%, 9/01/32 (d) | 7,980 | 7,342,957 | ||||||
Tustin, California, Unified School District, Senior Lien Special | ||||||||
Tax Bonds (Community Facilities District Number | ||||||||
97-1), Series A, 5%, 9/01/38 (d) | 9,330 | 8,446,449 | ||||||
|
||||||||
25,912,746 | ||||||||
|
|
|
|
|
||||
District of Columbia - 1.1% | Metropolitan Washington Airports Authority, D.C., Airport | |||||||
Authority Revenue Bonds, AMT, Series B, 5%, | ||||||||
10/01/36 (c)(d) | 10,000 | 8,033,700 | ||||||
|
|
|
|
|
||||
Florida - 3.6% | Broward County Florida School Board Certificates Partnership, | |||||||
COP, Series A, 5.25%, 7/01/33 (d) | 10,000 | 9,195,100 | ||||||
Miami-Dade County, Florida, Aviation Revenue Refunding Bonds | ||||||||
(Miami International Airport), AMT, Series A, | ||||||||
5%, 10/01/40 (h)(i) | 9,980 | 8,099,070 | ||||||
Tallahassee, Florida, Energy System Revenue Bonds, | ||||||||
5%, 10/01/37 (a) | 10,000 | 9,104,600 | ||||||
|
||||||||
26,398,770 | ||||||||
|
|
|
|
|
6
BlackRock Municipal Bond Fund, Inc. - BlackRock Municipal Insured Fund
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||
|
|
|||||||
Municipal Bonds Transferred to | Par | |||||||
Tender Option Bond Trusts (o) | (000) | Value | ||||||
|
|
|
|
|
||||
Massachusetts - 1.9% | Massachusetts State School Building Authority, Dedicated Sales | |||||||
Tax Revenue Bonds, Series A, 5%, 8/15/30 (d) | $ 15,000 | $ 14,087,850 | ||||||
|
|
|
|
|
||||
New Jersey - 1.7% | New Jersey State Turnpike Authority, Turnpike Revenue Bonds, | |||||||
Series C, 5%, 1/01/30 (d) | 13,500 | 12,804,750 | ||||||
|
|
|
|
|
||||
New York - 6.3% | New York City, New York, Sales Tax Asset Receivable | |||||||
Corporation Revenue Bonds, Series A, 5%, 10/15/20 (a) | 16,905 | 17,115,467 | ||||||
New York City, New York, Sales Tax Asset Receivable | ||||||||
Corporation Revenue Bonds, Series A, 5.25%, 10/15/27 (f) | 13,925 | 13,726,847 | ||||||
New York State Thruway Authority, General Revenue Refunding | ||||||||
Bonds, Series G, 5%, 1/01/32 (d) | 16,830 | 15,943,059 | ||||||
|
||||||||
46,785,373 | ||||||||
|
|
|
|
|
||||
Texas - 1.2% | Cypress-Fairbanks, Texas, Independent School District, GO, 5%, | |||||||
2/15/32 | 10,000 | 9,296,400 | ||||||
|
|
|
|
|
||||
Washington - 1.3% | Washington State, GO, Series D, 5%, 1/01/28 (d) | 10,000 | 9,570,100 | |||||
|
|
|
|
|||||
Total Municipal Bonds Transferred to | ||||||||
Tender Option Bond Trusts - 20.6% | 152,889,689 | |||||||
|
|
|
|
|
||||
Mutual Funds | Shares | |||||||
|
|
|
|
|
||||
BlackRock California Insured Municipal 2008 | ||||||||
Term Trust, Inc. (p) | 300,000 | 4,449,000 | ||||||
BlackRock Insured Municipal 2008 Term Trust, Inc. (p) | 810,000 | 11,996,100 | ||||||
BlackRock Insured Municipal Term Trust, Inc. (p) | 204,800 | 2,027,520 | ||||||
|
|
|
|
|||||
Total Mutual Funds - 2.5% | 18,472,620 | |||||||
|
|
|
|
|
||||
Total Long-Term Investments | ||||||||
(Cost - $825,208,216) - 104.4% | 773,558,376 | |||||||
|
|
|
|
|
||||
Short-Term Securities | ||||||||
|
|
|
|
|
||||
Merrill Lynch Institutional Tax-Exempt Fund, 5.29% (p)(q) | 37,616,723 | 37,616,723 | ||||||
|
|
|
|
|||||
Total Short-Term Securities (Cost - $37,616,723) - 5.1% | 37,616,723 | |||||||
|
|
|
|
|||||
Total Investments (Cost - $862,824,939*) - 109.5% | 811,175,099 | |||||||
Other Assets Less Liabilities - 1.7% | 12,276,949 | |||||||
Liability for Trust Certificates, Including Interest | ||||||||
Expense and Fees Payable - (11.2)% | (82,441,947) | |||||||
|
||||||||
Net Assets - 100.0% | $ 741,010,101 | |||||||
|
* | The cost and unrealized appreciation (depreciation) of investments as of September 30, 2008, as computed for federal income tax purposes, were as follows: |
Aggregate cost | $ 781,733,902 | |
|
||
Gross unrealized appreciation | $ 11,510,886 | |
Gross unrealized depreciation | (63,824,689) | |
|
||
Net unrealized depreciation | $ (52,313,803) | |
|
(a) | MBIA Insured. |
(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) | FGIC Insured. |
(d) | FSA Insured. |
(e) | Represents a zero-coupon bond. Rate shown reflects the effective yield at the time of purchase. |
(f) | AMBAC Insured. |
(g) | Represents a step bond. Rate shown reflects the effective yield at the time of purchase. |
(h) | XL Capital Insured. |
(i) | Assured Guaranty Insured. |
(j) | Security is collateralized by Municipal or U.S. Treasury Obligations. |
(k) | BHAC Insured. |
7
BlackRock Municipal Bond Fund, Inc. - BlackRock Municipal Insured Fund
Schedule of Investments September 30, 2008 (Unaudited)
(l) | Variable rate security. Rate shown is as of report date. Maturity shown is the final maturity date. |
(m) | GNMA Collateralized. |
(n) | FNMA Collateralized. |
(o) | Securities represent bonds transferred to a tender option bond trust, in exchange for which the Fund acquired residual interest certificates. These serve as collateral in a financing transaction. |
(p) | 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: |
Purchase | Realized | |||||||||
Affiliate | Cost | Sales Cost | Gain | Income | ||||||
|
|
|
|
| ||||||
BlackRock California | ||||||||||
Insured Municipal | ||||||||||
2008 Term Trust, Inc. | - | - | - | $ 24,750 | ||||||
BlackRock Insured | ||||||||||
Municipal 2008 | ||||||||||
Term Trust, Inc. | - | - | - | $ 61,965 | ||||||
BlackRock Insured | ||||||||||
Municipal Term | ||||||||||
Trust, Inc. | - | - | - | $ 18,688 | ||||||
Merrill Lynch Institutional | ||||||||||
Tax-Exempt Fund | $28,969,115* | - | - | $ 108,009 | ||||||
|
|
|
|
| ||||||
* Represents net purchase cost. | ||||||||||
(q) | Represents the current yield as of report date. | |||||||||
| Forward interest rate swaps outstanding as of September 30, 2008 were as follows: | |||||||||
|
|
|||||||||
Notional | ||||||||||
Amount | Unrealized | |||||||||
(000) | Appreciation | |||||||||
|
|
|
|
|||||||
Pay a fixed rate of 3.764% and receive a floating rate | ||||||||||
based on 1-week SIFMA Municipal Swap Index Rate | ||||||||||
Broker, JPMorgan Chase | ||||||||||
Expires November 2028 | $ 12,750 | $ 85,489 | ||||||||
Pay a fixed rate of 3.7635% and receive a floating rate | ||||||||||
based on 1-week SIFMA Municipal Swap Index Rate | ||||||||||
Broker, JPMorgan Chase | ||||||||||
Expires November 2028 | $ 20,000 | 135,520 | ||||||||
|
|
|
|
|||||||
Total | $ 221,009 | |||||||||
|
|
8
BlackRock Municipal Bond Fund, Inc. - BlackRock Municipal Insured Fund
Schedule of Investments September 30, 2008 (Unaudited)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report.
The following table summarizes the inputs used as of September 30, 2008 in determining the fair valuation of the Fund's investments:
Valuation | Investments in | Other Financial | ||
Inputs | Securities | Instruments* | ||
|
|
|
||
Level 1 | $ 56,089,343 | - | ||
Level 2 | 755,085,756 | $ 221,009 | ||
Level 3 | - | - | ||
|
|
|
||
Total | $ 811,175,099 | $ 221,009 | ||
|
|
|||
* Other financial instruments are swaps. |
9
BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||
|
| |||||||
Par | ||||||||
Municipal Bonds | (000) | Value | ||||||
|
|
|
|
| ||||
Alabama - 0.7% | Alabama Incentives Financing Authority, Special Obligation | |||||||
Revenue Refunding Bonds, Series A, 6%, 10/01/29 (a) | $ 3,820 | $ 3,884,138 | ||||||
Jefferson County, Alabama, Public Building Authority, | ||||||||
Lease Revenue Bonds, 5.125%, 4/01/21 (a) | 3,525 | 3,036,787 | ||||||
Mobile, Alabama, Industrial Development Board, | ||||||||
Environmental Improvement Revenue Refunding Bonds | ||||||||
(International Paper Company Project), AMT, | ||||||||
Series A, 6.35%, 5/15/16 | 500 | 489,345 | ||||||
Selma, Alabama, IDB, Environmental Improvement | ||||||||
Revenue Refunding Bonds (International Paper Company | ||||||||
Project), AMT, Series A, 6.70%, 2/01/18 | 2,500 | 2,511,525 | ||||||
Tuscaloosa, Alabama, Special Care Facilities Financing | ||||||||
Authority, Residential Care Facility Revenue Bonds | ||||||||
(Capstone Village, Inc. Project), Series A, 5.875%, 8/01/36 | 3,400 | 2,404,004 | ||||||
| ||||||||
12,325,799 | ||||||||
|
|
|
|
| ||||
Arizona - 3.1% | Arizona Health Facilities Authority Revenue Bonds | |||||||
(Catholic Healthcare West), Series A, 6.625%, 7/01/20 | 4,000 | 4,307,840 | ||||||
Maricopa County and Phoenix, Arizona, IDA, S/F | ||||||||
Mortgage Revenue Bonds, AMT, Series A-2, 5.80%, | ||||||||
7/01/40 (b)(c)(d) | 7,625 | 7,282,485 | ||||||
Maricopa County, Arizona, IDA, Education Revenue Bonds | ||||||||
(Arizona Charter Schools Project 1), Series A, | ||||||||
6.75%, 7/01/29 | 3,100 | 2,594,049 | ||||||
Maricopa County, Arizona, IDA, Health Facilities | ||||||||
Revenue Refunding Bonds (Catholic Healthcare West | ||||||||
Project), Series A, 5%, 7/01/21 | 1,625 | 1,495,065 | ||||||
Peoria, Arizona, Improvement District Number 8801, | ||||||||
Special Assessment Bonds, 7.30%, 1/01/09 | 190 | 192,122 | ||||||
Peoria, Arizona, Improvement District Number 8801, | ||||||||
Special Assessment Bonds, 7.30%, 1/01/11 | 395 | 402,821 | ||||||
Peoria, Arizona, Improvement District Number 8802, | ||||||||
Special Assessment Bonds, 7.20%, 1/01/10 | 430 | 438,609 | ||||||
|
|
|
|
|
Portfolio Abbreviations
To simplify the listings of portfolio holdings in the Schedule of Investments, the names of many of the securities have been abbreviated according to the list below.
AMT | Alternative Minimum Tax (subject to) | IDA | Industrial Development Authority | |||
CABS | Capital Appreciation Bonds | IDB | Industrial Development Board | |||
COP | Certificates of Participation | IDR | Industrial Development Revenue Bonds | |||
EDA | Economic Development Authority | M/F | Multi-Family | |||
FLOATS | Floating Rate Securities | PCR | Pollution Control Revenue Bonds | |||
GO | General Obligation Bonds | S/F | Single-Family | |||
HFA | Housing Finance Agency | VRDN | Variable Rate Demand Notes |
1
BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||
|
| |||||||
Par | ||||||||
Municipal Bonds | (000) | Value | ||||||
|
|
|
|
| ||||
Peoria, Arizona, Improvement District Number 8802, | ||||||||
Special Assessment Bonds, 7.20%, 1/01/13 | $ 510 | $ 519,971 | ||||||
Phoenix, Arizona, IDA, Airport Facility, Revenue | ||||||||
Refunding Bonds (America West Airlines Inc. Project), | ||||||||
AMT, 6.30%, 4/01/23 | 3,685 | 2,752,732 | ||||||
Pima County, Arizona, IDA, Revenue Bonds (Tucson | ||||||||
Electric Power Company), Series A, 6.375%, 9/01/29 | 3,785 | 3,345,864 | ||||||
Pinal County, Arizona, IDA, Wastewater Revenue Bonds (San | ||||||||
Manuel Facilities Project), AMT, 6.25%, 6/01/26 | 500 | 449,650 | ||||||
Prescott Valley, Arizona, Improvement District, Special | ||||||||
Assessment Bonds (Sewer Collection System Roadway Repair), | ||||||||
7.90%, 1/01/12 | 323 | 332,732 | ||||||
Salt River Project, Arizona, Agriculture Improvement | ||||||||
and Power District, Electric System Revenue Bonds, | ||||||||
Series A, 5%, 1/01/37 | 20,000 | 18,790,600 | ||||||
Tucson, Arizona, IDA, Senior Living Facilities Revenue | ||||||||
Bonds (Christian Care Tucson Inc. Project), Series A, | ||||||||
6.125%, 7/01/10 (e)(f) | 3,515 | 3,760,628 | ||||||
Vistancia Community Facilities District, Arizona, GO, | ||||||||
6.75%, 7/15/22 | 3,000 | 3,017,460 | ||||||
Vistancia Community Facilities District, Arizona, GO, | ||||||||
5.75%, 7/15/24 | 2,125 | 1,927,949 | ||||||
| ||||||||
51,610,577 | ||||||||
|
|
|
|
| ||||
Arkansas - 0.1% | Arkansas State Student Loan Authority Revenue Bonds, | |||||||
AMT, Sub-Series B, 7.25%, 6/01/09 | 250 | 250,652 | ||||||
Jonesboro, Arkansas, Residential Housing and Health Care | ||||||||
Facilities Board, Hospital Revenue Refunding Bonds | ||||||||
(Saint Bernards Regional Medical Center), Series B, 5.90%, | ||||||||
7/01/16 (a) | 120 | 120,238 | ||||||
Pine Bluff, Arkansas, Environmental Improvement Revenue | ||||||||
Refunding Bonds (International Paper Company Project), AMT, | ||||||||
Series A, 6.70%, 8/01/20 | 500 | 479,630 | ||||||
University of Central Arkansas, Housing System Revenue | ||||||||
Bonds, 6.50%, 1/01/10 (e)(g) | 250 | 267,125 | ||||||
| ||||||||
1,117,645 | ||||||||
|
|
|
|
| ||||
California - 19.5% | Agua Caliente Band of Cahuilla Indians, California, | |||||||
Casino Revenue Bonds, 6%, 7/01/18 | 2,500 | 2,451,025 | ||||||
Antelope Valley, California, Health Care District | ||||||||
Revenue Bonds, VRDN, Series A, 5.25%, 9/01/17 (h)(i) | 12,000 | 10,852,560 | ||||||
California County Tobacco Securitization Agency, | ||||||||
Tobacco Revenue Refunding Bonds (Sonoma County | ||||||||
Corporation), 5%, 6/01/26 | 1,115 | 895,122 | ||||||
California County Tobacco Securitization Agency, | ||||||||
Tobacco Revenue Refunding Bonds (Sonoma County | ||||||||
Corporation), 5.125%, 6/01/38 | 1,910 | 1,330,640 |
2
BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund | ||||||
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||
|
| |||||
Par | ||||||
Municipal Bonds | (000) | Value | ||||
|
|
|
| |||
California HFA, Home Mortgage Revenue Bonds, VRDN, | ||||||
AMT, Series P, 9%, 2/01/27 (h)(i)(j) | $ 19,850 | $ 19,850,000 | ||||
California Health Facilities Financing Authority Revenue | ||||||
Bonds (Sutter Health), Series A, 5.25%, 11/15/46 | 7,500 | 6,612,975 | ||||
California Pollution Control Financing Authority, Solid | ||||||
Waste Disposal Revenue Bonds (Waste Management Inc. | ||||||
Project), AMT, Series A-2, 5.40%, 4/01/25 | 9,500 | 7,721,980 | ||||
California Pollution Control Financing Authority, Solid | ||||||
Waste Disposal Revenue Bonds (Waste Management Inc. | ||||||
Project), AMT, Series C, 5.125%, 11/01/23 | 3,250 | 2,621,222 | ||||
California Pollution Control Financing Authority, Solid | ||||||
Waste Disposal Revenue Refunding Bonds (Republic | ||||||
Services Inc. Project), AMT, Series C, 5.25%, 6/01/23 | 4,150 | 3,700,347 | ||||
California Rural Home Mortgage Finance Authority, S/F | ||||||
Mortgage Revenue Refunding Bonds (Mortgage-Backed | ||||||
Securities Program), AMT, Series A-2, 7%, 9/01/29 (b)(c)(d) | 40 | 40,410 | ||||
California State, GO, 5.25%, 4/01/29 | 5 | 4,827 | ||||
California State, GO, Refunding, 5.75%, 5/01/30 | 115 | 115,733 | ||||
California State, GO, Refunding, 5.25%, 3/01/38 | 40,000 | 37,990,400 | ||||
California State Various Purpose, GO, 5.50%, 11/01/33 | 10,000 | 9,878,800 | ||||
California Statewide Communities Development | ||||||
Authority, Health Facility Revenue Bonds (Memorial | ||||||
Health Services), Series A, 6%, 10/01/23 | 9,880 | 9,949,555 | ||||
California Statewide Communities Development | ||||||
Authority Revenue Bonds (Catholic Healthcare West), | ||||||
Series B, 5.50%, 7/01/30 | 3,000 | 2,740,710 | ||||
California Statewide Communities Development | ||||||
Authority Revenue Bonds (Catholic Healthcare West), | ||||||
Series D, 5.50%, 7/01/31 | 2,000 | 1,814,460 | ||||
Chabot-Las Positas, California, Community College District, | ||||||
GO (Election of 2004), Series B, 5%, 8/01/31 (a) | 12,895 | 11,935,096 | ||||
Chula Vista, California, Community Facilities District Number | ||||||
06-1, Special Tax Bonds (Eastlake Woods Area), Series A, | ||||||
6.05%, 9/01/20 | 1,080 | 1,076,134 | ||||
Chula Vista, California, Community Facilities District Number | ||||||
06-1, Special Tax Bonds (Eastlake Woods Area), Series A, | ||||||
6.15%, 9/01/26 | 2,965 | 2,861,966 | ||||
Chula Vista, California, IDR, Refunding (San Diego Gas & | ||||||
Electric Co.), AMT, Series C, 5.25%, 12/01/27 | 10,000 | 8,552,400 | ||||
Desert, California, Community College District, GO, | ||||||
Series C, 5%, 8/01/32 (g) | 12,070 | 11,272,897 | ||||
Los Angeles, California, Unified School District, GO | ||||||
(Election of 2004), Series H, 5%, 7/01/32 (g) | 20,000 | 18,606,200 | ||||
3 |
BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||
|
| |||||
Par | ||||||
Municipal Bonds | (000) | Value | ||||
|
|
|
| |||
Los Angeles County, California, Metropolitan Transportation | ||||||
Authority, Sales Tax Revenue Refunding Bonds, | ||||||
Proposition A, First Tier Senior Series A, 5%, 7/01/35 (a) | $ 12,730 | $ 11,725,858 | ||||
Los Angeles County, California, Metropolitan | ||||||
Transportation Authority, Sales Tax Revenue | ||||||
Refunding Bonds, Proposition C, VRDN, Second | ||||||
Senior Series A, 8.50%, 7/01/20 (h)(i)(j) | 50,000 | 50,000,000 | ||||
Metropolitan Water District of Southern California, | ||||||
Waterworks Revenue Refunding Bonds, Series B, | ||||||
5%, 7/01/35 | 10,000 | 9,396,100 | ||||
Palomar Pomerado Health Care District, California, GO | ||||||
(Election of 2004), Series A, 5.125%, 8/01/37 (j) | 23,200 | 21,915,416 | ||||
Poway, California, Unified School District, Special Tax Bonds | ||||||
(Community Facilities District Number 6), Series A, | ||||||
6.05%, 9/01/25 | 1,100 | 1,050,665 | ||||
Riverside, California, Improvement Bond Act of 1915, | ||||||
Special Assessment (Riverwalk Assessment District), | ||||||
6.375%, 9/02/26 | 2,695 | 2,687,697 | ||||
Roseville, California, Special Tax Bonds (Fiddyment Ranch | ||||||
Community Facilities Number 1), 5.125%, 9/01/26 | 3,060 | 2,392,706 | ||||
Roseville, California, Special Tax Bonds (Stoneridge | ||||||
Community Facilities Number 1), 6%, 9/01/11 (e) | 1,125 | 1,243,148 | ||||
Roseville, California, Special Tax Bonds (Stoneridge | ||||||
Community Facilities Number 1), 6.20%, 9/01/11 (e) | 1,250 | 1,388,225 | ||||
Roseville, California, Special Tax Bonds (Stoneridge | ||||||
Community Facilities Number 1), 6.30%, 9/01/11 (e) | 2,500 | 2,783,400 | ||||
San Diego, California, Public Facilities Financing Authority, | ||||||
Subordinated Water Revenue Refunding Bonds, 5%, | ||||||
8/01/32 (j) | 10,000 | 9,141,400 | ||||
San Francisco, California, City and County Airport | ||||||
Commission, International Airport Revenue Refunding Bonds, | ||||||
AMT, Issue 34E, Second Series, 5.75%, 5/01/21 (g) | 10,720 | 10,420,483 | ||||
San Francisco, California, City and County Redevelopment | ||||||
Agency, Community Facilities District Number 6, Special Tax | ||||||
Bonds (Mission Bay South Public Improvements Project), 6%, | ||||||
8/01/21 | 5,000 | 4,759,050 | ||||
San Francisco, California, City and County Redevelopment | ||||||
Agency, Community Facilities District Number 6, Special Tax | ||||||
Bonds (Mission Bay South Public Improvements Project), Series | ||||||
A, 6%, 8/01/25 | 2,500 | 2,301,025 | ||||
San Francisco, California, Uptown Parking Corporation, | ||||||
Parking Revenue Bonds (Union Square), 6%, 7/01/20 (j) | 1,075 | 1,137,200 |
4
BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||
|
| |||||||
Par | ||||||||
Municipal Bonds | (000) | Value | ||||||
|
|
|
|
| ||||
Santa Clara County, California, Financing Authority, Lease | ||||||||
Revenue Refunding Bonds, Series L, 5.25%, 5/15/36 | $ 11,000 | $ 10,329,220 | ||||||
Santa Margarita, California, Water District, Special Tax | ||||||||
Refunding Bonds (Community Facilities District Number 99), | ||||||||
Series 1, 6.20%, 9/01/09 (e) | 1,030 | 1,087,134 | ||||||
Santa Margarita, California, Water District, Special Tax | ||||||||
Refunding Bonds (Community Facilities District Number 99), | ||||||||
Series 1, 6.25%, 9/01/09 (e) | 2,925 | 3,083,301 | ||||||
Santa Margarita, California, Water District, Special Tax | ||||||||
Refunding Bonds (Community Facilities District Number 99), | ||||||||
Series 1, 6.20%, 9/01/20 | 2,650 | 2,662,588 | ||||||
Southern California HFA, S/F Mortgage Revenue Bonds, | ||||||||
AMT, Series A, 5.80%, 12/01/49 (b)(c)(d) | 4,420 | 4,233,520 | ||||||
| ||||||||
326,613,595 | ||||||||
|
|
|
|
| ||||
Colorado - 1.6% | Boulder County, Colorado, Hospital Development | |||||||
Revenue Bonds (Longmont United Hospital Project), 6%, | ||||||||
12/01/10 (e)(f) | 500 | 534,365 | ||||||
Colorado HFA, Revenue Bonds (S/F Program), Series B-3, | ||||||||
6.55%, 10/01/16 | 185 | 190,210 | ||||||
Colorado HFA, Revenue Refunding Bonds (S/F Program), AMT, | ||||||||
Senior Series A-2, 7.50%, 4/01/31 | 195 | 201,774 | ||||||
Colorado HFA, Revenue Refunding Bonds (S/F Program), | ||||||||
AMT, Senior Series B-2, 7.10%, 4/01/17 | 70 | 71,627 | ||||||
Colorado HFA, Revenue Refunding Bonds (S/F Program), AMT, | ||||||||
Senior Series B-2, 7.25%, 10/01/31 | 605 | 631,584 | ||||||
Colorado HFA, Revenue Refunding Bonds (S/F Program), | ||||||||
AMT, Senior Series B-3, 6.80%, 11/01/28 | 20 | 20,311 | ||||||
Colorado HFA, Revenue Refunding Bonds (S/F Program), | ||||||||
AMT, Senior Series C-2, 7.25%, 10/01/31 (k) | 275 | 278,415 | ||||||
Colorado HFA, Revenue Refunding Bonds (S/F Program), | ||||||||
Senior Series A-3, 7.35%, 10/01/30 | 75 | 77,647 | ||||||
Colorado HFA, Revenue Refunding Bonds (S/F Program), | ||||||||
Senior Series C-3, 6.75%, 10/01/21 (k) | 420 | 447,346 | ||||||
Colorado HFA, Revenue Refunding Bonds (S/F Program), Senior | ||||||||
Series C-3, 7.15%, 10/01/30 (k) | 100 | 101,566 | ||||||
Colorado Health Facilities Authority, Revenue Refunding | ||||||||
Bonds (Christian Living Communities Project), Series A, | ||||||||
5.75%, 1/01/37 | 1,500 | 1,205,295 | ||||||
Colorado Health Facilities Authority, Revenue Refunding | ||||||||
Bonds (Poudre Valley Health Care), Series B, 5.25%, | ||||||||
3/01/36 (g) | 6,065 | 5,360,308 | ||||||
Colorado Water Resource and Power Development Authority, | ||||||||
Small Water Resources Revenue Bonds, Series A, 5.80%, | ||||||||
11/01/10 (e)(l) | 350 | 372,393 |
5
BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund | ||||||||
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||
|
| |||||||
Par | ||||||||
Municipal Bonds | (000) | Value | ||||||
|
|
|
| |||||
Colorado Water Resource and Power Development Authority, | ||||||||
Small Water Resources Revenue Bonds, Series A, 5.80%, | ||||||||
11/01/20 (l) | $ 200 | $ 200,158 | ||||||
Elk Valley, Colorado, Public Improvement Revenue Bonds | ||||||||
(Public Improvement Fee), Series A, 7.35%, 9/01/31 | 7,560 | 7,002,904 | ||||||
Elk Valley, Colorado, Public Improvement Revenue Bonds | ||||||||
(Public Improvement Fee), Series B, 7.45%, 9/01/31 | 805 | 752,925 | ||||||
Plaza Metropolitan District Number 1, Colorado, Tax | ||||||||
Allocation Revenue Bonds (Public Improvement Fees), | ||||||||
8%, 12/01/25 | 7,700 | 7,797,482 | ||||||
Plaza Metropolitan District Number 1, Colorado, Tax | ||||||||
Allocation Revenue Bonds (Public Improvement Fees), | ||||||||
8.125%, 12/01/25 | 1,910 | 1,845,557 | ||||||
| ||||||||
27,091,867 | ||||||||
|
|
|
|
| ||||
Connecticut - 1.7% | Connecticut State Development Authority, Governmental | |||||||
Lease Revenue Bonds, 6.60%, 6/15/14 (j) | 1,000 | 1,002,640 | ||||||
Connecticut State Development Authority, Water Facility | ||||||||
Revenue Bonds (Bridgeport Hydraulic Company), AMT, 6.15%, | ||||||||
4/01/35 (a) | 1,250 | 1,245,137 | ||||||
Connecticut State Development Authority, Water | ||||||||
Facility Revenue Refunding Bonds (Aquarion Water | ||||||||
Company Project), AMT, 5.10%, 9/01/37 (m) | 2,750 | 2,157,732 | ||||||
Connecticut State, HFA, Revenue Refunding Bonds | ||||||||
(Housing Mortgage Finance Program), Series C-1, 6.30%, | ||||||||
11/15/17 | 960 | 991,440 | ||||||
Connecticut State Health and Educational Facilities | ||||||||
Authority Revenue Bonds (Bridgeport Hospital), Series A, | ||||||||
6.625%, 7/01/18 (j) | 1,000 | 1,004,130 | ||||||
Connecticut State Health and Educational Facilities | ||||||||
Authority Revenue Bonds (Waterbury Hospital Issue), | ||||||||
Series C, 5.75%, 7/01/20 (f) | 1,500 | 1,442,265 | ||||||
Connecticut State Health and Educational Facilities | ||||||||
Authority Revenue Bonds (Westover School), Series A, | ||||||||
5.70%, 7/01/10 (e)(f) | 1,000 | 1,063,900 | ||||||
Connecticut State Health and Educational Facilities | ||||||||
Authority, Revenue Refunding Bonds (Eastern Connecticut | ||||||||
Health Network), Series A, 6.50%, 7/01/10 (e)(f) | 12,045 | 12,978,728 | ||||||
Connecticut State Health and Educational Facilities Authority, | ||||||||
Revenue Refunding Bonds (Sacred Heart University), 6.625%, | ||||||||
7/01/26 (f) | 640 | 641,165 |
6
BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||
|
| |||||||
Par | ||||||||
Municipal Bonds | (000) | Value | ||||||
|
|
|
|
| ||||
Connecticut State Health and Educational Facilities | ||||||||
Authority, Revenue Refunding Bonds (University of | ||||||||
Hartford), Series E, 5.50%, 7/01/22 (f) | $ 5,710 | $ 5,298,252 | ||||||
Connecticut State Higher Education Supplemental Loan | ||||||||
Authority, Revenue Bonds (Family Education Loan Program), | ||||||||
AMT, Series A, 5.50%, 11/15/20 (j) | 385 | 387,961 | ||||||
Waterbury, Connecticut, GO, 6%, 2/01/09 (e)(f) | 860 | 879,144 | ||||||
| ||||||||
29,092,494 | ||||||||
|
|
|
|
| ||||
Florida - 7.5% | Alachua County, Florida, IDR (North Florida Retirement | |||||||
Village), Refunding, 5.875%, 11/15/36 | 2,000 | 1,606,400 | ||||||
Anthem Park Community Development District, Florida, | ||||||||
Capital Improvement Revenue Bonds, 5.80%, 5/01/36 | 1,920 | 1,496,064 | ||||||
Ave Maria Stewardship Community District, Florida, Capital | ||||||||
Improvement Revenue Bonds, Series A, 5.125%, 5/01/38 | 2,000 | 1,393,860 | ||||||
Ave Maria Stewardship Community District, Florida, | ||||||||
Revenue Bonds, 4.80%, 11/01/12 | 1,500 | 1,357,155 | ||||||
Ballantrae, Florida, Community Development District, | ||||||||
Capital Improvement Revenue Bonds, 6%, 5/01/35 | 1,620 | 1,498,824 | ||||||
Beacon Tradeport Community, Florida, Development | ||||||||
District, Special Assessment Revenue Refunding Bonds | ||||||||
(Commercial Project), Series A, 5.25%, 5/01/16 (f) | 1,670 | 1,638,938 | ||||||
Capital Region Community Development District, Florida, | ||||||||
Special Assessment Revenue Bonds, Series A, 7%, 5/01/39 | 1,065 | 1,001,366 | ||||||
Duval County, Florida, School Board, COP, 5.75%, | ||||||||
7/01/17 (g) | 2,725 | 2,787,430 | ||||||
Fiddlers Creek, Florida, Community Development District | ||||||||
Number 2, Special Assessment Revenue Bonds, Series A, | ||||||||
6.375%, 5/01/35 | 5,350 | 4,552,422 | ||||||
Fiddlers Creek, Florida, Community Development District | ||||||||
Number 2, Special Assessment Revenue Bonds, Series B, | ||||||||
5.75%, 5/01/13 | 560 | 527,677 | ||||||
Florida Housing Finance Corporation, Homeowner Mortgage | ||||||||
Revenue Bonds, AMT, Series 1, 6%, 7/01/39 (b)(c)(d) | 1,850 | 1,736,687 | ||||||
Halifax Hospital Medical Center, Florida, Hospital | ||||||||
Revenue Refunding and Improvement Bonds, Series A, | ||||||||
5.25%, 6/01/26 | 5,500 | 4,741,935 | ||||||
Highland Meadows Community Development District, Florida, | ||||||||
Special Assessment Bonds, Series A, 5.50%, 5/01/36 | 1,115 | 719,521 | ||||||
Hillsborough County, Florida, IDA, Exempt Facilities | ||||||||
Revenue Bonds (National Gypsum Company), AMT, | ||||||||
Series A, 7.125%, 4/01/30 | 5,000 | 4,465,550 | ||||||
Hillsborough County, Florida, IDA, Hospital Revenue Bonds | ||||||||
(Tampa General Hospital Project), 5.25%, 10/01/41 | 16,845 | 13,900,157 | ||||||
Lee County, Florida, Airport Revenue Bonds, FLOATS, | ||||||||
VRDN, AMT, Series 580X, 8.26%, 10/01/29 (g)(h)(i) | 7,000 | 7,000,000 |
7
BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund | ||||||
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||
|
| |||||
Par | ||||||
Municipal Bonds | (000) | Value | ||||
|
|
|
| |||
Lee County, Florida, IDA, Health Care Facilities, Revenue | ||||||
Refunding Bonds (Shell Point/Alliance Obligor Group), 5%, | ||||||
11/15/29 | $ 2,000 | $ 1,525,860 | ||||
Lexington Oaks, Florida, Community Development | ||||||
District, Special Assessment Revenue Bonds, Series A, | ||||||
6.70%, 5/01/33 | 1,075 | 1,083,331 | ||||
Mediterra, Florida, South Community Development District, | ||||||
Capital Improvement Revenue Bonds, 6.85%, 5/01/31 | 930 | 938,714 | ||||
Miami-Dade County, Florida, Aviation Revenue Refunding | ||||||
Bonds (Miami International Airport), AMT, Series A, 5.50%, | ||||||
10/01/24 (m) | 5,185 | 4,664,374 | ||||
Miami-Dade County, Florida, Aviation Revenue Refunding | ||||||
Bonds (Miami International Airport), AMT, Series A, 5.50%, | ||||||
10/01/25 (m) | 7,320 | 6,566,406 | ||||
Middle Village Community Development District, Florida, | ||||||
Special Assessment Bonds, Series A, 6%, 5/01/35 | 2,500 | 2,108,000 | ||||
Midtown Miami, Florida, Community Development | ||||||
District, Special Assessment Revenue Bonds, Series A, | ||||||
6.25%, 5/01/37 | 6,625 | 5,654,835 | ||||
New River Community Development District, Florida, Capital | ||||||
Improvement Revenue Bonds, Series B, 5%, 5/01/13 | 1,000 | 637,360 | ||||
Orange County, Florida, HFA, M/F Housing Revenue | ||||||
Bonds (Loma Vista Project), Series G, 5.50%, 3/01/32 | 3,500 | 3,120,180 | ||||
Orange County, Florida, Health Facilities Authority, Hospital | ||||||
Revenue Bonds (Orlando Regional Healthcare), 5.70%, | ||||||
7/01/26 | 1,000 | 820,580 | ||||
Panther Trace Community Development District II, Florida, | ||||||
Special Assessment Revenue Bonds, 5.125%, 11/01/13 | 9,950 | 8,965,149 | ||||
Panther Trace Community Development District II, | ||||||
Florida, Special Assessment Revenue Bonds, Series A, | ||||||
5.60%, 5/01/35 | 4,900 | 3,720,325 | ||||
Park Place Community Development District, Florida, | ||||||
Special Assessment Revenue Bonds, 6.75%, 5/01/10 (e) | 920 | 980,959 | ||||
Park Place Community Development District, Florida, | ||||||
Special Assessment Revenue Bonds, 6.375%, 5/01/34 | 2,300 | 2,104,362 | ||||
Port St. Lucie, Florida, Utility Revenue Bonds, 5.125%, | ||||||
9/01/36 (j) | 20,115 | 18,402,811 | ||||
Saint Lucie, Florida, West Services District, Utility Revenue | ||||||
Refunding Bonds, Senior Lien, 6%, 10/01/22 (j) | 2,000 | 2,082,860 | ||||
Sarasota County, Florida, Health Facilities Authority, | ||||||
Retirement Facility Revenue Refunding Bonds (Village on | ||||||
the Isle Project), 5.50%, 1/01/27 | 780 | 645,005 |
8
BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||
|
| |||||||
Par | ||||||||
Municipal Bonds | (000) | Value | ||||||
|
|
|
|
| ||||
Sarasota County, Florida, Health Facilities Authority, | ||||||||
Retirement Facility Revenue Refunding Bonds (Village on | ||||||||
the Isle Project), 5.50%, 1/01/32 | $ 1,645 | $ 1,306,508 | ||||||
Somerset Community Development District, Florida, | ||||||||
Capital Improvement Revenue Bonds, 5%, 5/01/15 | 2,575 | 2,226,860 | ||||||
Sterling Hill Community Development District, Florida, | ||||||||
Capital Improvement Revenue Refunding Bonds, Series B, | ||||||||
5.50%, 11/01/10 | 185 | 181,257 | ||||||
Suncoast Community Development District, Florida, Capital | ||||||||
Improvement Revenue Bonds, Series A, 5.875%, 5/01/34 | 2,585 | 2,354,780 | ||||||
Tern Bay Community Development District, Florida, Capital | ||||||||
Improvement Revenue Refunding Bonds, | ||||||||
Series B, 5%, 5/01/15 | 1,190 | 678,300 | ||||||
Tolomato Community Development District, Florida, | ||||||||
Special Assessment Bonds, 6.45%, 5/01/23 | 3,000 | 2,811,450 | ||||||
Watergrass Community Development District, Florida, Special | ||||||||
Assessment Revenue Bonds, Series B, 4.875%, 11/01/10 | ||||||||
1,355 | 1,283,659 | |||||||
| ||||||||
125,287,911 | ||||||||
|
|
|
|
| ||||
Georgia - 2.5% | Atlanta, Georgia, Airport Passenger Facility Charge and | 16,500 | ||||||
Subordinate Lien General Revenue Refunding Bonds, | ||||||||
Series C, 5%, 1/01/33 (g) | 15,338,400 | |||||||
Atlanta, Georgia, Tax Allocation Bonds (Atlantic Station | 5,000 | |||||||
Project), 7.90%, 12/01/11 (e) | 5,768,000 | |||||||
College Park, Georgia, Business and IDA Revenue Bonds | 5,210 | |||||||
(Civic Center Project), 5.75%, 9/01/10 (a)(e) | 5,609,867 | |||||||
Fulton County, Georgia, Development Authority Revenue | 3,450 | |||||||
Bonds (Morehouse College Project), 5.875%, 12/01/10 (a)(e) | 3,713,683 | |||||||
Fulton County, Georgia, Residential Care Facilities, | 2,250 | |||||||
Revenue Refunding Bonds (Canterbury Court Project), | ||||||||
Series A, 6%, 2/15/22 | 2,022,165 | |||||||
Gainesville, Georgia, Redevelopment Authority, | 2,460 | |||||||
Educational Facilities Revenue Refunding Bonds | ||||||||
(Riverside Military Academy), 5.125%, 3/01/27 | 1,976,708 | |||||||
Gainesville, Georgia, Redevelopment Authority, | 1,800 | |||||||
Educational Facilities Revenue Refunding Bonds | ||||||||
(Riverside Military Academy), 5.125%, 3/01/37 | 1,354,104 | |||||||
Milledgeville-Baldwin County, Georgia, Development | 1,500 | |||||||
Authority Revenue Bonds (Georgia College and State | ||||||||
University Foundation), 6%, 9/01/14 (e) | 1,694,175 | |||||||
Rockdale County, Georgia, Development Authority Revenue | 5,000 | |||||||
Bonds (Visy Paper Project), AMT, Series A, 6.125%, 1/01/34 | 4,359,150 | |||||||
| ||||||||
41,836,252 | ||||||||
|
|
|
|
| ||||
Illinois - 4.5% | Bolingbrook, Illinois, Special Services Area Number 1, Special | |||||||
Tax Bonds (Forest City Project), 5.90%, 3/01/27 | 1,000 | 865,700 |
9
BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||
|
| |||||||
Par | ||||||||
Municipal Bonds | (000) | Value | ||||||
|
|
|
|
| ||||
Chicago, Illinois, Motor Fuel Tax Revenue Bonds, Series A, | ||||||||
5%, 1/01/38 (n) | $ 11,000 | $ 10,054,770 | ||||||
Chicago, Illinois, O'Hare International Airport, General | ||||||||
Airport Revenue Bonds, Third Lien, AMT, Series B-2, 6%, | ||||||||
1/01/29 (m) | 20,000 | 18,583,200 | ||||||
Chicago, Illinois, Park District, GO, Refunding, Series B, | ||||||||
5.75%, 1/01/15 (l) | 350 | 362,967 | ||||||
Chicago, Illinois, Park District, Limited Tax, GO, Series A, | ||||||||
5.75%, 1/01/16 (l) | 230 | 238,521 | ||||||
Chicago, Illinois, S/F Mortgage Revenue Bonds, AMT, | ||||||||
Series A, 7.15%, 9/01/31 (b)(c)(d) | 235 | 240,280 | ||||||
Chicago, Illinois, Special Assessment Bonds (Lake Shore | ||||||||
East), 6.75%, 12/01/32 | 2,000 | 1,877,820 | ||||||
Cicero, Illinois, GO, Refunding (Corporate Purpose), 6%, | ||||||||
12/01/28 (j) | 1,450 | 1,471,968 | ||||||
Hodgkins, Illinois, Environmental Improvement Revenue | ||||||||
Bonds (Metro Biosolids Management LLC Project), AMT, 6%, | ||||||||
11/01/23 | 10,000 | 10,002,100 | ||||||
Illinois Development Finance Authority Revenue Bonds | ||||||||
(Community Rehabilitation Providers Facilities), | ||||||||
Series A, 6.50%, 7/01/22 | 3,140 | 3,169,516 | ||||||
Illinois State Finance Authority Revenue Bonds (Friendship | ||||||||
Village of Schaumburg), Series A, 5.625%, 2/15/37 | 1,750 | 1,310,382 | ||||||
Illinois State Finance Authority Revenue Bonds (Landing At | ||||||||
Plymouth Place Project), Series A, 6%, 5/15/37 | 2,155 | 1,739,969 | ||||||
Illinois State Finance Authority, Revenue Refunding | ||||||||
Bonds (Sherman Health System Project), Series A, 5.50%, | ||||||||
8/01/37 | 3,500 | 2,986,165 | ||||||
Illinois State, GO, 1st Series, 5.75%, 12/01/15 (j) | 8,890 | 9,252,712 | ||||||
Illinois State, GO, 1st Series, 5.75%, 12/01/16 (j) | 3,745 | 3,897,796 | ||||||
Illinois State, GO, 1st Series, 5.75%, 12/01/17 (j) | 4,000 | 4,163,200 | ||||||
Illinois State Sales Tax Revenue Bonds, 6%, 6/15/20 | 3,000 | 3,115,530 | ||||||
Illinois State Sales Tax Revenue Refunding Bonds, | ||||||||
Series Q, 6%, 6/15/09 | 795 | 811,297 | ||||||
Village of Wheeling, Illinois, Revenue Bonds (North | ||||||||
Milwaukee/Lake-Cook Tax Increment Financing (TIF) | ||||||||
Redevelopment Project), 6%, 1/01/25 | 1,585 | 1,354,319 | ||||||
| ||||||||
75,498,212 | ||||||||
|
|
|
|
| ||||
Indiana - 0.6% | Indiana Bond Bank, Special Program Revenue Bonds | |||||||
(Town of Westfield and West Central Conservancy | ||||||||
District Projects), Series A, 5.125%, 10/01/22 (j) | 7,350 | 7,310,089 | ||||||
Jasper County, Indiana, PCR, Refunding (Northern | ||||||||
Indiana Public Service), Series C, 5.85%, 4/01/19 (j) | 2,000 | 1,925,220 | ||||||
| ||||||||
9,235,309 | ||||||||
|
|
|
|
| ||||
Iowa - 0.3% | Iowa City, Iowa, Sewer Revenue Bonds, 5.75%, 7/01/21 (j) | 1,000 | 1,001,010 |
10
BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||
|
| |||||||
Par | ||||||||
Municipal Bonds | (000) | Value | ||||||
|
|
|
|
| ||||
Iowa Finance Authority, Health Care Facilities, Revenue | ||||||||
Refunding Bonds (Care Initiatives Project), 9.25%, | ||||||||
7/01/11 (e) | $ 3,775 | $ 4,440,834 | ||||||
| ||||||||
5,441,844 | ||||||||
|
|
|
|
| ||||
Kansas - 0.2% | Sedgwick and Shawnee Counties, Kansas, S/F Revenue | |||||||
Bonds, AMT, Series A-1, 6.95%, 6/01/29 (d) | 1,160 | 1,197,514 | ||||||
Wichita, Kansas, Hospital Facilities Revenue Refunding and | ||||||||
Improvement Bonds, Series III, 6.25%, 11/15/19 | 2,500 | 2,526,875 | ||||||
| ||||||||
3,724,389 | ||||||||
|
|
|
|
| ||||
Kentucky - 0.1% | Kentucky Economic Development Financing Authority, | |||||||
Louisville Arena Project Revenue Bonds (Louisville Arena | ||||||||
Authority, Inc.), Sub-Series A-1, 6%, 12/01/33 (n) | 2,000 | 1,924,540 | ||||||
|
|
|
|
| ||||
Louisiana - 2.9% | Jefferson Parish, Louisiana, Finance Authority, | |||||||
S/F Mortgage Revenue Bonds, Series B, 5.70%, | ||||||||
12/01/48 (b)(c)(d) | 5,000 | 4,812,200 | ||||||
Louisiana HFA, S/F Mortgage Revenue Bonds, AMT, | ||||||||
Series D-2, 5.80%, 6/01/20 (c)(d) | 245 | 246,274 | ||||||
Louisiana Local Government Environmental Facilities | ||||||||
and Community Development Authority, Revenue Bonds | ||||||||
(Capital Projects and Equipment Acquisition Program), | ||||||||
Series A, 6.30%, 7/01/30 (a) | 7,000 | 6,958,140 | ||||||
Louisiana Public Facilities Authority Revenue Bonds | ||||||||
(CHRISTUS Health Project), VRDN, Series C, 9.75%, | ||||||||
7/01/47 (h)(i)(j) | 35,000 | 35,000,000 | ||||||
Rapides Finance Authority, Louisiana, Environmental | ||||||||
Improvement Revenue Bonds (International Paper | ||||||||
Company Project), AMT, Series A, 6.55%, 11/15/23 | 2,000 | 1,883,100 | ||||||
| ||||||||
48,899,714 | ||||||||
|
|
|
|
| ||||
Maryland - 0.3% | Anne Arundel County, Maryland, Special Obligation Revenue | |||||||
Bonds (Arundel Mills Project), 7.10%, 7/01/09 (e) | 500 | 523,470 | ||||||
Maryland State Community Development Administration, | ||||||||
Department of Housing and Community Development, | ||||||||
Housing Revenue Bonds, AMT, Series B, 6.15%, 1/01/21 | 1,000 | 1,000,960 | ||||||
Maryland State Community Development Administration, | ||||||||
Department of Housing and Community Development | ||||||||
Revenue Bonds (Waters Landing II Apartments), AMT, Series | ||||||||
A, 5.875%, 8/01/33 | 1,000 | 979,200 | ||||||
Maryland State Health and Higher Educational Facilities | ||||||||
Authority Revenue Bonds (King Farm Presbyterian | ||||||||
Community), Series B, 5%, 1/01/17 | 3,200 | 2,872,192 | ||||||
| ||||||||
5,375,822 | ||||||||
|
|
|
|
| ||||
Massachusetts - 1.8% | Massachusetts Educational Financing Authority, Education | |||||||
Loan Revenue Refunding Bonds, AMT, Issue E, 5.85%, | ||||||||
7/01/14 (a) | 195 | 195,363 |
11
BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||
|
| |||||||
Par | ||||||||
Municipal Bonds | (000) | Value | ||||||
|
|
|
|
| ||||
Massachusetts State Development Finance Agency | ||||||||
Revenue Bonds (Linden Ponds, Inc. Project), Series A, | ||||||||
5.50%, 11/15/27 | $ 3,000 | $ 2,297,820 | ||||||
Massachusetts State Health and Educational Facilities | ||||||||
Authority Revenue Bonds (Medical Center of Central | ||||||||
Massachusetts), 6.55%, 6/23/22 (a) | 6,700 | 6,734,237 | ||||||
Massachusetts State School Building Authority, Dedicated | ||||||||
Sales Tax Revenue Bonds, Series A, 5%, 8/15/37 (a) | 20,700 | 19,125,351 | ||||||
Massachusetts State Water Pollution Abatement Trust, Water | ||||||||
Abatement Revenue Bonds, Series A, | ||||||||
6.375%, 2/01/15 | 130 | 130,368 | ||||||
Montachusett, Massachusetts, Regional Vocational | ||||||||
Technical School District, GO, 5.95%, 1/15/10 (e)(j) | 1,600 | 1,684,144 | ||||||
| ||||||||
30,167,283 | ||||||||
|
|
|
|
| ||||
Michigan - 1.1% | Dickinson County, Michigan, Economic Development | |||||||
Corporation, Environmental Improvement Revenue Refunding | ||||||||
Bonds (International Paper Company Project), Series A, 5.75%, | ||||||||
6/01/16 | 500 | 474,115 | ||||||
Eastern Michigan University, General Revenue Refunding | ||||||||
Bonds, 6%, 6/01/24 (a) | 415 | 426,881 | ||||||
Flint, Michigan, Hospital Building Authority, Revenue | ||||||||
Refunding Bonds (Hurley Medical Center), 6%, 7/01/20 | 3,000 | 2,704,140 | ||||||
Hartland, Michigan, Consolidated School District, GO, | ||||||||
Refunding, 5.125%, 5/01/29 | 13,500 | 12,912,210 | ||||||
Michigan State Hospital Finance Authority, Revenue | ||||||||
Refunding Bonds (Mercy-Mount Clemens), Series A, 6%, | ||||||||
5/15/09 (e)(j) | 1,500 | 1,544,220 | ||||||
| ||||||||
18,061,566 | ||||||||
|
|
|
|
| ||||
Minnesota - 0.5% | Anoka County, Minnesota, Solid Waste Disposal Revenue Bonds | |||||||
(Natural Rural Utilities), AMT, Series A, | ||||||||
6.95%, 12/01/08 | 240 | 240,979 | ||||||
Eden Prairie, Minnesota, M/F Housing Revenue Bonds | ||||||||
(Rolling Hills Project), Series A, 6.15%, 8/20/31 (d) | 1,000 | 1,053,110 | ||||||
Minneapolis and Saint Paul, Minnesota, Metropolitan | ||||||||
Airports Commission, Airport Revenue Bonds, AMT, | ||||||||
Sub-Series D, 5.75%, 1/01/12 (l) | 470 | 478,385 | ||||||
Minneapolis and Saint Paul, Minnesota, Metropolitan | ||||||||
Airports Commission, Airport Revenue Bonds, AMT, | ||||||||
Sub-Series D, 5.75%, 1/01/14 (l) | 470 | 473,699 | ||||||
Minneapolis and Saint Paul, Minnesota, Metropolitan | ||||||||
Airports Commission, Airport Revenue Bonds, AMT, | ||||||||
Sub-Series D, 5.75%, 1/01/15 (l) | 2,060 | 2,067,540 | ||||||
Ramsey County, Minnesota, Housing and Redevelopment | ||||||||
Authority, M/F Housing Revenue Bonds (Hanover Townhouses | ||||||||
Project), AMT, 6%, 7/01/31 | 1,110 | 1,035,686 |
12
BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||
|
| |||||||
Par | ||||||||
Municipal Bonds | (000) | Value | ||||||
|
|
|
|
| ||||
Saint Cloud, Minnesota, Health Care Revenue Refunding | ||||||||
Bonds (Saint Cloud Hospital Obligation Group), Series A, | ||||||||
6.25%, 5/01/20 (g) | $ 1,000 | $ 1,046,750 | ||||||
Waconia, Minnesota, Health Care Facilities Revenue | ||||||||
Bonds (Ridgeview Medical Center Project), Series A, | ||||||||
6.125%, 1/01/10 (e)(f) | 1,500 | 1,566,780 | ||||||
| ||||||||
7,962,929 | ||||||||
|
|
|
|
| ||||
Mississippi - 0.3% | Mississippi Home Corporation, S/F Mortgage Revenue | |||||||
Bonds, Series A-1, 5.50%, 6/01/38 (b)(c)(d) | 3,830 | 3,924,448 | ||||||
Warren County, Mississippi, Environmental Improvement | ||||||||
Revenue Refunding Bonds (International Paper Company | ||||||||
Project), AMT, Series B, 6.75%, 8/01/21 | 1,700 | 1,619,318 | ||||||
| ||||||||
5,543,766 | ||||||||
|
|
|
|
| ||||
Missouri - 0.5% | Fenton, Missouri, Tax Increment Revenue Refunding and | |||||||
Improvement Bonds (Gravois Bluffs Redevelopment Project), | ||||||||
5%, 4/01/14 | 1,000 | 1,025,110 | ||||||
Kansas City, Missouri, IDA, First Mortgage Health Facilities | ||||||||
Revenue Bonds (Bishop Spencer Place), | ||||||||
Series A, 6.50%, 1/01/35 | 1,500 | 1,317,900 | ||||||
Missouri State Housing Development Commission, S/F | ||||||||
Mortgage Revenue Bonds (Homeownership Loan | ||||||||
Program), AMT, Series E-1, 5.60%, 3/01/37 (c)(d) | 5,855 | 5,663,717 | ||||||
| ||||||||
8,006,727 | ||||||||
|
|
|
|
| ||||
Montana - 0.5% | Montana State Board of Housing, S/F Mortgage Revenue | |||||||
Refunding Bonds, AMT, Series A-2, 5.50%, 6/01/37 | 2,815 | 2,752,620 | ||||||
Montana State Higher Education Student Assistance | ||||||||
Corporation, Student Loan Revenue Refunding Bonds, | ||||||||
AMT, Sub-Series B, 6.40%, 12/01/32 | 6,000 | 5,586,420 | ||||||
| ||||||||
8,339,040 | ||||||||
|
|
|
|
| ||||
Nevada - 2.3% | Clark County, Nevada, Improvement District Number | |||||||
142, Special Assessment Bonds, 6.375%, 8/01/23 | 1,505 | 1,360,385 | ||||||
Elko, Nevada, GO (Airport Improvement), AMT, Series B, | ||||||||
6.10%, 10/01/14 (j) | 165 | 166,185 | ||||||
Elko, Nevada, GO (Airport Improvement), AMT, Series B, | ||||||||
6.30%, 10/01/19 (j) | 245 | 245,833 | ||||||
Elko, Nevada, GO (Airport Improvement), AMT, Series B, | ||||||||
6.75%, 10/01/24 (j) | 320 | 321,056 | ||||||
Elko, Nevada, GO (Airport Improvement), AMT, Series B, | ||||||||
7%, 10/01/29 (j) | 225 | 226,210 | ||||||
Henderson, Nevada, Health Care Facilities, Revenue | ||||||||
Refunding Bonds (Catholic Healthcare West), Series B, | ||||||||
5.25%, 7/01/31 | 20,000 | 17,091,200 | ||||||
Reno, Nevada, Health Revenue Refunding Bonds | ||||||||
(Catholic Healthcare West), Series A, 5.25%, 7/01/31 | 10,000 | 8,630,700 | ||||||
Reno, Nevada, Special Assessment District Number 4 | ||||||||
(Somerset Parkway), 6.625%, 12/01/22 | 1,835 | 1,731,451 |
13
BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||
|
| |||||||
Par | ||||||||
Municipal Bonds | (000) | Value | ||||||
|
|
|
|
| ||||
Sparks, Nevada, Redevelopment Agency, Tax Allocation | ||||||||
Revenue Refunding Bonds, Series A, 6%, 1/15/15 (f) | $ 3,110 | $ 3,217,451 | ||||||
Sparks, Nevada, Redevelopment Agency, Tax Allocation | ||||||||
Revenue Refunding Bonds, Series A, 6%, 1/15/23 (f) | 6,315 | 6,184,027 | ||||||
| ||||||||
39,174,498 | ||||||||
|
|
|
|
| ||||
New Hampshire - 0.2% | New Hampshire Health and Education Facilities | |||||||
Authority, Revenue Refunding Bonds (Elliot Hospital), | ||||||||
Series B, 5.60%, 10/01/22 | 1,750 | 1,692,355 | ||||||
New Hampshire Health and Education Facilities Authority, | ||||||||
Revenue Refunding Bonds (Havenwood-Heritage Heights | ||||||||
Retirement Community), Series A, 5%, 1/01/16 | 540 | 468,196 | ||||||
New Hampshire Health and Education Facilities Authority, | ||||||||
Revenue Refunding Bonds (Havenwood-Heritage Heights | ||||||||
Retirement Community), Series A, 5.35%, 1/01/26 | 1,035 | 812,817 | ||||||
| ||||||||
2,973,368 | ||||||||
|
|
|
|
| ||||
New Jersey - 3.2% | Camden County, New Jersey, Pollution Control Financing | |||||||
Authority, Solid Waste Resource Recovery, Revenue Refunding | ||||||||
Bonds, AMT, Series B, 7.50%, 12/01/09 | 195 | 195,497 | ||||||
New Jersey EDA, Retirement Community Revenue Bonds | ||||||||
(Cedar Crest Village Inc. Facility), Series A, 7.25%, | ||||||||
11/15/11 (e) | 3,300 | 3,717,846 | ||||||
New Jersey EDA, School Facilities Construction Revenue | ||||||||
Bonds, Series O, 5.25%, 3/01/24 | 22,000 | 21,701,900 | ||||||
New Jersey EDA, State Lease Revenue Bonds | ||||||||
(State Office Buildings Projects), 6%, 6/15/10 (a)(e) | 3,680 | 3,890,680 | ||||||
New Jersey Health Care Facilities Financing Authority | ||||||||
Revenue Bonds (South Jersey Hospital System), 6%, | ||||||||
7/01/12 (e) | 3,130 | 3,413,108 | ||||||
New Jersey Health Care Facilities Financing Authority, | ||||||||
Revenue Refunding Bonds (Capital Health System Inc.), | ||||||||
Series A, 5.75%, 7/01/23 | 2,250 | 2,154,892 | ||||||
New Jersey State Housing and Mortgage Finance Agency, | ||||||||
M/F Housing Revenue Refunding Bonds, Series B, 6.25%, | ||||||||
11/01/26 (g) | 640 | 645,133 | ||||||
New Jersey State Turnpike Authority, Turnpike Revenue | ||||||||
Refunding Bonds, Series A, 5.75%, 1/01/10 (e)(j) | 7,025 | 7,308,108 | ||||||
New Jersey State Turnpike Authority, Turnpike Revenue | ||||||||
Refunding Bonds, Series A, 5.75%, 1/01/18 (j) | 2,975 | 3,016,323 | ||||||
Tobacco Settlement Financing Corporation of New | ||||||||
Jersey, Asset-Backed Revenue Bonds, 7%, 6/01/13 (e) | 7,000 | 7,981,820 | ||||||
| ||||||||
54,025,307 | ||||||||
|
|
|
|
| ||||
New Mexico - 0.2% | New Mexico Mortgage Financing Authority, S/F Mortgage | |||||||
Program Revenue Bonds, AMT, Series D, 6.15%, | ||||||||
7/01/35 (b)(c)(d) | 2,640 | 2,698,872 |
14
BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||
|
| |||||||
Par | ||||||||
Municipal Bonds | (000) | Value | ||||||
|
|
|
|
| ||||
Santa Fe County, New Mexico, Correctional System | ||||||||
Revenue Bonds, 6%, 2/01/27 (g) | $ 250 | $ 265,600 | ||||||
| ||||||||
2,964,472 | ||||||||
|
|
|
|
| ||||
New York - 6.8% | Long Island Power Authority, New York, Electric System | |||||||
Revenue Bonds, VRDN, Series N, 1.40%, 12/01/29 (g)(h)(i) | 22,100 | 22,100,000 | ||||||
New York City, New York, City IDA, Civic Facility Revenue | ||||||||
Bonds (Special Needs Facilities Pooled Program), | ||||||||
Series C-1, 6%, 7/01/12 | 2,590 | 2,506,369 | ||||||
New York City, New York, City IDA, Special Facility | ||||||||
Revenue Bonds (British Airways Plc Project), AMT, | ||||||||
7.625%, 12/01/32 | 3,500 | 2,936,080 | ||||||
New York City, New York, City Transitional Finance | ||||||||
Authority, Building Aid Revenue Refunding Bonds, | ||||||||
Series S-1, 5%, 1/15/34 | 10,000 | 9,202,900 | ||||||
New York City, New York, GO, Refunding, Series A, | ||||||||
6%, 5/15/10 (e) | 6,540 | 6,972,032 | ||||||
New York City, New York, GO, Refunding, Series A, | ||||||||
6.25%, 5/15/10 (e)(l) | 2,205 | 2,359,394 | ||||||
New York City, New York, GO, Refunding, Series A, | ||||||||
6%, 5/15/21 (l) | 60 | 61,177 | ||||||
New York City, New York, GO, Series B, 5.875%, | ||||||||
8/01/10 (e)(j) | 6,640 | 7,104,534 | ||||||
New York City, New York, GO, Series B, 5.875%, 8/01/15 (j) | 1,300 | 1,362,205 | ||||||
New York State Dormitory Authority, Non-State Supported | ||||||||
Debt, Revenue Refunding Bonds (Mount Sinai-NYU Medical | ||||||||
Center Health System), Series A, 6.50%, 7/01/10 (e) | 590 | 634,999 | ||||||
New York State Dormitory Authority, Non-State Supported | ||||||||
Debt, Revenue Refunding Bonds (Mount Sinai-NYU Medical | ||||||||
Center Health System), Series A, 6.50%, 7/01/16 | 2,410 | 2,475,046 | ||||||
New York State Dormitory Authority, Revenue Refunding | ||||||||
Bonds (Mount Sinai Health), Series A, 6.50%, 7/01/25 | 1,680 | 1,694,062 | ||||||
New York State Dormitory Authority, Revenue Refunding | ||||||||
Bonds (State University Educational Facilities), Series A, | ||||||||
7.50%, 5/15/13 | 3,000 | 3,485,610 | ||||||
New York State Environmental Facilities Corporation, | ||||||||
State Clean Water and Drinking Revenue Bonds | ||||||||
(Revolving Funds), Series B, 5.875%, 1/15/19 | 1,360 | 1,402,418 | ||||||
New York State Local Government Assistance | ||||||||
Corporation, Revenue Refunding Bonds, Sub-Lien, VRDN, | ||||||||
Series A-4V, 4.45%, 4/01/22 (g)(h)(i) | 23,125 | 23,125,000 | ||||||
Oneida County, New York, IDA Revenue Bonds (Civic | ||||||||
Facility-Faxton Hospital), Series C, 6.625%, 1/01/15 (f) | 2,285 | 2,381,427 |
15
BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||
|
| |||||||
Par | ||||||||
Municipal Bonds | (000) | Value | ||||||
|
|
|
|
| ||||
Port Authority of New York and New Jersey, | ||||||||
Consolidated Revenue Refunding Bonds, 153rd Series, | ||||||||
5%, 7/15/38 | $ 10,000 | $ 9,326,000 | ||||||
Suffolk County, New York, IDA, Civic Facility Revenue Bonds | ||||||||
(Special Needs Facilities Pooled Program), | ||||||||
Series D-1, 6%, 7/01/12 | 80 | 77,326 | ||||||
Triborough Bridge and Tunnel Authority, New York, | ||||||||
Subordinate Revenue Bonds, 5.125%, 11/15/26 (a) | 5,000 | 4,870,150 | ||||||
Westchester County, New York, IDA, Civic Facilities | ||||||||
Revenue Bonds (Special Needs Facilities Pooled | ||||||||
Program), Series E-1, 6%, 7/01/12 | 570 | 550,945 | ||||||
Westchester County, New York, IDA, Continuing Care | ||||||||
Retirement, Mortgage Revenue Bonds (Kendal on Hudson | ||||||||
Project), Series A, 6.50%, 1/01/13 (e) | 8,095 | 9,131,646 | ||||||
| ||||||||
113,759,320 | ||||||||
|
|
|
|
| ||||
North Carolina - 4.5% | Brunswick County, North Carolina, COP, 6%, 6/01/10 (e)(g) | 920 | 980,895 | |||||
North Carolina Eastern Municipal Power Agency, Power | ||||||||
System Revenue Bonds, Series D, 6.75%, 1/01/26 | 4,000 | 4,030,920 | ||||||
North Carolina Eastern Municipal Power Agency, Power | ||||||||
System Revenue Refunding Bonds, Series D, 6.70%, | ||||||||
1/01/19 (o) | 4,440 | 4,580,038 | ||||||
North Carolina HFA, Home Ownership Revenue Bonds, | ||||||||
AMT, Series 9-A, 5.80%, 1/01/20 | 3,800 | 3,842,218 | ||||||
North Carolina Medical Care Commission, Health Care | ||||||||
Facilities, First Mortgage Revenue Bonds (Presbyterian | ||||||||
Homes Project), 6.875%, 10/01/10 (e) | 2,500 | 2,710,250 | ||||||
North Carolina Medical Care Commission, Health Care | ||||||||
Facilities, First Mortgage Revenue Bonds (Presbyterian | ||||||||
Homes Project), 5.50%, 10/01/31 | 3,000 | 2,525,220 | ||||||
North Carolina Medical Care Commission, Health Care | ||||||||
Facilities, First Mortgage Revenue Refunding Bonds | ||||||||
(Presbyterian Homes Project), Series B, 5.20%, 10/01/21 | 2,500 | 2,231,775 | ||||||
North Carolina Medical Care Commission, Health Care | ||||||||
Facilities, First Mortgage Revenue Refunding Bonds | ||||||||
(Salemtowne Project), 5.10%, 10/01/30 | 1,100 | 862,191 | ||||||
North Carolina Medical Care Commission, Retirement | ||||||||
Facilities, First Mortgage Revenue Bonds (Forest at Duke | ||||||||
Project), 6.375%, 9/01/12 (e) | 1,625 | 1,787,159 | ||||||
North Carolina Medical Care Commission, Retirement | ||||||||
Facilities, First Mortgage Revenue Bonds (Givens Estates | ||||||||
Project), Series A, 6.50%, 7/01/13 (e) | 2,500 | 2,832,700 | ||||||
North Carolina Medical Care Commission, Retirement | ||||||||
Facilities, First Mortgage Revenue Refunding Bonds | ||||||||
(Forest at Duke Project), 5.125%, 9/01/32 | 5,000 | 4,176,350 |
16
BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||
|
| |||||||
Par | ||||||||
Municipal Bonds | (000) | Value | ||||||
|
|
|
|
| ||||
North Carolina Medical Care Commission, Retirement | ||||||||
Facilities, First Mortgage Revenue Refunding Bonds | ||||||||
(Givens Estates Project), 5%, 7/01/33 | $ 1,000 | $ 810,220 | ||||||
North Carolina Municipal Power Agency Number 1, | ||||||||
Catawba Electric Revenue Refunding Bonds, Series B, | ||||||||
6.375%, 1/01/13 | 500 | 521,470 | ||||||
North Carolina Municipal Power Agency Number 1, | ||||||||
Catawba Electric Revenue Refunding Bonds, Series B, | ||||||||
6.375%, 1/01/13 (o) | 1,080 | 1,126,375 | ||||||
North Carolina Municipal Power Agency Number 1, | ||||||||
Catawba Electric Revenue Refunding Bonds, Series B, | ||||||||
6.50%, 1/01/20 | 5,000 | 5,123,700 | ||||||
North Carolina Municipal Power Agency Number 1, | ||||||||
Catawba Electric Revenue Refunding Bonds, Series B, | ||||||||
6.50%, 1/01/20 (o) | 2,500 | 2,561,850 | ||||||
North Carolina State Educational Assistance Authority, | ||||||||
Revenue Refunding Bonds (Guaranteed Student Loan), | ||||||||
VRDN, AMT, Series A-1, 10%, 9/01/35 (a)(h)(i) | 33,475 | 33,475,000 | ||||||
Piedmont Triad Airport Authority, North Carolina, Airport | ||||||||
Revenue Refunding Bonds, Series A, 6%, 7/01/09 (e)(g) | 1,000 | 1,037,470 | ||||||
Piedmont Triad Airport Authority, North Carolina, Airport | ||||||||
Revenue Refunding Bonds, Series A, 6.375%, 7/01/09 (e)(g) | 1,000 | 1,040,250 | ||||||
| ||||||||
76,256,051 | ||||||||
|
|
|
|
| ||||
Ohio - 2.0% | Buckeye Tobacco Settlement Financing Authority, Ohio, | |||||||
Tobacco Settlement Asset-Backed Bonds, | ||||||||
Series A-2, 5.875%, 6/01/30 | 5,000 | 4,022,550 | ||||||
Buckeye Tobacco Settlement Financing Authority, Ohio, | ||||||||
Tobacco Settlement Asset-Backed Bonds, | ||||||||
Series A-2, 5.75%, 6/01/34 | 7,000 | 5,417,440 | ||||||
Lorain County, Ohio, Hospital Revenue Refunding Bonds | ||||||||
(Catholic Healthcare Partners), Series C-2, 5%, 4/01/33 (g) | 20,000 | 18,286,600 | ||||||
Ohio State, HFA, Mortgage Revenue Refunding Bonds, | ||||||||
AMT, Series C, 5.90%, 9/01/35 (c)(d) | 4,540 | 4,554,029 | ||||||
Port of Greater Cincinnati Development Authority, Ohio, | ||||||||
Special Assessment Revenue Bonds (Cooperative Public | ||||||||
Parking Infrastructure Project), 6.40%, 2/15/34 | 1,470 | 1,336,495 | ||||||
| ||||||||
33,617,114 | ||||||||
|
|
|
|
| ||||
Oregon - 0.1% | Forest Grove, Oregon, Campus Improvement Revenue | |||||||
Refunding Bonds (Pacific University), 6%, 5/01/10 (e)(f) | 250 | 263,532 | ||||||
Forest Grove, Oregon, Campus Improvement Revenue | ||||||||
Refunding Bonds (Pacific University), 6.20%, 5/01/10 (e)(f) | 250 | 264,305 | ||||||
Oregon State Housing and Community Services Department, | ||||||||
Mortgage Revenue Refunding Bonds (S/F Mortgage Program), | ||||||||
AMT, Series A, 6.20%, 7/01/27 | 35 | 34,388 |
17
BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||
|
|
|||||||
Par | ||||||||
Municipal Bonds | (000) | Value | ||||||
|
|
|
|
|
||||
Oregon State Housing and Community Services Department, | ||||||||
Mortgage Revenue Refunding Bonds | ||||||||
(S/F Mortgage Program), Series A, 6.40%, 7/01/18 | $ 50 | $ 50,625 | ||||||
Portland, Oregon, M/F Housing Authority Revenue Bonds | ||||||||
(Lovejoy Station Apartments Project), AMT, 5.90%, | ||||||||
7/01/23 (j) | 500 | 482,025 | ||||||
|
||||||||
1,094,875 | ||||||||
|
|
|
|
|
||||
Pennsylvania - 3.7% | Allegheny County, Pennsylvania, IDA, Environmental | |||||||
Improvement Revenue Refunding Bonds, 5.50%, 11/01/16 | 3,640 | 3,431,064 | ||||||
Allegheny County, Pennsylvania, Sanitation Authority, | ||||||||
Sewer Revenue Bonds, 5.75%, 12/01/10 (e)(j) | 2,220 | 2,380,439 | ||||||
Bucks County, Pennsylvania, IDA, Retirement Community | ||||||||
Revenue Bonds (Ann's Choice Inc.), Series A, | ||||||||
6.125%, 1/01/25 | 1,760 | 1,482,219 | ||||||
Delaware County, Pennsylvania, IDA, Revenue Refunding | ||||||||
Bonds (Resource Recovery Facility), Series A, | ||||||||
6.10%, 7/01/13 | 7,750 | 7,395,980 | ||||||
Lancaster County, Pennsylvania, Hospital Authority | ||||||||
Revenue Bonds (Brethren Village Project), Series A, | ||||||||
6.25%, 7/01/26 | 1,160 | 1,056,864 | ||||||
Lancaster County, Pennsylvania, Hospital Authority | ||||||||
Revenue Bonds (Brethren Village Project), Series A, | ||||||||
6.50%, 7/01/40 | 1,000 | 914,080 | ||||||
Pennsylvania State Higher Educational Facilities | ||||||||
Authority Revenue Bonds (University of Pennsylvania | ||||||||
Medical Center Health System), Series A, 6%, 1/15/31 | 4,000 | 4,073,760 | ||||||
Philadelphia, Pennsylvania, Authority for IDR, | ||||||||
Commercial Development, 7.75%, 12/01/17 | 1,265 | 1,265,367 | ||||||
Philadelphia, Pennsylvania, Redevelopment Authority | ||||||||
Revenue Bonds (Neighborhood Transformation), Series A, | ||||||||
5.30%, 4/15/26 (l) | 36,210 | 34,224,606 | ||||||
Sayre, Pennsylvania, Health Care Facilities Authority, | ||||||||
Revenue Refunding Bonds (Guthrie Healthcare System), | ||||||||
Series A, 5.875%, 12/01/11 (e) | 3,915 | 4,270,521 | ||||||
Sayre, Pennsylvania, Health Care Facilities Authority, | ||||||||
Revenue Refunding Bonds (Guthrie Healthcare System), | ||||||||
Series A, 5.875%, 12/01/31 | 1,085 | 1,024,045 | ||||||
Susquehanna Area Regional Airport Authority, | ||||||||
Pennsylvania, Airport System Revenue Bonds, AMT, | ||||||||
Series A, 6.50%, 1/01/38 | 1,000 | 896,560 | ||||||
|
||||||||
62,415,505 | ||||||||
|
|
|
|
|
||||
Rhode Island - 0.5% | Rhode Island State Economic Development Corporation, | |||||||
Airport Revenue Bonds, Series B, 6%, 7/01/10 (e)(l) | 6,815 | 7,279,170 |
18
BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||
|
| |||||||
Par | ||||||||
Municipal Bonds | (000) | Value | ||||||
|
|
|
|
| ||||
Rhode Island State Economic Development Corporation | ||||||||
Revenue Bonds (Providence Place Mall), 6.125%, 7/01/20 (f) | $ 1,000 | $ 1,004,700 | ||||||
| ||||||||
8,283,870 | ||||||||
|
|
|
|
| ||||
South Carolina - 0.8% | Medical University Hospital Authority, South Carolina, | |||||||
Hospital Facilities Revenue Refunding Bonds, Series A, | ||||||||
6.375%, 8/15/12 (e) | 5,400 | 5,998,104 | ||||||
Medical University Hospital Authority, South Carolina, | ||||||||
Hospital Facilities Revenue Refunding Bonds, Series A, | ||||||||
6.50%, 8/15/12 (e) | 2,450 | 2,732,411 | ||||||
South Carolina Jobs EDA, Residential Care Facilities | ||||||||
Revenue Bonds (South Carolina Episcopal - Still Hopes | ||||||||
Residence Project), Series A, 6.375%, 5/15/32 | 5,000 | 4,406,150 | ||||||
| ||||||||
13,136,665 | ||||||||
|
|
|
|
| ||||
South Dakota - 0.5% | South Dakota State Building Authority Revenue Bonds, | |||||||
5%, 6/01/33 (g) | 10,000 | 9,189,600 | ||||||
|
|
|
|
| ||||
Tennessee - 1.1% | Chattanooga, Tennessee, IDB, Lease Rent Revenue | |||||||
Bonds (Southside Redevelopment Corporation), 5.75%, | ||||||||
10/01/17 (a) | 4,485 | 4,654,488 | ||||||
Chattanooga, Tennessee, IDB, Lease Rent Revenue | ||||||||
Bonds (Southside Redevelopment Corporation), 5.75%, | ||||||||
10/01/18 (a) | 3,740 | 3,874,266 | ||||||
Johnson City, Tennessee, Health and Educational Facilities | ||||||||
Board, Retirement Facility Revenue Bonds (Appalachian | ||||||||
Christian Village Project), Series A, 6.25%, 2/15/32 | 1,000 | 857,190 | ||||||
Shelby County, Tennessee, Health, Educational and | ||||||||
Housing Facility Board, Hospital Revenue Refunding | ||||||||
Bonds (Methodist Healthcare), 6.50%, 9/01/12 (e) | 7,300 | 8,177,679 | ||||||
| ||||||||
17,563,623 | ||||||||
|
|
|
|
| ||||
Texas - 12.4% | Austin, Texas, Convention Center Revenue Bonds | |||||||
(Convention Enterprises Inc.), First Tier, Series A, 6.60%, | ||||||||
1/01/11 (e) | 5,300 | 5,725,590 | ||||||
Austin, Texas, Convention Center Revenue Bonds | ||||||||
(Convention Enterprises Inc.), First Tier, Series A, 6.70%, | ||||||||
1/01/11 (e) | 2,300 | 2,489,658 | ||||||
Austin, Texas, Revenue Bonds (Town Lake Community | ||||||||
Events Center Venue), 6.20%, 11/15/09 (e)(l) | 10,630 | 11,082,625 | ||||||
Bexar County, Texas, Health Facilities Development | ||||||||
Corporation, Revenue Refunding Bonds (Army | ||||||||
Retirement Residence Project), 6.125%, 7/01/12 (e) | 600 | 664,866 | ||||||
Bexar County, Texas, Health Facilities Development | ||||||||
Corporation, Revenue Refunding Bonds (Army | ||||||||
Retirement Residence Project), 6.30%, 7/01/12 (e) | 1,750 | 1,949,902 |
19
BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund | ||||||
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||
|
| |||||
Par | ||||||
Municipal Bonds | (000) | Value | ||||
|
|
|
| |||
Brazos River Authority, Texas, PCR, Refunding (TXU Energy | ||||||
Company Project), AMT, Series C, 5.75%, 5/01/36 | $ 11,450 | $ 10,566,174 | ||||
Brazos River, Texas, Harbor Navigation District, Brazoria | ||||||
County Environmental Revenue Refunding Bonds | ||||||
(Dow Chemical Company Project), AMT, Series A-7, 6.625%, | ||||||
5/15/33 | 3,700 | 3,504,677 | ||||
Central Texas Housing Finance Corporation, S/F | ||||||
Mortgage Revenue Bonds (GNMA Mortgage Program), | ||||||
AMT, 8.20%, 6/28/17 (d)(k) | 370 | 381,522 | ||||
Dallas-Fort Worth, Texas, International Airport Facility | ||||||
Improvement Corporation, Revenue Bonds (Learjet Inc.), | ||||||
AMT, Series A-1, 6.15%, 1/01/16 | 3,620 | 3,297,060 | ||||
Dallas-Fort Worth, Texas, International Airport Facility | ||||||
Improvement Corporation, Revenue Refunding Bonds | ||||||
(American Airlines, Inc.), AMT, 5.50%, 11/01/30 | 5,000 | 2,338,550 | ||||
Dallas-Fort Worth, Texas, International Airport Revenue | ||||||
Bonds, AMT, Series A, 6%, 11/01/24 (l) | 30,000 | 27,782,700 | ||||
Gregg County, Texas, Health Facilities Development | ||||||
Corporation, Hospital Revenue Bonds (Good Shepherd | ||||||
Medical Center Project), 6.375%, 10/01/10 (e)(f) | 3,500 | 3,784,445 | ||||
Gregg County, Texas, Health Facilities Development | ||||||
Corporation, Hospital Revenue Bonds (Good Shepherd | ||||||
Medical Center Project), 6.875%, 10/01/10 (e)(f) | 1,000 | 1,090,860 | ||||
Gulf Coast Waste Disposal Authority, Texas, Revenue | ||||||
Refunding Bonds (International Paper Company), AMT, | ||||||
Series A, 6.10%, 8/01/24 | 5,465 | 4,757,501 | ||||
HFDC of Central Texas, Inc., Retirement Facilities | ||||||
Revenue Bonds, Series A, 5.75%, 11/01/36 | 2,255 | 1,727,127 | ||||
HFDC of Central Texas, Inc., Retirement Facilities | ||||||
Revenue Bonds (Village at Gleannloch Farms), | ||||||
Series A, 5.50%, 2/15/37 | 1,850 | 1,363,228 | ||||
Houston, Texas, Airport System, Special Facilities Revenue | ||||||
Bonds (Continental Airlines), AMT, Series E, 7%, 7/01/29 | 6,000 | 5,006,760 | ||||
Kerrville, Texas, Health Facilities Development | ||||||
Corporation, Hospital Revenue Bonds (Sid Peterson | ||||||
Memorial Hospital Project), 5.25%, 8/15/21 | 4,000 | 3,597,080 | ||||
Matagorda County, Texas, Port of Bay City Authority | ||||||
Revenue Bonds (Hoechst Celanese Corp. Project), AMT, | ||||||
6.50%, 5/01/26 | 7,350 | 6,456,020 | ||||
North Texas Tollway Authority, System Revenue Refunding | ||||||
Bonds, Second Tier, Series F, 6.125%, 1/01/31 | 40,000 | 38,379,200 | ||||
20 |
BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||
|
| |||||||
Par | ||||||||
Municipal Bonds | (000) | Value | ||||||
|
|
|
|
| ||||
Red River, Texas, Education Finance Revenue Bonds | ||||||||
(Saint Mark's School-Texas Project), 6%, 2/15/10 (e) | $ 1,000 | $ 1,046,780 | ||||||
Southeast Texas Housing Finance Corporation, Revenue | ||||||||
Bonds, AMT, Series B, 8.50%, 11/01/25 (b)(d) | 120 | 121,825 | ||||||
South Plains, Texas, Housing Finance Corporation, S/F | ||||||||
Mortgage Revenue Bonds, AMT, Series A, 7.30%, | ||||||||
9/01/31 (c)(d) | 755 | 763,418 | ||||||
Tarrant County, Texas, Cultural Education Facilities | ||||||||
Financing Corporation, Retirement Facilities Revenue | ||||||||
Refunding Bonds (Northwest Senior Housing - Edgemere | ||||||||
Project), Series A, 6%, 11/15/26 | 2,200 | 1,955,184 | ||||||
Tarrant County, Texas, Cultural Education Facilities | ||||||||
Financing Corporation, Retirement Facilities Revenue | ||||||||
Refunding Bonds (Northwest Senior Housing - Edgemere | ||||||||
Project), Series A, 6%, 11/15/36 | 3,000 | 2,564,910 | ||||||
Texas State Affordable Housing Corporation, S/F Mortgage | ||||||||
Revenue Bonds (Fire Fighter and Law Enforcement or | ||||||||
Security Officer Home Loan Program), AMT, Series C, | ||||||||
5.45%, 12/01/39 (b)(c)(d) | 4,799 | 4,301,324 | ||||||
Texas State Affordable Housing Corporation, S/F Mortgage | ||||||||
Revenue Bonds (Professional Educators Home Loan Program), | ||||||||
AMT, Series A-1, 5.50%, 12/01/39 (b)(c)(d) | 6,143 | 5,622,624 | ||||||
Texas State Public Finance Authority, Building Revenue | ||||||||
Bonds (General Services Commission Project), | ||||||||
Series A, 6%, 2/01/10 (e)(g) | 2,100 | 2,196,558 | ||||||
Texas State Public Finance Authority, Building Revenue | ||||||||
Bonds (State Preservation Project), Series B, 6%, | ||||||||
8/01/09 (e)(g) | 1,000 | 1,030,540 | ||||||
Texas State Turnpike Authority, Central Texas Turnpike | ||||||||
System Revenue Bonds, First Tier, Series A, 5.75%, | ||||||||
8/15/38 (a) | 45,000 | 43,563,150 | ||||||
Upper Trinity Regional Water District, Texas, Water | ||||||||
Revenue Bonds (Regional Treated Water Supply System), | ||||||||
Series A, 6%, 8/01/10 (e)(l) | 4,930 | 5,229,645 | ||||||
Webster, Texas, GO, COP, Series A, 6%, 3/01/10 (e)(g) | 1,500 | 1,572,885 | ||||||
Webster, Texas, GO, COP, Series A, 6%, 3/01/21 (g) | 805 | 831,251 | ||||||
West Central Texas Regional Housing Finance Corporation, S/F | ||||||||
Mortgage Revenue Bonds (Mortgage-Backed Securities | ||||||||
Program), AMT, Series A, 5.35%, 12/01/39 (b)(c)(d) | 1,194 | 1,065,666 | ||||||
| ||||||||
207,811,305 | ||||||||
|
|
|
|
| ||||
Utah - 0.0% | Utah State, HFA, S/F Mortgage Revenue Refunding | |||||||
Bonds, AMT, Series C, Class III, 5.50%, 1/01/18 | 640 | 647,206 | ||||||
|
|
|
|
| ||||
Virginia - 0.7% | Albemarle County, Virginia, IDA, Residential Care | |||||||
Facilities, Mortgage Revenue Refunding Bonds | ||||||||
(Westminster-Canterbury), 5%, 1/01/24 | 2,750 | 2,422,255 |
21
BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||
|
| |||||||
Par | ||||||||
Municipal Bonds | (000) | Value | ||||||
|
|
|
|
| ||||
Chesterfield County, Virginia, IDA, PCR, Refunding (Virginia | ||||||||
Electric and Power Company), Series B, 5.875%, 6/01/17 | $ 2,425 | $ 2,484,073 | ||||||
Fairfax County, Virginia, EDA, Residential Care | ||||||||
Facilities, Mortgage Revenue Refunding Bonds (Goodwin | ||||||||
House, Inc.), 5.125%, 10/01/37 | 3,250 | 2,574,812 | ||||||
Norfolk, Virginia, Redevelopment and Housing Authority, | ||||||||
First Mortgage Revenue Bonds (Retirement Community), | ||||||||
Series A, 6%, 1/01/25 | 500 | 430,990 | ||||||
Norfolk, Virginia, Redevelopment and Housing Authority, | ||||||||
First Mortgage Revenue Bonds (Retirement Community), | ||||||||
Series A, 6.125%, 1/01/35 | 1,100 | 922,988 | ||||||
Watkins Centre Community Development Authority, | ||||||||
Virginia, Revenue Bonds, 5.40%, 3/01/20 | 2,500 | 2,179,975 | ||||||
| ||||||||
11,015,093 | ||||||||
|
|
|
|
| ||||
Washington - 1.1% | Central Puget Sound Regional Transportation Authority, | |||||||
Washington, Sales and Use Tax Revenue Bonds, Series A, | ||||||||
5%, 11/01/34 | 10,000 | 9,350,500 | ||||||
Port of Seattle, Washington, Special Facilities Revenue | ||||||||
Bonds, Series A, 6%, 3/01/10 (e)(j) | 3,000 | 3,174,720 | ||||||
Seattle, Washington, Housing Authority Revenue Bonds | ||||||||
(Newholly Project), AMT, 6.25%, 12/01/35 | 2,750 | 2,445,850 | ||||||
Seattle, Washington, Housing Authority Revenue Bonds | ||||||||
(Replacement Housing Project), 6.125%, 12/01/32 | 4,620 | 4,166,270 | ||||||
| ||||||||
19,137,340 | ||||||||
|
|
|
|
| ||||
Wisconsin - 0.6% | Wisconsin Housing and EDA, Home Ownership Revenue | |||||||
Bonds, AMT, Series C, 6%, 9/01/36 | 815 | 809,328 | ||||||
Wisconsin State, GO, AMT, Series B, 6.20%, 11/01/26 (j) | 1,065 | 1,079,250 | ||||||
Wisconsin State Health and Educational Facilities Authority | ||||||||
Revenue Bonds (SynergyHealth Inc.), 6%, 11/15/23 | 5,655 | 5,416,246 | ||||||
Wisconsin State Health and Educational Facilities Authority | ||||||||
Revenue Bonds (SynergyHealth Inc.), 6%, 11/15/32 | 3,700 | 3,355,123 | ||||||
| ||||||||
10,659,947 | ||||||||
|
|
|
|
| ||||
Puerto Rico - 1.2% | Puerto Rico Commonwealth, GO, Refunding, Sub-Series C-7, | |||||||
6%, 7/01/27 (j) | 6,890 | 6,752,613 | ||||||
Puerto Rico Commonwealth Highway and Transportation | ||||||||
Authority, Transportation Revenue Bonds, 5.75%, 7/01/22 | 8,045 | 7,820,947 | ||||||
Puerto Rico Commonwealth Infrastructure Financing | ||||||||
Authority, Special Tax CABS, Series A, 4.917%, 7/01/30 (l) | 19,200 | 4,626,816 | ||||||
Puerto Rico Commonwealth, Public Improvement, GO, | ||||||||
Refunding, 5.70%, 7/01/20 (j)(p) | 785 | 790,731 | ||||||
| ||||||||
19,991,107 | ||||||||
|
|
|
|
|
22
BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||
|
| |||||||
Par | ||||||||
Municipal Bonds | (000) | Value | ||||||
|
|
|
|
| ||||
U.S. Virgin Islands - | Virgin Islands Government Refinery Facilities, Revenue | |||||||
0.5% | Refunding Bonds (Hovensa Coker Project), AMT, 6.50%, | |||||||
7/01/21 | $ 8,000 | $ 7,587,680 | ||||||
|
|
|
|
| ||||
Total Municipal Bonds - 92.7% | 1,554,461,227 | |||||||
|
|
|
|
| ||||
Municipal Bonds Transferred to | ||||||||
Tender Option Bond Trusts (q) | ||||||||
|
|
|
|
| ||||
Florida - 0.8% | Lee County, Florida, Airport Revenue Bonds, AMT, Series | |||||||
A, 6%, 10/01/29 (g) | 14,000 | 13,204,100 | ||||||
|
|
|
|
| ||||
New York - 1.7% | New York State Environmental Facility Corporation, State | |||||||
Clean Water & Drinking Revolving Municipal Water, | ||||||||
5%, 6/15/28 | 30,000 | 28,798,800 | ||||||
|
|
|
|
| ||||
South Carolina - 2.2% | South Carolina State Ports Authority, Ports Revenue Bonds, | |||||||
AMT, 5.30%, 7/01/26 (g) | 41,215 | 37,251,285 | ||||||
|
|
|
|
| ||||
Texas - 2.0% | Houston, Texas, Airport System Revenue Refunding | |||||||
Bonds, Sub-Lien, AMT, Series A, 5.50%, 7/01/23 (g) | 15,000 | 13,549,200 | ||||||
Houston, Texas, Combined Utility System, First Lien Revenue | ||||||||
Refunding Bonds, Series A, 5.125%, 5/15/28 (j) | 20,000 | 19,174,800 | ||||||
| ||||||||
32,724,000 | ||||||||
|
|
|
|
| ||||
Puerto Rico - 0.2% | Puerto Rico Industrial, Tourist, Educational, Medical and | |||||||
Environmental Control Facilities Revenue Bonds (Hospital de | ||||||||
la Concepcion), Series A, 6.125%, 11/15/30 | 4,000 | 4,020,880 | ||||||
|
|
|
|
| ||||
Total Municipal Bonds Transferred to | ||||||||
Tender Option Bond Trusts - 6.9% | 115,999,065 | |||||||
|
|
|
|
| ||||
Total Long-Term Investments | ||||||||
(Cost - $1,767,091,332) - 99.6% | 1,670,460,292 | |||||||
|
|
|
|
| ||||
Short-Term Securities | Shares | |||||||
|
|
|
|
| ||||
Merrill Lynch Institutional Tax-Exempt Fund, | ||||||||
5.29% (r)(s) | 79,123,245 | 79,123,245 | ||||||
|
|
|
|
| ||||
Total Short-Term Securities | ||||||||
(Cost - $79,123,245) - 4.7% | 79,123,245 | |||||||
|
|
|
|
| ||||
Total Investments (Cost - $1,846,214,577*) - 104.3% | 1,749,583,537 | |||||||
Liabilities in Excess of Other Assets - (0.6)% | (9,736,448) | |||||||
Liability for Trust Certificates, | ||||||||
Including Interest Expense and Fees Payable - (3.7)% | (62,572,175) | |||||||
| ||||||||
Net Assets - 100.0% | $ 1,677,274,914 | |||||||
|
* | The cost and unrealized appreciation (depreciation) of investments as of September 30, 2008, as computed for federal income tax purposes, were as follows: |
Aggregate cost | $ 1,786,357,462 | |
| ||
Gross unrealized appreciation | $ 18,428,983 | |
Gross unrealized depreciation | (117,307,908) | |
| ||
Net unrealized depreciation | $ (98,878,925) | |
|
23
BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund
Schedule of Investments September 30, 2008 (Unaudited)
(a) | AMBAC Insured. |
(b) | FHLMC Collateralized. |
(c) | FNMA Collateralized. |
(d) | GNMA Collateralized. |
(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) | Radian Insured. |
(g) | FSA Insured. |
(h) | Security may have a maturity of more than one year at the time of issuance, but has variable rate and demand features that qualify it as a short-term security. |
(i) | Variable rate security. Rate shown is as of report date. Maturity shown is the final maturity date. |
(j) | MBIA Insured. |
(k) | FHA Insured. |
(l) | FGIC Insured. |
(m) | XL Capital Insured. |
(n) | Assured Guaranty Insured. |
(o) | ACA Insured. |
(p) | Represents a zero coupon bond. Rate shown reflects the effective yield at the time of purchase. |
(q) | Securities represent bonds transferred to a tender option bond trust in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction. |
(r) | 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: |
Affiliate | Net Activity | Income | ||||
|
|
|
||||
Merrill Lynch Institutional | ||||||
Tax-Exempt Fund | (93,012,454) | $ 800,247 | ||||
|
|
|
||||
(s) | Represents the current yield as of report date. |
24
BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund
Schedule of Investments September 30, 2008 (Unaudited)
Effective July 1, 2008, the Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" ("FAS 157"). FAS 157 clarifies the definition of fair value, establishes | ||
a | framework for measuring fair values and requires additional disclosures about the use of fair value | |
measurements. Various inputs are used in determining the fair value of investments, which are as follows: | ||
? Level 1 - price quotations in active markets/exchanges for identical securities | ||
? Level 2 - other observable inputs (including, but not limited to: quoted prices for 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 circumstance, to the extent observable inputs are not available (including the Fund's own assumption used in determining the fair value of investments) | ||
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report.
The following table summarizes the inputs used as of September 30, 2008 in determining the fair valuation of the Fund's investments:
Valuation | Investments in | |
Inputs | Securities | |
|
|
|
Level 1 | $ 79,123,245 | |
Level 2 | 1,670,460,292 | |
Level 3 | - | |
|
|
|
Total | $ 1,749,583,537 | |
|
25
BlackRock Municipal Bond Fund, Inc. - BlackRock Short-Term Municipal Fund
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||
|
| |||||||
Par | ||||||||
State | Municipal Bonds | (000) | Value | |||||
|
|
|
|
| ||||
Alabama - 2.4% | Huntsville, Alabama, GO, Refunding, Series A, | |||||||
5.25%, 2/01/09 (a) | $ 8,095 | $ 8,173,926 | ||||||
|
|
|
|
| ||||
Arizona - 2.0% | Yavapai County, Arizona, IDA, Solid Waste Disposal Revenue | |||||||
Bonds (Waste Management Inc. Project), AMT, | ||||||||
4%, 6/01/27 | 7,000 | 6,777,050 | ||||||
|
|
|
|
| ||||
California - 4.2% | California State, Economic Recovery, GO, Series A, | |||||||
5.25%, 1/01/10 | 5,000 | 5,167,100 | ||||||
Los Angeles County, California, Metropolitan Transportation | ||||||||
Authority, Sales Tax Revenue Refunding Bonds, Proposition C, | ||||||||
VRDN, Second Senior Series A, 8.50%, 7/01/20 (b)(c)(d) | 4,000 | 4,000,000 | ||||||
San Francisco, California, City and County, GO, Refunding, | ||||||||
Series R1, 5%, 6/15/11 | 5,000 | 5,260,700 | ||||||
| ||||||||
14,427,800 | ||||||||
|
|
|
|
| ||||
Colorado - 2.1% | Denver, Colorado, City and County Airport, Revenue | |||||||
Refunding Bonds, AMT, Sub-Series A1, 5%, 11/15/09 | 7,000 | 7,088,480 | ||||||
|
|
|
| |||||
Delaware - 3.1% | Delaware State, GO, Refunding, 5%, 3/01/11 | 10,000 | 10,513,600 | |||||
|
|
|
|
| ||||
District of Columbia - 1.4% | Metropolitan Washington Airports Authority, D.C., Airport | |||||||
System Revenue Refunding Bonds, AMT, Series A, | ||||||||
5%, 10/01/10 (e) | 4,665 | 4,721,027 | ||||||
|
|
|
|
| ||||
Florida - 7.9% | Florida Hurricane Catastrophe Fund Financing Corporation | |||||||
Revenue Bonds, Series A, 5%, 7/01/10 | 7,000 | 7,099,890 | ||||||
Florida State Turnpike Authority, Turnpike Revenue | ||||||||
Refunding Bonds, Series A, 5%, 7/01/10 | 3,000 | 3,111,990 | ||||||
Miami-Dade County, Florida, Educational Facilities Authority | ||||||||
Revenue Bonds (University of Miami), Series A, 5.75%, | ||||||||
4/01/10 (e)(f) | 2,020 | 2,135,382 | ||||||
Orange County, Florida, Tourist Development, Tax Revenue | ||||||||
Bonds, 5.50%, 10/01/09 (e)(f) | 14,195 | 14,639,871 | ||||||
| ||||||||
26,987,133 | ||||||||
|
|
|
|
| ||||
Georgia - 1.2% | Burke County, Georgia, Development Authority, PCR | |||||||
(Georgia Power Company Vogtle Project), 5th Series, 4.375%, | ||||||||
10/01/32 | 4,000 | 4,030,960 | ||||||
|
|
|
|
| ||||
Illinois - 1.6% | Illinois Educational Facilities Authority, Revenue Refunding | |||||||
Bonds (University of Chicago), Series A, | ||||||||
5.25%, 7/01/11 (f) | 5,000 | 5,345,050 | ||||||
|
|
|
|
| ||||
Indiana - 1.8% | Indiana Bond Bank Revenue Bonds (State Revolving Fund), | |||||||
Series B, 5.30%, 8/01/10 (f) | 4,750 | 5,024,787 | ||||||
Indiana Health Facilities Financing Authority Revenue Bonds | ||||||||
(Ascension Health Credit Group), Series A3, 5%, 11/01/27 | 1,000 | 1,029,180 | ||||||
| ||||||||
6,053,967 | ||||||||
|
|
|
|
| ||||
Portfolio Abbreviations | ||||||||
|
|
|
|
|
To simplify the listings of portfolio holdings in the Schedule of Investments, the names of many of the securities have been abbreviated according to the list below.
AMT | Alternative Minimum Tax (subject to) | IDA | Industrial Development Authority | |||
COP | Certificates of Participation | M/F | Multi-Family | |||
EDR | Economic Development Revenue Bonds | PCR | Pollution Control Revenue Bonds | |||
GO | General Obligation Bonds | VRDN | Variable Rate Demand Notes | |||
HFA | Housing Finance Agency |
1
BlackRock Municipal Bond Fund, Inc. - BlackRock Short-Term Municipal Fund
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||
|
| |||||||
Par | ||||||||
State | Municipal Bonds | (000) | Value | |||||
|
|
|
|
| ||||
Louisiana - 1.2% | Louisiana Public Facilities Authority Revenue Bonds | |||||||
(CHRISTUS Health Project), VRDN, Series C, | ||||||||
9.75%, 7/01/47 (b)(c)(d) | $ 4,000 | $ 4,000,000 | ||||||
|
|
|
|
| ||||
Maryland - 1.2% | Maryland State, GO (State and Local Facilities Loan of 2008), | |||||||
Second Series, 5%, 7/15/11 | 3,815 | 4,028,106 | ||||||
|
|
|
|
| ||||
Massachusetts - 2.4% | Massachusetts State Health and Educational Facilities | |||||||
Authority, Revenue Refunding Bonds (Partners Healthcare | ||||||||
System), Series C, 5.75%, 7/01/11 (f) | 7,600 | 8,222,060 | ||||||
|
|
|
|
| ||||
Michigan - 2.8% | Detroit, Michigan, Water Supply System Revenue Bonds, | |||||||
Second Lien, Series B, 5.50%, 7/01/11 (f)(g) | 5,000 | 5,362,750 | ||||||
Michigan State Trunk Line Fund, Revenue Refunding Bonds, | ||||||||
Series B, 5%, 9/01/10 (a) | 4,120 | 4,289,167 | ||||||
| ||||||||
9,651,917 | ||||||||
|
|
|
|
| ||||
Minnesota - 1.9% | Minneapolis and Saint Paul, Minnesota, Metropolitan Airports | |||||||
Commission, Airport Revenue Bonds, AMT, Series B, 5.50%, | ||||||||
1/01/10 (g) | 2,620 | 2,655,344 | ||||||
Minnesota State, GO, 5%, 8/01/11 | 3,675 | 3,878,999 | ||||||
| ||||||||
6,534,343 | ||||||||
|
|
|
|
| ||||
Missouri - 1.1% | Missouri State Health and Educational Facilities Authority, | |||||||
Revenue Refunding Bonds (Ascension Health), VRDN, | ||||||||
Series C-5, 3.50%, 11/15/09 (b)(c) | 3,780 | 3,766,279 | ||||||
|
|
|
|
| ||||
Nebraska - 0.6% | Central Plains Energy Project, Nebraska, Revenue Bonds (Gas | |||||||
Project Number 1), VRDN, 2.193%, 12/01/10 (b)(c) | 2,500 | 2,209,375 | ||||||
|
|
|
| |||||
Nevada - 3.1% | Clark County, Nevada, EDR (Alexander Dawson School of | |||||||
Nevada Project), 5.50%, 5/15/09 (f) | 7,500 | 7,719,900 | ||||||
Truckee Meadows, Nevada, Water Authority, Water Revenue | ||||||||
Bonds, Series A, 5.125%, 7/01/11 (a)(f) | 2,590 | 2,736,361 | ||||||
| ||||||||
10,456,261 | ||||||||
|
|
|
|
| ||||
New Jersey - 3.0% | New Jersey Building Authority, State Building Revenue | |||||||
Refunding Bonds, Series B, 5.25%, 12/15/10 (e) | 4,790 | 5,013,789 | ||||||
New Jersey State Turnpike Authority, Turnpike Revenue | ||||||||
Refunding Bonds, Series A, 5.75%, 1/01/10 (d)(f) | 5,000 | 5,201,500 | ||||||
| ||||||||
10,215,289 | ||||||||
|
|
|
|
| ||||
New York - 9.3% | Metropolitan Transportation Authority, New York, Dedicated Tax | |||||||
Fund Revenue Bonds, Series A, 5.875%, 4/01/10 (f)(g) | 5,000 | 5,251,900 | ||||||
Metropolitan Transportation Authority, New York, | ||||||||
Transportation Revenue Bonds, VRDN, Series B, 5%, | ||||||||
11/15/11 (b)(c) | 4,000 | 4,177,560 | ||||||
New York City, New York, GO, Refunding, Series B, | ||||||||
5.25%, 8/01/11 | 4,000 | 4,189,000 | ||||||
New York State Dormitory Authority Revenue Refunding | ||||||||
Bonds, Series B, 5.25%, 11/15/23 | 6,000 | 6,207,060 | ||||||
New York State Urban Development Corporation, Personal | ||||||||
Income Tax Revenue Bonds, Series C, 5%, 3/15/10 | 7,705 | 7,968,434 | ||||||
Tobacco Settlement Financing Corporation of New York, | ||||||||
Asset-Backed Revenue Refunding Bonds, Series B, | ||||||||
4%, 6/01/09 | 4,000 | 4,035,720 | ||||||
| ||||||||
31,829,674 | ||||||||
|
|
|
|
| ||||
North Carolina - 1.3% | Mecklenburg County, North Carolina, GO, Series B, | |||||||
4%, 2/01/10 | 3,000 | 3,063,690 |
2
BlackRock Municipal Bond Fund, Inc. - BlackRock Short-Term Municipal Fund
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||
|
| |||||||
Par | ||||||||
State | Municipal Bonds | (000) | Value | |||||
|
|
|
|
| ||||
North Carolina, HFA, M/F Housing Revenue Bonds (Cedar | ||||||||
Hills Apartments LLC), VRDN, AMT, 3.70%, 1/01/38 (b)(c) | $ 1,240 | $ 1,238,289 | ||||||
| ||||||||
4,301,979 | ||||||||
|
|
|
|
| ||||
Ohio - 4.8% | Ohio State Building Authority, State Facilities Revenue Bonds | |||||||
(Administrative Building Fund Projects), Series A, 5.375%, | ||||||||
10/01/08 (f) | 4,400 | 4,444,220 | ||||||
Ohio State, Common Schools, GO, Series A, 5%, 3/15/11 | 3,875 | 4,065,262 | ||||||
Ohio State Water Development Authority, Pollution Control | ||||||||
Facilities, Revenue Refunding Bonds (FirstEnergy Nuclear | ||||||||
Generation), VRDN, Series B, 3.375%, 10/01/33 (b)(c) | 8,000 | 8,000,000 | ||||||
| ||||||||
16,509,482 | ||||||||
|
|
|
|
| ||||
Oklahoma - 1.3% | Oklahoma Transportation Authority, Turnpike System | |||||||
Revenue Refunding Bonds, Second Senior Series A, | ||||||||
5%, 1/01/10 (e) | 4,160 | 4,287,338 | ||||||
|
|
|
|
| ||||
Oregon - 0.5% | Oregon State Department of Administrative Services, COP, | |||||||
Refunding, Series A, 5%, 5/01/11 (a) | 1,725 | 1,805,230 | ||||||
|
|
|
|
| ||||
Pennsylvania - 6.1% | Bethlehem, Pennsylvania, Area School District, GO, | |||||||
Refunding, Series A, 5%, 9/01/10 (d) | 4,000 | 4,145,000 | ||||||
Buck County, Pennsylvania, IDA, Solid Waste Revenue Bonds | ||||||||
(Waste Management, Inc. Project), VRDN, AMT, 3.90%, | ||||||||
2/01/10 (b)(c) | 2,670 | 2,618,549 | ||||||
Pennsylvania State, GO, Refunding, Third Series, | ||||||||
5%, 7/01/09 | 5,000 | 5,104,150 | ||||||
Pennsylvania State Higher Educational Facilities Authority | ||||||||
Revenue Bonds, Series AH, 4%, 6/15/11 | 3,650 | 3,737,636 | ||||||
University of Pittsburgh, Pennsylvania, The Commonwealth | ||||||||
System of Higher Education, Revenue Refunding Bonds | ||||||||
(Pittsburgh Asset Notes-Panthers), 5%, 8/01/10 | 5,000 | 5,215,750 | ||||||
| ||||||||
20,821,085 | ||||||||
|
|
|
|
| ||||
Rhode Island - 0.3% | Rhode Island State and Providence Plantations, GO, | |||||||
Refunding (Consolidated Capital Development Loan), | ||||||||
5%, 7/15/11 | 1,000 | 1,050,910 | ||||||
|
|
|
|
| ||||
South Carolina - 2.0% | Aiken County, South Carolina, Consolidated School District, | |||||||
GO, Refunding, 5%, 3/01/09 | 4,590 | 4,643,749 | ||||||
Hilton Head Island, South Carolina, Public Facility | ||||||||
Corporation, COP (Beach Preservation Fee Pledge), | ||||||||
5%, 8/01/09 (d) | 2,240 | 2,288,989 | ||||||
| ||||||||
6,932,738 | ||||||||
|
|
|
|
| ||||
Tennessee - 1.2% | Tennessee Energy Acquisition Corporation, Gas Revenue | |||||||
Bonds, Series A, 5%, 9/01/09 | 4,000 | 3,927,520 | ||||||
|
|
|
|
| ||||
Texas - 14.9% | Austin, Texas, Independent School District, GO, Refunding, | |||||||
5.25%, 8/01/09 | 3,980 | 4,079,221 | ||||||
Harris County, Texas, Health Facilities Development | ||||||||
Corporation, Revenue Refunding Bonds (Saint Luke's | ||||||||
Episcopal Hospital), Series A, 5.375%, 8/15/11 (f) | 5,500 | 5,840,835 | ||||||
Harris County, Texas, Toll Road Revenue Refunding Bonds, | ||||||||
Series B-2, 5%, 8/15/21 (b)(g) | 5,000 | 5,073,200 | ||||||
Matagorda County, Texas, Navigation District Number 1, | ||||||||
PCR, Refunding (AEP Texas Central Company Project), VRDN, | ||||||||
5.125%, 6/01/11 (b)(c) | 5,000 | 5,032,450 |
3
BlackRock Municipal Bond Fund, Inc. - BlackRock Short-Term Municipal Fund
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||
|
| |||||||
Par | ||||||||
State | Municipal Bonds | (000) | Value | |||||
|
|
|
|
| ||||
Montgomery County, Texas, Unlimited Tax Adjustable Rate | ||||||||
Road, GO, Series B, 5%, 3/01/28 (a)(b) | $ 5,000 | $ 4,969,250 | ||||||
North Texas Tollway Authority, System Revenue Refunding | ||||||||
Bonds, First Tier, VRDN, Series E-1, 5%, 1/01/10 (b)(c) | 7,000 | 7,039,130 | ||||||
San Antonio, Texas, Electric and Gas Revenue Bonds, Junior | ||||||||
Lien, VRDN, 3.625%, 12/01/27 (b)(c) | 5,000 | 5,014,450 | ||||||
Spring, Texas, Independent School District, GO, Series A, 5%, | ||||||||
8/15/29 (a) | 4,000 | 4,045,080 | ||||||
Tarrant County, Texas, Cultural Education Facilities | ||||||||
Financing Corporation, Revenue Refunding Bonds (Texas | ||||||||
Health Resources), Series A, 5%, 2/15/11 | 4,275 | 4,375,634 | ||||||
University of Texas, Financing System Revenue Refunding | ||||||||
Bonds, Series B, 5%, 8/15/10 | 5,000 | 5,205,000 | ||||||
| ||||||||
50,674,250 | ||||||||
|
|
|
|
| ||||
Utah - 1.5% | Intermountain Power Agency, Utah, Power Supply Revenue | |||||||
Bonds, VRDN, Series E, 3%, 7/01/14 (b)(c) | 5,000 | 4,983,800 | ||||||
|
|
|
|
| ||||
Washington - 3.9% | Energy Northwest, Washington, Electric Revenue Refunding | |||||||
Bonds (Columbia Generating Station), Series A, | ||||||||
5.25%, 7/01/09 (e) | 9,940 | 10,153,511 | ||||||
Tacoma, Washington, Electric System Revenue Refunding | ||||||||
Bonds, Series A, 5.625%, 1/01/11 (a)(f) | 2,900 | 3,098,824 | ||||||
| ||||||||
13,252,335 | ||||||||
|
|
|
|
| ||||
Wisconsin - 2.1% | Wisconsin Public Power Inc., Power Supply System, Revenue | |||||||
Refunding Bonds, Series A, 5.25%, 7/01/10 (d) | 7,070 | 7,332,651 | ||||||
|
|
|
|
| ||||
Total Municipal Bonds (Cost - $320,336,527) - 94.2% | 320,911,615 | |||||||
|
|
|
| |||||
Short-Term Securities | Shares | |||||||
|
|
|
|
| ||||
Merrill Lynch Institutional Tax-Exempt Fund, 5.29% (h)(i) | 16,800,000 | 16,800,000 | ||||||
|
|
|
| |||||
Total Short-Term Securities (Cost - $16,800,000) - 4.9% | 16,800,000 | |||||||
|
|
|
| |||||
Total Investments (Cost - $337,136,527*) - 99.1% | 337,711,615 | |||||||
Other Assets Less Liabilities - 0.9% | 3,048,069 | |||||||
|
| |||||||
Net Assets - 100.0% | $ 340,759,684 | |||||||
|
* | The cost and unrealized appreciation (depreciation) of investments as of September 30, 2008, as computed for federal income tax purposes, were as follows: |
Aggregate cost | $ 337,136,527 | |
| ||
Gross unrealized appreciation | $ 1,916,757 | |
Gross unrealized depreciation | (1,341,669) | |
| ||
Net unrealized appreciation | $ 575,088 | |
|
(a) | FSA Insured. |
(b) | Variable rate security. Rate shown is as of report date. Maturity shown is the final maturity date. |
(c) | Security may have a maturity of more than one year at the time of issuance, but has variable rate and demand features that qualify it as a short-term security. |
(d) | MBIA Insured. |
(e) | AMBAC Insured. |
(f) | 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. |
(g) | FGIC Insured. |
4
BlackRock Municipal Bond Fund, Inc. - BlackRock Short-Term Municipal Fund
Schedule of Investments September 30, 2008 (Unaudited)
(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: |
Affiliate | Net Activity | Income | ||
|
|
|
||
Merrill Lynch Institutional Tax-Exempt Fund | 7,587,946 | $ 99,608 | ||
|
|
|
||
(i) Represents the current yield as of report date. |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report.
The following table summarizes the inputs used as of September 30, 2008 in determining the fair valuation of the Fund's investments:
Valuation | Investments in | |
Inputs | Securities | |
|
|
|
Level 1 | $ 16,800,000 | |
Level 2 | 320,911,615 | |
Level 3 | - | |
|
|
|
Total | $ 337,711,615 | |
|
5
Item 2 Controls and Procedures 2(a) The registrants principal executive and principal financial officers or persons performing similar functions have concluded that the registrants 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 registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants 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/ Donald C. Burke Donald C. Burke Chief Executive Officer of BlackRock Municipal Bond Fund, Inc. Date: November 24, 2008 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/ Donald C. Burke Donald C. Burke Chief Executive Officer (principal executive officer) of BlackRock Municipal Bond Fund, Inc. Date: November 24, 2008 By: /s/ Neal J. Andrews Neal J. Andrews Chief Financial Officer (principal financial officer) of BlackRock Municipal Bond Fund, Inc. Date: November 24, 2008 |
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, Donald C. Burke, 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, 2008 /s/ Donald C. Burke Donald C. Burke 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, 2008 /s/ Neal J. Andrews Neal J. Andrews Chief Financial Officer (principal financial officer) of BlackRock Municipal Bond Fund, Inc. |