NPORT-EX 2 NPORT_8263196866721246.htm

EX-BBN

Schedule of Investments  (unaudited) April 30, 2020 BlackRock Taxable Municipal Bond Trust (BBN) (Percentages shown are based on Net Assets)

Security		Par (000)				Value
Corporate Bonds — 7.0%
Diversified Financial Services — 0.2%
Western Group Housing LP, 6.75%, 03/15/57(a)(b)		$	2,458			$	3,281,596
Education — 3.4%
George Washington University, Series 2018, 4.13%, 09/15/48			7,191				8,550,616
Rensselaer Polytechnic Institute, Series 2018, 5.25%, 09/01/48			20,000				24,538,695
Wesleyan University, 4.78%, 07/01/16(b)			11,000				12,415,370
							45,504,681
Health Care Providers & Services — 3.4%
Baptist Health Obligated Group, Series 2019, 4.10%, 12/01/49			14,900				14,493,712
Common Spirit Health, 3.82%, 10/01/49			7,750				7,781,452
Ochsner Clinic Foundation, 5.90%, 05/15/45			5,000				6,449,480
PeaceHealth Obligated Group, Series 2018, 4.79%, 11/15/48			5,065				6,511,183
Tower Health, Series 2020, 4.45%, 02/01/50			10,836				9,411,804
							44,647,631
Total Corporate Bonds — 7.0% (Cost — $84,947,532)							93,433,908
Municipal Bonds — 138.6%
Arizona — 2.3%
Salt River Project Agricultural Improvement & Power District, RB, Build America Bonds, Series A, 4.84%, 01/01/41(b)			24,545				30,250,485
California — 26.9%
Bay Area Toll Authority, RB, Build America Bonds, San Francisco Toll Bridge:
Series S-1, 6.92%, 04/01/40			13,700				20,389,025
Series S-1, 7.04%, 04/01/50			1,015				1,688,930
Series S-3, 6.91%, 10/01/50			14,000				23,488,500
City of San Francisco California, Public Utilities Commission Water Revenue, RB, Build America Bonds, Sub-Series E, 6.00%, 11/01/40(b)			21,255				29,010,099
City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, Series B (AGM), 6.60%, 03/01/41(b)			10,000				10,372,900

Security		Par (000)				Value
California (continued)
County of Alameda California Joint Powers Authority, RB, Build America Bonds, Recovery Zone, Series A, 7.05%, 12/01/44		$	11,000			$	17,405,960
County of Orange California Local Transportation Authority, Refunding RB, Build America Bonds, Series A, 6.91%, 02/15/41			5,000				7,479,250
County of Riverside California, RB, 3.82%, 02/15/38(c)			6,450				6,636,921
County of Sonoma California, Refunding RB, Pension Obligation, Series A (GTD), 6.00%, 12/01/29			13,785				16,887,590
Foothill-Eastern Transportation Corridor Agency, Refunding RB, Toll Road, Series A, 4.09%, 01/15/49			14,540				14,546,979
Los Angeles Community College District California, GO, Build America Bonds, 6.60%, 08/01/42			10,000				16,358,800
Los Angeles Department of Water & Power, RB, Build America Bonds, 7.00%, 07/01/41(b)			17,225				17,363,489
Metropolitan Water District of Southern California, RB, Build America Bonds, Series A, 6.95%, 07/01/40(b)			12,000				12,086,520
Palomar Community College District, GO, Build America Bonds, Series B-1, 7.19%, 08/01/45			7,500				7,606,425
Rancho Water District Financing Authority, RB, Build America Bond, Series A, 6.34%, 08/01/20(b)(d)			165				166,716
San Diego County Regional Airport Authority, ARB, Consolidated Rental Car Facility Project, Series B, 5.59%, 07/01/43			4,000				4,422,000
State of California, GO, Build America Bonds:
7.55%, 04/01/39			9,035				15,173,470
7.60%, 11/01/40			15,000				25,970,250
Various Purpose, 7.63%, 03/01/40			8,950				14,945,068
State of California Public Works Board, RB, Build America Bonds, Series G-2, 8.36%, 10/01/34			18,145				28,240,515
University of California, RB, Build America Bonds(b):
5.95%, 05/15/45			24,000				33,792,000
6.30%, 05/15/50			27,010				35,145,682
							359,177,089

1

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Taxable Municipal Bond Trust (BBN) (Percentages shown are based on Net Assets)

Security		Par (000)				Value
Colorado — 3.7%
City & County of Denver Colorado School District No. 1, COP, Refunding, Denver Colorado Public Schools, Series B, 7.02%, 12/15/37		$	6,000			$	8,876,340
Regional Transportation District, COP, Build America Bonds, Series B, 7.67%, 06/01/40(b)			23,000				35,169,070
State of Colorado, COP, Build America Bonds, Building Excellent Schools, Series E, 7.02%, 03/15/21(d)			5,000				5,219,300
							49,264,710
Connecticut — 0.4%
Connecticut State Health & Educational Facilities Authority, Refunding RB, Series G-2, 4.25%, 07/01/27(a)			5,055				4,878,227
District of Columbia — 3.5%
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, ARB, Build America Bonds:
Series D, 8.00%, 10/01/47			10,750				17,421,128
Dulles Toll Road Revenue, 7.46%, 10/01/46			9,235				13,582,099
Washington Convention & Sports Authority, Refunding RB, Series C, 7.00%, 10/01/20(d)			15,000				15,306,000
							46,309,227
Florida — 4.9%
City of Sunrise Florida Utility System, Refunding RB, Build America Bonds, Series B, 5.91%, 10/01/20(b)(d)			23,000				23,378,350
County of Miami-Dade Florida Educational Facilities Authority, Refunding RB, Series B, 5.07%, 04/01/50			12,250				15,177,995
Excelsior Academies Inc, RB, Series C, 5.25%, 11/01/25			640				631,847
Florida Development Finance Corp., RB, Midtown Compus Properties, 7.00%, 12/01/48(a)			4,500				3,937,950
Miami-Dade County Industrial Development Authority, RB, Excelsior Charter Academy Project, 5.25%, 11/01/25			255				252,149

Security		Par (000)				Value
Florida (continued)
Sumter Landing Community Development District, RB, Taxable Senior Recreational, Series 2016, 4.17%, 10/01/47		$	2,575			$	2,802,398
Town of Davie Florida Water & Sewer, RB, Build America Bonds, Series B (AGM), 6.85%, 10/01/20(d)			2,500				2,550,600
Village Center Community Development District, Refunding RB, 5.02%, 11/01/36			13,500				16,621,470
							65,352,759
Georgia — 6.2%
Municipal Electric Authority of Georgia, Refunding RB, Build America Bonds, Series A:
6.64%, 04/01/57			26,656				35,212,043
6.66%, 04/01/57			24,635				33,425,753
7.06%, 04/01/57			9,851				13,461,884
							82,099,680
Hawaii — 2.3%
University of Hawaii, RB, Build America Bonds, Series B-1, 6.03%, 10/01/40(b)			30,500				31,059,980
Idaho — 0.1%
Idaho Housing & Finance Association, RB, Hayden Canyon Charter School Project, Series B, 7.15%, 06/15/31			980				843,065
Illinois — 18.6%
Chicago Board of Education, GO:
Build America Bonds, 6.52%, 12/01/40			9,745				9,907,352
Taxable Build America Bonds, 6.04%, 12/01/29			12,935				12,849,888
Taxable Build America Bonds, 6.14%, 12/01/39			2,085				2,039,505
Taxable Qualified School Construction Bonds, 6.32%, 11/01/29			9,465				9,417,486
Chicago O’Hare International Airport, Refunding ARB, Build America Bonds, Series B:
O’Hare International Airport, General 3rd Lien, 6.85%, 01/01/38(b)			30,110				30,194,007
6.40%, 01/01/40			1,500				2,068,905
Chicago Transit Authority, RB:
Build America Bonds, Series B, 6.20%, 12/01/40(b)			16,015				19,028,542
Pension Funding, Series A, 6.90%, 12/01/40			4,075				5,292,080
Pension Funding, Series B, 6.90%, 12/01/40			4,900				6,438,747

2

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Taxable Municipal Bond Trust (BBN) (Percentages shown are based on Net Assets)

Security		Par (000)				Value
Illinois (continued)
City of Chicago, GO, Series B, 5.43%, 01/01/42		$	1,065			$	936,497
City of Chicago Illinois Wastewater Transmission, RB, Build America Bonds, Series B, 6.90%, 01/01/40(b)			36,000				50,225,040
City of Chicago Illinois Waterworks Transmission, RB, Build America Bonds, 2nd Lien, Series B, 6.74%, 11/01/40			15,250				20,264,047
Illinois Finance Authority, RB, Carle Foundation, Series A, 5.75%, 08/15/34			5,000				5,233,150
Illinois Municipal Electric Agency, RB, Build America Bonds, Series A, 7.29%, 02/01/35			15,000				21,514,200
Northern Illinois Municipal Power Agency, RB, Build America Bonds, Prairie State Project, Series A, 7.82%, 01/01/40			5,000				7,757,500
State of Illinois, GO, Build America Bonds:
6.73%, 04/01/35			6,320				6,455,817
Pension, 7.35%, 07/01/35			35,855				38,118,168
							247,740,931
Indiana — 1.9%
Indiana Finance Authority, RB, Build America Bonds, Series B, 6.60%, 02/01/39			7,900				11,711,355
Indiana Municipal Power Agency, RB, Build America Bonds, Direct Payment, Series A, 5.59%, 01/01/42			10,000				13,750,300
							25,461,655
Kentucky — 1.3%
Westvaco Corp., RB, MeadWestvaco Corp., 7.67%, 01/15/27(a)			13,800				17,769,432
Maryland — 0.1%
Maryland Health & Higher Educational Facilities Authority, RB, Legends Charter School Project, Series B, 6.25%, 03/01/27(a)			1,000				906,480
Massachusetts — 0.6%
Commonwealth of Massachusetts Transportation Fund Revenue, RB, Build America Bonds, Recovery Zone, Series B, 5.73%, 06/01/40(b)			5,000				6,585,050

Security		Par (000)				Value
Massachusetts (continued)
Massachusetts HFA, Refunding RB, Series D, 7.02%, 12/01/42		$	1,225			$	1,229,851
							7,814,901
Michigan — 3.5%
Michigan Finance Authority, RB, Series D, 5.02%, 11/01/43			7,500				9,272,250
Michigan State University, RB, Build America Bonds, General, Series A, 6.17%, 02/15/50			5,500				6,783,260
Michigan State University, Refunding RB, Taxable, Series A, 4.50%, 08/15/48			14,575				16,016,322
Michigan Tobacco Settlement Finance Authority, RB, Series A, 7.31%, 06/01/34			15,165				14,338,356
							46,410,188
Minnesota — 1.4%
Southern Minnesota Municipal Power Agency, Refunding RB, Build America Bonds, Series A, 5.93%, 01/01/43			8,000				11,217,680
Western Minnesota Municipal Power Agency, RB, Build America Bonds, Series C, 6.77%, 01/01/46			5,000				7,710,550
							18,928,230
Mississippi — 0.5%
Mississippi Development Bank, RB, Build America Bonds, Garvee, Series B, 6.41%, 01/01/40			5,000				7,006,100
Missouri — 2.1%
Missouri Joint Municipal Electric Utility Commission, RB, Build America Bonds, Plum Point Project, Series A, 7.73%, 01/01/39			11,000				17,619,140
University of Missouri, RB, Build America Bonds, Curators of the University, Series A, 5.79%, 11/01/41			7,000				10,290,630
							27,909,770
Nevada — 0.4%
City of North Las Vegas Nevada, GO, Build America Bonds, 6.57%, 06/01/40			1,420				2,081,805

3

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Taxable Municipal Bond Trust (BBN) (Percentages shown are based on Net Assets)

Security		Par (000)				Value
Nevada (continued)
County of Clark Nevada Department of Aviation, ARB, Build America Bonds, Series C, 6.82%, 07/01/45		$	2,000			$	2,655,660
							4,737,465
New Jersey — 11.3%
County of Camden Improvement Authority, LRB, Build America Bonds, Cooper Medical School of Rowan University Project, Series A, 7.75%, 07/01/34(b)			5,000				5,045,450
New Jersey EDA, RB, Series A (NPFGC), 7.43%, 02/15/29(b)			20,974				24,887,329
New Jersey State Housing & Mortgage Finance Agency, RB, M/F Housing, Series C (AGM), 6.65%, 11/01/44			14,360				14,385,130
New Jersey State Turnpike Authority, RB, Build America Bonds:
Series A, 7.10%, 01/01/41(b)			34,000				52,273,300
Series F, 7.41%, 01/01/40			6,790				10,660,911
New Jersey Transportation Trust Fund Authority, RB, Build America Bonds, Series C, 5.75%, 12/15/28			4,500				5,200,065
New Jersey Transportation Trust Fund Authority, Refunding RB, Transportation System, 4.13%, 06/15/42			29,355				28,848,332
Rutgers — The State University of New Jersey, RB, Rutgers University, Series P, 3.92%, 05/01/19			7,275				8,874,991
							150,175,508
New York — 11.0%
City of New York, GO, Build America Bonds, Series H-1, 6.25%, 06/01/35			5,000				5,015,450
City of New York Municipal Water Finance Authority, RB, Build America Bonds, 2nd General Resolution, Series DD, 6.45%, 06/15/41(b)			6,300				6,332,571
County of Nassau New York Tobacco Settlement Corp., Refunding RB, Series A1, 6.83%, 06/01/21			9,231				9,247,819
Metropolitan Transportation Authority, RB, Build America Bonds:
6.67%, 11/15/39			2,220				2,841,334
7.34%, 11/15/39(b)			13,245				19,416,110
Series C-1, 6.69%, 11/15/40(b)			13,000				16,649,490
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Build America Bonds, Future Tax Secured, Sub-Series B-1:
5.93%, 11/01/36			6,060				6,152,718
5.57%, 11/01/38(b)			19,000				24,865,870

Security		Par (000)				Value
New York (continued)
New York City Water & Sewer System, RB, Build America Bonds, 6.12%, 06/15/20(d)		$	2,445			$	2,457,739
Port Authority of New York & New Jersey, ARB:
192nd Series, 4.81%, 10/15/65			14,825				19,425,642
Consolidated, 160th Series, 5.65%, 11/01/40			2,750				3,658,023
Consolidated, 168th Series, 4.93%, 10/01/51			3,860				5,004,953
State of New York Dormitory Authority, RB, Build America Bonds, General Purpose, Series H, 5.39%, 03/15/40(b)			15,000				18,906,300
State of New York Dormitory Authority, Refunding RB, Touro College & University, Series B, 5.75%, 01/01/29			6,010				6,704,876
							146,678,895
Ohio — 7.5%
American Municipal Power, Inc., RB, Build America Bonds, Combined Hydroelectric Projects, Series B, 7.83%, 02/15/41			10,000				15,357,900
American Municipal Power, Inc., Refunding RB, Build America Bonds, Series B, 6.45%, 02/15/44			10,000				14,099,300
County of Franklin Ohio Convention Facilities Authority, RB, Build America Bonds, 6.64%, 12/01/42(b)			30,575				46,139,510
Mariemont City School District, GO, Refunding, Build America Bonds, Series B, 6.55%, 12/01/20(b)(d)			10,055				10,351,723
Ohio University, RB, General Receipts, Athens, 5.59%, 12/01/14			10,100				13,523,597
							99,472,030
Oklahoma — 0.4%
Oklahoma Municipal Power Authority, RB, Build America Bonds, 6.44%, 01/01/45(b)			3,500				4,893,700
Pennsylvania — 3.5%
Commonwealth Financing Authority, RB, Series A:
Plancon Program, 3.86%, 06/01/38			2,210				2,396,524
4.14%, 06/01/38			6,200				6,918,890
3.81%, 06/01/41			4,920				5,609,981

4

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Taxable Municipal Bond Trust (BBN) (Percentages shown are based on Net Assets)

Security		Par (000)				Value
Pennsylvania (continued)
Pennsylvania Economic Development Financing Authority, RB, Build America Bonds, Series B, 6.53%, 06/15/39		$	23,050			$	31,838,043
							46,763,438
Puerto Rico — 2.8%
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series B:
5.00%, 07/01/23			3,365				3,255,536
5.35%, 07/01/27			18,075				17,022,312
6.15%, 07/01/38			2,160				2,037,118
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured, Series A-2:
4.33%, 07/01/40			5,000				4,465,500
4.78%, 07/01/58			12,447				11,204,665
							37,985,131
South Carolina — 1.8%
South Carolina Public Service Authority, RB, Series F (AGM):
Build America Bonds, 6.45%, 01/01/50			11,290				17,455,130
Santee Cooper, 5.74%, 01/01/30			5,000				6,182,000
							23,637,130
Tennessee — 4.5%
County of Memphis-Shelby Tennessee Industrial Development Board, Refunding, Tax Allocation Bonds, Subordinate Tax Increment, Series C, 7.00%, 07/01/45			5,800				5,720,308
Metropolitan Government of Nashville & Davidson County Convention Center Authority, RB, Build America Bonds, Series A2, 7.43%, 07/01/43(b)			35,105				54,387,825
							60,108,133
Texas — 4.0%
City of Austin Texas, RB, Travis, Williams and Hays Counties, Rental Car Specialty Facilities, 5.75%, 11/15/42			10,000				10,569,800
City of San Antonio Texas Customer Facility Charge Revenue, RB, 5.87%, 07/01/45(b)			7,500				8,522,625
Dallas Area Rapid Transit, RB, Build America Bonds, Senior Lien, Series B, 5.02%, 12/01/48			2,500				3,367,100
North Texas Municipal Water District, RB, Build America Bonds, Series A, 6.01%, 09/01/40(b)			10,000				10,128,600

Security		Par (000)				Value
Texas (continued)
Port Beaumont Navigation District, Refunding RB, Jefferson Gulf Coast, Series B, 6.00%, 01/01/25(a)		$	1,085			$	1,074,573
Texas Private Activity Bond Surface Transportation Corp., RB, North Tarrant Express Managed Lanes Project, Series B, 3.92%, 12/31/49			20,000				20,359,400
							54,022,098
Utah — 2.6%
Utah Transit Authority, RB, Build America Bonds, Subordinated, 5.71%, 06/15/40(b)			26,405				35,112,313
Virginia — 2.0%
Tobacco Settlement Financing Corp., Refunding RB, Series A-1, 6.71%, 06/01/46			32,325				26,966,808
Washington — 1.4%
Washington State Convention Center Public Facilities District, RB, Build America Bonds, Series B, 6.79%, 07/01/40			16,100				18,985,764
West Virginia — 4.3%
West Virginia Tobacco Settlement Finance Authority, RB, Series A, 7.47%, 06/01/47			32,275				30,872,974
West Virginia United Health System Obligated Group, Series 2018, 4.92%, 06/01/48			20,000				26,988,254
							57,861,228
Wisconsin — 0.8%
Public Finance Authority, RB:
Affinity Living Group, 6.75%, 11/01/24(a)			3,580				3,369,603
Seattle Proton Center, Series A, 7.55%, 12/01/30(a)			1,470				1,461,048
Seattle Proton Center, Series A, 7.63%, 12/01/48(a)			5,310				4,707,846
Series B, 6.00%, 06/15/24			435				425,952
Public Finance Authority, Refunding RB, Ultimate Medical Academy Project, Series B, 6.13%, 10/01/49(a)			1,470				1,056,474
							11,020,923
Total Municipal Bonds — 138.6% (Cost — $1,506,759,630)							1,847,603,473
Total Long-Term Investments — 145.6% (Cost — $1,591,707,162)							1,941,037,381

5

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Taxable Municipal Bond Trust (BBN) (Percentages shown are based on Net Assets)

Security		Shares				Value
Short-Term Securities — 3.6%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.12%(e)(f)			48,116,802			$	48,116,802
Total Short-Term Securities — 3.6% (Cost — $48,116,802)							48,116,802
Total Investments — 149.2% (Cost — $1,639,823,964)							1,989,154,183
Liabilities in Excess of Other Assets — (49.2)%							(655,652,150	)
Net Assets — 100.0%						$	1,333,502,033

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

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

^(c)  When-issued security.

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

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

^(f)  Investments in issuers considered to be an affiliate/affiliates of the Trust during the period ended April 30, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer			Shares Held at 07/31/19				Shares Purchased				Shares Sold				Shares Held at 04/30/20				Value at 04/30/20				Income				Net Realized Gain (Loss) (a)				Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class			5,709,848				42,406,954	(b)			—				48,116,802			$	48,116,802			$	162,375			$	70			$	—

^(a)  Includes net capital gain distributions, if applicable.

^(b)  Represents net shares purchased (sold)

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

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

6

Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Taxable Municipal Bond Trust (BBN)     

Reverse Repurchase Agreements

Counterparty		Interest Rate				Trade Date				Maturity Date (a)				Face Value				Face Value Including Accrued Interest				Type of Non-Cash Underlying Collateral		Remaining Contractual Maturity of the Agreements (a)
RBC Capital Markets LLC			1.15	%			08/27/19				Open			$	7,400,000			$	7,506,180			Municipal Bonds		Open/Demand
RBC Capital Markets LLC			1.15	%			08/28/19				Open				31,233,513				31,705,399			Municipal Bonds		Open/Demand
RBC Capital Markets LLC			1.15	%			08/28/19				Open				28,773,956				29,208,683			Municipal Bonds		Open/Demand
RBC Capital Markets LLC			1.15	%			08/28/19				Open				33,000,000				33,498,575			Municipal Bonds		Open/Demand
RBC Capital Markets LLC			1.15	%			08/28/19				Open				35,580,000				36,082,314			Municipal Bonds		Open/Demand
RBC Capital Markets LLC			1.15	%			08/28/19				Open				42,280,000				42,918,780			Municipal Bonds		Open/Demand
RBC Capital Markets LLC			1.15	%			12/18/19				Open				17,311,125				17,434,755			Municipal Bonds		Open/Demand
RBC Capital Markets LLC			1.15	%			12/19/19				Open				3,617,875				3,643,843			Municipal Bonds		Open/Demand
Mitsubishi UFJ Securities (USA) Inc.			0.85	%			03/02/20				Open				3,580,500				3,588,745			Corporate Bonds		Open/Demand
Mitsubishi UFJ Securities (USA) Inc.			1.42	%			03/02/20				Open				52,043,800				52,192,125			Municipal Bonds		Open/Demand
Mitsubishi UFJ Securities (USA) Inc.			1.42	%			03/02/20				Open				9,689,000				9,716,614			Municipal Bonds		Open/Demand
Mitsubishi UFJ Securities (USA) Inc.			1.42	%			03/02/20				Open				34,172,500				34,269,892			Municipal Bonds		Open/Demand
Mitsubishi UFJ Securities (USA) Inc.			1.42	%			03/02/20				Open				19,698,000				19,754,139			Municipal Bonds		Open/Demand
Mitsubishi UFJ Securities (USA) Inc.			1.42	%			03/02/20				Open				8,902,800				8,928,173			Municipal Bonds		Open/Demand
Mitsubishi UFJ Securities (USA) Inc.			1.42	%			03/02/20				Open				3,156,200				3,165,195			Municipal Bonds		Open/Demand
Mitsubishi UFJ Securities (USA) Inc.			1.42	%			03/02/20				Open				24,707,600				24,778,017			Municipal Bonds		Open/Demand
Mitsubishi UFJ Securities (USA) Inc.			1.42	%			03/02/20				Open				35,070,400				35,170,351			Municipal Bonds		Open/Demand
Mitsubishi UFJ Securities (USA) Inc.			1.42	%			03/02/20				Open				22,857,000				22,922,142			Municipal Bonds		Open/Demand
Mitsubishi UFJ Securities (USA) Inc.			1.42	%			03/02/20				Open				8,286,000				8,309,615			Municipal Bonds		Open/Demand
Mitsubishi UFJ Securities (USA) Inc.			1.42	%			03/02/20				Open				28,364,900				28,445,740			Municipal Bonds		Open/Demand
Mitsubishi UFJ Securities (USA) Inc.			1.42	%			03/02/20				Open				20,026,500				20,083,575			Municipal Bonds		Open/Demand
Mitsubishi UFJ Securities (USA) Inc.			1.47	%			03/02/20				Open				49,539,600				49,684,916			Municipal Bonds		Open/Demand
Mitsubishi UFJ Securities (USA) Inc.			1.47	%			03/02/20				Open				4,898,600				4,912,969			Municipal Bonds		Open/Demand
Mitsubishi UFJ Securities (USA) Inc.			1.47	%			03/02/20				Open				6,348,500				6,367,122			Municipal Bonds		Open/Demand
Mitsubishi UFJ Securities (USA) Inc.			1.47	%			03/02/20				Open				24,822,200				24,895,012			Municipal Bonds		Open/Demand
Mitsubishi UFJ Securities (USA) Inc.			1.47	%			03/02/20				Open				4,796,000				4,809,517			Municipal Bonds		Open/Demand
Barclays Bank PLC			1.05	%			03/10/20				Open				1,145,681				1,147,753			Municipal Bonds		Open/Demand
Barclays Bank PLC			1.05	%			03/10/20				Open				1,775,569				1,778,780			Municipal Bonds		Open/Demand
Barclays Bank PLC			1.05	%			03/10/20				Open				1,342,500				1,344,928			Municipal Bonds		Open/Demand
RBC Capital Markets LLC			1.15	%			03/10/20				Open				4,893,750				4,903,306			Municipal Bonds		Open/Demand
Mitsubishi UFJ Securities (USA) Inc.			0.97	%			03/23/20				Open				6,003,900				6,009,886			Municipal Bonds		Open/Demand
Mitsubishi UFJ Securities (USA) Inc.			0.97	%			03/23/20				Open				16,516,500				16,532,966			Municipal Bonds		Open/Demand
Mitsubishi UFJ Securities (USA) Inc.			0.97	%			03/23/20				Open				9,540,000				9,550,025			Municipal Bonds		Open/Demand
RBC Capital Markets LLC			1.80	%			03/24/20				Open				24,832,500				24,878,440			Municipal Bonds		Open/Demand
Barclays Bank PLC			1.10	%			04/08/20				Open				5,443,750				5,447,576			Municipal Bonds		Open/Demand
Barclays Bank PLC			1.15	%			04/08/20				Open				9,036,931				9,043,571			Municipal Bonds		Open/Demand
Barclays Bank PLC			1.50	%			04/15/20				Open				11,935,000				11,942,459			Corporate Bonds		Open/Demand
Barclays Bank PLC			1.65	%			04/15/20				Open				20,010,000				20,023,757			Municipal Bonds		Open/Demand
Barclays Bank PLC			1.65	%			04/15/20				Open				143,756				143,855			Municipal Bonds		Open/Demand
														$	672,776,406			$	676,739,690

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

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Schedule of Investments  (unaudited) (continued) April 30, 2020 BlackRock Taxable Municipal Bond Trust (BBN)     

Fair Value Hierarchy as of Period End

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

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

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

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of investments)

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 Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for investments is based on the pricing transparency of the investments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments, refer to the Trust’s most recent financial statements as contained in its semi-annual report.

The following tables summarize the Trust’s investments categorized in the disclosure hierarchy:

		Level 1				Level 2				Level 3				Total
Assets:
Investments:
Long-Term Investments(a)		$	—			$	1,941,037,381			$	—			$	1,941,037,381
Short-Term Securities			48,116,802				—				—				48,116,802
		$	48,116,802			$	1,941,037,381			$	—			$	1,989,154,183

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

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 payable of $676,739,690 is categorized as Level 2 within the disclosure hierarchy.

8