# EDGAR Filing Document

**Accession Number:** 0001493683
**File Stem:** 0001410368-25-032206
**Filing Date:** 2025-11
**Character Count:** 177605
**Document Hash:** 224cc11ea5889c5f7f8af870f2f8e3b0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-032206.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001410368-25-032206

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock Taxable Municipal Bond Trust
- **CENTRAL INDEX KEY:** 0001493683

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22426
- **FILM NUMBER:** 251525934

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800-441-7762

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BlackRock Build America Bond Trust
- **DATE OF NAME CHANGE:** 20100608

## Nport-Ex

September 30, 2025

2025 Quarterly Report <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BlackRock Taxable Municipal Bond Trust (BBN)**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Not FDIC Insured • May Lose Value • No Bank Guarantee**<br>

------

Schedule of Investments (unaudited)

September 30, 2025

**BlackRock Taxable Municipal Bond Trust (BBN)** 

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br>*(000)*<br>| *Value* |
| **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** |
| **Commercial Services & Supplies — 2.9%** | **Commercial Services & Supplies — 2.9%** | **Commercial Services & Supplies — 2.9%** |
| Grand Canyon University, 5.13%, 10/01/28<sup>(a)</sup> | $6022 | &nbsp;&nbsp; $5921931 |
| &nbsp;&nbsp;&nbsp; Rensselaer Polytechnic Institute, Series 2018, 5.25%, <br> 09/01/48<br>| 18190 | &nbsp;&nbsp; 16197892 |
| Wesleyan University, 4.78%, 07/01/2116<sup>(a)</sup> | 11000 | &nbsp;&nbsp; 9019650 |
|  |  | &nbsp;&nbsp; 31139473 |
| **Financial Services**<sup>(b)</sup> **— 1.8%** | **Financial Services**<sup>(b)</sup> **— 1.8%** | **Financial Services**<sup>(b)</sup> **— 1.8%** |
| MMH Master LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 02/01/34 | 2446 | &nbsp;&nbsp; 2543662 |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/01/39 | 6475 | &nbsp;&nbsp; 6922523 |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/01/44 | 7300 | &nbsp;&nbsp; 7777225 |
| Western Group Housing LP, 6.75%, 03/15/57 | 2357 | &nbsp;&nbsp; 2349119 |
|  |  | &nbsp;&nbsp; 19592529 |
| **Health Care Providers & Services — 3.2%** | **Health Care Providers & Services — 3.2%** | **Health Care Providers & Services — 3.2%** |
| CommonSpirit Health, 5.32%, 12/01/34<sup>(a)</sup> | 5000 | &nbsp;&nbsp; 5080187 |
| Ochsner Clinic Foundation, 5.90%, 05/15/45<sup>(a)</sup> | 5000 | &nbsp;&nbsp; 5150578 |
| Sutter Health, Series 2025, 5.54%, 08/15/35 | 10490 | &nbsp;&nbsp; 11002567 |
| &nbsp;&nbsp;&nbsp; West Virginia United Health System Obligated Group, <br> Series 2018, 4.92%, 06/01/48<br>| 15000 | &nbsp;&nbsp; 13034200 |
|  |  | &nbsp;&nbsp; 34267532 |
| **Total Corporate Bonds — 7.9%** <br>**(Cost: $90,027,634)** | **Total Corporate Bonds — 7.9%** <br>**(Cost: $90,027,634)** | &nbsp;&nbsp; 84999534 |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **Alabama — 0.5%** | **Alabama — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Alabama Incentives Financing Authority, Refunding RB, <br> Series B, (AGM), 3.54%, 09/01/42<br>| 4970 | &nbsp;&nbsp; 4208703 |
| &nbsp;&nbsp;&nbsp; Jacksonville Public Educational Building Authority, RB, <br> (AGM), 7.00%, 08/01/46<br>| 1365 | &nbsp;&nbsp; 1471484 |
|  |  | &nbsp;&nbsp; 5680187 |
| **Alaska — 0.9%** | **Alaska — 0.9%** |  |
| &nbsp;&nbsp;&nbsp; Alaska Housing Finance Corp., RB, S/F Housing, <br> Series C, 6.25%, 12/01/53<sup>(a)</sup><br>| 9270 | &nbsp;&nbsp; 9715380 |
| **Arizona — 3.4%** | **Arizona — 3.4%** |  |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, RB, <br> 7.38%, 10/01/29<sup>(b)</sup><br>| 11540 | &nbsp;&nbsp; 12083907 |
| &nbsp;&nbsp;&nbsp; Salt River Project Agricultural Improvement & Power <br> District, RB, BAB, 4.84%, 01/01/41<sup>(a)</sup><br>| 24545 | &nbsp;&nbsp; 24072132 |
|  |  | &nbsp;&nbsp; 36156039 |
| **Arkansas — 0.8%** | **Arkansas — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; Arkansas Development Finance Authority, RB, AMT, <br> Sustainability Bonds, 7.38%, 07/01/48<sup>(b)</sup><br>| 7400 | &nbsp;&nbsp; 8131460 |
| **California — 22.0%** | **California — 22.0%** |  |
| &nbsp;&nbsp;&nbsp; Alameda Corridor Transportation Authority, Refunding <br> RB, CAB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, Senior Lien, 0.00%, 10/01/42 | 5000 | &nbsp;&nbsp; 1806945 |
| &nbsp;&nbsp;&nbsp; Series D, Subordinate, (AGM), 0.00%, 10/01/40 | 3775 | &nbsp;&nbsp; 1570285 |
| &nbsp;&nbsp;&nbsp; Alameda County Joint Powers Authority, RB, BAB, <br> Series A, 7.05%, 12/01/44<sup>(a)</sup><br>| 11000 | &nbsp;&nbsp; 12543290 |
| Bay Area Toll Authority, RB, BAB |  |  |
| &nbsp;&nbsp;&nbsp; Series S-1, 6.92%, 04/01/40 | 6720 | &nbsp;&nbsp; 7595117 |
| &nbsp;&nbsp;&nbsp; Series S-3, 6.91%, 10/01/50 | 14000 | &nbsp;&nbsp; 15963316 |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development Bank, <br> RB, 5.50%, 01/01/38<sup>(b)</sup><br>| 4600 | &nbsp;&nbsp; 4058900 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **California (continued)** | **California (continued)** |  |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development Bank, <br> Refunding RB, Series A, Class B, AMT, Sustainability <br> Bonds, 9.50%, 01/01/65<sup>(b)</sup><br>| 4605 | &nbsp;&nbsp; $4199182 |
| &nbsp;&nbsp;&nbsp; California State Public Works Board, RB, BAB, <br> Series G-2, 8.36%, 10/01/34<sup>(a)</sup><br>| 17050 | &nbsp;&nbsp; 20241582 |
| &nbsp;&nbsp;&nbsp; California State University, Refunding RB, Series B, <br> 2.80%, 11/01/41<br>| 5000 | &nbsp;&nbsp; 3759521 |
| &nbsp;&nbsp;&nbsp; Cerritos Community College District, Refunding GO, <br> 3.00%, 08/01/38<br>| 1000 | &nbsp;&nbsp; 825196 |
| &nbsp;&nbsp;&nbsp; City & County of San Francisco California, COP, <br> Class A, 6.38%, 10/01/43<br>| 8480 | &nbsp;&nbsp; 8838242 |
| City of Chula Vista California, RB, 2.40%, 06/01/36 | 1275 | &nbsp;&nbsp; 981263 |
| City of Huntington Beach California, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 3.28%, 06/15/40<sup>(a)</sup> | 6000 | &nbsp;&nbsp; 4914779 |
| &nbsp;&nbsp;&nbsp; 3.38%, 06/15/44 | 1500 | &nbsp;&nbsp; 1160377 |
| City of Orange California, RB, (BAM), 3.12%, 06/01/44 | 2000 | &nbsp;&nbsp; 1505867 |
| &nbsp;&nbsp;&nbsp; City of Riverside California, RB, Series A, 3.86%, <br> 06/01/45<br>| 1500 | &nbsp;&nbsp; 1290718 |
| &nbsp;&nbsp;&nbsp; County of Sonoma California, Refunding RB, Series A, <br> 6.00%, 12/01/29<sup>(a)</sup><br>| 9065 | &nbsp;&nbsp; 9469292 |
| &nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization Corp., Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; (SAP), 3.12%, 06/01/38 | 11410 | &nbsp;&nbsp; 9604715 |
| &nbsp;&nbsp;&nbsp; Class B, (SAP), 3.29%, 06/01/42 | 2000 | &nbsp;&nbsp; 1565040 |
| &nbsp;&nbsp;&nbsp; Series A-1, 3.71%, 06/01/41 | 26275 | &nbsp;&nbsp; 20551002 |
| &nbsp;&nbsp;&nbsp; Series A-1, 4.21%, 06/01/50 | 22500 | &nbsp;&nbsp; 16699909 |
| &nbsp;&nbsp;&nbsp; Imperial Irrigation District, RB, (AMBAC), 6.94%, <br> 01/01/26<br>| 575 | &nbsp;&nbsp; 578597 |
| &nbsp;&nbsp;&nbsp; Los Angeles Community College District, GO, BAB, <br> 6.60%, 08/01/42<sup>(a)</sup><br>| 10000 | &nbsp;&nbsp; 10961644 |
| &nbsp;&nbsp;&nbsp; Regents of the University of California Medical Center <br> Pooled Revenue, RB, BAB, Series H, 6.55%, <br> 05/15/48<br>| 5330 | &nbsp;&nbsp; 5745360 |
| &nbsp;&nbsp;&nbsp; San Diego County Regional Airport Authority, ARB, <br> Series B, 5.59%, 07/01/43<br>| 3570 | &nbsp;&nbsp; 3569976 |
| &nbsp;&nbsp;&nbsp; San Joaquin Hills Transportation Corridor Agency, <br> Refunding RB, Series B, (AGM), 3.49%, 01/15/50<br>| 7200 | &nbsp;&nbsp; 5491440 |
| State of California, GO, BAB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.55%, 04/01/39 | 9035 | &nbsp;&nbsp; 10920983 |
| &nbsp;&nbsp;&nbsp; 7.35%, 11/01/39 | 5000 | &nbsp;&nbsp; 5870896 |
| &nbsp;&nbsp;&nbsp; 7.63%, 03/01/40 | 8950 | &nbsp;&nbsp; 10831340 |
| &nbsp;&nbsp;&nbsp; 7.60%, 11/01/40 | 15000 | &nbsp;&nbsp; 18370743 |
| State of California, Refunding GO<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 03/01/38 | 10010 | &nbsp;&nbsp; 10117513 |
| &nbsp;&nbsp;&nbsp; 5.88%, 10/01/41 | 5000 | &nbsp;&nbsp; 5206919 |
|  |  | &nbsp;&nbsp; 236809949 |
| **Colorado — 1.8%** | **Colorado — 1.8%** |  |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Refunding RB, <br> Series B, 4.48%, 12/01/40<br>| 11885 | &nbsp;&nbsp; 10323573 |
| &nbsp;&nbsp;&nbsp; Colorado Housing and Finance Authority, RB, S/F <br> Housing, Series B-1, Class I, (GNMA), 6.25%, <br> 11/01/54<br>| 1860 | &nbsp;&nbsp; 1967477 |
| &nbsp;&nbsp;&nbsp; Denver City & County School District No. 1, Refunding <br> COP, Series B, 7.02%, 12/15/37<br>| 6000 | &nbsp;&nbsp; 6862481 |
|  |  | &nbsp;&nbsp; 19153531 |

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Taxable Municipal Bond Trust (BBN)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Connecticut — 1.7%** | **Connecticut — 1.7%** |  |
| &nbsp;&nbsp;&nbsp; Connecticut Housing Finance Authority, RB, S/F <br> Housing, Series E-1, Class T, Sustainability Bonds, <br> 5.37%, 11/15/44<sup>(a)</sup><br>| $6575 | &nbsp;&nbsp; $6313482 |
| &nbsp;&nbsp;&nbsp; Connecticut Housing Finance Authority, Refunding RB, <br> S/F Housing, Series A-2, Sustainability Bonds, <br> (FHLMC, FNMA, GNMA), 5.41%, 05/15/55<br>| 10000 | &nbsp;&nbsp; 10243408 |
| &nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities <br> Authority, Refunding RB, Series G-2, 4.25%, <br> 07/01/27<sup>(b)</sup><br>| 1545 | &nbsp;&nbsp; 1519597 |
|  |  | &nbsp;&nbsp; 18076487 |
| **District of Columbia — 1.8%** | **District of Columbia — 1.8%** |  |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Dulles Toll <br> Road Revenue, ARB, BAB, Series D, 8.00%, <br> 10/01/47<sup>(a)</sup><br>| 10750 | &nbsp;&nbsp; 13364271 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Dulles Toll <br> Road Revenue, RB, BAB, 7.46%, 10/01/46<br>| 5000 | &nbsp;&nbsp; 6019339 |
|  |  | &nbsp;&nbsp; 19383610 |
| **Florida — 5.2%** | **Florida — 5.2%** |  |
| Capital Trust Agency, Inc., RB, 5.50%, 06/15/26<sup>(b)</sup> | 235 | &nbsp;&nbsp; 235345 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Seaport Department, ARB, <br> 6.22%, 11/01/55<br>| 3295 | &nbsp;&nbsp; 3391896 |
| &nbsp;&nbsp;&nbsp; Excelsior Academies, Inc., RB, Series C, 5.25%, <br> 11/01/25<br>| 20 | &nbsp;&nbsp; 19995 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., RB, Series D, <br> 5.75%, 12/15/26<sup>(b)</sup><br>| 650 | &nbsp;&nbsp; 650613 |
| Florida Development Finance Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Class B, 4.01%, 04/01/40 | 2500 | &nbsp;&nbsp; 2164306 |
| &nbsp;&nbsp;&nbsp; Series B, 4.11%, 04/01/50 | 5000 | &nbsp;&nbsp; 4118479 |
| &nbsp;&nbsp;&nbsp; AMT, 12.00%, 07/15/32<sup>(b)(d)(e)</sup> | 1150 | &nbsp;&nbsp; 713000 |
| &nbsp;&nbsp;&nbsp; Miami-Dade County Educational Facilities Authority, <br> Refunding RB, Series B, 5.07%, 04/01/50<br>| 12250 | &nbsp;&nbsp; 11309087 |
| &nbsp;&nbsp;&nbsp; Miami-Dade County Industrial Development Authority, <br> RB, 5.25%, 11/01/25<br>| 10 | &nbsp;&nbsp; 9998 |
| &nbsp;&nbsp;&nbsp; State Board of Administration Finance Corp., RB, <br> Series A, 5.53%, 07/01/34<sup>(a)</sup><br>| 18300 | &nbsp;&nbsp; 19061695 |
| &nbsp;&nbsp;&nbsp; Village Center Community Development District, <br> Refunding RB, 5.02%, 11/01/36<br>| 13500 | &nbsp;&nbsp; 13737132 |
|  |  | &nbsp;&nbsp; 55411546 |
| **Georgia — 5.6%** | **Georgia — 5.6%** |  |
| &nbsp;&nbsp;&nbsp; East Point Business & Industrial Development Authority, <br> RB, Series B, 5.25%, 06/15/31<sup>(b)</sup><br>| 860 | &nbsp;&nbsp; 580500 |
| &nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, Refunding RB, <br> BAB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.64%, 04/01/57 | 25077 | &nbsp;&nbsp; 27387959 |
| &nbsp;&nbsp;&nbsp; 6.66%, 04/01/57 | 20260 | &nbsp;&nbsp; 22035981 |
| &nbsp;&nbsp;&nbsp; 7.06%, 04/01/57 | 9300 | &nbsp;&nbsp; 10488719 |
|  |  | &nbsp;&nbsp; 60493159 |
| **Hawaii — 0.7%** | **Hawaii — 0.7%** |  |
| State of Hawaii, GO, Series GK, 6.05%, 10/01/36 | 5000 | &nbsp;&nbsp; 5430054 |
| &nbsp;&nbsp;&nbsp; State of Hawaii, Refunding GO, Series GC, 2.37%, <br> 10/01/35<br>| 2500 | &nbsp;&nbsp; 2061737 |
|  |  | &nbsp;&nbsp; 7491791 |
| **Idaho — 1.7%** | **Idaho — 1.7%** |  |
| Idaho Housing & Finance Association, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 4.75%, 06/15/29<sup>(b)</sup> | 235 | &nbsp;&nbsp; 220702 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Idaho (continued)** | **Idaho (continued)** |  |
| Idaho Housing & Finance Association, RB (continued) |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 7.15%, 06/15/31 | 365 | &nbsp;&nbsp; $346325 |
| Idaho Housing & Finance Association, RB, S/F Housing |  |  |
| &nbsp;&nbsp;&nbsp; Series B, (FHLMC, FNMA, GNMA), 6.25%, 07/01/54 | 5695 | &nbsp;&nbsp; 6017576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, (FHLMC, FNMA, GNMA), 6.06%, <br> 01/01/44<sup>(a)</sup><br>| 11710 | &nbsp;&nbsp; 11913965 |
|  |  | &nbsp;&nbsp; 18498568 |
| **Illinois — 16.4%** | **Illinois — 16.4%** |  |
| Chicago Board of Education, GO, BAB |  |  |
| &nbsp;&nbsp;&nbsp; 6.04%, 12/01/29 | 10435 | &nbsp;&nbsp; 10597873 |
| &nbsp;&nbsp;&nbsp; 6.52%, 12/01/40 | 9745 | &nbsp;&nbsp; 9393434 |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, Refunding ARB, <br> BAB, Series B, 6.40%, 01/01/40<br>| 1500 | &nbsp;&nbsp; 1672656 |
| &nbsp;&nbsp;&nbsp; Chicago Transit Authority Sales & Transfer Tax Receipts <br> Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 6.90%, 12/01/40 | 7288 | &nbsp;&nbsp; 8131973 |
| &nbsp;&nbsp;&nbsp; Series B, 6.90%, 12/01/40 | 4472 | &nbsp;&nbsp; 4993747 |
| &nbsp;&nbsp;&nbsp; Chicago Transit Authority Sales Tax Receipts Fund, RB, <br> BAB, Series B, 6.20%, 12/01/40<sup>(a)</sup><br>| 16015 | &nbsp;&nbsp; 16753405 |
| &nbsp;&nbsp;&nbsp; City of Chicago Illinois Wastewater Transmission <br> Revenue, RB, BAB, Series B, 2nd Lien, 6.90%, <br> 01/01/40<sup>(a)</sup><br>| 36000 | &nbsp;&nbsp; 39969759 |
| &nbsp;&nbsp;&nbsp; City of Chicago Illinois Waterworks Revenue, RB, BAB, <br> Series B, 2nd Lien, 6.74%, 11/01/40<br>| 15250 | &nbsp;&nbsp; 16599227 |
| County of Will Illinois, Refunding GO, 2.95%, 11/15/45 | 8000 | &nbsp;&nbsp; 5797067 |
| Illinois Finance Authority, RB, 6.69%, 07/01/33 | 2925 | &nbsp;&nbsp; 3053360 |
| Illinois Housing Development Authority, RB, S/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 5.88%, 10/01/49<br>| 4125 | &nbsp;&nbsp; 4143337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 5.90%, 10/01/46<br>| 7145 | &nbsp;&nbsp; 7180783 |
| &nbsp;&nbsp;&nbsp; Illinois Municipal Electric Agency, RB, BAB, 7.29%, <br> 02/01/35<sup>(a)</sup><br>| 6635 | &nbsp;&nbsp; 7034390 |
| &nbsp;&nbsp;&nbsp; Northern Illinois Municipal Power Agency, RB, BAB, <br> 7.82%, 01/01/40<br>| 5000 | &nbsp;&nbsp; 5761866 |
| State of Illinois, GO, BAB |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 02/01/35 | 2077 | &nbsp;&nbsp; 2194675 |
| &nbsp;&nbsp;&nbsp; 7.35%, 07/01/35<sup>(a)</sup> | 25611 | &nbsp;&nbsp; 27920341 |
| &nbsp;&nbsp;&nbsp; Series 3, 6.73%, 04/01/35<sup>(a)</sup> | 4861 | &nbsp;&nbsp; 5169274 |
|  |  | &nbsp;&nbsp; 176367167 |
| **Indiana — 1.5%** | **Indiana — 1.5%** |  |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, RB, BAB, Series B, 6.60%, <br> 02/01/39<sup>(a)</sup><br>| 7900 | &nbsp;&nbsp; 8861826 |
| &nbsp;&nbsp;&nbsp; Indiana Municipal Power Agency, RB, BAB, Series A, <br> 5.59%, 01/01/42<br>| 7260 | &nbsp;&nbsp; 7213706 |
|  |  | &nbsp;&nbsp; 16075532 |
| **Kentucky — 0.9%** | **Kentucky — 0.9%** |  |
| Westvaco Corp., RB, 7.67%, 01/15/27<sup>(b)</sup> | 9400 | &nbsp;&nbsp; 9621087 |
| **Louisiana — 0.9%** | **Louisiana — 0.9%** |  |
| &nbsp;&nbsp;&nbsp; Louisiana Local Government Environmental Facilities & <br> Community Development Authority, RB, Series A-3, <br> 5.20%, 12/01/39<sup>(a)</sup><br>| 9750 | &nbsp;&nbsp; 10006507 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Taxable Municipal Bond Trust (BBN)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Maryland — 2.6%** | **Maryland — 2.6%** |  |
| &nbsp;&nbsp;&nbsp; Maryland Community Development Administration, RB, <br> S/F Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 6.15%, 09/01/38<br>| $5000 | &nbsp;&nbsp; $5200833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 6.23%, 09/01/43<br>| 10000 | &nbsp;&nbsp; 10302506 |
| Maryland Economic Development Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/01/34 | 9140 | &nbsp;&nbsp; 6668914 |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 5.94%, 05/31/57 | 5000 | &nbsp;&nbsp; 5052392 |
| &nbsp;&nbsp;&nbsp; Maryland Health & Higher Educational Facilities <br> Authority, RB, Series B, 6.25%, 03/01/27<sup>(b)</sup><br>| 520 | &nbsp;&nbsp; 524492 |
|  |  | &nbsp;&nbsp; 27749137 |
| **Massachusetts — 6.9%** | **Massachusetts — 6.9%** |  |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts Transportation Fund <br> Revenue, RB, BAB, 5.73%, 06/01/40<sup>(a)</sup><br>| 5000 | &nbsp;&nbsp; 5211319 |
| Massachusetts Educational Financing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 3.61%, 07/01/36 | 9000 | &nbsp;&nbsp; 8492211 |
| &nbsp;&nbsp;&nbsp; Series A, 5.95%, 07/01/44 | 14565 | &nbsp;&nbsp; 14988933 |
| &nbsp;&nbsp;&nbsp; Series A, 6.17%, 07/01/50 | 15000 | &nbsp;&nbsp; 15386566 |
| &nbsp;&nbsp;&nbsp; Massachusetts Educational Financing Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.95%, 07/01/38 | 13355 | &nbsp;&nbsp; 13217306 |
| &nbsp;&nbsp;&nbsp; Series A, 6.35%, 07/01/49 | 8885 | &nbsp;&nbsp; 9294660 |
| &nbsp;&nbsp;&nbsp; Massachusetts Housing Finance Agency, RB, S/F <br> Housing, Series 226, Sustainability Bonds, (FHLMC, <br> FNMA, GNMA), 5.84%, 12/01/42<br>| 3170 | &nbsp;&nbsp; 3210320 |
| &nbsp;&nbsp;&nbsp; Massachusetts Port Authority, Refunding RB, Series C, <br> 2.72%, 07/01/42<br>| 5055 | &nbsp;&nbsp; 3850354 |
|  |  | &nbsp;&nbsp; 73651669 |
| **Michigan — 4.1%** | **Michigan — 4.1%** |  |
| Michigan Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 06/01/33<sup>(b)(d)(e)</sup> | 1000 | &nbsp;&nbsp; 403750 |
| &nbsp;&nbsp;&nbsp; Series D, 5.02%, 11/01/43 | 7500 | &nbsp;&nbsp; 7100719 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Refunding RB, CAB, <br> Series B, 0.00%, 06/01/45<sup>(c)</sup><br>| 50000 | &nbsp;&nbsp; 13967362 |
| &nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority, RB, S/F <br> Housing, Series B, Sustainability Bonds, 5.77%, <br> 12/01/44<br>| 3125 | &nbsp;&nbsp; 3124428 |
| &nbsp;&nbsp;&nbsp; Michigan State University, RB, BAB, Series A, 6.17%, <br> 02/15/50<sup>(a)</sup><br>| 5500 | &nbsp;&nbsp; 5624854 |
| &nbsp;&nbsp;&nbsp; Michigan State University, Refunding RB, Series A, <br> 4.50%, 08/15/48<sup>(a)</sup><br>| 14575 | &nbsp;&nbsp; 13225995 |
| &nbsp;&nbsp;&nbsp; Western Michigan University, Refunding RB, Series B, <br> (AGM), 2.88%, 11/15/43<br>| 1500 | &nbsp;&nbsp; 1146945 |
|  |  | &nbsp;&nbsp; 44594053 |
| **Minnesota — 1.8%** | **Minnesota — 1.8%** |  |
| &nbsp;&nbsp;&nbsp; Minnesota Housing Finance Agency, RB, S/F Housing, <br> Series P, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 5.79%, 07/01/44<br>| 3000 | &nbsp;&nbsp; 3029479 |
| &nbsp;&nbsp;&nbsp; Southern Minnesota Municipal Power Agency, <br> Refunding RB, BAB, Series A, 5.93%, 01/01/43<br>| 8000 | &nbsp;&nbsp; 8461881 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Minnesota (continued)** | **Minnesota (continued)** |  |
| &nbsp;&nbsp;&nbsp; Western Minnesota Municipal Power Agency, RB, BAB, <br> 6.77%, 01/01/46<br>| 5000 | &nbsp;&nbsp; $5544694 |
| &nbsp;&nbsp;&nbsp; Western Minnesota Municipal Power Agency, Refunding <br> RB, Series A, 3.23%, 01/01/46<br>| 3000 | &nbsp;&nbsp; 2270784 |
|  |  | &nbsp;&nbsp; 19306838 |
| **Missouri — 1.9%** | **Missouri — 1.9%** |  |
| &nbsp;&nbsp;&nbsp; Curators of the University of Missouri, RB, BAB, 5.79%, <br> 11/01/41<br>| 7000 | &nbsp;&nbsp; 7233205 |
| &nbsp;&nbsp;&nbsp; Missouri Joint Municipal Electric Utility Commission, RB, <br> BAB, 7.73%, 01/01/39<br>| 11000 | &nbsp;&nbsp; 13294403 |
|  |  | &nbsp;&nbsp; 20527608 |
| **Nevada — 0.8%** | **Nevada — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; County of Clark Department of Aviation, ARB, BAB, <br> Series C, 6.82%, 07/01/45<br>| 2000 | &nbsp;&nbsp; 2242003 |
| &nbsp;&nbsp;&nbsp; Nevada Housing Division, RB, S/F Housing, Series F, <br> (FHLMC, FNMA, GNMA), 5.52%, 10/01/44<br>| 6485 | &nbsp;&nbsp; 6235174 |
|  |  | &nbsp;&nbsp; 8477177 |
| **New Hampshire — 2.6%** | **New Hampshire — 2.6%** |  |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, RB, 3.78%, <br> 01/01/36<br>| 2500 | &nbsp;&nbsp; 1815614 |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.30%, 04/01/32 | 12895 | &nbsp;&nbsp; 9021600 |
| &nbsp;&nbsp;&nbsp; 2.87%, 07/01/35 | 4695 | &nbsp;&nbsp; 3286228 |
| &nbsp;&nbsp;&nbsp; Series A, 6.89%, 04/01/34<sup>(b)</sup> | 9140 | &nbsp;&nbsp; 9576357 |
| &nbsp;&nbsp;&nbsp; New Hampshire Health and Education Facilities <br> Authority Act, RB, Class A, 5.04%, 11/01/34<br>| 4130 | &nbsp;&nbsp; 4143740 |
|  |  | &nbsp;&nbsp; 27843539 |
| **New Jersey — 8.5%** | **New Jersey — 8.5%** |  |
| New Jersey Economic Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, (NPFGC), 7.43%, 02/15/29 | 20974 | &nbsp;&nbsp; 22047850 |
| &nbsp;&nbsp;&nbsp; Series B, 7.00%, 06/15/30<sup>(b)</sup> | 2860 | &nbsp;&nbsp; 2864874 |
| &nbsp;&nbsp;&nbsp; New Jersey Educational Facilities Authority, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; (AGM), 3.51%, 07/01/42 | 6000 | &nbsp;&nbsp; 4982381 |
| &nbsp;&nbsp;&nbsp; (AGM), 3.61%, 07/01/50 | 1500 | &nbsp;&nbsp; 1130235 |
| &nbsp;&nbsp;&nbsp; New Jersey Institute of Technology, Refunding RB, <br> Series B, 3.42%, 07/01/42<sup>(a)</sup><br>| 7500 | &nbsp;&nbsp; 6170864 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, <br> Refunding RB, 4.08%, 06/15/39<br>| 7230 | &nbsp;&nbsp; 6682255 |
| New Jersey Turnpike Authority, RB, BAB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 7.10%, 01/01/41 | 34000 | &nbsp;&nbsp; 39379365 |
| &nbsp;&nbsp;&nbsp; Series F, 7.41%, 01/01/40 | 6790 | &nbsp;&nbsp; 8188043 |
|  |  | &nbsp;&nbsp; 91445867 |
| **New York — 11.5%** | **New York — 11.5%** |  |
| City of New York, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series H, 6.29%, 02/01/45 | 7260 | &nbsp;&nbsp; 7749306 |
| &nbsp;&nbsp;&nbsp; Series D-1, Sustainability Bonds, 5.11%, 10/01/54 | 3930 | &nbsp;&nbsp; 3748169 |
| City of New York, Refunding GO |  |  |
| &nbsp;&nbsp;&nbsp; Series D, 2.17%, 08/01/34<sup>(f)</sup> | 4305 | &nbsp;&nbsp; 3585823 |
| &nbsp;&nbsp;&nbsp; Series D, 2.17%, 08/01/34 | 2980 | &nbsp;&nbsp; 2458094 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority Dedicated Tax <br> Fund, RB, BAB, 7.34%, 11/15/39<sup>(a)</sup><br>| 11620 | &nbsp;&nbsp; 13859956 |

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Taxable Municipal Bond Trust (BBN)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New York (continued)** | **New York (continued)** |  |
| Metropolitan Transportation Authority, RB, BAB |  |  |
| &nbsp;&nbsp;&nbsp; 6.67%, 11/15/39 | 2220 | &nbsp;&nbsp; $2429116 |
| &nbsp;&nbsp;&nbsp; Series TR, 6.69%, 11/15/40 | 19705 | &nbsp;&nbsp; 21521816 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Refunding RB, <br> Series C2, Sustainability Bonds, 5.18%, 11/15/49<br>| 340 | &nbsp;&nbsp; 316149 |
| &nbsp;&nbsp;&nbsp; New York City Housing Development Corp., RB, M/F <br> Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 3.10%, 11/01/45 | 1310 | &nbsp;&nbsp; 902014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Sustainability Bonds, (HUD SECT 8), <br> 5.40%, 08/01/49<sup>(a)</sup><br>| 6550 | &nbsp;&nbsp; 6368856 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, RB, <br> 5.95%, 06/15/42<sup>(a)</sup><br>| 5000 | &nbsp;&nbsp; 5243212 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, <br> Refunding RB, 5.88%, 06/15/44<sup>(a)</sup><br>| 7590 | &nbsp;&nbsp; 7808131 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, RB, Series B, <br> 5.99%, 07/01/45<br>| 5145 | &nbsp;&nbsp; 5371523 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, RB, BAB, Series H, <br> 5.39%, 03/15/40<sup>(a)</sup><br>| 15000 | &nbsp;&nbsp; 15176870 |
| New York State Dormitory Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 2.99%, 07/01/40 | 7090 | &nbsp;&nbsp; 5732069 |
| &nbsp;&nbsp;&nbsp; Class B, 2.69%, 07/01/40 | 3000 | &nbsp;&nbsp; 2316848 |
| &nbsp;&nbsp;&nbsp; New York State Thruway Authority, Refunding RB, <br> Series M, 3.50%, 01/01/42<br>| 2000 | &nbsp;&nbsp; 1678719 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, RB, RB, <br> 5.65%, 11/01/40<br>| 2115 | &nbsp;&nbsp; 2261071 |
| Triborough Bridge & Tunnel Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A-3, 2.51%, 05/15/35<sup>(a)</sup> | 10390 | &nbsp;&nbsp; 8650701 |
| &nbsp;&nbsp;&nbsp; Series A-3, 2.92%, 05/15/40 | 3000 | &nbsp;&nbsp; 2330627 |
| &nbsp;&nbsp;&nbsp; United Nations Development Corp., Refunding RB, <br> Series A, 6.54%, 08/01/55<br>| 3400 | &nbsp;&nbsp; 3602517 |
|  |  | &nbsp;&nbsp; 123111587 |
| **North Carolina — 0.7%** | **North Carolina — 0.7%** |  |
| &nbsp;&nbsp;&nbsp; North Carolina Housing Finance Agency, RB, S/F <br> Housing, Series 53-B, Sustainability Bonds, (FHLMC, <br> FNMA, GNMA), 6.25%, 01/01/55<br>| 6815 | &nbsp;&nbsp; 7129383 |
| **Ohio — 3.4%** | **Ohio — 3.4%** |  |
| &nbsp;&nbsp;&nbsp; American Municipal Power, Inc., RB, Series B, 7.83%, <br> 02/15/41<sup>(a)</sup><br>| 20760 | &nbsp;&nbsp; 24721070 |
| Ohio University, RB, 5.59%, 12/01/2114 | 10100 | &nbsp;&nbsp; 9650333 |
| State of Ohio, Refunding RB, 3.28%, 01/01/42 | 3000 | &nbsp;&nbsp; 2550916 |
|  |  | &nbsp;&nbsp; 36922319 |
| **Oklahoma — 1.5%** | **Oklahoma — 1.5%** |  |
| Oklahoma Development Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A-3, 5.09%, 02/01/52<sup>(a)</sup> | 6750 | &nbsp;&nbsp; 6480204 |
| &nbsp;&nbsp;&nbsp; Series A-3, 4.71%, 05/01/52 | 3695 | &nbsp;&nbsp; 3395798 |
| &nbsp;&nbsp;&nbsp; Series B, 11.00%, 09/01/41<sup>(b)</sup> | 3000 | &nbsp;&nbsp; 2699816 |
| &nbsp;&nbsp;&nbsp; Oklahoma Municipal Power Authority, RB, BAB, 6.44%, <br> 01/01/45<br>| 3500 | &nbsp;&nbsp; 3781090 |
|  |  | &nbsp;&nbsp; 16356908 |
| **Pennsylvania — 3.5%** | **Pennsylvania — 3.5%** |  |
| Commonwealth Financing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.14%, 06/01/38 | 4435 | &nbsp;&nbsp; 4165594 |
| &nbsp;&nbsp;&nbsp; Series A, 3.81%, 06/01/41 | 6110 | &nbsp;&nbsp; 5251216 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Pennsylvania (continued)** | **Pennsylvania (continued)** |  |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing <br> Authority, RB, BAB, Series B, 6.53%, 06/15/39<br>| 23050 | &nbsp;&nbsp; $25295662 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, Refunding RB, <br> 3.58%, 12/01/43<br>| 3630 | &nbsp;&nbsp; 2977146 |
|  |  | &nbsp;&nbsp; 37689618 |
| **Puerto Rico — 1.4%** | **Puerto Rico — 1.4%** |  |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.00%, 07/01/58 | 3465 | &nbsp;&nbsp; 3342226 |
| &nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.55%, 07/01/40 | 14899 | &nbsp;&nbsp; 12032957 |
|  |  | &nbsp;&nbsp; 15375183 |
| **South Carolina — 3.2%** | **South Carolina — 3.2%** |  |
| &nbsp;&nbsp;&nbsp; Charleston Educational Excellence Finance Corp., <br> Refunding RB, 1.87%, 12/01/29<br>| 10000 | &nbsp;&nbsp; 9130395 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, <br> RB, 7.35%, 08/15/30<sup>(b)</sup><br>| 710 | &nbsp;&nbsp; 714056 |
| &nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, RB, BAB, <br> Series C, (AGM-CR), 6.45%, 01/01/50<sup>(a)</sup><br>| 11290 | &nbsp;&nbsp; 12302507 |
| South Carolina Public Service Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series C, 5.78%, 12/01/41 | 4595 | &nbsp;&nbsp; 4897518 |
| &nbsp;&nbsp;&nbsp; Series D, (AGM), 6.45%, 12/01/42 | 2870 | &nbsp;&nbsp; 3259552 |
| &nbsp;&nbsp;&nbsp; South Carolina Student Loan Corp., RB, Series A, <br> 3.59%, 12/01/39<br>| 4125 | &nbsp;&nbsp; 3741532 |
|  |  | &nbsp;&nbsp; 34045560 |
| **Tennessee — 5.0%** | **Tennessee — 5.0%** |  |
| &nbsp;&nbsp;&nbsp; Memphis-Shelby County Industrial Development Board, <br> Refunding RB, Series B, 5.45%, 07/01/45<br>| 5875 | &nbsp;&nbsp; 4394606 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson <br> County Convention Center Authority, RB, BAB, <br> Series A-2, 7.43%, 07/01/43<sup>(a)</sup><br>| 35105 | &nbsp;&nbsp; 40204666 |
| &nbsp;&nbsp;&nbsp; Tennessee Housing Development Agency, RB, S/F <br> Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 1B, Sustainability Bonds, 5.92%, 07/01/49 | 545 | &nbsp;&nbsp; 545884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2B, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 5.91%, 07/01/44<br>| 5000 | &nbsp;&nbsp; 5043222 |
| &nbsp;&nbsp;&nbsp; Tennessee State School Bond Authority, Refunding RB, <br> Series A, 2.56%, 11/01/41<sup>(a)</sup><br>| 4525 | &nbsp;&nbsp; 3420269 |
|  |  | &nbsp;&nbsp; 53608647 |
| **Texas — 7.7%** | **Texas — 7.7%** |  |
| &nbsp;&nbsp;&nbsp; Alamo Regional Mobility Authority, Refunding RB, <br> Series B, 3.28%, 06/15/46<br>| 5910 | &nbsp;&nbsp; 4487586 |
| Arlington Higher Education Finance Corp., RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/01/30 | 500 | &nbsp;&nbsp; 480444 |
| &nbsp;&nbsp;&nbsp; 6.50%, 11/01/32 | 1280 | &nbsp;&nbsp; 1292572 |
| &nbsp;&nbsp;&nbsp; Arlington Higher Education Finance Corp., Refunding <br> RB, Series B, 4.00%, 08/15/28<br>| 765 | &nbsp;&nbsp; 732129 |
| &nbsp;&nbsp;&nbsp; City of San Antonio Texas Customer Facility Charge <br> Revenue, ARB, 5.87%, 07/01/45<br>| 7500 | &nbsp;&nbsp; 7375383 |
| Dallas Area Rapid Transit, RB, BAB, 5.02%, 12/01/48 | 2500 | &nbsp;&nbsp; 2391058 |
| &nbsp;&nbsp;&nbsp; Hidalgo County Regional Mobility Authority, Refunding <br> RB, Series B, (AGM), 2.91%, 12/01/40<br>| 5000 | &nbsp;&nbsp; 3939209 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transit Authority of Harris County Sales & <br> Use Tax Revenue, Refunding RB, Series A, 2.99%, <br> 11/01/41<br>| 4750 | &nbsp;&nbsp; 3719478 |
| &nbsp;&nbsp;&nbsp; New Caney Independent School District, Refunding GO, <br> (PSF), 2.40%, 02/15/42<br>| 7025 | &nbsp;&nbsp; 4932084 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Taxable Municipal Bond Trust (BBN)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** |  |
| &nbsp;&nbsp;&nbsp; New Hope Higher Education Finance Corp., RB, <br> Series B, 5.00%, 06/15/27<sup>(b)</sup><br>| 265 | &nbsp;&nbsp; $262807 |
| &nbsp;&nbsp;&nbsp; Port of Beaumont Industrial Development Authority, RB, <br> 4.10%, 01/01/28<sup>(b)</sup><br>| 8285 | &nbsp;&nbsp; 7440200 |
| &nbsp;&nbsp;&nbsp; Port of Beaumont Navigation District, Refunding ARB, <br> Series B, 10.00%, 07/01/26<sup>(b)</sup><br>| 10000 | &nbsp;&nbsp; 10052332 |
| &nbsp;&nbsp;&nbsp; Rockwall Independent School District, Refunding GO, <br> (PSF), 2.38%, 02/15/46<br>| 5000 | &nbsp;&nbsp; 3272272 |
| &nbsp;&nbsp;&nbsp; Texas Natural Gas Securitization Finance Corp., RB, <br> Series 2023-1, Class A2, 5.17%, 04/01/41<sup>(a)</sup><br>| 10000 | &nbsp;&nbsp; 10213670 |
| &nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation <br> Corp., RB, Series B, 3.92%, 12/31/49<br>| 25000 | &nbsp;&nbsp; 19811760 |
| &nbsp;&nbsp;&nbsp; United Independent School District, Refunding GO, <br> (PSF), 2.85%, 08/15/44<br>| 3885 | &nbsp;&nbsp; 2812689 |
|  |  | &nbsp;&nbsp; 83215673 |
| **Utah — 0.4%** | **Utah — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Utah ah Housing Corp., RB, S/F Housing, Series I, <br> (FHLMC, FNMA, GNMA), 5.96%, 07/01/45<br>| 875 | &nbsp;&nbsp; 886266 |
| &nbsp;&nbsp;&nbsp; Utah Housing Corp., RB, S/F Housing, Series D, <br> (FHLMC, FNMA, GNMA), 6.25%, 07/01/54<br>| 2840 | &nbsp;&nbsp; 3000435 |
|  |  | &nbsp;&nbsp; 3886701 |
| **Virginia — 3.4%** | **Virginia — 3.4%** |  |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., Refunding RB, <br> Series A-1, 6.71%, 06/01/46<br>| 28655 | &nbsp;&nbsp; 21581335 |
| &nbsp;&nbsp;&nbsp; Virginia Housing Development Authority, RB, M/F <br> Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series D, 3.52%, 06/01/40 | 4000 | &nbsp;&nbsp; 3427997 |
| &nbsp;&nbsp;&nbsp; Series F, (HUD SECT 8), 3.13%, 07/01/45 | 3425 | &nbsp;&nbsp; 2536159 |
| &nbsp;&nbsp;&nbsp; Virginia Housing Development Authority, RB, S/F <br> Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.57%, 10/01/49 | 5845 | &nbsp;&nbsp; 5866731 |
| &nbsp;&nbsp;&nbsp; Series E, 5.82%, 07/01/44<sup>(a)</sup> | 3670 | &nbsp;&nbsp; 3673973 |
|  |  | &nbsp;&nbsp; 37086195 |
| **Washington — 1.8%** | **Washington — 1.8%** |  |
| &nbsp;&nbsp;&nbsp; Washington State Convention Center Public Facilities <br> District, RB, BAB, 6.79%, 07/01/40<br>| 17800 | &nbsp;&nbsp; 18835527 |
| **West Virginia — 1.4%** | **West Virginia — 1.4%** |  |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Finance Authority, RB, Series B, <br> 0.00%, 06/01/47<sup>(c)</sup><br>| 1600 | &nbsp;&nbsp; 155692 |
| Tobacco Settlement Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, Class 1, 4.31%, 06/01/49 | 10000 | &nbsp;&nbsp; 7236513 |
| &nbsp;&nbsp;&nbsp; Series B, Class 2, 4.88%, 06/01/49 | 8155 | &nbsp;&nbsp; 7714132 |
|  |  | &nbsp;&nbsp; 15106337 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Wisconsin**<sup>(b)</sup> **— 0.9%** | **Wisconsin**<sup>(b)</sup> **— 0.9%** |  |
| Public Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/15/28 | $250 | &nbsp;&nbsp; $249369 |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/31 | 925 | &nbsp;&nbsp; 858541 |
| &nbsp;&nbsp;&nbsp; Series B, Class S, 5.25%, 06/15/26 | 50 | &nbsp;&nbsp; 49988 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, RB, M/F Housing, 6.70%, <br> 02/01/55<br>| 7550 | &nbsp;&nbsp; 7569055 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Refunding RB, Series B, <br> 6.13%, 10/01/49<br>| 1470 | &nbsp;&nbsp; 1240059 |
|  |  | &nbsp;&nbsp; 9967012 |
| **Total Municipal Bonds — 140.8%** <br>**(Cost: $1,478,797,099)** | **Total Municipal Bonds — 140.8%** <br>**(Cost: $1,478,797,099)** | &nbsp;&nbsp; 1513004538 |
| **Total Long-Term Investments — 148.7%** <br>**(Cost: $1,568,824,733)** | **Total Long-Term Investments — 148.7%** <br>**(Cost: $1,568,824,733)** | &nbsp;&nbsp; 1598004072 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.3%** | **Money Market Funds — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional Shares, <br> 4.01%<sup>(g)(h)</sup><br>| 3717434 | &nbsp;&nbsp; 3717434 |
| **Total Short-Term Securities — 0.3%** <br>**(Cost: $3,717,434)** | **Total Short-Term Securities — 0.3%** <br>**(Cost: $3,717,434)** | &nbsp;&nbsp; 3717434 |
| **Total Investments — 149.0%** <br>**(Cost: $1,572,542,167)** | **Total Investments — 149.0%** <br>**(Cost: $1,572,542,167)** | &nbsp;&nbsp; 1601721506 |
| **Liabilities in Excess of Other Assets — (49.0)%** | **Liabilities in Excess of Other Assets — (49.0)%** | &nbsp;&nbsp; (526689728)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $1075031778 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All or a portion of the security has been pledged as collateral in connection with outstanding reverse repurchase agreements. 

<sup>(b)</sup> 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. 

<sup>(c)</sup> Zero-coupon bond.

<sup>(d)</sup> Issuer filed for bankruptcy and/or is in default.

<sup>(e)</sup> Non-income producing security.

<sup>(f)</sup> Security is collateralized by municipal bonds or U.S. Treasury obligations.

<sup>(g)</sup> Affiliate of the Trust.

<sup>(h)</sup> 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* <br>*12/31/24*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*09/30/25*<br>| *Shares* <br>*Held at* <br>*09/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, T-Fund, Institutional Shares | $1563635<br> $2153799 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $— | $3717434 | 3717434 | $311608 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Taxable Municipal Bond Trust (BBN)** 

**Reverse Repurchase Agreements** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Counterparty* | &nbsp;&nbsp; *Trade* <br>*Date*<br>| &nbsp;&nbsp; *Maturity* <br>*Date*<sup>(a)</sup> <br>| *Face Value* | &nbsp;&nbsp; *Face Value* <br>*Including* <br>*Accrued Interest*<br>| &nbsp;&nbsp; *Type of Non-Cash Underlying* <br> *Collateral*<br>| &nbsp;&nbsp; *Remaining* <br>*Contractual Maturity* <br>*of the Agreements*<sup>(a)</sup> <br>|
| Barclays Bank PLC<br> 4.24 %<sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp;&nbsp; $7933750 | &nbsp;&nbsp;&nbsp; $8056921 | Corporate Bonds | Open/Demand |
| Barclays Bank PLC<br> 4.34 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp;&nbsp; 8721212 | &nbsp;&nbsp;&nbsp; 8874662 | Municipal Bonds | Open/Demand |
| Barclays Bank PLC<br> 4.35 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp;&nbsp; 1204875 | &nbsp;&nbsp;&nbsp; 1226121 | Municipal Bonds | Open/Demand |
| Barclays Bank PLC<br> 4.35 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp;&nbsp; 4575000 | &nbsp;&nbsp;&nbsp; 4655672 | Municipal Bonds | Open/Demand |
| Barclays Bank PLC<br> 4.35 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp;&nbsp; 13106250 | &nbsp;&nbsp;&nbsp; 13337357 | Municipal Bonds | Open/Demand |
| Barclays Bank PLC<br> 4.35 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp;&nbsp; 7375637 | &nbsp;&nbsp;&nbsp; 7505695 | Municipal Bonds | Open/Demand |
| Barclays Bank PLC<br> 4.35 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp;&nbsp; 25434856 | &nbsp;&nbsp;&nbsp; 25883358 | Municipal Bonds | Open/Demand |
| Barclays Bank PLC<br> 4.35 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp;&nbsp; 5880938 | &nbsp;&nbsp;&nbsp; 5984638 | Municipal Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.35 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp;&nbsp; 17865375 | &nbsp;&nbsp;&nbsp; 18180401 | Municipal Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.35 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp;&nbsp; 15193750 | &nbsp;&nbsp;&nbsp; 15461666 | Municipal Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.35 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp;&nbsp; 7113750 | &nbsp;&nbsp;&nbsp; 7239189 | Municipal Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.35 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp;&nbsp; 2870000 | &nbsp;&nbsp;&nbsp; 2920608 | Municipal Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.35 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp;&nbsp; 17573750 | &nbsp;&nbsp;&nbsp; 17883634 | Municipal Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.35 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp;&nbsp; 38160000 | &nbsp;&nbsp;&nbsp; 38832888 | Municipal Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.35 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp;&nbsp; 5706250 | &nbsp;&nbsp;&nbsp; 5806870 | Municipal Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.35 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp;&nbsp; 2925000 | &nbsp;&nbsp;&nbsp; 2976578 | Municipal Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.35 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp;&nbsp; 3026250 | &nbsp;&nbsp;&nbsp; 3079613 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.40 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp;&nbsp; 10325000 | &nbsp;&nbsp;&nbsp; 10509043 | Municipal Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.24 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp;&nbsp; 4775000 | &nbsp;&nbsp;&nbsp; 4857186 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.25 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp;&nbsp; 38308331 | &nbsp;&nbsp;&nbsp; 38969150 | Municipal Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.25 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp;&nbsp; 7409737 | &nbsp;&nbsp;&nbsp; 7537555 | Municipal Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.28 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp;&nbsp; 10209550 | &nbsp;&nbsp;&nbsp; 10386839 | Municipal Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.32 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp;&nbsp; 10113500 | &nbsp;&nbsp;&nbsp; 10290672 | Municipal Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.32 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp;&nbsp; 7945000 | &nbsp;&nbsp;&nbsp; 8084183 | Municipal Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.32 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp;&nbsp; 18551250 | &nbsp;&nbsp;&nbsp; 18876237 | Municipal Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.32 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp;&nbsp; 15994981 | &nbsp;&nbsp;&nbsp; 16275187 | Municipal Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.32 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp;&nbsp; 1950000 | &nbsp;&nbsp;&nbsp; 1984161 | Municipal Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.32 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp;&nbsp; 6743344 | &nbsp;&nbsp;&nbsp; 6861476 | Municipal Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.32 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp;&nbsp; 6562188 | &nbsp;&nbsp;&nbsp; 6677146 | Municipal Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.32 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp;&nbsp; 1515000 | &nbsp;&nbsp;&nbsp; 1541540 | Municipal Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.32 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp;&nbsp; 16912500 | &nbsp;&nbsp;&nbsp; 17208779 | Municipal Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.32 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp;&nbsp; 4359713 | &nbsp;&nbsp;&nbsp; 4436087 | Municipal Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.32 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp;&nbsp; 2017500 | &nbsp;&nbsp;&nbsp; 2052843 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.32 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp;&nbsp; 19202562 | &nbsp;&nbsp;&nbsp; 19538959 | Municipal Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.32 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp;&nbsp; 12811050 | &nbsp;&nbsp;&nbsp; 13035478 | Municipal Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.32 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp;&nbsp; 10387500 | &nbsp;&nbsp;&nbsp; 10569472 | Municipal Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.32 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp;&nbsp; 7873294 | &nbsp;&nbsp;&nbsp; 8011221 | Municipal Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.33 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp;&nbsp; 3527788 | &nbsp;&nbsp;&nbsp; 3589724 | Municipal Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.33 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp;&nbsp; 5901063 | &nbsp;&nbsp;&nbsp; 6004665 | Municipal Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.33 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp;&nbsp; 8324625 | &nbsp;&nbsp;&nbsp; 8470778 | Municipal Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.33 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp;&nbsp; 11852500 | &nbsp;&nbsp;&nbsp; 12060590 | Municipal Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.33 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp;&nbsp; 5431250 | &nbsp;&nbsp;&nbsp; 5526605 | Municipal Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.35 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp;&nbsp; 12224781 | &nbsp;&nbsp;&nbsp; 12440345 | Municipal Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.40 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp;&nbsp; 9506250 | &nbsp;&nbsp;&nbsp; 9675699 | Municipal Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.25 <br><sup>(b)</sup><br>| 05/29/25 | Open | &nbsp;&nbsp;&nbsp; 15342400 | &nbsp;&nbsp;&nbsp; 15582125 | Municipal Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.30 <br><sup>(b)</sup><br>| 06/02/25 | Open | &nbsp;&nbsp;&nbsp; 9165712 | &nbsp;&nbsp;&nbsp; 9305884 | Municipal Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.35 <br><sup>(b)</sup><br>| 06/26/25 | Open | &nbsp;&nbsp;&nbsp; 4850000 | &nbsp;&nbsp;&nbsp; 4910113 | Municipal Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.35 <br><sup>(b)</sup><br>| 06/26/25 | Open | &nbsp;&nbsp;&nbsp; 8182125 | &nbsp;&nbsp;&nbsp; 8283538 | Municipal Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.32 <br><sup>(b)</sup><br>| 09/02/25 | Open | &nbsp;&nbsp;&nbsp; 11329425 | &nbsp;&nbsp;&nbsp; 11371133 | Municipal Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.32 <br><sup>(b)</sup><br>| 09/09/25 | Open | &nbsp;&nbsp;&nbsp; 6717938 | &nbsp;&nbsp;&nbsp; 6736699 | Municipal Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.35 <br><sup>(b)</sup><br>| 09/09/25 | Open | &nbsp;&nbsp;&nbsp; 9962500 | &nbsp;&nbsp;&nbsp; 9990506 | Municipal Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.35 <br><sup>(b)</sup><br>| 09/10/25 | Open | &nbsp;&nbsp;&nbsp; 5093750 | &nbsp;&nbsp;&nbsp; 5107418 | Municipal Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.35 <br><sup>(b)</sup><br>| 09/18/25 | Open | &nbsp;&nbsp;&nbsp; 6107875 | &nbsp;&nbsp;&nbsp; 6118021 | Municipal Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.40 <br><sup>(b)</sup><br>| 09/18/25 | Open | &nbsp;&nbsp;&nbsp; 5737500 | &nbsp;&nbsp;&nbsp; 5747134 | Municipal Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.35 <br><sup>(b)</sup><br>| 09/24/25 | Open | &nbsp;&nbsp;&nbsp; 6580700 | &nbsp;&nbsp;&nbsp; 6586266 | Municipal Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.35 <br><sup>(b)</sup><br>| 09/30/25 | Open | &nbsp;&nbsp;&nbsp; 3218406 | &nbsp;&nbsp;&nbsp; 3218406 | Municipal Bonds | Open/Demand |
|  |  |  | &nbsp;&nbsp;&nbsp; $547690231 | &nbsp;&nbsp;&nbsp; $556334734 |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

<sup>(b)</sup> Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

Schedule of Investments

------

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* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Short Contracts  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 10-Year U.S. Treasury Note | &nbsp;&nbsp; 364 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; $40950 | &nbsp;&nbsp;&nbsp;&nbsp; $(254666)<br>|
| &nbsp;&nbsp;&nbsp; U.S. Long Bond | &nbsp;&nbsp; 643 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 74990 | &nbsp;&nbsp;&nbsp;&nbsp; (1908890)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(2163556)<br>|

---

**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:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $84999534 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $84999534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1513004538 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1513004538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 3717434 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3717434 |
|  | &nbsp;&nbsp; $3717434 | &nbsp;&nbsp;&nbsp;&nbsp; $1598004072 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1601721506 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Liabilities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; $(2163556)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(2163556)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| AGM | Assured Guaranty Municipal Corp. |
| AGM-CR | AGM Insured Custodial Receipt |
| AMBAC | AMBAC Assurance Corp. |
| AMT | Alternative Minimum Tax |

---

---

| | |
|:---|:---|
| **Portfolio Abbreviation (continued)** | **Portfolio Abbreviation (continued)** |
| ARB | Airport Revenue Bonds  |
| BAB | Build America Bond |
| BAM | Build America Mutual Assurance Co. |
| CAB | Capital Appreciation Bonds |

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Taxable Municipal Bond Trust (BBN)** 

---

| | |
|:---|:---|
| **Portfolio Abbreviation (continued)** | **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 | &nbsp;&nbsp;&nbsp; U.S. Department of Housing and Urban Development <br> Section 8<br>|
| 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

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** BlackRock Taxable Municipal Bond Trust

- **b. Investment Company Act file number:** 811-22426

- **c. CIK number of Registrant:** 0001493683

- **d. LEI of Registrant:** SNYX4R2CEK5Q5D25DZ39

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 BELLEVUE PARKWAY

  - **City:** WILMINGTON

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

  - **Telephone number:** 800-441-7762

**Item A.2. Information about the Series.**

- **a. Name of Series:** BlackRock Taxable Municipal Bond Trust

- **c. LEI of Series:** SNYX4R2CEK5Q5D25DZ39

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1632987235.65

**Total Liabilities:** $557955461.15

**Net Assets:** $1075031774.50

**Cash Not Reported:** $5401147.67

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -87.58000000 | **1-Year:** 7343.12000000 | **5-Year:** 202937.56000000 | **10-Year:** 724401.66000000 | **30-Year:** 364826.99000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 21.26000000 | **1-Year:** 5111.58000000 | **5-Year:** 17848.29000000 | **10-Year:** 42808.15000000 | **30-Year:** 4500.90000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | -0.48%               | 1.55%                | 1.88%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-11637583.03                              |
| Month 2  | $-24746.04               | $11689366.80                               |
| Month 3  | $728965.72               | $15467594.32                               |

**Designated Index Information**

- **Index Name:** Fund`s Designated Reference Portfolio is the Fund`s Securities Portfolio

- **Index Identifier:** Fund`s Designated Reference Portfolio is the Fund`s Securities Portfolio

### Schedule of Portfolio Investments

| Name                                                                             | Title                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE                                 | CUSIP: 45204FVH5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2925000 | PA      | $3053359.50   | 0.28%             | 2033-07-01      | Fixed         | 6.69%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp                                          | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE                    | CUSIP: 041806F47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    765000 | PA      | $732128.79    | 0.07%             | 2028-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade Seaport Department                                          | MIAMI-DADE CNTY FL SEAPORT REVENUE                           | CUSIP: 59335KFS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3295000 | PA      | $3391895.70   | 0.32%             | 2055-11-01      | Fixed         | 6.22%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                                                          | RRP MICHIGAN ST                                              | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |  -2925000 | PA      | $-2925000.00  | -0.27%            |  |  |  | No            |                  2 | On Loan: No      |
| TD SECURITIES USA LLC                                                            | RRP ILLINOIS ST                                              | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Short            | RA               | CORP              | US        |  -6580700 | PA      | $-6580700.00  | -0.61%            |  |  |  | No            |                  2 | On Loan: No      |
| MMH MASTER LLC                                                                   | MMH Master LLC                                               | CUSIP: 55318RAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6475000 | PA      | $6922522.60   | 0.64%             | 2039-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966SFE1<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2980000 | PA      | $2458093.95   | 0.23%             | 2034-08-01      | Fixed         | 2.17%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                                 | MINNESOTA ST HSG FIN AGY                                     | CUSIP: 60416UHT5<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3029478.84   | 0.28%             | 2044-07-01      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp                                         | GOLDEN ST TOBACCO SECURITIZATION CORP CA TOBACCO SETTLEMENT  | CUSIP: 38122NB68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1565039.82   | 0.15%             | 2042-06-01      | Fixed         | 3.29%                 | No            |                  2 | On Loan: No      |
| Texas Natural Gas Securitization Finance Corp                                    | TEXAS NATURAL GAS SECURITIZTN FIN CORP REVENUE               | CUSIP: 88258MAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10213670.10  | 0.95%             | 2041-04-01      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| Charleston Educational Excellence Finance Corp                                   | CHARLESTON SC EDUCTNL EXCELLENCE FIN CORP REVENUE            | CUSIP: 160131EE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9130394.70   | 0.85%             | 2029-12-01      | Fixed         | 1.87%                 | No            |                  2 | On Loan: No      |
| RENSSELAER POLYTECHNIC I                                                         | Rensselaer Polytechnic Institute                             | CUSIP: 76009XAB4<br>LEI: 549300THCXCGLZPZEL90 | Long             | DBT              | CORP              | US        |  18190000 | PA      | $16197892.14  | 1.51%             | 2048-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                                                          | RRP METROPOLITA                                              | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |  -5706250 | PA      | $-5706250.00  | -0.53%            |  |  |  | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                           | NEW YORK CITY NY HSG DEV CORP REVENUE                        | CUSIP: 64966WKH9<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   6550000 | PA      | $6368855.56   | 0.59%             | 2049-08-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Alameda Corridor Transportation Authority                                        | ALAMEDA CA CORRIDOR TRANSPRTN AUTH REVENUE                   | CUSIP: 010869LW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3775000 | PA      | $1570285.47   | 0.15%             | 2040-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Educational Financing Authority                                    | MASSACHUSETTS ST EDUCTNL FING AUTH                           | CUSIP: 57563RRE1<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $8492211.27   | 0.79%             | 2036-07-01      | Fixed         | 3.61%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                                 | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | CUSIP: 709224V71<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   3630000 | PA      | $2977146.42   | 0.28%             | 2043-12-01      | Fixed         | 3.58%                 | No            |                  2 | On Loan: No      |
| Utah Housing Corp                                                                | UTAH HSG CORP SF MTGE REVENUE                                | CUSIP: 917437HM0<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |   2840000 | PA      | $3000435.12   | 0.28%             | 2054-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TD SECURITIES USA LLC                                                            | RRP SOUTH CAROL                                              | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Short            | RA               | CORP              | US        |  -4359712 | PA      | $-4359712.50  | -0.41%            |  |  |  | No            |                  2 | On Loan: No      |
| Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue          | HARRIS CNTY TX MET TRANSIT AUTH SALES & USE TAX              | CUSIP: 41422EKX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4750000 | PA      | $3719478.48   | 0.35%             | 2041-11-01      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59259YBY4<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2220000 | PA      | $2429116.16   | 0.23%             | 2039-11-15      | Fixed         | 6.67%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                  | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE     | CUSIP: 64972FK88<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5243211.75   | 0.49%             | 2042-06-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| MMH MASTER LLC                                                                   | MMH Master LLC                                               | CUSIP: 55318RAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2446000 | PA      | $2543661.61   | 0.24%             | 2034-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                           | OKLAHOMA ST DEV FIN AUTH                                     | CUSIP: 6789084B7<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   6750000 | PA      | $6480204.39   | 0.60%             | 2052-02-01      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                           | OKLAHOMA ST DEV FIN AUTH                                     | CUSIP: 6789084E1<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   3695000 | PA      | $3395798.15   | 0.32%             | 2052-05-01      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue              | MET WASHINGTON DC ARPTS AUTH DULLES TOLL ROAD REVENUE        | CUSIP: 592643BN9<br>LEI: 7HERAVJJLN8J1DZ6AZ19 | Long             | DBT              | MUN               | US        |  10750000 | PA      | $13364271.22  | 1.24%             | 2047-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 6499022F9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15176869.65  | 1.41%             | 2040-03-15      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| Tennessee Housing Development Agency                                             | TENNESSEE HSG DEV AGY RSDL FIN PROGRAM REVENUE               | CUSIP: 88046KKZ8<br>LEI: 25490004PSQYQLFJGI76 | Long             | DBT              | MUN               | US        |    545000 | PA      | $545884.04    | 0.05%             | 2049-07-01      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REVENUE                           | CUSIP: 19648FRZ9<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |  11885000 | PA      | $10323572.23  | 0.96%             | 2040-12-01      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| TD SECURITIES USA LLC                                                            | RRP TENNESSEE S                                              | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Short            | RA               | CORP              | US        |  -3218406 | PA      | $-3218406.25  | -0.30%            |  |  |  | No            |                  2 | On Loan: No      |
| Massachusetts Educational Financing Authority                                    | MASSACHUSETTS ST EDUCTNL FING AUTH                           | CUSIP: 57563RSU4<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |  13355000 | PA      | $13217306.08  | 1.23%             | 2038-07-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                           | ILLINOIS ST HSG DEV AUTH REVENUE                             | CUSIP: 45203ME49<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   7145000 | PA      | $7180783.30   | 0.67%             | 2046-10-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447TSQ7<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7100718.53   | 0.66%             | 2043-11-01      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| TD SECURITIES USA LLC                                                            | RRP CALIFORNIA                                               | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Short            | RA               | CORP              | US        |  -5093750 | PA      | $-5093750.00  | -0.47%            |  |  |  | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp                                         | GOLDEN ST TOBACCO SECURITIZATION CORP CA TOBACCO SETTLEMENT  | CUSIP: 38122NZX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11410000 | PA      | $9604715.16   | 0.89%             | 2038-06-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| OCHSNER CLINIC FOUNDATIO                                                         | Ochsner Clinic Foundation                                    | CUSIP: 675553AA9<br>LEI: 549300SN4RK0THHUAC05 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5150578.55   | 0.48%             | 2045-05-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                                                          | RRP SALT RIVER                                               | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        | -15193750 | PA      | $-15193750.00 | -1.41%            |  |  |  | No            |                  2 | On Loan: No      |
| Imperial Irrigation District                                                     | IMPERIAL CA IRR DIST PENSN OBLG REVENUE                      | CUSIP: 452872AS3<br>LEI: 549300WHWX5TZ5O15D48 | Long             | DBT              | MUN               | US        |    575000 | PA      | $578596.56    | 0.05%             | 2026-01-01      | Fixed         | 6.94%                 | No            |                  2 | On Loan: No      |
| Washington State Convention Center Public Facilities District                    | WASHINGTON ST CONVENTION CENTER PUBLIC FACS DIST             | CUSIP: 93976AAH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17800000 | PA      | $18835526.75  | 1.75%             | 2040-07-01      | Fixed         | 6.79%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Educational Facilities Authority                               | MIAMI-DADE CNTY FL EDUCTNL FACS AUTH REVENUE                 | CUSIP: 59333AMC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12250000 | PA      | $11309086.93  | 1.05%             | 2050-04-01      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Finance Authority                                             | TOBACCO SETTLEMENT FIN AUTH WV ASSET BACKED                  | CUSIP: 88880LAU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $7236513.50   | 0.67%             | 2049-06-01      | Fixed         | 4.31%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3465000 | PA      | $3342226.35   | 0.31%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063D3S5<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |  10010000 | PA      | $10117512.51  | 0.94%             | 2038-03-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                                                          | RRP FLORIDA ST                                               | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        | -17865375 | PA      | $-17865375.00 | -1.66%            |  |  |  | No            |                  2 | On Loan: No      |
| Los Angeles Community College District/CA                                        | LOS ANGELES CA CMNTY CLG DIST                                | CUSIP: 54438CNZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10961644.00  | 1.02%             | 2042-08-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| COMMONSPIRIT HEALTH                                                              | CommonSpirit Health                                          | CUSIP: 20268JAS2<br>LEI: 4SXHN5XW08IBO0UG2V58 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5080186.80   | 0.47%             | 2034-12-01      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | MUNI ELEC AUTH OF GEORGIA                                    | CUSIP: 626207YM0<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |  20260000 | PA      | $22035980.46  | 2.05%             | 2057-04-01      | Fixed         | 6.66%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                                                          | RRP NEW JERSEY                                               | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        | -17573750 | PA      | $-17573750.00 | -1.63%            |  |  |  | No            |                  2 | On Loan: No      |
| County of Sonoma CA                                                              | SONOMA CNTY CA PENSN OBLG                                    | CUSIP: 835574CB8<br>LEI: 254900DSKNF9PC15US55 | Long             | DBT              | MUN               | US        |   9065000 | PA      | $9469292.02   | 0.88%             | 2029-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TD SECURITIES USA LLC                                                            | RRP LOUISIANA L                                              | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Short            | RA               | CORP              | US        |  -9506250 | PA      | $-9506250.00  | -0.88%            |  |  |  | No            |                  2 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp                          | TEXAS ST PRIV ACTIVITY BOND SURFACE TRANSPRTN CORP REVENUE   | CUSIP: 882667AZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  25000000 | PA      | $19811760.00  | 1.84%             | 2049-12-31      | Fixed         | 3.92%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                              | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                   | CUSIP: 130685WB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17050000 | PA      | $20241582.00  | 1.88%             | 2034-10-01      | Fixed         | 8.36%                 | No            |                  2 | On Loan: No      |
| TD SECURITIES USA LLC                                                            | RRP IDAHO HSG +                                              | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Short            | RA               | CORP              | US        | -11329425 | PA      | $-11329425.00 | -1.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp/VA                                             | TOBACCO SETTLEMENT FING CORP VA                              | CUSIP: 88880NAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  28655000 | PA      | $21581334.73  | 2.01%             | 2046-06-01      | Fixed         | 6.71%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                           | US LONG BOND(CBT) DEC25                                      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |      -643 | NC      | $-1908889.38  | -0.18%            |  |  |  | No            |                  1 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                                                          | RRP HUNTINGTON                                               | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |  -2870000 | PA      | $-2870000.00  | -0.27%            |  |  |  | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp                                          | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE                    | CUSIP: 0418066W5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $480444.38    | 0.04%             | 2030-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California State University                                                      | CALIFORNIA ST UNIV REVENUE                                   | CUSIP: 13077DQU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3759521.10   | 0.35%             | 2041-11-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JQY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14899000 | PA      | $12032956.70  | 1.12%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505NH5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   9745000 | PA      | $9393433.73   | 0.87%             | 2040-12-01      | Fixed         | 6.52%                 | No            |                  2 | On Loan: No      |
| TD SECURITIES USA LLC                                                            | RRP NEW JERSEY                                               | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Short            | RA               | CORP              | US        | -18551250 | PA      | $-18551250.00 | -1.73%            |  |  |  | No            |                  2 | On Loan: No      |
| TD SECURITIES USA LLC                                                            | RRP ALAMEDA CNT                                              | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Short            | RA               | CORP              | US        | -11852500 | PA      | $-11852500.00 | -1.10%            |  |  |  | No            |                  2 | On Loan: No      |
| Curators of the University of Missouri/The                                       | CURATORS OF THE UNIV OF MISSOURI MO SYS FACS REVENUE         | CUSIP: 231266GC5<br>LEI: G0G4PRB87K0V5MXIV248 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7233204.79   | 0.67%             | 2041-11-01      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | CUSIP: 646139W35<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   6790000 | PA      | $8188042.60   | 0.76%             | 2040-01-01      | Fixed         | 7.41%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH LTD OBLIG REVENUE                       | CUSIP: 594479HR1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $403750.00    | 0.04%             | 2033-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                                                | RRP ILLINOIS ST                                              | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | Short            | RA               | CORP              | US        | -25434856 | PA      | $-25434856.25 | -2.37%            |  |  |  | No            |                  2 | On Loan: No      |
| East Point Business & Industrial Development Authority                           | EAST PT GA BUSINESS & INDL DEV AUTHORITY REVENUE             | CUSIP: 274502AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $580500.00    | 0.05%             | 2031-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH FEDERAL LEASE REVENUE                   | CUSIP: 63607VAD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1815614.50   | 0.17%             | 2036-01-01      | Fixed         | 3.78%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX      | CUSIP: 89602HAH0<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |  10390000 | PA      | $8650700.70   | 0.80%             | 2035-05-15      | Fixed         | 2.51%                 | No            |                  2 | On Loan: No      |
| New Caney Independent School District                                            | NEW CANEY TX INDEP SCH DIST                                  | CUSIP: 643154GN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7025000 | PA      | $4932083.62   | 0.46%             | 2042-02-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Missouri Joint Municipal Electric Utility Commission                             | MISSOURI JT MUNI ELEC UTILITY COMMISSION PWR PROJ REVENUE    | CUSIP: 606092EF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11000000 | PA      | $13294402.88  | 1.24%             | 2039-01-01      | Fixed         | 7.73%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                    | MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV             | CUSIP: 57419T5R8<br>LEI: 549300Q5BSL77YR7NP93 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10302506.30  | 0.96%             | 2043-09-01      | Fixed         | 6.23%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063BJC7<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $18370742.85  | 1.71%             | 2040-11-01      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp                                         | GOLDEN ST TOBACCO SECURITIZATION CORP CA TOBACCO SETTLEMENT  | CUSIP: 38122ND66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  22500000 | PA      | $16699908.83  | 1.55%             | 2050-06-01      | Fixed         | 4.21%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp                                          | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE                    | CUSIP: 041807BJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1280000 | PA      | $1292571.97   | 0.12%             | 2032-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI MF HSG REVENUE                            | CUSIP: 74441XJB6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   7550000 | PA      | $7569055.29   | 0.70%             | 2055-02-01      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505KG0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |  10435000 | PA      | $10597872.51  | 0.99%             | 2029-12-01      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                      | NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 6460667L8<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1130234.54   | 0.11%             | 2050-07-01      | Fixed         | 3.61%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                                                          | RRP OCHSNER CLI                                              | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |  -3026250 | PA      | $-3026250.00  | -0.28%            |  |  |  | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                            | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM             | CUSIP: 20775H2Z5<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |   6575000 | PA      | $6313482.33   | 0.59%             | 2044-11-15      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| Chicago Transit Authority Sales & Transfer Tax Receipts Revenue                  | CHICAGO IL TRANSIT AUTH SALES & TRANSFER TAX RECPTS REVENUE  | CUSIP: 167725AF7<br>LEI: 549300CB8XLRGIPN3E12 | Long             | DBT              | MUN               | US        |   4472223 | PA      | $4993746.42   | 0.46%             | 2040-12-01      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Michigan State University                                                        | MICHIGAN ST UNIV REVENUES                                    | CUSIP: 594712UF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14575000 | PA      | $13225995.13  | 1.23%             | 2048-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Alameda County Joint Powers Authority                                            | ALAMEDA CNTY CA JT PWRS AUTH LEASE REVENUE                   | CUSIP: 010831BE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11000000 | PA      | $12543289.77  | 1.17%             | 2044-12-01      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                                                | RRP CALIFORNIA                                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | Short            | RA               | CORP              | US        |  -8721212 | PA      | $-8721212.50  | -0.81%            |  |  |  | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp                                               | MARYLAND ST ECON DEV CORP FED LEASE REVENUE                  | CUSIP: 57422LAA1<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   9140000 | PA      | $6668913.53   | 0.62%             | 2034-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PRP2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    925000 | PA      | $858541.24    | 0.08%             | 2031-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                                                | RRP OKLAHOMA DE                                              | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | Short            | RA               | CORP              | US        |  -5880938 | PA      | $-5880937.50  | -0.55%            |  |  |  | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966SNH5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   7260000 | PA      | $7749306.14   | 0.72%             | 2045-02-01      | Fixed         | 6.29%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE              | CUSIP: 20775DEM0<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1545000 | PA      | $1519596.58   | 0.14%             | 2027-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                                                        | BlackRock Liquidity Funds: T-Fund, Institutional Shares      | CUSIP: 09248U718<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |   3717434 | NS      | $3717433.79   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                 | CUSIP: 34061UEP9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2164305.88   | 0.20%             | 2040-04-01      | Fixed         | 4.01%                 | No            |                  2 | On Loan: No      |
| TD SECURITIES USA LLC                                                            | RRP NEW JERSEY                                               | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Short            | RA               | CORP              | US        |  -5737500 | PA      | $-5737500.00  | -0.53%            |  |  |  | No            |                  2 | On Loan: No      |
| Memphis-Shelby County Industrial Development Board                               | MEMPHIS-SHELBY CNTY TN INDL DEV BRD ECON DEV GROWTH ENGINE T | CUSIP: 58611YAG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5875000 | PA      | $4394605.52   | 0.41%             | 2045-07-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Wesleyan University                                                              | Wesleyan University                                          | CUSIP: 95101VAA7<br>LEI: MR0KVN5WYB7MX4TE2T37 | Long             | DBT              | CORP              | US        |  11000000 | PA      | $9019650.09   | 0.84%             | 2116-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Massachusetts Housing Finance Agency                                             | MASSACHUSETTS ST HSG FIN AGY HSG REVENUE                     | CUSIP: 57587GTL9<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |   3170000 | PA      | $3210319.61   | 0.30%             | 2042-12-01      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| Southern Minnesota Municipal Power Agency                                        | STHRN MINNESOTA ST MUNI PWR AGY PWR SPLY SYS REVENUE         | CUSIP: 843375ZL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8461881.68   | 0.79%             | 2043-01-01      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| TD SECURITIES USA LLC                                                            | RRP MET GOVT NA                                              | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Short            | RA               | CORP              | US        | -38308331 | PA      | $-38308331.25 | -3.56%            |  |  |  | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                           | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE                 | CUSIP: 64972ERA9<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1310000 | PA      | $902014.33    | 0.08%             | 2045-11-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | MUNI ELEC AUTH OF GEORGIA                                    | CUSIP: 626207YS7<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   9300000 | PA      | $10488719.40  | 0.98%             | 2057-04-01      | Fixed         | 7.06%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency Inc                                                         | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE                    | CUSIP: 14054CEJ4<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    235000 | PA      | $235345.22    | 0.02%             | 2026-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                                                | RRP WESLEYAN UN                                              | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | Short            | RA               | CORP              | US        |  -7933750 | PA      | $-7933750.00  | -0.74%            |  |  |  | No            |                  2 | On Loan: No      |
| Alameda Corridor Transportation Authority                                        | ALAMEDA CA CORRIDOR TRANSPRTN AUTH REVENUE                   | CUSIP: 010869JJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $1806944.85   | 0.17%             | 2042-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                              | IDAHO ST HSG & FIN ASSN NONPROFIT FACS REVENUE               | CUSIP: 45129GGD1<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    235000 | PA      | $220701.78    | 0.02%             | 2029-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TD SECURITIES USA LLC                                                            | RRP MICHIGAN ST                                              | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Short            | RA               | CORP              | US        |  -1950000 | PA      | $-1950000.00  | -0.18%            |  |  |  | No            |                  2 | On Loan: No      |
| Village Center Community Development District                                    | VLG CENTER FL CDD RECREATIONAL REVENUE                       | CUSIP: 92706NDD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13500000 | PA      | $13737131.69  | 1.28%             | 2036-11-01      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966SEU6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   4305000 | PA      | $3585822.76   | 0.33%             | 2034-08-01      | Fixed         | 2.17%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                        | MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH REVENUE             | CUSIP: 5742186P3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $524492.51    | 0.05%             | 2027-03-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                                                | RRP NJ ST TPK A                                              | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | Short            | RA               | CORP              | US        |  -7375638 | PA      | $-7375637.50  | -0.69%            |  |  |  | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                           | VIRGINIA ST HSG DEV AUTH                                     | CUSIP: 92812VD60<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3427996.52   | 0.32%             | 2040-06-01      | Fixed         | 3.52%                 | No            |                  2 | On Loan: No      |
| Port of Beaumont Industrial Development Authority                                | PORT BEAUMONT TX INDL DEV AUTH                               | CUSIP: 73358SAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8285000 | PA      | $7440199.51   | 0.69%             | 2028-01-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Nevada Housing Division                                                          | NEVADA ST HSG DIV SF MTGE REVENUE                            | CUSIP: 641279B45<br>LEI: 549300RE377OK3CTT852 | Long             | DBT              | MUN               | US        |   6485000 | PA      | $6235173.74   | 0.58%             | 2044-10-01      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| TD SECURITIES USA LLC                                                            | RRP NEW YORK CI                                              | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Short            | RA               | CORP              | US        |  -7409738 | PA      | $-7409737.50  | -0.69%            |  |  |  | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI CHRT SCH REVENUE                          | CUSIP: 744396HG0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     50000 | PA      | $49988.17     | 0.00%             | 2026-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TD SECURITIES USA LLC                                                            | RRP VIRGINIA ST                                              | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Short            | RA               | CORP              | US        |  -3527788 | PA      | $-3527787.50  | -0.33%            |  |  |  | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                           | ILLINOIS ST HSG DEV AUTH REVENUE                             | CUSIP: 45203MXE6<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   4125000 | PA      | $4143337.36   | 0.39%             | 2049-10-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TD SECURITIES USA LLC                                                            | RRP TEXAS NAT G                                              | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Short            | RA               | CORP              | US        |  -9962500 | PA      | $-9962500.00  | -0.93%            |  |  |  | No            |                  2 | On Loan: No      |
| Tennessee State School Bond Authority                                            | TENNESSEE ST SCH BOND AUTH                                   | CUSIP: 880558PG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4525000 | PA      | $3420268.85   | 0.32%             | 2041-11-01      | Fixed         | 2.56%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp                                         | GOLDEN ST TOBACCO SECURITIZATION CORP CA TOBACCO SETTLEMENT  | CUSIP: 38122ND58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  26275000 | PA      | $20551002.29  | 1.91%             | 2041-06-01      | Fixed         | 3.71%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                            | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM             | CUSIP: 20775H5P4<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10243408.20  | 0.95%             | 2055-05-15      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| TD SECURITIES USA LLC                                                            | RRP CHICAGO ILL                                              | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Short            | RA               | CORP              | US        | -15994981 | PA      | $-15994981.25 | -1.49%            |  |  |  | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063D7G7<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5206919.50   | 0.48%             | 2041-10-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TD SECURITIES USA LLC                                                            | RRP CONNECTICUT                                              | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Short            | RA               | CORP              | US        |  -5901062 | PA      | $-5901062.50  | -0.55%            |  |  |  | No            |                  2 | On Loan: No      |
| GRAND CANYON UNIVERSITY                                                          | Grand Canyon University                                      | CUSIP: 38528UAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6022000 | PA      | $5921930.32   | 0.55%             | 2028-10-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                                                          | RRP NEW YORK N                                               | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |  -4850000 | PA      | $-4850000.00  | -0.45%            |  |  |  | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District                     | SALT RIVER AZ PROJ AGRIC IMPT & PWR DIST ELEC                | CUSIP: 79575DE63<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |  24545000 | PA      | $24072131.49  | 2.24%             | 2041-01-01      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| Oklahoma Municipal Power Authority                                               | OKLAHOMA ST MUNI PWR AUTH                                    | CUSIP: 67910HMT4<br>LEI: 54930074Q1M8747DCS20 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3781089.48   | 0.35%             | 2045-01-01      | Fixed         | 6.44%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358WCW2<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2115000 | PA      | $2261071.06   | 0.21%             | 2040-11-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Finance Authority                                             | TOBACCO SETTLEMENT FIN AUTH WV ASSET BACKED                  | CUSIP: 88880LAW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8155000 | PA      | $7714132.14   | 0.72%             | 2049-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Chicago Transit Authority Sales Tax Receipts Fund                                | CHICAGO IL TRANSIT AUTH SALES TAX RECPTS REVENUE             | CUSIP: 16772PAQ9<br>LEI: 549300CB8XLRGIPN3E12 | Long             | DBT              | MUN               | US        |  16015000 | PA      | $16753405.21  | 1.56%             | 2040-12-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| City of Riverside CA                                                             | RIVERSIDE CA PENSN OBLG                                      | CUSIP: 769036BU7<br>LEI: 549300FG48YQF1N4C302 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1290718.46   | 0.12%             | 2045-06-01      | Fixed         | 3.86%                 | No            |                  2 | On Loan: No      |
| TD SECURITIES USA LLC                                                            | RRP OCHSNER CLI                                              | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Short            | RA               | CORP              | US        |  -2017500 | PA      | $-2017500.00  | -0.19%            |  |  |  | No            |                  2 | On Loan: No      |
| State of Hawaii                                                                  | HAWAII ST                                                    | CUSIP: 419792K70<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5430054.45   | 0.51%             | 2036-10-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts Transportation Fund Revenue                        | MASSACHUSETTS ST TRANSPRTN FUND REVENUE                      | CUSIP: 57604TAD8<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5211318.95   | 0.48%             | 2040-06-01      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| Alaska Housing Finance Corp                                                      | ALASKA ST HSG FIN CORP MTGE REVENUE                          | CUSIP: 01170RRJ3<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |   9270000 | PA      | $9715379.65   | 0.90%             | 2053-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Rockwall Independent School District                                             | ROCKWALL TX INDEP SCH DIST                                   | CUSIP: 774286AM0<br>LEI: 5493008ZIVPUZPQOR621 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3272271.75   | 0.30%             | 2046-02-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Illinois Municipal Electric Agency                                               | ILLINOIS ST MUNI ELEC AGY PWR SPLY                           | CUSIP: 452024HH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6635000 | PA      | $7034390.31   | 0.65%             | 2035-02-01      | Fixed         | 7.29%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                 | CMWLTH FING AUTH PA                                          | CUSIP: 20281PKW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6110000 | PA      | $5251215.73   | 0.49%             | 2041-06-01      | Fixed         | 3.81%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                                  | HAWAII ST                                                    | CUSIP: 419792ZX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2061736.50   | 0.19%             | 2035-10-01      | Fixed         | 2.37%                 | No            |                  2 | On Loan: No      |
| City of Huntington Beach CA                                                      | HUNTINGTON BEACH CA PENSN OBLIG                              | CUSIP: 446201AR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $4914778.74   | 0.46%             | 2040-06-15      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| TD SECURITIES USA LLC                                                            | RRP ALASKA HSG                                               | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Short            | RA               | CORP              | US        |  -9165712 | PA      | $-9165712.50  | -0.85%            |  |  |  | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152FA4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   4861538 | PA      | $5169274.14   | 0.48%             | 2035-04-01      | Fixed         | 6.73%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063A5G5<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   9035000 | PA      | $10920983.16  | 1.02%             | 2039-04-01      | Fixed         | 7.55%                 | No            |                  2 | On Loan: No      |
| Chicago Transit Authority Sales & Transfer Tax Receipts Revenue                  | CHICAGO IL TRANSIT AUTH SALES & TRANSFER TAX RECPTS REVENUE  | CUSIP: 167725AC4<br>LEI: 549300CB8XLRGIPN3E12 | Long             | DBT              | MUN               | US        |   7287836 | PA      | $8131973.03   | 0.76%             | 2040-12-01      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                 | CUSIP: 34061UJH2<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    650000 | PA      | $650613.05    | 0.06%             | 2026-12-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE                    | CUSIP: 837151W39<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   2870000 | PA      | $3259551.84   | 0.30%             | 2042-12-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                              | IDAHO ST HSG & FIN ASSN SF MTGE REVENUE                      | CUSIP: 45129Y5Q5<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   5695000 | PA      | $6017575.73   | 0.56%             | 2054-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                           | ARKANSAS ST DEV FIN AUTH INDL DEV REVENUE                    | CUSIP: 04108WCF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7400000 | PA      | $8131459.66   | 0.76%             | 2048-07-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Jacksonville Public Educational Building Authority                               | JACKSONVILLE PUBLIC EDUCTNL BLDG AUTH                        | CUSIP: 469480BG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1365000 | PA      | $1471484.52   | 0.14%             | 2046-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | MUNI ELEC AUTH OF GEORGIA                                    | CUSIP: 626207YF5<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |  25077000 | PA      | $27387959.40  | 2.55%             | 2057-04-01      | Fixed         | 6.64%                 | No            |                  2 | On Loan: No      |
| State Board of Administration Finance Corp                                       | FLORIDA ST BRD OF ADMIN FIN CORP REVENUE                     | CUSIP: 341271AH7<br>LEI: 549300S34SOJ0RULXM35 | Long             | DBT              | MUN               | US        |  18300000 | PA      | $19061695.41  | 1.77%             | 2034-07-01      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64990GA69<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2316848.37   | 0.22%             | 2040-07-01      | Fixed         | 2.69%                 | No            |                  2 | On Loan: No      |
| American Municipal Power Inc                                                     | AMERICAN MUNI PWR-OHIO INC OH REVENUE                        | CUSIP: 02765UEJ9<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |  20760000 | PA      | $24721070.07  | 2.30%             | 2041-02-15      | Fixed         | 7.83%                 | No            |                  2 | On Loan: No      |
| TD SECURITIES USA LLC                                                            | RRP AMERICAN MU                                              | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Short            | RA               | CORP              | US        | -15342400 | PA      | $-15342400.00 | -1.43%            |  |  |  | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261A2P1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    340000 | PA      | $316148.69    | 0.03%             | 2049-11-15      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| New Hope Higher Education Finance Corp                                           | NEW HOPE TX HGR EDU FIN CORP EDU REVENUE                     | CUSIP: 645438AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $262807.01    | 0.02%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                                                | RRP SONOMA CNTY                                              | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | Short            | RA               | CORP              | US        |  -1204875 | PA      | $-1204875.00  | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063BBU5<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5870895.75   | 0.55%             | 2039-11-01      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH FEDERAL LEASE REVENUE                   | CUSIP: 63607VAF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12895000 | PA      | $9021599.64   | 0.84%             | 2032-04-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447TJ20<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |  50000000 | PA      | $13967361.50  | 1.30%             | 2045-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TD SECURITIES USA LLC                                                            | RRP TRIBOROUGH                                               | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Short            | RA               | CORP              | US        |  -8182125 | PA      | $-8182125.00  | -0.76%            |  |  |  | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI REVENUE                                   | CUSIP: 74442PMV4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1240058.81   | 0.12%             | 2049-10-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                                                          | RRP CHICAGO IL                                               | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        | -38160000 | PA      | $-38160000.00 | -3.55%            |  |  |  | No            |                  2 | On Loan: No      |
| TD SECURITIES USA LLC                                                            | RRP METROPOLITA                                              | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Short            | RA               | CORP              | US        | -12811050 | PA      | $-12811050.00 | -1.19%            |  |  |  | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | OHIO ST HOSP FAC REVENUE                                     | CUSIP: 677561LN0<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2550915.54   | 0.24%             | 2042-01-01      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County Convention Center Auth    | MET GOVT NASHVILLE & DAVIDSON CNTY TN CONVENTION CENTER AUTH | CUSIP: 592125AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  35105000 | PA      | $40204666.14  | 3.74%             | 2043-07-01      | Fixed         | 7.43%                 | No            |                  2 | On Loan: No      |
| TD SECURITIES USA LLC                                                            | RRP NEW YORK N                                               | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Short            | RA               | CORP              | US        |  -6107875 | PA      | $-6107875.00  | -0.57%            |  |  |  | No            |                  2 | On Loan: No      |
| United Independent School District/TX                                            | UNITED TX INDEP SCH DIST                                     | CUSIP: 910678T27<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3885000 | PA      | $2812688.80   | 0.26%             | 2044-08-15      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH FEDERAL LEASE REVENUE                   | CUSIP: 63607VAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4695000 | PA      | $3286228.49   | 0.31%             | 2035-07-01      | Fixed         | 2.87%                 | No            |                  2 | On Loan: No      |
| County of Will IL                                                                | WILL CNTY IL                                                 | CUSIP: 968657JW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $5797067.28   | 0.54%             | 2045-11-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| City of Chula Vista CA                                                           | CHULA VISTA CA PENSN OBLG                                    | CUSIP: 17131RBE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $981263.04    | 0.09%             | 2036-06-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | CUSIP: 646139X83<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |  34000000 | PA      | $39379365.42  | 3.66%             | 2041-01-01      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH UTL REV                                 | CUSIP: 63610HAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9140000 | PA      | $9576357.04   | 0.89%             | 2034-04-01      | Fixed         | 6.89%                 | No            |                  2 | On Loan: No      |
| TD SECURITIES USA LLC                                                            | RRP MICHIGAN ST                                              | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Short            | RA               | CORP              | US        | -12224781 | PA      | $-12224781.25 | -1.14%            |  |  |  | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH EDUCTNL FACS REVENUE    | CUSIP: 83704MCJ3<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    710000 | PA      | $714055.66    | 0.07%             | 2030-08-15      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                                                          | RRP SOUTH CAROL                                              | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        |  -7113750 | PA      | $-7113750.00  | -0.66%            |  |  |  | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                           | VIRGINIA HSG DEV AUTH                                        | CUSIP: 92812XED0<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   3670000 | PA      | $3673972.89   | 0.34%             | 2044-07-01      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| New Jersey Institute of Technology/NJ                                            | NEW JERSEY INSTITUTE OF TECHNOLOGY                           | CUSIP: 64579RCZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $6170863.73   | 0.57%             | 2042-07-01      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| Indiana Municipal Power Agency                                                   | INDIANA ST MUNI PWR AGY                                      | CUSIP: 454898QY6<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |   7260000 | PA      | $7213706.10   | 0.67%             | 2042-01-01      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152BM2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2076923 | PA      | $2194675.06   | 0.20%             | 2035-02-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                            | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE         | CUSIP: 13034AQ94<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   4600000 | PA      | $4058900.21   | 0.38%             | 2038-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                           | VIRGINIA ST HSG DEV AUTH                                     | CUSIP: 92812VF68<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   3425000 | PA      | $2536159.04   | 0.24%             | 2045-07-01      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                                                | RRP NEW YORK ST                                              | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | Short            | RA               | CORP              | US        | -13106250 | PA      | $-13106250.00 | -1.22%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                                           | US 10YR NOTE (CBT)DEC25                                      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |      -364 | NC      | $-254666.35   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Idaho Housing & Finance Association                                              | IDAHO ST HSG & FIN ASSN SF MTGE REVENUE                      | CUSIP: 45129Y4B9<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |  11710000 | PA      | $11913965.48  | 1.11%             | 2044-01-01      | Fixed         | 6.06%                 | No            |                  2 | On Loan: No      |
| TD SECURITIES USA LLC                                                            | RRP COMMONSPIRI                                              | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Short            | RA               | CORP              | US        |  -4775000 | PA      | $-4775000.00  | -0.44%            |  |  |  | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE                    | CUSIP: 837151JB6<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   4595000 | PA      | $4897518.30   | 0.46%             | 2041-12-01      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Customer Facility Charge Revenue                          | SAN ANTONIO TX CUSTOMER FAC CHARGE REVENUE                   | CUSIP: 796246AP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7375383.00   | 0.69%             | 2045-07-01      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966SHN9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   3930000 | PA      | $3748168.84   | 0.35%             | 2054-10-01      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                 | NEW YORK ST THRUWAY AUTH                                     | CUSIP: 650009S61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1678719.02   | 0.16%             | 2042-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | CALIFORNIA ST                                                | CUSIP: 13063BFR8<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   8950000 | PA      | $10831340.21  | 1.01%             | 2040-03-01      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority Dedicated Tax Fund                         | MET TRANSPRTN AUTH NY DEDICATED TAX FUND                     | CUSIP: 59259NZH9<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |  11620000 | PA      | $13859956.37  | 1.29%             | 2039-11-15      | Fixed         | 7.34%                 | No            |                  2 | On Loan: No      |
| WEST VA HEALTH SYS OBL                                                           | West Virginia United Health System Obligated Group           | CUSIP: 956708AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  15000000 | PA      | $13034200.35  | 1.21%             | 2048-06-01      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| TD SECURITIES USA LLC                                                            | RRP ILLINOIS ST                                              | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Short            | RA               | CORP              | US        | -10387500 | PA      | $-10387500.00 | -0.97%            |  |  |  | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64990GY71<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   7090000 | PA      | $5732068.54   | 0.53%             | 2040-07-01      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Industrial Development Authority                               | MIAMI-DADE CNTY FL INDL DEV AUTH                             | CUSIP: 59333EEL3<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |     10000 | PA      | $9997.56      | 0.00%             | 2025-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                            | CHICAGO IL WTR REVENUE                                       | CUSIP: 167736YU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15250000 | PA      | $16599226.82  | 1.54%             | 2040-11-01      | Fixed         | 6.74%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                          | BAY AREA CA TOLL AUTH TOLL BRIDGE REVENUE                    | CUSIP: 072024NU2<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   6720000 | PA      | $7595116.57   | 0.71%             | 2040-04-01      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| Massachusetts Educational Financing Authority                                    | MASSACHUSETTS ST EDUCTNL FING AUTH                           | CUSIP: 57563RUF4<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15386565.45  | 1.43%             | 2050-07-01      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| Utah Housing Corp                                                                | UTAH HSG CORP SF MTGE REVENUE                                | CUSIP: 917437XN0<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |    875000 | PA      | $886266.01    | 0.08%             | 2045-07-01      | Fixed         | 5.96%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX      | CUSIP: 89602HAL1<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2330627.52   | 0.22%             | 2040-05-15      | Fixed         | 2.92%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                          | BAY AREA CA TOLL AUTH TOLL BRIDGE REVENUE                    | CUSIP: 072024PY2<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |  14000000 | PA      | $15963316.46  | 1.48%             | 2050-10-01      | Fixed         | 6.91%                 | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS LLC                                                          | RRP LOS ANGELES                                              | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | Short            | RA               | CORP              | US        | -10325000 | PA      | $-10325000.00 | -0.96%            |  |  |  | No            |                  2 | On Loan: No      |
| TD SECURITIES USA LLC                                                            | RRP SALT RIVER                                               | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Short            | RA               | CORP              | US        |  -6743344 | PA      | $-6743343.75  | -0.63%            |  |  |  | No            |                  2 | On Loan: No      |
| Northern Illinois Municipal Power Agency                                         | NTHRN IL MUNI PWR AGY PWR PROJ REVENUE                       | CUSIP: 665250BY1<br>LEI: VWCV6ROJUT9NS55JU583 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5761866.40   | 0.54%             | 2040-01-01      | Fixed         | 7.82%                 | No            |                  2 | On Loan: No      |
| Western Minnesota Municipal Power Agency                                         | WSTRN MN MUNI PWR AGY                                        | CUSIP: 958697LC6<br>LEI: 549300LFJK9CQSN2NJ11 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2270784.30   | 0.21%             | 2046-01-01      | Fixed         | 3.23%                 | No            |                  2 | On Loan: No      |
| Cerritos Community College District                                              | CERRITOS CA CMNTY CLG DIST                                   | CUSIP: 156792KS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $825195.77    | 0.08%             | 2038-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                            | NORTH CAROLINA ST HSG FIN AGY HOMEOWNERSHIP REVENUE          | CUSIP: 6582075H4<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   6815000 | PA      | $7129383.17   | 0.66%             | 2055-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TD SECURITIES USA LLC                                                            | RRP INDIANA ST                                               | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Short            | RA               | CORP              | US        |  -8324625 | PA      | $-8324625.00  | -0.77%            |  |  |  | No            |                  2 | On Loan: No      |
| Western Minnesota Municipal Power Agency                                         | WSTRN MN MUNI PWR AGY                                        | CUSIP: 958697HP2<br>LEI: 549300LFJK9CQSN2NJ11 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5544693.75   | 0.52%             | 2046-01-01      | Fixed         | 6.77%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                     | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE                     | CUSIP: 594654XM2<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   3125000 | PA      | $3124428.03   | 0.29%             | 2044-12-01      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| City of Orange CA                                                                | ORANGE CALIF PENSION OBLIG                                   | CUSIP: 684100AT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1505867.46   | 0.14%             | 2044-06-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| City & County of San Francisco CA                                                | SAN FRANCISCO CITY & CNTY CA COPS                            | CUSIP: 79765D6K1<br>LEI: 549300RA28ZEFOB6M782 | Long             | DBT              | MUN               | US        |   8480000 | PA      | $8838242.35   | 0.82%             | 2043-10-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 6461366R7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   7230000 | PA      | $6682255.49   | 0.62%             | 2039-06-15      | Fixed         | 4.08%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                      | NEW JERSEY ST EDUCTNL FACS AUTH REVENUE                      | CUSIP: 6460667K0<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $4982381.28   | 0.46%             | 2042-07-01      | Fixed         | 3.51%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452152GS4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  25610714 | PA      | $27920340.91  | 2.60%             | 2035-07-01      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| TD SECURITIES USA LLC                                                            | RRP METROPOLITA                                              | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Short            | RA               | CORP              | US        |  -6562188 | PA      | $-6562187.50  | -0.61%            |  |  |  | No            |                  2 | On Loan: No      |
| Alamo Regional Mobility Authority                                                | ALAMO TX REGL MOBILITY AUTH                                  | CUSIP: 011432CN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5910000 | PA      | $4487586.11   | 0.42%             | 2046-06-15      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                      | NEW HAMPSHIRE ST HLTH & EDU FACS AUTH REVENUE                | CUSIP: 64461XKB0<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   4130000 | PA      | $4143739.68   | 0.39%             | 2034-11-01      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                    | MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV             | CUSIP: 57419T5Q0<br>LEI: 549300Q5BSL77YR7NP93 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5200832.75   | 0.48%             | 2038-09-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                           | OKLAHOMA ST DEV FIN AUTH                                     | CUSIP: 6789083X0<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2699816.22   | 0.25%             | 2041-09-01      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| TD SECURITIES USA LLC                                                            | RRP CALIFORNIA                                               | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Short            | RA               | CORP              | US        | -19202562 | PA      | $-19202562.50 | -1.79%            |  |  |  | No            |                  2 | On Loan: No      |
| Denver City & County School District No 1                                        | DENVER CO PUBLIC SCHS COPS                                   | CUSIP: 249218AK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6862481.22   | 0.64%             | 2037-12-15      | Fixed         | 7.02%                 | No            |                  2 | On Loan: No      |
| TD SECURITIES USA LLC                                                            | RRP ILLINOIS MU                                              | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Short            | RA               | CORP              | US        |  -6717938 | PA      | $-6717937.50  | -0.62%            |  |  |  | No            |                  2 | On Loan: No      |
| Western Michigan University                                                      | WSTRN MI UNIV                                                | CUSIP: 958638ZP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1146945.42   | 0.11%             | 2043-11-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                              | IDAHO ST HSG & FIN ASSN NONPROFIT FACS REVENUE               | CUSIP: 45129GDN2<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    365000 | PA      | $346325.19    | 0.03%             | 2031-06-15      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59259YDC0<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |  19705000 | PA      | $21521816.37  | 2.00%             | 2040-11-15      | Fixed         | 6.69%                 | No            |                  2 | On Loan: No      |
| TD SECURITIES USA LLC                                                            | RRP HUNTINGTON                                               | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Short            | RA               | CORP              | US        |  -1515000 | PA      | $-1515000.00  | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| TD SECURITIES USA LLC                                                            | RRP CALIFORNIA                                               | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Short            | RA               | CORP              | US        | -10209550 | PA      | $-10209550.00 | -0.95%            |  |  |  | No            |                  2 | On Loan: No      |
| United Nations Development Corp                                                  | UNITED NATIONS DEV CORP NY                                   | CUSIP: 911157MF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3602517.02   | 0.34%             | 2055-08-01      | Fixed         | 6.54%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH ENERGY FAC REVENUE               | CUSIP: 64577QAK7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2860000 | PA      | $2864873.53   | 0.27%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth Financing Authority                                                 | CMWLTH FING AUTH PA                                          | CUSIP: 20281PKG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4435000 | PA      | $4165593.53   | 0.39%             | 2038-06-01      | Fixed         | 4.14%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE                   | CUSIP: 56681NJD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11540000 | PA      | $12083907.20  | 1.12%             | 2029-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Colorado Housing and Finance Authority                                           | COLORADO ST HSG & FIN AUTH                                   | CUSIP: 19648GHW5<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |   1860000 | PA      | $1967477.18   | 0.18%             | 2054-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Educational Financing Authority                                    | MASSACHUSETTS ST EDUCTNL FING AUTH                           | CUSIP: 57563RTM1<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |  14565000 | PA      | $14988933.11  | 1.39%             | 2044-07-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH REVENUE                                  | CUSIP: 455057SV2<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   7900000 | PA      | $8861825.87   | 0.82%             | 2039-02-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue              | MET WASHINGTON DC ARPTS AUTH DULLES TOLL ROAD REVENUE        | CUSIP: 592643AA8<br>LEI: 7HERAVJJLN8J1DZ6AZ19 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $6019339.35   | 0.56%             | 2046-10-01      | Fixed         | 7.46%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                                     | MASSACHUSETTS ST PORT AUTH                                   | CUSIP: 575896WR2<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   5055000 | PA      | $3850354.07   | 0.36%             | 2042-07-01      | Fixed         | 2.72%                 | No            |                  2 | On Loan: No      |
| Michigan State University                                                        | MICHIGAN ST UNIV REVENUES                                    | CUSIP: 594712PP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5624854.46   | 0.52%             | 2050-02-15      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP                                      | CUSIP: 340618DK0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $713000.00    | 0.07%             | 2032-07-15      | Variable      | 14.00%                | No            |                  2 | On Loan: No      |
| City of Huntington Beach CA                                                      | HUNTINGTON BEACH CA PENSN OBLIG                              | CUSIP: 446201AS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1160376.78   | 0.11%             | 2044-06-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| South Carolina Student Loan Corp                                                 | SOUTH CAROLINA ST STUDENT LOAN CORP EDU REVENUE              | CUSIP: 83715AAY5<br>LEI: 549300PIO3ZMSROGFF38 | Long             | DBT              | MUN               | US        |   4125000 | PA      | $3741532.25   | 0.35%             | 2039-12-01      | Fixed         | 3.59%                 | No            |                  2 | On Loan: No      |
| TD SECURITIES USA LLC                                                            | RRP CALIFORNIA                                               | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Short            | RA               | CORP              | US        | -16912500 | PA      | $-16912500.00 | -1.57%            |  |  |  | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                      | SAN DIEGO CNTY CA REGL ARPT AUTH                             | CUSIP: 79742GAF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3570000 | PA      | $3569975.76   | 0.33%             | 2043-07-01      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp                                               | MARYLAND ST ECON DEV CORP                                    | CUSIP: 574205HW3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5052391.80   | 0.47%             | 2057-05-31      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                                                | RRP MASSACHUSET                                              | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | Short            | RA               | CORP              | US        |  -4575000 | PA      | $-4575000.00  | -0.43%            |  |  |  | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                            | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE         | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   4605000 | PA      | $4199182.26   | 0.39%             | 2065-01-01      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| TD SECURITIES USA LLC                                                            | RRP CALIFORNIA                                               | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Short            | RA               | CORP              | US        |  -5431250 | PA      | $-5431250.00  | -0.51%            |  |  |  | No            |                  2 | On Loan: No      |
| SUTTER HEALTH                                                                    | Sutter Health                                                | CUSIP: 86944BAQ6<br>LEI: 549300MJCC12LU768G81 | Long             | DBT              | CORP              | US        |  10490000 | PA      | $11002566.58  | 1.02%             | 2035-08-15      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| MMH MASTER LLC                                                                   | MMH Master LLC                                               | CUSIP: 55318RAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7300000 | PA      | $7777225.60   | 0.72%             | 2044-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Alabama Incentives Financing Authority                                           | ALABAMA ST INCENTIVES FING AUTH SPL OBLG                     | CUSIP: 01030LDS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4970000 | PA      | $4208702.56   | 0.39%             | 2042-09-01      | Fixed         | 3.54%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH LEASE REVENUE                    | CUSIP: 645913AA2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |  20974000 | PA      | $22047850.13  | 2.05%             | 2029-02-15      | Fixed         | 7.43%                 | No            |                  2 | On Loan: No      |
| TD SECURITIES USA LLC                                                            | RRP CALIFORNIA                                               | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Short            | RA               | CORP              | US        | -10113500 | PA      | $-10113500.00 | -0.94%            |  |  |  | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE                    | CUSIP: 837151SV2<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |  11290000 | PA      | $12302507.30  | 1.14%             | 2050-01-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Excelsior Academies Inc                                                          | EXCELSIOR CHRT ACADEMY FL                                    | CUSIP: 300716AA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $19995.12     | 0.00%             | 2025-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Dallas Area Rapid Transit                                                        | DALLAS TX AREA RAPID TRANSIT SALES TAX REVENUE               | CUSIP: 235241LW4<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2391058.15   | 0.22%             | 2048-12-01      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| San Joaquin Hills Transportation Corridor Agency                                 | SAN JOAQUIN HILLS CA TRANSPRTN CORRIDOR AGY TOLL ROAD REV    | CUSIP: 798111HM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7200000 | PA      | $5491439.78   | 0.51%             | 2050-01-15      | Fixed         | 3.49%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | PENNSYLVANIA ST ECON DEV FING AUTH REVENUE                   | CUSIP: 70869PFT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  23050000 | PA      | $25295662.15  | 2.35%             | 2039-06-15      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| Hidalgo County Regional Mobility Authority                                       | HIDALGO CNTY TX REGL MOBILITY AUTH VEHICLE REGISTRATION FEE  | CUSIP: 429343BZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3939209.00   | 0.37%             | 2040-12-01      | Fixed         | 2.91%                 | No            |                  2 | On Loan: No      |
| Tennessee Housing Development Agency                                             | TENNESSEE HSG DEV AGY RSDL FIN PROGRAM REVENUE               | CUSIP: 88046KNF9<br>LEI: 25490004PSQYQLFJGI76 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5043222.45   | 0.47%             | 2044-07-01      | Fixed         | 5.91%                 | No            |                  2 | On Loan: No      |
| TD SECURITIES USA LLC                                                            | RRP AMERICAN MU                                              | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Short            | RA               | CORP              | US        |  -7945000 | PA      | $-7945000.00  | -0.74%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593AN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1672656.33   | 0.16%             | 2040-01-01      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT         | CUSIP: 64985SFF5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   5145000 | PA      | $5371522.98   | 0.50%             | 2045-07-01      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI EDU REVENUE                               | CUSIP: 74442EHE3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    250000 | PA      | $249368.63    | 0.02%             | 2028-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                           | VIRGINIA ST HSG DEV AUTH CMWLTH MTGE                         | CUSIP: 92812U5G9<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |   5845000 | PA      | $5866731.48   | 0.55%             | 2049-10-01      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Auth | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH      | CUSIP: 54627RAT7<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |   9750000 | PA      | $10006507.19  | 0.93%             | 2039-12-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Western Group Housing LP                                                         | Western Group Housing LP                                     | CUSIP: 95829TAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2356660 | PA      | $2349119.04   | 0.22%             | 2057-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| County of Clark Department of Aviation                                           | CLARK CNTY NV ARPT REVENUE                                   | CUSIP: 18085PMT8<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2242003.64   | 0.21%             | 2045-07-01      | Fixed         | 6.82%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                  | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE     | CUSIP: 64972FY34<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   7590000 | PA      | $7808130.83   | 0.73%             | 2044-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                 | CUSIP: 34061UEQ7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4118479.15   | 0.38%             | 2050-04-01      | Fixed         | 4.11%                 | No            |                  2 | On Loan: No      |
| Port of Beaumont Navigation District                                             | PORT BEAUMONT TX NAV DIST DOCK& WHARF FAC REVENUE            | CUSIP: 73360CAS3<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10052332.30  | 0.94%             | 2026-07-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| TD SECURITIES USA LLC                                                            | RRP SONOMA CNTY                                              | CUSIP: 000000000<br>LEI: SUVUFHICNZMP2WKHG940 | Short            | RA               | CORP              | US        |  -7873294 | PA      | $-7873293.75  | -0.73%            |  |  |  | No            |                  2 | On Loan: No      |
| Westvaco Corp                                                                    | WESTVACO CORP NY                                             | CUSIP: 961548AR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9400000 | PA      | $9621087.06   | 0.89%             | 2027-01-15      | Fixed         | 7.67%                 | No            |                  2 | On Loan: No      |
| Massachusetts Educational Financing Authority                                    | MASSACHUSETTS ST EDUCTNL FING AUTH                           | CUSIP: 57563RTX7<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |   8885000 | PA      | $9294660.25   | 0.86%             | 2049-07-01      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Regents of the University of California Medical Center Pooled Revenue            | UNIV OF CALIFORNIA CA RGTS MED CENTER POOLED REVENUE         | CUSIP: 913366EP1<br>LEI: RRR42I7GG51DB5HDQR14 | Long             | DBT              | MUN               | US        |   5330000 | PA      | $5745359.97   | 0.53%             | 2048-05-15      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| Ohio University                                                                  | OHIO UNIV GEN RECPTS ATHENS                                  | CUSIP: 677704A65<br>LEI: 549300P1K3IH2L5SFY61 | Long             | DBT              | MUN               | US        |  10100000 | PA      | $9650333.05   | 0.90%             | 2114-12-01      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Finance Authority                                             | TOBACCO SETTLEMENT FIN AUTH WV ASSET BACKED                  | CUSIP: 88880LAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $155691.87    | 0.01%             | 2047-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Wastewater Transmission Revenue                               | CHICAGO IL WSTWTR TRANSMISSION REVENUE                       | CUSIP: 167727SW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  36000000 | PA      | $39969758.52  | 3.72%             | 2040-01-01      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-29

**Name of Applicant:** BlackRock Taxable Municipal Bond Trust

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer