BHV

BlackRock Virginia Municipal Bond Trust is a closed-end management investment company that seeks to provide high current income exempt from federal income taxes and Virginia personal income tax by investing primarily in Virginia municipal bonds. Managed by BlackRock Advisors, LLC, the fund maintains a portfolio of investment-grade and below-investment-grade municipal securities issued by or on behalf of the Commonwealth of Virginia and its political subdivisions, agencies, authorities, and instrumentalities. This Virginia-focused strategy serves Virginia residents seeking double tax-exempt income from both federal and state taxes. The fund's portfolio includes Virginia municipal bonds issued for various public purposes including infrastructure projects, school construction, transportation systems, water and sewer facilities, hospitals, public housing, and other governmental functions. The double tax exemption (federal and Virginia state) provides significant after-tax yield advantages for Virginia residents, particularly those in higher tax brackets. The fund's investment team conducts credit analysis across the credit quality spectrum, including high-yield municipal bonds offering higher yields with correspondingly higher credit risk, while maintaining overall portfolio diversification. As a closed-end fund, BlackRock Virginia Municipal Bond Trust issues a fixed number of shares trading on exchanges, often at premiums or discounts to net asset value (NAV). The fund employs leverage through borrowings, tender option bonds, or similar instruments to potentially enhance returns and income generation, though leverage also increases risk and interest rate sensitivity. The trust provides monthly distributions of tax-exempt income to shareholders. The fund particularly benefits Virginia residents in higher tax brackets for whom the double tax exemption creates substantial after-tax yield advantages compared to taxable bonds. Fund performance is influenced by Virginia's fiscal health, interest rate movements, credit quality trends in Virginia municipal market, and overall municipal bond market conditions.