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Share Name | Share Symbol | Market | Type |
---|---|---|---|
BlackRock Taxable Municipal Bond Trust | NYSE:BBN | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.19 | 1.16% | 16.57 | 16.62 | 16.29 | 16.30 | 471,618 | 22:48:24 |
Name of Fund: |
Fund Address: | 100 Bellevue Parkway, Wilmington, DE 19809 |
![]() |
JUNE 30, 2023 |
2023 Semi-Annual Report (Unaudited) |
Not FDIC Insured • May Lose Value • No Bank Guarantee |
Supplemental Information (unaudited) |
Total Cumulative Distributions for the Fiscal Period |
% Breakdown of the Total Cumulative Distributions for the Fiscal Period |
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Trust Name | |
Net Income |
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Net Realized Capital Gains Short-Term |
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Net Realized Capital Gains Long-Term |
|
|
Return of Capital |
(a) |
|
Total Per Common Share |
|
|
Net Income |
|
|
Net Realized Capital Gains Short-Term |
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|
Net Realized Capital Gains Long-Term |
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Return of Capital |
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Total Per Common Share |
| ||||||||||||
BBN |
$ | 0.456342 | $ | — | $ | — | $ | 0.151058 | $ | 0.607400 | 75 | % | — | % | — | % | 25 | % | 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 3 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, 2023 |
||||||||
6-Month | 12-Month | |||||||
U.S. large cap equities (S&P 500® Index) |
16.89% | 19.59% | ||||||
U.S. small cap equities (Russell 2000® Index) |
8.09 | 12.31 | ||||||
International equities (MSCI Europe, Australasia, Far East Index) |
11.67 | 18.77 | ||||||
Emerging market equities (MSCI Emerging Markets Index) |
4.89 | 1.75 | ||||||
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index) |
2.25 | 3.60 | ||||||
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index) |
1.70 | (3.97) | ||||||
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) |
2.09 | (0.94) | ||||||
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index) |
2.67 | 3.19 | ||||||
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) |
5.38 | 9.07 | ||||||
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 | ||||
2 | ||||
3 | ||||
Semi-Annual Report: |
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5 | ||||
5 | ||||
6 | ||||
Financial Statements: |
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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, 2023 |
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, 2023 ($ 16.59)(a) |
6.72% | |
Current Monthly Distribution per Common Share(b) |
$0.092900 | |
Current Annualized Distribution per Common Share(b) |
$1.114800 | |
Leverage as of June 30, 2023(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 3 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, 2023 (continued) |
BlackRock Taxable Municipal Bond Trust (BBN) |
06/30/23 | 12/31/22 | Change | High | Low | ||||||||||||||||
Closing Market Price |
$ | 16.59 | $ | 16.84 | (1.48 | )% | $ | 18.30 | $ | 16.44 | ||||||||||
Net Asset Value |
17.93 | 17.30 | 3.64 | 18.75 | 17.30 |
Average Annual Total Returns | ||||||||||||||||
|
|
|||||||||||||||
6-month | 1 Year | 5 Years | 10 Years | |||||||||||||
Trust at NAV(a)(b) |
7.31 | % | 0.05 | % | 1.12 | % | 4.98 | % | ||||||||
Trust at Market Price(a)(b) |
2.00 | (6.65 | ) | 0.55 | 4.93 | |||||||||||
Bloomberg Taxable Municipal Bond Index(c) |
4.75 | (0.29 | ) | 1.56 | 3.43 |
(a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Trust’s use of leverage, if any. |
(b) | The Trust’s discount to NAV widened 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, 2023 (continued) |
BlackRock Taxable Municipal Bond Trust (BBN) |
SECTOR ALLOCATION |
||||
Sector(a)(b) | Percentage of Total Investments |
|||
County/City/Special District/School District |
23.4 | % | ||
Utilities |
17.8 | |||
State |
15.8 | |||
Education |
15.1 | |||
Transportation |
14.2 | |||
Tobacco |
6.6 | |||
Corporate |
2.4 | |||
Health Care Providers & Services |
2.0 | |||
Other* |
2.7 |
CREDIT QUALITY ALLOCATION |
||||
Credit Rating(a)(d) | Percentage of Total Investments |
|||
AAA/Aaa |
4.4 | % | ||
AA/Aa |
43.2 | |||
A |
32.9 | |||
BBB/Baa |
9.9 | |||
BB/Ba |
3.1 | |||
B |
1.7 | |||
CCC/Caa |
— | (e) | ||
N/R(f) |
4.8 |
CALL/MATURITY SCHEDULE |
||||
Calendar Year Ended December 31,(a)(c) | Percentage | |||
2023 |
1.0 | % | ||
2024 |
0.6 | |||
2025 |
2.1 | |||
2026 |
— | |||
2027 |
1.7 |
(a) | Excludes short-term securities. |
(b) | For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry 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, 2023, 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 3 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, 2023 |
BlackRock Taxable Municipal Bond Trust (BBN) (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Corporate Bonds |
| |||||||
Education — 3.3% | ||||||||
Grand Canyon University, 5.13%, 10/01/28 |
$ 9,377 | $ | 8,490,874 | |||||
Massachusetts Higher Education Assistance Corp., Series 2021, 2.67%, 07/01/31 |
2,500 | 1,970,570 | ||||||
Rensselaer Polytechnic Institute, Series 2018, 5.25%, 09/01/48 |
18,190 | 16,993,513 | ||||||
Wesleyan University, 4.78%, 07/01/2116(a) |
11,000 | 9,291,246 | ||||||
|
|
|||||||
36,746,203 | ||||||||
Financial Services — 0.3% | ||||||||
Western Group Housing LP, 6.75%, 03/15/57(b) |
2,407 | 2,558,472 | ||||||
|
|
|||||||
Health Care Providers & Services — 2.9% | ||||||||
Baptist Health Obligated Group, Series 2019, 4.10%, 12/01/49 |
6,300 | 4,915,812 | ||||||
Ochsner Clinic Foundation, 5.90%, 05/15/45(a) |
5,000 | 5,014,002 | ||||||
PeaceHealth Obligated Group, Series 2018, 4.79%, 11/15/48(a) |
5,065 | 4,548,193 | ||||||
West Virginia United Health System Obligated Group, Series 2018, 4.92%, 06/01/48 |
20,000 | 17,854,270 | ||||||
|
|
|||||||
32,332,277 | ||||||||
Real Estate Management & Development — 0.7% | ||||||||
Bridge Housing Corp., 3.25%, 07/15/30 |
9,020 | 7,891,505 | ||||||
|
|
|||||||
Total Corporate Bonds — 7.2% (Cost: $89,519,307) |
|
79,528,457 | ||||||
|
|
|||||||
Municipal Bonds |
| |||||||
Alabama — 0.1% | ||||||||
Jacksonville Public Educational Building Authority, RB, (AGM), 7.00%, 08/01/46 |
1,365 | 1,496,589 | ||||||
|
|
|||||||
Arizona — 2.2% | ||||||||
Salt River Project Agricultural Improvement & Power District, RB, BAB, 4.84%, 01/01/41(a) |
24,545 | 24,181,145 | ||||||
|
|
|||||||
California — 28.4% | ||||||||
Alameda Corridor Transportation Authority, Refunding RB, CAB, Series B, Senior Lien, 0.00%, 10/01/42(c) |
5,000 | 1,678,105 | ||||||
Alameda County Joint Powers Authority, RB, BAB, Series A, 7.05%, 12/01/44 |
11,000 | 13,476,089 | ||||||
Bay Area Toll Authority, RB, BAB(a) |
||||||||
Series S-1, 6.92%, 04/01/40 |
13,700 | 16,117,529 | ||||||
Series S-3, 6.91%, 10/01/50 |
14,000 | 17,904,950 | ||||||
California Infrastructure & Economic Development Bank, RB, 5.50%, 01/01/38(b) |
4,900 | 3,959,768 | ||||||
California State Public Works Board, RB, BAB, Series G-2, 8.36%, 10/01/34 |
18,145 | 22,503,175 | ||||||
California State University, Refunding RB, Series B, 2.80%, 11/01/41 |
5,000 | 3,761,115 | ||||||
City of Chula Vista California, RB |
||||||||
2.40%, 06/01/36 |
1,275 | 926,535 | ||||||
2.91%, 06/01/45 |
5,000 | 3,325,710 | ||||||
City of Huntington Beach California, Refunding RB |
||||||||
2.91%, 06/15/35 |
2,000 | 1,584,858 | ||||||
3.28%, 06/15/40(a) |
6,000 | 4,624,050 | ||||||
3.38%, 06/15/44 |
6,500 | 4,928,007 | ||||||
City of Orange California, RB, (BAM), 3.12%, 06/01/44 |
2,000 | 1,419,412 |
Security | Par (000) |
Value | ||||||
California (continued) | ||||||||
City of San Francisco California Public Utilities Commission Water Revenue, RB, BAB, Series DE, 6.00%, 11/01/40(a) |
$ 21,255 | $ | 23,328,383 | |||||
County of Sonoma California, Refunding RB, Series A, 6.00%, 12/01/29(a) |
11,610 | 11,939,631 | ||||||
Golden State Tobacco Securitization Corp., Refunding RB (SAP), 3.12%, 06/01/38 |
11,410 | 8,834,021 | ||||||
Series A-1, 4.21%, 06/01/50 |
35,775 | 27,384,188 | ||||||
Imperial Irrigation District, RB, (AMBAC), 6.94%, 01/01/26 |
1,615 | 1,642,271 | ||||||
Inland Empire Tobacco Securitization Corp., Refunding RB, 3.68%, 06/01/38 |
6,285 | 6,021,539 | ||||||
Los Angeles Community College District, GO, BAB, 6.60%, 08/01/42 |
10,000 | 12,144,870 | ||||||
Orange County Local Transportation Authority Sales Tax Revenue, Refunding RB, BAB, Series A, 6.91%, 02/15/41(a) |
5,000 | 5,728,605 | ||||||
San Diego County Regional Airport Authority, ARB, Series B, 5.59%, 07/01/43 |
3,795 | 3,707,605 | ||||||
San Joaquin Hills Transportation Corridor Agency, Refunding RB, Series B, (AGM), 3.49%, 01/15/50 |
7,200 | 5,645,686 | ||||||
State of California, GO, BAB |
||||||||
7.55%, 04/01/39(a) |
9,035 | 11,340,913 | ||||||
7.35%, 11/01/39(a) |
5,000 | 6,047,210 | ||||||
7.63%, 03/01/40 |
8,950 | 11,214,010 | ||||||
7.60%, 11/01/40(a) |
15,000 | 19,159,710 | ||||||
State of California, Refunding GO, 5.13%, 03/01/38 |
10,010 | 9,982,733 | ||||||
University of California, RB, BAB |
||||||||
5.95%, 05/15/45(a) |
24,000 | 26,083,416 | ||||||
6.30%, 05/15/50 |
27,010 | 28,627,170 | ||||||
|
|
|||||||
315,041,264 | ||||||||
Colorado — 3.8% | ||||||||
Colorado Health Facilities Authority, Refunding RB, Series B, 4.48%, 12/01/40 |
9,485 | 7,955,828 | ||||||
Denver City & County School District No. 1, Refunding COP, Series B, 7.02%, 12/15/37 |
6,000 | 6,915,144 | ||||||
Regional Transportation District, COP, BAB, Series B, 7.67%, 06/01/40(a) |
23,000 | 27,758,286 | ||||||
|
|
|||||||
42,629,258 | ||||||||
Connecticut — 0.3% | ||||||||
Connecticut State Health & Educational Facilities Authority, Refunding RB, Series G-2, 4.25%, 07/01/27(b) |
3,935 | 3,775,754 | ||||||
|
|
|||||||
District of Columbia — 2.4% | ||||||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, ARB, BAB, Series D, 8.00%, 10/01/47(a) |
10,750 | 14,361,591 | ||||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, RB, BAB, 7.46%, 10/01/46 |
9,235 | 11,900,203 | ||||||
|
|
|||||||
26,261,794 | ||||||||
Florida — 3.4% | ||||||||
Capital Trust Agency, Inc., RB(b) |
||||||||
5.00%, 01/01/25 |
310 | 308,601 | ||||||
5.50%, 06/15/26 |
445 | 429,957 | ||||||
Excelsior Academies, Inc., RB, Series C, 5.25%, 11/01/25 |
350 | 346,305 |
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, 2023 |
BlackRock Taxable Municipal Bond Trust (BBN) (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Florida (continued) | ||||||||
Florida Development Finance Corp., RB(b) |
||||||||
6.75%, 12/15/28 |
$ 690 | $ | 697,418 | |||||
Class B, 5.00%, 06/15/25 |
285 | 281,094 | ||||||
Series B, 5.75%, 06/15/25 |
505 | 496,935 | ||||||
Series D, 5.75%, 12/15/26 |
650 | 627,206 | ||||||
Florida Development Finance Corp., Refunding RB, Series B, 4.11%, 04/01/50 |
12,250 | 9,972,688 | ||||||
Miami-Dade County Educational Facilities Authority, Refunding RB, Series B, 5.07%, 04/01/50 |
12,250 | 11,858,919 | ||||||
Miami-Dade County Industrial Development Authority, RB, 5.25%, 11/01/25 |
125 | 123,651 | ||||||
Village Center Community Development District, Refunding RB, 5.02%, 11/01/36 |
13,500 | 12,836,840 | ||||||
|
|
|||||||
37,979,614 | ||||||||
Georgia — 6.1% | ||||||||
East Point Business & Industrial Development Authority, RB, Series B, 5.25%, 06/15/31(b) |
860 | 848,208 | ||||||
Municipal Electric Authority of Georgia, Refunding RB, BAB |
||||||||
6.64%, 04/01/57 |
25,750 | 29,410,414 | ||||||
6.66%, 04/01/57 |
23,800 | 27,081,853 | ||||||
7.06%, 04/01/57 |
9,535 | 10,037,247 | ||||||
|
|
|||||||
67,377,722 | ||||||||
Hawaii — 0.7% | ||||||||
State of Hawaii, GO, Series GK, 6.05%, 10/01/36 |
5,000 | 5,424,840 | ||||||
State of Hawaii, Refunding GO, Series GC, 2.37%, 10/01/35 |
2,500 | 1,930,513 | ||||||
|
|
|||||||
7,355,353 | ||||||||
Idaho — 0.1% | ||||||||
Idaho Housing & Finance Association, RB |
||||||||
Series B, 4.75%, 06/15/29(b) |
235 | 217,785 | ||||||
Series B, 7.15%, 06/15/31 |
545 | 491,761 | ||||||
|
|
|||||||
709,546 | ||||||||
Illinois — 16.5% | ||||||||
Chicago Board of Education, GO, 6.32%, 11/01/29 |
9,465 | 9,492,884 | ||||||
Chicago Board of Education, GO, BAB |
||||||||
6.04%, 12/01/29 |
12,935 | 12,781,112 | ||||||
6.14%, 12/01/39 |
370 | 346,594 | ||||||
6.52%, 12/01/40 |
9,745 | 9,338,692 | ||||||
Chicago O’Hare International Airport, Refunding ARB, BAB, Series B, 6.40%, 01/01/40 |
1,500 | 1,711,330 | ||||||
Chicago Transit Authority Sales & Transfer Tax Receipts Revenue, RB(a) |
||||||||
Series A, 6.90%, 12/01/40 |
3,965 | 4,477,865 | ||||||
Series B, 6.90%, 12/01/40 |
4,765 | 5,448,325 | ||||||
Chicago Transit Authority Sales Tax Receipts Fund, RB, BAB, Series B, 6.20%, 12/01/40(a) |
16,015 | 17,457,343 | ||||||
City of Chicago Illinois Wastewater Transmission Revenue, RB, BAB, Series B, 2nd Lien, 6.90%, 01/01/40 |
36,000 | 39,674,664 | ||||||
City of Chicago Illinois Waterworks Revenue, RB, BAB, Series B, 6.74%, 11/01/40 |
15,250 | 17,256,031 |
Security | Par (000) |
Value | ||||||
Illinois (continued) | ||||||||
Illinois Municipal Electric Agency, RB, BAB, 7.29%, 02/01/35(a) |
$ 15,000 | $ | 16,760,550 | |||||
Northern Illinois Municipal Power Agency, RB, BAB, 7.82%, 01/01/40 |
5,000 | 6,115,200 | ||||||
State of Illinois, GO, BAB |
||||||||
6.73%, 04/01/35 |
5,834 | 6,111,496 | ||||||
7.35%, 07/01/35(a) |
33,294 | 35,729,147 | ||||||
|
|
|||||||
182,701,233 | ||||||||
Indiana — 1.7% | ||||||||
Indiana Finance Authority, RB, BAB, Series B, 6.60%, 02/01/39(a) |
7,900 | 8,943,195 | ||||||
Indiana Municipal Power Agency, RB, BAB, Series A, 5.59%, 01/01/42 |
10,000 | 10,332,610 | ||||||
|
|
|||||||
19,275,805 | ||||||||
Kentucky — 1.3% | ||||||||
Westvaco Corp., RB, 7.67%, 01/15/27(b) |
13,800 | 14,367,415 | ||||||
|
|
|||||||
Louisiana — 0.9% | ||||||||
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Series A3, 5.20%, 12/01/39 |
9,750 | 9,846,996 | ||||||
|
|
|||||||
Maryland — 1.1% | ||||||||
Maryland Economic Development Corp., RB, 4.00%, 04/01/34 |
14,385 | 11,453,136 | ||||||
Maryland Health & Higher Educational Facilities Authority, RB, Series B, 6.25%, 03/01/27(b) |
1,000 | 971,430 | ||||||
|
|
|||||||
12,424,566 | ||||||||
Massachusetts — 4.7% | ||||||||
Commonwealth of Massachusetts Transportation Fund Revenue, RB, BAB, 5.73%, 06/01/40(a) |
5,000 | 5,289,100 | ||||||
Commonwealth of Massachusetts, Refunding GO, Series C, 2.03%, 07/01/35 |
10,000 | 7,472,030 | ||||||
Massachusetts Educational Financing Authority, RB |
||||||||
Series A, 3.61%, 07/01/36 |
9,270 | 7,992,427 | ||||||
Series A, 5.95%, 07/01/44 |
15,000 | 14,929,125 | ||||||
Massachusetts Educational Financing Authority, Refunding RB, Series A, 4.95%, 07/01/38 |
17,295 | 16,054,257 | ||||||
|
|
|||||||
51,736,939 | ||||||||
Michigan — 4.1% | ||||||||
Great Lakes Water Authority Sewage Disposal System Revenue, Refunding RB, Series A, 2.37%, 07/01/32 |
6,600 | 5,411,861 | ||||||
Michigan Finance Authority, RB |
||||||||
6.38%, 06/01/33(b) |
1,000 | 968,837 | ||||||
Series D, 5.02%, 11/01/43 |
7,500 | 6,973,785 | ||||||
Michigan Finance Authority, Refunding RB, CAB, Series B, 0.00%, 06/01/45(c) |
50,000 | 10,971,050 | ||||||
Michigan State University, RB, BAB, Series A, 6.17%, 02/15/50(a) |
5,500 | 5,752,400 | ||||||
Michigan State University, Refunding RB, Series A, 4.50%, 08/15/48 |
14,575 | 13,159,418 |
10 | 2 0 2 3 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, 2023 |
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 | $ | 1,407,089 | |||||
Western Michigan University, Refunding RB, Series B, (AGM), 2.88%, 11/15/43 |
1,500 | 1,059,378 | ||||||
|
|
|||||||
45,703,818 | ||||||||
Minnesota — 1.3% | ||||||||
Southern Minnesota Municipal Power Agency, Refunding RB, BAB, Series A, 5.93%, 01/01/43 |
8,000 | 8,435,232 | ||||||
Western Minnesota Municipal Power Agency, RB, BAB, 6.77%, 01/01/46 |
5,000 | 6,092,800 | ||||||
|
|
|||||||
14,528,032 | ||||||||
Mississippi — 0.5% | ||||||||
Mississippi Development Bank, RB, BAB, 6.41%, 01/01/40 |
5,000 | 5,457,945 | ||||||
|
|
|||||||
Missouri — 1.9% | ||||||||
Curators of the University of Missouri, RB, BAB, 5.79%, 11/01/41(a) |
7,000 | 7,599,144 | ||||||
Missouri Joint Municipal Electric Utility Commission, RB, BAB, 7.73%, 01/01/39 |
11,000 | 13,273,161 | ||||||
|
|
|||||||
20,872,305 | ||||||||
Nevada — 0.4% | ||||||||
City of North Las Vegas Nevada, GO, BAB, 6.57%, 06/01/40 |
1,420 | 1,519,184 | ||||||
County of Clark Department of Aviation, ARB, BAB, Series C, 6.82%, 07/01/45 |
2,000 | 2,436,026 | ||||||
|
|
|||||||
3,955,210 | ||||||||
New Hampshire — 1.2% | ||||||||
New Hampshire Business Finance Authority, Refunding RB |
||||||||
3.30%, 04/01/32 |
12,895 | 9,998,422 | ||||||
2.87%, 07/01/35 |
4,875 | 3,407,571 | ||||||
|
|
|||||||
13,405,993 | ||||||||
New Jersey — 10.7% | ||||||||
New Jersey Economic Development Authority, RB |
||||||||
Series A, (NPFGC), 7.43%, 02/15/29(a) |
20,974 | 22,537,926 | ||||||
Series B, 7.00%, 06/15/30 |
3,750 | 3,753,900 | ||||||
New Jersey Educational Facilities Authority, Refunding RB, (AGM), 3.51%, 07/01/42(a) |
13,500 | 10,500,151 | ||||||
New Jersey Institute of Technology, Refunding RB, Series B, 3.42%, 07/01/42 |
7,500 | 6,178,838 | ||||||
New Jersey Transportation Trust Fund Authority, RB, BAB, Series C, 5.75%, 12/15/28 |
4,500 | 4,518,351 | ||||||
New Jersey Transportation Trust Fund Authority, Refunding RB |
||||||||
4.08%, 06/15/39 |
7,230 | 6,393,041 | ||||||
4.13%, 06/15/42 |
16,765 | 14,655,158 | ||||||
New Jersey Turnpike Authority, RB, BAB(a) |
||||||||
Series A, 7.10%, 01/01/41 |
34,000 | 41,463,034 | ||||||
Series F, 7.41%, 01/01/40 |
6,790 | 8,510,844 | ||||||
|
|
|||||||
118,511,243 | ||||||||
New York — 8.4% | ||||||||
City of New York New York, Refunding GO, Series D, 2.17%, 08/01/34 |
7,285 | 5,553,603 | ||||||
Metropolitan Transportation Authority, RB, BAB |
||||||||
6.67%, 11/15/39 |
2,220 | 2,359,301 | ||||||
7.34%, 11/15/39(a) |
13,245 | 16,464,502 | ||||||
Series TR, 6.69%, 11/15/40(a) |
13,000 | 13,765,037 |
Security | Par (000) |
Value | ||||||
New York (continued) | ||||||||
Metropolitan Transportation Authority, Refunding RB, Series C-2, 5.18%, 11/15/49 |
$ 4,370 | $ | 3,997,256 | |||||
New York City Housing Development Corp., RB, M/F Housing, Series B, 3.10%, 11/01/45 |
1,310 | 916,501 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, BAB, 5.57%, 11/01/38(a) |
19,000 | 19,890,967 | ||||||
New York State Dormitory Authority, RB, BAB, Series H, 5.39%, 03/15/40(a) |
15,000 | 15,671,820 | ||||||
New York State Dormitory Authority, Refunding RB, Series B, 5.75%, 07/01/24(d) |
6,010 | 6,018,035 | ||||||
Triborough Bridge & Tunnel Authority, Refunding RB, Series A-3, 2.51%, 05/15/35 |
10,390 | 8,208,682 | ||||||
|
|
|||||||
92,845,704 | ||||||||
Ohio — 6.1% | ||||||||
American Municipal Power, Inc., RB, Series B, 7.83%, 02/15/41 |
10,000 | 12,478,550 | ||||||
American Municipal Power, Inc., Refunding RB, BAB, Series B, 6.45%, 02/15/44 |
10,000 | 11,185,730 | ||||||
Franklin County Convention Facilities Authority, RB, BAB, 6.64%, 12/01/42(a) |
30,575 | 34,548,527 | ||||||
Ohio University, RB, 5.59%, 12/01/2114 |
10,100 | 9,633,562 | ||||||
|
|
|||||||
67,846,369 | ||||||||
Oklahoma — 1.6% | ||||||||
Oklahoma Development Finance Authority, RB Class A3, 4.71%, 05/01/52 |
3,695 | 3,560,638 | ||||||
Series A-3, 5.09%, 02/01/52(a) |
6,750 | 6,705,754 | ||||||
Series B, 11.00%, 09/01/41(b) |
3,000 | 3,241,605 | ||||||
Oklahoma Municipal Power Authority, RB, BAB, 6.44%, 01/01/45(a) |
3,500 | 3,988,082 | ||||||
|
|
|||||||
17,496,079 | ||||||||
Pennsylvania — 3.6% | ||||||||
Commonwealth Financing Authority, RB |
||||||||
Series A, 4.14%, 06/01/38 |
10,635 | 9,572,085 | ||||||
Series A, 3.81%, 06/01/41 |
6,110 | 5,224,685 | ||||||
Pennsylvania Economic Development Financing Authority, RB, BAB, Series B, 6.53%, 06/15/39 |
23,050 | 24,949,689 | ||||||
|
|
|||||||
39,746,459 | ||||||||
Puerto Rico — 2.9% | ||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |
||||||||
Series A1, Restructured, 5.00%, 07/01/58 |
3,465 | 3,368,891 | ||||||
Series A2, Restructured, 4.55%, 07/01/40 |
14,899 | 11,740,487 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 |
12,447 | 11,841,628 | ||||||
Series A-2, Restructured, 4.33%, 07/01/40 |
5,000 | 4,772,850 | ||||||
|
|
|||||||
31,723,856 | ||||||||
South Carolina — 3.0% | ||||||||
Charleston Educational Excellence Finance Corp., Refunding RB, 1.87%, 12/01/29 |
10,000 | 8,348,100 | ||||||
South Carolina Jobs-Economic Development Authority, RB, 7.35%, 08/15/30(b) |
710 | 698,242 | ||||||
South Carolina Public Service Authority, RB, BAB, Series C, (AGM-CR), 6.45%, 01/01/50(a) |
11,290 | 13,681,278 | ||||||
South Carolina Public Service Authority, Refunding RB Series C, 5.78%, 12/01/41 |
4,595 | 4,879,862 |
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, 2023 |
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 (continued) |
||||||||
Series D, (AGM), 6.45%, 12/01/42 |
$ 2,870 | $ | 3,209,679 | |||||
South Carolina Student Loan Corp., RB, Series A, 3.59%, 12/01/39 |
2,990 | 2,579,240 | ||||||
|
|
|||||||
33,396,401 | ||||||||
Tennessee — 4.4% | ||||||||
Memphis-Shelby County Industrial Development Board, Refunding TA, Series B, 5.45%, 07/01/45 |
5,875 | 4,622,244 | ||||||
Metropolitan Government of Nashville & Davidson County Convention Center Authority, RB, BAB, Series A2, 7.43%, 07/01/43(a) |
35,105 | 41,102,654 | ||||||
Tennessee State School Bond Authority, Refunding RB, 2.56%, 11/01/41 |
4,525 | 3,312,920 | ||||||
|
|
|||||||
49,037,818 | ||||||||
Texas — 4.1% | ||||||||
Arlington Higher Education Finance Corp., RB(b) |
||||||||
5.50%, 04/01/30 |
500 | 491,556 | ||||||
6.50%, 11/01/32 |
1,280 | 1,315,348 | ||||||
Arlington Higher Education Finance Corp., Refunding RB, Series B, 4.00%, 08/15/28 |
1,355 | 1,310,381 | ||||||
City of San Antonio Texas Customer Facility Charge Revenue, ARB, 5.87%, 07/01/45 |
7,500 | 7,516,680 | ||||||
Dallas Area Rapid Transit, RB, BAB, 5.02%, 12/01/48(a) |
2,500 | 2,573,105 | ||||||
New Hope Higher Education Finance Corp., RB, 5.00%, 06/15/27(b) |
390 | 371,424 | ||||||
Port Beaumont Navigation District, Refunding RB, Series B, 6.00%, 01/01/25(b) |
1,085 | 1,026,895 | ||||||
Port of Beaumont Industrial Development Authority, RB, 4.10%, 01/01/28(b) |
13,455 | 10,782,178 | ||||||
Texas Private Activity Bond Surface Transportation Corp., RB, Series B, 3.92%, 12/31/49 |
25,000 | 20,189,400 | ||||||
|
|
|||||||
45,576,967 | ||||||||
Utah — 2.9% | ||||||||
Utah Transit Authority, RB, BAB, 5.71%, 06/15/40(a) |
26,405 | 28,330,294 | ||||||
Utah Transit Authority, Refunding RB, Series B, Senior Lien, 3.44%, 12/15/42 |
5,000 | 4,027,050 | ||||||
|
|
|||||||
32,357,344 | ||||||||
Virginia — 2.9% | ||||||||
Tobacco Settlement Financing Corp., Refunding RB, Series A-1, 6.71%, 06/01/46 |
29,630 | 26,639,741 | ||||||
Virginia Housing Development Authority, RB, M/F Housing |
||||||||
Series D, 3.52%, 06/01/40 |
4,000 | 3,225,440 | ||||||
Series F, 3.13%, 07/01/45 |
3,425 | 2,473,093 | ||||||
|
|
|||||||
32,338,274 | ||||||||
Washington — 2.1% | ||||||||
University of Washington, Refunding RB, Series B, 3.35%, 07/01/41 |
2,500 | 2,056,195 | ||||||
Washington State Convention Center Public Facilities District, RB, BAB, 6.79%, 07/01/40 |
19,415 | 21,434,218 | ||||||
|
|
|||||||
23,490,413 |
Security | Par (000) |
Value | ||||||
West Virginia — 2.4% | ||||||||
Tobacco Settlement Finance Authority, RB, Series B, 0.00%, 06/01/47(c) |
$ 1,600 | $ | 145,336 | |||||
Tobacco Settlement Finance Authority, Refunding RB |
||||||||
Class 1, 4.31%, 06/01/49 |
20,000 | 15,319,120 | ||||||
Class 2, 4.88%, 06/01/49 |
12,020 | 10,784,440 | ||||||
|
|
|||||||
26,248,896 | ||||||||
Wisconsin — 0.3% | ||||||||
Public Finance Authority, RB |
||||||||
4.75%, 06/15/25(b) |
495 | 489,833 | ||||||
5.38%, 06/15/28(b) |
400 | 385,263 | ||||||
5.25%, 01/01/31(b) |
1,205 | 1,149,751 | ||||||
Class S, 5.25%, 06/15/26(b) |
140 | 135,993 | ||||||
Series B, 6.00%, 06/15/24 |
155 | 152,648 | ||||||
Public Finance Authority, Refunding RB, Series B, 6.13%, 10/01/49(b) |
1,470 | 1,311,233 | ||||||
|
|
|||||||
3,624,721 | ||||||||
|
|
|||||||
Total Municipal Bonds — 138.5% (Cost: $1,486,069,338) |
|
1,535,324,840 | ||||||
|
|
|||||||
Total Long-Term Investments — 145.7% (Cost: $1,575,588,645) |
|
1,614,853,297 | ||||||
|
|
|||||||
Shares | ||||||||
Short-Term Securities |
| |||||||
Money Market Funds — 0.6% | ||||||||
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.98%(e)(f) |
6,626,732 | 6,626,732 | ||||||
|
|
|||||||
Total Short-Term Securities — 0.6% (Cost: $6,626,732) |
|
6,626,732 | ||||||
|
|
|||||||
Total Investments — 146.3% (Cost: $1,582,215,377) |
|
1,621,480,029 | ||||||
Liabilities in Excess of Other Assets — (46.3)% |
|
(513,270,920 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
|
$ | 1,108,209,109 | |||||
|
|
(a) | All or a portion of the security has been pledged as collateral in connection with outstanding reverse repurchase agreements. |
(b) | 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. |
(c) | Zero-coupon bond. |
(d) | 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. |
(e) | Affiliate of the Trust. |
(f) | Annualized 7-day yield as of period end. |
12 | 2 0 2 3 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, 2023 |
BlackRock Taxable Municipal Bond Trust (BBN) |
|
||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 12/31/22 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 06/30/23 |
Shares Held at 06/30/23 |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
BlackRock Liquidity Funds, T-Fund, Institutional Class |
$ | 11,702,583 | $ | — | $ | (5,075,851 | )(a) | $ | — | $ | — | $ | 6,626,732 | 6,626,732 | $ | 432,608 | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
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 |
4.80 | %(b) | 05/30/23 | Open | $ | 8,676,250 | $ | 8,712,112 | Corporate Bonds | Open/Demand | ||||||||||||||||
Barclays Bank PLC |
5.35 | (b) | 05/30/23 | Open | 19,296,080 | 19,384,976 | Municipal Bonds | Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
5.35 | (b) | 05/30/23 | Open | 7,757,575 | 7,793,314 | Municipal Bonds | Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
5.35 | (b) | 05/30/23 | Open | 6,210,000 | 6,238,609 | Municipal Bonds | Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
5.35 | (b) | 05/30/23 | Open | 11,765,000 | 11,819,201 | Municipal Bonds | Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
5.35 | (b) | 05/30/23 | Open | 3,707,275 | 3,724,354 | Municipal Bonds | Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
5.35 | (b) | 05/30/23 | Open | 13,953,069 | 14,017,350 | Municipal Bonds | Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
5.35 | (b) | 05/30/23 | Open | 14,025,375 | 14,089,989 | Municipal Bonds | Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
5.40 | (b) | 05/30/23 | Open | 35,586,087 | 35,751,563 | Municipal Bonds | Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
5.40 | (b) | 05/30/23 | Open | 12,856,250 | 12,916,032 | Municipal Bonds | Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
5.40 | (b) | 05/30/23 | Open | 11,160,113 | 11,212,007 | Municipal Bonds | Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
5.40 | (b) | 05/30/23 | Open | 14,089,369 | 14,154,884 | Municipal Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets, LLC |
5.25 | (b) | 05/30/23 | Open | 4,787,500 | 4,809,143 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets, LLC |
5.25 | (b) | 05/30/23 | Open | 4,330,575 | 4,350,153 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets, LLC |
5.45 | (b) | 05/30/23 | Open | 5,587,500 | 5,613,722 | Municipal Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets, LLC |
5.45 | (b) | 05/30/23 | Open | 13,330,000 | 13,392,558 | Municipal Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets, LLC |
5.45 | (b) | 05/30/23 | Open | 21,972,356 | 22,075,474 | Municipal Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets, LLC |
5.45 | (b) | 05/30/23 | Open | 24,540,000 | 24,655,168 | Municipal Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets, LLC |
5.45 | (b) | 05/30/23 | Open | 12,531,900 | 12,590,713 | Municipal Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets, LLC |
5.45 | (b) | 05/30/23 | Open | 30,835,000 | 30,979,710 | Municipal Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets, LLC |
5.45 | (b) | 05/30/23 | Open | 23,992,737 | 24,105,337 | Municipal Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets, LLC |
5.45 | (b) | 05/30/23 | Open | 4,290,000 | 4,310,133 | Municipal Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
5.25 | (b) | 05/30/23 | Open | 41,380,019 | 41,567,091 | Municipal Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
5.28 | (b) | 05/30/23 | Open | 10,898,469 | 10,948,020 | Municipal Bonds | Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
5.30 | (b) | 06/20/23 | Open | 5,900,606 | 5,909,293 | Municipal Bonds | Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
5.35 | (b) | 06/20/23 | Open | 17,717,500 | 17,743,830 | Municipal Bonds | Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
5.35 | (b) | 06/20/23 | Open | 10,425,000 | 10,440,493 | Municipal Bonds | Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
5.35 | (b) | 06/20/23 | Open | 13,552,500 | 13,572,641 | Municipal Bonds | Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
5.35 | (b) | 06/20/23 | Open | 6,825,000 | 6,835,143 | Municipal Bonds | Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
5.35 | (b) | 06/20/23 | Open | 4,725,000 | 4,732,022 | Municipal Bonds | Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
5.35 | (b) | 06/20/23 | Open | 7,830,875 | 7,842,513 | Municipal Bonds | Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
5.35 | (b) | 06/20/23 | Open | 2,190,625 | 2,193,881 | Municipal Bonds | Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
5.35 | (b) | 06/20/23 | Open | 15,995,000 | 16,018,770 | Municipal Bonds | Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
5.35 | (b) | 06/20/23 | Open | 13,781,250 | 13,801,730 | Municipal Bonds | Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
5.35 | (b) | 06/20/23 | Open | 3,381,875 | 3,386,901 | Municipal Bonds | Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
5.40 | (b) | 06/20/23 | Open | 12,900,000 | 12,919,350 | Municipal Bonds | Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
5.45 | (b) | 06/20/23 | Open | 4,854,344 | 4,861,693 | Municipal Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets, LLC |
5.45 | (b) | 06/20/23 | Open | 5,545,625 | 5,554,020 | Municipal Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets, LLC |
5.45 | (b) | 06/20/23 | Open | 20,575,000 | 20,606,148 | Municipal Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets, LLC |
5.45 | (b) | 06/20/23 | Open | 5,775,000 | 5,783,743 | Municipal Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets, LLC |
5.45 | (b) | 06/20/23 | Open | 5,075,000 | 5,082,683 | Municipal Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets, LLC |
5.45 | (b) | 06/22/23 | Open | 27,968,750 | 28,002,623 | Municipal Bonds | Open/Demand | ||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
$ | 542,577,449 | $ | 544,499,090 | |||||||||||||||||||||||
|
|
|
|
(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, 2023 |
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 |
831 | 09/20/23 | $ | 93,332 | $ | 1,702,301 | ||||||||||
U.S. Long Bond |
1,130 | 09/20/23 | 143,651 | 1,259,863 | ||||||||||||
|
|
|||||||||||||||
$ | 2,962,164 | |||||||||||||||
|
|
|
||||||||||||||||||||||||||||
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) |
$ | — | $ | — | $ | — | $ | — | $ | 2,962,164 | $ | — | $ | 2,962,164 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
$ | — | $ | — | $ | — | $ | — | $ | (806,688 | ) | $ | — | $ | (806,688 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | — | $ | — | $ | (564,531 | ) | $ | — | $ | (564,531 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Futures contracts: |
||||
Average notional value of contracts — short |
$ | 255,459,079 | ||
|
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Corporate Bonds |
$ | — | $ | 79,528,457 | $ | — | $ | 79,528,457 | ||||||||
Municipal Bonds |
— | 1,535,324,840 | — | 1,535,324,840 | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
6,626,732 | — | — | 6,626,732 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 6,626,732 | $ | 1,614,853,297 | $ | — | $ | 1,621,480,029 | |||||||||
|
|
|
|
|
|
|
|
14 | 2 0 2 3 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, 2023 |
BlackRock Taxable Municipal Bond Trust (BBN) |
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Interest Rate Contracts |
$ | 2,962,164 | $ | — | $ | — | $ | 2,962,164 | ||||||||
|
|
|
|
|
|
|
|
(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) |
$ | 1,614,853,297 | ||
Investments, at value — affiliated(b) |
6,626,732 | |||
Cash pledged: |
||||
Collateral — reverse repurchase agreements |
1,563,000 | |||
Futures contracts |
6,557,000 | |||
Receivables: |
||||
Investments sold |
2,185,000 | |||
Dividends — affiliated |
72,835 | |||
Interest — unaffiliated |
24,278,678 | |||
Deferred offering costs |
189,960 | |||
|
|
|||
Total assets |
1,656,326,502 | |||
|
|
|||
LIABILITIES |
||||
Reverse repurchase agreements, at value |
544,499,090 | |||
Payables: |
||||
Accounting services fees |
78,922 | |||
Custodian fees |
9,472 | |||
Income dividend distributions |
104,216 | |||
Investment advisory fees |
1,516,744 | |||
Trustees’ and Officer’s fees |
457,324 | |||
Other accrued expenses |
26,501 | |||
Professional fees |
126,078 | |||
Transfer agent fees |
48,546 | |||
Variation margin on futures contracts |
1,250,500 | |||
|
|
|||
Total liabilities |
548,117,393 | |||
|
|
|||
Commitments and contingent liabilities |
||||
NET ASSETS |
$ | 1,108,209,109 | ||
|
|
|||
NET ASSETS CONSIST OF |
||||
Paid-in capital(c)(d)(e) |
$ | 1,172,889,288 | ||
Accumulated loss |
(64,680,179 | ) | ||
|
|
|||
NET ASSETS |
$ | 1,108,209,109 | ||
|
|
|||
Net asset value |
$ | 17.93 | ||
|
|
|||
(a) Investments, at cost — unaffiliated |
$ | 1,575,588,645 | ||
(b) Investments, at cost — affiliated |
$ | 6,626,732 | ||
(c) Shares outstanding |
||||
(d) Shares authorized |
Unlimited | |||
(e) Par value |
$ | 0.001 |
16 | 2 0 2 3 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 |
$ | 432,608 | ||
Interest — unaffiliated |
46,047,274 | |||
|
|
|||
Total investment income |
46,479,882 | |||
|
|
|||
EXPENSES |
||||
Investment advisory |
4,559,593 | |||
Accounting services |
88,314 | |||
Transfer agent |
56,632 | |||
Trustees and Officer |
45,600 | |||
Professional |
35,187 | |||
Registration |
14,737 | |||
Custodian |
12,484 | |||
Printing and postage |
5,324 | |||
Miscellaneous |
11,799 | |||
|
|
|||
Total expenses excluding interest expense |
4,829,670 | |||
Interest expense |
14,156,756 | |||
|
|
|||
Total expenses |
18,986,426 | |||
Less: |
||||
Fees waived and/or reimbursed by the Manager |
(6,818 | ) | ||
|
|
|||
Total expenses after fees waived and/or reimbursed |
18,979,608 | |||
|
|
|||
Net investment income |
27,500,274 | |||
|
|
|||
REALIZED AND UNREALIZED GAIN (LOSS) |
||||
Net realized loss from: |
||||
Investments — unaffiliated |
(21,581,764 | ) | ||
Futures contracts |
(806,688 | ) | ||
|
|
|||
(22,388,452 | ) | |||
|
|
|||
Net change in unrealized appreciation (depreciation) on: |
||||
Investments — unaffiliated |
72,254,481 | |||
Futures contracts |
(564,531 | ) | ||
|
|
|||
71,689,950 | ||||
|
|
|||
Net realized and unrealized gain |
49,301,498 | |||
|
|
|||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 76,801,772 | ||
|
|
F I N A N C I A L S T A T E M E N T S |
17 |
BBN | ||||||||
Six Months Ended 06/30/23 (unaudited) |
Year Ended 12/31/22 |
|||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||
OPERATIONS |
||||||||
Net investment income |
$ | 27,500,274 | $ | 70,324,962 | ||||
Net realized gain (loss) |
(22,388,452 | ) | 2,097,099 | |||||
Net change in unrealized appreciation (depreciation) |
71,689,950 | (472,605,404 | ) | |||||
|
|
|
|
|||||
Net increase (decrease) in net assets resulting from operations |
76,801,772 | (400,183,343 | ) | |||||
|
|
|
|
|||||
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||
From net investment income |
(37,530,942 | )(b) | (63,103,761 | ) | ||||
Return of capital |
— | (17,944,830 | ) | |||||
|
|
|
|
|||||
Decrease in net assets resulting from distributions to shareholders |
(37,530,942 | ) | (81,048,591 | ) | ||||
|
|
|
|
|||||
CAPITAL SHARE TRANSACTIONS |
||||||||
Net proceeds from the issuance of shares |
107,947 | 40,961,004 | ||||||
Reinvestment of distributions |
— | 963,489 | ||||||
|
|
|
|
|||||
Net increase in net assets derived from capital share transactions |
107,947 | 41,924,493 | ||||||
|
|
|
|
|||||
NET ASSETS |
||||||||
Total increase (decrease) in net assets |
39,378,777 | (439,307,441 | ) | |||||
Beginning of period |
1,068,830,332 | 1,508,137,773 | ||||||
|
|
|
|
|||||
End of period |
$ | 1,108,209,109 | $ | 1,068,830,332 | ||||
|
|
|
|
(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 3 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 increase in net assets resulting from operations |
$ | 76,801,772 | ||
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: |
||||
Proceeds from sales of long-term investments and principal paydowns/payups |
111,528,738 | |||
Purchases of long-term investments |
(86,200,552 | ) | ||
Net proceeds from sales of short-term securities |
5,075,851 | |||
Amortization of premium and accretion of discount on investments and other fees |
(673,636 | ) | ||
Net realized loss on investments |
21,581,764 | |||
Net unrealized appreciation on investments |
(72,254,481 | ) | ||
(Increase) Decrease in Assets |
||||
Receivables |
||||
Dividends — affiliated |
(33,982 | ) | ||
Interest — unaffiliated |
686,264 | |||
Variation margin on futures contracts |
1,428,970 | |||
Prepaid expenses |
8,199 | |||
Deferred offering costs |
(1,199 | ) | ||
Increase (Decrease) in Liabilities |
||||
Collateral — reverse repurchase agreements |
(2,865,304 | ) | ||
Payables |
||||
Accounting services fees |
13,928 | |||
Custodian fees |
2,740 | |||
Interest expense |
(1,111,391 | ) | ||
Investment advisory fees |
738,760 | |||
Trustees’ and Officer’s fees |
(20,017 | ) | ||
Other accrued expenses |
9,210 | |||
Professional fees |
(33,301 | ) | ||
Transfer agent fees |
3,716 | |||
Variation margin on futures contracts |
1,250,500 | |||
|
|
|||
Net cash provided by operating activities |
55,936,549 | |||
|
|
|||
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |
||||
Cash dividends paid to Common Shareholders |
(37,426,726 | ) | ||
Decrease in bank overdraft |
(419,487 | ) | ||
Proceeds from issuance of capital shares |
107,947 | |||
Net borrowing of reverse repurchase agreements |
(18,142,283 | ) | ||
|
|
|||
Net cash used for financing activities |
(55,880,549 | ) | ||
|
|
|||
CASH |
||||
Net increase in restricted and unrestricted cash |
56,000 | |||
Restricted and unrestricted cash at beginning of period |
8,064,000 | |||
|
|
|||
Restricted and unrestricted cash at end of period |
$ | 8,120,000 | ||
|
|
|||
SUPPLEMENTAL DISCLOSURE OFCASH FLOW INFORMATION |
||||
Cash paid during the period for interest expense |
$ | 15,268,147 | ||
|
|
|||
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE STATEMENT OF ASSETS AND LIABILITIES |
||||
Cash pledged |
||||
Collateral — reverse repurchase agreements |
$ | 1,563,000 | ||
Futures contracts |
6,557,000 | |||
|
|
|||
$ | 8,120,000 | |||
|
|
F I N A N C I A L S T A T E M E N T S |
19 |
BBN | ||||||||||||||||||||||||||||
Six Months Ended 06/30/23 (unaudited) |
Year Ended 12/31/22 |
Period from 08/01/21 to 12/31/21 |
Year Ended 07/31/21 |
Year Ended 07/31/20 |
Year Ended 07/31/19 |
Year Ended 07/31/18 |
||||||||||||||||||||||
Net asset value, beginning of period |
$ | 17.30 | $ | 25.27 | $ | 26.02 | $ | 25.48 | $ | 24.32 | $ | 23.03 | $ | 23.45 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net investment income(a) |
0.45 | 1.16 | 0.55 | 1.32 | 1.44 | 1.38 | 1.47 | |||||||||||||||||||||
Net realized and unrealized gain (loss) |
0.79 | (7.80 | ) | (0.57 | ) | 0.61 | 1.06 | 1.33 | (0.32 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net increase (decrease) from investment operations |
1.24 | (6.64 | ) | (0.02 | ) | 1.93 | 2.50 | 2.71 | 1.15 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Distributions(b) |
||||||||||||||||||||||||||||
From net investment income |
(0.61 | )(c) | (1.03 | ) | (0.67 | ) | (1.38 | ) | (1.34 | ) | (1.41 | ) | (1.57 | ) | ||||||||||||||
Return of capital |
— | (0.30 | ) | (0.06 | ) | (0.01 | ) | — | (0.01 | ) | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total distributions |
(0.61 | ) | (1.33 | ) | (0.73 | ) | (1.39 | ) | (1.34 | ) | (1.42 | ) | (1.57 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net asset value, end of period |
$ | 17.93 | $ | 17.30 | $ | 25.27 | $ | 26.02 | $ | 25.48 | $ | 24.32 | $ | 23.03 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Market price, end of period |
$ | 16.59 | $ | 16.84 | $ | 26.18 | $ | 26.31 | $ | 26.60 | $ | 23.89 | $ | 21.99 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total Return(d) |
||||||||||||||||||||||||||||
Based on net asset value |
7.31 | %(e) | (26.55 | )% | (0.08 | )%(e) | 7.96 | % | 10.73 | % | 12.60 | % | 5.23 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Based on market price |
2.00 | %(e) | (30.99 | )% | 2.37 | %(e) | 4.56 | % | 17.68 | % | 15.84 | % | 1.17 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Ratios to Average Net Assets(f) |
||||||||||||||||||||||||||||
Total expenses |
3.42 | %(g) | 1.84 | % | 1.07 | %(g) | 1.20 | % | 1.97 | % | 2.53 | % | 2.03 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total expenses after fees waived and/or reimbursed |
3.42 | %(g) | 1.84 | % | 1.07 | %(g) | 1.20 | % | 1.97 | % | 2.53 | % | 2.03 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total expenses after fees waived and/or reimbursed and excluding interest expense |
0.87 | %(g) | 0.87 | % | 0.87 | %(g) | 0.86 | % | 0.91 | % | 0.93 | % | 0.91 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net investment income |
4.96 | %(g) | 5.82 | % | 5.01 | %(g) | 5.31 | % | 5.88 | % | 6.02 | % | 6.27 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||
Net assets, end of period (000) |
$ | 1,108,209 | $ | 1,068,830 | $ | 1,508,138 | $ | 1,533,818 | $ | 1,456,804 | $ | 1,389,003 | $ | 1,315,521 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Borrowings outstanding, end of period (000) |
$ | 544,499 | $ | 563,753 | $ | 769,609 | $ | 706,800 | $ | 712,054 | $ | 799,955 | $ | 742,657 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Portfolio turnover rate |
5 | % | 11 | % | 3 | % | 16 | % | 15 | % | 7 | % | 8 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) | Not annualized. |
(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) | Annualized. |
20 | 2 0 2 3 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 |
• | 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 |
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 |
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 Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
22 | 2 0 2 3 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 |
Counterparty | |
Reverse Repurchase Agreements |
|
|
Fair Value of Non‑Cash Collateral Pledged Including Accrued Interest |
(a) |
|
Cash Collateral Pledged/Received |
(a) |
Net Amount | ||||||
Barclays Bank PLC |
$ | (280,072,651) | $ | 280,072,651 | $ | — | $ | — | ||||||||
RBC Capital Markets, LLC |
(211,911,328) | 211,911,328 | — | — | ||||||||||||
TD Securities (USA) LLC |
(52,515,111) | 52,515,111 | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | (544,499,090) | $ | 544,499,090 | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
|
(a) | Collateral, if any, with a value of $608,109,863 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 | |
Non-Expiring Capital Loss Carryforwards |
(a) | |
BBN |
$ (70,279,306 | ) |
(a) | Amounts available to offset future realized capital gains. |
Trust Name | Tax Cost | Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) | ||||||||||
BBN |
$ | 1,582,408,462 | $ | 95,615,688 | $ | (53,581,957 | ) | $ 42,033,731 |
24 | 2 0 2 3 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 |
Trust Name | Six Months Ended 06/30/23 |
Year Ended 12/31/22 | ||||
BBN |
— | 50,021 |
Trust Name | Declaration Date |
Record Date |
Payable/ Paid Date |
Dividend Per Common Share | ||||||||||
BBN |
07/03/23 | 07/14/23 | 07/31/23 | $ 0.092900 | ||||||||||
08/01/23 | 08/15/23 | 08/31/23 | 0.092900 |
26 | 2 0 2 3 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 3 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 3 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 02114 |
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 3 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 | |
AMBAC | AMBAC Assurance Corp. | |
ARB | Airport Revenue Bonds | |
BAB | Build America Bond | |
BAM | Build America Mutual Assurance Co. | |
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 | |
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 |
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(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 |
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
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 25, 2023
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 25, 2023
By: |
/s/ Trent Walker | |||
Trent Walker | ||||
Chief Financial Officer (principal financial officer) of | ||||
BlackRock Taxable Municipal Bond Trust |
Date: August 25, 2023
EX-99. CERT
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002
I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Taxable Municipal Bond Trust, certify that:
1. I have reviewed this report on Form N-CSR of BlackRock Taxable Municipal Bond Trust;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
d) disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
Date: August 25, 2023
/s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Taxable Municipal Bond Trust
EX-99. CERT
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002
I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock Taxable Municipal Bond Trust, certify that:
1. I have reviewed this report on Form N-CSR of BlackRock Taxable Municipal Bond Trust;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
d) disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
Date: August 25, 2023
/s/ Trent Walker
Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Taxable Municipal Bond Trust
Exhibit 99.906CERT
Certification Pursuant to Rule 30a-2(b) under the 1940 Act and
Section 906 of the Sarbanes-Oxley Act of 2002
Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Taxable Municipal Bond Trust (the Registrant), hereby certifies, to the best of his knowledge, that the Registrants Report on Form N-CSR for the period ended June 30, 2023 (the Report) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
Date: August 25, 2023
/s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Taxable Municipal Bond Trust
Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Taxable Municipal Bond Trust (the Registrant), hereby certifies, to the best of his knowledge, that the Registrants Report on Form N-CSR for the period ended June 30, 2023 (the Report) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
Date: August 25, 2023
/s/ Trent Walker
Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Taxable Municipal Bond Trust
This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.
N-2 |
6 Months Ended | |||||||||||||||||||||||||||||||||||
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Jun. 30, 2023
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Cover [Abstract] | ||||||||||||||||||||||||||||||||||||
Entity Central Index Key | 0001493683 | |||||||||||||||||||||||||||||||||||
Amendment Flag | false | |||||||||||||||||||||||||||||||||||
Document Type | N-CSRS | |||||||||||||||||||||||||||||||||||
Entity Registrant Name | BlackRock Taxable Municipal Bond Trust | |||||||||||||||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||||||||||||||||
Investment Objectives and Practices [Text Block] | Investment Objective BlackRock Taxable Municipal Bond Trust’s (BBN) (the “Trust”) primary investment objective is to seek high current income, with a secondary objective of capital appreciation. The Trust seeks to achieve its investment objectives by investing primarily in a portfolio of taxable municipal securities, including Build America Bonds (“BABs”), issued by state and local governments to finance capital projects such as public schools, roads, transportation infrastructure, bridges, ports and public buildings. The Trust originally sought to achieve its investment objectives by investing primarily in a portfolio of BABs, which are taxable municipal securities issued pursuant to the American Recovery and Reinvestment Act of 2009. Given the uncertainty around the BABs program at the time of the Trust’s launch in 2010, the Trust’s initial public offering prospectus included a Contingent Review Provision. For any 24-month period, if there were no new issuances of BABs or other analogous taxable municipal securities, the Board of Trustees (the “Board”) would undertake an evaluation of potential actions with respect to the Trust. Under the Contingent Review Provision, such potential action may include changes to the Trust’s non-fundamental investment policies to broaden its primary investment focus to include taxable municipal securities generally. The BABs program expired on December 31, 2010 and was not renewed. Accordingly, there have been no new issuances of BABs since that date. Pursuant to the Contingent Review Provision, on June 12, 2015, the Board approved a proposal to amend the Trust’s investment policy from “Under normal market conditions, the Trust invests at least 80% of its managed assets in BABs” to “Under normal market conditions, the Trust invests at least 80% of its managed assets in taxable municipal securities, which include BABs”, and to change the name of the Trust from “BlackRock Build America Bond Trust” to “BlackRock Taxable Municipal Bond Trust.” These changes became effective on August 25, 2015. The Trust continues to maintain its other investment policies, including its ability to invest up to 20% of its managed assets in securities other than taxable municipal securities. Such other securities may include tax-exempt securities, U.S. Treasury securities, obligations of the U.S. Government, its agencies and instrumentalities and corporate bonds issued by issuers that have, in BlackRock Advisors, LLC’s (the “Manager”) view, typically been associated with or sold in the municipal market. Bonds issued by private universities and hospitals, or bonds sold to finance military housing developments are examples of such securities. The Trust also continues to invest at least 80% of its managed assets in securities that at the time of purchase are investment grade quality. As used herein, “managed assets” means the total assets of the Trust (including any assets attributable to money borrowed for investment purposes) minus the sum of the Trust’s accrued liabilities (other than money borrowed for investment purposes). As of June 30, 2023, 54% of the Trust’s portfolio are BABs. Like other taxable municipal securities, interest received on BABs is subject to U.S. tax and may be subject to state income tax. Issuers of direct pay BABs, however, are eligible to receive a subsidy from the U.S. Treasury of up to 35% of the interest paid on the BABs. This allowed such issuers to issue bonds that pay interest rates that were expected to be competitive with the rates typically paid by private bond issuers in the taxable fixed income market. While the U.S. Treasury subsidizes the interest paid on BABs, it does not guarantee the principal or interest payments on BABs, and there is no guarantee that the U.S. Treasury will not reduce or eliminate the subsidy for BABs in the future. Any interruption, delay, reduction and/or offset of the reimbursement from the U.S. Treasury may reduce the demand for direct pay BABs and/or potentially trigger extraordinary call features of the BABs. As of the date of this report, the subsidy that issuers of direct pay BABs receive from the U.S. Treasury has been reduced from its original level as the result of budgetary sequestration. The extraordinary call features of some BABs permit early redemption at par value, and the reduction in the subsidy issuers of direct pay BABs receive from the U.S. Treasury has resulted, and may continue to result, in early redemptions of some BABs at par value. Such early redemptions at par value may result in a potential loss in value for investors of such BABs, who may have purchased the securities at prices above par, and may require such investors to reinvest redemption proceeds in lower-yielding securities. As of the date of this report, the Trust did not own any BABs subject to a par value extraordinary call feature. Additionally, many BABs also have more typical call provisions that permit early redemption at a stated spread to an applicable prevailing U.S. Treasury rate. Early redemptions in accordance with these call provisions may likewise result in potential losses for the Trust and give rise to reinvestment risk, which could reduce the Trust’s income and distributions. No assurance can be given that the Trust’s investment objective will be achieved.
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Risk Factors [Table Text Block] | 9. PRINCIPAL RISKS In the normal course of business, the Trust invests in securities or other instruments and may enter into certain transactions, and such activities subject the Trust to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Trust and its investments. The Trust may hold a significant amount of bonds subject to calls by the issuers at defined dates and prices. When bonds are called by issuers and the Trust reinvest the proceeds received, such investments may be in securities with lower yields than the bonds originally held, and correspondingly, could adversely impact the yield and total return performance of the Trust. The Build America Bonds (“BABs”) market is smaller, less diverse and less liquid than other types of municipal securities. Since the BABs program expired on December 31, 2010 and was not extended, BABs may be less actively traded, which may negatively affect the value of BABs held by the Trust. The Trust may invest in BABs. Issuers of direct pay BABs held in the Trust’s portfolio receive a subsidy from the U.S. Treasury with respect to interest payment on bonds. There is no assurance that an issuer will comply with the requirements to receive such subsidy or that such subsidy will not be reduced or terminated altogether in the future. As of period end, the subsidy that issuers of direct payment BABs receive from the U.S. Treasury has been reduced as the result of budgetary sequestration, which has resulted, and which may continue to result, in early redemptions of BABs at par value. The early redemption of BABs at par value may result in a potential loss in value for investors of such BABs, including the Trust, who may have purchased the securities at prices above par, and may require the Trust to reinvest redemption proceeds in lower-yielding securities which could reduce the Trust’s income and distributions. Moreover, the elimination or reduction in subsidy from the federal government may adversely affect an issuer’s ability to repay or refinance BABs and the BABs’ credit ratings, which, in turn, may adversely affect the value of the BABs held by the Trust and the Trust’s NAV. The Trust may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. The Trust may not be able to readily dispose of such investments at prices that approximate those at which the Trust could sell such investments if they were more widely traded and, as a result of such illiquidity, the Trust may have to sell other investments or engage in borrowing transactions if necessary to raise funds to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting the Trust’s NAV and ability to make dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in below investment grade public debt securities. Market Risk: The Trust may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force the Trust to reinvest in lower yielding securities. The Trust may also be exposed to reinvestment risk, which is the risk that income from the Trust’s portfolio will decline if the Trust invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below the Trust portfolio’s current earnings rate. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities. Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts. Counterparty Credit Risk: The Trust may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Trust manages counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Trust to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Trust’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Trust. A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract. With exchange-traded futures, there is less counterparty credit risk to the Trust since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Trust does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Trust. Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Trust’s portfolio are disclosed in its Schedule of Investments. The Trust invests a substantial amount of its assets in issuers located in a single state or limited number of states. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political or social conditions affecting that state or group of states could have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific states or U.S. territories are presented in the Schedule of Investments. The Trust invests a significant portion of its assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Trust and could affect the income from, or the value or liquidity of, the Trust’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments. The Trust invests a significant portion of its assets in fixed-income securities and/or uses derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Trust may be subject to a greater risk of rising interest rates due to the period of historically low interest rates that ended in March 2022. The Federal Reserve has recently been raising the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Trust’s performance. The Trust invests a significant portion of its assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Trust invests.
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Capital Stock, Long-Term Debt, and Other Securities [Abstract] | ||||||||||||||||||||||||||||||||||||
Capital Stock [Table Text Block] | 10. CAPITAL SHARE TRANSACTIONS The Trust is authorized to issue an unlimited number of shares, all of which were initially classified as Common Shares. The par value for the Trust’s Common Shares is $0.001. The Board is authorized, however, to reclassify any unissued Common Shares to Preferred Shares without the approval of Common Shareholders. For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:
The Trust participates in an open market share repurchase program (the “Repurchase Program”). From December 1, 2021 through November 30, 2022, the Trust may repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2021, subject to certain conditions. From December 1, 2022 through November 30, 2023, the Trust may repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2022, subject to certain conditions. The Repurchase Program has an accretive effect as shares are purchased at a discount to the Trust’s NAV. There is no assurance that the Trust will purchase shares in any particular amounts. For the six months ended June 30, 2023, the Trust did not repurchase any shares. BBN has filed a prospectus with the SEC allowing it to issue an additional 20,000,000 Common Shares through an equity Shelf Offering. Under the Shelf Offering, BBN, subject to market conditions, may raise additional equity capital from time to time in varying amounts and utilizing various offering methods at a net price at or above the Trust’s NAV per Common Share (calculated within 48 hours of pricing). As of period end, 15,569,359 Common Shares remain available for issuance under the Shelf Offering. During the six months ended June 30, 2023, BBN issued 5,932 shares under the Shelf Offering. See Additional Information - Shelf Offering Program for additional information. Initial costs incurred by BBN in connection with its shelf offering are recorded as “Deferred offering costs” in the Statement of Assets and Liabilities. As shares are sold, a portion of the costs attributable to the shares sold will be charged against paid-in-capital. Any remaining deferred charges at the end of the shelf offering period will be charged to expense.
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Outstanding Securities [Table Text Block] | The Trust is authorized to issue an unlimited number of shares, all of which were initially classified as Common Shares. | |||||||||||||||||||||||||||||||||||
Outstanding Security, Held [Shares] | 61,792,514 | |||||||||||||||||||||||||||||||||||
Market Risk [Member] | ||||||||||||||||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||||||||||||||||
Risk [Text Block] | Market Risk: The Trust may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force the Trust to reinvest in lower yielding securities. The Trust may also be exposed to reinvestment risk, which is the risk that income from the Trust’s portfolio will decline if the Trust invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below the Trust portfolio’s current earnings rate. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.
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Infectious Illness Risk [Member] | ||||||||||||||||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||||||||||||||||
Risk [Text Block] | Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.
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Counterparty Credit Risk [Member] | ||||||||||||||||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||||||||||||||||
Risk [Text Block] | Counterparty Credit Risk: The Trust may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Trust manages counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Trust to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Trust’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Trust. A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract. With exchange-traded futures, there is less counterparty credit risk to the Trust since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Trust does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Trust.
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Geographic Asset Class Risk [Member] | ||||||||||||||||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||||||||||||||||
Risk [Text Block] | Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Trust’s portfolio are disclosed in its Schedule of Investments. The Trust invests a substantial amount of its assets in issuers located in a single state or limited number of states. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political or social conditions affecting that state or group of states could have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific states or U.S. territories are presented in the Schedule of Investments. The Trust invests a significant portion of its assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Trust and could affect the income from, or the value or liquidity of, the Trust’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments. The Trust invests a significant portion of its assets in fixed-income securities and/or uses derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Trust may be subject to a greater risk of rising interest rates due to the period of historically low interest rates that ended in March 2022. The Federal Reserve has recently been raising the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Trust’s performance. The Trust invests a significant portion of its assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Trust invests.
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