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<SEC-DOCUMENT>0000900092-10-000507.txt : 20100729
<SEC-HEADER>0000900092-10-000507.hdr.sgml : 20100729
<ACCEPTANCE-DATETIME>20100729152935
ACCESSION NUMBER:		0000900092-10-000507
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20100531
FILED AS OF DATE:		20100729
DATE AS OF CHANGE:		20100729
EFFECTIVENESS DATE:		20100729

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK VIRGINIA MUNICIPAL BOND TRUST
		CENTRAL INDEX KEY:			0001169034
		IRS NUMBER:				383645607
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21053
		FILM NUMBER:		10977725

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>bhv.htm
<DESCRIPTION>BHV
<TEXT>

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<P align="center">
<FONT face="ArialMT,Arial,Helvetica,sans-serif">UNITEDSTATES</FONT><BR>
<FONT face="ArialMT,Arial,Helvetica,sans-serif">SECURITIESANDEXCHANGECOMMISSION</FONT><BR>
<FONT face="ArialMT,Arial,Helvetica,sans-serif">Washington,D.C.20549</FONT><BR>
<BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">FORM N-Q</FONT></B><BR>
<BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED</FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">MANAGEMENT INVESTMENT COMPANY</FONT></B></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Investment Company Act file number 811-21053</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Name of Fund: BlackRock Virginia Municipal Bond Trust (BHV)</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Virginia Municipal Bond Trust, 55 East 52</FONT><SUP><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">nd </FONT></SUP><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Street, New York, NY 10055.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Registrant&#146;s telephone number, including area code: (800) 882-0052, Option 4</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date of fiscal year end: 08/31/2010</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date of reporting period: 05/31/2010</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 1 &#150; Schedule of Investments</FONT></P>

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<P align="left">
<FONT color="#000080" size=4 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Schedule of Investments </FONT><FONT color="#000080" size=2 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">May 31, 2010 (Unaudited)</FONT></P>
<P align="left">
<FONT color="#000080" size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">BlackRock Virginia Municipal Bond Trust (BHV)</FONT><BR>
<FONT color="#000080" size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(Percentages shown are based on Net Assets)</FONT></P>
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=52%></TD>
     <TD width=18%></TD>
     <TD width=28%></TD></TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Par</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:3px double #000000;">
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Municipal Bonds</FONT>&nbsp;</TD>
	<TD align=center style="border-bottom:3px double #000000;">
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(000)</FONT>&nbsp;</TD>
	<TD align=center style="border-bottom:3px double #000000;">
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Value</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#eff9ff" align=center>
<FONT color="#000080" size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Virginia &#151; 116.6%</FONT>&nbsp;</TD>
	<TD bgcolor="#eff9ff" align=left>
&nbsp;</TD>
	<TD bgcolor="#eff9ff" align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT color="#000080" size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Corporate &#151; 11.7%</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Chesterfield County EDA, RB, Virginia</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Electric Power Co. Project, Series A,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">AMT, 5.60%, 11/01/31</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&#36; 500</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&#36; 495,665</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Isle Wight County IDA Virginia, RB,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series A, AMT, 5.70%, 11/01/27</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,300</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,267,721</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Louisa IDA, Refunding RB, Virginia</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Electric &amp; Power Co. Project, Series A,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Mandatory Put Bonds, 5.38%,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">11/01/35</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,095,220</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,858,606</FONT>&nbsp;</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=56%></TD>
     <TD width=20%></TD>
     <TD width=22%></TD></TR>
<TR valign="bottom">
	<TD align=left colspan=2>
<FONT color="#000080" size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">County/City/Special District/School District &#151; 17.9%</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Celebrate North Community</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Development Authority, Special</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Assessment Bonds, Celebrate Virginia</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">North Project, Series B, 6.75%,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">3/01/34</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,471</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,106,104</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">County of Prince William Virginia, RB,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.00%, 12/01/21</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">500</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">528,725</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Dulles Town Center Community</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Development Authority, Special</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Assessment Bonds, Dulles Town</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Center Project, 6.25%, 3/01/26</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">935</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">892,561</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Fairfax County Redevelopment &amp;</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Housing Authority, RB, 5.00%,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">10/01/39</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,500</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,597,815</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">White Oak Village Shops Community</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Development Authority, Special</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Assessment Bonds, 5.30%, 3/01/17</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">234</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">234,112</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">4,359,317</FONT>&nbsp;</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=53%></TD>
     <TD width=24%></TD>
     <TD width=22%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT color="#000080" size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Education &#151; 7.2%</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Virginia College Building Authority,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Refunding RB, Washington &amp; Lee</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">University Project (NPFGC):</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.25%, 1/01/26</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">500</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">588,550</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.25%, 1/01/31</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,177,950</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 1,766,500 _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _</FONT>&nbsp;</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=56%></TD>
     <TD width=21%></TD>
     <TD width=22%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT color="#000080" size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Health &#151; 23.4%</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Danville IDA Virginia, Refunding RB,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Danville Regional Medical Center</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(AMBAC), 5.25%, 10/01/28 (a)</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,162,050</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Fairfax County EDA, Refunding RB,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Goodwin House Inc., 5.00%,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">10/01/27</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,002,370</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Henrico County EDA, Refunding RB, Bon</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Secours Health, Series A:</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.60%, 11/15/12 (b)</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">60</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">66,895</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.60%, 11/15/30</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,440</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,458,763</FONT>&nbsp;</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=52%></TD>
     <TD width=19%></TD>
     <TD width=28%></TD></TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Par</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:3px double #000000;">
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Municipal Bonds</FONT>&nbsp;</TD>
	<TD align=center style="border-bottom:3px double #000000;">
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(000)</FONT>&nbsp;</TD>
	<TD align=center style="border-bottom:3px double #000000;">
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Value</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#eff9ff" align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT color="#000080" size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Virginia (continued)</FONT>&nbsp;</TD>
	<TD bgcolor="#eff9ff" align=left>
&nbsp;</TD>
	<TD bgcolor="#eff9ff" align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT color="#000080" size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Health (concluded)</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Peninsula Ports Authority, Refunding</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">RB, Virginia Baptist Homes, Series C,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.40%, 12/01/33</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&#36; 500</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&#36; 335,260</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Virginia Small Business Financing</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Authority, Refunding RB, Sentara</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Healthcare, 5.00%, 11/01/40</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,017,980</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Winchester IDA Virginia, RB, Valley</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Health System Obligation, Series E,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.63%, 1/01/44</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">650</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">668,460</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5,711,778</FONT>&nbsp;</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=54%></TD>
     <TD width=22%></TD>
     <TD width=22%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT color="#000080" size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Housing &#151; 16.8%</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Virginia HDA, RB:</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Rental Housing, Series B, 5.63%,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6/01/39</FONT>&nbsp;</TD>
	<TD align=left>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,059,760</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Sub-Series H-1 (NPFGC), 5.38%,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">7/01/36</FONT>&nbsp;</TD>
	<TD align=left>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">3,000</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">3,023,400</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 4,083,160 _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _</FONT>&nbsp;</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=55%></TD>
     <TD width=21%></TD>
     <TD width=22%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT color="#000080" size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">State &#151; 8.3%</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Virginia College Building Authority, RB,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Public Higher Education Financing</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Program, Series A, 5.00%, 9/01/33</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,065,340</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Virginia Public School Authority, RB,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">School Financing:</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">6.50%, 12/01/35</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">360</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">417,884</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1997 Resolution, Series B, 5.25%,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">8/01/33</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">500</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">543,185</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2,026,409</FONT>&nbsp;</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=55%></TD>
     <TD width=22%></TD>
     <TD width=21%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT color="#000080" size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Tobacco &#151; 2.7%</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Tobacco Settlement Financing Corp.</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Virginia, Refunding RB, Senior Series</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">B1, 5.00%, 6/01/47</FONT>&nbsp;</TD>
	<TD align=left>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;</TD>
	<TD align=left>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">663,870</FONT>&nbsp;</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=55%></TD>
     <TD width=22%></TD>
     <TD width=22%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT color="#000080" size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Transportation &#151; 11.9%</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">City of Norfolk Virginia, Refunding RB,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series B (AMBAC), 5.50%, 2/01/31</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">550</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">548,609</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Norfolk Airport Authority Virginia, RB,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series A (NPFGC), 5.13%, 7/01/31</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,500</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,508,070</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Richmond Metropolitan Authority</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Virginia, Refunding RB (NPFGC),</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.25%, 7/15/22</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">500</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">541,030</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Virginia Port Authority, Refunding RB,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">5.00%, 7/01/40</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">300</FONT>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">311,988</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=3>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 2,909,697 _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _</FONT>&nbsp;</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=53%></TD>
     <TD width=23%></TD>
     <TD width=22%></TD></TR>
<TR valign="bottom">
	<TD align=left>
<FONT color="#000080" size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Utilities &#151; 16.7%</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Fairfax County Water Authority,</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Refunding RB, 5.00%, 4/01/27</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,205</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,254,598</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Virginia Resources Authority, RB:</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Infrastructure, 5.13%, 5/01/27</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">635</FONT>&nbsp;</TD>
	<TD align=right>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">649,281</FONT>&nbsp;</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0>
<TR>
     <TD width=6%></TD>
     <TD width=39%></TD>
     <TD width=16%></TD>
     <TD width=37%></TD></TR>
<TR valign="bottom">
	<TD bgcolor="#eff9ff" align=left colspan=2 style="border-bottom:1px solid #000000;">
 &nbsp;<FONT color="#000080" size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Portfolio Abbreviations</FONT>&nbsp;</TD>
	<TD bgcolor="#eff9ff" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#eff9ff" align=left style="border-bottom:1px solid #000000;">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=4>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=2>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">according to the following list:</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">AMBAC</FONT>&nbsp;</TD>
	<TD align=left>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">American Municipal Bond Assurance Corp.</FONT>&nbsp;</TD>
	<TD align=left>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">IDA</FONT>&nbsp;</TD>
	<TD align=left>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Industrial Development Authority</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">AMT</FONT>&nbsp;</TD>
	<TD align=left>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Alternative Minimum Tax (subject to)</FONT>&nbsp;</TD>
	<TD align=left>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">NPFGC</FONT>&nbsp;</TD>
	<TD align=left>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">National Public Finance Guarantee Corp.</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">EDA</FONT>&nbsp;</TD>
	<TD align=left>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Economic Development Authority</FONT>&nbsp;</TD>
	<TD align=left>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">RB</FONT>&nbsp;</TD>
	<TD align=left>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Revenue Bonds</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">HDA</FONT>&nbsp;</TD>
	<TD align=left>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Housing Development Authority</FONT>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
</TR>
</TABLE><BR>
<P align="left">
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">BLACKROCK VIRGINIA MUNICIPAL BOND TRUST MAY 31, 2010 1</FONT></P>

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<P align=left><FONT color=#000080 size=4 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Schedule of Investments </FONT><FONT color=#000080 size=2 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(continued)</FONT></P>
<P align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">BlackRock Virginia Municipal Bond Trust (BHV)</FONT><BR>
<FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(Percentages shown are based on Net Assets)</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="51%"></TD>
     <TD width="7%"></TD>
     <TD width="19%"></TD>
     <TD width="21%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Par</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Municipal Bonds</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(000)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Value</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eff9ff align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Virginia (concluded)</FONT>&nbsp;</TD>
     <TD bgColor=#eff9ff align=left>&nbsp;</TD>
     <TD bgColor=#eff9ff align=left>&nbsp;</TD>
     <TD bgColor=#eff9ff align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Utilities (concluded)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Virginia Resources Authority, RB</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(concluded):</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Senior, Virginia Pooled Financing</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Program, Series B, 5.00%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">11/01/33</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$ 2,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$ 2,155,140</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">4,059,019&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Total Municipal Bonds in Virginia</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">28,438,356</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eff9ff align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">District of Columbia &#151; 7.6%</FONT>&nbsp;</TD>
     <TD bgColor=#eff9ff align=left>&nbsp;</TD>
     <TD bgColor=#eff9ff align=left>&nbsp;</TD>
     <TD bgColor=#eff9ff align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Transportation &#151; 7.6%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Metropolitan Washington Airports</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Authority, RB:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">First Senior Lien, Series A, 5.00%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">10/01/39</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">290</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">300,941</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">First Senior Lien, Series A, 5.25%,</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">10/01/44</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">460</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">484,325</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series B, 5.00%, 10/01/29&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,062,830&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Total Municipal Bonds in District of Columbia</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,848,096</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eff9ff align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Guam &#151; 0.9%</FONT>&nbsp;</TD>
     <TD bgColor=#eff9ff align=left>&nbsp;</TD>
     <TD bgColor=#eff9ff align=left>&nbsp;</TD>
     <TD bgColor=#eff9ff align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">County/City/Special District/School District &#151; 0.9%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Territory of Guam, RB, Section 30,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series A, 5.63%, 12/01/29&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205,858&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Total Municipal Bonds in Guam</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">205,858</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eff9ff align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Multi-State &#151; 6.7%</FONT>&nbsp;</TD>
     <TD bgColor=#eff9ff align=left>&nbsp;</TD>
     <TD bgColor=#eff9ff align=left>&nbsp;</TD>
     <TD bgColor=#eff9ff align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Housing &#151; 6.7%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Centerline Equity Issuer Trust, 7.20%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">11/15/52 (c)(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,500&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,642,950&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Total Municipal Bonds in Multi-State</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,642,950</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eff9ff align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Puerto Rico &#151; 4.7%</FONT>&nbsp;</TD>
     <TD bgColor=#eff9ff align=left>&nbsp;</TD>
     <TD bgColor=#eff9ff align=left>&nbsp;</TD>
     <TD bgColor=#eff9ff align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Tobacco &#151; 4.7%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Children's Trust Fund, Refunding RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Asset-Backed, 5.38%, 5/15/33&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,175&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,147,423&nbsp;&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Total Municipal Bonds in Puerto Rico</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1,147,423</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eff9ff align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">U.S. Virgin Islands &#151; 0.4%</FONT>&nbsp;</TD>
     <TD bgColor=#eff9ff align=left>&nbsp;</TD>
     <TD bgColor=#eff9ff align=left>&nbsp;</TD>
     <TD bgColor=#eff9ff align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">State &#151; 0.4%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Virgin Islands Public Finance Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">RB, Senior Lien, Capital Projects,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series A-1, 5.00%, 10/01/39&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99,536&nbsp;&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Total Municipal Bonds in the U.S. Virgin Islands</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">99,536</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" colSpan=4 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Total Municipal Bonds &#150; 136.9%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,382,219 </FONT></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Municipal Bonds Transferred to Tender</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" colSpan=4 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Option Bond Trusts (e) </FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eff9ff align=left>&nbsp; &nbsp; &nbsp; &nbsp;<FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Virginia &#151; 13.0%</FONT>&nbsp;</TD>
     <TD bgColor=#eff9ff align=left>&nbsp;</TD>
     <TD bgColor=#eff9ff align=left>&nbsp;</TD>
     <TD bgColor=#eff9ff align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Education &#151; 8.7%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">University of Virginia, Refunding RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=4 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">General, 5.00%, 6/01/40&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,119,020&nbsp; </FONT></TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="55%"></TD>
     <TD width="21%"></TD>
     <TD width="22%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Municipal Bonds Transferred to Tender</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Par</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Option Bond Trusts (e)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(000)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Value</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eff9ff align=center><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Virginia (concluded)</FONT>&nbsp;</TD>
     <TD bgColor=#eff9ff align=left>&nbsp;</TD>
     <TD bgColor=#eff9ff align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Health &#151; 4.3%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Fairfax County IDA Virginia, Refunding</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">RB, Health Care, Inova Health System,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Series A, 5.50%, 5/15/35&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$ 999&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$ 1,059,501&nbsp; </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Total Municipal Bonds Transferred to</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Tender Option Bond Trusts &#150; 13.0%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,178,521 </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Total Long-Term Investments</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" colSpan=3 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(Cost &#150; $35,064,298) &#150; 149.9%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36,560,740 </FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Short-Term Securities Shares </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">FFI Institutional Tax-Exempt Fund,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">0.25% (f)(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681,076&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 681,076 </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Total Short-Term Securities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(Cost &#150; $681,076) &#150; 2.8%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 681,076 </FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Total Investments</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(Cost &#150; $35,745,374*) &#150; 152.7%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">37,241,816</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Other Assets Less Liabilities &#150; 1.3%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">317,951</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Liability for Trust Certificates, Including Interest</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Expense and Fees Payable &#150; (6.1)%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(1,500,331)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Preferred Shares, at Redemption Value &#150; (47.9)%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(11,676,568)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Net Assets, Applicable to Common Shares &#150; 100.0% $</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">24,382,868</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="3%"></TD>
     <TD width="53%"></TD>
     <TD width="43%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">*</FONT>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">The cost and unrealized appreciation (depreciation) of investments as of</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD colSpan=2 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">May 31, 2010, as computed for federal income tax purposes, were as</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Aggregate follows: cost</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$ 34,207,469</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Gross unrealized appreciation</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$ 2,087,771</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Gross unrealized depreciation</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(552,715)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Net unrealized appreciation</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$ 1,535,056</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(a) Security is collateralized by Municipal or US Treasury obligations.</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(b) US government securities, held in escrow, are used to pay interest on this</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">security as well as to retire the bond in full at the date indicated, typically</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">at a premium to par.</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(c) Security represents a beneficial interest in a trust. The collateral</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">deposited into the trust is federally tax-exempt revenue bonds issued by</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">various state or local governments, or their respective agencies or</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">authorities. The security is subject to remarketing prior to its stated</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">maturity.</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(d) Security exempt from registration under Rule 144A of the Securities Act</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">of 1933. These securities may be resold in transactions exempt from</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">registration to qualified institutional investors.</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(e) Securities represent bonds transferred to a tender option bond trust in</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">exchange for which the Trust acquired residual interest certificates.</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">These securities serve as collateral in a financing transaction.</FONT></P>
<P align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2 BLACKROCK VIRGINIA MUNICIPAL BOND TRUST MAY 31, 2010</FONT></P>
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<P align=left><FONT color=#000080 size=4 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Schedule of Investments </FONT><FONT color=#000080 size=2 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(concluded) </FONT><FONT color=#000080 size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">BlackRock Virginia Municipal Bond Trust (BHV)</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="27%"></TD>
     <TD width="17%"></TD>
     <TD width="16%"></TD>
     <TD width="21%"></TD>
     <TD width="16%"></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(f) Investments in companies considered to be an affiliate of the Trust, for</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">purposes of Section 2(a)(3) of the Investment Company Act of 1940, as</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=left>&nbsp; &nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">amended, were as follows:</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Shares Held</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Shares Held</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">at August</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">at May 31,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Affiliate</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">31, 2009</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Net Activity</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">2010</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Income</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">FFI Institutional</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Tax-Exempt Fund</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">--</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">681,076</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">681,076 $</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">190</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(g) Represents the current yield as of report date.</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&#149; For Trust compliance purposes, the Trust&#146;s sector classifications refer to</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">any one or more of the sector sub-classifications used by one or more</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">widely recognized market indexes or ratings group indexes and/or as</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">defined by Trust management. This definition may not apply for purposes</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">of this report, which may combine sector sub-classifications for reporting</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">ease.</FONT><BR>
<BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&#149; Fair Value Measurements - Various inputs are used in determining the fair</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">value of investments, which are as follows:</FONT><BR>
<BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&#149; Level 1 &#151; price quotations in active markets/exchanges for identical</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">assets and liabilities</FONT><BR>
<BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&#149; Level 2 &#151; other observable inputs (including, but not limited to: quoted</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">prices for similar assets or liabilities in markets that are active, quoted</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">prices for identical or similar assets or liabilities in markets that are not</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">active, inputs other than quoted prices that are observable for the</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">assets or liabilities (such as interest rates, yield curves, volatilities,</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">prepayment speeds, loss severities, credit risks and default rates) or</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">other market-corroborated inputs)</FONT><BR>
<BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&#149; Level 3 &#151; unobservable inputs based on the best information available</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">in the circumstances, to the extent observable inputs are not available</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">(including the Trust's own assumptions used in determining the fair</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">value of investments)</FONT><BR>
<BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">The inputs or methodologies used for valuing securities are not necessarily</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">an indication of the risk associated with investing in those securities. For</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">information about the Trust's policy regarding valuation of investments and</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">other significant accounting policies, please refer to the Trust&#146;s most recent</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">financial statements as contained in its semi-annual report.</FONT><BR>
<BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">The following table summarizes the inputs used as of May 31, 2010 in</FONT><BR>
<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">determining the fair valuation of the Trust's investments:</FONT></P>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="23%"></TD>
     <TD width="26%"></TD>
     <TD width="18%"></TD>
     <TD width="13%"></TD>
     <TD width="17%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=5 align=center><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Investments in Securities</FONT></TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Valuation Inputs</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Level 1</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Level 2</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Level 3</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Total</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Assets:</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Long-Term</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Investments</FONT><SUP><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1</FONT></SUP>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&#151;&nbsp;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$ 36,560,740</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&#151;&nbsp;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$ 36,560,740</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Short-Term</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Securities</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$ 681,076</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&#151;</FONT>&nbsp;&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">681,076</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">Total</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$ 681,076&nbsp;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$ 36,560,740</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">&#151;&nbsp;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">$ 37,241,816</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 align=left><SUP><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">1 </FONT></SUP><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">See above Schedule of Investments for values in each sector.</FONT>&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT size=1 face="Franklin Gothic Book,Arial,Helvetica,sans-serif">BLACKROCK VIRGINIA MUNICIPAL BOND TRUST MAY 31, 2010 3</FONT></P>
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<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 2 &#150; Controls and Procedures</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2(a) &#150; The registrant's principal executive and principal financial officers or persons performing</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">similar functions have concluded that the registrant's disclosure controls and procedures (as</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#147;1940 Act&#148;)) are effective as of a date within 90 days of the filing of this report based on the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and Rule 13(a)-15(b) under the Securities Exchange Act of 1934, as amended.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2(b) &#150; There were no changes in the registrant's internal control over financial reporting (as defined</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant's last fiscal quarter</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">that have materially affected, or are reasonably likely to materially affect, the registrant's</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">internal control over financial reporting.</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 3 &#150; Exhibits</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Certifications &#150; Attached hereto</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the undersigned, thereunto duly authorized.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock Virginia Municipal Bond Trust</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: </FONT><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Anne F. Ackerley</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Anne F. Ackerley</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock Virginia Municipal Bond Trust</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: July 23, 2010</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company Act of 1940, this report has been signed below by the following persons on behalf</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the registrant and in the capacities and on the dates indicated.</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: </FONT><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Anne F. Ackerley</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Anne F. Ackerley</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer (principal executive officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock Virginia Municipal Bond Trust</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: July 23, 2010</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: </FONT><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Neal J. Andrews</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Neal J. Andrews</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Financial Officer (principal financial officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock Virginia Municipal Bond Trust</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: July 23, 2010</FONT></P>

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<P align="left"> <B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">EX-99.CERT</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">THE SARBANES-OXLEY ACT OF 2002</FONT></B></P>
<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">I, Anne F. Ackerley, Chief Executive Officer (principal executive officer) of BlackRock Virginia Municipal Bond Trust,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">certify that:</FONT></P>
<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1. I have reviewed this report on Form N-Q of BlackRock Virginia Municipal Bond Trust;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a</FONT></P>
<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">material fact necessary to make the statements made, in light of the circumstances under which such statements were made,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">not misleading with respect to the period covered by this report;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>
<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">designed under our supervision, to ensure that material information relating to the registrant, including its</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">which this report is being prepared;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) designed such internal control over financial reporting, or caused such internal control over financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting and the preparation of financial statements for external purposes in accordance with generally</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">accepted accounting principles;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">days prior to the filing date of this report, based on such evaluation; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">d) disclosed in this report any change in the registrant's internal control over financial reporting that</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">materially affect, the registrant's internal control over financial reporting; and</FONT></P>
<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the registrant's board of directors (or persons performing the equivalent functions):</FONT></P>
<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) all significant deficiencies and material weaknesses in the design or operation of internal control over</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">summarize, and report financial information; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) any fraud, whether or not material, that involves management or other employees who have a significant</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">role in the registrant's internal control over financial reporting.</FONT></P>
<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: July </FONT><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">23, </FONT><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2010</FONT><BR>
<BR>
<U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Anne F. Ackerley</FONT></U></P>
<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Anne F. Ackerley</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer (principal executive officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock Virginia Municipal Bond Trust</FONT></P>
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<P align="left"> <B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">EX-99.CERT</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">THE SARBANES-OXLEY ACT OF 2002</FONT></B></P>
<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock Virginia Municipal Bond Trust,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">certify that:</FONT></P>
<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1. I have reviewed this report on Form N-Q of BlackRock Virginia Municipal Bond Trust;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a</FONT></P>
<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">material fact necessary to make the statements made, in light of the circumstances under which such statements were made,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">not misleading with respect to the period covered by this report;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>
<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">designed under our supervision, to ensure that material information relating to the registrant, including its</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">which this report is being prepared;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) designed such internal control over financial reporting, or caused such internal control over financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting and the preparation of financial statements for external purposes in accordance with generally</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">accepted accounting principles;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">days prior to the filing date of this report, based on such evaluation; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">d) disclosed in this report any change in the registrant's internal control over financial reporting that</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">materially affect, the registrant's internal control over financial reporting; and</FONT></P>
<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the registrant's board of directors (or persons performing the equivalent functions):</FONT></P>
<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) all significant deficiencies and material weaknesses in the design or operation of internal control over</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">summarize, and report financial information; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) any fraud, whether or not material, that involves management or other employees who have a significant</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">role in the registrant's internal control over financial reporting.</FONT></P>
<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: July </FONT><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">23, </FONT><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2010</FONT><BR>
<BR>
<U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Neal J. Andrews</FONT></U></P>
<P align="left"> <FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Neal J. Andrews</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Financial Officer (principal financial officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock Virginia Municipal Bond Trust</FONT></P>
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