Name of Fund: | BlackRock Taxable Municipal Bond Trust (BBN) |
Fund Address: | 100 Bellevue Parkway, Wilmington, DE 19809 |
2024 Semi-Annual Report (Unaudited) |
BlackRock Taxable Municipal Bond Trust (BBN) |
Not FDIC Insured • May Lose Value • No Bank Guarantee |
Total Cumulative Distributions for the Fiscal Period | % Breakdown of the Total Cumulative Distributions for the Fiscal Period | ||||||||||
Trust Name | Net Income | Net Realized Capital Gains Short-Term | Net Realized Capital Gains Long-Term | Return of Capital (a) | Total Per Common Share | Net Income | Net Realized Capital Gains Short-Term | Net Realized Capital Gains Long-Term | Return of Capital | Total Per Common Share | |
BBN | $ 0.455937 | $ — | $ — | $ 0.101463 | $ 0.557400 | 82 % | — % | — % | 18 % | 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. |
Symbol on New York Stock Exchange | BBN |
Initial Offering Date | August 27, 2010 |
Current Distribution Rate on Closing Market Price as of June 30, 2024 ($16.35) (a) | 6.82% |
Current Monthly Distribution per Common Share (b) | $0.092900 |
Current Annualized Distribution per Common Share (b) | $1.114800 |
Leverage as of June 30, 2024 (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. |
06/30/24 | 12/31/23 | Change | High | Low | |
Closing Market Price | $ 16.35 | $ 16.26 | 0.55 % | $ 17.11 | $ 15.47 |
Net Asset Value | 17.46 | 18.07 | (3.38 ) | 18.29 | 16.95 |
Average Annual Total Returns | ||||
6-month | 1 Year | 5 Years | 10 Years | |
Trust at NAV (a)(b) | (0.01 ) % | 4.34 % | (0.20 ) % | 4.04 % |
Trust at Market Price (a)(b) | 4.05 | 5.65 | (1.06 ) | 3.92 |
Bloomberg Taxable Municipal Bond Index (c) | (0.08 ) | 3.81 | 0.34 | 2.88 |
(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 narrowed 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. |
SECTOR ALLOCATION | |
Sector (a) | Percent of Total Investments (b) |
County/City/Special District/School District | 19.3 % |
State | 18.1 |
Utilities | 17.5 |
Transportation | 13.7 |
Education | 10.3 |
Tobacco | 6.0 |
Housing | 5.6 |
Corporate | 3.1 |
Commercial Services & Supplies | 2.1 |
Health Care Providers & Services | 2.1 |
Financial Services | 1.2 |
Health | 1.0 |
CALL/MATURITY SCHEDULE | |
Calendar Year Ended December 31, (c) | Percent (b) |
2024 | 2.2 % |
2025 | 2.1 |
2026 | 0.8 |
2027 | 1.5 |
2028 | 2.5 |
CREDIT QUALITY ALLOCATION | |
Credit Rating (d) | Percent of Total Investments (b) |
AAA/Aaa | 5.2 % |
AA/Aa | 44.7 |
A | 29.4 |
BBB/Baa | 10.5 |
BB/Ba | 2.8 |
B | 1.6 |
CCC/Caa | — (e) |
N/R (f) | 5.8 |
(a) | For purposes of this report, sector sub-classifications may differ from those utilized for compliance purposes. |
(b) | Excludes short-term securities. |
(c) | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
(d) | For purposes of this report, 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%. |
(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, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments. |
Security | Par (000) | Value | |
Corporate Bonds | |||
Commercial Services & Supplies — 3.1% | |||
Grand Canyon University, 5.13%, 10/01/28 (a) | $ | 9,377 | $ 8,456,272 |
Rensselaer Polytechnic Institute, Series 2018, 5.25%, 09/01/48 | 18,190 | 15,995,140 | |
Wesleyan University, 4.78%, 07/01/2116 (a) | 11,000 | 8,963,407 | |
33,414,819 | |||
Financial Services (b) — 1.7% | |||
MMH Master LLC | |||
6.38%, 02/01/34 | 2,670 | 2,686,020 | |
6.50%, 02/01/39 | 6,475 | 6,413,105 | |
6.75%, 02/01/44 | 7,300 | 7,331,818 | |
Western Group Housing LP, 6.75%, 03/15/57 (a) | 2,388 | 2,497,148 | |
18,928,091 | |||
Health Care Providers & Services — 3.0% | |||
CommonSpirit Health, 5.32%, 12/01/34 (a) | 14,655 | 14,388,977 | |
Ochsner Clinic Foundation, 5.90%, 05/15/45 (a) | 5,000 | 4,849,857 | |
West Virginia United Health System Obligated Group, Series 2018, 4.92%, 06/01/48 | 15,000 | 13,385,585 | |
32,624,419 | |||
Total Corporate Bonds — 7.8% (Cost: $92,825,759) | 84,967,329 | ||
Municipal Bonds | |||
Alabama — 0.1% | |||
Jacksonville Public Educational Building Authority, RB, (AGM), 7.00%, 08/01/46 | 1,365 | 1,434,270 | |
Alaska — 0.9% | |||
Alaska Housing Finance Corp., RB, S/F Housing, Series C, 6.25%, 12/01/53 | 10,000 | 10,246,346 | |
Arizona — 2.1% | |||
Salt River Project Agricultural Improvement & Power District, RB, BAB, 4.84%, 01/01/41 (a) | 24,545 | 23,053,894 | |
Arkansas — 0.8% | |||
Arkansas Development Finance Authority, RB, AMT, Sustainability Bonds, 7.38%, 07/01/48 (b) | 7,400 | 8,325,366 | |
California — 20.9% | |||
Alameda Corridor Transportation Authority, Refunding RB, CAB (c) | |||
Series D, (AGM), 0.00%, 10/01/40 | 3,775 | 1,437,465 | |
Series B, Senior Lien, 0.00%, 10/01/42 | 5,000 | 1,737,333 | |
Alameda County Joint Powers Authority, RB, BAB, Series A, 7.05%, 12/01/44 (a) | 11,000 | 12,617,681 | |
Bay Area Toll Authority, RB, BAB | |||
Series S-1, 6.92%, 04/01/40 | 6,720 | 7,513,207 | |
Series S-3, 6.91%, 10/01/50 | 14,000 | 16,367,371 | |
California Infrastructure & Economic Development Bank, RB, 5.50%, 01/01/38 (b) | 4,800 | 3,800,102 | |
California State Public Works Board, RB, BAB, Series G-2, 8.36%, 10/01/34 (a) | 17,050 | 20,474,378 | |
California State University, Refunding RB, Series B, 2.80%, 11/01/41 | 5,000 | 3,670,058 | |
City of Chula Vista California, RB, 2.40%, 06/01/36 | 1,275 | 956,877 | |
City of Huntington Beach California, Refunding RB | |||
3.28%, 06/15/40 (a) | 6,000 | 4,792,105 | |
3.38%, 06/15/44 | 1,500 | 1,159,894 |
Security | Par (000) | Value | |
California (continued) | |||
City of Orange California, RB, (BAM), 3.12%, 06/01/44 | $ | 2,000 | $ 1,481,326 |
City of San Francisco California Public Utilities Commission Water Revenue, RB, BAB, Series DE, 6.00%, 11/01/40 (a) | 21,255 | 21,932,270 | |
County of Sonoma California, Refunding RB, Series A, 6.00%, 12/01/29 (a) | 10,420 | 10,591,758 | |
Golden State Tobacco Securitization Corp., Refunding RB | |||
(SAP), 3.12%, 06/01/38 | 11,410 | 9,186,560 | |
Series A-1, 4.21%, 06/01/50 | 35,775 | 26,575,888 | |
Imperial Irrigation District, RB, (AMBAC), 6.94%, 01/01/26 | 1,115 | 1,131,512 | |
Los Angeles Community College District, GO, BAB, 6.60%, 08/01/42 | 10,000 | 11,103,964 | |
Orange County Local Transportation Authority Sales Tax Revenue, Refunding RB, BAB, Series A, 6.91%, 02/15/41 | 5,000 | 5,464,861 | |
San Diego County Regional Airport Authority, ARB, Series B, 5.59%, 07/01/43 | 3,685 | 3,685,048 | |
San Joaquin Hills Transportation Corridor Agency, Refunding RB, Series B, (AGM), 3.49%, 01/15/50 | 7,200 | 5,447,741 | |
State of California, GO, BAB | |||
7.55%, 04/01/39 (a) | 9,035 | 10,705,728 | |
7.35%, 11/01/39 | 5,000 | 5,761,018 | |
7.63%, 03/01/40 | 8,950 | 10,586,797 | |
7.60%, 11/01/40 (a) | 15,000 | 18,050,377 | |
State of California, Refunding GO, 5.13%, 03/01/38 | 10,010 | 9,859,169 | |
226,090,488 | |||
Colorado — 4.3% | |||
Colorado Health Facilities Authority, Refunding RB, Series B, 4.48%, 12/01/40 | 11,885 | 10,012,921 | |
Colorado Housing and Finance Authority, RB, S/F Housing, Series B-1, Class I, (GNMA), 6.25%, 11/01/54 | 2,180 | 2,263,961 | |
Denver City & County School District No. 1, Refunding COP, Series B, 7.02%, 12/15/37 | 6,000 | 6,850,679 | |
Regional Transportation District, COP, BAB, Series B, 7.67%, 06/01/40 (a) | 23,000 | 27,396,802 | |
46,524,363 | |||
Connecticut — 0.2% | |||
Connecticut State Health & Educational Facilities Authority, Refunding RB, Series G-2, 4.25%, 07/01/27 (b) | 2,765 | 2,649,364 | |
District of Columbia — 1.8% | |||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, ARB, BAB, Series D, 8.00%, 10/01/47 (a) | 10,750 | 13,420,733 | |
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, RB, BAB, 7.46%, 10/01/46 | 5,000 | 6,003,484 | |
19,424,217 | |||
Florida — 4.7% | |||
Capital Trust Agency, Inc., RB (b) | |||
5.00%, 01/01/25 | 80 | 79,308 | |
5.50%, 06/15/26 | 445 | 427,692 | |
County of Miami-Dade Seaport Department, ARB, 6.22%, 11/01/55 | 3,295 | 3,456,747 |
Security | Par (000) | Value | |
Florida (continued) | |||
Excelsior Academies, Inc., RB, Series C, 5.25%, 11/01/25 | $ | 195 | $ 192,224 |
Florida Development Finance Corp., RB (b) | |||
6.75%, 12/15/28 | 690 | 487,278 | |
Series B, 5.00%, 06/15/25 | 145 | 142,068 | |
Series B, 5.75%, 06/15/25 | 260 | 253,472 | |
Series D, 5.75%, 12/15/26 | 650 | 625,602 | |
Florida Development Finance Corp., Refunding RB | |||
Series B, 4.11%, 04/01/50 | 10,000 | 8,159,676 | |
AMT, 12.00%, 07/15/32 (b) | 1,665 | 1,767,963 | |
Miami-Dade County Educational Facilities Authority, Refunding RB, Series B, 5.07%, 04/01/50 | 12,250 | 11,901,121 | |
Miami-Dade County Industrial Development Authority, RB, 5.25%, 11/01/25 | 70 | 68,921 | |
State Board of Administration Finance Corp., RB, Series A, 5.53%, 07/01/34 | 10,000 | 10,073,639 | |
Village Center Community Development District, Refunding RB, 5.02%, 11/01/36 | 13,500 | 13,399,046 | |
51,034,757 | |||
Georgia — 5.7% | |||
East Point Business & Industrial Development Authority, RB, Series B, 5.25%, 06/15/31 (b) | 860 | 841,678 | |
Municipal Electric Authority of Georgia, Refunding RB, BAB | |||
6.64%, 04/01/57 | 25,422 | 27,641,603 | |
6.66%, 04/01/57 | 20,536 | 22,235,301 | |
7.06%, 04/01/57 | 9,420 | 10,539,092 | |
61,257,674 | |||
Hawaii — 0.7% | |||
State of Hawaii, GO, Series GK, 6.05%, 10/01/36 | 5,000 | 5,352,312 | |
State of Hawaii, Refunding GO, Series GC, 2.37%, 10/01/35 | 2,500 | 1,948,648 | |
7,300,960 | |||
Idaho — 2.1% | |||
Idaho Housing & Finance Association, RB | |||
Series B, 4.75%, 06/15/29 (b) | 235 | 217,770 | |
Series B, 7.15%, 06/15/31 | 460 | 418,252 | |
Idaho Housing & Finance Association, RB, S/F Housing | |||
Series B, (FHLMC, FNMA, GNMA), 6.25%, 07/01/54 | 5,915 | 6,089,728 | |
Series E, (FHLMC, FNMA, GNMA), 6.06%, 01/01/44 (a) | 15,000 | 15,419,195 | |
22,144,945 | |||
Illinois — 16.4% | |||
Chicago Board of Education, GO, BAB | |||
6.04%, 12/01/29 | 10,435 | 10,349,803 | |
6.14%, 12/01/39 | 370 | 347,627 | |
6.52%, 12/01/40 | 9,745 | 9,654,908 | |
Chicago O ’ Hare International Airport, Refunding ARB, BAB, Series B, 6.40%, 01/01/40 | 1,500 | 1,612,023 | |
Chicago Transit Authority Sales & Transfer Tax Receipts Revenue, RB | |||
Series A, 6.90%, 12/01/40 | 7,534 | 8,333,225 | |
Series B, 6.90%, 12/01/40 | 4,623 | 5,132,204 | |
Chicago Transit Authority Sales Tax Receipts Fund, RB, BAB, Series B, 6.20%, 12/01/40 (a) | 16,015 | 16,757,255 | |
City of Chicago Illinois Wastewater Transmission Revenue, RB, BAB, Series B, 2nd Lien, 6.90%, 01/01/40 (a) | 36,000 | 39,634,744 |
Security | Par (000) | Value | |
Illinois (continued) | |||
City of Chicago Illinois Waterworks Revenue, RB, BAB, Series B, 2nd Lien, 6.74%, 11/01/40 | $ | 15,250 | $ 16,842,684 |
Illinois Finance Authority, RB, 6.69%, 07/01/33 | 2,925 | 2,963,882 | |
Illinois Housing Development Authority, RB, S/F Housing, Series B, Sustainability Bonds, (FHLMC, FNMA, GNMA), 5.88%, 10/01/49 | 4,445 | 4,384,405 | |
Illinois Municipal Electric Agency, RB, BAB, 7.29%, 02/01/35 (a) | 15,000 | 16,290,464 | |
Northern Illinois Municipal Power Agency, RB, BAB, 7.82%, 01/01/40 | 5,000 | 5,994,096 | |
State of Illinois, GO, BAB | |||
7.35%, 07/01/35 (a) | 30,733 | 32,758,942 | |
Series 3, 6.73%, 04/01/35 | 5,348 | 5,548,732 | |
176,604,994 | |||
Indiana — 1.8% | |||
Indiana Finance Authority, RB, BAB, Series B, 6.60%, 02/01/39 | 7,900 | 8,735,601 | |
Indiana Municipal Power Agency, RB, BAB, Series A, 5.59%, 01/01/42 | 10,000 | 10,253,582 | |
18,989,183 | |||
Kentucky — 0.9% | |||
Westvaco Corp., RB, 7.67%, 01/15/27 (b) | 9,400 | 9,734,944 | |
Louisiana — 0.9% | |||
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Series A-3, 5.20%, 12/01/39 | 9,750 | 9,796,525 | |
Maryland — 2.2% | |||
Maryland Community Development Administration, RB, S/F Housing | |||
Series F, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.15%, 09/01/38 | 5,000 | 5,203,859 | |
Series F, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.23%, 09/01/43 | 10,000 | 10,297,476 | |
Maryland Economic Development Corp., RB, 4.00%, 04/01/34 | 9,270 | 7,294,499 | |
Maryland Health & Higher Educational Facilities Authority, RB, Series B, 6.25%, 03/01/27 (b) | 765 | 738,438 | |
23,534,272 | |||
Massachusetts — 4.6% | |||
Commonwealth of Massachusetts Transportation Fund Revenue, RB, BAB, 5.73%, 06/01/40 (a) | 5,000 | 5,077,680 | |
Massachusetts Educational Financing Authority, RB | |||
Series A, 3.61%, 07/01/36 | 9,270 | 8,603,865 | |
Series A, 5.95%, 07/01/44 | 15,000 | 15,123,066 | |
Massachusetts Educational Financing Authority, Refunding RB | |||
Series A, 4.95%, 07/01/38 | 14,560 | 14,000,439 | |
Series A, 6.35%, 07/01/49 | 6,785 | 6,861,014 | |
49,666,064 | |||
Michigan — 4.0% | |||
Michigan Finance Authority, RB | |||
6.38%, 06/01/33 (b) | 1,000 | 435,400 | |
Series D, 5.02%, 11/01/43 | 7,500 | 7,219,229 | |
Michigan Finance Authority, Refunding RB, CAB, Series B, 0.00%, 06/01/45 (c) | 50,000 | 12,717,777 | |
Michigan State Housing Development Authority, RB, S/F Housing, Series B, Sustainability Bonds, 5.77%, 12/01/44 | 3,125 | 3,119,338 |
Security | Par (000) | Value | |
Michigan (continued) | |||
Michigan State University, RB, BAB, Series A, 6.17%, 02/15/50 (a) | $ | 5,500 | $ 5,679,922 |
Michigan State University, Refunding RB, Series A, 4.50%, 08/15/48 (a) | 14,575 | 13,338,764 | |
Western Michigan University, Refunding RB, Series B, (AGM), 2.88%, 11/15/43 | 1,500 | 1,110,430 | |
43,620,860 | |||
Minnesota — 1.3% | |||
Southern Minnesota Municipal Power Agency, Refunding RB, BAB, Series A, 5.93%, 01/01/43 | 8,000 | 8,361,385 | |
Western Minnesota Municipal Power Agency, RB, BAB, 6.77%, 01/01/46 | 5,000 | 5,604,611 | |
13,965,996 | |||
Mississippi — 0.5% | |||
Mississippi Development Bank, RB, BAB, 6.41%, 01/01/40 | 5,000 | 5,424,205 | |
Missouri — 1.9% | |||
Curators of the University of Missouri, RB, BAB, 5.79%, 11/01/41 | 7,000 | 7,378,177 | |
Missouri Joint Municipal Electric Utility Commission, RB, BAB, 7.73%, 01/01/39 | 11,000 | 13,188,693 | |
20,566,870 | |||
Nevada — 0.3% | |||
City of North Las Vegas Nevada, GOL, BAB, 6.57%, 06/01/40 | 1,420 | 1,538,025 | |
County of Clark Department of Aviation, ARB, BAB, Series C, 6.82%, 07/01/45 | 2,000 | 2,252,592 | |
3,790,617 | |||
New Hampshire — 2.2% | |||
New Hampshire Business Finance Authority, RB, 3.78%, 01/01/36 | 2,500 | 1,983,777 | |
New Hampshire Business Finance Authority, Refunding RB | |||
3.30%, 04/01/32 | 12,895 | 10,245,788 | |
2.87%, 07/01/35 | 4,795 | 3,512,204 | |
Series A, 6.89%, 04/01/34 (b) | 7,500 | 7,680,842 | |
23,422,611 | |||
New Jersey — 10.6% | |||
New Jersey Economic Development Authority, RB | |||
Series A, (NPFGC), 7.43%, 02/15/29 (a) | 20,974 | 22,312,614 | |
Series B, 7.00%, 06/15/30 (b) | 3,280 | 3,281,382 | |
New Jersey Educational Facilities Authority, Refunding RB, (AGM), 3.51%, 07/01/42 | 13,500 | 10,809,271 | |
New Jersey Institute of Technology, Refunding RB, Series B, 3.42%, 07/01/42 | 7,500 | 6,002,845 | |
New Jersey Transportation Trust Fund Authority, RB, BAB, Series C, 5.75%, 12/15/28 | 4,500 | 4,529,000 | |
New Jersey Transportation Trust Fund Authority, Refunding RB | |||
4.08%, 06/15/39 | 7,230 | 6,270,492 | |
4.13%, 06/15/42 | 16,765 | 14,130,653 | |
New Jersey Turnpike Authority, RB, BAB (a) | |||
Series A, 7.10%, 01/01/41 | 34,000 | 38,760,688 | |
Series F, 7.41%, 01/01/40 | 6,790 | 7,951,362 | |
114,048,307 | |||
New York — 8.1% | |||
City of New York, Refunding GO | |||
Series D, 2.17%, 08/01/34 (d) | 4,305 | 3,345,895 |
Security | Par (000) | Value | |
New York (continued) | |||
City of New York, Refunding GO (continued) | |||
Series D, 2.17%, 08/01/34 | $ | 2,980 | $ 2,320,703 |
Metropolitan Transportation Authority, RB, BAB | |||
6.67%, 11/15/39 | 2,220 | 2,394,708 | |
7.34%, 11/15/39 (a) | 13,245 | 15,372,291 | |
Series TR, 6.69%, 11/15/40 | 13,000 | 14,137,836 | |
Metropolitan Transportation Authority, Refunding RB, Series C2, Sustainability Bonds, 5.18%, 11/15/49 | 340 | 311,106 | |
New York City Housing Development Corp., RB, M/F Housing, Sustainability Bonds, 3.10%, 11/01/45 | 1,310 | 869,981 | |
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, BAB, 5.57%, 11/01/38 (a) | 19,000 | 19,155,178 | |
New York State Dormitory Authority, RB, BAB, Series H, 5.39%, 03/15/40 (a) | 15,000 | 14,819,002 | |
New York State Dormitory Authority, Refunding RB, Series B, 5.75%, 07/01/24 (e) | 6,010 | 6,010,000 | |
Triborough Bridge & Tunnel Authority, Refunding RB, Series A-3, 2.51%, 05/15/35 | 10,390 | 8,230,877 | |
86,967,577 | |||
North Carolina — 0.7% | |||
North Carolina Housing Finance Agency, RB, S/F Housing, Series 53-B, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.25%, 01/01/55 | 7,000 | 7,203,873 | |
Ohio — 6.4% | |||
American Municipal Power, Inc., RB, Series B, 7.83%, 02/15/41 | 20,760 | 24,931,651 | |
Franklin County Convention Facilities Authority, RB, BAB, 6.64%, 12/01/42 (a) | 30,575 | 33,951,162 | |
Ohio University, RB, 5.59%, 12/01/2114 | 10,100 | 9,837,333 | |
68,720,146 | |||
Oklahoma — 1.5% | |||
Oklahoma Development Finance Authority, RB | |||
Series A-3, 5.09%, 02/01/52 (a) | 6,750 | 6,600,746 | |
Series A-3, 4.71%, 05/01/52 | 3,695 | 3,411,642 | |
Series B, 11.00%, 09/01/41 (b) | 3,000 | 2,754,529 | |
Oklahoma Municipal Power Authority, RB, BAB, 6.44%, 01/01/45 (a) | 3,500 | 3,755,017 | |
16,521,934 | |||
Pennsylvania — 3.2% | |||
Commonwealth Financing Authority, RB | |||
Series A, 4.14%, 06/01/38 | 4,435 | 4,033,954 | |
Series A, 3.81%, 06/01/41 | 6,110 | 5,075,456 | |
Pennsylvania Economic Development Financing Authority, RB, BAB, Series B, 6.53%, 06/15/39 | 23,050 | 25,208,356 | |
34,317,766 | |||
Puerto Rico — 1.4% | |||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB | |||
Series A-1, Restructured, 5.00%, 07/01/58 | 3,465 | 3,441,773 | |
Series A-2, Restructured, 4.55%, 07/01/40 | 14,899 | 11,980,624 | |
15,422,397 | |||
South Carolina — 3.1% | |||
Charleston Educational Excellence Finance Corp., Refunding RB, 1.87%, 12/01/29 | 10,000 | 8,649,094 | |
South Carolina Jobs-Economic Development Authority, RB, 7.35%, 08/15/30 (b) | 710 | 690,492 | |
South Carolina Public Service Authority, RB, BAB, Series C, (AGM-CR), 6.45%, 01/01/50 (a) | 11,290 | 12,538,805 |
Security | Par (000) | Value | |
South Carolina (continued) | |||
South Carolina Public Service Authority, Refunding RB | |||
Series C, 5.78%, 12/01/41 | $ | 4,595 | $ 4,786,016 |
Series D, (AGM), 6.45%, 12/01/42 | 2,870 | 3,116,591 | |
South Carolina Student Loan Corp., RB, Series A, 3.59%, 12/01/39 | 4,125 | 3,424,182 | |
33,205,180 | |||
Tennessee — 5.1% | |||
Memphis-Shelby County Industrial Development Board, Refunding TA, Series B, 5.45%, 07/01/45 | 5,875 | 4,362,091 | |
Metropolitan Government of Nashville & Davidson County Convention Center Authority, RB, BAB, Series A-2, 7.43%, 07/01/43 (a) | 35,105 | 41,500,231 | |
Tennessee Housing Development Agency, RB, S/F Housing | |||
Series 1B, Sustainability Bonds, 5.92%, 07/01/49 | 545 | 543,470 | |
Series 2B, Sustainability Bonds, (FHLMC, FNMA, GNMA), 5.91%, 07/01/44 | 5,000 | 5,024,972 | |
Tennessee State School Bond Authority, Refunding RB, Series A, 2.56%, 11/01/41 | 4,525 | 3,294,669 | |
54,725,433 | |||
Texas — 6.1% | |||
Arlington Higher Education Finance Corp., RB (b) | |||
5.50%, 04/01/30 | 500 | 458,071 | |
6.50%, 11/01/32 | 1,280 | 1,289,897 | |
Arlington Higher Education Finance Corp., Refunding RB, Series B, 4.00%, 08/15/28 | 1,355 | 1,253,449 | |
City of San Antonio Texas Customer Facility Charge Revenue, ARB, 5.87%, 07/01/45 | 7,500 | 7,513,182 | |
Dallas Area Rapid Transit, RB, BAB, 5.02%, 12/01/48 (a) | 2,500 | 2,349,593 | |
New Hope Higher Education Finance Corp., RB, Series B, 5.00%, 06/15/27 (b) | 390 | 371,044 | |
Port of Beaumont Industrial Development Authority, RB, 4.10%, 01/01/28 (b) | 18,785 | 16,599,566 | |
Port of Beaumont Navigation District, Refunding ARB, Series B, 10.00%, 07/01/26 (b) | 10,000 | 10,026,729 | |
Port of Beaumont Navigation District, Refunding RB, Series B, 6.00%, 01/01/25 (b) | 3,185 | 3,185,000 | |
Texas Department of Housing & Community Affairs, RB, S/F Housing, Series B, (GNMA), 5.55%, 01/01/44 | 3,000 | 2,887,871 | |
Texas Private Activity Bond Surface Transportation Corp., RB, Series B, 3.92%, 12/31/49 | 25,000 | 20,433,766 | |
66,368,168 | |||
Utah — 2.8% | |||
Utah Housing Corp., RB, S/F Housing, Series D, (FHLMC, FNMA, GNMA), 6.25%, 07/01/54 | 3,000 | 3,104,000 | |
Utah Transit Authority, RB, BAB, 5.71%, 06/15/40 (a) | 26,405 | 27,023,038 | |
30,127,038 | |||
Virginia — 3.4% | |||
Tobacco Settlement Financing Corp., Refunding RB, Series A-1, 6.71%, 06/01/46 | 29,085 | 24,490,035 | |
Virginia Housing Development Authority, RB, M/F Housing | |||
Series D, 3.52%, 06/01/40 | 4,000 | 3,189,536 | |
Series F, 3.13%, 07/01/45 | 3,425 | 2,368,512 | |
Virginia Housing Development Authority, RB, S/F Housing, Series A, 5.57%, 10/01/49 | 6,845 | 6,512,293 | |
36,560,376 |
Security | Par (000) | Value | |
Washington — 1.8% | |||
Washington State Convention Center Public Facilities District, RB, BAB, 6.79%, 07/01/40 | $ | 18,625 | $ 19,561,864 |
West Virginia — 2.0% | |||
Tobacco Settlement Finance Authority, RB, Series B, 0.00%, 06/01/47 (c) | 1,600 | 136,391 | |
Tobacco Settlement Finance Authority, Refunding RB | |||
Series A, Class 1, 4.31%, 06/01/49 | 15,000 | 11,967,053 | |
Series B, Class 2, 4.88%, 06/01/49 | 10,280 | 9,791,919 | |
21,895,363 | |||
Wisconsin (b) — 0.3% | |||
Public Finance Authority, RB | |||
4.75%, 06/15/25 | 245 | 240,569 | |
5.38%, 06/15/28 | 325 | 307,249 | |
5.25%, 01/01/31 | 1,075 | 830,966 | |
Series B, Class S, 5.25%, 06/15/26 | 95 | 90,981 | |
Public Finance Authority, Refunding RB, Series B, 6.13%, 10/01/49 | 1,470 | 1,253,238 | |
2,723,003 | |||
Total Municipal Bonds — 137.8% (Cost: $1,457,684,774) | 1,486,972,210 | ||
Total Long-Term Investments — 145.6% (Cost: $1,550,510,533) | 1,571,939,539 |
Shares | |||
Short-Term Securities | |||
Money Market Funds — 0.4% | |||
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 5.19% (f)(g) | 3,903,375 | 3,903,375 | |
Total Short-Term Securities — 0.4% (Cost: $3,903,375) | 3,903,375 | ||
Total Investments — 146.0% (Cost: $1,554,413,908) | 1,575,842,914 | ||
Liabilities in Excess of Other Assets — (46.0)% | (496,653,750 ) | ||
Net Assets — 100.0% | $ 1,079,189,164 |
(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) | Security is collateralized by municipal bonds or U.S. Treasury obligations. |
(e) | U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(f) | Affiliate of the Trust. |
(g) | Annualized 7-day yield as of period end. |
Affiliated Issuer | Value at 12/31/23 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 06/30/24 | Shares Held at 06/30/24 | Income | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Shares | $ 7,737,117 | $ — | $ (3,833,742 ) (a) | $ — | $ — | $ 3,903,375 | 3,903,375 | $ 355,906 | $ — |
(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 | 5.60 % (b) | 12/01/23 | Open | $ 971,763 | $ 1,003,782 | Municipal Bonds | Open/Demand |
Barclays Bank PLC | 5.55 (b) | 12/08/23 | Open | 5,732,475 | 5,911,352 | Municipal Bonds | Open/Demand |
Barclays Bank PLC | 5.60 (b) | 12/08/23 | Open | 3,272,500 | 3,375,238 | Municipal Bonds | Open/Demand |
Barclays Bank PLC | 5.60 (b) | 12/08/23 | Open | 4,550,000 | 4,680,749 | Municipal Bonds | Open/Demand |
Barclays Bank PLC | 5.60 (b) | 12/08/23 | Open | 6,100,312 | 6,291,549 | Municipal Bonds | Open/Demand |
Barclays Bank PLC | 5.60 (b) | 12/08/23 | Open | 7,587,825 | 7,826,388 | Municipal Bonds | Open/Demand |
Barclays Bank PLC | 5.60 (b) | 12/08/23 | Open | 2,068,750 | 2,133,792 | Municipal Bonds | Open/Demand |
Barclays Bank PLC | 5.60 (b) | 12/08/23 | Open | 18,981,470 | 19,578,253 | Municipal Bonds | Open/Demand |
Barclays Bank PLC | 5.60 (b) | 12/08/23 | Open | 13,125,000 | 13,534,044 | Municipal Bonds | Open/Demand |
Barclays Bank PLC | 5.60 (b) | 12/08/23 | Open | 10,150,000 | 10,468,654 | Municipal Bonds | Open/Demand |
Barclays Bank PLC | 5.60 (b) | 12/08/23 | Open | 17,076,250 | 17,613,132 | Municipal Bonds | Open/Demand |
Barclays Bank PLC | 5.60 (b) | 12/08/23 | Open | 13,195,000 | 13,609,854 | Municipal Bonds | Open/Demand |
Barclays Bank PLC | 5.60 (b) | 12/13/23 | Open | 25,596,450 | 26,391,142 | Municipal Bonds | Open/Demand |
Barclays Bank PLC | 5.05 (b) | 01/29/24 | Open | 8,277,500 | 8,455,156 | Corporate Bonds | Open/Demand |
TD Securities (USA) LLC | 5.57 (b) | 03/27/24 | Open | 16,495,450 | 16,740,462 | Municipal Bonds | Open/Demand |
TD Securities (USA) LLC | 5.57 (b) | 03/27/24 | Open | 14,887,500 | 15,108,629 | Municipal Bonds | Open/Demand |
TD Securities (USA) LLC | 5.57 (b) | 03/27/24 | Open | 20,332,125 | 20,634,125 | Municipal Bonds | Open/Demand |
TD Securities (USA) LLC | 5.49 (b) | 04/15/24 | Open | 13,610,831 | 13,770,656 | Corporate Bonds | Open/Demand |
TD Securities (USA) LLC | 5.58 (b) | 04/15/24 | Open | 12,443,750 | 12,592,266 | Municipal Bonds | Open/Demand |
TD Securities (USA) LLC | 5.50 (b) | 05/06/24 | Open | 39,800,294 | 40,134,727 | Municipal Bonds | Open/Demand |
TD Securities (USA) LLC | 5.53 (b) | 05/06/24 | Open | 10,311,194 | 10,398,309 | Municipal Bonds | Open/Demand |
TD Securities (USA) LLC | 5.57 (b) | 05/06/24 | Open | 5,820,000 | 5,869,527 | Municipal Bonds | Open/Demand |
TD Securities (USA) LLC | 5.57 (b) | 05/06/24 | Open | 8,975,000 | 9,051,375 | Municipal Bonds | Open/Demand |
TD Securities (USA) LLC | 5.57 (b) | 05/06/24 | Open | 1,490,000 | 1,502,680 | Municipal Bonds | Open/Demand |
TD Securities (USA) LLC | 5.57 (b) | 05/06/24 | Open | 17,306,250 | 17,453,521 | Municipal Bonds | Open/Demand |
TD Securities (USA) LLC | 5.57 (b) | 05/06/24 | Open | 9,528,750 | 9,609,837 | Municipal Bonds | Open/Demand |
TD Securities (USA) LLC | 5.57 (b) | 05/06/24 | Open | 4,563,488 | 4,602,322 | Municipal Bonds | Open/Demand |
TD Securities (USA) LLC | 5.57 (b) | 05/06/24 | Open | 11,437,500 | 11,534,830 | Municipal Bonds | Open/Demand |
TD Securities (USA) LLC | 5.57 (b) | 05/06/24 | Open | 1,862,500 | 1,878,349 | Corporate Bonds | Open/Demand |
TD Securities (USA) LLC | 5.57 (b) | 05/06/24 | Open | 10,412,500 | 10,501,107 | Municipal Bonds | Open/Demand |
TD Securities (USA) LLC | 5.57 (b) | 05/06/24 | Open | 18,721,250 | 18,880,563 | Municipal Bonds | Open/Demand |
TD Securities (USA) LLC | 5.57 (b) | 05/06/24 | Open | 6,875,381 | 6,933,889 | Municipal Bonds | Open/Demand |
TD Securities (USA) LLC | 5.57 (b) | 05/06/24 | Open | 1,977,500 | 1,994,328 | Municipal Bonds | Open/Demand |
TD Securities (USA) LLC | 5.57 (b) | 05/06/24 | Open | 10,575,000 | 10,664,990 | Municipal Bonds | Open/Demand |
TD Securities (USA) LLC | 5.57 (b) | 05/06/24 | Open | 6,957,500 | 7,016,706 | Municipal Bonds | Open/Demand |
TD Securities (USA) LLC | 5.57 (b) | 05/06/24 | Open | 7,100,831 | 7,161,257 | Municipal Bonds | Open/Demand |
RBC Capital Markets, LLC | 5.60 (b) | 05/23/24 | Open | 2,981,250 | 2,998,873 | Municipal Bonds | Open/Demand |
RBC Capital Markets, LLC | 5.60 (b) | 05/23/24 | Open | 13,650,000 | 13,730,687 | Municipal Bonds | Open/Demand |
RBC Capital Markets, LLC | 5.60 (b) | 05/23/24 | Open | 15,555,000 | 15,646,947 | Municipal Bonds | Open/Demand |
RBC Capital Markets, LLC | 5.60 (b) | 05/23/24 | Open | 2,745,000 | 2,761,226 | Corporate Bonds | Open/Demand |
RBC Capital Markets, LLC | 5.60 (b) | 05/23/24 | Open | 2,840,000 | 2,856,788 | Municipal Bonds | Open/Demand |
RBC Capital Markets, LLC | 5.60 (b) | 05/23/24 | Open | 7,516,250 | 7,560,679 | Municipal Bonds | Open/Demand |
RBC Capital Markets, LLC | 5.60 (b) | 05/23/24 | Open | 13,930,000 | 14,012,342 | Municipal Bonds | Open/Demand |
RBC Capital Markets, LLC | 5.60 (b) | 05/23/24 | Open | 17,807,500 | 17,912,762 | Municipal Bonds | Open/Demand |
RBC Capital Markets, LLC | 5.60 (b) | 05/23/24 | Open | 20,235,000 | 20,354,611 | Municipal Bonds | Open/Demand |
RBC Capital Markets, LLC | 5.60 (b) | 05/23/24 | Open | 6,112,500 | 6,148,632 | Municipal Bonds | Open/Demand |
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 | 5.60 % (b) | 05/31/24 | Open | $ 27,592,500 | $ 27,725,557 | Municipal Bonds | Open/Demand |
TD Securities (USA) LLC | 5.60 (b) | 06/25/24 | Open | 13,135,719 | 13,147,979 | Municipal Bonds | Open/Demand |
$ 532,270,608 | $ 539,764,623 |
(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. |
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) |
Short Contracts | ||||
10-Year U.S. Treasury Note | 369 | 09/19/24 | $ 40,532 | $ (298,550 ) |
U.S. Long Bond | 775 | 09/19/24 | 91,353 | (309,226 ) |
$ (607,776 ) |
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | |
Liabilities — Derivative Financial Instruments | |||||||
Futures contracts Unrealized depreciation on futures contracts (a) | $ — | $ — | $ — | $ — | $ 607,776 | $ — | $ 607,776 |
(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 | $ — | $ — | $ — | $ — | $ (1,320,216 ) | $ — | $ (1,320,216 ) |
Net Change in Unrealized Appreciation (Depreciation) on: | |||||||
Futures contracts | $ — | $ — | $ — | $ — | $ 8,774,257 | $ — | $ 8,774,257 |
Futures contracts: | |
Average notional value of contracts — short | $ 134,822,289 |
Level 1 | Level 2 | Level 3 | Total | |
Assets | ||||
Investments | ||||
Long-Term Investments | ||||
Corporate Bonds | $ — | $ 84,967,329 | $ — | $ 84,967,329 |
Municipal Bonds | — | 1,486,972,210 | — | 1,486,972,210 |
Short-Term Securities | ||||
Money Market Funds | 3,903,375 | — | — | 3,903,375 |
$ 3,903,375 | $ 1,571,939,539 | $ — | $ 1,575,842,914 | |
Derivative Financial Instruments (a) | ||||
Liabilities | ||||
Interest Rate Contracts | $ (607,776 ) | $ — | $ — | $ (607,776 ) |
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
BBN | |
ASSETS | |
Investments, at value — unaffiliated (a) | $ 1,571,939,539 |
Investments, at value — affiliated (b) | 3,903,375 |
Cash pledged: | |
Collateral — reverse repurchase agreements | 1,209,000 |
Futures contracts | 3,642,000 |
Receivables: | |
Investments sold | 12,229,119 |
Dividends — affiliated | 45,742 |
Interest — unaffiliated | 26,110,803 |
Principal paydowns | 117,768 |
Variation margin on futures contracts | 1,263,941 |
Deferred offering costs | 2,000 |
Prepaid expenses | 14,713 |
Total assets | 1,620,478,000 |
LIABILITIES | |
Reverse repurchase agreements, at value | 539,764,623 |
Payables: | |
Accounting services fees | 95,235 |
Custodian fees | 7,392 |
Income dividend distributions | 130,931 |
Investment advisory fees | 725,769 |
Trustees ’ and Officer ’ s fees | 472,100 |
Other accrued expenses | 1,841 |
Professional fees | 43,475 |
Transfer agent fees | 47,470 |
Total liabilities | 541,288,836 |
Commitments and contingent liabilities | |
NET ASSETS | $ 1,079,189,164 |
NET ASSETS CONSIST OF | |
Paid-in capital (c)(d)(e) | $ 1,155,444,561 |
Accumulated loss | (76,255,397) |
NET ASSETS | $ 1,079,189,164 |
Net asset value | $ 17.46 |
(a) Investments, at cost — unaffiliated | $1,550,510,533 |
(b) Investments, at cost — affiliated | $3,903,375 |
(c) Shares outstanding | 61,792,514 |
(d) Shares authorized | Unlimited |
(e) Par value | $0.001 |
BBN | |
INVESTMENT INCOME | |
Dividends — affiliated | $ 355,906 |
Interest — unaffiliated | 46,301,042 |
Total investment income | 46,656,948 |
EXPENSES | |
Investment advisory | 4,367,454 |
Trustees and Officer | 64,532 |
Accounting services | 56,241 |
Transfer agent | 51,209 |
Professional | 39,912 |
Registration | 10,551 |
Custodian | 10,434 |
Printing and postage | 6,872 |
Miscellaneous | 14,029 |
Total expenses excluding interest expense | 4,621,234 |
Interest expense | 14,342,846 |
Total expenses | 18,964,080 |
Less: | |
Fees waived and/or reimbursed by the Manager | (5,413 ) |
Total expenses after fees waived and/or reimbursed | 18,958,667 |
Net investment income | 27,698,281 |
REALIZED AND UNREALIZED GAIN (LOSS) | |
Net realized gain (loss) from: | |
Investments — unaffiliated | 1,861,780 |
Futures contracts | (1,320,216 ) |
541,564 | |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated | (39,610,459 ) |
Futures contracts | 8,774,257 |
(30,836,202 ) | |
Net realized and unrealized loss | (30,294,638 ) |
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ (2,596,357 ) |
BBN | ||
Six Months Ended 06/30/24 (unaudited) | Year Ended 12/31/23 | |
INCREASE (DECREASE) IN NET ASSETS | ||
OPERATIONS | ||
Net investment income | $ 27,698,281 | $ 54,419,437 |
Net realized gain (loss) | 541,564 | (16,082,628 ) |
Net change in unrealized appreciation (depreciation) | (30,836,202 ) | 81,120,566 |
Net increase (decrease) in net assets resulting from operations | (2,596,357 ) | 119,457,375 |
DISTRIBUTIONS TO SHAREHOLDERS (a) | ||
From net investment income | (34,443,147 ) (b) | (54,722,259 ) |
Return of capital | — | (17,251,830 ) |
Decrease in net assets resulting from distributions to shareholders | (34,443,147 ) | (71,974,089 ) |
CAPITAL SHARE TRANSACTIONS | ||
Net proceeds from the issuance of shares | — | 106,661 |
Redemption of shares resulting from share repurchase program (including transaction costs) | (191,611 ) | — |
Net increase (decrease) in net assets derived from capital share transactions | (191,611 ) | 106,661 |
NET ASSETS | ||
Total increase (decrease) in net assets | (37,231,115 ) | 47,589,947 |
Beginning of period | 1,116,420,279 | 1,068,830,332 |
End of period | $ 1,079,189,164 | $ 1,116,420,279 |
(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. |
BBN | |
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES | |
Net decrease in net assets resulting from operations | $ (2,596,357 ) |
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by operating activities: | |
Proceeds from sales of long-term investments and principal paydowns/payups | 114,667,883 |
Purchases of long-term investments | (147,505,665 ) |
Net proceeds from sales of short-term securities | 3,833,742 |
Amortization of premium and accretion of discount on investments and other fees | (1,135,036 ) |
Net realized gain on investments | (1,861,780 ) |
Net unrealized depreciation on investments | 39,610,459 |
(Increase) Decrease in Assets | |
Receivables | |
Dividends — affiliated | 33,271 |
Interest — unaffiliated | (1,138,485 ) |
Variation margin on futures contracts | (1,103,276 ) |
Prepaid expenses | (5,234 ) |
Deferred offering costs. | 189,611 |
Increase (Decrease) in Liabilities | |
Collateral — reverse repurchase agreements | (6,849,993 ) |
Payables | |
Accounting services fees | 33,118 |
Custodian fees | (580 ) |
Interest expense | 5,911,665 |
Investment advisory fees | (18,101 ) |
Trustees ’ and Officer ’ s fees | (37,254 ) |
Other accrued expenses | (9,753 ) |
Professional fees | (69,943 ) |
Transfer agent fees | 21,146 |
Net cash provided by operating activities | 1,969,438 |
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | |
Cash dividends paid to Common Shareholders | (34,312,216 ) |
Net payments on redemption of capital shares | (191,611 ) |
Net borrowing of reverse repurchase agreements | 32,790,563 |
Net cash used for financing activities | (1,713,264 ) |
CASH | |
Net increase in restricted and unrestricted cash | 256,174 |
Restricted and unrestricted cash at beginning of period | 4,594,826 |
Restricted and unrestricted cash at end of period | $ 4,851,000 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |
Cash paid during the period for interest expense | $ 8,431,181 |
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE STATEMENT OF ASSETS AND LIABILITIES | |
Cash pledged | |
Collateral — reverse repurchase agreements | $ 1,209,000 |
Futures contracts | 3,642,000 |
$ 4,851,000 |
BBN | |||||||
Six Months Ended 06/30/24 (unaudited) | Year Ended 12/31/23 | 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 | |
Net asset value, beginning of period | $ 18.07 | $ 17.30 | $ 25.27 | $ 26.02 | $ 25.48 | $ 24.32 | $ 23.03 |
Net investment income (a) | 0.45 | 0.88 | 1.16 | 0.55 | 1.32 | 1.44 | 1.38 |
Net realized and unrealized gain (loss) | (0.50 ) | 1.05 | (7.80 ) | (0.57 ) | 0.61 | 1.06 | 1.33 |
Net increase (decrease) from investment operations | (0.05 ) | 1.93 | (6.64 ) | (0.02 ) | 1.93 | 2.50 | 2.71 |
Distributions (b) | |||||||
From net investment income | (0.56 ) (c) | (0.88 ) | (1.03 ) | (0.67 ) | (1.38 ) | (1.34 ) | (1.41 ) |
Return of capital | — | (0.28 ) | (0.30 ) | (0.06 ) | (0.01 ) | — | (0.01 ) |
Total distributions | (0.56 ) | (1.16 ) | (1.33 ) | (0.73 ) | (1.39 ) | (1.34 ) | (1.42 ) |
Net asset value, end of period | $ 17.46 | $ 18.07 | $ 17.30 | $ 25.27 | $ 26.02 | $ 25.48 | $ 24.32 |
Market price, end of period | $ 16.35 | $ 16.26 | $ 16.84 | $ 26.18 | $ 26.31 | $ 26.60 | $ 23.89 |
Total Return (d) | |||||||
Based on net asset value | (0.01 )% (e) | 12.04 % | (26.55 )% | (0.08 )% (e) | 7.96 % | 10.73 % | 12.60 % |
Based on market price | 4.05 % (e) | 3.57 % | (30.99 )% | 2.37 % (e) | 4.56 % | 17.68 % | 15.84 % |
Ratios to Average Net Assets (f) | |||||||
Total expenses | 3.51 % (g) | 3.50 % | 1.84 % | 1.07 % (g) | 1.20 % | 1.97 % | 2.53 % |
Total expenses after fees waived and/or reimbursed | 3.51 % (g) | 3.50 % | 1.84 % | 1.07 % (g) | 1.20 % | 1.97 % | 2.53 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense | 0.85 % (g) | 0.87 % | 0.87 % | 0.87 % (g) | 0.86 % | 0.91 % | 0.93 % |
Net investment income | 5.13 % (g) | 5.00 % | 5.82 % | 5.01 % (g) | 5.31 % | 5.88 % | 6.02 % |
Supplemental Data | |||||||
Net assets, end of period (000) | $ 1,079,189 | $ 1,116,420 | $ 1,068,830 | $ 1,508,138 | $ 1,533,818 | $ 1,456,804 | $ 1,389,003 |
Borrowings outstanding, end of period (000) | $ 539,765 | $ 501,062 | $ 563,753 | $ 769,609 | $ 706,800 | $ 712,054 | $ 799,955 |
Portfolio turnover rate | 8 % | 8 % | 11 % | 3 % | 16 % | 15 % | 7 % |
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
(d) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. |
(e) | Not annualized. |
(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) | Annualized. |
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 | $ (140,873,085 ) | $ 140,873,085 | $ — | $ — |
RBC Capital Markets, LLC | (131,709,104 ) | 131,709,104 | — | — |
TD Securities (USA) LLC | (267,182,434 ) | 267,182,434 | — | — |
$ (539,764,623 ) | $ 539,764,623 | $ — | $ — |
(a) | Net collateral, including accrued interest, if any, with a value of $577,586,951 has been pledged/received in connection with open reverse repurchase agreements. Excess of net collateral pledged, if any, to the individual counterparty is not shown for financial reporting purposes. |
Trust Name | Non-Expiring Capital Loss Carryforwards |
BBN | $ (99,525,026 ) |
Trust Name | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) |
BBN | $ 1,554,668,046 | $ 63,787,345 | $ (43,220,253 ) | $ 20,567,092 |
Trust Name | Declaration Date | Record Date | Payable/ Paid Date | Dividend Per Common Share | |
BBN | 07/01/24 | 07/15/24 | 07/31/24 | $ 0.092900 | |
08/01/24 | 08/15/24 | 08/30/24 | 0.092900 |
Portfolio Abbreviation | |
AGM | Assured Guaranty Municipal Corp. |
AGM-CR | AGM Insured Custodial Receipt |
AMBAC | AMBAC Assurance Corp. |
AMT | Alternative Minimum Tax |
ARB | Airport Revenue Bonds |
BAB | Build America Bond |
BAM | Build America Mutual Assurance Co. |
CAB | Capital Appreciation Bonds |
COP | Certificates of Participation |
FHLMC | Federal Home Loan Mortgage Corp. |
FNMA | Federal National Mortgage Association |
GNMA | Government National Mortgage Association |
GO | General Obligation Bonds |
GOL | General Obligation Ltd. |
M/F | Multi-Family |
NPFGC | National Public Finance Guarantee Corp. |
RB | Revenue Bond |
S/F | Single-Family |
SAP | Subject to Appropriations |
TA | Tax Allocation |
(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 Registrant – 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 – | Financial Statements and Financial Highlights for Open-End Management Investment Companies – Not Applicable |
Item 8 – | Changes in and Disagreements with Accountants for Open-End Management Investment Companies – Not Applicable |
Item 9 – | Proxy Disclosures for Open-End Management Investment Companies – Not Applicable |
Item 10 – | Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – Not Applicable |
Item 11 – | Statement Regarding Basis for Approval of Investment Advisory Contract – The registrant’s statement regarding the basis for approval of the investment advisory contract is included as part of the Report to Stockholders filed under Item 1(a) of this Form. |
Item 12 – | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report |
Item 13 – | 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 14 – | 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 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures. |
Item 16 – | 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 date 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) or 15d-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 17 – | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable to this semi-annual report |
Item 18 – | Recovery of Erroneously Awarded Compensation – Not Applicable |
Item 19 – | Exhibits attached hereto |
(a)(1) Code of Ethics – Not Applicable to this semi-annual report
(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable
(a)(3) Section 302 Certifications are attached
(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(5) 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 22, 2024
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 22, 2024
By: | /s/ Trent Walker | |||
Trent Walker | ||||
Chief Financial Officer (principal financial officer) of | ||||
BlackRock Taxable Municipal Bond Trust |
Date: August 22, 2024