Schedule of Investments (unaudited) 

March 31, 2024

   

BlackRock Taxable Municipal Bond Trust (BBN)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Corporate Bonds

    

Diversified Consumer Services — 3.1%

    

Grand Canyon University, 5.13%, 10/01/28

   $ 9,377     $ 8,480,278  

Rensselaer Polytechnic Institute, Series 2018, 5.25%, 09/01/48

     18,190       16,415,768  

Wesleyan University, 4.78%, 07/01/2116(a)

    11,000       9,335,466  
   

 

 

  
      34,231,512  
Financial Services(b) — 1.7%            

MMH Master LLC

    

6.38%, 02/01/34

     2,750       2,771,143  

6.50%, 02/01/39

     6,475       6,526,052  

6.75%, 02/01/44

     7,300       7,284,734  

Western Group Housing LP, 6.75%, 03/15/57

     2,388       2,521,458  
   

 

 

  
      19,103,387  
Health Care Providers & Services — 3.0%  

CommonSpirit Health, 5.32%, 12/01/34

     14,655       14,679,782  

Ochsner Clinic Foundation, 5.90%, 05/15/45(a)

    5,000       4,882,847  

West Virginia United Health System Obligated Group, Series 2018, 4.92%, 06/01/48

        15,000       13,497,188  
   

 

 

  
      33,059,817  
   

 

 

  

Total Corporate Bonds — 7.8%
(Cost: $92,908,696)

          86,394,716  
   

 

 

  

Municipal Bonds

    
Alabama — 0.1%            

Jacksonville Public Educational Building Authority, RB, (AGM), 7.00%, 08/01/46

     1,365       1,456,892  
   

 

 

  
Alaska — 0.9%            

Alaska Housing Finance Corp., RB, S/F Housing, Series C, 6.25%, 12/01/53

     10,000       10,257,979  
   

 

 

  
Arizona — 2.2%            

Salt River Project Agricultural Improvement & Power District, RB, BAB, 4.84%, 01/01/41(a)

    24,545       23,877,539  
   

 

 

  
Arkansas — 0.7%            

Arkansas Development Finance Authority, RB, 7.38%, 07/01/48(b)

    7,400       8,148,591  
   

 

 

  
California — 21.6%            

Alameda Corridor Transportation Authority,
Refunding RB, CAB(c)

    

Series D, (AGM), 0.00%, 10/01/40

     3,775       1,434,994  

Series B, Senior Lien, 0.00%, 10/01/42

     5,000       1,748,140  

Alameda County Joint Powers Authority, RB, BAB, Series A, 7.05%, 12/01/44

     11,000       13,156,072  

Bay Area Toll Authority, RB, BAB

    

Series S-1, 6.92%, 04/01/40

     13,700       15,674,588  

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

     14,000       17,006,758  

California Infrastructure & Economic Development Bank, RB, 5.50%, 01/01/38(b)

    4,800       3,607,755  

California State Public Works Board, RB, BAB, Series G-2, 8.36%, 10/01/34(a)

    17,050       20,691,110  

California State University, Refunding RB, Series B, 2.80%, 11/01/41

     5,000       3,749,443  

City of Chula Vista California, RB, 2.40%, 06/01/36

     1,275       973,079  

City of Huntington Beach California, Refunding RB

    

3.28%, 06/15/40(a)

    6,000       4,695,588  

3.38%, 06/15/44

     1,500       1,118,362  
Security  

Par

(000)

     Value  
California (continued)            

City of Orange California, RB, (BAM), 3.12%, 06/01/44

   $ 2,000     $ 1,407,722  

City of San Francisco California Public Utilities Commission Water Revenue, RB, BAB, Series DE, 6.00%, 11/01/40(a)

    21,255       22,121,081  

County of Sonoma California, Refunding RB, Series A, 6.00%, 12/01/29(a)

    10,420       10,742,709  

Golden State Tobacco Securitization Corp., Refunding RB

    

(SAP), 3.12%, 06/01/38

     11,410       9,270,831  

Series A-1, 4.21%, 06/01/50

     35,775       27,173,658  

Imperial Irrigation District, RB, (AMBAC), 6.94%, 01/01/26

     1,115       1,134,190  

Los Angeles Community College District, GO, BAB, 6.60%, 08/01/42

     10,000       11,288,873  

Orange County Local Transportation Authority Sales Tax Revenue, Refunding RB, BAB, Series A, 6.91%, 02/15/41

     5,000       5,657,459  

San Diego County Regional Airport Authority, ARB, Series B, 5.59%, 07/01/43

     3,795       3,771,260  

San Joaquin Hills Transportation Corridor Agency, Refunding RB, Series B, (AGM), 3.49%, 01/15/50

     7,200       5,557,349  

State of California, GO, BAB

    

7.55%, 04/01/39(a)

    9,035       11,066,084  

7.35%, 11/01/39

     5,000       5,920,125  

7.63%, 03/01/40

     8,950       10,957,774  

7.60%, 11/01/40(a)

    15,000       18,523,037  

State of California, Refunding GO, 5.13%, 03/01/38

     10,010       10,105,987  
   

 

 

  
      238,554,028  
Colorado — 4.3%            

Colorado Health Facilities Authority, Refunding RB, Series B, 4.48%, 12/01/40

     11,885       10,078,610  

Colorado Housing and Finance Authority, RB, S/F Housing, Series B-1, Class I, (GNMA), 6.25%, 11/01/54(d)

    2,180       2,265,451  

Denver City & County School District No. 1, Refunding COP, Series B, 7.02%, 12/15/37

     6,000       6,951,118  

Regional Transportation District, COP, BAB, Series B, 7.67%, 06/01/40(a)

    23,000       27,695,177  
   

 

 

  
      46,990,356  
Connecticut — 0.3%            

Connecticut State Health & Educational Facilities Authority, Refunding RB, Series
G-2, 4.25%, 07/01/27(b)

    3,935       3,819,089  
   

 

 

  
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       13,980,771  

Metropolitan Washington Airports Authority Dulles Toll Road Revenue, RB, BAB, 7.46%, 10/01/46

     5,000       6,259,045  
   

 

 

  
         20,239,816  
Florida — 3.6%            

Capital Trust Agency, Inc., RB(b)

    

5.00%, 01/01/25

     175       174,014  

5.50%, 06/15/26

     445       424,763  

County of Miami-Dade Seaport Department, ARB, 6.22%, 11/01/55

     3,295       3,512,635  
 

 

 

S C H E D U L E  O F   I N V E S T M E N T S

   1

Schedule of Investments (unaudited) (continued)

March 31, 2024

   

BlackRock Taxable Municipal Bond Trust (BBN)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Florida (continued)            

Excelsior Academies, Inc., RB, Series C, 5.25%, 11/01/25

   $ 195     $ 190,813  

Florida Development Finance Corp., RB(b)

    

6.75%, 12/15/28

     690       693,098  

Series B, 5.00%, 06/15/25

     285       280,574  

Series B, 5.75%, 06/15/25

     505       495,152  

Series D, 5.75%, 12/15/26

     650       631,722  

Florida Development Finance Corp., Refunding RB, Series B, 4.11%, 04/01/50

     10,000       8,204,385  

Miami-Dade County Educational Facilities Authority, Refunding RB, Series B, 5.07%, 04/01/50

     12,250       12,133,641  

Miami-Dade County Industrial Development Authority, RB, 5.25%, 11/01/25

     70       68,413  

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

        13,500       13,142,146  
   

 

 

  
      39,951,356  
Georgia — 5.8%            

East Point Business & Industrial Development Authority, RB, Series B, 5.25%, 06/15/31(b)

    860       843,758  

Municipal Electric Authority of Georgia, Refunding RB, BAB

    

6.64%, 04/01/57

     25,422       28,834,164  

6.66%, 04/01/57

     20,536       23,640,574  

7.06%, 04/01/57

     9,420       10,681,740  
   

 

 

  
      64,000,236  
Hawaii — 0.7%            

State of Hawaii, GO, Series GK, 6.05%, 10/01/36

     5,000       5,435,358  

State of Hawaii, Refunding GO, Series GC, 2.37%, 10/01/35

     2,500       1,971,679  
   

 

 

  
      7,407,037  
Idaho — 2.0%            

Idaho Housing & Finance Association, RB

    

Series B, 4.75%, 06/15/29(b)

    235       218,025  

Series B, 7.15%, 06/15/31

     545       497,130  

Idaho Housing & Finance Association, RB, S/F Housing

    

Series B, (FHLMC, FNMA, GNMA), 6.25%, 07/01/54

     5,915       6,143,438  

Series E, (FHLMC, FNMA, GNMA), 6.06%, 01/01/44(a)

    15,000       15,540,386  
   

 

 

  
      22,398,979  
Illinois — 15.9%            

Chicago Board of Education, GO, BAB

    

6.04%, 12/01/29

     10,435       10,267,333  

6.14%, 12/01/39

     370       345,228  

6.52%, 12/01/40

     9,745       9,370,821  

Chicago O’Hare International Airport, Refunding ARB, BAB, Series B, 6.40%, 01/01/40

     1,500       1,648,276  

Chicago Transit Authority Sales & Transfer Tax Receipts Revenue, RB

    

Series A, 6.90%, 12/01/40

     3,847       4,336,851  

Series B, 6.90%, 12/01/40

     4,623       5,212,242  

Chicago Transit Authority Sales Tax Receipts Fund, RB, BAB, Series B, 6.20%, 12/01/40(a)

    16,015       17,125,272  

City of Chicago Illinois Wastewater Transmission Revenue, RB, BAB, Series B, 2nd Lien, 6.90%, 01/01/40(a)

    36,000          40,823,600  
Security  

Par

(000)

     Value  
Illinois (continued)            

City of Chicago Illinois Waterworks Revenue, RB, BAB, Series B, 6.74%, 11/01/40

   $ 15,250     $ 17,333,253  

Illinois Finance Authority, RB, 6.69%, 07/01/33

     2,925       3,078,065  

Illinois Housing Development Authority, RB, S/F Housing, Series B, Sustainability Bonds, (FHLMC, FNMA, GNMA), 5.88%, 10/01/49

     4,445       4,479,827  

Illinois Municipal Electric Agency, RB, BAB, 7.29%, 02/01/35(a)

     15,000       16,664,209  

Northern Illinois Municipal Power Agency, RB, BAB, 7.82%, 01/01/40

     5,000       5,970,292  

State of Illinois, GO, BAB

    

6.73%, 04/01/35

     5,834       6,140,643  

7.35%, 07/01/35(a)

    30,733       33,145,473  
   

 

 

  
      175,941,385  
Indiana — 1.7%            

Indiana Finance Authority, RB, BAB, Series B, 6.60%, 02/01/39(a)

    7,900       8,847,667  

Indiana Municipal Power Agency, RB, BAB, Series A, 5.59%, 01/01/42

     10,000       10,272,778  
   

 

 

  
      19,120,445  
Kentucky — 0.9%            

Westvaco Corp., RB, 7.67%, 01/15/27(b)

    9,400       9,808,831  
   

 

 

  
Louisiana — 0.9%            

Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Series A-3, 5.20%, 12/01/39

     9,750       9,863,213  
   

 

 

  
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       5,204,209  

Series F, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.23%, 09/01/43

        10,000       10,327,509  

Maryland Economic Development Corp., RB, 4.00%, 04/01/34

     9,295       7,470,351  

Maryland Health & Higher Educational Facilities Authority, RB, Series B, 6.25%, 03/01/27(b)

    765       736,107  
   

 

 

  
      23,738,176  
Massachusetts — 4.2%            

Commonwealth of Massachusetts Transportation Fund Revenue, RB, BAB, 5.73%, 06/01/40(a)

    5,000       5,187,677  

Massachusetts Educational Financing Authority, RB

    

Series A, 3.61%, 07/01/36

     9,270       8,693,930  

Series A, 5.95%, 07/01/44

     15,000       15,438,787  

Massachusetts Educational Financing Authority, Refunding RB, Series A, 4.95%, 07/01/38

     16,695       16,436,993  
   

 

 

  
         45,757,387  
Michigan — 4.1%            

Michigan Finance Authority, RB
6.38%, 06/01/33(b)(e)(f)

    1,000       837,895  

Series D, 5.02%, 11/01/43

     7,500       7,327,562  

Michigan Finance Authority, Refunding RB, CAB, Series B, 0.00%, 06/01/45(c)

    50,000       13,175,205  

Michigan State Housing Development Authority, RB, S/F Housing, Series B, Sustainability Bonds, 5.77%, 12/01/44

     3,125       3,152,479  
 

 

 

2  

Schedule of Investments (unaudited) (continued)

March 31, 2024

   

BlackRock Taxable Municipal Bond Trust (BBN)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Michigan (continued)            

Michigan State University, RB, BAB, Series A, 6.17%, 02/15/50(a)

  $ 5,500     $ 5,713,565  

Michigan State University, Refunding RB, Series A, 4.50%, 08/15/48

     14,575       13,499,825  

Western Michigan University, Refunding RB, Series B, (AGM), 2.88%, 11/15/43

     1,500       1,096,789  
   

 

 

  
      44,803,320  
Minnesota — 1.3%            

Southern Minnesota Municipal Power Agency, Refunding RB, BAB, Series A, 5.93%, 01/01/43

        8,000       8,465,131  

Western Minnesota Municipal Power Agency, RB, BAB, 6.77%, 01/01/46

     5,000       5,981,312  
   

 

 

  
         14,446,443  
Mississippi — 0.5%            

Mississippi Development Bank, RB, BAB, 6.41%, 01/01/40

     5,000       5,555,793  
   

 

 

  
Missouri — 1.9%            

Curators of the University of Missouri, RB, BAB, 5.79%, 11/01/41

     7,000       7,467,950  

Missouri Joint Municipal Electric Utility Commission, RB, BAB, 7.73%, 01/01/39

     11,000       13,115,736  
   

 

 

  
      20,583,686  
Nevada — 0.4%            

City of North Las Vegas Nevada, GO, BAB, 6.57%, 06/01/40

     1,420       1,552,506  

County of Clark Department of Aviation, ARB, BAB, Series C, 6.82%, 07/01/45

     2,000       2,331,394  
   

 

 

  
      3,883,900  
New Hampshire — 1.4%            

New Hampshire Business Finance Authority, RB, 3.78%, 01/01/36

     2,500       1,935,057  

New Hampshire Business Finance Authority, Refunding RB

    

3.30%, 04/01/32

     12,895       10,086,260  

2.87%, 07/01/35

     4,815       3,576,598  
   

 

 

  
      15,597,915  
New Jersey — 10.5%            

New Jersey Economic Development Authority, RB

    

Series A, (NPFGC), 7.43%, 02/15/29(a)

    20,974       22,401,769  

Series B, 7.00%, 06/15/30(b)

    3,515       3,519,323  

New Jersey Educational Facilities Authority, Refunding RB, (AGM), 3.51%, 07/01/42

     13,500       10,612,956  

New Jersey Institute of Technology, Refunding RB, Series B, 3.42%, 07/01/42

     7,500       6,154,996  

New Jersey Transportation Trust Fund Authority, RB, BAB, Series C, 5.75%, 12/15/28

     4,500       4,528,777  

New Jersey Transportation Trust Fund Authority, Refunding RB

    

4.08%, 06/15/39

     7,230       6,323,798  

4.13%, 06/15/42

     16,765       14,405,333  

New Jersey Turnpike Authority, RB, BAB(a)

   

Series A, 7.10%, 01/01/41

     34,000       39,692,191  

Series F, 7.41%, 01/01/40

     6,790       8,164,758  
   

 

 

  
      115,803,901  
New York — 8.4%            

City of New York, Refunding GO, Series D, 2.17%, 08/01/34

     7,285       5,748,194  

Metropolitan Transportation Authority, RB, BAB 6.67%, 11/15/39

     2,220       2,443,512  
Security  

Par

(000)

     Value  
New York (continued)            

Metropolitan Transportation Authority, RB, BAB (continued)

    

7.34%, 11/15/39(a)

  $ 13,245     $ 16,206,354  

Series TR, 6.69%, 11/15/40

     13,000       14,260,165  

Metropolitan Transportation Authority, Refunding RB, Series C-2, Sustainability Bonds, 5.18%, 11/15/49

     4,370       4,051,972  

New York City Housing Development Corp., RB, M/F Housing, 3.10%, 11/01/45

     1,310       919,638  

New York City Transitional Finance Authority Future Tax Secured Revenue, RB, BAB, 5.57%, 11/01/38(a)

    19,000       19,479,633  

New York State Dormitory Authority, RB, BAB, Series H, 5.39%, 03/15/40(a)

       15,000       14,998,774  

New York State Dormitory Authority, Refunding RB, Series B, 5.75%, 07/01/24(g)

    6,010       6,013,005  

Triborough Bridge & Tunnel Authority, Refunding RB, Series A-3, 2.51%, 05/15/35

     10,390       8,252,373  
   

 

 

  
         92,373,620  
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       7,173,559  
   

 

 

  
Ohio — 6.1%            

American Municipal Power, Inc., RB, Series B, 7.83%, 02/15/41

     10,000       12,234,299  

American Municipal Power, Inc., Refunding RB, BAB, Series B, 6.45%, 02/15/44

     10,000       10,945,272  

Franklin County Convention Facilities Authority, RB, BAB, 6.64%, 12/01/42(a)

    30,575       34,426,642  

Ohio University, RB, 5.59%, 12/01/2114

     10,100       9,579,297  
   

 

 

  
      67,185,510  
Oklahoma — 1.5%            

Oklahoma Development Finance Authority, RB

    

Series A-3, 5.09%, 02/01/52(a)

    6,750       6,624,460  

Series A-3, 4.71%, 05/01/52

     3,695       3,533,141  

Series B, 11.00%, 09/01/41(b)

    3,000       2,752,718  

Oklahoma Municipal Power Authority, RB, BAB, 6.44%, 01/01/45(a)

    3,500       3,732,489  
   

 

 

  
      16,642,808  
Pennsylvania — 3.2%            

Commonwealth Financing Authority, RB

    

Series A, 4.14%, 06/01/38

     4,435       4,122,306  

Series A, 3.81%, 06/01/41

     6,110       5,309,098  

Pennsylvania Economic Development Financing Authority, RB, BAB, Series B, 6.53%, 06/15/39

     23,050       25,721,007  
   

 

 

  
      35,152,411  
Puerto Rico — 2.5%            

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB

    

Series A-1, Restructured, 5.00%, 07/01/58

     3,465       3,467,061  

Series A-2, Restructured, 4.55%, 07/01/40

     14,899       11,869,050  

Series A-2, Restructured, 4.78%, 07/01/58

     12,447       12,390,977  
   

 

 

  
      27,727,088  
South Carolina — 3.0%            

Charleston Educational Excellence Finance Corp., Refunding RB, 1.87%, 12/01/29

     10,000       8,677,865  

South Carolina Jobs-Economic Development Authority, RB, 7.35%, 08/15/30(b)

    710       693,388  

South Carolina Public Service Authority, RB, BAB, Series C, (AGM-CR), 6.45%, 01/01/50(a)

    11,290       12,672,239  
 

 

 

S C H E D U L E  O F   I N V E S T M E N T S

   3

Schedule of Investments (unaudited) (continued)

March 31, 2024

   

BlackRock Taxable Municipal Bond Trust (BBN)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
South Carolina (continued)            

South Carolina Public Service Authority, Refunding RB

    

Series C, 5.78%, 12/01/41

   $ 4,595     $ 4,790,357  

Series D, (AGM), 6.45%, 12/01/42

     2,870       3,180,980  

South Carolina Student Loan Corp., RB, Series A, 3.59%, 12/01/39

     4,285       3,544,417  
   

 

 

  
      33,559,246  
Tennessee — 4.5%            

Memphis-Shelby County Industrial Development Board, Refunding TA, Series B, 5.45%, 07/01/45

     5,875       4,100,719  

Metropolitan Government of Nashville & Davidson County Convention Center Authority, RB, BAB, Series A-2, 7.43%, 07/01/43(a)

    35,105       42,028,818  

Tennessee Housing Development Agency, RB, S/F Housing, Series 1B, Sustainability Bonds, 5.92%, 07/01/49

     545       551,811  

Tennessee State School Bond Authority, Refunding RB, Series A, 2.56%, 11/01/41

     4,525       3,206,756  
   

 

 

  
      49,888,104  
Texas — 5.1%            

Arlington Higher Education Finance Corp., RB(b)

    

5.50%, 04/01/30

     500       488,310  

6.50%, 11/01/32

     1,280       1,298,601  

Arlington Higher Education Finance Corp., Refunding RB, Series B, 4.00%, 08/15/28

     1,355       1,240,458  

City of San Antonio Texas Customer Facility Charge Revenue, ARB, 5.87%, 07/01/45

     7,500       7,513,425  

Dallas Area Rapid Transit, RB, BAB, 5.02%, 12/01/48(a)

    2,500       2,453,158  

New Hope Higher Education Finance Corp., RB, Series B, 5.00%, 06/15/27(b)

    390       376,565  

Port Beaumont Navigation District, Refunding RB, Series B, 6.00%, 01/01/25(b)

    3,185       3,131,425  

Port of Beaumont Industrial Development Authority, RB, 4.10%, 01/01/28(b)

    18,785       16,194,327  

Texas Department of Housing & Community Affairs, RB, S/F Housing, Series B, (GNMA), 5.55%, 01/01/44(d)

    3,000       3,006,609  

Texas Private Activity Bond Surface Transportation Corp., RB, Series B, 3.92%, 12/31/49

     25,000       20,505,850  
   

 

 

  
      56,208,728  
Utah — 2.8%            

Utah Housing Corp., RB, S/F Housing, Series D, (FHLMC, FNMA, GNMA), 6.25%, 07/01/54

     3,000       3,113,362  

Utah Transit Authority, RB, BAB, 5.71%, 06/15/40(a)

     26,405       27,493,604  
   

 

 

  
      30,606,966  
Virginia — 3.5%            

Tobacco Settlement Financing Corp., Refunding RB, Series A-1, 6.71%, 06/01/46

     29,630       25,651,749  

Virginia Housing Development Authority, RB, M/F Housing

    

Series D, 3.52%, 06/01/40

     4,000       3,194,585  

Series F, 3.13%, 07/01/45

     3,425       2,408,476  

Virginia Housing Development Authority, RB, S/F

    

Housing, Series A, 5.57%, 10/01/49

     6,845       6,818,955  
   

 

 

  
      38,073,765  
Security  

Par

(000)

     Value  
Washington — 1.9%            

Washington State Convention Center Public Facilities District, RB, BAB, 6.79%, 07/01/40

   $ 19,415     $ 20,915,349  
   

 

 

  
West Virginia — 2.4%            

Tobacco Settlement Finance Authority, RB, Series B, 0.00%, 06/01/47(c)

    1,600       137,227  

Tobacco Settlement Finance Authority, Refunding RB

    

Class 1, 4.31%, 06/01/49

     20,000       15,665,073  

Class 2, 4.88%, 06/01/49

     11,900       11,154,787  
   

 

 

  
      26,957,087  
Wisconsin — 0.3%            

Public Finance Authority, RB

    

4.75%, 06/15/25(b)

    495       490,301  

5.38%, 06/15/28(b)

    400       380,532  

5.25%, 01/01/31(b)

    1,150       886,597  

Class S, 5.25%, 06/15/26(b)

    140       134,923  

Series B, 6.00%, 06/15/24

     155       154,128  

Public Finance Authority, Refunding RB, Series B, 6.13%, 10/01/49(b)

    1,470       1,280,293  
   

 

 

  
      3,326,774  
   

 

 

  

Total Municipal Bonds — 135.8%
(Cost: $1,447,839,989)

 

     1,497,797,308  
   

 

 

  

Total Long-Term Investments — 143.6%
(Cost: $1,540,748,685)

 

     1,584,192,024  
   

 

 

  
     Shares         
Short-Term Securities  
Money Market Funds — 0.7%  

BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.19%(h)(i)

    8,036,693       8,036,693  
   

 

 

  

Total Short-Term Securities — 0.7%
(Cost: $8,036,693)

 

     8,036,693  
   

 

 

  

Total Investments — 144.3%
(Cost: $1,548,785,378)

 

     1,592,228,717  

Liabilities in Excess of Other Assets — (44.3)%

 

     (488,725,747 ) 
   

 

 

  

Net Assets — 100.0%

 

   $  1,103,502,970  
   

 

 

  

 

(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) 

When-issued security.

(e) 

Issuer filed for bankruptcy and/or is in default.

(f) 

Non-income producing security.

(g) 

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.

(h) 

Affiliate of the Trust.

(i) 

Annualized 7-day yield as of period end.

 

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.

 

 

4  

Schedule of Investments (unaudited) (continued)

March 31, 2024

   

BlackRock Taxable Municipal Bond Trust (BBN)

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended March 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer   

Value at

12/31/23

       

Purchases

at Cost

     

Proceeds

from Sales

       

Net

Realized

Gain (Loss)

       

Change in

Unrealized

Appreciation

(Depreciation)

       

Value at

03/31/24

       

Shares

Held at

03/31/24

        Income       

Capital Gain

Distributions

from

Underlying

Funds

  

BlackRock Liquidity Funds, T-Fund, Institutional Class

    $ 7,737,117        $ 299,576 (a)     $ —        $ —        $ —        $ 8,036,693          8,036,693        $ 231,937        $ —  
               

 

 

       

 

 

       

 

 

            

 

 

       

 

 

  

 

  (a) 

Represents net amount purchased (sold).

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) 

TD Securities (USA) LLC

      5.57 %(b)      11/14/23        Open     $  18,891,250      $ 19,292,532      Municipal Bonds      Open/Demand  

Barclays Bank PLC

      5.60 (b)      12/01/23        Open       971,763        990,026      Municipal Bonds      Open/Demand  

TD Securities (USA) LLC

      5.57 (b)      12/01/23        Open       8,784,281        8,938,660      Municipal Bonds      Open/Demand  

Barclays Bank PLC

      5.55 (b)      12/08/23        Open       5,732,475        5,830,930      Municipal Bonds      Open/Demand  

Barclays Bank PLC

      5.60 (b)      12/08/23        Open       3,272,500        3,328,914      Municipal Bonds      Open/Demand  

Barclays Bank PLC

      5.60 (b)      12/08/23        Open       4,550,000        4,616,342      Municipal Bonds      Open/Demand  

Barclays Bank PLC

      5.60 (b)      12/08/23        Open       6,100,313        6,205,195      Municipal Bonds      Open/Demand  

Barclays Bank PLC

      5.60 (b)      12/08/23        Open       7,587,825        7,718,978      Municipal Bonds      Open/Demand  

Barclays Bank PLC

      5.60 (b)      12/08/23        Open       2,068,750        2,104,508      Municipal Bonds      Open/Demand  

Barclays Bank PLC

      5.60 (b)      12/08/23        Open       18,981,470        19,309,559      Municipal Bonds      Open/Demand  

Barclays Bank PLC

      5.60 (b)      12/08/23        Open       7,613,625        7,744,875      Municipal Bonds      Open/Demand  

Barclays Bank PLC

      5.60 (b)      12/08/23        Open       13,125,000        13,348,253      Municipal Bonds      Open/Demand  

Barclays Bank PLC

      5.60 (b)      12/08/23        Open       10,150,000        10,324,975      Municipal Bonds      Open/Demand  

Barclays Bank PLC

      5.60 (b)      12/08/23        Open       17,076,250        17,371,408      Municipal Bonds      Open/Demand  

Barclays Bank PLC

      5.60 (b)      12/08/23        Open       13,195,000        13,423,072      Municipal Bonds      Open/Demand  

TD Securities (USA) LLC

      5.50 (b)      12/08/23        Open       40,282,987        40,970,428      Municipal Bonds      Open/Demand  

TD Securities (USA) LLC

      5.53 (b)      12/08/23        Open       10,604,831        10,786,504      Municipal Bonds      Open/Demand  

Barclays Bank PLC

      5.60 (b)      12/13/23        Open       3,322,069        3,377,026      Municipal Bonds      Open/Demand  

Barclays Bank PLC

      5.60 (b)      12/13/23        Open       25,596,450        26,028,810      Municipal Bonds      Open/Demand  

Barclays Bank PLC

      5.60 (b)      12/13/23        Open       4,731,250        4,810,604      Municipal Bonds      Open/Demand  

RBC Capital Markets, LLC

      5.60 (b)      12/13/23        Open       14,157,500        14,394,953      Municipal Bonds      Open/Demand  

RBC Capital Markets, LLC

      5.60 (b)      12/13/23        Open       13,965,000        14,133,298      Municipal Bonds      Open/Demand  

RBC Capital Markets, LLC

      5.60 (b)      12/13/23        Open       3,041,250        3,092,398      Municipal Bonds      Open/Demand  

RBC Capital Markets, LLC

      5.60 (b)      12/13/23        Open       2,845,000        2,892,847      Municipal Bonds      Open/Demand  

RBC Capital Markets, LLC

      5.60 (b)      12/13/23        Open       18,572,500        18,879,746      Municipal Bonds      Open/Demand  

RBC Capital Markets, LLC

      5.60 (b)      12/13/23        Open       15,831,250        16,097,501      Municipal Bonds      Open/Demand  

RBC Capital Markets, LLC

      5.60 (b)      12/13/23        Open       19,855,000        20,188,922      Municipal Bonds      Open/Demand  

RBC Capital Markets, LLC

      5.60 (b)      12/13/23        Open       7,612,500        7,740,179      Municipal Bonds      Open/Demand  

RBC Capital Markets, LLC

      5.60 (b)      12/13/23        Open       6,156,250        6,259,222      Municipal Bonds      Open/Demand  

TD Securities (USA) LLC

      5.57 (b)      12/13/23        Open       4,665,375        4,743,884      Municipal Bonds      Open/Demand  

TD Securities (USA) LLC

      5.57 (b)      12/13/23        Open       6,067,500        6,169,604      Municipal Bonds      Open/Demand  

TD Securities (USA) LLC

      5.57 (b)      12/13/23        Open       11,437,500        11,629,971      Municipal Bonds      Open/Demand  

TD Securities (USA) LLC

      5.57 (b)      12/13/23        Open       10,450,000        10,625,374      Municipal Bonds      Open/Demand  

TD Securities (USA) LLC

      5.57 (b)      12/13/23        Open       10,575,000         10,752,181      Municipal Bonds      Open/Demand  

TD Securities (USA) LLC

      5.57 (b)      12/13/23        Open       7,236,862        7,358,114      Municipal Bonds      Open/Demand  

TD Securities (USA) LLC

      5.57 (b)      12/13/23        Open       9,405,000        9,560,854      Municipal Bonds      Open/Demand  

TD Securities (USA) LLC

      5.57 (b)      12/13/23        Open       7,026,281        7,143,683      Municipal Bonds      Open/Demand  

TD Securities (USA) LLC

      5.57 (b)      12/13/23        Open       2,027,500        2,061,656      Municipal Bonds      Open/Demand  

TD Securities (USA) LLC

      5.57 (b)      12/13/23        Open       1,500,000        1,525,242      Municipal Bonds      Open/Demand  

TD Securities (USA) LLC

      5.57 (b)      12/13/23        Open       7,079,688        7,198,306      Municipal Bonds      Open/Demand  

TD Securities (USA) LLC

      5.57 (b)      12/20/23        Open       18,318,750        18,607,830      Municipal Bonds      Open/Demand  

Barclays Bank PLC

      5.05 (b)      01/29/24        Open       8,277,500        8,349,491      Corporate Bonds      Open/Demand  

RBC Capital Markets, LLC

      5.60 (b)      02/08/24        Open       2,876,250        2,899,516      Corporate Bonds      Open/Demand  

TD Securities (USA) LLC

      5.57 (b)      02/08/24        Open       1,917,500        1,932,927      Corporate Bonds      Open/Demand  

RBC Capital Markets, LLC

      5.60 (b)      03/27/24        Open       19,530,000        19,545,190      Municipal Bonds      Open/Demand  

TD Securities (USA) LLC

      5.57 (b)      03/27/24        Open       16,495,450        16,508,211      Municipal Bonds      Open/Demand  

 

 

S C H E D U L E  O F   I N V E S T M E N T S

   5

Schedule of Investments (unaudited) (continued)

March 31, 2024

   

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) 

TD Securities (USA) LLC

      5.57 %(b)      03/27/24        Open     $ 14,887,500      $ 14,899,017      Municipal Bonds      Open/Demand  

TD Securities (USA) LLC

      5.57 (b)       03/27/24        Open       20,332,125        20,347,854      Municipal Bonds      Open/Demand  
         

 

 

     

 

 

        
          $  504,780,120      $ 512,059,570        
         

 

 

     

 

 

        

 

  (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.

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

      377          06/18/24        $ 41,770        $ (252,031 ) 

U.S. Long Bond

      797          06/18/24          95,989          (1,550,378 ) 
                 

 

 

  
                  $ (1,802,409 ) 
                 

 

 

  

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of 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); 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).

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 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. The categorization of a value determined for financial instruments is based on the pricing transparency of the 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 financial instruments, refer to its most recent financial statements.

The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

      Level 1        Level 2        Level 3        Total  

Assets

                  

Investments

                  

Long-Term Investments

                  

Corporate Bonds

    $ —        $ 86,394,716        $ —        $ 86,394,716  

Municipal Bonds

      —          1,497,797,308          —          1,497,797,308  

Short-Term Securities

                  

Money Market Funds

      8,036,693          —          —          8,036,693  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $   8,036,693        $  1,584,192,024        $     —        $  1,592,228,717  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

 

6  

Schedule of Investments (unaudited) (continued)

March 31, 2024

   

BlackRock Taxable Municipal Bond Trust (BBN)

 

Fair Value Hierarchy as of Period End (continued)

 

      Level 1        Level 2        Level 3        Total  

Derivative Financial Instruments(a)

                 

Liabilities

                  

Interest Rate Contracts

    $   (1,802,409 )       $     —        $     —        $  (1,802,409 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

Derivative financial instruments are futures contracts. Futures contracts 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 reporting purposes. As of period end, reverse repurchase agreements of $512,059,570 are categorized as Level 2 within the fair value hierarchy.

 

Portfolio Abbreviation
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
FHLMC    Federal Home Loan Mortgage Corp.
FNMA    Federal National Mortgage Association
GNMA    Government National Mortgage Association
GO    General Obligation Bonds
M/F    Multi-Family
NPFGC    National Public Finance Guarantee Corp.
RB    Revenue Bond
S/F    Single-Family
SAP    Subject to Appropriations
TA    Tax Allocation

 

 

S C H E D U L E  O F   I N V E S T M E N T S

   7
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