BlackRock Taxable 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 811-22426

 

Name of Fund:

  

BlackRock Taxable Municipal Bond Trust (BBN)

Fund Address:

  

100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Taxable

              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: 07/31/2018

Date of reporting period: 04/30/2018

 


Item 1 – Schedule of Investments

 


Schedule of Investments  (unaudited) 

April 30, 2018

  

BlackRock Taxable Municipal Bond Trust (BBN)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Corporate Bonds — 5.0%

   
Diversified Financial Services — 0.2%            

Western Group Housing LP, 6.75%, 03/15/57(a)

  $ 2,487     $ 3,065,630  
   

 

 

 
Education — 2.0%            

George Washington University, Series 2018, 4.13%, 09/15/48

    14,972       14,841,830  

University of Notre Dame du Lac, Series 2017, 3.39%, 02/15/48

    1,105       1,042,112  

Wesleyan University, 4.78%, 07/01/16

    11,000       10,911,844  
   

 

 

 
      26,795,786  
Health Care Providers & Services — 2.8%            

AHS Hospital Corp., 5.02%, 07/01/45

    5,084       5,756,876  

Kaiser Foundation Hospitals, 4.15%, 05/01/47

    15,976       16,122,219  

Ochsner Clinic Foundation, 5.90%, 05/15/45

    5,000       6,033,678  

Orlando Health Obligated Group, 3.78%, 10/01/28

    5,412       5,350,048  

Providence St Joseph Health Obligated Group, 3.93%, 10/01/48

    3,053       2,902,063  
   

 

 

 
      36,164,884  
   

 

 

 

Total Corporate Bonds — 5.0%
(Cost — $65,929,960)

 

    66,026,300  
   

 

 

 

Municipal Bonds — 149.0%

   
Arizona — 2.2%            

Salt River Project Agricultural Improvement & Power District, RB, Build America Bonds, Series A, 4.84%, 01/01/41(b)

    25,000       28,399,500  
   

 

 

 
California — 32.2%            

Bay Area Toll Authority, RB, Build America Bonds, San Francisco Toll Bridge:

   

Series S-1, 6.92%, 04/01/40

    13,700       18,761,328  

Series S-1, 7.04%, 04/01/50

    1,920       2,840,717  

Series S-3, 6.91%, 10/01/50

    14,000       20,554,940  

City of San Francisco California, Public Utilities Commission Water Revenue, RB, Build America Bonds, Sub-Series E, 6.00%, 11/01/40(b)

    21,255       26,301,575  

City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, Series B (AGM),
6.60%, 03/01/41(b)

    10,000       10,870,100  
Security  

Par

(000)

    Value  
California (continued)            

County of Alameda California Joint Powers Authority, RB, Build America Bonds, Recovery Zone, Series A, 7.05%, 12/01/44(b)

  $ 11,000     $ 15,831,200  

County of Orange California Local Transportation Authority, Refunding RB, Build America Bonds, Series A, 6.91%, 02/15/41

    5,000       6,723,800  

County of Sonoma California, Refunding RB, Pension Obligation, Series A, 6.00%, 12/01/29

    14,345       16,539,785  

Los Angeles Community College District California, GO, Build America Bonds, 6.60%, 08/01/42

    10,000       14,051,900  

Los Angeles Department of Water & Power, RB, Build America Bonds(b):

   

6.17%, 07/01/40

    37,500       40,120,125  

7.00%, 07/01/41

    17,225       18,721,163  

Metropolitan Water District of Southern California, RB, Build America Bonds, Series A, 6.95%, 07/01/40(b)

    12,000       12,983,760  

Palomar Community College District, GO, Build America Bonds, Series B-1, 7.19%, 08/01/45

    7,500       8,167,200  

Rancho Water District Financing Authority, RB, Build America Bond, Series A(b):

   

6.34%, 08/01/20(c)

    165       177,525  

6.34%, 08/01/40

    19,835       21,264,707  

Riverside Community College District Foundation, GO, Build America Bonds, Series D-1, 7.02%, 08/01/40

    11,000       12,058,420  

San Diego County Regional Airport Authority, ARB, Consolidated Rental Car Facility Project, Series B, 5.59%, 07/01/43

    4,000       4,407,960  

San Diego County Regional Airport Authority, Refunding ARB, Build America Bonds, Sub-Series C, 6.63%, 07/01/40

    32,100       34,407,027  

San Jose Redevelopment Agency Successor Agency, Refunding, Tax Allocation Bonds, Series A-T, 3.25%, 08/01/29

    850       810,263  

State of California, GO, Build America Bonds:

   

Various Purpose,

7.55%, 04/01/39

    9,035       13,500,187  

7.60%, 11/01/40(b)

    15,000       22,764,900  

7.63%, 03/01/40(b)

    8,950       13,366,915  
 

 

 

     1  


Schedule of Investments  (unaudited) (continued)

April 30, 2018

  

BlackRock Taxable Municipal Bond Trust (BBN)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
California (continued)            

State of California Public Works Board, RB, Build America Bonds, Series G-2, 8.36%, 10/01/34

  $   18,145     $ 26,735,750  

University of California, RB, Build America
Bonds(b):

   

5.95%, 05/15/45

    24,000       30,374,400  

6.30%, 05/15/50

    27,010       31,845,870  
   

 

 

 
      424,181,517  
Colorado — 3.3%            

City & County of Denver Colorado School District No. 1, COP, Refunding, Denver Colorado Public Schools, Series B, 7.02%, 12/15/37

    6,000       8,022,180  

Regional Transportation District, COP, Build America Bonds, Series B, 7.67%, 06/01/40(b)

    23,000       29,624,460  

State of Colorado, COP, Build America Bonds, Building Excellent Schools, Series E, 7.02%, 03/15/31

    5,000       5,497,450  
   

 

 

 
      43,144,090  
District of Columbia — 3.4%            

Metropolitan Washington Airports Authority, ARB, Dulles Toll Road Revenue, Build America Bonds, 7.46%, 10/01/46

    9,235       13,434,616  

Metropolitan Washington Airports Authority Dulles Toll Road Revenue, ARB, Build America Bonds, Series D, 8.00%, 10/01/47

    10,750       14,711,590  

Washington Convention & Sports Authority, Refunding RB, Series C, 7.00%, 10/01/20(c)

    15,000       16,427,700  
   

 

 

 
      44,573,906  
Florida — 4.5%            

City of Sunrise Florida Utility System, Refunding RB, Build America Bonds, Series B, 5.91%, 10/01/35(b)

    23,000       24,587,920  

County of Miami-Dade Florida Educational Facilities Authority, Refunding RB, Series B, 5.07%, 04/01/50

    12,250       13,469,732  

County of Pasco Florida Water & Sewer, RB, Build America Bonds, Series B, 6.76%, 10/01/39

    1,500       1,581,195  

Sumter Landing Community Development District, RB, Taxable Senior Recreational, Series 2016, 4.17%, 10/01/47

    2,575       2,659,177  
Security   Par
(000)
    Value  
Florida (continued)            

Town of Davie Florida Water & Sewer, RB, Build America Bonds, Series B (AGM), 6.85%, 10/01/40

  $ 2,500     $ 2,711,075  

Village Center Community Development District, Refunding RB, 5.02%, 11/01/36(a)

    13,500       13,701,015  
   

 

 

 
      58,710,114  
Georgia — 5.3%            

Municipal Electric Authority of Georgia Plant Vogtle Units 3 & 4, Refunding RB, Build America Bonds, Series A:

   

6.64%, 04/01/57

    27,074       33,199,492  

6.66%, 04/01/57

    20,628       25,312,413  

7.06%, 04/01/57

    9,997       11,797,860  
   

 

 

 
      70,309,765  
Hawaii — 2.5%            

University of Hawaii, RB, Build America Bonds, Series B-1, 6.03%, 10/01/40(b)

    30,500       32,670,990  
   

 

 

 
Illinois — 17.6%            

Chicago Transit Authority, RB:

   

Build America Bonds, Series B, 6.20%, 12/01/40(b)

    16,015       19,932,749  

Pension Funding,

Series A, 6.90%, 12/01/40

    4,075       5,327,370  

Series B, 6.90%, 12/01/40

    4,900       6,405,917  

City of Chicago Illinois, GO:

   

Build America Bonds, Series B, 7.52%, 01/01/40

    10,000       10,808,500  

Taxable Project, Recovery Zone, Series D, 6.26%, 01/01/40

    13,900       13,586,555  

City of Chicago Illinois, Refunding ARB, O’Hare International Airport, General 3rd Lien, Build America Bonds, Series B:

   

6.85%, 01/01/38(b)

    30,110       31,994,886  

6.40%, 01/01/40

    1,500       1,993,470  

City of Chicago Illinois Wastewater Transmission, RB, Build America Bonds, Series B, 6.90%, 01/01/40(b)

    36,000       45,826,200  

City of Chicago Illinois Waterworks Transmission, RB, Build America Bonds, 2nd Lien, Series B, 6.74%, 11/01/40

    15,250       19,214,390  

Illinois Finance Authority, RB, Carle Foundation, Series A, 5.75%, 08/15/34

    5,000       5,501,050  
 

 

 

2   


Schedule of Investments  (unaudited) (continued)

April 30, 2018

  

BlackRock Taxable Municipal Bond Trust (BBN)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Illinois (continued)  

Illinois Municipal Electric Agency, RB, Build America Bonds, Series A, 7.29%, 02/01/35

  $ 15,000     $ 18,773,700  

Northern Illinois Municipal Power Agency, RB, Build America Bonds, Prairie State Project, Series A, 7.82%, 01/01/40

    5,000       6,723,850  

State of Illinois, GO, Build America Bonds:

   

6.73%, 04/01/35

    6,320       6,552,260  

Pension, 7.35%, 07/01/35

    35,855       38,781,485  
   

 

 

 
      231,422,382  
Indiana — 1.7%  

Indiana Finance Authority, RB, Build America Bonds, Series B, 6.60%, 02/01/39

    7,900       10,708,687  

Indiana Municipal Power Agency, RB, Build America Bonds, Direct Payment, Series A, 5.59%, 01/01/42

    10,000       11,741,100  
   

 

 

 
      22,449,787  
Kentucky — 1.2%  

Westvaco Corp., RB, MeadWestvaco Corp., 7.67%, 01/15/27(a)

    13,800       16,071,445  
   

 

 

 
Massachusetts — 0.6%  

Commonwealth of Massachusetts Transportation Fund Revenue, RB, Build America Bonds, Recovery Zone, Series B, 5.73%, 06/01/40(b)

    5,000       6,235,550  

Massachusetts HFA, Refunding RB, Series D, 7.02%, 12/01/42

    1,595       1,660,172  
   

 

 

 
      7,895,722  
Michigan — 1.7%  

Michigan State University, RB, Build America Bonds, General, Series A, 6.17%, 02/15/50

    5,500       6,524,320  

Michigan Tobacco Settlement Finance Authority, RB, Series A, 7.31%, 06/01/34

    16,500       16,371,630  
   

 

 

 
      22,895,950  
Minnesota — 1.2%  

Southern Minnesota Municipal Power Agency, Refunding RB, Build America Bonds, Series A, 5.93%, 01/01/43

    8,000       9,571,600  
Security   Par
(000)
    Value  
Minnesota (continued)  

Western Minnesota Municipal Power Agency, RB, Build America Bonds, Series C, 6.77%, 01/01/46

  $ 5,000     $ 6,918,150  
   

 

 

 
      16,489,750  
Mississippi — 0.5%            

Mississippi Development Bank, RB, Build America Bonds, Garvee, Series B, 6.41%, 01/01/40

    5,000       6,423,850  
   

 

 

 
Missouri — 1.8%  

Missouri Joint Municipal Electric Utility Commission, RB, Build America Bonds, Plum Point Project, Series A, 7.73%, 01/01/39

    11,000       15,197,820  

University of Missouri, RB, Build America Bonds, Curators of the University, Series A,
5.79%, 11/01/41(b)

    7,000       8,792,560  
   

 

 

 
      23,990,380  
Nevada — 1.1%  

City of North Las Vegas Nevada, GO, Build America Bonds, 6.57%, 06/01/40

    1,420       1,459,959  

County of Clark Nevada Department of Aviation, ARB, Build America Bonds:

   

Series B, 6.88%, 07/01/42(b)

    10,000       10,529,300  

Series C, 6.82%, 07/01/45

    2,000       2,881,100  
   

 

 

 
      14,870,359  
New Jersey — 13.3%  

County of Camden New Jersey Improvement Authority, LRB, Build America Bonds, Cooper Medical School of Rowan University Project, Series A, 7.75%, 07/01/34

    5,000       5,371,450  

New Jersey EDA, RB:

   

Build America Bonds, Series CC-1,
6.43%, 12/15/35

    6,385       6,587,404  

Series A (NPFGC), 7.43%, 02/15/29(b)

    20,974       25,325,895  

New Jersey State Housing & Mortgage Finance Agency, RB, M/F Housing, Series C (AGM), 6.65%, 11/01/44

    14,360       14,712,969  

New Jersey State Turnpike Authority, RB, Build America Bonds:

   

Series A, 7.10%, 01/01/41(b)

    34,000       48,324,200  

Series F, 7.41%, 01/01/40

    6,790       9,988,973  

New Jersey Transportation Trust Fund Authority, RB, Build America Bonds:

   

Series B, 6.88%, 12/15/39

    12,525       12,931,687  

Series C, 5.75%, 12/15/28

    4,500       4,930,650  
 

 

 

     3  


Schedule of Investments  (unaudited) (continued)

April 30, 2018

  

BlackRock Taxable Municipal Bond Trust (BBN)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
New Jersey (continued)            

New Jersey Transportation Trust Fund Authority, RB, Build America Bonds (continued):

   

Series C, 6.10%, 12/15/28(b)

  $ 45,900     $ 47,638,233  
   

 

 

 
      175,811,461  
New York — 16.9%            

City of New York New York, GO, Build America Bonds, Sub-Series C-1, 5.82%, 10/01/31

    15,000       15,968,550  

City of New York New York Municipal Water Finance Authority, RB, Build America Bonds, 2nd General Resolution, Series DD,
6.45%, 06/15/41

    6,300       6,725,250  

City of New York New York Municipal Water Finance Authority, Refunding RB, Build America Bonds, 2nd General Resolution:

   

Series AA, 5.79%, 06/15/41(b)

    25,000       26,361,250  

Series CC, 6.28%, 06/15/42(b)

    20,000       21,560,200  

Series EE, 6.49%, 06/15/42

    2,000       2,137,820  

Series GG, 6.12%, 06/15/42

    2,445       2,592,629  

City of New York New York Transitional Finance Authority, RB, Build America Bonds, Future Tax Secured(b):

   

Sub-Series B-1, 5.57%, 11/01/38

    19,000       22,827,740  

Sub-Series C-2, 6.27%, 08/01/39

    14,795       15,332,946  

County of Nassau New York Tobacco Settlement Corp., Refunding RB, Series A1,
6.83%, 06/01/21

    9,231       9,156,252  

Metropolitan Transportation Authority, RB, Build America Bonds:

   

6.67%, 11/15/39

    4,620       6,139,611  

Series C, 7.34%, 11/15/39(b)

    13,245       19,546,441  

Series C-1, 6.69%, 11/15/40

    13,000       17,286,620  

Series E, 6.81%, 11/15/40

    6,000       8,063,340  

Port Authority of New York & New Jersey, ARB:

   

192nd Series, 4.81%, 10/15/65

    14,825       16,812,588  

Consolidated, 160th Series, 5.65%, 11/01/40

    2,750       3,387,120  

Consolidated, 168th Series, 4.93%, 10/01/51

    3,860       4,482,695  

State of New York Dormitory Authority, RB, Build America Bonds, General Purpose, Series H, 5.39%, 03/15/40(b)

    15,000       17,689,350  
Security   Par
(000)
    Value  
New York (continued)            

State of New York Dormitory Authority, Refunding RB, Touro College & University, Series B, 5.75%, 01/01/29

  $ 6,010     $ 6,197,512  
   

 

 

 
      222,267,914  
Ohio — 7.5%            

American Municipal Power, Inc., RB, Build America Bonds, Combined Hydroelectric Projects, Series B, 7.83%, 02/15/41

    10,000       15,073,300  

American Municipal Power, Inc., Refunding RB, Build America Bonds, Series B, 6.45%, 02/15/44

    10,000       13,191,400  

County of Franklin Ohio Convention Facilities Authority, RB, Build America Bonds,
6.64%, 12/01/42(b)

    30,575       41,567,018  

County of Hamilton Ohio Sewer System Revenue, RB, Build America Bonds, Series B,
6.50%, 12/01/34

    7,000       7,417,410  

Mariemont City School District, GO, Refunding, Build America Bonds, Series B,
6.55%, 12/01/47(b)

    10,055       10,736,528  

Ohio University, RB, General Receipts, Athens, 5.59%, 12/01/14(b)

    10,100       11,422,696  
   

 

 

 
      99,408,352  
Oklahoma — 0.9%            

Oklahoma Development Finance Authority, RB, OU Medicine Project, Series C, 5.45%, 08/15/28

    6,814       7,143,048  

Oklahoma Municipal Power Authority, RB, Build America Bonds, 6.44%, 01/01/45

    3,500       4,318,055  
   

 

 

 
      11,461,103  
Pennsylvania — 3.2%            

Commonwealth Financing Authority, RB, Series A:

   

Plancon Program, 3.86%, 06/01/38

    6,350       6,203,887  

4.14%, 06/01/38

    6,200       6,280,600  

Pennsylvania Economic Development Financing Authority, RB, Build America Bonds, Series B, 6.53%, 06/15/39

    23,050       29,187,984  
   

 

 

 
      41,672,471  
South Carolina — 1.8%            

South Carolina Public Service Authority, RB, Series F (AGM):

   

Build America Bonds, 6.45%, 01/01/50

    11,290       15,268,935  

Santee Cooper, 5.74%, 01/01/30

    5,000       5,652,650  
 

 

 

4   


Schedule of Investments  (unaudited) (continued)

April 30, 2018

  

BlackRock Taxable Municipal Bond Trust (BBN)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
South Carolina (continued)  

State of South Carolina Public Service Authority, RB, Build America Bonds, Series C, 6.45%, 01/01/50

  $ 2,025     $ 2,677,111  
   

 

 

 
      23,598,696  
Tennessee — 4.1%  

County of Memphis-Shelby Tennessee Industrial Development Board, Refunding, Tax Allocation Bonds:

   

Graceland Project, Series B, 5.45%, 07/01/45

    800       829,176  

Subordinate Tax Increment, Series C, 7.00%, 07/01/45

    5,800       5,997,548  

Metropolitan Government of Nashville & Davidson County Convention Center Authority, RB, Build America Bonds, Series A2, 7.43%, 07/01/43

    35,105       46,957,150  
   

 

 

 
      53,783,874  
Texas — 9.7%  

City of Austin Texas, RB, Travis, Williams and Hays Counties, Rental Car Specialty Facilities, 5.75%, 11/15/42

    10,000       10,706,900  

City of San Antonio Texas Customer Facility Charge Revenue, RB, 5.87%, 07/01/45

    7,500       7,824,900  

City of San Antonio Texas Public Service Board, RB, Build America Bonds, Electric & Gas Revenue, Series A, 6.17%, 02/01/41

    19,000       20,049,750  

City of San Antonio Texas Public Service Board, Refunding RB, Build America Bonds, Electric & Gas Revenue, Series B, 6.31%, 02/01/37(b)

    35,000       37,040,850  

County of Bexar Texas Hospital District, GO, Build America Bonds, 5.41%, 02/15/40(b)

    18,000       18,641,160  

Cypress-Fairbanks ISD, GO, Build America Bonds, Schoolhouse, Series B,
6.63%, 02/15/38(b)

    14,000       14,411,040  

Dallas Area Rapid Transit, RB, Build America Bonds, Senior Lien, Series B, 5.02%, 12/01/48

    2,500       2,903,550  

Katy Texas ISD, GO, Build America Bonds, School Building, Series D, 6.35%, 02/15/41(b)

    5,000       5,337,550  
Security   Par
(000)
    Value  
Texas (continued)  

North Texas Municipal Water District, RB, Build America Bonds, Series A, 6.01%, 09/01/40

  $ 10,000     $ 10,671,100  
   

 

 

 
      127,586,800  
Utah — 3.4%  

County of Utah Utah, RB, Build America Bonds, County Excise Tax Revenue, Recovery Zone, Series C, 7.13%, 12/01/39

    11,800       12,533,842  

Utah Transit Authority, RB, Build America Bonds, Subordinated, 5.71%, 06/15/40

    26,405       32,419,531  
   

 

 

 
      44,953,373  
Virginia — 2.5%  

Tobacco Settlement Financing Corp., Refunding RB, Series A-1, 6.71%, 06/01/46

    35,165       33,584,333  
   

 

 

 
Washington — 1.9%  

Port of Seattle Washington, RB, Series B1, 7.00%, 05/01/19(c)

    5,000       5,212,400  

Washington State Convention Center Public Facilities District, RB, Build America Bonds, Series B, 6.79%, 07/01/40

    16,100       20,529,915  
   

 

 

 
      25,742,315  
West Virginia — 3.0%  

West Virginia Tobacco Settlement Finance Authority, RB, Series A, 7.47%, 06/01/47

    40,275       39,619,323  
   

 

 

 

Total Municipal Bonds — 149.0%
(Cost — $1,706,890,368)

 

    1,963,989,522  
   

 

 

 

Total Long-Term Investments — 154.0%
(Cost — $1,772,820,328)

 

    2,030,015,822  
   

 

 

 
     Shares         
Short-Term Securities — 0.2%  

BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.56%(d)(e)

    2,175,151       2,175,151  
   

 

 

 

Total Short-Term Securities — 0.2%
(Cost — $2,175,151)

 

    2,175,151  
   

 

 

 

Total Investments — 154.2%
(Cost — $1,774,995,479)

 

    2,032,190,973  

Liabilities in Excess of Other Assets — (54.2)%

 

    (714,241,149
   

 

 

 

Net Assets — 100.0%

 

  $ 1,317,949,824  
   

 

 

 
 
(a)  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.

 

 

     5  


Schedule of Investments  (unaudited) (continued)

April 30, 2018

  

BlackRock Taxable Municipal Bond Trust (BBN)

 

(b)  All or a portion of the security has been pledged as collateral in connection with outstanding reverse repurchase agreements.
(c)  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.
(d)  Annualized 7-day yield as of period end.
(e)  During the period ended April 30, 2018, 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:

 

Affiliated    Shares
Held at
07/3/17
     Net
Activity
     Shares
Held at
04/30/18
     Value at
04/30/18
     Income     

Net

Realized
Gain (Loss) 
(a)

     Change in
Unrealized
Appreciation
(Depreciation)
 

BlackRock Liquidity Funds, T-Fund, Institutional Class

     27,137,361        (24,962,210      2,175,151      $ 2,175,151      $ 109,302      $ 88      $  
           

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a)  Includes net capital gain distributions, if applicable.  

Reverse Repurchase Agreements

 

Counterparty    Interest
Rate
    Trade
Date
     Maturity
Date (a)
     Face Value      Face Value
Including
Accrued Interest
    

Type of Non-Cash
Underlying

Collateral

   Remaining Contractual
Maturity of the Agreements (a)

Barclays Capital, Inc.

     2.15     12/15/16        Open      $ 28,710,788      $ 29,259,084      Municipal Bonds    Open/Demand

Barclays Capital, Inc.

     2.15       12/15/16        Open        14,190,000        14,460,990      Municipal Bonds    Open/Demand

Barclays Capital, Inc.

     2.15       12/15/16        Open        8,583,750        8,747,676      Municipal Bonds    Open/Demand

Barclays Capital, Inc.

     2.15       12/15/16        Open        9,765,919        9,960,206      Municipal Bonds    Open/Demand

Barclays Capital, Inc.

     2.15       12/15/16        Open        5,156,250        5,254,720      Municipal Bonds    Open/Demand

Barclays Capital, Inc.

     2.15       12/15/16        Open        9,950,000        10,140,017      Municipal Bonds    Open/Demand

Barclays Capital, Inc.

     2.15       12/15/16        Open        27,937,500        28,482,165      Municipal Bonds    Open/Demand

Barclays Capital, Inc.

     2.15       12/15/16        Open        23,488,750        23,937,320      Municipal Bonds    Open/Demand

Barclays Capital, Inc.

     2.15       12/15/16        Open        16,231,250        16,541,222      Municipal Bonds    Open/Demand

Mitsubishi UFJ Securities (USA), Inc.

     2.10       12/16/16        Open        24,797,500        25,322,415      Municipal Bonds    Open/Demand

Mitsubishi UFJ Securities (USA), Inc.

     2.10       12/16/16        Open        27,485,000        28,066,804      Municipal Bonds    Open/Demand

Mitsubishi UFJ Securities (USA), Inc.

     2.10       12/16/16        Open        21,135,600        21,583,000      Municipal Bonds    Open/Demand

Mitsubishi UFJ Securities (USA), Inc.

     2.10       12/16/16        Open        30,139,700        30,720,559      Municipal Bonds    Open/Demand

Mitsubishi UFJ Securities (USA), Inc.

     2.10       12/16/16        Open        21,196,400        21,645,087      Municipal Bonds    Open/Demand

Mitsubishi UFJ Securities (USA), Inc.

     2.10       12/16/16        Open        10,503,000        10,705,416      Municipal Bonds    Open/Demand

Mitsubishi UFJ Securities (USA), Inc.

     2.10       12/16/16        Open        20,694,000        21,132,052      Municipal Bonds    Open/Demand

Mitsubishi UFJ Securities (USA), Inc.

     2.10       12/20/16        Open        45,131,600        46,022,009      Municipal Bonds    Open/Demand

Mitsubishi UFJ Securities (USA), Inc.

     2.10       02/09/17        Open        16,639,500        16,964,779      Municipal Bonds    Open/Demand

Mitsubishi UFJ Securities (USA), Inc.

     2.15       06/09/17        Open        10,482,000        10,648,445      Municipal Bonds    Open/Demand

Barclays Capital, Inc.

     2.15       08/28/17        Open        20,504,431        20,734,337      Municipal Bonds    Open/Demand

Barclays Capital, Inc.

     2.15       08/28/17        Open        170,569        172,481      Municipal Bonds    Open/Demand

Mitsubishi UFJ Securities (USA), Inc.

     2.15       08/29/17        Open        18,004,500        18,226,180      Municipal Bonds    Open/Demand

Mitsubishi UFJ Securities (USA), Inc.

     2.15       08/29/17        Open        6,088,000        6,162,958      Municipal Bonds    Open/Demand

Mitsubishi UFJ Securities (USA), Inc.

     2.16       09/28/17        Open        14,057,400        14,211,992      Municipal Bonds    Open/Demand

Mitsubishi Ufj Securities (usa) Inc.

     2.15       11/01/17        Open        14,954,786        15,095,049      Municipal Bonds    Open/Demand

Mitsubishi Ufj Securities (usa) Inc.

     2.15       11/14/17        Open        10,287,000        10,377,354      Municipal Bonds    Open/Demand

 

 

6   


Schedule of Investments  (unaudited) (continued)

April 30, 2018

  

BlackRock Taxable Municipal Bond Trust (BBN)

 

Reverse Repurchase Agreements (continued)

 

Counterparty    Interest
Rate
    Trade
Date
     Maturity
Date (a)
     Face Value      Face Value
Including
Accrued Interest
     Type of Non-Cash
Underlying
Collateral
   Remaining Contractual
Maturity of the Agreements (a)

Deutsche Bank Securities, Inc.

     2.05     11/27/17        Open      $ 39,690,000      $ 40,004,709      Municipal Bonds    Open/Demand

Deutsche Bank Securities, Inc.

     2.05       12/04/17        Open        18,949,851        19,093,475      Municipal Bonds    Open/Demand

RBC Capital Markets LLC

     2.30       01/02/18        Open        12,798,500        12,887,432      Municipal Bonds    Open/Demand

RBC Capital Markets LLC

     2.30       01/02/18        Open        12,030,000        12,113,592      Municipal Bonds    Open/Demand

RBC Capital Markets LLC

     2.30       01/02/18        Open        28,380,000        28,577,202      Municipal Bonds    Open/Demand

RBC Capital Markets LLC

     2.30       01/02/18        Open        11,970,000        12,053,175      Municipal Bonds    Open/Demand

RBC Capital Markets LLC

     2.30       01/02/18        Open        30,160,000        30,369,570      Municipal Bonds    Open/Demand

RBC Capital Markets LLC

     2.30       01/02/18        Open        34,737,500        34,978,877      Municipal Bonds    Open/Demand

RBC Capital Markets LLC

     2.30       01/02/18        Open        36,937,500        37,194,164      Municipal Bonds    Open/Demand

RBC Capital Markets LLC

     2.30       01/02/18        Open        24,815,212        24,987,644      Municipal Bonds    Open/Demand

Mitsubishi Ufj Securities (usa) Inc.

     2.15       04/04/18        Open        11,257,204        11,275,357      Municipal Bonds    Open/Demand

RBC Capital Markets LLC

     2.30       04/05/18        Open        21,075,000        21,110,008      Municipal Bonds    Open/Demand
          

 

 

    

 

 

       
           $ 739,085,960      $ 749,219,522        
          

 

 

    

 

 

       

 

  (a)  Certain agreements have no stated maturity and can be terminated by either party at any time.  

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

Description    Number of
Contracts
       Expiration
Date
       Notional
Amount (000)
       Value /
Unrealized
Appreciation
(Depreciation)
 

Short Contracts:

                 

10-Year U.S. Treasury Note

     503          06/20/18        $ 60,171        $ 281,207  

Long U.S. Treasury Bond

     1,246          06/20/18          179,229          711,497  

5-Year U.S. Treasury Note

     270          06/29/18          30,647          151,797  
                 

 

 

 
                  $ 1,144,501  
                 

 

 

 

Portfolio Abbreviations

AGM — Assured Guaranty Municipal Corp.

ARB — Airport Revenue Bonds

COP — Certificates of Participation

EDA — Economic Development Authority

GO — General Obligation Bonds

HFA — Housing Finance Agency

ISD — Independent School District

LRB — Lease Revenue Bonds

M/F — Multi-Family

NPFGC — National Public Finance Guarantee Corp.

RB — Revenue Bonds

SAN — State Aid Notes

 

 

     7  


Schedule of Investments  (unaudited) (continued)

April 30, 2018

  

BlackRock Taxable Municipal Bond Trust (BBN)

 

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 Trust’s 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. Investments classified within Level 3 have significant unobservable inputs used by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Trust’s 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 Trust’s policy regarding valuation of investments and derivative financial instruments, refer to the Trust’s most recent financial statements as contained in its semi annual report.

As of April 30, 2018, the following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

      Level 1        Level 2        Level 3        Total  

Assets:

 

Investments:

 

Long-Term Investments(a)

   $        $ 2,030,015,822        $        $ 2,030,015,822  
            

 

 

      

Short-Term Securities

     2,175,151                            2,175,151  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 2,175,151        $ 2,030,015,822        $        $ 2,032,190,973  
  

 

 

      

 

 

      

 

 

      

 

 

 

Assets:

 

Derivative Financial Instruments(b)

 

Interest rate contracts

   $ 1,144,501        $        $        $ 1,144,501  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a)  See above Schedule of Investments for values in each state or political sub-division.  
  (b)  Derivative financial instruments are 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 or face value, including accrued interest, for financial reporting purposes. As of period end, reverse repurchase agreements payable of $749,219,522 is categorized as Level 2 within the disclosure hierarchy.

During the period ended April 30, 2018, there were no transfers between levels.

 

 

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 13a-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 Taxable Municipal Bond Trust
By:  

/s/ John M. Perlowski

 
  John M. Perlowski  
  Chief Executive Officer (principal executive officer) of
  BlackRock Taxable Municipal Bond Trust
Date: June 18, 2018  

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 Taxable Municipal Bond Trust
Date: June 18, 2018  
By:  

/s/ Neal J. Andrews

 
  Neal J. Andrews  
  Chief Financial Officer (principal financial officer) of
  BlackRock Taxable Municipal Bond Trust
Date: June 18, 2018