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: Anne F. Ackerley, Chief Executive Officer, BlackRock
Maryland Municipal Bond Trust, 55 East 52nd Street, New York, NY 10055.
Registrants telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 08/31/2010
Date of reporting period: 11/30/2009
Item 1 Schedule of Investments
BlackRock Maryland Municipal Bond Trust (BZM) | ||||
Schedule of Investments November 30, 2009 (Unaudited) | (Percentages shown are based on Net Assets) | |||
Par | ||||
Municipal Bonds | (000) | Value | ||
Maryland - 115.1% | ||||
Corporate - 1.0% | Maryland EDC, Refunding RB, Potomac Electric Power Co., | |||
6.20%, 9/01/22 | $ 250 | $ 283,677 | ||
County/City/Special District/School | City of Annapolis Maryland, Tax Allocation Bonds, Park | |||
District - 39.2% | Place Project, Series A, 5.35%, 7/01/34 | 495 | 381,269 | |
City of Baltimore Maryland, Special Tax Bonds, SO, | ||||
Harborview Lot No. 2, 6.50%, 7/01/31 | 993 | 912,279 | ||
County of Anne Arundel Maryland, RB, Community College | ||||
Project, 5.25%, 9/01/28 | 1,870 | 1,887,840 | ||
County of Baltimore Maryland, GO, Metropolitan District, | ||||
67th Issue, 5.00%, 6/01/22 | 2,000 | 2,073,420 | ||
County of Baltimore Maryland, GO, Metropolitan District, | ||||
68th Issue, 5.00%, 8/01/28 | 2,000 | 2,087,140 | ||
County of Frederick Maryland, Special Tax Bonds, Urbana | ||||
Community Development Authority, 6.63%, 7/01/25 | 1,000 | 935,050 | ||
County of Montgomery Maryland, RB, Metrorail Garage | ||||
Projects, 5.00%, 6/01/23 | 500 | 530,680 | ||
County of Montgomery Maryland, RB, Metrorail Garage | ||||
Projects, 5.00%, 6/01/24 | 1,435 | 1,523,052 | ||
County of Prince George's Maryland, SO, National Harbor | ||||
Project, 5.20%, 7/01/34 | 1,500 | 1,239,585 | ||
11,570,315 | ||||
Education - 16.4% | Maryland Health & Higher Educational Facilities Authority, | |||
RB, Board of Child Care, 5.38%, 7/01/32 | 2,000 | 2,008,740 | ||
Maryland Health & Higher Educational Facilities Authority, | ||||
RB, Loyola College Issue, 5.00%, 10/01/39 | 2,000 | 1,960,360 | ||
Maryland Industrial Development Financing Authority, RB, Our | ||||
Lady of Good Counsel School, Series A, 6.00%, 5/01/35 | 1,000 | 872,350 | ||
4,841,450 | ||||
Health - 27.8% | County of Baltimore Maryland, Refunding RB, Oak Crest | |||
Village Inc. Facility, Series A, 5.00%, 1/01/37 | 1,000 | 905,220 | ||
County of Howard Maryland, Refunding RB, Vantage House | ||||
Facility, Series A, 5.25%, 4/01/33 | 500 | 374,210 | ||
Maryland Health & Higher Educational Facilities Authority, | ||||
RB, Carroll County General Hospital, 6.00%, 7/01/37 | 1,990 | 2,021,701 | ||
Maryland Health & Higher Educational Facilities Authority, | ||||
RB, Peninsula Regional Medical Center, | ||||
5.00%, 7/01/36 | 1,000 | 992,680 | ||
Portfolio Abbreviations |
To simplify the listings of portfolio holdings in the Schedule of Investments, the names of many of the securities have been
abbreviated according to the following list.
AMBAC | American Municipal Bond Assurance Corp. | MBIA | Municipal Bond Investors Assurance |
AMT | Alternative Minimum Tax (subject to) | (National Public Finance Guaranty Corp.) | |
EDC | Economic Development Corp. | RB | Revenue Bonds |
FSA | Financial Security Assurance Inc. | SO | Special Obligation |
GO | General Obligation Bonds |
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BlackRock Maryland Municipal Bond Trust (BZM) | ||||
Schedule of Investments November 30, 2009 (Unaudited) | (Percentages shown are based on Net Assets) | |||
Par | ||||
Municipal Bonds | (000) | Value | ||
Maryland Health & Higher Educational Facilities Authority, | ||||
RB, Union Hospital of Cecil County Issue, 5.63%, 7/01/32 | $ 2,000 | $ 2,014,460 | ||
Maryland Health & Higher Educational Facilities | ||||
Authority, RB, University of Maryland Medical System, | ||||
5.25%, 7/01/11 (a) | 1,750 | 1,877,680 | ||
8,185,951 | ||||
Housing - 5.0% | Maryland Community Development Administration, RB, | |||
Residential, Series A, 5.05%, 9/01/39 | 500 | 501,715 | ||
Maryland Community Development Administration, RB, | ||||
Residential, Series B, 4.75%, 9/01/39 | 500 | 490,050 | ||
Maryland Community Development Administration, Refunding | ||||
RB, Residential, Series A, AMT, 5.75%, 9/01/39 | 470 | 489,900 | ||
1,481,665 | ||||
Transportation - 6.7% | Maryland State Transportation Authority, RB, | |||
Baltimore/Washington International Airport, Series B, AMT | ||||
(AMBAC), 5.13%, 3/01/24 | 2,000 | 1,971,020 | ||
Utilities - 19.0% | City of Baltimore Maryland, Refunding RB, Wastewater | |||
Projects, Series A (MBIA), 5.20%, 7/01/32 | 2,500 | 2,556,875 | ||
City of Baltimore Maryland, Refunding RB, Wastewater | ||||
Projects, Series A (MBIA), 5.13%, 7/01/42 | 2,000 | 2,009,760 | ||
County of Anne Arundel Maryland, GO, Consolidated, | ||||
Water & Sewer, 4.75%, 4/01/39 | 1,000 | 1,036,590 | ||
5,603,225 | ||||
Total Municipal Bonds in Maryland | 33,937,303 | |||
District of Columbia - 3.6% | ||||
Transportation - 3.6% | Washington Metropolitan Area Transit Authority, RB, | |||
Transit, Series A, 5.13%, 7/01/32 | $ 1,000 | $ 1,047,400 | ||
Total Municipal Bonds in District of Columbia | 1,047,400 | |||
Guam - 0.9% | ||||
County/City/Special District/School | Territory of Guam, RB, Section 30, Series A, 5.63%, | |||
District - 0.9% | 12/01/29 | 250 | 252,955 | |
Total Municipal Bonds in Guam | 252,955 | |||
Multi-State - 7.4% | ||||
Housing - 7.4% | Centerline Equity Issuer Trust, 7.20%, 10/31/52 (b)(c) | 2,000 | 2,177,680 | |
Total Municipal Bonds in Multi-State | 2,177,680 | |||
Puerto Rico - 18.2% | ||||
State - 5.1% | Commonwealth of Puerto Rico, GO, Refunding, Public | |||
Improvement, Series A-4 (FSA), 5.25%, 7/01/30 | 130 | 133,627 | ||
Puerto Rico Public Buildings Authority, Refunding RB, | ||||
Government Facilities, Series D, 5.38%, 7/01/33 | 350 | 329,707 | ||
Puerto Rico Sales Tax Financing Corp., RB, First | ||||
Sub-Series A, 6.38%, 8/01/39 | 1,000 | 1,054,110 | ||
1,517,444 | ||||
Tobacco - 4.3% | Children's Trust Fund, Refunding RB, Asset-Backed, 5.50%, | |||
5/15/39 | 1,500 | 1,269,840 |
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BlackRock Maryland Municipal Bond Trust (BZM) | ||||
Schedule of Investments November 30, 2009 (Unaudited) | (Percentages shown are based on Net Assets) | |||
Par | ||||
Municipal Bonds | (000) | Value | ||
Transportation - 8.8% | Puerto Rico Highway & Transportation Authority, | |||
Refunding RB, Series CC (FSA), 5.25%, 7/01/36 | $ 895 | $ 922,324 | ||
Puerto Rico Highway & Transportation Authority, | ||||
Refunding RB, Series D, 5.25%, 7/01/12 (a) | 1,500 | 1,663,155 | ||
2,585,479 | ||||
Total Municipal Bonds in Puerto Rico | 5,372,763 | |||
U.S. Virgin Islands - 0.3% | ||||
State - 0.3% | Virgin Islands Public Finance Authority, RB, Senior Lien, | |||
Capital Projects, Series A-1, 5.00%, 10/01/39 | 100 | 89,483 | ||
Total Municipal Bonds in the U.S. Virgin Islands | 89,483 | |||
Total Municipal Bonds - 145.5% | 42,877,584 | |||
Municipal Bonds Transferred to | ||||
Tender Option Bond Trusts (d) | ||||
Maryland - 10.5% | ||||
Transportation - 10.5% | Maryland State Transportation Authority, RB, | |||
Transportation Facility Project (FSA), 5.00%, 7/01/41 | 3,000 | 3,099,270 | ||
Total Municipal Bonds Transferred to | ||||
Tender Option Bond Trusts - 10.5% | 3,099,270 | |||
Total Long-Term Investments | ||||
(Cost - $45,629,602) - 156.0% | 45,976,854 | |||
Short-Term Securities | Shares | |||
FFI Institutional Tax-Exempt Fund, 0.23% (e)(f) | 300,000 | 300,000 | ||
Total Short-Term Securities | ||||
(Cost - $300,000) - 1.0% | 300,000 | |||
Total Investments (Cost - $45,929,602*) - 157.0% | 46,276,854 | |||
Other Assets Less Liabilities - 2.4% | 698,166 | |||
Liability for Trust Certificates, Including Interest | ||||
Expense and Fees Payable - (5.1)% | (1,502,094) | |||
Preferred Shares, at Redemption Value - (54.3)% | (16,000,775) | |||
Net Assets Applicable to Common Shares - 100.0% | $ 29,472,151 |
* The cost and unrealized appreciation (depreciation) of investments as of November 30, 2009, as computed
for federal income tax purposes, were as follows:
Aggregate cost | $ 44,319,428 |
Gross unrealized appreciation | $ 1,429,394 |
Gross unrealized depreciation | (971,968) |
Net unrealized appreciation | $ 457,426 |
(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) 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.
(c) 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.
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BlackRock Maryland Municipal Bond Trust (BZM)
Schedule of Investments November 30, 2009 (Unaudited)
(d) 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.
(e) 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:
Net | ||
Affiliate | Activity | Income |
FFI Institutional Tax-Exempt Fund | $ (900,364) | $ 273 |
(f) Represents the current yield as of report date.
Fair Value Measurements - Various inputs are used in determining the fair value of investments, which are as
follows:
Level 1 - price quotations in active markets/exchanges for identical assets and liabilities
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)
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 annual
report.
The following table summarizes the inputs used as of November 30, 2009 in determining the fair valuation of the
Trust's investments:
Valuation | Investments in |
Inputs | Securities |
Assets | |
Level 1 - Short-Term Securities | $ 300,000 |
Level 2 - Long-Term Investments1 | 45,976,854 |
Level 3 | - |
Total | $ 46,276,854 |
1See above Schedule of Investments for values in each
state and political subdivision.
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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/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer of
BlackRock Maryland Municipal Bond Trust
Date: January 22, 2010
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/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer (principal executive officer) of
BlackRock Maryland Municipal Bond Trust
Date: January 22, 2010
By: /s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock Maryland Municipal Bond Trust
Date: January 22, 2010