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: Donald C. Burke, Chief Executive Officer, BlackRock
Virginia Municipal Bond Trust, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing
address: P.O. Box 9011, Princeton, NJ, 08543-9011
Registrants telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 08/31/2009
Date of reporting period: 05/31/2009
Item 1 Schedule of Investments
BlackRock Virginia Municipal Bond Trust | ||||
Schedule of Investments May 31, 2009 (Unaudited) | (Percentages shown are based on Net Assets) | |||
Par | ||||
Municipal Bonds | (000) | Value | ||
District of Columbia - 11.6% | ||||
Transportation - 11.6% | Metropolitan Washington Airports Authority, D.C., Airport | |||
System Revenue Bonds, AMT, Series A, 5.25%, | ||||
10/01/32 (a)(b) | $1,500 | $ 1,393,275 | ||
Metropolitan Washington Airports Authority, D.C., Airport | ||||
System Revenue Bonds, AMT, Series B, 5%, | ||||
10/01/34 (c) | 250 | 225,433 | ||
Metropolitan Washington Airports Authority, D.C., Airport | ||||
System Revenue Refunding Bonds, Series B, | ||||
5%, 10/01/29 | 1,000 | 993,620 | ||
Total Municipal Bonds in District of Columbia | 2,612,328 | |||
Multi-State - 7.2% | ||||
Housing - 7.2% | Charter Mac Equity Issuer Trust, 7.20%, 10/31/52 (d)(e) | 1,500 | 1,629,765 | |
Puerto Rico - 4.5% | ||||
Tobacco - 4.5% | Children's Trust Fund Project of Puerto Rico, Tobacco | |||
Settlement Revenue Refunding Bonds, 5.375%, 5/15/33 | 1,215 | 1,007,405 | ||
Virginia - 123.8% | ||||
Corporate - 13.3% | Chesterfield County, Virginia, EDA, Solid Waste and Sewer | |||
Disposal Revenue Bonds (Virginia Electric Power Company), | ||||
AMT, Series A, 5.60%, 11/01/31 | 500 | 451,045 | ||
Isle Wight County, Virginia, IDA, Environmental | ||||
Improvement Revenue Bonds, AMT, Series A, | ||||
5.70%, 11/01/27 | 1,300 | 999,830 | ||
King George County, Virginia, IDA, Solid Waste Disposal | ||||
Facility Revenue Bonds (Waste Management, Inc.), AMT, | ||||
Series A, 6%, 6/01/23 | 500 | 498,775 | ||
Louisa, Virginia, IDA, PCR, Refunding (Virginia Electric and | ||||
Power Company Project), Series A, 5.375%, | ||||
11/01/35 | 1,000 | 1,046,250 | ||
2,995,900 | ||||
County/City/Special | Celebrate North Community Development Authority, | |||
District/School District - 19.4% | Virginia, Special Assessment Revenue Bonds, | |||
Series B, 6.75%, 3/01/34 | 1,500 | 1,052,145 |
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 list below.
AMT | Alternative Minimum Tax (subject to) | IDA | Industrial Development Authority |
EDA | Economic Development Authority | PCR | Pollution Control Revenue Bonds |
GO | General Obligation Bonds | VRDN | Variable Rate Demand Notes |
HDA | Housing Development Authority |
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BlackRock Virginia Municipal Bond Trust | ||||
Schedule of Investments May 31, 2009 (Unaudited) | (Percentages shown are based on Net Assets) | |||
Par | ||||
Municipal Bonds | (000) | Value | ||
Dulles Town Center, Virginia, Community Development | ||||
Authority, Special Assessment Tax (Dulles Town Center | ||||
Project), 6.25%, 3/01/26 | $ 955 | $ 699,003 | ||
Hampton, Virginia, Public Improvement, | ||||
GO, 5%, 4/01/20 | 1,000 | 1,068,840 | ||
Prince William County, Virginia, Lease Participation | ||||
Certificates, 5%, 12/01/21 | 1,275 | 1,333,561 | ||
The Shops at White Oak Village Community Development | ||||
Authority, Virginia, Special Assessment Revenue Bonds, | ||||
5.30%, 3/01/17 | 250 | 207,947 | ||
4,361,496 | ||||
Education - 7.5% | Virginia College Building Authority, Educational Facilities | |||
Revenue Refunding Bonds (Washington and Lee University | ||||
Project), 5.25%, 1/01/26 (b) | 500 | 565,460 | ||
Virginia College Building Authority, Educational Facilities | ||||
Revenue Refunding Bonds (Washington and Lee University | ||||
Project), 5.25%, 1/01/31 (b) | 1,000 | 1,113,940 | ||
1,679,400 | ||||
Health - 23.5% | Danville, Virginia, IDA, Hospital Revenue Refunding Bonds | |||
(Danville Regional Medical Center), 5.25%, | ||||
10/01/28 (f)(g) | 1,500 | 1,691,655 | ||
Fairfax County, Virginia, EDA, Residential Care Facilities, | ||||
Mortgage Revenue Refunding Bonds (Goodwin House, Inc.), | ||||
5.125%, 10/01/37 | 1,000 | 737,260 | ||
Fairfax County, Virginia, IDA, Health Care Revenue | ||||
Refunding Bonds (Inova Health System Project), | ||||
Series A, 5.50%, 5/15/35 | 1,000 | 1,016,070 | ||
Henrico County, Virginia, EDA, Revenue Refunding Bonds | ||||
(Bon Secours Health System, Inc.), Series A, 5.60%, | ||||
11/15/12 (h) | 60 | 68,386 | ||
Henrico County, Virginia, EDA, Revenue Refunding Bonds | ||||
(Bon Secours Health System, Inc.), Series A, 5.60%, | ||||
11/15/30 | 1,440 | 1,447,142 | ||
Peninsula Ports Authority, Virginia, Residential Care | ||||
Facilities, Revenue Refunding Bonds (Baptist Homes), Series | ||||
C, 5.40%, 12/01/33 | 500 | 336,460 | ||
5,296,973 | ||||
Housing - 17.9% | Virginia State, HDA, Commonwealth Mortgage Revenue | |||
Bonds, Series H, Sub-Series H-1, 5.375%, 7/01/36 (b) | 3,000 | 3,017,190 | ||
Virginia State, HDA, Rental Housing | ||||
Revenue Bonds, Series B, 5.625%, 6/01/39 | 1,000 | 1,026,550 | ||
4,043,740 | ||||
State - 8.7% | Virginia College Building Authority, Educational Facilities | |||
Revenue Bonds (Public Higher Education Financing | ||||
Program), Series A, 5%, 9/01/33 | 1,000 | 1,025,250 |
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BlackRock Virginia Municipal Bond Trust | ||||
Schedule of Investments May 31, 2009 (Unaudited) | (Percentages shown are based on Net Assets) | |||
Par | ||||
Municipal Bonds | (000) | Value | ||
Virginia State Public School Authority Revenue Bonds, | ||||
Series B, 5.25%, 8/01/33 | $ 500 | $ 524,065 | ||
Virginia State Public School Authority, Special Obligation | ||||
School Financing Bonds (Fluvanna County), 6.50%, 12/01/35 | 360 | 404,809 | ||
1,954,124 | ||||
Transportation - 12.3% | Norfolk, Virginia, Airport Authority Revenue | |||
Bonds, Series A, 5.125%, 7/01/31 (a)(b) | 1,500 | 1,448,955 | ||
Richmond, Virginia, Metropolitan Authority, Expressway | ||||
Revenue Refunding Bonds, 5.25%, 7/15/22 (a)(b) | 1,250 | 1,333,000 | ||
2,781,955 | ||||
Utilities - 21.2% | Fairfax County, Virginia, Water Authority, Water Revenue | |||
Refunding Bonds, 5%, 4/01/27 | 1,205 | 1,223,449 | ||
Henrico County, Virginia, Water and Sewer Revenue | ||||
Refunding Bonds, 5%, 5/01/25 | 750 | 822,952 | ||
Virginia State Resources Authority, Infrastructure Revenue | ||||
Bonds (Pooled Financing Program), Senior Series B, 5%, | ||||
11/01/33 | 2,000 | 2,068,280 | ||
Virginia State Resources Authority, Infrastructure Revenue | ||||
Bonds (Pooled Loan Program), Series A, | ||||
5.125%, 5/01/27 | 635 | 651,148 | ||
4,765,829 | ||||
Total Municipal Bonds in Virginia | 27,879,417 | |||
Total Municipal Bonds - 147.1% | 33,128,915 | |||
Municipal Bonds Transferred to Tender | ||||
Option Bond Trusts (i) | ||||
Virginia - 9.1% | ||||
Education - 9.1% | University of Virginia, Revenue Refunding Bonds, | |||
5%, 6/01/40 | 2,000 | 2,062,900 | ||
Total Municipal Bonds Transferred to | ||||
Tender Option Bond Trusts - 9.1% | 2,062,900 | |||
Total Long Term Investments | ||||
(Cost - $35,707,736) - 156.2% | 35,191,815 | |||
Short-Term Securities | ||||
Virginia - 0.9% | Virginia Small Business Financing Authority, Hospital | |||
Revenue Bonds (Carilion Clinic Center Project), VRDN, | ||||
Series A, 0.24%, 6/01/09 (j) | 200 | 200,000 | ||
Total Short-Term Securities | ||||
(Cost - $200,000) - 0.9% | 200,000 | |||
Total Investments (Cost - $35,907,736*) - 157.1% | 35,391,815 | |||
Other Assets Less Liabilities - 1.4% | 313,978 | |||
Liability for Trust Certificates, Including Interest | ||||
Expense and Fees Payable - (4.5)% | (1,003,077) | |||
Preferred Shares, at Redemption Value - (54.0)% | (12,175,518) | |||
Net Assets Applicable to Common Shares - 100.0% | $ 22,527,198 |
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BlackRock Virginia Municipal Bond Trust
Schedule of Investments May 31, 2009 (Unaudited)
* The cost and unrealized appreciation (depreciation) of investments as of May 31, 2009, as
computed for federal income tax purposes, were as follows:
Aggregate cost | $ 34,982,495 |
Gross unrealized appreciation | $ 1,215,068 |
Gross unrealized depreciation | (1,805,748) |
Net unrealized depreciation | $ (590,680) |
(a) FGIC Insured.
(b) NPFGC Insured.
(c) FSA Insured.
(d) 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.
(e) 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.
(f) AMBAC Insured.
(g) Security is collateralized by Municipal or US Treasury Obligations.
(h) 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.
(i) 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.
(j) Security may have a maturity of more than one year at the time of issuance but has variable
rate and demand features that qualify it as a short-term security. Rate shown is as of report
date and maturity shown is the date the principal owed can be recovered through demand.
4
BlackRock Virginia Municipal Bond Trust
Schedule of Investments May 31, 2009 (Unaudited)
The Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards
No. 157, "Fair Value Measurements" ("FAS 157"). FAS 157 clarifies the definition of fair value,
establishes a framework for measuring fair values and requires additional disclosures about the use of
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 securities
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 semi-annual report.
The following table summarizes the inputs used as of May 31, 2009 in determining the fair valuation of
the Trust's investments:
Valuation | Investments in |
Inputs | Securities |
Assets | |
Level 1 | - |
Level 2 | $ 35,391,815 |
Level 3 | - |
Total | $ 35,391,815 |
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Item 2 Controls and Procedures
2(a) The registrants principal executive and principal financial officers or persons performing similar
functions have concluded that the registrants 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 registrants internal control over financial reporting (as defined in
Rule 30a-3(d) under the 1940 Act) that occurred during the registrants last fiscal quarter that have
materially affected, or are reasonably likely to materially affect, the registrants 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/ Donald C. Burke
Donald C. Burke
Chief Executive Officer of
BlackRock Virginia Municipal Bond Trust
Date: July 15, 2009
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/ Donald C. Burke
Donald C. Burke
Chief Executive Officer (principal executive officer) of
BlackRock Virginia Municipal Bond Trust
Date: July 15, 2009
By: /s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock Virginia Municipal Bond Trust
Date: July 15, 2009