NPORT-EX 2 BRVirginiaMunicipalBondTrust.htm EX-BHV

Schedule of Investments  (unaudited)

November 30, 2019

   

BlackRock Virginia Municipal Bond Trust (BHV)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds — 124.0%

 

California — 2.1%

 

Tobacco — 2.1%  

Golden State Tobacco Securitization Corp., Refunding RB, Series A-2, 5.00%, 06/01/47

   $ 500     $ 514,555  
   

 

 

  

Ohio — 1.1%

 

Tobacco — 1.1%  

Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term, Series A-2:

    

5.75%, 06/01/34

     100       100,049  

5.88%, 06/01/47

     180       180,384  
   

 

 

  

Total Municipal Bonds in Ohio

 

     280,433  
 

 

 

  

Puerto Rico — 7.3%

 

State — 5.1%  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured:

    

Series A-1, 4.75%, 07/01/53

     242       249,877  

Series A-1, 5.00%, 07/01/58

     468       491,929  

Series A-2, 4.33%, 07/01/40

     391       395,516  

Series A-2, 4.78%, 07/01/58

     129       133,025  
   

 

 

  
      1,270,347  
Tobacco — 0.6%  

Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds, 5.63%, 05/15/43

     140       142,122  
   

 

 

  
Utilities — 1.6%  

Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien, Series A:

    

5.00%, 07/01/33

     200       207,974  

5.13%, 07/01/37

     55       57,173  

Commonwealth of Puerto Rico Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series A, 6.00%, 07/01/38

     130       131,914  
   

 

 

  
      397,061  
   

 

 

  

Total Municipal Bonds in Puerto Rico

 

     1,809,530  
 

 

 

  

Virginia — 113.5%

 

County/City/Special District/School District — 24.5%  

Ballston Quarter Community Development Authority, Tax Allocation Bonds, Series A, 5.38%, 03/01/36

     250       276,387  
Security   Par
(000)		     Value  
County/City/Special District/School District (continued)  

Cherry Hill Virginia Community Development Authority, Special Assessment Bonds, Potomac Shores Project, 5.40%, 03/01/45(a)

   $ 250     $ 263,393  

City of Norfolk Virginia, GO, Capital Improvement, 5.00%, 08/01/28(b)

     500       646,070  

City of Norfolk Virginia, GO, Refunding(b):

    

5.00%, 08/01/23

     500       569,200  

City of Portsmouth Virginia, GO, Refunding,
Series D(b):

    

5.00%, 07/15/20

     500       511,910  

City of Suffolk Virginia, GO, Refunding, 5.00%, 06/01/21(b)

     1,000       1,057,480  

County of Fairfax Virginia EDA, RB:

    

Metrorail Parking System Projects, 5.00%, 04/01/36

     775       936,564  

Silverline Phase I Project, 5.00%, 04/01/20(b)

     750       759,525  

Dulles Town Center Community Development Authority, Refunding, Special Assessment, Dulles Town Center Project, 4.25%, 03/01/26

     500       505,200  

Lower Magnolia Green Community Development Authority, Special Assessment Bonds, 5.00%, 03/01/35(a)

     245       259,805  

Mosaic District Community Development Authority, Special Assessment, Series A, 6.88%, 03/01/36

     250       263,163  
   

 

 

  
      6,048,697  
Education — 17.4%  

County of Montgomery Virginia EDA, Refunding RB, Virginia Tech Foundation, Series A, 5.00%, 06/01/20(b)

     355       361,788  

Virginia College Building Authority, RB, Green Bond, Marymount University Project, Series B, 5.00%, 07/01/45(a)

     100       105,399  

Virginia College Building Authority, Refunding RB:

    

Liberty University Projects, 5.00%, 03/01/41

     1,000       1,008,510  

Marymount University Project, Series A, 5.00%, 07/01/45(a)

     400       421,596  
 

 

 

     1  

Schedule of Investments  (unaudited) (continued)

November 30, 2019

   

BlackRock Virginia Municipal Bond Trust (BHV)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Education (continued)  

Washington & Lee University Project (NPFGC), 5.25%, 01/01/26

   $ 500     $ 579,700  

Washington & Lee University Project (NPFGC), 5.25%, 01/01/31

     1,000       1,292,290  

Virginia Small Business Financing Authority, Refunding RB, 4.00%, 10/01/38

     500       531,045  
   

 

 

  
      4,300,328  
Corporate — 2.9%            

Virginia Small Business Financing Authority, RB:

    

Covanta Project, AMT, 5.00%, 01/01/48(a)(c)

     200       212,196  

Roanoke College, 5.75%, 04/01/41

     500       505,915  
   

 

 

  
      718,111  
Health — 33.0%  

Chesapeake Hospital Authority, Refunding RB, Chesapeake Regional Medical Center, 4.00%, 07/01/43

     680       756,398  

City of Danville Virginia IDA, Refunding RB, Danville Regional Medical Center (AMBAC), 5.25%, 10/01/28(d)

     870       971,216  

County of Fairfax Virginia EDA, Refunding RB, Vinson Hall LLC, Series A, 5.00%, 12/01/42

     500       543,005  

County of Fairfax Virginia IDA, RB, Series A, 5.00%, 05/15/44

     450       510,583  

County of Hanover Virginia EDA, Refunding RB, Covenant Woods, Series A, 5.00%, 07/01/42

     500       517,220  

County of Henrico Virginia EDA, Refunding RB, United Methodist Homes, 4.25%, 06/01/26

     145       152,085  

County of Prince William Virginia IDA, Refunding RB, Novant Health Obligation Group, Series B, 4.00%, 11/01/46

     500       522,605  

Lexington Industrial Development Authority, RB, Series A, 5.00%, 01/01/42

     690       748,602  

Norfolk Redevelopment & Housing Authority, RB, Fort Norfolk Retirement Community, Inc. - Harbor’s Edge Project, Series B, 4.00%, 01/01/25

     200       200,202  

Roanoke Virginia EDA, Refunding RB:

    

Carilion Clinic Obligation Group, 5.00%, 07/01/30

     795       867,957  
Security   Par
(000)		     Value  
Health (continued)  

Carilion Health System (AGM), 5.00%, 07/01/20(b)

   $ 5     $ 5,112  

Carilion Health System, Series B (AGM), 5.00%, 07/01/38

     495       504,677  

Virginia Beach Development Authority, Refunding RB, Westminster-Canterbury on Chesapeake Bay, 4.00%, 09/01/48

     250       264,152  

Winchester Virginia EDA, Refunding RB, Valley Health System Obligation:

    

5.00%, 01/01/44

     1,000       1,137,130  

Series A, 5.00%, 01/01/44

     400       444,460  
   

 

 

  
      8,145,404  
Housing — 12.2%  

Virginia HDA, RB, M/F:

    

Housing, Rental Housing, Series A, 5.25%, 05/01/41

     750       769,027  

Housing, Rental Housing, Series B, 4.00%, 06/01/53

     625       663,312  

Housing, Rental Housing, Series F, 5.25%, 10/01/38

     250       279,653  

Housing, Series E, 2.50%, 12/01/22

     250       250,158  

Rental Housing, Series D, 3.90%, 10/01/48

     985       1,048,562  
   

 

 

  
      3,010,712  
State — 1.7%  

Virginia Public School Authority, RB, School Financing, 1997 Resolution, Series B, 4.00%, 08/01/21(b)

     405       424,201  
   

 

 

  
Tobacco — 3.7%  

Tobacco Settlement Financing Corp., Refunding RB, Senior:

    

Convertible, Series B2, 5.20%, 06/01/46

     500       502,435  

Series B-1, 5.00%, 06/01/47

     410       410,000  
   

 

 

  
      912,435  
Transportation — 11.5%  

Richmond Metropolitan Authority, Refunding RB, (NPFGC), 5.25%, 07/15/22

     315       335,809  

Virginia Port Authority, RB, 5.00%, 07/01/20(b)

     500       511,165  
 

 

 

2   

Schedule of Investments  (unaudited) (continued)

November 30, 2019

   

BlackRock Virginia Municipal Bond Trust (BHV)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Transportation (continued)  

Virginia Small Business Financing Authority, RB, AMT:

    

95 Express Lanes LLC Project, 5.00%, 07/01/49

   $ 500     $ 527,665  

Senior Lien, Elizabeth River Crossings OpCo LLC Project, 6.00%, 01/01/37

     820       905,214  

Transform 66 P3 Project, 5.00%, 12/31/49

     500       568,765  
   

 

 

  
      2,848,618  
Utilities — 6.6%  

County of Fairfax Virginia Water Authority, Refunding RB, 5.00%, 04/01/44

     300       361,284  

County of Henrico Virginia Water & Sewer Revenue, Refunding RB, 5.00%, 05/01/42

     1,065       1,266,360  
   

 

 

  
      1,627,644  
   

 

 

  

Total Municipal Bonds in Virginia

 

     28,036,150  
 

 

 

  

Total Municipal Bonds — 124.0%
(Cost — $28,885,942)

 

     30,640,668  
 

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(e)

 

Virginia — 34.9%

 

Health — 13.8%  

County of Fairfax Virginia EDA, RB, Metrorail Parking System Project, 5.00%, 04/01/47(f)

     2,000       2,382,300  
Security   Par
(000)		     Value  
Health (continued)  

Virginia Small Business Financing Authority, Refunding RB, Sentara Healthcare, 5.00%, 11/01/40

   $ 1,000     $ 1,015,009  
   

 

 

  
      3,397,309  
Transportation — 21.1%  

Hampton Roads Transportation Accountability Commission, RB, Transportation Fund, Senior Lien, Series A, 5.00%, 07/01/48

     4,308       5,225,026  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts in Virginia

 

     8,622,335  
   

 

 

  

Washington DC — 7.3%

 

Transportation — 7.3%  

Washington Metropolitan Area Transit Authority, RB, Series B, 5.00%, 07/01/42

     1,503       1,814,677  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 42.2%
(Cost — $9,801,317)

 

     10,437,012  
   

 

 

  

Total Long-Term Investments — 166.2%
(Cost — $38,687,259)

 

     41,077,680  
   

 

 

  
     Shares         
Short-Term Securities — 0.4%  

BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.95%(g)(h)

     91,623       91,632  
   

 

 

  

Total Short-Term Securities — 0.4%
(Cost — $91,632)

 

     91,632  
   

 

 

  

Total Investments — 166.6%
(Cost — $38,778,891)

 

     41,169,312  

Other Assets Less Liabilities — 2.3%

 

     485,578  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (21.9)%

 

     (5,411,746 ) 

VRDP Shares, at Liquidation Value, Net of Deferred Offering Costs — (47.0)%

 

     (11,538,961 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 24,704,183  
   

 

 

  
 
(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.

 

 

     3  

Schedule of Investments  (unaudited) (continued)

November 30, 2019

   

BlackRock Virginia Municipal Bond Trust (BHV)

 

(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 01, 2024, is $1,051,389.

(g) 

Annualized 7-day yield as of period end.

(h) 

During the period ended November 30, 2019, investments in issuers considered to be an affiliate/affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate    Shares
Held at
8/31/19		      Net
Activity		      Shares
Held at
11/30/19		      Value at
11/30/19		      Income     

Net

Realized
Gain (Loss) (a)

      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

      451,840        (360,217 )       91,623      $ 91,632      $ 2,300      $ (1 )     $ —  
           

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a) 

Includes net capital gain distributions, if applicable.

 

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

HDA — Housing Development Authority

IDA — Industrial Development Authority

M/F — Multi-Family

NPFGC — National Public Finance Guarantee Corp.

RB — Revenue Bonds

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

      5          03/20/20        $    647   $ 735  

U.S. Treasury Long Bond

      7          03/20/20        1,113     2,469  

5-Year U.S. Treasury Note

      2          03/31/20        238     144  
              

 

 

  
               $ 3,348  
              

 

 

  

 

 

4   

Schedule of Investments  (unaudited) (continued)

November 30, 2019

   

BlackRock Virginia Municipal Bond Trust (BHV)

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative 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 investments and derivative 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 investments and derivative financial instruments 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 and derivative financial instruments, refer to the Trust’s most recent financial statements as contained in its annual report.

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

      Level 1        Level 2        Level 3        Total  

Assets:

                 

Investments:

                 

Long-Term Investments(a)

    $ —        $ 41,077,680        $ —        $ 41,077,680  

Short-Term Securities

     91,632          —          —          91,632  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 91,632        $ 41,077,680        $ —        $ 41,169,312  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(b)

                 

Assets:

                 

Interest rate contracts

   $ 3,348        $ —        $ —        $ 3,348  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

See above Schedule of Investments for values in each sector/state or political subdivision.

 
  (b) 

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 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

   $ —        $ (5,396,436 )       $ —        $ (5,396,436 ) 

VRDP Shares at Liquidation Value

     —          (11,600,000 )         —          (11,600,000 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (16,996,436 )       $ —        $ (16,996,436 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

 

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