UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-21036
Name of Fund: BlackRock Municipal Bond Trust (BBK)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock Municipal Bond Trust, 55 East 52nd Street, New York, NY 10055.
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 08/31/2010
Date of reporting period: 11/30/2009
Item 1 – Schedule of Investments
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BlackRock Municipal Bond Trust (BBK) |
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Schedule of Investments November 30, 2009 (Unaudited) |
(Percentages shown are based on Net Assets) |
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State |
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Municipal Bonds |
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Par |
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Value |
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Alabama - 3.3% |
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Birmingham Special Care Facilities Financing Authority, RB, Children’s Hospital (AGC), 6.00%, 6/01/34 |
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$ |
1,150 |
|
$ |
1,216,527 |
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Birmingham Special Care Facilities Financing Authority, RB, Children’s Hospital (AGC), 6.00%, 6/01/39 |
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850 |
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895,662 |
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Coosa Valley Water Supply District Inc., RB (AGC), 4.50%, 10/01/34 |
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600 |
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579,078 |
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Coosa Valley Water Supply District Inc., RB (AGC), 4.50%, 10/01/36 |
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1,300 |
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1,233,908 |
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Coosa Valley Water Supply District Inc., RB (AGC), 4.50%, 10/01/39 |
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800 |
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750,048 |
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4,675,223 |
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Arizona - 6.5% |
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City of Goodyear Arizona, GO (FSA), 4.25%, 7/01/37 |
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1,250 |
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|
1,127,750 |
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|
|
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Glendale Municipal Property Corp. Arizona, Refunding RB, Series A (FSA), 4.50%, 7/01/32 |
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|
3,280 |
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3,158,246 |
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Mohave County Unified School District No. 20 Kingman, GO, School Improvement Project of 2006, Series C (AGC), 5.00%, 7/01/26 |
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|
200 |
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|
213,000 |
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|
|
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Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/32 |
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|
1,500 |
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|
1,294,095 |
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|
|
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Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37 |
|
|
2,065 |
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1,672,444 |
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|
|
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San Luis Facility Development Corp., RB, Senior Lien, Regional Detention Center Project, 6.25%, 5/01/15 |
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300 |
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278,241 |
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San Luis Facility Development Corp., RB, Senior Lien, Regional Detention Center Project, 7.00%, 5/01/20 |
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300 |
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|
276,648 |
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San Luis Facility Development Corp., RB, Senior Lien, Regional Detention Center Project, 7.25%, 5/01/27 |
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|
600 |
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|
545,874 |
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|
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University Medical Center Corp. Arizona, RB, 6.50%, 7/01/39 |
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|
500 |
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525,055 |
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9,091,353 |
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California - 15.8% |
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California County Tobacco Securitization Agency, RB, CAB, Stanislaus, Sub-Series C, 6.30%, 6/01/55 (a) |
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4,500 |
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55,170 |
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California HFA, RB, Home Mortgage, Series G, AMT, 5.05%, 2/01/29 |
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2,835 |
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2,554,307 |
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California Health Facilities Financing Authority, RB, Cedars-Sinai Medical Center, 5.00%, 8/15/39 |
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|
590 |
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528,817 |
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Portfolio Abbreviations |
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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.
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ACA |
American Capital Access Corp. |
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AGC |
Assured Guaranty Corp. |
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AMBAC |
American Municipal Bond Assurance Corp. |
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AMT |
Alternative Minimum Tax (subject to) |
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CAB |
Capital Appreciation Bonds |
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COP |
Certificates of Participation |
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CIFG |
CDC IXIS Financial Guaranty |
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EDA |
Economic Development Authority |
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FGIC |
Financial Guaranty Insurance Co. |
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FSA |
Financial Security Assurance Inc. |
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GAN |
Grant Anticipation Notes |
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GO |
General Obligation Bonds |
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HFA |
Housing Finance Agency |
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HRB |
Housing Revenue Bonds |
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M/F |
Multi-Family |
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MBIA |
Municipal Bond Investors Assurance (National Public Finance Guaranty Corp.) |
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PILOT |
Payment in Lieu of Taxes |
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RAN |
Revenue Anticipation Notes |
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RB |
Revenue Bonds |
1
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BlackRock Municipal Bond Trust (BBK) |
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|
Schedule of Investments November 30, 2009 (Unaudited) |
(Percentages shown are based on Net Assets) |
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State |
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Municipal Bonds |
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Par |
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Value |
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California State Department of Veterans Affairs, RB, Series B, AMT, 5.25%, 12/01/37 |
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$ |
5,000 |
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$ |
4,494,350 |
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Carlsbad Unified School
District, GO, Election, |
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1,000 |
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|
603,810 |
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Dinuba Unified School District, GO, Election of 2006 (FSA), 5.63%, 8/01/31 |
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|
250 |
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259,902 |
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Dinuba Unified School District, GO, Election of 2006 (FSA), 5.75%, 8/01/33 |
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|
500 |
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517,575 |
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Hartnell Community College District California, GO, CAB, Election of 2002, Series D, 7.20%, 8/01/34 (a) |
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1,650 |
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|
779,344 |
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Norwalk-La Mirada Unified School District California, GO, Refunding, CAB, Election of 2002, Series E (AGC), 6.47%, 8/01/38 (a) |
|
|
8,000 |
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1,257,200 |
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San Diego Community College District California, GO, CAB, Election of 2002, 6.15%, 8/01/19 (b) |
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|
2,800 |
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1,685,964 |
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State of California, GO, Refunding (CIFG), 4.50%, 8/01/28 |
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|
2,000 |
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1,757,640 |
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State of California, GO, Refunding, Veterans, AMT, 5.05%, 12/01/36 |
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|
1,000 |
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|
868,960 |
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State of California, GO, Various Purpose, 5.75%, 4/01/31 |
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|
2,000 |
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|
2,034,500 |
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State of California, GO, Various Purpose, 6.50%, 4/01/33 |
|
|
1,950 |
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|
2,092,194 |
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University of California, RB, Limited Project, Series B, 4.75%, 5/15/38 |
|
|
1,160 |
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|
1,076,387 |
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Val Verde Unified School District California, Special Tax Bonds, Refunding, Junior Lien, 6.25%, 10/01/28 |
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|
1,585 |
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1,530,476 |
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22,096,596 |
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Colorado - 1.3% |
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City of Colorado Springs Colorado, RB, Subordinate Lien, Improvement, Series C (FSA), 5.00%, 11/15/45 |
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|
635 |
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640,518 |
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Colorado Health Facilities Authority, RB, Catholic Health Initiatives, Series D, 6.25%, 10/01/33 |
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|
1,070 |
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1,153,406 |
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1,793,924 |
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District of Columbia - 8.5% |
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District of Columbia, Refunding RB, Friendship Public Charter School Inc. (ACA), 5.25%, 6/01/33 |
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|
595 |
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474,043 |
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District of Columbia, Tax Allocation Bonds, Gallery Place Project (FSA), 5.40%, 7/01/31 |
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6,000 |
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6,097,380 |
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District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, 6.75%, 5/15/40 |
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5,580 |
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5,391,396 |
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11,962,819 |
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Florida - 11.2% |
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Miami Beach Health Facilities Authority, RB, Mount Sinai Medical Center of Florida, 6.75%, 11/15/21 |
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|
1,255 |
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|
1,262,216 |
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Orange County Health Facilities Authority, RB, Hospital, Adventist Health System, 5.63%, 11/15/12 (c) |
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|
5,760 |
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6,442,099 |
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Palm Beach County Housing Finance Authority, HRB, Indian Trace Apartments, Series A, AMT (FSA), 5.63%, 1/01/44 |
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7,255 |
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7,276,475 |
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Stevens Plantation Community Development District, Special Assessment Bonds, Series A, 7.10%, 5/01/35 |
|
|
955 |
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716,298 |
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15,697,088 |
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Georgia - 2.4% |
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City of Atlanta Georgia, RB (FSA), 5.00%, 11/01/37 |
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|
3,000 |
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2,942,340 |
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Gwinnett County Hospital Authority, RB, Gwinnett Hospital System, Series C (FSA), 5.50%, 7/01/42 |
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350 |
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347,357 |
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3,289,697 |
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2
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BlackRock Municipal Bond Trust (BBK) |
|
|
Schedule of Investments November 30, 2009 (Unaudited) |
(Percentages shown are based on Net Assets) |
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State |
|
Municipal Bonds |
|
Par |
|
Value |
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||
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||
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Idaho - 1.8% |
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Idaho Health Facilities Authority, Refunding RB, Trinity Health Group, Series B, 6.25%, 12/01/33 |
|
$ |
1,750 |
|
$ |
1,889,913 |
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Idaho Housing & Finance Association, RB, GAN, RAN, Federal Highway Trust, Series A, 5.00%, 7/15/27 |
|
|
600 |
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|
639,120 |
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2,529,033 |
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Illinois - 9.6% |
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CenterPoint Intermodal Center Program Trust, Tax Allocation Bonds, Class A, 10.00%, 6/15/23 (d) |
|
|
1,150 |
|
|
604,417 |
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Illinois Finance Authority, RB, MJH Education Assistance IV LLC, Sub-Series B, 5.38%, 6/01/35 (e)(f) |
|
|
425 |
|
|
30,167 |
|
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Illinois Finance Authority, RB, Monarch Landing Inc. Facility, Series A, 7.00%, 12/01/37 (e)(f) |
|
|
720 |
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|
251,856 |
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Illinois Finance Authority, RB, Roosevelt University Project, 6.50%, 4/01/44 (g) |
|
|
1,000 |
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|
974,450 |
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Illinois Finance Authority, RB, Rush University Medical Center, Series C, 6.63%, 11/01/39 |
|
|
650 |
|
|
697,723 |
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Illinois Finance Authority, Refunding RB, Friendship Village Schaumburg, Series A, 5.63%, 2/15/37 |
|
|
210 |
|
|
165,967 |
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|
Illinois Finance Authority, Refunding RB, Lake Forest Hospital, Series A, 5.75%, 7/01/29 |
|
|
6,000 |
|
|
6,009,600 |
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Village of Bolingbrook Illinois, GO, Refunding, Series B (MBIA), 6.22%, 1/01/36 (a) |
|
|
23,065 |
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|
4,679,658 |
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13,413,838 |
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Indiana - 1.4% |
|
M/F HRB Pass-Through Certificates, RB, Series 1, Canterbury House Apartments, AMT, 5.90%, 12/01/34 |
|
|
1,865 |
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|
1,898,029 |
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Iowa - 1.8% |
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Iowa Finance Authority, RB, Series A (AGC), 5.63%, 8/15/37 |
|
|
2,400 |
|
|
2,452,896 |
|
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Kansas - 2.9% |
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Wichita Airport Authority, RB, Special, Cessna Citation Service Center, Series A, AMT, 6.25%, 6/15/32 |
|
|
5,000 |
|
|
4,059,450 |
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Kentucky - 0.4% |
|
Kentucky Economic Development Finance Authority, RB, Louisville Arena, Sub-Series A-1 (AGC), 6.00%, 12/01/38 |
|
|
500 |
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|
534,645 |
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Maryland - 1.7% |
|
County of Frederick Maryland, Special Tax Bonds, Urbana Community Development Authority, Sub-Series B, 6.25%, 7/01/30 |
|
|
2,820 |
|
|
2,400,835 |
|
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|
|
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Michigan - 5.1% |
|
Michigan State Building Authority, Refunding RB, Facilities Program, Series I, 6.25%, 10/15/38 |
|
|
1,250 |
|
|
1,342,275 |
|
|
|
|
Michigan State Hospital Finance Authority, Refunding RB, Henry Ford Health System, Series A, 5.25%, 11/15/46 |
|
|
1,065 |
|
|
904,867 |
|
|
|
|
Michigan State Hospital Finance Authority, Refunding RB, Hospital, Henry Ford Health, 5.75%, 11/15/39 |
|
|
2,750 |
|
|
2,593,030 |
|
|
|
|
Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, 8.25%, 9/01/39 |
|
|
1,950 |
|
|
2,253,732 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
7,093,904 |
|
|
|
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|
|
|
|
|
|
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|
Minnesota - 4.2% |
|
City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series B (AGC), 6.50%, 11/15/38 |
|
|
5,350 |
|
|
5,911,429 |
|
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|
|
|
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|
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Mississippi - 3.2% |
|
Mississippi Development Bank Special Obligation, RB, Jackson County Limited Tax Note (AGC), 5.50%, 7/01/32 |
|
|
1,750 |
|
|
1,824,043 |
|
|
|
|
University of Southern Mississippi, RB, Campus Facilities Improvements Project, 5.38%, 9/01/36 |
|
|
2,500 |
|
|
2,624,625 |
|
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|
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|
|
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|
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|
|
|
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|
|
|
4,448,668 |
|
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|
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|
|
3
|
|
|
|
BlackRock Municipal Bond Trust (BBK) |
|
|
Schedule of Investments November 30, 2009 (Unaudited) |
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
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|
|
|
|
State |
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
||
|
Multi-State - 8.2% |
|
Centerline Equity Issuer Trust, 7.20%, 10/31/52 (d)(h) |
|
$ |
10,500 |
|
$ |
11,432,820 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nebraska - 0.5% |
|
Omaha Public Power District, RB, Series A, 4.75%, 2/01/44 |
|
|
760 |
|
|
739,906 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nevada - 1.2% |
|
City of Las Vegas Nevada, Special Assessment Bonds, Summerlin Area, 5.65%, 6/01/23 |
|
|
1,335 |
|
|
1,101,856 |
|
|
|
|
County of Clark Nevada, Refunding RB, Alexander Dawson School Nevada Project, 5.00%, 5/15/29 |
|
|
575 |
|
|
563,770 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,665,626 |
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey - 14.9% |
|
Middlesex County Improvement Authority, RB, Subordinate, Heldrich Center Hotel, Series B, 6.25%, 1/01/37 |
|
|
915 |
|
|
168,351 |
|
|
|
|
New Jersey EDA, RB, Cigarette Tax, 5.50%, 6/15/24 |
|
|
3,710 |
|
|
3,608,643 |
|
|
|
|
New Jersey EDA, RB, Cigarette Tax (Radian), 5.50%, 6/15/31 |
|
|
1,500 |
|
|
1,366,110 |
|
|
|
|
New Jersey EDA, RB, Continental Airlines Inc. Project, AMT, 7.20%, 11/15/30 |
|
|
3,000 |
|
|
2,757,810 |
|
|
|
|
New Jersey EDA, RB, Motor Vehicle Surcharge, Series A (MBIA), 5.00%, 7/01/27 |
|
|
1,000 |
|
|
1,018,400 |
|
|
|
|
New Jersey EDA, Refunding RB, First Mortgage, Winchester, Series A, 5.80%, 11/01/31 |
|
|
1,500 |
|
|
1,454,715 |
|
|
|
|
New Jersey EDA, Special Assessment Bonds, Refunding, Kapkowski Road Landfill Project, 6.50%, 4/01/28 |
|
|
7,500 |
|
|
6,312,750 |
|
|
|
|
New Jersey Educational Facilities Authority, Refunding RB, University of Medicine & Dentistry, Series B, 7.13%, 12/01/23 |
|
|
630 |
|
|
714,470 |
|
|
|
|
New Jersey Educational Facilities Authority, Refunding RB, University of Medicine & Dentistry, Series B, 7.50%, 12/01/32 |
|
|
800 |
|
|
897,664 |
|
|
|
|
New Jersey Health Care Facilities Financing Authority, RB, Virtua Health (AGC), 5.50%, 7/01/38 |
|
|
500 |
|
|
512,705 |
|
|
|
|
New Jersey State Housing & Mortgage Finance Agency, RB, Series AA, 6.50%, 10/01/38 |
|
|
930 |
|
|
1,008,529 |
|
|
|
|
University of Medicine & Dentistry of New Jersey, RB, Series A (AMBAC), 5.50%, 12/01/27 |
|
|
1,000 |
|
|
1,004,930 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,825,077 |
|
|
|
|
|
|
|
|
|
|
|
|
|
New York - 10.1% |
|
Albany Industrial Development Agency, RB, New Covenant Charter School Project, Series A, 7.00%, 5/01/35 |
|
|
455 |
|
|
286,641 |
|
|
|
|
Hudson Yards Infrastructure Corp., RB, Series A (FGIC), 5.00%, 2/15/47 |
|
|
1,000 |
|
|
910,110 |
|
|
|
|
Long Island Power Authority, RB, General, Series C (CIFG), 5.25%, 9/01/29 |
|
|
1,500 |
|
|
1,639,890 |
|
|
|
|
Long Island Power Authority, Refunding RB, Series A, 6.25%, 4/01/33 |
|
|
300 |
|
|
343,086 |
|
|
|
|
Metropolitan Transportation Authority, Refunding RB, Series B, 5.00%, 11/15/34 |
|
|
800 |
|
|
821,456 |
|
|
|
|
New York City Housing Development Corp., RB, Series A, AMT, 5.50%, 11/01/34 |
|
|
3,000 |
|
|
3,005,220 |
|
|
|
|
New York City Industrial Development Agency, RB, American Airlines Inc., JFK International Airport, AMT, 7.75%, 8/01/31 |
|
|
3,165 |
|
|
2,960,699 |
|
|
|
|
New York City Industrial Development Agency, RB, Queens Baseball Stadium, PILOT (AGC), 6.50%, 1/01/46 |
|
|
700 |
|
|
774,270 |
|
4
|
|
|
|
BlackRock Municipal Bond Trust (BBK) |
|
|
Schedule of Investments November 30, 2009 (Unaudited) |
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State |
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
||
|
|
|
New York Liberty Development Corp., RB, Goldman Sachs Headquarters, 5.25%, 10/01/35 |
|
$ |
500 |
|
$ |
491,220 |
|
|
|
|
New York State Dormitory Authority, RB, 5.83%, 7/01/39 (b) |
|
|
700 |
|
|
556,066 |
|
|
|
|
New York State Dormitory Authority, RB, Rochester Institute of Technology, Series A, 6.00%, 7/01/33 |
|
|
1,000 |
|
|
1,093,150 |
|
|
|
|
New York State Dormitory Authority, RB, University of Rochester, Series A, 5.13%, 7/01/39 |
|
|
250 |
|
|
254,635 |
|
|
|
|
Port Authority of New York & New Jersey, Refunding RB, Consolidated, 152nd Series, AMT, 5.75%, 11/01/30 |
|
|
1,000 |
|
|
1,053,790 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,190,233 |
|
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina - 2.6% |
|
Gaston County Industrial Facilities & Pollution Control Financing Authority North Carolina, RB, Exempt Facilities, National Gypsum Co. Project, AMT, 5.75%, 8/01/35 |
|
|
2,945 |
|
|
1,732,602 |
|
|
|
|
North Carolina Medical Care Commission, RB, WakeMed, Series A (AGC), 5.88%, 10/01/38 |
|
|
1,000 |
|
|
1,033,630 |
|
|
|
|
North Carolina Medical Care Commission, Refunding RB, University Health System, Series D, 6.25%, 12/01/33 |
|
|
800 |
|
|
871,784 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,638,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ohio - 2.2% |
|
County of Montgomery Ohio, Refunding RB, Catholic Healthcare, Series A, 5.00%, 5/01/39 |
|
|
1,500 |
|
|
1,466,040 |
|
|
|
|
Kent State University, Refunding RB, General Receipts, Series B (AGC), 4.25%, 5/01/31 |
|
|
1,750 |
|
|
1,582,858 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,048,898 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma - 1.2% |
|
Tulsa Airports Improvement Trust, RB, Series A, AMT, 7.75%, 6/01/35 |
|
|
1,725 |
|
|
1,621,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Oregon - 1.3% |
|
M/F HRB Pass-Through Certificates, RB, Series 6, AMT, 6.05%, 11/01/34 |
|
|
525 |
|
|
529,956 |
|
|
|
|
Oregon Health & Science University, RB, Series A, 5.75%, 7/01/39 |
|
|
1,250 |
|
|
1,301,325 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,831,281 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania - 1.0% |
|
Pennsylvania Economic Development Financing Authority, RB, Reliant Energy, Series A, AMT, 6.75%, 12/01/36 |
|
|
1,455 |
|
|
1,429,829 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico - 2.0% |
|
Puerto Rico Sales Tax Financing Corp., RB, First Sub-Series A, 5.75%, 8/01/37 |
|
|
2,000 |
|
|
2,023,480 |
|
|
|
|
Puerto Rico Sales Tax Financing Corp., Refunding RB, CAB, Series A (MBIA), 5.77%, 8/01/41 (a) |
|
|
5,000 |
|
|
761,150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,784,630 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Rhode Island - 2.4% |
|
Rhode Island Health & Educational Building Corp., RB, Hospital Financing, LifeSpan Obligation, Series A (AGC), 7.00%, 5/15/39 |
|
|
1,000 |
|
|
1,116,010 |
|
|
|
|
Rhode Island Housing & Mortgage Finance Corp., RB, Homeownership Opportunity, Series 54, AMT, 4.85%, 10/01/41 |
|
|
1,500 |
|
|
1,347,930 |
|
|
|
|
State of Rhode Island, COP, Series C, School for the Deaf (AGC), 5.38%, 4/01/28 |
|
|
900 |
|
|
951,003 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,414,943 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tennessee - 0.4% |
|
Memphis-Shelby County Sports Authority Inc., Refunding RB, Memphis Arena Project, Series A, 5.38%, 11/01/28 |
|
|
525 |
|
|
530,402 |
|
|
|
|
|
|
|
|
|
|
|
|
5
|
|
|
|
BlackRock Municipal Bond Trust (BBK) |
|
|
Schedule of Investments November 30, 2009 (Unaudited) |
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State |
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
||
|
Texas - 16.9% |
|
Harris County Health Facilities Development Corp., Refunding RB, Memorial Hermann Healthcare System, Series B, 7.13%, 12/01/31 |
|
$ |
500 |
$ |
|
557,835 |
|
|
|
|
Harris County Health Facilities Development Corp., Refunding RB, Memorial Hermann Healthcare System, Series B, 7.25%, 12/01/35 |
|
|
1,750 |
|
|
1,946,770 |
|
|
|
|
Harris County-Houston Sports Authority, Refunding RB, CAB, Senior Lien, Series G (MBIA), 6.17%, 11/15/41 (a) |
|
|
11,690 |
|
|
830,107 |
|
|
|
|
Lower Colorado River Authority, Refunding RB (MBIA), 5.00%, 5/15/13 (c) |
|
|
15 |
|
|
16,948 |
|
|
|
|
Matagorda County Navigation District No. 1 Texas, Refunding RB, Central Power & Light Co. Project, Series A, 6.30%, 11/01/29 |
|
|
1,500 |
|
|
1,607,055 |
|
|
|
|
M/F HRB Pass-Through Certificates, RB, Series 9, Copperwood Ranch Apartments, AMT, 5.95%, 11/01/35 |
|
|
2,460 |
|
|
2,510,282 |
|
|
|
|
SA Energy Acquisition Public Facility Corp., RB, Gas Supply, 5.50%, 8/01/23 |
|
|
1,775 |
|
|
1,791,863 |
|
|
|
|
SA Energy Acquisition Public Facility Corp., RB, Gas Supply, 5.50%, 8/01/24 |
|
|
1,620 |
|
|
1,619,870 |
|
|
|
|
Texas State Turnpike Authority, RB, CAB (AMBAC), 6.08%, 8/15/35 (a) |
|
|
60,000 |
|
|
10,834,200 |
|
|
|
|
Texas State Turnpike Authority, RB, First Tier, Series A (AMBAC), 5.00%, 8/15/42 |
|
|
2,115 |
|
|
1,905,044 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,619,974 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Washington - 1.0% |
|
Washington Health Care Facilities Authority, RB, MultiCare Health System, Series B (AGC), 6.00%, 8/15/39 |
|
|
1,400 |
|
|
1,466,346 |
|
|
|
|
|
|
|
|
|
|
|
|
|
West Virginia - 4.4% |
|
West Virginia Higher Education Policy Commission, RB, Community & Technology Capital Improvement, Series A, 4.75%, 7/01/33 (g) |
|
|
2,500 |
|
|
2,437,550 |
|
|
|
|
West Virginia Higher Education Policy Commission, RB, Community & Technology Capital Improvement, Series A, 5.00%, 7/01/39 (g) |
|
|
850 |
|
|
838,967 |
|
|
|
|
West Virginia Hospital Finance Authority, Refunding RB, Charleston, Series A, 5.63%, 9/01/32 |
|
|
3,000 |
|
|
2,915,370 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,191,887 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Wisconsin - 1.9% |
|
Wisconsin Health & Educational Facilities Authority, RB, Aurora Health Care, 6.40%, 4/15/33 |
|
|
1,350 |
|
|
1,371,911 |
|
|
|
|
Wisconsin Housing & EDA, Refunding RB, Series A, AMT, 4.75%, 9/01/33 |
|
|
1,340 |
|
|
1,237,570 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,609,481 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Wyoming - 0.9% |
|
County of Sweetwater Wyoming, Refunding RB, Idaho Power Co. Project, 5.25%, 7/15/26 |
|
|
1,200 |
|
|
1,228,068 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds - 154.2% |
|
|
|
|
|
215,618,344 |
|
|
|
|
|
|
|
|
|
|
|
|
6
|
|
|
|
BlackRock Municipal Bond Trust (BBK) |
|
|
Schedule of Investments November 30, 2009 (Unaudited) |
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State |
|
Municipal
Bonds Transferred to |
|
|
Par |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
Colorado - 2.6% |
|
Colorado Health Facilities Authority, RB, Catholic Health, Series C-7 (FSA), 5.00%, 9/01/36 |
|
$ |
3,750 |
|
$ |
3,647,287 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts - 1.0% |
|
Massachusetts Water Resources Authority, Refunding RB, General, Series A, 5.00%, 8/01/41 |
|
|
1,450 |
|
|
1,463,818 |
|
|
|
|
|
|
|
|
|
|
|
|
|
New York - 2.3% |
|
New York City Municipal Water Finance Authority, RB, Fiscal 2009, Series A, 5.75%, 6/15/40 |
|
|
450 |
|
|
493,447 |
|
|
|
|
New York City Municipal Water Finance Authority, RB, Series FF-2, 5.50%, 6/15/40 |
|
|
405 |
|
|
434,101 |
|
|
|
|
New York State Dormitory Authority, RB, New York University, Series A, 5.00%, 7/01/38 |
|
|
2,199 |
|
|
2,236,135 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,163,683 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ohio - 2.3% |
|
County of Montgomery Ohio, RB, Catholic Health, Series C-1 (FSA), 5.00%, 10/01/41 |
|
|
1,260 |
|
|
1,209,550 |
|
|
|
|
Ohio State Higher Educational Facility Commission, Refunding RB, Hospital, Cleveland Clinic Health, Series A, 5.25%, 1/01/33 |
|
|
2,000 |
|
|
2,034,160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,243,710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds Transferred to Tender Option Bond Trusts - 8.2% |
|
|
|
|
|
11,518,498 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Long-Term Investments |
|
|
|
|
|
227,136,842 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
Short-Term Securities |
|
Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFI Institutional Tax-Exempt Fund, 0.23% (j)(k) |
|
|
400,000 |
|
|
400,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Short-Term Securities |
|
|
|
|
|
400,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments (Cost - $232,314,607*) - 162.7% |
|
|
|
|
|
227,536,842 |
|
|
|
|
Liabilities in Excess of Other Assets - (1.4)% |
|
|
|
|
|
(1,900,802 |
) |
|
|
|
Liability for Trust Certificates, Including Interest Expense and Fees Payable - (4.2)% |
|
|
|
|
|
(5,903,390 |
) |
|
|
|
Preferred Shares, at Redemption Value - (57.1)% |
|
|
|
|
|
(79,904,936 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shares - 100.0% |
|
|
|
|
$ |
139,827,714 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of November 30, 2009, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
Aggregate cost |
|
$ |
226,415,387 |
|
|
|
|
|
|
|
|
Gross unrealized appreciation |
|
$ |
8,525,070 |
|
|
Gross unrealized depreciation |
|
|
(13,302,763 |
) |
|
|
|
|
|
|
|
Net unrealized depreciation |
|
$ |
(4,777,693 |
) |
|
|
|
|
|
|
|
|
|
|
(a) |
Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
|
|
|
|
(b) |
Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown reflects the current yield as of report date. |
|
|
|
|
(c) |
US government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
|
|
|
|
(d) |
Security 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. |
|
|
|
|
(e) |
Non-income producing security. |
|
|
|
|
(f) |
Issuer filed for bankruptcy and/or is in default of interest payments. |
7
|
|
|
|
BlackRock Municipal Bond Trust (BBK) |
|
|
Schedule of Investments November 30, 2009 (Unaudited) |
|
|
|
|
|
|
|
|
(g) |
When-issued security. Unsettled when-issued transaction were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Counterparty |
|
Value |
|
Unrealized |
|
||
|
|
|
|
|
|
|
||
|
Barclays Capital Inc. |
|
$ |
974,450 |
|
$ |
7,820 |
|
|
Citigroup Inc. |
|
$ |
3,276,517 |
|
$ |
59,762 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(h) |
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, and is subject to mandatory redemption at maturity. |
|
|
|
|
(i) |
Securities represent bonds transferred to a tender option bond trust in exchange for which the Trust acquired the residual interest certificates. These securities serve as collateral in a financing transaction. |
|
|
|
|
(j) |
Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Affiliate |
|
Net Activity |
|
Income |
|
||
|
|
|
|
|
|
|
||
|
FFI Institutional Tax-Exempt Fund |
|
$ |
(3,000,718 |
) |
$ |
597 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(k) |
Represents the current yield as of report date. |
|
|
|
|
|
|
• |
Fair Value Measurements – Various inputs are used in determining the fair value of investments, which are as follows: |
|
|
|
|
|
|
|
• |
Level 1 - price quotations in active markets/exchanges for identical assets and liabilities |
|
|
|
|
|
|
• |
Level 2 - other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
|
|
|
|
|
|
• |
Level 3 - unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments) |
|
|
|
|
|
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to the Trust’s most recent financial statements as contained in its annual report. |
|
|
|
|
|
|
|
The following table summarizes the inputs used as of November 30, 2009 in determining the fair valuation of the Trust’s investments: |
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Valuation Inputs |
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Investments in |
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Assets |
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Level 1 - Short-Term Securities |
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$ |
400,000 |
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Level 2 - Long-Term Investments1 |
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227,136,842 |
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Level 3 |
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— |
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Total |
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$ |
227,536,842 |
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1 See above Schedule of Investments for values in each state or political subdivision. |
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8
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Item 2 – |
Controls and Procedures | ||
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2(a) – |
The registrant's principal executive and principal financial officers or persons performing similar functions have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13(a)-15(b) under the Securities Exchange Act of 1934, as amended. | ||
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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. | ||
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Item 3 – |
Exhibits | ||
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Certifications – Attached hereto | ||
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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. | ||
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BlackRock Municipal Bond Trust | ||
| By: | /s/ Anne F. Ackerley | ||
| Anne F. Ackerley | |||
| Chief Executive Officer of | |||
| BlackRock Municipal Bond Trust | |||
| Date: January 22, 2010 | |||
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | |||
| By: | /s/ Anne F. Ackerley | ||
| Anne F. Ackerley | |||
| Chief Executive Officer (principal executive officer) of | |||
| BlackRock Municipal Bond Trust | |||
| Date: January 22, 2010 | |||
| By: | /s/ Neal J. Andrews | ||
| Neal J. Andrews | |||
| Chief Financial Officer (principal financial officer) of | |||
| BlackRock Municipal Bond Trust | |||
| Date: January 22, 2010 | |||