N-Q 1 d385529dnq.htm BLACKROCK TAXABLE MUNICIPAL BOND TRUST 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: 07/31/2017

Date of reporting period: 4/30/2017

Item 1 – Schedule of Investments

Schedule of Investments April 30, 2017 (Unaudited)

   

BlackRock Taxable Municipal Bond Trust (BBN)

(Percentages shown are based on Net Assets)

 

Corporate Bonds   Par
(000)		     Value  

Diversified Financial Services — 0.3%

 

  

Western Group Housing LP, 6.75%, 3/15/57 (a)

   $ 2,500     $ 3,131,350  

Education — 0.9%

 

  

Massachusetts Institute of Technology, 3.89%, 7/01/16

     1,875       1,671,403  

Wesleyan University, 4.78%, 7/01/16

     11,000       10,439,209  
   

 

 

  
        12,110,612  

Health Care Providers & Services — 2.4%

 

  

Kaiser Foundation Hospitals, 4.15%, 5/01/47

     14,672       14,728,766  

New York and Presbyterian Hospital, 3.56%, 8/01/36

     2,500       2,357,180  

Ochsner Clinic Foundation, 5.90%, 5/15/45

     5,000       5,814,595  

RWJ Barnabas Health, Inc., 3.95%, 7/01/46

     8,559       8,156,479  
   

 

 

  
        31,057,020  
Total Corporate Bonds - 3.6%       46,298,982  
   
                 
Municipal Bonds                

Arizona — 2.2%

 

  

Salt River Project Agricultural Improvement & Power District, RB, Build America Bonds, Series A, 4.84%, 1/01/41 (b)

     25,000       28,863,500  

California — 34.4%

 

  

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

    

Series S-1, 6.92%, 4/01/40

     13,700       18,683,786  

Series S-1, 7.04%, 4/01/50

     9,170       13,329,879  

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

     14,000       20,255,200  

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       26,432,293  

City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, Series B (AGM),
6.60%, 3/01/41 (b)

     10,000       11,368,200  

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

     11,000       15,298,030  
Municipal Bonds   Par
(000)		     Value  

California (continued)

 

  

County of Orange California Local Transportation Authority, Refunding RB, Build America Bonds, Series A,
6.91%, 2/15/41

   $ 5,000     $ 6,814,900  

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

     14,345       16,714,364  

Los Angeles Community College District California, GO, Build America Bonds, 6.60%, 8/01/42 (b)

     10,000       13,957,100  

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

    

6.17%, 7/01/40

     37,500       41,889,375  

7.00%, 7/01/41

     17,225       19,634,088  

Metropolitan Water District of Southern California, RB, Build America Bonds, Series A, 6.95%, 7/01/40 (b)

     12,000       13,618,560  

Palomar Community College District, GO, Build America Bonds, Series B-1, 7.19%, 8/01/45

     7,500       8,615,325  

Rancho Water District Financing Authority, RB, Build America Bonds, Series A, 6.34%, 8/01/40 (b)

     20,000       22,446,200  

Riverside Community College District Foundation, GO, Build America Bonds, Series D-1, 7.02%, 8/01/40 (b)

     11,000       12,602,040  

San Diego County Regional Airport Authority, ARB, Series B, 5.59%, 7/01/43

     4,000       4,418,320  

San Diego County Regional Airport Authority, Refunding ARB, Build America Bonds, Sub-Series C, 6.63%, 7/01/40

     32,100       35,988,594  

State of California, GO, Build America Bonds:

    

7.30%, 10/01/39 (b)

     5,445       7,703,368  

Various Purpose, 7.55%, 4/01/39

     9,035       13,344,063  

Various Purpose, 7.60%, 11/01/40

     15,000       22,512,900  

Various Purposes, 7.63%, 3/01/40 (b)

     8,950       13,207,873  

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

     18,145       26,649,017  
 

 

                
   BLACKROCK TAXABLE MUNICIPAL BOND TRUST    APRIL 30, 2017    1

Schedule of Investments (continued)

   

BlackRock Taxable Municipal Bond Trust (BBN)

 

Municipal Bonds    Par
(000)		     Value  

California (continued)

 

  

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

     

5.95%, 5/15/45

    $ 24,000     $ 29,836,800  

6.30%, 5/15/50

      27,010       32,349,877  
    

 

 

  
               447,670,152  

Colorado — 3.4%

 

  

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

      6,000       8,113,800  

Regional Transportation District, COP, Build America Bonds, Series B, 7.67%, 6/01/40 (b)

      23,000       30,258,570  

State of Colorado, COP, Build America Bonds, Building Excellent Schools, Series E, 7.02%, 3/15/31

      5,000       5,765,900  
    

 

 

  
               44,138,270  

Connecticut — 1.1%

 

  

Town of Stratford Connecticut, GO, Pension Funding, 6.00%, 8/15/38

      12,000       14,602,320  

District of Columbia — 3.4%

 

  

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

      9,235       13,188,596  

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

      10,750       14,516,907  

Washington Convention & Sports Authority, Refunding RB, Series C, 7.00%, 10/01/40

      15,000       16,933,500  
    

 

 

  
               44,639,003  

Florida — 4.9%

 

  

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

      23,000       25,457,090  

County of Miami-Dade Florida Aviation Revenue, Refunding RB, Series B, 2.60%, 10/01/25

      4,510       4,334,651  

County of Miami-Dade Florida Educational Facilities Authority, Refunding RB, Series B, 5.07%, 4/01/50

      12,250       13,223,507  
Municipal Bonds    Par
(000)		     Value  

Florida (continued)

 

  

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

    $ 1,500     $ 1,658,010  

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

      2,575       2,509,209  

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

      2,500       2,834,450  

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

      13,500       14,097,375  
    

 

 

  
               64,114,292  

Georgia — 5.0%

 

  

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

     

6.64%, 4/01/57

      26,084       30,584,012  

6.66%, 4/01/57

      20,665       23,954,661  

7.06%, 4/01/57

      10,000       10,823,300  
    

 

 

  
               65,361,973  

Hawaii — 2.6%

 

  

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

      30,500       34,112,115  

Illinois — 17.6%

 

  

Chicago Transit Authority, RB:

     

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

      16,015       18,885,048  

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

      4,075       5,086,537  

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

      4,900       6,116,327  

City of Chicago Illinois, GO:

     

Build America Bonds, Series B, 7.52%, 1/01/40

      10,000       10,110,800  

Taxable Project, Recovery Zone, Series D, 6.26%, 1/01/40

      13,900       12,333,887  

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

     

6.85%, 1/01/38 (b)

      30,110       33,316,715  

6.40%, 1/01/40

      1,500       1,989,630  
 

 

                
2    BLACKROCK TAXABLE MUNICIPAL BOND TRUST    APRIL 30, 2017   

Schedule of Investments (continued)

    BlackRock Taxable Municipal Bond Trust (BBN)

 

Municipal Bonds   Par
(000)		     Value  

Illinois (continued)

 

  

City of Chicago Illinois Wastewater Transmission, RB, Build America Bonds, Series B, 6.90%, 1/01/40 (b)

   $ 36,000     $ 45,057,240  

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

     15,250       19,061,433  

Illinois Finance Authority, RB, Carle Foundation, Series A, 5.75%, 8/15/34

     5,000       5,627,600  

Illinois Municipal Electric Agency, RB, Build America Bonds, Series A, 7.29%, 2/01/35

     15,000       19,067,700  

Northern Illinois Municipal Power Agency, RB, Build America Bonds, Prairie State Project, Series A, 7.82%, 1/01/40

     5,000       6,390,650  

State of Illinois, GO, Build America Bonds:

    

6.63%, 2/01/35

     2,000       2,014,340  

6.73%, 4/01/35

     6,320       6,425,797  

Pension, 7.35%, 7/01/35

     35,855       37,627,671  
   

 

 

  
              229,111,375  

Indiana — 1.7%

 

  

Indiana Finance Authority, RB, Build America Bonds, Series B, 6.60%, 2/01/39

     7,900       10,439,139  

Indiana Municipal Power Agency, RB, Build America Bonds, Direct Payment, Series A, 5.59%, 1/01/42 (b)

     10,000       11,949,100  
   

 

 

  
              22,388,239  

Kentucky — 0.8%

 

  

City of Wickliffe Kentucky, RB, MeadWestvaco Corp.,
7.67%, 1/15/27 (a)

     9,400       10,842,712  

Maryland — 0.0%

 

  

Maryland Community Development Administration, RB, Residential Housing, Series I, 6.50%, 3/01/43

     505       505,823  

Massachusetts — 0.8%

 

  

Commonwealth of Massachusetts Transportation Fund Revenue, RB, Build America Bonds, Recovery Zone, Series B, 5.73%, 6/01/40

     5,000       6,339,450  
Municipal Bonds   Par
(000)		     Value  

Massachusetts (continued)

 

  

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

   $ 3,645     $ 3,956,247  
   

 

 

  
              10,295,697  

Michigan — 1.8%

 

  

Michigan State University, RB, Build America Bonds, General, Series A, 6.17%, 2/15/50

     5,500       6,691,410  

Michigan Tobacco Settlement Finance Authority, RB, Series A, 7.31%, 6/01/34

     16,830       16,494,578  
   

 

 

  
              23,185,988  

Minnesota — 1.2%

 

  

Southern Minnesota Municipal Power Agency, Refunding RB, Build America Bonds, Series A, 5.93%, 1/01/43

     8,000       9,430,480  

Western Minnesota Municipal Power Agency, RB, Build America Bonds, Series C, 6.77%, 1/01/46

     5,000       6,530,850  
   

 

 

  
              15,961,330  

Mississippi — 0.5%

 

  

Mississippi Development Bank, RB, Build America Bonds, Garvee, Series B, 6.41%, 1/01/40

     5,000       6,148,650  

Missouri — 1.8%

 

  

Missouri Joint Municipal Electric Utility Commission, RB, Build America Bonds, Plum Point Project, Series A,
7.73%, 1/01/39

     11,000       14,512,080  

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

     7,000       9,051,630  
   

 

 

  
              23,563,710  

Nevada — 1.3%

 

  

City of North Las Vegas Nevada, GO, Build America Bonds, 6.57%, 6/01/40

     2,500       2,525,350  

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

    

Series B, 6.88%, 7/01/42

     10,000       11,044,300  

Series C, 6.82%, 7/01/45

     2,000       2,852,560  
   

 

 

  
              16,422,210  
 

 

                
   BLACKROCK TAXABLE MUNICIPAL BOND TRUST   

APRIL 30, 2017

    3

Schedule of Investments (continued)

   

BlackRock Taxable Municipal Bond Trust (BBN)

 

Municipal Bonds    Par
(000)		      Value  

New Jersey — 13.0%

 

   

County of Camden New Jersey Improvement Authority, LRB, Build America Bonds, Cooper Medical School of Rowan University Project, Series A, 7.75%, 7/01/34

    $ 5,000      $ 5,614,900  

New Jersey EDA, RB:

      

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

      6,000        6,387,960  

Series A (NPFGC), 7.43%, 2/15/29 (b)

      20,974        25,226,688  

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

      14,360        14,993,132  

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

      

Series A, 7.10%, 1/01/41 (b)

      34,000        47,730,220  

Series F, 7.41%, 1/01/40

      6,790        9,826,081  

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

      

Series B, 6.88%, 12/15/39

      8,500        8,965,290  

Series C, 5.75%, 12/15/28

      4,500        4,738,185  

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

      44,500        46,349,420  
     

 

 

  
                169,831,876  

New York — 16.5%

 

   

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

      15,000        16,753,950  

City of New York New York Municipal Water Finance Authority, RB, Build America Bonds, 2nd General Resolution, Series DD,
6.45%, 6/15/41

      6,300        7,055,118  

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

      

Series AA, 5.79%, 6/15/41 (b)

      25,000        27,557,250  

Series CC, 6.28%, 6/15/42 (b)

      20,000        22,646,000  

Series EE, 6.49%, 6/15/42

      2,000        2,246,220  

Series GG, 6.12%, 6/15/42

      2,445        2,734,415  

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

      

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

      19,000        23,338,080  

Sub-Series C-2, 6.27%, 8/01/39

      14,795        16,106,133  
Municipal Bonds    Par
(000)		      Value  

New York (continued)

 

   

County of Nassau New York Tobacco Settlement Corp., Refunding RB, Series A1,
6.83%, 6/01/21

    $ 9,231      $ 9,083,700  

Metropolitan Transportation Authority, RB, Build America Bonds:

      

Series A, 6.67%, 11/15/39

      2,220        2,949,492  

Series C, 7.34%, 11/15/39

      13,245        19,461,408  

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

      13,000        17,306,510  

Port Authority of New York & New Jersey, ARB:

      

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

      14,825        16,282,742  

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

      2,750        3,356,787  

State of New York Dormitory Authority, RB, Build America Bonds, General Purpose, Series H, 5.39%, 3/15/40 (b)

      15,000        18,154,200  

State of New York Dormitory Authority, Refunding RB, Touro College & University, Series B, 5.75%, 1/01/29

      10,300        10,299,073  
     

 

 

  
                215,331,078  

Ohio — 7.3%

 

   

American Municipal Power, Inc., RB, Build America Bonds, Combined Hydroelectric Projects, Series B, 7.83%, 2/15/41

      10,000        14,441,600  

American Municipal Power, Inc., Refunding RB, Build America Bonds, Series B, 6.45%, 2/15/44

      10,000        12,786,400  

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

      30,575        37,842,066  

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

      7,000        7,759,640  

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

      10,055        11,167,787  

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

      10,100        10,491,476  
     

 

 

  
                94,488,969  

 

 

 

                
4    BLACKROCK TAXABLE MUNICIPAL BOND TRUST    APRIL 30, 2017   

Schedule of Investments (continued)

   

BlackRock Taxable Municipal Bond Trust (BBN)

 

Municipal Bonds    Par
(000)		      Value  

Oklahoma — 0.3%

 

   

Oklahoma Municipal Power Authority, RB, Build America Bonds, 6.44%, 1/01/45

    $ 3,500      $ 4,313,120  

Pennsylvania — 3.0%

 

   

Commonwealth Financing Authority, RB, Series A, 4.14%, 6/01/38

      10,855        10,607,072  

Pennsylvania Economic Development Financing Authority, RB, Build America Bonds, Series B, 6.53%, 6/15/39

      23,050        28,220,115  
     

 

 

  
                38,827,187  

South Carolina — 1.5%

 

   

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

      

5.74%, 1/01/30

      5,000        5,638,850  

6.45%, 1/01/50

      11,290        13,791,638  
     

 

 

  
                19,430,488  

Tennessee — 3.6%

 

   

Metropolitan Government of Nashville & Davidson County Convention Center Authority, RB, Build America Bonds, Series A2, 7.43%, 7/01/43

      35,105        46,587,846  

Texas — 10.1%

 

   

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

      10,000        10,940,700  

City of San Antonio Texas Customer Facility Charge Revenue, RB, 5.87%, 7/01/45

      7,500        7,714,050  

City of San Antonio Texas Public Service Board, RB, Build America Bonds, Electric & Gas Revenue, Series A, 6.17%, 2/01/41

      19,000        20,705,630  

City of San Antonio Texas Public Service Board, Refunding RB, Build America Bonds, Electric & Gas Revenue, Series B, 6.31%, 2/01/37 (b)

      35,000        38,775,450  

County of Bexar Texas Hospital District, GO, Build America Bonds, 5.41%, 2/15/40 (b)

      18,000        19,307,880  

Cypress-Fairbanks ISD, GO, Build America Bonds, Schoolhouse, Series B, 6.63%, 2/15/38

      14,000        15,093,960  
Municipal Bonds    Par
(000)		      Value  

Texas (continued)

 

   

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

    $ 2,500      $ 2,910,175  

Katy Texas ISD, GO, Build America Bonds, School Building, Series D,
6.35%, 2/15/41 (b)

      5,000        5,538,050  

North Texas Municipal Water District, RB, Build America Bonds, Series A,
6.01%, 9/01/40

      10,000        10,976,600  
     

 

 

  
                131,962,495  

Utah — 3.5%

 

   

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

      11,800        13,195,468  

Utah Transit Authority, RB, Build America Bonds, Subordinated, 5.71%, 6/15/40

      26,405        31,899,881  
     

 

 

  
                45,095,349  

Virginia — 2.3%

 

   

Tobacco Settlement Financing Corp., Refunding RB, Series A-1,
6.71%, 6/01/46

      35,165        29,483,743  

Washington — 2.0%

 

   

Port of Seattle Washington, RB, Series B1, 7.00%, 5/01/36

      5,000        5,482,100  

Washington State Convention Center Public Facilities District, RB, Build America Bonds, Series B,
6.79%, 7/01/40

      16,100        20,547,947  
     

 

 

  
                26,030,047  

West Virginia — 2.5%

 

   

West Virginia Tobacco Settlement Finance Authority, RB, Series A,
7.47%, 6/01/47

      33,460        32,223,318  
Total Municipal Bonds - 150.1%               1,955,532,875  
Total Long-Term Investments
(Cost — $1,745,759,365) — 153.7%		               2,001,831,857  
     
                   
Short-Term Securities    Shares          

BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.64% (c)(d)

      7,206,996        7,206,996  
Total Short-Term Securities
(Cost — $7,206,996) — 0.5%		               7,206,996  

 

 

 

                
   BLACKROCK TAXABLE MUNICIPAL BOND TRUST    APRIL 30, 2017    5

Schedule of Investments (continued)

   

BlackRock Taxable Municipal Bond Trust (BBN)

 

      Value  

Total Investments

(Cost — $1,752,966,361*) — 154.2%

    $ 2,009,038,853  

Liabilities in Excess of Other Assets — (54.2)%

      (706,307,775 ) 
  

 

 

  

Net Assets — 100.0%

    $ 1,302,731,078  
  

 

 

  
*   As of April 30, 2017, gross unrealized appreciation and depreciation based on cost for U.S. federal income tax purposes were as follows:

 

Tax cost

    $ 1,752,977,313  
  

 

 

  

Gross unrealized appreciation

    $ 264,295,976  

Gross unrealized depreciation

      (8,234,436 ) 
  

 

 

  

Net unrealized appreciation

    $ 256,061,540  
  

 

 

  
 

 

Notes to Schedule of Investments

 

(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 portion of security has been pledged as collateral in connection with outstanding reverse repurchase agreements.

 

(c)   During the period ended April 30, 2017, investments in issuers considered to be affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate  

Shares Held
at July 31,

2016

       

Net

Activity

        Shares Held
at April 30,
2017		       

Value at
April 30,

2017

       
Income		       

Net

Realized
Gain1

        Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, T-Fund, Institutional Class

     —          7,206,996          7,206,996        $ 7,206,996        $ 33,330          —          —  

BlackRock Liquidity Funds, TempFund, Institutional Class

     10,067,354          (10,067,354 )         —          —          3,304        $ 130          —  

Total

                  $ 7,206,996        $ 36,634        $ 130          —  
                

 

 

  

 

1   

Includes net capital gain distributions.

 

(d)   Current yield as of period end.

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
COP    Colombian Peso
EDA    Economic Development Authority
GO    General Obligation Bonds
HFA    Housing Finance Agency
ISD    Independent School District
LRB    Lease Revenue Bonds
NPFGC    National Public Finance Guarantee Corp.
RB    Revenue Bonds
SAN    State Aid Notes

 

 

                
6    BLACKROCK TAXABLE MUNICIPAL BOND TRUST    APRIL 30, 2017   

Schedule of Investments (continued)

   

BlackRock Taxable Municipal Bond Trust (BBN)

 

 

Reverse Repurchase Agreements  
Counterparty   Interest
Rate		      Trade
Date		      Maturity
Date 1		      Face Value      Face Value
Including
Accrued
Interest		      Type of Non-Cash
Underlying
Collateral		      Remaining
Contractual
Maturity of
the Agreements 2		  

RBC Capital Markets LLC

     0.85%        11/02/16        Open      $ 10,100,000      $ 10,142,925        Municipal Bonds        Open/Demand  

Mitsubishi UFJ Securities (USA), Inc.

     1.10%        12/06/16        Open        7,267,986        7,297,583        Municipal Bonds        Open/Demand  

Barclays Capital, Inc.

     0.95%        12/15/16        Open        28,710,788        28,813,827        Municipal Bonds        Open/Demand  

Barclays Capital, Inc.

     0.95%        12/15/16        Open        13,425,000        13,473,181        Municipal Bonds        Open/Demand  

Barclays Capital, Inc.

     0.95%        12/15/16        Open        14,190,000        14,240,926        Municipal Bonds        Open/Demand  

Barclays Capital, Inc.

     0.95%        12/15/16        Open        8,583,750        8,614,556        Municipal Bonds        Open/Demand  

Barclays Capital, Inc.

     0.95%        12/15/16        Open        5,156,250        5,174,755        Municipal Bonds        Open/Demand  

Barclays Capital, Inc.

     0.95%        12/15/16        Open        20,675,000        20,749,200        Municipal Bonds        Open/Demand  

Barclays Capital, Inc.

     0.95%        12/15/16        Open        9,950,000        9,985,709        Municipal Bonds        Open/Demand  

Barclays Capital, Inc.

     0.95%        12/15/16        Open        23,488,750        23,573,049        Municipal Bonds        Open/Demand  

Barclays Capital, Inc.

     0.95%        12/15/16        Open        16,231,250        16,289,502        Municipal Bonds        Open/Demand  

Barclays Capital, Inc.

     1.00%        12/15/16        Open        27,937,500        28,043,042        Municipal Bonds        Open/Demand  

Barclays Capital, Inc.

     1.05%        12/15/16        Open        9,765,919        9,804,657        Municipal Bonds        Open/Demand  

Mitsubishi UFJ Securities (USA), Inc.

     1.10%        12/16/16        Open        24,797,500        24,898,274        Municipal Bonds        Open/Demand  

Mitsubishi UFJ Securities (USA), Inc.

     1.10%        12/16/16        Open        27,485,000        27,596,696        Municipal Bonds        Open/Demand  

Mitsubishi UFJ Securities (USA), Inc.

     1.10%        12/16/16        Open        21,135,600        21,221,493        Municipal Bonds        Open/Demand  

Mitsubishi UFJ Securities (USA), Inc.

     1.10%        12/16/16        Open        30,139,700        30,262,184        Municipal Bonds        Open/Demand  

Mitsubishi UFJ Securities (USA), Inc.

     1.10%        12/16/16        Open        21,196,400        21,282,540        Municipal Bonds        Open/Demand  

Mitsubishi UFJ Securities (USA), Inc.

     1.10%        12/16/16        Open        10,503,000        10,545,683        Municipal Bonds        Open/Demand  

Mitsubishi UFJ Securities (USA), Inc.

     1.10%        12/16/16        Open        20,694,000        20,778,098        Municipal Bonds        Open/Demand  

RBC Capital Markets LLC

     1.25%        12/19/16        Open        23,274,225        23,380,899        Municipal Bonds        Open/Demand  

RBC Capital Markets LLC

     1.25%        12/19/16        Open        12,720,000        12,778,300        Municipal Bonds        Open/Demand  

RBC Capital Markets LLC

     1.25%        12/19/16        Open        38,343,750        38,519,492        Municipal Bonds        Open/Demand  

RBC Capital Markets LLC

     1.25%        12/19/16        Open        11,632,500        11,685,816        Municipal Bonds        Open/Demand  

RBC Capital Markets LLC

     1.25%        12/19/16        Open        15,150,000        15,219,438        Municipal Bonds        Open/Demand  

RBC Capital Markets LLC

     1.25%        12/19/16        Open        11,948,250        12,003,013        Municipal Bonds        Open/Demand  

RBC Capital Markets LLC

     1.25%        12/19/16        Open        12,480,000        12,537,200        Municipal Bonds        Open/Demand  

RBC Capital Markets LLC

     1.25%        12/19/16        Open        26,460,000        26,581,275        Municipal Bonds        Open/Demand  

RBC Capital Markets LLC

     1.25%        12/19/16        Open        35,612,500        35,775,724        Municipal Bonds        Open/Demand  

 

                
   BLACKROCK TAXABLE MUNICIPAL BOND TRUST    APRIL 30, 2017    7

Schedule of Investments (continued)   

BlackRock Taxable Municipal Bond Trust (BBN)

 

 

Reverse Repurchase Agreements  
Counterparty   Interest
Rate		      Trade
Date		      Maturity
Date 1		      Face Value      Face Value
Including
Accrued
Interest		      Type of Non-Cash
Underlying
Collateral		      Remaining
Contractual
Maturity of
the Agreements 2		  

Mitsubishi UFJ Securities (USA), Inc.

     1.15%        12/20/16        Open      $ 45,131,600      $ 45,320,463        Municipal Bonds        Open/Demand  

RBC Capital Markets LLC

     1.25%        12/21/16        Open        28,340,000        28,467,924        Municipal Bonds        Open/Demand  

RBC Capital Markets LLC

     1.25%        1/13/17        Open        3,641,355        3,655,010        Municipal Bonds        Open/Demand  

Mitsubishi UFJ Securities (USA), Inc.

     1.35%        2/09/17        Open        16,639,500        16,683,641        Municipal Bonds        Open/Demand  

RBC Capital Markets LLC

     1.25%        2/27/17        Open        10,700,000        10,723,035        Municipal Bonds        Open/Demand  

Deutsche Bank Securities, Inc.

     1.30%        3/16/17        Open        37,678,000        37,739,227        Municipal Bonds        Open/Demand  

Deutsche Bank Securities, Inc.

     1.50%        3/16/17        Open        28,462,000        28,515,366        Municipal Bonds        Open/Demand  

Deutsche Bank Securities, Inc.

     1.50%        3/16/17        Open        15,174,000        15,202,451        Municipal Bonds        Open/Demand  

Total

 

    $ 724,821,073      $ 727,576,154        
          

 

 

        

 

  1   

The amount to be repurchased assumes the maturity will be the day after the period end.

  2   

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

 

Contracts

Short

        Issue   Expiration     Notional
Value		     Unrealized
Depreciation		  
  (739 )       5-Year U.S. Treasury Note     June 2017     $ 87,502,219     $ (506,488 ) 
  (676 )       10-Year U.S. Treasury Note     June 2017     $ 84,985,875       (840,173 ) 
  (1,041 )       Long U.S. Treasury Bond     June 2017     $ 159,240,469       (2,188,965 ) 
  (370 )       Ultra U.S. Treasury Bond     June 2017     $ 60,286,875       (989,842 ) 
  Total              $ (4,525,468 ) 
          

 

 

  

 

                
8    BLACKROCK TAXABLE MUNICIPAL BOND TRUST    APRIL 30, 2017   

Schedule of Investments (concluded)

   

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 semi-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 Investments1

    —        $ 2,001,831,857          —        $ 2,001,831,857  

Short-Term Securities

   $ 7,206,996          —          —          7,206,996  
 

 

 

  

Total

   $ 7,206,996        $ 2,001,831,857          —        $ 2,009,038,853  
Derivative Financial Instruments 2                                         

Liabilities:

                 

Interest rate contracts

   $ (4,525,468 )         —          —        $ (4,525,468 ) 

 

  1   

See above Schedule of Investments for values in each industry.

  2   

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 of $727,576,154 are categorized as Level 2 within the disclosure hierarchy.

During the period ended April 30, 2017, there were no transfers between levels.

 

                
  

BLACKROCK TAXABLE MUNICIPAL BOND TRUST

    APRIL 30, 2017    9

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 22, 2017

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 22, 2017

 

By:     /s/ Neal J. Andrews                        
  Neal J. Andrews
  Chief Financial Officer (principal financial officer) of
  BlackRock Taxable Municipal Bond Trust

Date: June 22, 2017