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: 
     May 31, 2007     

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, 2007
BlackRock Virginia Municipal Bond Trust (BHV)
(Percentages shown are based on Net Assets)

Principal                
Amount      
Option Call
       
(000)       Description  
Provisions1
        Value
    LONG-TERM INVESTMENTS—152.1%            
    District of Columbia—7.3%            
    Met. Washington Arpts. Auth., Port, Arpt. & Marina Impvts. RB,            
$     1,500      Ser. A, 5.25%, 10/01/32, FGIC, AMT   10/12 @ 100   $ 1,558,485 
250      Ser. B, 5.00%, 10/01/34, FSA, AMT   10/14 @ 100  
 
257,405 
           
 
1,815,890 
    Multi-State—6.8%            
1,500 2 Charter Mac Equity Issuer Trust, Ser. B-2, 7.20%, 10/31/52   10/14 @ 100  
 
1,684,305 
    Puerto Rico—5.7%            
1,350   Children's Trust Fund, Tobacco Settlement Funded RB, 5.375%, 5/15/33   05/12 @ 100  
 
1,411,857 
    Virginia—132.3%            
1,435   Alexandria Redev. & Hsg. Auth., Local Hsg. RB, 3001 Pk. Ctr. Apts. Proj., Ser. A, 6.375%,            
       4/01/34   04/08 @ 103     1,489,042 
2,150 3 Arlington Cnty. Ind. Dev. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Virginia Hosp.            
       Ctr. Arlington Hlth. Sys. Proj., 5.25%, 7/01/11   N/A     2,275,216 
1,500   Celebrate North Cmnty. Dev. Auth., Wtr. Util. Impvts. SA, Ser. B, 6.75%, 3/01/34   03/14 @ 102     1,598,655 
1,000   City of Hampton, Pub. Impvts. Ad Valorem Ppty. Tax GO, 5.00%, 4/01/20   04/12 @ 101     1,047,710 
3,000 3 City of Richmond, Natural Gas RB, 5.00%, 1/15/12, FSA   N/A     3,140,790 
1,275   Cnty. of Prince William, Pub. Impvt. Lease Approp. RB, 5.00%, 12/01/21   06/12 @ 100     1,319,408 
1,500 4 Danville Ind. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Danville Regl. Med. Ctr. Proj.,            
       5.25%, 10/01/28, AMBAC   ETM     1,652,385 
980   Dulles Town Ctr. Cmnty. Dev. Auth., Pub. Impvts. SA, Dulles Town Ctr. Proj., 6.25%,            
       3/01/26   03/08 @ 102     1,010,939 
1,000   Fairfax Cnty. Econ. Dev. Auth., Local or Gtd. Housing Retirment Facs. RB, Goodwin House,            
       Inc. Proj., 5.125%, 10/01/37   10/17 @ 100     1,015,570 
1,205   Fairfax Cnty. Wtr. Auth., Wtr. RB, 5.00%, 4/01/27   04/12 @ 100     1,243,512 
1,500   Henrico Cnty. Econ. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Bon Secours Hlth. Sys.,            
       Inc. Proj., Ser. A, 5.60%, 11/15/30   11/12 @ 100     1,574,565 
3,000   Hsg. Dev. Auth., Local Hsg. RB, Ser. H, 5.375%, 7/01/36, MBIA   07/11 @ 100     3,126,330 
1,300   Isle Wight Cnty. Indl. Dev. Auth., Mult. Util. Impvts. Misc. RB, Intl. Paper Co. Proj., Ser. A,            
       5.70%, 11/01/27, AMT   11/13 @ 100     1,366,534 
1,500   Norfolk Arpt. Auth., Port, Arpt. & Marina Impvts. RB, Ser. A, 5.125%, 7/01/31, FGIC   07/11 @ 100     1,543,740 
500   Peninsula Ports Auth., Hlth., Hosp. & Nursing Home RB, Baptist Homes Proj., Ser. C, 5.40%,            
       12/01/33   12/16 @ 100     515,740 
5,000 3 Pocahontas Pkwy. Assoc. Toll Rd., Hwy. Tolls RB, Ser. B, Zero Coupon, 8/15/08, ACA   N/A     2,173,050 
1,000   Port Auth., Port, Arpt. & Marina Impvts. RB, 4.75%, 7/01/31, FGIC, AMT   07/13 @ 100     1,006,260 
    Res. Auth., Wtr. Util. Impvts. Misc. RB,            
1,500 3    Frederick Cnty. San. Auth. Proj., 5.20%, 10/01/10   N/A     1,563,660 
635      Infrastructure Proj., Ser. A, 5.125%, 5/01/27   05/11 @ 101     658,914 
1,250   Richmond Met. Auth. Expwy., Hwy. Rev. Tolls RB, 5.25%, 7/15/22, FGIC   No Opt. Call     1,392,787 
500   Stafford Cnty. Econ. Dev. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Medicorp Hlth.            
       Sys. Oblig. Proj., 5.25%, 6/15/37   06/16 @ 100     517,815 
    Virginia Coll. Bldg. Auth., Coll. & Univ. RB, Washington & Lee Univ. Proj.,            
500      5.25%, 1/01/26, MBIA   No Opt. Call     559,295 
1,000      5.25%, 1/01/31, MBIA   No Opt. Call  
 
1,132,750 
           
 
32,924,667 
    Total Long-Term Investments (cost $35,334,906)      
 
37,836,719 
    SHORT-TERM INVESTMENT—0.4%            
    Virginia—0.4%              
100 5 Loudoun Cnty. Indl. Dev. Auth., Misc. RB, Howard Hughes Med. Inst. Proj., Ser. C, 3.93%,            
       6/01/07, FRDD (cost $100,000)   N/A  
 
100,000 
    Total Investments —152.5% (cost $35,434,9066)       $ 37,936,719 
    Other assets in excess of liabilities —1.9%         480,087 
    Preferred shares at redemption value, including dividends payable —(54.4)%      
 
(13,533,299)
    Net Assets Applicable to Common Shareholders —100%      
$
24,883,507 

1

BlackRock Virginia Municipal Bond Trust (BHV) (continued)
(Percentages shown are based on Net Assets)

 

 
1      Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
 
2 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, 2007, the Trust held 6.8% of its net assets, with a current market value of $1,684,305, in securities restricted as to resale.
 
3 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.
 
4 Security is collateralized by Municipal or U.S. Treasury obligations.
 
5 For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of May 31, 2007.
 
6 Cost for federal income tax purposes is $35,365,774. The net unrealized appreciation on a tax basis is $2,570,945, consisting of $2,591,084 gross unrealized appreciation and $20,139 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
FRDD
—
Floating Rate Daily Demand        
 

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