NPORT-EX 2 BRTaxableMunicipalBondTrust.htm EX-BBN

Schedule of Investments  (unaudited)

October 31, 2019

   

BlackRock Taxable Municipal Bond Trust (BBN)

(Percentages shown are based on Net Assets)

 

    
Security		   Par
(000)		     Value  

Corporate Bonds — 7.7%

 

Diversified Financial Services — 0.3%  

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

   $ 2,466     $ 3,410,117  
   

 

 

  
Education — 3.2%  

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

     7,191       8,578,604  

Rensselaer Polytechnic Institute, Series 2018, 5.25%, 09/01/48

     20,000       24,557,664  

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

     11,000       12,839,323  
   

 

 

  
      45,975,591  
Health Care Providers & Services — 4.2%  

CommonSpirit Health:

    

3.35%, 10/01/29

     1,006       1,013,807  

3.82%, 10/01/49

     7,750       7,753,598  

4.19%, 10/01/49

     5,618       5,755,371  

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

     7,371       8,473,801  

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

     5,000       6,885,494  

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

     5,065       6,521,360  

Toledo Hospital, 5.75%, 11/15/38

     20,100       23,459,198  
   

 

 

  
      59,862,629  
   

 

 

  

Total Corporate Bonds — 7.7%
(Cost — $94,111,202)

 

     109,248,337  
   

 

 

  

Municipal Bonds — 149.6%

 

Arizona — 2.2%  

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

     24,545       30,828,520  
   

 

 

  
California — 31.0%  

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

    

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

     13,700       20,152,152  

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

     1,920       3,183,571  

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

     14,000       23,345,140  

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       28,610,718  

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       10,559,300  
    
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     $ 17,810,870  

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

     5,000       7,260,200  

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

     14,345       17,095,367  

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

     10,000       15,528,500  

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

    

6.17%, 07/01/40(b)

     37,500       38,545,500  

7.00%, 07/01/41

     17,225       17,838,210  

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

     12,000       12,387,600  

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

     7,500       7,798,950  

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

    

6.34%, 08/01/20

     165       170,565  

6.34%, 08/01/20

     19,835       20,448,893  

Riverside Community College District Foundation, GO, Build America Bonds, Series D-1, 7.02%, 08/01/20(c)

     11,000       11,424,600  

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

     4,000       4,583,200  

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

     32,100       33,021,270  

State of California, GO, Build America Bonds:

    

7.55%, 04/01/39

     9,035       14,857,515  

7.60%, 11/01/40(b)

     15,000       25,355,700  

Various Purpose, 7.63%, 03/01/40

     8,950       14,584,115  

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

     18,145       28,448,820  

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

    

5.95%, 05/15/45

     24,000       33,109,920  
 

 

 

     1  

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

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     $ 34,803,736  
   

 

 

  
      440,924,412  
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       8,661,900  

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

     23,000       35,509,930  

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

     5,000       5,338,800  
   

 

 

  
      49,510,630  
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       17,458,322  

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

     9,235       15,146,601  

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

     15,000       15,711,750  
   

 

 

  
      48,316,673  
Florida — 4.7%  

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

     23,000       23,773,030  

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

     12,250       15,992,498  

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

     1,500       1,504,215  

Florida Development Finance Corp., RB, Midtown Compus Properties,
7.00%, 12/01/48(a)

     4,500       4,544,640  

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

     2,575       2,961,559  

Town of Davie Florida Water & Sewer, RB, Build America Bonds, Series B (AGM), 6.85%, 10/01/20(c)

     2,500       2,615,150  
Security   Par
(000)		     Value  
Florida (continued)  

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

   $ 13,500     $ 15,972,525  
   

 

 

  
      67,363,617  
Georgia — 6.1%  

Municipal Electric Authority of Georgia, Refunding RB, Build America Bonds, Series A:

    

6.64%, 04/01/57

     26,923       37,279,201  

6.66%, 04/01/57

     24,891       35,662,332  

7.06%, 04/01/57

     9,945       13,949,553  
   

 

 

  
      86,891,086  
Hawaii — 2.2%  

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

     30,500       31,533,340  
   

 

 

  
Illinois — 18.3%  

Chicago Board of Education, GO:

    

Build America Bonds, 6.52%, 12/01/40

     9,745       11,120,604  

Taxable Build America Bonds, 6.04%, 12/01/29

     12,565       13,925,413  

Taxable Build America Bonds, 6.14%, 12/01/39

     2,085       2,321,251  

Taxable Qualified School Construction Bonds, 6.32%, 11/01/29

     9,465       10,778,458  

Chicago O’Hare International Airport, Refunding ARB, Build America Bonds, Series B:

    

General 3rd Lien, 6.85%, 01/01/38(b)

     30,110       30,352,084  

6.40%, 01/01/40

     1,500       2,204,985  

Chicago Transit Authority, RB:

    

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

     16,015       21,418,461  

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

     4,075       5,650,354  

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

     4,900       6,788,754  

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

     36,000       50,214,240  

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

     15,250       21,249,960  

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

     5,000       5,360,500  
 

 

 

2   

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

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      $ 20,528,400  

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

     5,000        7,541,400  

State of Illinois, GO, Build America Bonds:

     

6.73%, 04/01/35

     6,320        7,427,959  

Pension, 7.35%, 07/01/35

     35,855        43,359,452  
    

 

 

  
       260,242,275  
Indiana — 1.8%  

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

     7,900        11,901,429  

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

     10,000        13,102,000  
    

 

 

  
       25,003,429  
Kentucky — 1.2%  

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

     13,800        17,661,102  
    

 

 

  
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        6,706,050  

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

     1,225        1,260,084  
    

 

 

  
       7,966,134  
Michigan — 3.4%  

Michigan Finance Authority, RB, Series D, 5.02%, 11/01/43

     7,500        9,258,975  

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

     5,500        7,042,365  

Michigan State University, Refunding RB, Taxable, Series A, 4.50%, 08/15/48

     14,575        16,339,304  

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

     15,165        15,632,840  
    

 

 

  
       48,273,484  
Minnesota — 1.3%  

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

     8,000        11,038,320  
Security   Par
(000)		      Value  
Minnesota (continued)  

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

   $ 5,000      $ 7,835,000  
    

 

 

  
       18,873,320  
Mississippi — 0.5%  

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

     5,000        7,267,450  
    

 

 

  
Missouri — 1.9%  

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

     11,000        16,879,390  

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

     7,000        9,850,820  
    

 

 

  
       26,730,210  
Nevada — 0.3%  

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

     1,420        1,839,454  

County of Clark Nevada Department of Aviation, ARB, Build America Bonds, Series C, 6.82%, 07/01/45

     2,000        3,183,720  
    

 

 

  
       5,023,174  
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(b)

     5,000        5,182,050  

New Jersey EDA, RB:

     

Build America Bonds, Series CC-1, 6.43%, 06/15/20(c)

     6,385        6,518,766  

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

     20,974        26,746,884  

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

     14,360        14,622,070  

New Jersey State Turnpike Authority,

RB, Build America Bonds:

     

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

     34,000        53,153,560  

Series F, 7.41%, 01/01/40

     6,790        10,846,957  

New Jersey Transportation Trust Fund

Authority, RB, Build America Bonds:

     

Series B, 6.88%, 12/15/39

     12,525        12,553,932  

Series C, 5.75%, 12/15/28

     4,500        5,204,880  

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

     45,900        47,770,425  
 

 

 

     3  

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock Taxable Municipal Bond Trust (BBN)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		      Value  
New Jersey (continued)  

Rutgers—The State University of New Jersey, RB, Rutgers University, Series P, 3.92%, 05/01/19

   $ 7,275      $ 7,284,967  
    

 

 

  
       189,884,491  
New York — 15.3%  

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

     15,000        15,515,100  

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

     6,300        6,475,707  

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        25,556,750  

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

     20,000        20,972,000  

Series EE, 6.49%, 06/15/42(b)

     2,000        2,055,780  

Series GG, 6.12%, 06/15/42

     2,445        2,502,873  

City of New York Transitional Finance Authority Future Tax Secured Revenue, RB, Build America Bonds, Future Tax Secured, Sub-Series B-1, 5.57%, 11/01/38(b)

     19,000        24,549,710  

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

     9,231        9,261,665  

Metropolitan Transportation Authority, RB, Build America Bonds:

     

6.67%, 11/15/39

     2,220        3,193,825  

7.34%, 11/15/39(b)

     13,245        21,138,888  

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

     13,000        18,457,010  

Series E, 6.81%, 11/15/40

     6,000        8,564,400  

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

     4,450        4,880,003  

Port Authority of New York & New Jersey, ARB:

     

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

     14,825        19,520,670  

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

     2,750        3,759,278  

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

     3,860        5,189,770  

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

     15,000        19,596,600  
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      $ 6,431,842  
    

 

 

  
       217,621,871  
Ohio — 7.1%  

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

     10,000        16,011,500  

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

     10,000        14,351,500  

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

     30,575        46,023,936  

Mariemont City School District, GO, Refunding, Build America Bonds, Series B, 6.55%, 12/01/20(b)(c)

     10,055        10,574,843  

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

     10,100        13,618,941  
    

 

 

  
       100,580,720  
Oklahoma — 0.3%  

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

     3,500        4,877,950  
    

 

 

  
Pennsylvania — 3.5%  

Commonwealth Financing Authority, RB, Series A:

     

Plancon Program, 3.86%, 06/01/38

     4,350        4,748,939  

4.14%, 06/01/38

     6,200        7,027,390  

3.81%, 06/01/41

     4,920        5,387,990  

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

     23,050        32,448,637  
    

 

 

  
       49,612,956  
Puerto Rico — 2.8%  

Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series B:

     

5.00%, 07/01/23

     2,570        2,528,366  

5.35%, 07/01/27

     18,075        17,297,594  

6.15%, 07/01/38

     2,160        2,072,455  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured, Series A-2:

     

4.33%, 07/01/40

     5,000        5,066,100  
 

 

 

4   

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock Taxable Municipal Bond Trust (BBN)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		      Value  
Puerto Rico (continued)  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured, Series A-2 (continued):

     

4.78%, 07/01/58

   $ 12,447      $ 12,810,826  
    

 

 

  
       39,775,341  
South Carolina — 1.6%  

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

     

Build America Bonds,
6.45%, 01/01/50

     11,290        17,040,787  

Santee Cooper, 5.74%, 01/01/30

     5,000        6,194,500  
    

 

 

  
       23,235,287  
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        6,314,402  

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

     35,105        52,523,048  
    

 

 

  
       58,837,450  
Texas — 6.5%  

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

     10,000        10,660,200  

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

     7,500        8,409,900  

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        19,199,500  

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        35,360,850  

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

     2,500        3,353,350  

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

     5,000        5,056,050  
Security   Par
(000)		      Value  
Texas (continued)  

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

   $ 10,000      $ 10,317,200  
    

 

 

  
       92,357,050  
Utah — 3.4%  

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

     11,800        11,843,424  

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

     26,405        36,364,966  
    

 

 

  
       48,208,390  
Virginia — 2.6%  

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

     38,350        37,411,576  
    

 

 

  
Washington — 1.6%  

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

     16,100        22,384,796  
    

 

 

  
West Virginia — 4.6%  

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

     39,065        40,502,983  

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

     20,000        24,585,298  
    

 

 

  
       65,088,281  
Wisconsin — 0.5%  

Public Finance Authority, RB, Seattle Proton Center, Series A(a):

     

7.55%, 12/01/30

     1,470        1,548,586  

7.63%, 12/01/48

     5,310        5,478,221  
    

 

 

  
       7,026,807  
    

 

 

  

Total Municipal Bonds — 149.6%
(Cost — $1,737,747,694)

 

      2,129,311,822  
    

 

 

  

Total Long-Term Investments — 157.3%
(Cost — $1,831,858,896)

 

      2,238,560,159  
    

 

 

  
 

 

 

     5  

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock Taxable Municipal Bond Trust (BBN)

(Percentages shown are based on Net Assets)

 

Security   Shares      Value  

Short-Term Securities — 0.2%

 

BlackRock Liquidity Funds, T-Fund, Institutional Class,
1.70%, 12/31/50(d)(e)

     2,575,239      $ 2,575,239  
    

 

 

  

Total Short-Term Securities — 0.2%
(Cost — $2,575,239)

 

      2,575,239  
    

 

 

  

Total Investments — 157.5%
(Cost — $1,834,434,135)

 

      2,241,135,398  

Liabilities in Excess of Other Assets — (57.5)%

 

      (818,353,806 ) 
    

 

 

  

Net Assets — 100.0%

 

    $ 1,422,781,592  
    

 

 

  
 
(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, 2019, investments in issuers considered to be an affiliate/affiliates 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
07/31/19		        Net
Activity		        Shares
Held at
10/31/19		        Value at
10/31/19		        Income        Net
Realized
Gain (Loss)(a)		        Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, T-Fund, Institutional Class

      5,709,848          (3,134,609 )         2,575,239        $ 2,575,239        $ 73,691        $ —        $ —  
                 

 

 

       

 

 

       

 

 

       

 

 

  

 

  (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
GTD    Guaranteed
HFA    Housing Finance Agency
ISD    Independent School District
LRB    Lease Revenue Bonds
M/F    Multi-Family
NPFGC    National Public Finance Guarantee Corp.
PSF-GTD    Permanent School Fund Guaranteed
RB    Revenue Bonds

 

 

6   

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock Taxable Municipal Bond Trust (BBN)

 

 

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)		  

Mitsubishi UFJ Securities (USA) Inc.

      2.57 %       12/03/18          Open        $ 3,934,350        $ 4,034,583          Municipal Bonds          Open/Demand  

Mitsubishi UFJ Securities (USA) Inc.

      2.17        01/02/19          Open          2,907,000          2,970,410          Corporate Bonds          Open/Demand  

Mitsubishi UFJ Securities (USA) Inc.

      2.52        02/19/19          Open          7,559,400          7,704,414          Municipal Bonds          Open/Demand  

Mitsubishi UFJ Securities (USA) Inc.

      2.57        02/28/19          Open          4,915,500          5,008,071          Municipal Bonds          Open/Demand  

Mitsubishi UFJ Securities (USA) Inc.

      2.52        03/26/19          Open          29,380,000          29,862,224          Municipal Bonds          Open/Demand  

Mitsubishi UFJ Securities (USA) Inc.

      2.52        03/26/19          Open          24,282,500          24,681,057          Municipal Bonds          Open/Demand  

Mitsubishi UFJ Securities (USA) Inc.

      2.52        03/26/19          Open          31,411,100          31,926,661          Municipal Bonds          Open/Demand  

Mitsubishi UFJ Securities (USA) Inc.

      2.52        03/26/19          Open          46,212,800          46,971,306          Municipal Bonds          Open/Demand  

Mitsubishi UFJ Securities (USA) Inc.

      2.52        03/26/19          Open          10,018,000          10,182,429          Municipal Bonds          Open/Demand  

Mitsubishi UFJ Securities (USA) Inc.

      2.52        03/26/19          Open          7,525,500          7,649,019          Municipal Bonds          Open/Demand  

Mitsubishi UFJ Securities (USA) Inc.

      2.52        03/26/19          Open          17,398,500          17,684,067          Municipal Bonds          Open/Demand  

Mitsubishi UFJ Securities (USA) Inc.

      2.52        03/26/19          Open          21,889,900          22,249,186          Municipal Bonds          Open/Demand  

Mitsubishi UFJ Securities (USA) Inc.

      2.52        03/26/19          Open          16,810,500          17,086,416          Municipal Bonds          Open/Demand  

Mitsubishi UFJ Securities (USA) Inc.

      2.52        03/26/19          Open          21,318,000          21,667,899          Municipal Bonds          Open/Demand  

Mitsubishi UFJ Securities (USA) Inc.

      2.52        03/26/19          Open          29,092,800          29,570,310          Municipal Bonds          Open/Demand  

Mitsubishi UFJ Securities (USA) Inc.

      2.52        03/26/19          Open          19,994,000          20,322,168          Municipal Bonds          Open/Demand  

Mitsubishi UFJ Securities (USA) Inc.

      2.57        03/26/19          Open          25,012,000          25,430,138          Municipal Bonds          Open/Demand  

Mitsubishi UFJ Securities (USA) Inc.

      2.57        03/26/19          Open          13,620,600          13,848,302          Municipal Bonds          Open/Demand  

Mitsubishi UFJ Securities (USA) Inc.

      2.57        03/26/19          Open          5,796,000          5,892,895          Municipal Bonds          Open/Demand  

Mitsubishi UFJ Securities (USA) Inc.

      2.57        03/26/19          Open          43,466,400          44,193,050          Municipal Bonds          Open/Demand  

Mitsubishi UFJ Securities (USA) Inc.

      2.57        03/26/19          Open          18,350,200          18,656,969          Municipal Bonds          Open/Demand  

Mitsubishi UFJ Securities (USA) Inc.

      2.57        03/26/19          Open          2,782,400          2,828,915          Municipal Bonds          Open/Demand  

Barclays Bank PLC

      2.25        08/27/19          Open          12,663,750          12,718,978          Corporate Bonds          Open/Demand  

Barclays Bank PLC

      2.35        08/27/19          Open          7,156,250          7,188,771          Municipal Bonds          Open/Demand  

Barclays Bank PLC

      2.40        08/27/19          Open          9,162,619          9,205,098          Municipal Bonds          Open/Demand  

 

 

     7  

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

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 Bank PLC

      2.40 %       08/27/19          Open        $ 16,734,375        $ 16,811,957          Municipal Bonds          Open/Demand  

Barclays Bank PLC

      2.40        08/27/19          Open          14,137,500          14,203,043          Municipal Bonds          Open/Demand  

Barclays Bank PLC

      2.40        08/27/19          Open          18,694,487          18,781,157          Municipal Bonds          Open/Demand  

Barclays Bank PLC

      2.40        08/27/19          Open          154,894          155,612          Municipal Bonds          Open/Demand  

Barclays Bank PLC

      2.40        08/27/19          Open          4,606,250          4,627,605          Municipal Bonds          Open/Demand  

Barclays Bank PLC

      2.40        08/27/19          Open          22,108,750          22,211,249          Municipal Bonds          Open/Demand  

Barclays Bank PLC

      2.40        08/27/19          Open          16,733,750          16,811,330          Municipal Bonds          Open/Demand  

Barclays Bank PLC

      2.40        08/27/19          Open          9,590,000          9,634,460          Municipal Bonds          Open/Demand  

Barclays Bank PLC

      2.40        08/27/19          Open          31,144,462          31,288,852          Municipal Bonds          Open/Demand  

RBC Capital Markets LLC

      2.40        08/27/19          Open          7,400,000          7,435,407          Municipal Bonds          Open/Demand  

RBC Capital Markets LLC

      2.40        08/28/19          Open          1,995,000          2,004,399          Municipal Bonds          Open/Demand  

RBC Capital Markets LLC

      2.40        08/28/19          Open          31,233,513          31,380,657          Municipal Bonds          Open/Demand  

RBC Capital Markets LLC

      2.40        08/28/19          Open          28,773,956          28,909,514          Municipal Bonds          Open/Demand  

RBC Capital Markets LLC

      2.40        08/28/19          Open          33,000,000          33,155,467          Municipal Bonds          Open/Demand  

RBC Capital Markets LLC

      2.40        08/28/19          Open          21,210,000          21,309,923          Municipal Bonds          Open/Demand  

RBC Capital Markets LLC

      2.40        08/28/19          Open          35,580,000          35,747,621          Municipal Bonds          Open/Demand  

RBC Capital Markets LLC

      2.40        08/28/19          Open          34,037,500          34,197,854          Municipal Bonds          Open/Demand  

RBC Capital Markets LLC

      2.40        08/28/19          Open          37,265,625          37,441,187          Municipal Bonds          Open/Demand  

RBC Capital Markets LLC

      2.40        08/28/19          Open          42,280,000          42,479,186          Municipal Bonds          Open/Demand  

RBC Capital Markets LLC

      2.40        10/24/19          Open          11,270,000          11,275,259          Municipal Bonds          Open/Demand  
               

 

 

       

 

 

            
     $ 850,610,131        $ 859,395,075            
               

 

 

       

 

 

            

 

  (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

        794          12/19/19          103,456        $ 520,050  

Long U.S. Treasury Bond

        1,736          12/19/19          280,147          2,801,275  

5-Year U.S. Treasury Note

        50          12/31/19          5,960          29,679  
                   

 

 

  
                    $ 3,351,004  
                   

 

 

  

 

 

8   

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

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 BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee”) 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 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. 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)

    $ —        $ 2,238,560,159        $ —        $ 2,238,560,159  

Short-Term Securities

     2,575,239          —          —          2,575,239  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 2,575,239        $ 2,238,560,159        $ —        $ 2,241,135,398  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(b)

 

Assets:

 

Interest rate contracts

   $ 3,351,004        $ —        $ —        $ 3,351,004  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

See above Schedule of Investments for values in each industry, state or political sub division.

 
  (b) 

Derivative financial instruments are futures contracts. Futures contracts 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 $859,395,075 is categorized as Level 2 within the disclosure hierarchy.

 

 

     9