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: 11/30/2009
Item 1 – Schedule of Investments
| BlackRock Virginia Municipal Bond Trust (BHV) | ||||
| Schedule of Investments November 30, 2009 (Unaudited) | (Percentages shown are based on Net Assets) | |||
| Par | ||||
| Municipal Bonds | (000) | Value | ||
| Virginia - 118.9% | ||||
| Corporate - 13.7% | Chesterfield County EDA, RB, Virginia Electric Power Co. | |||
| Project, Series A, AMT, 5.60%, 11/01/31 | $ 500 | $ 478,695 | ||
| Isle Wight County IDA, Virginia, RB, Series A, AMT, 5.70%, | ||||
| 11/01/27 | 1,300 | 1,205,022 | ||
| King George County IDA, Virginia, RB, Waste Management Inc. | ||||
| Project, Series A, AMT, 6.00%, 6/01/23 | 500 | 506,055 | ||
| Louisa IDA, Refunding RB, Virginia Electric & Power Co. | ||||
| Project, Series A, 5.38%, 11/01/35 | 1,000 | 1,094,780 | ||
| 3,284,552 | ||||
| County/City/Special | Celebrate North Community Development Authority, Special | |||
| District/School District - | Assessment Bonds, Celebrate Virginia North Project, Series B, | |||
| 21.5% | 6.75%, 3/01/34 | 1,497 | 1,167,929 | |
| County of Prince William, Virginia, RB, 5.00%, 12/01/21 | 1,275 | 1,353,553 | ||
| Dulles Town Center Community Development Authority, Special | ||||
| Assessment Bonds, Dulles Town Center Project, 6.25%, 3/01/26 | 955 | 884,254 | ||
| Fairfax County Redevelopment & Housing Authority, RB, Fairfax | ||||
| Redevelopment & Housing, 5.00%, 10/01/39 | 1,500 | 1,531,470 | ||
| White Oak Village Shops Community Development Authority, | ||||
| Special Assessment Bonds, Special Assessment, 5.30%, 3/01/17 | 250 | 242,230 | ||
| 5,179,436 | ||||
| Education - 7.3% | Virginia College Building Authority, Refunding RB, Washington & | |||
| Lee University Project (MBIA), 5.25%, 1/01/26 | 500 | 591,295 | ||
| Virginia College Building Authority, Refunding RB, Washington & | ||||
| Lee University Project (MBIA), 5.25%, 1/01/31 | 1,000 | 1,154,590 | ||
| 1,745,885 | ||||
| Health - 16.3% | Danville IDA, Virginia, Refunding RB, Danville Regional Medical | |||
| Center (AMBAC), 5.25%, 10/01/28 (a) | 1,000 | 1,154,780 | ||
| Fairfax County EDA, Refunding RB, Goodwin House Inc., 5.00%, | ||||
| 10/01/27 | 1,000 | 931,720 | ||
| Henrico County EDA, Refunding RB, Bon Secours Health, Series | ||||
| A, 5.60%, 11/15/12 (b) | 60 | 68,110 | ||
| Henrico County EDA, Refunding RB, Bon Secours Health, Series | ||||
| A, 5.60%, 11/15/30 | 1,440 | 1,446,955 | ||
| 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. | MBIA | Municipal Bond Investors Assurance |
| AMT | Alternative Minimum Tax (subject to) | (National Public Finance Guaranty Corp.) | |
| EDA | Economic Development Authority | RB | Revenue Bonds |
| HDA | Housing Development Authority | VRDN | Variable Rate Demand Notes |
| IDA | Industrial Development Authority |
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| BlackRock Virginia Municipal Bond Trust (BHV) | ||||
| Schedule of Investments November 30, 2009 (Unaudited) | (Percentages shown are based on Net Assets) | |||
| Par | ||||
| Municipal Bonds | (000) | Value | ||
| Peninsula Ports Authority, Refunding RB, Virginia Baptist | ||||
| Homes, Series C, 5.40%, 12/01/33 | $ 500 | $ 303,660 | ||
| 3,905,225 | ||||
| Housing - 21.1% | Virginia HDA, RB, Rental Housing, Series B, 5.63%, 6/01/39 | 1,000 | 1,042,980 | |
| Virginia HDA, RB, Sub-Series H-1 (MBIA), 5.38%, 7/01/36 | 3,000 | 3,022,260 | ||
| Virginia HDA, Refunding RB, Sub-Series A-3, AMT, 5.05%, | ||||
| 7/01/26 | 1,000 | 1,003,520 | ||
| 5,068,760 | ||||
| State - 8.3% | Virginia College Building Authority, RB, Public Higher Education | |||
| Financing Program, Series A, 5.00%, 9/01/33 | 1,000 | 1,048,310 | ||
| Virginia Public School Authority, RB, School Financing, 1997 | ||||
| Resolution, Series B, 5.25%, 8/01/33 | 500 | 533,670 | ||
| Virginia Public School Authority, RB, School Financing, 6.50%, | ||||
| 12/01/35 | 360 | 410,814 | ||
| 1,992,794 | ||||
| Transportation - 14.0% | City of Norfolk, Virginia, Refunding RB, Series B (AMBAC), | |||
| 5.50%, 2/01/31 | 550 | 529,337 | ||
| Norfolk Airport Authority, Virginia, RB, Series A (MBIA), 5.13%, | ||||
| 7/01/31 | 1,500 | 1,505,250 | ||
| Richmond Metropolitan Authority, Virginia, Refunding RB | ||||
| (MBIA), 5.25%, 7/15/22 | 1,250 | 1,332,075 | ||
| 3,366,662 | ||||
| Utilities - 16.7% | Fairfax County Water Authority, Refunding RB, | |||
| 5.00%, 4/01/27 | 1,205 | 1,250,368 | ||
| Virginia Resources Authority, RB, Infrastructure, 5.13%, | ||||
| 5/01/27 | 635 | 652,615 | ||
| Virginia Resources Authority, RB, Senior, Virginia Pooled | ||||
| Financing Program, Series B, 5.00%, 11/01/33 | 2,000 | 2,110,320 | ||
| 4,013,303 | ||||
| Total Municipal Bonds in Virginia | 28,556,617 | |||
| District of Columbia - 7.5% | ||||
| Transportation - 7.5% | Metropolitan Washington Airports Authority, RB, First Senior | |||
| Lien, Series A, 5.00%, 10/01/39 | 290 | 288,333 | ||
| Metropolitan Washington Airports Authority, RB, First Senior | ||||
| Lien, Series A, 5.25%, 10/01/44 | 460 | 465,428 | ||
| Metropolitan Washington Airports Authority, RB, Series B, | ||||
| 5.00%, 10/01/29 | 1,000 | 1,044,990 | ||
| Total Municipal Bonds in the District of Columbia | 1,798,751 | |||
| Guam - 0.8% | ||||
| County/City/Special | Territory of Guam, RB, Section 30, Series A, 5.63%, 12/01/29 | 200 | 202,364 | |
| District/School | ||||
| District - 0.8% | ||||
| Total Municipal Bonds in Guam | 202,364 | |||
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| BlackRock Virginia Municipal Bond Trust (BHV) | ||||
| Schedule of Investments November 30, 2009 (Unaudited) | (Percentages shown are based on Net Assets) | |||
| Par | ||||
| Municipal Bonds | (000) | Value | ||
| Multi- State - 6.8% | ||||
| Housing - 6.8% | Centerline Equity Issuer Trust, 7.20%, 10/31/52 (c)(d) | $ 1,500 | $ 1,633,260 | |
| Total Municipal Bonds in Multi-State | 1,633,260 | |||
| Puerto Rico - 4.7% | ||||
| Tobacco - 4.7% | Children's Trust Fund, Refunding RB, Asset Backed Bonds, | |||
| 5.38%, 5/15/33 | 1,205 | 1,141,231 | ||
| Total Municipal Bonds in Puerto Rico | 1,141,231 | |||
| 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 | 89,483 | ||
| Total Municipal Bonds in the U.S. Virgin Islands | 89,483 | |||
| Municipal Bonds Transferred to | ||||
| Tender Option Bond Trusts (e) | ||||
| Virginia - 13.1% | ||||
| Education - 8.8% | University of Virginia, Refunding RB, General, 5.00%, 6/01/40 | 2,000 | 2,103,180 | |
| Health - 4.3% | Fairfax County IDA, Virginia, Refunding RB, Health Care, | |||
| Inova Health System, Series A, 5.50%, 5/15/35 | 999 | 1,035,061 | ||
| Total Municipal Bonds Transferred to | ||||
| Tender Option Bond Trusts - 13.1% | 3,138,241 | |||
| Total Long-Term Investments | ||||
| (Cost - $35,649,340) - 152.2% | 36,559,947 | |||
| Short-Term Securities | ||||
| Virginia - 0.8% | ||||
| Education - 0.8% | Norfolk Redevelopment & Housing Authority, Virginia, | |||
| Refunding RB, VRDN, Old Dominion University Project, 0.18%, | ||||
| 12/01/09 (f) | 200 | 200,000 | ||
| Total Short-Term Securities | ||||
| (Cost - $200,000) - 0.8% | 200,000 | |||
| Total Investments (Cost - $35,849,340*) - 153.0% | 36,759,947 | |||
| Other Assets Less Liabilities - 1.8% | 443,809 | |||
| Liability for Trust Certificates, Including Interest | ||||
| Expense and Fees Payable - (6.2)% | (1,500,190) | |||
| Preferred Shares, at Redemption Value - (48.6)% | (11,675,566) | |||
| Net Assets Applicable to Common Shares - 100.0% | $ 24,028,000 | |||
* The cost and unrealized appreciation (depreciation) of investments as of November 30, 2009, as
computed for federal income tax purposes, were as follows:
| Aggregate cost | $ 34,245,035 |
| Gross unrealized appreciation | $ 1,697,786 |
| Gross unrealized depreciation | (682,165) |
| Net unrealized appreciation | $ 1,015,621 |
(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.
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BlackRock Virginia Municipal Bond Trust (BHV)
Schedule of Investments November 30, 2009 (Unaudited)
(c) 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.
(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, and is subject to
mandatory redemption at maturity.
(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.
(f) Security may have a maturity of more than one year at time of issuance, but has variable rate and
demand features that qualify it as a short-term security. The rate shown is as of report date and
maturity shown is the date the principal owed can be recovered through demand.
• 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 methodology 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 annual report.
The following tables summarize the inputs used as of November 30, 2009 in determining the fair valuation of
the Trust's investments:
| Investments in | |
| Valuation Inputs | Securities |
| Assets | |
| Level 1 | - |
| Level 2 | |
| Long-Term Investments1 | $ 36,559,947 |
| Short-Term Securities | 200,000 |
| Level 3 | - |
| Total | $ 36,759,947 |
1 See above Schedule of Investments for values in each state and political subdivision.
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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: January 22, 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: January 22, 2010
By: /s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock Virginia Municipal Bond Trust
Date: January 22, 2010