BHV - BlackRock Virginia Municipal Bond Trust

What this means for you

Saba owned more than 5% of this fund and has since sold down below that level, so it no longer has to report its holding.

Nothing is required of you. If a large investor buys in again, the notice appears here the day it is filed.

Email me if this changes

What happened, and when

1. Sept 10, 2026

   The fund said it will repay some borrowed money on Oct 2, 2026.

   Original document →

2. Feb 27, 2026

   The fund said it will repay some borrowed money on April 1, 2026.

   Original document →

3. Nov 26, 2025

   The shareholder vote on folding into MQY was moved to Dec 16, 2025.

   Original document →

4. Oct 17, 2025

   The shareholder vote on folding into MQY was moved to Nov 20, 2025.

   Original document →

5. Sept 11, 2025

   The fund said it will repay some borrowed money on Oct 11, 2025.

   Original document →

About this fund

• Run by BlackRock Advisors, LLC. Part of the BlackRock-advised Funds fund family. As of July 31, 2026, from the fund's yearly report. Original document →
• Size: about $17.7 million of holdings, as of July 31, 2026. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 40% on top of its own money, as of July 31, 2026. Borrowed money makes gains and losses bigger. About 98% of that is money the fund has borrowed by selling preferred shares. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.7% a year in management fees; 4.4% a year in total, including interest on borrowed money. Fiscal year ended July 31, 2026. As of July 31, 2026, from the fund's yearly report. Original document →
  Among the 76 funds we follow that invest in tax-free municipal bonds, 41 charge a lower management fee and 70 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended July 31, 2026) the fund paid $0.57 a share. $0.47 of that was income; $0.10 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of July 31, 2026, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (July 31, 2026): $11.14. The shares traded at $12.81, about 15% above that. As of July 31, 2026, from the fund's yearly report. Original document →
• How the holdings did: down 1.9% over the last three months we have (May-July 2026), before the share price is taken into account. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2002.

How this has changed

• Payouts per share: $0.57 in the fiscal year ended July 31, 2026; $0.59 in the year ended July 31, 2025; $0.42 in the year ended July 31, 2024.As of July 31, 2026, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.10 in the year ended July 31, 2026; $0.24 in the year ended July 31, 2025; $0.04 in the year ended July 31, 2024.As of July 31, 2026, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 4.36% a year in the fiscal year ended July 31, 2026; 4.53% a year in the year ended July 31, 2025; 4.93% a year in the year ended July 31, 2024.As of July 31, 2026, from the fund's annual report. Original document →
• Size of the holdings: about $17.7 million at July 31, 2026; $17.4 million at July 31, 2025; $19.8 million at July 31, 2024. From the fund's quarterly holdings reports. Original documents: July 31, 2026 →, July 31, 2025 →, July 31, 2024 →.
• Borrowing: about 40% on top of its own money at July 31, 2026; 41% at July 31, 2025; 37% at July 31, 2024. From the fund's quarterly holdings reports. Original documents: July 31, 2026 →, July 31, 2025 →, July 31, 2024 →.
• The fund had about 1.59 million shares at July 31, 2026, about the same as at July 31, 2024.As of July 31, 2026, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended July 31, 2026: the shares returned +29.1%, counting payouts; the holdings +7.2%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of July 31, 2026, from the fund's annual report. Original document →
• The year ended July 31, 2025: the shares returned -0.7%, counting payouts; the holdings -7.4%. As of July 31, 2025, from the fund's annual report. Original document →
• The year ended July 31, 2024: the shares returned +7.2%, counting payouts; the holdings +4.4%. As of July 31, 2024, from the fund's annual report. Original document →
• The year ended July 31, 2023: the shares returned -22.6%, counting payouts; the holdings -3.4%. As of July 31, 2023, from the fund's annual report. Original document →
• Those four years together: the shares returned +6.3%. $10,000 of shares bought at the start (Aug 1, 2022) would have become about $10,600 by July 31, 2026, with every payout counted, before tax. As of July 31, 2026, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to July 31, 2026: +7.3%. The quarterly reports carry no share price, so this is the holdings alone. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Of the 33 funds that invest in tax-free municipal bonds with a fiscal year ending within six months of this one, 0 reported a higher share return for that year and 32 a lower one. As of July 31, 2026, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly tax-free municipal bonds (97%), the rest cash and short-term holdings. All of it issued in the U.S.

1. Virginia Housing Development Authority - 19.2%
2. Virginia College Building Authority - 14.6%
3. Hampton Roads Transportation Accountability Commission, Hampton Roads VA Transprtn Accountability Commission - 10.1%
4. Chesterfield County Economic Development Authority, Chesterfield Cnty VA Econ Dev Auth Revenue - 9%
5. Virginia Public School Authority, Virginia St Public Sch Auth Spl Oblig Hanover Cnty - 6.1%
6. Black Belt Energy Gas District, Black Belt Energy Gas Dist Al Gas Project Revenue - 6%
7. Virginia Commonwealth University Health System Authority, Virginia St Cmwlth Univ Hlth Sys Auth Revenue - 6%
8. Winchester Economic Development Authority, Winchester VA Econ Dev Auth Annual Approp Econ Dev - 6%
9. Prince William County Service Authority, Prince William Cnty VA Svc Auth Wtr & Swr Sys Revenue - 5.8%
10. Pefa Inc IA Gas Proj Revenue - 5.7%

As of July 31, 2026, from the fund's quarterly holdings report. Original document →