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: 07/31/2019

Date of reporting period: 10/31/2018

 


Item 1 – Schedule of Investments

 


Schedule of Investments  (unaudited)

October 31, 2018

  

BlackRock Taxable Municipal Bond Trust (BBN)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Corporate Bonds — 6.5%

 

Diversified Financial Services — 0.2%  

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

  $ 2,480     $ 2,915,009  
   

 

 

 
Education — 1.4%  

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

    7,191       6,941,893  

Wesleyan University, 4.78%, 07/01/16(b)

    11,000       10,361,242  
   

 

 

 
      17,303,135  
Health Care Providers & Services — 4.9%  

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

    1,020       1,086,776  

IHC Health Services, Inc., 4.13%, 05/15/48

    14,000       13,012,830  

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

    5,457       5,191,663  

Montefiore Obligated Group, Series 18-C,
5.25%, 11/01/48

    8,193       7,803,267  

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

    5,000       5,796,861  

PeaceHealth Obligated Group, Series 2018, 4.79%, 11/15/48

    5,065       5,070,654  

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

    3,053       2,732,832  

Toledo Hospital, 5.75%, 11/15/38

    20,100       20,762,389  
   

 

 

 
      61,457,272  
   

 

 

 

Total Corporate Bonds — 6.5%
(Cost — $84,090,460)

 

    81,675,416  
   

 

 

 

Municipal Bonds — 149.1%

 

Arizona — 2.2%  

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

    25,000       27,278,500  
   

 

 

 
California — 32.4%  

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

   

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

    13,700       17,850,963  

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

    1,920       2,684,486  

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

    14,000       19,475,960  

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       25,572,103  

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       10,616,400  
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     $ 15,091,560  

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

    5,000       6,435,450  

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

    14,345       16,114,025  

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

    10,000       13,230,400  

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

   

6.17%, 07/01/40

    37,500       39,037,500  

7.00%, 07/01/41

    17,225       18,153,428  

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

    12,000       12,685,920  

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

    7,500       8,001,225  

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

   

6.34%, 08/01/20(c)

    165       173,905  

6.34%, 08/01/40

    19,835       20,858,089  

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

    11,000       11,655,490  

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

    4,000       4,303,360  

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

    32,100       33,770,484  

State of California, GO, Build America Bonds, Various Purpose:

   

7.55%, 04/01/39

    9,035       12,829,881  

7.63%, 03/01/40

    8,950       12,683,582  

7.60%, 11/01/40

    15,000       21,654,450  

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

    18,145       25,874,226  

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

   

25.95%, 05/15/45

    24,000       28,862,640  
 

 

 

     1  


Schedule of Investments  (unaudited) (continued)

October 31, 2018

  

BlackRock Taxable Municipal Bond Trust (BBN)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
California (continued)  

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

   

6.30%, 05/15/50

  $ 27,010     $ 31,495,821  
   

 

 

 
      409,111,348  
Colorado — 3.5%  

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

    6,000       7,756,740  

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

    23,000       30,859,790  

State of Colorado, COP, Build America Bonds, Building Excellent Schools, Series E,
7.02%, 03/15/21(c)

    5,000       5,434,600  
   

 

 

 
      44,051,130  
District of Columbia — 3.4%  

Metropolitan Washington Airports Authority Dulles Toll Road Revenue, ARB, Build America Bonds:

   

Series D, 8.00%, 10/01/47

    10,750       14,305,455  

Dulles Toll Road Revenue, 7.46%, 10/01/46

    9,235       12,804,881  

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

    15,000       16,134,300  
   

 

 

 
      43,244,636  
Florida — 4.5%  

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

    23,000       23,993,370  

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

    12,250       12,974,465  

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

    1,500       1,545,960  

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

    2,575       2,478,978  

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

    2,500       2,650,075  
Security   Par
(000)
    Value  
Florida (continued)  

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

  $ 13,500     $ 13,721,400  
   

 

 

 
      57,364,248  
Georgia — 5.1%  

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

   

6.64%, 04/01/57

    27,074       29,300,295  

6.66%, 04/01/57

    20,628       23,890,112  

7.06%, 04/01/57

    9,997       11,085,273  
   

 

 

 
      64,275,680  
Hawaii — 2.5%  

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

    30,500       31,967,355  
   

 

 

 
Illinois — 16.8%  

Chicago Board of Education, GO, Build America Bonds, 6.52%, 12/01/40

    9,745       9,026,599  

Chicago Transit Authority, RB:

   

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

    16,015       19,014,609  

Pension Funding, Series A, 6.90%, 12/01/40

    4,075       5,090,857  

Pension Funding, Series B, 6.90%, 12/01/40

    4,900       6,121,521  

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       31,266,525  

6.40%, 01/01/40

    1,500       1,889,760  

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

    36,000       45,062,280  

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

    15,250       18,700,923  

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

    5,000       5,370,200  

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

    15,000       18,654,750  

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

    5,000       6,674,150  
 

 

 

2   


Schedule of Investments  (unaudited) (continued)

October 31, 2018

  

BlackRock Taxable Municipal Bond Trust (BBN)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Illinois (continued)  

State of Illinois, GO, Build America Bonds:

   

6.73%, 04/01/35

  $ 6,320     $ 6,630,691  

Pension, 7.35%, 07/01/35

    35,855       39,029,243  
   

 

 

 
      212,532,108  
Indiana — 1.7%  

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

    7,900       10,315,820  

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

    10,000       11,299,100  
   

 

 

 
      21,614,920  
Kentucky — 1.2%  

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

    13,800       15,607,966  
   

 

 

 
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       5,977,600  

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

    1,225       1,257,083  
   

 

 

 
      7,234,683  
Michigan — 1.7%  

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

    5,500       6,343,590  

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

    15,810       15,682,571  
   

 

 

 
      22,026,161  
Minnesota — 1.3%  

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

    8,000       9,214,960  

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

    5,000       6,691,400  
   

 

 

 
      15,906,360  
Security   Par
(000)
    Value  
Mississippi — 0.5%  

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

  $ 5,000     $ 6,166,400  
   

 

 

 
Missouri — 1.8%  

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

    11,000       14,663,990  

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

    7,000       8,482,740  
   

 

 

 
      23,146,730  
Nevada — 1.1%  

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

    1,420       1,517,952  

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

   

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

    10,000       10,241,300  

Series C, 6.82%, 07/01/45

    2,000       2,755,720  
   

 

 

 
      14,514,972  
New Jersey — 13.6%  

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       5,266,900  

New Jersey EDA, RB:

   

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

    6,385       6,537,474  

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

    20,974       25,214,313  

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

    14,360       14,669,458  

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

   

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

    34,000       45,957,800  

Series F, 7.41%, 01/01/40

    6,790       9,465,124  

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

   

Series B, 6.88%, 12/15/39

    12,525       12,718,762  

Series C, 5.75%, 12/15/28

    4,500       4,914,630  
 

 

 

     3  


Schedule of Investments  (unaudited) (continued)

October 31, 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     $ 47,825,964  
   

 

 

 
      172,570,425  
New York — 17.1%  

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

    15,000       15,626,850  

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

    6,300       6,594,021  

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

   

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

    25,000       25,908,500  

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

    20,000       21,084,200  

Series EE, 6.49%, 06/15/42

    2,000       2,091,360  

Series GG, 6.12%, 06/15/42

    2,445       2,541,895  

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

   

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

    19,000       21,747,020  

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

    14,795       15,088,681  

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

    9,231       9,122,468  

Metropolitan Transportation Authority, RB, Build America Bonds:

   

6.67%, 11/15/39

    2,220       2,844,442  

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

    13,245       18,531,477  

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

    13,000       16,669,120  

Series E, 6.81%, 11/15/40

    6,000       7,706,400  

New York State Dormitory Authority, RB, Montefiore Obligated Group, Series B (AGM), 4.95%, 08/01/48

    4,450       4,379,601  

Port Authority of New York & New Jersey, ARB:

   

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

    14,825       15,664,540  

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

    2,750       3,252,397  

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

    3,860       4,200,838  

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

    15,000       17,261,400  

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

    6,010       6,119,442  
   

 

 

 
      216,434,652  
Security   Par
(000)
    Value  
Ohio — 7.5%  

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

  $ 10,000     $ 14,013,500  

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

    10,000       12,367,500  

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

    30,575       39,461,318  

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

    7,000       7,229,950  

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

    10,055       10,554,030  

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

    10,100       10,871,337  
   

 

 

 
      94,497,635  
Oklahoma — 0.9%  

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

    6,814       7,040,702  

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

    3,500       4,152,155  
   

 

 

 
      11,192,857  
Pennsylvania — 3.2%  

Commonwealth Financing Authority, RB, Series A:

   

Plancon Program, 3.86%, 06/01/38

    6,350       5,953,189  

4.14%, 06/01/38

    6,200       6,036,630  

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

    23,050       28,192,224  
   

 

 

 
      40,182,043  
South Carolina — 1.7%  

South Carolina Public Service Authority, RB:

   

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

    2,025       2,428,400  

South Carolina Public Service Authority, RB (continued):

   

Build America Bonds, Series F (AGM),
6.45%, 01/01/50

    11,290       13,734,624  

Santee Cooper, Series F (AGM),
5.74%, 01/01/30

    5,000       5,535,000  
   

 

 

 
      21,698,024  
 

 

 

4   


Schedule of Investments  (unaudited) (continued)

October 31, 2018

  

BlackRock Taxable Municipal Bond Trust (BBN)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Tennessee — 4.1%  

County of Memphis-Shelby Tennessee Industrial Development Board, Refunding, Tax Allocation Bonds, Subordinate Tax Increment, Series C, 7.00%, 07/01/45

  $ 5,800     $ 5,883,056  

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

    35,105       45,672,307  
   

 

 

 
    51,555,363  
Texas — 8.4%  

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

    10,000       10,526,600  

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

    7,500       7,687,800  

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

    19,000       19,688,370  

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       36,372,700  

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

    13,000       13,303,160  

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

    2,500       2,826,650  

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

    5,000       5,195,400  

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

    10,000       10,427,600  
   

 

 

 
    106,028,280  
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       12,253,002  
Security   Par
(000)
    Value  
Utah (continued)  

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

  $ 26,405     $ 30,898,867  
   

 

 

 
    43,151,869  
Virginia — 2.7%  

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

    34,895       33,995,058  
   

 

 

 
Washington — 1.6%  

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

    16,100       19,826,184  
   

 

 

 
West Virginia — 4.6%  

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

    39,630       38,802,526  

West Virginia United Health System Obligated Group, Series 2018,
4.92%, 06/01/48

    20,000       19,578,551  
   

 

 

 
    58,381,077  
   

 

 

 

Total Municipal Bonds — 149.1%
(Cost — $1,682,233,259)

 

    1,885,556,664  
   

 

 

 

Total Long-Term Investments — 155.6%
(Cost — $1,766,323,719)

 

    1,967,232,080  
   

 

 

 
     Shares         

Short-Term Securities — 0.5%

 

BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.07%(d)(e)

    6,679,372       6,679,372  
   

 

 

 

Total Short-Term Securities — 0.5%
(Cost — $6,679,372)

 

    6,679,372  
   

 

 

 

Total Investments — 156.1%
(Cost — $1,773,003,091)

 

    1,973,911,452  

Liabilities in Excess of Other Assets — (56.1)%

 

    (709,305,954
   

 

 

 

Net Assets Applicable to Common Shares — 100.0%

 

  $ 1,264,605,498  
   

 

 

 
 

 

 

     5  


Schedule of Investments  (unaudited) (continued)

October 31, 2018

  

BlackRock Taxable Municipal Bond Trust (BBN)

 

 

(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.

(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 October 31, 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:

 

Affiliate    Shares
Held at
07/31/18
     Net
Activity
     Shares
Held at
10/31/18
     Value at
10/31/18
     Income     

Net

Realized

Gain (Loss) (a)

     Change in
Unrealized
Appreciation
(Depreciation)
 

BlackRock Liquidity Funds, T-Fund, Institutional Class

     10,666,421        (3,987,049      6,679,372      $ 6,679,372      $ 45,832      $             —      $  
           

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a)

Includes net capital gain distributions, if applicable.

 

For Trust compliance purposes, the Trust’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

 

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

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)

RBC Capital Markets LLC

     2.80     06/18/18        Open      $ 36,750,000      $ 37,110,099      Municipal Bonds    Open/Demand

RBC Capital Markets LLC

     2.80       06/18/18        Open        33,862,500        34,194,306      Municipal Bonds    Open/Demand

RBC Capital Markets LLC

     2.80       06/18/18        Open        23,858,738        24,092,520      Municipal Bonds    Open/Demand

RBC Capital Markets LLC

     2.80       06/18/18        Open        32,045,000        32,358,997      Municipal Bonds    Open/Demand

RBC Capital Markets LLC

     2.80       06/18/18        Open        27,240,000        27,506,914      Municipal Bonds    Open/Demand

Barclays Capital, Inc.

     2.70       06/25/18        Open        14,025,000        14,147,271      Municipal Bonds    Open/Demand

Barclays Capital, Inc.

     2.70       06/25/18        Open        25,625,000        25,848,400      Municipal Bonds    Open/Demand

 

 

6   


Schedule of Investments  (unaudited) (continued)

October 31, 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)

Barclays Capital, Inc.

     2.70 %       06/25/18        Open      $ 4,887,500      $ 4,930,110      Municipal Bonds    Open/Demand

Barclays Capital, Inc.

     2.70       06/25/18        Open        16,450,000        16,593,412      Municipal Bonds    Open/Demand

Barclays Capital, Inc.

     2.70       06/25/18        Open        19,636,650        19,807,843      Municipal Bonds    Open/Demand

Barclays Capital, Inc.

     2.70       06/25/18        Open        22,425,000        22,620,502      Municipal Bonds    Open/Demand

Barclays Capital, Inc.

     2.70       06/25/18        Open        163,762        165,190      Municipal Bonds    Open/Demand

Barclays Capital, Inc.

     2.70       06/25/18        Open        12,325,000        12,432,450      Municipal Bonds    Open/Demand

Barclays Capital, Inc.

     2.70       06/25/18        Open        9,137,481        9,217,142      Municipal Bonds    Open/Demand

Barclays Capital, Inc.

     2.70       06/25/18        Open        8,041,250        8,111,354      Municipal Bonds    Open/Demand

Barclays Capital, Inc.

     2.70       06/25/18        Open        28,645,013        28,894,741      Municipal Bonds    Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

     2.55       07/25/18        Open        44,193,200        44,480,333      Municipal Bonds    Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

     2.55       07/25/18        Open        29,090,400        29,279,407      Municipal Bonds    Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

     2.55       07/25/18        Open        24,425,000        24,583,695      Municipal Bonds    Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

     2.55       07/25/18        Open        21,071,000        21,207,903      Municipal Bonds    Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

     2.55       07/25/18        Open        29,150,800        29,340,199      Municipal Bonds    Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

     2.55       07/25/18        Open        17,032,500        17,143,164      Municipal Bonds    Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

     2.55       07/25/18        Open        21,160,300        21,297,783      Municipal Bonds    Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

     2.55       07/25/18        Open        20,220,000        20,351,374      Municipal Bonds    Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

     2.55       07/25/18        Open        10,133,000        10,198,836      Municipal Bonds    Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

     2.60       07/25/18        Open        10,801,600        10,873,251      Municipal Bonds    Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

     2.60       07/25/18        Open        18,441,400        18,563,728      Municipal Bonds    Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

     2.55       08/01/18        Open        28,310,000        28,483,084      Municipal Bonds    Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

     2.55       09/10/18        Open        16,629,000        16,687,109      Municipal Bonds    Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

     2.60       09/10/18        Open        9,591,000        9,625,195      Municipal Bonds    Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

     2.60       09/10/18        Open        5,720,000        5,740,393      Municipal Bonds    Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

     2.60       09/10/18        Open        14,093,717        14,143,965      Municipal Bonds    Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

     2.60       09/10/18        Open        9,519,300        9,553,239      Municipal Bonds    Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

     2.60       09/17/18        Open        42,109,200        42,240,089      Municipal Bonds    Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

     2.60       09/17/18        Open        19,440,000        19,500,426      Municipal Bonds    Open/Demand

Barclays Capital, Inc.

     2.30       09/19/18        Open        9,377,500        9,402,663      Municipal Bonds    Open/Demand

RBC Capital Markets LLC

     2.55       09/20/18        Open        5,820,000        5,837,315      Municipal Bonds    Open/Demand

RBC Capital Markets LLC

     2.75       09/28/18        Open        2,872,500        2,879,961      Municipal Bonds    Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

     2.60       10/25/18        Open        13,414,800        13,421,582      Municipal Bonds    Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

     2.60       10/31/18        Open        2,661,600        2,661,792      Municipal Bonds    Open/Demand
          

 

 

    

 

 

       
           $ 740,395,711      $ 745,527,737        
          

 

 

    

 

 

       

 

  (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

     538          12/19/18        $63,719   $ 463,137  

Long U.S. Treasury Bond

     1,167          12/19/18        161,192     6,121,181  

5-Year U.S. Treasury Note

     108          12/31/18        12,137     94,082  
              

 

 

 
               $ 6,678,400  
              

 

 

 

 

 

     7  


Schedule of Investments  (unaudited) (continued)

October 31, 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 the 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 annual report.

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)

   $        $ 1,967,232,080        $             —        $ 1,967,232,080  

Short-Term Securities

     6,679,372                            6,679,372  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 6,679,372        $ 1,967,232,080        $        $ 1,973,911,452  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative Financial Instruments (b)

                 

Assets:

                 
  

 

 

      

 

 

      

 

 

      

 

 

 

Interest rate contracts

   $ 6,678,400        $        $        $ 6,678,400  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

See above Schedule of Investments for values in each industry, 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 statement purposes. As of period end, reverse repurchase agreements payable of $745,527,737 is categorized as Level 2 within the disclosure hierarchy.

During the period ended October 31, 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: December 19, 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: December 19, 2018  
By:  

/s/ Neal J. Andrews

 
  Neal J. Andrews  
  Chief Financial Officer (principal financial officer) of
  BlackRock Taxable Municipal Bond Trust
Date: December 19, 2018