Schedule of Investments  (unaudited) 

September 30, 2023

   

BlackRock Taxable Municipal Bond Trust (BBN)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Corporate Bonds

    

Education — 3.3%

    

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

   $ 9,377     $ 8,519,380  

Massachusetts Higher Education Assistance Corp., Series 2021, 2.67%, 07/01/31

     2,500       1,915,310  

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

     18,190       15,419,493  

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

     11,000       8,345,255  
   

 

 

  
      34,199,438  
Financial Services — 0.2%            

Western Group Housing LP, 6.75%, 03/15/57(b)

     2,398       2,384,112  
   

 

 

  
Health Care Providers & Services — 2.0%  

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

     5,000       4,654,476  

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

            20,000       16,195,009  
   

 

 

  
           20,849,485  
Real Estate Management & Development — 0.8%        

Bridge Housing Corp., 3.25%, 07/15/30

     9,020       7,677,982  
   

 

 

  

Total Corporate Bonds — 6.3%
(Cost: $78,266,663)

       65,111,017  
   

 

 

  

Municipal Bonds

    
Alabama — 0.1%            

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

     1,365       1,410,134  
   

 

 

  
Arizona — 2.2%            

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

     24,545       22,109,375  
   

 

 

  
Arkansas — 0.7%            

Arkansas Development Finance Authority, RB, 12.00%, 07/01/48(b)

     7,400       7,482,754  
   

 

 

  
California — 27.3%            

Alameda Corridor Transportation Authority, Refunding RB, CAB, Series B, Senior Lien, 0.00%, 10/01/42(c)

     5,000       1,372,440  

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

     11,000       12,386,660  

Bay Area Toll Authority, RB, BAB(a)

    

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

     13,700       14,962,674  

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

     14,000       16,131,514  

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

     4,900       3,850,297  

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

     17,050       20,051,687  

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

     5,000       3,422,555  

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

     1,275       866,839  

City of Huntington Beach California, Refunding RB

    

2.91%, 06/15/35

     2,000       1,527,500  

3.28%, 06/15/40(a)

     6,000       4,411,464  

3.38%, 06/15/44

     1,500       1,044,635  

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

     2,000       1,301,106  

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

     21,255       21,612,977  
Security  

Par

(000)

     Value  
California (continued)            

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

   $ 11,610     $ 11,761,220  

Golden State Tobacco Securitization Corp., Refunding RB

    

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

     11,410       8,269,888  

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

     35,775            24,436,364  

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

     1,615       1,635,202  

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

          10,000       10,931,700  

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

     5,000       5,428,210  

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

     3,795       3,576,803  

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

     7,200       5,035,349  

State of California, GO, BAB

    

7.55%, 04/01/39(a)

     9,035       10,585,008  

7.35%, 11/01/39

     5,000       5,691,090  

7.63%, 03/01/40

     8,950       10,513,950  

7.60%, 11/01/40(a)

     15,000       17,784,615  

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

     10,010       9,483,214  

University of California, RB, BAB

    

5.95%, 05/15/45(a)

     24,000       24,391,080  

6.30%, 05/15/50

     27,010       27,670,394  
   

 

 

  
      280,136,435  
Colorado — 3.9%            

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

     9,485       7,415,496  

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

     6,000       6,661,020  

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

     23,000       26,462,535  
   

 

 

  
      40,539,051  
Connecticut — 0.4%            

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

     3,935       3,766,381  
   

 

 

  
District of Columbia — 2.3%            

Metropolitan Washington Airports Authority Dulles Toll Road Revenue, ARB, BAB, Series D, 8.00%, 10/01/47(a)

     10,750       13,109,518  

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

     9,235       10,777,420  
   

 

 

  
      23,886,938  
Florida — 3.3%            

Capital Trust Agency, Inc., RB(b)

    

5.00%, 01/01/25

     310       307,436  

5.50%, 06/15/26

     445       427,649  

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

     350       346,032  

Florida Development Finance Corp., RB(b) 6.75%, 12/15/28

     690       686,382  

Class B, 5.00%, 06/15/25

     285       277,862  

Series B, 5.75%, 06/15/25

     505       487,925  

Series D, 5.75%, 12/15/26

     650       623,633  

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

     10,000       7,347,720  
 

 

 

1  

Schedule of Investments  (unaudited) (continued)

September 30, 2023

   

BlackRock Taxable Municipal Bond Trust (BBN)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Florida (continued)            

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

   $ 12,250     $ 10,683,985  

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

     125       123,532  

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

     13,500       12,256,987  
   

 

 

  
      33,569,143  
Georgia — 6.1%            

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

     860       830,738  

Municipal Electric Authority of Georgia, Refunding RB, BAB

    

6.64%, 04/01/57

     25,750       27,096,004  

6.66%, 04/01/57

     23,800       24,851,722  

7.06%, 04/01/57

     9,535       9,459,578  
   

 

 

  
           62,238,042  
Hawaii — 0.7%            

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

     5,000       5,173,820  

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

     2,500       1,816,813  
   

 

 

  
      6,990,633  
Idaho — 0.1%            

Idaho Housing & Finance Association, RB

    

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

     235       213,187  

Series B, 7.15%, 06/15/31

     545       471,203  
   

 

 

  
      684,390  
Illinois — 16.8%            

Chicago Board of Education, GO, 6.32%, 11/01/29

     9,465       9,069,145  

Chicago Board of Education, GO, BAB

    

6.04%, 12/01/29

     10,435       10,037,740  

6.14%, 12/01/39

     370       332,467  

6.52%, 12/01/40

     9,745       8,855,408  

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

     1,500       1,589,657  

Chicago Transit Authority Sales & Transfer Tax Receipts Revenue, RB

    

Series A, 6.90%, 12/01/40(a)

     3,965       4,286,891  

Series B, 6.90%, 12/01/40

     4,765       5,202,708  

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

     16,015       16,508,166  

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

     36,000       37,241,208  

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

            15,250       16,051,067  

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

     2,925       2,854,364  

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

     15,000       16,072,260  

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

     5,000       5,761,960  
Security  

Par

(000)

     Value  
Illinois (continued)            

State of Illinois, GO, BAB

    

6.73%, 04/01/35

   $ 5,834     $ 5,935,524  

7.35%, 07/01/35(a)

          30,733       32,045,027  
   

 

 

  
      171,843,592  
Indiana — 1.8%            

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

     7,900       8,487,081  

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

     10,000       9,585,090  
   

 

 

  
      18,072,171  
Kentucky — 0.9%            

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

     9,400       9,667,975  
   

 

 

  
Louisiana — 0.9%            

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

     9,750       9,362,088  
   

 

 

  
Maryland — 0.8%            

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

     9,345       6,986,397  

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

     1,000       957,262  
   

 

 

  
      7,943,659  
Massachusetts — 4.9%            

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

     5,000       5,018,130  

Commonwealth of Massachusetts, Refunding GO, Series C, 2.03%, 07/01/35

     10,000       7,040,730  

Massachusetts Educational Financing Authority, RB

    

Series A, 3.61%, 07/01/36

     9,270       8,123,644  

Series A, 5.95%, 07/01/44

     15,000       13,776,960  

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

            17,295       15,891,061  
   

 

 

  
           49,850,525  
Michigan — 4.2%            

Great Lakes Water Authority Sewage Disposal System Revenue, Refunding RB, Series A, 2.37%, 07/01/32

     6,600       5,230,520  

Michigan Finance Authority, RB

    

6.38%, 06/01/33(b)

     1,000       934,226  

Series D, 5.02%, 11/01/43

     7,500       6,933,705  

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

     50,000       9,386,700  

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

     5,500       5,657,471  

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

     14,575       12,876,036  

Michigan Strategic Fund, RB, 2.58%, 09/01/35

     1,800       1,339,916  

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

     1,500       989,400  
   

 

 

  
      43,347,974  
 

 

 

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)

September 30, 2023

   

BlackRock Taxable Municipal Bond Trust (BBN)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Minnesota — 1.3%            

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

   $ 8,000     $ 7,846,360  

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

     5,000       5,543,370  
   

 

 

  
      13,389,730  
Mississippi — 0.5%            

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

     5,000       5,382,870  
   

 

 

  
Missouri — 1.9%            

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

     7,000       7,056,280  

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

     11,000       12,470,194  
   

 

 

  
      19,526,474  
Nevada — 0.4%            

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

     1,420       1,456,889  

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

     2,000       2,234,232  
   

 

 

  
      3,691,121  
New Hampshire — 1.4%            

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

     2,500       1,835,880  

New Hampshire Business Finance Authority, Refunding RB

    

3.30%, 04/01/32

            12,895       9,533,145  

2.87%, 07/01/35

     4,855       3,200,105  
   

 

 

  
      14,569,130  
New Jersey — 10.9%            

New Jersey Economic Development Authority, RB

    

Series A, (NPFGC), 7.43%, 02/15/29(a)

     20,974            22,141,644  

Series B, 7.00%, 06/15/30(b)

     3,750       3,753,218  

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

     13,500       9,723,685  

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

     7,500       5,602,927  

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

     4,500       4,510,480  

New Jersey Transportation Trust Fund Authority, Refunding RB

    

4.08%, 06/15/39

     7,230       5,896,672  

4.13%, 06/15/42

     16,765       13,331,327  

New Jersey Turnpike Authority, RB, BAB(a)

    

Series A, 7.10%, 01/01/41

     34,000       38,542,298  

Series F, 7.41%, 01/01/40

     6,790       7,918,315  
   

 

 

  
      111,420,566  
New York — 8.6%            

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

     7,285       5,285,632  

Metropolitan Transportation Authority, RB, BAB

    

6.67%, 11/15/39

     2,220       2,272,783  

7.34%, 11/15/39(a)

     13,245       15,168,571  

Series TR, 6.69%, 11/15/40(a)

     13,000       13,309,153  

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

     4,370       3,762,500  
Security  

Par

(000)

     Value  
New York (continued)            

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

   $ 1,310     $ 835,919  

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

     19,000       18,844,637  

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

     15,000       14,436,390  

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

     6,010       6,014,237  

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

     10,390       7,768,551  
   

 

 

  
      87,698,373  
Ohio — 6.2%            

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

     10,000       11,750,390  

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

     10,000       10,544,320  

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

     30,575       32,269,589  

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

     10,100       8,533,904  
   

 

 

  
      63,098,203  
Oklahoma — 1.6%            

Oklahoma Development Finance Authority, RB

    

Class A3, 4.71%, 05/01/52

     3,695       3,247,632  

Series A-3, 5.09%, 02/01/52(a)

     6,750       6,186,574  

Series B, 11.00%, 09/01/41(b)

     3,000       3,121,665  

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

     3,500       3,625,748  
   

 

 

  
           16,181,619  
Pennsylvania — 3.1%            

Commonwealth Financing Authority, RB

    

Series A, 4.14%, 06/01/38

     4,435       3,798,373  

Series A, 3.81%, 06/01/41

     6,110       4,803,071  

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

            23,050       23,693,556  
   

 

 

  
      32,295,000  
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       3,121,702  

Series A2, Restructured, 4.55%, 07/01/40

     14,899       11,541,659  

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

     12,447       10,797,163  
   

 

 

  
      25,460,524  
South Carolina — 3.0%            

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

     10,000       8,211,950  

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

     710       679,839  

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

     11,290       11,912,802  

South Carolina Public Service Authority, Refunding RB Series C, 5.78%, 12/01/41

     4,595       4,491,470  
 

 

3  

Schedule of Investments  (unaudited) (continued)

September 30, 2023

   

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 (continued)

    

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

   $ 2,870     $ 2,959,495  

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

     2,990       2,623,384  
   

 

 

  
           30,878,940  
Tennessee — 4.5%            

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

     5,875       4,347,400  

Metropolitan Government of Nashville & Davidson County Convention Center Authority, RB, BAB, Series A2, 7.43%, 07/01/43(a)

     35,105       38,699,928  

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

     4,525       3,095,670  
   

 

 

  
      46,142,998  
Texas — 4.3%            

Arlington Higher Education Finance Corp., RB(b)

    

5.50%, 04/01/30

     500       478,683  

6.50%, 11/01/32

              1,280       1,280,232  

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

     1,355       1,300,173  

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

     7,500       7,535,302  

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

     2,500       2,278,648  

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

     390       366,715  

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

     1,085       1,020,324  

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

     13,455       10,704,623  

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

     25,000       18,689,475  
   

 

 

  
      43,654,175  
Utah — 2.9%            

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

     26,405       25,989,966  

Utah Transit Authority, Refunding RB, Series B, Senior Lien, 3.44%, 12/15/42

     5,000       3,717,725  
   

 

 

  
      29,707,691  
Virginia — 2.9%            

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

     29,630       24,438,468  

Virginia Housing Development Authority, RB, M/F Housing

    

Series D, 3.52%, 06/01/40

     4,000       2,985,916  

Series F, 3.13%, 07/01/45

     3,425       2,236,227  
   

 

 

  
      29,660,611  
Washington — 2.1%            

University of Washington, Refunding RB, Series B, 3.35%, 07/01/41

     2,500       1,860,050  

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

     19,415       20,069,984  
   

 

 

  
      21,930,034  
Security  

Par

(000)

     Value  
West Virginia — 2.4%            

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

   $ 1,600     $ 119,287  

Tobacco Settlement Finance Authority, Refunding RB

    

Class 1, 4.31%, 06/01/49

     20,000       13,710,520  

Class 2, 4.88%, 06/01/49

     12,020       10,845,165  
   

 

 

  
      24,674,972  
Wisconsin — 0.3%            

Public Finance Authority, RB

    

4.75%, 06/15/25(b)

     495       486,687  

5.38%, 06/15/28(b)

     400       382,131  

5.25%, 01/01/31(b)

     1,205       1,132,712  

Class S, 5.25%, 06/15/26(b)

     140       135,509  

Series B, 6.00%, 06/15/24

     155       152,150  

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

     1,470       1,224,497  
   

 

 

  
      3,513,686  
   

 

 

  

Total Municipal Bonds — 138.2%
(Cost: $1,452,758,350)

 

     1,415,777,977  
   

 

 

  

Total Long-Term Investments — 144.5%
(Cost: $1,531,025,013)

 

     1,480,888,994  
   

 

 

  
     Shares         
Short-Term Securities  
Money Market Funds — 1.8%  

BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.23%(e)(f)

     18,266,029       18,266,029  
   

 

 

  

Total Short-Term Securities — 1.8%
(Cost: $18,266,029)

 

     18,266,029  
   

 

 

  

Total Investments — 146.3%
(Cost: $1,549,291,042)

 

     1,499,155,023  

Liabilities in Excess of Other Assets — (46.3)%

 

     (474,567,226 ) 
   

 

 

  

Net Assets — 100.0%

 

   $   1,024,587,797  
   

 

 

  

 

(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) 

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) 

Affiliate of the Trust.

(f) 

Annualized 7-day yield as of period end.

 

 

 

For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry 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 industry sub-classifications for reporting ease.

 

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)

September 30, 2023

   

BlackRock Taxable Municipal Bond Trust (BBN)

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Value at
12/31/22		        Purchases
at Cost		      Proceeds
from Sales		        Net
Realized
Gain (Loss)		        Change in
Unrealized
Appreciation
(Depreciation)		        Value at
09/30/23		        Shares
Held at
09/30/23		        Income        Capital Gain
Distributions
from
Underlying
Funds		  

BlackRock Liquidity Funds, T-Fund, Institutional Class

    $ 11,702,583        $ 6,563,446 (a)     $ —        $ —        $ —        $ 18,266,029          18,266,029        $ 668,697        $ —  
               

 

 

       

 

 

       

 

 

            

 

 

       

 

 

  

 

(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)

RBC Capital Markets, LLC

      5.70 %(b)      08/28/23        Open      $ 5,568,750      $ 5,597,847      Municipal Bonds    Open/Demand

RBC Capital Markets, LLC

      5.70 (b)      08/28/23        Open        4,862,500        4,887,907      Municipal Bonds    Open/Demand

RBC Capital Markets, LLC

      5.70 (b)      08/28/23        Open        19,800,000        19,903,455      Municipal Bonds    Open/Demand

RBC Capital Markets, LLC

      5.70 (b)      08/28/23        Open        26,812,500        26,952,595      Municipal Bonds    Open/Demand

Barclays Bank PLC

      5.05 (b)      09/20/23        Open        7,892,500        7,903,571      Corporate Bonds    Open/Demand

Barclays Bank PLC

      5.55 (b)      09/20/23        Open        5,660,419        5,669,145      Municipal Bonds    Open/Demand

Barclays Bank PLC

      5.60 (b)      09/20/23        Open        7,485,250        7,496,894      Municipal Bonds    Open/Demand

Barclays Bank PLC

      5.60 (b)      09/20/23        Open        13,432,581        13,453,476      Municipal Bonds    Open/Demand

Barclays Bank PLC

      5.60 (b)      09/20/23        Open        3,167,500        3,172,427      Municipal Bonds    Open/Demand

Barclays Bank PLC

      5.60 (b)      09/20/23        Open        2,068,750        2,071,968      Municipal Bonds    Open/Demand

Barclays Bank PLC

      5.60 (b)      09/20/23        Open        18,902,817        18,932,222      Municipal Bonds    Open/Demand

Barclays Bank PLC

      5.60 (b)      09/20/23        Open        11,797,500        11,815,852      Municipal Bonds    Open/Demand

Barclays Bank PLC

      5.60 (b)      09/20/23        Open        6,518,750        6,528,890      Municipal Bonds    Open/Demand

Barclays Bank PLC

      5.60 (b)      09/20/23        Open        3,618,063        3,623,691      Municipal Bonds    Open/Demand

Barclays Bank PLC

      5.60 (b)      09/20/23        Open        7,426,563        7,438,115      Municipal Bonds    Open/Demand

Barclays Bank PLC

      5.60 (b)      09/20/23        Open        17,432,500        17,459,617      Municipal Bonds    Open/Demand

Barclays Bank PLC

      5.60 (b)      09/20/23        Open        4,593,750        4,600,896      Municipal Bonds    Open/Demand

Barclays Bank PLC

      5.60 (b)      09/20/23        Open        5,923,125        5,932,339      Municipal Bonds    Open/Demand

Barclays Bank PLC

      5.60 (b)      09/20/23        Open        13,276,250        13,296,902      Municipal Bonds    Open/Demand

Barclays Bank PLC

      5.60 (b)      09/20/23        Open        12,956,250        12,976,404      Municipal Bonds    Open/Demand

Barclays Bank PLC

      5.60 (b)      09/20/23        Open        15,102,500        15,125,993      Municipal Bonds    Open/Demand

Barclays Bank PLC

      5.60 (b)      09/20/23        Open        13,408,875        13,429,733      Municipal Bonds    Open/Demand

Barclays Bank PLC

      5.60 (b)      09/20/23        Open        10,212,500        10,228,386      Municipal Bonds    Open/Demand

Barclays Bank PLC

      5.65 (b)      09/20/23        Open        12,318,750        12,338,084      Municipal Bonds    Open/Demand

Barclays Bank PLC

      5.65 (b)      09/20/23        Open        34,555,256        34,609,489      Municipal Bonds    Open/Demand

Barclays Bank PLC

      5.65 (b)      09/20/23        Open        10,840,838        10,857,852      Municipal Bonds    Open/Demand

Barclays Bank PLC

      5.65 (b)      09/20/23        Open        13,675,462        13,696,925      Municipal Bonds    Open/Demand

Barclays Bank PLC

      5.65 (b)      09/20/23        Open        12,663,750        12,683,625      Municipal Bonds    Open/Demand

RBC Capital Markets, LLC

      5.50 (b)      09/20/23        Open        4,668,750        4,675,883      Corporate Bonds    Open/Demand

RBC Capital Markets, LLC

      5.70 (b)      09/20/23        Open        13,101,562        13,122,307      Municipal Bonds    Open/Demand

RBC Capital Markets, LLC

      5.70 (b)      09/20/23        Open        24,270,000        24,308,427      Municipal Bonds    Open/Demand

RBC Capital Markets, LLC

      5.70 (b)      09/20/23        Open        21,308,137        21,341,875      Municipal Bonds    Open/Demand

RBC Capital Markets, LLC

      5.70 (b)      09/20/23        Open        11,685,150        11,703,651      Municipal Bonds    Open/Demand

RBC Capital Markets, LLC

      5.70 (b)      09/20/23        Open        22,059,819        22,094,747      Municipal Bonds    Open/Demand

RBC Capital Markets, LLC

      5.70 (b)      09/20/23        Open        4,147,500        4,154,067      Municipal Bonds    Open/Demand

RBC Capital Markets, LLC

      5.70 (b)      09/20/23        Open        5,306,250        5,314,652      Municipal Bonds    Open/Demand

RBC Capital Markets, LLC

      5.70 (b)      09/20/23        Open        28,910,000        28,955,774      Municipal Bonds    Open/Demand

TD Securities (USA) LLC

      5.50 (b)      09/20/23        Open        39,361,481        39,421,617      Municipal Bonds    Open/Demand

TD Securities (USA) LLC

      5.53 (b)      09/20/23        Open        10,683,888        10,700,299      Municipal Bonds    Open/Demand
          

 

 

     

 

 

        
           $ 507,476,786      $ 508,477,599        
          

 

 

     

 

 

        

 

(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)

September 30, 2023

   

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

      650          12/19/23        $ 70,210        $ 1,478,681  

U.S. Long Bond

      1,059          12/19/23          120,561          5,917,234  
                 

 

 

  
                  $ 7,395,915  
                 

 

 

  

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

    $ —        $ 65,111,017        $ —        $ 65,111,017  

Municipal Bonds

      —          1,415,777,977          —          1,415,777,977  

Short-Term Securities

                  

Money Market Funds

      18,266,029          —          —          18,266,029  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 18,266,029        $ 1,480,888,994        $ —        $ 1,499,155,023  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(a)

                  

Assets

                  

Interest Rate Contracts

    $     7,395,915        $             —        $                         —        $ 7,395,915  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (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 $508,477,599 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.
Portfolio Abbreviation (continued)
ARB    Airport Revenue Bonds
BAB    Build America Bond
BAM    Build America Mutual Assurance Co.
 

 

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)

September 30, 2023

 

   

BlackRock Taxable Municipal Bond Trust (BBN)

 

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

 

7  
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