-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KLoCY7iqlkgHSJyYN0BJSD9LOGv3A8B2EQ5YlgFUpavGfpBlvxHrjxRhXhQnV0UG xsyS++bOpGI6QJR3pYZdAQ== 0000900092-10-001201.txt : 20101123 0000900092-10-001201.hdr.sgml : 20101123 20101123120839 ACCESSION NUMBER: 0000900092-10-001201 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100930 FILED AS OF DATE: 20101123 DATE AS OF CHANGE: 20101123 EFFECTIVENESS DATE: 20101123 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK MUNICIPAL BOND FUND, INC. CENTRAL INDEX KEY: 0000225635 IRS NUMBER: 132896246 STATE OF INCORPORATION: NJ FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-02688 FILM NUMBER: 101210927 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH MUNICIPAL BOND FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: ONE LIBERTY MUNICIPAL BOND FUND INC DATE OF NAME CHANGE: 19780622 0000225635 S000002332 BlackRock Municipal Insured Fund C000006110 Investor A C000006111 Investor B C000006112 Investor C1 C000006113 Institutional C000038032 Investor C 0000225635 S000002334 BlackRock National Municipal Fund C000006118 Investor A C000006119 Investor B C000006120 Investor C1 C000006121 Institutional C000038033 Investor C 0000225635 S000002335 BlackRock Short-Term Municipal Fund C000006122 Investor A1 C000006123 Investor B C000006124 Investor C C000006125 Institutional C000038034 Investor A C000038035 BlackRock C000038044 Service 0000225635 S000011867 BlackRock High Yield Municipal Fund C000032425 Investor A C000032427 Investor C C000032428 Institutional N-Q 1 munibond.htm MUNICIPAL BOND FUND munibond.htm - Produced by Pellegrini and Associates, Inc. | 134 Spring Street New York NY 10012 | (212) 925-5151

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: John M. Perlowski, Chief Executive Officer, BlackRock
Municipal Bond Fund, Inc., 40 East 52nd Street, New York, NY 10022

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

Date of fiscal year end: 06/30/2011

Date of reporting period: 09/30/2010

Item 1 – Schedule of Investments


Schedule of Investments September 30, 2010 (Unaudited)

BlackRock High Yield Municipal Fund
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Alabama — 1.0%       
County of Jefferson Alabama, RB,       
Series A:       
5.25%, 1/01/17  $ 1,000  $ 946,320 
5.25%, 1/01/20    500  463,560 
4.75%, 1/01/25    260  210,683 
      1,620,563 
Arizona — 5.5%       
Maricopa County IDA Arizona, RB,       
Arizona Charter Schools Project,       
Series A:       
6.63%, 7/01/20    140  109,644 
6.75%, 7/01/29    300  209,256 
Phoenix IDA Arizona, Refunding RB,       
America West Airlines Inc. Project,       
AMT, 6.30%, 4/01/23    1,000  850,830 
Pima County IDA, IDRB, Tucson Electric     
Power, Series A, 6.38%, 9/01/29    780  796,637 
Pima County IDA, RB, Series A:       
American Charter Schools       
Foundation, 5.63%, 7/01/38    685  672,478 
Tucson Electric Power Co., , 5.25%,     
10/01/40 (a)    1,390  1,400,759 
Pima County IDA, Refunding IDRB,       
Tucson Electric Power, 5.75%,       
9/01/29    290  300,869 
Pima County IDA, Refunding RB, Arizona     
Charter Schools Project, Series O,       
5.25%, 7/01/31    285  249,389 
Queen Creek Improvement District       
No. 1, Special Assessment Bonds,       
5.00%, 1/01/32    500  501,025 
Salt Verde Financial Corp., RB, Senior:     
5.00%, 12/01/32    750  717,038 
5.00%, 12/01/37    3,180  3,016,930 
University Medical Center Corp. Arizona,     
RB, 6.25%, 7/01/29    180  196,709 
      9,021,564 
Arkansas — 0.5%       
Benton County Public Facilities Board,     
Refunding RB, BCCSO Project,       
Series A, 6.00%, 6/01/40    750  774,360 

 

    Par   
Municipal Bonds    (000)  Value 
California — 7.7%       
California Health Facilities Financing       
Authority, Refunding RB, Series A:       
Catholic Healthcare West, 6.00%,     
7/01/39  $ 265  $ 290,262 
St. Joseph Health System, 5.75%,     
7/01/39    1,000  1,066,430 
California Pollution Control Financing     
Authority, RB, Waste Management Inc.     
Project, Series C, AMT, 5.13%,       
11/01/23 (b)    750  761,310 
California Pollution Control Financing     
Authority, Refunding RB, AMT:       
Pacific Gas, Series C (AMBAC),       
4.75%, 12/01/23    465  465,577 
Waste Management Inc. Project,     
Series B, 5.00%, 7/01/27    1,000  1,012,780 
California Statewide Communities       
Development Authority, RB, John Muir     
Health, 5.13%, 7/01/39    425  429,297 
California Statewide Communities       
Development Authority, Refunding RB:     
American Baptist Homes of the       
West, 6.25%, 10/01/39    575  586,891 
Senior Living, Southern California,     
6.63%, 11/15/24    650  712,615 
City of Chula Vista California, Refunding     
RB, San Diego Gas & Electric,       
Series A, 5.88%, 2/15/34    500  563,785 
City of Roseville California, Special Tax     
Bonds, Fiddyment Ranch Community     
Facilities District No. 1, 5.25%,       
9/01/36    465  401,941 
Lammersville School District Community     
Facilities District, Special Tax Bonds,     
District No. 2002, Mountain House,     
5.13%, 9/01/35    325  284,284 
Oakland Unified School District Alameda     
County California, GO, Election of       
2006, Series A, 6.13%, 8/01/29    1,000  1,088,420 
Roseville Finance Authority, Special Tax     
Bonds, Refunding, Senior Lien,       
Series A (AMBAC), 4.50%, 9/01/33  725  614,430 
State of California, GO, Various Purpose:     
6.00%, 3/01/33    1,400  1,594,320 

 

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated
according to the following list:

ACA  ACA Financial Guaranty Corp.  GO  General Obligation Bonds 
AGC  Assured Guaranty Corp.  HDA  Housing Development Authority 
AMBAC  American Municipal Bond Assurance Corp.  HRB  Housing Revenue Bonds 
AMT  Alternative Minimum Tax (subject to)  IDA  Industrial Development Authority 
CAB  Capital Appreciation Bonds  IDRB  Industrial Development Revenue Bonds 
EDA  Economic Development Authority  MRB  Mortgage Revenue Bonds 
EDC  Economic Development Corp.  NPFGC  National Public Finance Guarantee Corp. 
ERB  Education Revenue Bonds  RB  Revenue Bonds 
FGIC  Financial Guaranty Insurance Co.     

 

BLACKROCK MUNICIPAL BOND FUND, INC.

SEPTEMBER 30, 2010 1


Schedule of Investments(continued)

BlackRock High Yield Municipal Fund
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
California (concluded)       
State of California, GO, Various Purpose     
(concluded) :       
5.50%, 11/01/39  $ 2,500  $ 2,638,850 
Temecula Public Financing Authority,     
Special Tax Bonds, Refunding,       
Harveston, Sub-Series B, 5.10%,       
9/01/36    180  154,204 
      12,665,396 
Colorado — 1.0%       
Colorado Health Facilities Authority,       
Refunding RB, Total Long-Term Care     
National Obligated Group Project,       
Series A, 6.00%, 11/15/30 (a)    590  592,171 
Regional Transportation District, RB,       
Denver Transport Partners, 6.00%,     
1/15/41    1,000  1,059,110 
      1,651,281 
Connecticut — 1.0%       
Harbor Point Infrastructure       
Improvement District, Tax Allocation     
Bonds, Harbor Point Project, Series A,     
7.88%, 4/01/39    1,050  1,132,866 
Mohegan Tribe of Indians of       
Connecticut, RB, Public Improvement,     
Priority Distribution, 6.25%, 1/01/31  605  503,536 
      1,636,402 
District of Columbia — 3.1%       
District of Columbia, RB, Methodist       
Home District of Columbia, Series A:     
7.38%, 1/01/30    310  317,936 
7.50%, 1/01/39    500  513,225 
District of Columbia Tobacco Settlement     
Financing Corp., Refunding RB, Asset-     
Backed, 6.50%, 5/15/33    1,510  1,459,596 
Metropolitan Washington Airports       
Authority, RB:       
CAB, 2nd Senior Lien, Series B       
(AGC), 6.54%, 10/01/30 (c)    3,005  987,804 
First Senior Lien, Series A, 5.00%,     
10/01/39    85  89,416 
First Senior Lien, Series A, 5.25%,     
10/01/44    1,610  1,718,224 
      5,086,201 
Florida — 4.9%       
County of Miami-Dade Florida,       
Refunding RB, Miami International     
Airport, Series A-1, 5.38%, 10/01/41  315  329,764 
Florida Housing Finance Corp., HRB,       
Willow Lake Apartments, Series J-1,     
AMT (AMBAC), 5.35%, 7/01/27    2,400  2,319,936 
Highland Meadows Community       
Development District, Special       
Assessment Bonds, Special       
Assessment, Series A, 5.50%,       
5/01/36 (d)(e)    490  197,406 
Hillsborough County IDA, RB:       
National Gypsum Co., Series B,       
AMT, 7.13%, 4/01/30    1,250  1,205,450 

 

    Par   
Municipal Bonds    (000)  Value 
Florida (concluded)       
Hillsborough County IDA, RB       
(concluded):       
Tampa General Hospital Project,       
5.25%, 10/01/41  $ 1,000  $ 1,003,060 
Jacksonville Economic Development       
Commission, RB, Gerdau Ameristeel     
US Inc., AMT, 5.30%, 5/01/37    300  259,548 
Lee County IDA Florida, RB, Series A,       
Lee Charter Foundation, 5.38%,       
6/15/37    570  493,671 
Santa Rosa Bay Bridge Authority, RB,     
6.25%, 7/01/28    500  234,860 
Sarasota County Health Facilities       
Authority, Refunding RB, Village On     
The Isle Project:       
5.50%, 1/01/27    210  202,978 
5.50%, 1/01/32    190  180,624 
Sumter Landing Community       
Development District Florida, RB, Sub-     
Series B, 5.70%, 10/01/38    815  682,220 
Tolomato Community Development       
District, Special Assessment Bonds,     
Special Assessment, 6.65%, 5/01/40  700  521,668 
Watergrass Community Development     
District, Special Assessment Bonds,     
Series A, 5.38%, 5/01/39    650  334,711 
      7,965,896 
Georgia — 2.5%       
Clayton County Development Authority,     
RB, Delta Air Lines Inc. Project,       
Series A, 8.75%, 6/01/29    635  720,738 
County of Clayton Georgia, Tax       
Allocation Bonds, Ellenwood Project,     
7.50%, 7/01/33    585  581,116 
DeKalb County Hospital Authority       
Georgia, RB, DeKalb Medical Center     
Inc. Project, 6.13%, 9/01/40    1,240  1,281,341 
Gainesville & Hall County Development     
Authority, Refunding RB, Acts       
Retirement Life Community,       
Series A-2, 6.63%, 11/15/39    220  233,823 
Richmond County Development       
Authority, RB, International Paper Co.     
Projects, Series A, AMT, 5.00%,       
8/01/30    500  479,910 
Rockdale County Development       
Authority, RB, Visy Paper Project,       
Series A, AMT, 6.13%, 1/01/34    600  577,722 
Thomasville Hospital Authority, RB,       
Anticipation Certificates, John D.       
Archbold, 5.38%, 11/01/40    145  147,307 
      4,021,957 
Guam — 0.7%       
Guam Government Waterworks       
Authority, Refunding RB, Water,       
6.00%, 7/01/25    235  241,362 
Territory of Guam, GO, Series A:       
6.00%, 11/15/19    100  104,601 
6.75%, 11/15/29    150  164,427 
7.00%, 11/15/39    160  178,203 

 

2 BLACKROCK MUNICIPAL BOND FUND, INC.

SEPTEMBER 30, 2010


Schedule of Investments(continued)

BlackRock High Yield Municipal Fund
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Guam (concluded)       
Territory of Guam, RB, Section 30,       
Series A, 5.63%, 12/01/29  $ 440  $ 466,303 
      1,154,896 
Idaho — 0.2%       
Power County Industrial Development     
Corp., RB, FMC Corp. Project, AMT,     
6.45%, 8/01/32    265  266,672 
Illinois — 3.0%       
City of Chicago Illinois, Refunding RB,     
American Airlines Inc. Project, 5.50%,     
12/01/30    1,000  801,540 
Illinois Finance Authority, RB:       
MJH Education Assistance IV LLC,     
Sub-Series A, 5.13%,       
6/01/35 (d)(e)    90  49,501 
Roosevelt University Project, 6.50%,     
4/01/44    830  891,976 
Illinois Finance Authority, Refunding RB:     
Central DuPage Health, Series B,     
5.50%, 11/01/39    1,000  1,066,180 
Friendship Village of Schaumburg,     
7.13%, 2/15/39    1,000  1,021,110 
Swedish Covenant, Series A, 6.00%,     
8/15/38    1,000  1,028,060 
      4,858,367 
Indiana — 0.9%       
Indiana Finance Authority, Refunding     
RB, Improvement, U.S. Steel Corp.,     
6.00%, 12/01/26    430  454,609 
Indiana Health Facility Financing       
Authority, Refunding RB, Methodist     
Hospital Inc.:       
5.38%, 9/15/22    185  182,351 
5.50%, 9/15/31    525  481,047 
Vigo County Hospital Authority Indiana,     
RB, Union Hospital Inc. (f):       
5.70%, 9/01/37    155  146,844 
5.75%, 9/01/42    190  179,924 
      1,444,775 
Iowa — 0.3%       
Iowa Finance Authority, Refunding RB,     
Development, Care Initiatives Project,     
Series A, 5.00%, 7/01/19    500  457,670 
Kentucky — 0.8%       
Kentucky Economic Development       
Finance Authority, Refunding RB:       
Norton Healthcare Inc., Series B       
(NPFGC), 5.90%, 10/01/24 (c)    250  118,713 
Owensboro Medical Health System,     
Series A, 6.38%, 6/01/40    1,050  1,119,709 
      1,238,422 
Louisiana — 0.6%       
Louisiana Local Government       
Environmental Facilities & Community     
Development Authority, RB, Westlake     
Chemical Corp. Projects, 6.75%,       
11/01/32    1,000  1,053,130 

 

    Par   
Municipal Bonds    (000)  Value 
Maine — 0.1%       
Town of Jay Maine, Refunding RB,       
International Paper Co. Project,       
Series A, AMT, 4.90%, 11/01/17  $ 250  $ 254,675 
Maryland — 4.2%       
County of Howard Maryland, Refunding     
RB, Vantage House Facility, Series A,     
5.25%, 4/01/33    500  402,535 
Gaithersburg Maryland, Refunding RB,     
Asbury Maryland Obligation, Series B,     
6.00%, 1/01/23    750  808,980 
Maryland EDC, RB:       
Term Project, Series B, 5.75%,       
6/01/35    1,500  1,571,250 
Transportation Facilities Project,       
Series A, 5.75%, 6/01/35    265  277,588 
Maryland EDC, Refunding RB, CNX       
Marine Terminals, Inc., 5.75%,       
9/01/25    1,415  1,454,549 
Maryland Health & Higher Educational     
Facilities Authority, RB, Washington     
Christian Academy, 5.25%,       
7/01/18 (d)(e)    250  107,500 
Maryland Health & Higher Educational     
Facilities Authority, Refunding RB:       
Doctor's Community Hospital,       
5.75%, 7/01/38    890  886,235 
University of Maryland Medical       
System, 5.00%, 7/01/34    280  288,179 
Maryland State Energy Financing       
Administration, RB, Cogeneration, AES     
Warrior Run, AMT, 7.40%, 9/01/19  1,000  1,000,570 
      6,797,386 
Massachusetts — 0.5%       
Massachusetts Development Finance     
Agency, RB, Linden Ponds Inc. Facility,     
Series A, 5.75%, 11/15/35    500  368,305 
Massachusetts Development Finance     
Agency, Refunding RB, Eastern       
Nazarene College, 5.63%, 4/01/29  500  471,760 
      840,065 
Michigan — 1.5%       
Advanced Technology Academy, RB,       
6.00%, 11/01/37    275  267,457 
County of Wayne Michigan, GO, Building     
Improvement, Series A, 6.75%,       
11/01/39    175  189,262 
Garden City Hospital Finance Authority     
Michigan, Refunding RB, Garden City     
Hospital Obligation, Series A, 5.00%,     
8/15/38    310  219,086 
Michigan State Hospital Finance       
Authority, Refunding RB, Hospital,       
Henry Ford Health, 5.75%, 11/15/39  585  608,535 
Royal Oak Hospital Finance Authority     
Michigan, Refunding RB, William       
Beaumont Hospital, 8.25%, 9/01/39  915  1,106,784 
      2,391,124 

 

BLACKROCK MUNICIPAL BOND FUND, INC.

SEPTEMBER 30, 2010 3


Schedule of Investments(continued)

BlackRock High Yield Municipal Fund
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Mississippi — 0.9%       
Mississippi Business Finance Corp.,       
Refunding RB, System Energy       
Resource Inc. Project, 5.90%,       
5/01/22  $ 1,500  $ 1,500,045 
Missouri — 0.6%       
City of Kansas City Missouri, Tax       
Allocation Bonds, Kansas City       
MainCor Project, Series A, 5.25%,       
3/01/18    600  605,844 
Kirkwood IDA Missouri, RB, Aberdeen     
Heights, Series A, 8.25%, 5/15/39  435  462,849 
      1,068,693 
Multi-State — 0.2%       
MuniMae TE Bond Subsidiary LLC,       
7.50%, 6/30/49 (f)(g)    284  261,293 
Nevada — 1.9%       
County of Clark Nevada, RB:       
Series B, 5.75%, 7/01/42    2,800  3,040,212 
Southwest Gas Corp. Project,       
Series A, AMT (FGIC), 4.75%,       
9/01/36    20  17,915 
      3,058,127 
New Hampshire — 0.6%       
New Hampshire Health & Education       
Facilities Authority, Refunding RB:       
Dartmouth-Hitchcock, 6.00%,       
8/01/38    435  471,549 
Havenwood-Heritage Heights,       
Series A, 5.40%, 1/01/30    500  464,355 
      935,904 
New Jersey — 6.9%       
Burlington County Bridge Commission,     
Refunding RB, The Evergreens       
Project, 5.63%, 1/01/38    750  674,520 
New Jersey EDA, RB:       
Cigarette Tax, 5.50%, 6/15/24    650  651,092 
Continental Airlines Inc. Project,       
AMT, 6.63%, 9/15/12    2,380  2,416,128 
Continental Airlines Inc. Project,       
AMT, 6.40%, 9/15/23    1,000  997,090 
New Jersey Educational Facilities       
Authority, Refunding RB, University of     
Medicine & Dentistry, Series B,       
7.13%, 12/01/23    580  693,912 
New Jersey Health Care Facilities       
Financing Authority, RB, Pascack       
Valley Hospital Association, 6.63%,     
7/01/36 (d)(e)    650  7 
New Jersey Health Care Facilities       
Financing Authority, Refunding RB, St.     
Joseph's Healthcare System, 6.63%,     
7/01/38    725  764,150 
Tobacco Settlement Financing Corp.       
New Jersey, Refunding RB, Series 1A:     
4.50%, 6/01/23    2,500  2,338,925 
5.00%, 6/01/41    3,865  2,666,386 
      11,202,210 

 

    Par   
Municipal Bonds    (000)  Value 
New York — 4.3%       
Brooklyn Arena Local Development       
Corp., RB, Barclays Center Project,       
6.38%, 7/15/43  $ 1,315  $ 1,433,758 
Chautauqua County Industrial       
Development Agency, RB, NRG       
Dunkirk Power Project, 5.88%,       
4/01/42    1,115  1,154,995 
Genesee County Industrial Development     
Agency New York, Refunding RB,       
United Memorial Medical Center       
Project, 5.00%, 12/01/32    500  429,255 
Hudson Yards Infrastructure Corp., RB,     
Series A, 5.00%, 2/15/47    1,000  996,450 
New York City Industrial Development     
Agency, RB, AMT:       
American Airlines Inc., JFK       
International Airport, 8.00%,       
8/01/28 (b)    235  251,217 
JetBlue Airways Corp. Project,       
5.13%, 5/15/30    750  637,980 
New York Liberty Development Corp.,     
Refunding RB, Second Priority, Bank     
of America Tower at One Bryant Park     
Project, 6.38%, 7/15/49    375  402,532 
Westchester County Industrial       
Development Agency New York, MRB,     
Kendal on Hudson Project, Series A,     
6.38%, 1/01/24    1,250  1,254,825 
Yonkers Industrial Development Agency     
New York, RB, Sarah Lawrence       
College Project, Series A, 6.00%,       
6/01/41    410  438,524 
      6,999,536 
North Carolina — 1.7%       
North Carolina Capital Facilities Finance     
Agency, RB, Duke Energy Carolinas,     
Series B, 4.38%, 10/01/31    540  538,159 
North Carolina Capital Facilities Finance     
Agency, Refunding RB, Duke Energy     
Carolinas, Series B, 4.63%, 11/01/40  540  539,978 
North Carolina Medical Care       
Commission, Refunding RB:       
Carolina Village Project, 6.00%,       
4/01/38    1,000  884,190 
First Mortgage, Deerfield, Series A,     
6.00%, 11/01/33    800  813,256 
      2,775,583 
Ohio — 0.4%       
Buckeye Tobacco Settlement Financing     
Authority, RB, Asset-Backed, Senior     
Series A-2, 6.50%, 6/01/47    760  611,032 
Pennsylvania — 5.4%       
Allegheny County Hospital Development     
Authority, Refunding RB, Health       
System, West Penn, Series A, 5.38%,     
11/15/40    3,140  2,379,743 
City of Philadelphia Pennsylvania, RB,     
Ninth Series, 5.25%, 8/01/40    1,000  1,013,730 
Cumberland County Municipal Authority,     
RB, Diakon Lutheran, 6.38%,       
1/01/39    2,335  2,476,781 

 

4 BLACKROCK MUNICIPAL BOND FUND, INC.

SEPTEMBER 30, 2010


Schedule of Investments(continued)

BlackRock High Yield Municipal Fund
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Pennsylvania (concluded)       
Lancaster County Hospital Authority, RB,     
Brethren Village Project, Series A,       
6.50%, 7/01/40  $ 835  $ 836,695 
Montgomery County Higher Education &     
Health Authority, Refunding RB,       
Abington Memorial Hospital, Series A,     
5.13%, 6/01/33    225  229,642 
New Morgan IDA Pennsylvania, RB, New     
Morgan Landfill Co., Inc. Project, AMT,     
6.50%, 4/01/19    515  515,077 
Pennsylvania Economic Development     
Financing Authority, RB, US Airways     
Group, Series A, 7.50%, 5/01/20    1,100  1,106,226 
Pennsylvania Higher Educational       
Facilities Authority, Refunding RB,       
Allegheny Delaware Valley Obligation,     
Series A (NPFGC), 5.88%, 11/15/21  310  307,855 
      8,865,749 
Puerto Rico — 2.8%       
Commonwealth of Puerto Rico, GO,       
Refunding, Public Improvement,       
Series C, 6.00%, 7/01/39    1,560  1,687,733 
Puerto Rico Electric Power Authority, RB,     
Series WW, 5.50%, 7/01/38    1,000  1,052,730 
Puerto Rico Sales Tax Financing Corp.,     
RB, First Sub-Series A, 6.50%,       
8/01/44    750  860,077 
Puerto Rico Sales Tax Financing Corp.,     
Refunding RB, CAB, First       
Sub-Series C, 6.61%, 8/01/38 (c)    5,000  906,400 
      4,506,940 
Rhode Island — 0.6%       
Rhode Island Housing & Mortgage       
Finance Corp., RB, Homeownership     
Opportunity, Series 53B, AMT, 5.00%,     
10/01/46    1,000  984,400 
South Carolina — 0.8%       
City of Myrtle Beach South Carolina, Tax     
Allocation Bonds, Myrtle Beach Air       
Force Base, Series A, 5.25%,       
10/01/26    500  366,620 
Connector 2000 Association Inc., RB,     
CAB, Senior Series B, 10.27%,       
1/01/15 (c)(d)    1,000  124,070 
South Carolina Jobs, EDA, Refunding     
RB:       
First Mortgage, Lutheran Homes,     
5.50%, 5/01/28    600  544,632 
Palmetto Health, 5.50%, 8/01/26  290  301,156 
      1,336,478 
Tennessee — 0.8%       
Tennessee Energy Acquisition Corp., RB,     
Series A, 5.25%, 9/01/26    1,250  1,286,750 
Texas — 11.1%       
Alliance Airport Authority Texas,       
Refunding RB, FedEx Corp. Project,     
AMT, 4.85%, 4/01/21    1,820  1,843,660 

 

    Par   
Municipal Bonds    (000)  Value 
Texas (concluded)       
Bexar County Health Facilities       
Development Corp., RB, Army       
Retirement Residence Project, 6.20%,     
7/01/45  $ 1,320  $ 1,367,718 
Brazos River Authority, RB, TXU Electric,     
Series A, AMT, 8.25%, 10/01/30    750  333,848 
Central Texas Regional Mobility       
Authority, RB:       
CAB, 7.48%, 1/01/28 (c)    3,000  1,065,660 
CAB, 7.56%, 1/01/29 (c)    500  164,915 
CAB, 7.65%, 1/01/30 (c)    1,330  396,939 
Senior Lien, 5.75%, 1/01/25    295  314,355 
City of Houston Texas, RB:       
Senior Lien, Series A, 5.50%,       
7/01/39    120  131,011 
Special Facilities, Continental       
Airlines, Series E, AMT, 6.75%,       
7/01/21    630  631,865 
Special Facilities, Continental       
Airlines, Series E, AMT, 7.38%,       
7/01/22    500  506,735 
Dallas-Fort Worth International Airport     
Facilities Improvement Corp.,       
Refunding RB, American Airlines Inc.     
Project, AMT, 5.50%, 11/01/30    1,000  762,830 
Danbury Higher Education Authority Inc.,     
RB, A.W. Brown Fellowship Charter,     
Series A (ACA), 5.00%, 8/15/26    355  414,026 
Matagorda County Navigation District     
No. 1 Texas, Refunding RB, Central     
Power & Light Co. Project, Series A,     
6.30%, 11/01/29    290  322,167 
North Texas Tollway Authority, RB, Toll,     
2nd Tier, Series F, 6.13%, 1/01/31  1,150  1,244,840 
Tarrant County Cultural Education       
Facilities Finance Corp., RB, Series A:     
CC Young Memorial Home, 8.00%,     
2/15/38    330  350,503 
Senior Living Center Project,       
8.25%, 11/15/44    800  813,176 
Tarrant County Cultural Education       
Facilities Finance Corp., Refunding     
RB, Northwest Senior Housing,       
Edgemere Project, Series A, 6.00%,     
11/15/36    1,500  1,488,150 
Texas Private Activity Bond Surface       
Transportation Corp., RB Senior Lien:     
LBJ Infrastructure Group LLC, LBJ     
Freeway Managed Lanes Project,     
7.00%, 6/30/40    2,320  2,533,858 
NTE Mobility Partners LLC, North     
Tarrant Express Managed Lanes       
Project, 6.88%, 12/31/39    1,740  1,916,749 
Texas State Public Finance Authority,     
Refunding, ERB, KIPP Inc.,       
Series A (ACA):       
5.00%, 2/15/28    680  661,490 
5.00%, 2/15/36    1,000  925,540 
      18,190,035 

 

BLACKROCK MUNICIPAL BOND FUND, INC.

SEPTEMBER 30, 2010 5


Schedule of Investments(continued)

BlackRock High Yield Municipal Fund
(Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)  Value 
Utah — 0.6%     
Utah State Charter School Finance     
Authority, RB, Navigator Pointe     
Academy, Series A, 5.63%, 7/15/40   $ 1,000  $ 990,630 
Vermont — 0.6%     
Vermont Economic Development     
Authority, Refunding MRB, Wake     
Robin Corp. Project, Series A (ACA),     
6.30%, 3/01/33  1,000  982,280 
Virginia — 4.8%     
Albemarle County IDA, Refunding RB,     
Westminster-Canterbury, 5.00%,     
1/01/31  500  463,890 
Chesterfield County EDA, Refunding RB,     
Virginia Electric & Power, Series A,     
5.00%, 5/01/23  1,000  1,105,700 
City of Norfolk Virginia, Refunding RB,     
Series B (AMBAC), 5.50%, 2/01/31  260  260,234 
Fairfax County EDA, Refunding RB:     
Goodwin House Inc., 5.13%,     
10/01/37  2,040  2,044,161 
Goodwin House Inc., 5.13%,     
10/01/42  450  448,245 
Retirement, Greenspring, Series A,     
4.88%, 10/01/36  155  137,195 
Henrico County EDA, RB, Bon Secours     
Health, Series B-1 (AGC), 4.50%,     
11/01/42  640  620,941 
Lexington IDA, Refunding MRB, Kendal     
at Lexington, Series A, 5.38%,     
1/01/28  210  192,612 
Tobacco Settlement Financing Corp.     
Virginia, Refunding RB, Senior     
Series B1, 5.00%, 6/01/47  2,770  1,878,642 
Watkins Centre Community     
Development Authority, RB, 5.40%,     
3/01/20  750  745,050 
    7,896,670 
Washington — 1.4%     
Tobacco Settlement Authority of     
Washington, RB, Asset-Backed,     
6.50%, 6/01/26  2,295  2,371,148 
Wisconsin — 1.0%     
Wisconsin Health & Educational     
Facilities Authority, RB, Wheaton     
Franciscan Healthcare, 5.25%,     
8/15/34  1,565  1,485,357 
Wisconsin Health & Educational     
Facilities Authority, Refunding RB, St.     
John's Communities Inc., Series A:     
7.25%, 9/15/29  75  78,491 
7.63%, 9/15/39  145  153,839 
    1,717,687 
Wyoming — 0.9%     
County of Sweetwater Wyoming,     
Refunding RB, FMC Corp. Project,     
AMT, 5.60%, 12/01/35  1,500  1,517,295 
Total Municipal Bonds – 88.3%    144,259,287 

 

Municipal Bonds Transferred to Tender  Par   
Option Bond Trusts (h)  (000)  Value 
California — 1.4%     
Bay Area Toll Authority, Refunding RB,     
San Francisco Bay Area, Series F-1,     
5.63%, 4/01/44  $ 480  $ 538,041 
Los Angeles Department of Airports,     
Refunding RB, Senior, Los Angeles     
International Airport, Series A, 5.00%,     
5/15/40  1,680  1,748,947 
    2,286,988 
District of Columbia — 0.7%     
District of Columbia Water & Sewer     
Authority, RB, Series A, 6.00%,     
10/01/35  950  1,092,503 
New York — 1.1%     
New York State Dormitory Authority,     
ERB, Series F, 5.00%, 3/15/35  1,710  1,793,965 
Ohio — 2.7%     
County of Allen Ohio, Refunding RB,     
Catholic Healthcare, Series A, 5.25%,     
6/01/38  2,200  2,328,084 
State of Ohio, Refunding RB, Cleveland     
Clinic Health, Series A, 5.50%,     
1/01/39  2,000  2,162,220 
    4,490,304 
South Carolina — 1.3%     
South Carolina State Housing Finance &     
Development Authority, Refunding RB,     
Series B-1, 5.55%, 7/01/39  1,949  2,040,232 
Virginia — 2.9%     
Virginia HDA, RB, Sub-Series H-1     
(NPFGC), 5.38%, 7/01/36  2,110  2,148,803 
Virginia Small Business Financing     
Authority, Refunding RB, Sentara     
Healthcare, 5.00%, 11/01/40  2,501  2,645,100 
    4,793,903 
Wisconsin — 1.4%     
Wisconsin Health & Educational     
Facilities Authority, Refunding RB,     
Froedtert & Community Health Inc.,     
5.25%, 4/01/39  2,180  2,301,837 
Total Municipal Bonds Transferred to     
Tender Option Bond Trusts – 11.5%    18,799,732 
Total Long-Term Investments     
(Cost – $158,967,449) – 99.8%    163,059,019 
Short-Term Securities  Shares   
FFI Institutional Tax-Exempt Fund,     
0.22% (i)(j)  8,468,180  8,468,180 
Total Short-Term Securities     
(Cost – $8,468,180) – 5.2%    8,468,180 

 

6 BLACKROCK MUNICIPAL BOND FUND, INC.

SEPTEMBER 30, 2010


Schedule of Investments(concluded)

BlackRock High Yield Municipal Fund
(Percentages shown are based on Net Assets)

  Value 
Total Investments   
(Cost – $167,435,629*) – 105.0%  $ 171,527,199 
Other Assets Less Liabilities – 0.6%  1,058,440 
Liability for Trust Certificates, Including Interest   
Expense and Fees Payable – (5.6)%  (9,221,994) 
Net Assets – 100.0%  $ 163,363,645 

 

* The cost and unrealized appreciation (depreciation) of investments as of
September 30, 2010, as computed for federal income tax purposes,

Aggregate were as follows: cost $ 158,204,639 
Gross unrealized appreciation $ 8,720,201  
Gross unrealized depreciation $ (4,612,348) 
Net unrealized appreciation   4,107,853 

 

(a) When-issued security. Unsettled when-issued transactions were as
follows:

    Unrealized 
Counterparty  Value  Appreciation 
B.C. Ziegler  $ 592,171   $ 2,171 
JP Morgan Securities  $ 1,400,759   $ 10,759 

 

(b) Variable rate security. Rate shown is as of report date.
(c) Represents a zero-coupon bond. Rate shown reflects the current yield as
of report date.
(d) Issuer filed for bankruptcy and/or is in default of interest payments.
(e) Non-income producing security.
(f) Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(g) Security represents a beneficial interest in a trust. The collateral
deposited into the trust is federally tax-exempt revenue bonds issued by
various state or local governments, or their respective agencies or
authorities. The security is subject to remarketing prior to its stated
maturity.
(h) 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.
(i) Investments in companies considered to be an affiliate of the Fund
during the period, for purposes of Section 2(a)(3) of the Investment
Company Act of 1940, as amended, were as follows:

  Shares Held    Shares Held at   
  at  Net  September 30,   
Affiliate  June 30, 2010  Activity  2010  Income 
FFI         
Institutional         
Tax Exempt         
Fund  1,632,976  6,835,204  8,468,180  $3,823 
(j) Represents the current yield as of report date.     

 

•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
assets and liabilities

•Level 2 — other observable inputs (including, but not limited to: quoted
prices for similar assets or liabilities in markets that are active, quoted
prices for identical or similar assets or liabilities in markets that are not
active, inputs other than quoted prices that are observable for the
assets or liabilities (such as interest rates, yield curves, volatilities,
prepayment speeds, loss severities, credit risks and default rates) or
other market-corroborated inputs)

•Level 3 — unobservable inputs based on the best information available
in the circumstances, to the extent observable inputs are not available
(including the Fund's own assumptions used in determining the fair
value of investments)

The inputs or methodologies used for valuing securities are not necessarily
an indication of the risk associated with investing in those securities. For
information about the Fund's policy regarding valuation of investments and
other significant accounting policies, please refer to the Fund’s most recent
financial statements as contained in its annual report.

The following table summarizes the inputs used as of September 30, 2010
in determining the fair valuation of the Fund's investments:

Valuation Inputs  Level 1  Level 2  Level 3  Total 
Assets:         
Investments in Securities:       
Long-Term         
Securities1  —             $163,059,019  —     $ 163,059,019 
Short-Term         
Securities  $ 8,468,180  —  —    8,468,180 
Total  $ 8,468,180      $163,059,019  —     $ 171,527,199 

 

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

BLACKROCK MUNICIPAL BOND FUND, INC.

SEPTEMBER 30, 2010 7


Schedule of Investments September 30, 2010 (Unaudited)

BlackRock Municipal Insured Fund
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Alabama — 0.2%       
Birmingham Special Care Facilities       
Financing Authority, RB, Children's       
Hospital (AGC), 6.00%, 6/01/39  $ 1,350  $ 1,493,532 
Alaska — 1.0%       
Borough of Matanuska-Susitna Alaska,     
RB, Goose Creek Correctional Center     
(AGC):       
6.00%, 9/01/28    2,000  2,376,800 
6.00%, 9/01/32    5,000  5,792,600 
      8,169,400 
Arizona — 0.4%       
State of Arizona, COP, Department of     
Administration, Series A (AGM):       
5.00%, 10/01/27    2,375  2,518,046 
5.25%, 10/01/28    1,025  1,098,636 
      3,616,682 
California — 14.2%       
Antelope Valley Community College       
District, GO, Election of 2004,       
Series B (NPFGC), 5.25%, 8/01/39  1,050  1,100,243 
Arcadia Unified School District       
California, GO, CAB, Election of 2006,     
Series A (AGM), 4.96%, 8/01/39 (a)  2,800  469,420 
Cabrillo Community College District       
California, GO, CAB, Election of 2004,     
Series B (NPFGC), 5.18%,       
8/01/37 (a)    4,100  797,696 
California Health Facilities Financing       
Authority, Refunding RB, St. Joseph     
Health System, Series A, 5.75%,       
7/01/39    1,000  1,066,430 
City of San Jose California, GO, Libraries,     
Parks, and Public Safety Project       
(NPFGC), 5.00%, 9/01/30    3,700  3,881,670 
City of San Jose California, Refunding     
RB, Series A, AMT (AMBAC), 5.50%,     
3/01/32    6,285  6,507,803 
Coast Community College District       
California, GO, Refunding, CAB,       
Election of 2002, Series C (AGM):       
5.58%, 8/01/13 (b)    6,475  5,685,374 
5.40%, 8/01/36 (a)    5,800  1,228,034 

 

  Par   
Municipal Bonds  (000)  Value 
California (continued)     
Fresno Unified School District California,     
GO, Election of 2001:     
Series D (NPFGC), 5.00%, 8/01/27 $ 5,070  $ 5,268,034 
Series E (AGM), 5.00%, 8/01/30  1,500  1,573,320 
Hesperia Public Financing Authority     
California, Tax Allocation Bonds,     
Redevelopment & Housing Projects,     
Series A (Syncora), 5.50%, 9/01/27  10,000  8,991,700 
Los Angeles Municipal Improvement     
Corp., RB, Series B1 (NPFGC), 4.75%,     
8/01/37  11,050  11,053,204 
Modesto Schools Infrastructure     
Financing Agency, Special Tax Bonds     
(AMBAC), 5.50%, 9/01/36  8,965  8,641,095 
Mount Diablo Unified School District     
California, GO, Election of 2002     
(NPFGC), 5.00%, 7/01/27  8,000  8,172,880 
Norwalk-La Mirada Unified School     
District California, GO, Refunding,     
CAB, Election of 2002, Series E (AGC),     
6.47%, 8/01/38 (a)  4,900  922,474 
Orange County Sanitation District, COP,     
Series B (AGM), 5.00%, 2/01/31  1,380  1,481,237 
Palm Springs Financing Authority,     
Refunding RB, Convention Center     
Project, Series A (NPFGC), 5.50%,     
11/01/35  6,190  6,370,005 
Ramona Unified School District     
California, COP, Refunding, CAB     
(NPFGC), 5.11%, 5/01/32 (b)  10,500  9,205,035 
Rialto Unified School District California,     
GO, CAB, Series A (NPFGC), 6.24%,     
6/01/25 (a)  11,685  5,094,426 
Roseville Joint Union High School     
District California, GO, Election of     
2004, Series A (NPFGC), 5.00%,     
8/01/29  5,000  5,186,750 
Sacramento Unified School District     
California, GO, Election of 1999,     
Series B (NPFGC), 5.00%, 7/01/26  5,015  5,125,230 

 

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated
according to the following list:

AGC  Assured Guaranty Corp.  FGIC  Financial Guaranty Insurance Co. 
AGM  Assured Guaranty Municipal Corp.  GO  General Obligation Bonds 
AMBAC  American Municipal Bond Assurance Corp.  HFA  Housing Finance Agency 
AMT  Alternative Minimum Tax (subject to)  IDA  Industrial Development Authority 
ARB  Airport Revenue Bonds  ISD  Independent School District 
BHAC  Berkshire Hathaway Assurance Corp.  MRB  Mortgage Revenue Bonds 
CAB  Capital Appreciation Bonds  NPFGC  National Public Finance Guarantee Corp. 
COP  Certificates of Participation  PSF-GTD  Permanent School Fund Guaranteed 
EDA  Economic Development Authority  RB  Revenue Bonds 
ERB  Education Revenue Bonds  S/F  Single Family 

 

BLACKROCK MUNICIPAL BOND FUND, INC.

SEPTEMBER 30, 2010 1


Schedule of Investments(continued)

BlackRock Municipal Insured Fund
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
California (concluded)       
San Diego Community College District     
California, GO, Election of 2002       
(AGM), 5.00%, 5/01/30  $ 2,685  $ 2,880,253 
San Jose Unified School District Santa     
Clara County California, GO, Election     
of 2002, Series B (NPFGC), 5.00%,     
8/01/29    3,650  3,851,553 
Tahoe-Truckee Unified School District,     
GO, School Facility Improvement       
District 2, Election of 2002, Series A     
(NPFGC), 5.25%, 8/01/29    2,535  2,725,201 
Tustin Unified School District California,     
Special Tax Bonds, Senior Lien,       
Community Facilities District 97-1,       
Series A (AGM), 5.00%, 9/01/32    7,730  7,783,105 
University of California, RB, Series O,       
5.75%, 5/15/34    1,450  1,672,343 
      116,734,515 
Colorado — 2.4%       
City of Aurora Colorado, COP (AMBAC),     
6.00%, 12/01/10 (c)    19,250  19,436,340 
Florida — 8.1%       
Collier County School Board, COP (AGM),     
5.00%, 2/15/23    2,000  2,152,360 
County of Broward Florida, RB, Series A,     
5.25%, 10/01/34    1,450  1,544,453 
County of Duval Florida, COP, Master     
Lease Program (AGM), 5.00%,       
7/01/33    7,050  7,223,924 
County of Miami-Dade Florida, GO,       
Building Better Communities Program,     
Series B-1, 5.75%, 7/01/33    2,400  2,645,496 
County of Miami-Dade Florida, RB:       
Jackson Health System (AGC),       
5.75%, 6/01/39    4,885  5,295,633 
Miami International Airport,       
Series A, AMT (AGC), 5.50%,       
10/01/26    7,000  7,441,910 
Miami International Airport,       
Series A, AMT (AGC), 5.50%,       
10/01/27    5,495  5,804,149 
Water & Sewer System (AGM),       
5.00%, 10/01/39    7,150  7,554,618 
County of Miami-Dade Florida,       
Refunding RB, Miami International     
Airport, AMT (AGC), 5.00%, 10/01/40  7,380  7,445,092 
Hillsborough County Aviation Authority     
Florida, RB, Series A, AMT (AGC),       
5.38%, 10/01/33    5,000  5,172,400 
Miami-Dade County School Board, COP,     
Refunding, Series B (AGC), 5.25%,       
5/01/31    2,500  2,673,950 
Orange County School Board, COP,       
Series A (NPFGC), 5.00%, 8/01/32  6,975  7,261,114 
Sarasota County Public Hospital District,     
RB, Sarasota Memorial Hospital       
Project, Series A, 5.63%, 7/01/39    500  529,160 
South Florida Water Management       
District, COP (AGC), 5.00%, 10/01/22  3,500  3,763,375 

 

  Par   
Municipal Bonds  (000)  Value 
Florida (concluded)     
Tampa Bay Water Utility System Florida,     
RB (AMBAC), 10.40%, 10/01/10 (c) $ 465  $ 465,121 
    66,972,755 
Georgia — 4.5%     
Gwinnett County Hospital Authority,     
Refunding RB, Gwinnett Hospital     
System, Series D (AGM), 5.50%,     
7/01/41  475  497,458 
Municipal Electric Authority of Georgia,     
RB, Series Y (AMBAC):     
6.40%, 1/01/11 (c)  90  91,391 
6.40%, 1/01/13  8,420  8,929,831 
6.40%, 1/01/13 (d)  490  524,927 
Municipal Electric Authority of Georgia,     
Refunding RB, Series EE (AMBAC),     
7.00%, 1/01/25  20,000  27,151,000 
    37,194,607 
Illinois — 6.6%     
City of Chicago Illinois, ARB, General,     
Third Lien, Series B-2, AMT (NPFGC),     
6.00%, 1/01/27  17,690  18,669,319 
City of Chicago Illinois, GO, CAB, City     
Colleges (NPFGC), 5.73%,     
1/01/33 (a)  22,500  6,512,175 
City of Chicago Illinois, GO, Refunding,     
Series A (AGM), 5.00%, 1/01/25  5,000  5,314,800 
City of Chicago Illinois, RB, Series A     
(BHAC), 5.50%, 1/01/38  3,000  3,257,070 
County of Cook Illinois, GO, Refunding,     
Series A, 5.25%, 11/15/33  2,300  2,487,542 
Illinois Finance Authority, Refunding RB,     
Central DuPage Health, Series B,     
5.50%, 11/01/39  4,200  4,477,956 
Illinois State Toll Highway Authority, RB,     
Series B, 5.50%, 1/01/33  3,125  3,409,156 
Illinois State Toll Highway Authority,     
Refunding RB, Senior Series A-1,     
5.00%, 1/01/31  5,000  5,198,700 
State of Illinois, RB, Build Illinois,     
Series B, 5.25%, 6/15/34  4,500  4,753,935 
    54,080,653 
Indiana — 0.4%     
Indiana Municipal Power Agency, RB,     
Series B, 5.75%, 1/01/34  700  760,788 
Indianapolis Local Public Improvement     
Bond Bank, RB, Waterworks Project,     
Series 2007-L (NPFGC), 5.25%,     
7/01/23  2,500  2,788,125 
    3,548,913 
Iowa — 0.7%     
Iowa Finance Authority, RB, Series A     
(AGC), 5.63%, 8/15/37  5,600  6,159,720 
Louisiana — 0.9%     
State of Louisiana, RB, Series A (AGM),     
5.00%, 5/01/31  6,585  7,016,647 

 

2 BLACKROCK MUNICIPAL BOND FUND, INC.

SEPTEMBER 30, 2010


Schedule of Investments(continued)

BlackRock Municipal Insured Fund
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Maryland — 1.6%       
Maryland Community Development       
Administration, Refunding RB,       
Residential, Series A, AMT, 5.75%,     
9/01/39  $ 7,305  $ 7,754,184 
Maryland Health & Higher Educational     
Facilities Authority, RB, University of     
Maryland Medical System, Series B     
(NPFGC), 7.00%, 7/01/22    4,400  5,304,332 
      13,058,516 
Massachusetts — 3.5%       
Massachusetts HFA, RB, AMT (AGM):     
Rental Mortgage, Series C, 5.60%,     
1/01/45    4,000  4,042,120 
S/F Housing, Series 128, 4.80%,     
12/01/27 (e)    2,845  2,859,908 
S/F Housing, Series 128, 4.88%,     
12/01/38 (e)    6,615  6,529,732 
Massachusetts HFA, Refunding RB,       
Rental Housing, Series A, AMT (AGM),     
5.15%, 7/01/26    4,785  4,882,375 
Massachusetts School Building       
Authority, RB, Series A (AGM), 5.00%,     
8/15/30    7,000  7,513,660 
Massachusetts Water Resources       
Authority, Refunding RB, General,       
Series A (NPFGC), 5.00%, 8/01/34  2,800  2,993,508 
      28,821,303 
Michigan — 2.8%       
City of Detroit Michigan, RB:       
Second Lien, Series B (AGM),       
6.25%, 7/01/36    675  754,967 
Second Lien, Series B (AGM),       
7.00%, 7/01/36    350  412,143 
Senior Lien, Series A (NPFGC),       
5.00%, 7/01/30    1,500  1,501,860 
System, Second Lien, Series B       
(NPFGC), 5.00%, 7/01/36    3,500  3,501,470 
City of Detroit Michigan, Refunding RB,     
Second Lien, Series E (BHAC), 5.75%,     
7/01/31    4,000  4,370,400 
Kalamazoo Hospital Finance Authority,     
RB, Bronson Methodist Hospital       
(AGM), 5.25%, 5/15/36    750  779,835 
Michigan Strategic Fund, Refunding RB,     
Detroit Edison Co. Project, Series A,     
AMT (Syncora), 5.50%, 6/01/30    11,845  11,902,093 
      23,222,768 
Minnesota — 1.7%       
Delano ISD No. 879 Minnesota, GO,       
Series A (AGM), 5.88%, 2/01/25    5,860  5,959,737 
Sauk Rapids ISD No. 47 Minnesota, GO,     
Series A (NPFGC):       
5.65%, 2/01/20    3,735  3,795,769 
5.70%, 2/01/21    4,440  4,512,949 
      14,268,455 

 

  Par   
Municipal Bonds  (000)  Value 
Mississippi — 2.0%     
Harrison County Wastewater     
Management District, Refunding RB,     
Wastewater Treatment Facilities,     
Series A (FGIC), 8.50%, 2/01/13 (d)   $ 1,320  $ 1,492,722 
Mississippi Development Bank Special     
Obligation, Refunding RB, Jackson     
Mississippi Water and Sewer System     
(AGM), 5.00%, 9/01/34  4,500  4,630,320 
Mississippi Hospital Equipment &     
Facilities Authority, RB, Forrest County     
General Hospital Project (AGM),     
6.00%, 1/01/11 (c)  10,000  10,240,900 
    16,363,942 
Nevada — 1.6%     
City of Las Vegas Nevada, GO, Limited     
Tax, Performing Arts Center, 6.00%,     
4/01/34  1,450  1,638,326 
Clark County Water Reclamation     
District, GO, Series B, 5.75%,     
7/01/34  3,125  3,559,969 
County of Clark Nevada, RB:     
Las Vegas-McCarran International     
Airport, Series A (AGC), 5.25%,     
7/01/39  3,300  3,454,869 
Southwest Gas Corp. Project,     
Series D, AMT (NPFGC), 5.25%,     
3/01/38  2,200  2,128,522 
System, Subordinate Lien, Series C     
(AGM), 5.00%, 7/01/26  2,350  2,529,164 
    13,310,850 
New Jersey — 8.1%     
Cape May County Industrial Pollution     
Control Financing Authority, Refunding     
RB, Atlantic City Electric Co., Series A     
(NPFGC), 6.80%, 3/01/21  6,810  8,665,997 
Garden State Preservation Trust, RB,     
Election of 2005, Series A (AGM):     
5.80%, 11/01/21  3,125  3,718,500 
5.80%, 11/01/22  8,310  9,771,646 
5.80%, 11/01/23  4,340  5,103,363 
New Jersey EDA, RB, Motor Vehicle     
Surcharge, Series A (NPFGC), 5.25%,     
7/01/33  26,800  27,765,872 
New Jersey EDA, Refunding RB, School     
Facilities Construction, Series N-1     
(NPFGC), 5.50%, 9/01/28  1,400  1,648,948 
New Jersey State Housing & Mortgage     
Finance Agency, RB, Series AA,     
6.38%, 10/01/28  1,870  2,106,798 
New Jersey Transportation Trust Fund     
Authority, RB, Transportation System:     
CAB, Series C (AGM), 5.53%,     
12/15/34 (a)  11,000  3,004,100 
Series A, 5.88%, 12/15/38  4,255  4,786,066 
    66,571,290 
New York — 6.9%     
City of New York New York, GO, Series C     
(Syncora), 5.63%, 3/15/18  5  5,317 

 

BLACKROCK MUNICIPAL BOND FUND, INC.

SEPTEMBER 30, 2010 3


Schedule of Investments(continued)

BlackRock Municipal Insured Fund
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
New York (concluded)       
City of Niagara Falls New York, GO,       
Public Improvement (NPFGC), 6.90%,     
3/01/24  $ 5  $ 5,008 
New York City Municipal Water Finance     
Authority, RB, Fiscal 2009, Series A,     
5.75%, 6/15/40    700  806,071 
New York State Thruway Authority, RB,     
Series G (AGM), 5.00%, 1/01/32    16,830  17,654,838 
New York State Urban Development       
Corp., RB, State Personal Income Tax,     
State Facilities, Series A-1 (NPFGC),     
5.25%, 3/15/34    9,900  10,403,514 
Sales Tax Asset Receivable Corp., RB,     
Series A:       
(AMBAC), 5.00%, 10/15/32    15,650  16,989,327 
(NPFGC), 5.00%, 10/15/20    10,000  11,183,900 
      57,047,975 
North Carolina — 0.3%       
North Carolina HFA, RB, Home       
Ownership, Series 14A, AMT (AMBAC),     
5.35%, 1/01/22    2,475  2,493,513 
North Dakota — 0.2%       
North Dakota State HFA, RB, Housing     
Finance Program, Series C, AMT       
(AMBAC), 5.30%, 7/01/22    1,910  1,977,060 
Ohio — 0.2%       
Ohio Higher Educational Facility       
Commission, Refunding RB, Summa     
Health System, 2010 Project (AGC),     
5.25%, 11/15/40    1,775  1,833,539 
Oregon — 0.5%       
Port of Portland Oregon, Refunding RB,     
International Airport, Series 7-B, AMT     
(NPFGC), 7.10%, 1/01/12 (c)    3,865  4,177,833 
Pennsylvania — 1.6%       
City of Philadelphia Pennsylvania, RB,     
12th Series B (NPFGC), 7.00%,       
5/15/20 (d)    4,670  5,848,474 
Pennsylvania Turnpike Commission, RB,     
CAB, Sub-Series E, 6.48%,       
12/01/38 (b)    1,250  940,875 
Philadelphia Redevelopment Authority,     
RB, Neighborhood Transformation,     
Series A (NPFGC), 5.50%, 4/15/20  3,830  4,004,840 
Philadelphia School District, GO,       
Series E, 6.00%, 9/01/38    2,300  2,532,438 
      13,326,627 
Puerto Rico — 1.5%       
Puerto Rico Sales Tax Financing Corp.,     
RB, First Sub-Series A, 6.38%,       
8/01/39    7,100  8,105,715 
Puerto Rico Sales Tax Financing Corp.,     
Refunding RB, CAB, Series A       
(NPFGC) (a):       
5.70%, 8/01/41    11,000  1,811,920 
6.00%, 8/01/43    15,000  2,141,400 
      12,059,035 

 

    Par   
Municipal Bonds    (000)  Value 
South Carolina — 0.3%       
South Carolina State Public Service       
Authority, RB, Santee Cooper,       
Series A, 5.50%, 1/01/38  $ 2,300  $ 2,560,843 
Texas — 10.2%       
City of Houston Texas, COP, Series J       
(AMBAC), 6.25%, 12/15/13    3,500  3,920,000 
City of Houston Texas, Refunding RB,     
Combined, First Lien, Series A (AGC),     
6.00%, 11/15/35    3,650  4,276,669 
Dallas-Fort Worth International Airport     
Facilities Improvement Corp., RB,       
AMT:       
Improvement, Joint, Series B (AGM),     
5.25%, 11/01/22    2,490  2,599,485 
Series A (NPFGC), 6.00%,       
11/01/28    25,950  25,994,115 
Series A (NPFGC), 5.50%,       
11/01/33    2,000  2,035,040 
Lewisville ISD Texas, GO, Refunding,       
CAB, School Building (NPFGC), 4.67%,     
8/15/24 (a)    8,110  4,358,557 
Mansfield ISD Texas, GO, School       
Building (PSF-GTD), 5.00%, 2/15/33  3,000  3,230,130 
North Texas Tollway Authority,       
Refunding RB, First Tier:       
CAB, System, Series I (AGC), 6.30%,     
1/01/15 (b)    10,000  8,529,300 
Series A, 6.00%, 1/01/28    1,000  1,123,630 
System, (NPFGC), 5.75%, 1/01/40  7,700  8,167,159 
System, Series A (AMBAC), 5.63%,     
1/01/33    2,040  2,172,722 
System, Series B (NPFGC), 5.75%,     
1/01/40    9,870  10,468,813 
State of Texas, GO, Water Financial       
Assistance, 5.75%, 8/01/31    3,000  3,108,300 
Texas Department of Housing &       
Community Affairs, MRB, Series A,       
AMT (NPFGC):       
5.45%, 9/01/23    1,750  1,775,673 
5.50%, 3/01/26    2,230  2,257,429 
      84,017,022 
Utah — 1.7%       
Utah Transit Authority, RB, Series A       
(AGM), 5.00%, 6/15/36    4,000  4,306,840 
Utah Transit Authority, Refunding RB,     
CAB, Sub-Series A (NPFGC), 5.29%,     
6/15/36 (a)    11,930  3,051,814 
Utah Water Finance Agency, RB, Pooled     
Loan Financing Program, Series A       
(AMBAC):       
5.75%, 10/01/15    2,515  2,515,377 
6.00%, 10/01/20    3,770  3,770,603 
      13,644,634 
Vermont — 0.1%       
Vermont HFA, Refunding RB, Multiple     
Purpose, Series C, AMT (AGM), 5.50%,     
11/01/38 (e)    1,155  1,193,554 

 

4 BLACKROCK MUNICIPAL BOND FUND, INC.

SEPTEMBER 30, 2010


Schedule of Investments(continued)

BlackRock Municipal Insured Fund
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Virginia — 0.1%       
Fairfax County IDA Virginia, Refunding     
RB, Health Care, Inova Health System,     
Series A, 5.50%, 5/15/35  $ 600  $ 655,920 
Washington — 1.2%       
Chelan County Public Utility District       
No. 1, RB, Chelan Hydro System,       
Series A, AMT (AMBAC), 5.45%,       
7/01/37    6,485  6,516,647 
Washington Health Care Facilities       
Authority, RB, Providence Health &     
Services, Series A:       
5.00%, 10/01/39    1,950  2,024,705 
5.25%, 10/01/39    1,075  1,136,780 
      9,678,132 
Wisconsin — 2.4%       
City of Superior Wisconsin, Refunding     
RB, Midwest Energy Resources,       
Series E (NPFGC), 6.90%, 8/01/21  9,000  11,919,510 
Wisconsin Health & Educational       
Facilities Authority, RB, Ascension       
Health Senior Credit Group, 5.00%,     
11/15/33    2,400  2,511,000 
Wisconsin Housing & EDA, Refunding     
RB, AMT:       
Series C, 4.88%, 3/01/36    2,170  2,170,304 
Series E, 5.50%, 9/01/38    3,030  3,293,216 
      19,894,030 
Total Municipal Bonds – 87.9%      724,600,605 
Municipal Bonds Transferred to Tender     
Option Bond Trusts (f)       
California — 1.9%       
San Diego County Water Authority, COP,     
Refunding, Series 2008-A (AGM),       
5.00%, 5/01/33    4,500  4,779,675 
Sequoia Union High School District       
California, GO, Refunding, Election of     
2004, Series B (AGM), 5.50%,       
7/01/35    10,055  10,715,888 
      15,495,563 
Colorado — 0.2%       
Colorado Health Facilities Authority,       
Refunding RB, Catholic Healthcare,     
Series A, 5.50%, 7/01/34    1,580  1,708,177 
District of Columbia — 1.2%       
Metropolitan Washington Airports       
Authority, RB, Series B, AMT (AGM),     
5.00%, 10/01/36    10,000  10,207,866 
Florida — 3.6%       
Broward County School Board Florida,     
COP, Series A (AGM), 5.25%, 7/01/33  10,000  10,478,900 
City of Tallahassee Florida, RB (NPFGC),     
5.00%, 10/01/37    10,000  10,370,400 
Jacksonville Electric Authority Florida,     
RB, Sub-Series A, 5.63%, 10/01/32  6,300  6,966,540 

 

Municipal Bonds Transferred to Tender  Par   
Option Bond Trusts (f)  (000)  Value 
Florida (concluded)     
Orange County School Board, COP,     
Series A (NPFGC), 5.00%, 8/01/30   $ 2,000  $ 2,083,000 
    29,898,840 
Illinois — 0.7%     
City of Chicago Illinois, Refunding RB,     
Second Lien (AGM), 5.25%, 11/01/33  5,000  5,442,400 
Massachusetts — 2.0%     
Massachusetts School Building     
Authority, RB, Series A (AGM), 5.00%,     
8/15/30  15,000  16,100,700 
New Jersey — 1.7%     
New Jersey State Turnpike Authority, RB,     
Series C (AGM), 5.00%, 1/01/30  13,500  14,298,525 
New York — 2.2%     
New York State Dormitory Authority,     
ERB, Series B, 5.75%, 3/15/36  2,010  2,338,595 
Sales Tax Asset Receivable Corp., RB,     
Series A (AMBAC), 5.25%, 10/15/27  13,931  15,462,453 
    17,801,048 
Ohio — 0.1%     
State of Ohio, RB, Cleveland Clinic     
Health, Series B, 5.50%, 1/01/34  1,000  1,087,630 
Texas — 2.4%     
Cypress-Fairbanks ISD, GO, Refunding,     
Schoolhouse (PSF-GTD), 5.00%,     
2/15/32  10,000  10,820,400 
Harris County Cultural Education     
Facilities Finance Corp., RB, Hospital,     
Texas Children's Hospital Project,     
5.50%, 10/01/39  8,500  9,071,625 
    19,892,025 
Washington — 1.3%     
State of Washington, GO, Series D     
(AGM), 5.00%, 1/01/28  10,000  10,833,100 
Wisconsin — 0.3%     
Wisconsin Health & Educational     
Facilities Authority, Refunding RB,     
Froedtert & Community Health Inc.,     
5.25%, 4/01/39  2,499  2,639,721 
Total Municipal Bonds Transferred to     
Tender Option Bond Trusts – 17.6%    145,405,595 
Investment Companies  Shares   
BlackRock Insured Municipal Term     
Trust, Inc. (g)  204,800  2,060,288 
Total Investment Companies – 0.3%    2,060,288 
Total Long-Term Investments     
(Cost – $830,288,140) – 105.8%    872,066,488 

 

BLACKROCK MUNICIPAL BOND FUND, INC.

SEPTEMBER 30, 2010 5


Schedule of Investments(continued)

BlackRock Municipal Insured Fund
(Percentages shown are based on Net Assets)

Short-Term Securities  Shares  Value 
FFI Institutional Tax-Exempt Fund,     
0.20% (g)(h)  11,651,534$  11,651,534 
Total Short-Term Securities     
(Cost – $11,651,534) – 1.4%    11,651,534 
Total Investments     
(Cost – $841,939,674*) – 107.2%    883,718,022 
Other Assets Less Liabilities – 0.9%    7,135,388 
Liability for Trust Certificates, Including Interest   
Expense and Fees Payable – (8.1)%    (66,841,958) 
Net Assets – 100.0%  $ 824,011,452 

 

* The cost and unrealized appreciation (depreciation) of investments as of

September 30, 2010, as computed for federal income tax purposes,

Aggregate were as follows: cost $ 777,763,032 
Gross unrealized appreciation $ 45,589,591 
Gross unrealized depreciation $ (6,409,904) 

Net unrealized appreciation  

  39,179,687 

(a) Represents a zero-coupon bond. Rate shown reflects the current yield as
of report date.
(b) Represents a step-up bond that pays an initial coupon rate for the first
period and then a higher coupon rate for the following periods. Rate
shown reflects the current yield as of report date.
(c) 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.
(d) Security is collateralized by Municipal or US Treasury obligations.
(e) Variable rate security. Rate shown is as of report date.
(f) 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.
(g)Investments in companies considered to be an affiliate of the Fund during the period, for purposes of Section 2(a)(3)
of the Investment Company Act of 1940, as amended, were as follows:

  Shares Held      Shares Held  Value   
  at June 30,  Shares  Shares  at September 30,  at September 30,   
Affiliate  2009  Purchased  Sold  2010  2010  Income 
Black Rock             
Insured             
Municipal Term             
Trust, Inc.  204,800  —  —  204,800  2,060,288  $ 5,120 
FFI Institutional             
Tax-Exempt             
Fund  16,338,498  —  (4,686,964)1  11,651,534  11,651,534  $ 8,037 
1 Represents net shares sold.           
(h) Represents the current yield as of report date.         

 

6 BLACKROCK MUNICIPAL BOND FUND, INC.

SEPTEMBER 30, 2010


Schedule of Investments(concluded)

BlackRock Municipal Insured Fund

•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
assets and liabilities

•Level 2 — other observable inputs (including, but not limited to: quoted
prices for similar assets or liabilities in markets that are active, quoted
prices for identical or similar assets or liabilities in markets that are not
active, inputs other than quoted prices that are observable for the
assets or liabilities (such as interest rates, yield curves, volatilities,
prepayment speeds, loss severities, credit risks and default rates) or
other market-corroborated inputs)

•Level 3 — unobservable inputs based on the best information available
in the circumstances, to the extent observable inputs are not available
(including the Fund's own assumptions used in determining the fair
value of investments)

The inputs or methodologies used for valuing securities are not necessarily
an indication of the risk associated with investing in those securities. For
information about the Fund's policy regarding valuation of investments and
other significant accounting policies, please refer to the Fund’s most recent
financial statements as contained in its annual report.

The following table summarizes the inputs used as of September 30, 2010
in determining the fair valuation of the Fund's investments:

Valuation Inputs  Level 1  Level 2  Level 3          Total      
Assets:         
Investments in Securities:       
Long-Term         
Investments1  $ 2,060,288       $870,006,200  —         $ 872,066,488 
Short-Term         
Securities  11,651,534  —          —  11,651,534 
Total  $ 13,711,822      $870,006,200  —         $ 883,718,022 

 

1 See above Schedule of Investments for values in each state or political
subdivision, excluding security types in Level 1 within the table.

BLACKROCK MUNICIPAL BOND FUND, INC.

SEPTEMBER 30, 2010 7


Schedule of Investments September 30, 2010 (Unaudited)

BlackRock National Municipal Fund
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Alabama — 0.7%       
Birmingham Special Care Facilities       
Financing Authority, RB, Children's       
Hospital (AGC), 6.00%, 6/01/39  $ 10,235  $ 11,323,185 
Courtland IDB Alabama, RB,       
International Paper Co. Projects,       
Series A, 6.25%, 11/01/33    2,530  2,720,661 
Courtland IDB, Refunding RB, AMT:       
Champion International Corp.       
Project, 6.00%, 8/01/29    185  186,058 
International Paper Co., Series B,     
6.25%, 8/01/25    750  768,863 
Jefferson County Public Building       
Authority, RB, Warrants (AMBAC),       
5.13%, 4/01/21    3,525  2,292,660 
      17,291,427 
Arizona — 1.3%       
Maricopa County & Phoenix Industrial     
Development Authorities, Refunding     
RB, S/F, Series A-2, AMT (Ginnie Mae),     
5.80%, 7/01/40    3,165  3,224,375 
Maricopa County IDA Arizona, RB,       
Arizona Charter Schools Project,       
Series A, 6.75%, 7/01/29    3,100  2,162,312 
Peoria Improvement District No. 8401     
Arizona, Special Assessment Bonds:     
No. 8801, 7.30%, 1/01/11    395  401,174 
No. 8802, 7.20%, 1/01/13    510  520,277 
Pima County IDA, IDRB, Tucson Electric     
Power, Series A, 6.38%, 9/01/29    3,785  3,865,734 
Pima County IDA, Refunding IDRB,       
Tucson Electric Power, 5.75%,       
9/01/29    8,525  8,844,517 
Pima County IDA, Refunding RB, Tucson     
Electric Power Co., San Juan, Series A,     
4.95%, 10/01/20    9,330  9,951,751 

 

    Par   
Municipal Bonds    (000)  Value 
Arizona (concluded)       
Pinal County IDA Arizona, RB, San       
Manuel Facility Project, AMT, 6.25%,     
6/01/26  $ 500  $ 447,760 
Prescott Valley Improvement District       
Arizona, Special Assessment Bonds,     
Sewer Collection System Roadway       
Repair, 7.90%, 1/01/12    119  123,227 
Vistancia Community Facilities District     
Arizona, GO:       
6.75%, 7/15/22    3,000  3,147,420 
5.75%, 7/15/24    2,125  2,274,069 
      34,962,616 
California — 13.6%       
California Health Facilities Financing       
Authority, RB, Sutter Health, Series A,     
6.25%, 8/15/35    2,500  2,527,675 
California Health Facilities Financing       
Authority, Refunding RB Catholic       
Healthcare West :       
Series A, 6.00%, 7/01/39    5,655  6,194,091 
Series E, 5.63%, 7/01/25    15,000  16,470,300 
California State Public Works Board,       
RB, Various Capital Projects       
Sub-Series A-1, 6.00%, 3/01/35    5,000  5,360,100 
Sub-Series I-1, 6.38%, 11/01/34  7,455  8,212,950 
California Statewide Communities       
Development Authority, RB, Health       
Facility, Memorial Health Services,       
Series A, 6.00%, 10/01/23    9,880  10,476,752 
California Statewide Communities       
Development Authority, Refunding RB:     
Catholic Healthcare West, Series B,     
5.50%, 7/01/30    3,000  3,163,890 
Southern California Edison,       
Series A, 4.50%, 9/01/29    21,800  21,938,212 

 

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated
according to the following list:

AGC  Assured Guaranty Corp.  HFA  Housing Finance Agency 
AGM  Assured Guaranty Municipal Corp.  HRB  Housing Revenue Bonds 
AMBAC  American Municipal Bond Assurance Corp.  IDA  Industrial Development Authority 
AMT  Alternative Minimum Tax (subject to)  IDB  Industrial Development Board 
ARB  Airport Revenue Bonds  IDRB  Industrial Development Revenue Bonds 
BHAC  Berkshire Hathaway Assurance Corp.  MRB  Mortgage Revenue Bonds 
COP  Certificates of Participation  NPFGC  National Public Finance Guarantee Corp. 
EDA  Economic Development Authority  PILOT  Payment in Lieu of Taxes 
EDC  Economic Development Corp.  RB  Revenue Bonds 
ERB  Education Revenue Bonds  S/F  Single Family 
FHA  Federal Housing Administration  TE  Tax-Exempt 
GO  General Obligation Bonds  TIF  Tax Increment Financing 

 

BLACKROCK MUNICIPAL BOND FUND, INC

SEPTEMBER 30, 2010 1


Schedule of Investments(continued)

BlackRock National Municipal Fund
(Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)  Value 
California (continued)     
Chula Vista Community Facilities District     
California, Special Tax Bonds, District     
No. 06-1, Eastlake-Woods,     
Improvement Area A, 6.15%, 9/01/26 $  3,215  $ 3,309,392 
City of Chula Vista California, Refunding     
RB, San Diego Gas & Electric,     
Series A, 5.88%, 2/15/34  4,875  5,496,904 
City of Roseville California, Special Tax     
Bonds, Stoneridge Community     
Facilities No. 1, 6.30%, 9/01/11 (a)  2,500  2,687,550 
County of Sacramento California, RB,     
Subordinated and Passenger Facility     
Charges/Grant, Series C, 6.00%,     
7/01/39  13,265  14,540,430 
Imperial Irrigation District, Refunding RB,     
System, 5.13%, 11/01/38  10,250  10,829,227 
Los Angeles Municipal Improvement     
Corp., RB, Real Property, Series E:     
6.00%, 9/01/34  2,685  2,999,011 
6.00%, 9/01/39  6,000  6,717,180 
Modesto Irrigation District, COP:     
Capital Improvements, Series A,     
6.00%, 10/01/39  9,775  10,898,636 
Series B, 5.50%, 7/01/35  15,000  16,226,400 
Pittsburg Redevelopment Agency, Tax     
Allocation Bonds, Refunding,     
Subordinate, Los Medanos Community     
Project, Series A, 6.50%, 9/01/28  10,000  11,341,000 
Pittsburg Unified School District, COP,     
6.20%, 9/01/34  10,465  10,960,413 
Port of Oakland, RB, Series K, AMT     
(NPFGC), 5.88%, 11/01/30  2,950  2,952,566 
San Francisco City & County Airports     
Commission, RB, Series E, 6.00%,     
5/01/39  24,300  27,344,547 
San Francisco City & County Airports     
Commission, Refunding RB, Second     
Series 34E, AMT (AGM):     
5.75%, 5/01/21  8,220  9,277,339 
5.75%, 5/01/23  17,000  18,937,660 
San Francisco City & County     
Redevelopment Agency, Special Tax     
Bonds, Community Facilities District     
No. 6-Mission, Series A:     
6.00%, 8/01/21  5,000  5,034,750 
6.00%, 8/01/25  2,550  2,562,546 
San Francisco Uptown Parking Corp.     
California, RB, Union Square (NPFGC),     
6.00%, 7/01/20  1,075  1,133,996 
San Juan Water District, COP, Series A,     
6.00%, 2/01/39  10,000  11,306,100 
Santa Margarita Water District     
California, Special Tax Bonds,     
Refunding, Facilities District No. 99-1,     
6.20%, 9/01/20  2,650  2,712,911 
State of California, GO, Various Purpose:     
6.00%, 3/01/33  16,000  18,220,800 
6.50%, 4/01/33  38,000  44,670,520 
Tuolumne Wind Project Authority, RB,     
Tuolumne Co. Project, Series A,     
5.88%, 1/01/29  16,130  18,261,096 

 

    Par   
Municipal Bonds    (000)  Value 
California (concluded)       
University of California, RB, Series O,       
5.25%, 5/15/39  $ 20,695  $ 22,755,601 
      355,520,545 
Colorado — 0.9%       
Colorado Health Facilities Authority, RB,     
Catholic Health Initiatives, Series D,     
6.25%, 10/01/33    3,520  3,996,678 
Colorado Housing & Finance Authority,     
RB, S/F Program, Senior Series B-3,     
6.55%, 10/01/16    105  109,374 
Colorado Housing & Finance Authority,     
Refunding RB, S/F Program :       
Senior Series A-2, AMT, 7.50%,       
4/01/31    135  142,792 
Senior Series A-3, 7.35%, 10/01/30  60  62,935 
Senior Series C-3 (FHA), 6.75%,       
10/01/21    235  258,495 
Senior Series C-3 (FHA), 7.15%,       
10/01/30    55  56,082 
Series B-2, AMT, 7.10%, 4/01/17  45  46,616 
Series B-2, AMT, 7.25%, 10/01/31  430  441,202 
Series C-2, AMT (FHA), 7.25%,       
10/01/31    165  165,924 
Elk Valley Public Improvement Corp., RB,     
Public Improvement Fee:       
Series A, 7.35%, 9/01/31    7,560  7,293,208 
Series B, 7.45%, 9/01/31    705  686,973 
Plaza Metropolitan District No. 1       
Colorado, Tax Allocation Bonds Public     
Improvement Fee, Tax Increment:       
8.00%, 12/01/25    7,700  8,062,362 
Subordinate Fee, 8.13%, 12/01/25  1,885  1,759,704 
      23,082,345 
Connecticut — 0.1%       
Connecticut State Development       
Authority, RB, Bridgeport, AMT       
(AMBAC), 6.15%, 4/01/35    1,250  1,254,275 
Connecticut State Health & Educational     
Facility Authority, RB, Bridgeport       
Hospital, Series A (NPFGC), 6.63%,     
7/01/18    1,000  1,012,950 
Connecticut State Health & Educational     
Facility Authority, Refunding RB       
(Radian), 6.63%, 7/01/26    640  640,723 
      2,907,948 
District of Columbia — 1.4%       
District of Columbia, RB, Series A,       
5.50%, 12/01/30    17,000  19,820,470 
District of Columbia Water & Sewer       
Authority, RB, Series A:       
6.00%, 10/01/35    7,630  8,773,279 
5.50%, 10/01/39    6,475  7,129,882 
      35,723,631 

 

2 BLACKROCK MUNICIPAL BOND FUND, INC

SEPTEMBER 30, 2010


Schedule of Investments(continued)

BlackRock National Municipal Fund
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Florida — 7.5%       
Anthem Park Community Development     
District, Special Assessment Bonds,     
5.80%, 5/01/36 (b)(c)  $ 1,815  $ 1,302,498 
County of Escambia Florida, RB,       
International Paper Co. Projects,       
Series B, 6.25%, 11/01/33    7,500  8,065,200 
County of Lee Florida, RB, Series A, AMT     
(AGM), 6.00%, 10/01/29    13,015  13,163,111 
County of Miami-Dade Florida, GO,       
Building Better Communities Program:     
Series B, 6.38%, 7/01/28    7,750  9,104,235 
Series B-1, 6.00%, 7/01/38    25,000  28,374,250 
County of Miami-Dade Florida,       
Refunding RB:       
Miami International Airport,       
Series A-1, 5.50%, 10/01/30    8,855  9,696,402 
Series C, 6.00%, 10/01/23    20,000  23,372,400 
Fiddlers Creek Community Development     
District No. 2, Special Assessment       
Bonds (b)(c):       
Series A, 6.38%, 5/01/35    6,850  2,672,185 
Series B, 5.75%, 5/01/13    555  216,506 
Florida Housing Finance Corp., RB,       
Homeowner Mortgage, Series 3, AMT     
(NPFGC), 6.35%, 7/01/28    535  571,942 
Florida Housing Finance Corp.,       
Refunding RB, AMT, Homeowner       
Mortgage:       
Series 1 (Ginnie Mae), 6.00%,       
7/01/39    4,265  4,418,668 
Series 4 (AGM), 6.25%, 7/01/22  290  308,751 
Harbor Bay Community Development     
District Florida, Special Assessment     
Bonds, Series A, 7.00%, 5/01/33    935  939,357 
Highland Meadows Community       
Development District, Special       
Assessment Bonds, Series A, 5.50%,     
5/01/36 (b)(c)    1,090  439,128 
Hillsborough County IDA, RB, National     
Gypsum Co.:       
Series A, 7.13%, 4/01/30    6,000  5,786,160 
Series B, 7.13%, 4/01/30    7,750  7,473,790 
Jacksonville Economic Development       
Commission, RB:       
Mayo Clinic Jacksonville, Series B,     
5.50%, 11/15/36    2,000  2,046,600 
Mayo Clinic, Series A (NPFGC),       
5.50%, 11/15/36    1,000  1,023,300 
Jacksonville Electric Authority Florida,     
RB:       
Scherer 4 Project, Series A, 6.00%,     
10/01/37    8,225  9,149,079 
Sub-Series A, 5.63%, 10/01/32    10,525  11,638,545 
Jacksonville Port Authority, RB, AMT       
(AGC), 6.00%, 11/01/38    8,105  8,339,235 
Lee County Housing Finance Authority,     
RB, Multi-County Program, Series A-2,     
AMT (Ginnie Mae), 6.00%, 9/01/40  560  631,098 

 

    Par   
Municipal Bonds    (000)  Value 
Florida (concluded)       
Lexington Oaks Community District,       
Special Assessment Bonds, Series A,     
6.70%, 5/01/33  $ 1,075  $ 1,105,401 
Miami-Dade County IDA, RB, Waste       
Management Inc. Project, Series 1,     
Mandatory Put Bonds, AMT, 7.00%,     
12/01/18 (d)    2,000  2,016,340 
Orange County School Board, COP,       
Series A (AGC), 5.50%, 8/01/34    11,100  12,112,542 
Orlando Urban Community Development     
District Florida, Special Assessment     
Bonds, Capital Improvement, Series A,     
6.95%, 5/01/11 (a)    930  967,972 
Panther Trace II Community       
Development District, Special       
Assessment Bonds, Special       
Assessment, 5.13%, 11/01/13    8,645  7,629,558 
Santa Rosa County School Board, COP,     
Refunding, Series 2 (NPFGC), 5.25%,     
2/01/26    2,000  2,141,760 
Sarasota County Public Hospital District,     
RB, Sarasota Memorial Hospital       
Project, Series A, 5.63%, 7/01/39    14,570  15,419,722 
St. Lucie West Services District,       
Refunding RB, Senior Lien (NPFGC),     
6.00%, 10/01/22    2,000  2,047,280 
Sterling Hill Community Development     
District, Special Assessment Bonds,     
Refunding, Series B, 5.50%,       
11/01/10    165  127,050 
Tern Bay Community Development       
District, Special Assessment Bonds,     
Refunding, Series B, 5.00%,       
5/01/15 (b)(c)    1,190  357,119 
Watergrass Community Development     
District, Special Assessment Bonds,     
Series B:       
4.88%, 11/01/10    2,415  1,954,701 
5.13%, 11/01/14    1,000  600,070 
      195,211,955 
Georgia — 1.8%       
City of Atlanta Georgia, RB, General,       
Series B, AMT (NPFGC), 5.63%,       
1/01/30    20,000  20,136,000 
DeKalb County Hospital Authority       
Georgia, RB, DeKalb Medical Center     
Inc. Project, 6.13%, 9/01/40    3,535  3,652,857 
Fulton County Residential Care Facilities     
for the Elderly Authority, Refunding     
RB, Canterbury Court Project, Series A,     
6.00%, 2/15/22    2,250  2,215,260 
Municipal Electric Authority of Georgia,     
Refunding RB, Project One,       
Sub-Series D, 6.00%, 1/01/23    10,000  11,691,400 
Richmond County Development       
Authority, RB, Recovery Zone Facility,     
International Paper Co., Series B,       
6.25%, 11/01/33    3,625  3,898,180 

 

BLACKROCK MUNICIPAL BOND FUND, INC

SEPTEMBER 30, 2010 3


Schedule of Investments(continued)

BlackRock National Municipal Fund
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Georgia (concluded)       
Rockdale County Development Authority,     
RB, Visy Paper Project, Series A, AMT,     
6.13%, 1/01/34  $ 5,000  $ 4,814,350 
      46,408,047 
Illinois — 7.6%       
Bolingbrook Special Service Area No. 1,     
Special Tax Bonds, Forest City Project,     
5.90%, 3/01/27    1,000  849,440 
Chicago Transit Authority, RB, Federal     
Transit Administration Section 5309,     
Series A (AGC), 6.00%, 6/01/26    12,425  14,692,314 
City of Chicago Illinois, ARB, General,       
Third Lien, Series B-2, AMT (Syncora),     
6.00%, 1/01/29    55,000  57,822,600 
City of Chicago Illinois, RB, Series A, AMT     
(Ginnie Mae), 7.15%, 9/01/31    145  148,860 
City of Chicago Illinois, Refunding RB,     
Second Lien, 5.25%, 11/01/38    12,870  13,787,888 
City of Chicago Illinois, Special       
Assessment Bonds, Lake Shore East,     
6.75%, 12/01/32    2,000  1,974,860 
Illinois Finance Authority, RB:       
Advocate Health Care Network,       
Series D, 6.50%, 11/01/38    5,700  6,498,456 
Community Rehabilitation Providers     
Facilities, Series A, 6.50%, 7/01/22  3,140  3,147,850 
Roosevelt University Project, 6.50%,     
4/01/39    8,300  8,955,285 
Rush University Medical Center       
Obligation Group, Series A, 7.25%,     
11/01/30    6,900  8,036,568 
Rush University Medical Center       
Obligation Group, Series B, 7.25%,     
11/01/30    5,280  6,149,722 
Rush University Medical Center,       
Series C, 6.38%, 11/01/29    2,860  3,152,635 
University of Chicago, Series B,       
6.25%, 7/01/38    20,000  23,645,400 
Illinois Finance Authority, Refunding RB,     
Series A:       
Northwestern Memorial Hospital,     
6.00%, 8/15/39    9,400  10,516,626 
OSF Healthcare System, 7.00%,       
11/15/27    3,335  3,581,890 
OSF Healthcare System, 7.13%,       
11/15/35    1,790  1,919,041 
OSF Healthcare System, 6.00%,       
5/15/39    6,000  6,368,820 
State of Illinois, GO, First Series (NPFGC)     
(a):       
5.75%, 12/01/10    8,890  8,972,321 
5.75%, 12/01/10    3,745  3,779,679 
5.75%, 12/01/10    4,000  4,037,040 
Village of Hodgkins Illinois, RB, MBM       
Project, AMT, 6.00%, 11/01/23    10,000  10,008,500 
Village of Wheeling Illinois, Tax Allocation     
Bonds, North Milwaukee/Lake-Cook     
TIF Project, 6.00%, 1/01/25    1,540  1,462,107 
      199,507,902 

 

  Par   
Municipal Bonds  (000)  Value 
Indiana — 4.1%     
Indiana Finance Authority, RB, Trinity     
Health, Series A, 5.63%, 12/01/38   $ 10,000  $ 10,939,100 
Indiana Finance Authority, Refunding     
RB:     
Duke Energy Indiana Project,     
Series B, 6.00%, 8/01/39,  8,335  9,302,027 
U.S. Steel Corp., 6.00%, 12/01/26  10,500  11,100,915 
Indiana Municipal Power Agency, RB,     
Series B, 6.00%, 1/01/39  10,500  11,635,995 
Indianapolis Local Public Improvement     
Bond Bank, Refunding RB:     
PILOT, Infrastructure Project,     
Series F (AGM), 5.00%, 1/01/35  23,550  25,223,227 
Waterworks Project, Series A (AGC),     
5.50%, 1/01/38  34,125  37,867,830 
    106,069,094 
Kansas — 0.1%     
City of Wichita Kansas, Refunding RB,     
Facilities, Series III, 6.25%, 11/15/19  2,500  2,598,275 
Sedgwick & Shawnee Counties Kansas,     
RB, Mortgage-Backed Securities,     
Series A1, AMT (Ginnie Mae), 6.95%,     
6/01/29  755  804,234 
    3,402,509 
Kentucky — 1.1%     
County of Owen Kentucky, RB, Kentucky-     
American Water Co. Project, Series A,     
5.38%, 6/01/40  8,335  8,616,973 
Kentucky Economic Development     
Finance Authority, RB, Louisville     
Arena, Sub-Series A-1 (AGC), 6.00%,     
12/01/42  2,500  2,717,300 
Kentucky Economic Development     
Finance Authority, Refunding RB,     
Owensboro Medical Health System,     
Series A, 6.38%, 6/01/40  5,000  5,331,950 
Louisville/Jefferson County Metropolitan     
Government, Refunding RB, Jewish     
Hospital & St. Mary's HealthCare,     
6.13%, 2/01/37  11,465  12,262,620 
    28,928,843 
Louisiana — 0.9%     
Louisiana HFA, RB, S/F, Series D-2, AMT     
(Ginnie Mae), 5.80%, 6/01/20  190  198,742 
Louisiana Local Government     
Environmental Facilities & Community     
Development Authority, RB, Westlake     
Chemical Corp.:     
Projects, 6.75%, 11/01/32  3,500  3,685,955 
Series A, 6.50%, 8/01/29  6,665  7,000,116 
Louisiana Public Facilities Authority,     
Refunding RB, Entergy Louisiana, LLC     
Project, 5.00%, 6/01/30 (e)  12,500  12,584,000 
    23,468,813 

 

4 BLACKROCK MUNICIPAL BOND FUND, INC

SEPTEMBER 30, 2010


Schedule of Investments(continued)

BlackRock National Municipal Fund
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Maryland — 0.2%       
Maryland Community Development       
Administration, HRB, Series B, AMT,     
6.15%, 1/01/21  $ 730  $ 731,139 
Maryland Community Development       
Administration, RB, Waters Landing II     
Apartments, Series A, Mandatory Put     
Bonds, AMT, 5.88%, 8/01/33 (d)    1,000  1,012,950 
Maryland EDC, RB:       
Term Project, Series B, 5.75%,       
6/01/35    1,500  1,571,250 
Transportation Facilities Project,       
Series A, 5.75%, 6/01/35    2,350  2,461,625 
      5,776,964 
Massachusetts — 0.6%       
Massachusetts HFA, RB, Series B,       
7.00%, 12/01/38    5,000  5,656,350 
Massachusetts Port Authority, Refunding     
RB, Series B, 5.00%, 7/01/40    10,000  10,766,900 
      16,423,250 
Michigan — 2.8%       
County of Wayne Michigan, GO, Building     
Improvement, Series A, 6.75%,       
11/01/39    2,190  2,368,485 
Eastern Michigan University, Refunding     
RB, General (AMBAC), 6.00%,       
6/01/24    415  420,665 
Flint Hospital Building Authority       
Michigan, Refunding RB, Hurley       
Medical Center, 6.00%, 7/01/20    2,635  2,643,300 
Kalamazoo Hospital Finance Authority,     
Refunding RB, Bronson Methodist       
Hospital, 5.50%, 5/15/36    14,565  14,913,832 
Michigan State Building Authority,       
Refunding RB, Facilities Program,       
Series I:       
6.00%, 10/15/38    10,875  12,073,642 
6.25%, 10/15/38    6,250  7,043,875 
Michigan State Hospital Finance       
Authority, Refunding RB:       
Henry Ford Health System, Series A,     
5.25%, 11/15/32    7,905  7,991,085 
Hospital, Henry Ford Health, 5.75%,     
11/15/39    5,430  5,648,449 
Royal Oak Hospital Finance Authority       
Michigan, Refunding RB:       
William Beaumont Hospital, 8.25%,     
9/01/39    15,195  18,379,872 
William Beaumont, Series W, 6.00%,     
8/01/39    2,640  2,749,930 
      74,233,135 
Minnesota — 1.1%       
City of Eden Prairie Minnesota, RB,       
Rolling Hills Project, Series A (Ginnie     
Mae), 6.15%, 8/20/31    1,000  1,061,770 
City of Minneapolis Minnesota,       
Refunding RB, Fairview Health       
Services:       
Series A, 6.75%, 11/15/32    4,800  5,510,256 

 

  Par   
Municipal Bonds  (000)  Value 
Minnesota (concluded)     
City of Minneapolis Minnesota,     
Refunding RB, Fairview Health     
Services (concluded):     
Series B (AGC), 6.50%, 11/15/38 $ 14,660  $ 16,829,387 
Minneapolis & St. Paul Metropolitan     
Airports Commission, RB,     
Sub-Series D, AMT (NPFGC):     
5.75%, 1/01/12  470  475,367 
5.75%, 1/01/14  470  474,691 
5.75%, 1/01/15  2,060  2,078,540 
Ramsey County Housing &     
Redevelopment Authority Minnesota,     
RB, Hanover Townhouses Project,     
AMT, 6.00%, 7/01/31  1,110  1,118,658 
    27,548,669 
Mississippi — 0.1%     
County of Warren Mississippi, Refunding     
RB, International Paper Co. Project,     
Series B, AMT, 6.75%, 8/01/21  1,700  1,719,142 
Missouri — 0.0%     
City of Fenton Missouri, Tax Allocation     
Bonds, Refunding, Gravois Bluffs     
Redevelopment Project, 5.00%,     
4/01/14  1,000  1,068,610 
Multi-State — 0.1%     
MuniMae TE Bond Subsidiary LLC,     
7.50%, 6/30/49 (f)(g)  1,894  1,742,418 
Nevada — 4.2%     
City of Las Vegas Nevada, GO, Limited     
Tax, Performing Arts Center, 6.00%,     
4/01/34  10,000  11,298,800 
City of Reno Nevada, Special     
Assessment Bonds, Somerset     
Parkway, 6.63%, 12/01/22  1,705  1,632,827 
Clark County Water Reclamation District,     
GO, Series B, 5.75%, 7/01/38  26,000  29,412,500 
County of Clark Nevada, RB, Series B:     
5.13%, 7/01/36  20,000  20,691,200 
5.75%, 7/01/42  37,400  40,608,546 
County of Clark Nevada, Special     
Assessment Bonds, Special     
Improvement District No. 142, Local     
Improvement, 6.38%, 8/01/23  1,450  1,426,800 
Nevada Housing Division, RB, Multi-Unit     
Housing, Series A, AMT (Freddie Mac),     
6.30%, 4/01/32  4,950  4,955,297 
    110,025,970 
New Hampshire — 0.1%     
New Hampshire Business Finance     
Authority, Refunding RB, Public     
Service Co. of New Hampshire Project,     
Series C (NPFGC), 5.45%, 5/01/21  2,000  2,107,180 
New Jersey — 0.9%     
New Jersey EDA, RB, Cedar Crest Village     
Inc. Facility, Series A, 7.25%,     
11/15/11 (a)  3,300  3,585,120 

 

BLACKROCK MUNICIPAL BOND FUND, INC

SEPTEMBER 30, 2010 5


Schedule of Investments(continued)

BlackRock National Municipal Fund
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
New Jersey (concluded)       
New Jersey EDA, Refunding RB, New       
Jersey American Water Co., Inc.       
Project, Series B, AMT, 5.60%,       
11/01/34  $ 8,000  $ 8,486,800 
New Jersey Educational Facilities       
Authority, Refunding RB, University of     
Medicine & Dentistry, Series B:       
7.13%, 12/01/23    1,870  2,237,268 
7.50%, 12/01/32    7,200  8,442,000 
New Jersey State Housing & Mortgage     
Finance Agency, Refunding RB,       
Series B (AGM), 6.25%, 11/01/26    640  640,966 
      23,392,154 
New Mexico — 0.1%       
County of Santa Fe New Mexico, RB       
(AGM), 6.00%, 2/01/27    250  303,675 
New Mexico Mortgage Finance Authority,     
RB, S/F Mortgage Program, Series D,     
AMT (Fannie Mae), 6.15%, 7/01/35  1,805  1,946,711 
      2,250,386 
New York — 5.1%       
City of New York New York, GO,       
Series E-1, 6.25%, 10/15/28    7,600  9,213,936 
Long Island Power Authority, Refunding     
RB, General, Series A, 6.00%,       
5/01/33    40,800  47,160,312 
Metropolitan Transportation Authority,     
RB:       
Series 2008C, 6.50%, 11/15/28  17,420  20,841,985 
Series A, 5.25%, 11/15/36    8,800  9,319,024 
New York City Housing Development       
Corp., RB, Series M:       
6.50%, 11/01/28    4,300  4,664,941 
6.88%, 11/01/38    5,700  6,190,200 
New York City Industrial Development     
Agency, RB, Special Needs Facilities     
Pooled Program, Series C-1, 6.00%,     
7/01/12    1,295  1,301,540 
New York State Dormitory Authority,       
ERB, Series B, 5.75%, 3/15/36    13,900  16,172,372 
New York State Dormitory Authority,       
Refunding RB, State University       
Educational Facilities, Series A,       
7.50%, 5/15/13    3,000  3,490,800 
Oneida County Industrial Development     
Agency New York, RB, Civic Facility,     
Faxton Hospital, Series C (Radian),       
6.63%, 1/01/15    2,285  2,314,454 
Port Authority of New York & New Jersey,     
Refunding RB, Consolidated, 152nd     
Series, AMT, 5.75%, 11/01/30    3,250  3,640,487 
Westchester County Industrial       
Development Agency New York, MRB,     
Kendal on Hudson Project, Series A,     
6.50%, 1/01/13 (a)    8,095  9,099,670 

 

  Par   
Municipal Bonds  (000)  Value 
New York (concluded)     
Westchester County Industrial     
Development Agency New York, RB,     
Special Needs Facilities Pooled     
Program, Series E-1, 6.00%, 7/01/12 $  300  $ 301,515 
    133,711,236 
North Carolina — 0.5%     
Columbus County Industrial Facilities &     
Pollution Control Financing Authority     
North Carolina, RB, International     
Paper Co. Projects, Series B, 6.25%,     
11/01/33  3,000  3,226,080 
North Carolina HFA, RB, Homeownership     
Ownership, Series 9A, AMT, 5.80%,     
1/01/20  3,130  3,274,011 
North Carolina Medical Care     
Commission, RB, First Mortgage (a):     
Forest at Duke Project, 6.38%,     
9/01/12  1,000  1,105,570 
Givens Estates Project, Series A,     
6.50%, 7/01/13  2,500  2,911,625 
Presbyterian Homes Project, 6.88%,     
10/01/10  2,500  2,525,450 
    13,042,736 
Ohio — 3.2%     
County of Allen Ohio, Refunding RB,     
Catholic Healthcare, Series B, 5.25%,     
9/01/27  14,345  15,825,547 
County of Montgomery Ohio, Refunding     
RB, Catholic Healthcare, Series A,     
5.50%, 5/01/34  21,850  23,994,578 
Ohio Air Quality Development Authority,     
Refunding RB, Ohio Power Co. Galvin     
Project, Series A, Mandatory Put     
Bonds, AMT, 2.88%, 12/01/27 (d)  8,000  8,003,600 
Ohio HFA, Refunding RB, Residential     
Mortgage Backed, Series C, AMT     
(Ginnie Mae), 5.90%, 9/01/35  420  429,815 
Ohio State Water Development     
Authority, Refunding RB, FirstEnergy     
Nuclear Generation Corp. Project,     
Series A, Mandatory Put Bonds, (d):     
5.88%, 6/01/33  8,300  9,279,483 
3.38%, 7/01/33 (e)  25,000  24,939,250 
    82,472,273 
Oregon — 0.00%     
City of Portland Oregon, HRB, Lovejoy     
Station Apartments Project, AMT     
(NPFGC), 5.90%, 7/01/23  500  500,605 
Pennsylvania — 3.8%     
Cumberland County Municipal Authority,     
RB, Diakon Lutheran, 6.38%, 1/01/39  8,975  9,519,962 
Cumberland County Municipal Authority,     
Refunding RB, Diakon Lutheran,     
6.50%, 1/01/39  2,245  2,314,169 

 

6 BLACKROCK MUNICIPAL BOND FUND, INC

SEPTEMBER 30, 2010


Schedule of Investments(continued)

BlackRock National Municipal Fund
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Pennsylvania (concluded)       
Dauphin County General Authority,       
Refunding RB, Pinnacle Health System     
Project, Series A:       
6.00%, 6/01/29  $ 7,400  $ 8,017,678 
6.00%, 6/01/36    2,775  2,956,013 
Delaware County IDA Pennsylvania,       
Refunding RB, Resource Recovery       
Facility, Series A, 6.10%, 7/01/13    5,255  5,261,464 
Delaware River Port Authority, RB, Series     
D, 5.00%, 1/01/35    10,000  10,552,500 
Lancaster County Hospital Authority, RB,     
Brethren Village Project, Series A:       
6.25%, 7/01/26    1,160  1,181,564 
6.50%, 7/01/40    2,500  2,505,075 
Pennsylvania Economic Development     
Financing Authority, RB:       
Allegheny Energy Supply Co., 7.00%,     
7/15/39    10,000  11,430,700 
American Water Co. Project, 6.20%,     
4/01/39    2,475  2,738,241 
Aqua Pennsylvania Inc. Project,       
5.00%, 11/15/40    10,000  10,523,300 
Pennsylvania HFA, Refunding RB, S/F     
Mortgage, Series 62A, AMT, 5.45%,     
10/01/29    3,000  3,002,100 
Pennsylvania Turnpike Commission, RB,     
Sub-Series B-1, 5.00%, 12/01/37    24,915  25,878,961 
Philadelphia Authority for Industrial       
Development, RB, Commercial       
Development, AMT, 7.75%, 12/01/17  1,265  1,266,683 
Sayre Health Care Facilities Authority,     
Refunding RB, Guthrie Health, Series     
A, 5.88%, 12/01/31    1,085  1,108,414 
      98,256,824 
Puerto Rico — 2.9%       
Commonwealth of Puerto Rico, GO,       
Refunding, Public improvement,       
Series B, 6.50%, 7/01/37    15,000  16,872,000 
Puerto Rico Industrial Tourist       
Educational Medical & Environmental     
Control Facilities Financing Authority,     
RB, Hospital De La Concepcion, Series     
A, 6.13%, 11/15/25    4,000  4,061,680 
Puerto Rico Sales Tax Financing Corp.,     
RB, First Sub-Series A, 6.50%,       
8/01/44    20,000  22,935,400 
Puerto Rico Sales Tax Financing Corp.,     
Refunding RB, First Sub-Series C:       
5.38%, 8/01/38    14,105  14,972,599 
6.00%, 8/01/39    15,800  17,639,278 
      76,480,957 
Rhode Island — 0.8%       
Rhode Island Health & Educational       
Building Corp., RB, Hospital Financing,     
LifeSpan Obligation,       
Series A (AGC), 7.00%, 5/15/39    6,250  7,388,687 

 

    Par   
Municipal Bonds    (000)  Value 
Rhode Island (concluded)       
Rhode Island Health & Educational       
Building Corp., Refunding RB, Public     
Schools Financing Program, Series E     
(AGC), 6.00%, 5/15/29  $ 11,070  $ 12,584,487 
      19,973,174 
South Carolina — 0.3%       
Medical University Hospital Authority,     
Refunding RB, Series A (a):       
6.38%, 8/15/12    5,400  5,989,788 
6.50%, 8/15/12    2,450  2,723,298 
      8,713,086 
Tennessee — 0.7%       
Chattanooga IDB Tennessee, RB       
(AMBAC):       
5.75%, 10/01/17    4,485  4,485,673 
5.75%, 10/01/18    3,740  3,740,561 
Memphis-Shelby County Airport       
Authority, RB, AMT:       
Series B, 5.75%, 7/01/25    2,000  2,175,680 
Series D (AMBAC), 6.00%, 3/01/24  715  721,699 
Shelby County Health Educational &       
Housing Facilities Board, Refunding     
RB, Methodist Healthcare (a):       
6.50%, 9/01/12    2,920  3,253,814 
6.50%, 9/01/12    4,380  4,880,722 
      19,258,149 
Texas — 12.3%       
Austin Texas Convention Enterprises       
Inc., RB, First Tier, Series A (a):       
6.60%, 1/01/11    5,300  5,384,535 
6.70%, 1/01/11    2,300  2,337,283 
Bexar County Health Facilities       
Development Corp. Texas, Refunding     
RB, Army Retirement Residence       
Project, 6.30%, 7/01/12 (a)    1,750  1,929,865 
Brazos River Authority, Refunding RB,     
TXU Electric Co. Project, Series C,       
Mandatory Put Bonds, AMT, 5.75%,     
5/01/36 (d)    13,000  12,382,500 
Brazos River Harbor Navigation District,     
Refunding RB, Dow Chemical Co.       
Project, Series A7, AMT, 6.63%,       
5/15/33    6,865  7,055,504 
Central Texas Housing Finance Corp.,     
RB, AMT (Ginnie Mae), 8.20%,       
6/28/17    105  109,593 
City of Brownsville Texas, Refunding RB,     
Series A (AMBAC), 5.00%, 9/01/31  20,000  21,039,600 
City of Dallas Texas, Refunding RB,       
5.00%, 10/01/35    5,025  5,474,838 
City of Houston Texas, RB, Subordinate     
Lien, Series A, AMT (AGM), 5.63%,       
7/01/30    1,150  1,150,724 
City of Houston Texas, Refunding RB,     
Combined, First Lien, Series A (AGC):     
6.00%, 11/15/35    23,900  28,003,391 
5.38%, 11/15/38    26,160  29,022,689 
County of Montgomery Texas, GO, Series     
08-B, 5.13%, 3/01/31    5,000  5,477,150 

 

BLACKROCK MUNICIPAL BOND FUND, INC

SEPTEMBER 30, 2010 7


Schedule of Investments(continued)

BlackRock National Municipal Fund
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Texas (concluded)       
Dallas-Fort Worth International Airport     
Facilities Improvement Corp., RB,       
Series A, AMT (NPFGC), 6.00%,       
11/01/24  $ 30,000  $ 30,058,800 
Gregg County Health Facilities       
Development Corp. Texas, RB, Good     
Shepherd Medical Center Project       
(Radian) (a):       
6.38%, 10/01/10    3,500  3,535,560 
6.88%, 10/01/10    1,000  1,010,180 
Gulf Coast Waste Disposal Authority,       
Refunding RB, Series A, AMT, 6.10%,     
8/01/24    4,025  4,085,214 
Harris County Cultural Education       
Facilities Finance Corp., Refunding RB,     
St. Luke's, 5.63%, 2/15/25    10,000  11,131,200 
Harris County Health Facilities       
Development Corp., Refunding RB,       
Memorial Hermann Healthcare       
System, Series B, 7.25%, 12/01/35  3,900  4,504,890 
La Vernia Higher Education Finance       
Corp., RB, KIPP Inc., 6.25%, 8/15/39  1,000  1,045,610 
Matagorda County Navigation District     
No. 1 Texas, Refunding RB, Central     
Power & Light Co. Project, Series A,     
6.30%, 11/01/29    7,300  8,109,716 
North Texas Tollway Authority, RB, Toll,     
2nd Tier, Series F, 6.13%, 1/01/31  16,825  18,212,558 
Port of Bay City Authority Texas, RB,       
Hoechst Celanese Corp. Project, AMT,     
6.50%, 5/01/26    7,495  7,495,000 
Southeast Texas Housing Finance Corp.,     
RB, Series B, AMT (Ginnie Mae),       
8.50%, 11/01/25    15  15,280 
State of Texas, GO, Transportation       
Commission, Mobility Fund, 5.00%,     
4/01/37    10,000  10,656,000 
Tarrant County Cultural Education       
Facilities Finance Corp., RB, Scott &     
White Healthcare, 6.00%, 8/15/45  40,000  43,020,400 
Tarrant County Cultural Education       
Facilities Finance Corp., Refunding RB,     
Northwest Senior Housing, Edgemere     
Project, Series A, 6.00%, 11/15/26  2,200  2,257,530 
Texas Private Activity Bond Surface       
Transportation Corp., RB, Senior Lien:     
LBJ Infrastructure Group LLC, LBJ     
Freeway Managed Lanes Project,     
7.00%, 6/30/40    20,000  21,843,600 
NTE Mobility Partners LLC, North       
Tarrant Express Managed Lanes       
Project, 6.88%, 12/31/39    20,350  22,417,153 
Texas State University Systems, RB,       
Series A, 5.00%, 3/15/35    10,685  11,598,247 
      320,364,610 
Washington — 1.6%       
Port of Seattle Washington, Refunding     
RB, Intermediate Lien, Series B,       
5.00%, 6/01/40    20,075  21,111,071 

 

  Par   
Municipal Bonds  (000)  Value 
Washington (concluded)     
Port of Tacoma Washington, RB, AMT     
(NPFGC), 5.00%, 12/01/35  $ 2,020  $ 2,016,990 
Seattle Housing Authority Washington,     
HRB, Replacement Housing Projects,     
6.13%, 12/01/32  4,445  4,352,277 
Seattle Housing Authority Washington,     
RB, Newholly Project, AMT, 6.25%,     
12/01/35  2,750  2,468,455 
Washington Health Care Facilities     
Authority, Refunding RB, Catholic     
Health Initiatives, Series D, 6.38%,     
10/01/36  10,000  11,349,000 
    41,297,793 
Wisconsin — 1.5%     
State of Wisconsin, Refunding RB,     
Series A, 6.00%, 5/01/36  12,500  14,359,875 
Wisconsin Health & Educational     
Facilities Authority, RB:     
Health Facilities, SSM Health Care,     
Series A, 5.25%, 6/01/34  8,335  8,914,699 
SynergyHealth Inc., 6.00%,     
11/15/23  5,240  5,497,965 
Wisconsin Health & Educational     
Facilities Authority, Refunding RB,     
Froedtert & Community Health Inc.,     
5.25%, 4/01/39  10,000  10,561,200 
Wisconsin Housing & EDA, RB, Series C,     
AMT, 6.00%, 9/01/36  440  459,171 
    39,792,910 
Wyoming — 0.4%     
County of Sweetwater Wyoming,     
Refunding RB, Idaho Power Co.     
Project, 5.25%, 7/15/26  10,000  10,895,900 
Total Municipal Bonds – 84.4%    2,203,533,806 
Municipal Bonds Transferred to Tender     
Option Bond Trusts (h)     
Arizona — 1.5%     
Salt River Project Agricultural     
Improvement & Power District, RB,     
Series A:     
5.00%, 1/01/37  13,217  13,952,249 
5.00%, 1/01/38  10,000  10,682,000 
Salt River Project Agricultural     
Improvement & Power District,     
Refunding RB, Salt River Project,     
Series A, 5.00%, 1/01/35  13,700  14,482,133 
    39,116,382 
Arkansas — 0.9%     
University of Arkansas, RB, Various     
Facilities, UAMS Campus (NPFGC),     
5.00%, 3/01/36  21,290  22,285,734 
California — 5.1%     
Anaheim Public Financing Authority, RB,     
Distribution System, Second Lien     
(BHAC), 5.00%, 10/01/34  10,995  11,365,035 

 

8 BLACKROCK MUNICIPAL BOND FUND, INC

SEPTEMBER 30, 2010


Schedule of Investments(continued)

BlackRock National Municipal Fund
(Percentages shown are based on Net Assets)

Municipal Bonds Transferred to Tender  Par   
Option Bond Trusts (h)    (000)  Value 
California (concluded)       
Los Angeles Department of Airports,       
Refunding RB, Senior, Los Angeles       
International Airport, Series A, 5.00%,     
5/15/40  $ 19,510  $ 20,310,691 
Metropolitan Water District of Southern     
California, RB, Series A, 5.00%,       
1/01/39    10,000  10,798,600 
Metropolitan Water District of Southern     
California, Refunding RB:       
Series B, 5.00%, 7/01/35    9,998  10,626,400 
Series C, 5.00%, 7/01/35    13,375  14,570,164 
San Diego Community College District     
California, GO (AGM):       
Election of 2002, 5.00%, 5/01/30  20,000  21,454,400 
Election of 2006, 5.00%, 8/01/32  18,000  19,066,320 
San Francisco City & County Public       
Utilities Commission, Refunding RB,     
Series A, 5.13%, 11/01/39    23,000  24,939,590 
      133,131,200 
Indiana — 0.8%       
Indiana Finance Authority, RB, Sisters of     
St. Francis Health, 5.25%, 11/01/39  20,640  21,579,533 
Nebraska — 0.4%       
Omaha Public Power District, RB,       
Series A, 5.00%, 2/01/43    10,000  10,565,800 
New York — 1.2%       
New York State Environmental Facilities     
Corp., Refunding RB, Revolving Funds,     
New York City Municipal Water Project,     
Series K, 5.00%, 6/15/28    30,000  31,548,900 
Ohio — 0.8%       
County of Hamilton Ohio, Refunding RB,     
Sub-Series A (AGM), 5.00%, 12/01/32  20,000  21,262,600 
Pennsylvania — 0.8%       
Pennsylvania HFA, Refunding RB, Series     
105C, 5.00%, 10/01/39    19,470  20,179,292 
Texas — 2.2%       
City of Houston Texas, Refunding RB,     
Combined, First Lien, Series A       
(NPFGC), 5.13%, 5/15/28    20,000  21,108,400 
City of San Antonio Texas, Refunding RB:     
5.00%, 2/01/17 (a)    12,000  12,884,700 
5.00%, 2/01/32    12,000  12,884,700 
Dallas Area Rapid Transit, Refunding RB,     
Senior Lien (AMBAC), 5.00%,       
12/01/36    10,535  11,171,720 
      58,049,520 
Total Municipal Bonds Transferred to     
Tender Option Bond Trusts – 13.7%      357,718,961 
Total Long-Term Investments       
(Cost – $2,418,252,314) – 98.1%      2,561,252,767 

 

Short-Term Securities  Shares  Value 
FFI Institutional Tax-Exempt Fund,     
0.20% (i)(j)  223,021,247  $ 223,021,247 
Total Short-Term Securities     
(Cost – $223,021,247) – 8.6%    223,021,247 
Total Investments     
(Cost – $2,641,273,561*) – 106.7%    2,784,274,014 
Liabilities in Excess of Other Assets – (0.2)%  (5,543,801) 
Liability for Trust Certificates, Including Interest   
Expense and Fees Payable – (6.5)%    (168,992,730) 
Net Assets – 100.0%    $ 2,609,737,483 

 

________________________________________________________________________________________________________________________________________________________________________________________________________________________
* The cost and unrealized appreciation (depreciation) of investments as of
September 30, 2010, as computed for federal income tax purposes, were
as follows:

Aggregate cost $ 2,472,366,788 
Gross unrealized appreciation $ 154,602,999 
Gross unrealized depreciation $ (11,550,414) 
Net unrealized appreciation   143,052,585 

 

(a) US government securities, held in escrow, are used to pay interest on this
security as well as to retire the bond in full at the date indicated, typically
at a premium to par.
(b) Issuer filed for bankruptcy and/or is in default of interest payments.
(c) Non-income producing security.
(d) Variable rate security. Rate shown is as of report date.
(e) When-issued security. Unsettled when-issued transactions were as
follows:

    Unrealized 
    Appreciation 
Counterparty  Value  (Depreciation) 
Morgan Stanley Capital Services Inc.  $ 12,584,000   $ 84,000 
Morgan Stanley Capital Services Inc.  $ 24,939,250   $ (60,750) 

 

(f) Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(g) Security represents a beneficial interest in a trust. The collateral
deposited into the trust is federally tax-exempt revenue bonds issued by
various state or local governments, or their respective agencies or
authorities. The security is subject to remarketing prior to its stated
maturity.
(h) 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.
(i) Represents the current yield as of report date.
(j) Investments in companies considered to be an affiliate of the Fund
during the period, for purposes of Section 2(a)(3) of the Investment
Company Act of 1940, as amended, were as follows:

  Shares Held at    Shares Held at   
  June    September   
Affiliate  30, 2010  Net Activity  30, 2010  Income 
FFI Institutional         
Tax-Exempt         
Fund  115,316,742  107,704,505  223,021,247  $ 84,250 

 

BLACKROCK MUNICIPAL BOND FUND, INC

SEPTEMBER 30, 2010 9


Schedule of Investments(concluded)

BlackRock National Municipal Fund

•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
assets and liabilities

•Level 2 — other observable inputs (including, but not limited to: quoted
prices for similar assets or liabilities in markets that are active, quoted
prices for identical or similar assets or liabilities in markets that are not
active, inputs other than quoted prices that are observable for the assets
or liabilities (such as interest rates, yield curves, volatilities, prepayment
speeds, loss severities, credit risks and default rates) or other market-
corroborated inputs)

•Level 3 — unobservable inputs based on the best information available in
the circumstances, to the extent observable inputs are not available
(including the Fund's own assumptions used in determining the fair value
of investments)

The inputs or methodologies used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. For
information about the Fund's policy regarding valuation of investments and
other significant accounting policies, please refer to the Fund’s most recent
financial statements as contained in its annual report.

The following table summarizes the inputs used as of September 30, 2010 in
determining the fair valuation of the Fund's investments:

Valuation Inputs  Level 1  Level 2  Level 3  Total       
Assets:             
Investments in Securities:           
Long-Term             
Investments1  —                  $ 2,561,252,767                  —  $ 2,561,252,767 
Short-Term             
Securities  $ 223,021,247    —   —    223,021,247   
Total  $ 223,021,247        $ 2,561,252,767                 —  $ 2,784,274,014 

 

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

10 BLACKROCK MUNICIPAL BOND FUND, INC

SEPTEMBER 30, 2010


Schedule of Investments September 30, 2010 (Unaudited)

BlackRock Short-Term Municipal Fund
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Alaska — 0.8%       
City of Anchorage Alaska, GO,       
Refunding, Series B (NPFGC), 5.50%,     
7/01/11  $ 8,885  $ 9,232,759 
Arizona — 1.0%       
Arizona State Transportation Board, RB,     
Maricopa County Regional Area Road,     
5.00%, 7/01/12    3,250  3,502,492 
Salt River Project Agricultural       
Improvement & Power District,       
Refunding RB, Salt River Project,       
Series A, 5.00%, 1/01/12    3,160  3,338,161 
Yavapai County IDA, RB, Waste       
Management Inc. Project, Series A,     
Mandatory Put Bonds, AMT, 2.88%,     
3/01/28 (a)    5,000  5,012,850 
      11,853,503 
California — 6.1%       
California Infrastructure & Economic       
Development Bank, Refunding RB,     
J. Paul, Series A-4, Mandatory Put       
Bonds, 1.65%, 10/01/47 (a)    5,500  5,531,460 
California Municipal Finance Authority,     
RB, Waste Management Inc. Project,     
Series A, Mandatory Put Bonds,       
1.63%, 2/01/19 (a)    7,000  6,995,380 
California Pollution Control Financing     
Authority, Refunding RB, USA Waste     
Services Inc., Series A, Mandatory Put     
Bonds, AMT, 2.00%, 6/18/18 (a)    13,520  13,546,364 
California State Department of Water     
Resources, Refunding RB, Series L,     
5.00%, 5/01/12    10,000  10,695,100 
California Statewide Communities       
Development Authority, RB, Kaiser     
Permanente, Series A:       
5.00%, 4/01/13    5,000  5,442,450 
5.00%, 4/01/14    1,000  1,111,580 
City & County of San Francisco       
California, GO, Refunding, Series       
2008-R1, 5.00%, 6/15/11    5,000  5,166,500 
City of Long Beach California, Refunding     
RB, Series B, AMT (NPFGC), 5.50%,     
5/15/14    5,215  5,923,301 

 

    Par   
Municipal Bonds    (000)  Value 
California (concluded)       
State of California, GO, Refunding,       
5.00%, 5/01/13  $ 4,235  $ 4,646,600 
State of California, GO, Various Purpose:     
5.00%, 3/01/12    2,420  2,561,159 
5.00%, 3/01/13    6,885  7,514,564 
      69,134,458 
Colorado — 0.9%       
Adams 12 Five Star Schools, GO,       
Refunding, Series A (AGM), 5.00%,     
12/15/11    4,190  4,423,341 
Colorado Health Facilities Authority,       
Refunding RB, Catholic Healthcare,     
Series B, Mandatory Put Bonds,       
5.00%, 7/01/39 (a)    5,000  5,396,450 
      9,819,791 
Connecticut — 4.1%       
Connecticut Municipal Electric Energy     
Cooperative, Refunding RB, Series A     
(AGC), 5.00%, 1/01/14    2,115  2,383,605 
Connecticut State Development       
Authority, RB, Connecticut Light &       
Power, Series A, Mandatory Put       
Bonds, AMT, 1.40%, 4/01/10 (a)    7,600  7,603,192 
State of Connecticut, GO:       
BAN, Series B, 4.00%, 6/01/11    15,185  15,557,792 
Economic Recovery, Series A,       
5.00%, 1/01/13    11,500  12,611,360 
Economic Recovery, Series A,       
5.00%, 1/01/14    7,280  8,237,101 
      46,393,050 
Delaware — 2.3%       
State of Delaware, GO, Refunding:       
5.00%, 3/01/11    10,000  10,198,600 
Series 2009C, 5.00%, 10/01/13  7,700  8,699,383 
University of Delaware, RB, Series A,       
Mandatory Put Bonds, 2.00%,       
11/01/37 (a)    4,000  4,028,120 
University of Delaware, Refunding RB,     
Series B, 2.00%, 11/01/10    3,375  3,380,062 
      26,306,165 

 

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated
according to the following list:

AGC  Assured Guaranty Corp.  IDA  Industrial Development Authority 
AGM  Assured Guaranty Municipal Corp.  ISD  Independent School District 
AMBAC  American Municipal Bond Assurance Corp.  NPFGC  National Public Finance Guarantee Corp. 
AMT  Alternative Minimum Tax (subject to)  PSF-GTD  Permanent School Fund Guaranteed 
BAN  Bond Anticipation Notes  PCRB  Pollution Control Revenue Bonds 
COP  Certificates of Participation  RB  Revenue Bonds 
ERS  Extendible Reset Securities  SAN  State Aid Notes 
FGIC  Financial Guaranty Insurance Co.  TRAN  Tax Revenue Anticipation Notes 
GO  General Obligation Bonds  VRDN  Variable Rate Demand Notes 

 

BLACKROCK MUNICIPAL BOND FUND, INC.

SEPTEMBER 30, 2010 1


Schedule of Investments(continued)

BlackRock Short-Term Municipal Fund
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
District of Columbia — 0.4%       
Metropolitan Washington Airports       
Authority, Refunding RB, Series A,       
AMT (AMBAC), 5.00%, 10/01/10  $ 4,665  $ 4,665,560 
Florida — 4.8%       
County of Escambia Florida, Refunding     
RB, Gulf Power Co. Project, First       
Series, Mandatory Put Bonds, 2.00%,     
4/01/39 (a)    9,000  9,067,410 
Florida State Board of Education, GO,     
Refunding:       
Cap Outlay, Series D, 5.00%,       
6/01/11    7,445  7,669,244 
Public Education, Series C, 5.00%,     
6/01/12    5,000  5,360,700 
Public Education, Series G (NPFGC),     
5.25%, 6/01/11    5,600  5,782,616 
Florida State Department of       
Environmental Protection, RB, Florida     
Forever, Series A, 5.00%, 7/01/13  4,675  5,178,731 
Florida State Department of       
Environmental Protection, Refunding     
RB, Series C, 4.00%, 7/01/12    8,500  8,964,015 
Florida State Department of       
Transportation, Refunding RB,       
Department of Transportation,       
Series A, 5.00%, 7/01/12    4,575  4,921,236 
Jacksonville Electric Authority Florida,     
RB, Issue Three, Series One, 4.00%,     
10/01/11    2,320  2,401,710 
Jacksonville Electric Authority Florida,     
Refunding RB, Issue Two, 17th Series,     
5.25%, 10/01/12    5,000  5,229,100 
      54,574,762 
Georgia — 3.3%       
Burke County Development Authority,     
Refunding RB, Georgia Power Co.       
Plant Vogtle Project, Mandatory Put     
Bonds, 5.05%, 11/01/48 (a)    6,000  6,290,220 
Henry County School District, GO,       
Series A, 5.00%, 4/01/11    15,000  15,355,500 
Private Colleges & Universities       
Authority, Refunding RB, Emory       
University, Series A, 5.25%, 9/01/11  10,280  10,746,506 
State of Georgia, GO, Series G, 4.00%,     
11/01/11    5,000  5,201,150 
      37,593,376 
Hawaii — 0.4%       
State of Hawaii, GO, Series CU (NPFGC),     
5.55%, 10/01/10 (b)    100  100,015 
State of Hawaii, Refunding RB, Series B,     
AMT, 5.00%, 7/01/13    4,000  4,355,120 
      4,455,135 
Illinois — 1.7%       
Illinois Finance Authority, RB, University     
of Chicago, Series B, 5.00%, 7/01/13  2,000  2,232,300 
Illinois Finance Authority, Refunding RB     
University of Chicago, Series A,       
5.25%, 7/01/11 (b)    5,000  5,236,200 

 

    Par   
Municipal Bonds    (000)  Value 
Illinois (concluded)       
Illinois Finance Authority, Refunding RB     
University of Chicago, Series B-1,     
Mandatory Put Bonds, 1.13%,       
7/01/36 (a)  $ 6,000  $ 6,018,060 
State of Illinois, GO, First Series       
(NPFGC):       
5.25%, 2/01/11    1,000  1,013,510 
5.13%, 10/01/12    5,000  5,330,400 
      19,830,470 
Indiana — 0.5%       
Indiana Finance Authority, RB Ascension     
Health Credit Group, Mandatory Put     
Bonds (a):       
Series A1, 3.63%, 11/15/36    4,135  4,243,875 
Series A3, 5.00%, 11/01/27    1,000  1,034,150 
      5,278,025 
Iowa — 0.3%       
Iowa Higher Education Loan Authority,     
RB, Private College Facility:       
4.00%, 12/01/12    1,500  1,611,810 
4.00%, 12/01/13    1,150  1,267,220 
      2,879,030 
Kansas — 0.5%       
Kansas State Department of       
Transportation, Refunding RB,       
Series A, 5.00%, 9/01/12    5,000  5,432,900 
Kentucky — 0.4%       
Kentucky Economic Development       
Finance Authority, Refunding RB,       
Baptist Healthcare System, Series A,     
5.00%, 8/15/12    2,650  2,830,121 
Kentucky State Property & Buildings       
Commission, Refunding RB, Project     
No. 87 (NPFGC), 5.00%, 3/01/12    2,000  2,120,900 
      4,951,021 
Louisiana — 1.4%       
Louisiana Offshore Terminal Authority,     
RB, Loop LLC Project, Series B-1,       
Mandatory Put Bonds, 1.88%,       
10/01/40 (a)    3,250  3,246,230 
State of Louisiana, GO, Refunding,       
Series B, 5.00%, 4/15/12    4,220  4,509,492 
State of Louisiana, GO, Series A, 5.00%,     
5/01/13    7,075  7,852,684 
      15,608,406 
Maine — 0.7%       
Maine Municipal Bond Bank, RB,       
Series D, 5.00%, 11/01/12    1,460  1,597,225 
Maine Municipal Bond Bank, Refunding     
RB, Series F, 4.00%, 11/01/11    6,000  6,241,680 
      7,838,905 
Maryland — 1.8%       
County of Baltimore Maryland, GO,       
Refunding, Metropolitan District,       
4.00%, 8/01/11    2,525  2,604,613 

 

2 BLACKROCK MUNICIPAL BOND FUND, INC.

SEPTEMBER 30, 2010


Schedule of Investments(continued)

BlackRock Short-Term Municipal Fund
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Maryland (concluded)       
State of Maryland, GO, Refunding, State     
and Local Facilities Loan, First       
Series B, 5.25%, 2/15/12  $ 8,980  $ 9,576,991 
State of Maryland, GO, State & Local     
Facilities Loan, 2nd Series, 5.00%,     
7/15/11    3,815  3,957,528 
University System of Maryland,       
Refunding RB, Auxiliary Facility &       
Tuition, Series C, 4.00%, 10/01/11  4,695  4,869,278 
      21,008,410 
Massachusetts — 2.9%       
Commonwealth of Massachusetts, GO,     
Consolidated Loan, Series A, 5.00%,     
8/01/12    1,180  1,277,102 
Commonwealth of Massachusetts, GO,     
Refunding, Consolidated Loan,       
Series D (NPFGC), 6.00%, 11/01/13  5,000  5,786,450 
Massachusetts Bay Transportation       
Authority, Refunding RB, General       
Transportation System, Series A       
(FGIC), 5.80%, 3/01/12    3,745  4,024,415 
Massachusetts Health & Educational     
Facilities Authority, Refunding RB,       
Partners Health, Series C, 5.75%,       
7/01/11 (b)    7,600  7,984,028 
Massachusetts State Department of       
Transportation, Refunding RB, Senior     
Series B, 5.00%, 1/01/14    12,155  13,574,339 
      32,646,334 
Michigan — 0.9%       
City of Detroit Michigan, RB, Second       
Lien, Series B (FGIC), 5.50%,       
7/01/11 (b)    5,000  5,244,450 
Michigan Municipal Bond Authority,       
Refunding RB, SAN, Series B, 5.00%,     
3/21/11    5,000  5,003,350 
      10,247,800 
Minnesota — 2.7%       
State of Minnesota, GO:       
5.00%, 8/01/11 (c)    3,675  3,819,317 
Highway & Various Purpose, 5.00%,     
8/01/11    2,900  3,013,883 
State of Minnesota, GO, Refunding,       
State Various Purpose, Series D,       
5.00%, 8/01/14    6,000  6,926,700 
State of Minnesota, GO, Series H,       
5.00%, 11/01/12    15,000  16,409,850 
      30,169,750 
Missouri — 1.3%       
County of Jackson Missouri, RB, Harry S.     
Truman Sports Complex (AMBAC),       
5.00%, 12/01/12    2,000  2,172,860 
Missouri State Health & Educational       
Facilities Authority, RB, Ascension       
Health Senior Credit, Series C-4,       
Mandatory Put Bonds, 1.25%,       
11/15/26 (a)    12,000  12,099,360 
      14,272,220 

 

  Par   
Municipal Bonds  (000)  Value 
Nebraska — 0.4%     
Central Plains Energy Project, RB,     
Project No. 1, 0.67%, 12/01/10 (a) $  1,225  $ 1,220,811 
Nebraska Public Power District,     
Refunding RB, General, Series B-1     
(NPFGC), 5.00%, 1/01/14  3,000  3,358,470 
    4,579,281 
Nevada — 3.4%     
Clark County School District, GO,     
Limited Tax, Building, Series C,     
5.00%, 6/15/13  6,305  7,001,513 
Clark County School District, GO,     
Refunding, Series B:     
Limited Tax, 4.00%, 6/15/11  10,000  10,254,100 
(NPFGC), 5.00%, 6/15/12  6,000  6,436,020 
Clark County School District, GO,     
Series D (NPFGC), 5.50%, 6/15/14  5,000  5,639,500 
County of Clark Nevada, GO, Refunding,     
Public Safety, Series A (AGM), 5.00%,     
6/01/11  6,345  6,540,870 
Truckee Meadows Water Authority, RB,     
Series A (AGM), 5.13%, 7/01/11 (b)  2,590  2,684,095 
    38,556,098 
New Hampshire — 0.1%     
State of New Hampshire, GO,     
Refunding, Capital Improvement,     
Series B, 4.00%, 3/01/12  1,000  1,050,900 
New Jersey — 4.2%     
County of Essex New Jersey, GO,     
Improvement, Series A, 5.00%,     
8/01/13  2,290  2,543,572 
Gloucester County Improvement     
Authority, Refunding RB, Waste     
Management Inc. Project, Series A,     
Mandatory Put Bonds, 2.63%,     
12/01/29 (a)  4,625  4,674,811 
New Jersey Building Authority,     
Refunding RB, Series B (AMBAC),     
5.25%, 12/15/10  4,790  4,837,900 
New Jersey State Housing & Mortgage     
Finance Agency, RB, Series B (AGM),     
1.15%, 11/01/12 (d)  6,800  6,803,196 
New Jersey Transportation Trust Fund     
Authority, RB, Transportation System,     
Series A, 5.75%, 6/15/11 (c)  3,000  3,115,200 
New Jersey Transportation Trust Fund     
Authority, Refunding RB,     
Transportation System, Series B     
(NPFGC), 5.25%, 12/15/12  4,990  5,475,377 
Salem County Utilities Authority,     
Refunding RB, Public Service Electric     
and Gas Co., Series A, Mandatory Put     
Bonds, 0.95%, 5/01/28 (a)  13,000  13,001,300 
State of New Jersey, GO, Refunding,     
4.00%, 8/01/12  7,115  7,539,695 
    47,991,051 

 

BLACKROCK MUNICIPAL BOND FUND, INC.

SEPTEMBER 30, 2010 3


Schedule of Investments(continued)

BlackRock Short-Term Municipal Fund
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
New Mexico — 1.1%       
New Mexico Finance Authority,       
Refunding RB, Senior Lien, Series A:     
5.00%, 6/15/11  $ 4,000  $ 4,132,400 
5.00%, 6/15/13    8,000  8,913,680 
      13,046,080 
New York — 12.4%       
City of New York New York, GO,       
Refunding:       
Series A, 5.00%, 8/01/11    1,000  1,039,070 
Series B, 5.25%, 8/01/11    4,000  4,164,600 
Series B, 5.00%, 8/01/13    22,750  25,368,070 
Series B (NPFGC), 5.75%, 8/01/13  3,050  3,314,527 
Series C, 5.00%, 8/01/13    8,225  9,171,533 
Series H, 5.00%, 8/01/12    3,400  3,671,490 
County of Westchester New York, GO,     
Series B, 3.00%, 6/01/12    8,785  9,169,871 
Metropolitan Transportation Authority,     
RB, Transportation, Series B,       
Mandatory Put Bonds, 5.00%,       
11/15/16 (a)    4,000  4,177,240 
New York City Transitional Finance       
Authority, RB, Series C, 5.50%,       
2/15/12    6,000  6,418,560 
New York City Transitional Finance       
Authority, Refunding RB, Future Tax     
Secured, Sub-Series D-2, 5.00%,       
11/01/12    20,315  22,156,352 
New York State Dormitory Authority,       
Refunding RB, State University       
Educational Facilities, 3rd General     
Resolution, Series B, Mandatory Put     
Bonds, 5.25%, 11/15/23 (a)    6,000  6,412,740 
New York State Environmental Facilities     
Corp., RB, Waste Management Inc.     
Project, Series A, Mandatory Put       
Bonds, 2.50%, 7/01/17 (a)    5,000  5,043,300 
New York State Local Government       
Services Corp., Refunding RB, Senior     
Lien, Series A, 5.00%, 4/01/11    3,000  3,071,250 
New York State Thruway Authority, RB,     
BAN:       
3.00%, 7/15/11    2,860  2,919,774 
4.00%, 7/15/11    9,000  9,259,110 
New York State Thruway Authority,       
Refunding RB:       
General, Second Series B (NPFGC),     
5.00%, 4/01/13    5,550  6,133,027 
Series A, 5.00%, 4/01/12    5,000  5,329,800 
New York State Urban Development       
Corp., Refunding RB, Service       
Contract, Series A-1, 5.00%, 1/01/13  7,320  7,979,093 
State of New York, GO, Refunding,       
Series C, 5.00%, 4/15/12    5,285  5,644,961 
      140,444,368 
North Carolina — 2.8%       
County of Wake North Carolina, GO,       
Refunding:       
5.00%, 3/01/11    5,650  5,761,927 
Series C, 5.00%, 3/01/12    5,185  5,522,232 

 

    Par   
Municipal Bonds    (000)  Value 
North Carolina (concluded)       
Mecklenburg County North Carolina,       
GO, Refunding, Series C, 5.00%,       
2/01/13  $ 9,400  $ 10,368,576 
State of North Carolina, GO, Public       
Improvement, Series A, 5.00%,       
3/01/13    9,000  9,957,510 
      31,610,245 
Ohio — 3.3%       
Ohio Air Quality Development Authority,     
Refunding PCRB, FirstEnergy,       
Mandatory Put Bonds (a):       
2.25%, 12/01/23    5,000  5,004,300 
Series D, 4.75%, 8/01/29    10,000  10,469,400 
Ohio Air Quality Development Authority,     
Refunding RB, Ohio Power Co. Galvin     
Project, Series A, Mandatory Put       
Bonds, AMT, 2.88%, 12/01/27 (a)  8,000  8,003,600 
Ohio State University, Refunding RB,       
Series A, 5.00%, 12/01/12    4,000  4,381,560 
Ohio State Water Development       
Authority, RB, Water Quality, Loan       
Fund, 5.00%, 12/01/11    5,000  5,273,100 
State of Ohio, GO, Common Schools,     
Series A, 5.00%, 3/15/11 (c)    3,875  3,958,157 
      37,090,117 
Oregon — 0.7%       
City of Portland Oregon, Refunding RB,     
Second Lien, Series A, 5.00%,       
3/01/14    4,950  5,628,991 
County of Gilliam Oregon, RB, Waste       
Management Inc. Project, Mandatory     
Put Bonds, 1.70%, 10/01/18 (a)    1,000  999,710 
Oregon State Department of       
Administrative Services, COP,       
Refunding, Series A (AGM), 5.00%,     
5/01/11    1,725  1,771,679 
      8,400,380 
Pennsylvania — 5.8%       
City of Philadelphia Pennsylvania,       
Refunding RB, Series A (AGM), 5.00%,     
6/15/13    9,000  9,937,980 
Commonwealth of Pennsylvania, GO:     
First Series, 5.00%, 3/15/13    7,455  8,250,001 
First Series A, 5.00%, 2/15/13    8,280  9,135,738 
Commonwealth of Pennsylvania, GO,     
Refunding:       
5.00%, 7/15/12    2,500  2,702,025 
Second Series (NPFGC), 5.00%,       
10/01/11    2,500  2,617,050 
Second Series (NPFGC), 5.00%,       
7/01/12    13,000  14,029,080 
Pennsylvania Economic Development     
Financing Authority, RB:       
Convention Center Project, Series A,     
5.00%, 6/15/12    4,000  4,271,560 
Waste Management Inc. Project,     
2.75%, 9/01/13    4,250  4,302,828 

 

4 BLACKROCK MUNICIPAL BOND FUND, INC.

SEPTEMBER 30, 2010


Schedule of Investments(continued)

BlackRock Short-Term Municipal Fund
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Pennsylvania (concluded)       
Pennsylvania Economic Development     
Financing Authority, RB (concluded) :     
Waste Management Inc. Project,     
Mandatory Put Bonds, 2.63%,       
12/01/33 (a)  $ 3,500  $ 3,531,955 
Pennsylvania Higher Educational       
Facilities Authority, RB, Series AH,       
4.00%, 6/15/11    3,650  3,742,637 
Pennsylvania Intergovernmental       
Cooperation Authority, Special Tax       
Bonds, Refunding, Philadelphia       
Funding Program, 5.00%, 6/15/13  3,085  3,430,551 
      65,951,405 
Rhode Island — 0.1%       
State of Rhode Island, GO, Refunding,     
Consolidated Capital Development     
Loan, Series A, 5.00%, 7/15/11    1,000  1,036,190 
South Carolina — 0.8%       
South Carolina State Public Service       
Authority, Refunding RB, Series A,       
5.00%, 1/01/12    3,000  3,169,140 
State of South Carolina, GO, State       
Highway, Series B, 4.50%, 4/01/12  6,000  6,182,520 
      9,351,660 
Tennessee — 1.4%       
County of Shelby Tennessee, GO,       
Refunding, Series A (AMBAC), 5.00%,     
4/01/12    4,000  4,273,840 
Metropolitan Government of Nashville &     
Davidson County Tennessee, GO,       
5.00%, 4/01/12 (b)    2,000  2,138,320 
Metropolitan Government of Nashville &     
Davidson County Tennessee,       
Refunding RB (NPFGC), 5.00%,       
1/01/14    8,110  9,187,414 
      15,599,574 
Texas — 10.0%       
City of Dallas Texas, GO, 5.00%,       
2/15/12    4,775  5,070,286 
City of San Antonio Texas, RB, Junior     
Lien, System, Mandatory Put       
Bonds (a):       
3.63%, 12/01/10 (b)    145  145,821 
3.63%, 12/01/27    4,855  4,881,314 
Dallas ISD, GO, Refunding:       
4.00%, 2/15/11    6,000  6,081,660 
4.50%, 2/15/12    6,000  6,319,500 
Harris County Cultural Education       
Facilities Finance Corp., Refunding     
RB, Methodist Hospital System:       
5.00%, 6/01/12    3,450  3,671,662 
5.00%, 6/01/13    10,000  10,984,100 
Harris County Health Facilities       
Development Corp., Refunding RB, St.     
Luke's Episcopal Hospital, Series A,     
5.38%, 8/15/11 (b)    5,500  5,743,980 
Lower Colorado River Authority,       
Refunding RB, 5.00%, 5/15/13    6,000  6,627,780 

 

    Par   
Municipal Bonds    (000)  Value 
Texas (concluded)       
Matagorda County Navigation District     
No. 1, Refunding RB, AEP Texas       
Central Co. Project, Mandatory Put     
Bonds, 5.13%, 6/01/30 (a)  $ 5,000  $ 5,109,750 
North Texas Tollway Authority, RB,       
System, Mandatory Put Bonds (a):       
First Tier Put, Series L-1, , 5.50%,     
1/01/38    11,000  11,128,700 
System, First Tier, Series L-2,       
6.00%, 1/01/38    3,700  4,060,417 
Plano ISD, GO, Refunding, School       
Building (PSF-GTD), 5.00%, 2/15/11  5,000  5,088,850 
State of Texas, GO, Refunding Public     
Finance Authority:       
5.00%, 10/01/12    11,170  12,169,268 
Series A, 4.00%, 10/01/11    3,750  3,888,450 
Series A, 5.00%, 10/01/12    3,500  3,814,580 
State of Texas, RB, TRAN, 2.00%,       
8/31/11    6,675  6,774,658 
Tarrant County Cultural Education       
Facilities Finance Corp., Refunding     
RB, Texas Health Resources, Series A,     
5.00%, 2/15/11    4,275  4,338,313 
Texas A&M University, RB, Financing     
System, Series D, 5.00%, 5/15/13  3,325  3,700,924 
Texas A&M University, Refunding RB,     
Financing System, Series B, 5.00%,     
5/15/12    4,000  4,293,840 
      113,893,853 
Utah — 0.8%       
City of Riverton Utah, RB, IHC Health       
Services Inc., 5.00%, 8/15/13    1,400  1,549,254 
State of Utah, GO, Series C, 3.00%,       
7/01/12    7,500  7,837,500 
      9,386,754 
Virginia — 7.3%       
Commonwealth of Virginia, GO, 4.00%,     
6/01/11    4,725  4,843,125 
County of Fairfax Virginia, GO,       
Refunding, Public Improvement,       
Series A, 5.25%, 4/01/12    3,940  4,225,729 
County of Fairfax Virginia, GO, Series D:     
4.00%, 10/01/11    8,380  8,692,825 
5.00%, 10/01/13    10,000  11,294,700 
Louisa IDA, RB, Virginia Electric & Power     
Co. Project, Series A, Mandatory Put     
Bonds, AMT (a):       
1.38%, 9/01/30    7,000  7,004,340 
2.50%, 3/01/31    20,000  20,155,000 
Virginia College Building Authority, RB,     
21st Century College & Equipment,     
Series F-1, 4.00%, 2/01/12    7,200  7,541,856 
Virginia Public Building Authority, RB:     
Series B, 5.00%, 8/01/12    7,185  7,781,786 
Series C, 5.00%, 8/01/12    1,000  1,083,060 

 

BLACKROCK MUNICIPAL BOND FUND, INC.

SEPTEMBER 30, 2010 5


Schedule of Investments(continued)

BlackRock Short-Term Municipal Fund
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Virginia (concluded)       
Virginia Public School Authority, RB,       
School Educational Technology Notes,     
Series IX, 5.00%, 4/15/12  $ 4,065  $ 4,349,753 
Virginia Public School Authority,       
Refunding RB, Series A, 5.00%,       
8/01/12    1,000  1,083,060 
Virginia Resources Authority, Refunding     
RB, Series A, 4.00%, 10/01/12    4,145  4,436,311 
      82,491,545 
Washington — 4.1%       
City of Seattle Washington, GO,       
Refunding, Limited Tax, Series B,       
5.00%, 8/01/13    5,000  5,607,150 
City of Seattle Washington, Refunding     
RB, Improvement, Series B, 5.00%,     
2/01/14    10,000  11,344,700 
City of Tacoma Washington, Refunding     
RB, Series A (AGM), 5.63%,       
1/01/11 (b)    2,900  2,968,092 
Energy Northwest, Refunding RB,       
Project No. 3, Series A (Syncora),       
5.50%, 7/01/11    15,000  15,586,050 
State of Washington, GO, Refunding,     
Various Purpose, Series R-2011B,       
5.00%, 7/01/14    10,000  11,473,500 
      46,979,492 
Wisconsin — 0.5%       
City of Madison Wisconsin, GO,       
Refunding, Promissory Notes,       
Series E, 4.00%, 10/01/12 (d)    5,000  5,353,500 
Total Long-Term Investments       
(Cost – $1,105,197,451) – 98.4%      1,117,004,323 
Short-Term Securities       
Illinois — 1.8%       
Regional Transit Authority, Refunding     
RB, VRDN, ERS, Series B, 1.40%,       
2/26/11 (e)    20,000  20,000,000 
    Shares   
Money Market Fund — 0.0%       
FFI Institutional Tax-Exempt Fund,       
0.18% (f)(g)    109,566  109,566 
Total Short-Term Securities       
(Cost – $20,109,566) – 1.8%      20,109,566 
Total Investments       
(Cost – $1,125,307,017*) – 100.2%    1,137,113,889 
Liabilities in Excess of Other Assets – (0.2)%    (2,280,431) 
Net Assets – 100.0%      $ 1,134,833,458 

 

* The cost and unrealized appreciation (depreciation) of investments as of

September 30, 2010, as computed for federal income tax purposes,

Aggregate were as follows: cost  $ 1,125,307,017 
Gross unrealized appreciation  $ 12,439,809 
Gross unrealized depreciation  (632,937) 
Net unrealized appreciation  $ 11,806,872 

 

(a) Variable rate security. Rate shown is as of report date.
(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) Security is collateralized by Municipal or US Treasury obligations.
(d) When-issued security. Unsettled when-issued transactions were as
follows:

    Unrealized 
Counterparty  Value  Appreciation 
JP Morgan Securities  $ 5,353,500   $ 14,350 
Citigroup Global Markets  $ 6,803,196   $ 3,196 

 

(e) Variable rate security. Rate shown is as of report date and maturity
shown is the date the principal owed can be recovered through demand.
(f) Investments in companies considered to be an affiliate of the Fund
during the period, for purposes of Section 2(a)(3) of the Investment
Company Act of 1940, as amended, were as follows:

  Shares Held    Shares Held at   
  at  Net  September 30,   
Affiliate  June 30, 2010  Activity  2010  Income 
FFI         
Institutional         
Tax Exempt         
Fund  24,582,016  (24,472,450)  109,566  $11,091 
(g) Represents the current yield as of report date.     

 

•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
assets and liabilities

•Level 2 — other observable inputs (including, but not limited to: quoted
prices for similar assets or liabilities in markets that are active, quoted
prices for identical or similar assets or liabilities in markets that are not
active, inputs other than quoted prices that are observable for the
assets or liabilities (such as interest rates, yield curves, volatilities,
prepayment speeds, loss severities, credit risks and default rates) or
other market-corroborated inputs)

•Level 3 — unobservable inputs based on the best information available
in the circumstances, to the extent observable inputs are not available
(including the Fund's own assumptions used in determining the fair
value of investments)

The inputs or methodologies used for valuing securities are not necessarily
an indication of the risk associated with investing in those securities. For
information about the Fund's policy regarding valuation of investments and
other significant accounting policies, please refer to the Fund’s most recent
financial statements as contained in its annual report.

6 BLACKROCK MUNICIPAL BOND FUND, INC.

SEPTEMBER 30, 2010


Schedule of Investments(concluded)

BlackRock Short-Term Municipal Fund

The following table summarizes the inputs used as of September 30, 2010
in determining the fair valuation of the Fund's investments:

Valuation Inputs  Level 1  Level 2  Level 3  Total 
Assets:           
Investments in Securities:1         
Long-Term           
Investments  —  $1,117,004,323  —  $ 1,117,004,323 
Short-Term           
Securities  $ 109,566  20,000,000  —    20,109,566 
Total  $ 109,566     $1,137,004,323  —  $ 1,137,113,889 

 

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

BLACKROCK MUNICIPAL BOND FUND, INC.

SEPTEMBER 30, 2010 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
31940 Act3)) areeffective as of a date within 90 days of the filing of this report based on the
evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act
and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

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

Item 3 – Exhibits

Certifications – Attached hereto

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

BlackRock Municipal Bond Fund, Inc.

By: /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer of
BlackRock Municipal Bond Fund, Inc.

Date: November 22, 2010

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, this report has been signed below by the following persons on behalf
of the registrant and in the capacities and on the dates indicated.

By: /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Municipal Bond Fund, Inc.

Date: November 22, 2010

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

Date: November 22, 2010

 EX-99.CERT 2 muniex99cert.htm CERT muniex99cert.htm - Produced by Pellegrini and Associates, Inc. | 134 Spring Street New York NY 10012 | (212) 925-5151

EX-99.CERT
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Municipal Bond Fund, Inc.,
certify that:

1. I have reviewed this report on Form N-Q of BlackRock Municipal Bond Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a

material fact necessary to make the statements made, in light of the circumstances under which such statements were made,
not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects
the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in
which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report, based on such evaluation; and

d) disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process,
summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

Date: November 22, 2010

/s/ John M. Perlowski

John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Municipal Bond Fund, Inc.


EX-99.CERT
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002

I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock Municipal Bond Fund, Inc., certify
that:

1. I have reviewed this report on Form N-Q of BlackRock Municipal Bond Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a

material fact necessary to make the statements made, in light of the circumstances under which such statements were made,
not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects
the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in
which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report, based on such evaluation; and

d) disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process,
summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

Date: November 22, 2010

/s/ Neal J. Andrews

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

 -----END PRIVACY-ENHANCED MESSAGE-----