BlackRock Virginia Municipal Bond Trust
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-21053
Name of Fund: BlackRock Virginia Municipal Bond Trust (BHV)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service:
John M. Perlowski, Chief Executive Officer, BlackRock Virginia Municipal Bond Trust,
55 East 52nd Street, New York, NY 10055
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 08/31/2013
Date of reporting period: 11/30/2012
Item 1 – Schedule of Investments
|
|
|
|
|
|
| Schedule of Investments November 30, 2012 (Unaudited) |
|
BlackRock Virginia Municipal Bond Trust (BHV) (Percentages shown are based on Net Assets)
|
|
|
|
|
|
|
|
|
|
| |
|
Par
(000) |
|
|
Value |
|
| Municipal Bonds |
|
|
|
|
|
|
| Virginia — 106.7% |
|
|
|
|
|
|
|
|
| Corporate — 10.7% |
|
|
|
|
|
| Chesterfield County EDA, RB, Virginia Electric Power Co. Project, Series A,
AMT, 5.60%, 11/01/31 |
|
$ |
500 |
|
|
$ |
531,990 |
|
| Isle Wight County IDA, RB, Series A,
AMT, 5.70%, 11/01/27 |
|
|
1,300 |
|
|
|
1,348,074 |
|
| Louisa IDA, Refunding RB, Virginia Electric & Power Co. Project, Series A, Mandatory Put Bonds, 5.38%,
11/01/35
(a) |
|
|
1,000 |
|
|
|
1,049,230 |
|
| |
|
|
|
|
|
|
2,929,294 |
|
| County/City/Special District/School District — 13.3% |
|
|
|
|
|
| City of Portsmouth Virginia, GO, Refunding, Series D, 5.00%, 7/15/34 |
|
|
500 |
|
|
|
588,935 |
|
| Dulles Town Center Community Development Authority, Special Assessment Bonds, Dulles Town Center Project, 6.25%, 3/01/26 |
|
|
880 |
|
|
|
881,109 |
|
| Fairfax County Redevelopment & Housing Authority, RB, Fairfax Redevelopment & Housing, 5.00%, 10/01/39 |
|
|
1,500 |
|
|
|
1,688,070 |
|
| Mosaic District Community Development Authority, RB, Special Assessment Bonds, Series A, 6.88%, 3/01/36 |
|
|
250 |
|
|
|
287,555 |
|
| White Oak Village Shops Community Development Authority, Special Assessment Bonds, 5.30%, 3/01/17 |
|
|
175 |
|
|
|
188,989 |
|
| |
|
|
|
|
|
|
3,634,658 |
|
| Education — 15.0% |
|
|
|
|
|
| Montgomery County EDA, Refunding RB, Virginia Tech Foundation, Series A, 5.00%, 6/01/39 |
|
|
355 |
|
|
|
410,639 |
|
| Virginia College Building Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| Liberty University Projects, 5.00%, 3/01/41 |
|
|
1,000 |
|
|
|
1,134,330 |
|
| Washington & Lee University Project (NPFGC), 5.25%, 1/01/26 |
|
|
500 |
|
|
|
641,740 |
|
| Washington & Lee University Project (NPFGC), 5.25%, 1/01/31 |
|
|
1,000 |
|
|
|
1,332,590 |
|
| Virginia Small Business Financing Authority, RB, Roanoke College, 5.75%, 4/01/41 |
|
|
500 |
|
|
|
578,510 |
|
| |
|
|
|
|
|
|
4,097,809 |
|
| Health — 23.5% |
|
|
|
|
|
| Danville IDA, Refunding RB, Danville Regional Medical Center (AMBAC), 5.25%, 10/01/28 (b) |
|
|
1,000 |
|
|
|
1,287,220 |
|
| Fairfax County EDA, Refunding RB, Goodwin House Inc., 5.00%, 10/01/27 |
|
|
1,000 |
|
|
|
1,063,870 |
|
|
|
|
|
|
|
|
|
|
| |
|
Par
(000) |
|
|
Value |
|
| Municipal Bonds |
|
|
|
|
|
|
| Virginia (continued) |
|
|
|
|
|
|
|
|
| Health (concluded) |
|
|
|
|
|
| Henrico County EDA, Refunding RB: |
|
|
|
|
|
|
|
|
| Bon Secours, Series A, 5.60%, 11/15/30 |
|
$ |
1,440 |
|
|
$ |
1,443,557 |
|
| Residential Care Facilities, United Methodist Homes, 4.25%, 6/01/26 |
|
|
145 |
|
|
|
147,900 |
|
| Peninsula Ports Authority, Refunding RB, Virginia Baptist Homes, Series C,
5.40%, 12/01/33 |
|
|
250 |
|
|
|
237,075 |
|
| Roanoke EDA, Refunding RB: |
|
|
|
|
|
|
|
|
| Carilion Clinic Obligation Group, 5.00%, 7/01/30 |
|
|
795 |
|
|
|
930,198 |
|
| Carillion Health System (AGM), 5.00%,
7/01/20 (c) |
|
|
5 |
|
|
|
6,369 |
|
| Carillion Health System, Series B (AGM), 5.00%, 7/01/38 |
|
|
495 |
|
|
|
556,707 |
|
| Winchester IDA, RB, Valley Health System Obligation, Series E, 5.63%, 1/01/44 |
|
|
650 |
|
|
|
746,200 |
|
| |
|
|
|
|
|
|
6,419,096 |
|
| Housing — 9.2% |
|
|
|
|
|
| Virginia HDA, RB, Rental Housing: |
|
|
|
|
|
|
|
|
| Series A, 5.25%, 5/01/41 |
|
|
750 |
|
|
|
842,835 |
|
| Series B, 5.63%, 6/01/39 |
|
|
1,000 |
|
|
|
1,127,590 |
|
| Series D, 4.60%, 9/01/40 |
|
|
500 |
|
|
|
540,395 |
|
| |
|
|
|
|
|
|
2,510,820 |
|
| State — 12.1% |
|
|
|
|
|
| Virginia College Building Authority, RB, Public Higher Education Financing Program, Series A, 5.00%, 9/01/33 |
|
|
1,000 |
|
|
|
1,166,960 |
|
| Virginia Public School Authority, RB, School Financing: |
|
|
|
|
|
|
|
|
| 6.50%, 12/01/35 |
|
|
360 |
|
|
|
455,163 |
|
| 1997 Resolution,
Series B, 5.25%, 8/01/33 |
|
|
500 |
|
|
|
589,020 |
|
| 1997 Resolution,
Series B, 4.00%, 8/01/36 |
|
|
1,000 |
|
|
|
1,089,360 |
|
| |
|
|
|
|
|
|
3,300,503 |
|
| Transportation — 10.3% |
|
|
|
|
|
| City of Norfolk Virginia, Refunding RB, Parking System, Series B (AMBAC), 5.50%, 2/01/31 |
|
|
465 |
|
|
|
465,688 |
|
| Richmond Metropolitan Authority, Refunding RB (NPFGC), 5.25%, 7/15/22 |
|
|
500 |
|
|
|
592,010 |
|
| Virginia Port Authority Commonwealth Port Fund, RB, 5.00%, 7/01/36 |
|
|
500 |
|
|
|
584,375 |
|
| Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings, Opco LLC Project, AMT, 6.00%,
1/01/37 |
|
|
1,000 |
|
|
|
1,170,950 |
|
| |
|
|
|
|
|
|
2,813,023 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK VIRGINIA MUNICIPAL BOND TRUST |
|
NOVEMBER 30, 2012 |
|
1 |
|
|
|
|
|
|
| Schedule of Investments (continued) |
|
BlackRock Virginia Municipal Bond Trust (BHV) (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| |
|
Par
(000) |
|
|
Value |
|
| Municipal Bonds |
|
|
|
|
|
|
| Virginia (concluded) |
|
|
|
|
|
|
|
|
| Utilities — 12.6% |
|
|
|
|
|
| City of Portsmouth Virginia, GO, Refunding RB, Public Utilities, Series A, 5.00%, 7/15/41 |
|
$ |
900 |
|
|
$ |
1,082,853 |
|
| Virginia Resources Authority, RB, Senior, Virginia Pooled Financing Program, Series B, 5.00%, 11/01/33 |
|
|
2,000 |
|
|
|
2,368,900 |
|
| |
|
|
|
|
|
|
3,451,753 |
|
| Total Municipal Bonds in Virginia |
|
|
|
29,156,956 |
|
| |
|
|
|
|
|
|
|
|
| District of Columbia —
7.4% |
|
|
|
|
|
|
|
|
| Transportation — 7.4% |
|
|
|
|
|
| Metropolitan Washington Airports Authority, RB, First Senior Lien,
Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 10/01/39 |
|
|
290 |
|
|
|
325,978 |
|
| 5.25%, 10/01/44 |
|
|
460 |
|
|
|
521,396 |
|
| Metropolitan Washington Airports Authority, Refunding RB, Series B, 5.00%, 10/01/29 |
|
|
1,000 |
|
|
|
1,165,050 |
|
| Total Municipal Bonds in District of Columbia |
|
|
|
2,012,424 |
|
| |
|
|
|
|
|
|
|
|
| Guam — 2.5% |
|
|
|
|
|
|
|
|
| State — 1.9% |
|
|
|
|
|
| Government of Guam Business Privilege Tax, RB, Series A, 5.13%, 1/01/42 |
|
|
250 |
|
|
|
285,347 |
|
| Territory of Guam, Limited Obligation Bonds, RB, Section 30, Series A, 5.63%, 12/01/29 |
|
|
200 |
|
|
|
228,728 |
|
| |
|
|
|
|
|
|
514,075 |
|
| Utilities — 0.6% |
|
|
|
|
|
| Guam Power Authority, Refunding RB, Series A, 5.00%, 10/01/34 |
|
|
155 |
|
|
|
176,539 |
|
| Total Municipal Bonds in Guam |
|
|
|
690,614 |
|
| |
|
|
|
|
|
|
|
|
| Multi-State — 6.0% |
|
|
|
|
|
|
|
|
| Housing — 6.0% |
|
|
|
|
|
| Centerline Equity Issuer Trust, 7.20%, 11/15/14 (d)(e) |
|
|
1,500 |
|
|
|
1,649,475 |
|
| Puerto Rico — 4.0% |
|
|
|
|
|
|
|
|
| State — 4.0% |
|
|
|
|
|
| Puerto Rico Sales Tax Financing Corp., Refunding RB, First Sub-Series A-1, 5.25%,
8/01/43 |
|
|
1,000 |
|
|
|
1,079,350 |
|
| Total Municipal Bonds – 126.6% |
|
|
|
|
|
|
34,588,819 |
|
|
|
|
|
|
|
|
|
|
| |
|
Par
(000) |
|
|
Value |
|
| Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (f) |
|
| Virginia — 26.9% |
|
|
|
|
|
|
|
|
| Education — 12.9% |
|
|
|
|
|
| University of Virginia, Refunding RB, General, 5.00%, 6/01/40 |
|
$ |
2,999 |
|
|
$ |
3,525,814 |
|
| Health — 8.4% |
|
|
|
|
|
| Fairfax County IDA Virginia, Refunding RB, Inova Health System, Series A, 5.50%, 5/15/35 |
|
|
999 |
|
|
|
1,167,366 |
|
| Virginia Small Business Financing Authority, Refunding RB, Sentara Healthcare, 5.00%, 11/01/40 |
|
|
1,000 |
|
|
|
1,128,945 |
|
| |
|
|
|
|
|
|
2,296,311 |
|
| Transportation — 5.6% |
|
|
|
|
|
| Virginia Commonwealth Transportation Board, RB, Capital Projects, 5.00%, 5/15/32 |
|
|
1,259 |
|
|
|
1,522,791 |
|
| Total Municipal Bonds in Virginia |
|
|
|
|
|
|
7,344,916 |
|
| Puerto Rico — 2.0% |
|
|
|
|
|
|
|
|
| State — 2.0% |
|
|
|
|
|
| Puerto Rico Sales Tax Financing Corp., Refunding RB, Series C, 5.25%, 8/01/40 |
|
|
500 |
|
|
|
562,530 |
|
| Total Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts – 28.9% |
|
|
|
7,907,446 |
|
| Total Long-Term Investments
(Cost – $37,506,122) – 155.5% |
|
|
|
|
|
|
42,496,265 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
|
|
| Short-Term Securities |
|
|
|
|
|
|
|
|
| FFI Institutional Tax-Exempt Fund,
0.01% (g)(h) |
|
|
109,318 |
|
|
|
109,318 |
|
| Total Short-Term Securities
(Cost – $109,318) – 0.4% |
|
|
|
|
|
|
109,318 |
|
| Total Investments (Cost - $37,615,440*) – 155.9% |
|
|
|
42,605,583 |
|
| Other Assets Less Liabilities– 1.5% |
|
|
|
|
|
|
434,634 |
|
| Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable – (15.0)% |
|
|
|
(4,109,778) |
|
| VRDP Shares, at Liquidation Value – (42.4)% |
|
|
|
(11,600,000) |
|
| Net Assets Applicable to Common Shares – 100.0% |
|
|
$ |
27,330,439 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK VIRGINIA MUNICIPAL BOND TRUST |
|
NOVEMBER 30, 2012 |
|
2 |
|
|
|
|
|
|
| Schedule of Investments (continued) |
|
BlackRock Virginia Municipal Bond Trust (BHV) |
|
|
|
|
|
|
|
| * |
|
As of November 30, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows: |
|
|
|
Tax cost |
|
$ |
33,424,463 |
|
|
|
|
|
|
|
|
|
|
Gross unrealized appreciation |
|
$ |
5,083,400 |
|
|
|
Gross unrealized depreciation |
|
|
(9,830) |
|
|
|
|
|
|
|
|
|
|
Net unrealized appreciation |
|
$ |
5,073,570 |
|
|
|
|
|
|
|
|
| (a) |
Variable rate security. Rate shown is as of report date. |
| (b) |
Security is collateralized by Municipal or US Treasury obligations. |
| (c) |
US 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.
|
| (d) |
Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments,
or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity. |
| (e) |
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. |
| (f) |
Securities represent bonds transferred to a TOB in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing
transaction. |
| (g) |
Investments in issuers considered to be an affiliate of the Trust during the period ended November 30, 2012, for purposes of Section 2(a)(3) of the Investment Company
Act of 1940, as amended, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Affiliate |
|
Shares
Held at
August 31, 2012 |
|
|
Net
Activity |
|
|
Shares
Held at
November 30,
2012 |
|
|
Income |
|
| FFI Institutional Tax-Exempt Fund |
|
|
65,431 |
|
|
|
43,887 |
|
|
|
109,318 |
|
|
$ |
3 |
|
| (h) |
Represents the current yield as of report date. |
|
|
|
| Portfolio Abbreviations |
| To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities
have been abbreviated according to the following list: |
| 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 |
| NPFGC |
|
National Public Finance Guarantee Corp. |
| RB |
|
Revenue Bonds |
| — |
|
For Trust compliance purposes, the Trust’s sector classifications refer to any 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 Trust management. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.
|
| — |
|
Fair Value Measurements - Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a
disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows: |
Level 1 —
unadjusted price quotations in active markets/exchanges for identical assets and 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 Trust’s own 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 level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair
value measurement in its entirety.
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure
hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for
investments is based on the pricing transparency of the investment 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
other significant accounting policies, please refer to the Trust’s most recent financial statements as contained in its annual report.
The
following table summarizes the Trust’s investments categorized in the disclosure hierarchy as of November 30, 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
Level 1 |
|
|
|
Level 2 |
|
|
|
Level 3 |
|
|
|
Total |
|
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Long-Term Investments1 |
|
|
— |
|
|
$ |
42,496,265 |
|
|
|
— |
|
|
$ |
42,496,265 |
|
| Short-Term Securities |
|
$ |
109,318 |
|
|
|
— |
|
|
|
— |
|
|
|
109,318 |
|
| Total |
|
$ |
109,318 |
|
|
$ |
42,496,265 |
|
|
|
— |
|
|
$ |
42,605,583 |
|
1 See above Schedule of Investments
for values in each sector.
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK VIRGINIA MUNICIPAL BOND TRUST |
|
NOVEMBER 30, 2012 |
|
3 |
|
|
|
|
|
|
| Schedule of Investments (concluded) |
|
BlackRock Virginia Municipal Bond Trust (BHV) |
Certain of the Trust’s liabilities are held at carrying amount, which approximates fair value for financial
reporting purposes. As of November 30, 2012, such liabilities are categorized within the disclosure hierarchy as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOB trust certificates |
|
|
— |
|
|
$ |
(4,107,550 |
) |
|
|
— |
|
|
$ |
(4,107,550 |
) |
| VRDP Shares |
|
|
— |
|
|
|
(11,600,000 |
) |
|
|
— |
|
|
|
(11,600,000 |
) |
| Total |
|
|
— |
|
|
$ |
(15,707,550 |
) |
|
|
— |
|
|
$ |
(15,707,550 |
) |
There were no transfers between levels during the period ended November 30, 2012.
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK VIRGINIA MUNICIPAL BOND TRUST |
|
NOVEMBER 30, 2012 |
|
4 |
Item 2 – Controls and Procedures
|
|
|
| 2(a) – |
|
The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and
procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended. |
|
|
| 2(b) – |
|
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the
registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 3 – Exhibits
Certifications – Attached hereto
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
|
|
| BlackRock Virginia Municipal Bond Trust |
|
|
| By: |
|
/s/ John M. Perlowski |
|
|
John M. Perlowski |
|
|
Chief Executive Officer (principal executive officer) of |
|
|
BlackRock Virginia Municipal Bond Trust |
Date: January 23, 2013
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in
the capacities and on the dates indicated.
|
|
|
| By: |
|
/s/ John M. Perlowski |
|
|
John M. Perlowski |
|
|
Chief Executive Officer (principal executive officer) of |
|
|
BlackRock Virginia Municipal Bond Trust |
Date: January 23, 2013
|
|
|
| By: |
|
/s/ Neal J. Andrews |
|
|
Neal J. Andrews |
|
|
Chief Financial Officer (principal financial officer) of |
|
|
BlackRock Virginia Municipal Bond Trust |
Date: January 23, 2013