c54112_n-q.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

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: Donald C. Burke, Chief Executive Officer, BlackRock Virginia Municipal Bond Trust, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 08/31/2008

Date of reporting period: 03/01/2008 – 05/31/2008


Item 1 – Schedule of Investments

BlackRock Virginia Municipal Bond Trust          
Schedule of Investments May 31, 2008 (Unaudited) (Percentages shown are based on Net Assets)
        Par      
    Municipal Bonds   (000 )   Value
Virginia - 132.6%   Arlington County, Virginia, IDA, Hospital Facilities Revenue Bonds          
    (Virginia Hospital Center - Arlington Health System),          
    5.25%, 7/01/11 (a) $ 2,150   $ 2,329,697
    Celebrate North Community Development Authority, Virginia, Special          
    Assessment Revenue Bonds, Series B, 6.75%, 3/01/34   1,500     1,497,975
    Charlottesville, Virginia, IDA, Educational Facilities Revenue          
    Refunding Bonds (University of Virginia Foundation), VRDN,          
    Series B, 1.50%, 12/01/37 (b)   500     500,000
    Chesterfield County, Virginia, EDA, Solid Waste and Sewer Disposal          
    Revenue Bonds (Virginia Electric Power Company), AMT, Series A,          
    5.60%, 11/01/31   500     472,050
    Danville, Virginia, IDA, Hospital Revenue Refunding Bonds (Danville          
    Regional Medical Center), 5.25%, 10/01/28 (c)(d)   1,500     1,638,540
    Dulles Town Center, Virginia, Community Development Authority,          
    Special Assessment Tax (Dulles Town Center Project),          
    6.25%, 3/01/26   970     971,795
    Fairfax County, Virginia, EDA, Residential Care Facilities, Mortgage          
    Revenue Refunding Bonds (Goodwin House, Inc.),          
    5.125%, 10/01/37   1,000     903,990
    Fairfax County, Virginia, Water Authority, Water Revenue Refunding          
    Bonds, 5%, 4/01/27   1,205     1,228,485
    Hampton, Virginia, Public Improvement, GO, 5%, 4/01/20   1,000     1,052,010
    Henrico County, Virginia, EDA, Revenue Refunding Bonds (Bon          
    Secours Health System, Inc.), Series A, 5.60%, 11/15/12 (a)   60     66,451
    Henrico County, Virginia, EDA, Revenue Refunding Bonds (Bon          
    Secours Health System, Inc.), Series A, 5.60%, 11/15/30   1,440     1,468,814
    Isle Wight County, Virginia, IDA, Environmental Improvement          
    Revenue Bonds, AMT, Series A, 5.70%, 11/01/27   1,300     1,189,591
    Norfolk, Virginia, Airport Authority Revenue Bonds, Series A, 5.125%,      
    7/01/31(e)   1,500     1,489,890
    Peninsula Ports Authority, Virginia, Residential Care Facilities,          
    Revenue Refunding Bonds (Baptist Homes), Series C,          
    5.40%, 12/01/33   500     423,950
    Pocahontas Parkway Association, Virginia, Toll Road Revenue Bonds,          
    Senior Series B, 6.99%, 8/15/08 (a)(f)(g)   5,000     2,265,550
    Prince William County, Virginia, Lease Participation Certificates, 5%,      
    12/01/21   1,275     1,322,200
Portfolio Abbreviations
To simplify the listings of BlackRock Virginia Municipal Bond Trust's portfolio holdings in the Schedule of Investments, we have abbreviated the names of many of the securities according to the list below.
  AMT   Alternative Minimum Tax (subject to)   HDA   Housing Development Authority
  EDA   Economic Development Authority   IDA   Industrial Development Authority
  GO   General Obligation Bonds   VRDN   Variable Rate Demand Notes

1

BlackRock Virginia Municipal Bond Trust          
Schedule of Investments May 31, 2008 (Unaudited) (Percentages shown are based on
Net Assets)
      Par      
  Municipal Bonds   (000)     Value
  Richmond, Virginia, Metropolitan Authority, Expressway Revenue          
  Refunding Bonds, 5.25%, 7/15/22 (e) $ 1,250   $ 1,367,725
  Richmond, Virginia, Public Utilities Revenue Refunding Bonds, 5%,          
  1/15/12 (a)(h)   3,000     3,215,940
  The Shops at White Oak Village Community Development Authority,          
  Virginia, Special Assessment Revenue Bonds,          
  5.30%, 3/01/17   250     241,325
  Virginia College Building Authority, Educational Facilities Revenue          
  Bonds (21st Century College and Equipment Programs), VRDN,          
  Series B, 1.45%, 2/01/26 (b)   590     590,000
  Virginia College Building Authority, Educational Facilities Revenue          
  Bonds (21st Century College and Equipment Programs), VRDN,          
  Series C, 1.15%, 2/01/26 (b)   500     500,000
  Virginia College Building Authority, Educational Facilities Revenue          
  Refunding Bonds (Washington and Lee University Project), 5.25%,          
  1/01/26 (i)   500     551,640
  Virginia College Building Authority, Educational Facilities Revenue          
  Refunding Bonds (Washington and Lee University Project), 5.25%,          
  1/01/31 (i)   1,000     1,071,920
  Virginia Port Authority, Port Facilities Revenue Bonds, AMT, 4.75%,          
  7/01/31 (e)   500     457,380
  Virginia Small Business Financing Authority, Revenue Refunding          
  Bonds (Children's Hospital of the King's Daughters Project), VRDN,          
  1.58%, 1/01/36 (b)   100     100,000
  Virginia State, HDA, Commonwealth Mortgage Revenue Bonds,          
  Series H, Sub-Series H-1, 5.375%, 7/01/36 (i)   3,000     3,015,060
  Virginia State Resources Authority, Infrastructure Revenue Bonds          
  (Pooled Loan Program), Series A, 5.125%, 5/01/27   635     650,742
  Virginia State Resources Authority, Water and Sewer System Revenue          
  Bonds (Frederick County Sanitation Authority Project), 5.20%,          
  10/01/10 (a)   1,000     1,064,380
            31,647,100
District of Columbia - 7.2% Metropolitan Washington Airports Authority, D.C., Airport System          
  Revenue Bonds, AMT, Series A, 5.25%, 10/01/32 (e)   1,500     1,481,610
  Metropolitan Washington Airports Authority, D.C., Airport System          
  Revenue Bonds, AMT, Series B, 5%, 10/01/34 (h)   250     238,820
            1,720,430
Puerto Rico - 5.2% Children's Trust Fund Project of Puerto Rico, Tobacco Settlement          
  Revenue Refunding Bonds, 5.375%, 5/15/33   1,295     1,229,382
  Total Municipal Bonds          
  (Cost - $33,293,561) - 145.0%         34,596,912
 
  Corporate Bonds          
Multi-State - 7.0% Charter Mac Equity Issuer Trust, 7.20%, 10/31/52 (j)   1,500     1,683,480
  Total Corporate Bonds          
  (Cost - $1,500,000) - 7.0%         1,683,480

2

BlackRock Virginia Municipal Bond Trust            
Schedule of Investments May 31, 2008 (Unaudited)  (Percentages shown are based on Net Assets)  
  Municipal Bonds Transferred to Tender Option Bond     Par        
  Trusts (k)     (000)     Value  
Virginia - 8.7% University of Virginia, Revenue Bonds, 5%, 6/01/40   $ 2,000   $ 2,083,667  
  Municipal Bonds Transferred to Tender Option Bond Trusts (Cost -            
  $2,071,025) - 8.7%         2,083,667  
  Total Investments (Cost - $36,864,586*) - 160.7%         38,364,059  
  Other Assets Less Liabilities - 1.6%         375,480  
  Liability for Trust Certificates, Including Interest Expenses and Fees            
  Payable - (5.6%)         (1,340,673 )
  Preferred Shares, at Redemption Value - (56.7%)         (13,534,476 )
  Net Assets Applicable to Common Shares - 100.0%       $ 23,864,390  

           *The cost and unrealized appreciation (depreciation) of investments as of May 31, 2008, as computed for federal income tax purposes, were as follows:

 

Aggregate cost

   $ 35,533,02  
  Gross unrealized appreciation   $ 1,884,586  
  Gross unrealized depreciation     (393,548 )
  Net unrealized appreciation   $ 1,491,038  

(a)     

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.
   
(b)     

Variable rate security. Rate shown is as of report date. Maturity shown is the final maturity date.
   
(c)     

AMBAC Insured.
   
(d)     

Security is collateralized by Municipal or U.S. Treasury Obligations.
   
(e)     

FGIC Insured.
   
(f)     

ACA Insured.
   
(g)     

Represents a zero coupon bond; the interest rate shown reflects the effective yield at the time of purchase.
   
(h)     

FSA Insured.
   
(i)     

MBIA Insured.
   
(j)     

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. Unless otherwise indicated, these securities are not considered illiquid.
   
(k)     

Securities represent bonds transferred to a tender option bond trust in exchange for which the Trust acquired residual interest certificates. These securities serve as a collateral in a financing transaction.
   

3


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/ Donald C. Burke
      Donald C. Burke
      Chief Executive Officer of
      BlackRock Virginia Municipal Bond Trust
 
    Date: July 18, 2008
 
    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/ Donald C. Burke
      Donald C. Burke
      Chief Executive Officer (principal executive officer) of
      BlackRock Virginia Municipal Bond Trust
 
    Date: July 18, 2008
 
    By:  
/s/ Neal J. Andrews
      Neal J. Andrews
      Chief Financial Officer (principal financial officer) of
      BlackRock Virginia Municipal Bond Trust
 
    Date: July 18, 2008