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, 2007   
Date of reporting period:      November 30, 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)         
NOVEMBER 30, 2006         
BlackRock Virginia Municipal Bond Trust (BHV)         
(Percentage of Net Assets)         
 
 
 
   
Principal 
           
   
Amount 
   
Option Call 
     
Rating1 
 
(000) 
  Description  Provisions2   
Value 
 
        LONG-TERM INVESTMENTS—150.0%         
        District of Columbia—6.3%         
AAA    $      1,500    Met. Arpts. Auth. Arpt. Sys., Port, Arpt. & Marina Impvts. RB, Ser. A, 5.25%, 10/01/32,         
           FGIC, AMT  10/12 @ 100  $  1,595,040   
        Multi-State—6.8%         
Baa1    1,500    Charter Mac Equity Issuer Trust, Ser. B-2, 7.20%, 10/31/52  10/14 @ 100    1,747,965   
        Puerto Rico—5.7%         
BBB    1,380    Children's Trust Fund, Tobacco Settlement Funded RB, 5.375%, 5/15/33  05/12 @ 100    1,453,250   
        Virginia—131.2%         
NR4   1,440    Alexandria Redev. & Hsg. Auth., Local Hsg. RB, Park Ctr. Assocs. Proj., Ser. A, 6.375%,         
           4/01/34  04/08 @ 103    1,503,590   
A    2,1505   Arlington Cnty. Ind. Dev. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Virginia Hosp.         
           Ctr. Proj., 5.25%, 7/01/11  N/A    2,316,926   
NR    1,500    Celebrate North Cmnty. Dev. Auth., Wtr. Util. Impvts. SA, Ser. B, 6.75%, 3/01/34  03/14 @ 102    1,618,800   
AA    1,000    City of Hampton, Pub. Impvts. Ad Valorem Ppty. Tax GO, 5.00%, 4/01/20  04/12 @ 101    1,070,100   
AAA    3,000    City of Richmond, Natural Gas RB, 5.00%, 1/15/33, FSA  01/12 @ 100    3,150,390   
AAA    1,0005   Cnty. of Arlington, Pub. Impvt. Ad Valorem Ppty. Tax GO, 5.00%, 2/01/11  N/A    1,057,280   
AA+    1,275    Cnty. of Prince William, Pub. Impvts. Lease Appropriation RB, 5.00%, 12/01/21  06/12 @ 100    1,342,562   
AAA    1,5006   Danville Ind. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Danville Regl. Med. Ctr.         
           Proj., 5.25%, 10/01/28, AMBAC  ETM    1,719,405   
NR    990    Dulles Town Ctr. Cmnty. Dev. Auth., Pub. Impvts. SA, Dulles Town Ctr. Proj., 6.25%,         
           3/01/26  03/08 @ 102    1,032,986   
AAA    1,205    Fairfax Cnty. Wtr. Auth., Wtr. RB, 5.00%, 4/01/27  04/12 @ 100    1,266,455   
A-    1,500    Henrico Cnty. Econ Dev. Auth., Hlth., Hosp. & Nursing Home RB, Bon Secours St.         
           Francis Med. Proj., Ser. A, 5.60%, 11/15/30  11/12 @ 100    1,607,700   
AAA    3,000    Hsg. Dev. Auth., State Single-Family Hsg. Local Hsg. RB, Ser. H, 5.375%, 7/01/36, MBIA  07/11 @ 100    3,189,270   
BBB    1,300    Isle Wight Cnty. Indl. Dev. Auth., Mult. Util. Impvts. Misc. RB, International Paper Co.         
           Proj., Ser. A, 5.70%, 11/01/27, AMT  11/13 @ 100    1,382,771   
AAA    1,500    Norfolk Arpt. Auth., Port, Arpt. & Marina Impvts. RB, Ser. A, 5.125%, 7/01/31, FGIC  07/11 @ 100    1,570,215   
NR    500    Peninsula Ports Auth., Hlth., Hosp. & Nursing Home RB, Virginia Baptist Homes Proj.,         
           Ser. C, 5.40%, 12/01/33  12/16 @ 100    515,990   
A    5,0005   Pocahontas Pkwy. Assoc., Hwy. Impvts. Hwy. Tolls RB, Ser. B, Zero Coupon, 8/15/08,         
           ACA  N/A    2,138,300   
AAA    1,000    Port Auth., Port, Arpt. & Marina Impvts. RB, 4.75%, 7/01/31, FGIC, AMT  07/13 @ 100    1,020,930   
        Res. Auth., Wtr. Util. Impvts.,         
AA    1,5005      Frederick Cnty. San. Auth. Proj., 5.20%, 10/01/10  N/A    1,590,165   
AA    635       Misc. RB, Ser. A, 5.125%, 5/01/27  05/11 @ 101    670,624   
AAA    1,250    Richmond Met. Auth., Hwy. Tolls RB, 5.25%, 7/15/22, FGIC  No Opt. Call    1,447,588   
BBB    500    Tobacco Settlement Fin. Corp., Misc. Tobacco Settlement Funded RB, 5.50%, 6/01/26  06/15 @ 100    533,220   
        Virginia Coll. Bldg. Auth., Univ. & Coll. RB, Washington & Lee Univ. Proj.,         
AAA    500       5.25%, 1/01/26, MBIA  No Opt. Call    587,280   
AAA    1,000       5.25%, 1/01/31, MBIA  No Opt. Call    1,197,300   
              33,529,847   
        Total Long-Term Investments (cost $34,991,734)      38,326,102   
   
Shares 
           
   
(000) 
           
        MONEY MARKET FUND—0.4%         
NR    100    AIM Tax Free Cash Reserve Portfolio - Institutional Class (cost $100,000)  N/A    100,000   
        Total Investments —150.4% (cost $35,091,7347)    $  38,426,102   
        Other assets in excess of liabilities —2.6%      658,804   
        Preferred shares at redemption value, including dividends payable —(53.0)%      (13,533,429)  
        Net Assets Applicable to Common Shareholders—100%    $  25,551,477   

1

BlackRock Virginia Municipal Bond Trust (BHV) (continued)
(Percentage of Net Assets)

 

__________
1     Using the highest of Standard & Poor's, Moody's Investors Service or Fitch's Ratings.
 
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 November 30, 2006, the Trust held 6.8% of its net assets, with a current market value of $1,747,965, 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 is collateralized by Municipal or U.S. Treasury obligations.
 
7     Cost for federal income tax purposes is $35,018,341. The net unrealized appreciation on a tax basis is $3,407,761, consisting of $3,407,761 gross unrealized appreciation and $0 gross unrealized depreciation.
 
 
 
KEY TO ABBREVIATIONS 
 
ACA  —  American Capital Access  FSA  —  Financial Security Assurance 
AMBAC  —  American Municipal Bond Assurance Corp.  GO  —  General Obligation 
AMT  —  Subject to Alternative Minimum Tax  MBIA  —  Municipal Bond Insurance Assoc. 
ETM  —  Escrowed to Maturity  RB  —  Revenue Bond 
FGIC  —  Financial Guaranty Insurance Co.  SA  —  Special Assessment 
 


2

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/ Donald C. Burke                         
Name: Donald C. Burke 
Title: Treasurer and Principal Financial Officer 
Date: January 25, 2007 

      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: January 25, 2007 
 
By:        /s/ Donald C. Burke                         
Name: Donald C. Burke 
Title: Treasurer and Principal Financial Officer 
Date: January 25, 2007