bzm.htm - Generated by SEC Publisher for SEC Filing

UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
Washington,D.C.20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-21051

Name of Fund: BlackRock Maryland Municipal Bond Trust (BZM)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock
Maryland Municipal Bond Trust, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing
address: P.O. Box 9011, Princeton, NJ, 08543-9011

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 08/31/2009

Date of reporting period: 05/31/2009

Item 1 – Schedule of Investments

BlackRock Maryland Municipal Bond Trust       
Schedule of Investments May 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
      Par   
  Municipal Bonds    (000)  Value 
Maryland - 117.0%         
Corporate - 1.0%  Maryland Economic Development Corporation, PCR, Refunding,     
  6.20%, 9/01/22    $ 250  $ 269,113 
County/City/Special  Annapolis, Maryland, Special Obligation Revenue Bonds (Park     
District/School  Place Project), Series A, 5.35%, 7/01/34    500  300,600 
District - 39.4%  Anne Arundel County, Maryland, EDR (Community College     
  Project), 5.25%, 9/01/28    1,870  1,840,903 
                                              Baltimore County, Maryland, Metropolitan District, GO, 67th
  Issue, 5%, 6/01/22    2,000  2,082,800 
                                              Baltimore County, Maryland, Metropolitan District, GO, 68th
  Issue, 5%, 8/01/28    2,000  2,025,600 
  Baltimore, Maryland, Special Obligation Tax Bonds (Harborview     
  Lot Number 2), 6.50%, 7/01/31    993  721,096 
  Frederick County, Maryland, Special Obligation Tax Bonds (Urbana     
  Community Development Authority), 6.625%, 7/01/25  1,000  819,900 
  Montgomery County, Maryland, Lease Revenue Bonds (Metrorail     
  Garage Projects), 5%, 6/01/23    500  522,820 
  Montgomery County, Maryland, Lease Revenue Bonds (Metrorail     
  Garage Projects), 5%, 6/01/24    1,435  1,496,719 
                                              Prince Georges County, Maryland, Special Obligation Bonds
  (National Harbor Project), 5.20%, 7/01/34    1,500  923,940 
        10,734,378 
Education - 17.6%  Maryland State Health and Higher Educational Facilities Authority     
  Revenue Bonds (Baltimore Board of Child Care),     
  5.375%, 7/01/32    2,000  1,957,200 
  Maryland State Health and Higher Educational Facilities Authority     
  Revenue Bonds (Loyola College), 5%, 10/01/39  2,000  1,828,380 
  Maryland State Industrial Development Financing Authority, EDR     
  (Our Lady of Good Counsel School), Series A, 6%, 5/01/35  1,000  744,730 
                                              University System of Maryland, Auxiliary Facility and Tuition
  Revenue Bonds, Series A, 4.50%, 4/01/28    250  251,073 
        4,781,383 
Health - 29.9%  Baltimore County, Maryland, Revenue Refunding Bonds (Oak Crest     
  Village, Inc.), Series A, 5%, 1/01/37    1,000  799,000 
                                              Howard County, Maryland, Retirement Community Revenue
  Refunding Bonds (Columbia Vantage House Corporation),     
  Series A, 5.25%, 4/01/33    500  316,295 
  Maryland State Health and Higher Educational Facilities Authority     
  Revenue Bonds (Carroll County General Hospital), 6%,     
  7/01/37    1,990  1,994,856 
Portfolio Abbreviations         

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the
securities have been abbreviated according to the list below.

AMT  Alternative Minimum Tax (subject to)  GO  General Obligation Bonds 
EDR  Economic Development Revenue Bonds  PCR  Pollution Control Revenue 
      Bonds 

1

BlackRock Maryland Municipal Bond Trust       
Schedule of Investments May 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
      Par   
  Municipal Bonds    (000)  Value 
  Maryland State Health and Higher Educational Facilities Authority     
  Revenue Bonds (Union Hospital of Cecil County),     
  5.625%, 7/01/32    $ 2,000  $ 1,918,840 
  Maryland State Health and Higher Educational Facilities Authority     
  Revenue Bonds (University of Maryland Medical System), 5.25%,     
  7/01/11 (a)    2,000  2,164,860 
  Maryland State Health and Higher Educational Facilities Authority,     
                                                Revenue Refunding Bonds (Peninsula Regional Medical Center),
  5%, 7/01/36    1,000  952,930 
        8,146,781 
Housing - 1.8%  Maryland State Community Development Administration,     
  Department of Housing and Community Development, Residential     
  Revenue Refunding Bonds, AMT, Series A, 5.75%,     
  9/01/39    490  491,338 
Transportation - 6.9%  Maryland State Transportation Authority, Parking Revenue Bonds     
                                                (Baltimore/Washington International Airport), AMT, Series B,
  5.125%, 3/01/24 (b)    2,000  1,882,300 
Utilities - 20.4%  Anne Arundel County, Maryland, Consolidated Water and Sewer,     
  GO, Refunding, 4.75%, 4/01/39    1,000  1,006,980 
                                                 Baltimore, Maryland, Wastewater Project Revenue Refunding
  Bonds, Series A, 5.20%, 7/01/32 (c)(d)    2,500  2,542,625 
                                                 Baltimore, Maryland, Wastewater Project Revenue Refunding
  Bonds, Series A, 5.125%, 7/01/42 (c)(d)    2,000  2,000,180 
        5,549,785 
  Total Municipal Bonds in Maryland      31,855,078 
Multi-State - 8.0%         
Housing - 8.0%  Charter Mac Equity Issuer Trust, 7.20%, 10/31/52 (e)(f)  2,000  2,173,020 
  Total Municipal Bonds in Multi-State      34,028,098 
Puerto Rico - 14.5%         
State - 1.1%  Puerto Rico Public Buildings Authority, Government Facilities     
  Revenue Refunding Bonds, Series D, 5.375%, 7/01/33  350  306,215 
Tobacco - 4.1%  Children's Trust Fund Project of Puerto Rico, Tobacco Settlement     
  Revenue Refunding Bonds, 5.50%, 5/15/39    1,500  1,099,755 
Transportation - 9.3%  Puerto Rico Commonwealth Highway and Transportation     
  Authority, Highway Revenue Refunding Bonds, Series CC,     
  5.25%, 7/01/36 (g)    895  877,207 
  Puerto Rico Commonwealth Highway and Transportation     
                                                 Authority, Transportation Revenue Refunding Bonds, Series D,
  5.25%, 7/01/12 (a)    1,500  1,655,745 
        2,532,952 
  Total Municipal Bonds in Puerto Rico      3,938,922 
  Total Municipal Bonds - 139.5%      37,967,020 

2

BlackRock Maryland Municipal Bond Trust       
Schedule of Investments May 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
  Municipal Bonds Transferred to    Par   
  Tender Option Bond Trusts (h)    (000)   Value 
Maryland - 11.2%         
Transportation - 11.2%  Maryland State Transportation Authority, Transportation Facilities     
  Projects Revenue Bonds, 5%, 7/01/41 (g)    $ 3,000   $  3,052,500 
  Total Municipal Bonds Transferred to       
  Tender Option Bond Trusts - 11.2%      3,052,500 
  Total Long-Term Investments (Cost - $42,637,970) - 150.7%    41,019,520 
  Short-Term Securities    Shares   
Money Market Fund - 11.4%  FFI Institutional Tax-Exempt Fund, 0.45% (i)(j)  3,100,000  3,100,000 
  Total Short-Term Securities       
  (Cost - $3,100,000) - 11.4%      3,100,000 
  Total Investments (Cost - $45,737,970*) - 162.1%    44,119,520 
  Other Assets Less Liabilities - 2.2%      610,536 
  Liability for Trust Certificates, Including Interest     
  Expense and Fees Payable - (5.5)%      (1,505,686) 
  Preferred Shares, at Redemption Value - (58.8)%    (16,002,458) 
  Net Assets Applicable to Common Shares - 100.0%  $ 27,221,912 

* The cost and unrealized appreciation (depreciation) of investments as of May 31, 2009,

as computed for federal income tax purposes, were as follows:   
Aggregate cost  $ 44,159,241 
Gross unrealized appreciation  $ 1,070,483 
Gross unrealized depreciation    (2,610,204) 
Net unrealized depreciation  $ (1,539,721) 

(a) US government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full at the
date indicated, typically at a premium to par.
(b) AMBAC Insured.
(c) FGIC Insured.
(d) NPFGC Insured.
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in
transactions exempt from registration to qualified institutional investors.

(f) Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue
bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to
remarketing prior to its stated maturity, and is subject to mandatory redemption at maturity.

(g) FSA Insured.
(h) Securities represent bonds transferred to a tender option bond trust in exchange for which the Trust acquired
residual interest certificates. These securities serve as collateral in a financing transaction.
(i) Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the
Investment Company Act of 1940, were as follows:

Affiliate  Net Activity          Income   
FFI Institutional Tax-Exempt Fund  996,574  $ 26,740 

(j) Represents the current yield as of report date.

3

BlackRock Maryland Municipal Bond Trust

Schedule of Investments May 31, 2009 (Unaudited)

Ÿ Effective September 1, 2008, the Trust adopted Financial Accounting Standards Board Statement of Financial Accounting
Standards No. 157, "Fair Value Measurements" ("FAS 157"). FAS 157 clarifies the definition of fair value, establishes a
framework for measuring fair values and requires additional disclosures about the use of fair value measurements.
Various inputs are used in determining the fair value of investments, which are as follows:

Ÿ Level 1 - price quotations in active markets/exchanges for identical securities
Ÿ Level 2 - other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in
markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active,
inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves,
volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated
inputs)

Ÿ Level 3 - unobservable inputs based on the best information available in the circumstances, to the extent
observable inputs are not available (including the Trust's own assumptions used in determining the fair
value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated
with investing in those securities. For information about the Trust's policy regarding valuation of investments
and other significant accounting policies, please refer to the Trust's most recent financial statements as contained
in its semi-annual report.

The following table summarizes the inputs used as of May 31, 2009 in determining the fair valuation of the Trust's
investments:

Valuation  Investments in 
Inputs  Securities 
  Assets 
Level 1  $ 3,100,000 
Level 2  41,019,520 
Level 3  - 
Total  $ 44,119,520 

4

Item 2 – Controls and Procedures

2(a) – The registrant’s principal executive and principal financial officers or persons performing
similar functions have concluded that the registrant’s disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the
“1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the
evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act
and Rule 13(a)-15(b) under the Securities Exchange Act of 1934, as amended.

2(b) – There were no changes in the registrant’s internal control over financial reporting (as
defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal
quarter that have materially affected, or are reasonably likely to materially affect, the
registrant’s internal control over financial reporting.

Item 3 – Exhibits

Certifications – Attached hereto

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.

BlackRock Maryland Municipal Bond Trust

By: /s/ Donald C. Burke
Donald C. Burke
Chief Executive Officer of
BlackRock Maryland Municipal Bond Trust

Date: July 15, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, this report has been signed below by the following persons on behalf
of the registrant and in the capacities and on the dates indicated.

By: /s/ Donald C. Burke
Donald C. Burke
Chief Executive Officer (principal executive officer) of
BlackRock Maryland Municipal Bond Trust

Date: July 15, 2009

By: /s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock Maryland Municipal Bond Trust

Date: July 15, 2009