Schedule of Investments (unaudited)
September 30, 2024
BlackRock Taxable Municipal Bond Trust (BBN)
(Percentages shown are based on Net Assets)

 
Security
 
Par
(000)
Value
Corporate Bonds
Commercial Services & Supplies — 3.2%
Grand Canyon University, 5.13%, 10/01/28(a)
$
9,377
$ 8,787,562
Rensselaer Polytechnic Institute, Series 2018, 5.25%,
09/01/48
 
18,190
17,380,340
Wesleyan University, 4.78%, 07/01/2116(a)
 
11,000
9,941,810
 
 
36,109,712
Financial Services(b) — 1.8%
MMH Master LLC
 
6.38%, 02/01/34
 
2,670
2,774,112
6.50%, 02/01/39
 
6,475
6,887,620
6.75%, 02/01/44
 
7,300
7,629,431
Western Group Housing LP, 6.75%, 03/15/57(a)
 
2,382
2,620,729
 
 
19,911,892
Health Care Providers & Services — 3.0%
CommonSpirit Health, 5.32%, 12/01/34(a)
 
14,655
15,144,627
Ochsner Clinic Foundation, 5.90%, 05/15/45(a)
 
5,000
5,176,743
West Virginia United Health System Obligated Group,
Series 2018, 4.92%, 06/01/48
 
15,000
14,138,108
 
 
34,459,478
Total Corporate Bonds — 8.0%
(Cost: $92,814,669)
90,481,082
Municipal Bonds
Alabama — 0.1%
Jacksonville Public Educational Building Authority, RB,
(AGM), 7.00%, 08/01/46
 
1,365
1,494,323
Alaska — 0.9%
Alaska Housing Finance Corp., RB, S/F Housing,
Series C, 6.25%, 12/01/53(a)
 
10,000
10,519,220
Arizona — 2.1%
Salt River Project Agricultural Improvement & Power
District, RB, BAB, 4.84%, 01/01/41(a)
 
24,545
24,089,021
Arkansas — 0.7%
Arkansas Development Finance Authority, RB, AMT,
Sustainability Bonds, 7.38%, 07/01/48(b)
 
7,400
8,234,997
California — 21.9%
Alameda Corridor Transportation Authority, Refunding
RB, CAB(c)
 
Series D, (AGM), 0.00%, 10/01/40
 
3,775
1,483,127
Series B, Senior Lien, 0.00%, 10/01/42
 
5,000
1,848,872
Alameda County Joint Powers Authority, RB, BAB,
Series A, 7.05%, 12/01/44(a)
 
11,000
13,257,237
Bay Area Toll Authority, RB, BAB
 
Series S-1, 6.92%, 04/01/40
 
6,720
7,887,746
Series S-3, 6.91%, 10/01/50
 
14,000
17,294,399
California Infrastructure & Economic Development
Bank, RB, 5.50%, 01/01/38(b)
 
4,800
4,072,130
California State Public Works Board, RB, BAB,
Series G-2, 8.36%, 10/01/34(a)
 
17,050
21,056,359
California State University, Refunding RB, Series B,
2.80%, 11/01/41
 
5,000
3,882,003
City & County of San Francisco California, COP,
6.38%, 10/01/43
 
5,000
5,355,022
City of Chula Vista California, RB, 2.40%, 06/01/36
 
1,275
986,500
City of Huntington Beach California, Refunding RB
 
3.28%, 06/15/40(a)
 
6,000
5,043,914
3.38%, 06/15/44
 
1,500
1,211,255
Security
 
Par
(000)
Value
California (continued)
City of Orange California, RB, (BAM), 3.12%, 06/01/44
$
2,000
$ 1,527,673
City of San Francisco California Public Utilities
Commission Water Revenue, RB, BAB, Series DE,
6.00%, 11/01/40(a)
 
21,255
22,865,977
County of Sonoma California, Refunding RB, Series A,
6.00%, 12/01/29(a)
 
10,420
10,874,295
Golden State Tobacco Securitization Corp., Refunding
RB
 
(SAP), 3.12%, 06/01/38
 
11,410
9,615,134
Class B, (SAP), 3.29%, 06/01/42
 
2,000
1,603,546
Series A-1, 3.71%, 06/01/41
 
5,000
4,003,905
Series A-1, 4.21%, 06/01/50
 
35,775
27,756,282
Imperial Irrigation District, RB, (AMBAC), 6.94%,
01/01/26
 
1,115
1,133,451
Los Angeles Community College District, GO, BAB,
6.60%, 08/01/42(a)
 
10,000
11,727,712
Orange County Local Transportation Authority Sales
Tax Revenue, Refunding RB, BAB, Series A, 6.91%,
02/15/41
 
5,000
5,606,302
San Diego County Regional Airport Authority, ARB,
Series B, 5.59%, 07/01/43
 
3,685
3,687,538
San Joaquin Hills Transportation Corridor Agency,
Refunding RB, Series B, (AGM), 3.49%, 01/15/50
 
7,200
5,767,382
State of California, GO, BAB
 
7.55%, 04/01/39(a)
 
9,035
11,380,311
7.35%, 11/01/39
 
5,000
6,060,710
7.63%, 03/01/40
 
8,950
11,205,759
7.60%, 11/01/40(a)
 
15,000
19,150,134
State of California, Refunding GO, 5.13%, 03/01/38(a)
 
10,010
10,275,164
 
 
247,619,839
Colorado — 1.8%
Colorado Health Facilities Authority, Refunding RB,
Series B, 4.48%, 12/01/40
 
11,885
10,460,523
Colorado Housing and Finance Authority, RB, S/F
Housing, Series B-1, Class I, (GNMA), 6.25%,
11/01/54
 
2,180
2,315,680
Denver City & County School District No. 1, Refunding
COP, Series B, 7.02%, 12/15/37
 
6,000
7,030,353
 
 
19,806,556
Connecticut — 0.8%
Connecticut Housing Finance Authority, RB, S/F
Housing, Sustainability Bonds, 5.37%, 11/15/44
 
6,575
6,408,409
Connecticut State Health & Educational Facilities
Authority, Refunding RB, Series G-2, 4.25%,
07/01/27(b)
 
2,765
2,704,080
 
 
9,112,489
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
14,208,540
Metropolitan Washington Airports Authority Dulles Toll
Road Revenue, RB, BAB, 7.46%, 10/01/46
 
5,000
6,357,876
 
 
20,566,416
Florida — 4.3%
Capital Trust Agency, Inc., RB(b)
 
5.00%, 01/01/25
 
80
79,840
5.50%, 06/15/26
 
445
437,612
County of Miami-Dade Seaport Department, ARB,
6.22%, 11/01/55
 
3,295
3,556,577
Schedule of Investments
1
Schedule of Investments (unaudited)(continued)
September 30, 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
$ 193,998
Florida Development Finance Corp., RB(b)
 
6.75%, 12/15/28
 
528
372,996
Series B, 5.00%, 06/15/25
 
145
143,668
Series B, 5.75%, 06/15/25
 
260
256,779
Series D, 5.75%, 12/15/26
 
650
640,472
Florida Development Finance Corp., Refunding RB
 
Series B, 4.11%, 04/01/50
 
5,000
4,355,848
AMT, 12.00%, 07/15/32(b)(d)
 
1,150
1,222,367
Miami-Dade County Educational Facilities Authority,
Refunding RB, Series B, 5.07%, 04/01/50
 
12,250
12,472,922
Miami-Dade County Industrial Development Authority,
RB, 5.25%, 11/01/25
 
70
69,564
State Board of Administration Finance Corp., RB,
Series A, 5.53%, 07/01/34(a)
 
10,000
10,538,776
Village Center Community Development District,
Refunding RB, 5.02%, 11/01/36
 
13,500
14,084,740
 
 
48,426,159
Georgia — 5.7%
East Point Business & Industrial Development
Authority, RB, Series B, 5.25%, 06/15/31(b)
 
860
869,684
Municipal Electric Authority of Georgia, Refunding RB,
BAB
 
6.64%, 04/01/57(a)
 
25,422
29,020,633
6.66%, 04/01/57
 
20,536
23,547,838
7.06%, 04/01/57
 
9,420
11,116,640
 
 
64,554,795
Hawaii — 0.7%
State of Hawaii, GO, Series GK, 6.05%, 10/01/36
 
5,000
5,532,170
State of Hawaii, Refunding GO, Series GC, 2.37%,
10/01/35
 
2,500
2,055,538
 
 
7,587,708
Idaho — 2.0%
Idaho Housing & Finance Association, RB
 
Series B, 4.75%, 06/15/29(b)
 
235
214,920
Series B, 7.15%, 06/15/31
 
460
435,116
Idaho Housing & Finance Association, RB, S/F
Housing
 
Series B, (FHLMC, FNMA, GNMA), 6.25%,
07/01/54
 
5,915
6,250,849
Series E, (FHLMC, FNMA, GNMA), 6.06%,
01/01/44(a)
 
14,805
15,404,715
 
 
22,305,600
Illinois — 16.8%
Chicago Board of Education, GO, BAB
 
6.04%, 12/01/29
 
10,435
10,517,422
6.52%, 12/01/40
 
9,745
10,107,382
Chicago O’Hare International Airport, Refunding ARB,
BAB, Series B, 6.40%, 01/01/40
 
1,500
1,706,343
Chicago Transit Authority Sales & Transfer Tax
Receipts Revenue, RB
 
Series A, 6.90%, 12/01/40
 
7,534
8,611,540
Series B, 6.90%, 12/01/40
 
4,623
5,277,193
Chicago Transit Authority Sales Tax Receipts Fund,
RB, BAB, Series B, 6.20%, 12/01/40(a)
 
16,015
17,238,872
City of Chicago Illinois Wastewater Transmission
Revenue, RB, BAB, Series B, 2nd Lien, 6.90%,
01/01/40(a)
 
36,000
41,184,281
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
$ 17,406,401
County of Will Illinois, Refunding GO, 2.95%, 11/15/45
 
2,400
1,820,208
Illinois Finance Authority, RB, 6.69%, 07/01/33
 
2,925
2,999,054
Illinois Housing Development Authority, RB, S/F
Housing
 
Series B, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 5.88%, 10/01/49
 
4,445
4,489,405
Series F, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 5.90%, 10/01/46
 
7,145
7,279,366
Illinois Municipal Electric Agency, RB, BAB, 7.29%,
02/01/35(a)
 
15,000
16,741,252
Northern Illinois Municipal Power Agency, RB, BAB,
7.82%, 01/01/40
 
5,000
6,230,952
State of Illinois, GO, BAB
 
6.63%, 02/01/35
 
2,285
2,448,100
7.35%, 07/01/35(a)
 
28,172
30,989,169
Series 3, 6.73%, 04/01/35
 
5,348
5,751,722
 
 
190,798,662
Indiana — 1.7%
Indiana Finance Authority, RB, BAB, Series B, 6.60%,
02/01/39
 
7,900
9,099,621
Indiana Municipal Power Agency, RB, BAB, Series A,
5.59%, 01/01/42
 
10,000
10,615,159
 
 
19,714,780
Kentucky — 0.9%
Westvaco Corp., RB, 7.67%, 01/15/27(b)
 
9,400
9,830,719
Louisiana — 0.9%
Louisiana Local Government Environmental Facilities &
Community Development Authority, RB, Series A-3,
5.20%, 12/01/39(a)
 
9,750
10,196,899
Maryland — 2.6%
Maryland Community Development Administration, RB,
S/F Housing
 
Series F, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 6.15%, 09/01/38
 
5,000
5,375,211
Series F, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 6.23%, 09/01/43
 
10,000
10,601,500
Maryland Economic Development Corp., RB
 
4.00%, 04/01/34
 
9,245
7,657,628
Sustainability Bonds, 5.94%, 05/31/57
 
5,000
5,203,161
Maryland Health & Higher Educational Facilities
Authority, RB, Series B, 6.25%, 03/01/27(b)
 
765
753,053
 
 
29,590,553
Massachusetts — 4.8%
Commonwealth of Massachusetts Transportation Fund
Revenue, RB, BAB, 5.73%, 06/01/40(a)
 
5,000
5,288,940
Massachusetts Educational Financing Authority, RB
 
Series A, 3.61%, 07/01/36
 
9,270
8,807,174
Series A, 5.95%, 07/01/44
 
15,000
15,783,515
Massachusetts Educational Financing Authority,
Refunding RB
 
Series A, 4.95%, 07/01/38
 
14,560
14,375,650
Series A, 6.35%, 07/01/49
 
6,785
7,264,040
Massachusetts Housing Finance Agency, RB, S/F
Housing, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 5.84%, 12/01/42
 
3,170
3,229,333
 
 
54,748,652
2
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Taxable Municipal Bond Trust (BBN)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Michigan — 4.0%
Michigan Finance Authority, RB
 
6.38%, 06/01/33(b)(e)(f)
$
1,000
$ 435,400
Series D, 5.02%, 11/01/43
 
7,500
7,369,374
Michigan Finance Authority, Refunding RB, CAB,
Series B, 0.00%, 06/01/45(c)
 
50,000
13,044,691
Michigan State Housing Development Authority, RB,
S/F Housing, Series B, Sustainability Bonds, 5.77%,
12/01/44
 
3,125
3,206,424
Michigan State University, RB, BAB, Series A, 6.17%,
02/15/50(a)
 
5,500
5,830,808
Michigan State University, Refunding RB, Series A,
4.50%, 08/15/48(a)
 
14,575
13,899,562
Western Michigan University, Refunding RB, Series B,
(AGM), 2.88%, 11/15/43
 
1,500
1,162,774
 
 
44,949,033
Minnesota — 1.8%
Minnesota Housing Finance Agency, RB, S/F Housing,
Series P, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 5.79%, 07/01/44
 
3,000
3,057,498
Southern Minnesota Municipal Power Agency,
Refunding RB, BAB, Series A, 5.93%, 01/01/43
 
8,000
8,669,604
Western Minnesota Municipal Power Agency, RB, BAB,
6.77%, 01/01/46
 
5,000
5,875,000
Western Minnesota Municipal Power Agency,
Refunding RB, Series A, 3.23%, 01/01/46
 
3,000
2,412,496
 
 
20,014,598
Mississippi — 0.5%
Mississippi Development Bank, RB, BAB, 6.41%,
01/01/40
 
5,000
5,508,156
Missouri — 1.9%
Curators of the University of Missouri, RB, BAB,
5.79%, 11/01/41
 
7,000
7,498,122
Missouri Joint Municipal Electric Utility Commission,
RB, BAB, 7.73%, 01/01/39
 
11,000
13,770,137
 
 
21,268,259
Nevada — 0.9%
City of North Las Vegas Nevada, GOL, BAB, 6.57%,
06/01/40
 
1,420
1,623,309
County of Clark Department of Aviation, ARB, BAB,
Series C, 6.82%, 07/01/45
 
2,000
2,385,976
Nevada Housing Division, RB, S/F Housing, Series F,
(FHLMC, FNMA, GNMA), 5.52%, 10/01/44
 
6,485
6,464,970
 
 
10,474,255
New Hampshire — 2.2%
New Hampshire Business Finance Authority, RB,
3.78%, 01/01/36
 
2,500
2,106,651
New Hampshire Business Finance Authority, Refunding
RB
 
3.30%, 04/01/32
 
12,895
10,686,594
2.87%, 07/01/35
 
4,775
3,690,701
Series A, 6.89%, 04/01/34(b)
 
7,500
7,952,871
 
 
24,436,817
New Jersey — 10.7%
New Jersey Economic Development Authority, RB
 
Series A, (NPFGC), 7.43%, 02/15/29
 
20,974
22,631,228
Series B, 7.00%, 06/15/30(b)
 
3,280
3,283,927
Security
 
Par
(000)
Value
New Jersey (continued)
New Jersey Educational Facilities Authority, Refunding
RB
 
(AGM), 3.51%, 07/01/42
$
13,500
$ 11,508,478
(AGM), 3.61%, 07/01/50
 
1,500
1,190,592
New Jersey Institute of Technology, Refunding RB,
Series B, 3.42%, 07/01/42
 
7,500
6,335,429
New Jersey Transportation Trust Fund Authority, RB,
BAB, Series C, 5.75%, 12/15/28
 
4,500
4,618,442
New Jersey Transportation Trust Fund Authority,
Refunding RB
 
4.08%, 06/15/39
 
7,230
6,817,064
4.13%, 06/15/42
 
16,765
15,354,409
New Jersey Turnpike Authority, RB, BAB(a)
 
Series A, 7.10%, 01/01/41
 
34,000
40,579,399
Series F, 7.41%, 01/01/40
 
6,790
8,343,298
 
 
120,662,266
New York — 9.5%
City of New York, Refunding GO
 
Series D, 2.17%, 08/01/34(g)
 
4,305
3,559,543
Series D, 2.17%, 08/01/34
 
2,980
2,428,997
Metropolitan Transportation Authority, RB, BAB
 
6.67%, 11/15/39
 
2,220
2,501,025
7.34%, 11/15/39(a)
 
11,620
14,102,817
Series TR, 6.69%, 11/15/40
 
19,705
22,119,234
Metropolitan Transportation Authority, Refunding RB,
Series C2, Sustainability Bonds, 5.18%, 11/15/49
 
340
317,151
New York City Housing Development Corp., RB, M/F
Housing
 
Series D, 5.40%, 08/01/49
 
7,550
7,458,325
Sustainability Bonds, 3.10%, 11/01/45
 
1,310
934,813
New York City Municipal Water Finance Authority,
Refunding RB, 5.88%, 06/15/44
 
7,590
8,211,614
New York City Transitional Finance Authority Future
Tax Secured Revenue, RB, BAB, 5.57%,
11/01/38(a)
 
19,000
20,007,224
New York State Dormitory Authority, RB, BAB,
Series H, 5.39%, 03/15/40(a)
 
15,000
15,428,135
New York State Thruway Authority, Refunding RB,
Series M, 3.50%, 01/01/42
 
2,000
1,733,305
Triborough Bridge & Tunnel Authority, Refunding RB,
Series A-3, 2.51%, 05/15/35
 
10,390
8,699,768
 
 
107,501,951
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
7,382,516
Ohio — 6.6%
American Municipal Power, Inc., RB, Series B, 7.83%,
02/15/41
 
20,760
26,276,846
Franklin County Convention Facilities Authority, RB,
BAB, 6.64%, 12/01/42(a)
 
30,575
35,740,948
Ohio University, RB, 5.59%, 12/01/2114
 
10,100
10,265,543
State of Ohio, Refunding RB, 3.28%, 01/01/42
 
3,000
2,586,306
 
 
74,869,643
Oklahoma — 1.5%
Oklahoma Development Finance Authority, RB
 
Series A-3, 5.09%, 02/01/52(a)
 
6,750
7,015,456
Series A-3, 4.71%, 05/01/52
 
3,695
3,631,836
Schedule of Investments
3
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Taxable Municipal Bond Trust (BBN)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Oklahoma (continued)
Oklahoma Development Finance Authority,
RB (continued)
 
Series B, 11.00%, 09/01/41(b)
$
3,000
$ 2,852,506
Oklahoma Municipal Power Authority, RB, BAB, 6.44%,
01/01/45
 
3,500
3,879,444
 
 
17,379,242
Pennsylvania — 3.1%
Commonwealth Financing Authority, RB
 
Series A, 4.14%, 06/01/38
 
4,435
4,256,327
Series A, 3.81%, 06/01/41
 
6,110
5,448,728
Pennsylvania Economic Development Financing
Authority, RB, BAB, Series B, 6.53%, 06/15/39
 
23,050
25,889,199
 
 
35,594,254
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
3,497,804
Series A-2, Restructured, 4.55%, 07/01/40
 
14,899
12,878,253
 
 
16,376,057
South Carolina — 3.0%
Charleston Educational Excellence Finance Corp.,
Refunding RB, 1.87%, 12/01/29
 
10,000
9,033,449
South Carolina Jobs-Economic Development Authority,
RB, 7.35%, 08/15/30(b)
 
710
716,029
South Carolina Public Service Authority, RB, BAB,
Series C, (AGM-CR), 6.45%, 01/01/50(a)
 
11,290
13,015,759
South Carolina Public Service Authority, Refunding RB
 
Series C, 5.78%, 12/01/41
 
4,595
4,854,057
Series D, (AGM), 6.45%, 12/01/42
 
2,870
3,306,434
South Carolina Student Loan Corp., RB, Series A,
3.59%, 12/01/39
 
4,125
3,597,618
 
 
34,523,346
Tennessee — 5.0%
Memphis-Shelby County Industrial Development
Board, Refunding TA, Series B, 5.45%, 07/01/45
 
5,875
4,502,944
Metropolitan Government of Nashville & Davidson
County Convention Center Authority, RB, BAB,
Series A-2, 7.43%, 07/01/43(a)
 
35,105
42,480,494
Tennessee Housing Development Agency, RB, S/F
Housing
 
Series 1B, Sustainability Bonds, 5.92%, 07/01/49
 
545
558,407
Series 2B, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 5.91%, 07/01/44
 
5,000
5,178,186
Tennessee State School Bond Authority, Refunding
RB, Series A, 2.56%, 11/01/41
 
4,525
3,548,140
 
 
56,268,171
Texas — 6.1%
Alamo Regional Mobility Authority, Refunding RB,
Series B, 3.28%, 06/15/46
 
5,000
3,846,968
Arlington Higher Education Finance Corp., RB(b)
 
5.50%, 04/01/30
 
500
476,410
6.50%, 11/01/32
 
1,280
1,326,194
Arlington Higher Education Finance Corp., Refunding
RB, Series B, 4.00%, 08/15/28
 
1,065
1,003,457
City of San Antonio Texas Customer Facility Charge
Revenue, ARB, 5.87%, 07/01/45
 
7,500
7,534,164
Dallas Area Rapid Transit, RB, BAB, 5.02%, 12/01/48
 
2,500
2,441,321
Hidalgo County Regional Mobility Authority, Refunding
RB, Series B, (AGM), 2.91%, 12/01/40
 
5,000
3,925,566
Security
 
Par
(000)
Value
Texas (continued)
New Hope Higher Education Finance Corp., RB,
Series B, 5.00%, 06/15/27(b)
$
390
$ 385,779
Port of Beaumont Industrial Development Authority,
RB, 4.10%, 01/01/28(b)
 
18,785
16,838,005
Port of Beaumont Navigation District, Refunding ARB,
Series B, 10.00%, 07/01/26(b)
 
10,000
10,300,308
Texas Private Activity Bond Surface Transportation
Corp., RB, Series B, 3.92%, 12/31/49
 
25,000
21,461,247
 
 
69,539,419
Utah — 0.3%
Utah Housing Corp., RB, S/F Housing, Series D,
(FHLMC, FNMA, GNMA), 6.25%, 07/01/54
 
3,000
3,187,763
Virginia — 3.3%
Tobacco Settlement Financing Corp., Refunding RB,
Series A-1, 6.71%, 06/01/46
 
29,085
24,758,897
Virginia Housing Development Authority, RB, M/F
Housing
 
Series D, 3.52%, 06/01/40
 
4,000
3,424,075
Series F, 3.13%, 07/01/45
 
3,425
2,609,095
Virginia Housing Development Authority, RB, S/F
Housing, Series A, 5.57%, 10/01/49
 
6,845
6,812,545
 
 
37,604,612
Washington — 1.8%
Washington State Convention Center Public Facilities
District, RB, BAB, 6.79%, 07/01/40
 
18,625
20,439,016
West Virginia — 2.0%
Tobacco Settlement Finance Authority, RB, Series B,
0.00%, 06/01/47(c)
 
1,600
153,391
Tobacco Settlement Finance Authority, Refunding RB
 
Series A, Class 1, 4.31%, 06/01/49
 
15,000
12,943,584
Series B, Class 2, 4.88%, 06/01/49
 
10,280
10,002,805
 
 
23,099,780
Wisconsin(b) — 0.3%
Public Finance Authority, RB
 
4.75%, 06/15/25
 
245
243,908
5.38%, 06/15/28
 
325
315,851
5.25%, 01/01/31
 
1,075
868,656
Series B, Class S, 5.25%, 06/15/26
 
95
93,148
Public Finance Authority, Refunding RB, Series B,
6.13%, 10/01/49
 
1,470
1,312,187
 
 
2,833,750
Total Municipal Bonds — 137.1%
(Cost: $1,470,817,813)
1,553,110,292
Total Long-Term Investments — 145.1%
(Cost: $1,563,632,482)
1,643,591,374
 
4
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Taxable Municipal Bond Trust (BBN)
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Short-Term Securities
Money Market Funds — 1.0%
BlackRock Liquidity Funds, T-Fund, Institutional
Shares, 4.83%(h)(i)
 
11,492,462
$    11,492,462
Total Short-Term Securities — 1.0%
(Cost: $11,492,462)
11,492,462
Total Investments — 146.1%
(Cost: $1,575,124,944)
1,655,083,836
Liabilities in Excess of Other Assets — (46.1)%
(522,218,513
)
Net Assets — 100.0%
$ 1,132,865,323
 
(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)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available.
(e)
Issuer filed for bankruptcy and/or is in default.
(f)
Non-income producing security.
(g)
Security is collateralized by municipal bonds or U.S. Treasury obligations.
(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.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the period ended September 30, 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
09/30/24
Shares
Held at
09/30/24
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Liquidity Funds, T-Fund, Institutional Shares
$ 7,737,117
$ 3,755,345
(a)
$ —
$ —
$ —
$ 11,492,462
11,492,462
$ 485,296
$ —
 
(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)
Barclays Bank PLC
5.10
%(b)
12/01/23
Open
$ 971,763
$ 1,017,676
Municipal Bonds
Open/Demand
Barclays Bank PLC
5.10
(b)
12/08/23
Open
4,550,000
4,745,802
Municipal Bonds
Open/Demand
Barclays Bank PLC
5.10
(b)
12/08/23
Open
6,100,313
6,378,766
Municipal Bonds
Open/Demand
Barclays Bank PLC
5.10
(b)
12/08/23
Open
7,587,825
7,934,873
Municipal Bonds
Open/Demand
Barclays Bank PLC
5.10
(b)
12/08/23
Open
13,125,000
13,721,695
Municipal Bonds
Open/Demand
Barclays Bank PLC
5.10
(b)
12/08/23
Open
17,076,250
17,857,275
Municipal Bonds
Open/Demand
Barclays Bank PLC
5.10
(b)
12/13/23
Open
25,596,450
26,757,100
Municipal Bonds
Open/Demand
Barclays Bank PLC
4.55
(b)
01/29/24
Open
8,277,500
8,561,867
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
5.10
(b)
06/25/24
Open
13,135,719
13,335,783
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
5.07
(b)
07/01/24
Open
13,916,700
14,114,603
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
4.99
(b)
07/29/24
Open
14,050,481
14,185,276
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
5.00
(b)
07/29/24
Open
39,931,937
40,315,728
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
5.03
(b)
07/29/24
Open
10,604,831
10,707,312
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
5.07
(b)
07/29/24
Open
6,884,813
6,951,827
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
5.07
(b)
07/29/24
Open
4,558,125
4,602,492
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
5.07
(b)
07/29/24
Open
16,235,206
16,393,233
Municipal Bonds
Open/Demand
Schedule of Investments
5
Schedule of Investments (unaudited)(continued)
September 30, 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
5.07
%(b)
07/29/24
Open
$ 2,027,500
$ 2,047,235
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
5.07
(b)
07/29/24
Open
20,076,375
20,271,791
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
5.07
(b)
07/29/24
Open
17,681,250
17,853,352
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
5.07
(b)
07/29/24
Open
1,902,500
1,921,018
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
5.07
(b)
07/29/24
Open
1,520,000
1,534,795
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
5.07
(b)
07/29/24
Open
10,500,000
10,602,203
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
5.07
(b)
07/29/24
Open
7,354,756
7,426,345
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
5.07
(b)
07/29/24
Open
8,862,812
8,949,080
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
5.07
(b)
07/29/24
Open
18,742,500
18,924,932
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
5.07
(b)
07/29/24
Open
7,079,688
7,148,598
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
5.08
(b)
07/29/24
Open
12,292,500
12,412,365
Municipal Bonds
Open/Demand
RBC Capital Markets, LLC
5.10
(b)
08/05/24
Open
6,400,000
6,455,662
Municipal Bonds
Open/Demand
RBC Capital Markets, LLC
5.10
(b)
08/05/24
Open
21,090,000
21,273,424
Municipal Bonds
Open/Demand
RBC Capital Markets, LLC
5.10
(b)
08/05/24
Open
7,700,000
7,766,969
Municipal Bonds
Open/Demand
RBC Capital Markets, LLC
5.10
(b)
08/05/24
Open
3,097,500
3,124,440
Municipal Bonds
Open/Demand
RBC Capital Markets, LLC
5.10
(b)
08/05/24
Open
14,630,000
14,757,240
Municipal Bonds
Open/Demand
RBC Capital Markets, LLC
5.10
(b)
08/05/24
Open
18,402,500
18,562,551
Municipal Bonds
Open/Demand
RBC Capital Markets, LLC
5.10
(b)
08/05/24
Open
2,913,750
2,939,091
Corporate Bonds
Open/Demand
RBC Capital Markets, LLC
5.10
(b)
08/05/24
Open
2,995,000
3,021,048
Municipal Bonds
Open/Demand
RBC Capital Markets, LLC
5.10
(b)
08/05/24
Open
16,171,250
16,311,895
Municipal Bonds
Open/Demand
RBC Capital Markets, LLC
5.15
(b)
08/26/24
Open
11,087,500
11,148,250
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
5.07
(b)
08/29/24
Open
16,012,500
16,094,035
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
5.07
(b)
08/30/24
Open
13,740,650
13,808,491
Municipal Bonds
Open/Demand
RBC Capital Markets, LLC
5.10
(b)
09/18/24
Open
39,825,000
39,898,787
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
5.07
(b)
09/18/24
Open
12,978,469
13,002,385
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
5.15
(b)
09/18/24
Open
9,847,500
9,865,909
Municipal Bonds
Open/Demand
Barclays Bank PLC
5.09
(b)
09/23/24
Open
9,096,587
9,105,591
Municipal Bonds
Open/Demand
RBC Capital Markets, LLC
5.10
(b)
09/25/24
Open
10,237,500
10,244,752
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
5.05
(b)
09/30/24
Open
10,400,000
10,400,000
Municipal Bonds
Open/Demand
 
 
 
$ 537,268,500
$ 544,453,542
 
 
 
(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
355
12/19/24
$ 40,603
$ (129,647
)
U.S. Long Bond
763
12/19/24
94,874
370,811
 
$ 241,164
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 that the Trust has the ability to access for identical, unrestricted assets or liabilities;
• Level 2 – Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly; and
6
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Taxable Municipal Bond Trust (BBN)
 
Fair Value Hierarchy as of Period End (continued)
• Level 3 – Inputs that are unobservable and significant to the  entire fair value measurement for the asset or liability (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
$ —
$ 90,481,082
$ —
$ 90,481,082
Municipal Bonds
—
1,553,110,292
—
1,553,110,292
Short-Term Securities 
Money Market Funds
11,492,462
—
—
11,492,462
 
$11,492,462
$1,643,591,374
$—
$1,655,083,836
Derivative Financial Instruments(a)
Assets 
Interest Rate Contracts
$ 370,811
$ —
$ —
$ 370,811
Liabilities 
Interest Rate Contracts
(129,647
)
—
—
(129,647
)
 
$241,164
$—
$—
$241,164
 
(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 $544,453,542 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.
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.
Portfolio Abbreviation (continued)
RB
 Revenue Bond
S/F
 Single-Family
SAP
 Subject to Appropriations
TA
 Tax Allocation
Schedule of Investments
7
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