UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
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: Anne F. Ackerley, 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: 08/31/2010
Date of reporting period: 05/31/2010
Item 1 – Schedule of Investments
Schedule of Investments May 31, 2010 (Unaudited)
BlackRock Virginia Municipal Bond Trust (BHV)
(Percentages shown are based on Net Assets)
| Par | ||
| Municipal Bonds | (000) | Value |
| Virginia — 116.6% | ||
| Corporate — 11.7% | ||
| Chesterfield County EDA, RB, Virginia | ||
| Electric Power Co. Project, Series A, | ||
| AMT, 5.60%, 11/01/31 | $ 500 | $ 495,665 |
| Isle Wight County IDA Virginia, RB, | ||
| Series A, AMT, 5.70%, 11/01/27 | 1,300 | 1,267,721 |
| Louisa IDA, Refunding RB, Virginia | ||
| Electric & Power Co. Project, Series A, | ||
| Mandatory Put Bonds, 5.38%, | ||
| 11/01/35 | 1,000 | 1,095,220 |
| 2,858,606 |
| County/City/Special District/School District — 17.9% | ||
| Celebrate North Community | ||
| Development Authority, Special | ||
| Assessment Bonds, Celebrate Virginia | ||
| North Project, Series B, 6.75%, | ||
| 3/01/34 | 1,471 | 1,106,104 |
| County of Prince William Virginia, RB, | ||
| 5.00%, 12/01/21 | 500 | 528,725 |
| Dulles Town Center Community | ||
| Development Authority, Special | ||
| Assessment Bonds, Dulles Town | ||
| Center Project, 6.25%, 3/01/26 | 935 | 892,561 |
| Fairfax County Redevelopment & | ||
| Housing Authority, RB, 5.00%, | ||
| 10/01/39 | 1,500 | 1,597,815 |
| White Oak Village Shops Community | ||
| Development Authority, Special | ||
| Assessment Bonds, 5.30%, 3/01/17 | 234 | 234,112 |
| 4,359,317 | ||
| Education — 7.2% | ||
| Virginia College Building Authority, | ||
| Refunding RB, Washington & Lee | ||
| University Project (NPFGC): | ||
| 5.25%, 1/01/26 | 500 | 588,550 |
| 5.25%, 1/01/31 | 1,000 | 1,177,950 |
| _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 1,766,500 _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ | ||
| Health — 23.4% | ||
| Danville IDA Virginia, Refunding RB, | ||
| Danville Regional Medical Center | ||
| (AMBAC), 5.25%, 10/01/28 (a) | 1,000 | 1,162,050 |
| Fairfax County EDA, Refunding RB, | ||
| Goodwin House Inc., 5.00%, | ||
| 10/01/27 | 1,000 | 1,002,370 |
| Henrico County EDA, Refunding RB, Bon | ||
| Secours Health, Series A: | ||
| 5.60%, 11/15/12 (b) | 60 | 66,895 |
| 5.60%, 11/15/30 | 1,440 | 1,458,763 |
| Par | ||
| Municipal Bonds | (000) | Value |
| Virginia (continued) | ||
| Health (concluded) | ||
| Peninsula Ports Authority, Refunding | ||
| RB, Virginia Baptist Homes, Series C, | ||
| 5.40%, 12/01/33 | $ 500 | $ 335,260 |
| Virginia Small Business Financing | ||
| Authority, Refunding RB, Sentara | ||
| Healthcare, 5.00%, 11/01/40 | 1,000 | 1,017,980 |
| Winchester IDA Virginia, RB, Valley | ||
| Health System Obligation, Series E, | ||
| 5.63%, 1/01/44 | 650 | 668,460 |
| 5,711,778 |
| Housing — 16.8% | ||
| Virginia HDA, RB: | ||
| Rental Housing, Series B, 5.63%, | ||
| 6/01/39 | 1,000 | 1,059,760 |
| Sub-Series H-1 (NPFGC), 5.38%, | ||
| 7/01/36 | 3,000 | 3,023,400 |
| _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 4,083,160 _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ | ||
| State — 8.3% | ||
| Virginia College Building Authority, RB, | ||
| Public Higher Education Financing | ||
| Program, Series A, 5.00%, 9/01/33 | 1,000 | 1,065,340 |
| Virginia Public School Authority, RB, | ||
| School Financing: | ||
| 6.50%, 12/01/35 | 360 | 417,884 |
| 1997 Resolution, Series B, 5.25%, | ||
| 8/01/33 | 500 | 543,185 |
| 2,026,409 |
| Tobacco — 2.7% | ||
| Tobacco Settlement Financing Corp. | ||
| Virginia, Refunding RB, Senior Series | ||
| B1, 5.00%, 6/01/47 | 1,000 | 663,870 |
| Transportation — 11.9% | ||
| City of Norfolk Virginia, Refunding RB, | ||
| Series B (AMBAC), 5.50%, 2/01/31 | 550 | 548,609 |
| Norfolk Airport Authority Virginia, RB, | ||
| Series A (NPFGC), 5.13%, 7/01/31 | 1,500 | 1,508,070 |
| Richmond Metropolitan Authority | ||
| Virginia, Refunding RB (NPFGC), | ||
| 5.25%, 7/15/22 | 500 | 541,030 |
| Virginia Port Authority, Refunding RB, | ||
| 5.00%, 7/01/40 | 300 | 311,988 |
| _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 2,909,697 _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ | ||
| Utilities — 16.7% | ||
| Fairfax County Water Authority, | ||
| Refunding RB, 5.00%, 4/01/27 | 1,205 | 1,254,598 |
| Virginia Resources Authority, RB: | ||
| Infrastructure, 5.13%, 5/01/27 | 635 | 649,281 |
| 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: | |||
| AMBAC | American Municipal Bond Assurance Corp. | IDA | Industrial Development Authority |
| AMT | Alternative Minimum Tax (subject to) | NPFGC | National Public Finance Guarantee Corp. |
| EDA | Economic Development Authority | RB | Revenue Bonds |
| HDA | Housing Development Authority | ||
BLACKROCK VIRGINIA MUNICIPAL BOND TRUST MAY 31, 2010 1
Schedule of Investments (continued)
BlackRock Virginia Municipal Bond Trust (BHV)
(Percentages shown are based on Net Assets)
| Par | |||
| Municipal Bonds | (000) | Value | |
| Virginia (concluded) | |||
| Utilities (concluded) | |||
| Virginia Resources Authority, RB | |||
| (concluded): | |||
| Senior, Virginia Pooled Financing | |||
| Program, Series B, 5.00%, | |||
| 11/01/33 | $ 2,000 | $ 2,155,140 | |
| 4,059,019 | |||
| Total Municipal Bonds in Virginia | 28,438,356 | ||
| District of Columbia — 7.6% | |||
| Transportation — 7.6% | |||
| Metropolitan Washington Airports | |||
| Authority, RB: | |||
| First Senior Lien, Series A, 5.00%, | |||
| 10/01/39 | 290 | 300,941 | |
| First Senior Lien, Series A, 5.25%, | |||
| 10/01/44 | 460 | 484,325 | |
| Series B, 5.00%, 10/01/29 1,000 1,062,830 | |||
| Total Municipal Bonds in District of Columbia | 1,848,096 | ||
| Guam — 0.9% | |||
| County/City/Special District/School District — 0.9% | |||
| Territory of Guam, RB, Section 30, | |||
| Series A, 5.63%, 12/01/29 200 205,858 | |||
| Total Municipal Bonds in Guam | 205,858 | ||
| Multi-State — 6.7% | |||
| Housing — 6.7% | |||
| Centerline Equity Issuer Trust, 7.20%, | |||
| 11/15/52 (c)(d) 1,500 1,642,950 | |||
| Total Municipal Bonds in Multi-State | 1,642,950 | ||
| Puerto Rico — 4.7% | |||
| Tobacco — 4.7% | |||
| Children's Trust Fund, Refunding RB, | |||
| Asset-Backed, 5.38%, 5/15/33 1,175 1,147,423 | |||
| Total Municipal Bonds in Puerto Rico | 1,147,423 | ||
| U.S. Virgin Islands — 0.4% | |||
| State — 0.4% | |||
| Virgin Islands Public Finance Authority, | |||
| RB, Senior Lien, Capital Projects, | |||
| Series A-1, 5.00%, 10/01/39 100 99,536 | |||
| Total Municipal Bonds in the U.S. Virgin Islands | 99,536 | ||
| Total Municipal Bonds – 136.9% 33,382,219 | |||
| Municipal Bonds Transferred to Tender | |||
| Option Bond Trusts (e) | |||
| Virginia — 13.0% | |||
| Education — 8.7% | |||
| University of Virginia, Refunding RB, | |||
| General, 5.00%, 6/01/40 2,000 2,119,020 | |||
| Municipal Bonds Transferred to Tender | Par | |
| Option Bond Trusts (e) | (000) | Value |
| Virginia (concluded) | ||
| Health — 4.3% | ||
| Fairfax County IDA Virginia, Refunding | ||
| RB, Health Care, Inova Health System, | ||
| Series A, 5.50%, 5/15/35 $ 999 $ 1,059,501 | ||
| Total Municipal Bonds Transferred to | ||
| Tender Option Bond Trusts – 13.0% 3,178,521 | ||
| Total Long-Term Investments | ||
| (Cost – $35,064,298) – 149.9% 36,560,740 | ||
| Short-Term Securities Shares | ||
| FFI Institutional Tax-Exempt Fund, | ||
| 0.25% (f)(g) 681,076 681,076 | ||
| Total Short-Term Securities | ||
| (Cost – $681,076) – 2.8% 681,076 | ||
| Total Investments | ||
| (Cost – $35,745,374*) – 152.7% | 37,241,816 | |
| Other Assets Less Liabilities – 1.3% | 317,951 | |
| Liability for Trust Certificates, Including Interest | ||
| Expense and Fees Payable – (6.1)% | (1,500,331) | |
| Preferred Shares, at Redemption Value – (47.9)% | (11,676,568) | |
| Net Assets, Applicable to Common Shares – 100.0% $ | 24,382,868 | |
| * | The cost and unrealized appreciation (depreciation) of investments as of | |
| May 31, 2010, as computed for federal income tax purposes, were as | ||
| Aggregate follows: cost | $ 34,207,469 | |
| Gross unrealized appreciation | $ 2,087,771 | |
| Gross unrealized depreciation | (552,715) | |
| Net unrealized appreciation | $ 1,535,056 | |
(a) Security is collateralized by Municipal or US Treasury obligations.
(b) 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.
(c) 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.
(d) 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.
(e) Securities represent bonds transferred to a tender option bond trust in
exchange for which the Trust acquired residual interest certificates.
These securities serve as collateral in a financing transaction.
2 BLACKROCK VIRGINIA MUNICIPAL BOND TRUST MAY 31, 2010
Schedule of Investments (concluded) BlackRock Virginia Municipal Bond Trust (BHV)
| (f) Investments in companies considered to be an affiliate of the Trust, for | ||||
| purposes of Section 2(a)(3) of the Investment Company Act of 1940, as | ||||
| amended, were as follows: | ||||
| Shares Held | Shares Held | |||
| at August | at May 31, | |||
| Affiliate | 31, 2009 | Net Activity | 2010 | Income |
| FFI Institutional | ||||
| Tax-Exempt Fund | -- | 681,076 | 681,076 $ | 190 |
| (g) Represents the current yield as of report date. | ||||
• 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 ratings group indexes and/or as
defined by Trust management. This definition may not apply for purposes
of this report, which may combine sector sub-classifications for reporting
ease.
• Fair Value Measurements - Various inputs are used in determining the fair
value of investments, which are as follows:
• Level 1 — price quotations in active markets/exchanges for identical
assets and liabilities
• 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 inputs or methodologies used for valuing securities are not necessarily
an indication of the risk 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 semi-annual report.
The following table summarizes the inputs used as of May 31, 2010 in
determining the fair valuation of the Trust's investments:
| Investments in Securities | ||||
|
| ||||
| Valuation Inputs | Level 1 | Level 2 | Level 3 | Total |
| Assets: | ||||
| Long-Term | ||||
| Investments1 | — | $ 36,560,740 | — | $ 36,560,740 |
| Short-Term | ||||
| Securities | $ 681,076 | — | — | 681,076 |
| Total | $ 681,076 | $ 36,560,740 | — | $ 37,241,816 |
| 1 See above Schedule of Investments for values in each sector. | ||||
BLACKROCK VIRGINIA MUNICIPAL BOND TRUST MAY 31, 2010 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 13(a)-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/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer of
BlackRock Virginia Municipal Bond Trust
Date: July 23, 2010
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/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer (principal executive officer) of
BlackRock Virginia Municipal Bond Trust
Date: July 23, 2010
By: /s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock Virginia Municipal Bond Trust
Date: July 23, 2010