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: Donald C. Burke, Chief Executive Officer, BlackRock Municipal Bond Trust, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 08/31/2009
Date of reporting period: 05/31/2009
Item 1 – Schedule of Investments
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BlackRock Municipal Bond Trust |
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Schedule of Investments May 31, 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 - 6.3% |
|
Huntsville, Alabama, Health Care Authority Revenue Bonds, Series A, 5.75%, 6/01/11 (a) |
|
$ |
7,500 |
|
$ |
8,245,875 |
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|
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Arizona - 7.0% |
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Glendale, Arizona, Municipal Property Corp., Excise Tax Revenue Refunding Bonds, Series A, 4.50%, 7/01/32 (b) |
|
|
3,655 |
|
|
3,458,909 |
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Goodyear, Arizona, GO, 4.25%, 7/01/37 (b) |
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|
1,250 |
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|
1,099,012 |
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|
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Mohave County, Arizona, Unified School District Number 20 (Kingman), School Improvement Bonds (Project of 2006), Series C, 5%, 7/01/26 (c) |
|
|
200 |
|
|
207,866 |
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|
|
Salt Verde Financial Corp., Arizona, Senior Gas Revenue Bonds, 5%, 12/01/32 |
|
|
1,500 |
|
|
1,219,980 |
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|
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Salt Verde Financial Corp., Arizona, Senior Gas Revenue Bonds, 5%, 12/01/37 |
|
|
2,065 |
|
|
1,643,017 |
|
|
|
San Luis, Arizona, Facilities Development Corp., Senior Lien Revenue Bonds (Regional Detention Center Project), 6.25%, 5/01/15 |
|
|
300 |
|
|
270,357 |
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|
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San Luis, Arizona, Facilities Development Corp., Senior Lien Revenue Bonds (Regional Detention Center Project), 7%, 5/01/20 |
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|
300 |
|
|
267,381 |
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San Luis, Arizona, Facilities Development Corp., Senior Lien Revenue Bonds (Regional Detention Center Project), 7.25%, 5/01/27 |
|
|
600 |
|
|
518,280 |
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|
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University Medical Center Corp. of Arizona, Hospital Revenue Bonds, 6.50%, 7/01/39 |
|
|
500 |
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|
499,960 |
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9,184,762 |
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California - 13.0% |
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California County Tobacco Securitization Agency, Tobacco Revenue Bonds (Stanislaus County Tobacco Funding Corp.), Sub-Series C, 6.30%, 6/01/55 (d) |
|
|
4,500 |
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|
37,350 |
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|
California HFA, Home Mortgage Revenue Bonds, AMT, Series G, 5.05%, 2/01/29 |
|
|
2,835 |
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|
2,346,388 |
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|
|
California State Department of Veteran Affairs, Home Purchase Revenue Bonds, AMT, Series B, 5.25%, 12/01/37 |
|
|
5,000 |
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|
4,392,350 |
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|
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California State, GO, 5.75%, 4/01/31 |
|
|
2,000 |
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|
2,028,320 |
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|
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California State, GO, 6.50%, 4/01/33 |
|
|
1,950 |
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|
2,119,650 |
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California State, GO, Refunding, AMT, 5.05%, 12/01/36 |
|
|
1,000 |
|
|
852,590 |
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|
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Carlsbad, California, Unified School District, GO, Series B, 5.45%, 5/01/34 (e)(f) |
|
|
1,000 |
|
|
558,500 |
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|
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Dinuba, California, Unified School District, GO (Election of 2006), 5.625%, 8/01/31 (b) |
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|
250 |
|
|
254,730 |
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Dinuba, California, Unified School District, GO (Election of 2006), 5.75%, 8/01/33 (b) |
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|
500 |
|
|
509,985 |
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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 list below. |
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AMT |
Alternative Minimum Tax (subject to) |
CABS |
Capital Appreciation Bonds |
EDA |
Economic Development Authority |
EDR |
Economic Development Revenue Bonds |
GO |
General Obligation Bonds |
HFA |
Housing Finance Agency |
IDA |
Industrial Development Authority |
IDR |
Industrial Development Revenue Bonds |
M/F |
Multi-Family |
PILOT |
Payment in Lieu of Taxes |
1
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BlackRock Municipal Bond Trust |
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|
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Schedule of Investments May 31, 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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San Diego, California, Community College District, GO (Election of 2002), CABS, 6.006%, 8/01/19 (f) |
|
$ |
2,800 |
|
$ |
1,552,040 |
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University of California Revenue Bonds, Series B, 4.75%, 5/15/38 |
|
|
1,160 |
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|
1,087,233 |
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Val Verde, California, Unified School District Financing Authority, Special Tax Refunding Bonds, Junior Lien, 6.25%, 10/01/28 |
|
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1,585 |
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1,430,463 |
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17,169,599 |
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Colorado - 2.1% |
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Colorado Health Facilities Authority Revenue Bonds (Catholic Health Initiatives), Series D, 6.25%, 10/01/33 |
|
|
1,070 |
|
|
1,157,130 |
|
|
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Colorado Health Facilities Authority, Revenue Refunding Bonds (Poudre Valley Health Care), Series B, 5.25%, 3/01/36 (b) |
|
|
1,085 |
|
|
1,039,810 |
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|
|
Colorado Springs, Colorado, Utilities System Improvement Revenue Bonds, Subordinate Lien, Series C, 5%, 11/15/45 (b) |
|
|
635 |
|
|
626,593 |
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2,823,533 |
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District of Columbia - 8.6% |
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District of Columbia, Revenue Refunding Bonds (Friendship Public Charter School, Inc.), 5.25%, 6/01/33 (g) |
|
|
595 |
|
|
351,580 |
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|
|
District of Columbia, Tax Increment Revenue Bonds (Gallery Place Project), 5.40%, 7/01/31 (b) |
|
|
6,000 |
|
|
6,081,000 |
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|
|
District of Columbia Tobacco Settlement Financing Corp., Asset- Backed Revenue Refunding Bonds, 6.75%, 5/15/40 |
|
|
5,580 |
|
|
4,916,371 |
|
|
|
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|
|
|
|
|
|
|
|
|
|
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|
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11,348,951 |
|
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|
|
|
|
|
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|
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Florida - 15.2% |
|
Martin County, Florida, IDA, IDR, Refunding (Indiantown Cogeneration Project), AMT, Series A, 7.875%, 12/15/25 |
|
|
1,500 |
|
|
1,448,700 |
|
|
|
Miami Beach, Florida, Health Facilities Authority, Hospital Revenue Refunding Bonds (Mount Sinai Medical Center of Florida), 6.75%, 11/15/21 |
|
|
2,420 |
|
|
2,037,592 |
|
|
|
Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds (Adventist Health System), 5.625%, 11/15/12 (a) |
|
|
7,760 |
|
|
8,697,718 |
|
|
|
Palm Beach County, Florida, HFA, M/F Housing Revenue Bonds (Indian Trace Apartment Project), AMT, Series A, 5.625%, 1/01/44 (b) |
|
|
7,255 |
|
|
7,161,991 |
|
|
|
Stevens Plantation Community Development District, Florida, Special Assessment Revenue Bonds, Series A, 7.10%, 5/01/35 |
|
|
955 |
|
|
676,933 |
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|
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|
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|
|
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20,022,934 |
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Georgia - 4.0% |
|
Atlanta, Georgia, Water and Wastewater Revenue Bonds, 5%, 11/01/37 (b) |
|
|
5,000 |
|
|
4,895,800 |
|
|
|
Main Street Natural Gas, Inc., Georgia, Gas Project Revenue Bonds, Series A, 6.375%, 7/15/38 (h)(i) |
|
|
1,000 |
|
|
405,000 |
|
|
|
|
|
|
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|
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|
|
|
|
|
|
|
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|
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5,300,800 |
|
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|
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Idaho - 1.9% |
|
Idaho HFA, Grant and Revenue Anticipation Bonds (Federal Highway Trust Fund), Series A, 5%, 7/15/27 |
|
|
600 |
|
|
611,916 |
|
|
|
Idaho Health Facilities Authority, Revenue Refunding Bonds (Trinity Health Group), Series B, 6.25%, 12/01/33 |
|
|
1,750 |
|
|
1,855,455 |
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|
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2,467,371 |
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Illinois - 9.0% |
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Bolingbrook, Illinois, GO, Refunding, Series B, 6.22%, 1/01/36 (d)(j)(k) |
|
|
23,065 |
|
|
4,474,379 |
|
|
|
CenterPoint Intermodal Center Program Trust, Illinois, Tax Allocation Bonds, Class A, 10%, 6/15/23 (l) |
|
|
1,150 |
|
|
909,650 |
|
2
|
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BlackRock Municipal Bond Trust |
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|
|
Schedule of Investments May 31, 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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|
Illinois Health Facilities Authority, Revenue Refunding Bonds (Lake Forest Hospital), Series A, 5.75%, 7/01/29 |
|
$ |
6,000 |
|
$ |
5,600,580 |
|
|
|
Illinois State Finance Authority Revenue Bonds (Friendship Village of Schaumburg), Series A, 5.625%, 2/15/37 |
|
|
420 |
|
|
279,224 |
|
|
|
Illinois State Finance Authority Revenue Bonds (Monarch Landing, Inc. Project), Series A, 7%, 12/01/37 |
|
|
720 |
|
|
512,323 |
|
|
|
Illinois State Finance Authority, Student Housing Revenue Bonds (MJH Education Assistance IV LLC), Sub-Series B, 5.375%, 6/01/35 (h)(i) |
|
|
425 |
|
|
41,811 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,817,967 |
|
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|
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|
Indiana - 1.4% |
|
Bloomington, Indiana, M/F Housing Revenue Bonds (Canterbury House Apartments), AIG SunAmerica, Inc., Pass-Through Certificates of Beneficial Ownership, AMT, Series 1, 5.90%, 12/01/34 |
|
|
1,880 |
|
|
1,910,099 |
|
|
|
|
|
|
|
|
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|
|
Kansas - 2.9% |
|
Wichita, Kansas, Airport Authority, Airport Facilities Revenue Bonds (Cessna Citation Service Center), AMT, Series A, 6.25%, 6/15/32 |
|
|
5,000 |
|
|
3,809,550 |
|
|
|
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|
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|
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Kentucky - 0.4% |
|
Kentucky Economic Development Financing Authority, Louisville Arena Project Revenue Bonds (Louisville Arena Authority, Inc.), Sub- Series A-1, 6%, 12/01/38 (c) |
|
|
500 |
|
|
516,490 |
|
|
|
|
|
|
|
|
|
|
|
Louisiana - 0.6% |
|
East Baton Rouge, Louisiana, Sewerage Commission, Revenue Refunding Bonds, Series A, 5.25%, 2/01/39 |
|
|
750 |
|
|
752,707 |
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Maryland - 3.2% |
|
Frederick County, Maryland, Special Obligation Tax Bonds (Urbana Community Development Authority), Series B, 6.25%, 7/01/30 |
|
|
2,903 |
|
|
2,074,164 |
|
|
|
Maryland State Community Development Administration, Department of Housing and Community Development, Residential Revenue Refunding Bonds, AMT, Series L, 4.95%, 9/01/38 |
|
|
1,645 |
|
|
1,483,148 |
|
|
|
Maryland State Health and Higher Educational Facilities Authority, Mortgage Revenue Refunding Bonds (Western Maryland Health System), 4.375%, 7/01/36 (j)(m) |
|
|
750 |
|
|
662,572 |
|
|
|
|
|
|
|
|
|
|
|
|
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4,219,884 |
|
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Michigan - 3.3% |
|
Michigan State Building Authority, Revenue Refunding Bonds (Facilities Program), Series I, 6.25%, 10/15/38 |
|
|
1,250 |
|
|
1,350,012 |
|
|
|
Michigan State Hospital Finance Authority, Revenue Refunding Bonds (Henry Ford Health System), Series A, 5.25%, 11/15/46 |
|
|
1,065 |
|
|
833,948 |
|
|
|
Royal Oak, Michigan, Hospital Finance Authority, Hospital Revenue Refunding Bonds (William Beaumont Hospital), 8.25%, 9/01/39 |
|
|
1,950 |
|
|
2,194,374 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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4,378,334 |
|
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|
|
Minnesota - 4.4% |
|
Minneapolis, Minnesota, Health Care System, Revenue Refunding Bonds (Fairview Health Services), Series B, 6.50%, 11/15/38 (c) |
|
|
5,350 |
|
|
5,822,726 |
|
|
|
|
|
|
|
|
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|
|
Mississippi - 3.3% |
|
Mississippi Development Bank, Special Obligation Revenue Bonds (Jackson County Limited Tax Note), 5.50%, 7/01/32 (c) |
|
|
1,750 |
|
|
1,781,097 |
|
|
|
University of Southern Mississippi Education Building Corp. Revenue Bonds (Campus Facilities Improvements Project), 5.375%, 9/01/36 |
|
|
2,500 |
|
|
2,558,175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,339,272 |
|
|
|
|
|
|
|
|
|
|
|
Multi-State - 8.7% |
|
Charter Mac Equity Issuer Trust, 7.20%, 10/31/52 (l)(n) |
|
|
10,500 |
|
|
11,408,355 |
|
|
|
|
|
|
|
|
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|
|
Nebraska - 1.2% |
|
Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series A, 4.75%, 2/01/44 |
|
|
1,760 |
|
|
1,638,578 |
|
|
|
|
|
|
|
|
|
|
|
3
|
|
BlackRock Municipal Bond Trust |
|
|
|
Schedule of Investments May 31, 2009 (Unaudited) |
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
State |
|
Municipal Bonds |
|
Par |
|
Value |
|
||
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|
|
|
|
|
|
|
|
|
Nevada - 1.5% |
|
Clark County, Nevada, EDR, Refunding (Alexander Dawson School of Nevada Project), 5%, 5/15/29 |
|
$ |
1,325 |
|
$ |
1,242,241 |
|
|
|
Las Vegas, Nevada, Special Improvement District Number 809 Revenue Bonds (Summerlin Area), 5.65%, 6/01/23 |
|
|
1,345 |
|
|
760,369 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,002,610 |
|
|
|
|
|
|
|
|
|
|
|
New Jersey - 15.2% |
|
Middlesex County, New Jersey, Improvement Authority, Subordinate Revenue Bonds (Heldrich Center Hotel/Conference Project), Series B, 6.25%, 1/01/37 |
|
|
915 |
|
|
467,721 |
|
|
|
New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50%, 6/15/24 |
|
|
3,710 |
|
|
3,133,095 |
|
|
|
New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50%, 6/15/31 (o) |
|
|
1,500 |
|
|
1,170,825 |
|
|
|
New Jersey EDA, EDR, Refunding (Kapkowski Road Landfill Reclamation Improvement District Project), 6.50%, 4/01/28 |
|
|
7,500 |
|
|
6,054,225 |
|
|
|
New Jersey EDA, First Mortgage Revenue Refunding Bonds (The Winchester Gardens at Ward Homestead Project), Series A, 5.80%, 11/01/31 |
|
|
1,500 |
|
|
1,222,350 |
|
|
|
New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds, Series A, 5%, 7/01/27 (j) |
|
|
1,000 |
|
|
997,600 |
|
|
|
New Jersey EDA, School Facilities Construction, Revenue Refunding Bonds, Series AA, 5.50%, 12/15/29 (e) |
|
|
250 |
|
|
258,572 |
|
|
|
New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc. Project), AMT, 7.20%, 11/15/30 |
|
|
3,000 |
|
|
2,604,720 |
|
|
|
New Jersey Health Care Facilities Financing Authority Revenue Bonds (Virtua Health), 5.50%, 7/01/38 (c) |
|
|
1,500 |
|
|
1,489,155 |
|
|
|
New Jersey State Educational Facilities Authority, Revenue Refunding Bonds (University of Medicine and Dentistry), Series B, 7.125%, 12/01/23 |
|
|
630 |
|
|
669,104 |
|
|
|
New Jersey State Educational Facilities Authority, Revenue Refunding Bonds (University of Medicine and Dentistry), Series B, 7.50%, 12/01/32 |
|
|
800 |
|
|
831,928 |
|
|
|
New Jersey State Housing and Mortgage Finance Agency Revenue Bonds, Series AA, 6.50%, 10/01/38 |
|
|
1,000 |
|
|
1,073,690 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,972,985 |
|
|
|
|
|
|
|
|
|
|
|
New York - 12.7% |
|
Albany, New York, IDA, Civic Facility Revenue Bonds (New Covenant Charter School Project), Series A, 7%, 5/01/35 |
|
|
455 |
|
|
286,008 |
|
|
|
Hudson Yards Infrastructure Corp., New York, Revenue Bonds, Series A, 5%, 2/15/47 (k) |
|
|
1,000 |
|
|
847,400 |
|
|
|
Long Island Power Authority, New York, Electric System Revenue Bonds, Series C, 5.25%, 9/01/29 (p) |
|
|
1,500 |
|
|
1,533,810 |
|
|
|
Long Island Power Authority, New York, Electric System Revenue Refunding Bonds, Series A, 6.25%, 4/01/33 |
|
|
300 |
|
|
333,846 |
|
|
|
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Revenue Bonds, Series B, 5%, 11/15/34 |
|
|
800 |
|
|
797,696 |
|
|
|
Metropolitan Transportation Authority, New York, Service Contract Revenue Refunding Bonds, Series A, 5%, 7/01/30 (q) |
|
|
760 |
|
|
762,766 |
|
|
|
New York City, New York, City Housing Development Corp., M/F Housing Revenue Bonds, AMT, Series A, 5.50%, 11/01/34 |
|
|
3,000 |
|
|
2,884,800 |
|
|
|
New York City, New York, City IDA, PILOT Revenue Bonds (Queens Baseball Stadium Project), 6.50%, 1/01/46 (c) |
|
|
700 |
|
|
769,377 |
|
4
|
|
BlackRock Municipal Bond Trust |
|
|
|
Schedule of Investments May 31, 2009 (Unaudited) |
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State |
|
Municipal Bonds |
|
Par |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York City, New York, City IDA, Special Facility Revenue Bonds (Continental Airlines Inc. Project), AMT, 7.75%, 8/01/31 |
|
$ |
3,165 |
|
$ |
2,929,271 |
|
|
|
New York City, New York, City Municipal Water Finance Authority, Second General Resolution, Water and Sewer System Revenue Bonds, Series FF-2, 5.50%, 6/15/40 |
|
|
400 |
|
|
420,632 |
|
|
|
New York City, New York, City Municipal Water Finance Authority, Water and Sewer System Revenue Bonds, Series A, 5.75%, 6/15/40 |
|
|
450 |
|
|
482,594 |
|
|
|
New York Liberty Development Corp. Revenue Bonds (Goldman Sachs Headquarters), 5.25%, 10/01/35 |
|
|
1,500 |
|
|
1,391,085 |
|
|
|
New York State Dormitory Authority, Non-State Supported Debt Revenue Bonds (Rochester Institute of Technology), Series A, 6%, 7/01/33 |
|
|
1,000 |
|
|
1,054,340 |
|
|
|
New York State Dormitory Authority, State Personal Income Tax Revenue Bonds (Education), Series A, 5%, 3/15/38 |
|
|
1,250 |
|
|
1,253,750 |
|
|
|
Port Authority of New York and New Jersey, Consolidated Revenue Refunding Bonds, AMT, 152nd Series, 5.75%, 11/01/30 |
|
|
1,000 |
|
|
1,015,490 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,762,865 |
|
|
|
|
|
|
|
|
|
|
|
North Carolina - 2.5% |
|
Gaston County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, Revenue Bonds (National Gypsum Company Project), AMT, 5.75%, 8/01/35 |
|
|
2,945 |
|
|
1,429,415 |
|
|
|
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds (WakeMed), Series A, 5.875%, 10/01/38 (c) |
|
|
1,000 |
|
|
1,027,750 |
|
|
|
North Carolina Medical Care Commission, Health Care Facilities, Revenue Refunding Bonds (University Health System), Series D, 6.25%, 12/01/33 |
|
|
800 |
|
|
852,488 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,309,653 |
|
|
|
|
|
|
|
|
|
|
|
Ohio - 0.7% |
|
Ohio State Air Quality Development Authority, Revenue Refunding Bonds (Dayton Power and Light Company Project), Series B, 4.80%, 1/01/34 (k)(r) |
|
|
900 |
|
|
904,680 |
|
|
|
|
|
|
|
|
|
|
|
Oklahoma - 1.2% |
|
Tulsa, Oklahoma, Municipal Airport Trust, Revenue Refunding Bonds, Series A, 7.75%, 6/01/35 |
|
|
1,725 |
|
|
1,580,635 |
|
|
|
|
|
|
|
|
|
|
|
Oregon - 1.3% |
|
Oregon Health Sciences University, Revenue Refunding Bonds, Series A, 5.75%, 7/01/39 (e) |
|
|
1,250 |
|
|
1,235,813 |
|
|
|
Portland, Oregon, M/F Housing Revenue Bonds (Pacific Tower Apartments), AIG SunAmerica, Inc., Pass-Through Certificates of Beneficial Ownership, AMT, Series 6, 6.05%, 11/01/34 |
|
|
530 |
|
|
532,014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,767,827 |
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania - 1.4% |
|
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds (Reliant Energy), AMT, Series A, 6.75%, 12/01/36 |
|
|
2,000 |
|
|
1,885,580 |
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico - 0.7% |
|
Puerto Rico Commonwealth Highway and Transportation Authority, Transportation Revenue Refunding Bonds, Series N, 5.25%, 7/01/36 (c) |
|
|
900 |
|
|
882,108 |
|
|
|
|
|
|
|
|
|
|
|
Rhode Island - 0.8% |
|
Rhode Island State Health and Educational Building Corp., Hospital Revenue Bonds (Lifespan Obligation Group), Series A, 7%, 5/15/39 (c) |
|
|
1,000 |
|
|
1,082,250 |
|
|
|
|
|
|
|
|
|
|
|
Texas - 16.0% |
|
Harris County, Texas, Health Facilities Development Corp., Hospital Revenue Refunding Bonds (Memorial Hermann Healthcare System), Series B, 7.125%, 12/01/31 |
|
|
500 |
|
|
538,425 |
|
5
|
|
BlackRock Municipal Bond Trust |
|
|
|
Schedule of Investments May 31, 2009 (Unaudited) |
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State |
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
Harris County, Texas, Health Facilities Development Corp., Hospital Revenue Refunding Bonds (Memorial Hermann Healthcare System), Series B, 7.25%, 12/01/35 |
|
$ |
1,750 |
|
$ |
1,885,695 |
|
|
|
Harris County-Houston Sports Authority, Texas, Revenue Refunding Bonds, Senior Lien, Series G, 6.163%, 11/15/41 (d)(j) |
|
|
11,690 |
|
|
916,145 |
|
|
|
Lower Colorado River Authority, Texas, Revenue Refunding Bonds, 5%, 5/15/13 (a)(j) |
|
|
15 |
|
|
16,901 |
|
|
|
San Antonio Energy Acquisition Public Facilities Corp., Texas, Gas Supply Revenue Bonds, 5.50%, 8/01/23 |
|
|
1,775 |
|
|
1,637,846 |
|
|
|
San Antonio Energy Acquisition Public Facilities Corp., Texas, Gas Supply Revenue Bonds, 5.50%, 8/01/24 |
|
|
1,620 |
|
|
1,500,217 |
|
|
|
Texas M/F Housing Revenue Bonds (Copperwood Ranch Apartments), AIG SunAmerica, Inc., Pass-Through Certificates of Beneficial Ownership, AMT, Series 9, 5.95%, 11/01/35 |
|
|
2,480 |
|
|
2,523,549 |
|
|
|
Texas State Turnpike Authority, Central Texas Turnpike System Revenue Bonds, 6.084%, 8/15/35 (d)(q) |
|
|
60,000 |
|
|
10,267,200 |
|
|
|
Texas State Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier, Series A, 5%, 8/15/42 (q) |
|
|
2,115 |
|
|
1,782,628 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,068,606 |
|
|
|
|
|
|
|
|
|
|
|
Washington - 2.0% |
|
Washington State Health Care Facilities Authority Revenue Bonds (MultiCare Health System), Series B, 6%, 8/15/39 (c) |
|
|
1,400 |
|
|
1,427,034 |
|
|
|
Washington State Health Care Facilities Authority, Revenue Refunding Bonds (Providence Health System), Series A, 4.625%, 10/01/34 (j)(k) |
|
|
1,325 |
|
|
1,176,521 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,603,555 |
|
|
|
|
|
|
|
|
|
|
|
Wisconsin - 1.0% |
|
Wisconsin State Health and Educational Facilities Authority Revenue Bonds (Aurora Health Care, Inc.), 6.40%, 4/15/33 |
|
|
1,350 |
|
|
1,283,486 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds - 153.5% |
|
|
|
|
|
202,284,627 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to Tender Option Bond Trusts (s) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Colorado - 2.8% |
|
Colorado Health Facilities Authority Revenue Bonds (Catholic Health), Series C-7, 5%, 9/01/36 (b) |
|
|
3,750 |
|
|
3,641,062 |
|
|
|
|
|
|
|
|
|
|
|
Massachusetts - 1.1% |
|
Massachusetts State Water Resource Authority, General Revenue Refunding Bonds, Series A, 5%, 8/01/41 |
|
|
1,450 |
|
|
1,429,352 |
|
|
|
|
|
|
|
|
|
|
|
New York - 1.7% |
|
New York State Dormitory Authority, Non-State Supported Debt Revenue Bonds (New York University), Series A, 5%, 7/01/38 |
|
|
2,199 |
|
|
2,195,919 |
|
|
|
|
|
|
|
|
|
|
|
Ohio - 2.4% |
|
Montgomery County, Ohio, Revenue Bonds (Catholic Health Initiatives), Series C-1, 5%, 10/01/41 (b) |
|
|
1,260 |
|
|
1,166,962 |
|
|
|
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds (University Hospitals Health System), Series A, 5.25%, 1/01/33 |
|
|
2,000 |
|
|
2,008,140 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,175,102 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Municipal Bonds Transferred to Tender Option Bond Trusts - 8.0% |
|
|
|
|
|
10,441,435 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Long-Term Investments |
|
|
|
|
|
212,726,062 |
|
|
|
|
|
|
|
|
|
|
|
6
|
|
BlackRock Municipal Bond Trust |
|
|
|
Schedule of Investments May 31, 2009 (Unaudited) |
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Short-Term Securities |
|
Shares |
|
Value |
|
||
|
|
|
|
|
|
|
|
||
Money Market Fund - 2.3% |
|
FFI Institutional Tax-Exempt Fund, 0.45% (t)(u) |
|
|
3,000,000 |
|
$ |
3,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Short-Term Securities |
|
|
|
|
|
3,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments (Cost - $227,234,937*) - 163.8% |
|
|
|
|
|
215,726,062 |
|
|
|
Other Assets Less Liabilities - 1.4% |
|
|
|
|
|
1,859,245 |
|
|
|
Liability for Trust Certificates, Including Interest Expense and Fees Payable - (4.1)% |
|
|
|
|
|
(5,337,438 |
) |
|
|
Preferred Shares, at Redemption Value - (61.1)% |
|
|
|
|
|
(80,509,376 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shares - 100.0% |
|
|
|
|
$ |
131,738,493 |
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of May 31, 2009, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
Aggregate cost |
|
$ |
220,431,570 |
|
|
|
|
|
|
Gross unrealized appreciation |
|
$ |
8,022,752 |
|
Gross unrealized depreciation |
|
|
(18,057,633 |
) |
|
|
|
|
|
Net unrealized depreciation |
|
$ |
(10,034,881 |
) |
|
|
|
|
|
|
|
(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) |
FSA Insured. |
|
|
(c) |
Assured Guaranty Insured. |
|
|
(d) |
Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
|
|
(e) |
When-issued security. |
|
|
(f) |
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 effective yield as of report date. |
|
|
(g) |
ACA Insured. |
|
|
(h) |
Issuer filed for bankruptcy and/or is in default of interest payments. |
|
|
(i) |
Non-income producing security. |
|
|
(j) |
NPFGC Insured. |
|
|
(k) |
FGIC Insured. |
|
|
(l) |
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. |
|
|
(m) |
FHA Insured. |
|
|
(n) |
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. |
|
|
(o) |
Radian Insured. |
|
|
(p) |
CIFG Insured. |
|
|
(q) |
AMBAC Insured. |
|
|
(r) |
BHAC Insured. |
|
|
(s) |
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. |
|
|
(t) |
Represents the current yield as of report date. |
|
|
(u) |
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 |
|
1,099,573 |
|
$ |
1,274 |
|
|
|
|
|
|
|
|
7
|
|
BlackRock Municipal Bond Trust |
|
|
|
Schedule of Investments May 31, 2009 (Unaudited) |
|
|
|
|
|
|
|
|
|
Effective September 1, 2008, the Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows: |
||
|
|
|
|
|
|
|
Level 1 - price quotations in active markets/exchanges for identical securities |
|
|
|
|
|
|
|
Level 2 - other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets 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 Trusts 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 Trusts policy regarding valuation of investments and other significant accounting policies, please refer to the Trusts most recent financial statements as contained in its semi-annual report. |
||
|
|
|
|
|
The following table summarizes the inputs used as of May 31, 2009 in determining the fair valuation of the Trusts investments: |
|
|
|
|
|
|
|
|
|
|
Valuation |
|
Investment in |
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
Level 1 |
|
$ |
3,000,000 |
|
Level 2 |
|
|
212,726,062 |
|
Level 3 |
|
|
|
|
|
|
|
|
|
Total |
|
$ |
215,726,062 |
|
|
|
|
|
|
8
Item 2 – | Controls and Procedures |
2(a) – |
The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13(a)-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 Trust | |||
By: |
/s/ Donald C. Burke | ||
Donald C. Burke | |||
Chief Executive Officer of | |||
BlackRock Municipal Bond Trust | |||
Date: July 15, 2009 | |||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | |||
By: |
/s/ Donald C. Burke | ||
Donald C. Burke | |||
Chief Executive Officer (principal executive officer) of | |||
BlackRock Municipal Bond Trust | |||
Date: July 15, 2009 | |||
By: |
/s/ Neal J. Andrews | ||
Neal J. Andrews | |||
Chief Financial Officer (principal financial officer) of | |||
BlackRock Municipal Bond Trust | |||
Date: July 15, 2009 |