Schedule of Investments  (unaudited) March 31, 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	$	8,460,211
Massachusetts Higher Education Assistance Corp., Series 2021, 2.67%, 07/01/31		2,500		2,045,565
Rensselaer Polytechnic Institute, Series 2018, 5.25%, 09/01/48(a)		18,190		17,349,321
Wesleyan University, 4.78%, 07/01/2116(a)		11,000		9,270,636
				37,125,733
Financial Services — 0.2%
Western Group Housing LP, 6.75%, 03/15/57(b)		2,407		2,684,620
Health Care Providers & Services — 3.0%
Baptist Health Obligated Group, Series 2019, 4.10%, 12/01/49		6,300		4,990,324
Ochsner Clinic Foundation, 5.90%, 05/15/45(a)		5,000		5,338,877
PeaceHealth Obligated Group, Series 2018, 4.79%, 11/15/48(a)		5,065		4,786,712
West Virginia United Health System Obligated Group, Series 2018, 4.92%, 06/01/48		20,000		18,222,794
				33,338,707
Real Estate Management & Development — 0.7%
Bridge Housing Corp., 3.25%, 07/15/30		9,020		7,949,014
Total Corporate Bonds — 7.2% (Cost: $89,522,107)				81,098,074
Municipal Bonds
Alabama — 0.1%
Jacksonville Public Educational Building Authority, RB, (AGM), 7.00%, 08/01/46		1,365		1,488,733
Arizona — 2.2%
Salt River Project Agricultural Improvement & Power District, RB, BAB, 4.84%, 01/01/41(a)		24,545		24,477,059
California — 28.3%
Alameda Corridor Transportation Authority, Refunding RB, CAB, Series B, Senior Lien, 0.00%, 10/01/42(c)		5,000		1,569,610
Alameda County Joint Powers Authority, RB, BAB, Series A, 7.05%, 12/01/44		11,000		13,663,078
Bay Area Toll Authority, RB, BAB(a)
Series S-1, 6.92%, 04/01/40		13,700		16,283,820
Series S-3, 6.91%, 10/01/50		14,000		18,137,210
California Infrastructure & Economic Development Bank, RB, 5.50%, 01/01/38(b)		4,900		3,975,933
California State Public Works Board, RB, BAB, Series G-2, 8.36%, 10/01/34		18,145		23,077,228
California State University, Refunding RB, Series B, 2.80%, 11/01/41		5,000		3,791,330
City of Chula Vista California, RB
2.40%, 06/01/36		1,275		962,965
2.91%, 06/01/45		9,185		6,645,063
City of El Cajon California, RB, Series A, 3.28%, 04/01/43		2,605		2,046,905
City of Huntington Beach California, Refunding RB
2.91%, 06/15/35		2,000		1,624,260
3.28%, 06/15/40(a)		6,000		4,766,232
3.38%, 06/15/44		5,000		3,858,660

Security	Par (000)		Value
California (continued)
City of Orange California, RB, (BAM), 3.12%, 06/01/44	$	2,000	$	1,443,830
City of San Francisco California Public Utilities Commission Water Revenue, RB, BAB, Series DE, 6.00%, 11/01/40(a)		21,255		23,370,255
County of Sonoma California, Refunding RB, Series A, 6.00%, 12/01/29(a)		11,610		12,211,352
Golden State Tobacco Securitization Corp., Refunding RB
(SAP), 3.12%, 06/01/38		11,410		9,273,637
Series A-1, 4.21%, 06/01/50		25,775		20,164,966
Imperial Irrigation District, RB, (AMBAC), 6.94%, 01/01/26		1,615		1,669,637
Inland Empire Tobacco Securitization Corp., Refunding RB, 3.68%, 06/01/38		7,245		7,097,050
Los Angeles Community College District, GO, BAB, 6.60%, 08/01/42		10,000		12,575,660
Orange County Local Transportation Authority Sales Tax Revenue, Refunding RB, BAB, Series A, 6.91%, 02/15/41(a)		5,000		5,960,000
San Diego County Regional Airport Authority, ARB, Series B, 5.59%, 07/01/43		3,900		3,906,080
San Joaquin Hills Transportation Corridor Agency, Refunding RB, Series B, (AGM), 3.49%, 01/15/50		7,200		5,696,057
State of California, GO, 5.13%, 03/01/38		10,010		10,198,979
State of California, GO, BAB
7.55%, 04/01/39(a)		9,035		11,684,812
7.35%, 11/01/39(a)		5,000		6,223,060
7.63%, 03/01/40		8,950		11,610,665
7.60%, 11/01/40(a)		15,000		19,484,370
University of California, RB, BAB
5.95%, 05/15/45(a)		24,000		26,501,616
6.30%, 05/15/50		27,010		28,886,979
				318,361,299
Colorado — 3.9%
Colorado Health Facilities Authority, Refunding RB, Series B, 4.48%, 12/01/40		9,485		8,108,755
Denver City & County School District No. 1, Refunding COP, Series B, 7.02%, 12/15/37		6,000		7,125,072
Regional Transportation District, COP, BAB, Series B, 7.67%, 06/01/40(a)		23,000		28,982,576
				44,216,403
Connecticut — 0.4%
Connecticut State Health & Educational Facilities Authority, Refunding RB, Series G-2, 4.25%, 07/01/27(b)		5,055		4,887,123
District of Columbia — 2.4%
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, ARB, BAB, Series D, 8.00%, 10/01/47(a)		10,750		14,540,257
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, RB, BAB, 7.46%, 10/01/46		9,235		12,042,486
				26,582,743
Florida — 3.8%
Capital Trust Agency, Inc., RB(b)
5.00%, 01/01/25		400		394,648
5.50%, 06/15/26		445		429,812
Excelsior Academies, Inc., RB, Series C, 5.25%, 11/01/25		350		346,071

1

Schedule of Investments  (unaudited) (continued) March 31, 2023 BlackRock Taxable Municipal Bond Trust (BBN) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Florida (continued)
Florida Development Finance Corp., RB(b)
6.75%, 12/15/28	$	690	$	699,842
Class B, 5.00%, 06/15/25		285		278,600
Series B, 5.75%, 06/15/25		735		726,359
Series D, 5.75%, 12/15/26		650		626,981
Florida Development Finance Corp., Refunding RB, Series B, 4.11%, 04/01/50		15,000		11,748,615
Miami-Dade County Educational Facilities Authority, Refunding RB, Series B, 5.07%, 04/01/50		12,250		12,228,011
Miami-Dade County Industrial Development Authority, RB, 5.25%, 11/01/25		125		123,563
Sumter Landing Community Development District, RB, 4.17%, 10/01/47(a)		2,575		2,309,340
Village Center Community Development District, Refunding RB, 5.02%, 11/01/36		13,500		13,364,365
				43,276,207
Georgia — 5.8%
East Point Business & Industrial Development Authority, RB, Series B, 5.25%, 06/15/31(b)		860		851,220
Municipal Electric Authority of Georgia, Refunding RB, BAB
6.64%, 04/01/57		25,750		28,408,610
6.66%, 04/01/57		23,800		26,376,802
7.06%, 04/01/57		9,535		9,818,371
				65,455,003
Hawaii — 0.7%
State of Hawaii, GO, Series GK, 6.05%, 10/01/36		5,000		5,498,830
State of Hawaii, Refunding GO, Series GC, 2.37%, 10/01/35		2,500		1,958,988
				7,457,818
Idaho — 0.1%
Idaho Housing & Finance Association, RB
Series B, 4.75%, 06/15/29(b)		235		218,176
Series B, 7.15%, 06/15/31		625		570,354
				788,530
Illinois — 16.5%
Chicago Board of Education, GO, 6.32%, 11/01/29		9,465		9,333,266
Chicago Board of Education, GO, BAB
6.04%, 12/01/29		12,935		12,745,050
6.14%, 12/01/39		370		339,270
6.52%, 12/01/40		9,745		8,963,081
Chicago O’Hare International Airport, Refunding ARB, BAB, Series B, 6.40%, 01/01/40		1,500		1,761,985
Chicago Transit Authority Sales & Transfer Tax
Receipts Revenue, RB(a)
Series A, 6.90%, 12/01/40		3,965		4,590,495
Series B, 6.90%, 12/01/40		4,765		5,492,925
Chicago Transit Authority Sales Tax Receipts Fund, RB, BAB, Series B, 6.20%, 12/01/40(a)		16,015		17,852,433
City of Chicago Illinois Wastewater Transmission Revenue, RB, BAB, Series B, 2nd Lien, 6.90%, 01/01/40		36,000		40,899,744
City of Chicago Illinois Waterworks Revenue, RB, BAB, Series B, 6.74%, 11/01/40		15,250		17,647,346

Security	Par (000)		Value
Illinois (continued)
Illinois Municipal Electric Agency, RB, BAB, 7.29%, 02/01/35(a)	$	15,000	$	17,158,095
Northern Illinois Municipal Power Agency, RB, BAB, 7.82%, 01/01/40		5,000		6,157,580
State of Illinois, GO, BAB
6.73%, 04/01/35		6,320		6,798,607
7.35%, 07/01/35(a)		33,294		36,434,012
				186,173,889
Indiana — 1.7%
Indiana Finance Authority, RB, BAB, Series B, 6.60%, 02/01/39(a)		7,900		9,258,998
Indiana Municipal Power Agency, RB, BAB, Series A, 5.59%, 01/01/42		10,000		10,358,880
				19,617,878
Kentucky — 1.3%
Westvaco Corp., RB, 7.67%, 01/15/27(b)		13,800		14,684,207
Louisiana — 0.9%
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Series A3, 5.20%, 12/01/39		9,750		9,928,747
Maryland — 1.1%
Maryland Economic Development Corp., RB, 4.00%, 04/01/34		14,420		11,602,130
Maryland Health & Higher Educational Facilities Authority, RB, Series B, 6.25%, 03/01/27(b)		1,000		966,216
				12,568,346
Massachusetts — 3.4%
Commonwealth of Massachusetts Transportation Fund Revenue, RB, BAB, 5.73%, 06/01/40(a)		5,000		5,456,550
Commonwealth of Massachusetts, Refunding GO, Series C, 2.03%, 07/01/35		10,000		7,653,570
Massachusetts Educational Financing Authority, RB, Series A, 3.61%, 07/01/36		9,270		8,144,362
Massachusetts Educational Financing Authority, Refunding RB, Series A, 4.95%, 07/01/38		17,295		16,834,780
				38,089,262
Michigan — 4.5%
Great Lakes Water Authority Sewage Disposal System Revenue, Refunding RB, Series A, 2.37%, 07/01/32		6,600		5,530,325
Michigan Finance Authority, RB
6.38%, 06/01/33(b)		1,000		975,868
Series D, 5.02%, 11/01/43		7,500		7,113,420
Michigan Finance Authority, Refunding RB, Series A, 3.27%, 06/01/39		5,000		4,504,920
Michigan Finance Authority, Refunding RB, CAB, Series B, 0.00%, 06/01/45(c)		50,000		11,125,800
Michigan State University, RB, BAB, Series A, 6.17%, 02/15/50(a)		5,500		5,869,061
Michigan State University, Refunding RB, Series A, 4.50%, 08/15/48		14,575		13,486,335

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) March 31, 2023 BlackRock Taxable Municipal Bond Trust (BBN) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Michigan (continued)
Michigan Strategic Fund, RB, 2.58%, 09/01/35	$	1,800	$	1,466,093
Western Michigan University, Refunding RB, Series B, (AGM), 2.88%, 11/15/43		1,500		1,028,668
				51,100,490
Minnesota — 1.3%
Southern Minnesota Municipal Power Agency, Refunding RB, BAB, Series A, 5.93%, 01/01/43		8,000		8,681,768
Western Minnesota Municipal Power Agency, RB, BAB, 6.77%, 01/01/46		5,000		6,111,375
				14,793,143
Mississippi — 0.5%
Mississippi Development Bank, RB, BAB, 6.41%, 01/01/40	5,000		5,637,180
Missouri — 1.9%
Curators of the University of Missouri, RB, BAB, 5.79%, 11/01/41(a)		7,000		7,809,410
Missouri Joint Municipal Electric Utility Commission, RB, BAB, 7.73%, 01/01/39		11,000		13,332,792
				21,142,202
Nevada — 0.4%
City of North Las Vegas Nevada, GO, BAB, 6.57%, 06/01/40		1,420		1,552,702
County of Clark Department of Aviation, ARB, BAB, Series C, 6.82%, 07/01/45		2,000		2,490,618
				4,043,320
New Hampshire — 1.4%
New Hampshire Business Finance Authority, Refunding RB
3.25%, 04/01/28		4,000		3,477,412
3.30%, 04/01/32		11,895		9,398,168
2.87%, 07/01/35		4,895		3,482,832
				16,358,412
New Jersey — 10.3%
New Jersey Economic Development Authority, RB, Series A, (NPFGC), 7.43%, 02/15/29(a)		20,974		22,901,322
New Jersey Educational Facilities Authority, Refunding RB, (AGM), 3.51%, 07/01/42(a)		7,500		5,961,758
New Jersey Institute of Technology, Refunding RB, Series B, 3.42%, 07/01/42		7,500		6,092,932
New Jersey Transportation Trust Fund Authority, RB, BAB, Series C, 5.75%, 12/15/28		4,500		4,621,923
New Jersey Transportation Trust Fund Authority, Refunding RB
4.08%, 06/15/39		7,230		6,373,621
4.13%, 06/15/42		22,355		19,589,396
New Jersey Turnpike Authority, RB, BAB(a)
Series A, 7.10%, 01/01/41		34,000		41,718,714
Series F, 7.41%, 01/01/40		6,790		8,537,060
				115,796,726
New York — 8.3%
City of New York, Refunding GO, Series D, 2.17%, 08/01/34		7,285		5,661,057
Metropolitan Transportation Authority, RB, BAB
6.67%, 11/15/39		2,220		2,393,624
7.34%, 11/15/39(a)		13,245		16,821,110
Series TR, 6.69%, 11/15/40(a)		13,000		13,905,307

Security	Par (000)		Value
New York (continued)
Metropolitan Transportation Authority, Refunding RB, Series C-2, 5.18%, 11/15/49	$	4,370	$	3,924,194
New York City Housing Development Corp., RB, M/F Housing, Series B, 3.10%, 11/01/45		1,310		933,534
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, BAB, 5.57%, 11/01/38(a)		19,000		19,900,543
New York State Dormitory Authority, RB, BAB, Series H, 5.39%, 03/15/40(a)		15,000		15,773,460
New York State Dormitory Authority, Refunding RB, Series B, 5.75%, 07/01/24(d)		6,010		6,052,527
Triborough Bridge & Tunnel Authority, Refunding RB, Series A-3, 2.51%, 05/15/35		10,390		8,160,088
				93,525,444
Ohio — 6.1%
American Municipal Power, Inc., RB, Series B, 7.83%, 02/15/41		10,000		12,824,870
American Municipal Power, Inc., Refunding RB, BAB, Series B, 6.45%, 02/15/44		10,000		11,412,890
Franklin County Convention Facilities Authority, RB, BAB, 6.64%, 12/01/42(a)		30,575		34,282,769
Ohio University, RB, 5.59%, 12/01/2114		10,100		9,669,276
				68,189,805
Oklahoma — 1.6%
Oklahoma Development Finance Authority, RB
Class A3, 4.71%, 05/01/52		3,695		3,576,548
Series A-3, 5.09%, 02/01/52(a)		6,750		6,906,684
Series B, 11.00%, 09/01/41(b)		3,000		3,261,723
Oklahoma Municipal Power Authority, RB, BAB, 6.44%, 01/01/45(a)		3,500		3,946,422
				17,691,377
Pennsylvania — 3.6%
Commonwealth Financing Authority, RB
Series A, 4.14%, 06/01/38		10,635		9,777,160
Series A, 3.81%, 06/01/41		6,110		5,296,722
Pennsylvania Economic Development Financing Authority, RB, BAB, Series B, 6.53%, 06/15/39		23,050		25,519,185
				40,593,067
Puerto Rico — 2.7%
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A1, Restructured, 5.00%, 07/01/58		3,465		3,247,156
Series A2, Restructured, 4.55%, 07/01/40		14,899		11,523,959
Series A-2, Restructured, 4.78%, 07/01/58		12,447		11,194,346
Series A-2, Restructured, 4.33%, 07/01/40		5,000		4,542,805
				30,508,266
South Carolina — 3.0%
Charleston Educational Excellence Finance Corp., Refunding RB, 1.87%, 12/01/29		10,000		8,531,630
South Carolina Jobs-Economic Development Authority, RB, 7.35%, 08/15/30(b)		710		701,899
South Carolina Public Service Authority, RB, BAB, Series C, (AGM-CR), 6.45%, 01/01/50(a)		11,290		13,010,664
South Carolina Public Service Authority, Refunding RB Series C, 5.78%, 12/01/41		4,595		4,763,522

3

Schedule of Investments  (unaudited) (continued) March 31, 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	$	3,220,789
South Carolina Student Loan Corp., RB, Series A, 3.59%, 12/01/39		3,710		3,260,975
				33,489,479
Tennessee — 4.2%
Memphis-Shelby County Industrial Development Board, Refunding TA, Series B, 5.45%, 07/01/45		5,875		4,667,611
Metropolitan Government of Nashville & Davidson County Convention Center Authority, RB, BAB, Series A2, 7.43%, 07/01/43(a)		35,105		42,117,645
				46,785,256
Texas — 4.1%
Arlington Higher Education Finance Corp., RB (b)
5.50%, 04/01/30		500		493,874
6.50%, 11/01/32		1,280		1,323,913
Arlington Higher Education Finance Corp., Refunding RB, Series B, 4.00%, 08/15/28		1,355		1,310,392
City of San Antonio Texas Customer Facility Charge Revenue, ARB, 5.87%, 07/01/45		7,500		7,593,292
Dallas Area Rapid Transit, RB, BAB, 5.02%, 12/01/48(a)		2,500		2,552,550
New Hope Higher Education Finance Corp., RB, Class B, 5.00%, 06/15/27(b)		390		371,488
Port Beaumont Navigation District, Refunding RB, Series B, 6.00%, 01/01/25(b)		1,085		1,020,511
Port of Beaumont Industrial Development Authority, RB, 4.10%, 01/01/28(b)		13,455		10,770,041
Texas Private Activity Bond Surface Transportation Corp., RB, Series B, 3.92%, 12/31/49		25,000		20,360,950
				45,797,011
Utah — 2.6%
Utah Transit Authority, RB, BAB, 5.71%, 06/15/40(a)		26,405		28,849,971
Virginia — 3.1%
Tobacco Settlement Financing Corp., Refunding RB, Series A-1, 6.71%, 06/01/46		30,285		27,947,785
Virginia Housing Development Authority, RB, M/F Housing
Series D, 3.52%, 06/01/40		4,000		3,307,928
Series D, 3.64%, 06/01/45(a)		1,010		809,696
Series F, 3.13%, 07/01/45		3,425		2,508,703
				34,574,112
Washington — 2.0%
Washington State Convention Center Public Facilities District, RB, BAB, 6.79%, 07/01/40		20,170		22,685,865

Security	Par (000)		Value
West Virginia — 3.0%
Tobacco Settlement Finance Authority, RB, Series B, 0.00%, 06/01/47(c)	$	1,600	$	142,134
Tobacco Settlement Finance Authority, Refunding RB
Series A, Class 1, 4.31%, 06/01/49		30,000		23,074,830
Series B, Class 2, 4.88%, 06/01/49		12,175		11,116,859
				34,333,823
Wisconsin — 0.4%
Public Finance Authority, RB
4.75%, 06/15/25(b)		735		731,283
5.38%, 06/15/28(b)		400		385,137
5.25%, 01/01/31(b)		1,265		1,209,803
Class S, 5.25%, 06/15/26(b)		180		175,837
Series B, 6.00%, 06/15/24		300		296,971
Public Finance Authority, Refunding RB, Series B, 6.13%, 10/01/49(b)		1,470		1,326,679
				4,125,710
Total Municipal Bonds — 137.6% (Cost: $1,486,921,043)				1,548,073,906
Total Long-Term Investments — 144.8% (Cost: $1,576,443,150)				1,629,171,980
	Shares
Short-Term Securities
Money Market Funds — 2.1%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.70%(e)(f)		23,665,271		23,665,271
Total Short-Term Securities — 2.1% (Cost: $23,665,271)				23,665,271
Total Investments — 146.9% (Cost: $1,600,108,421)				1,652,837,251
Liabilities in Excess of Other Assets — (46.9)%				(527,559,875	)
Net Assets — 100.0%			$	1,125,277,376

^(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) March 31, 2023 BlackRock Taxable Municipal Bond Trust (BBN)

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended March 31, 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 03/31/23		Shares Held at 03/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	11,702,583	$	11,962,688	(a)	$	—	$	—	$	—	$	23,665,271		23,665,271	$	216,518	$	—

^(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

4.55

%(b)

02/16/23

Open

$

8,373,750

$

8,416,817

Corporate Bonds

Open/Demand

Barclays Bank PLC

5.10

(b)

02/16/23

Open

3,727,100

3,748,717

Municipal Bonds

Open/Demand

Barclays Bank PLC

5.15

(b)

02/16/23

Open

13,488,750

13,568,216

Municipal Bonds

Open/Demand

RBC Capital Markets LLC

5.00

(b)

02/16/23

Open

5,012,500

5,040,974

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

5.00

(b)

02/16/23

Open

4,457,200

4,482,519

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

5.20

(b)

02/16/23

Open

771,388

775,954

Municipal Bonds

Open/Demand

TD Securities (USA) LLC

5.03

(b)

02/16/23

Open

11,395,394

11,460,534

Municipal Bonds

Open/Demand

Barclays Bank PLC

5.10

(b)

02/27/23

Open

13,812,938

13,872,582

Municipal Bonds

Open/Demand

Barclays Bank PLC

5.10

(b)

02/27/23

Open

19,164,992

19,247,748

Municipal Bonds

Open/Demand

Barclays Bank PLC

5.10

(b)

02/27/23

Open

2,056,781

2,065,662

Municipal Bonds

Open/Demand

Barclays Bank PLC

5.10

(b)

02/27/23

Open

6,015,938

6,041,915

Municipal Bonds

Open/Demand

Barclays Bank PLC

5.10

(b)

02/27/23

Open

14,248,000

14,309,524

Municipal Bonds

Open/Demand

Barclays Bank PLC

5.10

(b)

02/27/23

Open

12,073,750

12,125,885

Municipal Bonds

Open/Demand

Barclays Bank PLC

5.10

(b)

02/27/23

Open

7,766,063

7,799,597

Municipal Bonds

Open/Demand

Barclays Bank PLC

5.15

(b)

02/27/23

Open

14,337,712

14,400,261

Municipal Bonds

Open/Demand

Barclays Bank PLC

5.15

(b)

02/27/23

Open

10,913,400

10,961,010

Municipal Bonds

Open/Demand

Barclays Bank PLC

5.15

(b)

02/27/23

Open

35,451,631

35,606,289

Municipal Bonds

Open/Demand

RBC Capital Markets LLC

5.20

(b)

02/27/23

Open

22,583,437

22,682,961

Municipal Bonds

Open/Demand

RBC Capital Markets LLC

5.20

(b)

02/27/23

Open

29,820,000

29,951,415

Municipal Bonds

Open/Demand

RBC Capital Markets LLC

5.20

(b)

02/27/23

Open

25,440,000

25,552,113

Municipal Bonds

Open/Demand

RBC Capital Markets LLC

5.20

(b)

02/27/23

Open

13,665,938

13,726,162

Municipal Bonds

Open/Demand

RBC Capital Markets LLC

5.20

(b)

02/27/23

Open

37,825,000

37,991,693

Municipal Bonds

Open/Demand

RBC Capital Markets LLC

5.20

(b)

02/27/23

Open

5,556,250

5,580,736

Municipal Bonds

Open/Demand

RBC Capital Markets LLC

5.20

(b)

02/27/23

Open

23,225,706

23,328,061

Municipal Bonds

Open/Demand

RBC Capital Markets LLC

5.20

(b)

02/27/23

Open

4,282,500

4,301,373

Municipal Bonds

Open/Demand

RBC Capital Markets LLC

5.20

(b)

02/27/23

Open

11,995,625

12,048,489

Municipal Bonds

Open/Demand

TD Securities (USA) LLC

5.00

(b)

02/28/23

Open

39,580,887

39,748,282

Municipal Bonds

Open/Demand

RBC Capital Markets LLC

5.20

(b)

03/09/23

Open

5,625,000

5,642,828

Municipal Bonds

Open/Demand

Barclays Bank PLC

5.05

(b)

03/29/23

Open

5,836,556

5,838,194

Municipal Bonds

Open/Demand

Barclays Bank PLC

5.10

(b)

03/29/23

Open

7,929,625

7,931,872

Municipal Bonds

Open/Demand

Barclays Bank PLC

5.10

(b)

03/29/23

Open

13,747,500

13,751,395

Municipal Bonds

Open/Demand

Barclays Bank PLC

5.10

(b)

03/29/23

Open

16,082,500

16,087,057

Municipal Bonds

Open/Demand

Barclays Bank PLC

5.10

(b)

03/29/23

Open

6,868,750

6,870,696

Municipal Bonds

Open/Demand

Barclays Bank PLC

5.10

(b)

03/29/23

Open

2,143,750

2,144,357

Municipal Bonds

Open/Demand

Barclays Bank PLC

5.10

(b)

03/29/23

Open

4,818,750

4,820,115

Municipal Bonds

Open/Demand

Barclays Bank PLC

5.10

(b)

03/29/23

Open

17,931,250

17,936,330

Municipal Bonds

Open/Demand

Barclays Bank PLC

5.10

(b)

03/29/23

Open

13,312,500

13,316,272

Municipal Bonds

Open/Demand

Barclays Bank PLC

5.10

(b)

03/29/23

Open

3,469,375

3,470,358

Municipal Bonds

Open/Demand

Barclays Bank PLC

5.10

(b)

03/29/23

Open

10,575,000

10,577,996

Municipal Bonds

Open/Demand

Barclays Bank PLC

5.15

(b)

03/29/23

Open

12,937,500

12,941,202

Municipal Bonds

Open/Demand

Barclays Bank PLC

5.20

(b)

03/29/23

Open

4,824,563

4,825,956

Municipal Bonds

Open/Demand

RBC Capital Markets LLC

5.20

(b)

03/29/23

Open

20,375,000

20,380,886

Municipal Bonds

Open/Demand

5

Schedule of Investments  (unaudited) (continued) March 31, 2023 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)

RBC Capital Markets LLC

5.20

%(b)

03/29/23

Open

$

5,640,625

$

5,642,254

Municipal Bonds

Open/Demand

RBC Capital Markets LLC

5.20

(b)

03/29/23

Open

4,993,750

4,995,193

Municipal Bonds

Open/Demand

$

554,154,624

$

556,008,450

^(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		971		06/21/23		$ 111,726	$	(3,247,274	)
U.S. Long Bond		1,235		06/21/23		162,210		(7,629,982	)
							$	(10,877,256	)

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	$	—	$	81,098,074	$	—	$	81,098,074
Municipal Bonds		—		1,548,073,906		—		1,548,073,906
Short-Term Securities
Money Market Funds		23,665,271		—		—		23,665,271
	$	23,665,271	$	1,629,171,980	$	—	$	1,652,837,251

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) March 31, 2023 BlackRock Taxable Municipal Bond Trust (BBN)

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2		Level 3		Total
Derivative Financial Instruments(a)
Liabilities
Interest Rate Contracts	$	(10,877,256	)	$	—	$	—	$	(10,877,256	)

^(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 $556,008,450 are categorized as Level 2 within the fair value hierarchy.

Portfolio Abbreviation
AGM	Assured Guaranty Municipal Corp.
AGM-CR	AGM Insured Custodial Receipt
AMBAC	AMBAC Assurance Corp.
ARB	Airport Revenue Bonds
BAB	Build America Bond
BAM	Build America Mutual Assurance Co.
CAB	Capital Appreciation Bonds
COP	Certificates of Participation
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