Edgar Filing: BlackRock Taxable Municipal Bond Trust

BlackRock Taxable Municipal Bond Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-22426


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

Fund Address:		100 Bellevue Parkway, Wilmington, DE 19809

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

Municipal Bond Trust, 55 East 52^nd Street, New York, NY 10055

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

Date of fiscal year end: 07/31/2019

Date of reporting period: 10/31/2018

Item 1 – Schedule of Investments

Schedule of Investments (unaudited)

October 31, 2018

BlackRock Taxable Municipal Bond Trust (BBN)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Corporate Bonds — 6.5%

Diversified Financial Services — 0.2%
Western Group Housing LP, 6.75%, 03/15/57^(a)	$	2,480	$	2,915,009

Education — 1.4%
George Washington University, Series 2018, 4.13%, 09/15/48		7,191		6,941,893
Wesleyan University, 4.78%, 07/01/16^(b)		11,000		10,361,242

				17,303,135
Health Care Providers & Services — 4.9%
AHS Hospital Corp., 5.02%, 07/01/45		1,020		1,086,776
IHC Health Services, Inc., 4.13%, 05/15/48		14,000		13,012,830
Kaiser Foundation Hospitals, 4.15%, 05/01/47		5,457		5,191,663
Montefiore Obligated Group, Series 18-C, 5.25%, 11/01/48		8,193		7,803,267
Ochsner Clinic Foundation, 5.90%, 05/15/45		5,000		5,796,861
PeaceHealth Obligated Group, Series 2018, 4.79%, 11/15/48		5,065		5,070,654
Providence St Joseph Health Obligated Group, 3.93%, 10/01/48		3,053		2,732,832
Toledo Hospital, 5.75%, 11/15/38		20,100		20,762,389

				61,457,272

Total Corporate Bonds — 6.5% (Cost — $84,090,460)				81,675,416

Municipal Bonds — 149.1%

Arizona — 2.2%
Salt River Project Agricultural Improvement & Power District, RB, Build America Bonds, Series A, 4.84%, 01/01/41^(b)		25,000		27,278,500

California — 32.4%
Bay Area Toll Authority, RB, Build America Bonds, San Francisco Toll Bridge:
Series S-1, 6.92%, 04/01/40		13,700		17,850,963
Series S-1, 7.04%, 04/01/50		1,920		2,684,486
Series S-3, 6.91%, 10/01/50		14,000		19,475,960
City of San Francisco California, Public Utilities Commission Water Revenue, RB, Build America Bonds, Sub-Series E, 6.00%, 11/01/40^(b)		21,255		25,572,103
City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, Series B (AGM), 6.60%, 03/01/41^(b)		10,000		10,616,400


Security	Par (000)		Value
California (continued)
County of Alameda California Joint Powers Authority, RB, Build America Bonds, Recovery Zone, Series A, 7.05%, 12/01/44^(b)	$	11,000	$	15,091,560
County of Orange California Local Transportation Authority, Refunding RB, Build America Bonds, Series A, 6.91%, 02/15/41		5,000		6,435,450
County of Sonoma California, Refunding RB, Pension Obligation, Series A, 6.00%, 12/01/29		14,345		16,114,025
Los Angeles Community College District California, GO, Build America Bonds, 6.60%, 08/01/42		10,000		13,230,400
Los Angeles Department of Water & Power, RB, Build America Bonds^(b):
6.17%, 07/01/40		37,500		39,037,500
7.00%, 07/01/41		17,225		18,153,428
Metropolitan Water District of Southern California, RB, Build America Bonds, Series A, 6.95%, 07/01/40		12,000		12,685,920
Palomar Community College District, GO, Build America Bonds, Series B-1, 7.19%, 08/01/45		7,500		8,001,225
Rancho Water District Financing Authority, RB, Build America Bond, Series A^(b):
6.34%, 08/01/20^(c)		165		173,905
6.34%, 08/01/40		19,835		20,858,089
Riverside Community College District Foundation, GO, Build America Bonds, Series D-1, 7.02%, 08/01/40		11,000		11,655,490
San Diego County Regional Airport Authority, ARB, Consolidated Rental Car Facility Project, Series B, 5.59%, 07/01/43		4,000		4,303,360
San Diego County Regional Airport Authority, Refunding ARB, Build America Bonds, Sub-Series C, 6.63%, 07/01/40		32,100		33,770,484
State of California, GO, Build America Bonds, Various Purpose:
7.55%, 04/01/39		9,035		12,829,881
7.63%, 03/01/40		8,950		12,683,582
7.60%, 11/01/40		15,000		21,654,450
State of California Public Works Board, RB, Build America Bonds, Series G-2, 8.36%, 10/01/34		18,145		25,874,226
University of California, RB, Build America Bonds (b):
25.95%, 05/15/45		24,000		28,862,640


			1

Schedule of Investments (unaudited) (continued)

October 31, 2018

BlackRock Taxable Municipal Bond Trust (BBN)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
California (continued)
University of California, RB, Build America Bonds^(b) (continued):
6.30%, 05/15/50	$	27,010	$	31,495,821

				409,111,348
Colorado — 3.5%
City & County of Denver Colorado School District No. 1, COP, Refunding, Denver Colorado Public Schools, Series B, 7.02%, 12/15/37		6,000		7,756,740
Regional Transportation District, COP, Build America Bonds, Series B, 7.67%, 06/01/40^(b)		23,000		30,859,790
State of Colorado, COP, Build America Bonds, Building Excellent Schools, Series E, 7.02%, 03/15/21^(c)		5,000		5,434,600

				44,051,130
District of Columbia — 3.4%
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, ARB, Build America Bonds:
Series D, 8.00%, 10/01/47		10,750		14,305,455
Dulles Toll Road Revenue, 7.46%, 10/01/46		9,235		12,804,881
Washington Convention & Sports Authority, Refunding RB, Series C, 7.00%, 10/01/20^(c)		15,000		16,134,300

				43,244,636
Florida — 4.5%
City of Sunrise Florida Utility System, Refunding RB, Build America Bonds, Series B, 5.91%, 10/01/35^(b)		23,000		23,993,370
County of Miami-Dade Florida Educational Facilities Authority, Refunding RB, Series B, 5.07%, 04/01/50		12,250		12,974,465
County of Pasco Florida Water & Sewer, RB, Build America Bonds, Series B, 6.76%, 10/01/39		1,500		1,545,960
Sumter Landing Community Development District, RB, Taxable Senior Recreational, Series 2016, 4.17%, 10/01/47		2,575		2,478,978
Town of Davie Florida Water & Sewer, RB, Build America Bonds, Series B (AGM), 6.85%, 10/01/40		2,500		2,650,075


Security	Par (000)		Value
Florida (continued)
Village Center Community Development District, Refunding RB, 5.02%, 11/01/36	$	13,500	$	13,721,400

				57,364,248
Georgia — 5.1%
Municipal Electric Authority of Georgia Plant Vogtle Units 3 & 4, Refunding RB, Build America Bonds, Series A:
6.64%, 04/01/57		27,074		29,300,295
6.66%, 04/01/57		20,628		23,890,112
7.06%, 04/01/57		9,997		11,085,273

				64,275,680
Hawaii — 2.5%
University of Hawaii, RB, Build America Bonds, Series B-1, 6.03%, 10/01/40^(b)		30,500		31,967,355

Illinois — 16.8%
Chicago Board of Education, GO, Build America Bonds, 6.52%, 12/01/40		9,745		9,026,599
Chicago Transit Authority, RB:
Build America Bonds, Series B, 6.20%, 12/01/40^(b)		16,015		19,014,609
Pension Funding, Series A, 6.90%, 12/01/40		4,075		5,090,857
Pension Funding, Series B, 6.90%, 12/01/40		4,900		6,121,521
City of Chicago Illinois, Refunding ARB, O’Hare International Airport, General 3rd Lien, Build America Bonds, Series B:
6.85%, 01/01/38^(b)		30,110		31,266,525
6.40%, 01/01/40		1,500		1,889,760
City of Chicago Illinois Wastewater Transmission, RB, Build America Bonds, Series B, 6.90%, 01/01/40^(b)		36,000		45,062,280
City of Chicago Illinois Waterworks Transmission, RB, Build America Bonds, 2nd Lien, Series B, 6.74%, 11/01/40		15,250		18,700,923
Illinois Finance Authority, RB, Carle Foundation, Series A, 5.75%, 08/15/34		5,000		5,370,200
Illinois Municipal Electric Agency, RB, Build America Bonds, Series A, 7.29%, 02/01/35		15,000		18,654,750
Northern Illinois Municipal Power Agency, RB, Build America Bonds, Prairie State Project, Series A, 7.82%, 01/01/40		5,000		6,674,150


2

Schedule of Investments (unaudited) (continued)

October 31, 2018

BlackRock Taxable Municipal Bond Trust (BBN)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Illinois (continued)
State of Illinois, GO, Build America Bonds:
6.73%, 04/01/35	$	6,320	$	6,630,691
Pension, 7.35%, 07/01/35		35,855		39,029,243

				212,532,108
Indiana — 1.7%
Indiana Finance Authority, RB, Build America Bonds, Series B, 6.60%, 02/01/39		7,900		10,315,820
Indiana Municipal Power Agency, RB, Build America Bonds, Direct Payment, Series A, 5.59%, 01/01/42		10,000		11,299,100

				21,614,920
Kentucky — 1.2%
Westvaco Corp., RB, MeadWestvaco Corp., 7.67%, 01/15/27^(a)		13,800		15,607,966

Massachusetts — 0.6%
Commonwealth of Massachusetts Transportation Fund Revenue, RB, Build America Bonds, Recovery Zone, Series B, 5.73%, 06/01/40^(b)		5,000		5,977,600
Massachusetts HFA, Refunding RB, Series D, 7.02%, 12/01/42		1,225		1,257,083

				7,234,683
Michigan — 1.7%
Michigan State University, RB, Build America Bonds, General, Series A, 6.17%, 02/15/50		5,500		6,343,590
Michigan Tobacco Settlement Finance Authority, RB, Series A, 7.31%, 06/01/34		15,810		15,682,571

				22,026,161
Minnesota — 1.3%
Southern Minnesota Municipal Power Agency, Refunding RB, Build America Bonds, Series A, 5.93%, 01/01/43		8,000		9,214,960
Western Minnesota Municipal Power Agency, RB, Build America Bonds, Series C, 6.77%, 01/01/46		5,000		6,691,400

				15,906,360


Security	Par (000)		Value
Mississippi — 0.5%
Mississippi Development Bank, RB, Build America Bonds, Garvee, Series B, 6.41%, 01/01/40	$	5,000	$	6,166,400

Missouri — 1.8%
Missouri Joint Municipal Electric Utility Commission, RB, Build America Bonds, Plum Point Project, Series A, 7.73%, 01/01/39^(b)		11,000		14,663,990
University of Missouri, RB, Build America Bonds, Curators of the University, Series A, 5.79%, 11/01/41^(b)		7,000		8,482,740

				23,146,730
Nevada — 1.1%
City of North Las Vegas Nevada, GO, Build America Bonds, 6.57%, 06/01/40		1,420		1,517,952
County of Clark Nevada Department of Aviation, ARB, Build America Bonds:
Series B, 6.88%, 07/01/42^(b)		10,000		10,241,300
Series C, 6.82%, 07/01/45		2,000		2,755,720

				14,514,972
New Jersey — 13.6%
County of Camden New Jersey Improvement Authority, LRB, Build America Bonds, Cooper Medical School of Rowan University Project, Series A, 7.75%, 07/01/34		5,000		5,266,900
New Jersey EDA, RB:
Build America Bonds, Series CC-1, 6.43%, 12/15/35		6,385		6,537,474
Series A (NPFGC), 7.43%, 02/15/29^(b)		20,974		25,214,313
New Jersey State Housing & Mortgage Finance Agency, RB, M/F Housing, Series C (AGM), 6.65%, 11/01/44		14,360		14,669,458
New Jersey State Turnpike Authority, RB, Build America Bonds:
Series A, 7.10%, 01/01/41^(b)		34,000		45,957,800
Series F, 7.41%, 01/01/40		6,790		9,465,124
New Jersey Transportation Trust Fund Authority, RB, Build America Bonds:
Series B, 6.88%, 12/15/39		12,525		12,718,762
Series C, 5.75%, 12/15/28		4,500		4,914,630


			3

Schedule of Investments (unaudited) (continued)

October 31, 2018

BlackRock Taxable Municipal Bond Trust (BBN)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
New Jersey (continued)
New Jersey Transportation Trust Fund Authority, RB, Build America Bonds (continued):
Series C, 6.10%, 12/15/28^(b)	$	45,900	$	47,825,964

				172,570,425
New York — 17.1%
City of New York, GO, Build America Bonds, Sub-Series C-1, 5.82%, 10/01/31^(b)		15,000		15,626,850
City of New York Municipal Water Finance Authority, RB, Build America Bonds, 2nd General Resolution, Series DD, 6.45%, 06/15/41		6,300		6,594,021
City of New York Municipal Water Finance Authority, Refunding RB, Build America Bonds, 2nd General Resolution:
Series AA, 5.79%, 06/15/41^(b)		25,000		25,908,500
Series CC, 6.28%, 06/15/42^(b)		20,000		21,084,200
Series EE, 6.49%, 06/15/42		2,000		2,091,360
Series GG, 6.12%, 06/15/42		2,445		2,541,895
City of New York Transitional Finance Authority, RB, Build America Bonds, Future Tax Secured^(b):
Sub-Series B-1, 5.57%, 11/01/38		19,000		21,747,020
Sub-Series C-2, 6.27%, 08/01/39		14,795		15,088,681
County of Nassau New York Tobacco Settlement Corp., Refunding RB, Series A1, 6.83%, 06/01/21		9,231		9,122,468
Metropolitan Transportation Authority, RB, Build America Bonds:
6.67%, 11/15/39		2,220		2,844,442
Series C, 7.34%, 11/15/39^(b)		13,245		18,531,477
Series C-1, 6.69%, 11/15/40		13,000		16,669,120
Series E, 6.81%, 11/15/40		6,000		7,706,400
New York State Dormitory Authority, RB, Montefiore Obligated Group, Series B (AGM), 4.95%, 08/01/48		4,450		4,379,601
Port Authority of New York & New Jersey, ARB:
192nd Series, 4.81%, 10/15/65		14,825		15,664,540
Consolidated, 160th Series, 5.65%, 11/01/40		2,750		3,252,397
Consolidated, 168th Series, 4.93%, 10/01/51		3,860		4,200,838
State of New York Dormitory Authority, RB, Build America Bonds, General Purpose, Series H, 5.39%, 03/15/40^(b)		15,000		17,261,400
State of New York Dormitory Authority, Refunding RB, Touro College & University, Series B, 5.75%, 01/01/29		6,010		6,119,442

				216,434,652


Security	Par (000)		Value
Ohio — 7.5%
American Municipal Power, Inc., RB, Build America Bonds, Combined Hydroelectric Projects, Series B, 7.83%, 02/15/41	$	10,000	$	14,013,500
American Municipal Power, Inc., Refunding RB, Build America Bonds, Series B, 6.45%, 02/15/44		10,000		12,367,500
County of Franklin Ohio Convention Facilities Authority, RB, Build America Bonds, 6.64%, 12/01/42^(b)		30,575		39,461,318
County of Hamilton Ohio Sewer System Revenue, RB, Build America Bonds, Series B, 6.50%, 12/01/34		7,000		7,229,950
Mariemont City School District, GO, Refunding, Build America Bonds, Series B, 6.55%, 12/01/47^(b)		10,055		10,554,030
Ohio University, RB, General Receipts, Athens, 5.59%, 12/01/14^(b)		10,100		10,871,337

				94,497,635
Oklahoma — 0.9%
Oklahoma Development Finance Authority, RB, OU Medicine Project, Series C, 5.45%, 08/15/28		6,814		7,040,702
Oklahoma Municipal Power Authority, RB, Build America Bonds, 6.44%, 01/01/45		3,500		4,152,155

				11,192,857
Pennsylvania — 3.2%
Commonwealth Financing Authority, RB, Series A:
Plancon Program, 3.86%, 06/01/38		6,350		5,953,189
4.14%, 06/01/38		6,200		6,036,630
Pennsylvania Economic Development Financing Authority, RB, Build America Bonds, Series B, 6.53%, 06/15/39		23,050		28,192,224

				40,182,043
South Carolina — 1.7%
South Carolina Public Service Authority, RB:
Build America Bonds, Series C, 6.45%, 01/01/50		2,025		2,428,400
South Carolina Public Service Authority, RB (continued):
Build America Bonds, Series F (AGM), 6.45%, 01/01/50		11,290		13,734,624
Santee Cooper, Series F (AGM), 5.74%, 01/01/30		5,000		5,535,000

				21,698,024


4

Schedule of Investments (unaudited) (continued)

October 31, 2018

BlackRock Taxable Municipal Bond Trust (BBN)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value
Tennessee — 4.1%
County of Memphis-Shelby Tennessee Industrial Development Board, Refunding, Tax Allocation Bonds, Subordinate Tax Increment, Series C, 7.00%, 07/01/45	$	5,800	$	5,883,056
Metropolitan Government of Nashville & Davidson County Convention Center Authority, RB, Build America Bonds, Series A2, 7.43%, 07/01/43		35,105		45,672,307

				51,555,363
Texas — 8.4%
City of Austin Texas, RB, Travis, Williams and Hays Counties, Rental Car Specialty Facilities, 5.75%, 11/15/42		10,000		10,526,600
City of San Antonio Texas Customer Facility Charge Revenue, RB, 5.87%, 07/01/45		7,500		7,687,800
City of San Antonio Texas Public Service Board, RB, Build America Bonds, Electric & Gas Revenue, Series A, 6.17%, 02/01/41^(b)		19,000		19,688,370
City of San Antonio Texas Public Service Board, Refunding RB, Build America Bonds, Electric & Gas Revenue, Series B, 6.31%, 02/01/37^(b)		35,000		36,372,700
County of Bexar Texas Hospital District, GO, Build America Bonds, 5.41%, 02/15/40		13,000		13,303,160
Dallas Area Rapid Transit, RB, Build America Bonds, Senior Lien, Series B, 5.02%, 12/01/48		2,500		2,826,650
Katy Texas ISD, GO, Build America Bonds, School Building, Series D, 6.35%, 02/15/41^(b)		5,000		5,195,400
North Texas Municipal Water District, RB, Build America Bonds, Series A, 6.01%, 09/01/40		10,000		10,427,600

				106,028,280
Utah — 3.4%
County of Utah Utah, RB, Build America Bonds, County Excise Tax Revenue, Recovery Zone, Series C, 7.13%, 12/01/39		11,800		12,253,002


Security	Par (000)		Value
Utah (continued)
Utah Transit Authority, RB, Build America Bonds, Subordinated, 5.71%, 06/15/40^(b)	$	26,405	$	30,898,867

				43,151,869
Virginia — 2.7%
Tobacco Settlement Financing Corp., Refunding RB, Series A-1, 6.71%, 06/01/46		34,895		33,995,058

Washington — 1.6%
Washington State Convention Center Public Facilities District, RB, Build America Bonds, Series B, 6.79%, 07/01/40		16,100		19,826,184

West Virginia — 4.6%
West Virginia Tobacco Settlement Finance Authority, RB, Series A, 7.47%, 06/01/47		39,630		38,802,526
West Virginia United Health System Obligated Group, Series 2018, 4.92%, 06/01/48		20,000		19,578,551

				58,381,077

Total Municipal Bonds — 149.1% (Cost — $1,682,233,259)				1,885,556,664

Total Long-Term Investments — 155.6% (Cost — $1,766,323,719)				1,967,232,080


	Shares
Short-Term Securities — 0.5%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.07%^(d)(e)		6,679,372		6,679,372

Total Short-Term Securities — 0.5% (Cost — $6,679,372)				6,679,372


Total Investments — 156.1% (Cost — $1,773,003,091)				1,973,911,452
Liabilities in Excess of Other Assets — (56.1)%				(709,305,954	)

Net Assets Applicable to Common Shares — 100.0%			$	1,264,605,498


			5

Schedule of Investments (unaudited) (continued)

October 31, 2018

BlackRock Taxable Municipal Bond Trust (BBN)

^(a)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

^(c)	U.S. Government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.

^(d)	Annualized 7-day yield as of period end.

^(e)	During the period ended October 31, 2018, investments in issuers considered to be an affiliate of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares Held at 07/31/18		Net Activity			Shares Held at 10/31/18		Value at 10/31/18		Income		Net Realized Gain (Loss) ^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		10,666,421		(3,987,049	)		6,679,372	$	6,679,372	$	45,832	$	—	$	—

^(a)

Includes net capital gain distributions, if applicable.

For Trust compliance purposes, the Trust’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.


Portfolio Abbreviations
AGM		Assured Guaranty Municipal Corp.
ARB		Airport Revenue Bonds
COP		Certificates of Participation
EDA		Economic Development Authority
GO		General Obligation Bonds
HFA		Housing Finance Agency
ISD		Independent School District
LRB		Lease Revenue Bonds
M/F		Multi-Family
NPFGC		National Public Finance Guarantee Corp.
RB		Revenue Bonds

Reverse Repurchase Agreements

Counterparty

Interest
Rate

Trade
Date

Maturity
Date^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash

Underlying Collateral

Remaining Contractual
Maturity of the Agreements^(a)

RBC Capital Markets LLC

2.80

06/18/18

Open

36,750,000

37,110,099

Municipal Bonds

Open/Demand

RBC Capital Markets LLC

2.80

06/18/18

Open

33,862,500

34,194,306

Municipal Bonds

Open/Demand

RBC Capital Markets LLC

2.80

06/18/18

Open

23,858,738

24,092,520

Municipal Bonds

Open/Demand

RBC Capital Markets LLC

2.80

06/18/18

Open

32,045,000

32,358,997

Municipal Bonds

Open/Demand

RBC Capital Markets LLC

2.80

06/18/18

Open

27,240,000

27,506,914

Municipal Bonds

Open/Demand

Barclays Capital, Inc.

2.70

06/25/18

Open

14,025,000

14,147,271

Municipal Bonds

Open/Demand

Barclays Capital, Inc.

2.70

06/25/18

Open

25,625,000

25,848,400

Municipal Bonds

Open/Demand


6

Schedule of Investments (unaudited) (continued)

October 31, 2018

BlackRock Taxable Municipal Bond Trust (BBN)

Reverse Repurchase Agreements (continued)

Counterparty

Interest
Rate

Trade
Date

Maturity
Date^(a)

Face Value

Face Value
Including
Accrued
Interest

Type of Non-Cash
Underlying
Collateral

Remaining
Contractual
Maturity of the
Agreements^(a)

Barclays Capital, Inc.

2.70

06/25/18

Open

4,887,500

4,930,110

Municipal Bonds

Open/Demand

Barclays Capital, Inc.

2.70

06/25/18

Open

16,450,000

16,593,412

Municipal Bonds

Open/Demand

Barclays Capital, Inc.

2.70

06/25/18

Open

19,636,650

19,807,843

Municipal Bonds

Open/Demand

Barclays Capital, Inc.

2.70

06/25/18

Open

22,425,000

22,620,502

Municipal Bonds

Open/Demand

Barclays Capital, Inc.

2.70

06/25/18

Open

163,762

165,190

Municipal Bonds

Open/Demand

Barclays Capital, Inc.

2.70

06/25/18

Open

12,325,000

12,432,450

Municipal Bonds

Open/Demand

Barclays Capital, Inc.

2.70

06/25/18

Open

9,137,481

9,217,142

Municipal Bonds

Open/Demand

Barclays Capital, Inc.

2.70

06/25/18

Open

8,041,250

8,111,354

Municipal Bonds

Open/Demand

Barclays Capital, Inc.

2.70

06/25/18

Open

28,645,013

28,894,741

Municipal Bonds

Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

2.55

07/25/18

Open

44,193,200

44,480,333

Municipal Bonds

Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

2.55

07/25/18

Open

29,090,400

29,279,407

Municipal Bonds

Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

2.55

07/25/18

Open

24,425,000

24,583,695

Municipal Bonds

Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

2.55

07/25/18

Open

21,071,000

21,207,903

Municipal Bonds

Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

2.55

07/25/18

Open

29,150,800

29,340,199

Municipal Bonds

Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

2.55

07/25/18

Open

17,032,500

17,143,164

Municipal Bonds

Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

2.55

07/25/18

Open

21,160,300

21,297,783

Municipal Bonds

Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

2.55

07/25/18

Open

20,220,000

20,351,374

Municipal Bonds

Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

2.55

07/25/18

Open

10,133,000

10,198,836

Municipal Bonds

Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

2.60

07/25/18

Open

10,801,600

10,873,251

Municipal Bonds

Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

2.60

07/25/18

Open

18,441,400

18,563,728

Municipal Bonds

Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

2.55

08/01/18

Open

28,310,000

28,483,084

Municipal Bonds

Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

2.55

09/10/18

Open

16,629,000

16,687,109

Municipal Bonds

Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

2.60

09/10/18

Open

9,591,000

9,625,195

Municipal Bonds

Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

2.60

09/10/18

Open

5,720,000

5,740,393

Municipal Bonds

Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

2.60

09/10/18

Open

14,093,717

14,143,965

Municipal Bonds

Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

2.60

09/10/18

Open

9,519,300

9,553,239

Municipal Bonds

Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

2.60

09/17/18

Open

42,109,200

42,240,089

Municipal Bonds

Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

2.60

09/17/18

Open

19,440,000

19,500,426

Municipal Bonds

Open/Demand

Barclays Capital, Inc.

2.30

09/19/18

Open

9,377,500

9,402,663

Municipal Bonds

Open/Demand

RBC Capital Markets LLC

2.55

09/20/18

Open

5,820,000

5,837,315

Municipal Bonds

Open/Demand

RBC Capital Markets LLC

2.75

09/28/18

Open

2,872,500

2,879,961

Municipal Bonds

Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

2.60

10/25/18

Open

13,414,800

13,421,582

Municipal Bonds

Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

2.60

10/31/18

Open

2,661,600

2,661,792

Municipal Bonds

Open/Demand

740,395,711

745,527,737

^(a)

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)	Value/ Unrealized Appreciation (Depreciation)
Short Contracts:
10-Year U.S. Treasury Note		538		12/19/18	$63,719	$	463,137
Long U.S. Treasury Bond		1,167		12/19/18	161,192		6,121,181
5-Year U.S. Treasury Note		108		12/31/18	12,137		94,082

						$	6,678,400


			7

Schedule of Investments (unaudited) (continued)

October 31, 2018

BlackRock Taxable Municipal Bond Trust (BBN)

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

•

Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access

•

Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

•

Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

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

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


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments^(a)	$	—	$	1,967,232,080	$	—	$	1,967,232,080
Short-Term Securities		6,679,372		—		—		6,679,372

	$	6,679,372	$	1,967,232,080	$	—	$	1,973,911,452

Derivative Financial Instruments^(b)
Assets:

Interest rate contracts	$	6,678,400	$	—	$	—	$	6,678,400

^(a)

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

^(b)

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

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes. As of period end, reverse repurchase agreements payable of $745,527,737 is categorized as Level 2 within the disclosure hierarchy.

During the period ended October 31, 2018, there were no transfers between levels.


8

Item 2 – Controls and Procedures



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

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

Item 3 – Exhibits

Certifications – Attached hereto

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


BlackRock Taxable Municipal Bond Trust

By:		/s/ John M. Perlowski
		John M. Perlowski
		Chief Executive Officer (principal executive officer) of
		BlackRock Taxable Municipal Bond Trust

Date: December 19, 2018

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: December 19, 2018

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

Date: December 19, 2018