Name of Fund: |
Fund Address: | 100 Bellevue Parkway, Wilmington, DE 19809 |
JUNE 30, 2022 |
2022 Semi-Annual Report (Unaudited) |
Not FDIC Insured • May Lose Value • No Bank Guarantee |
Total Cumulative Distributions for the Fiscal Period |
% Breakdown of the Total Cumulative Distributions for the Fiscal Period |
|||||||||||||||||||||||||||||||||||||||||
Trust Name |
Net Income |
Net Realized Capital Gains Short-Term |
Net Realized Capital Gains Long-Term |
Return of Capital |
(a) |
Total Per Common Share |
Net Income |
Net Realized Capital Gains Short-Term |
Net Realized Capital Gains Long-Term |
Return of Capital |
Total Per Common Share |
|||||||||||||||||||||||||||||||
BBN |
$ | 0.595445 | $ | — | $ | — | $ | 0.019055 | $ | 0.614500 | 97 | % | — | % | — | % | 3 | % | 100% | |||||||||||||||||||||||
(a) |
The Trust estimates that it has distributed more than its net income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Trust is returned to the shareholder. A return of capital does not necessarily reflect the Trust’s investment performance and should not be confused with “yield” or “income.” When distributions exceed total return performance, the difference will reduce the Trust’s net asset value per share. |
2 |
2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Total Returns as of June 30, 2022 | ||||
6-Month |
12-Month | |||
U.S. large cap equities (S&P 500 ® Index) |
(19.96)% | (10.62)% | ||
U.S. small cap equities (Russell 2000 ® Index) |
(23.43) | (25.20) | ||
International equities (MSCI Europe, Australasia, Far East Index) |
(19.57) | (17.77) | ||
Emerging market equities (MSCI Emerging Markets Index) |
(17.63) | (25.28) | ||
3-month Treasury bills(ICE BofA 3-Month U.S. Treasury Bill Index) |
0.15 | 0.18 | ||
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index) |
(11.34) | (10.94) | ||
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) |
(10.35) | (10.29) | ||
Tax-exempt municipal bonds(Bloomberg Municipal Bond Index) |
(8.98) | (8.57) | ||
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) |
(14.19) | (12.82) | ||
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |
T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T |
3 |
Page |
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2 | ||||
3 | ||||
Semi-Annual Report: |
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5 | ||||
5 | ||||
6 | ||||
Financial Statements: |
||||
9 | ||||
16 | ||||
17 | ||||
18 | ||||
19 | ||||
20 | ||||
21 | ||||
27 | ||||
30 | ||||
33 |
4 |
T H E B E N E F I T S A N D R I S K S O F L E V E R A G I N G / D E R I V A T I V E F I N A N C I A L I N S T R U M E N T S |
5 |
Trust Summary as of June 30, 2022 |
BlackRock Taxable Municipal Bond Trust (BBN) |
Symbol on New York Stock Exchange |
BBN | |
Initial Offering Date |
August 27, 2010 | |
Current Distribution Rate on Closing Market Price as of June 30, 2022 ($19.16) (a) |
7.70% | |
Current Monthly Distribution per Common Share (b) |
$ 0.1229 | |
Current Annualized Distribution per Common Share (b) |
$ 1.4748 | |
Leverage as of June 30, 2022 (c) |
33% |
(a) |
Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results. |
(b) |
The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |
(c) |
Represents reverse repurchase agreements as a percentage of total managed assets, which is the total assets of the Trust (including any assets attributable to any borrowings) minus the sum of its liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
6 |
2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Trust Summary as of June 30, 2022 (continued) |
BlackRock Taxable Municipal Bond Trust (BBN) |
06/30/22 |
12/31/21 |
Change |
High |
Low |
||||||||||||||||
Closing Market Price |
$ | $ | (26.81 | )% | $ | |
$ | |
||||||||||||
Net Asset Value |
|
|
|
|
|
(23.55 |
) |
|
|
|
|
Average Annual Total Returns | ||||||||||||||||||
6-month |
1 Year |
5 Years |
10 Years |
|||||||||||||||
Trust at NAV (a)(b) |
(21.23 | )% | (19.24 | )% | 2.43 | % | 4.98 | % | ||||||||||
Trust at Market Price (a)(b) |
(24.60 | ) | (20.87 | ) | 2.62 | 5.01 | ||||||||||||
Bloomberg Taxable Municipal Bond Index (c) |
|
(13.97 |
) |
|
(13.42 |
) |
|
2.15 |
|
|
3.40 |
|
(a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Trust’s use of leverage. |
(b) |
The Trust moved from a premium to NAV to a discount during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
(c) |
An index that is a flagship measure of the taxable municipal bond market over 1 year to maturity. To be included in the index, bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies if all three rate the bond: Moody’s, S&P, Fitch. |
T R U S T S U M M A R Y |
7 |
Trust Summary as of June 30, 2022 (continued) |
BlackRock Taxable Municipal Bond Trust (BBN) |
Sector (a)(b) |
06/30/22 |
|||||||
County/City/Special District/School District |
25.8 | % | ||||||
Utilities |
18.4 | |||||||
Transportation |
14.6 | |||||||
State |
14.0 | |||||||
Education |
13.8 | |||||||
Tobacco |
6.9 | |||||||
Health Care Providers & Services |
2.0 | |||||||
Health |
1.4 | |||||||
Other* |
|
3.1 |
|
Calendar Year Ended December 31, (a)(c) |
Percentage |
|||
2022 |
0.6 | % | ||
2023 |
0.5 | |||
2024 |
0.6 | |||
2025 |
2.3 | |||
2026 |
|
0.1 |
|
Credit Rating (a)(d) |
06/30/22 |
|||||||
AAA/Aaa |
3.2 | % | ||||||
AA/Aa |
40.6 | |||||||
A |
33.9 | |||||||
BBB/Baa |
12.6 | |||||||
BB/Ba |
3.2 | |||||||
B |
1.7 | |||||||
CCC/Caa |
— | (e) | ||||||
N/R (f) |
|
4.8 |
|
(a) |
Excludes short-term securities. |
(b) |
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. (c) Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
(d) |
For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(e) |
Rounds to less than 0.1% of total investments. |
(f) |
The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of June 30, 2022, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Trust’s total investments. |
* | Includes one or more investment categories that individually represents less than 1.0% of the Trust’s total investments. Please refer to the Schedule of Investments for details. |
8 |
2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) June 30, 2022 |
BlackRock Taxable Municipal Bond Trust (BBN) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Corporate Bonds |
| |||||||
Diversified Financial Services — 0.2% |
| |||||||
Western Group Housing LP, 6.75%, 03/15/57 (a) |
$ | 2,425 | $ | 2,836,115 | ||||
|
|
|||||||
Education — 3.6% |
| |||||||
Grand Canyon University, 5.13%, 10/01/28 |
9,377 | 8,751,460 | ||||||
Massachusetts Higher Education Assistance Corp., Series 2021, 2.67%, 07/01/31 |
5,000 | 4,373,654 | ||||||
Rensselaer Polytechnic Institute, 5.25%, 09/01/48 |
18,190 | 18,634,336 | ||||||
Wesleyan University, 4.78%, 07/01/2116 (b) |
11,000 | 10,000,638 | ||||||
|
|
|||||||
41,760,088 | ||||||||
Electric Utilities — 0.7% |
| |||||||
Rayburn Country Securitization LLC, 3.35%, 12/01/51 (a) |
10,000 | 8,403,844 | ||||||
|
|
|||||||
Health Care Providers & Services — 3.0% |
| |||||||
Baptist Health Obligated Group, Series 2019, 4.10%, 12/01/49 |
6,300 | 5,417,715 | ||||||
Ochsner Clinic Foundation, 5.90%, 05/15/45 (b) |
5,000 | 5,505,577 | ||||||
PeaceHealth Obligated Group, Series 2018, 4.79%, 11/15/48 (b) |
5,065 | 5,031,670 | ||||||
West Virginia United Health System Obligated Group, Series 2018, 4.92%, 06/01/48 |
20,000 | 19,367,678 | ||||||
|
|
|||||||
35,322,640 | ||||||||
Real Estate Management & Development — 0.7% |
| |||||||
Bridge Housing Corp., 3.25%, 07/15/30 |
9,020 | 7,961,221 | ||||||
|
|
|||||||
Total Corporate Bonds — 8.2% (Cost: $102,051,808) |
96,283,908 | |||||||
|
|
|||||||
Municipal Bonds |
| |||||||
Arizona — 2.2% |
| |||||||
Salt River Project Agricultural Improvement & Power District, RB, BAB, 4.84%, 01/01/41 (b) |
24,545 | 25,973,887 | ||||||
|
|
|||||||
California — 30.5% |
| |||||||
Alameda County Joint Powers Authority, RB, BAB, Series A, 7.05%, 12/01/44 |
11,000 | 14,298,108 | ||||||
Bay Area Toll Authority, RB, BAB (b) |
||||||||
Series S-1, 6.92%, 04/01/40 |
13,700 | 17,287,961 | ||||||
Series S-3, 6.91%, 10/01/50 |
14,000 | 19,488,210 | ||||||
California Infrastructure & Economic Development Bank, RB, 5.50%, 01/01/38 (a) |
5,000 | 4,618,635 | ||||||
California State Public Works Board, RB, BAB, Series G-2, 8.36%, 10/01/34 |
18,145 | 24,054,282 | ||||||
California State University, Refunding RB, Series B, 2.42%, 11/01/36 |
1,500 | 1,175,856 | ||||||
City of Chula Vista California, RB, 2.91%, 06/01/45 |
9,185 | 6,327,253 | ||||||
City of Chula Vista, RB, 2.40%, 06/01/36 |
1,275 | 941,961 | ||||||
City of El Cajon California, RB, Series A, 3.28%, 04/01/43 |
2,605 | 2,075,758 | ||||||
City of Huntington Beach California, Refunding RB |
||||||||
3.28%, 06/15/40 (c) |
6,000 | 4,711,422 | ||||||
3.38%, 06/15/44 |
5,000 | 3,853,660 | ||||||
City of Orange CA, 3.12%, 06/01/44 |
2,000 | 1,427,706 | ||||||
City of Riverside California, RB, Series A, 3.86%, 06/01/45 |
8,265 | 7,401,622 | ||||||
City of San Francisco California Public Utilities Commission Water Revenue, RB, BAB, Series DE, 6.00%, 11/01/40 (b) |
21,255 | 24,355,573 |
Security |
Par (000) |
Value |
||||||
California (continued) |
| |||||||
County of Riverside California, RB, 3.82%, 02/15/38 |
$ | 11,450 | $ | 10,683,102 | ||||
County of Sonoma California, Refunding RB, Series A, 6.00%, 12/01/29 |
12,415 | 13,294,839 | ||||||
Foothill-Eastern Transportation Corridor Agency, Refunding RB |
||||||||
Series A, 4.09%, 01/15/49 |
24,340 | 21,012,868 | ||||||
Series A, (AGM), 3.92%, 01/15/53 |
7,202 | 6,252,366 | ||||||
Garden Grove Unified School District, GO, BAB, Series B, 6.03%, 08/01/35 |
6,000 | 6,851,274 | ||||||
Golden State Tobacco Securitization Corp., Refunding RB |
||||||||
Class B, (SAP), 3.29%, 06/01/42 |
11,170 | 9,052,380 | ||||||
Series S-1, 4.21%, 06/01/50 |
35,775 | 28,468,886 | ||||||
Inland Empire Tobacco Securitization Corp., Refunding RB, 3.68%, 06/01/38 |
7,270 | 6,412,031 | ||||||
Los Angeles Community College District, GO, BAB, 6.60%, 08/01/42 |
10,000 | 12,798,870 | ||||||
Orange County Local Transportation Authority, Refunding RB, BAB, Series A, 6.91%, 02/15/41 (b) |
5,000 | 6,060,480 | ||||||
San Diego County Regional Airport Authority, Refunding ARB, Series B, 5.59%, 07/01/43 |
3,900 | 3,970,859 | ||||||
State of California, GO, BAB |
||||||||
7.55%, 04/01/39 |
9,035 | 12,281,881 | ||||||
7.63%, 03/01/40 |
8,950 | 12,084,952 | ||||||
7.60%, 11/01/40 |
15,000 | 20,789,280 | ||||||
University of California, RB, BAB |
||||||||
5.95%, 05/15/45 (b) |
24,000 | 27,586,440 | ||||||
6.30%, 05/15/50 |
27,010 | 29,893,804 | ||||||
|
|
|||||||
359,512,319 | ||||||||
Colorado — 3.8% |
| |||||||
Colorado Health Facilities Authority, Refunding RB, Series B, 4.48%, 12/01/40 |
9,485 | 8,364,888 | ||||||
Denver City & County School District No.1, Refunding COP, Series B, 7.02%, 12/15/37 |
6,000 | 7,286,868 | ||||||
Regional Transportation District, COP, BAB, Series B, 7.67%, 06/01/40 (b) |
23,000 | 29,289,488 | ||||||
|
|
|||||||
44,941,244 | ||||||||
Connecticut — 0.4% |
||||||||
Connecticut State Health & Educational Facilities Authority, Refunding RB, Series G-2, 4.25%, 07/01/27(a) |
5,055 | 4,932,128 | ||||||
|
|
|||||||
District of Columbia — 2.3% |
||||||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, ARB, BAB, Series D, 8.00%, 10/01/47 (b) |
10,750 | 14,507,673 | ||||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, RB, BAB, 7.46%, 10/01/46 |
9,235 | 11,997,955 | ||||||
|
|
|||||||
26,505,628 | ||||||||
Florida — 3.9% |
| |||||||
Capital Trust Agency, Inc., RB (a) |
||||||||
5.00%, 01/01/25 |
525 | 515,624 | ||||||
5.50%, 06/15/26 |
445 | 425,435 | ||||||
Excelsior Academies, Inc., RB, Series C, 5.25%, 11/01/25 |
490 | 483,802 | ||||||
Florida Development Finance Corp., RB (a) |
||||||||
Class B, 5.00%, 06/15/25 |
285 | 276,045 | ||||||
Series B, 5.75%, 06/15/25 |
735 | 722,496 |
S C H E D U L E O F I N V E S T M E N T S |
9 |
Schedule of Investments (unaudited) (continued) June 30, 2022 |
BlackRock Taxable Municipal Bond Trust (BBN) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Florida (continued) |
||||||||
Florida Development Finance Corp., RB (a) (continued) |
||||||||
Series D, 5.75%, 12/15/26 |
$ | 650 | $ | 620,542 | ||||
Florida Development Finance Corp., Refunding RB |
||||||||
6.75%, 12/15/28 (a) |
690 | 696,331 | ||||||
Series B, 4.11%, 04/01/50 |
15,000 | 12,979,830 | ||||||
Miami-Dade County Educational Facilities Authority, Refunding RB, Series B, 5.07%, 04/01/50 |
12,250 | 12,215,479 | ||||||
Miami-Dade County Industrial Development Authority, RB, 5.25%, 11/01/25 |
180 | 177,747 | ||||||
Sumter Landing Community Development District, RB, 4.17%, 10/01/47 |
2,575 | 2,291,104 | ||||||
Village Center Community Development District, Refunding RB, 5.02%, 11/01/36 |
13,500 | 13,928,436 | ||||||
|
|
|||||||
45,332,871 | ||||||||
Georgia — 6.0% |
| |||||||
East Point Business & Industrial Development Authority, RB, Series B, 5.25%, 06/15/31 (a) |
860 | 865,606 | ||||||
Municipal Electric Authority of Georgia, Refunding RB, BAB |
||||||||
6.64%, 04/01/57 |
26,065 | 30,686,116 | ||||||
6.66%, 04/01/57 |
24,090 | 28,554,624 | ||||||
7.06%, 04/01/57 |
9,645 | 10,979,453 | ||||||
|
|
|||||||
71,085,799 | ||||||||
Idaho — 0.1% |
| |||||||
Idaho Housing & Finance Association, RB |
||||||||
4.75%, 06/15/29 (a) |
235 | 215,779 | ||||||
Series B, 7.15%, 06/15/31 |
625 | 566,344 | ||||||
|
|
|||||||
782,123 | ||||||||
Illinois — 16.7% |
| |||||||
Chicago Board of Education, GO, 6.32%, 11/01/29 |
9,465 | 10,087,570 | ||||||
Chicago Board of Education, GO, BAB |
||||||||
6.04%, 12/01/29 |
12,935 | 13,435,636 | ||||||
6.14%, 12/01/39 |
2,085 | 2,176,119 | ||||||
6.52%, 12/01/40 |
9,745 | 10,333,159 | ||||||
Chicago O’Hare International Airport, Refunding ARB, BAB, Series B, 6.40%, 01/01/40 |
1,500 | 1,796,975 | ||||||
Chicago Transit Authority Sales & Transfer Tax Receipts Revenue, RB, Series A, 6.90%, 12/01/40 (b) |
4,075 | 4,832,001 | ||||||
Chicago Transit Authority Sales Tax Receipts Fund, RB, Series B, 6.90%, 12/01/40 |
4,900 | 5,880,230 | ||||||
Chicago Transit Authority Sales Tax Receipts Fund, RB, BAB, Series B, 6.20%, 12/01/40 (b) |
16,015 | 18,312,880 | ||||||
City of Chicago Illinois Wastewater Transmission Revenue, RB, BAB, Series B, 2nd Lien, 6.90%, 01/01/40 |
36,000 | 41,951,376 | ||||||
City of Chicago Illinois Waterworks Revenue, RB, BAB, Series B, 6.74%, 11/01/40 |
15,250 | 18,488,825 | ||||||
Illinois Municipal Electric Agency, RB, BAB, 7.29%, 02/01/35 (b) |
15,000 | 17,615,745 | ||||||
Northern Illinois Municipal Power Agency, RB, BAB, 7.82%, 01/01/40 |
5,000 | 6,163,175 | ||||||
State of Illinois, GO, BAB |
||||||||
6.73%, 04/01/35 |
6,320 | 6,734,554 | ||||||
7.35%, 07/01/35 (b) |
35,855 | 39,349,823 | ||||||
|
|
|||||||
197,158,068 |
Security |
Par (000) |
Value |
||||||
Indiana — 2.0% |
||||||||
Indiana Finance Authority, RB, BAB, Series B, 6.60%, 02/01/39 (b) |
$ | 7,900 | $ | 9,595,719 | ||||
Indiana Finance Authority, Refunding RB, Class A, 3.31%, 03/01/51 |
4,180 | 3,138,348 | ||||||
Indiana Municipal Power Agency, RB, BAB, Series A, 5.59%, 01/01/42 |
10,000 | 11,168,520 | ||||||
|
|
|||||||
23,902,587 | ||||||||
Kentucky — 1.3% |
| |||||||
Westvaco Corp., RB, 7.67%, 01/15/27 (a) |
13,800 | 15,031,250 | ||||||
|
|
|||||||
Louisiana — 1.0% |
| |||||||
City of New Orleans Louisiana Sewerage Service |
||||||||
Revenue, Refunding RB |
||||||||
(AGM), 2.84%, 06/01/41 |
3,840 | 2,806,671 | ||||||
(AGM), 2.94%, 06/01/45 |
4,000 | 2,803,728 | ||||||
City of New Orleans Louisiana Water System Revenue, Refunding RB, (AGM), 2.89%, 12/01/41 |
3,180 | 2,289,320 | ||||||
Louisiana Local Government Environmental Facilities & Community Development Authority, Refunding RB, (AGM), 2.59%, 02/01/43 (b) |
4,800 | 3,536,170 | ||||||
|
|
|||||||
11,435,889 | ||||||||
Maine — 0.2% |
| |||||||
Maine Health & Higher Educational Facilities Authority, Refunding RB |
||||||||
Series B, (AGM), 2.64%, 07/01/35 |
1,000 | 770,133 | ||||||
Series B, (AGM ST INTRCPT ST RES FD GTY), 3.12%, 07/01/43 |
2,590 | 1,980,286 | ||||||
|
|
|||||||
2,750,419 | ||||||||
Maryland — 0.9% |
| |||||||
Maryland Economic Development Corp., RB, 4.00%, 04/01/34 |
10,495 | 9,062,716 | ||||||
Maryland Health & Higher Educational Facilities Authority, RB, Series B, 6.25%, 03/01/27 (a) |
1,000 | 953,994 | ||||||
|
|
|||||||
10,016,710 | ||||||||
Massachusetts — 2.7% |
| |||||||
Commonwealth of Massachusetts Transportation Fund Revenue, RB, BAB, 5.73%, 06/01/40 (b) |
5,000 | 5,655,305 | ||||||
Massachusetts Educational Financing Authority, RB, Series A, 3.61%, 07/01/36 |
10,585 | 9,372,626 | ||||||
Massachusetts Educational Financing Authority, Refunding RB, Series A, 4.95%, 07/01/38 |
17,295 | 17,271,790 | ||||||
|
|
|||||||
32,299,721 | ||||||||
Michigan — 4.3% |
| |||||||
Michigan Finance Authority, RB 6.38%, 06/01/33 (a) |
1,000 | 974,195 | ||||||
Series D, 5.02%, 11/01/43 |
7,500 | 7,517,887 | ||||||
Michigan Finance Authority, Refunding RB, Series A, 3.27%, 06/01/39 |
10,000 | 8,420,010 | ||||||
Michigan Finance Authority, Refunding RB, CAB, Series B, 0.00%, 06/01/45 (d) |
50,000 | 10,398,150 | ||||||
Michigan State University, RB, BAB, Series A, 6.17%, 02/15/50 |
5,500 | 6,145,772 | ||||||
Michigan State University, Refunding RB, Series A, 4.50%, 08/15/48 |
14,575 | 14,121,892 |
10 |
2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) June 30, 2022 |
BlackRock Taxable Municipal Bond Trust (BBN) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Michigan (continued) |
||||||||
Michigan Strategic Fund, RB, 2.58%, 09/01/35 |
$ | 1,800 | $ | 1,454,123 | ||||
Western Michigan University, Refunding RB, Series B, (AGM), 2.88%, 11/15/43 |
1,500 | 1,120,800 | ||||||
|
|
|||||||
50,152,829 | ||||||||
Minnesota — 1.3% |
||||||||
Southern Minnesota Municipal Power Agency, Refunding RB, BAB, Series A, 5.93%, 01/01/43 |
8,000 | 9,241,408 | ||||||
Western Minnesota Municipal Power Agency, RB, BAB, 6.77%, 01/01/46 |
5,000 | 6,287,325 | ||||||
|
|
|||||||
15,528,733 | ||||||||
Mississippi — 0.5% |
||||||||
Mississippi Development Bank, RB, BAB, 6.41%, 01/01/40 |
5,000 | 5,926,330 | ||||||
|
|
|||||||
Missouri — 1.9% |
||||||||
Curators of the University of Missouri, RB, BAB, 5.79%, 11/01/41 (b) |
7,000 | 8,293,740 | ||||||
Missouri Joint Municipal Electric Utility Commission, RB, BAB, 7.73%, 01/01/39 |
11,000 | 14,607,461 | ||||||
|
|
|||||||
22,901,201 | ||||||||
Nevada — 0.4% |
||||||||
City of North Las Vegas Nevada, GO, BAB, 6.57%, 06/01/40 |
1,420 | 1,604,760 | ||||||
County of Clark Department of Aviation, ARB, BAB, Series C, 6.82%, 07/01/45 |
2,000 | 2,559,976 | ||||||
|
|
|||||||
4,164,736 | ||||||||
New Hampshire — 3.0% |
||||||||
New Hampshire Business Finance Authority, RB, 3.78%, 01/01/36 |
10,000 | 8,008,130 | ||||||
New Hampshire Business Finance Authority, Refunding RB |
||||||||
3.25%, 04/01/28 |
15,000 | 13,424,145 | ||||||
3.30%, 04/01/32 |
11,895 | 9,880,522 | ||||||
2.87%, 07/01/35 |
4,955 | 3,885,171 | ||||||
|
|
|||||||
35,197,968 | ||||||||
New Jersey — 10.6% |
||||||||
New Jersey Economic Development Authority, RB, Series A, (NPFGC), 7.43%, 02/15/29 (b) |
20,974 | 23,636,859 | ||||||
New Jersey Educational Facilities Authority, Refunding RB, (AGM), 3.51%, 07/01/42 (b) |
20,000 | 16,653,160 | ||||||
New Jersey Transportation Trust Fund Authority, RB, BAB, Series C, 5.75%, 12/15/28 |
4,500 | 4,720,680 | ||||||
New Jersey Transportation Trust Fund Authority, Refunding RB, 4.13%, 06/15/42 |
29,355 | 26,228,458 | ||||||
New Jersey Turnpike Authority, RB, BAB |
||||||||
Series A, 7.10%, 01/01/41 (b) |
34,000 | 43,953,670 | ||||||
Series F, 7.41%, 01/01/40 |
6,790 | 9,015,775 | ||||||
|
|
|||||||
124,208,602 | ||||||||
New York — 7.7% |
||||||||
City of New York, GO, Series B-2, 2.12%, 11/01/35 |
3,000 | 2,297,118 | ||||||
Metropolitan Transportation Authority, RB, BAB 6.67%, 11/15/39 |
2,220 | 2,690,132 | ||||||
7.34%, 11/15/39 (b) |
13,245 | 17,854,233 | ||||||
Series TR, 6.69%, 11/15/40 (b) |
13,000 | 15,217,735 |
Security |
Par (000) |
Value |
||||||
New York (continued) |
||||||||
Metropolitan Transportation Authority, Refunding RB, Series C-2, 5.18%, 11/15/49 |
$ | 4,370 | $ | 4,566,895 | ||||
New York City Housing Development Corp., RB, M/F Housing, Series B, 3.10%, 11/01/45 |
1,310 | 981,082 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, BAB, 5.57%, 11/01/38 (b) |
19,000 | 20,980,028 | ||||||
New York State Dormitory Authority, RB, BAB, |
||||||||
Series H, 5.39%, 03/15/40 (b) |
15,000 | 16,460,280 | ||||||
New York State Dormitory Authority, Refunding RB, |
||||||||
Series B, 5.75%, 01/01/29 |
6,010 | 6,016,635 | ||||||
Port Authority of New York & New Jersey, RB, |
||||||||
Consolidated, 165th Series, 5.65%, 11/01/40 |
2,750 | 3,104,016 | ||||||
|
|
|||||||
90,168,154 | ||||||||
Ohio — 6.0% |
||||||||
American Municipal Power, Inc., RB, Series B, 7.83%, 02/15/41 |
10,000 | 13,435,640 | ||||||
American Municipal Power, Inc., Refunding RB, BAB, Series B, 6.45%, 02/15/44 |
10,000 | 12,196,510 | ||||||
Franklin County Convention Facilities Authority, RB, BAB, 6.64%, 12/01/42 (b) |
30,575 | 34,763,469 | ||||||
Ohio University, RB, 5.59%, 12/01/2114 |
10,100 | 9,952,712 | ||||||
|
|
|||||||
70,348,331 | ||||||||
Oklahoma — 0.6% |
||||||||
Oklahoma Development Finance Authority, RB, |
||||||||
Series B, 11.00%, 09/01/41 (a) |
3,000 | 3,247,686 | ||||||
Oklahoma Municipal Power Authority, RB, BAB, 6.44%, 01/01/45 (b) |
3,500 | 4,273,223 | ||||||
|
|
|||||||
7,520,909 | ||||||||
Pennsylvania — 4.1% |
||||||||
Commonwealth Financing Authority, RB |
||||||||
Series A, 3.86%, 06/01/38 |
2,210 | 2,106,123 | ||||||
Series A, 4.14%, 06/01/38 |
6,200 | 6,031,875 | ||||||
Series A, 3.81%, 06/01/41 |
4,920 | 4,284,503 | ||||||
Series A, 2.99%, 06/01/42 |
11,285 | 9,040,673 | ||||||
Pennsylvania Economic Development Financing Authority, RB, BAB, Series B, 6.53%, 06/15/39 |
23,050 | 27,071,810 | ||||||
|
|
|||||||
48,534,984 | ||||||||
Puerto Rico — 2.8% |
||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |
||||||||
Series A-1, Restructured, 4.75%, 07/01/53 |
3,465 | 3,313,441 | ||||||
Series A-2, Restructured, 4.33%, 07/01/40 |
5,000 | 4,663,515 | ||||||
Series A-2, Restructured, 4.55%, 07/01/40 |
14,899 | 13,600,820 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 |
12,447 | 11,875,185 | ||||||
|
|
|||||||
33,452,961 | ||||||||
South Carolina — 2.9% |
||||||||
South Carolina Public Service Authority, RB, Series F, (AGM-CR), 5.74%, 01/01/30 |
5,000 | 5,409,750 | ||||||
South Carolina Public Service Authority, RB, BAB, |
||||||||
Series C, (AGM-CR), 6.45%, 01/01/50(b) |
11,290 | 13,459,249 |
S C H E D U L E O F I N V E S T M E N T S |
11 |
Schedule of Investments (unaudited) (continued) June 30, 2022 |
BlackRock Taxable Municipal Bond Trust (BBN) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
South Carolina (continued) |
||||||||
South Carolina Public Service Authority, Refunding RB, Series D, 4.77%, 12/01/45 |
$ | 10,085 | $ | 10,062,692 | ||||
South Carolina Student Loan Corp., RB, Series A, 3.59%, 12/01/39 |
6,285 | 5,445,400 | ||||||
|
|
|||||||
34,377,091 | ||||||||
Tennessee — 4.1% |
||||||||
Memphis-Shelby County Industrial Development Board, Refunding TA, Series B, 5.45%, 07/01/45 |
5,875 | 4,616,669 | ||||||
Metropolitan Government of Nashville & Davidson County Convention Center Authority, RB, BAB, Series A2, 7.43%, 07/01/43 (b) |
35,105 | 43,594,372 | ||||||
|
|
|||||||
48,211,041 | ||||||||
Texas — 3.5% |
||||||||
Arlington Higher Education Finance Corp., Refunding RB |
||||||||
5.50%, 04/01/30 (a) |
500 | 492,556 | ||||||
Series B, 4.00%, 08/15/28 |
1,355 | 1,298,179 | ||||||
City of Austin Taxas Rental Car Special Facility Revenue, Refunding ARB, 5.75%, 11/15/22 (e) |
5,000 | 5,058,760 | ||||||
City of San Antonio Texas Customer Facility Charge Revenue, ARB, 5.87%, 07/01/45 |
7,500 | 7,775,542 | ||||||
Dallas Area Rapid Transit, RB, BAB, 5.02%, 12/01/48 (b) |
2,500 | 2,726,858 | ||||||
New Hope Higher Education Finance Corp., RB, Class S, 5.00%, 06/15/27 (a) |
390 | 367,545 | ||||||
Port Beaumont Navigation District, Refunding RB, Series B, 6.00%, 01/01/25 (a) |
1,085 | 1,097,084 | ||||||
Port of Beaumont Industrial Development Authority, RB, 4.10%, 01/01/28 (a) |
10,500 | 9,307,588 | ||||||
Texas Private Activity Bond Surface Transportation Corp., RB, Series B, 3.92%, 12/31/49 |
15,000 | 13,164,810 | ||||||
|
|
|||||||
41,288,922 | ||||||||
Utah — 2.5% |
||||||||
Utah Transit Authority, RB, BAB, 5.71%, 06/15/40 (b) |
26,405 | 29,161,920 | ||||||
|
|
|||||||
Virginia — 3.0% |
||||||||
Tobacco Settlement Financing Corp., Refunding RB, Series A-1, 6.71%, 06/01/46 |
30,285 | 28,577,804 | ||||||
Virginia Housing Development Authority, RB, M/F Housing, Series D, 3.64%, 06/01/45 (b) |
8,435 | 7,292,505 | ||||||
|
|
|||||||
35,870,309 | ||||||||
Washington — 1.9% |
||||||||
Washington State Convention Center Public Facilities District, RB, BAB, 6.79%, 07/01/40 |
20,170 | 22,267,660 | ||||||
|
|
|||||||
West Virginia — 2.3% |
||||||||
Tobacco Settlement Finance Authority, RB, Series B, 0.00%, 06/01/47 (d) |
1,600 | 131,898 |
Security |
Par (000) |
Value |
||||||
West Virginia (continued) |
||||||||
Tobacco Settlement Finance Authority, Refunding RB |
||||||||
Series A, Class 1, 4.31%, 06/01/49 |
$ | 20,000 | $ | 15,728,480 | ||||
Series B, Class 2, 4.88%, 06/01/49 |
12,175 | 10,935,329 | ||||||
|
|
|||||||
26,795,707 | ||||||||
Wisconsin — 0.6% |
||||||||
Public Finance Authority, RB 6.75%, 11/01/24 (a) |
3,580 | 3,186,096 | ||||||
4.75%, 06/15/25 (a) |
735 | 717,001 | ||||||
5.38%, 06/15/28 (a) |
400 | 381,425 | ||||||
5.25%, 01/01/31 (a) |
1,335 | 1,267,221 | ||||||
Class S, 5.25%, 06/15/26 (a) |
180 | 174,217 | ||||||
Series B, 6.00%, 06/15/24 |
300 | 293,289 | ||||||
Public Finance Authority, Refunding RB, Series B, 6.13%, 10/01/49 (a) |
1,470 | 1,426,651 | ||||||
|
|
|||||||
7,445,900 | ||||||||
|
|
|||||||
Total Municipal Bonds — 138.0% (Cost: $1,555,460,380) |
1,625,184,931 | |||||||
|
|
|||||||
Total Long-Term Investments — 146.2% (Cost: $1,657,512,188) |
|
1,721,468,839 | ||||||
|
|
|||||||
Shares |
||||||||
Short-Term Securities |
||||||||
Money Market Funds — 0.5% |
||||||||
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.33%(f)(g) |
6,326,589 | 6,326,589 | ||||||
|
|
|||||||
Total Short-Term Securities — 0.5% (Cost: $6,326,589) |
6,326,589 | |||||||
|
|
|||||||
Total Investments — 146.7% (Cost: $1,663,838,777) |
1,727,795,428 | |||||||
Liabilities in Excess of Other Assets — (46.7)% |
|
(550,227,024 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
$ | 1,177,568,404 | ||||||
|
|
(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) |
When-issued security. |
(d) |
Zero-coupon bond. |
(e) |
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. |
(f) |
Affiliate of the Trust. |
(g) |
Annualized 7-day yield as of period end. |
12 |
2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) June 30, 2022 |
BlackRock Taxable Municipal Bond Trust (BBN) |
Affiliated Issuer |
Value at 12/31/21 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 06/30/22 |
Shares Held at 06/30/22 |
Income |
Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
BlackRock Liquidity Funds, T-Fund, Institutional Class |
$ | 8,612,214 | $ | — | $ | (2,285,625 | ) (a) |
$ | — | $ | — | $ | 6,326,589 | 6,326,589 | $ | 54,893 | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
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 |
1.80 | % (b) |
06/23/21 | Open | $ | 7,461,825 | $ | 7,493,154 | Municipal Bonds | Open/Demand | ||||||||||||||||
RBC Capital Markets LLC |
1.95 | (b) |
07/27/21 | Open | 8,582,613 | 8,628,231 | Municipal Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC |
1.95 | (b) |
07/27/21 | Open | 26,900,000 | 27,042,981 | Municipal Bonds | Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
1.85 | (b) |
08/02/21 | Open | 21,327,500 | 21,419,386 | Municipal Bonds | Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
1.85 | (b) |
08/02/21 | Open | 12,125,000 | 12,177,356 | Municipal Bonds | Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
1.85 | (b) |
08/02/21 | Open | 17,972,500 | 18,049,932 | Municipal Bonds | Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
1.85 | (b) |
08/02/21 | Open | 13,287,500 | 13,344,876 | Municipal Bonds | Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
1.85 | (b) |
08/02/21 | Open | 4,760,000 | 4,780,508 | Municipal Bonds | Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
1.85 | (b) |
08/02/21 | Open | 13,837,500 | 13,897,117 | Municipal Bonds | Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
1.85 | (b) |
08/02/21 | Open | 12,612,500 | 12,666,961 | Municipal Bonds | Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
1.90 | (b) |
08/03/21 | Open | 23,925,000 | 24,039,076 | Municipal Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC |
1.95 | (b) |
12/14/21 | Open | 17,979,325 | 18,043,426 | Municipal Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC |
1.95 | (b) |
12/14/21 | Open | 18,476,562 | 18,542,437 | Municipal Bonds | Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
1.85 | (b) |
03/07/22 | Open | 17,212,500 | 17,250,511 | Municipal Bonds | Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
1.85 | (b) |
03/07/22 | Open | 4,615,000 | 4,625,191 | Municipal Bonds | Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
1.85 | (b) |
03/07/22 | Open | 1,037,838 | 1,040,129 | Municipal Bonds | Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
1.85 | (b) |
03/07/22 | Open | 20,055,000 | 20,099,288 | Municipal Bonds | Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
1.85 | (b) |
03/07/22 | Open | 21,137,500 | 21,184,179 | Municipal Bonds | Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
1.85 | (b) |
03/07/22 | Open | 9,796,000 | 9,817,633 | Municipal Bonds | Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
1.85 | (b) |
03/07/22 | Open | 3,660,000 | 3,668,083 | Municipal Bonds | Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
1.85 | (b) |
03/07/22 | Open | 8,566,250 | 8,585,167 | Municipal Bonds | Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
1.85 | (b) |
03/07/22 | Open | 5,975,000 | 5,988,195 | Municipal Bonds | Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
1.85 | (b) |
03/07/22 | Open | 2,796,875 | 2,803,051 | Municipal Bonds | Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
1.90 | (b) |
03/07/22 | Open | 14,871,512 | 14,906,729 | Municipal Bonds | Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
1.90 | (b) |
03/07/22 | Open | 15,037,500 | 15,073,110 | Municipal Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC |
1.90 | (b) |
03/07/22 | Open | 8,317,500 | 8,337,196 | Municipal Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC |
1.95 | (b) |
03/07/22 | Open | 29,970,000 | 30,045,758 | Municipal Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC |
1.95 | (b) |
03/07/22 | Open | 45,900,000 | 46,016,025 | Municipal Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC |
1.95 | (b) |
03/07/22 | Open | 33,270,000 | 33,354,099 | Municipal Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC |
1.95 | (b) |
03/07/22 | Open | 36,680,000 | 36,772,719 | Municipal Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC |
1.95 | (b) |
03/07/22 | Open | 29,269,912 | 29,343,900 | Municipal Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC |
1.95 | (b) |
03/07/22 | Open | 6,931,250 | 6,948,771 | Municipal Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC |
1.95 | (b) |
03/07/22 | Open | 27,551,794 | 27,621,439 | Municipal Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC |
1.95 | (b) |
03/07/22 | Open | 18,225,000 | 18,271,069 | Municipal Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC |
1.95 | (b) |
03/07/22 | Open | 6,693,750 | 6,710,670 | Municipal Bonds | Open/Demand | ||||||||||||||||||
Credit Suisse Securities (USA) LLC |
1.80 | (b) |
03/17/22 | Open | 5,533,513 | 5,544,887 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Credit Suisse Securities (USA) LLC |
1.80 | (b) |
03/17/22 | Open | 5,962,500 | 5,974,756 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Credit Suisse Securities (USA) LLC |
1.80 | (b) |
03/17/22 | Open | 11,618,750 | 11,642,633 | Corporate Bonds | Open/Demand | ||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
$ | 589,932,769 | $ | 591,750,629 | |||||||||||||||||||||||
|
|
|
|
(a) |
Certain agreements have no stated maturity and can be terminated by either party at any time. |
(b) |
Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand. |
S C H E D U L E O F I N V E S T M E N T S |
13 |
Schedule of Investments (unaudited) (continued) June 30, 2022 |
BlackRock Taxable Municipal Bond Trust (BBN) |
Description |
Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
Short Contracts |
||||||||||||||||
10-Year U.S. Treasury Note |
1,122 | 09/21/22 | $ | 132,799 | $ | 2,060,258 | ||||||||||
U.S. Long Bond |
1,551 | 09/21/22 | 214,183 | 3,329,027 | ||||||||||||
|
|
|||||||||||||||
$ | 5,389,285 | |||||||||||||||
|
|
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total |
||||||||||||||||||||||
Assets — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized appreciation on futures contracts (a) |
$ | — | $ | — | $ | — | $ | — | $ | 5,389,285 | $ | — | $ | 5,389,285 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total |
||||||||||||||||||||||
Net Realized Gain (Loss) from: |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | — | $ | — | $ | 37,764,092 | $ | — | $ | 37,764,092 | ||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | — | $ | — | $ | 9,713,602 | $ | — | $ | 9,713,602 | ||||||||||||||
Futures contracts: |
||||||||||||||||||||||||||||
Average notional value of contracts — short |
$ |
360,136,676 |
|
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Corporate Bonds |
$ | — | $ | 96,283,908 | $ | — | $ | 96,283,908 | ||||||||
Municipal Bonds |
— | 1,625,184,931 | — | 1,625,184,931 | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
6,326,589 | — | — | 6,326,589 | ||||||||||||
$ |
6,326,589 |
|
$ |
1,721,468,839 |
|
$ |
— |
|
$ |
1,727,795,428 |
| |||||
14 |
2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) June 30, 2022 |
BlackRock Taxable Municipal Bond Trust (BBN) |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Derivative Financial Instruments (a) |
||||||||||||||||
Assets |
||||||||||||||||
Interest Rate Contracts |
$ |
5,389,285 |
|
$ |
— |
|
$ |
— |
|
$ |
5,389,285 |
| ||||
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
S C H E D U L E O F I N V E S T M E N T S |
15 |
BBN | ||||
ASSETS |
||||
Investments, at value — unaffiliated (a) |
$ | 1,721,468,839 | ||
Investments, at value — affiliated (b) |
6,326,589 | |||
Cash pledged: |
||||
Collateral — reverse repurchase agreements |
13,262,726 | |||
Futures contracts |
7,947,000 | |||
Receivables: |
||||
Investments sold |
4,795,000 | |||
Dividends — affiliated |
28,818 | |||
Interest — unaffiliated |
24,602,868 | |||
Deferred offering costs |
200,252 | |||
Total assets |
1,778,632,092 | |||
LIABILITIES |
||||
Reverse repurchase agreements, at value |
591,750,629 | |||
Payables: |
||||
Investments purchased |
4,653,910 | |||
Accounting services fees |
151,541 | |||
Custodian fees |
20,976 | |||
Income dividend distributions |
173,446 | |||
Investment advisory fees |
799,046 | |||
Trustees’ and Officer’s fees |
453,178 | |||
Other accrued expenses |
10,565 | |||
Professional fees |
218,364 | |||
Transfer agent fees |
92,004 | |||
Variation margin on futures contracts |
2,740,029 | |||
Total liabilities |
601,063,688 | |||
NET ASSETS |
$ | 1,177,568,404 | ||
NET ASSETS CONSIST OF |
||||
Paid-in capital(c)(d)(e) |
$ | 1,174,423,574 | ||
Accumulated earnings |
3,144,830 | |||
NET ASSETS |
$ | 1,177,568,404 | ||
Net asset value |
$ | 19.32 | ||
(a) Investments, at cost — unaffiliated |
$ | 1,657,512,188 | ||
(b) Investments, at cost — affiliated |
$ | 6,326,589 | ||
(c) Shares outstanding |
||||
(d) Shares authorized |
Unlimited | |||
(e) Par value |
$ | 0.001 |
16 |
2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
BBN | ||||
INVESTMENT INCOME |
||||
Dividends — affiliated |
$ | 54,893 | ||
Interest — unaffiliated |
46,690,712 | |||
Total investment income |
46,745,605 | |||
EXPENSES |
||||
Investment advisory |
5,489,649 | |||
Accounting services |
113,839 | |||
Transfer agent |
47,108 | |||
Custodian |
16,120 | |||
Registration |
9,530 | |||
Miscellaneous |
10,856 | |||
Total expenses excluding interest expense |
5,687,102 | |||
Interest expense |
2,160,172 | |||
Total expenses |
7,847,274 | |||
Less: |
||||
Fees waived and/or reimbursed by the Manager |
(7,068 | ) | ||
Total expenses after fees waived and/or reimbursed |
7,840,206 | |||
Net investment income |
38,905,399 | |||
REALIZED AND UNREALIZED GAIN (LOSS) |
||||
Net realized gain (loss) from: |
||||
Investments — unaffiliated |
(22,168,961 | ) | ||
Futures contracts |
37,764,092 | |||
15,595,131 | ||||
Net change in unrealized appreciation (depreciation) on: |
||||
Investments — unaffiliated |
(383,509,936 | ) | ||
Futures contracts |
9,713,602 | |||
(373,796,334 | ) | |||
Net realized and unrealized loss |
(358,201,203 | ) | ||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | (319,295,804 | ) | |
F I N A N C I A L S T A T E M E N T S |
17 |
BBN | ||||||||||||
Six Months Ended 06/30/22 (unaudited) |
Period from 08/01/21 to 12/31/21 |
Year Ended 07/31/21 |
||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||
OPERATIONS |
||||||||||||
Net investment income |
$ | 38,905,399 | $ | 31,937,570 | $ | 76,287,848 | ||||||
Net realized gain (loss) |
15,595,131 | (959,168 | ) | 30,628,843 | ||||||||
Net change in unrealized appreciation (depreciation) |
(373,796,334 | ) | (32,525,982 | ) | 5,934,062 | |||||||
Net increase (decrease) in net assets resulting from operations |
(319,295,804 | ) | (1,547,580 | ) | 112,850,753 | |||||||
DISTRIBUTIONS TO SHAREHOLDERS (a) |
||||||||||||
From net investment income |
(36,895,461 | ) (b) |
(39,353,609 | ) | (79,862,619 | ) | ||||||
Return of capital |
— | (3,701,878 | ) | (393,632 | ) | |||||||
Decrease in net assets resulting from distributions to shareholders |
(36,895,461 | ) | (43,055,487 | ) | (80,256,251 | ) | ||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||
Net proceeds from the issuance of shares |
24,410,364 | 17,881,084 | 41,762,503 | |||||||||
Reinvestment of distributions |
1,211,532 | 1,041,469 | 2,657,099 | |||||||||
Net increase in net assets derived from capital share transactions |
25,621,896 | 18,922,553 | 44,419,602 | |||||||||
NET ASSETS |
||||||||||||
Total increase (decrease) in net assets |
(330,569,369 | ) | (25,680,514 | ) | 77,014,104 | |||||||
Beginning of period |
1,508,137,773 | 1,533,818,287 | 1,456,804,183 | |||||||||
End of period |
$ | 1,177,568,404 | $ | 1,508,137,773 | $ | 1,533,818,287 | ||||||
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(b) |
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
18 |
2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
BBN | ||||
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |
||||
Net decrease in net assets resulting from operations |
$ | (319,295,804 | ) | |
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by operating activities: |
||||
Proceeds from sales of long-term investments |
172,444,914 | |||
Purchases of long-term investments |
(59,404,286 | ) | ||
Net proceeds from sales of short-term securities |
2,285,625 | |||
Amortization of premium and accretion of discount on investments and other fees |
385,078 | |||
Net realized loss on investments |
22,168,961 | |||
Net unrealized depreciation on investments |
383,509,936 | |||
(Increase) Decrease in Assets |
||||
Receivables |
||||
Dividends — affiliated |
(28,773 | ) | ||
Interest — unaffiliated |
956,152 | |||
Variation margin on futures contracts |
985,641 | |||
Prepaid expenses |
11,701 | |||
Deferred offering costs |
1,098 | |||
Increase (Decrease) in Liabilities |
||||
Collateral — reverse repurchase agreements |
(1,241,000 | ) | ||
Payables |
||||
Accounting services fees |
75,959 | |||
Custodian fees |
10,481 | |||
Interest expense |
309,879 | |||
Investment advisory fees |
(261,581 | ) | ||
Trustees’ and Officer’s fees |
(211,998 | ) | ||
Other accrued expenses |
1,671 | |||
Professional fees |
(40,828 | ) | ||
Transfer agent fees |
(1,560 | ) | ||
Variation margin on futures contracts |
1,782,434 | |||
|
|
|||
Net cash provided by operating activities |
204,443,700 | |||
|
|
|||
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |
||||
Cash dividends paid to Common Shareholders |
(42,845,300 | ) | ||
Proceeds from issuance of capital shares |
24,410,364 | |||
Net borrowing of reverse repurchase agreements |
(178,167,904 | ) | ||
|
|
|||
Net cash used for financing activities |
(196,602,840 | ) | ||
|
|
|||
CASH |
||||
Net increase in restricted and unrestricted cash |
7,840,860 | |||
Restricted and unrestricted cash at beginning of period |
13,368,866 | |||
|
|
|||
Restricted and unrestricted cash at end of period |
$ | 21,209,726 | ||
|
|
|||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |
||||
Cash paid during the period for interest expense |
$ | 1,850,293 | ||
|
|
|||
NON-CASH FINANCING ACTIVITIES |
||||
Reinvestment of distributions |
$ | 1,211,532 | ||
|
|
|||
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE STATEMENT OF ASSETS AND LIABILITIES |
||||
Cash pledged |
||||
Collateral — reverse repurchase agreements |
$ | 13,262,726 | ||
Futures contracts |
7,947,000 | |||
|
|
|||
$ | 21,209,726 | |||
|
|
F I N A N C I A L S T A T E M E N T S |
19 |
BBN | ||||||||||||||||||||||||||||
Six Months Ended 06/30/22 (unaudited) |
Period from 08/01/21 to 12/31/21 |
|||||||||||||||||||||||||||
Year Ended July 31, | ||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 25.27 | $ | 26.02 | $ | 25.48 | $ | 24.32 | $ | 23.03 | $ | 23.45 | $ | 25.02 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net investment income (a) |
0.65 | 0.55 | 1.32 | 1.44 | 1.38 | 1.47 | 1.58 | |||||||||||||||||||||
Net realized and unrealized gain (loss) |
(5.99 | ) | (0.57 | ) | 0.61 | 1.06 | 1.33 | (0.32 | ) | (1.57 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net increase (decrease) from investment operations |
(5.34 | ) | (0.02 | ) | 1.93 | 2.50 | 2.71 | 1.15 | 0.01 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Distributions (b) |
||||||||||||||||||||||||||||
From net investment income |
(0.61 | ) (c) |
(0.67 | ) | (1.38 | ) | (1.34 | ) | (1.41 | ) | (1.57 | ) | (1.58 | ) | ||||||||||||||
Return of capital |
— | (0.06 | ) | (0.01 | ) | — | (0.01 | ) | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total distributions |
(0.61 | ) | (0.73 | ) | (1.39 | ) | (1.34 | ) | (1.42 | ) | (1.57 | ) | (1.58 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net asset value, end of period |
$ | 19.32 | $ | 25.27 | $ | 26.02 | $ | 25.48 | $ | 24.32 | $ | 23.03 | $ | 23.45 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Market price, end of period |
$ | 19.16 | $ | 26.18 | $ | 26.31 | $ | 26.60 | $ | 23.89 | $ | 21.99 | $ | 23.29 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total Return (d) |
||||||||||||||||||||||||||||
Based on net asset value |
(21.23 | )% (e) |
(0.08 | )% (e) |
7.96 | % | 10.73 | % | 12.60 | % | 5.23 | % | 0.45 | % (f) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Based on market price |
(24.60 | )% (e) |
2.37 | % (e) |
4.56 | % | 17.68 | % | 15.84 | % | 1.17 | % | 2.18 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Ratios to Average Net Assets (g) |
||||||||||||||||||||||||||||
Total expenses |
1.21 | % (h) |
1.07 | % (h) |
1.20 | % | 1.97 | % | 2.53 | % | 2.03 | % | 1.52 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total expenses after fees waived and/or reimbursed |
1.21 | % (h) |
1.07 | % (h) |
1.20 | % | 1.97 | % | 2.53 | % | 2.03 | % | 1.52 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total expenses after fees waived and/or reimbursed and excluding interest expense |
0.88 | % (h) |
0.87 | % (h) |
0.86 | % | 0.91 | % | 0.93 | % | 0.91 | % | 0.92 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net investment income |
6.00 | % (h) |
5.01 | % (h) |
5.31 | % | 5.88 | % | 6.02 | % | 6.27 | % | 6.79 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||
Net assets, end of period (000) |
$ | 1,177,568 | $ | 1,508,138 | $ | 1,533,818 | $ | 1,456,804 | $ | 1,389,003 | $ | 1,315,521 | $ | 1,339,058 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Borrowings outstanding, end of period (000) |
$ | 591,751 | $ | 769,609 | $ | 706,800 | $ | 712,054 | $ | 799,955 | $ | 742,657 | $ | 729,035 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Portfolio turnover rate |
3 | % | 3 | % | 16 | % | 15 | % | 7 | % | 8 | % | 7 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) |
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
(d) |
Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. |
(e) |
Aggregate total return. |
(f) |
The Trust’s total return includes a reimbursement by an affiliate for a realized investment loss. Excluding this payment, the Trust’s total return would have been 0.32%. |
(g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(h) |
Annualized. |
20 |
2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
1. |
ORGANIZATION |
2. |
SIGNIFICANT ACCOUNTING POLICIES |
3. |
INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
N O T E S T O F I N A N C I A L S T A T E M E N T S |
21 |
• | Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third-party pricing service. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value. |
• | Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. |
• | Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded. |
• | 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); and |
• | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
22 |
2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Reverse Repurchase |
Fair Value of Non-Cash Collateral Pledged Including |
Cash Collateral |
||||||||||||||
Counterparty |
Agreements |
Accrued Interest |
(a) |
Pledged/Received |
(a) |
Net Amount |
||||||||||
Barclays Bank PLC |
$ | (252,909,632 | ) | $ | 252,909,632 | $ | — | $ | — | |||||||
Credit Suisse Securities (USA) LLC |
(23,162,276 | ) | 23,162,276 | — | — | |||||||||||
RBC Capital Markets LLC |
(315,678,721 | ) | 315,678,721 | — | — | |||||||||||
$ |
(591,750,629 |
) |
$ |
591,750,629 |
|
$ |
— |
|
$ |
— |
| |||||
(a) |
Collateral, if any, with a value of $653,653,304 has been pledged in connection with open reverse repurchase agreements. Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes. |
N O T E S T O F I N A N C I A L S T A T E M E N T S |
23 |
Trust Name |
Tax Cost |
Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) |
||||||||||
BBN |
$1,664,215,978 | $ | 143,961,364 | $ | (74,992,628 | ) | $ | 68,968,736 | ||||||
24 |
2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
N O T E S T O F I N A N C I A L S T A T E M E N T S |
25 |
Notes to Financial Statements (unaudited) (continued) |
Trust Name |
Six Months Ended 06/30/22 |
Period from 08/01/21 to 12/31/21 |
Year Ended 07/31/21 |
|||||||||
BBN |
15,913 | 40,624 | 105,984 | |||||||||
Trust Name |
Declaration Date |
Record Date |
Payable/ Paid Date |
Dividend Per Common Share |
||||||||||||
BBN |
07/01/22 | 07/15/22 | 07/29/22 | $ | 0.122900 | |||||||||||
08/01/22 | 08/15/22 | 08/31/22 | 0.122900 | |||||||||||||
26 |
2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T |
27 |
28 |
2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T |
29 |
30 |
2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
A D D I T I O N A L I N F O R M A T I O N |
31 |
Investment Adviser |
Independent Registered Public Accounting Firm | |
BlackRock Advisors, LLC |
Deloitte & Touche LLP | |
Wilmington, DE 19809 |
Boston, MA 02116 | |
Accounting Agent and Custodian |
Legal Counsel | |
State Street Bank and Trust Company |
Willkie Farr & Gallagher LLP | |
Boston, MA 02111 |
New York, NY 10019 | |
Transfer Agent |
Address of the Trust | |
Computershare Trust Company, N.A. |
100 Bellevue Parkway | |
Canton, MA 02021 |
Wilmington, DE 19809 |
32 |
2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
AGM | Assured Guaranty Municipal Corp. | |
AGM-CR |
AGM Insured Custodial Receipt | |
ARB | Airport Revenue Bonds | |
BAB | Build America Bond | |
CAB | Capital Appreciation Bonds | |
COP | Certificates of Participation | |
GO | General Obligation Bonds | |
M/F | Multi-Family | |
NPFGC | National Public Finance Guarantee Corp. | |
RB | Revenue Bond | |
SAP | Subject to Appropriations | |
ST | Special Tax | |
TA | Tax Allocation |
G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T |
33 |
|
(b) Not Applicable
Item 2 – | Code of Ethics – Not Applicable to this semi-annual report |
Item 3 – | Audit Committee Financial Expert – Not Applicable to this semi-annual report |
Item 4 – | Principal Accountant Fees and Services – Not Applicable to this semi-annual report |
Item 5 – | Audit Committee of Listed Registrants – Not Applicable to this semi-annual report |
Item 6 – | Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.
(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7 – | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report |
Item 8 – | Portfolio Managers of Closed-End Management Investment Companies |
(a) Not Applicable to this semi-annual report
(b) As of the date of this filing, there have been no changes in any of the portfolio managers identified in the most recent annual report on Form N-CSR.
Item 9 – | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers — Not Applicable due to no such purchases during the period covered by this report. |
Item 10 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures. |
Item 11 – | Controls and Procedures |
(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.
(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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12 – | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable to this semi-annual report |
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Item 13 – | Exhibits attached hereto |
(a)(1) Code of Ethics – Not Applicable to this semi-annual report
(a)(2) Section 302 Certifications are attached
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(4) Change in Registrant’s independent public accountant – Not Applicable
(b) Section 906 Certifications are attached
(101) Inline Interactive Data File -the instance document does not appear in the Interactive Data File because itsXBRL tags are embedded within the inline XBRL document.
1 The Fund has received exemptive relief from the Securities and Exchange Commission permitting it to make periodic distributions of long-term capital gains with respect to its outstanding common stock as frequently as twelve times each year, and as frequently as distributions are specified by or in accordance with the terms of its outstanding preferred stock. This relief is conditioned, in part, on an undertaking by the Fund to make the disclosures to the holders of the Fund’s common shares, in addition to the information required by Section 19(a) of the 1940 Act and Rule 19a-1 thereunder. The Fund is likewise obligated to file with the SEC the information contained in any such notice to shareholders and, in that regard, has attached hereto copies of each such notice made during the period.
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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: August 19, 2022
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: August 19, 2022
By: | /s/ Trent Walker | |||
Trent Walker | ||||
Chief Financial Officer (principal financial officer) of | ||||
BlackRock Taxable Municipal Bond Trust |
Date: August 19, 2022
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