NPORT-EX 2 NPORT_89J1_2535373120.htm

BlackRock Taxable Municipal Bond Trust

Schedule of Investments (unaudited) April 30, 2021 BlackRock Taxable Municipal Bond Trust (BBN) (Percentages shown are based on Net Assets)

Security		Par (000)				Value
Corporate Bonds
Diversified Financial Services — 0.2%
Western Group Housing LP, 6.75%, 03/15/57(a)(b)		$	2,442			$	3,255,226
Education — 3.9%
George Washington University, Series 2018, 4.13%, 09/15/48(a)			7,191				8,509,743
Massachusetts Higher Education Assistance Corp., Series 2021, 2.67%, 07/01/31			10,000				9,940,057
Rensselaer Polytechnic Institute, 5.25%, 09/01/48			18,190				22,734,567
Wesleyan University, 4.78%, 07/01/16(a)			11,000				13,711,759
							54,896,126
Health Care Providers & Services — 4.0%
Baptist Health Obligated Group, Series 2019, 4.10%, 12/01/49			11,300				11,233,673
CommonSpirit Health, 3.82%, 10/01/49(a)			7,750				8,347,057
Ochsner Clinic Foundation, 5.90%, 05/15/45(a)			5,000				6,908,532
PeaceHealth Obligated Group, Series 2018, 4.79%, 11/15/48(a)			5,065				6,510,366
West Virginia United Health System Obligated Group, Series 2018, 4.92%, 06/01/48			20,000				24,488,216
							57,487,844
Real Estate Management & Development — 0.7%
Bridge Housing Corp., 3.25%, 07/15/30			10,020				9,911,626
Total Corporate Bonds — 8.8% (Cost: $108,759,903)							125,550,822
Municipal Bonds
Arizona — 2.2%
Salt River Project Agricultural Improvement & Power District, RB, BAB, 4.84%, 01/01/41(a)			24,545				31,362,374
California — 27.6%
Alameda County Joint Powers Authority, RB, BAB, Series A, 7.05%, 12/01/44(a)			11,000				17,413,220
Bay Area Toll Authority, RB, BAB
Series S-1, 6.92%, 04/01/40(a)			13,700				20,357,104
Series S-1, 7.04%, 04/01/50			1,015				1,717,116
Series S-3, 6.91%, 10/01/50(a)			14,000				23,925,860
California State Public Works Board, RB, BAB, Series G-2, 8.36%, 10/01/34(a)			18,145				28,229,991
City of Chula Vista California,, RB, 2.91%, 06/01/45			9,185				8,728,138
City of El Cajon RB, Series A, 3.28%, 04/01/43			2,605				2,601,666
City of Huntington Beach California, Refunding RB, 3.38%, 06/15/44			5,000				5,067,550
City of Riverside California, RB, Series A, 3.86%, 06/01/45			8,265				8,834,211
City of San Francisco California Public Utilities Commission Water Revenue, RB, BAB, Series DE, 6.00%, 11/01/40(a)			21,255				29,034,755
County of Riverside California, RB, 3.82%, 02/15/38			11,450				12,588,245
County of Sonoma California, Refunding RB, Series A, 6.00%, 12/01/29(a)			13,145				15,864,963
Foothill-Eastern Transportation Corridor Agency, Refunding RB
Series A, 4.09%, 01/15/49			14,540				15,209,567
Series A, (AGM), 3.92%, 01/15/53			7,202				7,539,702
Inland Empire Tobacco Securitization Corp., Refunding RB, 3.68%, 06/01/38			9,410				9,861,962

Security		Par (000)				Value
California (continued)
Los Angeles Community College District, GO, BAB, 6.60%, 08/01/42(a)		$	10,000			$	15,951,300
Los Angeles Unified School District, GO, Series RY, 6.76%, 07/01/34			10,000				14,255,100
Orange County Local Transportation Authority, Refunding RB, BAB, Series A, 6.91%, 02/15/41(a)			5,000				7,380,000
San Diego County Regional Airport Authority, ARB, Series B, 5.59%, 07/01/43			4,000				4,132,960
State of California, GO, BAB
7.55%, 04/01/39(a)			9,035				14,828,513
7.63%, 03/01/40			8,950				14,634,324
7.60%, 11/01/40			15,000				25,391,550
University of California, RB, Series BJ, 3.07%, 05/15/51			12,175				12,094,402
University of California, RB, BAB
5.95%, 05/15/45(a)			24,000				33,333,600
6.30%, 05/15/50			27,010				34,814,539
University of California, Refunding RB, Series J, 4.13%, 05/15/45			8,185				9,616,638
							393,406,976
Colorado — 3.7%
Colorado Health Facilities Authority, Refunding RB, Series B, 4.48%, 12/01/40			9,485				9,610,487
Denver City & County School District No. 1, Refunding COP, Series B, 7.02%, 12/15/37			6,000				8,732,640
Regional Transportation District, COP, BAB, Series B, 7.67%, 06/01/40(a)			23,000				34,799,000
							53,142,127
Connecticut — 0.4%
Connecticut State Health & Educational Facilities Authority, Refunding RB, Series G-2, 4.25%, 07/01/27(b)			5,055				5,073,805
District of Columbia — 2.1%
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, ARB, BAB, Series D, 8.00%, 10/01/47			10,750				14,929,708
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, RB, BAB, 7.46%, 10/01/46			9,235				15,291,590
							30,221,298
Florida — 4.4%
Excelsior Academies, Inc., RB, Series C, 5.25%, 11/01/25			610				616,307
Florida Development Finance Corp., RB(b) 7.00%, 12/01/48(c)(d)			4,500				4,335,255
Series B, 5.75%, 06/15/25			735				739,454
Florida Development Finance Corp., Refunding RB, Series B, 4.11%, 04/01/50			15,000				15,292,050
Miami-Dade County Educational Facilities Authority, Refunding RB, Series B, 5.07%, 04/01/50			12,250				15,017,030
Miami-Dade County Industrial Development Authority, RB, 5.25%, 11/01/25			225				227,315
Miami-Dade County, Refunding RB, Series 2, Subordinate, 2.54%, 10/01/33			7,500				7,470,375

1

Schedule of Investments (unaudited) (continued) April 30, 2021 BlackRock Taxable Municipal Bond Trust (BBN) (Percentages shown are based on Net Assets)

Security		Par (000)				Value
Florida (continued)
Sumter Landing Community Development District, RB, 4.17%, 10/01/47.		$	2,575			$	2,779,713
Village Center Community Development District, Refunding RB, 5.02%, 11/01/36			13,500				16,263,855
							62,741,354
Georgia — 6.2%
Municipal Electric Authority of Georgia, Refunding RB, BAB
6.64%, 04/01/57			26,367				39,028,170
6.66%, 04/01/57			24,368				35,941,825
7.06%, 04/01/57			9,750				13,814,872
							88,784,867
Idaho — 0.0%
Idaho Housing & Finance Association, RB, Series B, 7.15%, 06/15/31			625				617,737
Illinois — 16.7%
Chicago Board of Education, GO, 6.32%, 11/01/29			9,465				11,348,251
Chicago Board of Education, GO, BAB
6.04%, 12/01/29			12,935				15,002,789
6.14%, 12/01/39			2,085				2,496,329
6.52%, 12/01/40			9,745				12,011,589
Chicago O’Hare International Airport, Refunding ARB, BAB, Series B, 6.40%, 01/01/40			1,500				2,200,470
Chicago Transit Authority Sales & Transfer Tax Receipts Revenue, RB, Series A, 6.90%, 12/01/40(a)			4,075				5,630,998
Chicago Transit Authority Sales Tax Receipts Fund, RB, Series B, 6.90%, 12/01/40			4,900				6,762,637
Chicago Transit Authority Sales Tax Receipts Fund, RB, BAB, Series B, 6.20%, 12/01/40(a)			16,015				21,537,613
Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series B, 3.91%, 12/01/40			3,960				4,369,939
City of Chicago Illinois Wastewater Transmission Revenue, RB, BAB, Series B, 6.90%, 01/01/40			36,000				48,825,000
City of Chicago Illinois Waterworks Revenue, RB, BAB, Series B, 6.74%, 11/01/40			15,250				20,590,550
City of Chicago Illinois, Refunding GO, Series B, 5.43%, 01/01/42			2,565				2,880,341
Illinois Finance Authority, RB, Series A, 5.75%, 08/15/34			5,000				5,078,250
Illinois Municipal Electric Agency, RB, BAB, 7.29%, 02/01/35(a)			15,000				19,914,600
Northern Illinois Municipal Power Agency, RB, BAB, 7.82%, 01/01/40			5,000				7,397,150
State of Illinois, GO, BAB
6.73%, 04/01/35			6,320				7,700,035
7.35%, 07/01/35			35,855				44,712,978
							238,459,519
Indiana — 1.7%
Indiana Finance Authority, RB, BAB, Series B, 6.60%, 02/01/39(a)			7,900				11,371,497
Indiana Municipal Power Agency, RB, BAB, Series A, 5.59%, 01/01/42			10,000				12,747,900
							24,119,397

Security		Par (000)				Value
Kentucky — 1.2%
Westvaco Corp., RB, 7.67%, 01/15/27(b)		$	13,800			$	16,994,148
Louisiana — 1.1%
City of New Orleans LA Sewerage Service Revenue, Refunding RB
(AGM), 2.84%, 06/01/41			3,840				3,696,537
(AGM), 2.94%, 06/01/45			4,000				3,835,200
City of New Orleans LA Water System Revenue, Refunding RB, (AGM), 2.89%, 12/01/41			3,180				3,128,993
Louisiana Local Government Environmental Facilities & Community Development Auth, Refunding RB, (AGM), 2.59%, 02/01/43(a)			4,800				4,453,152
							15,113,882
Maryland — 0.1%
Maryland Health & Higher Educational Facilities Authority, RB, Series B, 6.25%, 03/01/27(b)			1,000				954,190
Massachusetts — 1.9%
Commonwealth of Massachusetts Transportation Fund Revenue, RB, BAB, 5.73%, 06/01/40(a)			5,000				6,754,850
Massachusetts Educational Financing Authority, RB, Series A, 3.61%, 07/01/36			20,175				20,509,703
							27,264,553
Michigan — 4.0%
Michigan Finance Authority, RB, Series D, 5.02%, 11/01/43			7,500				9,246,075
Michigan Finance Authority, Refunding RB, Series A, 3.27%, 06/01/39			10,000				10,573,100
Michigan Finance Authority, Refunding RB, CAB, Series B, 0.00%, 06/01/45(e)			50,000				13,818,000
Michigan State University, RB, BAB, Series A, 6.17%, 02/15/50			5,500				7,024,985
Michigan State University, Refunding RB, Series A, 4.50%, 08/15/48			14,575				16,192,388
							56,854,548
Minnesota — 1.3%
Southern Minnesota Municipal Power Agency, Refunding RB, BAB, Series A, 5.93%, 01/01/43			8,000				10,945,360
Western Minnesota Municipal Power Agency, RB, BAB, 6.77%, 01/01/46			5,000				7,844,650
							18,790,010
Mississippi — 0.5%
Mississippi Development Bank, RB, BAB, 6.41%, 01/01/40			5,000				7,357,600
Missouri — 1.8%
Curators of the University of Missouri, RB, BAB, 5.79%, 11/01/41(a)			7,000				10,066,490
Missouri Joint Municipal Electric Utility Commission, RB, BAB, 7.73%, 01/01/39			11,000				15,555,870
							25,622,360

S C H E D U L E  O F  I N V E S T M E N T S 2

Schedule of Investments (unaudited) (continued) April 30, 2021 BlackRock Taxable Municipal Bond Trust (BBN) (Percentages shown are based on Net Assets)

Security		Par (000)				Value
Nevada — 0.3%
City of North Las Vegas Nevada, GO, BAB, 6.57%, 06/01/40		$	1,420			$	1,839,482
County of Clark Department of Aviation, ARB, BAB, Series C, 6.82%, 07/01/45			2,000				3,051,520
							4,891,002
New Hampshire — 0.3%
New Hampshire Business Finance Authority, Refunding RB, 2.87%, 07/01/35			5,055				4,701,504
New Jersey — 10.9%
New Jersey Economic Development Authority, RB, Series A, (NPFGC), 7.43%, 02/15/29(a)			20,974				27,010,947
New Jersey Educational Facilities Authority, Refunding RB, (AGM), 3.51%, 07/01/42			20,000				20,192,000
New Jersey Transportation Trust Fund Authority, RB, BAB, Series C, 5.75%, 12/15/28			4,500				5,297,085
New Jersey Transportation Trust Fund Authority, Refunding RB, Series B, 4.13%, 06/15/42			29,355				31,475,312
New Jersey Turnpike Authority, RB, BAB
Series A, 7.10%, 01/01/41(a)			34,000				53,328,320
Series F, 7.41%, 01/01/40			6,790				10,919,406
Rutgers The State University of New Jersey, RB, Series P, 3.92%, 05/01/19.			7,275				7,815,605
							156,038,675
New York — 10.4%
Metropolitan Transportation Authority, RB, BAB
6.67%, 11/15/39			2,220				3,032,986
7.34%, 11/15/39(a)			13,245				20,866,041
6.69%, 11/15/40(a)			13,000				17,768,920
Metropolitan Transportation Authority, Refunding RB, Series C-2, 5.18%, 11/15/49			4,370				5,508,822
Nassau County Tobacco Settlement Corp., Refunding RB, Series A-1, 6.83%, 06/01/21			8,250				8,268,409
New York City Transitional Finance Authority Future Tax Secured Revenue, 6.27%, 08/01/39			6,400				6,403,200
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, BAB(a)
5.93%, 11/01/36			6,060				6,062,848
5.57%, 11/01/38			19,000				24,804,880
New York State Dormitory Authority, RB, BAB, Series H, 5.39%, 03/15/40(a)			15,000				19,611,150
New York State Dormitory Authority, Refunding RB, Series B, 5.75%, 01/01/29			6,010				6,513,518
Port Authority of New York & New Jersey, ARB, Consolidated, 192nd Series, 4.81%, 10/15/65			14,825				19,770,916
Port Authority of New York & New Jersey, RB
Consolidated, 165th Series, 5.65%, 11/01/40			2,750				3,792,222
Consolidated, 168th Series, 4.93%, 10/01/51			3,860				5,186,142
							147,590,054
Ohio — 6.2%
American Municipal Power, Inc., RB, BAB, Series B, 7.83%, 02/15/41			10,000				16,219,700
American Municipal Power, Inc., Refunding RB, BAB, Series B, 6.45%, 02/15/44			10,000				14,632,700

Security		Par (000)				Value
Ohio (continued)
Franklin County Convention Facilities Authority, RB, BAB, 6.64%, 12/01/42(a)		$	30,575			$	44,683,222
Ohio University, RB, 5.59%, 12/01/14			10,100				12,781,045
							88,316,667
Oklahoma — 0.6%
Oklahoma Development Finance Authority, RB, Series B, 11.00%, 09/01/41(b)			3,000				2,978,430
Oklahoma Municipal Power Authority, RB, BAB, 6.44%, 01/01/45(a)			3,500				5,047,560
							8,025,990
Pennsylvania — 3.3%
Commonwealth Financing Authority, RB
Series A, 3.86%, 06/01/38.			2,210				2,509,234
Series A, 4.14%, 06/01/38			6,200				7,243,522
Series A, 3.81%, 06/01/41			4,920				5,360,340
Pennsylvania Economic Development Financing Authority, RB, BAB, Series B, 6.53%, 06/15/39			23,050				31,931,165
							47,044,261
Puerto Rico — 3.5%
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB
Series B, Senior Lien, 5.00%, 07/01/23			2,355				2,355,542
Series B, Senior Lien, 5.35%, 07/01/27			10,000				10,003,400
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53			3,465				3,846,739
Series A-2, Restructured, 4.33%, 07/01/40			5,000				5,465,100
Series A-2, Restructured, 4.55%, 07/01/40			14,899				14,763,866
Series A-2, Restructured, 4.78%, 07/01/58			12,447				13,856,623
							50,291,270
South Carolina — 3.0%
South Carolina Public Service Authority, RB, Series F, (AGM), 5.74%, 01/01/30			5,000				6,143,050
South Carolina Public Service Authority, RB, BAB, Series C, (AGM), 6.45%, 01/01/50			11,290				17,520,387
South Carolina Public Service Authority, Refunding RB, Series D, 4.77%, 12/01/45			10,085				12,549,976
South Carolina Student Loan Corp., RB, Series A, 3.59%, 12/01/39			6,285				6,214,042
							42,427,455
Tennessee — 4.0%
Memphis-Shelby County Industrial Development Board Refunding, TA, Series B, 5.45%, 07/01/45			5,875				5,594,116
Metropolitan Government of Nashville & Davidson County Convention Center Authority, RB, BAB, Series A2, 7.43%, 07/01/43(a)			35,105				51,362,126
							56,956,242
Texas — 3.6%
Arlington Higher Education Finance Corp., Refunding RB, Series B, 4.00%, 08/15/28			1,355				1,355,122
City of Austin Texas, ARB, 5.75%, 11/15/22(f)			5,000				5,415,950
City of San Antonio Texas Customer Facility Charge Revenue, ARB, 5.87%, 07/01/45(a)			7,500				7,873,575

3

Schedule of Investments (unaudited) (continued) April 30, 2021 BlackRock Taxable Municipal Bond Trust (BBN) (Percentages shown are based on Net Assets)

Security		Par (000)				Value
Texas (continued)
Dallas Area Rapid Transit, RB, BAB, 5.02%, 12/01/48(a)		$	2,500			$	3,431,475
Dallas Fort Worth International Airport, Refunding RB, Series C, 3.09%, 11/01/40			10,155				10,374,043
Port Beaumont Navigation District, Refunding RB, Series B, 6.00%, 01/01/25(b)			1,085				1,121,608
Texas Private Activity Bond Surface Transportation Corp., RB, Series B, 3.92%, 12/31/49			20,000				21,481,800
							51,053,573
Utah — 2.4%
Utah Transit Authority, RB, BAB, 5.71%, 06/15/40(a)			26,405				34,328,084
Virginia — 3.0%
Tobacco Settlement Financing Corp., Refunding RB, Series A-1, 6.71%, 06/01/46.			31,990				33,238,890
Virginia Housing Development Authority, RB, M/F Housing, Series D, 3.64%, 06/01/45(a)			8,435				8,908,372
							42,147,262
Washington — 1.9%
Washington State Convention Center Public Facilities District, RB, BAB, 6.79%, 07/01/40			21,100				26,958,415
West Virginia — 3.8%
Tobacco Settlement Finance Authority, RB, Series B, 0.00%, 06/01/47(e)			1,600				175,264
Tobacco Settlement Finance Authority, Refunding RB
Series A, Class 1, 4.31%, 06/01/49			40,000				41,367,200
Series B, Class 2, 4.88%, 06/01/49			12,175				12,580,062
							54,122,526
Wisconsin — 0.4%
Public Finance Authority, RB
6.75%, 11/01/24(b)			3,580				3,618,199
Series B, 6.00%, 06/15/24			435				436,705
Public Finance Authority, Refunding RB, Series B, 6.13%, 10/01/49(b)			1,470				1,526,345
							5,581,249
Total Municipal Bonds — 134.5% (Cost: $1,544,128,895)							1,917,354,974
Total Long-Term Investments — 143.3% (Cost: $1,652,888,798)							2,042,905,796

Security		Shares				Value
Short-Term Securities
Money Market Funds — 1.4%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.02%(g)(h)			19,759,092			$	19,759,092
Total Short-Term Securities — 1.4% (Cost: $19,759,092)							19,759,092
Total Investments — 144.7% (Cost: $1,672,647,890)							2,062,664,888
Liabilities in Excess of Other Assets — (44.7)%							(637,629,562	)
Net Assets — 100.0%						$	1,425,035,326

^(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)  Issuer filed for bankruptcy and/or is in default.

^(d)  Non-income producing security.

^(e)  Zero-coupon bond.

^(f)  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.

^(g)  Affiliate of the Trust.

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

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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended April 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer		Value at 07/31/20				Purchases at Cost				Proceeds from Sales				Net Realized Gain (Loss)				Change in Unrealized Appreciation (Depreciation)				Value at 04/30/21				Shares Held at 04/30/21				Income				Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class		$	6,321,745			$	13,437,347	(a)		$	—			$	—			$	—			$	19,759,092				19,759,092			$	6,034			$	—

^(a) Represents net amount purchased (sold).

S C H E D U L E  O F  I N V E S T M E N T S 4

Schedule of Investments (unaudited) (continued) April 30, 2021 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)

Barclays Bank PLC

0.40

%(b)

01/21/21

Open

$

1,119,038

$

1,120,268

Municipal Bonds

Open/Demand

Barclays Bank PLC

0.40

(b)

01/21/21

Open

1,684,244

1,686,096

Municipal Bonds

Open/Demand

RBC Capital Markets LLC

0.75

(b)

01/22/21

Open

28,667,681

28,735,210

Municipal Bonds

Open/Demand

RBC Capital Markets LLC

0.75

(b)

01/22/21

Open

33,690,000

33,769,359

Municipal Bonds

Open/Demand

RBC Capital Markets LLC

0.75

(b)

01/22/21

Open

7,325,000

7,342,254

Municipal Bonds

Open/Demand

RBC Capital Markets LLC

0.75

(b)

01/22/21

Open

35,160,000

35,242,821

Municipal Bonds

Open/Demand

RBC Capital Markets LLC

0.75

(b)

01/22/21

Open

32,061,906

32,137,430

Municipal Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.30

(b)

02/23/21

Open

13,227,500

13,234,775

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.35

(b)

02/23/21

Open

7,905,000

7,910,149

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.70

(b)

02/23/21

Open

48,790,000

48,852,768

Municipal Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.30

(b)

02/24/21

Open

6,160,306

6,163,643

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.30

(b)

02/24/21

Open

6,437,500

6,440,987

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.30

(b)

02/24/21

Open

8,143,807

8,148,219

Corporate Bonds

Open/Demand

Barclays Bank PLC

0.50

(b)

02/26/21

Open

9,152,500

9,160,254

Municipal Bonds

Open/Demand

Barclays Bank PLC

0.50

(b)

02/26/21

Open

17,700,000

17,714,996

Municipal Bonds

Open/Demand

Barclays Bank PLC

0.50

(b)

02/26/21

Open

6,031,250

6,036,360

Municipal Bonds

Open/Demand

Barclays Bank PLC

0.50

(b)

02/26/21

Open

21,525,000

21,543,236

Municipal Bonds

Open/Demand

Barclays Bank PLC

0.50

(b)

02/26/21

Open

22,158,750

22,177,523

Municipal Bonds

Open/Demand

RBC Capital Markets LLC

0.75

(b)

02/26/21

Open

15,300,000

15,324,544

Municipal Bonds

Open/Demand

RBC Capital Markets LLC

0.75

(b)

02/26/21

Open

6,756,250

6,767,088

Municipal Bonds

Open/Demand

RBC Capital Markets LLC

0.75

(b)

02/26/21

Open

5,893,350

5,902,804

Municipal Bonds

Open/Demand

RBC Capital Markets LLC

0.75

(b)

02/26/21

Open

14,410,825

14,433,942

Municipal Bonds

Open/Demand

RBC Capital Markets LLC

0.75

(b)

02/26/21

Open

3,556,719

3,562,424

Municipal Bonds

Open/Demand

RBC Capital Markets LLC

0.75

(b)

02/26/21

Open

27,376,269

27,416,763

Municipal Bonds

Open/Demand

RBC Capital Markets LLC

0.75

(b)

02/26/21

Open

16,610,000

16,634,569

Municipal Bonds

Open/Demand

RBC Capital Markets LLC

0.75

(b)

02/26/21

Open

38,675,000

38,737,041

Municipal Bonds

Open/Demand

RBC Capital Markets LLC

0.75

(b)

02/26/21

Open

15,494,669

15,519,525

Municipal Bonds

Open/Demand

Barclays Bank PLC

0.50

(b)

03/05/21

Open

3,810,000

3,812,858

Municipal Bonds

Open/Demand

Barclays Bank PLC

0.50

(b)

03/05/21

Open

9,638,000

9,645,229

Municipal Bonds

Open/Demand

Barclays Bank PLC

0.50

(b)

03/05/21

Open

2,925,000

2,927,194

Municipal Bonds

Open/Demand

Barclays Bank PLC

0.50

(b)

03/11/21

Open

4,830,000

4,833,354

Municipal Bonds

Open/Demand

RBC Capital Markets LLC

0.60

(b)

03/12/21

Open

8,362,500

8,369,469

Municipal Bonds

Open/Demand

Barclays Bank PLC

0.40

(b)

03/30/21

Open

15,265,087

15,270,345

Municipal Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

03/30/21

Open

8,529,894

8,533,199

Municipal Bonds

Open/Demand

Barclays Bank PLC

0.50

(b)

04/06/21

Open

15,356,250

15,361,369

Municipal Bonds

Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

0.60

(b)

04/06/21

Open

7,416,000

7,418,966

Municipal Bonds

Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

0.60

(b)

04/06/21

Open

4,601,800

4,603,641

Municipal Bonds

Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

0.60

(b)

04/06/21

Open

32,225,300

32,238,190

Municipal Bonds

Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

0.60

(b)

04/06/21

Open

19,030,500

19,038,112

Municipal Bonds

Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

0.60

(b)

04/06/21

Open

22,811,400

22,820,525

Municipal Bonds

Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

0.60

(b)

04/06/21

Open

2,996,200

2,997,399

Municipal Bonds

Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

0.60

(b)

04/06/21

Open

3,083,250

3,084,483

Corporate Bonds

Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

0.60

(b)

04/06/21

Open

16,255,200

16,261,702

Municipal Bonds

Open/Demand

Mitsubishi UFJ Securities (USA) Inc.

0.60

(b)

04/06/21

Open

18,429,240

18,436,612

Municipal Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

04/29/21

Open

25,925,000

25,925,324

Municipal Bonds

Open/Demand

$

672,503,185

$

673,293,019

^(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.

5

Schedule of Investments (unaudited) (continued) April 30, 2021 BlackRock Taxable Municipal Bond Trust (BBN)

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			1,356				06/21/21			$	179,162			$	1,730,791
U.S. Long Treasury Bond			1,189				06/21/21				187,045				3,546,172
														$	5,276,963

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 BlackRock Global Valuation Methodologies Committee’s (the “Global 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 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 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		$	—			$	125,550,822			$	—			$	125,550,822
Municipal Bonds			—				1,917,354,974				—				1,917,354,974
Short-Term Securities
Money Market Funds			19,759,092				—				—				19,759,092
		$	19,759,092			$	2,042,905,796			$	—			$	2,062,664,888
Derivative Financial Instruments(a)
Assets
Interest Rate Contracts		$	5,276,963			$	—			$	—			$	5,276,963

^(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 statement purposes. As of period end, reverse repurchase agreements of $673,293,019 are categorized as Level 2 within the fair value hierarchy.

Portfolio Abbreviation
AGM		Assured Guaranty Municipal Corp.
ARB		Airport Revenue Bonds

Portfolio Abbreviation (continued)
BAB		Build America Bond
CAB		Capital Appreciation Bonds

S C H E D U L E  O F  I N V E S T M E N T S 6

Schedule of Investments (unaudited) (continued) April 30, 2021 BlackRock Taxable Municipal Bond Trust (BBN)

Portfolio Abbreviation (continued)
COP		Certificates of Participation
GO		General Obligation Bonds
M/F		Multi-Family
NPFGC		National Public Finance Guarantee Corp.
RB		Revenue Bond
TA		Tax Allocation

7