BLACKROCK MUNICIPAL BOND TRUST
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: John M. Perlowski, Chief Executive Officer, BlackRock Municipal Bond Trust, 55 East 52nd Street, New York, NY 10055
Registrants telephone number, including area code:
(800) 882-0052, Option 4
Date of fiscal year end: 08/31/2016
Date of reporting period: 11/30/2015
Item 1 Schedule of Investments
|
|
|
Schedule of Investments November 30, 2015 (Unaudited) |
|
BlackRock Municipal Bond Trust (BBK)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
Alabama 1.8% |
|
|
|
|
|
|
|
|
City of Birmingham Alabama Special Care Facilities Financing Authority, RB, Childrens
Hospital (AGC) (a): |
|
|
|
|
|
|
|
|
6.00%, 6/01/19 |
|
$ |
1,150 |
|
|
$ |
1,341,452 |
|
6.00%, 6/01/19 |
|
|
450 |
|
|
|
524,916 |
|
City of Hoover Alabama Board of Education, Refunding, Special Tax, Capital Outlay Warrants, 4.25%, 2/15/40 |
|
|
1,275 |
|
|
|
1,313,072 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,179,440 |
|
Arizona 7.3% |
|
|
|
|
|
|
|
|
Arizona Board of Regents, RB, Arizona State University, Series C, 5.50%, 7/01/26 |
|
|
200 |
|
|
|
229,346 |
|
Arizona Health Facilities Authority, Refunding RB, Phoenix Childrens Hospital, Series A,
5.00%, 2/01/42 |
|
|
2,200 |
|
|
|
2,326,500 |
|
City of Phoenix Arizona IDA, Refunding RB, Basis Schools, Inc. Projects, Series A, 5.00%, 7/01/45 (b) |
|
|
460 |
|
|
|
460,327 |
|
County of Pinal Arizona Electric District No. 3, Refunding RB, Electric System, 4.75%, 7/01/31 |
|
|
3,750 |
|
|
|
4,065,037 |
|
Salt Verde Financial Corp., RB, Senior: |
|
|
|
|
|
|
|
|
5.00%, 12/01/32 |
|
|
1,500 |
|
|
|
1,717,815 |
|
5.00%, 12/01/37 |
|
|
2,065 |
|
|
|
2,307,080 |
|
University Medical Center Corp., RB, 6.50%, 7/01/19 (a) |
|
|
500 |
|
|
|
592,545 |
|
University Medical Center Corp., Refunding RB, 6.00%, 7/01/21 (a) |
|
|
900 |
|
|
|
1,117,071 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,815,721 |
|
Arkansas 3.3% |
|
|
|
|
|
|
|
|
Arkansas State University, RB, Jonesboro Campus, Series B, 4.00%, 12/01/28 |
|
|
400 |
|
|
|
428,392 |
|
City of Benton Arkansas, RB, 4.00%, 6/01/39 |
|
|
905 |
|
|
|
948,893 |
|
City of Fort Smith Arkansas Water & Sewer Revenue, Refunding RB, 4.00%, 10/01/40 (c) |
|
|
500 |
|
|
|
503,705 |
|
City of Hot Springs Arkansas, RB, Wastewater, 5.00%, 12/01/38 |
|
|
1,200 |
|
|
|
1,350,540 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par (000) |
|
|
Value |
|
Arkansas (continued) |
|
|
|
|
|
|
|
|
City of Little Rock Arkansas, RB, 4.00%, 7/01/41 |
|
$ |
2,025 |
|
|
$ |
2,064,508 |
|
County of Pulaski Arkansas Public Facilities Board, RB, 5.00%, 12/01/42 |
|
|
465 |
|
|
|
509,063 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,805,101 |
|
California 20.9% |
|
|
|
|
|
|
|
|
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.88%, 8/15/31 |
|
|
1,900 |
|
|
|
2,281,254 |
|
California HFA, RB, Home Mortgage, Series G, AMT, 5.05%, 2/01/29 |
|
|
2,285 |
|
|
|
2,321,697 |
|
California Infrastructure & Economic Development Bank, Refunding RB, 4.00%, 11/01/45 |
|
|
3,350 |
|
|
|
3,422,695 |
|
Carlsbad California Unified School District, GO, Election of 2006, Series B, 0.00%, 5/01/34 (d) |
|
|
1,000 |
|
|
|
1,004,050 |
|
City of San Jose California, Refunding ARB, Series A-1, AMT, 5.75%, 3/01/34 |
|
|
2,000 |
|
|
|
2,321,780 |
|
Dinuba California Unified School District, GO, Election of 2006 (AGM), 5.75%, 8/01/33 |
|
|
500 |
|
|
|
576,355 |
|
Hartnell Community College District California, GO, CAB, Election of 2002, Series D,
0.00%, 8/01/34 (d) |
|
|
1,650 |
|
|
|
1,419,297 |
|
Norwalk-La Mirada Unified School District, GO, Refunding, CAB, Election of 2002, Series E (AGC),
0.00%, 8/01/38 (e) |
|
|
8,000 |
|
|
|
3,104,160 |
|
Palomar Community College District, GO, CAB, Election of 2006, Series B: |
|
|
|
|
|
|
|
|
0.00%, 8/01/30 (e) |
|
|
1,500 |
|
|
|
891,315 |
|
0.00%, 8/01/33 (e) |
|
|
4,000 |
|
|
|
1,499,800 |
|
0.00%, 8/01/39 (d) |
|
|
2,000 |
|
|
|
1,700,600 |
|
San Diego Community College District, GO, CAB, Election of 2002, 0.00%, 8/01/33 (d) |
|
|
2,800 |
|
|
|
3,019,464 |
|
State of California, GO, Refunding, Various Purposes: |
|
|
|
|
|
|
|
|
5.00%, 2/01/38 |
|
|
3,000 |
|
|
|
3,419,640 |
|
4.00%, 10/01/44 |
|
|
1,080 |
|
|
|
1,124,032 |
|
State of California, GO, Various Purposes: |
|
|
|
|
|
|
|
|
5.75%, 4/01/31 |
|
|
2,000 |
|
|
|
2,307,340 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL BOND TRUST |
|
NOVEMBER 30, 2015 |
|
1 |
|
|
|
Schedule of Investments (continued) |
|
BlackRock Municipal Bond Trust
(BBK) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
California (continued) |
|
|
|
|
|
|
|
|
State of California, GO, Various Purposes (continued): |
|
|
|
|
|
|
|
|
6.00%, 3/01/33 |
|
$ |
1,000 |
|
|
$ |
1,200,250 |
|
6.50%, 4/01/33 |
|
|
1,950 |
|
|
|
2,310,185 |
|
5.50%, 3/01/40 |
|
|
2,350 |
|
|
|
2,716,905 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36,640,819 |
|
Colorado 1.2% |
|
|
|
|
|
|
|
|
Colorado Health Facilities Authority, RB, Catholic Health Initiatives, Series D, 6.25%, 10/01/33 |
|
|
1,070 |
|
|
|
1,202,466 |
|
Park Creek Metropolitan District, Refunding RB, Senior Limited Property Tax (AGM), 6.00%, 12/01/38 |
|
|
750 |
|
|
|
875,595 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,078,061 |
|
Connecticut 0.7% |
|
|
|
|
|
|
|
|
Connecticut State Health & Educational Facility Authority, Refunding RB: |
|
|
|
|
|
|
|
|
4.00%, 7/01/38 |
|
|
570 |
|
|
|
584,609 |
|
Lawrence & Memorial Hospital, Series F, 5.00%, 7/01/36 |
|
|
550 |
|
|
|
597,328 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,181,937 |
|
Delaware 0.8% |
|
|
|
|
|
|
|
|
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project,
6.00%, 10/01/40 |
|
|
1,200 |
|
|
|
1,351,920 |
|
Florida 3.7% |
|
|
|
|
|
|
|
|
Capital Trust Agency Inc, RB, M/F Housing, The Gardens Apartment Project, Series A, 4.75%, 7/01/40 |
|
|
600 |
|
|
|
596,532 |
|
County of Miami-Dade Florida, RB, AMT, Seaport Department, Series B, 6.00%, 10/01/31 |
|
|
4,135 |
|
|
|
5,034,032 |
|
County of Orange Florida Health Facilities Authority, Refunding RB, Mayflower Retirement Center, 5.00%, 6/01/36 |
|
|
125 |
|
|
|
132,767 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
Florida (continued) |
|
|
|
|
|
|
|
|
Stevens Plantation Community Development District, Special Assessment,
Series A, 7.10%, 5/01/35 (f)(g) |
|
$ |
910 |
|
|
$ |
636,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,400,231 |
|
Georgia 2.6% |
|
|
|
|
|
|
|
|
City of Atlanta Georgia Water & Wastewater Revenue,
5.00%, 11/01/43 |
|
|
4,000 |
|
|
|
4,546,600 |
|
Hawaii 0.3% |
|
|
|
|
|
|
|
|
Hawaii State Department of Budget & Finance, Refunding RB, Special Purpose, Senior
Living, Kahala Nui, 5.25%, 11/15/37 |
|
|
400 |
|
|
|
432,876 |
|
Idaho 1.9% |
|
|
|
|
|
|
|
|
Idaho Health Facilities Authority, RB, St. Lukes Health System Project Series A, 5.00%, 3/01/39 |
|
|
1,230 |
|
|
|
1,339,101 |
|
Idaho Health Facilities Authority, Refunding RB, Trinity Health Group, Series B, 6.25%, 12/01/18 (a) |
|
|
1,750 |
|
|
|
2,021,950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,361,051 |
|
Illinois 4.8% |
|
|
|
|
|
|
|
|
City of Chicago Illinois, Refunding ARB, OHare International Airport Passenger Facility Charge, Series B, AMT,
4.00%, 1/01/29 |
|
|
1,600 |
|
|
|
1,613,040 |
|
City of Chicago Illinois Midway International Airport, Refunding GARB, 2nd Lien, Series A, 5.00%, 1/01/41 |
|
|
870 |
|
|
|
934,545 |
|
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40 |
|
|
665 |
|
|
|
711,902 |
|
Illinois Finance Authority, RB, Rush University Medical Center, Series C, 6.63%, 5/01/19 (a) |
|
|
650 |
|
|
|
770,036 |
|
Illinois Finance Authority, Refunding RB: |
|
|
|
|
|
|
|
|
OSF Healthcare System, Series A, 6.00%, 5/15/39 |
|
|
1,010 |
|
|
|
1,161,005 |
|
Roosevelt University Project, 6.50%, 4/01/44 |
|
|
1,000 |
|
|
|
1,086,910 |
|
Railsplitter Tobacco Settlement Authority, RB, 6.00%, 6/01/28 |
|
|
1,150 |
|
|
|
1,366,085 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2 |
|
BLACKROCK MUNICIPAL BOND TRUST |
|
NOVEMBER 30, 2015 |
|
|
|
|
|
Schedule of Investments (continued) |
|
BlackRock Municipal Bond Trust
(BBK) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
Illinois (continued) |
|
|
|
|
|
|
|
|
State of Illinois, GO, 5.00%, 2/01/39 |
|
$ |
665 |
|
|
$ |
687,018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,330,541 |
|
Iowa 0.9% |
|
|
|
|
|
|
|
|
Iowa Higher Education Loan Authority, Refunding RB, Private College Facility, Upper Iowa University Project: |
|
|
|
|
|
|
|
|
5.75%, 9/01/30 |
|
|
500 |
|
|
|
519,930 |
|
6.00%, 9/01/39 |
|
|
1,000 |
|
|
|
1,037,470 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,557,400 |
|
Kansas 2.5% |
|
|
|
|
|
|
|
|
County of Seward Kansas Unified School District No. 480, GO, Refunding,
5.00%, 9/01/39 |
|
|
4,000 |
|
|
|
4,446,800 |
|
Kentucky 1.8% |
|
|
|
|
|
|
|
|
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.38%, 1/01/40 |
|
|
1,830 |
|
|
|
2,043,634 |
|
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier,
Series C (d): |
|
|
|
|
|
|
|
|
0.00%, 7/01/34 |
|
|
500 |
|
|
|
375,025 |
|
0.00%, 7/01/39 |
|
|
830 |
|
|
|
608,681 |
|
0.00%, 7/01/43 |
|
|
270 |
|
|
|
196,263 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,223,603 |
|
Louisiana 1.5% |
|
|
|
|
|
|
|
|
City of Alexandria Louisiana Utilities, RB, 5.00%, 5/01/39 |
|
|
860 |
|
|
|
960,654 |
|
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project,
Series A-1, 6.50%, 11/01/35 |
|
|
1,050 |
|
|
|
1,236,869 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
Louisiana (continued) |
|
|
|
|
|
|
|
|
Louisiana Public Facilities Authority, RB, Belle Chasse Educational Foundation Project, 6.50%, 5/01/31 |
|
$ |
400 |
|
|
$ |
440,904 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,638,427 |
|
Maryland 0.2% |
|
|
|
|
|
|
|
|
County of Anne Arundel Maryland Consolidated, Special Tax District, Villages at Two Rivers Project: |
|
|
|
|
|
|
|
|
5.13%, 7/01/36 |
|
|
170 |
|
|
|
173,124 |
|
5.25%, 7/01/44 |
|
|
170 |
|
|
|
172,812 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
345,936 |
|
Massachusetts 1.2% |
|
|
|
|
|
|
|
|
Massachusetts Development Finance Agency, Refunding RB: |
|
|
|
|
|
|
|
|
Emerson College, 5.00%, 1/01/41 |
|
|
1,600 |
|
|
|
1,739,904 |
|
International Charter School, 5.00%, 4/15/40 |
|
|
400 |
|
|
|
424,888 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,164,792 |
|
Michigan 3.5% |
|
|
|
|
|
|
|
|
Michigan Finance Authority, RB, Detroit Water & Sewage Disposal System, Senior Lien, Series 2014 C-2, AMT,
5.00%, 7/01/44 |
|
|
240 |
|
|
|
251,078 |
|
Michigan State Hospital Finance Authority, Refunding RB, Trinity Health Credit Group, Series C,
4.00%, 12/01/32 |
|
|
2,100 |
|
|
|
2,180,409 |
|
Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, Series V,
8.25%, 9/01/18 (a) |
|
|
1,950 |
|
|
|
2,331,888 |
|
State of Michigan Building Authority, Refunding RB, Facilities Program Series I: |
|
|
|
|
|
|
|
|
6.25%, 10/15/18 (a) |
|
|
755 |
|
|
|
867,012 |
|
6.25%, 10/15/38 |
|
|
495 |
|
|
|
560,122 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,190,509 |
|
Minnesota 3.0% |
|
|
|
|
|
|
|
|
City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series B (AGC): |
|
|
|
|
|
|
|
|
6.50%, 11/15/18 (a) |
|
|
710 |
|
|
|
821,853 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL BOND TRUST |
|
NOVEMBER 30, 2015 |
|
3 |
|
|
|
Schedule of Investments (continued) |
|
BlackRock Municipal Bond Trust
(BBK) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
Minnesota (continued) |
|
|
|
|
|
|
|
|
City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series B (AGC) (continued): |
|
|
|
|
|
|
|
|
6.50%, 11/15/38 |
|
$ |
3,890 |
|
|
$ |
4,405,542 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,227,395 |
|
Mississippi 3.2% |
|
|
|
|
|
|
|
|
County of Warren Mississippi, RB, Gulf Opportunity Zone Bonds, International Paper Co. Project, Series A,
5.38%, 12/01/35 |
|
|
400 |
|
|
|
442,340 |
|
Mississippi Development Bank, RB, Special Obligation: |
|
|
|
|
|
|
|
|
CAB, Hinds Community College District (AGM), 5.00%, 4/01/36 |
|
|
845 |
|
|
|
922,495 |
|
County of Jackson Limited Tax Note (AGC), 5.50%, 7/01/32 |
|
|
1,750 |
|
|
|
1,958,040 |
|
University of Southern Mississippi, RB, Campus Facilities Improvements Project, 5.38%, 9/01/36 |
|
|
2,100 |
|
|
|
2,348,472 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,671,347 |
|
Missouri 2.8% |
|
|
|
|
|
|
|
|
Missouri Development Finance Board, RB, Annual Appropriation Sewer System, Series B, 5.00%, 11/01/41 |
|
|
900 |
|
|
|
973,089 |
|
Missouri State Health & Educational Facilities Authority, RB: |
|
|
|
|
|
|
|
|
A.T. Still University of Health Sciences, 5.25%, 10/01/31 |
|
|
500 |
|
|
|
552,750 |
|
A.T. Still University of Health Sciences, 4.25%, 10/01/32 |
|
|
320 |
|
|
|
338,787 |
|
A.T. Still University of Health Sciences, 5.00%, 10/01/39 |
|
|
500 |
|
|
|
560,080 |
|
Heartland Regional Medical Center, 4.13%, 2/15/43 |
|
|
400 |
|
|
|
407,776 |
|
University of Central Missouri, Series C-2, 5.00%, 10/01/34 |
|
|
1,000 |
|
|
|
1,131,240 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
Missouri (continued) |
|
|
|
|
|
|
|
|
Missouri State Health & Educational Facilities Authority, Refunding RB, CoxHealth, Series A,
5.00%, 11/15/38 |
|
$ |
800 |
|
|
$ |
879,216 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,842,938 |
|
Nebraska 3.4% |
|
|
|
|
|
|
|
|
Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.00%, 9/01/42 |
|
|
600 |
|
|
|
647,316 |
|
Douglas County Hospital Authority No. 2, RB, Madonna Rehabilitation Hospital Project, 4.00%, 5/15/33 |
|
|
1,095 |
|
|
|
1,100,453 |
|
Douglas County Hospital Authority No. 3, Refunding RB, Health Facilities Nebraska Methodist Health System,
5.00%, 11/01/45 |
|
|
400 |
|
|
|
439,004 |
|
Minden Public Schools, GO, 4.00%, 12/15/39 |
|
|
500 |
|
|
|
507,900 |
|
Nebraska Public Power District, Refunding RB, Series A: |
|
|
|
|
|
|
|
|
5.00%, 1/01/32 |
|
|
250 |
|
|
|
282,515 |
|
4.00%, 1/01/44 |
|
|
400 |
|
|
|
412,284 |
|
Omaha School District, GO, 4.00%, 12/15/39 |
|
|
2,500 |
|
|
|
2,578,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,967,972 |
|
Nevada 1.6% |
|
|
|
|
|
|
|
|
City of Las Vegas Nevada, Special Assessment, No. 809 Summerlin Area, 5.65%, 6/01/23 |
|
|
1,110 |
|
|
|
1,116,583 |
|
County of Clark Nevada, Refunding ARB, Department of Aviation, Subordinate Lien, Series A-2,
4.25%, 7/01/36 |
|
|
1,000 |
|
|
|
1,040,440 |
|
County of Clark Nevada, Refunding RB, Alexander Dawson School Nevada Project, 5.00%, 5/15/29 |
|
|
575 |
|
|
|
584,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,741,723 |
|
New Jersey 13.2% |
|
|
|
|
|
|
|
|
County of Middlesex New Jersey Improvement Authority, RB, Heldrich Center Hotel, Sub-Series B,
6.25%, 1/01/37 (f)(g) |
|
|
915 |
|
|
|
36,509 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
|
BLACKROCK MUNICIPAL BOND TRUST |
|
NOVEMBER 30, 2015 |
|
|
|
|
|
Schedule of Investments (continued) |
|
BlackRock Municipal Bond Trust
(BBK) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
New Jersey (continued) |
|
|
|
|
|
|
|
|
New Jersey EDA, RB: |
|
|
|
|
|
|
|
|
AMT Continental Airlines, Inc. Project, Series B, 5.63%, 11/15/30 |
|
$ |
660 |
|
|
$ |
738,566 |
|
AMT The Goethals Bridge Replacement Project (AGM), 5.13%, 7/01/42 |
|
|
200 |
|
|
|
214,836 |
|
New Jersey EDA, Refunding RB, Special Assessment, Kapkowski Road Landfill Project, 6.50%, 4/01/28 |
|
|
7,500 |
|
|
|
9,148,650 |
|
New Jersey Educational Facilities Authority, Refunding RB: |
|
|
|
|
|
|
|
|
The College of New Jersey, 3.50%, 7/01/31 |
|
|
1,225 |
|
|
|
1,224,387 |
|
University of Medicine & Dentistry, Series B, 7.13%, 6/01/19 (a) |
|
|
630 |
|
|
|
756,019 |
|
University of Medicine & Dentistry, Series B, 7.50%, 6/01/19 (a) |
|
|
800 |
|
|
|
970,272 |
|
New Jersey Health Care Facilities Financing Authority, Refunding RB, St. Barnabas Health Care System, Series A: |
|
|
|
|
|
|
|
|
4.63%, 7/01/23 |
|
|
510 |
|
|
|
564,351 |
|
5.00%, 7/01/25 |
|
|
500 |
|
|
|
571,715 |
|
5.63%, 7/01/37 |
|
|
1,700 |
|
|
|
1,942,930 |
|
New Jersey Housing & Mortgage Finance Agency, RB, S/F Housing, Series AA, 6.50%, 10/01/38 |
|
|
100 |
|
|
|
103,603 |
|
New Jersey Transportation Trust Fund Authority, RB: |
|
|
|
|
|
|
|
|
CAB, Transportation System, Series A, 0.00%, 12/15/35 (e) |
|
|
1,000 |
|
|
|
340,900 |
|
Transportation Program, Series AA, 5.00%, 6/15/44 |
|
|
3,030 |
|
|
|
3,086,873 |
|
Transportation Program, Series AA, 5.00%, 6/15/45 (c) |
|
|
900 |
|
|
|
917,766 |
|
Transportation Program, Series AA, 5.00%, 6/15/46 (c) |
|
|
400 |
|
|
|
407,864 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
New Jersey (continued) |
|
|
|
|
|
|
|
|
New Jersey Turnpike Authority, RB, Series E, 5.00%, 1/01/45 |
|
$ |
1,860 |
|
|
$ |
2,075,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,100,741 |
|
New Mexico 0.3% |
|
|
|
|
|
|
|
|
New Mexico Hospital Equipment Loan Council, Refunding RB, Presbyterian Healthcare Services,
5.00%, 8/01/44 |
|
|
450 |
|
|
|
502,596 |
|
New York 9.5% |
|
|
|
|
|
|
|
|
City of New York New York, GO, Fiscal 2014, Sub-Series A-1, 5.00%, 8/01/35 |
|
|
1,580 |
|
|
|
1,827,791 |
|
City of New York New York Industrial Development Agency, ARB, American Airlines, Inc., JFK International Airport Project,
AMT (h): |
|
|
|
|
|
|
|
|
7.75%, 8/01/31 |
|
|
3,165 |
|
|
|
3,316,698 |
|
Series B, 2.00%, 8/01/28 |
|
|
500 |
|
|
|
500,735 |
|
City of New York New York Industrial Development Agency, RB, PILOT, Queens Baseball Stadium (AMBAC),
5.00%, 1/01/39 |
|
|
925 |
|
|
|
949,309 |
|
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A,
6.25%, 6/01/41 (b) |
|
|
900 |
|
|
|
935,271 |
|
County of Westchester New York Healthcare Corp., Refunding RB, Senior Lien, Remarketing, Series A,
5.00%, 11/01/30 |
|
|
975 |
|
|
|
1,074,548 |
|
Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 6/01/45 |
|
|
1,160 |
|
|
|
1,100,098 |
|
Metropolitan Transportation Authority, RB, Series B, 5.25%, 11/15/39 |
|
|
2,300 |
|
|
|
2,665,424 |
|
New York City Water & Sewer System, Refunding RB, Water & Sewer System, 2nd General Resolution, Fiscal 2016,
Series BB, 4.00%, 6/15/46 |
|
|
1,950 |
|
|
|
2,010,898 |
|
New York Liberty Development Corp., Refunding RB: |
|
|
|
|
|
|
|
|
2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 7/15/49 |
|
|
800 |
|
|
|
901,176 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL BOND TRUST |
|
NOVEMBER 30, 2015 |
|
5 |
|
|
|
Schedule of Investments (continued) |
|
BlackRock Municipal Bond Trust
(BBK) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
New York (continued) |
|
|
|
|
|
|
|
|
New York Liberty Development Corp., Refunding RB (continued): |
|
|
|
|
|
|
|
|
3 World Trade Center Project, Class 2, 5.38%, 11/15/40 (b) |
|
$ |
405 |
|
|
$ |
425,396 |
|
Niagara Area Development Corp., Refunding RB, Solid Waste Disposal Facility, Covanta Energy Project, Series A, AMT,
5.25%, 11/01/42 (b) |
|
|
400 |
|
|
|
402,692 |
|
Utility Debt Securitization Authority, Refunding RB, Restructuring, 3.00%, 12/15/32 |
|
|
580 |
|
|
|
579,136 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,689,172 |
|
North Carolina 3.1% |
|
|
|
|
|
|
|
|
County of Gaston North Carolina Industrial Facilities & Pollution Control Financing Authority, RB, Exempt Facilities,
National Gypsum Co. Project, AMT, 5.75%, 8/01/35 |
|
|
2,695 |
|
|
|
2,704,406 |
|
County of Miami-Dade Educational Facilities Authority, Refunding RB, University of Miami-Dade, Series A,
5.00%, 4/01/45 |
|
|
920 |
|
|
|
1,012,120 |
|
County of Union North Carolina Enterprise System Revenue, RB (c): |
|
|
|
|
|
|
|
|
3.25%, 6/01/36 |
|
|
520 |
|
|
|
500,042 |
|
3.25%, 6/01/37 |
|
|
370 |
|
|
|
350,723 |
|
North Carolina Medical Care Commission, Refunding RB, University Health System, Series D,
6.25%, 12/01/18 (a) |
|
|
800 |
|
|
|
923,760 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,491,051 |
|
North Dakota 0.3% |
|
|
|
|
|
|
|
|
County of Burleigh North Dakota, Refunding RB, St. Alexius Medical Center Project,
Series A, 5.00%, 7/01/21 (a) |
|
|
480 |
|
|
|
570,134 |
|
Ohio 2.1% |
|
|
|
|
|
|
|
|
City of Cleveland Ohio, RB, Sub Lien, Series A-2, 5.00%, 10/01/37 |
|
|
1,500 |
|
|
|
1,699,095 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
Ohio (continued) |
|
|
|
|
|
|
|
|
City of Dayton Ohio Airport Revenue, Refunding ARB, James M Cox Dayton International Airport, AMT,
4.00%, 12/01/32 |
|
$ |
2,000 |
|
|
$ |
2,044,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,743,895 |
|
Oklahoma 0.8% |
|
|
|
|
|
|
|
|
Oklahoma City Public Property Authority, Refunding RB, 5.00%, 10/01/39 |
|
|
720 |
|
|
|
804,103 |
|
Oklahoma Municipal Power Authority, RB, Power Supply System, Series A, 4.00%, 1/01/38 |
|
|
620 |
|
|
|
641,260 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,445,363 |
|
Oregon 2.7% |
|
|
|
|
|
|
|
|
County of Umatilla Pendleton Oregon School District No. 16R, GO, Series A, 4.00%, 6/15/38 |
|
|
265 |
|
|
|
277,500 |
|
Lane County School District No. 19 Springfield, GO, CAB, Series B, 0.00%, 6/15/40 (e) |
|
|
1,000 |
|
|
|
368,840 |
|
Oregon Health & Science University, RB, Series A, 5.75%, 7/01/39 |
|
|
750 |
|
|
|
853,695 |
|
State of Oregon State Facilities Authority, Refunding RB, Series A, 5.00%, 4/01/45 |
|
|
2,960 |
|
|
|
3,251,471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,751,506 |
|
Pennsylvania 4.5% |
|
|
|
|
|
|
|
|
County of Allegheny Pennsylvania IDA, Refunding RB, U.S. Steel Corp. Project, 6.55%, 12/01/27 |
|
|
1,695 |
|
|
|
1,298,319 |
|
Delaware County Authority, RB, Villanova University, 4.00%, 8/01/45 |
|
|
2,000 |
|
|
|
2,030,080 |
|
Delaware River Port Authority, RB: |
|
|
|
|
|
|
|
|
4.50%, 1/01/32 |
|
|
1,500 |
|
|
|
1,654,785 |
|
Series D (AGM), 5.00%, 1/01/40 |
|
|
2,600 |
|
|
|
2,892,630 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,875,814 |
|
Rhode Island 3.4% |
|
|
|
|
|
|
|
|
Rhode Island Health & Educational Building Corp., RB, Hospital Financing, LifeSpan Obligation, Series A (AGC),
7.00%, 5/15/39 |
|
|
1,000 |
|
|
|
1,159,710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 |
|
BLACKROCK MUNICIPAL BOND TRUST |
|
NOVEMBER 30, 2015 |
|
|
|
|
|
Schedule of Investments (continued) |
|
BlackRock Municipal Bond Trust
(BBK) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
Rhode Island (continued) |
|
|
|
|
|
|
|
|
State of Rhode Island, COP, School for the Deaf Project, Series C (AGC), 5.38%, 4/01/28 |
|
$ |
900 |
|
|
$ |
993,744 |
|
Tobacco Settlement Financing Corp., Refunding RB: |
|
|
|
|
|
|
|
|
Series A, 5.00%, 6/01/40 |
|
|
1,000 |
|
|
|
1,031,290 |
|
Series B, 4.50%, 6/01/45 |
|
|
2,730 |
|
|
|
2,707,942 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,892,686 |
|
Tennessee 2.4% |
|
|
|
|
|
|
|
|
Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A,
5.25%, 1/01/40 |
|
|
1,950 |
|
|
|
2,159,878 |
|
County of Chattanooga-Hamilton Hospital Authority, Refunding RB, 5.00%, 10/01/44 |
|
|
875 |
|
|
|
931,499 |
|
County of Memphis-Shelby Tennessee Sports Authority, Inc., Refunding RB, Memphis Arena Project, Series A,
5.38%, 11/01/28 |
|
|
275 |
|
|
|
312,353 |
|
Johnson City Health & Educational Facilities Board, RB, Mountain States Health, Series A,
5.00%, 8/15/42 |
|
|
800 |
|
|
|
857,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,261,530 |
|
Texas 9.4% |
|
|
|
|
|
|
|
|
County of Harris Texas Health Facilities Development Corp., Refunding RB, Memorial Hermann Healthcare System,
Series B (a): |
|
|
|
|
|
|
|
|
7.13%, 12/01/18 |
|
|
500 |
|
|
|
590,260 |
|
7.25%, 12/01/18 |
|
|
1,750 |
|
|
|
2,072,367 |
|
County of Harris Texas Houston Sports Authority, Refunding RB, CAB, Senior Lien, Series G (NPFGC),
0.00%, 11/15/41 (e) |
|
|
11,690 |
|
|
|
3,183,421 |
|
County of Matagorda Texas Navigation District No. 1, Refunding RB, Central Power & Light Co., Project, Series A,
6.30%, 11/01/29 |
|
|
1,500 |
|
|
|
1,701,735 |
|
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A,
0.00%, 9/15/38 (e) |
|
|
10,760 |
|
|
|
3,968,826 |
|
Leander Texas Independent School District, GO, Refunding, Refunding, CAB Series D, 0.00%, 8/15/35 (e) |
|
|
4,000 |
|
|
|
1,774,160 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
Texas (continued) |
|
|
|
|
|
|
|
|
Red River Education Financing Corp., RB, Texas Christian University Project, 5.25%, 3/15/38 |
|
$ |
760 |
|
|
$ |
868,536 |
|
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, LBJ Infrastructure Group LLC, LBJ Freeway Managed Lanes
Project, 7.00%, 6/30/40 |
|
|
2,000 |
|
|
|
2,399,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,558,605 |
|
U.S. Virgin Islands 0.8% |
|
|
|
|
|
|
|
|
Virgin Islands Public Finance Authority, Refunding RB, Virgin Islands Gross Receipts,
Series C, 4.50%, 10/01/44 |
|
|
1,360 |
|
|
|
1,380,754 |
|
Utah 0.2% |
|
|
|
|
|
|
|
|
Utah State Charter School Finance Authority, Refunding RB, Mountainville Academy,
4.00%, 4/15/42 |
|
|
400 |
|
|
|
401,900 |
|
Vermont 2.9% |
|
|
|
|
|
|
|
|
University of Vermont & State Agricultural College, Refunding RB, 4.00%, 10/01/37 |
|
|
2,360 |
|
|
|
2,452,583 |
|
Vermont Educational & Health Buildings Financing Agency, Refunding RB, Fletcher Allen Health Hospital, Series B (AGM),
5.00%, 12/01/34 |
|
|
1,590 |
|
|
|
1,680,296 |
|
Vermont Student Assistance Corp., RB, Series A, 4.13%, 6/15/30 |
|
|
1,000 |
|
|
|
1,021,670 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,154,549 |
|
Virginia 0.6% |
|
|
|
|
|
|
|
|
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo
LLC Project, AMT, 6.00%, 1/01/37 |
|
|
880 |
|
|
|
1,009,492 |
|
Washington 0.9% |
|
|
|
|
|
|
|
|
Washington Health Care Facilities Authority, RB, MultiCare Health System,
Series B (AGC), 6.00%, 8/15/19 (a) |
|
|
1,400 |
|
|
|
1,645,098 |
|
West Virginia 0.3% |
|
|
|
|
|
|
|
|
West Virginia Hospital Finance Authority, Refunding RB, Valley Health System Obligation
Group Series 2014, 5.00%, 1/01/44 |
|
|
500 |
|
|
|
550,190 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL BOND TRUST |
|
NOVEMBER 30, 2015 |
|
7 |
|
|
|
Schedule of Investments (continued) |
|
BlackRock Municipal Bond Trust
(BBK) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
Wisconsin 0.7% |
|
|
|
|
|
|
|
|
WPPI Energy Power Supply Systems, Refunding RB, Series A: |
|
|
|
|
|
|
|
|
5.00%, 7/01/36 |
|
$ |
330 |
|
|
$ |
374,279 |
|
5.00%, 7/01/37 |
|
|
665 |
|
|
|
751,563 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,125,842 |
|
Total Municipal Bonds 133.0% |
|
|
|
233,294,058 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to Tender Option Bond Trusts (i) |
|
|
|
|
|
|
Colorado 2.3% |
|
|
|
|
|
|
|
|
Colorado Health Facilities Authority, RB, Catholic Health, Series C-7 (AGM),
5.00%, 9/01/36 |
|
|
3,750 |
|
|
|
3,951,525 |
|
New Jersey 0.8% |
|
|
|
|
|
|
|
|
New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B,
5.25%, 6/15/36 (j) |
|
|
1,400 |
|
|
|
1,462,469 |
|
New York 14.3% |
|
|
|
|
|
|
|
|
City of New York New York, GO, Fiscal 2015, Series B, 4.00%, 8/01/32 |
|
|
3,990 |
|
|
|
4,239,176 |
|
City of New York New York Municipal Water Finance Authority, RB, Water & Sewer System, Fiscal 2009, Series A,
5.75%, 6/15/40 |
|
|
450 |
|
|
|
501,002 |
|
City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System: |
|
|
|
|
|
|
|
|
2nd General Resolution, Fiscal 2013, Series CC, 5.00%, 6/15/47 |
|
|
6,000 |
|
|
|
6,744,646 |
|
2nd General Resolution, Series FF-2, 5.50%, 6/15/40 |
|
|
405 |
|
|
|
459,437 |
|
Series A, 4.75%, 6/15/30 |
|
|
3,000 |
|
|
|
3,169,380 |
|
Hudson Yards Infrastructure Corp., RB, Fiscal 2012, Series A, 5.75%, 2/15/47 (j) |
|
|
2,500 |
|
|
|
2,852,543 |
|
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43 |
|
|
2,505 |
|
|
|
2,878,375 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to Tender Option Bond Trusts (i) |
|
Par
(000) |
|
|
Value |
|
New York (continued) |
|
|
|
|
|
|
|
|
State of New York Dormitory Authority, RB, New York University, Series A, 5.00%, 7/01/18 (a) |
|
$ |
2,199 |
|
|
$ |
2,426,435 |
|
State of New York Thruway Authority, Refunding RB, Transportation, Personal Income Tax, Series A,
5.00%, 3/15/31 |
|
|
1,560 |
|
|
|
1,831,144 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,102,138 |
|
Ohio 2.0% |
|
|
|
|
|
|
|
|
County of Montgomery Ohio, RB, Catholic Health, Series C-1 (AGM), 5.00%, 10/01/41 |
|
|
1,260 |
|
|
|
1,325,067 |
|
Ohio Higher Educational Facility Commission, RB, Cleveland Clinic Health, Series A, 5.25%, 1/01/33 |
|
|
2,000 |
|
|
|
2,162,480 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,487,547 |
|
Texas 1.0% |
|
|
|
|
|
|
|
|
City of San Antonio Texas Public Service Board, RB, Electric & Gas Systems, Junior
Lien, 5.00%, 2/01/43 |
|
|
1,580 |
|
|
|
1,755,506 |
|
Total Municipal Bonds Transferred to Tender Option Bond Trusts 20.4% |
|
|
|
|
|
|
35,759,185 |
|
Total Long-Term Investments (Cost $245,659,148) 153.4% |
|
|
|
269,053,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
Shares |
|
|
|
|
FFI Institutional Tax-Exempt Fund, 0.02% (k)(l) |
|
|
5,059,745 |
|
|
|
5,059,745 |
|
Total Short-Term Securities (Cost $5,059,745) 2.9% |
|
|
|
5,059,745 |
|
Total Investments (Cost $250,718,893) 156.3% |
|
|
|
274,112,988 |
|
Other Assets Less Liabilities 0.3% |
|
|
|
712,078 |
|
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable (11.1)% |
|
|
|
(19,500,519 |
) |
VMTP Shares, at Liquidation Value (45.5)% |
|
|
|
(79,900,000 |
) |
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shares 100.0% |
|
|
$ |
175,424,547 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8 |
|
BLACKROCK MUNICIPAL BOND TRUST |
|
NOVEMBER 30, 2015 |
|
|
|
|
|
Schedule of Investments (continued) |
|
BlackRock Municipal Bond Trust (BBK) |
* |
|
As of November 30, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows: |
|
|
|
|
|
Tax cost |
|
$ |
231,082,838 |
|
|
|
|
|
|
Gross unrealized appreciation |
|
$ |
25,080,045 |
|
Gross unrealized depreciation |
|
|
(1,544,591 |
) |
|
|
|
|
|
Net unrealized appreciation |
|
$ |
23,535,454 |
|
|
|
|
|
|
|
Notes to Schedule of Investments |
(a) |
|
U.S. 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) |
|
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors. |
(c) |
|
When-issued security. |
(d) |
|
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 is as of period end.
|
(f) |
|
Issuer filed for bankruptcy and/or is in default of interest payments. |
(g) |
|
Non-income producing security. |
(h) |
|
Variable rate security. Rate shown is as of period end. |
(i) |
|
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as collateral in a secured borrowing.
|
(j) |
|
All or a portion of security is subject to a recourse agreement, which may require the Trust to pay the liquidity provider in the event there is a shortfall between the
TOB Trust Certificates and proceeds received from the sale of the security contributed to the TOB Trust or in the event of a default on the security. In the case of a shortfall or default, the aggregate maximum potential amount the Trust could
ultimately be required to pay under the agreements, which expire between February 12, 2019 to June 15, 2019 is $2,411,645. |
(k) |
|
During the period ended November 30, 2015, investments in issuers considered to be an affiliate of the Trust for purposes of Section 2(a)(3) of the Investment
Company Act of 1940, as amended, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliate |
|
Shares Held at August 31, 2015 |
|
|
Net Activity |
|
|
Shares Held at November 30, 2015 |
|
|
Income |
|
FFI Institutional Tax-Exempt Fund |
|
|
6,015,344 |
|
|
|
(955,599 |
) |
|
|
5,059,745 |
|
|
$ |
197 |
|
(l) |
|
Represents the current yield as of period end. |
|
|
|
AGC |
|
Assured Guarantee Corp. |
AGM |
|
Assured Guaranty Municipal Corp. |
AMBAC |
|
American Municipal Bond Assurance Corp. |
AMT |
|
Alternative Minimum Tax (subject to) |
ARB |
|
Airport Revenue Bonds |
CAB |
|
Capital Appreciation Bonds |
COP |
|
Certificates of Participation |
EDA |
|
Economic Development Authority |
GARB |
|
General Airport Revenue Bonds |
GO |
|
General Obligation Bonds |
HFA |
|
Housing Finance Agency |
IDA |
|
Industrial Development Authority |
M/F |
|
Multi-Family |
NPFGC |
|
National Public Finance Guarantee Corp. |
PILOT |
|
Payment in Lieu of Taxes |
RB |
|
Revenue Bonds |
S/F |
|
Single-Family |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL BOND TRUST |
|
NOVEMBER 30, 2015 |
|
9 |
|
|
|
Schedule of Investments (continued) |
|
BlackRock Municipal Bond Trust
(BBK) |
|
Derivative Financial Instruments Outstanding as of Period
End |
Financial Futures Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts Short |
|
|
Issue |
|
Expiration |
|
Notional Value |
|
|
Unrealized Depreciation |
|
|
(11) |
|
|
5-Year U.S. Treasury Note |
|
March 2016 |
|
$ |
1,305,477 |
|
|
|
(188 |
) |
|
(16) |
|
|
10-Year U.S. Treasury Note |
|
March 2016 |
|
$ |
2,023,000 |
|
|
$ |
(4,023 |
) |
|
(10) |
|
|
Long U.S. Treasury Bond |
|
March 2016 |
|
$ |
1,540,000 |
|
|
|
(5,015 |
) |
|
(3) |
|
|
Ultra U.S. Treasury Bond |
|
March 2016 |
|
$ |
475,312 |
|
|
|
(1,926 |
) |
|
Total |
|
|
$ |
(11,152 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Hierarchy as of Period End |
Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation
techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
|
|
|
Level 1 unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access
|
|
|
|
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 Trusts own assumptions used in determining the fair value of investments and derivative financial instruments) |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3
measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such
cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The significant unobservable inputs used by the Global Valuation
Committee in determining the price for Fair Valued Investments are typically categorized as level 3.
Changes in valuation
techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Trusts policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of
the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of
the risks associated with investing in those securities. For information about the Trusts policy regarding valuation of investments and derivative financial instruments, refer to the Trusts most recent financial statements as contained
in its annual report.
As of period end, the following tables summarize the Trusts investments and derivative financial
instruments categorized in the disclosure hierarchy:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
Total |
|
Assets: |
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Investments 1 |
|
|
|
|
|
$ |
269,053,243 |
|
|
|
|
$ |
269,053,243 |
|
Short-Term Securities |
|
$ |
5,059,745 |
|
|
|
|
|
|
|
|
|
5,059,745 |
|
|
|
|
|
|
Total |
|
$ |
5,059,745 |
|
|
$ |
269,053,243 |
|
|
|
|
$ |
274,112,988 |
|
|
|
|
|
|
1 See above Schedule
of Investments for values in each state or political subdivision. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 |
|
BLACKROCK MUNICIPAL BOND TRUST |
|
NOVEMBER 30, 2015 |
|
|
|
|
|
Schedule of Investments (concluded) |
|
BlackRock Municipal Bond Trust
(BBK) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
Total |
|
Derivative Financial Instruments 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate contracts |
|
$ |
(11,152 |
) |
|
|
|
|
|
|
|
$ |
(11,152 |
) |
1 Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation (depreciation) on the
instrument. |
|
The Trust may hold assets and/or
liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
Total |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash pledged for financial futures contracts |
|
$ |
78,050 |
|
|
|
|
|
|
|
|
$ |
78,050 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank overdraft |
|
|
|
|
|
$ |
(5,522 |
) |
|
|
|
|
(5,522 |
) |
TOB Trust Certificates |
|
|
|
|
|
|
(19,494,696 |
) |
|
|
|
|
(19,494,696 |
) |
VMTP Shares |
|
|
|
|
|
|
(79,900,000 |
) |
|
|
|
|
(79,900,000 |
) |
|
|
|
|
|
Total |
|
$ |
78,050 |
|
|
$ |
(99,400,218 |
) |
|
|
|
$ |
(99,322,168 |
) |
|
|
|
|
|
During the period ended November 30, 2015, there were no transfers between
levels. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL BOND TRUST |
|
NOVEMBER 30, 2015 |
|
11 |
Item 2 Controls and Procedures
2(a) |
The registrants principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrants 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 13a-15(b) under the Securities Exchange Act of 1934, as amended. |
2(b) |
There were no changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrants last fiscal quarter that have
materially affected, or are reasonably likely to materially affect, the registrants 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/ John M. Perlowski |
|
|
John M. Perlowski |
|
|
Chief Executive Officer (principal executive officer) of |
|
|
BlackRock Municipal Bond Trust |
|
|
Date: |
|
January 22, 2016 |
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 Trust |
|
|
Date: |
|
January 22, 2016 |
|
|
By: |
|
/s/ Neal J. Andrews |
|
|
Neal J. Andrews |
|
|
Chief Financial Officer (principal financial officer) of |
|
|
BlackRock Municipal Bond Trust |
|
|
Date: |
|
January 22, 2016 |