N-Q 1 munibond4final.htm BR MUNICIPAL BOND FUND, INC. munibond4final.htm - Generated by SEC Publisher for SEC Filing

UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
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

Registrant’s telephone number, including area code: (800) 441-7762

Date of fiscal year end: 06/30/2009

Date of reporting period: 03/31/2009

Item 1 – Schedule of Investments

BlackRock Municipal Bond Fund, Inc. - BlackRock High Yield Municipal Fund     
Schedule of Investments March 31, 2009 (Unaudited)    (Percentages shown are based on Net Assets) 
        Par     
State  Municipal Bonds                                                           (000)    Value 
Alabama - 0.7%  Jefferson County, Alabama, Limited Obligation School Warrants,       
  Series A, 5%, 1/01/10                                                         $  180  $  146,876 
  Tuscaloosa, Alabama, Special Care Facilities Financing Authority,       
  Residential Care Facility Revenue Bonds (Capstone Village, Inc.       
  Project), Series A, 5.875%, 8/01/36 (a)(b)    500    214,345 
            361,221 
Arizona - 7.7%  Maricopa County, Arizona, IDA, Education Revenue Bonds (Arizona Charter       
  Schools Project 1), Series A, 6.625%, 7/01/20    250    186,860 
  Maricopa County, Arizona, IDA, Education Revenue Bonds (Arizona Charter       
  Schools Project 1), Series A, 6.75%, 7/01/29    300    199,203 
  Maricopa County, Arizona, IDA, M/F Housing Revenue Bonds (Sun       
  King Apartments Project), Series A, 6.75%, 5/01/31    185    128,096 
  Phoenix, Arizona, IDA, Airport Facility, Revenue Refunding Bonds (America       
  West Airlines, Inc. Project), AMT, 6.30%, 4/01/23    1,000    574,700 
  Pima County, Arizona, IDA, Education Revenue Bonds (American Charter       
  Schools Foundation), Series A, 5.625%, 7/01/38    685    443,654 
  Pima County, Arizona, IDA, Education Revenue Refunding Bonds (Arizona       
  Charter Schools Project), Series O, 5.25%, 7/01/31    285    172,910 
  Pima County, Arizona, IDA, Revenue Bonds (Tucson Electric Power       
  Company), Series A, 6.375%, 9/01/29      780    663,452 
  Queen Creek Improvement District Number 001, Arizona, Special       
  Assessment Bonds, 5%, 1/01/32      500    364,925 
  Salt Verde Financial Corporation, Arizona, Senior Gas Revenue       
  Bonds, 5%, 12/01/32      750    457,080 
  Salt Verde Financial Corporation, Arizona, Senior Gas Revenue       
  Bonds, 5%, 12/01/37      1,045    612,140 
            3,803,020 
California - 8.6%  California Pollution Control Financing Authority, Solid Waste       
  Disposal Revenue Bonds (Waste Management, Inc. Project), AMT,       
  Series C, 5.125%, 11/01/23      750    619,725 
  California State, GO, 6.50%, 4/01/33      1,925    2,026,178 
  Lammersville, California, School District, Special Tax Bonds       
  (Community Facilities District Number 2002 - Mountain House),       
  5.125%, 9/01/35      500    318,325 
  Roseville, California, Special Tax Bonds (Fiddyment Ranch         
  Community Facilities Number 1), 5.25%, 9/01/36    465    268,658 
Portfolio Abbreviations           
To simplify the listings of portfolio holdings in the Schedule of Investments the names and descriptions of many of the 
securities have been abbreviated according to the 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 Authority  PCR         Pollution Control Revenue Bonds   
 
 
 
 
1

BlackRock Municipal Bond Fund, Inc. - BlackRock High Yield Municipal Fund   
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
      Par   
State  Municipal Bonds    (000)  Value 
  Southern California Public Power Authority, Natural Gas Project   
  Number 1 Revenue Bonds, Series A, 5%, 11/01/29    $ 480  $ 326,683 
  Temecula, California, Public Financing Authority, Community     
  Facilities District Number 01-2, Special Tax Refunding Bonds, Sub-   
  Series B, 5.10%, 9/01/36    500  314,890 
  Temecula Valley, California, Unified School District, Community Facilities   
  District Number 2005-1, Special Tax Bonds, 5%, 9/01/36  565  351,955 
        4,226,414 
Connecticut - 2.0%  Connecticut State Health and Educational Facilities Authority Revenue   
  Bonds (University of Hartford), Series G, 5.25%, 7/01/36 (c)  1,000  764,600 
  Mashantucket Western Pequot Tribe, Connecticut, Revenue     
  Refunding Bonds, Sub-Series A, 5.50%, 9/01/36    500  236,280 
        1,000,880 
Florida - 9.1%  Capital Region Community Development District, Florida, Special   
  Assessment Revenue Bonds, Series A, 7%, 5/01/39    280  195,006 
  Highland Meadows Community Development District, Florida,     
  Special Assessment Bonds, Series A, 5.50%, 5/01/36    490  214,287 
  Hillsborough County, Florida, IDA, Exempt Facilities Revenue Bonds   
  (National Gypsum Company), AMT, Series B, 7.125%, 4/01/30  1,000  470,730 
  Jacksonville, Florida, Economic Development Commission, IDR   
  (Gerdau Ameristeel US, Inc.), AMT, 5.30%, 5/01/37    300  133,647 
  Lee County, Florida, IDA, Health Care Facilities, Revenue Refunding Bonds   
  (Shell Point/Alliance Obligor Group), 5%, 11/15/29    500  301,420 
  Lee County, Florida, IDA, Health Care Facilities, Revenue Refunding Bonds   
  (Shell Point/Alliance Obligor Group), 5%, 11/15/32    600  336,792 
  Lee County, Florida, IDA, IDR (Lee Charter Foundation), Series A,   
  5.375%, 6/15/37    570  317,536 
  New River Community Development District, Florida, Capital     
  Improvement Revenue Bonds, Series B, 5%, 5/01/13    500  207,205 
  Pine Ridge Plantation Community Development District, Florida,   
  Capital Improvement and Special Assessment Bonds, Series B, 5%,   
  5/01/11    970  476,163 
  Santa Rosa Bay Bridge Authority, Florida, Revenue Bonds, 6.25%,   
  7/01/28    500  310,205 
  Sarasota County, Florida, Health Facilities Authority, Retirement   
  Facility Revenue Refunding Bonds (Village on the Isle Project),   
  5.50%, 1/01/27    210  141,935 
  Sarasota County, Florida, Health Facilities Authority, Retirement   
  Facility Revenue Refunding Bonds (Village on the Isle Project),   
  5.50%, 1/01/32    190  118,556 
  Sumter Landing Community Development District, Florida,     
  Recreational Revenue Bonds, Sub-Series B, 5.70%, 10/01/38  835  511,195 
  Tolomato Community Development District, Florida, Special     
  Assessment Bonds, 6.65%, 5/01/40    700  465,976 
 
 
 
2

BlackRock Municipal Bond Fund, Inc. - BlackRock High Yield Municipal Fund   
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
      Par   
State  Municipal Bonds                                                         (000)  Value 
  Watergrass Community Development District, Florida, Special Assessment     
  Revenue Bonds, Series A, 5.375%, 5/01/39  $  650  $ 302,380 
        4,503,033 
Georgia - 3.0%  Clayton County, Georgia, Tax Allocation Bonds (Ellenwood     
  Project), 7.50%, 7/01/33    690  574,453 
  Richmond County, Georgia, Development Authority,       
  Environmental Improvement Revenue Bonds (International Paper     
  Co. Projects), AMT, Series A, 5%, 8/01/30    1,000  529,380 
  Rockdale County, Georgia, Development Authority Revenue Bonds     
  (Visy Paper Project), AMT, Series A, 6.125%, 1/01/34    600  388,740 
        1,492,573 
Illinois - 1.3%  Chicago, Illinois, O'Hare International Airport, Special Facility     
  Revenue Refunding Bonds (American Airlines, Inc. Project), 5.50%,     
  12/01/30    1,000  362,760 
  Illinois State Finance Authority Revenue Bonds (Monarch Landing,     
  Inc. Project), Series A, 7%, 12/01/37    430  256,426 
        619,186 
Indiana - 2.6%  Indiana Health and Educational Facilities Financing Authority,     
  Hospital Revenue Bonds (Community Foundation of Northwest     
  Indiana), 5.50%, 3/01/37    700  525,490 
  Indiana Health Facilities Financing Authority, Hospital Revenue Refunding     
  Bonds (Methodist Hospital, Inc.), 5.375%, 9/15/22    185  148,679 
  Indiana Health Facilities Financing Authority, Hospital Revenue Refunding     
  Bonds (Methodist Hospital, Inc.), 5.50%, 9/15/31    525  380,132 
  Vigo County, Indiana, Hospital Authority Revenue Bonds (Union     
  Hospital, Inc.), 5.70%, 9/01/37    155  99,947 
  Vigo County, Indiana, Hospital Authority Revenue Bonds (Union     
  Hospital, Inc.), 5.75%, 9/01/42    190  118,609 
        1,272,857 
Iowa - 0.8%  Iowa Financing Authority, Health Facilities Revenue Refunding Bonds (Care     
  Initiatives Project), Series A, 5%, 7/01/19    500  375,005 
Kansas - 1.2%  Lenexa, Kansas, Health Care Facility, Revenue Refunding Bonds,     
  5.50%, 5/15/39    1,100  600,655 
Louisiana - 1.3%  Louisiana Local Government Environmental Facilities and       
  Community Development Authority Revenue Bonds (Westlake     
  Chemical Corporation), 6.75%, 11/01/32    1,000  645,660 
Maine - 1.1%  Jay, Maine, Solid Waste Disposal, Revenue Refunding Bonds     
  (International Paper Company Project), AMT, Series A, 4.90%,     
  11/01/17    750  538,365 
Maryland - 3.0%  Baltimore, Maryland, Convention Center Hotel Revenue Bonds,     
  Sub-Series B, 5.875%, 9/01/39    540  295,369 
  Howard County, Maryland, Retirement Community Revenue     
  Refunding Bonds (Columbia Vantage House Corporation), Series A,     
  5.25%, 4/01/33    500  277,830 
  Maryland State Energy Financing Administration, Limited       
  Obligation Revenue Bonds (Cogeneration-AES Warrior Run), AMT,     
  7.40%, 9/01/19    1,000  748,420 
3

BlackRock Municipal Bond Fund, Inc. - BlackRock High Yield Municipal Fund   
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
      Par   
State  Municipal Bonds    (000)  Value 
  Maryland State Health and Higher Educational Facilities Authority Revenue     
  Bonds (Washington Christian Academy), 5.25%, 7/01/18  $ 250  $ 170,608 
        1,492,227 
Massachusetts -  Massachusetts State Development Finance Agency Revenue Bonds     
2.9%  (Curry College), Series A, 5.25%, 3/01/26 (d)    390  314,964 
  Massachusetts State Development Finance Agency Revenue Bonds     
  (Linden Ponds, Inc. Facility), Series A, 5.75%, 11/15/35  500  281,960 
  Massachusetts State Health and Educational Facilities       
  Authority, Revenue Refunding Bonds (Bay Cove Human       
  Services Issue), Series A, 5.90%, 4/01/28    635  439,591 
  Massachusetts State Port Authority, Special Facilities Revenue Bonds (Delta     
  Air Lines, Inc. Project), AMT, Series A, 5.50%, 1/01/19 (e)  600  376,656 
        1,413,171 
Michigan - 2.7%  Advanced Technology Academy, Michigan, Revenue Bonds, 6%, 11/01/37  275  189,678 
  Garden City, Michigan, Hospital Finance Authority, Hospital     
  Revenue Refunding Bonds (Garden City Hospital Obligation),     
  Series A, 5%, 8/15/38    310  157,672 
  Royal Oak, Michigan, Hospital Finance Authority, Hospital Revenue     
  Refunding Bonds (William Beaumont Hospital), 8.25%, 9/01/39  915  974,008 
        1,321,358 
Missouri - 1.0%  Kansas City, Missouri, Tax Increment Financing Commission, Tax     
  Allocation Revenue Bonds (Kansas City MainCor Project), Series A,     
  5.25%, 3/01/18    600  495,180 
Nevada - 0.6%  Clark County, Nevada, IDR (Nevada Power Company Project),     
  AMT, Series A, 5.60%, 10/01/30    415  281,548 
  Clark County, Nevada, IDR (Southwest Gas Corporation Project),     
  AMT, Series A, 4.75%, 9/01/36 (f)    20  11,880 
        293,428 
New Hampshire -  New Hampshire Health and Education Facilities Authority,     
2.8%  Revenue Refunding Bonds (Havenwood-Heritage Heights     
  Retirement Community), Series A, 5.40%, 1/01/30    950  574,703 
  New Hampshire Health and Education Facilities Authority,     
  Revenue Refunding Bonds (Southern New Hampshire University),     
  5%, 1/01/27 (d)    1,015  815,684 
        1,390,387 
New Jersey - 7.4%  Burlington County, New Jersey, Bridge Commission, EDR,     
  Refunding (The Evergreens Project), 5.625%, 1/01/38    750  440,917 
  New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50%, 6/15/24  1,140  889,166 
  New Jersey EDA, Retirement Community Revenue Refunding Bonds     
  (Seabrook Village, Inc.), 5.25%, 11/15/36    1,000  617,790 
  New Jersey EDA, Special Facility Revenue Bonds (Continental     
  Airlines, Inc. Project), AMT, 6.625%, 9/15/12    490  409,317 
  New Jersey Health Care Facilities Financing Authority Revenue Bonds     
  (Pascack Valley Hospital Association), 6.625%, 7/01/36 (a)(b)  650  18,330 
  New Jersey Health Care Facilities Financing Authority, Revenue     
  Refunding Bonds (Saint Joseph's Healthcare System), 6.625%, 7/01/38  725  521,058 
 
 
4

BlackRock Municipal Bond Fund, Inc. - BlackRock High Yield Municipal Fund   
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
      Par   
State  Municipal Bonds    (000)  Value 
  New Jersey Health Care Facilities Financing Authority, Revenue     
  Refunding Bonds (South Jersey Hospital System), 5%, 7/01/46  $ 1,000  $ 761,960 
        3,658,538 
New York - 1.6%  Genesee County, New York, IDA, Civic Facility Revenue Refunding Bonds     
  (United Memorial Medical Center Project), 5%, 12/01/32  500  277,025 
  New York City, New York, City IDA, Special Facility Revenue Bonds     
  (American Airlines, Inc. - JFK International Airport), AMT, 8%, 8/01/28  235  166,298 
  New York City, New York, City IDA, Special Facility Revenue Bonds (JetBlue     
  Airways Corporation Project), AMT, 5.125%, 5/15/30    750  354,968 
  New York Liberty Development Corporation Revenue Bonds (National     
  Sports Museum Project), Series A, 6.125%, 2/15/19 (a)(b)  1,000  1,000 
        799,291 
North Carolina -  North Carolina Medical Care Commission, Health Care Facilities,     
2.5%  First Mortgage Revenue Refunding Bonds (Deerfield Episcopal     
  Project), Series A, 6%, 11/01/33    800  621,976 
  North Carolina Medical Care Commission, Retirement Facilities Revenue     
  Refunding Bonds (Carolina Village Project), 6%, 4/01/38  1,000  618,610 
        1,240,586 
North Dakota - 1.4%  Ward County, North Dakota, Health Care Facility Revenue Refunding Bonds     
  (Trinity Health Obligated Group), 5.125%, 7/01/29    1,000  682,190 
Ohio - 3.3%  Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement     
  Asset-Backed Bonds, Series A-2, 5.125%, 6/01/24    700  499,674 
  Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco     
  Settlement Asset-Backed Bonds, Series A-2, 6.50%, 6/01/47  760  445,900 
  Richland County, Ohio, Hospital Facilities Revenue Refunding     
  Bonds (MedCentral Health System), 5.25%, 11/15/36    875  682,728 
        1,628,302 
Pennsylvania - 4.2%  Allegheny County, Pennsylvania, Hospital Development Authority,     
  Revenue Refunding Bonds (West Penn Allegheny Health System),     
  Series A, 5.375%, 11/15/40    735  395,944 
  Harrisburg, Pennsylvania, Authority, University Revenue Bonds     
  (Harrisburg University of Science), Series B, 6%, 9/01/36  500  365,040 
  New Morgan, Pennsylvania, IDA, Solid Waste Disposal Revenue Bonds (New     
  Morgan Landfill Company, Inc. Project), AMT, 6.50%, 4/01/19  515  476,493 
  Pennsylvania State Higher Educational Facilities Authority, Health     
  Services Revenue Refunding (Allegheny Delaware Valley), Series A,     
  5.875%, 11/15/16 (g)    585  479,179 
  Susquehanna Area Regional Airport Authority, Pennsylvania,     
  Airport System Revenue Bonds, AMT, Series A, 6.50%, 1/01/38  500  336,390 
        2,053,046 
Rhode Island - 1.7%  Rhode Island Housing and Mortgage Finance Corporation,     
  Homeownership Opportunity Revenue Bonds, AMT, Series 53-B,     
  5%, 10/01/46    1,000  848,630 
South Carolina -  Connector 2000 Association, Inc., South Carolina, Toll Road and Capital     
2.4%  Appreciation Revenue Bonds, Senior-Series B, 8.511%, 1/01/15 (h)  1,000  495,030 
  Myrtle Beach, South Carolina, Tax Increment Revenue Bonds     
  (Myrtle Beach Air Force Base), Series A, 5.25%, 11/01/26  500  308,445 
 
 
5

BlackRock Municipal Bond Fund, Inc. - BlackRock High Yield Municipal Fund   
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
      Par   
State  Municipal Bonds    (000)  Value 
  South Carolina Jobs, EDA, Health Care Facilities, First Mortgage Revenue     
  Refunding Bonds (Lutheran Homes), 5.50%, 5/01/28    $ 600  $ 388,392 
        1,191,867 
Tennessee - 1.8%  Tennessee Energy Acquisition Corporation, Gas Revenue Bonds,     
  Series A, 5.25%, 9/01/26    1,250  881,450 
Texas - 9.4%  Brazos River Authority, Texas, PCR, Refunding (TXU Energy     
  Company LLC Project), AMT, Series A, 8.25%, 10/01/30    750  404,445 
  Brazos River Authority, Texas, PCR, Refunding (TXU Energy     
  Company Project), AMT, Series C, 5.75%, 5/01/36    540  332,521 
  Dallas-Fort Worth, Texas, International Airport Facility       
  Improvement Corporation, Revenue Refunding Bonds (American     
  Airlines, Inc.), AMT, 5.50%, 11/01/30    1,000  345,240 
  Danbury, Texas, Higher Education Authority Revenue Bonds (A.W. Brown-     
  Fellowship Charter School), Series A, 5%, 8/15/26 (d)    355  264,266 
  HFDC of Central Texas, Inc., Retirement Facilities Revenue Bonds,     
  Series A, 5.75%, 11/01/36    655  385,933 
  Houston, Texas, Airport System, Special Facilities Revenue Bonds     
  (Continental Airlines), AMT, Series E, 6.75%, 7/01/21    630  425,193 
  Houston, Texas, Airport System, Special Facilities Revenue Bonds     
  (Continental Airlines), AMT, Series E, 7.375%, 7/01/22    500  352,380 
  North Texas Tollway Authority, System Revenue Refunding Bonds,     
  Second Tier, Series F, 6.125%, 1/01/31    1,150  1,105,185 
  Texas State Public Financing Authority, Charter School Financing     
  Corporation, Revenue Refunding Bonds (KIPP, Inc.), Series A, 5%,     
  2/15/28 (d)    680  425,918 
  Texas State Public Financing Authority, Charter School Financing     
  Corporation, Revenue Refunding Bonds (KIPP, Inc.), Series A, 5%,     
  2/15/36 (d)    1,000  572,700 
        4,613,781 
Virginia - 5.0%  Albemarle County, Virginia, IDA, Residential Care Facilities,     
  Mortgage Revenue Refunding Bonds (Westminster-Canterbury),     
  5%, 1/01/31    1,150  805,977 
  Fairfax County, Virginia, EDA, Residential Care Facilities,     
  Mortgage Revenue Refunding Bonds (Goodwin House, Inc.),     
  5.125%, 10/01/42    300  195,834 
  Fairfax County, Virginia, EDA, Retirement Revenue Refunding     
  Bonds (Greenspring Village, Inc.), Series A, 4.875%, 10/01/36  500  326,880 
  Henrico County, Virginia, EDA, Residential Care Facility, Mortgage     
  Revenue Refunding Bonds (Westminster-Canterbury Of       
  Winchester, Inc.), 5%, 10/01/27    450  332,276 
  Lexington, Virginia, IDA, Residential Care Facility, Mortgage     
  Revenue Refunding Bonds (Kendal at Lexington), Series A, 5.375%,     
  1/01/28    210  139,753 
  Tobacco Settlement Financing Corporation of Virginia, Revenue     
  Refunding Bonds, Senior Series B-1, 5%, 6/01/47    130  65,866 
 
 
6

BlackRock Municipal Bond Fund, Inc. - BlackRock High Yield Municipal Fund   
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
        Par   
State  Municipal Bonds    (000)  Value 
  Watkins Centre Community Development Authority, Virginia,       
  Revenue Bonds, 5.40%, 3/01/20       $  750  $ 579,953 
          2,446,539 
Wisconsin - 0.8%  Wisconsin State Health and Educational Facilities Authority, Revenue       
  Refunding Bonds (Franciscan Sisters Healthcare), 5%, 9/01/26    500  374,005 
Wyoming - 1.7%  Wyoming Municipal Power Agency, Power Supply Revenue Bonds,       
  Series A, 5.375%, 1/01/42      900  817,308 
Guam - 0.9%  Guam Government Waterworks Authority, Water and Wastewater System,       
  Revenue Refunding Bonds, 5.875%, 7/01/35      570  447,387 
  Total Municipal Bonds - 96.5%        47,527,540 
  Municipal Bonds Transferred to Tender Option Bond Trusts (i)       
District of  District of Columbia, Water and Sewer Authority, Public Utility Revenue       
Columbia - 2.0%  Refunding Bonds, 6%, 10/01/35      950  1,005,103 
Virginia - 4.2%  Virginia State, HDA, Commonwealth Mortgage Revenue Bonds, Series H,       
  Sub-Series H-1, 5.375%, 7/01/36 (g)      2,110  2,072,780 
  Total Municipal Bonds Transferred to Tender Option Bond Trusts - 6.2%      3,077,883 
  Total Long-Term Investments (Cost - $72,304,352) - 102.7%      50,605,423 
  Short-Term Securities    Shares   
Money Market  Merrill Lynch Institutional Tax-Exempt Fund, 0.61% (j)(k)  1,300,000  1,300,000 
Funds - 2.6%           
  Total Short-Term Securities (Cost - $1,300,000) - 2.6%      1,300,000 
  Total Investments (Cost - $73,604,352*) - 105.3%        51,905,423 
  Liabilities in Excess of Other Assets - (2.2)%        (1,091,433) 
  Liability for Trust Certificates, Including Interest         
  Expense and Fees Payable - (3.1)%        (1,531,679) 
  Net Assets - 100.0%      $  49,282,311 

* The cost and unrealized appreciation (depreciation) of investments as of March 31, 2009, as computed
for federal income tax purposes, were as follows:

Aggregate cost  $  72,105,789 
Gross unrealized appreciation  $  115,063 
Gross unrealized depreciation    (21,845,584) 
Net unrealized depreciation  $  (21,730,521) 

(a) Non-income producing security.
(b) Issuer filed for bankruptcy and/or is in default of interest payments.

(c) Radian Insured.

(d) ACA Insured.

(e) AMBAC Insured.

(f) FGIC Insured.

(g) NPFGC Insured.

(h) Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

(i) 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.

(j) Represents the current yield as of report date.

7

BlackRock Municipal Bond Fund, Inc. - BlackRock High Yield Municipal Fund
Schedule of Investments March 31, 2009 (Unaudited)

(k) Investments in companies considered to be an affiliate of the Fund, for purposes of Section 2(a)(3) of the Investment
Company Act of 1940, were as follows:

     Net     
Affiliate      Activity    Income 
Merrill Lynch Institutional Tax-Exempt Fund     (4,510,710)  $       29,554 

Ÿ 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:

Ÿ Level 1 - price quotations in active markets/exchanges for identical securities
Ÿ Level 2 - other observable inputs (including, but not limited to: quoted prices for similar assets or
liabilities in markets that are active, quoted prices for identical or similar assets 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)

Ÿ 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 semi-
annual report.

The following table summarizes the inputs used as of March 31, 2009 in determining the fair valuation of the Fund's
investments:

Valuation    Investments in   
Inputs    Securities   
    Assets   
Level 1  $    1,300,000 
Level 2      50,605,423 
Level 3      - 
Total  $    51,905,423 
 
 
 
 
      8 

BlackRock Municipal Bond Fund, Inc. - BlackRock Municipal Insured Fund   
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
        Par   
State     Municipal Bonds                                     (000)  Value 
Alabama - 2.1%     Lauderdale County and Florence, Alabama, Health Care       
     Authority Revenue Refunding Bonds (Coffee Health Group),       
     Series A, 6%, 7/01/29 (a)                                   $  9,595  $ 8,275,975 
     University of Alabama, University Revenue Bonds       
     (Birmingham), 6%, 10/01/09 (b)(c)      7,000  7,189,840 
          15,465,815 
Alaska - 0.7%     Matanuska-Susitna, Alaska, Lease Revenue Bonds (Goose Creek       
     Correctional Center Project), 6%, 9/01/32 (d)    5,000  5,256,700 
California - 17.8% Antelope Valley, California, Community College District, GO       
     (Election of 2004), Series B, 5.25%, 8/01/39 (a)    1,050  1,020,442 
     Arcadia, California, Unified School District, GO (Election of       
     2006), CABS, Series A, 4.961%, 8/01/39 (e)(f)    2,800  369,096 
     Cabrillo, California, Community College District, GO (Election       
     of 2004), Series B, 5.188%, 8/01/37 (a)(f)      4,100  625,906 
     California State Department of Veteran Affairs, Home Purchase Revenue     
     Refunding Bonds, Series A, 5.35%, 12/01/27 (g)    2,075  2,088,072 
     Coast Community College District, California, GO, Refunding (Election     
     of 2002), Series C, 5.501%, 8/01/13 (e)(h)      6,475  5,015,276 
     Coast Community College District, California, GO, Refunding (Election     
     of 2002), Series C, 5.397%, 8/01/36 (e)(f)      5,800  1,131,348 
     Fresno, California, Unified School District, GO (Election of       
     2001), Series D, 5%, 8/01/27 (a)      5,170  4,954,049 
     Fresno, California, Unified School District, GO (Election of       
     2001), Series E, 5%, 8/01/30 (e)      1,500  1,433,580 
     Hesperia, California, Public Financing Authority Revenue Bonds       
     (Redevelopment and Housing Projects), Series A, 5.50%, 9/01/27 (i)  10,000  8,088,100 
     Los Angeles, California, Municipal Improvement Corporation, Lease     
     Revenue Bonds, Series B1, 4.75%, 8/01/37 (a)(c)    12,300  10,902,105 
     Modesto, California, Schools Infrastructure Financing Agency,       
     Special Tax Bonds, 5.50%, 9/01/36 (g)      8,965  7,037,166 
     Mount Diablo, California, Unified School District, GO (Election       
     of 2002), 5%, 7/01/27 (a)(c)      12,040  11,538,293 
     Orange County, California, Sanitation District, COP, Series B, 5%,     
     2/01/31 (e)      1,380  1,337,123 
     Palm Springs, California, Financing Authority, Lease Revenue       
     Refunding Bonds (Convention Center Project), Series A, 5.50%,       
     11/01/35 (a)      6,190  5,606,283 
     Ramona, California, Unified School District, Convertible Capital       
     Appreciation Refunding Bonds, COP, 5.078%, 5/01/32 (a)(c)(h)    10,500  8,013,180 
Portfolio Abbreviations         
To simplify the listings of portfolio holdings in the Schedule of Investments the names and descriptions of many of the 
securities have been abbreviated according to the list below.         
             AMT  Alternative Minimum Tax (subject to)  GO  General Obligation Bonds   
             CABS  Capital Appreciation Bonds  HFA  Housing Finance Agency   
             COP  Certificates of Participation  IDR  Industrial Development Revenue Bonds 
             DRIVERS  Derivative Inverse Tax-Exempt Receipts  S/F  Single-Family     
             EDA  Economic Development Authority         
 
1

BlackRock Municipal Bond Fund, Inc. - BlackRock Municipal Insured Fund   
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
         Par   
State  Municipal Bonds    (000)       Value 
  Rialto, California, Unified School District, GO, Series A,       
  6.242%, 6/01/25 (a)(c)(f)    $ 11,685  $ 4,444,156 
  Riverside, California, Water Revenue Bonds, Series B, 5%, 10/01/38 (e)  2,000  1,922,520 
  Roseville, California, Joint Union High School District, GO     
  (Election of 2004), Series A, 5%, 8/01/29 (a)(c)    5,000  4,783,150 
  Sacramento, California, Unified School District, GO (Election of     
  1999), Series B, 5%, 7/01/26 (a)(c)    5,075  5,045,616 
  San Diego, California, Community College District, GO       
  (Election of 2002), 5%, 5/01/30 (e)    2,685  2,566,941 
  San Diego County, California, Water Authority, Water Revenue     
  Refunding Bonds, COP, Series A, 5%, 5/01/33 (e)    4,500  4,335,120 
  San Jose, California, Airport Revenue Refunding Bonds, AMT,     
  Series A, 5.50%, 3/01/32 (g)    6,500  5,723,445 
  San Jose, California, GO (Libraries, Parks and Public Safety     
  Projects), 5%, 9/01/30 (a)    3,700  3,618,933 
  San Jose, California, Unified School District, Santa Clara County, GO     
  (Election of 2002), Series B, 5%, 8/01/29 (a)(c)    3,650  3,491,700 
  Tahoe Truckee, California, Unified School District, GO (School     
  Facilities Improvement District Number 2), Series A, 5.25%,     
  8/01/29 (a)    2,535  2,457,809 
  Tustin, California, Unified School District, Senior Lien Special     
  Tax Bonds (Community Facilities District Number 97-1), Series     
  A, 5%, 9/01/32 (e)    7,980  7,339,685 
  Tustin, California, Unified School District, Senior Lien Special     
  Tax Bonds (Community Facilities District Number 97-1), Series     
  A, 5%, 9/01/38 (e)    9,230  8,373,918 
  University of California Revenue Bonds, Series O, 5.75%, 5/15/34  1,450  1,493,181 
  Washington, California, Unified School District, COP (New High     
  School Project), 5.125%, 8/01/37 (g)    10,000  8,054,400 
        132,810,593 
Colorado - 2.8%  Aurora, Colorado, COP, 6%, 12/01/10 (b)(f)    19,250  20,864,497 
Florida - 4.9%  Broward County, Florida, Water and Sewer Utility Revenue     
  Bonds, Series A, 5.25%, 10/01/34    1,450  1,422,435 
  Duval County, Florida, School Board, COP (Master Lease       
  Program), 5%, 7/01/33 (e)    3,800  3,503,942 
  Hillsborough County, Florida, Aviation Authority Revenue       
  Bonds, AMT, Series A, 5.375%, 10/01/33 (d)    5,000  4,489,500 
  Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami     
  International Airport), AMT, 5%, 10/01/40 (d)(i)    9,980  8,311,544 
  Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami     
  International Airport), AMT, Series A, 5.50%, 10/01/26 (i)    7,000  6,689,620 
  Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami     
  International Airport), AMT, Series A, 5.50%, 10/01/27 (d)  5,495  5,219,865 
  Miami-Dade County, Florida, GO (Building Better Communities Program),     
  Series B-1, 5.75%, 7/01/33    2,400  2,387,328 
 
 
 
2

BlackRock Municipal Bond Fund, Inc. - BlackRock Municipal Insured Fund   
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
                                                   Par   
State  Municipal Bonds                                               (000)       Value 
  Miami-Dade County, Florida, School Board, COP, Refunding,     
  Series B, 5.25%, 5/01/31 (d)  $ 2,500  $ 2,411,250 
  Miami, Florida, Special Obligation Revenue Bonds (Street and Sidewalk   
  Improvement Program), 5%, 1/01/37 (a)  1,350  1,193,319 
  West Coast Regional Water Supply Authority, Florida, Capital   
  Improvement Revenue Bonds, 10.40%, 10/01/10 (b)(g)  850  925,489 
      36,554,292 
Georgia - 4.7%  Atlanta, Georgia, Water and Wastewater Revenue Bonds, 5%,   
  11/01/34 (e)  1,500  1,463,970 
  Georgia Municipal Electric Authority, Power Revenue Refunding   
  Bonds, Series EE, 7%, 1/01/25 (g)  20,000  23,693,200 
  Georgia Municipal Electric Authority, Power Revenue Refunding   
  Bonds, Series Y, 6.40%, 1/01/11 (b)(g)  90  98,491 
  Georgia Municipal Electric Authority, Power Revenue Refunding   
  Bonds, Series Y, 6.40%, 1/01/13 (g)  8,420  9,139,573 
  Georgia Municipal Electric Authority, Power Revenue Refunding   
  Bonds, Series Y, 6.40%, 1/01/13 (g)(j)  490  544,924 
      34,940,158 
Illinois - 3.1%  Chicago, Illinois, O'Hare International Airport, General Airport Revenue   
  Bonds, Third Lien, AMT, Series B-2, 6%, 1/01/27 (a)  17,690  16,889,527 
  Chicago, Illinois, Wastewater Transmission Revenue Bonds,     
  Series A, 5.50%, 1/01/38 (k)  3,000  3,113,610 
  Illinois State Toll Highway Authority Revenue Bonds, Series B, 5.50%,   
  1/01/33  3,125  3,187,750 
      23,190,887 
Kansas - 0.3%  Manhattan, Kansas, Hospital Revenue Bonds (Mercy Health     
  Center), 5.50%, 8/15/20 (e)  1,945  1,952,702 
Louisiana - 1.1%  Louisiana State Gas and Fuels Tax Revenue Bonds, Series A, 5%,   
  5/01/31 (e)  6,585  6,541,210 
  Rapides Financing Authority, Louisiana, Revenue Bonds (Cleco   
  Power LLC Project), AMT, 4.70%, 11/01/36 (g)  2,800  1,792,840 
      8,334,050 
Maryland - 1.4%  Maryland State Community Development Administration, Department of   
  Housing and Community Development, Residential Revenue Refunding   
  Bonds, AMT, Series A, 5.75%, 9/01/39  5,800  5,775,640 
  Maryland State Health and Higher Educational Facilities     
  Authority Revenue Bonds (University of Maryland Medical     
  System), Series B, 7%, 7/01/22 (a)(c)  4,400  4,974,288 
      10,749,928 
Massachusetts -  Massachusetts State, HFA, Rental Housing Mortgage Revenue   
2.6%  Bonds, AMT, Series C, 5.60%, 1/01/45 (e)  4,000  3,754,000 
  Massachusetts State, HFA, S/F Housing Revenue Bonds, AMT,   
  Series 128, 4.80%, 12/01/27 (e)  2,845  2,538,195 
  Massachusetts State, HFA, S/F Housing Revenue Bonds, AMT,   
  Series 128, 4.875%, 12/01/38 (e)  6,955  5,952,854 
 
 
3

BlackRock Municipal Bond Fund, Inc. - BlackRock Municipal Insured Fund   
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
         Par   
State  Municipal Bonds    (000)       Value 
  Massachusetts State School Building Authority, Dedicated Sales Tax     
  Revenue Bonds, Series A, 5%, 8/15/30 (e)    $ 7,000  $ 7,029,890 
        19,274,939 
Michigan - 2.7%  Detroit, Michigan, Sewage Disposal System, Second Lien       
  Revenue Bonds, Series B, 5%, 7/01/36 (a)(c)    5,000  3,983,350 
  Detroit, Michigan, Sewage Disposal System, Second Lien Revenue     
  Refunding Bonds, Series E, 5.75%, 7/01/31 (c)(k)    4,000  4,147,680 
  Detroit, Michigan, Water Supply System Revenue Bonds,       
  Second Lien, Series B, 6.25%, 7/01/36 (e)    675  670,552 
  Detroit, Michigan, Water Supply System Revenue Bonds,       
  Second Lien, Series B, 7%, 7/01/36 (e)    350  376,743 
  Detroit, Michigan, Water Supply System Revenue Bonds, Senior     
  Lien, Series A, 5%, 7/01/30 (a)(c)    1,500  1,244,115 
  Michigan State Strategic Fund, Limited Obligation Revenue Refunding     
  Bonds (Detroit Edison Company Pollution Control Project), AMT, Series     
  A, 5.50%, 6/01/30 (i)    11,845  9,829,099 
        20,251,539 
Minnesota - 2.0%  Delano, Minnesota, Independent School District Number 879,     
  GO, Series A, 5.875%, 2/01/25 (e)    5,860  6,294,402 
  Sauk Rapids, Minnesota, Independent School District Number     
  047, GO, Series A, 5.65%, 2/01/20 (a)    3,735  3,996,786 
  Sauk Rapids, Minnesota, Independent School District Number     
  047, GO, Series A, 5.70%, 2/01/21 (a)    4,440  4,755,196 
        15,046,384 
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  1,649,736 
  Mississippi Hospital Equipment and Facilities Authority Revenue Bonds     
  (Forrest County General Hospital Project), 6%, 1/01/11 (b)(e)  10,000  10,937,500 
        12,587,236 
Nevada - 0.8%  Clark County, Nevada, IDR (Southwest Gas Corporation       
  Project), AMT, Series A, 4.75%, 9/01/36 (c)    25  14,850 
  Clark County, Nevada, IDR (Southwest Gas Corporation       
  Project), AMT, Series D, 5.25%, 3/01/38 (a)(c)    2,200  1,468,368 
  Clark County, Nevada, Water Reclamation District, GO, Series     
  B, 5.75%, 7/01/34    3,125  3,234,812 
  Las Vegas, Nevada, Limited Tax, GO (Performing Arts Center),     
  6%, 4/01/34    1,450  1,458,657 
        6,176,687 
New Jersey - 7.9% 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  7,774,296 
  Garden State Preservation Trust of New Jersey, Open Space and Farmland     
  Preservation Revenue Bonds, Series A, 5.80%, 11/01/21 (e)  3,125  3,528,000 
  Garden State Preservation Trust of New Jersey, Open Space and Farmland     
  Preservation Revenue Bonds, Series A, 5.80%, 11/01/22 (e)  8,310  9,308,696 
 
 
4

BlackRock Municipal Bond Fund, Inc. - BlackRock Municipal Insured Fund   
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
         Par   
State  Municipal Bonds    (000)       Value 
  Garden State Preservation Trust of New Jersey, Open Space and Farmland     
  Preservation Revenue Bonds, Series A, 5.80%, 11/01/23 (e)  $ 4,340  $ 4,815,360 
  New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds,     
  Series A, 5.25%, 7/01/33 (a)    28,000  27,212,360 
  New Jersey State Housing and Mortgage Finance Agency       
  Revenue Bonds, Series AA, 6.375%, 10/01/28    2,000  2,124,360 
  New Jersey State Transportation Trust Fund Authority, Transportation     
  System Revenue Bonds, Series A, 5.875%, 12/15/38    4,255  4,422,009 
        59,185,081 
New Mexico -  New Mexico Finance Authority, Senior Lien State Transportation Revenue     
0.7%  Bonds, Series A, 5.125%, 6/15/18 (a)    5,000  5,337,700 
New York - 10.2%  New York City, New York, City Municipal Water Finance Authority,     
  Water and Sewer System Revenue Bonds, Series A, 5.75%, 6/15/40  700  736,981 
  New York City, New York, GO, Series C, 5.625%, 3/15/18 (i)  5  5,415 
  New York City, New York, Sales Tax Asset Receivable Corporation Revenue     
  Bonds, DRIVERS, Series 1133Z, 7.84%, 10/15/12 (g)    2  2,638 
  New York City, New York, Sales Tax Asset Receivable       
  Corporation Revenue Bonds, Series A, 5%, 10/15/20 (a)    12,555  13,477,793 
  New York City, New York, Sales Tax Asset Receivable       
  Corporation Revenue Bonds, Series A, 5%, 10/15/32 (g)    15,650  15,702,271 
  New York State Thruway Authority, General Revenue Refunding     
  Bonds, Series G, 5%, 1/01/32 (e)    16,830  16,295,479 
  New York State Urban Development Corporation, Personal     
  Income Tax Revenue Bonds (State Facilities), Series A-1, 5.25%,     
  3/15/34 (a)(c)    9,900  9,942,570 
  Niagara Falls, New York, GO, Public Improvement, 6.90%, 3/01/24 (a)  5  5,000 
  Tobacco Settlement Financing Corporation of New York       
  Revenue Bonds, Series A-1, 5.25%, 6/01/22 (g)    20,300  20,117,706 
        76,285,853 
North Carolina -  North Carolina HFA, Home Ownership Revenue Bonds, AMT,     
0.4%  Series 14-A, 5.35%, 1/01/22 (g)    2,880  2,888,813 
North Dakota -  North Dakota State, HFA, Revenue Bonds (Housing Finance     
0.3%  Program), Series C, 5.30%, 7/01/22 (g)    2,355  2,280,606 
Oregon - 1.8%  Oregon State Department of Administrative Services, COP,     
  Series A, 6.25%, 5/01/10 (b)(g)    8,700  9,293,601 
  Port of Portland, Oregon, Airport Revenue Refunding Bonds     
  (Portland International Airport), AMT, Series 7-B, 7.10%,       
  1/01/12 (a)(b)    3,865  4,443,359 
        13,736,960 
Pennsylvania -  Philadelphia, Pennsylvania, Gas Works Revenue Bonds, 12th     
1.7%  Series B, 7%, 5/15/20 (a)(j)    4,985  6,191,669 
  Philadelphia, Pennsylvania, Redevelopment Authority Revenue Bonds     
  (Neighborhood Transformation), Series A, 5.50%, 4/15/20 (a)(c)  4,180  4,223,723 
  Philadelphia, Pennsylvania, School District, GO, Series E, 6%, 9/01/38  2,300  2,385,238 
        12,800,630 
Rhode Island -  Rhode Island State Economic Development Corporation, Airport     
1.0%  Revenue Bonds, Series B, 6%, 7/01/10 (b)(c)    6,815  7,312,427 
5

BlackRock Municipal Bond Fund, Inc. - BlackRock Municipal Insured Fund   
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
         Par   
State  Municipal Bonds    (000)       Value 
South Carolina -  South Carolina State Public Service Authority, Revenue       
0.3%  Refunding Bonds, Series A, 5.50%, 1/01/38    $ 2,300  $ 2,364,446 
Texas - 10.1%  Dallas-Fort Worth, Texas, International Airport Revenue Bonds,     
  AMT, Series A, 6%, 11/01/28 (a)(c)    25,950  25,712,557 
  Dallas-Fort Worth, Texas, International Airport Revenue Bonds,     
  AMT, Series A, 5.50%, 11/01/33 (a)    2,000  1,826,760 
  Houston, Texas, Combined Utility System, First Lien Revenue     
  Refunding Bonds, Series A, 6%, 11/15/35 (d)    3,650  3,807,242 
  Houston, Texas, Water Conveyance System Contract, COP,     
  Series J, 6.25%, 12/15/13 (g)    3,500  3,818,815 
  Lewisville, Texas, Independent School District, Capital Appreciation and     
  School Building, GO, Refunding, 4.673%, 8/15/24 (a)(c)(f)  8,110  3,422,907 
  Mansfield, Texas, Independent School District, GO, 5%, 2/15/33  3,000  3,009,510 
  North Texas Tollway Authority, System Revenue Refunding Bonds, CABS,     
  First Tier, Series I, 6.65%, 1/01/15 (d)(h)    10,000  6,479,800 
  North Texas Tollway Authority, System Revenue Refunding     
  Bonds, First Tier, 5.75%, 1/01/40 (a)    7,700  7,461,916 
  North Texas Tollway Authority, System Revenue Refunding     
  Bonds, First Tier, Series A, 6%, 1/01/25    1,000  1,024,490 
  North Texas Tollway Authority, System Revenue Refunding     
  Bonds, First Tier, Series A, 5.625%, 1/01/33 (g)    2,140  2,067,754 
  North Texas Tollway Authority, System Revenue Refunding     
  Bonds, First Tier, Series B, 5.75%, 1/01/40 (a)    9,870  9,564,820 
  Texas State Department of Housing and Community Affairs, S/F Mortgage     
  Revenue Bonds, AMT, Series A, 5.45%, 9/01/23 (a)(l)(m)    2,040  2,044,243 
  Texas State Department of Housing and Community Affairs, S/F Mortgage     
  Revenue Bonds, AMT, Series A, 5.50%, 3/01/26 (a)(l)(m)    2,615  2,578,076 
  Texas State Water Financial Assistance, GO, 5.75%, 8/01/31  3,000  3,101,460 
        75,920,350 
Utah - 1.7%  Utah Transit Authority, Sales Tax Revenue Bonds, Series A, 5%,     
  6/15/36 (e)    4,000  3,952,800 
  Utah Transit Authority, Sales Tax Revenue Refunding Bonds,     
  Sub-Series A, 5.291%, 6/15/36 (a)(f)    11,930  2,115,666 
  Utah Water Finance Agency Revenue Bonds (Pooled Loan     
  Financing Program), Series A, 5.75%, 10/01/15 (g)    2,515  2,635,091 
  Utah Water Finance Agency Revenue Bonds (Pooled Loan     
  Financing Program), Series A, 6%, 10/01/20 (g)    3,770  3,925,362 
        12,628,919 
Vermont - 0.2%  Vermont HFA, Revenue Refunding Bonds, AMT, Series C, 5.50%,     
  11/01/38 (e)    1,300  1,218,958 
Washington - 0.7% Chelan County, Washington, Public Utility District Number 001,     
  Consolidated Revenue Bonds (Chelan Hydro System), AMT,     
  Series A, 5.45%, 7/01/37 (g)    6,485  5,564,130 
Wisconsin - 1.5%  Superior, Wisconsin, Limited Obligation Revenue Refunding Bonds     
  (Midwest Energy Resources), Series E, 6.90%, 8/01/21 (a)(c)  9,000  10,934,910 
  Total Municipal Bonds - 87.2%      651,916,190 
 
 
6

BlackRock Municipal Bond Fund, Inc. - BlackRock Municipal Insured Fund     
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
               Par     
State  Municipal Bonds Transferred to Tender Option Bond Trusts (n)       (000)    Value 
California - 1.4%  Sequoia, California, Unified High School District, GO,         
  Refunding, Series B, 5.50%, 7/01/35 (e)    $ 10,055    $ 10,101,732 
Florida - 3.4%  Broward County Florida School Board Certificates Partnership, COP, Series       
  A, 5.25%, 7/01/33 (e)    10,000    9,550,600 
  Jacksonville Electric Authority, Florida, Electric System Revenue Bonds,       
  5.625%, 10/01/32    6,300    6,395,508 
  Tallahassee, Florida, Energy System Revenue Bonds, 5%, 10/01/37 (a)  10,000    9,561,400 
          25,507,508 
Illinois - 0.7%  Chicago, Illinois, Water Revenue Refunding Bonds, Second Lien, 5.25%,       
  11/01/33 (e)    5,000    4,958,850 
Massachusetts -  Massachusetts State School Building Authority, Dedicated Sales Tax       
2.0%  Revenue Bonds, Series A, 5%, 8/15/30 (d)    15,000    15,064,050 
New Jersey - 1.8% New Jersey State Turnpike Authority, Turnpike Revenue Bonds, Series C,       
  5%, 1/01/30 (e)    13,500    13,532,400 
New York - 2.2%  New York City, New York, Sales Tax Asset Receivable Corporation Revenue       
  Bonds, Series A, 5.25%, 10/15/27 (g)    13,925    14,308,077 
  New York State Dormitory Authority Personal Income Tax         
  Revenue Bonds, Education Series B, 5.75%, 3/15/36    2,010    2,117,374 
          16,425,451 
Texas - 1.3%  Cypress-Fairbanks, Texas, Independent School District, GO, 5%,       
  2/15/32    10,000    10,051,100 
Washington - 2.5% Metropolitan Washington Airports Authority, D.C., Airport Authority       
  Revenue Bonds, AMT, Series B, 5%, 10/01/36 (c)(d)    10,000    8,588,067 
  Washington State, GO, Series D, 5%, 1/01/28 (d)    10,000    10,138,800 
          18,726,867 
  Total Municipal Bonds Transferred to Tender Option Bond Trusts - 15.3%    114,367,958 
  Mutual Funds    Shares     
  BlackRock Insured Municipal Term Trust, Inc. (o)    204,800    2,105,344 
  Total Mutual Funds - 0.3%        2,105,344 
  Total Long-Term Investments (Cost - $790,324,352) - 102.8%      768,389,492 
  Short-Term Securities         
Money Market  FFI Institutional Tax-Exempt Fund, 0.61% (o)(p)    36,916,723    36,916,723 
Fund - 4.9%           
  Total Short-Term Securities (Cost - $36,916,723) - 4.9%      36,916,723 
  Total Investments (Cost - $827,241,075*) - 107.7%        805,306,215 
  Liabilities in Excess of Other Assets - (0.1)%        (679,472) 
  Liability for Trust Certificates, Including Interest         
  Expense and Fees Payable - (7.6)%        (56,906,669) 
  Net Assets - 100.0%      $  747,720,074 

* The cost and unrealized appreciation (depreciation) of investments as of March 31, 2009, as
computed for federal income tax purposes, were as follows:

Aggregate cost  $    767,987,893 
Gross unrealized appreciation  $    19,866,828 
Gross unrealized depreciation      (39,281,003) 
Net unrealized depreciation  $    (19,414,175) 
 
    7   

BlackRock Municipal Bond Fund, Inc. - BlackRock Municipal Insured Fund
Schedule of Investments March 31, 2009 (Unaudited)

(a) NPFGC Insured.

(b) US government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full at
the date indicated, typically at a premium to par.

(c) FGIC Insured.

(d) Assured Guaranty Insured.

(e) FSA Insured.

(f) Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

(g) AMBAC Insured.

(h) Represents a step bond that an initial coupon rate for the first period and then a higher coupon rate for the

following periods. Rate shown reflects the current yield as of report date.

(i) XL Capital Insured.

(j) Security is collateralized by Municipal or US Treasury Obligations.

(k) BHAC Insured.

(l) GNMA Collateralized.

(m) FNMA Collateralized.

(n) 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.

(o) 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  Sale    Realized       
       Affiliate  Cost  Cost    Loss      Income 
       BlackRock Insured Municipal Term Trust, Inc.                                     -    -    -  $  62,875 
       FFI Institutional Tax-Exempt Fund  $ 28,269,115 1    -    -  $  300,382 
1 Represents net purchased cost.               
(p) Represents the current yield as of report date.               
 
 
 
 
8

BlackRock Municipal Bond Fund, Inc. - BlackRock Municipal Insured Fund
Schedule of Investments March 31, 2009 (Unaudited)
Ÿ 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:

Ÿ Level 1 - price quotations in active markets/exchanges for identical securities
Ÿ Level 2 - other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in
markets that are active, quoted prices for identical or similar assets 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)

Ÿ 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 semi-
annual report.

The following table summarizes the inputs used as of March 31, 2009 in determining the fair valuation of the Fund's
investments:

  Valuation  Investments in 
  Inputs  Securities 
    Assets 
Level 1    $ 39,022,067 
Level 2    766,284,148 
Level 3    - 
Total    $ 805,306,215 
 
 
 
 
         9 

BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund     
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
            Par     
 State    Municipal Bonds        (000)    Value 
 Alabama - 0.6%  Alabama Incentives Financing Authority, Special Obligation         
    Revenue Refunding Bonds, Series A, 6%, 10/01/29 (a)  $  3,820  $  3,926,387 
    Jefferson County, Alabama, Public Building Authority, Lease         
    Revenue Bonds, 5.125%, 4/01/21 (a)        3,525    2,119,477 
    Mobile, Alabama, Industrial Development Board, Environmental         
    Improvement Revenue Refunding Bonds (International Paper         
    Company Project), AMT, Series A, 6.35%, 5/15/16      500    419,060 
    Selma, Alabama, IDB, Environmental Improvement Revenue         
    Refunding Bonds (International Paper Company Project), AMT,         
    Series A, 6.70%, 2/01/18        2,500    2,079,450 
    Tuscaloosa, Alabama, Special Care Facilities Financing Authority,         
    Residential Care Facility Revenue Bonds (Capstone Village, Inc.         
    Project), Series A, 5.875%, 8/01/36 (b)(c)        3,400    1,457,546 
                10,001,920 
 Arizona - 1.6%  Arizona Health Facilities Authority Revenue Bonds (Catholic         
    Healthcare West), Series A, 6.625%, 7/01/20        4,000    4,286,320 
    Maricopa County and Phoenix, Arizona, IDA, S/F Mortgage         
    Revenue Bonds, AMT, Series A-2, 5.80%, 7/01/40 (d)(e)(f)    6,610    6,638,886 
    Maricopa County, Arizona, IDA, Education Revenue Bonds (Arizona       
    Charter Schools Project 1), Series A, 6.75%, 7/01/29    3,100    2,058,431 
    Peoria, Arizona, Improvement District Number 8801, Special         
    Assessment Bonds, 7.30%, 1/01/11        395    404,306 
    Peoria, Arizona, Improvement District Number 8802, Special         
    Assessment Bonds, 7.20%, 1/01/10        430    440,182 
    Peoria, Arizona, Improvement District Number 8802, Special         
    Assessment Bonds, 7.20%, 1/01/13        510    521,888 
    Phoenix, Arizona, IDA, Airport Facility, Revenue Refunding Bonds         
    (America West Airlines Inc. Project), AMT, 6.30%,           
    4/01/23        3,685    2,117,770 
    Pima County, Arizona, IDA, Revenue Bonds (Tucson Electric         
    Power Company), Series A, 6.375%, 9/01/29        3,785    3,219,445 
    Pinal County, Arizona, IDA, Wastewater Revenue Bonds (San         
    Manuel Facilities Project), AMT, 6.25%, 6/01/26      500    373,825 
    Prescott Valley, Arizona, Improvement District, Special         
    Assessment Bonds (Sewer Collection System Roadway Repair),         
    7.90%, 1/01/12        250    258,385 
 Portfolio Abbreviations             
 To simplify the listings of portfolio holdings in the Schedule of Investments the names and descriptions of many of the 
 securities have been abbreviated according to the list below.             
 AMT  Alternative Minimum Tax (subject to)  IDB  Industrial Development Board     
 CABS  Capital Appreciation Bonds  IDR  Industrial Development Revenue Bonds 
 COP  Certificates of Participation  M/F  Multi-Family         
 EDA  Economic Development Authority  PCR  Pollution Control Revenue Bonds   
 GAN  Grant Anticipation Notes  S/F  Single-Family         
 GO  General Obligation Bonds  VRDN Variable Rate Demand Notes     
 HFA  Housing Finance Agency             
 IDA  Industrial Development Authority             
1

BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund   
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
      Par   
 State  Municipal Bonds    (000)  Value 
  Tucson, Arizona, IDA, Senior Living Facilities Revenue Bonds     
  (Christian Care Tucson, Inc. Project), Series A, 6.125%,     
  7/01/10 (g)(h)  $  3,515  $ 3,789,029 
  Vistancia Community Facilities District, Arizona, GO, 6.75%,     
  7/15/22    3,000  2,748,720 
  Vistancia Community Facilities District, Arizona, GO, 5.75%,     
  7/15/24    2,125  1,733,044 
        28,590,231 
 Arkansas - 0.1%  Arkansas State Student Loan Authority Revenue Bonds, AMT,     
  Sub-Series B, 7.25%, 6/01/09    250  252,105 
  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  120,136 
  Pine Bluff, Arkansas, Environmental Improvement Revenue     
  Refunding Bonds (International Paper Company Project), AMT,     
  Series A, 6.70%, 8/01/20    500  397,665 
  University of Central Arkansas, Housing System Revenue     
  Bonds, 6.50%, 1/01/10 (h)(i)    250  266,213 
        1,036,119 
 California - 15.4%  Agua Caliente Band of Cahuilla Indians, California, Casino     
  Revenue Bonds, 6%, 7/01/18    2,500  2,057,250 
  Antelope Valley, California, Health Care District Revenue     
  Bonds, Series A, 5.25%, 9/01/17    12,000  10,083,840 
  Bay Area Toll Authority, California, Toll Bridge Revenue     
  Refunding Bonds (San Francisco Bay Area), Series F, 5%,     
  4/01/31    10,000  9,563,000 
  California County Tobacco Securitization Agency, Tobacco     
  Revenue Refunding Bonds (Sonoma County Corporation), 5%,     
  6/01/26    1,115  700,097 
  California County Tobacco Securitization Agency, Tobacco     
  Revenue Refunding Bonds (Sonoma County Corporation),     
  5.125%, 6/01/38    1,910  996,313 
  California Health Facilities Financing Authority Revenue Bonds     
  (Sutter Health), Series A, 6.25%, 8/15/35    2,500  2,516,150 
  California Health Facilities Financing Authority Revenue Bonds     
  (Sutter Health), Series A, 5.25%, 11/15/46    7,000  6,079,990 
  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  7,930,410 
  California Pollution Control Financing Authority, Solid Waste     
  Disposal Revenue Bonds (Waste Management, Inc. Project),     
  AMT, Series C, 5.125%, 11/01/23    3,250  2,685,475 
  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  3,655,237 
 
2

BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund     
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
        Par     
 State  Municipal Bonds      (000)    Value 
  California Rural Home Mortgage Finance Authority, S/F Mortgage         
  Revenue Refunding Bonds (Mortgage-Backed Securities Program),         
  AMT, Series A-2, 7%, 9/01/29 (d)(e)(f)    $  35  $  35,469 
  California State, GO, 6.50%, 4/01/33      48,400    50,943,904 
  California Statewide Communities Development Authority,         
  Health Facility Revenue Bonds (Memorial Health Services),         
  Series A, 6%, 10/01/23      9,880    9,939,181 
  California Statewide Communities Development Authority         
  Revenue Bonds (Catholic Healthcare West), Series B, 5.50%,         
  7/01/30      3,000    2,756,820 
  California Statewide Communities Development Authority         
  Revenue Bonds (Catholic Healthcare West), Series D, 5.50%,         
  7/01/31      2,500    2,273,225 
  Chula Vista, California, Community Facilities District Number         
  06-1, Special Tax Bonds (Eastlake Woods Area), Series A,         
  6.15%, 9/01/26      2,965    2,727,326 
  Desert, California, Community College District, GO,         
  Series C, 5%, 8/01/32 (i)      12,070    11,432,945 
  Imperial Irrigation District, California, Electric Revenue         
  Refunding Bonds, 5.125%, 11/01/38      10,000    9,385,400 
  Los Angeles, California, Community College District, GO,         
  Series E-1, 5%, 8/01/33      10,000    9,631,400 
  Los Angeles, California, Community College District, GO,         
  Series F-1, 5%, 8/01/33      22,795    21,954,776 
  Los Angeles, California, Unified School District, GO (Election         
  of 2004), Series H, 5%, 7/01/32 (i)      20,000    18,946,000 
  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    12,278,340 
  Modesto, California, Irrigation District, COP, Series A, 6%,         
  10/01/39      8,935    8,920,079 
  Metropolitan Water District of Southern California, Waterworks         
  Revenue Refunding Bonds, Series B, 5%, 7/01/35    10,000    9,812,800 
  Pittsburg, California, Redevelopment Agency, Tax Allocation         
  Refunding Bonds (Los Medanos Community Development         
  Project), Series A, 6.50%, 9/01/28      10,000    9,901,500 
  Roseville, California, Special Tax Bonds (Fiddyment Ranch         
  Community Facilities Number 1), 5.125%, 9/01/26    3,060    1,971,925 
  Roseville, California, Special Tax Bonds (Stoneridge         
  Community Facilities Number 1), 6.20%, 9/01/11 (h)    1,250    1,429,538 
  Roseville, California, Special Tax Bonds (Stoneridge         
  Community Facilities Number 1), 6.30%, 9/01/11 (h)    2,500    2,865,025 
 
 
 
 
3

BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund     
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
        Par     
 State  Municipal Bonds      (000)    Value 
  San Francisco, California, City and County Airport         
  Commission, International Airport Revenue Refunding Bonds,       
  AMT, Issue 34E, Second Series, 5.75%, 5/01/21 (i)  $  8,220  $  8,306,392 
  San Francisco, California, City and County Airport         
  Commission, International Airport Revenue Refunding Bonds,       
  AMT, Second Series, 6.75%, 5/01/19      12,600    13,099,716 
  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    4,560,050 
  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    2,201,175 
  San Francisco, California, Uptown Parking Corporation,         
  Parking Revenue Bonds (Union Square), 6%, 7/01/20 (j)    1,075    1,160,538 
  Santa Clara County, California, Financing Authority, Lease       
  Revenue Refunding Bonds, Series L, 5.25%, 5/15/36    9,000    8,659,710 
  Santa Margarita, California, Water District, Special Tax         
  Refunding Bonds (Community Facilities District Number 99),       
  Series 1, 6.25%, 9/01/09 (h)      2,925    3,047,938 
  Santa Margarita, California, Water District, Special Tax         
  Refunding Bonds (Community Facilities District Number 99),       
  Series 1, 6.20%, 9/01/20      2,650    2,506,900 
            277,015,834 
 Colorado - 1.1%  Colorado HFA, Revenue Bonds (S/F Program), Series B-3,       
  6.55%, 10/01/16      180    187,277 
  Colorado HFA, Revenue Refunding Bonds (S/F Program), AMT,       
  Senior Series A-2, 7.50%, 4/01/31      180    193,381 
  Colorado HFA, Revenue Refunding Bonds (S/F Program), AMT,       
  Senior Series B-2, 7.10%, 4/01/17      60    61,880 
  Colorado HFA, Revenue Refunding Bonds (S/F Program), AMT,       
  Senior Series B-2, 7.25%, 10/01/31      550    563,106 
  Colorado HFA, Revenue Refunding Bonds (S/F Program), AMT,       
  Senior Series B-3, 6.80%, 11/01/28      10    10,210 
  Colorado HFA, Revenue Refunding Bonds (S/F Program), AMT,       
  Senior Series C-2, 7.25%, 10/01/31 (k)      270    271,585 
  Colorado HFA, Revenue Refunding Bonds (S/F Program),         
  Senior Series A-3, 7.35%, 10/01/30      70    73,354 
  Colorado HFA, Revenue Refunding Bonds (S/F Program),         
  Senior Series C-3, 6.75%, 10/01/21 (k)      375    400,436 
  Colorado HFA, Revenue Refunding Bonds (S/F Program),         
  Senior Series C-3, 7.15%, 10/01/30 (k)      95    96,965 
  Colorado Health Facilities Authority Revenue Bonds (Catholic       
  Health Initiatives), Series D, 6.25%, 10/01/33      3,520    3,606,064 
 
 
4

BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund     
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
        Par     
 State  Municipal Bonds      (000)    Value 
  Elk Valley, Colorado, Public Improvement Revenue Bonds         
  (Public Improvement Fee), Series A, 7.35%, 9/01/31  $  7,560  $  5,918,951 
  Elk Valley, Colorado, Public Improvement Revenue Bonds         
  (Public Improvement Fee), Series B, 7.45%, 9/01/31    805    636,699 
  Plaza Metropolitan District Number 1, Colorado, Tax         
  Allocation Revenue Bonds (Public Improvement Fees), 8%,         
  12/01/25      7,700    6,537,839 
  Plaza Metropolitan District Number 1, Colorado, Tax         
  Allocation Revenue Bonds (Public Improvement Fees), 8.125%,         
  12/01/25      1,910    1,574,050 
            20,131,797 
 Connecticut - 1.5%  Connecticut State Development Authority, Governmental         
  Lease Revenue Bonds, 6.60%, 6/15/14 (j)      1,000    1,003,740 
  Connecticut State Development Authority, Water Facility         
  Revenue Bonds (Bridgeport Hydraulic Company), AMT, 6.15%,         
  4/01/35 (a)      1,250    1,098,012 
  Connecticut State Development Authority, Water Facility         
  Revenue Refunding Bonds (Aquarion Water Company Project),         
  AMT, 5.10%, 9/01/37 (l)      2,750    2,049,960 
  Connecticut State, HFA, Revenue Refunding Bonds (Housing         
  Mortgage Finance Program), Series C-1, 6.30%, 11/15/17    960    961,632 
  Connecticut State Health and Educational Facilities Authority         
  Revenue Bonds (Bridgeport Hospital), Series A, 6.625%,         
  7/01/18 (j)      1,000    1,004,500 
  Connecticut State Health and Educational Facilities Authority         
  Revenue Bonds (Waterbury Hospital Issue), Series C, 5.75%,         
  7/01/20 (g)      1,500    1,389,585 
  Connecticut State Health and Educational Facilities Authority,         
  Revenue Refunding Bonds (Eastern Connecticut Health         
  Network), Series A, 6.50%, 7/01/10 (g)(h)      12,045    13,035,340 
  Connecticut State Health and Educational Facilities Authority,         
  Revenue Refunding Bonds (Sacred Heart University), 6.625%,         
  7/01/26 (g)      640    624,710 
  Connecticut State Health and Educational Facilities Authority,         
  Revenue Refunding Bonds (University of Hartford), Series E,         
  5.50%, 7/01/22 (g)      5,710    5,067,796 
  Connecticut State Higher Education Supplemental Loan         
  Authority, Revenue Bonds (Family Education Loan Program),         
  AMT, Series A, 5.50%, 11/15/20 (j)      320    305,693 
            26,540,968 
 
 
 
 
5

BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund   
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
        Par   
 State  Municipal Bonds      (000)  Value 
 District of Columbia -  District of Columbia, Income Tax Revenue Bonds, Series A,       
 1.0%  5.50%, 12/01/30    $  17,000  $ 17,566,950 
  District of Columbia, Water and Sewer Authority, Public       
  Utility Revenue Refunding Bonds, Senior Lien, Series A, 5.50%,       
  10/01/39      1,000  1,013,290 
          18,580,240 
 Florida - 11.7%  Alachua County, Florida, IDR (North Florida Retirement       
  Village), Refunding, 5.875%, 11/15/36      2,000  1,313,900 
  Anthem Park Community Development District, Florida,       
  Capital Improvement Revenue Bonds, 5.80%, 5/01/36    1,845  1,069,583 
  Ave Maria Stewardship Community District, Florida, Capital       
  Improvement Revenue Bonds, Series A, 5.125%, 5/01/38    1,900  948,195 
  Ave Maria Stewardship Community District, Florida, Revenue       
  Bonds, 4.80%, 11/01/12      1,500  980,865 
  Ballantrae, Florida, Community Development District, Capital       
  Improvement Revenue Bonds, 6%, 5/01/35      2,750  2,136,392 
  Broward County, Florida, Water and Sewer Utility Revenue       
  Bonds, Series A, 5.25%, 10/01/34      6,900  6,768,831 
  Capital Region Community Development District, Florida,       
  Special Assessment Revenue Bonds, Series A, 7%, 5/01/39    1,065  741,719 
  Capital Trust Agency, Florida, Air Cargo Revenue Bonds, AMT,       
  6.25%, 1/01/19      530  442,046 
  Citrus County, Florida, Hospital Board Revenue Refunding       
  Bonds (Citrus Memorial Hospital), 6.25%, 8/15/23    865  728,503 
  Fiddlers Creek, Florida, Community Development District       
  Number 2, Special Assessment Revenue Bonds, Series A,       
  6.375%, 5/01/35      6,850  4,511,821 
  Fiddlers Creek, Florida, Community Development District       
  Number 2, Special Assessment Revenue Bonds, Series B,       
  5.75%, 5/01/13      555  496,525 
  Florida HFA, Homeowner Mortgage Revenue Bonds, AMT,       
  Series 3, 6.35%, 7/01/28 (j)(k)      685  693,679 
  Florida Housing Finance Corporation, Homeowner Mortgage       
  Revenue Bonds, AMT, Series 1, 6%, 7/01/39 (d)(e)(f)    1,785  1,802,136 
  Florida Housing Finance Corporation, Homeowner Mortgage       
  Revenue Refunding Bonds, AMT, Series 4, 6.25%, 7/01/22 (i)    360  365,450 
  Greater Orlando Aviation Authority, Florida, Airport Facilities       
  Revenue Bonds (JetBlue Airways Corp.), AMT, 6.375%,       
  11/15/26      1,000  593,150 
  Harbor Bay, Florida, Community Development District, Capital       
  Improvement Special Assessment Revenue Bonds, Series A, 7%,       
  5/01/33      935  848,587 
  Heritage Harbour North Community Development District,       
  Florida, Capital Improvement Bonds, 6.375%, 5/01/38    500  328,320 
 
 
 
6

BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund   
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
        Par   
 State  Municipal Bonds      (000)  Value 
  Highland Meadows Community Development District, Florida,       
  Special Assessment Bonds, Series A, 5.50%, 5/01/36  $  1,115  $ 487,612 
  Hillsborough County, Florida, Aviation Authority Revenue       
  Bonds, AMT, Series A, 5.50%, 10/01/38 (m)    1,310  1,186,519 
  Hillsborough County, Florida, IDA, Exempt Facilities Revenue       
  Bonds (National Gypsum Company), AMT, Series A, 7.125%,       
  4/01/30      6,000  2,824,380 
  Hillsborough County, Florida, IDA, Exempt Facilities Revenue       
  Bonds (National Gypsum Company), AMT, Series B, 7.125%,       
  4/01/30      6,750  3,177,427 
  Jacksonville Electric Authority, Florida, Bulk Power Supply       
  System Revenue Bonds (Scherer 4 Project), Series A, 6%,       
  10/01/37      8,225  8,442,387 
  Jacksonville, Florida, Economic Development Commission, Health       
  Care Facilities Revenue Bonds (Mayo Clinic-Jacksonville), Series       
  A, 5.50%, 11/15/36      1,000  965,530 
  Jacksonville, Florida, Economic Development Commission,       
  Health Care Facilities Revenue Bonds (Mayo Clinic-       
  Jacksonville), Series A, 5.50%, 11/15/36 (j)    1,000  965,530 
  Jacksonville, Florida, Economic Development Commission,       
  Health Care Facilities Revenue Bonds (Mayo Clinic-       
  Jacksonville), Series B, 5.50%, 11/15/36      2,000  1,931,060 
  Jacksonville, Florida, Economic Development Commission, IDR       
  (Metropolitan Parking Solutions Project), AMT, 5.50%,       
  10/01/30 (n)      3,000  2,163,390 
  Jacksonville, Florida, Economic Development Commission, IDR       
  (Metropolitan Parking Solutions Project), AMT, 5.875%,       
  6/01/31 (n)      1,980  1,618,175 
  Jacksonville, Florida, Guaranteed Entitlement Revenue       
  Refunding and Improvement Bonds, 5.25%, 10/01/32 (j)(o)    1,200  1,160,700 
  Jacksonville, Florida, Health Facilities Authority, Hospital       
  Revenue Bonds (Baptist Medical Center Project), 5%,       
  8/15/37 (i)      1,000  889,240 
  Jacksonville, Florida, Port Authority Revenue Bonds, AMT, 6%,       
  11/01/38 (m)      1,170  1,138,387 
  Lee County, Florida, Airport Revenue Bonds, AMT, Series A, 6%,       
  10/01/29 (i)      13,000  13,000,000 
  Lee County, Florida, HFA, S/F Mortgage Revenue Bonds (Multi-       
  County Program), AMT, Series A-2, 6%, 9/01/40 (d)(e)(f)    970  1,024,388 
  Lee County, Florida, IDA, Health Care Facilities, Revenue       
  Refunding Bonds (Shell Point/Alliance Obligor Group), 5%,       
  11/15/29      2,000  1,205,680 
 
 
 
 
7

BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund   
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
        Par   
 State  Municipal Bonds      (000)  Value 
  Lexington Oaks, Florida, Community Development District,       
  Special Assessment Revenue Bonds, Series A, 6.70%, 5/01/33  $  1,075  $ 1,041,267 
  Manatee County, Florida, HFA, Homeowner Revenue Bonds,       
  AMT, Series A, 5.90%, 9/01/40 (d)(e)(f)      750  739,433 
  Miami-Dade County, Florida, Aviation Revenue Bonds, AMT,       
  Series A, 5%, 10/01/33 (i)      1,435  1,221,085 
  Miami-Dade County, Florida, Aviation Revenue Refunding       
  Bonds (Miami International Airport), AMT, Series A, 5.50%,       
  10/01/25 (m)      7,320  7,028,737 
  Miami-Dade County, Florida, Aviation Revenue Refunding       
  Bonds (Miami International Airport), AMT, Series A, 5.50%,       
  10/01/41 (i)      1,400  1,259,538 
  Miami-Dade County, Florida, GO (Building Better Communities       
  Program), Series B, 6.375%, 7/01/28      7,750  8,512,678 
  Miami-Dade County, Florida, GO (Building Better Communities       
  Program), Series B-1, 6%, 7/01/38      25,000  25,423,000 
  Miami-Dade County, Florida, IDA, Solid Waste Disposal Revenue       
  Bonds (Waste Management, Inc. Project),         
  Series 1, 7%, 12/01/18      2,000  2,007,500 
  Miami-Dade County, Florida, Solid Waste System Revenue       
  Bonds, 5.25%, 10/01/30 (j)      1,250  1,231,013 
  Miami-Dade County, Florida, Water and Sewer Revenue       
  Refunding Bonds, Series C, 6%, 10/01/23      20,000  21,326,600 
  Middle Village Community Development District, Florida,       
  Special Assessment Bonds, Series A, 6%, 5/01/35    3,500  2,065,595 
  Midtown Miami, Florida, Community Development District,       
  Special Assessment Revenue Bonds, Series A, 6.25%, 5/01/37    5,180  3,267,181 
  New River Community Development District, Florida, Capital       
  Improvement Revenue Bonds, Series B, 5%, 5/01/13    1,000  414,410 
  Oak Creek, Florida, Community Development District, Special       
  Assessment Bonds, 5.80%, 5/01/35      945  565,450 
  Orange County, Florida, HFA, M/F Housing Revenue Bonds       
  (Loma Vista Project), Series G, 5.50%, 3/01/32    3,500  3,320,905 
  Orange County, Florida, Health Facilities Authority, Hospital       
  Revenue Bonds (Orlando Regional Healthcare), 5.70%, 7/01/26    1,000  663,000 
  Orange County, Florida, School Board, COP, Series A, 5.50%,       
  8/01/34 (m)      11,100  10,955,700 
  Orlando, Florida, Urban Community Development District,       
  Capital Improvement Special Assessment Bonds, 6.25%,       
  5/01/34      1,000  666,520 
  Orlando, Florida, Urban Community Development District,       
  Capital Improvement Special Assessment Bonds, Series A,       
  6.95%, 5/01/11 (h)      930  1,029,315 
 
 
 
 
8

BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund   
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
        Par   
 State  Municipal Bonds      (000)  Value 
  Osceola County, Florida, Tourist Development Tax Revenue       
  Bonds, Series A, 5.50%, 10/01/27 (j)(o)    $  925  $ 911,292 
  Palm Beach County, Florida, School Board, COP, Series A, 5%,       
  8/01/31 (i)      1,000  927,590 
  Panther Trace Community Development District II, Florida,       
  Special Assessment Revenue Bonds, 5.125%, 11/01/13    9,885  6,142,440 
  Panther Trace Community Development District II, Florida,       
  Special Assessment Revenue Bonds, Series A, 5.60%, 5/01/35    4,900  2,871,890 
  Park Place Community Development District, Florida, Special       
  Assessment Revenue Bonds, 6.75%, 5/01/10 (h)    1,400  1,503,670 
  Park Place Community Development District, Florida, Special       
  Assessment Revenue Bonds, 6.375%, 5/01/34    3,270  2,157,056 
  Port St. Lucie, Florida, Utility Revenue Bonds, 5.125%,       
  9/01/36 (j)      19,465  18,729,807 
  Saint Johns County, Florida, Sales Tax Revenue Bonds, Series       
  A, 5.25%, 10/01/28 (a)      1,000  983,230 
  Saint Johns County, Florida, Water and Sewer Revenue Bonds,       
  CABS, 5.373%, 6/01/32 (a)(p)      2,295  558,167 
  Saint Lucie, Florida, West Services District, Utility Revenue       
  Refunding Bonds, Senior Lien, 6%, 10/01/22 (j)    2,000  2,101,380 
  Santa Rosa County, Florida, School Board, COP, Refunding,       
  Series 2, 5.25%, 2/01/26 (j)(o)      2,000  1,973,460 
  Sarasota County, Florida, Health Facilities Authority,       
  Retirement Facility Revenue Refunding Bonds (Village on the       
  Isle Project), 5.50%, 1/01/32      1,645  1,026,447 
  Somerset Community Development District, Florida, Capital       
  Improvement Revenue Bonds, 5%, 5/01/15      1,265  962,539 
  Sterling Hill Community Development District, Florida, Capital       
  Improvement Revenue Refunding Bonds, Series B, 5.50%,       
  11/01/10      175  152,336 
  Suncoast Community Development District, Florida, Capital       
  Improvement Revenue Bonds, Series A, 5.875%, 5/01/34    3,125  2,394,313 
  Tern Bay Community Development District, Florida, Capital       
  Improvement Revenue Refunding Bonds, Series B, 5%,       
  5/01/15 (b)(c)      1,190  416,631 
  Tolomato Community Development District, Florida, Special       
  Assessment Bonds, 6.45%, 5/01/23      3,000  2,215,020 
  Vista Lakes Community Development District, Florida, Capital       
  Improvement Revenue Bonds, Series A, 6.75%, 5/01/12 (h)    1,405  1,597,359 
  Volusia County, Florida, IDA, Student Housing Revenue Bonds       
  (Stetson University Project), Series A, 5%, 6/01/35 (q)    1,000  765,300 
 
 
 
 
9

BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund   
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
        Par   
 State  Municipal Bonds      (000)  Value 
  Watergrass Community Development District, Florida, Special       
  Assessment Revenue Bonds, Series B, 4.875%, 11/01/10  $  2,570  $ 1,392,477 
  Watergrass Community Development District, Florida, Special       
  Assessment Revenue Bonds, Series B, 5.125%, 11/01/14    1,000  503,980 
          209,975,418 
 Georgia - 1.0%  Fulton County, Georgia, Residential Care Facilities, Revenue       
  Refunding Bonds (Canterbury Court Project), Series A, 6%,       
  2/15/22      2,250  1,701,855 
  Gainesville, Georgia, Redevelopment Authority, Educational       
  Facilities Revenue Refunding Bonds (Riverside Military       
  Academy), 5.125%, 3/01/27      2,460  1,507,759 
  Gainesville, Georgia, Redevelopment Authority, Educational       
  Facilities Revenue Refunding Bonds (Riverside Military       
  Academy), 5.125%, 3/01/37      1,800  900,054 
  Municipal Electric Authority of Georgia, Revenue Refunding Bonds       
  (General Resolution Projects), Sub-Series D, 6%, 1/01/23    10,000  10,686,600 
  Rockdale County, Georgia, Development Authority Revenue       
  Bonds (Visy Paper Project), AMT, Series A, 6.125%, 1/01/34    5,000  3,239,500 
          18,035,768 
 Illinois - 7.9%  Bolingbrook, Illinois, Special Services Area Number 1, Special       
  Tax Bonds (Forest City Project), 5.90%, 3/01/27    1,000  672,430 
  Chicago, Illinois, Motor Fuel Tax Revenue Bonds, Series A, 5%,       
  1/01/38 (m)      11,000  10,672,750 
  Chicago, Illinois, O'Hare International Airport, General Airport       
  Revenue Bonds, Third Lien, AMT, Series B-2, 6%, 1/01/29 (l)    20,000  18,957,800 
  Chicago, Illinois, S/F Mortgage Revenue Bonds, AMT, Series A,       
  7.15%, 9/01/31 (d)(e)(f)      220  226,690 
  Chicago, Illinois, Special Assessment Bonds (Lake Shore East),       
  6.75%, 12/01/32      2,000  1,341,200 
  Chicago, Illinois, Transit Authority, Capital Grant Receipts       
  Revenue Bonds (Federal Transit Administration Section 5309       
  Formula Funds), Series A, 6%, 6/01/26 (m)      12,425  13,596,677 
  Cicero, Illinois, GO, Refunding (Corporate Purpose), 6%,       
  12/01/28 (j)      1,450  1,398,032 
  Hodgkins, Illinois, Environmental Improvement Revenue Bonds       
  (Metro Biosolids Management LLC Project), AMT,       
  6%, 11/01/23      10,000  9,559,900 
  Illinois Development Finance Authority Revenue Bonds       
  (Community Rehabilitation Providers Facilities), Series A,       
  6.50%, 7/01/22      3,140  2,886,100 
  Illinois State Finance Authority Revenue Bonds (Advocate       
  Health Care Network), Series D, 6.50%, 11/01/38    5,700  5,825,913 
  Illinois State Finance Authority Revenue Bonds (Friendship       
  Village of Schaumburg), Series A, 5.625%, 2/15/37    1,750  969,850 
 
 
 
10

BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund   
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
        Par   
 State  Municipal Bonds      (000)  Value 
  Illinois State Finance Authority Revenue Bonds (Landing At       
  Plymouth Place Project), Series A, 6%, 5/15/37  $  2,155  $ 1,344,073 
  Illinois State Finance Authority Revenue Bonds (Rush University       
  Medical Center Obligated Group Project), Series A, 7.25%,       
  11/01/30      6,900  7,027,995 
  Illinois State Finance Authority Revenue Bonds (Rush University       
  Medical Center Obligated Group Project), Series A, 7.25%,       
  11/01/38      6,200  6,246,190 
  Illinois State Finance Authority Revenue Bonds (Rush University       
  Medical Center Obligated Group Project), Series B, 7.25%,       
  11/01/30      4,850  4,939,968 
  Illinois State Finance Authority Revenue Bonds (University of       
  Chicago), Series B, 6.25%, 7/01/38      20,000  21,816,200 
  Illinois State Finance Authority, Revenue Refunding Bonds       
  (Northwestern Memorial Hospital), Series A, 6%, 8/15/39    9,200  9,035,320 
  Illinois State Finance Authority, Revenue Refunding Bonds       
  (Sherman Health System Project), Series A, 5.50%, 8/01/37    3,500  2,270,835 
  Illinois State, GO, 1st Series, 5.75%, 12/01/15 (j)    8,890  9,431,134 
  Illinois State, GO, 1st Series, 5.75%, 12/01/16 (j)    3,745  3,972,958 
  Illinois State, GO, 1st Series, 5.75%, 12/01/17 (j)    4,000  4,243,480 
  Illinois State, Sales Tax Revenue Bonds, 6%, 6/15/20    3,000  3,140,100 
  Illinois State, Sales Tax Revenue Refunding Bonds, Series Q, 6%,       
  6/15/09      795  803,626 
  Village of Wheeling, Illinois, Revenue Bonds (North       
  Milwaukee/Lake-Cook Tax Increment Financing (TIF)       
  Redevelopment Project), 6%, 1/01/25      1,585  1,191,698 
          141,570,919 
 Iowa - 0.2%  Iowa Finance Authority, Health Care Facilities, Revenue       
  Refunding Bonds (Care Initiatives Project), 9.25%, 7/01/11 (h)    3,775  4,454,085 
 Kansas - 0.2%  Sedgwick and Shawnee Counties, Kansas, S/F Revenue Bonds,       
  AMT, Series A-1, 6.95%, 6/01/29 (f)      1,050  1,132,310 
  Wichita, Kansas, Hospital Facilities Revenue Refunding and       
  Improvement Bonds, Series III, 6.25%, 11/15/19    2,500  2,571,350 
          3,703,660 
 Louisiana - 0.4%  Louisiana HFA, S/F Mortgage Revenue Bonds, AMT,       
  Series D-2, 5.80%, 6/01/20 (e)(f)      245  250,052 
  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  6,304,620 
  Rapides Finance Authority, Louisiana, Environmental       
  Improvement Revenue Bonds (International Paper Company       
  Project), AMT, Series A, 6.55%, 11/15/23      2,000  1,476,700 
          8,031,372 
 
 
 
11

BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund   
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
        Par   
 State  Municipal Bonds      (000)  Value 
 Maryland - 0.3%  Anne Arundel County, Maryland, Special Obligation Revenue       
  Bonds (Arundel Mills Project), 7.10%, 7/01/09 (h)  $  500  $ 516,835 
  Maryland State Community Development Administration,       
  Department of Housing and Community Development, Housing       
  Revenue Bonds, AMT, Series B, 6.15%, 1/01/21    1,000  1,008,250 
  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  1,026,150 
  Maryland State Health and Higher Educational Facilities Authority       
  Revenue Bonds (King Farm Presbyterian Community), Series B,       
  5%, 1/01/17      3,200  2,439,616 
          4,990,851 
 Massachusetts - 0.9%  Massachusetts Educational Financing Authority, Education Loan       
  Revenue Refunding Bonds, AMT, Issue E, 5.85%,       
  7/01/14 (a)      145  145,033 
  Massachusetts State College Building Authority, Project       
  Revenue Bonds, Series A, 5.50%, 5/01/39      250  248,530 
  Massachusetts State Development Finance Agency Revenue Bonds       
  (Linden Ponds, Inc. Project), Series A, 5.50%, 11/15/27    3,000  1,808,490 
  Massachusetts State, HFA, M/F Housing Revenue Bonds, Series       
  B, 7%, 12/01/38      5,000  5,335,700 
  Massachusetts State Health and Educational Facilities       
  Authority Revenue Bonds (Medical Center of Central       
  Massachusetts), 6.55%, 6/23/22 (a)      6,700  6,711,055 
  Massachusetts State Water Pollution Abatement Trust, Water       
  Abatement Revenue Bonds, Series A, 6.375%, 2/01/15    130  130,571 
  Montachusett, Massachusetts, Regional Vocational Technical       
  School District, GO, 5.95%, 1/15/10 (h)(j)      1,600  1,683,616 
          16,062,995 
 Michigan - 1.8%  Dickinson County, Michigan, Economic Development       
  Corporation, Environmental Improvement Revenue Refunding       
  Bonds (International Paper Company Project), Series A, 5.75%,       
  6/01/16      500  422,720 
  Eastern Michigan University, General Revenue Refunding       
  Bonds, 6%, 6/01/24 (a)      415  427,778 
  Flint, Michigan, Hospital Building Authority, Revenue       
  Refunding Bonds (Hurley Medical Center), 6%, 7/01/20    3,000  2,356,620 
  Michigan State Building Authority, Revenue Refunding Bonds       
  (Facilities Program), Series I, 6.25%, 10/15/38    6,250  6,626,500 
  Michigan State Hospital Finance Authority, Revenue Refunding       
  Bonds (Mercy-Mount Clemens), Series A, 6%,       
  5/15/09 (h)(j)      1,500  1,524,705 
  Michigan State Revenue Bonds, GAN, 5.25%, 9/15/24 (i)    5,000  5,003,250 
 
 
 
12

BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund   
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
      Par   
 State  Municipal Bonds    (000)  Value 
  Royal Oak, Michigan, Hospital Finance Authority, Hospital     
  Revenue Refunding Bonds (William Beaumont Hospital), 8.25%,     
  9/01/39  $  15,195  $ 16,174,926 
        32,536,499 
 Minnesota - 0.7%  Eden Prairie, Minnesota, M/F Housing Revenue Bonds (Rolling     
  Hills Project), Series A, 6.15%, 8/20/31 (f)    1,000  1,058,670 
  Minneapolis and Saint Paul, Minnesota, Metropolitan Airports     
  Commission, Airport Revenue Bonds, AMT, Sub-Series D,     
  5.75%, 1/01/12 (j)(o)    470  472,435 
  Minneapolis and Saint Paul, Minnesota, Metropolitan Airports     
  Commission, Airport Revenue Bonds, AMT, Sub-Series D,     
  5.75%, 1/01/14 (j)(o)    470  462,118 
  Minneapolis and Saint Paul, Minnesota, Metropolitan Airports     
  Commission, Airport Revenue Bonds, AMT, Sub-Series D,     
  5.75%, 1/01/15 (j)(o)    2,060  2,006,790 
  Minneapolis, Minnesota, Health Care System Revenue     
  Refunding Bonds (Fairview Health Services), Series A, 6.75%,     
  11/15/32    4,800  4,898,112 
  Ramsey County, Minnesota, Housing and Redevelopment     
  Authority, M/F Housing Revenue Bonds (Hanover Townhouses     
  Project), AMT, 6%, 7/01/31    1,110  1,104,483 
  Saint Cloud, Minnesota, Health Care Revenue Refunding Bonds     
  (Saint Cloud Hospital Obligation Group), Series A, 6.25%,     
  5/01/20 (i)    1,000  1,024,680 
  Waconia, Minnesota, Health Care Facilities Revenue Bonds     
  (Ridgeview Medical Center Project), Series A, 6.125%,     
  1/01/10 (g)(h)    1,500  1,557,390 
        12,584,678 
  Mississippi Business Finance Corporation, Solid Waste Disposal     
  Revenue Bonds (Waste Management, Inc. Project), VRDN,     
  AMT, 6.875%, 3/01/10 (s)    1,500  1,501,515 
 Mississippi - 0.1%  Warren County, Mississippi, Environmental Improvement     
  Revenue Refunding Bonds (International Paper Company     
  Project), AMT, Series B, 6.75%, 8/01/21    1,700  1,326,595 
 Missouri - 0.1%  Fenton, Missouri, Tax Increment Revenue Refunding and     
  Improvement Bonds (Gravois Bluffs Redevelopment Project),     
  5%, 4/01/14    1,000  997,950 
  Kansas City, Missouri, IDA, First Mortgage Health Facilities     
  Revenue Bonds (Bishop Spencer Place), Series A, 6.50%,     
  1/01/35    1,500  1,023,285 
        2,021,235 
 Montana - 0.3%  Montana State Higher Education Student Assistance     
  Corporation, Student Loan Revenue Refunding Bonds, AMT,     
  Sub-Series B, 6.40%, 12/01/32    5,500  4,785,935 
 Nevada - 3.4%  Clark County, Nevada, Improvement District Number 142,     
  Special Assessment Bonds, 6.375%, 8/01/23    1,500  1,080,825 
 
 
13

BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund   
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
        Par   
 State  Municipal Bonds      (000)  Value 
  Clark County, Nevada, Water Reclamation District, GO, Series       
  B, 5.75%, 7/01/38    $  26,000  $ 26,851,500 
  Elko, Nevada, GO (Airport Improvement), AMT, Series B,       
  6.10%, 10/01/14 (j)      165  165,924 
  Elko, Nevada, GO (Airport Improvement), AMT, Series B,       
  6.30%, 10/01/19 (j)      245  245,750 
  Elko, Nevada, GO (Airport Improvement), AMT, Series B,       
  6.75%, 10/01/24 (j)      320  321,062 
  Elko, Nevada, GO (Airport Improvement), AMT, Series B, 7%,       
  10/01/29 (j)      225  225,697 
  Henderson, Nevada, Health Care Facilities, Revenue Refunding       
  Bonds (Catholic Healthcare West), Series B, 5.25%, 7/01/31    13,050  10,968,655 
  Las Vegas, Nevada, Limited Tax, GO (Performing Arts Center),       
  6%, 4/01/34      10,000  10,059,700 
  Reno, Nevada, Special Assessment District Number 4       
  (Somerset Parkway), 6.625%, 12/01/22      1,800  1,422,306 
  Sparks, Nevada, Redevelopment Agency, Tax Allocation       
  Revenue Refunding Bonds, Series A, 6%, 1/15/15 (g)    3,110  3,145,672 
  Sparks, Nevada, Redevelopment Agency, Tax Allocation       
  Revenue Refunding Bonds, Series A, 6%, 1/15/23 (g)    6,315  6,158,451 
          60,645,542 
 New Hampshire -  New Hampshire Health and Education Facilities Authority,       
 0.2%  Revenue Refunding Bonds (Elliot Hospital), Series B, 5.60%,       
  10/01/22      1,750  1,715,945 
  New Hampshire Health and Education Facilities Authority,       
  Revenue Refunding Bonds (Havenwood-Heritage Heights       
  Retirement Community), Series A, 5%, 1/01/16    490  398,174 
  New Hampshire Health and Education Facilities Authority,       
  Revenue Refunding Bonds (Havenwood-Heritage Heights       
  Retirement Community), Series A, 5.35%, 1/01/26    1,035  676,072 
          2,790,191 
 New Jersey - 0.5%  Camden County, New Jersey, Pollution Control Financing       
  Authority, Solid Waste Resource Recovery, Revenue Refunding       
  Bonds, AMT, Series B, 7.50%, 12/01/09      70  70,138 
  New Jersey EDA, Retirement Community Revenue Bonds (Cedar       
  Crest Village, Inc. Facility), Series A, 7.25%,       
  11/15/11 (h)      3,300  3,764,442 
  New Jersey Health Care Facilities Financing Authority,       
  Revenue Refunding Bonds (Capital Health System, Inc.), Series       
  A, 5.75%, 7/01/23      2,250  2,082,668 
  New Jersey State Housing and Mortgage Finance Agency, M/F       
  Housing Revenue Refunding Bonds, Series B, 6.25%,       
  11/01/26 (i)      640  644,960 
  New Jersey State Turnpike Authority, Turnpike Revenue       
  Refunding Bonds, Series A, 5.75%, 1/01/18 (j)    2,975  3,023,493 
          9,585,701 
 
14

BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund   
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
        Par   
 State  Municipal Bonds      (000)  Value 
 New Mexico - 0.1%  New Mexico Mortgage Financing Authority, S/F Mortgage Program       
  Revenue Bonds, AMT, Series D, 6.15%,         
  7/01/35 (d)(e)(f)    $  2,365  $ 2,393,262 
  Santa Fe County, New Mexico, Correctional System Revenue       
  Bonds, 6%, 2/01/27 (i)      250  270,690 
          2,663,952 
 New York - 7.1%  Long Island Power Authority, New York, Electric System       
  Revenue Refunding Bonds, Series A, 5.50%, 4/01/24    320  321,955 
  Long Island Power Authority, New York, Electric System       
  Revenue Refunding Bonds, Series A, 6%, 5/01/33    18,300  18,899,874 
  Metropolitan Transportation Authority, New York, Revenue       
  Bonds, Series C, 6.50%, 11/15/28      17,420  18,632,780 
  New York City, New York, City Housing Development       
  Corporation, M/F Housing Revenue Bonds, Series M, 6.50%,       
  11/01/28      4,300  4,600,183 
  New York City, New York, City Housing Development       
  Corporation, M/F Housing Revenue Bonds, Series M, 6.875%,       
  11/01/38      5,700  6,104,187 
  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  2,382,308 
  New York City, New York, City IDA, Special Facility Revenue       
  Bonds (British Airways Plc Project), AMT, 7.625%, 12/01/32    3,500  2,142,315 
  New York City, New York, City Municipal Water Finance       
  Authority, Second General Resolution, Water and Sewer       
  System Revenue Bonds, Series FF-2, 5.50%, 6/15/40    12,500  12,837,875 
  New York City, New York, City Transitional Finance Authority,       
  Building Aid Revenue Bonds, Series S-2, 5.50%, 7/15/27    2,800  2,838,360 
  New York City, New York, GO, Refunding, Series A, 6%,       
  5/15/10 (h)      6,540  7,014,412 
  New York City, New York, GO, Refunding, Series A, 6%,       
  5/15/21 (l)      60  61,369 
  New York City, New York, GO, Series B, 5.875%, 8/01/15 (j)    1,300  1,378,585 
  New York City, New York, GO, Series E-1, 6.25%, 10/15/28    7,500  8,097,825 
  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  2,467,141 
  New York State Dormitory Authority, Revenue Refunding       
  Bonds (Mount Sinai Health), Series A, 6.50%, 7/01/25    1,680  1,474,889 
  New York State Dormitory Authority, Revenue Refunding       
  Bonds (State University Educational Facilities), Series A,       
  7.50%, 5/15/13      3,000  3,588,900 
  New York State Urban Development Corporation, Personal       
  Income Tax Revenue Bonds, Series B-1, 5%, 3/15/36    7,500  7,315,500 
  New York State Urban Development Corporation, Revenue       
  Refunding Bonds, Series D, 5.25%, 1/01/21    13,740  14,489,654 
 
15

BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund   
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
        Par   
 State  Municipal Bonds      (000)  Value 
  Oneida County, New York, IDA Revenue Bonds (Civic Facility-       
  Faxton Hospital), Series C, 6.625%, 1/01/15 (g)  $  2,285  $ 2,326,633 
  Suffolk County, New York, IDA, Civic Facility Revenue Bonds       
  (Special Needs Facilities Pooled Program), Series D-1, 6%,       
  7/01/12      80  73,510 
  Westchester County, New York, IDA, Civic Facilities Revenue       
  Bonds (Special Needs Facilities Pooled Program), Series E-1,       
  6%, 7/01/12      570  523,756 
  Westchester County, New York, IDA, Continuing Care       
  Retirement, Mortgage Revenue Bonds (Kendal on Hudson       
  Project), Series A, 6.50%, 1/01/13 (h)      8,095  9,549,105 
          127,121,116 
 North Carolina - 2.7%  North Carolina Eastern Municipal Power Agency, Power System       
  Revenue Bonds, Series D, 6.75%, 1/01/26      4,000  4,023,600 
  North Carolina Eastern Municipal Power Agency, Power System       
  Revenue Refunding Bonds, Series D, 6.70%, 1/01/19 (n)    4,440  4,521,740 
  North Carolina HFA, Home Ownership Revenue Bonds, AMT,       
  Series 9-A, 5.80%, 1/01/20      3,775  3,852,841 
  North Carolina Medical Care Commission, Health Care       
  Facilities, First Mortgage Revenue Bonds (Presbyterian Homes       
  Project), 6.875%, 10/01/10 (h)      2,500  2,735,425 
  North Carolina Medical Care Commission, Health Care       
  Facilities, First Mortgage Revenue Bonds (Presbyterian Homes       
  Project), 5.50%, 10/01/31      3,000  2,106,180 
  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  2,031,750 
  North Carolina Medical Care Commission, Health Care       
  Facilities, First Mortgage Revenue Refunding Bonds       
  (Salemtowne Project), 5.10%, 10/01/30      1,100  675,422 
  North Carolina Medical Care Commission, Retirement       
  Facilities, First Mortgage Revenue Bonds (Forest at Duke       
  Project), 6.375%, 9/01/12 (h)      1,000  1,154,880 
  North Carolina Medical Care Commission, Retirement       
  Facilities, First Mortgage Revenue Bonds (Givens Estates       
  Project), Series A, 6.50%, 7/01/13 (h)      2,500  2,991,525 
  North Carolina Medical Care Commission, Retirement       
  Facilities, First Mortgage Revenue Refunding Bonds (Forest at       
  Duke Project), 5.125%, 9/01/32      5,000  3,703,100 
  North Carolina Medical Care Commission, Retirement       
  Facilities, First Mortgage Revenue Refunding Bonds (Givens       
  Estates Project), 5%, 7/01/33      2,000  1,384,240 
  North Carolina Municipal Power Agency Number 1, Catawba       
  Electric Revenue Refunding Bonds, Series B,       
  6.375%, 1/01/13      500  515,435 
 
 
 
16

BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund   
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
        Par   
 State  Municipal Bonds      (000)  Value 
  North Carolina Municipal Power Agency Number 1, Catawba       
  Electric Revenue Refunding Bonds, Series B, 6.375%,       
  1/01/13 (n)    $  1,080  $ 1,113,340 
  North Carolina Municipal Power Agency Number 1, Catawba       
  Electric Revenue Refunding Bonds, Series B, 6.50%, 1/01/20    12,000  12,240,480 
  North Carolina Municipal Power Agency Number 1, Catawba       
  Electric Revenue Refunding Bonds, Series B, 6.50%,       
  1/01/20 (n)      2,500  2,550,100 
  Piedmont Triad Airport Authority, North Carolina, Airport       
  Revenue Refunding Bonds, Series A, 6%, 7/01/09 (h)(i)    1,000  1,024,040 
  Piedmont Triad Airport Authority, North Carolina, Airport       
  Revenue Refunding Bonds, Series A, 6.375%, 7/01/09 (h)(i)    1,000  1,024,970 
          47,649,068 
 Ohio - 0.9%  Buckeye Tobacco Settlement Financing Authority, Ohio,       
  Tobacco Settlement Asset-Backed Bonds, Series A-2, 5.875%,       
  6/01/30      5,000  3,034,950 
  Buckeye Tobacco Settlement Financing Authority, Ohio,       
  Tobacco Settlement Asset-Backed Bonds, Series A-2, 5.75%,       
  6/01/34      7,000  3,995,530 
  Ohio State Air Quality Development Authority Revenue Bonds       
  (Ohio Power Company Project), AMT, 7.125%, 6/01/41    7,000  7,029,610 
  Ohio State, HFA, Mortgage Revenue Refunding Bonds, AMT,       
  Series C, 5.90%, 9/01/35 (e)(f)      1,195  1,221,087 
  Port of Greater Cincinnati Development Authority, Ohio,       
  Special Assessment Revenue Bonds (Cooperative Public       
  Parking Infrastructure Project), 6.40%, 2/15/34    1,470  1,025,090 
          16,306,267 
 Oregon - 0.0%  Oregon State Housing and Community Services Department,       
  Mortgage Revenue Refunding Bonds (S/F Mortgage Program),       
  AMT, Series A, 6.20%, 7/01/27      15  15,014 
  Oregon State Housing and Community Services Department,       
  Mortgage Revenue Refunding Bonds (S/F Mortgage Program),       
  Series A, 6.40%, 7/01/18      20  20,032 
  Portland, Oregon, M/F Housing Authority Revenue Bonds (Lovejoy       
  Station Apartments Project), AMT, 5.90%, 7/01/23 (j)    500  503,235 
          538,281 
 Pennsylvania - 2.9%  Allegheny County, Pennsylvania, IDA, Environmental       
  Improvement Revenue Refunding Bonds, 5.50%, 11/01/16    3,640  3,121,373 
  Bucks County, Pennsylvania, IDA, Retirement Community Revenue       
  Bonds (Ann's Choice, Inc.), Series A, 6.125%, 1/01/25    1,760  1,261,374 
  Delaware County, Pennsylvania, IDA, Revenue Refunding Bonds       
  (Resource Recovery Facility), Series A, 6.10%, 7/01/13    7,750  7,471,077 
  Lancaster County, Pennsylvania, Hospital Authority Revenue       
  Bonds (Brethren Village Project), Series A, 6.25%, 7/01/26    1,160  965,978 
 
 
 
17

BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund   
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
        Par   
 State  Municipal Bonds      (000)  Value 
  Lancaster County, Pennsylvania, Hospital Authority Revenue       
  Bonds (Brethren Village Project), Series A, 6.50%, 7/01/40  $  1,000  $ 774,090 
  Philadelphia, Pennsylvania, Authority for IDR, Commercial       
  Development, 7.75%, 12/01/17      1,265  1,071,797 
  Philadelphia, Pennsylvania, Redevelopment Authority Revenue       
  Bonds (Neighborhood Transformation), Series A, 5.30%,       
  4/15/26 (j)(o)      36,210  35,928,286 
  Sayre, Pennsylvania, Health Care Facilities Authority, Revenue       
  Refunding Bonds (Guthrie Healthcare System), Series A,       
  5.875%, 12/01/31      1,085  958,337 
  Susquehanna Area Regional Airport Authority, Pennsylvania,       
  Airport System Revenue Bonds, AMT, Series A, 6.50%, 1/01/38    1,000  672,780 
          52,225,092 
 Rhode Island - 0.5%  Rhode Island State Health and Educational Building       
  Corporation, Hospital Revenue Bonds (Lifespan Obligation       
  Group), Series A, 7%, 5/15/39 (m)      7,500  7,895,850 
  Rhode Island State Economic Development Corporation       
  Revenue Bonds (Providence Place Mall), 6.125%, 7/01/20 (g)    1,000  985,060 
          8,880,910 
 South Carolina - 2.8%  Medical University Hospital Authority, South Carolina, Hospital       
  Facilities Revenue Refunding Bonds, Series A,       
  6.375%, 8/15/12 (h)      5,400  6,291,486 
  Medical University Hospital Authority, South Carolina, Hospital       
  Facilities Revenue Refunding Bonds, Series A,       
  6.50%, 8/15/12 (h)      2,450  2,864,540 
  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  3,350,600 
  South Carolina State Ports Authority, Ports Revenue Bonds,       
  AMT, 5.30%, 7/01/26 (i)      41,215  37,846,498 
          50,353,124 
 Tennessee - 1.0%  Chattanooga, Tennessee, IDB, Lease Rent Revenue Bonds       
  (Southside Redevelopment Corporation), 5.75%, 10/01/17 (a)    4,485  4,609,055 
  Chattanooga, Tennessee, IDB, Lease Rent Revenue Bonds       
  (Southside Redevelopment Corporation), 5.75%, 10/01/18 (a)    3,740  3,838,923 
  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  674,900 
  Shelby County, Tennessee, Health, Educational and Housing       
  Facility Board, Hospital Revenue Refunding Bonds (Methodist       
  Healthcare), 6.50%, 9/01/12 (h)      7,300  8,519,100 
          17,641,978 
 
 
 
 
18

BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund   
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
        Par   
 State  Municipal Bonds      (000)  Value 
 Texas - 13.7%  Austin, Texas, Convention Center Revenue Bonds (Convention       
  Enterprises, Inc.), First Tier, Series A, 6.60%, 1/01/11 (h)  $  5,300  $ 5,809,595 
  Austin, Texas, Convention Center Revenue Bonds (Convention       
  Enterprises, Inc.), First Tier, Series A, 6.70%, 1/01/11 (h)    2,300  2,525,124 
  Austin, Texas, Revenue Bonds (Town Lake Community Events       
  Center Venue), 6.20%, 11/15/09 (h)(o)      5,000  5,180,350 
  Bexar County, Texas, Health Facilities Development       
  Corporation, Revenue Refunding Bonds (Army Retirement       
  Residence Project), 6.30%, 7/01/12 (h)      1,750  2,014,565 
  Brazos River Authority, Texas, PCR, Refunding (TXU Energy       
  Company Project), AMT, Series C, 5.75%, 5/01/36    21,130  13,011,431 
  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  2,627,703 
  Central Texas Housing Finance Corporation, S/F Mortgage       
  Revenue Bonds (GNMA Mortgage Program), AMT, 8.20%,       
  6/28/17 (f)(k)      260  270,327 
  Dallas-Fort Worth, Texas, International Airport Facility       
  Improvement Corporation, Revenue Bonds (Learjet, Inc.),       
  AMT, Series A-1, 6.15%, 1/01/16      3,620  2,978,210 
  Dallas-Fort Worth, Texas, International Airport Facility       
  Improvement Corporation, Revenue Refunding Bonds       
  (American Airlines, Inc.), AMT, 5.50%, 11/01/30    5,000  1,726,200 
  Dallas-Fort Worth, Texas, International Airport Revenue       
  Bonds, AMT, Series A, 6%, 11/01/24 (j)(o)      30,000  29,818,200 
  Gregg County, Texas, Health Facilities Development       
  Corporation, Hospital Revenue Bonds (Good Shepherd Medical       
  Center Project), 6.375%, 10/01/10 (g)(h)      3,500  3,762,395 
  Gregg County, Texas, Health Facilities Development       
  Corporation, Hospital Revenue Bonds (Good Shepherd Medical       
  Center Project), 6.875%, 10/01/10 (g)(h)      1,000  1,082,250 
  Gulf Coast Waste Disposal Authority, Texas, Revenue       
  Refunding Bonds (International Paper Company), AMT,       
  Series A, 6.10%, 8/01/24      5,465  3,732,431 
  HFDC of Central Texas, Inc., Retirement Facilities Revenue       
  Bonds, Series A, 5.75%, 11/01/36      2,255  1,328,668 
  HFDC of Central Texas, Inc., Retirement Facilities Revenue Bonds       
  (Village at Gleannloch Farms), Series A, 5.50%, 2/15/37    1,850  1,105,893 
  Harris County, Texas, Health Facilities Development       
  Corporation, Hospital Revenue Refunding Bonds (Memorial       
  Hermann Healthcare System), Series B, 7.25%, 12/01/35    3,900  4,055,961 
  Houston, Texas, Airport System Revenue Refunding Bonds, Sub-       
  Lien, AMT, Series A, 5.50%, 7/01/23 (i)      10,000  9,589,200 
 
 
 
 
19

BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund   
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
        Par   
 State  Municipal Bonds      (000)  Value 
  Houston, Texas, Airport System, Special Facilities Revenue       
  Bonds (Continental Airlines), AMT, Series E, 7%, 7/01/29  $  6,000  $ 3,768,840 
  Houston, Texas, Combined Utility System, First Lien Revenue       
  Refunding Bonds, Series A, 6%, 11/15/35 (m)    23,900  24,929,612 
  Houston, Texas, GO, Refunding, Series A, 5.25%, 3/01/28    27,910  28,486,341 
  Kerrville, Texas, Health Facilities Development Corporation,       
  Hospital Revenue Bonds (Sid Peterson Memorial Hospital       
  Project), 5.25%, 8/15/21      4,000  3,547,880 
  Matagorda County, Texas, Port of Bay City Authority Revenue       
  Bonds (Hoechst Celanese Corp. Project), AMT, 6.50%, 5/01/26    7,350  4,309,967 
  North Texas Tollway Authority, System Revenue Refunding       
  Bonds, Second Tier, Series F, 6.125%, 1/01/31    40,000  38,441,200 
  South Plains, Texas, Housing Finance Corporation, S/F Mortgage       
  Revenue Bonds, AMT, Series A, 7.30%, 9/01/31 (e)(f)    740  750,826 
  Southeast Texas Housing Finance Corporation, Revenue Bonds,       
  AMT, Series B, 8.50%, 11/01/25 (d)(f)      90  91,693 
  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  1,632,708 
  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  1,989,840 
  Texas State Public Finance Authority, Building Revenue Bonds       
  (General Services Commission Project), Series A, 6%,       
  2/01/10 (h)(i)      2,100  2,195,487 
  Texas State Public Finance Authority, Building Revenue Bonds       
  (State Preservation Project), Series B, 6%, 8/01/09 (h)(i)    1,000  1,018,560 
  Texas State Turnpike Authority, Central Texas Turnpike System       
  Revenue Bonds, First Tier, Series A, 5.75%,       
  8/15/38 (a)      45,000  41,872,950 
  Webster, Texas, GO, COP, Series A, 6%, 3/01/10 (h)(i)    1,500  1,574,985 
  Webster, Texas, GO, COP, Series A, 6%, 3/01/21 (i)    805  833,891 
          246,063,283 
 Utah - 0.0%  Utah State, HFA, S/F Mortgage Revenue Refunding Bonds,       
  AMT, Series C, Class III, 5.50%, 1/01/18      580  585,406 
 Virginia - 0.5%  Albemarle County, Virginia, IDA, Residential Care Facilities,       
  Mortgage Revenue Refunding Bonds (Westminster-Canterbury),       
  5%, 1/01/24      2,750  2,099,762 
  Chesterfield County, Virginia, IDA, PCR, Refunding (Virginia       
  Electric and Power Company), Series B, 5.875%, 6/01/17    2,425  2,498,914 
 
 
 
 
20

BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund   
Schedule of Investments March 31, 2009 (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%, 10/01/37    $  3,250  $ 2,170,090 
  Norfolk, Virginia, Redevelopment and Housing Authority, First       
  Mortgage Revenue Bonds (Retirement Community), Series A,       
  6%, 1/01/25      500  368,180 
  Norfolk, Virginia, Redevelopment and Housing Authority, First       
  Mortgage Revenue Bonds (Retirement Community), Series A,       
  6.125%, 1/01/35      1,100  726,066 
  Watkins Centre Community Development Authority, Virginia,       
  Revenue Bonds, 5.40%, 3/01/20      2,500  1,933,175 
          9,796,187 
 Washington - 0.9%  Seattle, Washington, Housing Authority Revenue Bonds       
  (Newholly Project), AMT, 6.25%, 12/01/35      2,750  2,017,565 
  Seattle, Washington, Housing Authority Revenue Bonds       
  (Replacement Housing Project), 6.125%, 12/01/32    4,530  3,492,630 
  Washington State Health Care Facilities Authority, Revenue       
  Refunding Bonds (Catholic Health Initiatives), Series D,       
  6.375%, 10/01/36      10,000  10,196,100 
          15,706,295 
 Wisconsin - 0.3%  Wisconsin Housing and EDA, Home Ownership Revenue Bonds,       
  AMT, Series C, 6%, 9/01/36      720  714,017 
  Wisconsin State Health and Educational Facilities Authority       
  Revenue Bonds (SynergyHealth, Inc.), 6%, 11/15/23    5,450  5,494,854 
          6,208,871 
 Puerto Rico - 0.8%  Puerto Rico Commonwealth Highway and Transportation       
  Authority, Transportation Revenue Bonds, 5.75%, 7/01/22    8,045  7,146,534 
  Puerto Rico Commonwealth Infrastructure Financing       
  Authority, Special Tax and Capital Appreciation Revenue       
  Bonds, Series A, 4.915%, 7/01/30 (o)(p)      19,200  3,756,864 
  Puerto Rico Industrial Tourist Educational, Medical and       
  Environmental Control Facilities Revenue Bonds (Hospital de       
  la Concepcion), Series A, 6.125%, 11/15/25    4,000  4,002,800 
          14,906,198 
 U.S. Virgin Islands -  Virgin Islands Government Refinery Facilities, Revenue Refunding       
 0.4%  Bonds (Hovensa Coker Project), AMT,         
  6.50%, 7/01/21      8,000  6,205,440 
  Total Municipal Bonds - 85.6%        1,537,850,021 
  Municipal Bonds Transferred to         
  Tender Option Bond Trusts (r)         
 District of Columbia -  District of Columbia, Water and Sewer Authority, Public       
 0.4%  Utility Revenue Refunding Bonds, 6%, 10/01/35    7,631  8,072,567 
 Florida - 0.9%  Jacksonville Electric Authority, Florida, Electric System Revenue       
  Bonds, 5.625%, 10/01/32      10,530  10,689,635 
 
 
 
21

BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund   
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
  Municipal Bonds Transferred to    Par   
 State  Tender Option Bond Trusts      (000)           Value 
  South Broward, Florida, Hospital District, Hospital Revenue       
  Bonds, 5.625%, 5/01/32 (j)    $  4,640  $ 5,292,152 
              15,981,787 
 New York - 2.5%  New York State Dormitory Authority Personal Income Tax       
  Revenue Bonds, Education Series B, 5.75%, 3/15/36    13,890  14,632,004 
  New York State Environmental Facility Corporation State Clean       
  Water & Drinking Revolving Municipal Water, 5%, 6/15/28    30,000  30,183,000 
              44,815,004 
 Texas - 1.1%  Houston, Texas, Combined Utility System, First Lien Revenue       
  Refunding Bonds, Series A, 5.125%, 5/15/28 (j)    20,000  19,628,400 
  Total Municipal Bonds Transferred to       
  Tender Option Bond Trusts - 4.9%      88,497,758 
  Total Long-Term Investments         
  (Cost - $1,730,736,605) - 90.5%      1,626,347,779 
  Short-Term Securities           
 California - 2.9%  Los Angeles County, California, Metropolitan Transportation       
  Authority, Sales Tax Revenue Refunding Bonds, Proposition C,       
  VRDN, Second Senior Series A, 6%, 7/01/20 (j)(s)    52,000  52,000,000 
 New York - 1.1%  Babylon, New York, IDA Residential Recovery Revenue Refunding       
  Bonds (Ogden Martin Project), VRDN, 2.90%,       
  1/01/19 (i)(s)          20,000  20,000,000 
 Mississippi - 0.1%  Mississippi Business Finance Corporation, Solid Waste Disposal       
  Revenue Bonds (Waste Management, Inc. Project), VRDN,       
  AMT, 6.875%, 3/01/10 (s)        1,500  1,501,515 
 Pennsylvania - 3.0%  Philadelphia, Pennsylvania, GO, Refunding, Series B, 3.50%,       
  8/01/31 (i)(s)          53,200  53,200,000 
            Shares   
 Money Market  Merrill Lynch Institutional Tax-Exempt Fund, 0.61% (t)(u)  189,423,245  189,423,245 
 Funds - 10.5%               
  Total Short-Term Securities         
  (Cost - $314,623,245) - 17.6%      316,124,760 
  Total Investments (Cost - $2,045,359,850*) - 108.1%      1,942,472,539 
  Liabilities in Excess of Other Assets - (5.6)%      (100,584,061) 
  Liability for Trust Certificates, Including Interest       
  Expense and Fees Payable - (2.5)%      (45,742,930) 
  Net Assets - 100.0%        $  1,796,145,548 
             * The cost and unrealized appreciation (depreciation) of investments as of March 31, 2009,   
                     as computed for federal income tax purposes, were as follows:       
                     Aggregate cost    $  1,994,418,365       
                     Gross unrealized appreciation  $    34,740,165       
                     Gross unrealized depreciation      (132,347,239)       
                     Net unrealized depreciation  $    (97,607,074)       
 
 
 
 
22

BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund
Schedule of Investments March 31, 2009 (Unaudited)

(a) AMBAC Insured.

(b) Non-income producing security.

(c) Issuer filed for bankruptcy and/or is in default of interest payments.
(d) FHLMC Collateralized.
(e) FNMA Collateralized.

(f) GNMA Collateralized.

(g) Radian Insured.

(h) US government securities, held in escrow, are used to pay interest on this security as well as to
retire the bond in full at the date indicated, typically at a premium to par.

(i) FSA Insured.

(j) NPFGC Insured.

(k) FHA Insured.

(l) XL Capital Insured.

(m) Assured Guaranty Insured.

(n) ACA Insured.

(o) FGIC Insured.

(p) Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

(q) CIFG Insured.

(r) Securities represent underlying bonds transferred to a tender option bond trust in exchange for
which the Fund acquired the residual interest certificates. These securities serve as collateral in
a financing transaction.

(s) Rate shown is as of report date and maturity shown is the final maturity date or the date the
principal owed can be recovered through demand.

(t) 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  17,287,546  $     1,345,190 

(u) Represents the current yield as of report date.

23

BlackRock Municipal Bond Fund, Inc. - BlackRock National Municipal Fund
Schedule of Investments March 31, 2009 (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 active, quoted prices for identical or similar assets 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 semi-
annual report.

The following table summarizes the inputs used as of March 31, 2009 in
determining the fair valuation of the Fund's investments:

Valuation    Investments in 
Inputs    Securities 
    Assets 
Level 1  $  189,423,245 
Level 2    1,753,049,294 
Level 3    - 
Total  $  1,942,472,539 
 
 
 
 
    24 

BlackRock Municipal Bond Fund, Inc. - BlackRock Short-Term Municipal Fund   
Schedule of Investments March 31, 2009 (Unaudited)    (Percentages shown are based on Net Assets) 
            Par   
State    Municipal Bonds        (000)  Value 
Arizona - 1.7%    Maricopa County, Arizona, School District Number 69 (Paradise       
    Valley), GO, Refunding, 5.80%, 7/01/09 (a)(b)    $  1,000 $  1,012,570 
    Yavapai County, Arizona, IDA, Solid Waste Disposal Revenue Bonds       
    (Waste Management, Inc. Project), AMT, 4%, 6/01/27 (a)    7,000  6,786,920 
              7,799,490 
California - 3.4%    California Infrastructure and Economic Development Bank,       
    Revenue Refunding Bonds (J. Paul Getty Trust), Series A,       
    1.65%, 4/01/11 (a)        5,500  5,504,290 
    San Francisco, California, City and County Airport Commission,       
    International Airport Revenue Refunding Bonds, AMT,       
    Second Series A-1, 5.50%, 5/01/19 (a)        5,000  5,198,050 
    San Francisco, California, City and County, GO, Refunding,       
    Series R1, 5%, 6/15/11        5,000  5,395,950 
              16,098,290 
Colorado - 3.1%    Denver, Colorado, City and County Airport Revenue Refunding       
    Bonds, AMT, Series A, 5.50%, 11/15/09 (c)(d)      3,785  3,861,419 
    Denver, Colorado, City and County Airport, Revenue Refunding       
    Bonds, AMT, Sub-Series A1, 5%, 11/15/09        10,645  10,829,159 
              14,690,578 
Connecticut - 1.5%  Connecticut State Development Authority, PCR (Connecticut Light       
    and Power Company), AMT, Series A, 5.25%, 4/01/10 (a)    5,000  5,004,800 
    Connecticut State, GO, Refunding, Series G, 5%, 3/15/10 (c)    2,000  2,084,520 
              7,089,320 
Delaware - 3.1%    Delaware State, GO, Refunding, 5%, 3/01/11      10,000  10,773,300 
    University of Delaware Revenue Bonds, Series A, 2%, 11/01/37 (a)    4,000  4,002,280 
              14,775,580 
District of Columbia -  Metropolitan Washington Airports Authority, D.C., Airport System       
1.0%    Revenue Refunding Bonds, AMT, Series A, 5%, 10/01/10 (b)    4,665  4,789,462 
Florida - 9.3%    Florida Hurricane Catastrophe Fund Financing Corporation Revenue       
    Bonds, Series A, 5%, 7/01/10        7,000  7,143,430 
    Florida State Board of Education, Capital Outlay, GO, Public       
    Education, Series G, 5.25%, 6/01/11 (c)(d)      5,600  6,048,168 
    Florida State Board of Education, Lottery Revenue Bonds,       
    Series C, 5.25%, 1/01/10 (c)        3,825  3,930,302 
    Florida State Department of Environmental Protection, Preservation       
    Revenue Refunding Bonds, Series B, 5%, 7/01/10 (c)    1,500  1,556,085 
    Florida State Turnpike Authority, Turnpike Revenue Refunding       
    Bonds, Series A, 5%, 7/01/10 (a)        3,000  3,141,330 
         Portfolio Abbreviations           
         To simplify the listings of portfolio holdings in the Schedule of Investments the names and descriptions of many of the 
         securities have been abbreviated according to the list below.           
         AMT  Alternative Minimum Tax (subject to)  IDA         Industrial Development Authority 
         COP  Certificates of Participation  M/F         Multi-Family       
         GO  General Obligation Bonds  PCR         Pollution Control Revenue Bonds   
         HFA  Housing Finance Agency           
 
 
1

BlackRock Municipal Bond Fund, Inc. - BlackRock Short-Term Municipal Fund   
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
        Par   
State  Municipal Bonds      (000)  Value 
  Jacksonville Electric Authority, Florida, Saint John's River Power       
  Park System, Revenue Refunding Bonds, Issue 2, 17th Series,       
  5.25%, 10/01/12    $  5,000 $  5,368,350 
  Miami-Dade County, Florida, Educational Facilities       
  Authority Revenue Bonds (University of Miami), Series A,       
  5.75%, 4/01/10 (b)(e)      2,020  2,143,220 
  Orange County, Florida, Tourist Development, Tax Revenue Bonds,       
  5.50%, 10/01/09 (b)(e)      14,195  14,506,296 
          43,837,181 
Georgia - 3.8%  Burke County, Georgia, Development Authority, PCR (Georgia Power       
  Company Vogtle Project), 5th Series, 4.375%, 10/01/32 (a)    4,000  4,045,120 
  Burke County, Georgia, Development Authority, PCR, Refunding       
  (Georgia Power Company Vogtle Project), 5.05%, 11/01/48 (a)    3,000  3,112,350 
  Henry County, Georgia, School District, GO, Series A, 5%, 4/01/11    10,000  10,765,300 
          17,922,770 
Illinois - 1.2%  Illinois Educational Facilities Authority, Revenue Refunding Bonds       
  (University of Chicago), Series A, 5.25%, 7/01/11 (e)    5,000  5,516,850 
Indiana - 1.3%  Indiana Bond Bank Revenue Bonds (State Revolving Fund),       
  Series B, 5.30%, 8/01/10 (e)      4,750  5,085,540 
  Indiana Health Facilities Financing Authority Revenue Bonds       
  (Ascension Health Credit Group), Series A3, 5%, 11/01/27 (a)    1,000  1,042,490 
          6,128,030 
Kentucky - 1.0%  Kentucky Economic Development Finance Authority, Hospital       
  Facilities Revenue Refunding Bonds (Baptist Healthcare System),       
  Series A, 5%, 8/15/12      2,650  2,765,858 
  Kentucky State Property and Buildings Commission, Revenue       
  Refunding Bonds (Project Number 87), 5%, 3/01/12 (c)(d)    2,000  2,164,080 
          4,929,938 
Maryland - 3.2%  Baltimore, Maryland, GO, Refunding, 4%, 8/01/11    2,525  2,698,038 
  Maryland State, GO (State and Local Facilities Loan),       
  Second Series, 5%, 8/01/10      7,770  8,211,802 
  Maryland State, GO (State and Local Facilities Loan of 2008), Second       
  Series, 5%, 7/15/11      3,815  4,158,579 
          15,068,419 
Massachusetts - 2.8%  Massachusetts State Health and Educational Facilities Authority,       
  Revenue Refunding Bonds (Partners Healthcare System),       
  Series C, 5.75%, 7/01/11 (e)      7,600  8,439,192 
  Route 3 North Transit Improvement Association, Massachusetts,       
  Lease Revenue Bonds, 5.625%, 6/15/10 (c)(e)      4,640  4,916,219 
          13,355,411 
Michigan - 2.9%  Detroit, Michigan, Water Supply System Revenue Bonds,       
  Second Lien, Series B, 5.50%, 7/01/11 (d)(e)      5,000  5,522,050 
  Michigan State Trunk Line Fund, Revenue Refunding Bonds, Series B,       
  5%, 9/01/10 (f)      4,120  4,341,491 
 
 
 
2

BlackRock Municipal Bond Fund, Inc. - BlackRock Short-Term Municipal Fund   
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
        Par   
State  Municipal Bonds      (000)  Value 
  Royal Oak, Michigan, Hospital Finance Authority, Hospital       
  Revenue Refunding Bonds (William Beaumont Hospital),       
  6.25%, 1/01/10    $         3,970 $  4,059,682 
          13,923,223 
Minnesota - 2.1%  Minneapolis and Saint Paul, Minnesota, Metropolitan Airports       
  Commission, Airport Revenue Bonds, AMT, Series B,       
  5.50%, 1/01/10 (c)(d)             2,620  2,651,702 
  Minnesota State, GO, 5%, 8/01/11             6,575  7,173,588 
          9,825,290 
Missouri - 0.8%  Missouri State Health and Educational Facilities Authority,       
  Revenue Refunding Bonds (Ascension Health), Series C-5,       
  3.50%, 11/15/09 (a)             3,780  3,839,497 
Nebraska - 0.5%  Central Plains Energy Project, Nebraska, Revenue Bonds (Gas Project       
  Number 1), 1.786%, 12/01/10 (a)             2,500  2,287,500 
Nevada - 1.9%  Clark County, Nevada, School District, GO, Refunding, Series B,       
  5%, 6/15/12 (c)(d)             6,000  6,382,140 
  Truckee Meadows, Nevada, Water Authority, Water Revenue Bonds,       
  Series A, 5.125%, 7/01/11 (e)(f)             2,590  2,825,250 
          9,207,390 
New Jersey - 4.0%  New Jersey Building Authority, State Building Revenue Refunding       
  Bonds, Series B, 5.25%, 12/15/10 (d)             4,790  5,037,451 
  New Jersey State Transportation Trust Fund Authority,       
  Transportation System Revenue Bonds, Series A,         
  5.75%, 6/15/11 (g)             3,000  3,311,760 
  New Jersey State Turnpike Authority, Turnpike Revenue Refunding       
  Bonds, Series A, 5.50%, 1/01/10 (c)(e)             5,000  5,189,600 
  New Jersey State Turnpike Authority, Turnpike Revenue Refunding       
  Bonds, Series A, 5.75%, 1/01/10 (c)(e)             5,000  5,198,950 
          18,737,761 
New York - 5.9%  Metropolitan Transportation Authority, New York, Dedicated Tax       
  Fund Revenue Bonds, Series A, 5.875%, 4/01/10 (d)(e)           5,000  5,269,800 
  Metropolitan Transportation Authority, New York, Transportation       
  Revenue Bonds, Series B, 5%, 11/15/11 (a)             4,000  4,175,280 
  New York City, New York, GO, Refunding, Series B,       
  5.25%, 8/01/11             4,000  4,285,880 
  New York State Dormitory Authority Revenue Refunding Bonds,       
  Series B, 5.25%, 11/15/23             6,000  6,329,220 
  New York State Urban Development Corporation, Personal Income       
  Tax Revenue Bonds, Series C, 5%, 3/15/10             7,705  8,022,831 
          28,083,011 
North Carolina - 2.1%  Mecklenburg County, North Carolina, GO, Series B, 4%, 2/01/10           3,000  3,087,510 
  North Carolina, HFA, M/F Housing Revenue Bonds (Cedar Hills       
  Apartments LLC), AMT, 3.70%, 1/01/38 (a)             1,240  1,242,406 
  Wake County, North Carolina, GO, Refunding, Series C,       
  5%, 3/01/12             5,185  5,740,780 
          10,070,696 
 
3

BlackRock Municipal Bond Fund, Inc. - BlackRock Short-Term Municipal Fund   
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
        Par   
State  Municipal Bonds      (000)  Value 
Ohio - 3.7%  Ohio State Common Schools, GO, Series A, 5%, 3/15/11  $         3,875 $  4,162,099 
  Ohio State Highway Capital Improvements, GO, Series I,       
  5%, 5/01/10             5,000  5,237,750 
  Ohio State Water Development Authority, Pollution Control       
  Facilities, Revenue Refunding Bonds (FirstEnergy Nuclear       
  Generation), Series B, 3.375%, 10/01/33 (a)             8,000  7,992,720 
          17,392,569 
Oregon - 0.4%  Oregon State Department of Administrative Services, COP,       
  Refunding, Series A, 5%, 5/01/11 (f)             1,725  1,850,563 
Pennsylvania - 6.2%  Bethlehem, Pennsylvania, Area School District, GO, Refunding,       
  Series A, 5%, 9/01/10 (c)             4,000  4,181,000 
  Bucks County, Pennsylvania, IDA, Solid Waste Revenue Bonds (Waste       
  Management, Inc. Project), AMT, 3.90%, 2/01/10 (a)           2,670  2,619,217 
  Pennsylvania State, GO, First Series, 5%, 3/15/13           7,455  8,366,076 
  Pennsylvania State, GO, Refunding, Third Series, 5%, 7/01/09           5,000  5,056,850 
  Pennsylvania State Higher Educational Facilities Authority Revenue       
  Bonds, Series AH, 4%, 6/15/11             3,650  3,857,393 
  University of Pittsburgh, Pennsylvania, The Commonwealth System       
  of Higher Education, Revenue Refunding Bonds (Pittsburgh Asset       
  Notes-Panthers), 5%, 8/01/10             5,000  5,213,250 
          29,293,786 
Rhode Island - 0.2%  Rhode Island State and Providence Plantations, GO, Refunding       
  (Consolidated Capital Development Loan), 5%, 7/15/11           1,000  1,082,640 
South Carolina - 1.8%  Hilton Head Island, South Carolina, Public Facility Corporation, COP       
  (Beach Preservation Fee Pledge), 5%, 8/01/09 (c)           2,240  2,272,592 
  South Carolina State Highway, GO, Series B, 4.50%, 4/01/12           6,000  6,441,900 
          8,714,492 
Tennessee - 3.7%  Memphis-Shelby County, Tennessee, Airport Authority, Airport       
  Revenue Bonds, AMT, Series A, 5.50%, 3/01/10 (f)           8,830  9,057,549 
  Shelby County, Tennessee, GO, Refunding, Series A,       
  5%, 4/01/12 (b)             4,000  4,409,800 
  Tennessee Energy Acquisition Corporation, Gas Revenue Bonds,       
  Series A, 5%, 9/01/09             4,000  3,951,080 
          17,418,429 
Texas - 15.2%  Austin, Texas, Independent School District, GO, Refunding,       
  5.25%, 8/01/09             3,980  4,043,242 
  Dallas, Texas, GO, 5%, 2/15/12             4,775  5,251,259 
  Harris County, Texas, Health Facilities Development Corporation,       
  Revenue Refunding Bonds (Saint Luke's Episcopal Hospital),       
  Series A, 5.375%, 8/15/11 (e)             5,500  6,006,935 
  Harris County, Texas, Toll Road Revenue Refunding Bonds,       
  Series B-2, 5%, 8/15/21 (a)(c)(d)             5,000  5,064,250 
  Houston, Texas, Airport System Revenue Refunding Bonds,       
  Sub-Lien, Series B, 5.50%, 7/01/10 (e)(f)             5,500  5,831,485 
 
 
 
4

BlackRock Municipal Bond Fund, Inc. - BlackRock Short-Term Municipal Fund   
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
        Par   
State  Municipal Bonds      (000)  Value 
  Lower Colorado River Authority, Texas, Transmission Contract       
  Revenue Refunding Bonds (LCRA Transmission Services Corp.       
  Project), 5.25%, 5/15/10 (f)    $  2,690 $  2,818,501 
  Matagorda County, Texas, Navigation District Number 1,       
  PCR, Refunding (AEP Texas Central Company Project),       
  5.125%, 6/01/11 (a)      5,000  5,015,900 
  Montgomery County, Texas, Unlimited Tax Adjustable Rate Road,       
  GO, Series B, 3%, 3/01/28 (a)(f)      5,000  5,001,550 
  North Texas Tollway Authority, System Revenue Refunding Bonds,       
  First Tier, Series E-1, 5%, 1/01/10 (a)      7,000  7,094,360 
  Plano, Texas, Independent School District, GO, Refunding,       
  5%, 2/15/11      5,000  5,361,750 
  San Antonio, Texas, Electric and Gas Revenue Bonds, Junior Lien,       
  3.625%, 12/01/27 (a)      5,000  5,117,950 
  Spring, Texas, Independent School District, GO, Series A,       
  5%, 8/15/29 (a)(f)      4,000  4,033,880 
  Tarrant County, Texas, Cultural Education Facilities Financing       
  Corporation, Revenue Refunding Bonds (Texas Health Resources),    4,275  4,436,894 
  Series A, 5%, 2/15/11         
  Texas State Transportation Commission, GO (Mobility Fund),       
  Series A, 5%, 4/01/12      1,500  1,652,745 
  University of Texas, Financing System Revenue Refunding Bonds,       
  Series B, 5%, 8/15/10      5,000  5,285,100 
          72,015,801 
Virginia - 1.0%  Virginia State Public Building Authority, Public Facilities Revenue       
  Bonds, Series C, 5%, 8/01/10      4,380  4,624,404 
Washington - 6.3%  Energy Northwest, Washington, Electric Revenue Refunding Bonds       
  (Columbia Generating Station), Series A, 5.25%, 7/01/09 (b)    9,940  10,047,551 
  Tacoma, Washington, Electric System Revenue Refunding Bonds,       
  Series A, 5.625%, 1/01/11 (e)(f)      2,900  3,159,492 
  Washington State, GO, Refunding, Series R-A, 5%, 1/01/11 (b)    9,260  9,889,125 
  Washington State, GO, Series D, 4%, 1/01/11      6,560  6,892,264 
          29,988,432 
Wisconsin - 1.8%  Wisconsin Public Power, Inc., Power Supply System, Revenue       
  Refunding Bonds, Series A, 5.25%, 7/01/10 (c)      7,070  7,335,337 
  Wisconsin State General Fund Annual Appropriation Bonds,       
  Series A, 3%, 5/01/10      1,200  1,227,096 
          8,562,433 
  Total Long-Term Investments (Cost - $452,251,080) - 96.9%      458,919,236 
  Short-Term Securities    Shares   
  FFI Institutional Tax-Exempt Fund, 0.61% (h)(i)    39,100,100  39,100,100 
  Total Short-Term Securities (Cost - $39,100,100) - 8.2%      39,100,100 
  Total Investments (Cost - $491,351,180*) - 105.1%      498,019,336 
  Liabilities in Excess of Other Assets - (5.1)%        (24,325,896) 
  Net Assets - 100.0%      $  473,693,440 
 
 
5

BlackRock Municipal Bond Fund, Inc. - BlackRock Short-Term Municipal Fund
Schedule of Investments March 31, 2009 (Unaudited)

* The cost and unrealized appreciation (depreciation) of investments as of March 31, 2009, as
computed for federal income tax purposes, were as follows:

Aggregate cost  $  491,351,180 
Gross unrealized appreciation  $  7,236,824 
Gross unrealized depreciation    (568,668) 
Net unrealized appreciation  $  6,668,156 

(a) Variable rate security. Rate shown is as of report date. Maturity shown is the final maturity date.

(b) AMBAC Insured.

(c) NPFGC Insured.

(d) FGIC Insured.

(e) US government securities, held in escrow, are used to pay interest on this security, as well
as to retire the bond in full at the date indicated, typically at a premium to par.

(f) FSA Insured.

(g) Security is collateralized by Municipal or US Treasury Obligations.

(h) Investments in companies considered to be an affiliate of the Fund, for purposes of Section
2(a)(3) of the Investment Company Act of 1940, were as follows:

    Net     
     Affiliate    Activity    Income 
     FFI Institutional Tax-Exempt Fund    29,888,046  $       209,872 
(i) Represents the current yield as of report date.         
 
 
 
 
  6       

BlackRock Municipal Bond Fund, Inc. - BlackRock Short-Term Municipal Fund
Schedule of Investments March 31, 2009 (Unaudited)
Ÿ 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:

Ÿ Level 1 - price quotations in active markets/exchanges for identical securities
Ÿ Level 2 - other observable inputs (including, but not limited to: quoted prices for similar assets or
liabilities in markets that are active, quoted prices for identical or similar assets 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)

Ÿ 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 semi-annual report.

The following table summarizes the inputs used as of March 31, 2009 in determining the fair
valuation of the Fund's investments:

    Investments in 
     Valuation Inputs    Securities 
    Assets 
Level 1  $  39,100,100 
Level 2    458,919,236 
Level 3    - 
Total  $  498,019,336 
 
 
 
 
    7 

Item 2 – Controls and Procedures

2(a) – The registrant’s principal executive and principal financial officers or persons performing
similar functions have concluded that the registrant’s disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the
“1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the
evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act
and Rule 15(d)-15(b) under the Securities Exchange Act of 1934, as amended.

2(b) – There were no changes in the registrant’s internal control over financial reporting (as
defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal
quarter that have materially affected, or are reasonably likely to materially affect, the
registrant’s internal control over financial reporting.

Item 3 – Exhibits

Certifications – Attached hereto

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.

BlackRock Municipal Bond Fund, Inc.

By: /s/ Donald C. Burke
Donald C. Burke
Chief Executive Officer of
BlackRock Municipal Bond Fund, Inc.

Date: May 20, 2009

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: May 20, 2009

By: /s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock Municipal Bond Fund, Inc.

Date: May 20, 2009