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               

                         BlackRock Virginia Municipal Bond Trust                         
(Exact name of registrant as specified in charter)

 

                    100 Bellevue Parkway, Wilmington, DE                                     19809                
(Address of principal executive offices) 
(Zip code) 

Robert S. Kapito, President
BlackRock Virginia Municipal Bond Trust
40 East 52nd Street, New York, NY 10022
(Name and address of agent for service)

Registrant's telephone number, including area code:           888-825-2257               

Date of fiscal year end:           August 31, 2006               

Date of reporting period:           May 31, 2006               

Item 1. Schedule of Investments.
The Registrant’s unaudited schedule of investments as of the close of the reporting period pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows:

PORTFOLIO OF INVESTMENTS (unaudited)
MAY 31, 2006

BlackRock Virginia Municipal Bond Trust (BHV)

  Principal            
        Amount                Option Call    
Rating1   (000)   Description   Provisions2   Value  
      LONG-TERM INVESTMENTS—150.1%        
        Multi-State—6.8%        
Baa1   $ 1,500 3 Charter Mac Equity Issuer Trust, Ser. B-2, 7.20%, 10/31/52   10/14 @ 100   $ 1,680,405  
        Puerto Rico—5.7%        
BBB   1,390   Children's Trust Fund Tobacco Settlement RB, 5.375%, 5/15/33   05/12 @ 100   1,421,191  
        Virginia—137.6%        
NR4   1,465   Alexandria Redev. & Hsg. Auth. RB, 3001 Park Ctr. Apts. Proj., Ser. A, 6.375%, 4/01/34   04/08 @ 103   1,385,582  
A   2,150 5 Arlington Cnty. Ind. Dev. Auth. Hosp. Fac. RB, Virginia Hosp. Ctr. Arlington Hlth.        
            Sys. Proj., 5.25%, 7/01/11   N/A   2,313,378  
AAA   1,500 5,6 Arlington Cnty. Pub. Impvt. GO, 5.00%, 2/01/11   N/A   1,581,315  
NR   1,500   Celebrate North Cmnty. Dev. Auth. SA, Ser. B, 6.75%, 3/01/34   03/14 @ 102   1,571,355  
AAA   1,500 7 Danville Ind. Dev. Auth. Hosp. RB, Danville Regl. Med. Ctr. Proj., 5.25%, 10/01/28, AMBAC   ETM   1,649,775  
NR   990   Dulles Town Ctr. Cmnty. Dev. Auth. SA, Dulles Town Ctr. Proj., 6.25%, 3/01/26   03/08 @ 102   1,014,344  
AAA   1,205   Fairfax Cnty. Wtr. Auth. RB, 5.00%, 4/01/27   04/12 @ 100   1,250,477  
AA   1,000   Hampton GO, 5.00%, 4/01/20   04/12 @ 101   1,051,910  
A-   1,500   Henrico Cnty. Econ. Dev. Auth. RB, Bon Secours Hlth. Sys., Inc. Proj., Ser. A, 5.60%, 11/15/30   11/12 @ 100   1,556,535  
AAA   3,000   Hsg. Dev. Auth. Comnwlth. Mtg. RB, Ser. H, 5.375%, 7/01/36, MBIA   07/11 @ 100   3,131,430  
BBB   1,300   Isle Wight Cnty. Indl. Dev. Auth. Env. Impvt. RB, Ser. A, 5.70%, 11/01/27   11/13 @ 100   1,330,641  
AAA   1,500   Met. Arpts. Auth. Arpt. Sys. RB, Ser. A, 5.25%, 10/01/32, FGIC   10/12 @ 100   1,556,190  
AAA   1,500   Norfolk Arpt. Auth. RB, Ser. A, 5.125%, 7/01/31, FGIC   07/11 @ 100   1,540,680  
B1   1,000   Peninsula Ports Auth. Baptist Homes RB, Ser. C, 5.40%, 12/01/33   12/16 @ 100   1,000,670  
A   5,000   Pocahontas Pkwy. Assoc. Toll Rd. RB, Ser. B,, Zero Coupon, 8/15/22, ACA   08/08 @ 45.5   2,033,950  
AA+   1,275   Prince William Cnty. RB, 5.00%, 12/01/21   06/12 @ 100   1,325,082  
        Res. Auth. RB,        
AA   635       Infrastructure, Ser. A, 5.125%, 5/01/27   05/11 @ 101   661,702  
AA   1,500 5     Wtr. & Swr. Sys., Frederick Cnty. San. Auth. Proj., 5.20%, 10/01/10   N/A   1,590,270  
AAA   1,250   Richmond Met. Auth. Expwy. RB, 5.25%, 7/15/22, FGIC   No Opt. Call   1,377,863  
AAA   3,000   Richmond Pub. Util. RB, 5.00%, 1/15/33, FSA   01/12 @ 100   3,070,530  
BBB   500   Tobacco Settlement Fin. Corp. RB, 5.50%, 6/01/26   06/15 @ 100   511,115  
        Virginia Coll. Bldg. Auth. Edl. Facs. RB, Washington & Lee Univ. Proj.,        
AAA   500       5.25%, 1/01/26, MBIA   No Opt. Call   555,060  
AAA   1,000       5.25%, 1/01/31, MBIA   No Opt. Call   1,116,780  
                34,176,634  
        Total Long-Term Investments (cost $34,948,964)       37,278,230  
    Shares          
    (000)          
        MONEY MARKET FUND—0.6%        
NR   150   AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $150,000)   N/A   150,000  
        Total Investments—150.7% (cost $35,098,9648)       $ 37,428,230  
        Other assets in excess of liabilities —3.8%       940,894  
        Preferred shares at redemption value, including dividends payable —(54.5)%       (13,532,072)  
        Net Assets Applicable to Common Shareholders—100%       $ 24,837,052  

1   Using the higher of Standard & Poor’s, Moody’s Investors Service or Fitch’s rating.  
2   Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.  
3   Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of May 31, 2006, the Trust held 6.8% of its net assets, with a current market value of $1,680,405, in securities restricted as to resale.  
4   Security is deemed to be of investment grade quality by the investment advisor.  
5   This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.  
6   Security pledged as collateral.  
7   Security is collateralized by Municipal or U.S. Treasury obligations.  
8   Cost for Federal income tax purposes is $35,034,072. The net unrealized appreciation on a tax basis is $2,394,158, consisting of $2,477,238, gross unrealized appreciation and $83,080, gross unrealized depreciation.  

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BlackRock Virginia Municipal Bond Trust (BHV)

KEY TO ABBREVIATIONS

ACA — American Capital Access FSA — Financial Security Assurance
AMBAC — American Municipal Bond Assurance Corp. GO — General Obligation
TM — Escrowed to Maturity MBIA — Municipal Bond Insurance Assoc.
FGIC — Financial Guaranty Insurance Co. RB — Revenue Bonds
     

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Item 2. Controls and Procedures.
(a) The Registrant's principal executive and principal financial officers have evaluated the Registrant's disclosure controls and procedures within 90 days of this filing and have concluded, as of that date, that the Registrant’s disclosure controls and procedures were reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-Q was recorded, processed, summarized, and reported within the required time periods and that information to be disclosed by the Registrant in this Form N-Q was accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate, to allow timely decisions regarding required disclosure.

(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 (17 CFR 270.30a-3(d)) 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.
Separate certifications of the Registrant’s Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached as EX-99.CERT.

SIGNATURES

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.

(Registrant)                BlackRock Virginia Municipal Bond Trust               

By:       /s/   Henry Gabbay                
Name: Henry Gabbay
Title: Treasurer and Principal Financial Officer
Date: July 26, 2006

     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/   Robert S. Kapito                
Name: Robert S. Kapito
Title: President and Principal Executive Officer
Date: July 26, 2006

By:       /s/   Henry Gabbay                
Name: Henry Gabbay
Title: Treasurer and Principal Financial Officer
Date: July 26, 2006