<SEC-DOCUMENT>0000900092-11-000352.txt : 20110728
<SEC-HEADER>0000900092-11-000352.hdr.sgml : 20110728
<ACCEPTANCE-DATETIME>20110728164239
ACCESSION NUMBER:		0000900092-11-000352
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20110531
FILED AS OF DATE:		20110728
DATE AS OF CHANGE:		20110728
EFFECTIVENESS DATE:		20110728

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:		11994198

	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>bhvfinal.htm
<DESCRIPTION>BR VIRGINIA MUNICIPAL BOND TRUST
<TEXT>

<HTML>
<HEAD>
   <TITLE>bhvfinal.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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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: John M. Perlowski, 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&#8217;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: 05/31/2011</FONT><BR><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 1 &#8211; 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><FONT size=1>BlackRock Virginia Municipal Bond Trust (BHV)</FONT><BR>Schedule of Investments </FONT><FONT color=#000080 size=2 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>May 31, 2011 (Unaudited)<BR>&nbsp;</FONT><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="50%"></TD>

   <TD width="7%"></TD>

   <TD width="19%"></TD>

   <TD width="22%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Par</FONT>&nbsp;</TD>

   <TD align=middle>&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>Municipal Bonds</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(000)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><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" align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Virginia &#8212; 119.6%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Corporate &#8212; 12.1%</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>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&nbsp;</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$475,760</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>1,295,125</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>1,080,870</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>2,851,755</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=3 align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>County/City/Special District/School District &#8212; 20.6%</FONT>&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>1,458</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,012,581</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" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Refunding, Series D, 5.00%, 7/15/34</FONT>&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>525,000</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%, 12/01/21 (b)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>400</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>419,088</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>910</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>892,728</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>1,556,835</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Mosaic District 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" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Development Authority, Tax Allocation</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>Bonds, Series A, 6.88%, 3/01/36 (c)</FONT>&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>250,228</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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>

   <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>Assesment, 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>205</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>207,718</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>4,864,178</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Education &#8212; 15.2%</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>Montgomery County EDA, 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>Virginia Tech Foundation, 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>5.00%, 6/01/39</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>355</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>366,690</FONT>&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:</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>Liberty University 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="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.00%, 3/01/41</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>1,015,510</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Washington &amp; Lee University Project</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>(NPFGC), 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>574,975</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Washington &amp; Lee University Project</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>(NPFGC), 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 align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,124,720</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="6%"></TD>

   <TD width="19%"></TD>

   <TD width="22%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Par</FONT>&nbsp;</TD>

   <TD align=middle>&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>Municipal Bonds</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(000)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><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" 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" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Education (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>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, RB, Roanoke College,</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>5.75%, 4/01/41</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 500</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&nbsp;$<FONT size=3 face="Times New Roman">&nbsp;</FONT>506,515</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>3,588,410</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Health &#8212; 20.7%</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>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>1,177,100</FONT>&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 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>952,700</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>1,442,347</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 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>Virginia Baptist Homes, Series C,</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>5.40%, 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>161,058</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 (a)</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>487,665</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>657,358</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>4,878,228</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Housing &#8212; 16.0%</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:</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>Rental Housing Series A,</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>5.25%, 5/01/41</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>750</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>754,230</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Rental Housing, Series B,</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>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>1,036,260</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Rental Housing, Series D,</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>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 align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>466,635</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Sub-Series H-1 (NPFGC), 5.38%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <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>7/01/36</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 style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,500,405</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>3,757,530</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>State &#8212; 8.4%</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>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" 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>

   <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>1,047,580</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 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>403,218</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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>

   <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>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>532,810</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>1,983,608</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Transportation &#8212; 10.6%</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>465</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>451,371</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double; 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 style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,500</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,499,910</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>
<IMG border=0 src="bhvfinalx2x1.jpg"> <BR>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="55%"></TD>

   <TD width="35%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>BLACKROCK VIRGINIA MUNICIPAL BOND TRUST</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>MAY 31, 2011</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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<!--$$/page=--><A name="page_3"></A><BR>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#000080 size=1>BlackRock Virginia Municipal Bond Trust (BHV)</FONT><BR><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#000080 size=4>Schedule of Investments </FONT><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#000080 size=2>(continued) <BR></FONT><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#000080 size=1>(Percentages shown are based on Net Assets)</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="50%"></TD>

   <TD width="7%"></TD>

   <TD width="19%"></TD>

   <TD width="22%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Par</FONT>&nbsp;</TD>

   <TD align=middle>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>(000)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#000080 size=1>Virginia (concluded)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#000080 size=1>Transportation (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 face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>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 face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>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 face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>5.25%, 7/15/22</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>$ 500 </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>$<FONT face="Times New Roman" size=3>&nbsp;</FONT>546,065</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 face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>2,497,346</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#000080 size=1>Utilities &#8212; 16.0%</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 face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>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 face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Refunding RB, 5.00%, 4/01/27</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>1,205</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>1,220,255</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>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" align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Senior, Virginia Pooled</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 face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Financing Program, Series B,</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 face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>5.00%, 11/01/33</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>2,000</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>2,097,100</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>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 face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>10/01/30</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>425</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>458,911</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 face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>3,776,266</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Total Municipal Bonds in Virginia</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 face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>28,197,321</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#000080 size=1>District Of Columbia &#8212; 7.6%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#000080 size=1>Transportation &#8212; 7.6%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>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 face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>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" align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>First Senior Lien, Series A,</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 face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>5.25%, 10/01/44</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>460</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>459,963</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>First Senior Lien, Series A,</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 face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>5.00%, 10/01/39</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>290</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>287,375</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Series B, 5.00%, 10/01/29</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>1,037,180</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=3><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Total Municipal Bonds in the District of Columbia</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>1,784,518</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#000080 size=1>Guam &#8212; 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 colSpan=3><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#000080 size=1>County/City/Special District/School District &#8212; 0.8%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>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="TEXT-INDENT: 2px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>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 face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>200</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>199,204</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#000080 size=1>Multi-State &#8212; 7.0%</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 face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#000080 size=1>Housing &#8212; 7.0%</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 colSpan=2><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>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="TEXT-INDENT: 2px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>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 face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>1,500</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>1,650,030</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#000080 size=1>Puerto Rico &#8212; 4.3%</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 face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#000080 size=1>Tobacco &#8212; 4.3%</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 colSpan=2><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>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="TEXT-INDENT: 2px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>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 face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>1,150</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>1,013,196</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#000080 size=1>U. S. Virgin Islands &#8212; 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 align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#000080 size=1>State &#8212; 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 align=left colSpan=2><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>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 face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>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="TEXT-INDENT: 2px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>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 face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>100</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>87,304</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Total Municipal Bonds &#8211; 139.7%</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 face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>32,931,573</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>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 face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>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 align=left bgColor=#e0e0e0><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#000080 size=1>Virginia &#8212; 17.4%</FONT>&nbsp;</TD>

   <TD align=left bgColor=#e0e0e0>&nbsp;</TD>

   <TD align=left bgColor=#e0e0e0>&nbsp;</TD>

   <TD align=left bgColor=#e0e0e0>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#000080 size=1>Education &#8212; 8.8%</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 face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>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; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>General, 5.00%, 6/01/40</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>2,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>2,081,400</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="51%"></TD>

   <TD width="25%"></TD>

   <TD width="22%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Municipal Bonds Transferred to Tender</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Par</FONT>&nbsp;</TD>

   <TD align=middle>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Option Bond Trusts (g)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>(000)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#000080 size=1>Virginia (concluded)</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></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Health &#8212; 8.6%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Fairfax County IDA Virginia, Refunding</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>RB, Health Care, Inova Health System,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Series A, 5.50%, 5/15/35</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 2px" align=right><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>999</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>1,025,151</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Virginia Small Business Financing</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Authority, Refunding RB, Sentara</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Healthcare, 5.00%, 11/01/40</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>$ 1,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&nbsp;$1,006,714</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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 face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>2,031,865</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>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 face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Tender Option Bond Trusts &#8211; 17.4%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>4,113,265</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Total Long-Term Investments</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>(Cost &#8211; $36,184,122) &#8211; 157.1%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>37,044,838</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Short-Term Securities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Shares</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>FFI Institutional Tax-Exempt Fund,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>0.11% (h)(i)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px; BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>39,247</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>39,247</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Total Short-Term Securities</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>(Cost &#8211; $39,247) &#8211; 0.2%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>39,247</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Total Investments</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>(Cost - $36,223,369*) &#8211; 157.3%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>37,084,085</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Other Assets Less Liabilities &#8211;0.8%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>190,265</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Liability for Trust Certificates, Including Interest</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Expense and Fees Payable &#8211; (8.6)%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>(2,020,956)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Preferred Shares, at Redemption Value &#8211; (49.5)%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>(11,675,488)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Net Assets Applicable to Common Shares &#8211; 100.0% $</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>23,577,906</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><BR><SUP><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>* </FONT></SUP><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>The cost and unrealized appreciation (depreciation) of investments as of</FONT><BR><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>May 31, 2011, as computed for federal income tax purposes, were as</FONT><BR><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>follows:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="54%"></TD>

   <TD width="45%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Aggregate cost</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>$ 34,183,283</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Gross unrealized appreciation</FONT>&nbsp;</TD>

   <TD align=right><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>$ 1,502,479</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Gross unrealized depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>(576,293)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Net unrealized appreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>$ 926,186</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1><BR>(a) Variable rate security. Rate shown is as of report date.</FONT><BR><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>(b) US government securities, held in escrow, are used to pay interest on this</FONT><BR><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>security as well as to retire the bond in full at the date indicated, typically</FONT><BR><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>at a premium to par.</FONT><BR><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>(c) When-issued security. Unsettled when-issued transactions were as</FONT><BR><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>follows:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="35%"></TD>

   <TD width="40%"></TD>

   <TD width="24%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Unrealized</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Counterparty</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6px; BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Appreciation</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Pershing LLC</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>$ 250,228</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>$ 1,880</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1><BR>(d) Security is collateralized by Municipal or US Treasury obligations.</FONT><BR><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>(e) Security exempt from registration under Rule 144A of the Securities Act</FONT><BR><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>of 1933. These securities may be resold in transactions exempt from</FONT><BR><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>registration to qualified institutional investors.</FONT><BR><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>(f) Security represents a beneficial interest in a trust. The collateral</FONT><BR><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>deposited into the trust is federally tax-exempt revenue bonds issued by</FONT><BR><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>various state or local governments, or their respective agencies or</FONT><BR><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>authorities. The security is subject to remarketing prior to its stated</FONT><BR><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>maturity.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="75%"></TD>

   <TD width="24%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>2 BLACKROCK VIRGINIA MUNICIPAL BOND TRUST</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>MAY 31, 2011</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<HR align=center width="100%" noShade SIZE=2>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<!--$$/page=--><A name="page_4"></A><BR>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#000080 size=1>BlackRock Virginia Municipal Bond Trust (BHV)</FONT><BR><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#000080 size=4>Schedule of Investments </FONT><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#000080 size=2>(concluded)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>(g) Securities represent bonds transferred to a tender option bond trust in</FONT><BR><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>exchange for which the Trust acquired residual interest certificates.</FONT><BR><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>These securities serve as collateral in a financing transaction.</FONT><BR><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>(h)Investments in companies considered to be an affiliate of the Trust</FONT><BR><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>during the period, for purposes of Section 2(a)(3) of the Investment</FONT><BR><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Company Act of 1940, as amended, were as follows:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="24%"></TD>

   <TD width="20%"></TD>

   <TD width="19%"></TD>

   <TD width="22%"></TD>

   <TD width="12%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Shares</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Held at</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Shares</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>August 31,</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Net</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Held at</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Affiliate</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>2010</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Activity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>May 31, 2011</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Income</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>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 face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>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; BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Fund</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>164,857</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>(125,430)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>39,247</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>$ 474</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1><BR>(i) Represents the current yield as of report date.</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="15%"></TD>

   <TD width="18%"></TD>

   <TD width="16%"></TD>

   <TD width="18%"></TD>

   <TD width="14%"></TD>

   <TD width="16%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=6><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif><FONT size=4>&#8226;</FONT> </FONT><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Financial </FONT><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>f</FONT><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>utures contrac</FONT><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ts sold as of May 31, 2011 were as follows:</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Notional</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Unrealized</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Contracts</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px; BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Issue</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Exchange</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Expiration</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px; BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Value</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Depreciation</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>8</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>10-Year U.S.</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Chicago</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>June 2011</FONT></TD>

   <TD align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>$<FONT face="Times New Roman" size=3>&nbsp;</FONT>948,110</FONT></TD>

   <TD align=right><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>$<FONT face="Times New Roman" size=3>&nbsp;</FONT>(44,140)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Treasury</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Board of</FONT>&nbsp;</TD>

   <TD align=middle>&nbsp;</TD>

   <TD align=middle>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Note</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Trade</FONT>&nbsp;</TD>

   <TD align=middle>&nbsp;</TD>

   <TD align=middle>&nbsp;</TD>

   <TD align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>10</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>10-Year U.S.</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Chicago</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>September</FONT></TD>

   <TD align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>$<FONT face="Times New Roman" size=3>&nbsp;</FONT>1,244,434<FONT face="Times New Roman" size=3>&nbsp;</FONT></FONT></TD>

   <TD align=right><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>$<FONT face="Times New Roman" size=3>&nbsp;</FONT>(1,660)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Treasury</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Board of</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>2011</FONT>&nbsp;</TD>

   <TD align=middle></TD>

   <TD align=middle>&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=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Note</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Trade</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Total</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=2><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>$ (45,800)</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&#8226; Fair Value Measurements - Various inputs are used in determining the fair</FONT><BR><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>value of investments and derivative financial instruments. These inputs are</FONT><BR><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>summarized in three broad levels for financial reporting purposes as follows:</FONT><BR><BR><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&#8226;Level 1 &#8212; price quotations in active markets/exchanges for identical</FONT><BR><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>assets and liabilities</FONT><BR><BR><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&#8226;Level 2 &#8212; other observable inputs (including, but not limited to: quoted</FONT><BR><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>prices for similar assets or liabilities in markets that are active, quoted</FONT><BR><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>prices for identical or similar assets or liabilities in markets that are not</FONT><BR><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>active, inputs other than quoted prices that are observable for the assets</FONT><BR><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>or liabilities (such as interest rates, yield curves, volatilities, prepayment</FONT><BR><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>speeds, loss severities, credit risks and default rates) or other market-</FONT><BR><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>corroborated inputs)</FONT><BR><BR><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&#8226;Level 3 &#8212; unobservable inputs based on the best information available in</FONT><BR><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>the circumstances, to the extent observable inputs are not available</FONT><BR><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>(including the Trust&#8217;s own assumptions used in determining the fair value</FONT><BR><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>of investments and derivative financial instruments)</FONT><BR><BR><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>The inputs or methodologies used for valuing securities are not necessarily an</FONT><BR><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>indication of the risk associated with investing in those securities. For</FONT><BR><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>information about the Trust&#8217;s policy regarding valuation of investments and</FONT><BR><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>derivative financial instruments and other significant accounting policies, please</FONT><BR><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>refer to the Trust&#8217;s most recent financial statements as contained in its semi-</FONT><BR><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>annual report.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>The following tables summarize the inputs used as of May 31, 2011 in</FONT><BR><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>determining the fair valuation of the Trust's investments and derivative financial</FONT><BR><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>instruments:</FONT></P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="26%"></TD>

   <TD width="19%"></TD>

   <TD width="20%"></TD>

   <TD width="14%"></TD>

   <TD width="19%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Valuation Inputs</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Level 1</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Level 2</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Level 3</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Total</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT face=Arial-BoldMT,Arial,Helvetica,sans-serif size=1>Assets:</FONT></B>&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 align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Investments:</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 face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>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 face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Investments</FONT><SUP><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>1</FONT></SUP>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&#8212;</FONT></FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>$37,044,838</FONT>&nbsp;</TD>

   <TD align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&#8212;</FONT></FONT></TD>

   <TD align=right><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>$37,044,838</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Short-Term</FONT>&nbsp;</TD>

   <TD align=middle>&nbsp;</TD>

   <TD align=middle>&nbsp;</TD>

   <TD align=middle>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Securities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>$39,247</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&#8212;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&#8212;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>39,247</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>Total</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=ArialMT,Arial,Helvetica,sans-serif size=1>$</FONT><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>39,247</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>$37,044,838</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&#8212;</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>$37,084,085</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3px" align=left colSpan=4><SUP><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>1 </FONT></SUP><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>See above Schedule of Investments for values in each sector.</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="24%"></TD>

   <TD width="24%"></TD>

   <TD width="18%"></TD>

   <TD width="16%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Valuation Inputs</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Level 1</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Level 2</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Level 3</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Total</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=2><SUP><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>2</FONT></SUP><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Derivative Financial Instruments</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 face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Liabilities:</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 align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Interest rate</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 align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>contracts</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>$ (45,800)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>$(45,800)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left colSpan=5><SUP><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>2 </FONT></SUP><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>Derivative financial Instruments are financial future contracts, which are</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left colSpan=5><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>valued at the unrealized appreciation/depreciation on the instrument</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE cellSpacing=0 border=0>



<TR>

   <TD width="55%"></TD>

   <TD width="35%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>BLACKROCK VIRGINIA MUNICIPAL BOND TRUST</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>MAY 31, 2011</FONT>&nbsp;</TD>

   <TD align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>3</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 2 &#8211; Controls and Procedures</FONT><BR><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2(a) &#8211; 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) &#8211; 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><BR><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 3 &#8211; Exhibits</FONT><BR><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Certifications &#8211; Attached hereto</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, 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><BR><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By:<U> /S/ </U></FONT><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John M. Perlowski</FONT><BR></U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John M. Perlowski</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><BR><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: July 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><BR><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: </FONT><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/S/ John M. Perlowski</FONT></U><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John M. Perlowski</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><BR><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: July 26, 2011</FONT><BR><BR><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><BR><BR><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: July 26, 2011</FONT></P>

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<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><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">I, John M. Perlowski, 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><BR>
<BR>
<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><BR>
<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><BR>
<BR>
<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><BR>
<BR>
<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><BR>
<BR>
<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><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: July 26, 2011</FONT><BR>
<BR>
<I><U><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">/S/ </FONT></U></I><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John M. Perlowski</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John M. Perlowski</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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<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</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</FONT></B><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock Virginia Municipal</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Bond Trust, certify that:</FONT><BR>
<BR>
<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</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">omit to state a material fact necessary to make the statements made, in light of the circumstances under</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">which such statements were made, 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</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">material respects the investments of the registrant as of the end of the fiscal quarter for which the report is</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">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</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company Act of 1940) for the registrant and have:</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">procedures to be designed under our supervision, to ensure that material information relating to the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">registrant, including its consolidated subsidiaries, is made known to us by others within those</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">entities, particularly during the period in 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</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">over financial reporting to be designed under our supervision, to provide reasonable assurance</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">regarding the reliability of financial reporting and the preparation of financial statements for</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">external purposes in accordance with generally 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</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">presented in this report our conclusions about the effectiveness of the disclosure controls and</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">procedures, as of a date within 90 days prior to the filing date of this report, based on such</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">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</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting that occurred during the registrant's most recent fiscal quarter that has materially</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">affected, or is reasonably likely to materially affect, the registrant's internal control over financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting; and</FONT><BR>
<BR>
<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</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">audit committee of the registrant's board of directors (or persons performing the equivalent functions):</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) all significant deficiencies and material weaknesses in the design or operation of internal</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">control over financial reporting which are reasonably likely to adversely affect the registrant's</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">ability to record, process, 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</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">have a significant role in the registrant's internal control over financial reporting.</FONT></P>

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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: July 26, 2011</FONT><BR>
<BR>
<I><U><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">/S/ </FONT></U></I><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">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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