BlackRock Virginia Municipal Bond Trust (BHV) NPORT-P BlackRock Virginia Municipal Bond Trust (Nov 2020 report)

Schedule of Investments  (unaudited) November 30, 2020 BlackRock Virginia Municipal Bond Trust (BHV) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Bonds
California — 2.1%
Tobacco — 2.1%
Golden State Tobacco Securitization Corp., Refunding RB, Series A-1, 5.00%, 06/01/47	$	500	$	515,600
District of Columbia — 1.7%
Tobacco — 1.7%
District of Columbia Tobacco Settlement Financing Corp., RB, Series C, 0.00%, 06/15/55(a)		6,000		432,120
Puerto Rico — 7.5%
State — 5.3%
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53		127		137,538
Series A-1, Restructured, 5.00%, 07/01/58		578		635,754
Series A-2, Restructured, 4.33%, 07/01/40		391		416,509
Series A-2, Restructured, 4.78%, 07/01/58		129		139,601
				1,329,402
Tobacco — 0.6%
Children’s Trust Fund, Refunding RB, 5.63%, 05/15/43		140		141,283
Utilities — 1.6%
Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB
Series A, Senior Lien, 5.00%, 07/01/33		200		207,258
Series A, Senior Lien, 5.13%, 07/01/37		55		57,062
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB, Series A, Senior Lien, 6.00%, 07/01/38		130		130,432
				394,752
Total Municipal Bonds in Puerto Rico				1,865,437
Virginia — 111.7%
Corporate — 0.8%
Virginia Small Business Financing Authority, RB, AMT, 5.00%, 01/01/48(b)(c)		200		200,752
County/City/Special District/School District — 14.1%
Ballston Quarter Community Development Authority, TA, Series A, 5.38%, 03/01/36		250		247,080
City of Norfolk Virginia, GO, (ST AID WTHHLDG), 5.00%, 08/01/28(d)		500		665,030
City of Norfolk Virginia, Refunding GO, Series A, (SAW), 5.00%, 08/01/23(d)		500		563,455
City of Suffolk Virginia, Refunding GO, (SAW), 5.00%, 06/01/21(d)		1,000		1,024,020
Dulles Town Center Community Development Authority, Refunding SAB, 4.25%, 03/01/26		500		499,235
Lower Magnolia Green Community Development Authority, SAB, 5.00%, 03/01/35(c)		245		248,486
Mosaic District Community Development Authority, TA, Series A, 6.88%, 03/01/36		250		254,138
				3,501,444
Education — 17.5%
Salem Economic Development Authority, Refunding RB, 4.00%, 04/01/45		250		260,610
Virginia College Building Authority, RB, 4.00%, 02/01/38		1,000		1,224,940
Virginia College Building Authority, Refunding RB
(NPFGC), 5.25%, 01/01/26		500		579,075

Security	Par (000)		Value
Education (continued)
Virginia College Building Authority, Refunding
RB (continued)
(NPFGC), 5.25%, 01/01/31	$	1,000	$	1,356,500
Virginia Public School Authority, RB, Series B, 4.00%, 08/01/21(d)		405		415,291
Virginia Small Business Financing Authority, Refunding RB, 4.00%, 10/01/38		500		534,735
				4,371,151
Health — 31.3%
Chesapeake Hospital Authority, Refunding RB, 4.00%, 07/01/43		680		776,601
Danville Industrial Development Authority, Refunding RB, (AMBAC), 5.25%, 10/01/28(e)		730		836,807
Fairfax County Economic Development Authority, RB, Series A, 5.00%, 12/01/42		500		518,365
Fairfax County Industrial Development Authority, RB, Series A, 5.00%, 05/15/44		450		507,546
Henrico County Economic Development Authority, Refunding RB
4.25%, 06/01/26		145		148,229
4.00%, 10/01/50(f)		250		270,935
Lexington Industrial Development Authority, RB, Series A, 5.00%, 01/01/42		690		725,093
Norfolk Redevelopment & Housing Authority, RB, Series B, 4.00%, 01/01/25		200		200,138
Prince William County Industrial Development Authority, Refunding RB, Series B, 4.00%, 11/01/46		500		524,665
Roanoke Economic Development Authority, Refunding RB, 5.00%, 07/01/30		795		850,324
Virginia Beach Development Authority, Refunding RB, 4.00%, 09/01/48		250		259,555
Virginia Small Business Financing Authority, Refunding RB, 4.00%, 12/01/49		500		566,170
Winchester Economic Development Authority, Refunding RB
5.00%, 01/01/44		1,000		1,160,960
Series A, 5.00%, 01/01/24(d)		400		458,524
				7,803,912
Housing — 16.3%
Virginia Housing Development Authority, RB, M/F Housing
Series A, 5.25%, 05/01/41		750		751,860
Series B, 4.00%, 06/01/53		625		685,381
Series D, 3.90%, 10/01/48		985		1,085,037
Series E, 2.50%, 12/01/22		220		220,260
Series F, 5.25%, 10/01/38		250		273,775
Virginia Housing Development Authority, RB, S/F Housing, Sub-Series C-4, 3.63%, 01/01/31		1,000		1,050,120
				4,066,433
Other — 1.0%
Cherry Hill Community Development Authority, SAB, 5.40%, 03/01/45(c)		250		260,030
State — 0.8%
Virginia Public Building Authority, RB, Series A, 5.00%, 08/01/35		150		203,652

SCHEDULES OF INVESTMENTS 1

Schedule of Investments  (unaudited) November 30, 2020 BlackRock Virginia Municipal Bond Trust (BHV) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Tobacco — 6.0%
Tobacco Settlement Financing Corp., Refunding RB
Series B-1, 5.00%, 06/01/47	$	985	$	985,039
Series B-2, 5.20%, 06/01/46		500		501,485
				1,486,524
Transportation — 12.6%
Fairfax County Economic Development Authority, RB, 5.00%, 04/01/36		775		951,018
Richmond Metropolitan Transportation Authority Expressway System Revenue, Refunding RB, (NPFGC), 5.25%, 07/15/22		215		226,948
Virginia Small Business Financing Authority, RB
AMT, 5.00%, 07/01/49		500		516,280
AMT, 5.00%, 12/31/52		500		569,755
AMT, Senior Lien, 6.00%, 01/01/37		820		874,464
				3,138,465
Utilities — 11.3%
City of Richmond Virginia Public Utility Revenue, RB
Series A, 3.00%, 01/15/45		500		551,570
Series A, 4.00%, 01/15/50		500		598,450
County of Henrico Virginia Water & Sewer Revenue, Refunding RB, 5.00%, 05/01/42		1,065		1,284,454
Fairfax County Water Authority, Refunding RB, 5.00%, 04/01/44		300		368,580
				2,803,054
Total Municipal Bonds in Virginia				27,835,417
Total Municipal Bonds — 123.0% (Cost: $28,397,828)				30,648,574
Municipal Bonds Transferred to Tender Option Bond Trusts(g)
District of Columbia — 7.3%
Transportation — 7.3%
Washington Metropolitan Area Transit Authority, RB, Series B, 5.00%, 07/01/42		1,503		1,821,382
Virginia — 30.6%
Transportation — 30.6%
Fairfax County Economic Development Authority, RB, 5.00%, 04/01/47(h)		2,000		2,384,980
Hampton Roads Transportation Accountability Commission, RB, Senior Lien, Series A, 5.00%, 07/01/48		4,308		5,227,998
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 37.9% (Cost: $8,693,204)				9,434,360
Total Long-Term Investments — 160.9% (Cost: $37,091,032)				40,082,934

Security	Shares		Value
Short-Term Securities
Money Market Funds — 4.2%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%(i)(j)		1,036,988	$	1,037,091
Total Short-Term Securities — 4.2% (Cost: $1,037,194)				1,037,091
Total Investments — 165.1% (Cost: $38,128,226)				41,120,025
Other Assets Less Liabilities — 0.8%				213,222
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (19.6)%			(4,878,178)
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs —(46.3)%			(11,544,340)
Net Assets Applicable to Common Shares — 100.0%			$24,910,729

^(a)  Zero-coupon bond.

^(b)  Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

^(c)  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.

^(d)  U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par.

^(e)  Security is collateralized by municipal bonds or U.S. Treasury obligations.

^(f)  When-issued security.

^(g)  Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as collateral in a secured borrowing.

^(h)  All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreement, which expires on October 1, 2024, is $1,051,389.

⁽ⁱ⁾  Affiliate of the Trust.

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

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Schedule of Investments  (unaudited) (continued) November 30, 2020 BlackRock Virginia Municipal Bond Trust (BHV)

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended November 30, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 11/30/20		Shares Held at 11/30/20		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, MuniCash, Institutional Class	$	1,008,372	$	28,830	(a)	$	—	$	(8	)	$	(103	)	$	1,037,091		1,036,988	$	23	$	—

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

• Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs)

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of financial instruments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Trust’s investments categorized in the disclosure hierarchy. The breakdown of the Trust’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Municipal Bonds	$	—	$	30,648,574		$	—	$	30,648,574
Municipal Bonds Transferred to Tender Option Bond Trusts		—		9,434,360			—		9,434,360
Short-Term Securities
Money Market Funds		1,037,091		—			—		1,037,091
	$	1,037,091	$	40,082,934		$	—	$	41,120,025
The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
	Level 1		Level 2			Level 3		Total
Liabilities
TOB Trust Certificates	$	—	$	(4,876,042	)	$	—	$	(4,876,042	)
VRDP Shares at Liquidation Value		—		(11,600,000	)		—		(11,600,000	)
	$	—	$	(16,476,042	)	$	—	$	(16,476,042	)

SCHEDULES OF INVESTMENTS 3

Schedule of Investments  (unaudited) (continued) November 30, 2020 BlackRock Virginia Municipal Bond Trust (BHV)

Portfolio Abbreviation
AMBAC	AMBAC Assurance Corp.
AMT	Alternative Minimum Tax
GO	General Obligation Bonds
M/F	Multi-Family
NPFGC	National Public Finance Guarantee Corp.
RB	Revenue Bond
S/F	Single-Family
SAB	Special Assessment Bonds
SAW	State Aid Withholding
ST	Special Tax
TA	Tax Allocation

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