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September 30, 2025 
2025 Quarterly Report
(Unaudited)
 
BlackRock Taxable Municipal Bond Trust (BBN)
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Schedule of Investments (unaudited)
September 30, 2025
BlackRock Taxable Municipal Bond Trust (BBN)
(Percentages shown are based on Net Assets)
 
Security
 
Par
(000)
Value
Corporate Bonds
Commercial Services & Supplies — 2.9%
Grand Canyon University, 5.13%, 10/01/28(a)
$
6,022
$ 5,921,931
Rensselaer Polytechnic Institute, Series 2018, 5.25%,
09/01/48
 
18,190
16,197,892
Wesleyan University, 4.78%, 07/01/2116(a)
 
11,000
9,019,650
 
 
31,139,473
Financial Services(b) — 1.8%
MMH Master LLC
 
6.38%, 02/01/34
 
2,446
2,543,662
6.50%, 02/01/39
 
6,475
6,922,523
6.75%, 02/01/44
 
7,300
7,777,225
Western Group Housing LP, 6.75%, 03/15/57
 
2,357
2,349,119
 
 
19,592,529
Health Care Providers & Services — 3.2%
CommonSpirit Health, 5.32%, 12/01/34(a)
 
5,000
5,080,187
Ochsner Clinic Foundation, 5.90%, 05/15/45(a)
 
5,000
5,150,578
Sutter Health, Series 2025, 5.54%, 08/15/35
 
10,490
11,002,567
West Virginia United Health System Obligated Group,
Series 2018, 4.92%, 06/01/48
 
15,000
13,034,200
 
 
34,267,532
Total Corporate Bonds — 7.9%
(Cost: $90,027,634)
84,999,534
Municipal Bonds
Alabama — 0.5%
Alabama Incentives Financing Authority, Refunding RB,
Series B, (AGM), 3.54%, 09/01/42
 
4,970
4,208,703
Jacksonville Public Educational Building Authority, RB,
(AGM), 7.00%, 08/01/46
 
1,365
1,471,484
 
 
5,680,187
Alaska — 0.9%
Alaska Housing Finance Corp., RB, S/F Housing,
Series C, 6.25%, 12/01/53(a)
 
9,270
9,715,380
Arizona — 3.4%
Maricopa County Industrial Development Authority, RB,
7.38%, 10/01/29(b)
 
11,540
12,083,907
Salt River Project Agricultural Improvement & Power
District, RB, BAB, 4.84%, 01/01/41(a)
 
24,545
24,072,132
 
 
36,156,039
Arkansas — 0.8%
Arkansas Development Finance Authority, RB, AMT,
Sustainability Bonds, 7.38%, 07/01/48(b)
 
7,400
8,131,460
California — 22.0%
Alameda Corridor Transportation Authority, Refunding
RB, CAB(c)
 
Series B, Senior Lien, 0.00%, 10/01/42
 
5,000
1,806,945
Series D, Subordinate, (AGM), 0.00%, 10/01/40
 
3,775
1,570,285
Alameda County Joint Powers Authority, RB, BAB,
Series A, 7.05%, 12/01/44(a)
 
11,000
12,543,290
Bay Area Toll Authority, RB, BAB
 
Series S-1, 6.92%, 04/01/40
 
6,720
7,595,117
Series S-3, 6.91%, 10/01/50
 
14,000
15,963,316
California Infrastructure & Economic Development Bank,
RB, 5.50%, 01/01/38(b)
 
4,600
4,058,900
Security
 
Par
(000)
Value
California (continued)
California Infrastructure & Economic Development Bank,
Refunding RB, Series A, Class B, AMT, Sustainability
Bonds, 9.50%, 01/01/65(b)
$
4,605
$ 4,199,182
California State Public Works Board, RB, BAB,
Series G-2, 8.36%, 10/01/34(a)
 
17,050
20,241,582
California State University, Refunding RB, Series B,
2.80%, 11/01/41
 
5,000
3,759,521
Cerritos Community College District, Refunding GO,
3.00%, 08/01/38
 
1,000
825,196
City & County of San Francisco California, COP,
Class A, 6.38%, 10/01/43
 
8,480
8,838,242
City of Chula Vista California, RB, 2.40%, 06/01/36
 
1,275
981,263
City of Huntington Beach California, Refunding RB
 
3.28%, 06/15/40(a)
 
6,000
4,914,779
3.38%, 06/15/44
 
1,500
1,160,377
City of Orange California, RB, (BAM), 3.12%, 06/01/44
 
2,000
1,505,867
City of Riverside California, RB, Series A, 3.86%,
06/01/45
 
1,500
1,290,718
County of Sonoma California, Refunding RB, Series A,
6.00%, 12/01/29(a)
 
9,065
9,469,292
Golden State Tobacco Securitization Corp., Refunding
RB
 
(SAP), 3.12%, 06/01/38
 
11,410
9,604,715
Class B, (SAP), 3.29%, 06/01/42
 
2,000
1,565,040
Series A-1, 3.71%, 06/01/41
 
26,275
20,551,002
Series A-1, 4.21%, 06/01/50
 
22,500
16,699,909
Imperial Irrigation District, RB, (AMBAC), 6.94%,
01/01/26
 
575
578,597
Los Angeles Community College District, GO, BAB,
6.60%, 08/01/42(a)
 
10,000
10,961,644
Regents of the University of California Medical Center
Pooled Revenue, RB, BAB, Series H, 6.55%,
05/15/48
 
5,330
5,745,360
San Diego County Regional Airport Authority, ARB,
Series B, 5.59%, 07/01/43
 
3,570
3,569,976
San Joaquin Hills Transportation Corridor Agency,
Refunding RB, Series B, (AGM), 3.49%, 01/15/50
 
7,200
5,491,440
State of California, GO, BAB(a)
 
7.55%, 04/01/39
 
9,035
10,920,983
7.35%, 11/01/39
 
5,000
5,870,896
7.63%, 03/01/40
 
8,950
10,831,340
7.60%, 11/01/40
 
15,000
18,370,743
State of California, Refunding GO(a)
 
5.13%, 03/01/38
 
10,010
10,117,513
5.88%, 10/01/41
 
5,000
5,206,919
 
 
236,809,949
Colorado — 1.8%
Colorado Health Facilities Authority, Refunding RB,
Series B, 4.48%, 12/01/40
 
11,885
10,323,573
Colorado Housing and Finance Authority, RB, S/F
Housing, Series B-1, Class I, (GNMA), 6.25%,
11/01/54
 
1,860
1,967,477
Denver City & County School District No. 1, Refunding
COP, Series B, 7.02%, 12/15/37
 
6,000
6,862,481
 
 
19,153,531
2
Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Taxable Municipal Bond Trust (BBN)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Connecticut — 1.7%
Connecticut Housing Finance Authority, RB, S/F
Housing, Series E-1, Class T, Sustainability Bonds,
5.37%, 11/15/44(a)
$
6,575
$ 6,313,482
Connecticut Housing Finance Authority, Refunding RB,
S/F Housing, Series A-2, Sustainability Bonds,
(FHLMC, FNMA, GNMA), 5.41%, 05/15/55
 
10,000
10,243,408
Connecticut State Health & Educational Facilities
Authority, Refunding RB, Series G-2, 4.25%,
07/01/27(b)
 
1,545
1,519,597
 
 
18,076,487
District of Columbia — 1.8%
Metropolitan Washington Airports Authority Dulles Toll
Road Revenue, ARB, BAB, Series D, 8.00%,
10/01/47(a)
 
10,750
13,364,271
Metropolitan Washington Airports Authority Dulles Toll
Road Revenue, RB, BAB, 7.46%, 10/01/46
 
5,000
6,019,339
 
 
19,383,610
Florida — 5.2%
Capital Trust Agency, Inc., RB, 5.50%, 06/15/26(b)
 
235
235,345
County of Miami-Dade Seaport Department, ARB,
6.22%, 11/01/55
 
3,295
3,391,896
Excelsior Academies, Inc., RB, Series C, 5.25%,
11/01/25
 
20
19,995
Florida Development Finance Corp., RB, Series D,
5.75%, 12/15/26(b)
 
650
650,613
Florida Development Finance Corp., Refunding RB
 
Class B, 4.01%, 04/01/40
 
2,500
2,164,306
Series B, 4.11%, 04/01/50
 
5,000
4,118,479
AMT, 12.00%, 07/15/32(b)(d)(e)
 
1,150
713,000
Miami-Dade County Educational Facilities Authority,
Refunding RB, Series B, 5.07%, 04/01/50
 
12,250
11,309,087
Miami-Dade County Industrial Development Authority,
RB, 5.25%, 11/01/25
 
10
9,998
State Board of Administration Finance Corp., RB,
Series A, 5.53%, 07/01/34(a)
 
18,300
19,061,695
Village Center Community Development District,
Refunding RB, 5.02%, 11/01/36
 
13,500
13,737,132
 
 
55,411,546
Georgia — 5.6%
East Point Business & Industrial Development Authority,
RB, Series B, 5.25%, 06/15/31(b)
 
860
580,500
Municipal Electric Authority of Georgia, Refunding RB,
BAB
 
6.64%, 04/01/57
 
25,077
27,387,959
6.66%, 04/01/57
 
20,260
22,035,981
7.06%, 04/01/57
 
9,300
10,488,719
 
 
60,493,159
Hawaii — 0.7%
State of Hawaii, GO, Series GK, 6.05%, 10/01/36
 
5,000
5,430,054
State of Hawaii, Refunding GO, Series GC, 2.37%,
10/01/35
 
2,500
2,061,737
 
 
7,491,791
Idaho — 1.7%
Idaho Housing & Finance Association, RB
 
Series B, 4.75%, 06/15/29(b)
 
235
220,702
Security
 
Par
(000)
Value
Idaho (continued)
Idaho Housing & Finance Association, RB (continued)
 
Series B, 7.15%, 06/15/31
$
365
$ 346,325
Idaho Housing & Finance Association, RB, S/F Housing
 
Series B, (FHLMC, FNMA, GNMA), 6.25%, 07/01/54
 
5,695
6,017,576
Series E, (FHLMC, FNMA, GNMA), 6.06%,
01/01/44(a)
 
11,710
11,913,965
 
 
18,498,568
Illinois — 16.4%
Chicago Board of Education, GO, BAB
 
6.04%, 12/01/29
 
10,435
10,597,873
6.52%, 12/01/40
 
9,745
9,393,434
Chicago O’Hare International Airport, Refunding ARB,
BAB, Series B, 6.40%, 01/01/40
 
1,500
1,672,656
Chicago Transit Authority Sales & Transfer Tax Receipts
Revenue, RB
 
Series A, 6.90%, 12/01/40
 
7,288
8,131,973
Series B, 6.90%, 12/01/40
 
4,472
4,993,747
Chicago Transit Authority Sales Tax Receipts Fund, RB,
BAB, Series B, 6.20%, 12/01/40(a)
 
16,015
16,753,405
City of Chicago Illinois Wastewater Transmission
Revenue, RB, BAB, Series B, 2nd Lien, 6.90%,
01/01/40(a)
 
36,000
39,969,759
City of Chicago Illinois Waterworks Revenue, RB, BAB,
Series B, 2nd Lien, 6.74%, 11/01/40
 
15,250
16,599,227
County of Will Illinois, Refunding GO, 2.95%, 11/15/45
 
8,000
5,797,067
Illinois Finance Authority, RB, 6.69%, 07/01/33
 
2,925
3,053,360
Illinois Housing Development Authority, RB, S/F Housing
 
Series B, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 5.88%, 10/01/49
 
4,125
4,143,337
Series F, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 5.90%, 10/01/46
 
7,145
7,180,783
Illinois Municipal Electric Agency, RB, BAB, 7.29%,
02/01/35(a)
 
6,635
7,034,390
Northern Illinois Municipal Power Agency, RB, BAB,
7.82%, 01/01/40
 
5,000
5,761,866
State of Illinois, GO, BAB
 
6.63%, 02/01/35
 
2,077
2,194,675
7.35%, 07/01/35(a)
 
25,611
27,920,341
Series 3, 6.73%, 04/01/35(a)
 
4,861
5,169,274
 
 
176,367,167
Indiana — 1.5%
Indiana Finance Authority, RB, BAB, Series B, 6.60%,
02/01/39(a)
 
7,900
8,861,826
Indiana Municipal Power Agency, RB, BAB, Series A,
5.59%, 01/01/42
 
7,260
7,213,706
 
 
16,075,532
Kentucky — 0.9%
Westvaco Corp., RB, 7.67%, 01/15/27(b)
 
9,400
9,621,087
Louisiana — 0.9%
Louisiana Local Government Environmental Facilities &
Community Development Authority, RB, Series A-3,
5.20%, 12/01/39(a)
 
9,750
10,006,507
Schedule of Investments
3
Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Taxable Municipal Bond Trust (BBN)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Maryland — 2.6%
Maryland Community Development Administration, RB,
S/F Housing
 
Series F, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 6.15%, 09/01/38
$
5,000
$ 5,200,833
Series F, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 6.23%, 09/01/43
 
10,000
10,302,506
Maryland Economic Development Corp., RB
 
4.00%, 04/01/34
 
9,140
6,668,914
Sustainability Bonds, 5.94%, 05/31/57
 
5,000
5,052,392
Maryland Health & Higher Educational Facilities
Authority, RB, Series B, 6.25%, 03/01/27(b)
 
520
524,492
 
 
27,749,137
Massachusetts — 6.9%
Commonwealth of Massachusetts Transportation Fund
Revenue, RB, BAB, 5.73%, 06/01/40(a)
 
5,000
5,211,319
Massachusetts Educational Financing Authority, RB
 
Series A, 3.61%, 07/01/36
 
9,000
8,492,211
Series A, 5.95%, 07/01/44
 
14,565
14,988,933
Series A, 6.17%, 07/01/50
 
15,000
15,386,566
Massachusetts Educational Financing Authority,
Refunding RB
 
Series A, 4.95%, 07/01/38
 
13,355
13,217,306
Series A, 6.35%, 07/01/49
 
8,885
9,294,660
Massachusetts Housing Finance Agency, RB, S/F
Housing, Series 226, Sustainability Bonds, (FHLMC,
FNMA, GNMA), 5.84%, 12/01/42
 
3,170
3,210,320
Massachusetts Port Authority, Refunding RB, Series C,
2.72%, 07/01/42
 
5,055
3,850,354
 
 
73,651,669
Michigan — 4.1%
Michigan Finance Authority, RB
 
6.38%, 06/01/33(b)(d)(e)
 
1,000
403,750
Series D, 5.02%, 11/01/43
 
7,500
7,100,719
Michigan Finance Authority, Refunding RB, CAB,
Series B, 0.00%, 06/01/45(c)
 
50,000
13,967,362
Michigan State Housing Development Authority, RB, S/F
Housing, Series B, Sustainability Bonds, 5.77%,
12/01/44
 
3,125
3,124,428
Michigan State University, RB, BAB, Series A, 6.17%,
02/15/50(a)
 
5,500
5,624,854
Michigan State University, Refunding RB, Series A,
4.50%, 08/15/48(a)
 
14,575
13,225,995
Western Michigan University, Refunding RB, Series B,
(AGM), 2.88%, 11/15/43
 
1,500
1,146,945
 
 
44,594,053
Minnesota — 1.8%
Minnesota Housing Finance Agency, RB, S/F Housing,
Series P, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 5.79%, 07/01/44
 
3,000
3,029,479
Southern Minnesota Municipal Power Agency,
Refunding RB, BAB, Series A, 5.93%, 01/01/43
 
8,000
8,461,881
Security
 
Par
(000)
Value
Minnesota (continued)
Western Minnesota Municipal Power Agency, RB, BAB,
6.77%, 01/01/46
$
5,000
$ 5,544,694
Western Minnesota Municipal Power Agency, Refunding
RB, Series A, 3.23%, 01/01/46
 
3,000
2,270,784
 
 
19,306,838
Missouri — 1.9%
Curators of the University of Missouri, RB, BAB, 5.79%,
11/01/41
 
7,000
7,233,205
Missouri Joint Municipal Electric Utility Commission, RB,
BAB, 7.73%, 01/01/39
 
11,000
13,294,403
 
 
20,527,608
Nevada — 0.8%
County of Clark Department of Aviation, ARB, BAB,
Series C, 6.82%, 07/01/45
 
2,000
2,242,003
Nevada Housing Division, RB, S/F Housing, Series F,
(FHLMC, FNMA, GNMA), 5.52%, 10/01/44
 
6,485
6,235,174
 
 
8,477,177
New Hampshire — 2.6%
New Hampshire Business Finance Authority, RB, 3.78%,
01/01/36
 
2,500
1,815,614
New Hampshire Business Finance Authority, Refunding
RB
 
3.30%, 04/01/32
 
12,895
9,021,600
2.87%, 07/01/35
 
4,695
3,286,228
Series A, 6.89%, 04/01/34(b)
 
9,140
9,576,357
New Hampshire Health and Education Facilities
Authority Act, RB, Class A, 5.04%, 11/01/34
 
4,130
4,143,740
 
 
27,843,539
New Jersey — 8.5%
New Jersey Economic Development Authority, RB
 
Series A, (NPFGC), 7.43%, 02/15/29
 
20,974
22,047,850
Series B, 7.00%, 06/15/30(b)
 
2,860
2,864,874
New Jersey Educational Facilities Authority, Refunding
RB
 
(AGM), 3.51%, 07/01/42
 
6,000
4,982,381
(AGM), 3.61%, 07/01/50
 
1,500
1,130,235
New Jersey Institute of Technology, Refunding RB,
Series B, 3.42%, 07/01/42(a)
 
7,500
6,170,864
New Jersey Transportation Trust Fund Authority,
Refunding RB, 4.08%, 06/15/39
 
7,230
6,682,255
New Jersey Turnpike Authority, RB, BAB(a)
 
Series A, 7.10%, 01/01/41
 
34,000
39,379,365
Series F, 7.41%, 01/01/40
 
6,790
8,188,043
 
 
91,445,867
New York — 11.5%
City of New York, GO
 
Series H, 6.29%, 02/01/45
 
7,260
7,749,306
Series D-1, Sustainability Bonds, 5.11%, 10/01/54
 
3,930
3,748,169
City of New York, Refunding GO
 
Series D, 2.17%, 08/01/34(f)
 
4,305
3,585,823
Series D, 2.17%, 08/01/34
 
2,980
2,458,094
Metropolitan Transportation Authority Dedicated Tax
Fund, RB, BAB, 7.34%, 11/15/39(a)
 
11,620
13,859,956
4
Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Taxable Municipal Bond Trust (BBN)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
New York (continued)
Metropolitan Transportation Authority, RB, BAB
 
6.67%, 11/15/39
$
2,220
$ 2,429,116
Series TR, 6.69%, 11/15/40
 
19,705
21,521,816
Metropolitan Transportation Authority, Refunding RB,
Series C2, Sustainability Bonds, 5.18%, 11/15/49
 
340
316,149
New York City Housing Development Corp., RB, M/F
Housing
 
Sustainability Bonds, 3.10%, 11/01/45
 
1,310
902,014
Series D, Sustainability Bonds, (HUD SECT 8),
5.40%, 08/01/49(a)
 
6,550
6,368,856
New York City Municipal Water Finance Authority, RB,
5.95%, 06/15/42(a)
 
5,000
5,243,212
New York City Municipal Water Finance Authority,
Refunding RB, 5.88%, 06/15/44(a)
 
7,590
7,808,131
New York State Dormitory Authority, RB, Series B,
5.99%, 07/01/45
 
5,145
5,371,523
New York State Dormitory Authority, RB, BAB, Series H,
5.39%, 03/15/40(a)
 
15,000
15,176,870
New York State Dormitory Authority, Refunding RB
 
2.99%, 07/01/40
 
7,090
5,732,069
Class B, 2.69%, 07/01/40
 
3,000
2,316,848
New York State Thruway Authority, Refunding RB,
Series M, 3.50%, 01/01/42
 
2,000
1,678,719
Port Authority of New York & New Jersey, RB, RB,
5.65%, 11/01/40
 
2,115
2,261,071
Triborough Bridge & Tunnel Authority, Refunding RB
 
Series A-3, 2.51%, 05/15/35(a)
 
10,390
8,650,701
Series A-3, 2.92%, 05/15/40
 
3,000
2,330,627
United Nations Development Corp., Refunding RB,
Series A, 6.54%, 08/01/55
 
3,400
3,602,517
 
 
123,111,587
North Carolina — 0.7%
North Carolina Housing Finance Agency, RB, S/F
Housing, Series 53-B, Sustainability Bonds, (FHLMC,
FNMA, GNMA), 6.25%, 01/01/55
 
6,815
7,129,383
Ohio — 3.4%
American Municipal Power, Inc., RB, Series B, 7.83%,
02/15/41(a)
 
20,760
24,721,070
Ohio University, RB, 5.59%, 12/01/2114
 
10,100
9,650,333
State of Ohio, Refunding RB, 3.28%, 01/01/42
 
3,000
2,550,916
 
 
36,922,319
Oklahoma — 1.5%
Oklahoma Development Finance Authority, RB
 
Series A-3, 5.09%, 02/01/52(a)
 
6,750
6,480,204
Series A-3, 4.71%, 05/01/52
 
3,695
3,395,798
Series B, 11.00%, 09/01/41(b)
 
3,000
2,699,816
Oklahoma Municipal Power Authority, RB, BAB, 6.44%,
01/01/45
 
3,500
3,781,090
 
 
16,356,908
Pennsylvania — 3.5%
Commonwealth Financing Authority, RB
 
Series A, 4.14%, 06/01/38
 
4,435
4,165,594
Series A, 3.81%, 06/01/41
 
6,110
5,251,216
Security
 
Par
(000)
Value
Pennsylvania (continued)
Pennsylvania Economic Development Financing
Authority, RB, BAB, Series B, 6.53%, 06/15/39
$
23,050
$ 25,295,662
Pennsylvania Turnpike Commission, Refunding RB,
3.58%, 12/01/43
 
3,630
2,977,146
 
 
37,689,618
Puerto Rico — 1.4%
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB
 
Series A-1, Restructured, 5.00%, 07/01/58
 
3,465
3,342,226
Series A-2, Restructured, 4.55%, 07/01/40
 
14,899
12,032,957
 
 
15,375,183
South Carolina — 3.2%
Charleston Educational Excellence Finance Corp.,
Refunding RB, 1.87%, 12/01/29
 
10,000
9,130,395
South Carolina Jobs-Economic Development Authority,
RB, 7.35%, 08/15/30(b)
 
710
714,056
South Carolina Public Service Authority, RB, BAB,
Series C, (AGM-CR), 6.45%, 01/01/50(a)
 
11,290
12,302,507
South Carolina Public Service Authority, Refunding RB
 
Series C, 5.78%, 12/01/41
 
4,595
4,897,518
Series D, (AGM), 6.45%, 12/01/42
 
2,870
3,259,552
South Carolina Student Loan Corp., RB, Series A,
3.59%, 12/01/39
 
4,125
3,741,532
 
 
34,045,560
Tennessee — 5.0%
Memphis-Shelby County Industrial Development Board,
Refunding RB, Series B, 5.45%, 07/01/45
 
5,875
4,394,606
Metropolitan Government of Nashville & Davidson
County Convention Center Authority, RB, BAB,
Series A-2, 7.43%, 07/01/43(a)
 
35,105
40,204,666
Tennessee Housing Development Agency, RB, S/F
Housing
 
Series 1B, Sustainability Bonds, 5.92%, 07/01/49
 
545
545,884
Series 2B, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 5.91%, 07/01/44
 
5,000
5,043,222
Tennessee State School Bond Authority, Refunding RB,
Series A, 2.56%, 11/01/41(a)
 
4,525
3,420,269
 
 
53,608,647
Texas — 7.7%
Alamo Regional Mobility Authority, Refunding RB,
Series B, 3.28%, 06/15/46
 
5,910
4,487,586
Arlington Higher Education Finance Corp., RB(b)
 
5.50%, 04/01/30
 
500
480,444
6.50%, 11/01/32
 
1,280
1,292,572
Arlington Higher Education Finance Corp., Refunding
RB, Series B, 4.00%, 08/15/28
 
765
732,129
City of San Antonio Texas Customer Facility Charge
Revenue, ARB, 5.87%, 07/01/45
 
7,500
7,375,383
Dallas Area Rapid Transit, RB, BAB, 5.02%, 12/01/48
 
2,500
2,391,058
Hidalgo County Regional Mobility Authority, Refunding
RB, Series B, (AGM), 2.91%, 12/01/40
 
5,000
3,939,209
Metropolitan Transit Authority of Harris County Sales &
Use Tax Revenue, Refunding RB, Series A, 2.99%,
11/01/41
 
4,750
3,719,478
New Caney Independent School District, Refunding GO,
(PSF), 2.40%, 02/15/42
 
7,025
4,932,084
Schedule of Investments
5
Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Taxable Municipal Bond Trust (BBN)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Texas (continued)
New Hope Higher Education Finance Corp., RB,
Series B, 5.00%, 06/15/27(b)
$
265
$ 262,807
Port of Beaumont Industrial Development Authority, RB,
4.10%, 01/01/28(b)
 
8,285
7,440,200
Port of Beaumont Navigation District, Refunding ARB,
Series B, 10.00%, 07/01/26(b)
 
10,000
10,052,332
Rockwall Independent School District, Refunding GO,
(PSF), 2.38%, 02/15/46
 
5,000
3,272,272
Texas Natural Gas Securitization Finance Corp., RB,
Series 2023-1, Class A2, 5.17%, 04/01/41(a)
 
10,000
10,213,670
Texas Private Activity Bond Surface Transportation
Corp., RB, Series B, 3.92%, 12/31/49
 
25,000
19,811,760
United Independent School District, Refunding GO,
(PSF), 2.85%, 08/15/44
 
3,885
2,812,689
 
 
83,215,673
Utah — 0.4%
Utah ah Housing Corp., RB, S/F Housing, Series I,
(FHLMC, FNMA, GNMA), 5.96%, 07/01/45
 
875
886,266
Utah Housing Corp., RB, S/F Housing, Series D,
(FHLMC, FNMA, GNMA), 6.25%, 07/01/54
 
2,840
3,000,435
 
 
3,886,701
Virginia — 3.4%
Tobacco Settlement Financing Corp., Refunding RB,
Series A-1, 6.71%, 06/01/46
 
28,655
21,581,335
Virginia Housing Development Authority, RB, M/F
Housing
 
Series D, 3.52%, 06/01/40
 
4,000
3,427,997
Series F, (HUD SECT 8), 3.13%, 07/01/45
 
3,425
2,536,159
Virginia Housing Development Authority, RB, S/F
Housing
 
Series A, 5.57%, 10/01/49
 
5,845
5,866,731
Series E, 5.82%, 07/01/44(a)
 
3,670
3,673,973
 
 
37,086,195
Washington — 1.8%
Washington State Convention Center Public Facilities
District, RB, BAB, 6.79%, 07/01/40
 
17,800
18,835,527
West Virginia — 1.4%
Tobacco Settlement Finance Authority, RB, Series B,
0.00%, 06/01/47(c)
 
1,600
155,692
Tobacco Settlement Finance Authority, Refunding RB
 
Series A, Class 1, 4.31%, 06/01/49
 
10,000
7,236,513
Series B, Class 2, 4.88%, 06/01/49
 
8,155
7,714,132
 
 
15,106,337
Security
 
Par
(000)
Value
Wisconsin(b) — 0.9%
Public Finance Authority, RB
 
5.38%, 06/15/28
$
250
$ 249,369
5.25%, 01/01/31
 
925
858,541
Series B, Class S, 5.25%, 06/15/26
 
50
49,988
Public Finance Authority, RB, M/F Housing, 6.70%,
02/01/55
 
7,550
7,569,055
Public Finance Authority, Refunding RB, Series B,
6.13%, 10/01/49
 
1,470
1,240,059
 
 
9,967,012
Total Municipal Bonds — 140.8%
(Cost: $1,478,797,099)
1,513,004,538
Total Long-Term Investments — 148.7%
(Cost: $1,568,824,733)
1,598,004,072
 
 
 
 
Shares
 
Short-Term Securities
Money Market Funds — 0.3%
BlackRock Liquidity Funds, T-Fund, Institutional Shares,
4.01%(g)(h)
 
3,717,434
3,717,434
Total Short-Term Securities — 0.3%
(Cost: $3,717,434)
3,717,434
Total Investments — 149.0%
(Cost: $1,572,542,167)
1,601,721,506
Liabilities in Excess of Other Assets — (49.0)%
(526,689,728
)
Net Assets — 100.0%
$ 1,075,031,778
 
(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)
Issuer filed for bankruptcy and/or is in default.
(e)
Non-income producing security.
(f)
Security is collateralized by municipal bonds or U.S. Treasury obligations.
(g)
Affiliate of the Trust.
(h)
Annualized 7-day yield as of period end.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the period ended September 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
12/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
09/30/25
Shares
Held at
09/30/25
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Liquidity Funds, T-Fund, Institutional Shares
$ 1,563,635
$ 2,153,799
(a)
$ —
$ —
$ —
$ 3,717,434
3,717,434
$ 311,608
$ —
 
(a)
Represents net amount purchased (sold).
6
Schedule of Investments (unaudited)(continued)
September 30, 2025
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
4.24
%(b)
05/16/25
Open
$ 7,933,750
$ 8,056,921
Corporate Bonds
Open/Demand
Barclays Bank PLC
4.34
(b)
05/16/25
Open
8,721,212
8,874,662
Municipal Bonds
Open/Demand
Barclays Bank PLC
4.35
(b)
05/16/25
Open
1,204,875
1,226,121
Municipal Bonds
Open/Demand
Barclays Bank PLC
4.35
(b)
05/16/25
Open
4,575,000
4,655,672
Municipal Bonds
Open/Demand
Barclays Bank PLC
4.35
(b)
05/16/25
Open
13,106,250
13,337,357
Municipal Bonds
Open/Demand
Barclays Bank PLC
4.35
(b)
05/16/25
Open
7,375,637
7,505,695
Municipal Bonds
Open/Demand
Barclays Bank PLC
4.35
(b)
05/16/25
Open
25,434,856
25,883,358
Municipal Bonds
Open/Demand
Barclays Bank PLC
4.35
(b)
05/16/25
Open
5,880,938
5,984,638
Municipal Bonds
Open/Demand
RBC Capital Markets, LLC
4.35
(b)
05/16/25
Open
17,865,375
18,180,401
Municipal Bonds
Open/Demand
RBC Capital Markets, LLC
4.35
(b)
05/16/25
Open
15,193,750
15,461,666
Municipal Bonds
Open/Demand
RBC Capital Markets, LLC
4.35
(b)
05/16/25
Open
7,113,750
7,239,189
Municipal Bonds
Open/Demand
RBC Capital Markets, LLC
4.35
(b)
05/16/25
Open
2,870,000
2,920,608
Municipal Bonds
Open/Demand
RBC Capital Markets, LLC
4.35
(b)
05/16/25
Open
17,573,750
17,883,634
Municipal Bonds
Open/Demand
RBC Capital Markets, LLC
4.35
(b)
05/16/25
Open
38,160,000
38,832,888
Municipal Bonds
Open/Demand
RBC Capital Markets, LLC
4.35
(b)
05/16/25
Open
5,706,250
5,806,870
Municipal Bonds
Open/Demand
RBC Capital Markets, LLC
4.35
(b)
05/16/25
Open
2,925,000
2,976,578
Municipal Bonds
Open/Demand
RBC Capital Markets, LLC
4.35
(b)
05/16/25
Open
3,026,250
3,079,613
Corporate Bonds
Open/Demand
RBC Capital Markets, LLC
4.40
(b)
05/16/25
Open
10,325,000
10,509,043
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
4.24
(b)
05/16/25
Open
4,775,000
4,857,186
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
4.25
(b)
05/16/25
Open
38,308,331
38,969,150
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
4.25
(b)
05/16/25
Open
7,409,737
7,537,555
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
4.28
(b)
05/16/25
Open
10,209,550
10,386,839
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
4.32
(b)
05/16/25
Open
10,113,500
10,290,672
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
4.32
(b)
05/16/25
Open
7,945,000
8,084,183
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
4.32
(b)
05/16/25
Open
18,551,250
18,876,237
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
4.32
(b)
05/16/25
Open
15,994,981
16,275,187
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
4.32
(b)
05/16/25
Open
1,950,000
1,984,161
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
4.32
(b)
05/16/25
Open
6,743,344
6,861,476
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
4.32
(b)
05/16/25
Open
6,562,188
6,677,146
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
4.32
(b)
05/16/25
Open
1,515,000
1,541,540
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
4.32
(b)
05/16/25
Open
16,912,500
17,208,779
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
4.32
(b)
05/16/25
Open
4,359,713
4,436,087
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
4.32
(b)
05/16/25
Open
2,017,500
2,052,843
Corporate Bonds
Open/Demand
TD Securities (USA) LLC
4.32
(b)
05/16/25
Open
19,202,562
19,538,959
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
4.32
(b)
05/16/25
Open
12,811,050
13,035,478
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
4.32
(b)
05/16/25
Open
10,387,500
10,569,472
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
4.32
(b)
05/16/25
Open
7,873,294
8,011,221
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
4.33
(b)
05/16/25
Open
3,527,788
3,589,724
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
4.33
(b)
05/16/25
Open
5,901,063
6,004,665
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
4.33
(b)
05/16/25
Open
8,324,625
8,470,778
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
4.33
(b)
05/16/25
Open
11,852,500
12,060,590
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
4.33
(b)
05/16/25
Open
5,431,250
5,526,605
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
4.35
(b)
05/16/25
Open
12,224,781
12,440,345
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
4.40
(b)
05/16/25
Open
9,506,250
9,675,699
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
4.25
(b)
05/29/25
Open
15,342,400
15,582,125
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
4.30
(b)
06/02/25
Open
9,165,712
9,305,884
Municipal Bonds
Open/Demand
RBC Capital Markets, LLC
4.35
(b)
06/26/25
Open
4,850,000
4,910,113
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
4.35
(b)
06/26/25
Open
8,182,125
8,283,538
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
4.32
(b)
09/02/25
Open
11,329,425
11,371,133
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
4.32
(b)
09/09/25
Open
6,717,938
6,736,699
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
4.35
(b)
09/09/25
Open
9,962,500
9,990,506
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
4.35
(b)
09/10/25
Open
5,093,750
5,107,418
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
4.35
(b)
09/18/25
Open
6,107,875
6,118,021
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
4.40
(b)
09/18/25
Open
5,737,500
5,747,134
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
4.35
(b)
09/24/25
Open
6,580,700
6,586,266
Municipal Bonds
Open/Demand
TD Securities (USA) LLC
4.35
(b)
09/30/25
Open
3,218,406
3,218,406
Municipal Bonds
Open/Demand
 
 
 
$ 547,690,231
$ 556,334,734
 
 
 
(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.
Schedule of Investments
7
Schedule of Investments (unaudited)(continued)
September 30, 2025
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
364
12/19/25
$ 40,950
$ (254,666
)
U.S. Long Bond
643
12/19/25
74,990
(1,908,890
)
 
$ (2,163,556
)
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows: 
• Level 1 – Unadjusted price quotations in active markets/exchanges that the Trust has the ability to access for identical assets or liabilities;
• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 – Inputs that are unobservable and significant to the  entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have 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
$ —
$ 84,999,534
$ —
$ 84,999,534
Municipal Bonds
—
1,513,004,538
—
1,513,004,538
Short-Term Securities 
Money Market Funds
3,717,434
—
—
3,717,434
 
$3,717,434
$1,598,004,072
$—
$1,601,721,506
Derivative Financial Instruments(a)
Liabilities 
Interest Rate Contracts
$ (2,163,556
)
$ —
$ —
$ (2,163,556
)
 
(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 $556,334,734 are categorized as Level 2 within the fair value hierarchy.
 
Portfolio Abbreviation 
AGM
 Assured Guaranty Municipal Corp.
AGM-CR
 AGM Insured Custodial Receipt
AMBAC
 AMBAC Assurance Corp.
AMT
 Alternative Minimum Tax
Portfolio Abbreviation (continued)
ARB
 Airport Revenue Bonds
BAB
 Build America Bond
BAM
 Build America Mutual Assurance Co.
CAB
 Capital Appreciation Bonds
8
Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Taxable Municipal Bond Trust (BBN)
 
Portfolio Abbreviation (continued)
COP
 Certificates of Participation
FHLMC
 Federal Home Loan Mortgage Corp.
FNMA
 Federal National Mortgage Association
GNMA
 Government National Mortgage Association
GO
 General Obligation Bonds
HUD SECT 8
 U.S. Department of Housing and Urban Development
Section 8
M/F
 Multi-Family
NPFGC
 National Public Finance Guarantee Corp.
PSF
 Permanent School Fund
RB
 Revenue Bonds
S/F
 Single-Family
SAP
 Subject to Appropriations
Schedule of Investments
9