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<SEC-DOCUMENT>0000900092-11-000056.txt : 20110128
<SEC-HEADER>0000900092-11-000056.hdr.sgml : 20110128
<ACCEPTANCE-DATETIME>20110128115406
ACCESSION NUMBER:		0000900092-11-000056
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20101130
FILED AS OF DATE:		20110128
DATE AS OF CHANGE:		20110128
EFFECTIVENESS DATE:		20110128

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:		11554539

	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 style="text-align: center;">
<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">UNITEDSTATES</FONT><BR>
<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">SECURITIESANDEXCHANGECOMMISSION</FONT><BR>
<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">Washington,D.C.20549</FONT><BR>
<BR>
<B><FONT size=3 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">FORM N-Q</FONT></B><BR>
<BR>
<B><FONT size=3 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED</FONT></B><BR>
<B><FONT size=3 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">MANAGEMENT INVESTMENT COMPANY</FONT></B></P>
<P style="text-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: 08/31/2011</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date of reporting period: 11/30/2010</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 style="TEXT-ALIGN: left"><FONT color=#000080 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Schedule of Investments </FONT><FONT color=#000080 size=2 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>November 30, 2010 (Unaudited)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>BlackRock Virginia Municipal Bond Trust (BHV)</FONT><BR>
<FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(Percentages shown are based on Net Assets)</FONT></P>
<DIV align=left>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="49%"></TD>
     <TD width="7%"></TD>
     <TD width="14%"></TD>
     <TD width="28%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 1px" align=center><FONT size=1 face=FranklinGothic-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=FranklinGothic-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=FranklinGothic-Book,Arial,Helvetica,sans-serif>(000)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Value</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" bgColor=#bfd5eb align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Virginia &#151; 110.5%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Corporate &#151; 11.9%</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=FranklinGothic-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 style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-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 style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>AMT, 5.60%, 11/01/31</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 486,470</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Isle Wight County IDA Virginia, 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="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series A, AMT, 5.70%, 11/01/27</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,300</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,275,066</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Louisa IDA, Refunding RB, Virginia</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-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 style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Mandatory Put Bonds, 5.38%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>11/01/35 (a)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,085,680</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <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>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,847,216</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>County/City/Special District/</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 color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>School District &#151; 19.9%</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=FranklinGothic-Book,Arial,Helvetica,sans-serif>Celebrate North Community</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Development Authority, Special</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-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 style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>North Project, Series B, 6.75%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>3/01/34</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,465</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,039,403</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>City of Portsmouth Virginia, GO,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Refunding, Series D, 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 style="TEXT-INDENT: 1px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>7/15/34 (b)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>513,820</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-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 style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.00%, 6/01/12 (c)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>533,355</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Dulles Town Center Community</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Development Authority, Special</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Assessment Bonds, Dulles Town</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Center Project, 6.25%, 3/01/26</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>935</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>871,429</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Fairfax County Redevelopment &amp;</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Housing Authority, RB, Fairfax</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Redevelopment &amp; Housing, 5.00%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>10/01/39</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,552,995</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-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 style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Development Authority, Special</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Assessment Bonds, Special</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Assessment, 5.30%, 3/01/17</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>234</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>236,710</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <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>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4,747,712</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Education &#151; 7.1%</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=FranklinGothic-Book,Arial,Helvetica,sans-serif>Virginia College Building Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Refunding RB, Washington &amp; Lee</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>University Project (NPFGC):</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=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.25%, 1/01/26</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>574,465</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.25%, 1/01/31</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,127,090</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <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>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,701,555</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Health &#151; 20.4%</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=FranklinGothic-Book,Arial,Helvetica,sans-serif>Danville IDA 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="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Danville Regional Medical Center</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(AMBAC), 5.25%, 10/01/28 (d)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,152,580</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<DIV align=left>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="49%"></TD>
     <TD width="7%"></TD>
     <TD width="14%"></TD>
     <TD width="28%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 1px" align=center><FONT size=1 face=FranklinGothic-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=FranklinGothic-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=FranklinGothic-Book,Arial,Helvetica,sans-serif>(000)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Value</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" bgColor=#bfd5eb align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Virginia (continued)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Health (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=FranklinGothic-Book,Arial,Helvetica,sans-serif>Fairfax County EDA, 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="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Goodwin House Inc., 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 style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>10/01/27</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 1,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 962,480</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-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 style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Secours, Series A, 5.60%, 11/15/30</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,440</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,451,088</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-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 style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-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 style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.40%, 12/01/33</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>250</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>167,815</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Roanoke Economic Development</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Authority, Refunding RB, Carilion</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Health System, Series B (AGM),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.00%, 7/01/38</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>487,560</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Winchester IDA Virginia, RB, Valley</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-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 style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.63%, 1/01/44</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>650</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>659,874</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <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>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4,881,397</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Housing &#151; 6.4%</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=FranklinGothic-Book,Arial,Helvetica,sans-serif>Virginia HDA, RB, Rental Housing,:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series B, 5.63%, 6/01/39</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,047,940</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series D, 4.60%, 9/01/40</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>500</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>476,755</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <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>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,524,695</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>State &#151; 8.3%</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=FranklinGothic-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 style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-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 style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Program, Series A, 5.00%, 9/01/33</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,039,650</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Virginia Public School 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 style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>School Financing:</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>6.50%, 12/01/35</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>360</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>404,593</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-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 style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>8/01/33</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>500</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>527,715</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <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>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,971,958</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Transportation &#151; 14.1%</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=FranklinGothic-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 style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series B (AMBAC), 5.50%, 2/01/31</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>550</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>529,216</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-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 style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series A (NPFGC), 5.13%, 7/01/31</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,501,950</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Richmond Metropolitan Authority</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Virginia, Refunding RB (NPFGC),</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.25%, 7/15/22</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>538,565</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-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 style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.00%, 7/01/40</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>290</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>293,622</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>AMT (AGM), 5.00%, 7/01/24</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>500</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>511,215</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <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>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>3,374,568</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Utilities &#151; 22.4%</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=FranklinGothic-Book,Arial,Helvetica,sans-serif>County of Spotsylvania Virginia, 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="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(AGM), 5.00%, 6/01/37</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>855</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>875,477</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: left"><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Portfolio Abbreviations</FONT><BR>
<BR>
<FONT size=1 face=FranklinGothic-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><BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>according to the following list:</FONT></P>
<DIV align=left>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="7%"></TD>
     <TD width="43%"></TD>
     <TD width="17%"></TD>
     <TD width="31%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>AGM</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Assured Guaranty Municipal Corp.</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>HDA</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Housing Development Authority</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>AMBAC</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>American Municipal Bond Assurance Corp.</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>IDA</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Industrial Development Authority</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>AMT</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Alternative Minimum Tax (subject to)</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>NPFGC</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>National Public Finance Guarantee Corp.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>EDA</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Economic Development Authority</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>RB</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Revenue Bonds</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>GO</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>General Obligation Bonds</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>BLACKROCK VIRGINIA MUNICIPAL BOND TRUST</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>NOVEMBER 30, 2010</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT color=#000080 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Schedule of Investments</FONT><FONT color=#000080 size=2 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(continued)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>BlackRock Virginia Municipal Bond Trust (BHV)</FONT><BR>
<FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(Percentages shown are based on Net Assets)</FONT></P>
<DIV align=left>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="49%"></TD>
     <TD width="7%"></TD>
     <TD width="14%"></TD>
     <TD width="28%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD style="TEXT-INDENT: 1px" align=center><FONT size=1 face=FranklinGothic-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=FranklinGothic-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=FranklinGothic-Book,Arial,Helvetica,sans-serif>(000)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Value</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" bgColor=#bfd5eb align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Virginia (concluded)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-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=FranklinGothic-Book,Arial,Helvetica,sans-serif>Fairfax County Water Authority,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Refunding RB, 5.00%, 4/01/27</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 1,205</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 1,247,741</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-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 style="TEXT-INDENT: 4px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Infrastructure, 5.13%, 5/01/27</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>635</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>644,360</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Senior, Virginia Pooled Financing</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-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 style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>11/01/33</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,112,300</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>State Revolving Fund, 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 style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>10/01/30</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>425</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>456,680</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <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>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5,336,558</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-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=FranklinGothic-Book,Arial,Helvetica,sans-serif>26,385,659</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" bgColor=#bfd5eb align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>District of Columbia &#151; 7.5%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Transportation &#151; 7.5%</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=FranklinGothic-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 style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-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 style="TEXT-INDENT: 4px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-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 style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>10/01/39</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>290</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>291,627</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>First Senior Lien, Series A, 5.25%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>10/01/44</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>460</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>469,416</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series B, 5.00%, 10/01/29</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,019,250</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" colSpan=3 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Total Municipal Bonds in the District of Columbia</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,780,293</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" bgColor=#bfd5eb align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Guam &#151; 0.8%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>County/City/Special District/</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 color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>School District &#151; 0.8%</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=FranklinGothic-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; TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series A, 5.63%, 12/01/29</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>200</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>202,464</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-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=FranklinGothic-Book,Arial,Helvetica,sans-serif>202,464</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" bgColor=#bfd5eb align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Multi-State &#151; 6.9%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Housing &#151; 6.9%</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=FranklinGothic-Book,Arial,Helvetica,sans-serif>Centerline Equity Issuer Trust, 7.20%,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>11/15/52 (e)(f)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,500</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,647,765</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" colSpan=2 align=left><FONT size=1 face=FranklinGothic-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=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,647,765</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" bgColor=#bfd5eb align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Puerto Rico &#151; 4.7%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-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 colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Children's Trust Fund, Refunding RB,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Asset-Backed, 5.38%, 5/15/33</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,170</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,129,319</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" colSpan=2 align=left><FONT size=1 face=FranklinGothic-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=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,129,319</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" bgColor=#bfd5eb align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>U.S. Virgin Islands &#151; 0.4%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-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=FranklinGothic-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 style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-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; TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series A-1, 5.00%, 10/01/39</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>100</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>94,738</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=left><FONT size=1 face=FranklinGothic-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=FranklinGothic-Book,Arial,Helvetica,sans-serif>94,738</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Total Municipal Bonds &#150; 130.8%</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=FranklinGothic-Book,Arial,Helvetica,sans-serif>31,240,238</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-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" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Option Bond Trusts (g)</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=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" bgColor=#bfd5eb align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Virginia &#151; 30.1%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-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=FranklinGothic-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="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>General, 5.00%, 6/01/40</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,087,660</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<DIV align=left>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="50%"></TD>
     <TD width="7%"></TD>
     <TD width="12%"></TD>
     <TD width="30%"></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Municipal Bonds Transferred to Tender</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-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=FranklinGothic-Book,Arial,Helvetica,sans-serif>Option Bond Trusts (g)</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=FranklinGothic-Book,Arial,Helvetica,sans-serif>(000)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=center><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Value</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=center><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Virginia (concluded)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Health &#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 colSpan=2 align=left><FONT size=1 face=FranklinGothic-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 style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-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="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series A, 5.50%, 5/15/35</FONT>&nbsp;</TD>
     <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 999</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 1,051,721</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Virginia Small Business Financing</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Authority, Refunding RB, Sentara</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Healthcare, 5.00%, 11/01/40</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,016,059</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <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>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,067,780</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Housing &#151; 12.7%</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=FranklinGothic-Book,Arial,Helvetica,sans-serif>Virginia HDA, RB, Sub-Series H-1</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; TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(NPFGC), 5.38%, 7/01/36</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>3,000</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>3,037,320</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-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" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Tender Option Bond Trusts &#150; 30.1%</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=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>7,192,760</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Total Long-Term Investments</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 3px double" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(Cost &#150; $37,462,689) &#150; 160.9%</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=FranklinGothic-Book,Arial,Helvetica,sans-serif>38,432,998</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Short-Term Securities</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Shares</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>FFI Institutional Tax-Exempt Fund,</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; TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>0.15% (h)(i)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>800,526</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>800,526</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Total Short-Term Securities</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" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(Cost &#150; $800,526) &#150; 3.4%</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=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>800,526</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Total Investments</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=FranklinGothic-Book,Arial,Helvetica,sans-serif>(Cost &#150; $38,263,215*) &#150; 164.3%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>39,233,524</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Liabilities in Excess of Other Assets &#150; (0.6)%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(151,205)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Liability for Trust Certificates, Including Interest</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Expense and Fees Payable &#150; (14.8)%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(3,523,147)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Preferred Shares, at Redemption Value &#150; (48.9)%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(11,675,707)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Net Assets Applicable to Common Shares &#150; 100.0%</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 23,883,465</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>________________________________________________________________________________________________________________________________________________________________________________________________________________________</FONT><BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>* The cost and unrealized appreciation (depreciation) of investments as of</FONT><BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>November 30, 2010, as computed for federal income tax purposes, were </FONT><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>as follows:</FONT></P>
<DIV align=left>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="54%"></TD>
     <TD width="45%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Aggregate cost</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 34,678,129</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Gross unrealized appreciation</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 1,659,833</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Gross unrealized depreciation</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(624,054)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Net unrealized appreciation</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 1,035,779</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(a) Variable rate security. Rate shown is as of report date.</FONT><BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(b) When-issued security. Unsettled when-issued transactions were as</FONT><BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>follows:</FONT></P>
<DIV align=left>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="36%"></TD>
     <TD width="42%"></TD>
     <TD width="20%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Unrealized</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Counterparty</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Value</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Appreciation</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Wells Fargo Bank</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 513,8201 </FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 6px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$</FONT> 15,900</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(c) US government securities, held in escrow, are used to pay interest on this</FONT><BR>
<FONT size=1 face=FranklinGothic-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=FranklinGothic-Book,Arial,Helvetica,sans-serif>at a premium to par.</FONT><BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(d) Security is collateralized by Municipal or US Treasury obligations.</FONT><BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(e) Security exempt from registration under Rule 144A of the Securities Act</FONT><BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>of 1933. These securities may be resold in transactions exempt from</FONT><BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>registration to qualified institutional investors.</FONT><BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(f) Security represents a beneficial interest in a trust. The collateral</FONT><BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>deposited into the trust is federally tax-exempt revenue bonds issued by</FONT><BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>various state or local governments, or their respective agencies or</FONT><BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>authorities. The security is subject to remarketing prior to its stated</FONT><BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>maturity.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2 BLACKROCK VIRGINIA MUNICIPAL BOND TRUST</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>NOVEMBER 30, 2010</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

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<A name="page_4"></A><BR>
<P style="TEXT-ALIGN: left"><FONT color=#000080 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Schedule of Investments</FONT><FONT color=#000080 size=2 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(concluded)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>BlackRock Virginia Municipal Bond Trust (BHV)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(g) Securities represent bonds transferred to a tender option bond trust in</FONT><BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>exchange for which the Trust acquired residual interest certificates.</FONT><BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>These securities serve as collateral in a financing transaction.</FONT><BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(h) Investments in companies considered to be an affiliate of the Trust</FONT><BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>during the period, for purposes of Section 2(a)(3) of the Investment</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Company Act of 1940, as amended, were as follows:</FONT></P>
<DIV align=left>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="23%"></TD>
     <TD width="21%"></TD>
     <TD width="18%"></TD>
     <TD width="22%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Shares</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Shares</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Held at</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Held at</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>August 31,</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Net</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>November 30,</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Affiliate</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2010</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Activity</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2010</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Income</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-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="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Tax-Exempt</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="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Fund</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>164,857</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>635,669</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>800,526</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 128</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(i) Represents the current yield as of report date.</FONT><BR>
<BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#149;Fair Value Measurements - Various inputs are used in determining the fair</FONT><BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>value of investments, which are as follows:</FONT><BR>
<BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#149;Level 1 &#151; price quotations in active markets/exchanges for identical</FONT><BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>assets and liabilities</FONT><BR>
<BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#149;Level 2 &#151; other observable inputs (including, but not limited to: quoted</FONT><BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>prices for similar assets or liabilities in markets that are active, quoted</FONT><BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>prices for identical or similar assets or liabilities in markets that are not</FONT><BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>active, inputs other than quoted prices that are observable for the</FONT><BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>assets or liabilities (such as interest rates, yield curves, volatilities,</FONT><BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>prepayment speeds, loss severities, credit risks and default rates) or</FONT><BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>other market-corroborated inputs)</FONT><BR>
<BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#149;Level 3 &#151; unobservable inputs based on the best information available</FONT><BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>in the circumstances, to the extent observable inputs are not available</FONT><BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(including the Trust's own assumptions used in determining the fair</FONT><BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>value of investments)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>The inputs or methodologies used for valuing securities are not necessarily</FONT><BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>an indication of the risk associated with investing in those securities. For</FONT><BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>information about the Trust's policy regarding valuation of investments and</FONT><BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>other significant accounting policies, please refer to the Trust&#146;s most recent</FONT><BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>financial statements as contained in its annual report.</FONT><BR>
<BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>The following table summarizes the inputs used as of November 30, 2010 in</FONT><BR>
<FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>determining the fair valuation of the Trust's investments:</FONT></P>
<DIV align=left>
<TABLE border=0 cellSpacing=0>
<TR>
     <TD width="23%"></TD>
     <TD width="25%"></TD>
     <TD width="18%"></TD>
     <TD width="14%"></TD>
     <TD width="17%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Valuation Inputs</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Level 1</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Level 2</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Level 3</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Total</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Assets:</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 colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Investments in Securities:</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=FranklinGothic-Book,Arial,Helvetica,sans-serif>Long-Term</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="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Investments</FONT><SUP><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1</FONT></SUP>&nbsp;</TD>
     <TD style="TEXT-INDENT: 13px" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#151;&nbsp;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 38,432,998</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 5px" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#151;&nbsp;</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 38,432,998</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-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="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Securities</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 800,526</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#151;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>800,526</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Total</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 800,526&nbsp;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 38,432,998</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#151;&nbsp;</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 39,233,524</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1 </FONT></SUP><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>See above Schedule of Investments for values in each sector.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>BLACKROCK VIRGINIA MUNICIPAL BOND TRUST</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>NOVEMBER 30, 2010</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>3</FONT></P>
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<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 2 &#150; Controls and Procedures</FONT></P>
<P style="text-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">31940 Act3)) areeffective 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 13a-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 style="text-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 style="text-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 style="text-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 style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: January 26, 2011</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 style="text-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 style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: January 26, 2011</FONT></P>
<P style="text-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 style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: January 26, 2011</FONT></P>

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<P style="text-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 style="text-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 style="text-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 style="text-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 style="text-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 style="text-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 style="text-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 style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: January 26, 2011</FONT><BR>
<BR>
<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>

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<P style="text-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 style="text-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 style="text-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 style="text-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 style="text-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 style="text-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 style="text-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 style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: January 26, 2011</FONT><BR>
<BR>
<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>

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