0000900092-11-000239.txt : 20110527 0000900092-11-000239.hdr.sgml : 20110527 20110527132551 ACCESSION NUMBER: 0000900092-11-000239 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20110331 FILED AS OF DATE: 20110527 DATE AS OF CHANGE: 20110527 EFFECTIVENESS DATE: 20110527 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: 11877332 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 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 munibondfinal.htm BR MUNICIPAL BOND FUND, INC. munibondfinal.htm - Generated by SEC Publisher for SEC Filing

UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
Washington,D.C.20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-02688

Name of Fund: BlackRock Municipal Bond Fund, Inc.
BlackRock High Yield Municipal Fund
BlackRock Municipal Fund
BlackRock National Municipal Fund
BlackRock Short-Term Municipal Fund

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock
Municipal Bond Fund, Inc., 55 East 52nd Street, New York, NY 10055

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

Date of fiscal year end: 06/30/2011

Date of reporting period: 03/31/2011

Item 1 – Schedule of Investments


BlackRock High Yield Municipal Fund
Schedule of Investments March 31, 2011 (Unaudited)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Alabama — 1.5%       
Alabama State Docks Department,       
Refunding RB, 6.00%, 10/01/40  $ 710  $ 687,152 
County of Jefferson Alabama, RB,       
Series A:       
5.25%, 1/01/17    1,000  913,780 
5.25%, 1/01/20    500  440,415 
4.75%, 1/01/25    260  213,861 
      2,255,208 
Arizona — 4.9%       
Maricopa County IDA Arizona, RB,       
Arizona Charter Schools Project,       
Series A:       
6.63%, 7/01/20    140  106,439 
6.75%, 7/01/29    300  196,713 
Phoenix IDA Arizona, Refunding RB,       
America West Airlines Inc. Project,       
AMT, 6.30%, 4/01/23    1,000  823,740 
Pima County IDA, IDRB, Tucson Electric     
Power, Series A, 6.38%, 9/01/29    780  780,780 
Pima County IDA, RB, Tucson Electric     
Power Co., Series A, 5.25%,       
10/01/40    1,390  1,195,497 
Pima County IDA, Refunding IDRB,       
Tucson Electric Power, 5.75%,       
9/01/29    290  285,746 
Queen Creek Improvement District No.     
1, Special Assessment Bonds, 5.00%,     
1/01/32    500  447,605 
Salt Verde Financial Corp., RB, Senior:     
5.00%, 12/01/32    750  634,755 
5.00%, 12/01/37    3,180  2,596,374 
University Medical Center Corp. Arizona,     
RB, 6.25%, 7/01/29    180  183,109 
      7,250,758 
Arkansas — 0.8%       
Benton County Public Facilities Board,     
Refunding RB, BCCSO Project,       
Series A, 6.00%, 6/01/40    750  718,133 
County of Little River Arkansas,       
Refunding RB, Georgia-Pacific Corp.     
Project, AMT, 5.60%, 10/01/26    555  504,650 
      1,222,783 

 

    Par   
Municipal Bonds    (000)  Value 
California — 7.5%       
California Health Facilities Financing       
Authority, Refunding RB:       
Catholic Healthcare West, Series A,     
6.00%, 7/01/39  $ 265 $ 264,255 
St. Joseph Health System, Series A,     
5.75%, 7/01/39    1,000  940,240 
Sutter Health, Series B, 6.00%,       
8/15/42    1,000  990,150 
California Pollution Control Financing     
Authority, RB, Waste Management Inc.     
Project, Series C, AMT, 5.13%,       
11/01/23 (a)    750  742,088 
California Pollution Control Financing     
Authority, Refunding RB, Waste       
Management Inc. Project, Series B,     
AMT, 5.00%, 7/01/27    1,000  918,420 
California Statewide Communities       
Development Authority, RB:       
John Muir Health, 5.13%, 7/01/39  425  378,335 
Sutter Health, Series A, 6.00%,       
8/15/42    400  396,060 
California Statewide Communities       
Development Authority, Refunding RB:     
American Baptist Homes of the       
West, 6.25%, 10/01/39    575  534,727 
Senior Living, Southern California,     
6.63%, 11/15/24    650  674,323 
City of Chula Vista California, Refunding     
RB, San Diego Gas & Electric,       
Series A, 5.88%, 2/15/34    500  514,475 
City of Roseville California, Special Tax     
Bonds, Fiddyment Ranch Community     
Facilities District No. 1, 5.25%,       
9/01/36    465  359,008 
City of San Jose California, RB,       
Convention Center Expansion &       
Renovation Project (b):       
6.50%, 5/01/36    310  304,711 
6.50%, 5/01/42    760  740,179 
Lammersville School District Community     
Facilities District, Special Tax Bonds,     
District No. 2002, Mountain House,     
5.13%, 9/01/35    325  246,760 

 

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 
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)  IDRB  Industrial Development Revenue Bonds 
CAB  Capital Appreciation Bonds  MRB  Mortgage Revenue Bonds 
EDA  Economic Development Authority  NPFGC  National Public Finance Guarantee Corp. 
EDC  Economic Development Corp.  RB  Revenue Bonds 
ERB  Education Revenue Bonds  SAN  State Aid Notes 
FGIC  Financial Guaranty Insurance Co.     

 

BLACKROCK MUNICIPAL BOND FUND, INC. MARCH 31, 2011 1


BlackRock High Yield Municipal Fund
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
California (concluded)       
Oakland Unified School District Alameda     
County California, GO, Election of       
2006, Series A, 6.13%, 8/01/29  $ 1,000  $ 1,015,860 
Roseville Finance Authority, Special Tax     
Bonds, Refunding, Senior Lien,       
Series A (AMBAC), 4.50%, 9/01/33  725  492,398 
State of California, GO, Various Purpose,     
6.00%, 3/01/33    1,400  1,454,740 
Temecula Public Financing Authority,     
Special Tax Bonds, Refunding,       
Harveston, Sub-Series B, 5.10%,       
9/01/36    180  134,179 
      11,100,908 
Colorado — 1.1%       
Colorado Health Facilities Authority,       
Refunding RB, Total Longterm Care     
National Obligated Group Project,       
Series A, 6.00%, 11/15/30    590  547,036 
E-470 Public Highway Authority,       
Refunding RB, CAB, 7.08%,       
9/01/35 (c)    1,305  196,337 
Regional Transportation District, RB,       
Denver Transport Partners, 6.00%,     
1/15/41    1,000  900,620 
      1,643,993 
Connecticut — 0.8%       
Harbor Point Infrastructure       
Improvement District, Tax Allocation     
Bonds, Harbor Point Project, Series A,     
7.88%, 4/01/39    635  650,507 
Mohegan Tribe of Indians of       
Connecticut, RB, Public Improvement,     
Priority Distribution, 6.25%, 1/01/31  605  460,211 
      1,110,718 
Delaware — 0.8%       
Delaware State EDA, RB, Exempt       
Facilities, Indian River Power, 5.38%,     
10/01/45    1,480  1,247,448 
District of Columbia — 3.2%       
District of Columbia Tobacco Settlement     
Financing Corp., Refunding RB, Asset-     
Backed, 6.50%, 5/15/33    1,510  1,470,181 
District of Columbia, RB, Methodist       
Home District of Columbia, Series A:     
7.38%, 1/01/30    310  302,132 
7.50%, 1/01/39    500  485,185 
Metropolitan Washington Airports       
Authority, RB:       
CAB, 2nd Senior Lien, Series B       
(AGC), 6.55%, 10/01/30 (c)    3,005  835,991 
First Senior Lien, Series A, 5.00%,     
10/01/39    85  78,460 
First Senior Lien, Series A, 5.25%,     
10/01/44    1,610  1,493,211 
      4,665,160 

 

  Par   
Municipal Bonds  (000)  Value 
Florida — 8.1%     
County of Miami-Dade Florida,     
Refunding RB, Miami International     
Airport, Series A-1, 5.38%, 10/01/41 $  315  $ 291,728 
Florida Housing Finance Corp., HRB,     
Willow Lake Apartments, Series J-1,     
AMT (AMBAC), 5.35%, 7/01/27  2,650  2,286,950 
Highland Meadows Community     
Development District, Special     
Assessment Bonds, Special     
Assessment, Series A, 5.50%,     
5/01/36 (d)(e)  490  186,842 
Hillsborough County IDA, RB:     
National Gypsum Co., Series B,     
AMT, 7.13%, 4/01/30  1,250  1,115,688 
Tampa General Hospital Project,     
5.25%, 10/01/41  1,000  837,320 
Jacksonville Economic Development     
Commission, RB, Gerdau Ameristeel     
US Inc., AMT, 5.30%, 5/01/37  300  249,171 
Lee County IDA Florida, RB, Series A,     
Lee Charter Foundation, 5.38%,     
6/15/37  570  425,659 
Mid-Bay Bridge Authority, RB, Series A,     
7.25%, 10/01/40  1,450  1,431,933 
Palm Beach County Health Facilities     
Authority, RB, Acts Retirement Life     
Community, 5.50%, 11/15/33  1,500  1,315,380 
Santa Rosa Bay Bridge Authority, RB,     
6.25%, 7/01/28 (d)(e)  500  199,725 
Sarasota County Health Facilities     
Authority, Refunding RB, Village On     
The Isle Project:     
5.50%, 1/01/27  210  181,461 
5.50%, 1/01/32  190  157,586 
Sumter Landing Community     
Development District Florida, RB,     
Sub-Series B, 5.70%, 10/01/38  815  612,089 
Tolomato Community Development     
District, Special Assessment Bonds,     
Special Assessment, 6.65%,     
5/01/40 (d)(e)  700  465,675 
Village Community Development District     
No. 9, Special Assessment Bonds,     
7.00%, 5/01/41  1,770  1,787,682 
Watergrass Community Development     
District, Special Assessment Bonds,     
Series A, 5.38%, 5/01/39  650  316,797 
    11,861,686 
Georgia — 2.0%     
Clayton County Development Authority,     
RB, Delta Air Lines Inc. Project,     
Series A, 8.75%, 6/01/29  635  696,716 
County of Clayton Georgia, Tax     
Allocation Bonds, Ellenwood Project,     
7.50%, 7/01/33  465  418,360 
DeKalb County Hospital Authority     
Georgia, RB, DeKalb Medical Center     
Inc. Project, 6.13%, 9/01/40  1,240  1,138,444 
Gainesville & Hall County Development     
Authority, Refunding RB, Acts     
Retirement Life Community,     
Series A-2, 6.63%, 11/15/39  220  220,480 

 

2 BLACKROCK MUNICIPAL BOND FUND, INC. MARCH 31, 2011


BlackRock High Yield Municipal Fund
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Georgia (concluded)       
Richmond County Development       
Authority, RB, International Paper Co.     
Projects, Series A, AMT, 5.00%,       
8/01/30  $ 500  $ 440,025 
      2,914,025 
Guam — 1.0%       
Guam Government Waterworks       
Authority, Refunding RB, Water,       
6.00%, 7/01/25    735  708,827 
Territory of Guam, GO, Series A:       
6.00%, 11/15/19    100  99,859 
6.75%, 11/15/29    150  151,348 
7.00%, 11/15/39    160  164,035 
Territory of Guam, RB, Section 30,       
Series A, 5.63%, 12/01/29    440  416,390 
      1,540,459 
Idaho — 0.2%       
Power County Industrial Development     
Corp., RB, FMC Corp. Project, AMT,     
6.45%, 8/01/32    265  265,466 
Illinois — 4.0%       
City of Chicago Illinois, Refunding RB,     
American Airlines Inc. Project, 5.50%,     
12/01/30    1,000  716,340 
Illinois Finance Authority, RB:       
MJH Education Assistance IV LLC,     
Sub-Series A, 5.13%,       
6/01/35 (d)(e)    90  49,358 
Roosevelt University Project, 6.50%,     
4/01/44    830  817,799 
Illinois Finance Authority, Refunding RB:     
Central DuPage Health, Series B,     
5.50%, 11/01/39    1,400  1,343,524 
Friendship Village of Schaumburg,     
7.13%, 2/15/39    1,000  917,790 
Swedish Covenant, Series A, 6.00%,     
8/15/38    1,000  936,340 
Metropolitan Pier & Exposition Authority,     
Refunding RB, CAB, McCormick Place     
Expansion Project, Series B (AGM),     
6.25%, 6/15/44 (c)    3,455  359,735 
Railsplitter Tobacco Settlement       
Authority, RB:       
5.50%, 6/01/23    355  341,868 
6.00%, 6/01/28    390  376,997 
      5,859,751 
Indiana — 0.6%       
Indiana Health Facility Financing       
Authority, Refunding RB, Methodist     
Hospital Inc.:       
5.38%, 9/15/22    185  167,945 
5.50%, 9/15/31    525  422,079 
Vigo County Hospital Authority Indiana,     
RB, Union Hospital Inc. (f):       
5.70%, 9/01/37    155  117,371 
5.75%, 9/01/42    190  141,434 
      848,829 

 

    Par   
Municipal Bonds    (000)  Value 
Iowa — 0.3%       
Iowa Finance Authority, Refunding RB,     
Development, Care Initiatives Project,     
Series A, 5.00%, 7/01/19  $ 500  $ 434,375 
Kansas — 1.2%       
Kansas Development Finance Authority,     
Refunding RB, Lifespace Communities     
Inc., Series S, 5.00%, 5/15/30    2,000  1,788,800 
Kentucky — 0.7%       
Kentucky Economic Development       
Finance Authority, Refunding RB:       
Norton Healthcare Inc., Series B       
(NPFGC), 5.90%, 10/01/24 (c)    250  107,603 
Owensboro Medical Health System,     
Series A, 6.38%, 6/01/40    1,050  982,275 
      1,089,878 
Louisiana — 0.7%       
Louisiana Local Government       
Environmental Facilities & Community     
Development Authority, RB, Westlake     
Chemical Corp. Projects, 6.75%,       
11/01/32    1,000  1,018,490 
Maryland — 4.2%       
County of Howard Maryland, Refunding     
RB, Vantage House Facility, Series A,     
5.25%, 4/01/33    500  351,600 
Gaithersburg Maryland, Refunding RB,     
Asbury Maryland Obligation, Series B,     
6.00%, 1/01/23    750  751,942 
Maryland EDC, RB:       
Term Project, Series B, 5.75%,       
6/01/35    1,500  1,389,405 
Transportation Facilities Project,       
Series A, 5.75%, 6/01/35    265  244,603 
Maryland EDC, Refunding RB, CNX       
Marine Terminals, Inc., 5.75%,       
9/01/25    1,415  1,316,940 
Maryland Health & Higher Educational     
Facilities Authority, RB, Washington     
Christian Academy, 5.25%,       
7/01/18 (d)(e)    250  99,938 
Maryland Health & Higher Educational     
Facilities Authority, Refunding RB:       
Doctor's Community Hospital,       
5.75%, 7/01/38    890  717,954 
University of Maryland Medical       
System, 5.00%, 7/01/34    280  250,592 
Maryland State Energy Financing       
Administration, RB, Cogeneration, AES     
Warrior Run, AMT, 7.40%, 9/01/19  1,000  997,750 
      6,120,724 
Massachusetts — 1.1%       
Massachusetts Development Finance     
Agency, RB, Series A:       
Foxborough Regional Charter       
School, 7.00%, 7/01/42    350  346,006 
Linden Ponds Inc. Facility, 5.75%,     
11/15/35 (d)(e)    500  285,000 

 

BLACKROCK MUNICIPAL BOND FUND, INC. MARCH 31, 2011 3


BlackRock High Yield Municipal Fund
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Massachusetts (concluded)       
Massachusetts Development Finance     
Agency, Refunding RB:       
Eastern Nazarene College, 5.63%,     
4/01/29  $ 500 $ 417,275 
Tufts Medical Center, Series I,       
6.75%, 1/01/36 (b)    510  508,103 
      1,556,384 
Michigan — 2.9%       
Advanced Technology Academy, RB,       
6.00%, 11/01/37    275  223,462 
County of Wayne Michigan, GO, Building     
Improvement, Series A, 6.75%,       
11/01/39    165  164,159 
Garden City Hospital Finance Authority     
Michigan, Refunding RB, Garden City     
Hospital Obligation, Series A, 5.00%,     
8/15/38    310  192,042 
Michigan Finance Authority, RB, SAN,     
Detroit Schools, Series A-1, 6.45%,     
2/02/12    1,150  1,155,543 
Michigan State Hospital Finance       
Authority, Refunding RB, Hospital,       
Henry Ford Health, 5.75%, 11/15/39  1,710  1,568,976 
Royal Oak Hospital Finance Authority     
Michigan, Refunding RB, William       
Beaumont Hospital, 8.25%, 9/01/39  915  1,032,056 
      4,336,238 
Missouri — 0.7%       
City of Kansas City Missouri, Tax       
Allocation Bonds, Kansas City       
MainCor Project, Series A, 5.25%,       
3/01/18    600  565,722 
Kirkwood IDA Missouri, RB, Aberdeen     
Heights, Series A, 8.25%, 5/15/39  435  436,866 
      1,002,588 
Multi-State — 0.2%       
MuniMae TE Bond Subsidiary LLC,       
7.50%, 6/30/49 (f)(g)    274  255,186 
Nevada — 0.0%       
County of Clark Nevada, RB, Southwest     
Gas Corp. Project, Series A, AMT       
(FGIC), 4.75%, 9/01/36    20  16,098 
New Hampshire — 0.6%       
New Hampshire Health & Education       
Facilities Authority, Refunding RB:       
Dartmouth-Hitchcock, 6.00%,       
8/01/38    435  450,817 
Havenwood-Heritage Heights,       
Series A, 5.40%, 1/01/30    500  417,570 
      868,387 
New Jersey — 3.3%       
Burlington County Bridge Commission,     
Refunding RB, The Evergreens       
Project, 5.63%, 1/01/38    750  591,068 
New Jersey EDA, RB:       
Cigarette Tax, 5.50%, 6/15/24    650  594,516 
Continental Airlines Inc. Project,       
AMT, 6.63%, 9/15/12    1,380  1,391,219 

 

    Par   
Municipal Bonds    (000)  Value 
New Jersey (concluded)       
New Jersey EDA, RB (concluded):       
Continental Airlines Inc. Project,       
AMT, 6.40%, 9/15/23  $ 1,000 $ 944,920 
New Jersey Educational Facilities       
Authority, Refunding RB, University of     
Medicine & Dentistry, Series B,       
7.13%, 12/01/23    580  648,312 
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  697,116 
      4,867,158 
New Mexico — 0.3%       
City of Farmington New Mexico,       
Refunding RB, Arizona Public Service,     
Series A, 4.70%, 5/01/24    500  465,975 
New York — 8.4%       
Brooklyn Arena Local Development       
Corp., RB, Barclays Center Project,       
6.38%, 7/15/43    1,315  1,289,279 
Chautauqua County Industrial       
Development Agency, RB, NRG       
Dunkirk Power Project, 5.88%,       
4/01/42    1,115  1,031,029 
Genesee County Industrial Development     
Agency New York, Refunding RB,       
United Memorial Medical Center       
Project, 5.00%, 12/01/32    500  373,545 
Hudson Yards Infrastructure Corp., RB,     
Series A, 5.00%, 2/15/47    1,000  816,360 
New York City Industrial Development     
Agency, RB, AMT:       
American Airlines Inc., JFK       
International Airport, 8.00%,       
8/01/28 (a)    235  240,795 
JetBlue Airways Corp. Project,       
5.13%, 5/15/30    1,750  1,396,868 
New York City Municipal Water Finance     
Authority, RB, Second General       
Resolution, Series EE, 5.50%,       
6/15/43    3,790  3,892,936 
New York Liberty Development Corp.,     
Refunding RB, Second Priority, Bank     
of America Tower at One Bryant Park     
Project, 6.38%, 7/15/49    375  371,610 
New York State Dormitory Authority, RB,     
NYU Hospital Center, Series A, 6.00%,     
7/01/40    715  704,261 
Port Authority of New York & New Jersey,     
RB, JFK International Air Terminal,       
6.00%, 12/01/42    430  405,073 
Westchester County Industrial       
Development Agency New York, MRB,     
Kendal on Hudson Project, Series A,     
6.38%, 1/01/24    1,500  1,406,925 

 

4 BLACKROCK MUNICIPAL BOND FUND, INC. MARCH 31, 2011


BlackRock High Yield Municipal Fund
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
New York (concluded)       
Yonkers Industrial Development Agency     
New York, RB, Sarah Lawrence       
College Project, Series A, 6.00%,       
6/01/41  $ 410  $ 411,271 
      12,339,952 
North Carolina — 1.5%       
North Carolina Medical Care       
Commission, Refunding RB:       
Carolina Village Project, 6.00%,       
4/01/38    1,000  817,570 
First Mortgage, Galloway Ridge       
Project, Series A, 6.00%, 1/01/39  1,520  1,331,505 
      2,149,075 
Ohio — 1.0%       
State of Ohio, RB, Ford Motor Co.       
Project, AMT, 5.75%, 4/01/35    1,620  1,452,767 
Pennsylvania — 4.4%       
Allegheny County Hospital Development     
Authority, Refunding RB, Health       
System, West Penn, Series A, 5.38%,     
11/15/40    2,140  1,497,315 
City of Philadelphia Pennsylvania, RB,     
Ninth Series, 5.25%, 8/01/40    1,000  904,620 
Cumberland County Municipal Authority,     
RB, Diakon Lutheran, 6.38%,       
1/01/39    2,335  2,248,138 
Lancaster County Hospital Authority, RB,     
Brethren Village Project, Series A,       
6.50%, 7/01/40    835  759,257 
Pennsylvania Economic Development     
Financing Authority, RB, US Airways     
Group, Series A, 7.50%, 5/01/20    1,100  1,067,946 
      6,477,276 
Puerto Rico — 2.7%       
Commonwealth of Puerto Rico, GO,       
Refunding, Public Improvement,       
Series C, 6.00%, 7/01/39    1,560  1,490,502 
Puerto Rico Electric Power Authority, RB,     
Series WW, 5.50%, 7/01/38    1,000  897,530 
Puerto Rico Sales Tax Financing Corp.,     
RB, First Sub-Series A, 6.50%,       
8/01/44    750  774,727 
Puerto Rico Sales Tax Financing Corp.,     
Refunding RB, CAB, First       
Sub-Series C, 6.61%, 8/01/38 (c)    5,000  772,600 
      3,935,359 
Rhode Island — 0.6%       
Rhode Island Housing & Mortgage       
Finance Corp., RB, Homeownership     
Opportunity, Series 53B, AMT, 5.00%,     
10/01/46    990  856,192 
South Carolina — 0.6%       
City of Myrtle Beach South Carolina, Tax     
Allocation Bonds, Myrtle Beach Air       
Force Base, Series A, 5.25%,       
10/01/26    500  335,780 

 

    Par   
Municipal Bonds    (000)  Value 
South Carolina (concluded)       
South Carolina Jobs-EDA, Refunding RB,     
First Mortgage, Lutheran Homes,       
5.50%, 5/01/28  $ 600  $ 482,976 
      818,756 
Tennessee — 0.8%       
Tennessee Energy Acquisition Corp., RB,     
Series A, 5.25%, 9/01/26    1,250  1,156,487 
Texas — 11.8%       
Bexar County Health Facilities       
Development Corp., RB, Army       
Retirement Residence Project, 6.20%,     
7/01/45    1,320  1,250,198 
Brazos River Authority, RB, TXU Electric,     
Series A, AMT, 8.25%, 10/01/30    750  217,605 
Central Texas Regional Mobility       
Authority, RB, CAB (c):       
7.48%, 1/01/28    3,000  864,210 
7.56%, 1/01/29    500  132,580 
7.65%, 1/01/30    1,330  324,307 
City of Houston Texas, RB:       
Senior Lien, Series A, 5.50%,       
7/01/39    120  119,989 
Special Facilities, Continental       
Airlines, Series E, AMT, 6.75%,       
7/01/21    630  616,279 
Special Facilities, Continental       
Airlines, Series E, AMT, 7.38%,       
7/01/22    500  501,775 
Dallas-Fort Worth International Airport     
Facilities Improvement Corp.,       
Refunding RB, American Airlines Inc.     
Project, AMT, 5.50%, 11/01/30    1,000  679,010 
Danbury Higher Education Authority Inc.,     
RB, A.W. Brown Fellowship Charter,     
Series A (ACA), 5.00%, 8/15/26    355  403,553 
Love Field Airport Modernization Corp.,     
RB, Southwest Airlines Co. Project,     
5.25%, 11/01/40    1,000  886,020 
Matagorda County Navigation District     
No. 1 Texas, Refunding RB, Central     
Power & Light Co. Project, Series A,     
6.30%, 11/01/29    290  299,019 
North Texas Tollway Authority, RB, Toll,     
2nd Tier, Series F, 6.13%, 1/01/31  1,150  1,160,454 
Sabine River Authority Texas, Refunding     
RB, TXU Electric Co. Project, Series A,     
Mandatory Put Bonds, 5.50%,       
5/01/22 (a)    1,270  1,195,388 
Tarrant County Cultural Education       
Facilities Finance Corp., RB, Series A:     
CC Young Memorial Home, 8.00%,     
2/15/38    330  317,991 
Senior Living Center Project,       
8.25%, 11/15/44    800  763,352 
Tarrant County Cultural Education       
Facilities Finance Corp., Refunding     
RB, Northwest Senior Housing,       
Edgemere Project, Series A, 6.00%,     
11/15/36    1,500  1,311,120 

 

BLACKROCK MUNICIPAL BOND FUND, INC. MARCH 31, 2011 5


BlackRock High Yield Municipal Fund
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Texas (concluded)       
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  $ 2,351,923 
NTE Mobility Partners LLC, North     
Tarrant Express Managed Lanes       
Project, 6.88%, 12/31/39    1,740  1,776,627 
Texas State Public Finance Authority,     
Refunding, ERB, KIPP Inc., Series A     
(ACA):       
5.00%, 2/15/28    680  594,674 
5.00%, 2/15/36    2,000  1,630,220 
      17,396,294 
Utah — 0.6%       
Utah State Charter School Finance       
Authority, RB, Navigator Pointe       
Academy, Series A, 5.63%, 7/15/40  1,000  818,010 
Vermont — 0.6%       
Vermont Economic Development       
Authority, Refunding MRB, Wake       
Robin Corp. Project, Series A (ACA),     
6.30%, 3/01/33    1,000  879,550 
Virginia — 3.2%       
Albemarle County IDA, Refunding RB,     
Westminster-Canterbury, 5.00%,       
1/01/31    500  409,970 
Chesterfield County EDA, Refunding RB,     
Virginia Electric & Power, Series A,       
5.00%, 5/01/23    1,000  1,039,030 
City of Norfolk Virginia, Refunding RB,     
Series B (AMBAC), 5.50%, 2/01/31  220  202,070 
Fairfax County EDA, Refunding RB:       
Goodwin House Inc., 5.13%,       
10/01/37    2,040  1,719,251 
Goodwin House Inc., 5.13%,       
10/01/42    450  371,111 
Retirement, Greenspring, Series A,     
4.88%, 10/01/36    155  128,170 
Lexington IDA, Refunding MRB, Kendal     
at Lexington, Series A, 5.38%,       
1/01/28    210  172,439 
Watkins Centre Community       
Development Authority, RB, 5.40%,     
3/01/20    750  702,982 
      4,745,023 
Washington — 2.1%       
Tobacco Settlement Authority of       
Washington, RB, Asset-Backed,       
6.50%, 6/01/26    2,295  2,309,757 
Washington Health Care Facilities       
Authority, RB, Swedish Health       
Services, Series A, 6.75%, 11/15/41  730  754,243 
      3,064,000 

 

    Par   
Municipal Bonds    (000)  Value 
Wisconsin — 1.0%       
Wisconsin Health & Educational       
Facilities Authority, RB, Wheaton       
Franciscan Healthcare, 5.25%,       
8/15/34  $ 1,565  $ 1,323,129 
Wisconsin Health & Educational       
Facilities Authority, Refunding RB, St.     
John's Communities Inc., Series A:       
7.25%, 9/15/29    75  73,299 
7.63%, 9/15/39    145  144,274 
      1,540,702 
Wyoming — 1.0%       
County of Sweetwater Wyoming,       
Refunding RB, FMC Corp. Project,       
AMT, 5.60%, 12/01/35    1,500  1,411,740 
Total Municipal Bonds – 93.0%      136,648,656 
Municipal Bonds Transferred to Tender     
Option Bond Trusts (h)       
California — 1.4%       
Bay Area Toll Authority, Refunding RB,     
San Francisco Bay Area, Series F-1,     
5.63%, 4/01/44    480  487,026 
Los Angeles Department of Airports,       
Refunding RB, Senior, Los Angeles     
International Airport, Series A, 5.00%,     
5/15/40    1,680  1,544,945 
      2,031,971 
District of Columbia — 0.7%       
District of Columbia Water & Sewer       
Authority, RB, Series A, 6.00%,       
10/01/35    950  1,024,968 
New York — 1.1%       
New York State Dormitory Authority,       
ERB, Series F, 5.00%, 3/15/35    1,710  1,674,738 
Ohio — 2.7%       
County of Allen Ohio, Refunding RB,       
Catholic Healthcare, Series A, 5.25%,     
6/01/38    2,200  1,942,600 
State of Ohio, Refunding RB, Cleveland     
Clinic Health, Series A, 5.50%,       
1/01/39    2,000  1,980,140 
      3,922,740 
South Carolina — 1.3%       
South Carolina State Housing Finance &     
Development Authority, Refunding RB,     
Series B-1, 5.55%, 7/01/39    1,879  1,889,613 
Virginia — 3.1%       
Virginia HDA, RB, Sub-Series H-1       
(NPFGC), 5.38%, 7/01/36    2,110  2,110,865 
Virginia Small Business Financing       
Authority, Refunding RB, Sentara       
Healthcare, 5.00%, 11/01/40    2,501  2,396,448 
      4,507,313 

 

6 BLACKROCK MUNICIPAL BOND FUND, INC. MARCH 31, 2011


BlackRock High Yield Municipal Fund
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

Municipal Bonds Transferred to Tender  Par   
Option Bond Trusts (h)  (000)  Value 
Wisconsin — 1.3%     
Wisconsin Health & Educational     
Facilities Authority, Refunding RB,     
Froedtert & Community Health Inc.,     
5.25%, 4/01/39  $ 2,180 $ 1,981,006 
Total Municipal Bonds Transferred to     
Tender Option Bond Trusts – 11.6%    17,032,349 
Total Long-Term Investments     
(Cost – $163,213,860) – 104.6%    153,681,005 
Short-Term Securities  Shares   
FFI Institutional Tax-Exempt Fund,     
0.12% (i)(j)  1,949,262  1,949,262 
Total Short-Term Securities     
(Cost – $1,949,262) – 1.3%    1,949,262 
Total Investments     
(Cost – $165,163,122*) – 105.9%    155,630,267 
Other Assets Less Liabilities – 0.3%    498,695 
Liability for Trust Certificates, Including Interest   
Expense and Fees Payable – (6.2)%    (9,187,882) 
Net Assets – 100.0%  $ 146,941,080 
* The cost and unrealized appreciation (depreciation) of investments as of 
March 31, 2011, as computed for federal income tax purposes, were as 
Aggregate follows: cost  $ 155,967,106 
Gross unrealized appreciation  $     2,110,614 
Gross unrealized depreciation (11,627,187)
Net unrealized  depreciation  $  (9,516,573) 


(a) Variable rate security. Rate shown is as of report date.
(b) When-issued security. Unsettled when-issued transactions were as
follows:

    Unrealized 
Counterparty  Value  Appreciation 
Barclays Capital  $ 508,103 $ 3,014 
Merril Lynch & Co., Inc.  $ 1,044,890 $ 3,608 

 

(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    Shares   
  Held at    Held at   
  June 30,  Net  March 31,   
Affiliate  2010  Activity  2011  Income 
FFI Institutional         
Tax-Exempt         
Fund  1,632,976  316,286  1,949,262  $ 7,188 


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

BLACKROCK MUNICIPAL BOND FUND, INC. MARCH 31, 2011 7


BlackRock High Yield Municipal Fund
Scheduleof Investments (concluded)

•  Financial futures contracts sold as of March 31, 2011 were as follows:       
          Notional  Unrealized 
  Contracts  Issue  Exchange  Expiration  Value  Depreciation 
  67  10-Year U.S. Treasury Note  Chicago Board of Trade  June 2011  $ 7,940,420  $ (34,674) 

 

•Fair Value Measurements - Various inputs are used in determining the fair
value of investments and derivative financial instruments. These inputs
are summarized in three broad levels for financial reporting purposes 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 and derivative financial instruments)

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
derivative financial instruments and other significant accounting policies,
please refer to the Fund’s most recent financial statements as contained in
its semi-annual report.

The following tables summarize the inputs used as of March 31, 2011 in
determining the fair valuation of the Fund's investments and derivative
financial instruments:

Valuation Inputs  Level 1  Level 2  Level 3  Total 
Assets:         
Investments:         
Long-Term         
Investments1  —      $ 153,681,005  — $ 153,681,005 
Short-Term         
Securities  $ 1,949,262  —  —  1,949,262 
Total  $ 1,949,262     $ 153,681,005  —   $155,630,267 
1 See above Schedule of Investments for values in each state or political 
subdivision.         

 

Valuation Inputs  Level 1  Level 2  Level 3  Total 
Derivative Financial Instruments2         
Liabilities:         
Interest rate contracts  $ (34,674)  —  — $ (34,674) 
2 Derivative financial instruments are financial futures contracts, which are valued at the unrealized 
appreciation/depreciation on the instrument.       

 

BLACKROCK MUNICIPAL BOND FUND, INC. MARCH 31, 2011 8


BlackRock Municipal Fund
Schedule of Investments March 31, 2011 (Unaudited)
(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  $ 1,395,239 
Alaska — 1.1%       
Borough of Matanuska-Susitna Alaska,     
RB, Goose Creek Correctional Center     
(AGC):       
6.00%, 9/01/28    2,000  2,181,840 
6.00%, 9/01/32    5,250  5,595,712 
      7,777,552 
Arizona — 0.5%       
State of Arizona, COP, Department of     
Administration, Series A (AGM):       
5.00%, 10/01/27    2,375  2,361,819 
5.25%, 10/01/28    1,025  1,034,799 
      3,396,618 
California — 14.0%       
Antelope Valley Community College       
District, GO, Election of 2004,       
Series B (NPFGC), 5.25%, 8/01/39  1,050  993,174 
Cabrillo Community College District, GO,     
CAB, Election of 2004, Series B       
(NPFGC), 5.18%, 8/01/37 (a)    4,100  634,311 
California Health Facilities Financing       
Authority, Refunding RB, St. Joseph     
Health System, Series A, 5.75%,       
7/01/39    1,000  940,240 
City of San Jose California, GO, Libraries,     
Parks, and Public Safety Project       
(NPFGC), 5.00%, 9/01/30    3,700  3,720,720 
City of San Jose California, Refunding     
RB, Series A, AMT (AMBAC), 5.50%,     
3/01/32    6,285  5,856,363 
Coast Community College District       
California, GO, Refunding, CAB,       
Election of 2002, Series C (AGM):       
5.58%, 8/01/13 (b)    6,475  5,199,554 

 

    Par   
Municipal Bonds    (000)  Value 
California (continued)       
Coast Community College District       
California, GO, Refunding, CAB,       
Election of 2002, Series C (AGM)       
(concluded)       
5.40%, 8/01/36 (a)  $ 5,800 $ 1,002,646 
Fresno Unified School District California,     
GO, Election of 2001:       
Series D (NPFGC), 5.00%, 8/01/27  5,070  5,008,400 
Series E (AGM), 5.00%, 8/01/30  1,500  1,411,290 
Hesperia Public Financing Authority       
California, Tax Allocation Bonds,       
Redevelopment & Housing Projects,     
Series A (Syncora), 5.50%, 9/01/27  10,000  7,698,600 
Los Angeles Department of Airports, RB,     
Los Angeles International,       
Sub-Series B, 5.00%, 5/15/35    5,000  4,611,550 
Los Angeles Municipal Improvement       
Corp., RB, Series B1 (NPFGC), 4.75%,     
8/01/37    9,550  8,012,259 
Mount Diablo Unified School District       
California, GO, Election of 2002       
(NPFGC), 5.00%, 7/01/27    7,250  6,930,710 
Norwalk-La Mirada Unified School       
District California, GO, Refunding,       
CAB, Election of 2002, Series E (AGC),     
6.47%, 8/01/38 (a)    4,900  701,386 
Orange County Sanitation District, COP,     
Series B (AGM), 5.00%, 2/01/31    1,380  1,388,929 
Palm Springs Financing Authority,       
Refunding RB, Convention Center       
Project, Series A (NPFGC), 5.50%,       
11/01/35    6,190  5,697,647 
Palomar Community College District,       
GO, CAB, Election of 2006, Series B,     
6.35%, 8/01/39 (b)    15,000  5,223,450 
Rialto Unified School District California,     
GO, CAB, Series A (NPFGC), 6.24%,     
6/01/25 (a)    11,685  4,551,074 

 

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.  HDA  Housing Development Authority 
AMT  Alternative Minimum Tax (subject to)  HFA  Housing Finance Agency 
ARB  Airport Revenue Bonds  IDA  Industrial Development Authority 
BHAC  Berkshire Hathaway Assurance Corp.  ISD  Independent School District 
CAB  Capital Appreciation Bonds  MRB  Mortgage Revenue Bonds 
COP  Certificates of Participation  NPFGC  National Public Finance Guarantee Corp. 
EDA  Economic Development Authority  PSF-GTD  Permanent School Fund Guaranteed 
ERB  Education Revenue Bonds  RB  Revenue Bonds 
    S/F  Single-Family 

 

BLACKROCK MUNICIPAL BOND FUND, INC. MARCH 31, 2011 1


BlackRock Municipal Fund
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
California (concluded)       
Roseville Joint Union High School       
District California, GO, Election of       
2004, Series A (NPFGC), 5.00%,       
8/01/29  $ 5,000  $ 4,928,850 
San Diego Community College District     
California, GO, Election of 2002       
(AGM), 5.00%, 5/01/30    2,685  2,642,711 
San Diego Unified School District       
California, GO, CAB, Election of 2008,     
Series C, 6.85%, 7/01/38 (a)    2,800  439,740 
San Jose Unified School District Santa     
Clara County California, GO, Election     
of 2002, Series B (NPFGC), 5.00%,     
8/01/29    3,650  3,656,789 
Schools Infrastructure Financing       
Agency, Special Tax Bonds (AGM),       
5.50%, 9/01,36    4,080  3,745,930 
Tahoe-Truckee Unified School District,     
GO, School Facility Improvement       
District 2, Election of 2002, Series A     
(NPFGC), 5.25%, 8/01/29    2,535  2,538,118 
Tustin Unified School District California,     
Special Tax Bonds, Senior Lien,       
Community Facilities District 97-1,       
Series A (AGM), 5.00%, 9/01/32    7,630  7,367,070 
University of California, RB, Series O,       
5.75%, 5/15/34    1,450  1,517,831 
      96,419,342 
Florida — 8.4%       
Collier County School Board, COP (AGM),     
5.00%, 2/15/23    2,000  2,021,760 
County of Broward Florida, RB, Series A,     
5.25%, 10/01/34    1,450  1,450,000 
County of Duval Florida, COP, Master     
Lease Program (AGM), 5.00%,       
7/01/33    7,050  6,565,947 
County of Miami-Dade Florida, GO,       
Building Better Communities Program,     
Series B-1, 5.75%, 7/01/33    2,400  2,475,744 
County of Miami-Dade Florida, RB:       
Jackson Health System (AGC),       
5.75%, 6/01/39    4,885  4,875,083 
Miami International Airport,       
Series A, AMT (AGC), 5.50%,       
10/01/26    7,000  7,008,540 
Miami International Airport,       
Series A, AMT (AGC), 5.50%,       
10/01/27    5,495  5,471,426 
Water & Sewer System (AGM),       
5.00%, 10/01/39    7,150  6,746,311 
County of Miami-Dade Florida,       
Refunding RB, Miami International     
Airport, AMT (AGC), 5.00%, 10/01/40  7,380  6,248,720 
Hillsborough County Aviation Authority     
Florida, RB, Series A, AMT (AGC),       
5.38%, 10/01/33    5,000  4,710,900 
Orange County School Board, COP,       
Series A (NPFGC), 5.00%, 8/01/32  6,975  6,623,600 
Sarasota County Public Hospital District,     
RB, Sarasota Memorial Hospital       
Project, Series A, 5.63%, 7/01/39    500  491,960 

 

  Par   
Municipal Bonds  (000)  Value 
Florida (concluded)     
South Florida Water Management     
District, COP (AGC), 5.00%, 10/01/22 $  3,500  $ 3,583,055 
    58,273,046 
Georgia — 4.8%     
County of DeKalb Georgia, Refunding     
RB, Series B (AGM), 5.25%, 10/01/32  1,500  1,472,520 
Gwinnett County Hospital Authority,     
Refunding RB, Gwinnett Hospital     
System, Series D (AGM), 5.50%,     
7/01/41  475  444,496 
Municipal Electric Authority of Georgia,     
RB, Series Y (AMBAC):     
6.40%, 1/01/13  5,740  6,054,265 
6.40%, 1/01/13 (c)  340  362,637 
Municipal Electric Authority of Georgia,     
Refunding RB, Series EE (AMBAC),     
7.00%, 1/01/25  20,000  24,480,800 
    32,814,718 
Illinois — 8.4%     
Chicago Park District, GO, Harbor     
Facilities, Series C, 5.25%, 1/01/40  1,000  964,010 
City of Chicago Illinois, ARB, General,     
Third Lien, Series B-2, AMT (NPFGC),     
6.00%, 1/01/27  17,690  17,790,303 
City of Chicago Illinois, GO, CAB, City     
Colleges (NPFGC), 5.74%,     
1/01/33 (a)  22,500  5,059,350 
City of Chicago Illinois, GO, Refunding:     
Series A (AGM), 5.00%, 1/01/25  5,000  4,821,350 
Series C (NPFGC), 5.00%, 1/01/31  5,000  4,494,850 
City of Chicago Illinois, RB, Series A     
(BHAC), 5.50%, 1/01/38  3,000  3,006,420 
County of Cook Illinois, GO, Refunding,     
Series A, 5.25%, 11/15/33  2,300  2,240,453 
Illinois Finance Authority, Refunding RB,     
Central DuPage Health, Series B,     
5.50%, 11/01/39  4,200  4,030,572 
Illinois State Toll Highway Authority, RB,     
Series B, 5.50%, 1/01/33  3,125  3,120,781 
Illinois State Toll Highway Authority,     
Refunding RB, Senior Series A-1,     
5.00%, 1/01/31  5,000  4,746,850 
Metropolitan Pier & Exposition Authority,     
RB, CAB, McCormick Place Expansion     
Project, Series A (NPFGC),     
5.82%, 6/15/30 (a)  10,000  3,015,800 
Metropolitan Pier & Exposition Authority,     
Refunding RB, CAB, McCormick Place     
Expansion Project, Series B (AGM),     
5.83%, 6/15/27 (a)  2,250  859,140 
State of Illinois, RB, Build Illinois,     
Series B, 5.25%, 6/15/34  4,500  4,235,220 
    58,385,099 
Indiana — 1.3%     
Indiana Municipal Power Agency, RB,     
Series B, 5.75%, 1/01/34  700  703,633 
Indianapolis Local Public Improvement     
Bond Bank, RB, Waterworks Project,     
Series 2007-L (NPFGC), 5.25%,     
7/01/23  2,500  2,582,200 

 

2 BLACKROCK MUNICIPAL BOND FUND, INC. MARCH 31, 2011


BlackRock Municipal Fund
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Indiana (concluded)       
Indianapolis Local Public Improvement     
Bond Bank, Refunding RB,       
Waterworks Project, Series A:       
5.75%, 1/01/38  $ 2,800 $ 2,811,872 
(AGC), 5.50%, 1/01/38    3,150  3,169,435 
      9,267,140 
Iowa — 0.8%       
Iowa Finance Authority, RB, Series A       
(AGC), 5.63%, 8/15/37    5,600  5,520,088 
Maryland — 0.7%       
Maryland Health & Higher Educational     
Facilities Authority, RB, University of     
Maryland Medical System, Series B     
(NPFGC), 7.00%, 7/01/22    4,400  5,013,800 
Massachusetts — 3.9%       
Massachusetts HFA, RB, AMT (AGM):     
Rental Mortgage, Series C, 5.60%,     
1/01/45    4,000  3,899,040 
S/F Housing, Series 128, 4.80%,     
12/01/27 (d)    2,845  2,656,974 
S/F Housing, Series 128, 4.88%,     
12/01/38 (d)    6,340  5,623,707 
Massachusetts HFA, Refunding RB,       
AMT:       
Rental Housing, Series A (AGM),       
5.15%, 7/01/26    3,000  3,029,790 
Series C, 5.35%, 12/01/42    1,950  1,760,908 
Massachusetts School Building       
Authority, RB, Series A (AGM), 5.00%,     
8/15/30    7,000  7,103,880 
Massachusetts Water Resources       
Authority, Refunding RB, General,       
Series A (NPFGC), 5.00%, 8/01/34  2,800  2,814,896 
      26,889,195 
Michigan — 2.8%       
City of Detroit Michigan, RB:       
Second Lien, Series B (AGM),       
6.25%, 7/01/36    675  714,103 
Second Lien, Series B (AGM),       
7.00%, 7/01/36    350  390,050 
Senior Lien, Series A (NPFGC),       
5.00%, 7/01/30    1,500  1,356,960 
System, Second Lien, Series B       
(NPFGC), 5.00%, 7/01/36    3,500  3,072,125 
City of Detroit Michigan, Refunding RB,     
Second Lien, Series E (BHAC), 5.75%,     
7/01/31    4,000  4,063,520 
Kalamazoo Hospital Finance Authority,     
RB, Bronson Methodist Hospital       
(AGM), 5.25%, 5/15/36    750  681,030 
Michigan State HDA, RB, Series C, AMT,     
5.50%, 12/01/28    1,800  1,715,796 
Michigan Strategic Fund, Refunding RB,     
Detroit Edison Co. Project, Series A,     
AMT (Syncora), 5.50%, 6/01/30    7,345  7,083,224 
      19,076,808 

 

  Par   
Municipal Bonds  (000)  Value 
Mississippi — 0.2%     
Harrison County Wastewater     
Management District, Refunding RB,     
Wastewater Treatment Facilities,     
Series A (FGIC), 8.50%, 2/01/13 (c) $  1,320  $ 1,445,651 
Nevada — 1.6%     
City of Las Vegas Nevada, GO, Limited     
Tax, Performing Arts Center, 6.00%,     
4/01/34  1,450  1,519,339 
Clark County Water Reclamation     
District, GO, Series B, 5.75%,     
7/01/34  3,125  3,314,094 
County of Clark Nevada, RB:     
Las Vegas-McCarran International     
Airport, Series A (AGC), 5.25%,     
7/01/39  3,300  3,036,132 
Southwest Gas Corp. Project,     
Series D, AMT (NPFGC), 5.25%,     
3/01/38  1,200  1,050,192 
System, Subordinate Lien, Series C     
(AGM), 5.00%, 7/01/26  2,350  2,271,933 
    11,191,690 
New Jersey — 8.7%     
Cape May County Industrial Pollution     
Control Financing Authority, Refunding     
RB, Atlantic City Electric Co., Series A     
(NPFGC), 6.80%, 3/01/21  6,810  8,000,865 
Garden State Preservation Trust, RB,     
Election of 2005, Series A (AGM):     
5.80%, 11/01/21  3,125  3,514,969 
5.80%, 11/01/22  8,310  9,404,925 
5.80%, 11/01/23  4,340  4,905,849 
New Jersey EDA, RB, Motor Vehicle     
Surcharge, Series A (NPFGC), 5.25%,     
7/01/33  26,500  25,620,200 
New Jersey State Housing & Mortgage     
Finance Agency, RB, Series AA,     
6.38%, 10/01/28  1,840  1,958,662 
New Jersey Transportation Trust Fund     
Authority, RB, Transportation System,     
Series A:     
CAB, 6.79%, 12/15/31 (a)  10,000  2,544,800 
5.88%, 12/15/38  4,255  4,383,331 
    60,333,601 
New York — 6.8%     
City of New York New York, GO, Series C     
(Syncora), 5.63%, 3/15/18  5  5,189 
City of Niagara Falls New York, GO,     
Public Improvement (NPFGC), 6.90%,     
3/01/24  5  5,004 
New York City Municipal Water Finance     
Authority, RB, Fiscal 2009, Series A,     
5.75%, 6/15/40  700  738,738 
New York State Thruway Authority, RB,     
Series G (AGM), 5.00%, 1/01/32  10,000  9,935,400 
New York State Urban Development     
Corp., RB, State Personal Income Tax,     
State Facilities, Series A-1 (NPFGC),     
5.25%, 3/15/34  9,900  9,950,787 

 

BLACKROCK MUNICIPAL BOND FUND, INC. MARCH 31, 2011 3


BlackRock Municipal Fund
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
New York (concluded)       
Sales Tax Asset Receivable Corp., RB,     
Series A:       
(AMBAC), 5.00%, 10/15/32  $ 15,650  $ 15,765,654 
(NPFGC), 5.00%, 10/15/20    10,000  10,654,900 
      47,055,672 
North Carolina — 0.5%       
North Carolina Medical Care       
Commission, RB, Novant Health       
Obligation, Series A, 4.75%,       
11/01/43    3,950  3,208,466 
North Dakota — 0.3%       
North Dakota State HFA, RB, Housing     
Finance Program, Series C, AMT       
(AMBAC), 5.30%, 7/01/22    1,825  1,865,716 
Ohio — 0.2%       
Ohio Higher Educational Facility       
Commission, Refunding RB, Summa     
Health System, 2010 Project (AGC),     
5.25%, 11/15/40    1,275  1,166,676 
Pennsylvania — 1.8%       
City of Philadelphia Pennsylvania, RB,     
12th Series B (NPFGC), 7.00%,       
5/15/20 (c)    4,670  5,683,717 
Pennsylvania Turnpike Commission, RB,     
CAB, Sub-Series E, 6.48%,       
12/01/38 (b)    1,250  835,787 
Philadelphia Redevelopment Authority,     
RB, Neighborhood Transformation,     
Series A (NPFGC), 5.50%, 4/15/20  3,505  3,584,248 
Philadelphia School District, GO,       
Series E, 6.00%, 9/01/38    2,300  2,352,279 
      12,456,031 
Puerto Rico — 1.3%       
Puerto Rico Sales Tax Financing Corp.,     
RB, First Sub-Series A, 6.38%,       
8/01/39    7,100  7,295,250 
Puerto Rico Sales Tax Financing Corp.,     
Refunding RB, CAB, Series A (NPFGC),     
5.69%, 8/01/41 (a)    11,000  1,419,660 
      8,714,910 
South Carolina — 0.3%       
South Carolina State Public Service       
Authority, RB, Santee Cooper,       
Series A, 5.50%, 1/01/38    2,300  2,371,461 
Texas — 10.4%       
City of Houston Texas, Refunding RB,     
Combined, First Lien, Series A (AGC),     
6.00%, 11/15/35    3,650  3,936,415 
Dallas-Fort Worth International Airport     
Facilities Improvement Corp., RB,       
AMT:       
Improvement, Joint, Series B (AGM),     
5.25%, 11/01/22    2,000  2,025,800 
Series A (NPFGC), 6.00%,       
11/01/28    25,950  25,972,057 
Series A (NPFGC), 5.50%,       
11/01/33    2,000  1,870,060 

 

    Par   
Municipal Bonds    (000)  Value 
Texas (concluded)       
Lewisville ISD Texas, GO, Refunding,       
CAB, School Building (NPFGC), 4.67%,     
8/15/24 (a)  $ 8,110  $ 4,126,044 
Mansfield ISD Texas, GO, School       
Building (PSF-GTD), 5.00%, 2/15/33  3,000  3,048,630 
North Texas Tollway Authority,       
Refunding RB:       
CAB, System, First Tier Series I       
(AGC), 6.30%, 1/01/15 (b)    10,000  7,593,600 
First Tier, Series A, 6.00%, 1/01/28  1,000  1,038,770 
System, First Tier (NPFGC), 5.75%,     
1/01/40    7,700  7,227,066 
System, First Tier, Series A       
(AMBAC), 5.63%, 1/01/33    2,040  1,978,841 
System, First Tier, Series B (NPFGC),     
5.75%, 1/01/40    9,870  9,263,785 
Texas Department of Housing &       
Community Affairs, MRB, Series A,       
AMT (NPFGC):       
5.45%, 9/01/23    1,720  1,727,998 
5.50%, 3/01/26    2,220  2,223,419 
      72,032,485 
Utah — 0.9%       
Utah Transit Authority, RB, Series A       
(AGM), 5.00%, 6/15/36    4,000  3,977,000 
Utah Transit Authority, Refunding RB,     
CAB, Sub-Series A (NPFGC), 5.28%,     
6/15/36 (a)    11,930  2,457,103 
      6,434,103 
Virginia — 0.1%       
Fairfax County IDA Virginia, Refunding     
RB, Health Care, Inova Health System,     
Series A, 5.50%, 5/15/35    600  605,040 
Washington — 1.8%       
Chelan County Public Utility District       
No. 1, RB, Chelan Hydro System,       
Series A, AMT (AMBAC), 5.45%,       
7/01/37    10,710  9,961,799 
Washington Health Care Facilities       
Authority, RB, Providence Health &     
Services, Series A:       
5.00%, 10/01/39    1,950  1,719,003 
5.25%, 10/01/39    1,075  984,668 
      12,665,470 
Wisconsin — 1.9%       
City of Superior Wisconsin, Refunding     
RB, Midwest Energy Resources,       
Series E (NPFGC), 6.90%, 8/01/21  9,000  11,076,480 
Wisconsin Health & Educational       
Facilities Authority, RB, Ascension       
Health Senior Credit Group, 5.00%,     
11/15/33    2,400  2,239,728 
      13,316,208 
Total Municipal Bonds – 83.7%      579,091,825 

 

4 BLACKROCK MUNICIPAL BOND FUND, INC. MARCH 31, 2011


BlackRock Municipal Fund
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

Municipal Bonds Transferred to Tender  Par   
Option Bond Trusts (e)    (000)  Value 
California — 2.1%       
San Diego County Water Authority, COP,     
Refunding, Series 2008-A (AGM),       
5.00%, 5/01/33  $ 4,500  $ 4,325,310 
Sequoia Union High School District       
California, GO, Refunding, Election of     
2004, Series B (AGM), 5.50%,       
7/01/35    10,055  10,136,003 
      14,461,313 
Colorado — 0.2%       
Colorado Health Facilities Authority,       
Refunding RB, Catholic Healthcare,     
Series A, 5.50%, 7/01/34    1,580  1,571,222 
District of Columbia — 1.3%       
Metropolitan Washington Airports       
Authority, RB, Series B, AMT (AGM),     
5.00%, 10/01/36    10,000  9,227,992 
Florida — 4.0%       
Broward County School Board Florida,     
COP, Series A (AGM), 5.25%, 7/01/33  10,000  9,399,700 
City of Tallahassee Florida, RB (NPFGC),     
5.00%, 10/01/37    10,000  9,412,900 
Jacksonville Electric Authority Florida,     
RB, Sub-Series A, 5.63%, 10/01/32  6,300  6,545,259 
Orange County School Board, COP,       
Series A (NPFGC), 5.00%, 8/01/30  2,000  1,932,520 
      27,290,379 
Illinois — 0.7%       
City of Chicago Illinois, Refunding RB,     
Second Lien (AGM), 5.25%, 11/01/33  5,000  4,902,550 
Louisiana — 1.7%       
State of Louisiana, RB, Series A (AGM),     
5.00%, 5/01/31    11,950  11,970,793 
Massachusetts — 2.2%       
Massachusetts School Building       
Authority, RB, Series A (AGM), 5.00%,     
8/15/30    15,000  15,222,600 
New Jersey — 2.0%       
New Jersey State Turnpike Authority, RB,     
Series C (AGM), 5.00%, 1/01/30    13,500  13,585,995 
New York — 2.4%       
New York State Dormitory Authority,       
ERB, Series B, 5.75%, 3/15/36    2,010  2,148,690 
Sales Tax Asset Receivable Corp., RB,     
Series A (AMBAC), 5.25%, 10/15/27  13,931  14,559,789 
      16,708,479 
Ohio — 0.2%       
State of Ohio, RB, Cleveland Clinic       
Health, Series B, 5.50%, 1/01/34    1,000  993,490 
Texas — 2.7%       
Cypress-Fairbanks ISD, GO, Refunding,     
Schoolhouse (PSF-GTD), 5.00%,       
2/15/32    10,000  10,213,600 

 

Municipal Bonds Transferred to Tender  Par   
Option Bond Trusts (e)  (000)  Value 
Texas (concluded)     
Harris County Cultural Education     
Facilities Finance Corp., RB, Hospital,     
Texas Children's Hospital Project,     
5.50%, 10/01/39  $ 8,500  $ 8,355,925 
    18,569,525 
Washington — 1.5%     
State of Washington, GO, Series D     
(AGM), 5.00%, 1/01/28  10,000  10,190,800 
Wisconsin — 0.3%     
Wisconsin Health & Educational     
Facilities Authority, Refunding RB,     
Froedtert & Community Health Inc.,     
5.25%, 4/01/39  2,499  2,271,796 
Total Municipal Bonds Transferred to     
Tender Option Bond Trusts – 21.3%    146,966,934 
Total Long-Term Investments     
(Cost – $745,060,621) – 105.0%    726,058,759 
Short-Term Securities  Shares   
FFI Institutional Tax-Exempt Fund,     
0.12% (f)(g)  29,824,741  29,824,741 
Total Short-Term Securities     
(Cost – $29,824,741) – 4.3%    29,824,741 
Total Investments     
(Cost – $774,885,362*) – 109.3%    755,883,500 
Other Assets Less Liabilities – 1.2%    8,464,448 
Liability for Trust Certificates, Including Interest   
Expense and Fees Payable – (10.5)%    (72,822,556) 
Net Assets – 100.0%    $ 691,525,392 


* The cost and unrealized appreciation (depreciation) of investments as of
March 31, 2011, as computed for federal income tax purposes, were as

follows:   
Aggregate cost  $ 704,733,719 
Gross unrealized appreciation  $ 13,540,578 
Gross unrealized depreciation  (35,141,100) 
Net unrealized depreciation  $ (21,600,522) 


(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) Security is collateralized by Municipal or US Treasury obligations.
(d) Variable rate security. Rate shown is as of report date.
(e) 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.

BLACKROCK MUNICIPAL BOND FUND, INC. MARCH 31, 2011 5


BlackRock Municipal Fund
Schedule of Investments(continued)

(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  Value   
  at June 30,  Shares  Shares  at March 31,  at March 31,   
Affiliate  2010  Purchased  Sold  2011  2011  Income 
Black Rock             
Insured             
Municipal Term             
Trust, Inc.  204,800  —  (204,800)  --  --   $89,498 
FFI Institutional             
Tax-Exempt             
Fund  16,338,498      13,486,2431  --  29,824,741  $ 29,824,741   $21,212 
1 Represents net shares purchased.         


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

•  Financial futures contracts sold as of March 31, 2011 were as follows:       
          Notional  Unrealized 
  Contracts  Issue  Exchange  Expiration  Value  (Depreciation) 
  250  10-Year U.S. Treasury Note  Chicago Board of Trade  June 2011  $ 29,628,431  $ (129,381) 


•Fair Value Measurements - Various inputs are used in determining the fair
value of investments and derivative financial instruments. These inputs
are summarized in three broad levels for financial reporting purposes 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 and derivative financial instruments)

The inputs or methodologies used for valuing securities and derivative
financial instruments 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 derivative financial instruments and
other significant accounting policies, please refer to the Fund’s most recent
financial statements as contained in its semi-annual report.

The following tables summarize the inputs used as of March 31, 2011 in
determining the fair valuation of the Fund's investments and derivative
financial instruments:

Valuation Inputs  Level 1  Level 2  Level 3  Total 
Assets:         
Investments:         
Long-Term         
Investments1  —                 $726,058,759      —                      $ 726,058,759 
Short-Term         
Securities                        $ 29,824,741  —       —  29,824,741 
Total  $ 29,824,741              $726,058,759        —                    $ 755,883,500 
1 See above Schedule of Investments for values in each state or 
political subdivision, excluding security types in Level 1 within the table. 

 

6 BLACKROCK MUNICIPAL BOND FUND, INC. MARCH 31, 2011


BlackRock Municipal Fund
Schedule of Investments (concluded)

Valuation Inputs  Level 1  Level 2  Level 3  Total 
Derivative Financial         
Instruments2         
Liabilities:         
Interest rate         
contracts  $ (129,381)  —  — $ (129,381) 
2Derivative financial instruments are financial futures contracts, which are 
valued at the unrealized appreciation/depreciation on the instrument. 

 

BLACKROCK MUNICIPAL BOND FUND, INC. MARCH 31, 2011 7


BlackRock National Municipal Fund
Schedule of Investments March 31, 2011 (Unaudited)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Alabama — 1.2%       
Alabama State Docks Department,       
Refunding RB, 6.00%, 10/01/40  $ 15,500  $ 15,001,210 
Birmingham Special Care Facilities       
Financing Authority, RB, Children's       
Hospital (AGC), 6.00%, 6/01/39    10,235  10,577,975 
Courtland IDB Alabama, RB,       
International Paper Co. Projects,       
Series A, 6.25%, 11/01/33    2,530  2,581,991 
Courtland IDB, Refunding RB, AMT:       
Champion International Corp.       
Project, 6.00%, 8/01/29    185  183,783 
International Paper Co., Series B,     
6.25%, 8/01/25    750  754,920 
      29,099,879 
Arizona — 0.8%       
Maricopa County & Phoenix Industrial     
Development Authorities, Refunding     
RB, S/F, Series A-2, AMT (Ginnie       
Mae), 5.80%, 7/01/40    2,390  2,434,120 
Maricopa County IDA Arizona, RB,       
Arizona Charter Schools Project,       
Series A, 6.75%, 7/01/29    3,100  2,032,701 
Peoria Improvement District No. 8401     
Arizona, Special Assessment Bonds,     
Special Assessment No. 8802, 7.20%,     
1/01/13    510  519,644 
Pima County IDA, IDRB, Tucson Electric     
Power, Series A, 6.38%, 9/01/29    4,040  4,044,040 
Pinal County IDA Arizona, RB, San       
Manuel Facility Project, AMT, 6.25%,     
6/01/26    500  410,175 
Prescott Valley Improvement District       
Arizona, Special Assessment Bonds,     
Sewer Collection System Roadway       
Repair, 7.90%, 1/01/12    60  62,122 
Salt River Project Agricultural       
Improvement & Power District, RB,     
Series A, 5.00%, 1/01/39    4,950  4,840,605 

 

    Par   
Municipal Bonds    (000)  Value 
Arizona (concluded)       
Vistancia Community Facilities District     
Arizona, GO:       
6.75%, 7/15/22  $ 3,000  $ 3,080,910 
5.75%, 7/15/24    2,125  2,193,935 
      19,618,252 
California — 17.8%       
ABAG Finance Authority for Nonprofit     
Corps, Refunding RB, Sharp       
Healthcare, 6.25%, 8/01/39    9,000  8,846,550 
Cabrillo Community College District, GO,     
Election of 2004, Series B (NPFGC),     
5.00%, 8/01/36    10,000  9,637,600 
California Health Facilities Financing       
Authority, RB, Sutter Health, Series A,     
6.25%, 8/15/35    2,500  2,501,650 
California Health Facilities Financing       
Authority, Refunding RB:       
Catholic Healthcare West, Series A,     
6.00%, 7/01/39    11,905  11,871,547 
Catholic Healthcare West, Series E,     
5.63%, 7/01/25    10,000  10,153,900 
Sutter Health, Series B, 6.00%,       
8/15/42    12,375  12,253,106 
California State Public Works Board, RB,     
Various Capital Projects:       
Sub-Series A-1, 6.00%, 3/01/35  12,875  12,633,980 
Sub-Series I-1, 6.38%, 11/01/34  9,705  9,864,453 
California Statewide Communities       
Development Authority, RB, Health     
Facility, Memorial Health Services,       
Series A, 6.00%, 10/01/23    9,880  10,211,968 
California Statewide Communities       
Development Authority, Refunding RB,     
Catholic Healthcare West, Series B,     
5.50%, 7/01/30    3,000  2,896,140 

 

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

 

BLACKROCK MUNICIPAL BOND FUND, INC. MARCH 31, 2011 1


BlackRock National Municipal Fund
Schedule of Investments (continued)
(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  $ 3,242,006 
City of Chula Vista California, Refunding     
RB, San Diego Gas & Electric, Series     
A, 5.88%, 2/15/34  4,875  5,016,131 
City of Newport Beach California, RB,     
Hoag Memorial Hospital Presbyterian,     
6.00%, 12/01/40  4,285  4,345,247 
City of Roseville California, Special Tax     
Bonds, Stoneridge Community     
Facilities No. 1, 6.30%, 9/01/11 (a)  2,500  2,611,475 
City of San Jose California, RB,     
Convention Center Expansion &     
Renovation Project (b):     
6.50%, 5/01/36  1,510  1,484,239 
6.50%, 5/01/42  3,735  3,637,591 
County of Sacramento California, RB,     
Subordinated and Passenger Facility     
Charges/Grant, Series C:     
6.00%, 7/01/39  13,265  13,227,725 
6.00%, 7/01/41  6,800  6,761,648 
East Bay Municipal Utility District,     
Refunding RB, Sub-Series A, 5.00%,     
6/01/36  10,000  9,928,500 
Los Angeles Municipal Improvement     
Corp., RB, Real Property, Series E:     
6.00%, 9/01/34  2,685  2,759,777 
6.00%, 9/01/39  9,450  9,643,253 
Metropolitan Water District of Southern     
California, RB, Series A, 5.00%,     
7/01/37  10,000  9,898,200 
Modesto Irrigation District, COP:     
Capital Improvements, Series A,     
6.00%, 10/01/39  9,805  9,873,047 
Series B, 5.50%, 7/01/35  15,000  14,101,200 
Orange County Sanitation District, COP,     
Series A, 5.00%, 2/01/35  10,000  9,889,500 
Orange County Water District, COP:     
Refunding, 5.00%, 8/15/39  15,000  14,448,900 
Series B (NPFGC), 5.00%, 8/15/34  10,000  9,850,300 
Pittsburg Redevelopment Agency, Tax     
Allocation Bonds, Refunding,     
Subordinate, Los Medanos     
Community Project, Series A, 6.50%,     
9/01/28  10,000  9,471,600 
Pittsburg Unified School District, COP,     
6.20%, 9/01/34  10,465  10,089,307 
Port of Oakland, RB, Series K, AMT     
(NPFGC), 5.88%, 11/01/30  10,950  10,429,875 
San Francisco City & County Airports     
Commission, RB, Series E, 6.00%,     
5/01/39  24,300  25,179,174 
San Francisco City & County Airports     
Commission, Refunding RB, Second     
Series 34E, AMT (AGM):     
5.75%, 5/01/21  8,220  8,864,859 
5.75%, 5/01/23  17,000  17,776,560 

 

    Par   
Municipal Bonds    (000)  Value 
California (concluded)       
San Francisco City & County       
Redevelopment Agency, Special Tax     
Bonds, Community Facilities District     
No. 6-Mission, Series A:       
6.00%, 8/01/21  $ 5,000 $ 5,000,650 
6.00%, 8/01/25    2,550  2,464,244 
San Francisco Uptown Parking Corp.       
California, RB, Union Square (NPFGC),     
6.00%, 7/01/20    1,075  1,108,637 
San Joaquin County Transportation       
Authority, RB, Limited Tax, Measure K,     
Series A, 6.00%, 3/01/36    10,700  11,137,309 
San Juan Water District, COP, Series A,     
6.00%, 2/01/39    10,000  10,436,600 
Santa Clara County Financing Authority,     
Refunding LRB, Series L, 5.25%,       
5/15/36    12,000  11,467,560 
Santa Margarita Water District       
California, Special Tax Bonds,       
Refunding, Facilities District No. 99-1,     
6.20%, 9/01/20    2,650  2,656,811 
State of California, GO, Various Purpose:     
6.00%, 3/01/33    10,000  10,391,000 
6.50%, 4/01/33    38,000  40,762,980 
Tuolumne Wind Project Authority, RB,     
Tuolumne Co. Project, Series A,       
5.88%, 1/01/29    16,130  17,047,474 
      415,874,273 
Colorado — 0.6%       
Colorado Health Facilities Authority, RB,     
Catholic Health Initiatives, Series D,     
6.25%, 10/01/33    3,520  3,676,077 
Colorado Housing & Finance Authority,     
RB, S/F Program, Senior Series B-3,     
6.55%, 10/01/16    70  72,877 
Colorado Housing & Finance Authority,     
Refunding RB, S/F Program:       
Senior Series A-2, AMT, 7.50%,       
4/01/31    115  119,634 
Senior Series A-3, 7.35%,       
10/01/30    55  57,642 
Senior Series C-3 (FHA), 6.75%,       
10/01/21    205  222,734 
Senior Series C-3 (FHA), 7.15%,       
10/01/30    55  56,023 
Series B-2, AMT, 7.10%, 4/01/17  40  41,421 
Series B-2, AMT, 7.25%, 10/01/31  405  415,380 
Series C-2, AMT (FHA), 7.25%,       
10/01/31    165  165,832 
Plaza Metropolitan District No. 1       
Colorado, Tax Allocation Bonds       
Public Improvement Fee, Tax       
Increment:       
8.00%, 12/01/25    7,700  7,486,941 
Subordinate, 8.13%, 12/01/25    1,885  1,674,804 
      13,989,365 

 

2 BLACKROCK MUNICIPAL BOND FUND, INC. MARCH 31, 2011


BlackRock National Municipal Fund
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Connecticut — 0.1%       
Connecticut State Development       
Authority, RB, Bridgeport, AMT       
(AMBAC), 6.15%, 4/01/35  $ 1,250  $ 1,182,712 
Connecticut State Health & Educational     
Facility Authority, RB, Bridgeport       
Hospital, Series A (NPFGC), 6.63%,     
7/01/18    1,000  1,011,720 
Connecticut State Health & Educational     
Facility Authority, Refunding RB       
(Radian), 6.63%, 7/01/26    640  640,122 
      2,834,554 
Delaware — 0.5%       
County of Sussex Delaware, RB, NRG     
Energy, Inc., Indian River Project,       
6.00%, 10/01/40    12,000  11,590,320 
District of Columbia — 1.4%       
District of Columbia, RB, Series A,       
5.50%, 12/01/30    17,000  18,182,520 
District of Columbia Water & Sewer       
Authority, RB, Series A:       
6.00%, 10/01/35    7,630  8,230,862 
5.50%, 10/01/39    6,475  6,659,149 
      33,072,531 
Florida — 7.7%       
Anthem Park Community Development     
District, Special Assessment Bonds,     
5.80%, 5/01/36 (c)(d)    1,815  1,169,568 
County of Escambia Florida, RB,       
International Paper Co. Projects,       
Series B, 6.25%, 11/01/33    7,500  7,654,125 
County of Lee Florida, RB, Series A, AMT     
(AGM), 6.00%, 10/01/29    13,015  13,065,108 
County of Miami-Dade Florida, GO,       
Building Better Communities Program:     
Series B, 6.38%, 7/01/28    7,750  8,501,672 
Series B-1, 6.00%, 7/01/38    25,000  26,285,250 
County of Miami-Dade Florida,       
Refunding RB:       
Miami International Airport, Series     
A-1, 5.50%, 10/01/30    5,000  4,877,450 
Series C, 6.00%, 10/01/23    20,000  22,122,200 
Fiddlers Creek Community Development     
District No. 2, Special Assessment       
Bonds (c)(d):       
Series A, 6.38%, 5/01/35    6,850  2,183,780 
Series B, 5.75%, 5/01/13    555  176,934 
Florida Housing Finance Corp., RB,       
Homeowner Mortgage, Series 3, AMT     
(NPFGC), 6.35%, 7/01/28    510  510,000 
Florida Housing Finance Corp.,       
Refunding RB, AMT, Homeowner       
Mortgage:       
Series 1 (Ginnie Mae), 6.00%,       
7/01/39    3,670  3,762,888 
Series 4 (AGM), 6.25%, 7/01/22  255  255,000 
Harbor Bay Community Development     
District Florida, Special Assessment     
Bonds, Series A, 7.00%, 5/01/33    935  867,802 

 

    Par   
Municipal Bonds    (000)  Value 
Florida (concluded)       
Highland Meadows Community       
Development District, Special       
Assessment Bonds, Series A, 5.50%,     
5/01/36 (c)(d)  $ 1,090  $ 415,628 
Highlands County Health Facilities       
Authority, RB, Adventist Health       
System/Sunbelt, Series B, 6.00%,       
11/15/37    4,990  5,083,662 
Hillsborough County IDA, RB, AMT,       
National Gypsum Co.:       
Series A, 7.13%, 4/01/30    6,000  5,355,300 
Series B, 7.13%, 4/01/30    7,750  6,917,263 
Jacksonville Economic Development       
Commission, RB, Mayo Clinic:       
Jacksonville, Series B, 5.50%,       
11/15/36    2,000  1,991,700 
Series A (NPFGC), 5.50%,       
11/15/36    1,000  1,003,620 
Jacksonville Electric Authority Florida,     
RB:       
Scherer 4 Project, Series A, 6.00%,     
10/01/37    8,225  8,735,608 
Sub-Series A, 5.63%, 10/01/32    10,525  10,934,738 
Jacksonville Port Authority, RB, AMT       
(AGC), 6.00%, 11/01/38    8,155  8,182,482 
Lee County Housing Finance Authority,     
RB, Multi-County Program, Series A-2,     
AMT (Ginnie Mae), 6.00%, 9/01/40  495  523,413 
Lexington Oaks Community District,       
Special Assessment Bonds, Series A,     
6.70%, 5/01/33    1,030  1,036,458 
Mid-Bay Bridge Authority, RB, Series A,     
7.25%, 10/01/40    5,000  4,937,700 
Orange County School Board, COP,       
Series A (AGC), 5.50%, 8/01/34    11,000  10,913,430 
Orlando Urban Community Development     
District Florida, Special Assessment     
Bonds, Capital Improvement, Series A,     
6.95%, 5/01/11 (a)    930  943,299 
Panther Trace II Community       
Development District, Special       
Assessment Bonds, 5.13%, 11/01/13  7,950  7,047,437 
Sarasota County Public Hospital District,     
RB, Sarasota Memorial Hospital       
Project, Series A, 5.63%, 7/01/39    10,570  10,400,034 
St. Lucie West Services District,       
Refunding RB, Senior Lien (NPFGC),     
6.00%, 10/01/22    2,000  2,046,060 
Sterling Hill Community Development     
District, Special Assessment Bonds,     
Refunding, Series B, 5.50%,       
11/01/10 (c)(d)    165  115,302 
Watergrass Community Development     
District, Special Assessment Bonds,     
Series B:       
5.13%, 11/01/14    1,000  625,540 
6.96%, 11/01/17    2,180  1,956,833 
      180,597,284 

 

BLACKROCK MUNICIPAL BOND FUND, INC. MARCH 31, 2011 3


BlackRock National Municipal Fund
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Georgia — 3.1%       
City of Atlanta Georgia, RB, General,       
Series B, AMT (NPFGC), 5.63%,       
1/01/30  $ 20,000  $ 19,986,600 
City of Atlanta Georgia, Refunding RB,     
General, Series C, 6.00%, 1/01/30  25,000  26,988,500 
DeKalb County Hospital Authority       
Georgia, RB, DeKalb Medical Center     
Inc. Project, 6.13%, 9/01/40    3,535  3,245,483 
Fulton County Residential Care Facilities     
for the Elderly Authority, Refunding     
RB, Canterbury Court Project, Series     
A, 6.00%, 2/15/22    2,250  2,056,500 
Municipal Electric Authority of Georgia,     
Refunding RB, Project One, Sub-Series     
D, 6.00%, 1/01/23    10,000  10,976,700 
Richmond County Development       
Authority, RB, Recovery Zone Facility,     
International Paper Co., Series B,       
6.25%, 11/01/33    3,625  3,699,494 
Rockdale County Development       
Authority, RB, Visy Paper Project,       
Series A, AMT, 6.13%, 1/01/34    5,000  4,389,000 
      71,342,277 
Illinois — 7.9%       
Bolingbrook Special Service Area No. 1,     
Special Tax Bonds, Forest City Project,     
5.90%, 3/01/27    1,000  783,360 
Chicago Transit Authority, RB, Federal     
Transit Administration Section 5309,     
Series A (AGC), 6.00%, 6/01/26    12,425  13,346,314 
City of Chicago Illinois, ARB, General,     
Third Lien, Series B-2, AMT (Syncora),     
6.00%, 1/01/29    55,000  55,339,350 
City of Chicago Illinois, Special       
Assessment Bonds, Lake Shore East,     
6.75%, 12/01/32    2,000  1,793,260 
County of Cook Illinois, RB, Navistar       
International Corp. Project, Recovery     
Zone Facility, 6.50%, 10/15/40    6,500  6,449,950 
Illinois Finance Authority, RB:       
Advocate Health Care Network,       
Series D, 6.50%, 11/01/38    5,700  5,995,146 
Community Rehabilitation, 6.50%,     
7/01/12 (a)    1,730  1,876,358 
Community Rehabilitation Provider     
Facilities, Series A, 6.50%, 7/01/22  1,410  1,350,258 
DePaul University, Series A, 6.13%,     
10/01/40    11,610  11,674,668 
Navistar International, Recovery       
Zone, 6.50%, 10/15/40    4,500  4,465,350 
Roosevelt University Project, 6.50%,     
4/01/39    8,000  7,689,760 
Rush University Medical Center       
Obligation Group, Series A, 7.25%,     
11/01/30    6,900  7,401,492 
Rush University Medical Center       
Obligation Group, Series B, 7.25%,     
11/01/30    5,280  5,663,751 
Rush University Medical Center,       
Series C, 6.38%, 11/01/29    2,860  2,922,205 
University of Chicago, Series B,       
6.25%, 7/01/38    20,000  21,833,000 

 

    Par   
Municipal Bonds    (000)  Value 
Illinois (concluded)       
Illinois Finance Authority, Refunding RB     
Series A:       
Northwestern Memorial Hospital,     
6.00%, 8/15/39  $ 9,400 $ 9,692,152 
OSF Healthcare System, 7.00%,       
11/15/27    3,335  3,432,015 
OSF Healthcare System, 7.13%,       
11/15/35    1,870  1,910,616 
OSF Healthcare System, 6.00%,       
5/15/39    6,000  5,710,740 
Railsplitter Tobacco Settlement       
Authority, RB, 6.00%, 6/01/28    5,000  4,833,300 
Village of Hodgkins Illinois, RB,       
Metropolitan Biosolids Management     
LLC, Project, AMT, 6.00%, 11/01/23  10,000  9,999,600 
Village of Wheeling Illinois, Tax       
Allocation Bonds, North       
Milwaukee/Lake-Cook TIF Project,       
6.00%, 1/01/25    1,540  1,358,141 
      185,520,786 
Indiana — 1.9%       
Indiana Finance Authority, RB, Trinity     
Health, Series A, 5.63%, 12/01/38  10,000  9,978,200 
Indiana Finance Authority, Refunding     
RB:       
Duke Energy Indiana Project ,       
Series B, 6.00%, 8/01/39    8,335  8,559,462 
Improvement, U.S. Steel Corp.,       
6.00%, 12/01/26    5,000  4,846,150 
Indiana Municipal Power Agency, RB,     
Series B, 6.00%, 1/01/39    10,500  10,786,650 
Indianapolis Local Public Improvement     
Bond Bank, Refunding RB,       
Waterworks Project, Series A, 5.75%,     
1/01/38    10,000  10,042,400 
      44,212,862 
Kansas — 0.0%       
Sedgwick & Shawnee Counties Kansas,     
RB, Mortgage-Backed Securities,       
Series A1, AMT (Ginnie Mae), 6.95%,     
6/01/29    685  716,270 
Kentucky — 0.8%       
Kentucky Economic Development       
Finance Authority, RB, Louisville       
Arena, Sub-Series A-1 (AGC), 6.00%,     
12/01/42    2,500  2,499,750 
Kentucky Economic Development       
Finance Authority, Refunding RB,       
Owensboro Medical Health System,     
Series A, 6.38%, 6/01/40    5,000  4,677,500 
Louisville/Jefferson County Metropolitan     
Government, Refunding RB, Jewish     
Hospital & St. Mary's HealthCare,       
6.13%, 2/01/37    12,000  11,613,840 
      18,791,090 
Louisiana — 0.8%       
Louisiana HFA, RB, S/F, Series D-2, AMT     
(Ginnie Mae), 5.80%, 6/01/20    145  149,704 

 

4 BLACKROCK MUNICIPAL BOND FUND, INC. MARCH 31, 2011


BlackRock National Municipal Fund
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Louisiana (concluded)       
Louisiana Local Government       
Environmental Facilities & Community     
Development Authority, RB, Westlake     
Chemical Corp.:       
Projects, 6.75%, 11/01/32  $ 3,500  $ 3,564,715 
Series A, 6.50%, 8/01/29    6,665  6,731,517 
Series A-1, 6.50%, 11/01/35    8,360  8,360,000 
      18,805,936 
Maryland — 0.3%       
Maryland Community Development       
Administration, HRB, Series B, AMT,     
6.15%, 1/01/21    445  445,485 
Maryland Community Development       
Administration, RB, Waters Landing II     
Apartments, Series A, Mandatory Put     
Bonds, AMT, 5.88%, 8/01/33 (e)    1,000  1,007,410 
Maryland Health & Higher Educational     
Facilities Authority, Refunding RB,       
Charlestown Community, 6.25%,       
1/01/41    5,000  4,791,450 
      6,244,345 
Massachusetts — 0.2%       
Massachusetts HFA, RB, Series B,       
7.00%, 12/01/38    5,000  5,398,650 
Michigan — 3.1%       
County of Wayne Michigan, GO, Building     
Improvement, Series A, 6.75%,       
11/01/39    2,170  2,158,933 
Eastern Michigan University, Refunding     
RB, General (AMBAC), 6.00%,       
6/01/24    415  417,536 
Flint Hospital Building Authority       
Michigan, Refunding RB, Hurley       
Medical Center, 6.00%, 7/01/20    2,635  2,447,283 
Kalamazoo Hospital Finance Authority,     
Refunding RB, Bronson Methodist       
Hospital, 5.50%, 5/15/36    14,565  13,642,890 
Michigan Finance Authority, RB, SAN,     
Detroit Schools, Series A-1, 6.45%,     
2/02/12    7,600  7,636,632 
Michigan State Building Authority,       
Refunding RB, Facilities Program,       
Series I:       
6.00%, 10/15/38    10,875  11,193,094 
6.25%, 10/15/38    6,250  6,528,062 
Michigan State Hospital Finance       
Authority, Refunding RB, Henry Ford     
Health, 5.75%, 11/15/39    9,880  9,065,196 
Royal Oak Hospital Finance Authority     
Michigan, Refunding RB, William       
Beaumont Hospital:       
8.25%, 9/01/39    15,195  17,138,896 
Series W, 6.00%, 8/01/39    2,900  2,734,439 
      72,962,961 
Minnesota — 1.0%       
City of Eden Prairie Minnesota,       
RB,Rolling Hills Project, Series A       
(GinnieMae), 6.15%, 8/20/31    1,000  1,052,230 

 

    Par   
Municipal Bonds    (000)  Value 
Minnesota (concluded)       
City of Minneapolis Minnesota,       
Refunding RB, Fairview Health       
Services:       
Series A, 6.75%, 11/15/32  $ 4,800  $ 5,092,464 
Series B (AGC), 6.50%, 11/15/38  14,435  15,121,528 
Ramsey County Housing &       
Redevelopment Authority Minnesota,     
RB, Hanover Townhouses Project,       
AMT, 6.00%, 7/01/31    1,110  1,110,655 
      22,376,877 
Mississippi — 0.1%       
County of Warren Mississippi, Refunding     
RB, International Paper Co. Project,     
Series B, AMT, 6.75%, 8/01/21    1,700  1,709,588 
Missouri — 0.1%       
City of Fenton Missouri, Tax Allocation     
Bonds, Refunding, Gravois Bluffs       
Redevelopment Project, 5.00%,       
4/01/14    1,000  1,052,510 
Multi-State — 0.1%       
MuniMae TE Bond Subsidiary LLC,       
7.50%, 6/30/49 (f)(g)    1,830  1,701,237 
Nevada — 4.1%       
City of Las Vegas Nevada, GO, Limited     
Tax, Performing Arts Center, 6.00%,     
4/01/34    10,000  10,478,200 
City of Reno Nevada, Special       
Assessment Bonds, Somerset       
Parkway, 6.63%, 12/01/22    1,675  1,492,844 
Clark County Water Reclamation       
District, GO, Series B, 5.75%,       
7/01/38    26,000  27,428,700 
County of Clark Nevada, RB, Series B:     
5.13%, 7/01/36    9,350  8,460,534 
5.75%, 7/01/42    41,700  41,159,568 
County of Clark Nevada, Special       
Assessment Bonds, Special       
Improvement District No. 142, Local     
Improvement, 6.38%, 8/01/23    1,440  1,365,149 
Nevada Housing Division, RB, Multi-Unit     
Housing, Series A, AMT (Freddie Mac),     
6.30%, 4/01/32    4,950  4,951,931 
      95,336,926 
New Jersey — 0.9%       
New Jersey EDA, RB, Cedar Crest Village     
Inc. Facility, Series A, 7.25%,       
11/15/11 (a)    3,300  3,472,788 
New Jersey EDA, Refunding RB, New       
Jersey American Water Co., Inc.       
Project, Series B, AMT, 5.60%,       
11/01/34    8,000  7,785,280 
New Jersey Educational Facilities       
Authority, Refunding RB, University of     
Medicine & Dentistry, Series B:       
7.13%, 12/01/23    1,870  2,090,248 
7.50%, 12/01/32    7,200  7,860,240 

 

BLACKROCK MUNICIPAL BOND FUND, INC. MARCH 31, 2011 5


BlackRock National Municipal Fund
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
New Jersey (concluded)       
New Jersey State Housing & Mortgage     
Finance Agency, Refunding RB,       
Series B (AGM), 6.25%, 11/01/26  $ 640  $ 640,538 
      21,849,094 
New Mexico — 0.1%       
County of Santa Fe New Mexico, RB       
(AGM), 6.00%, 2/01/27    250  279,707 
New Mexico Mortgage Finance       
Authority, RB, S/F Mortgage Program,     
Series D, AMT (Fannie Mae), 6.15%,     
7/01/35    1,630  1,742,780 
      2,022,487 
New York — 5.1%       
Chautauqua County Industrial       
Development Agency, RB, Nrg Dunkirk     
Power Project, 5.88%, 4/01/42    2,500  2,311,725 
City of New York New York, GO, Series     
E-1, 6.25%, 10/15/28    7,600  8,406,360 
Long Island Power Authority, Refunding     
RB, General, Series A, 6.00%,       
5/01/33    40,800  43,288,800 
Metropolitan Transportation Authority,     
RB, Series 2008C, 6.50%, 11/15/28  17,420  19,314,077 
New York City Housing Development       
Corp., RB, Series M:       
6.50%, 11/01/28    4,300  4,447,662 
6.88%, 11/01/38    5,700  5,922,585 
New York City Industrial Development     
Agency, RB, Special Needs Facilities     
Pooled Program, Series C-1, 6.00%,     
7/01/12    1,295  1,286,777 
New York State Dormitory Authority,       
ERB, Series B, 5.75%, 3/15/36    14,250  15,233,250 
New York State Dormitory Authority,       
Refunding RB, State University       
Educational Facilities, Series A,       
7.50%, 5/15/13    3,000  3,376,890 
Oneida County Industrial Development     
Agency New York, RB, Civic Facility,     
Faxton Hospital, Series C (Radian),     
6.63%, 1/01/15    1,885  1,899,213 
Port Authority of New York & New Jersey,     
Refunding RB, Consolidated, 152nd     
Series, AMT, 5.75%, 11/01/30    3,250  3,350,750 
Westchester County Industrial       
Development Agency New York, MRB,     
Kendal on Hudson Project, Series A,     
6.50%, 1/01/13 (a)    8,095  8,890,657 
Westchester County Industrial       
Development Agency New York, RB,     
Special Needs Facilities Pooled       
Program, Series E-1, 6.00%, 7/01/12  300  298,095 
      118,026,841 

 

    Par   
Municipal Bonds    (000)  Value 
North Carolina — 0.4%       
Columbus County Industrial Facilities &     
Pollution Control Financing Authority     
North Carolina, RB, International       
Paper Co. Projects, Series B, 6.25%,     
11/01/33  $ 3,000  $ 3,061,650 
North Carolina HFA, RB, Homeownership     
Ownership, Series 9A, AMT, 5.80%,     
1/01/20    3,020  3,117,969 
North Carolina Medical Care       
Commission, RB, First Mortgage, (a):     
Forest at Duke Project, 6.38%,       
9/01/12    1,000  1,077,670 
Givens Estates Project, Series A,       
6.50%, 7/01/13    2,500  2,844,075 
      10,101,364 
Ohio — 1.5%       
County of Allen Ohio, Refunding RB,       
Catholic Healthcare, Series B, 5.25%,     
9/01/27    14,345  14,503,656 
County of Lucas Ohio, Refunding RB,       
Promedica Healthcare, Series A,       
6.50%, 11/15/37    9,160  9,486,004 
County of Montgomery Ohio, Refunding     
RB, Catholic Healthcare, Series A,       
5.50%, 5/01/34    10,000  9,934,800 
Ohio HFA, Refunding RB, Residential       
Mortgage Backed, Series C, AMT       
(Ginnie Mae), 5.90%, 9/01/35    170  171,329 
      34,095,789 
Oregon — 0.0%       
City of Portland Oregon, HRB, Lovejoy     
Station Apartments Project, AMT       
(NPFGC), 5.90%, 7/01/23    500  500,370 
Pennsylvania — 2.3%       
Allegheny County Hospital Development     
Authority, Refunding RB, Health       
System, West Penn, Series A, 5.38%,     
11/15/40    7,250  5,072,680 
Cumberland County Municipal Authority,     
RB, Diakon Lutheran, 6.38%,       
1/01/39    8,975  8,641,130 
Cumberland County Municipal Authority,     
Refunding RB, Diakon Lutheran,       
6.50%, 1/01/39    2,245  2,196,755 
Dauphin County General Authority,       
Refunding RB, Pinnacle Health       
System Project, Series A:       
6.00%, 6/01/29    8,000  7,826,240 
6.00%, 6/01/36    1,835  1,761,306 
Delaware County IDA Pennsylvania,       
Refunding RB, Resource Recovery       
Facility, Series A, 6.10%, 7/01/13    5,200  5,209,932 
Lancaster County Hospital Authority, RB,     
Brethren Village Project, Series A:       
6.25%, 7/01/26    1,160  1,110,456 
6.50%, 7/01/40    2,500  2,273,225 

 

6 BLACKROCK MUNICIPAL BOND FUND, INC. MARCH 31, 2011


BlackRock National Municipal Fund
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Pennsylvania (concluded)       
Pennsylvania Economic Development     
Financing Authority, RB:       
Allegheny Energy Supply Co.,       
7.00%, 7/15/39  $ 10,000  $ 10,412,600 
American Water Co. Project, 6.20%,     
4/01/39    2,475  2,568,085 
Pennsylvania HFA, Refunding RB, S/F     
Mortgage, Series 62A, AMT, 5.45%,     
10/01/29    3,000  3,000,000 
Philadelphia Authority for Industrial       
Development, RB, Commercial       
Development, AMT, 7.75%, 12/01/17  1,265  1,265,544 
Sayre Health Care Facilities Authority,     
Refunding RB, Guthrie Health,       
Series A, 5.88%, 12/01/31    1,210  1,213,207 
      52,551,160 
Puerto Rico — 3.2%       
Commonwealth of Puerto Rico, GO,       
Refunding, Public Improvement:       
Series A, 6.50%, 7/01/40    15,000  15,222,150 
Series B, 6.50%, 7/01/37    15,000  15,227,400 
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  4,050,840 
Puerto Rico Sales Tax Financing Corp.,     
RB, First Sub-Series A:       
6.38%, 8/01/39    15,000  15,412,500 
6.50%, 8/01/44    25,000  25,824,250 
      75,737,140 
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  6,799,813 
Rhode Island Health & Educational       
Building Corp., Refunding RB, Public     
Schools Financing Program, Series E     
(AGC), 6.00%, 5/15/29    11,070  11,747,705 
      18,547,518 
South Carolina — 0.5%       
County of Richland South Carolina,       
Refunding RB, International Paper Co.     
Project, AMT, 6.10%, 4/01/23    3,000  3,003,000 
Medical University Hospital Authority,     
Refunding RB, Series A (a):       
6.38%, 8/15/12    5,400  5,830,596 
6.50%, 8/15/12    2,450  2,649,553 
      11,483,149 
Tennessee — 0.4%       
Memphis-Shelby County Airport       
Authority, RB, AMT:       
Series B, 5.75%, 7/01/25    2,000  2,004,060 
Series D (AMBAC), 6.00%, 3/01/24  175  175,187 

 

  Par   
Municipal Bonds  (000)  Value 
Tennessee (concluded)     
Shelby County Health Educational &     
Housing Facilities Board, Refunding     
RB, Methodist Healthcare (a) :     
6.50%, 9/01/12  $ 2,920   $3,163,470 
6.50%, 9/01/12  4,380  4,745,204 
    10,087,921 
Texas — 8.8%     
Bexar County Health Facilities     
Development Corp. Texas, Refunding     
RB, Army Retirement Residence     
Project, 6.30%, 7/01/12 (a)  1,750  1,883,787 
Brazos River Harbor Navigation District,     
Refunding RB, Dow Chemical Co.     
Project, Series A7, AMT, 6.63%,     
5/15/33  6,865  6,862,735 
City of Houston Texas, RB, Subordinate     
Lien, Series A, AMT (AGM), 5.63%,     
7/01/30  1,150  1,134,602 
City of Houston Texas, Refunding RB,     
Combined, First Lien, Series A (AGC),     
6.00%, 11/15/35  23,900  25,775,433 
Dallas-Fort Worth International Airport     
Facilities Improvement Corp., RB,     
Series A, AMT (NPFGC), 6.00%,     
11/01/24  25,000  25,112,000 
Gulf Coast Waste Disposal Authority,     
Refunding RB, Series A, AMT, 6.10%,     
8/01/24  4,025  4,035,022 
Harris County Cultural Education     
Facilities Finance Corp., Refunding     
RB, St. Luke's, 5.63%, 2/15/25  10,000  10,428,400 
Harris County Health Facilities     
Development Corp., Refunding RB,     
Memorial Hermann Healthcare     
System, Series B, 7.25%, 12/01/35  3,900  4,203,069 
La Vernia Higher Education Finance     
Corp., RB, KIPP Inc., 6.25%, 8/15/39  1,000  972,750 
Matagorda County Navigation District     
No. 1 Texas, Refunding RB, Central     
Power & Light Co. Project, Series A,     
6.30%, 11/01/29  7,300  7,527,030 
North Texas Tollway Authority, RB, Toll,     
Second Tier, Series F, 6.13%,     
1/01/31  16,865  17,018,303 
North Texas Tollway Authority,     
Refunding RB, System, First Tier,     
6.00%, 1/01/34  11,355  11,339,784 
Port of Bay City Authority Texas, RB,     
Hoechst Celanese Corp. Project, AMT,     
6.50%, 5/01/26  6,000  5,968,260 
Tarrant County Cultural Education     
Facilities Finance Corp., RB, Scott &     
White Healthcare, 6.00%, 8/15/45  40,000  40,396,000 
Tarrant County Cultural Education     
Facilities Finance Corp., Refunding     
RB, Northwest Senior Housing,     
Edgemere Project, Series A, 6.00%,     
11/15/26  2,200  2,068,242 

 

BLACKROCK MUNICIPAL BOND FUND, INC. MARCH 31, 2011 7


BlackRock National Municipal Fund
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Texas (concluded)       
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   $20,275,200 
NTE Mobility Partners LLC, North     
Tarrant Express Managed Lanes       
Project, 6.88%, 12/31/39    20,350  20,778,367 
      205,778,984 
Washington — 1.3%       
Seattle Housing Authority Washington,     
HRB, Replacement Housing Projects,     
6.13%, 12/01/32    4,355  3,862,058 
Seattle Housing Authority Washington,     
RB, Newholly Project, AMT, 6.25%,       
12/01/35    2,750  2,193,015 
Washington Health Care Facilities       
Authority, RB, Swedish Health       
Services, Series A, 6.75%, 11/15/41  13,200  13,638,372 
Washington Health Care Facilities       
Authority, Refunding RB, Catholic       
Health Initiatives, Series D, 6.38%,     
10/01/36    10,000  10,438,300 
      30,131,745 
Wisconsin — 0.8%       
State of Wisconsin, Refunding RB,       
Series A, 6.00%, 5/01/36    12,500  13,245,500 
Wisconsin Health & Educational       
Facilities Authority, RB, SynergyHealth     
Inc., 6.00%, 11/15/23    5,010  5,128,637 
Wisconsin Housing & EDA, RB, Series C,     
AMT, 6.00%, 9/01/36    350  364,567 
      18,738,704 
Total Municipal Bonds – 79.7%      1,862,501,039 
Municipal Bonds Transferred to Tender     
Option Bond Trusts (h)       
Arizona — 2.9%       
Salt River Project Agricultural       
Improvement & Power District, RB,     
Series A:       
Salt River Project, 5.00%, 1/01/37  22,774  22,255,741 
5.00%, 1/01/38    31,670  31,026,782 
Salt River Project Agricultural       
Improvement & Power District,       
Refunding RB, Salt River Project,       
Series A, 5.00%, 1/01/35    13,700  13,437,508 
      66,720,031 
Arkansas — 0.9%       
University of Arkansas, RB, Various       
Facilities, UAMS Campus (NPFGC),       
5.00%, 3/01/36    21,290  21,307,458 
California — 8.1%       
Anaheim Public Financing Authority, RB,     
Distribution System, Second Lien       
(BHAC), 5.00%, 10/01/34    10,995  10,742,435 

 

Municipal Bonds Transferred to Tender  Par   
Option Bond Trusts (h)    (000)  Value 
California (concluded)       
County of Orange California, RB, Series     
B, 5.25%, 7/01/34  $ 13,045  $ 12,957,299 
Los Angeles Department of Airports,     
Refunding RB, Senior, Los Angeles     
International Airport, Series A, 5.00%,     
5/15/40    19,510  17,941,591 
Los Angeles Department of Water &       
Power, RB, Power System, Sub-Series     
A-1 (AMBAC), 5.00%, 7/01/37    20,000  18,990,200 
Metropolitan Water District of Southern     
California, RB, Series A:       
5.00%, 1/01/39    10,000  9,779,000 
(AGM), 5.00%, 7/01/30    4,999  5,004,800 
Metropolitan Water District of Southern     
California, Refunding RB:       
Series B, 5.00%, 7/01/35    4,999  5,004,800 
Series C, 5.00%, 7/01/35    13,375  13,382,823 
San Diego Community College District     
California, GO (AGM):       
Election of 2002, 5.00%, 5/01/30  20,000  19,685,000 
Election of 2006, 5.00%, 8/01/32  18,000  17,605,980 
San Diego Public Facilities Financing     
Authority, Refunding RB, Series B,     
5.38%, 8/01/34    15,000  15,154,350 
San Francisco City & County Public       
Utilities Commission, Refunding RB,     
Series A, 5.13%, 11/01/39    23,000  22,278,260 
University of California, RB, Series O,     
5.25%, 5/15/39    20,695  20,276,437 
      188,802,975 
Florida — 3.8%       
Florida State Board of Education, GO:     
Capital Outlay 2008, Series E,       
5.00%, 6/01/37    39,730  39,213,113 
Series 2006C, 5.00%, 6/01/37  49,996  49,345,675 
      88,558,788 
Indiana — 3.2%       
Indiana Finance Authority, RB, Sisters of     
St. Francis Health, 5.25%, 11/01/39  20,640  18,902,525 
Indianapolis Local Public Improvement     
Bond Bank, Refunding RB:       
PILOT, Infrastructure Project,       
Series F (AGM), 5.00%, 1/01/35  23,550  22,538,528 
Waterworks Project, Series A (AGC),     
5.50%, 1/01/38    34,125  34,335,411 
      75,776,464 
Nebraska — 0.4%       
Omaha Public Power District, RB,       
Series A, 5.00%, 2/01/43    10,000  9,720,000 
New York — 1.7%       
New York City Municipal Water Finance     
Authority, Refunding RB, Series A,       
5.13%, 6/15/34    8,935  8,904,244 
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  30,837,300 
      39,741,544 

 

8 BLACKROCK MUNICIPAL BOND FUND, INC. MARCH 31, 2011


BlackRock National Municipal Fund
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

Municipal Bonds Transferred to Tender  Par   
Option Bond Trusts (h)    (000)  Value 
Ohio — 0.8%       
County of Hamilton Ohio, Refunding RB,     
Sub-Series A (AGM), 5.00%,       
12/01/32    $ 20,000  $ 19,331,000 
Pennsylvania — 0.8%       
Pennsylvania HFA, Refunding RB, Series     
105C, 5.00%, 10/01/39    19,470  18,343,661 
Texas — 4.2%       
City of Houston Texas, Refunding RB,     
Combined, First Lien, Series A:       
(AGC), 5.38%, 11/15/38    26,160  26,493,017 
(NPFGC), 5.13%, 5/15/28    20,000  20,399,800 
City of San Antonio Texas, Refunding     
RB:       
5.00%, 2/01/17 (a)    12,000  12,098,160 
5.00%, 2/01/32    12,000  12,098,160 
Dallas Area Rapid Transit, Refunding     
RB, Senior Lien (AMBAC), 5.00%,     
12/01/36    27,860  27,501,029 
      98,590,166 
Total Municipal Bonds Transferred to     
Tender Option Bond Trusts – 26.8%    626,892,087 
Total Long-Term Investments       
(Cost – $2,509,042,991) – 106.5%    2,489,393,126 
Short-Term Securities    Shares   
FFI Institutional Tax-Exempt Fund,       
0.12% (i)(j)  127,066,021  127,066,021 
Total Short-Term Securities       
(Cost – $127,066,021) – 5.4%      127,066,021 
Total Investments       
(Cost – $2,636,109,012*) – 111.9%    2,616,459,147 
Other Assets Less Liabilities – 1.7%    40,396,772 
Liability for Trust Certificates, Including Interest   
Expense and Fees Payable – (13.6)%    (318,973,043) 
Net Assets – 100.0%      $ 2,337,882,876 


* The cost and unrealized appreciation (depreciation) of investments as of
March 31, 2011, as computed for federal income tax purposes, were as
follows:

Aggregate cost  $ 2,317,324,590 
Gross unrealized appreciation  $ 44,201,371 
Gross unrealized depreciation (63,799,103) 
Net unrealized depreciation   $ (19,597,732)


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

    Unrealized 
Counterparty  Value  Appreciation 
Merrill Lynch  $ 5,121,830 $  17,697 


(c) Issuer filed for bankruptcy and/or is in default of interest payments.
(d) Non-income producing security.
(e) Variable rate security. Rate shown is as of report date.
(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    Shares   
  Held at    Held at   
  June 30,  Net  March 31,   
Affiliate  2010  Activity  2011  Income 
FFI Institutional         
Tax-Exempt         
Fund  115,316,742     11,749,279            127,066,021 $ 184,279 


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

BLACKROCK MUNICIPAL BOND FUND, INC. MARCH 31, 2011 9


BlackRock National Municipal Fund
Schedule of Investments (concluded)

•  Financial futures contracts sold as of March 31, 2011 were as follows:       
          Notional  Unrealized 
  Contracts  Issue  Exchange  Expiration  Value  (Depreciation) 
  250  10-Year U.S. Treasury Note  Chicago Board of Trade  June 2011  $ 29,628,431  $ (129,381) 

 

•Fair Value Measurements - Various inputs are used in determining the fair value
of investments and derivative financial instruments. These inputs are
summarized in three broad levels for financial reporting purposes 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 and
derivative financial instruments)

The inputs or methodologies used for valuing securities and derivatives 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
derivative financial instruments and other significant accounting policies, please
refer to the Fund’s most recent financial statements as contained in its semi-
annual report.

The following tables summarize the inputs used as of March 31, 2011 in
determining the fair valuation of the Fund's investments and derivative financial
instruments:

Valuation Inputs    Level 1  Level 2  Level 3  Total 
Assets:           
Investments:           
Long-Term           
Investmens1.    —  $ 2,489,393,126                                —           $2,489,393,126 
Short-Term           
Securities  $ 127,066,021                        —  —                127,066,021 
Total  $ 127,066,021       $ 2,489,393,126                               —            $2,616,459,147 
1 See above Schedule of Investments for values in each state or   
political subdivision.         
    Derivative Financial Instruments2   
Valuation Inputs    Level 1  Level 2  Level 3  Total 
Liabilities:           
Interest rate           
contracts    $ (129,381)  —  —   $(129,381) 
2Derivative financial instruments are financial futures contracts, which are 
valued at the unrealized appreciation/depreciation on the instrument. 

 

10 BLACKROCK MUNICIPAL BOND FUND, INC. MARCH 31, 2011


BlackRock Short-Term Municipal Fund
Schedule of Investments March 31, 2011 (Unaudited)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Arizona — 1.2%       
Arizona State Transportation Board, RB,     
Maricopa County Regional Area Road,     
5.00%, 7/01/12  $ 3,250  $ 3,424,850 
Salt River Project Agricultural       
Improvement & Power District,       
Refunding RB, Salt River Project,       
Series A, 5.00%, 1/01/12    3,160  3,271,169 
Yavapai County IDA, RB, Waste       
Management Inc. Project, Series A,     
Mandatory Put Bonds, AMT, 2.88%,     
3/01/28 (a)    5,000  5,020,800 
      11,716,819 
California — 11.5%       
California Health Facilities Financing       
Authority, Refunding RB, Catholic       
Healthcare West, Series C, Mandatory     
Put Bonds, 5.00%, 7/01/37 (a)    2,300  2,402,097 
California Municipal Finance Authority,     
RB, Waste Management Inc. Project,     
Series A, Mandatory Put Bonds,       
1.63%, 2/01/19 (a)    7,000  7,003,360 
California Pollution Control Financing     
Authority, Refunding RB, USA       
Waste Services Inc., Series A,       
Mandatory Put Bonds, AMT,       
2.00%, 6/01/18 (a)    13,520  13,520,811 
California State Department of Water     
Resources, RB, Series A, 5.38%,       
5/01/12 (b)    10,000  10,637,600 
California State Department of Water     
Resources, Refunding RB:       
Series L, 5.00%, 5/01/12    10,000  10,491,900 
Series M, 3.00%, 5/01/13    3,095  3,225,826 
Series M, 5.00%, 5/01/14    35,000  38,763,200 
California Statewide Communities       
Development Authority, RB:       
Kaiser Permanente, Series A,       
5.00%, 4/01/13    5,150  5,502,260 
Kaiser Permanente, Series A,       
5.00%, 4/01/14    1,000  1,083,590 
Proposition 1A Receivables       
Program, 5.00%, 6/15/13    2,000  2,129,880 

 

    Par   
Municipal Bonds    (000)  Value 
California (concluded)       
City & County of San Francisco       
California, GO, Refunding,       
Series 2008-R1, 5.00%, 6/15/11  $ 5,000  $ 5,046,450 
City of Long Beach California, Refunding     
RB, Series B, AMT (NPFGC), 5.50%,     
5/15/14    5,215  5,742,028 
Los Angeles County Schools       
California, COP, TRAN, Pooled       
Participation Certificates,       
Series F-2, 2.00%, 2/01/12 (a)    4,300  4,339,130 
Los Angeles Unified School District       
California, GO, Election of 2004,       
Series H (AGM), 4.50%, 7/01/12    6,000  6,260,160 
      116,148,292 
Colorado — 1.3%       
Adams County Colorado School District     
Number 12, GO, Refunding, Series A     
(AGM), 5.00%, 12/15/11    4,190  4,326,971 
City & County of Denver Colorado,       
Refunding RB, Series B (NPFGC),       
5.50%, 11/15/14    3,500  3,588,830 
Colorado Health Facilities Authority,       
Refunding RB, Catholic Healthcare,     
Series B, Mandatory Put Bonds,       
5.00%, 7/01/39 (a)    5,000  5,301,100 
      13,216,901 
Connecticut — 3.9%       
Connecticut Municipal Electric Energy     
Cooperative, Refunding RB, Series A     
(AGC), 5.00%, 1/01/14    2,115  2,321,466 
Connecticut State Development       
Authority, RB, Connecticut Light &       
Power, Series A, Mandatory Put       
Bonds, AMT, 1.40%, 5/01/31 (a)    7,600  7,600,000 
State of Connecticut, GO, Economic       
Recovery, Series A:       
5.00%, 1/01/13    11,500  12,354,335 
5.00%, 1/01/14    7,280  8,044,764 
State of Connecticut, RB, Transportation     
Infrastructure, Series A, 5.00%,       
11/01/14    2,700  3,036,393 

 

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)  PCRB  Pollution Control Revenue Bonds 
BAN  Bond Anticipation Notes  RB  Revenue Bonds 
COP  Certificates of Participation  TRAN  Tax Revenue Anticipation Notes 
ERS  Extendible Reset Securities  VRDN  Variable Rate Demand Notes 
FGIC  Financial Guaranty Insurance Co.     
GO  General Obligation Bonds     

 

BLACKROCK MUNICIPAL BOND FUND, INC. MARCH 31, 2011 1


BlackRock Short-Term Municipal Fund
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Connecticut (concluded)       
State of Connecticut, Special Tax Bonds,     
Transportation Infrastructure,       
Series A, 5.00%, 11/01/13  $ 5,000  $ 5,499,200 
      38,856,158 
Delaware — 1.2%       
State of Delaware, GO, Refunding,       
Series 2009C, 5.00%, 10/01/13    7,700  8,505,959 
University of Delaware, RB, Series A,       
Mandatory Put Bonds, 2.00%,       
11/01/37 (a)    4,000  4,010,640 
      12,516,599 
District of Columbia — 0.5%       
Metropolitan Washington Airports       
Authority, RB, Series A, AMT (NPFGC),     
5.25%, 10/01/13    5,000  5,410,900 
Florida — 4.6%       
County of Escambia Florida, Refunding     
RB, Gulf Power Co. Project, First       
Series, Mandatory Put Bonds, 2.00%,     
4/01/39 (a)    9,000  9,059,040 
Florida State Board of Education, GO,     
Refunding, Public Education, Series C,     
5.00%, 6/01/12    5,000  5,257,500 
Florida State Department of       
Environmental Protection, RB, Florida     
Forever, Series A, 5.00%, 7/01/13  4,675  5,050,309 
Florida State Department of       
Environmental Protection, Refunding     
RB, Series C, 4.00%, 7/01/12    8,500  8,831,670 
Florida State Department of       
Transportation, Refunding RB,       
Department of Transportation,       
Series A, 5.00%, 7/01/12    4,575  4,811,710 
Highlands County Health Facilities       
Authority, RB, Hospital, Adventist       
Health System/Sunbelt, Mandatory     
Put Bonds, 3.95%, 11/15/32 (a)    6,000  6,240,180 
Jacksonville Electric Authority Florida,     
RB, Issue Three, Series One, 4.00%,     
10/01/11    2,320  2,361,412 
Jacksonville Electric Authority Florida,     
Refunding RB, Issue 2, 17th Series,     
5.25%, 10/01/12    5,000  5,112,500 
      46,724,321 
Georgia — 1.7%       
Burke County Development Authority,     
Refunding RB, Georgia Power Co.       
Plant Vogtle Project, Mandatory Put     
Bonds, 5.05%, 11/01/48 (a)    6,000  6,187,680 
Private Colleges & Universities Authority,     
Refunding RB, Emory University,       
Series A, 5.25%, 9/01/11    10,280  10,491,665 
      16,679,345 
Hawaii — 0.4%       
State of Hawaii, Refunding RB, Series B,     
AMT, 5.00%, 7/01/13    4,000  4,273,200 
Illinois — 1.2%       
Illinois Finance Authority, RB, University     
of Chicago, Series B, 5.00%, 7/01/13  2,000  2,135,420 

 

    Par   
Municipal Bonds    (000)  Value 
Illinois (concluded)       
Illinois Finance Authority, Refunding RB,     
University of Chicago, Series A, 5.25%,     
7/01/11 (b)  $ 5,000  $ 5,111,750 
Railsplitter Tobacco Settlement       
Authority, RB, 4.00%, 6/01/13    5,100  5,242,800 
      12,489,970 
Indiana — 0.4%       
Indiana Finance Authority, RB,       
Ascension Health Credit Group,       
Series A1, Mandatory Put Bonds,       
3.63%, 11/15/36 (a)    4,135  4,179,658 
Iowa — 0.3%       
Iowa Higher Education Loan Authority,     
RB, Private College Facility:       
4.00%, 12/01/12    1,500  1,583,925 
4.00%, 12/01/13    1,150  1,241,023 
      2,824,948 
Kansas — 0.5%       
Kansas State Department of       
Transportation, Refunding RB,       
Series A, 5.00%, 9/01/12    5,000  5,318,400 
Kentucky — 2.0%       
Kentucky Economic Development       
Finance Authority, Refunding RB,       
Baptist Healthcare System, Series A,     
5.00%, 8/15/12    2,650  2,774,709 
Kentucky State Property & Buildings       
Commission, Refunding RB, Project     
No. 87 (NPFGC), 5.00%, 3/01/12    2,000  2,079,740 
Louisville/Jefferson County Metropolitan     
Government, Refunding RB, Louisville     
Gas & Electric Project, Mandatory Put     
Bonds, 1.90%, 10/01/33 (a)    15,000  15,061,050 
      19,915,499 
Louisiana — 2.5%       
State of Louisiana, GO, Refunding:       
Series A (NPFGC), 5.00%, 8/01/14  12,000  13,466,640 
Series B, 5.00%, 4/15/12    4,220  4,420,028 
State of Louisiana, GO, Series A, 5.00%,     
5/01/13    7,075  7,689,818 
      25,576,486 
Maine — 0.2%       
Maine Municipal Bond Bank, RB,       
Series D, 5.00%, 11/01/12    1,460  1,562,010 
Maryland — 1.1%       
County of Baltimore Maryland, GO,       
Refunding, Metropolitan District,       
4.00%, 8/01/11    2,525  2,556,840 
State of Maryland, GO, State & Local       
Facilities Loan, 2nd Series, 5.00%,     
7/15/11    3,815  3,867,151 
University System of Maryland,       
Refunding RB, Auxiliary Facility &       
Tuition, Series C, 4.00%, 10/01/11  4,695  4,783,877 
      11,207,868 

 

2 BLACKROCK MUNICIPAL BOND FUND, INC. MARCH 31, 2011


BlackRock Short-Term Municipal Fund
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Massachusetts — 4.4%       
Commonwealth of Massachusetts, GO,     
Consolidated Loan, Series A, 5.00%,     
8/01/12  $ 1,180  $ 1,250,635 
Commonwealth of Massachusetts, GO,     
Refunding, Consolidated Loan,       
Series D (NPFGC):       
5.50%, 11/01/12    4,235  4,564,949 
6.00%, 11/01/13    5,000  5,637,200 
Massachusetts Bay Transportation       
Authority, Refunding RB, General       
Transportation System, Series A       
(FGIC), 5.80%, 3/01/12    3,745  3,929,366 
Massachusetts Health & Educational     
Facilities Authority, Refunding RB,       
Partners Health, Series C, 5.75%,       
7/01/11 (b)    7,600  7,779,360 
Massachusetts State Department of       
Transportation, Refunding RB, Senior     
Series B, 5.00%, 1/01/14    12,155  13,163,014 
University of Massachusetts Building     
Authority, RB, Senior Series 1, 5.00%,     
11/01/13    7,555  8,331,654 
      44,656,178 
Michigan — 0.8%       
City of Detroit Michigan, RB, Second       
Lien, Series B (FGIC), 5.50%,       
7/01/11 (b)    5,000  5,114,850 
City of Detroit Michigan, Refunding RB,     
Series C (NPFGC), 5.00%, 7/01/14  2,500  2,688,150 
      7,803,000 
Minnesota — 2.9%       
State of Minnesota, GO:       
5.00%, 8/01/11 (c)    3,675  3,732,477 
Highway & Various Purpose, 5.00%,     
8/01/11    2,900  2,945,733 
Series H, 5.00%, 11/01/12    15,000  16,066,350 
State of Minnesota, GO, Refunding,       
State Various Purpose, Series D,       
5.00%, 8/01/14    6,000  6,764,760 
      29,509,320 
Missouri — 1.4%       
County of Jackson Missouri, RB, Harry S.     
Truman Sports Complex (AMBAC),       
5.00%, 12/01/12    2,000  2,127,020 
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  12,099,480 
      14,226,500 
Nebraska — 0.3%       
Nebraska Public Power District,       
Refunding RB, General, Series B-1       
(NPFGC), 5.00%, 1/01/14    3,000  3,273,270 
Nevada — 1.6%       
Clark County School District, GO, Limited     
Tax, Building, Series C, 5.00%,       
6/15/13    6,305  6,777,686 

 

    Par   
Municipal Bonds    (000)  Value 
Nevada (concluded)       
Clark County School District, GO,       
Refunding, Series B (NPFGC), 5.00%,     
6/15/12  $ 6,000  $ 6,295,740 
Truckee Meadows Water Authority, RB,     
Series A (AGM), 5.13%, 7/01/11 (b)  2,590  2,621,183 
      15,694,609 
New Jersey — 5.5%       
County of Essex New Jersey, GO,       
Improvement, Series A, 5.00%,       
8/01/13    2,290  2,487,123 
Gloucester County Improvement       
Authority, Refunding RB, Waste       
Management Inc. Project, Series A,     
Mandatory Put Bonds, 2.63%,       
12/01/29 (a)    4,625  4,645,674 
New Jersey State Housing & Mortgage     
Finance Agency, RB, Series B (AGM),     
1.15%, 11/01/12    6,800  6,795,852 
New Jersey Transportation Trust Fund     
Authority, Refunding RB,       
Transportation System, Series B       
(NPFGC), 5.25%, 12/15/12    4,990  5,268,143 
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  12,996,230 
State of New Jersey, GO, Refunding:       
4.00%, 8/01/12    7,115  7,417,174 
Series Q, 4.00%, 8/15/13    15,000  15,949,050 
      55,559,246 
New Mexico — 0.9%       
New Mexico Finance Authority,       
Refunding RB, Senior Lien, Series A,     
5.00%, 6/15/13    8,000  8,727,680 
New York — 12.9%       
City of New York New York, GO,       
Refunding:       
Series B, 5.25%, 8/01/11    4,000  4,064,360 
Series B, 5.00%, 8/01/13    22,750  24,774,750 
Series B (NPFGC), 5.75%, 8/01/13  3,050  3,232,360 
Series C, 5.00%, 8/01/13    8,225  8,957,025 
Series D, 5.00%, 2/01/13    2,000  2,143,280 
Series H, 5.00%, 8/01/12    3,400  3,598,152 
Metropolitan Transportation       
Authority, RB, Transportation,       
Series B, Mandatory Put Bonds,       
5.00%, 11/15/16 (a)    4,000  4,099,120 
New York City Transitional Finance       
Authority, RB, Series C, 5.50%,       
2/15/12    6,000  6,261,540 
New York City Transitional Finance       
Authority, Refunding RB, Future Tax     
Secured, Sub-Series D-2, 5.00%,       
11/01/12    20,315  21,724,658 
New York State Dormitory Authority, RB,     
General Purpose, Series E, 5.00%,       
2/15/13    5,865  6,325,227 

 

BLACKROCK MUNICIPAL BOND FUND, INC. MARCH 31, 2011 3


BlackRock Short-Term Municipal Fund
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
New York (concluded)       
New York State Dormitory Authority,       
Refunding RB:       
Mount Sinai School of Medicine,       
Series A, 5.00%, 7/01/14  $ 1,195 $ 1,293,874 
New York State Dormitory Authority,       
Refunding RB (concluded):       
State University Educational       
Facilities, 3rd General Resolution,     
Series B, Mandatory Put Bonds,       
5.25%, 11/15/23 (a)    6,000  6,282,060 
New York State Energy Research &       
Development Authority, Refunding RB,     
Consolidated Edison Co. of New York,     
Inc. Project, Mandatory Put Bonds,     
AMT, 1.45%, 6/01/36 (a)    5,000  5,014,500 
New York State Environmental Facilities     
Corp., RB, Waste Management Inc.     
Project, Series A, Mandatory Put       
Bonds, 2.50%, 7/01/17 (a)    5,000  4,995,650 
New York State Thruway Authority, RB,     
BAN, 4.00%, 7/15/11    3,250  3,284,385 
New York State Thruway Authority,       
Refunding RB:       
General, Second Series B (NPFGC),     
5.00%, 4/01/13    5,550  5,991,946 
Series A, 5.00%, 4/01/12    5,000  5,218,500 
New York State Urban Development       
Corp., Refunding RB, Service Contract,     
Series A-1, 5.00%, 1/01/13    7,320  7,800,119 
State of New York, GO, Refunding,       
Series C, 5.00%, 4/15/12    5,285  5,537,834 
      130,599,340 
North Carolina — 3.5%       
County of Mecklenburg, GO, Refunding,     
Series C, 5.00%, 2/01/13    9,400  10,151,248 
County of Wake North Carolina, GO,       
Refunding, Series C, 5.00%, 3/01/12  5,185  5,406,296 
State of North Carolina, GO, Public       
Improvement, Series A, 5.00%,       
3/01/13    9,000  9,748,800 
State of North Carolina, RB, Series A,     
5.00%, 5/01/13    8,055  8,732,264 
University of North Carolina at Chapel     
Hill, RB, Series A, 4.00%, 2/01/13  1,605  1,682,939 
      35,721,547 
Ohio — 1.5%       
Ohio Air Quality Development Authority,     
Refunding PCRB, FirstEnergy,       
Series D, Mandatory Put Bonds,       
4.75%, 8/01/29 (a)    10,000  10,334,000 
Ohio State University, Refunding RB,       
Series A, 5.00%, 12/01/12    4,000  4,282,960 
      14,616,960 
Oregon — 0.7%       
City of Portland Oregon, Refunding RB,     
Second Lien, Series A, 5.00%,       
3/01/14    4,950  5,497,767 

 

    Par   
Municipal Bonds    (000)  Value 
Oregon (concluded)       
County of Gilliam Oregon, RB, Waste       
Management Inc. Project, Mandatory     
Put Bonds, 1.70%, 10/01/18 (a)  $ 1,000  $ 1,000,460 
      6,498,227 
Pennsylvania — 6.1%       
City of Philadelphia Pennsylvania,       
Refunding RB, Series A (AGM), 5.00%,     
6/15/13    9,000  9,649,350 
Commonwealth of Pennsylvania, GO:     
First Series, 5.00%, 3/15/13    7,455  8,067,055 
First, Series A, 5.00%, 2/15/13    8,280  8,934,203 
Commonwealth of Pennsylvania, GO,     
Refunding:       
5.00%, 7/15/12    2,500  2,644,625 
Second Series (NPFGC), 5.00%,       
7/01/12    13,000  13,731,380 
Pennsylvania Economic Development     
Financing Authority, RB:       
Convention Center Project, Series A,     
5.00%, 6/15/12    4,000  4,191,880 
Waste Management Inc. Project,     
2.75%, 9/01/13    4,250  4,269,763 
Waste Management Inc. Project,     
Mandatory Put Bonds, 2.63%,       
12/01/33 (a)    3,500  3,515,015 
Pennsylvania Higher Educational       
Facilities Authority, RB, Series AH,       
4.00%, 6/15/11    3,650  3,676,901 
Pennsylvania Intergovernmental       
Cooperation Authority, Special Tax       
Bonds, Refunding, Philadelphia       
Funding Program, 5.00%, 6/15/13  3,085  3,353,549 
      62,033,721 
South Carolina — 0.9%       
South Carolina State Public Service       
Authority, Refunding RB, Series A,       
5.00%, 1/01/12    3,000  3,104,370 
State of South Carolina, GO, State       
Highway, Series B, 4.50%, 4/01/12  6,000  6,080,640 
      9,185,010 
Tennessee — 1.3%       
County of Shelby Tennessee, GO,       
Refunding, Series A (AMBAC), 5.00%,     
4/01/12    4,000  4,184,480 
Metropolitan Government of Nashville &     
Davidson County Tennessee,       
Refunding RB (NPFGC), 5.00%,       
1/01/14    8,110  8,954,981 
      13,139,461 
Texas — 8.4%       
City of Dallas Texas, GO, 5.00%,       
2/15/12    4,775  4,966,382 
City of El Paso Texas, Refunding RB,       
Series A, 4.00%, 3/01/14    2,000  2,154,280 
County of Harris Texas, Refunding RB,     
Toll Road, Senior Lien, Series B-1       
(NPFGC), 5.00%, 8/15/14    1,295  1,447,693 
Dallas ISD, GO, Refunding, 4.50%,       
2/15/12    6,000  6,207,120 

 

4 BLACKROCK MUNICIPAL BOND FUND, INC. MARCH 31, 2011


BlackRock Short-Term Municipal Fund
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Texas (concluded)       
Harris County Cultural Education       
Facilities Finance Corp., Refunding     
RB, Methodist Hospital System:       
5.00%, 6/01/12  $ 3,450  $ 3,609,873 
5.00%, 6/01/13    10,000  10,774,400 
Harris County Health Facilities       
Development Corp., Refunding RB, St.     
Luke's Episcopal Hospital, Series A,     
5.38%, 8/15/11 (b)    5,500  5,603,345 
Lower Colorado River Authority,       
Refunding RB, 5.00%, 5/15/13    6,000  6,482,220 
Matagorda County Navigation District     
No. 1, Refunding RB, AEP Texas       
Central Co. Project, Mandatory Put       
Bonds, 5.13%, 6/01/30 (a)    5,000  5,028,600 
North Texas Tollway Authority, RB,       
System, First Tier, Series L-2,       
Mandatory Put Bonds, 6.00%,       
1/01/38 (a)    3,700  3,971,062 
State of Texas, GO, Refunding, Public     
Finance Authority:       
5.00%, 10/01/12    11,170  11,927,214 
Series A, 5.00%, 10/01/12    3,500  3,737,265 
Texas A&M University, RB, Financing       
System, Series D, 5.00%, 5/15/13  3,325  3,619,296 
Texas A&M University, Refunding RB,     
Financing System, Series B, 5.00%,     
5/15/12    4,000  4,203,880 
Texas Public Finance Authority, RB,       
Unemployment Compensation,       
Series A, 5.00%, 7/01/13    10,000  10,927,500 
      84,660,130 
Utah — 0.7%       
City of Riverton Utah, RB, IHC Health       
Services Inc., 5.00%, 8/15/13    1,400  1,519,392 
State of Utah, GO, Series C, 3.00%,       
7/01/12    5,500  5,676,715 
      7,196,107 
Virginia — 5.3%       
County of Fairfax Virginia, GO,       
Refunding, Public Improvement,       
Series A, 5.25%, 4/01/12    3,940  4,132,981 
County of Fairfax Virginia, GO, Series D,     
5.00%, 10/01/13    10,000  11,046,700 
Louisa IDA, RB, Virginia Electric &       
Power Co. Project, Series A,       
Mandatory Put Bonds, AMT,       
2.50%, 3/01/31 (a)    20,000  20,212,200 
Virginia Public Building Authority, RB:     
Series B, 5.00%, 8/01/12    7,185  7,616,100 
Series C, 5.00%, 8/01/12    1,000  1,060,000 
Virginia Public School Authority, RB,       
School Educational Technology Notes,     
Series IX, 5.00%, 4/15/12    4,065  4,258,778 
Virginia Public School Authority,       
Refunding RB, Series A, 5.00%,       
8/01/12    1,000  1,060,000 
Virginia Resources Authority, Refunding     
RB, Series A, 4.00%, 10/01/12    4,145  4,362,820 
      53,749,579 

 

  Par   
Municipal Bonds  (000)  Value 
Washington — 2.8%     
City of Seattle Washington, GO,     
Refunding, Limited Tax, Series B,     
5.00%, 8/01/13  $ 5,000  $ 5,480,150 
City of Seattle Washington, Refunding     
RB, Improvement, Series B, 5.00%,     
2/01/14  10,000  11,045,800 
State of Washington, GO, Refunding,     
Various Purpose, Series R-2011B,     
5.00%, 7/01/14  10,000  11,193,900 
    27,719,850 
Total Long-Term Investments     
(Cost – $967,946,115) – 96.4%    973,187,109 
Short-Term Securities     
Illinois — 2.0%     
Regional Transit Authority, Refunding     
RB, VRDN, ERS, Series B, 1.50% ,     
6/01/25 (d)  20,000  20,000,000 
Virginia — 0.7%     
Louisa IDA, RB, Virginia Electric & Power     
Co. Project, Series A, Mandatory Put     
Bonds, AMT, VRDN, 1.38%,     
9/01/30 (d)  7,000  7,000,000 
  Shares   
Money Market Fund — 0.0%     
FFI Institutional Tax-Exempt Fund,     
0.12% (e)(f)  352,475  352,475 
Total Short-Term Securities     
(Cost – $27,352,475) – 2.7%    27,352,475 
Total Investments     
(Cost – $995,298,590*) – 99.1%    1,000,539,584 
Other Assets Less Liabilities – 0.9%    9,464,045 
Net Assets – 100.0%    $ 1,010,003,629 


* The cost and unrealized appreciation (depreciation) of investments as of
March 31, 2011, as computed for federal income tax purposes, were as follows:

Aggregate cost  $ 995,298,590 
Gross unrealized appreciation  $     6,426,760 
Gross unrealized depreciation  (1,185,766)
 Net unrealized  appreciation $     5,240,994 


(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.
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.
(d) Variable rate security. Rate shown is as of report date and maturity
shown is the date the principal owed can be recovered through demand.

BLACKROCK MUNICIPAL BOND FUND, INC. MARCH 31, 2011 5


BlackRock Short-Term Municipal Fund
Schedule of Investments March 31, 2011 (concluded)

(e) 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    Shares   
  Held at    Held at   
  June 30,  Net  March 31,   
Affiliate  2010  Activity  2011  Income 
FFI Institutional         
Tax-Exempt         
Fund  25,582,016  (25,229,541)  352,475 $ 58,224 


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

•Fair Value Measurements - Various inputs are used in determining the fair
value of investments. These inputs are summarized in three broad levels
for financial reporting purposes 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 semi-annual report.

The following table summarizes the inputs used as of March 31, 2011 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.  -- $ 973,187,109  —  $ 973,187,109 
Short-Term           
Securities  $ 352,475  27,000,000  —    27,352,475 
Total  $ 352,475     $1,000,187,109  —  $ 1,000,539,584 

 

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

BLACKROCK MUNICIPAL BOND FUND, INC. MARCH 31, 2011 6


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: May 25, 2011

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: May 25, 2011

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

Date: May 25, 2011

 EX-99 2 munibondex99.htm CERTIFICATIONS munibondex99.htm - Generated by SEC Publisher for SEC Filing

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: May 25, 2011

/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: May 25, 2011

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