| Schedule of Investments (unaudited) May 31, 2020 |
BlackRock Virginia Municipal Bond Trust (BHV) (Percentages shown are based on Net Assets) |
| 1 |
| Schedule of Investments (unaudited) (continued) May 31, 2020 |
BlackRock Virginia Municipal Bond Trust (BHV) (Percentages shown are based on Net Assets) |
| 2 |
| Schedule of Investments (unaudited) (continued) May 31, 2020 |
BlackRock Virginia Municipal Bond Trust (BHV) (Percentages shown are based on Net Assets) |
| (a) | 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. |
| (b) | 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. |
| (c) | Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end. |
| (d) | Security is collateralized by municipal bonds or U.S. Treasury obligations. |
| (e) | 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. |
| (f) | 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. |
| (g) | Annualized 7-day yield as of period end. |
| (h) | Investments in issuers considered to be an affiliate/affiliates of the Trust during the period ended May 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
| 3 |
| Schedule of Investments (unaudited) (continued) May 31, 2020 |
BlackRock Virginia Municipal Bond Trust (BHV) |
| Affiliated Issuer | Shares Held at 08/31/19 |
Shares Purchased |
Shares Sold |
Shares Held at 05/31/20 |
Value at 05/31/20 |
Income | Net Realized Gain (Loss)(a) |
Change in Unrealized Appreciation (Depreciation) |
||||||||||||||||||||||||
| BlackRock Liquidity Funds, MuniCash, Institutional Class |
451,840 | 1,281,331 | (b) | — | 1,733,171 | $ | 1,733,691 | $ | 5,112 | $ | 128 | $ | 173 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| (a) | Includes net capital gain distributions, if applicable. |
| (b) | Represents net shares purchased (sold). |
For Trust compliance purposes, the Trust’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.
Portfolio Abbreviations
AGM — Assured Guaranty Municipal Corp.
AMBAC — American Municipal Bond Assurance Corp.
AMT — Alternative Minimum Tax (subject to)
EDA — Economic Development Authority
GO — General Obligation Bonds
IDA — Industrial Development Authority
M/F — Multi-Family
NPFGC — National Public Finance Guarantee Corp.
RB — Revenue Bonds
| 4 |
| Schedule of Investments (unaudited) (continued) May 31, 2020 |
BlackRock Virginia Municipal Bond Trust (BHV) |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of investments. 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 investments) |
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 investments is based on the pricing transparency of the investments 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 investments, refer to the Trust’s most recent financial statements as contained in its semi-annual report.
The following tables summarize the Trust’s investments categorized in the disclosure hierarchy:
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Assets: |
| |||||||||||||||
| Investments: |
| |||||||||||||||
| Long-Term Investments(a) |
$ | — | $ | 38,324,561 | $ | — | $ | 38,324,561 | ||||||||
| Short-Term Securities |
1,733,691 | — | — | 1,733,691 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 1,733,691 | $ | 38,324,561 | $ | — | $ | 40,058,252 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) | See above Schedule of Investments for values in each sector/state or political subdivision. |
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 |
$ | — | $ | (4,876,043 | ) | $ | — | $ | (4,876,043 | ) | ||||||
| VRDP Shares at Liquidation Value |
— | (11,600,000 | ) | — | (11,600,000 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | — | $ | (16,476,043 | ) | $ | — | $ | (16,476,043 | ) | |||||||
|
|
|
|
|
|
|
|
|
|||||||||
| 5 |