Schedule of Investments (unaudited)
April 30, 2024
BlackRock Virginia Municipal Bond Trust (BHV)
(Percentages shown are based on Net Assets)
Security | Par (000) | Value | |
Municipal Bonds | |||
Alabama(a) — 6.8% | |||
Corporate — 6.8% | |||
Black Belt Energy Gas District, RB, Series A, 5.25%, 01/01/54 | $ | 1,015 | $ 1,070,222 |
Southeast Alabama Gas Supply District, RB, Series A, 4.00%, 06/01/49 | 250 | 249,793 | |
Total Municipal Bonds in Alabama | 1,320,015 | ||
California — 1.9% | |||
Tobacco — 1.9% | |||
California County Tobacco Securitization Agency, RB, Series D, 0.00%, 06/01/55(b) | 4,680 | 359,584 | |
District of Columbia — 11.1% | |||
Tobacco — 3.1% | |||
District of Columbia Tobacco Settlement Financing Corp., RB, Series C, 0.00%, 06/15/55(b) | 5,400 | 595,112 | |
Transportation — 8.0% | |||
Washington Metropolitan Area Transit Authority, RB, Series B, 5.00%, 07/01/37 | 1,500 | 1,559,550 | |
Total Municipal Bonds in District of Columbia | 2,154,662 | ||
Iowa — 5.2% | |||
Corporate — 5.2% | |||
PEFA, Inc., RB, 5.00%, 09/01/49(a) | 1,000 | 1,017,154 | |
Puerto Rico — 5.7% | |||
State — 5.7% | |||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB | |||
Series A-1, Restructured, 4.75%, 07/01/53 | 127 | 123,881 | |
Series A-1, Restructured, 5.00%, 07/01/58 | 478 | 475,846 | |
Series A-2, Restructured, 4.78%, 07/01/58 | 129 | 125,103 | |
Series A-2, Restructured, 4.33%, 07/01/40 | 391 | 381,381 | |
Total Municipal Bonds in Puerto Rico | 1,106,211 | ||
Virginia — 125.7% | |||
County/City/Special District/School District — 20.2% | |||
Albemarle County Economic Development Authority, RB, Series A, 5.00%, 06/01/42 | 500 | 550,412 | |
City of Alexandria Virginia, GO, Series B, 4.00%, 12/15/52 | 1,375 | 1,297,813 | |
Hampton Roads Transportation Accountability Commission, RB, Series A, 4.00%, 07/01/57 | 2,000 | 1,851,390 | |
Lower Magnolia Green Community Development Authority, SAB, 5.00%, 03/01/35(c) | 235 | 232,724 | |
3,932,339 | |||
Education — 11.9% | |||
Virginia College Building Authority, RB, Series A, 02/01/42(d) | 500 | 491,575 | |
Virginia College Building Authority, Refunding RB | |||
(NPFGC), 5.25%, 01/01/26 | 215 | 219,433 | |
(NPFGC), 5.25%, 01/01/31 | 1,000 | 1,099,264 | |
Virginia Small Business Financing Authority, Refunding RB, 4.00%, 10/01/38 | 500 | 500,532 | |
2,310,804 | |||
Health — 21.1% | |||
Danville Industrial Development Authority, Refunding RB, (AMBAC), 5.25%, 10/01/28(e) | 265 | 270,084 | |
Henrico County Economic Development Authority, RB, Class A, 5.00%, 10/01/52 | 1,000 | 1,024,848 |
Security | Par (000) | Value | |
Health (continued) | |||
Henrico County Economic Development Authority, Refunding RB, 4.25%, 06/01/26 | $ | 145 | $ 141,530 |
Isle Wight County Industrial Development Authority, RB, (AGM), 5.25%, 07/01/53 | 250 | 266,705 | |
Norfolk Redevelopment & Housing Authority, RB, Series B, 4.00%, 01/01/25 | 105 | 104,539 | |
Virginia Beach Development Authority, Refunding RB, 4.00%, 09/01/48 | 250 | 197,797 | |
Virginia Commonwealth University Health System Authority, RB, Series A, 5.25%, 07/01/49 | 1,000 | 1,081,994 | |
Winchester Economic Development Authority, Refunding RB, 5.00%, 01/01/44 | 1,000 | 1,003,017 | |
4,090,514 | |||
Housing — 22.7% | |||
Virginia Housing Development Authority, RB, M/F Housing | |||
Series A, 4.60%, 09/01/49 | 1,000 | 973,551 | |
Series B, 5.00%, 03/01/65 | 1,000 | 1,013,198 | |
Series F, 5.35%, 11/01/58 | 1,000 | 1,042,015 | |
Series G, 5.15%, 11/01/52 | 600 | 615,558 | |
Virginia Housing Development Authority, RB, S/F Housing, Series C, 4.88%, 07/01/48 | 750 | 762,593 | |
4,406,915 | |||
State — 17.7% | |||
Ballston Quarter Community Development Authority, TA | |||
Series A-1, 5.50%, 03/01/46 | 94 | 90,129 | |
Series A-2, 7.13%, 03/01/59(f) | 225 | 168,483 | |
Cherry Hill Community Development Authority, SAB, 5.40%, 03/01/45(c) | 250 | 246,656 | |
Dulles Town Center Community Development Authority, Refunding SAB, 4.25%, 03/01/26 | 325 | 322,874 | |
Virginia College Building Authority, RB | |||
4.00%, 02/01/42 | 1,000 | 990,712 | |
4.00%, 02/01/43 | 500 | 489,653 | |
Series A, (SAW), 4.00%, 09/01/47 | 605 | 588,869 | |
Virginia Resources Authority, RB, Class B, 5.25%, 11/01/47 | 500 | 548,957 | |
3,446,333 | |||
Tobacco — 7.2% | |||
Tobacco Settlement Financing Corp., Refunding RB | |||
Series B-1, 5.00%, 06/01/47 | 985 | 915,012 | |
Series B-2, Convertible, 5.20%, 06/01/46(f) | 500 | 479,164 | |
1,394,176 | |||
Transportation — 10.4% | |||
Chesapeake Bay Bridge & Tunnel District, RB, 5.00%, 07/01/46 | 1,000 | 1,010,925 | |
Virginia Small Business Financing Authority, RB | |||
AMT, 5.00%, 12/31/52 | 500 | 501,100 | |
AMT, 5.00%, 12/31/56 | 500 | 500,467 | |
2,012,492 | |||
Utilities — 14.5% | |||
City of Norfolk Virginia Water Revenue, RB, 5.00%, 11/01/45 | 500 | 541,247 | |
County of Fairfax Virginia Sewer Revenue, RB, Series A, 5.00%, 07/15/54 | 750 | 813,078 |
Schedule of Investments1
Schedule of Investments (unaudited)(continued)
April 30, 2024
BlackRock Virginia Municipal Bond Trust (BHV)
(Percentages shown are based on Net Assets)
Security | Par (000) | Value | |
Utilities (continued) | |||
County of Henrico Virginia Water & Sewer Revenue, RB, 4.00%, 05/01/46 | $ | 1,000 | $ 970,132 |
Fairfax County Water Authority, RB, 4.00%, 04/01/47 | 500 | 491,672 | |
2,816,129 | |||
Total Municipal Bonds in Virginia | 24,409,702 | ||
Total Long-Term Investments — 156.4% (Cost: $30,176,829) | 30,367,328 |
Shares | |||
Short-Term Securities | |||
Money Market Funds — 4.2% | |||
BlackRock Liquidity Funds, MuniCash, Institutional Shares, 3.45%(g)(h) | 811,078 | 811,159 | |
Total Short-Term Securities — 4.2% (Cost: $811,058) | 811,159 | ||
Total Investments — 160.6% (Cost: $30,987,887) | 31,178,487 | ||
Liabilities in Excess of Other Assets — (1.1)% | (208,652 ) | ||
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (59.5)% | (11,556,228 ) | ||
Net Assets Applicable to Common Shares — 100.0% | $ 19,413,607 |
(a) | 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. |
(b) | Zero-coupon bond. |
(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) | When-issued security. |
(e) | Security is collateralized by municipal bonds or U.S. Treasury obligations. |
(f) | Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step- down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
(g) | Affiliate of the Fund. |
(h) | Annualized 7-day yield as of period end. |
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 07/31/23 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 04/30/24 | Shares Held at 04/30/24 | Income | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, MuniCash, Institutional Shares | $ 4,819,412 | $ — | $ (4,008,536 )(a) | $ 716 | $ (433 ) | $ 811,159 | 811,078 | $ 31,245 | $ — |
(a) | Represents net amount purchased (sold). |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) |
Short Contracts | ||||
10-Year U.S. Treasury Note | 3 | 06/18/24 | $ 322 | $ 8,011 |
U.S. Long Bond | 3 | 06/18/24 | 342 | 11,948 |
5-Year U.S. Treasury Note | 2 | 06/28/24 | 210 | 3,825 |
$ 23,784 |
2
Schedule of Investments (unaudited)(continued)
April 30, 2024
BlackRock Virginia Municipal Bond Trust (BHV)
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 Fund has the ability to access;
• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and
• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |
Assets | ||||
Investments | ||||
Long-Term Investments | ||||
Municipal Bonds | $ — | $ 30,367,328 | $ — | $ 30,367,328 |
Short-Term Securities | ||||
Money Market Funds | 811,159 | — | — | 811,159 |
$811,159 | $30,367,328 | $— | $31,178,487 | |
Derivative Financial Instruments(a) | ||||
Assets | ||||
Interest Rate Contracts | $ 23,784 | $ — | $ — | $ 23,784 |
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
The Fund 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 fair value hierarchy as follows:
Level 1 | Level 2 | Level 3 | Total | |
Liabilities | ||||
VRDP Shares at Liquidation Value | $— | $(11,600,000 ) | $— | $(11,600,000 ) |
$— | $(11,600,000 ) | $— | $(11,600,000 ) |
Portfolio Abbreviation | |
AGM | Assured Guaranty Municipal Corp. |
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 |
Portfolio Abbreviation (continued) | |
SAW | State Aid Withholding |
TA | Tax Allocation |
Schedule of Investments3