BLACKROCK VIRGINIA MUNICIPAL BOND TRUST

Regulatory Filings • Jan 25, 2005

N-Q 1 c35056_nq.htm

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
Date of reporting period:	November 30, 2004

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 NOVEMBER 30, 2004 (Unaudited)

BlackRock Virginia Municipal Bond Trust (BHV)

	Principal
	Amount			Option Call
Rating 1	(000)		Description	Provisions 2	Value
			LONG-TERM INVESTMENTS—154.1%
			Virginia—141.2%
NR 3	$1,480		Alexandria
Redev. & Hsg. Auth., 3001 Park Ctr. Apts. Proj., Ser. A, 6.375%, 4/01/34	04/08
@ 103	$
1,513,478
AAA	1,500	4	Arlington
Cnty., GO, 5.00%, 2/01/21	02/11
@ 100	1,563,645
A	2,150		Arlington
Cnty. Ind. Dev. Auth., Hosp. Fac. Rev., Virginia Hosp. Ctr., Arlington Hlth. Sys.
Proj., 5.25%, 7/01/31	07/11 @ 101	2,182,529
NR	1,500		Celebrate
North Cmnty. Dev. Auth., Spl. Assmt. Rev., Ser. B, 6.75%, 3/01/34	03/14
@ 102	1,534,425
AAA	1,500		Danville
Ind. Dev. Auth., Hosp. Rev., Danville Regl. Med. Ctr. Proj., 5.25%, 10/01/28, AMBAC	No
Opt. Call	1,588,500
NR 3	1,000		Dulles
Town Ctr. Cmnty. Dev. Auth., Spl. Assmt. Tax, Dulles Town Ctr. Proj., 6.25%, 3/01/26	03/08
@ 102	1,018,850
AAA	1,500		Fairfax
Cnty. Wtr. Auth., Wtr. Rev, 5.00%, 4/01/27	04/12
@ 100	1,536,870
AA	1,000		Hampton,
GO, 5.00%, 4/01/20	04/12
@ 101	1,059,280
A-	1,500		Henrico
Cnty. Econ. Dev. Auth., Bon Secours Hlth. Sys. Inc. Proj., Ser. A, 5.60%, 11/15/30	11/12
@ 100	1,550,445
BBB	1,300		Isle
Wight Cnty. Indl. Dev. Auth., Env. Impvt. Rev., Ser. A, 5.70%, 11/01/27	11/13
@ 100	1,308,047
AAA	1,500		Met.
Arpts. Auth., Arpt. Sys. Rev., Ser. A, 5.25%, 10/01/32, FGIC	10/12
@ 100	1,528,875
AAA	1,500		Norfolk
Arpt. Auth., Ser. A, 5.125%, 7/01/31, FGIC	07/11
@ 100	1,522,755
A	5,000		Pocahontas
Pkwy. Assoc., Toll Road Rev., Ser. B, Zero Coupon, 8/15/22, ACA	08/08 @ 45.5	1,693,800
AA+	1,375		Prince
William Cnty., COP, 5.00%, 12/01/21	06/12
@ 100	1,438,800
AAA	1,250		Richmond
Met. Auth., Expwy. Rev., 5.25%, 7/15/22, FGIC	No
Opt. Call	1,398,888
AAA	3,000		Richmond
Pub. Util., 5.00%, 1/15/33, FSA	01/12
@ 100	3,033,840
			Virginia
Coll. Bldg. Auth., Edl. Facs. Rev., Washington & Lee Univ. Proj., MBIA,
AAA	500		5.25%,
1/01/26	No
Opt. Call	546,390
AAA	1,000		5.25%,
1/01/31	No
Opt. Call	1,085,300
AAA	3,000		Virginia
Hsg. Dev. Auth., Comnwlth. Mtg. Rev., Ser. H, 5.375%, 7/01/36, MBIA	07/11
@ 100	3,050,520
			Virginia
Res. Auth.,
AA	1,000		Infrastructure
Rev., Ser. A, 5.00%, 5/01/22	05/11
@ 101	1,047,860
AA	635		Infrastructure
Rev., Ser. A, 5.125%, 5/01/27	05/11
@ 101	657,727
AA	1,500		Wtr.
& Swr. Sys. Rev., Frederick Cnty. Sanitation Auth. Proj., 5.20%, 10/01/28	10/10
@ 100	1,550,100
					33,410,924
			Puerto
Rico—5.7%
BBB	1,455		Children’s
Trust Fund, Tobacco Settlement Rev., 5.375%, 5/15/33	05/12
@ 100	1,355,987
			Multi-State—7.2%
Baa1	1,500	5	Charter
Mac Equity Issuer Trust, Ser. B-2, 7.20%, 10/31/52	10/14
@ 100	1,709,985
			Total
Investments—154.1% (cost $34,742,985)		$ 36,476,896
			Other
assets in excess of liabilities—3.0%		719,578
			Preferred
shares at redemption value, including dividends payable—(57.1%)		(13,526,851)
			Net
Assets Applicable to Common Shareholders—100%		$ 23,669,623

| 1 | Using the higher of S&P’s, Moody’s
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 deemed to be of investment grade quality by the
investment advisor. |
| 4 | Entire or partial principal amount pledged as collateral
for financial futures contracts. |
| 5 | 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, 2004, the Trust held 7.2% of it nets assets, with a current
market value of $1,709,985, in securities restricted as to resale. |

| KEY TO ABBREVIATIONS — ACA | — American Capital
Access | FSA | — Financial
Security Assurance |
| --- | --- | --- | --- |
| AMBAC | — American Municipal Bond Assurance
Corporation | GO | — General Obligation |
| COP | — Certificate of Participation | MBIA | — Municipal Bond Insurance Associatio n |
| FGIC | — Financial Guaranty Insurance
Company | | |

1

Item 2. Controls and Procedures.

(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures are effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized, and reported timely.

(b) The registrant's principal executive officer and principal financial officer are aware of no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is 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:
Name: Henry Gabbay Title: Treasurer Date: January 20, 2005

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:
Name: Robert S. Kapito Title: Principal Executive Officer Date: January 20, 2005

By:
Name: Henry Gabbay Title: Principal Executive Officer Date: January 20, 2005