BlackRock Virginia Municipal Bond Trust

Schedule of Investments (unaudited)

November 30, 2021

BlackRock Virginia Municipal Bond Trust (BHV)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Municipal Bonds

California — 3.6%

Tobacco — 3.6%
California County Tobacco Securitization Agency RB, 0.00%, 06/01/55^(a)	$	4,680	$	407,356
Golden State Tobacco Securitization Corp., Refunding RB, Series A-1, 5.00%, 06/01/47		500		508,730


Total Municipal Bonds in California				916,086


District of Columbia — 2.5%

Tobacco — 2.5%
District of Columbia Tobacco Settlement Financing Corp., RB, CAB, Series C, 0.00%, 06/15/55^(a)		6,000		621,876


Puerto Rico — 7.2%

State — 5.6%
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53		127		144,824
Series A-1, Restructured, 5.00%, 07/01/58		578		664,405
Series A-2, Restructured, 4.33%, 07/01/40		391		439,691
Series A-2, Restructured, 4.78%, 07/01/58		129		147,229


				1,396,149

Tobacco — 0.6%
Children’s Trust Fund, Refunding RB, 5.63%, 05/15/43		140		141,704


Utilities — 1.0%
Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB
Series A, Senior Lien, 5.00%, 07/01/33		200		205,577
Series A, Senior Lien, 5.13%, 07/01/37		55		56,573

				262,150


Total Municipal Bonds in Puerto Rico				1,800,003

Virginia — 110.3%

Corporate — 0.8%
Virginia Small Business Financing Authority, RB, AMT, 5.00%, 01/01/48^(b)(c)		200		209,483


County/City/Special District/School District — 13.7%
City of Norfolk Virginia, GO, (ST AID WTHHLDG), 5.00%, 08/01/28^(d)		500		631,856
City of Norfolk Virginia, Refunding GO, Series A, (SAW), 5.00%, 08/01/23^(d)		500		539,199
City of Portsmouth Virginia, Refunding GO, Series A, 5.00%, 07/15/29		500		645,158
County of Arlington Virginia, GO, 5.00%, 06/15/31		500		677,572
Fairfax County Economic Development Authority, RB, 5.00%, 04/01/36		775		936,707


				3,430,492

Education — 13.8%
Salem Economic Development Authority, Refunding RB, 4.00%, 04/01/45		250		281,327
Virginia College Building Authority, Refunding RB
(NPFGC), 5.25%, 01/01/26		500		553,111
(NPFGC), 5.25%, 01/01/31		1,000		1,290,705
Series A, 3.00%, 01/15/51		750		792,929
Virginia Small Business Financing Authority, Refunding RB, 4.00%, 10/01/38		500		543,183

				3,461,255


Security	Par (000)		Value

Health — 32.5%
Chesapeake Hospital Authority, Refunding RB, 4.00%, 07/01/43	$	680	$	776,544
Danville Industrial Development Authority, Refunding RB, (AMBAC), 5.25%, 10/01/28^(e)		585		640,576
Fairfax County Economic Development Authority, RB, Series A, 5.00%, 12/01/23^(d)		500		546,684
Fairfax County Industrial Development Authority, RB, Series A, 5.00%, 05/15/44		450		493,151
Henrico County Economic Development Authority, Refunding RB 4.25%, 06/01/26		145		147,085
4.00%, 10/01/50		250		274,658
James City County Economic Development Authority
Refunding RB, Series A, 4.00%, 12/01/50		250		272,646
Lexington Industrial Development Authority, RB, Series A, 5.00%, 01/01/42		690		731,681
Lynchburg Economic Development Authority, Refunding RB, 4.00%, 01/01/55		250		290,784
Norfolk Redevelopment & Housing Authority, RB, Series B, 4.00%, 01/01/25		200		200,313
Prince William County Industrial Development Authority, Refunding RB, Series B, 4.00%, 11/01/22^(d)		500		517,318
Roanoke Economic Development Authority, Refunding RB, 5.00%, 07/01/30		795		816,304
Virginia Beach Development Authority, Refunding RB, 4.00%, 09/01/48		250		270,117
Virginia Small Business Financing Authority, Refunding RB, 4.00%, 12/01/49		500		576,215
Winchester Economic Development Authority, Refunding RB 5.00%, 01/01/44		1,000		1,152,310
Series A, 5.00%, 01/01/24^(d)		400		438,804


				8,145,190

Housing — 8.9%
Virginia Housing Development Authority, RB, M/F Housing
Series B, 4.00%, 06/01/53		625		669,971
Series D, 3.90%, 10/01/48		985		1,059,918
Series E, 2.50%, 12/01/22		220		220,254
Series F, 5.25%, 10/01/38		250		264,888


				2,215,031

State — 15.4%
Ballston Quarter Community Development Authority, TA, Series A, 5.38%, 03/01/36		250		253,725
Cherry Hill Community Development Authority, SAB, 5.40%, 03/01/45^(c)		250		264,807
Dulles Town Center Community Development Authority, Refunding SAB, 4.25%, 03/01/26		500		501,748
Lower Magnolia Green Community Development Authority, SAB, 5.00%, 03/01/35^(c)		245		259,316
Virginia College Building Authority, RB, 4.00%, 02/01/38		1,000		1,206,306
Virginia Commonwealth Transportation Board I-81 Regional Fuels Tax RB, 4.00%, 05/15/46		500		596,282
Virginia Public Building Authority, ARB, Series A, 5.00%, 08/01/35		150		196,026
Virginia Public Building Authority, Refunding RB, Series A, 4.00%, 08/01/31		500		578,838

				3,857,048


1

Schedule of Investments (unaudited) (continued)

November 30, 2021

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	$	1,002,132
Series B-2, Convertible, 5.20%, 06/01/46		500		500,579

				1,502,711

Transportation — 8.2%
Richmond Metropolitan Transportation Authority/The Expressway System Revenue, Refunding RB, (NPFGC), 5.00%, 07/15/22		110		113,376
Virginia Small Business Financing Authority, RB
AMT, 5.00%, 07/01/49		500		501,694
AMT, 5.00%, 12/31/52		500		589,435
AMT, Senior Lien, 6.00%, 01/01/37		820		844,511

				2,049,016

Utilities — 11.0%
City of Richmond Virginia Public Utility Revenue, RB
Series A, 3.00%, 01/15/45		500		537,614
Series A, 4.00%, 01/15/50		500		581,529
County of Henrico Virginia Water & Sewer Revenue, Refunding RB, 5.00%, 05/01/26^(d)		1,065		1,267,272
Fairfax County Water Authority, Refunding RB, 5.00%, 04/01/44		300		362,729

				2,749,144


Total Municipal Bonds in Virginia				27,619,370


Total Municipal Bonds — 123.6% (Cost: $28,726,079)				30,957,335


Municipal Bonds Transferred to Tender Option Bond Trusts^(f)

District of Columbia — 7.2%

Transportation — 7.2%
Washington Metropolitan Area Transit Authority, RB, Series B, 5.00%, 07/01/42		1,503		1,804,252


Virginia — 30.5%

Transportation — 30.5%
Fairfax County Economic Development Authority, RB, 5.00%, 04/01/47^(g)		2,000		2,398,333
Hampton Roads Transportation Accountability Commission, RB, Senior Lien, Series A, 5.00%, 07/01/48		4,308		5,237,746


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 37.7%

(Cost: $8,580,717)				9,440,331


Total Long-Term Investments — 161.3% (Cost: $37,306,796)			40,397,666



Security	Shares		Value

Short-Term Securities

Money Market Funds —
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%^(h)(i)		5,225	$	5,225


Total Short-Term Securities — 0.0% (Cost: $5,225)				5,225


Total Investments — 161.3% (Cost: $37,312,021)				40,402,891

Other Assets Less Liabilities — 4.3%				1,068,163

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (19.5)%				(4,877,167	)

VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (46.1)%				(11,547,531	)


Net Assets Applicable to Common Shares — 100.0%			$25,046,356

^(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)	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.

^(g)	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.

^(h)	Affiliate of the Trust.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended November 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 11/30/21		Shares Held at 11/30/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, MuniCash, Institutional Class	$	929,315	$	—	$	(924,004	)^(a)	$	(86	)	$	—	$	5,225		5,225	$	8	$	—

^(a)

Represents net amount purchased (sold).


SCHEDULE OF INVESTMENTS		2

Schedule of Investments (unaudited) (continued)

November 30, 2021

BlackRock Virginia Municipal Bond Trust (BHV)

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		6		03/22/22	$	785	$	(10,198	)
U.S. Long Bond		3		03/22/22		487		(11,592	)
5-Year U.S. Treasury Note		5		03/31/22		607		(4,737	)

							$	(26,527	)

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); and

•

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 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
Investments
Long-Term Investments
Municipal Bonds	$	—		$	30,957,335	$	—	$	30,957,335
Municipal Bonds Transferred to Tender Option Bond Trusts		—			9,440,331		—		9,440,331
Short-Term Securities
Money Market Funds		5,225			—		—		5,225

	$	5,225		$	40,397,666	$	—	$	40,402,891

Derivative Financial Instruments^(a)
Liabilities
Interest Rate Contracts	$	(26,527	)	$	—	$	—	$	(26,527	)

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.


		3

Schedule of Investments (unaudited) (continued)

November 30, 2021

BlackRock Virginia Municipal Bond Trust (BHV)

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 fair value 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	)


Portfolio Abbreviation

AMBAC		AMBAC Assurance Corp.

AMT		Alternative Minimum Tax

ARB		Airport Revenue Bonds

CAB		Capital Appreciation Bonds

GO		General Obligation Bonds

M/F		Multi-Family

NPFGC		National Public Finance Guarantee Corp.

RB		Revenue Bond

SAB		Special Assessment Bonds

SAW		State Aid Withholding

ST		Special Tax

TA		Tax Allocation


SCHEDULE OF INVESTMENTS		4