<SEC-DOCUMENT>0001048703-11-000167.txt : 20111209
<SEC-HEADER>0001048703-11-000167.hdr.sgml : 20111209
<ACCEPTANCE-DATETIME>20111209101349
ACCESSION NUMBER:		0001048703-11-000167
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20111209
DATE AS OF CHANGE:		20111209

SUBJECT COMPANY:	

	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:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-84328
		FILM NUMBER:		111252267

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Karpus Management, Inc.
		CENTRAL INDEX KEY:			0001048703
		IRS NUMBER:				161290550
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		183 SULLY'S TRAIL
		CITY:			PITTSFORD
		STATE:			NY
		ZIP:			14534
		BUSINESS PHONE:		5855864680

	MAIL ADDRESS:	
		STREET 1:		183 SULLY'S TRAIL
		CITY:			PITTSFORD
		STATE:			NY
		ZIP:			14534

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KARPUS MANAGEMENT INC
		DATE OF NAME CHANGE:	19971029
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<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>bhvarps13da.htm
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<font size=4><b>UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION</font><br>
<font size=3>Washington, D.C. 20549</p></font>

<font size=2>SCHEDULE 13D/A<br>
(Amendment No. 5)<br>
Under the Securities Exchange Act of 1934</b></p>


BlackRock Virginia Municipal Bond Trust (BHV)<br>
<hr>
<b>(Name of Issuer)</b></p>

Municipal Auction Rate Cumulative Preferred Shares<br>
<hr>
<b>(Title of Class of Securities)</b></p>


092481209<br>
<hr>
<b>(CUSIP Number)</b></p>


George W. Karpus, President<br>
Karpus Management, Inc.,<br>
d/b/a Karpus Investment Management<br>
183 Sully's Trail<br>
Pittsford, New York 14534<br>
(585) 586-4680<br>
<hr>
<b>(Name, Address and Telephone Number of Person<br>Authorized to Receive Notices and Communications)</b></p>


November 30, 2011<br>
<hr>
<b>(Date of Event which Requires Filing of this Statement)</b></p>


If the filing person has previously filed a statement on Schedule 13G<br>
to report the acquisition that is the subject of this Schedule 13D,<br>
and is filing this schedule because of &#167&#167 240.13d-1(e), 240.13d-1(f) or<br>
 240.13d-1(g), check the following box. <font size=4>&#127</p>

<p style=' page-break-before:always'></center></P>
<hr>
<font size=1.75><b>CUSIP No.&#58</b> 092481209</br>
<hr>



<b>1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).</b></p>

Karpus Management, Inc., d/b/a Karpus Investment Management<br>I.D. #16-1290558<br>

<hr>

<b>2. Check the Appropriate Box if a Member of a Group (See Instructions)</b><br>
(a) <font size=4>&#127<font size=1.75><br>
(b) <font size=1.75>&#32&#32X <br>

<hr>

<b>3. SEC Use Only</b><br>

<hr>

<b>4. Source of Funds (See Instructions)</b></p>

AF<br>

<hr>

<b>5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)</b></p>

N/A<br>

<hr>

<b>6. Citizenship or Place of Organization</b></p>

New York<br>

<hr>

<b>Number of Shares Beneficially Owned by Each reporting Person With:</b></p>

<ul><b>7.  Sole Voting Power</b></p>
182</p>

<b>8.  Shared Voting Power</b></p>
N/A</p>

<b>9.  Sole Dispositive Power</b></p>
182</p>

<b>10.  Shared Dispositive Power</b></p>
N/A</p>
</ul>
<hr>

<b>11. Aggregate Amount Beneficially Owned by Each Reporting Person</b></p>
182<br>

<hr>

<b>12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)</b></p>

N/A<br>

<hr>

<b>13. Percent of Class Represented by Amount in Row (11)</b></p>

38.97%*<br>

<hr>

<b>14. Type of Reporting Person (See Instructions)</b></p>

IA<br>
<hr>
*Item 13, above, is calculated based on the aggregate amount of 467 outstanding auction rate preferred shares indicated by the Issuer's N-CSR filing, filed with the U.S. Securities and Exchange Commission on November 7, 2011, dated as of August 31, 2011.
</font><hr>


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The following constitutes Amendment No. 5 ("Amendment No. 5") to the Schedule 13D filed by the undersigned.  This Amendment amends the original Schedule 13D as specifically set forth.</p>


<b>Item 3.  <u>Source and Amount of Funds or Other Considerations.</u></b></p>

KIM, an independent investment advisor, has accumulated 182 shares of BHV Municipal Auction Rate Cumulative Preferred Shares on behalf of accounts that are managed by KIM (the &#147Accounts&#148) under limited powers of attorney, which represents 38.97% of the outstanding shares. All funds that have been utilized in making such purchases are from such Accounts.</p>

</p>

<b>Item 4.  <u>Purpose of Transaction.</u></b></p>

KIM has purchased Shares for the Accounts for investment purposes. However, KIM reserves the right to contact management with regard to concerns that they have with respect to the Fund.  This may include letters to the Board and/or other communications with Fund management. Being an independent registered investment advisor, with a specialty focus in closed end funds, the profile of the BHV Municipal Auction Rate Cumulative Preferred Shares fits the investment guidelines for various Accounts. Shares have been acquired since June 12, 2008.

 </p>

</p>

<b>Item 5.  <u>Interest in Securities of the Issuer.</u></b></p>

(a) As of the date of this Report, KIM represents beneficial ownership of 182 shares or 38.97% of the outstanding shares.

George W. Karpus presently owns 20 shares. Mr. Karpus purchased shares on March 10, 2010 at $21,250 (20 shares).

None of the other principals of KIM presently own shares of BHV Municipal Auction Rate Cumulative Preferred Shares. </p>
</p>

(b) KIM has the sole power to dispose of and to vote all of such Shares under limited powers of attorney.</p>

(c)  Open market purchases for the last 60 days for the Accounts. There have been no dispositions and no acquisitions, other than by such open market purchases:
<TABLE><pre><FONT FACE="Times New Roman" SIZE="2">
	<u>Date</u>	<u>Shares</u>	<u>Price Per Share</u>
	11/29/2011	2*

*- shares transferred out from KIM


</pre>
The Accounts have the right to receive all dividends from, and any proceeds from the sale of the Shares.  None of the Accounts has an interest in Shares constituting more than 5% of the Shares outstanding.</p>

<b>Item 6.  <u>Contracts, Arrangements, Understandings, or Relationships with Respect to Securities of the Issuer.</u></b></p>

Pursuant to the Issuer's 8-K filing on June 16, 2011, Karpus and the Issuer entered an agreement on June 15, 2011 regarding all outstanding auction rate preferred securities. The terms of the June 15 agreement are outlined in the stated filing.</p>

<b>Item 7.  <u>Materials to be Filed as Exhibits.</U></b></p>

None</p>

<p style=' page-break-before:always'>
<center><b><u>SIGNATURE</b></u></center></p>


After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete, and correct.<br>

<pre><FONT FACE="Times New Roman" SIZE="2"><b>Karpus Management, Inc.</b>


By:  	/s/
Name:  	Sharon Thornton
Title:  	Senior Director of Investments
Date:  	December 9, 2011

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