BlackRock Taxable Municipal Bond Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-22426

Name of Fund: BlackRock Taxable Municipal Bond Trust (BBN) (Formerly BlackRock Build America Bond Trust)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

            Municipal Bond Trust (Formerly BlackRock Build America Bond Trust), 55 East 52nd Street,

            New York, NY 10055

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 07/31/2016

Date of reporting period: 04/30/2016

Item 1 – Schedule of Investments

Schedule of Investments April 30, 2016 (Unaudited)

   

BlackRock Taxable Municipal Bond Trust (fka BlackRock

Build America Bond Trust) (BBN)

(Percentages shown are based on Net Assets)

 

Corporate Bonds — 0.4%    Par  
(000)		     Value  

Health Care Providers & Services — 0.4%

  

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

    $ 5,000      $ 6,047,265   
    
                  
Municipal Bonds               

Arizona — 3.0%

  

City of Phoenix Arizona Civic Improvement Corp., RB,
Sub-Series C (NPFGC), 6.00%, 7/01/16 (a)

      10,000        10,096,600   

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

      25,000        30,446,250   
    

 

 

  
        40,542,850   

California — 34.8%

  

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

     

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

      13,700        19,061,358   

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

      13,200        19,707,864   

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

      14,000        20,808,340   

California Infrastructure & Economic Development Bank, RB, Build America Bonds, 6.49%, 5/15/49

      3,790        4,829,256   

City of Industry California, Refunding RB, Senior, Series A (AGM), 5.13%, 1/01/51

      5,000        5,358,050   

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

      21,255        27,282,918   

City of San Jose California, Refunding ARB, Series B (AGM), 6.60%, 3/01/41 (b)

      10,000        11,432,400   

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

      11,000        15,654,870   

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

      5,000        7,073,600   
Municipal Bonds    Par  
(000)		     Value  

California (continued)

  

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

    $ 14,345      $ 17,624,410   

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

      10,000        14,648,300   

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

     

6.17%, 7/01/40

      37,500        43,089,750   

7.00%, 7/01/41

      17,225        20,174,781   

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

      12,000        14,069,040   

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

      7,500        8,882,475   

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

      20,000        22,835,600   

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

      11,000        12,767,920   

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

      4,000        4,377,400   

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

      32,100        36,715,017   

State of California, GO, Build America Bonds, Various Purposes (b):

     

7.55%, 4/01/39

      9,035        14,005,515   

7.63%, 3/01/40

      8,950        13,835,268   

7.60%, 11/01/40

      15,000        23,675,400   

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

      18,145        27,192,823   

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

     

5.95%, 5/15/45

      24,000        31,274,640   
 

 

                
   BLACKROCK TAXABLE MUNICIPAL BOND TRUST    APRIL 30, 2016    1

Schedule of Investments (continued)

   

BlackRock Taxable Municipal Bond Trust (fka BlackRock

Build America Bond Trust) (BBN)

 

Municipal Bonds   

Par  

(000)

     Value  

California (continued)

  

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

     

6.30%, 5/15/50

    $ 27,010      $ 32,226,171   
    

 

 

  
               468,603,166   

Colorado — 3.4%

  

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

      6,000        8,398,020   

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

      23,000        31,587,740   

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

      5,000        5,934,650   
    

 

 

  
               45,920,410   

Connecticut — 1.1%

  

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

      12,000        15,055,320   

District of Columbia — 3.6%

  

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

     

7.46%, 10/01/46

      11,500        16,918,800   

Series D, 8.00%, 10/01/47

      10,750        14,246,652   

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

      15,000        17,279,100   
    

 

 

  
               48,444,552   

Florida — 4.4%

  

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

      23,000        25,958,030   

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

      12,250        13,726,860   

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

      1,500        1,713,120   

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

      2,500        2,929,575   
Municipal Bonds   

Par  

(000)

     Value  

Florida (continued)

  

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

    $ 13,500      $ 14,667,345   
    

 

 

  
               58,994,930   

Georgia — 5.3%

  

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

     

6.64%, 4/01/57

      26,084        33,158,503   

6.66%, 4/01/57

      20,665        25,949,867   

7.06%, 4/01/57

      10,000        11,918,000   
    

 

 

  
               71,026,370   

Hawaii — 2.6%

  

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

      30,500        34,301,520   

Illinois — 20.0%

  

Chicago Transit Authority, RB:

     

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

      16,015        18,527,273   

Pension Funding, Series A, 6.90%, 12/01/40 (b)

      4,075        4,928,713   

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

      4,900        5,926,550   

City of Chicago Illinois, GO:

     

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

      10,000        9,889,600   

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

      31,625        27,343,607   

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

     

6.85%, 1/01/38 (b)

      30,110        34,094,456   

6.40%, 1/01/40

      1,500        2,008,710   

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

      36,000        42,982,920   
 

 

                
2    BLACKROCK TAXABLE MUNICIPAL BOND TRUST    APRIL 30, 2016   

Schedule of Investments (continued)

   

BlackRock Taxable Municipal Bond Trust (fka BlackRock

Build America Bond Trust) (BBN)

 

Municipal Bonds   

Par  

(000)

     Value  

Illinois (continued)

  

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

    $ 15,250      $ 18,006,132   

County of Cook Illinois, GO, Build America Bonds,
Series D, 6.23%, 11/15/34 (b)

      19,900        22,153,874   

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

      5,000        5,909,750   

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

      15,000        18,745,500   

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

      5,000        6,715,850   

State of Illinois, GO, Build America Bonds:

     

6.63%, 2/01/35

      4,000        4,314,600   

6.73%, 4/01/35

      6,320        6,846,014   

7.35%, 7/01/35

      35,855        40,581,765   
    

 

 

  
               268,975,314   

Indiana — 1.7%

  

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

      7,900        10,762,091   

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

      10,000        12,371,900   
    

 

 

  
               23,133,991   

Kentucky — 0.8%

  

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

      9,400        10,767,164   

Maryland — 0.0%

  

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

      605        620,905   

Massachusetts — 1.1%

  

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

      5,000        6,554,300   
Municipal Bonds   

Par  

(000)

     Value  

Massachusetts (continued)

  

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

    $ 7,070      $ 7,813,835   
    

 

 

  
               14,368,135   

Michigan — 1.9%

  

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

      5,500        6,579,760   

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

      17,080        16,166,732   

State of Michigan, RB, Build America Bonds, Series B, 7.63%, 9/15/27

      2,000        2,276,960   
    

 

 

  
               25,023,452   

Minnesota — 1.2%

  

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

      8,000        9,838,640   

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

      5,000        6,861,250   
    

 

 

  
               16,699,890   

Mississippi — 0.5%

  

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

      5,000        6,395,650   

Missouri — 1.8%

  

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

      11,000        14,851,430   

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

      7,000        9,639,350   
    

 

 

  
               24,490,780   

Nevada — 1.2%

  

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

      2,500        2,470,625   
 

 

                
   BLACKROCK TAXABLE MUNICIPAL BOND TRUST    APRIL 30, 2016    3

Schedule of Investments (continued)

   

BlackRock Taxable Municipal Bond Trust (fka BlackRock

Build America Bond Trust) (BBN)

 

Municipal Bonds   

Par  

(000)

     Value  

Nevada (continued)

  

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

     

Series B, 6.88%, 7/01/42 (b)

    $ 10,000      $ 11,217,100   

Series C, 6.82%, 7/01/45

      2,000        2,982,460   
    

 

 

  
               16,670,185   

New Jersey — 13.6%

  

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

      5,000        5,830,000   

New Jersey EDA, RB:

     

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

      13,000        14,069,640   

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

      20,974        25,628,550   

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

      14,360        15,134,004   

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

     

Series A, 7.10%, 1/01/41

      34,000        50,106,480   

Series F, 7.41%, 1/01/40

      6,790        10,318,016   

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

     

Series B, 6.88%, 12/15/39

      8,500        8,988,240   

Series C, 5.75%, 12/15/28

      4,500        4,719,420   

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

      42,500        44,342,800   

South Jersey Port Corp., RB, Build America Bonds, Marine Terminal, Series P-3, 7.37%, 1/01/40

      3,215        3,584,629   
    

 

 

  
               182,721,779   

New York — 17.4%

  

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

      15,000        16,998,150   

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

      6,300        7,210,917   
Municipal Bonds   

Par  

(000)

     Value  

New York (continued)

  

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

     

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

    $ 25,000      $ 27,792,750   

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

      20,000        22,948,800   

Series EE, 6.49%, 6/15/42

      2,000        2,274,080   

Series GG, 6.12%, 6/15/42

      2,445        2,753,828   

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

     

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

      19,000        24,092,950   

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

      14,795        16,462,988   

Metropolitan Transportation Authority, RB, Build America Bonds:

     

Series A, 6.67%, 11/15/39

      2,220        3,071,903   

Series C, 7.34%, 11/15/39

      13,245        20,537,962   

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

      13,000        18,001,880   

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

      22,351        22,259,870   

Port Authority of New York & New Jersey, ARB, Consolidated:

     

Series 160, 5.65%, 11/01/40

      2,750        3,501,327   

Series 192, 4.81%, 10/15/65

      14,825        16,976,849   

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

      15,000        19,009,650   

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

      10,300        10,589,533   
    

 

 

  
               234,483,437   

Ohio — 6.8%

  

American Municipal Power, Inc., RB, Build America Bonds:

     

6.05%, 2/15/43

      5,000        6,140,500   

Combined Hydroelectric Projects, Series B,
7.83%, 2/15/41

      10,000        14,518,400   
 

 

                
4    BLACKROCK TAXABLE MUNICIPAL BOND TRUST    APRIL 30, 2016   

Schedule of Investments (continued)

   

BlackRock Taxable Municipal Bond Trust (fka BlackRock

Build America Bond Trust) (BBN)

 

Municipal Bonds   

Par  

(000)

     Value  

Ohio (continued)

  

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

    $ 30,575      $ 39,617,250   

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

      7,000        7,866,180   

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

      10,055        11,450,031   

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

      10,100        11,674,388   
    

 

 

  
               91,266,749   

Oklahoma — 0.3%

  

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

      3,500        4,371,675   

Pennsylvania — 2.0%

  

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

      23,050        26,985,787   

South Carolina — 1.3%

  

South Carolina State Public Service Authority, RB, Build America Bonds, Series C, 6.45%, 1/01/50

      13,220        17,857,047   

Tennessee — 3.6%

  

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

      35,105        48,238,834   

Texas — 10.1%

  

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

      10,000        11,022,900   

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

      7,500        7,911,750   

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

      19,000        21,270,500   
Municipal Bonds   

Par  

(000)

     Value  

Texas (continued)

  

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

    $ 35,000      $ 39,492,950   

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

      18,000        19,730,880   

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

      14,000        15,808,520   

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

      2,500        3,156,075   

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

      5,000        5,766,800   

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

      10,000        11,461,000   
    

 

 

  
               135,621,375   

Utah — 3.4%

  

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

      11,800        13,571,652   

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

      26,405        32,402,104   
    

 

 

  
               45,973,756   

Virginia — 0.5%

  

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

      8,650        7,247,576   

Washington — 2.0%

  

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

      5,000        5,702,100   
 

 

                
   BLACKROCK TAXABLE MUNICIPAL BOND TRUST    APRIL 30, 2016    5

Schedule of Investments (continued)

   

BlackRock Taxable Municipal Bond Trust (fka BlackRock

Build America Bond Trust) (BBN)

 

Municipal Bonds   

Par  

(000)

     Value  

Washington (continued)

  

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

    $ 16,100      $ 20,770,610   
    

 

 

  
               26,472,710   

West Virginia — 2.4%

  

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

      34,040        31,594,226   
Total Municipal Bonds — 151.8%        2,042,869,535   
Total Long-Term Investments
(Cost — $1,745,624,771) — 152.2%		         2,048,916,800   
    
                  
Short-Term Securities  

BlackRock Liquidity Funds, TempFund, Institutional Class, 0.40% (d)(e)

      11,857,402        11,857,402   
          
    		   Value  
Total Short-Term Securities
(Cost — $11,857,402) — 0.9%		   $ 11,857,402   
Total Investments (Cost — $1,757,482,173*) — 153.1%     2,060,774,202   
Liabilities in Excess of Other Assets — (53.1)%     (714,882,604 ) 
    

 

 

  

Net Assets — 100.0%

   $ 1,345,891,598   
    

 

 

  

 

*   As of April 30, 2016, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

 

Tax cost

   $ 1,757,588,678   
 

 

 

  

Gross unrealized appreciation

   $ 311,336,342   

Gross unrealized depreciation

     (8,150,818 ) 
 

 

 

  

Net unrealized appreciation

   $ 303,185,524   
 

 

 

  
 
Notes to Schedule of Investments

 

(a)   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.

 

(b)   All or a portion of security has been pledged as collateral in connection with outstanding reverse repurchase agreements.

 

(c)   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.

 

(d)   During the period ended April 30, 2016, investments in issuers considered to be 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
July 31, 2015		        Net
Activity		        Shares
Held at
April 30, 2016		        Income  

BlackRock Liquidity Funds, TempFund, Institutional Class

        8,076,047           3,781,355           11,857,402         $ 27,918   

 

(e)   Current yield as of period end.

 

Reverse Repurchase Agreements

 

Counterparty   Interest
Rate		     Trade
Date		     Maturity
Date1		     Face Value     Face Value
Including
Accrued
Interest		     Type of
Underlying
Collateral		     Remaining
Contractual
Maturity of
the Agreements1		  

Deutsche Bank Securities, Inc.

     0.80 %      12/17/15        Open      $ 4,222,000      $ 4,234,666        Municipal Bonds        Open/Demand   

Barclays Capital, Inc.

     0.70 %      12/17/15        Open        23,431,250        23,492,757        Municipal Bonds        Open/Demand   

Barclays Capital, Inc.

     0.70 %      12/17/15        Open        16,340,625        16,383,519        Municipal Bonds        Open/Demand   

Barclays Capital, Inc.

     0.70 %      12/17/15        Open        27,428,175        27,500,174        Municipal Bonds        Open/Demand   

 

                
6    BLACKROCK TAXABLE MUNICIPAL BOND TRUST    APRIL 30, 2016   

Schedule of Investments (continued)

   

BlackRock Taxable Municipal Bond Trust (fka BlackRock
Build America Bond  Trust) (BBN)

 

Reverse Repurchase Agreements (continued)

 

Counterparty   Interest
Rate		     Trade
Date		     Maturity
Date1		     Face Value     Face Value
Including
Accrued
Interest		     Type of
Underlying
Collateral		     Remaining
Contractual
Maturity of
the Agreements1		  

Barclays Capital, Inc.

     0.70 %      12/17/15        Open      $ 20,900,000      $ 20,954,863        Municipal Bonds        Open/Demand   

Barclays Capital, Inc.

     0.70 %      12/17/15        Open        5,212,500        5,226,183        Municipal Bonds        Open/Demand   

Barclays Capital, Inc.

     0.70 %      12/17/15        Open        8,006,250        8,027,267        Municipal Bonds        Open/Demand   

Barclays Capital, Inc.

     0.70 %      12/17/15        Open        12,887,500        12,921,330        Municipal Bonds        Open/Demand   

Barclays Capital, Inc.

     0.70 %      12/17/15        Open        9,925,000        9,951,053        Municipal Bonds        Open/Demand   

Barclays Capital, Inc.

     0.75 %      12/17/15        Open        26,875,000        26,950,586        Municipal Bonds        Open/Demand   

Barclays Capital, Inc.

     0.80 %      12/17/15        Open        9,740,781        9,770,004        Municipal Bonds        Open/Demand   

Deutsche Bank Securities, Inc.

     0.80 %      12/17/15        Open        35,472,000        35,578,416        Municipal Bonds        Open/Demand   

Deutsche Bank Securities, Inc.

     0.80 %      12/17/15        Open        29,386,000        29,474,158        Municipal Bonds        Open/Demand   

RBC Capital Markets, LLC

     0.85 %      12/17/15        Open        22,015,000        22,085,173        Municipal Bonds        Open/Demand   

RBC Capital Markets, LLC

     0.85 %      12/17/15        Open        12,960,000        13,001,310        Municipal Bonds        Open/Demand   

RBC Capital Markets, LLC

     0.85 %      12/17/15        Open        7,105,000        7,127,647        Municipal Bonds        Open/Demand   

RBC Capital Markets, LLC

     0.85 %      12/17/15        Open        11,948,250        11,986,335        Municipal Bonds        Open/Demand   

RBC Capital Markets, LLC

     0.85 %      12/17/15        Open        7,110,000        7,132,663        Municipal Bonds        Open/Demand   

RBC Capital Markets, LLC

     0.85 %      12/17/15        Open        12,900,000        12,941,119        Municipal Bonds        Open/Demand   

RBC Capital Markets, LLC

     0.85 %      12/17/15        Open        10,375,000        10,408,070        Municipal Bonds        Open/Demand   

RBC Capital Markets, LLC

     0.85 %      12/17/15        Open        18,855,000        18,915,100        Municipal Bonds        Open/Demand   

RBC Capital Markets, LLC

     0.85 %      12/17/15        Open        12,039,138        12,077,512        Municipal Bonds        Open/Demand   

RBC Capital Markets, LLC

     0.85 %      12/17/15        Open        19,522,500        19,584,728        Municipal Bonds        Open/Demand   

RBC Capital Markets, LLC

     0.85 %      12/17/15        Open        36,225,000        36,340,467        Municipal Bonds        Open/Demand   

RBC Capital Markets, LLC

     0.85 %      12/17/15        Open        16,537,500        16,590,213        Municipal Bonds        Open/Demand   

RBC Capital Markets, LLC

     0.85 %      12/17/15        Open        15,037,500        15,085,432        Municipal Bonds        Open/Demand   

RBC Capital Markets, LLC

     0.85 %      12/17/15        Open        11,687,500        11,724,754        Municipal Bonds        Open/Demand   

RBC Capital Markets, LLC

     0.85 %      12/17/15        Open        38,812,500        38,936,215        Municipal Bonds        Open/Demand   

RBC Capital Markets, LLC

     0.85 %      12/17/15        Open        20,175,000        20,239,308        Municipal Bonds        Open/Demand   

RBC Capital Markets, LLC

     0.85 %      12/17/15        Open        23,380,500        23,455,025        Municipal Bonds        Open/Demand   

 

                
   BLACKROCK TAXABLE MUNICIPAL BOND TRUST    APRIL 30, 2016    7

Schedule of Investments (continued)

   

BlackRock Taxable Municipal Bond Trust (fka BlackRock
Build America Bond  Trust) (BBN)

 

Reverse Repurchase Agreements (concluded)

 

Counterparty   Interest
Rate		     Trade
Date		     Maturity
Date1		     Face Value     Face Value
Including
Accrued
Interest		     Type of
Underlying
Collateral		     Remaining
Contractual
Maturity of
the Agreements1		  

RBC Capital Markets, LLC

     0.85 %      12/17/15        Open      $ 26,400,000      $ 26,484,150        Municipal Bonds        Open/Demand   

Credit Suisse Securities (USA) LLC

     0.75 %      1/19/16        Open        23,062,500        23,111,027        Municipal Bonds        Open/Demand   

Credit Suisse Securities (USA) LLC

     0.75 %      1/19/16        Open        19,650,000        19,691,347        Municipal Bonds        Open/Demand   

Credit Suisse Securities (USA) LLC

     0.75 %      1/19/16        Open        26,795,000        26,851,381        Municipal Bonds        Open/Demand   

Credit Suisse Securities (USA) LLC

     0.75 %      1/19/16        Open        30,042,500        30,105,715        Municipal Bonds        Open/Demand   

RBC Capital Markets, LLC

     0.85 %      1/27/16        Open        29,445,000        29,511,047        Municipal Bonds        Open/Demand   

Barclays Capital, Inc.

     0.70 %      1/29/16        Open        13,282,500        13,306,519        Municipal Bonds        Open/Demand   

RBC Capital Markets, LLC

     0.85 %      2/12/16        Open        18,962,500        18,997,870        Municipal Bonds        Open/Demand   

RBC Capital Markets, LLC

     0.85 %      3/1/16        Open        9,998,438        10,012,838        Municipal Bonds        Open/Demand   

Credit Suisse Securities (USA) LLC

     0.75 %      4/11/16        Open        9,587,500        9,591,295        Municipal Bonds        Open/Demand   

Deutsche Bank Securities, Inc.

     0.80 %      4/14/16        Open        15,883,000        15,888,647        Municipal Bonds        Open/Demand   

Total

  

   $ 749,621,407      $ 751,647,883       
       

 

 

    

 

 

      
1 Certain agreements have no stated maturity and can bet terminated by either party at any time.   

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

Contracts
Short		     Issue        Expiration  

Notional
Value

          Unrealized
Appreciation		  
  (920 )    5-Year U.S. Treasury Note     June 2016   USD     111,240,938        $ 136,127   
  (640 )    10-Year U.S. Treasury Note     June 2016   USD     83,240,000          339,103   
  (1,300 )    Long U.S. Treasury Bond     June 2016   USD     212,306,250          2,684,846   
  (114 )    Ultra U.S. Treasury Bond       June 2016   USD     19,533,187            336,934   

 

Total

  

     $ 3,497,010   
             

 

 

  

 

Portfolio Abbreviations

 

AGM    Assured Guaranty Municipal Corp.
ARB    Airport Revenue Bonds
COP    Certificates of Participation
EDA    Economic Development Authority
GO    General Obligation Bonds
HFA    Housing Finance Agency
ISD    Independent School District

 

                
8    BLACKROCK TAXABLE MUNICIPAL BOND TRUST    APRIL 30, 2016   

Schedule of Investments (continued)

   

BlackRock Taxable Municipal Bond Trust (fka BlackRock
Build America Bond  Trust) (BBN)

 

LRB    Lease Revenue Bonds
M/F    Multi-Family
NPFGC    National Public Finance Guarantee Corp.
RB    Revenue Bonds
SAN    State Aid Notes

 

                
   BLACKROCK TAXABLE MUNICIPAL BOND TRUST    APRIL 30, 2016    9

Schedule of Investments (continued)

   

BlackRock Taxable Municipal Bond Trust (fka BlackRock

Build America 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 Fund 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 Fund’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments are typically categorized as level 3.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments, refer to the Fund’s most recent financial statements as contained in its annual report.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

     Level 1        Level 2        Level 3        Total  

Assets:

                 
Investments:                 

Long-Term Investments1

     —         $ 2,048,916,800           —         $ 2,048,916,800   

Short-Term Securities

  $ 11,857,402           —           —           11,857,402   
 

 

 

  

Total Investments

   $ 11,857,402         $ 2,048,916,800           —         $ 2,060,774,202   
 

 

 

  
                
Derivative Financial Instruments2                                         

Assets:

                 

Interest rate contracts

  $ 3,497,010           —           —         $ 3,497,010   

1    See above Schedule of Investments for values in each state or political sub-division.

 

2    Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

       

       

 

                
10    BLACKROCK TAXABLE MUNICIPAL BOND TRUST    APRIL 30, 2016   

Schedule of Investments (concluded)

   

BlackRock Taxable Municipal Bond Trust (fka BlackRock

Build America Bond Trust) (BBN)

 

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

 

     Level 1        Level 2        Level 3      Total  

Assets:

                

Cash pledged for futures contracts

  $ 2,028,950           —         —      $ 2,028,950   

Liabilities:

                

Reverse repurchase agreements

    —         $ (751,647,883 )       —        (751,647,883 ) 
 

 

 

  

Total

  $ 2,028,950         $ (751,647,883 )       —      $ (749,618,933 ) 
 

 

 

  

During the period ended April 30, 2016, there were no transfers between levels.

 

                
   BLACKROCK TAXABLE MUNICIPAL BOND TRUST    APRIL 30, 2016    11

Item 2 – Controls and Procedures

 

2(a) –

   The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

2(b) –

   There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3 –

   Exhibits
  Certifications – Attached hereto

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Taxable Municipal Bond Trust (Formerly BlackRock Build America Bond Trust)

 

By:

  

/s/ John M. Perlowski

  John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Taxable Municipal Bond Trust (Formerly BlackRock Build America Bond Trust)

Date: June 22, 2016

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 (Formerly BlackRock Build America Bond Trust)

Date: June 22, 2016

 

By:

  

/s/ Neal J. Andrews

  Neal J. Andrews

Chief Financial Officer (principal financial officer) of

BlackRock Taxable Municipal Bond Trust (Formerly BlackRock Build America Bond Trust)

Date: June 22, 2016