BlackRock Virginia Municipal Bond Trust

Schedule of Investments (unaudited)

May 31, 2022

BlackRock Virginia Municipal Bond Trust (BHV)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


Municipal Bonds

California — 1.5%

Tobacco — 1.5%
California County Tobacco Securitization Agency, RB, Series D, 0.00%, 06/01/55^(a)	$	4,680	$	323,383


District of Columbia — 9.8%

Tobacco — 2.2%
District of Columbia Tobacco Settlement Financing Corp., RB, CAB, Series C, 0.00%, 06/15/55^(a)		6,000		481,944


Transportation — 7.6%
Washington Metropolitan Area Transit Authority, RB, Series B, 5.00%, 07/01/42		1,500		1,622,682


Total Municipal Bonds in District of Columbia			2,104,626


Puerto Rico — 7.6%

State — 5.7%
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53		127		127,527
Series A-1, Restructured, 5.00%, 07/01/58		578		587,664
Series A-2, Restructured, 4.33%, 07/01/40		391		389,790
Series A-2, Restructured, 4.78%, 07/01/58		129		129,765


				1,234,746

Tobacco — 0.7%
Children’s Trust Fund, Refunding RB, 5.63%, 05/15/43		140		142,491


Utilities — 1.2%
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB
Series A, Senior Lien, 5.00%, 07/01/33		200		200,426
Series A, Senior Lien, 5.13%, 07/01/37		55		55,113


				255,539


Total Municipal Bonds in Puerto Rico			1,632,776

Virginia — 112.7%

Corporate — 1.0%
Virginia Small Business Financing Authority, RB, AMT, 5.00%, 01/01/48^(b)(c)		200		203,943


County/City/Special District/School District — 11.3%
City of Norfolk Virginia, Refunding GO, Series A, (SAW), 5.00%, 08/01/23^(d)		500		518,876
Fairfax County Economic Development Authority, RB, 5.00%, 04/01/36		775		852,198
Virginia College Building Authority, RB, 4.00%, 02/01/42		1,000		1,063,619


				2,434,693

Education — 13.6%
Salem Economic Development Authority, Refunding RB, 4.00%, 04/01/45		250		242,442
Virginia College Building Authority, Refunding RB
(NPFGC), 5.25%, 01/01/26		410		438,281
(NPFGC), 5.25%, 01/01/31		1,000		1,169,772
Series A, 3.00%, 01/15/51		750		582,049
Virginia Small Business Financing Authority, Refunding RB, 4.00%, 10/01/38		500		501,919


				2,934,463


Security	Par (000)		Value


Health — 41.9%
Chesapeake Hospital Authority, Refunding RB, 4.00%, 07/01/43	$	680	$	684,491
Danville Industrial Development Authority, Refunding RB, (AMBAC), 5.25%, 10/01/28^(e)		585		622,181
Fairfax County Economic Development Authority, RB, Series A, 5.00%, 12/01/23^(d)		500		523,519
Fairfax County Economic Development Authority, Refunding RB, 4.00%, 05/15/42		500		507,147
Fairfax County Industrial Development Authority, RB, Series A, 5.00%, 05/15/44		450		462,713
Henrico County Economic Development Authority, Refunding RB
4.25%, 06/01/26		145		145,160
4.00%, 10/01/50		250		227,770
5.00%, 10/01/52		1,000		1,080,624
James City County Economic Development Authority, Refunding RB, Series A, 4.00%, 12/01/50		250		211,279
Lexington Industrial Development Authority, Refunding RB, Series A, 5.00%, 01/01/42		690		720,913
Lynchburg Economic Development Authority, Refunding RB, 4.00%, 01/01/55		250		243,754
Norfolk Redevelopment & Housing Authority, RB, Series B, 4.00%, 01/01/25		200		200,144
Prince William County Industrial Development Authority, Refunding RB, Series B, 4.00%, 11/01/22^(d)		500		505,949
Rockingham County Economic Development Authority Refunding RB, 3.00%, 11/01/46		820		693,444
Virginia Beach Development Authority, Refunding RB, 4.00%, 09/01/48		250		233,216
Virginia Small Business Financing Authority, Refunding RB, 4.00%, 12/01/49		500		483,343
Winchester Economic Development Authority, Refunding RB
5.00%, 01/01/44		1,000		1,045,363
Series A, 5.00%, 01/01/24^(d)		400		419,832


				9,010,842

Housing — 8.6%
Virginia Housing Development Authority, RB, M/F Housing
Series B, 4.00%, 06/01/53		625		615,511
Series D, 3.90%, 10/01/48		985		987,179
Series F, 5.25%, 10/01/38		250		253,470


				1,856,160

State — 8.0%
Ballston Quarter Community Development Authority, TA, Series A, 5.38%, 03/01/36		250		207,040
Cherry Hill Community Development Authority, SAB, 5.40%, 03/01/45^(c)		250		254,383
Dulles Town Center Community Development Authority, Refunding SAB, 4.25%, 03/01/26		500		495,025
Lower Magnolia Green Community Development Authority, SAB, 5.00%, 03/01/35^(c)		245		249,051
Virginia Commonwealth Transportation Board I-81 Regional Fuels Tax, RB, 4.00%, 05/15/46		500		513,430


				1,718,929


1

Schedule of Investments (unaudited) (continued)

May 31, 2022

BlackRock Virginia Municipal Bond Trust (BHV)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value


Tobacco — 6.9%
Tobacco Settlement Financing Corp., Refunding RB
Series B-1, 5.00%, 06/01/47	$	985	$	984,961
Series B-2, Convertible, 5.20%, 06/01/46		500		500,031


				1,484,992

Transportation — 9.9%
Richmond Metropolitan Transportation Authority/The Expressway System Revenue, Refunding RB, (NPFGC), 5.25%, 07/15/22		110		110,534
Virginia Small Business Financing Authority, RB, AMT, 5.00%, 12/31/52		500		520,090
Virginia Small Business Financing Authority, Refunding RB, AMT, Senior Lien, 4.00%, 01/01/48		1,600		1,493,190


				2,123,814

Utilities — 11.5%
City of Richmond Virginia Public Utility Revenue, RB
Series A, 3.00%, 01/15/45		500		449,743
Series A, 4.00%, 01/15/50		500		505,790
County of Henrico Virginia Water & Sewer Revenue, Refunding RB, 5.00%, 05/01/26^(d)		1,065		1,182,572
Fairfax County Water Authority, Refunding RB, 5.00%, 04/01/44		300		327,468


				2,465,573


Total Municipal Bonds in Virginia				24,233,409


Total Municipal Bonds — 131.6% (Cost: $28,690,599)				28,294,194


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

Virginia — 28.8%

Transportation — 28.8%
Fairfax County Economic Development Authority, RB, 5.00%, 04/01/47^(g)		2,000		2,149,320
Hampton Roads Transportation Accountability Commission, RB, Series A, 4.00%, 07/01/57		4,000		4,057,432


Total Municipal Bonds in Virginia				6,206,752


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 28.8% (Cost: $6,015,789)				6,206,752


Total Long-Term Investments — 160.4% (Cost: $34,706,388)				34,500,946


Security	Shares		Value


Short-Term Securities

Money Market Funds — 10.3%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.55%^(h)(i)		2,209,263	$	2,209,484


Total Short-Term Securities — 10.3% (Cost: $2,209,116)				2,209,484


Total Investments — 170.7% (Cost: $36,915,504)				36,710,430

Liabilities in Excess of Other Assets — (3.0)%				(657,470	)

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (14.0)%				(3,001,601	)

VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (53.7)%				(11,550,339	)


Net Assets Applicable to Common Shares — 100.0%			$	21,501,020

^(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.

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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended May 31, 2022 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 05/31/22		Shares Held at 05/31/22		Income		Capital Gain Distributions from Underlying Funds

BlackRock Liquidity Funds, MuniCash, Institutional Class	$	929,315	$	1,279,907	^(a)	$	—	$	(106	)	$	368	$	2,209,484		2,209,263	$	1,179	$	—

^(a)

Represents net amount purchased (sold).


S C H E D U L E O F I N V E S T M E N T S		2

Schedule of Investments (unaudited) (continued)

May 31, 2022

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		5		09/21/22	$	597	$	4,201
U.S. Long Bond		11		09/21/22		1,533		15,586
5-Year U.S. Treasury Note		6		09/30/22		678		1,637


							$	21,424

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.

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	$	—	$	28,294,194	$	—	$	28,294,194
Municipal Bonds Transferred to Tender Option Bond Trusts		—		6,206,752		—		6,206,752
Short-Term Securities
Money Market Funds		2,209,484		—		—		2,209,484


	$	2,209,484	$	34,500,946	$	—	$	36,710,430

Derivative Financial Instruments^(a)
Assets
Interest Rate Contracts	$	21,424	$	—	$	—	$	21,424

^(a)

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 fair value hierarchy as follows:




	Level 1		Level 2			Level 3		Total


Liabilities
TOB Trust Certificates	$	—	$	(3,000,000	)	$	—	$	(3,000,000	)
VRDP Shares at Liquidation Value		—		(11,600,000	)		—		(11,600,000	)


	$	—	$	(14,600,000	)	$	—	$	(14,600,000	)


3

Schedule of Investments (unaudited) (continued)

May 31, 2022

BlackRock Virginia Municipal Bond Trust (BHV)


Portfolio Abbreviation

AMBAC		AMBAC Assurance Corp.

AMT		Alternative Minimum Tax

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

TA		Tax Allocation


S C H E D U L E O F I N V E S T M E N T S		4