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: 08/31/2011
Date of reporting period: 11/30/2010
Item 1 Schedule of Investments
Schedule of Investments November 30, 2010 (Unaudited)
BlackRock Maryland Municipal Bond Trust (BZM)
(Percentages shown are based on Net Assets)
Par | ||
Municipal Bonds | (000) | Value |
Maryland 111.7% | ||
Corporate 0.9% | ||
Maryland EDC, Refunding RB, Potomac | ||
Electric Power Co., 6.20%, 9/01/22 | $ 250 | $ 287,180 |
County/City/Special District/School District 35.6% | ||
City of Annapolis Maryland, Tax | ||
Allocation Bonds, Park Place Project, | ||
Series A, 5.35%, 7/01/34 | 494 | 414,442 |
City of Baltimore Maryland, Special Tax | ||
Bonds, Special Obligation, Harborview | ||
Lot No. 2, 6.50%, 7/01/31 | 993 | 923,897 |
County of Anne Arundel Maryland, RB, | ||
Community College Project, 5.25%, | ||
9/01/28 | 1,870 | 1,883,763 |
County of Baltimore Maryland, GO, | ||
Metropolitan District (a): | ||
67th Issue, 5.00%, 6/01/11 | 2,000 | 2,067,680 |
68th Issue, 5.00%, 8/01/12 | 2,000 | 2,147,680 |
County of Montgomery Maryland, RB, | ||
Metrorail Garage Projects: | ||
5.00%, 6/01/23 | 500 | 523,770 |
5.00%, 6/01/24 | 1,435 | 1,503,220 |
County of Prince George's Maryland, SO, | ||
National Harbor Project, 5.20%, | ||
7/01/34 | 1,500 | 1,303,605 |
10,768,057 | ||
Education 16.3% | ||
Maryland Health & Higher Educational | ||
Facilities Authority, RB: | ||
Board of Child Care, 5.38%, | ||
7/01/32 | 2,000 | 2,006,060 |
Loyola College Issue, 5.00%, | ||
10/01/39 | 2,000 | 1,958,000 |
Maryland Industrial Development | ||
Financing Authority, RB, Our Lady of | ||
Good Counsel School, Series A, | ||
6.00%, 5/01/35 | 1,000 | 974,940 |
4,939,000 | ||
Health 26.7% | ||
County of Howard Maryland, Refunding | ||
RB, Vantage House Facility, Series A, | ||
5.25%, 4/01/33 | 500 | 384,680 |
Gaithersburg Maryland, Refunding RB, | ||
Asbury Maryland Obligation, Series B, | ||
6.00%, 1/01/23 | 250 | 255,603 |
Maryland Health & Higher Educational | ||
Facilities Authority, RB: | ||
Anne Arundel Health System, | ||
5.00%, 7/01/40 | 1,000 | 983,270 |
Par | |||
Municipal Bonds | (000) | Value | |
Maryland (concluded) | |||
Health (concluded) | |||
Maryland Health & Higher Educational | |||
Facilities Authority, RB (concluded) : | |||
Carroll County General Hospital, | |||
6.00%, 7/01/37 | $ 1,990 | $ 2,012,626 | |
Peninsula Regional Medical Center, | |||
5.00%, 7/01/36 | 1,000 | 956,850 | |
Union Hospital of Cecil County | |||
Issue, 5.63%, 7/01/32 | 2,000 | 2,012,380 | |
Maryland Health & Higher Educational | |||
Facilities Authority, Refunding RB: | |||
Doctor's Community Hospital, | |||
5.75%, 7/01/38 | 500 | 462,365 | |
University of Maryland Medical | |||
System, 5.13%, 7/01/39 | 1,000 | 1,005,130 | |
8,072,904 | |||
Housing 5.5% | |||
Maryland Community Development | |||
Administration, RB: | |||
AMT, 5.10%, 9/01/37 | 1,000 | 992,700 | |
Residential, Series A, 5.05%, | |||
9/01/39 | 500 | 507,330 | |
Residential, Series B, 4.75%, | |||
9/01/39 | 150 | 149,523 | |
1,649,553 | |||
Transportation 10.1% | |||
Maryland EDC, RB: | |||
Term Project, Series B, 5.75%, | |||
6/01/35 | 500 | 502,540 | |
Transportation Facilities Project, | |||
Series A, 5.75%, 6/01/35 | 500 | 502,540 | |
Maryland State Transportation Authority, | |||
RB, Baltimore/Washington | |||
International Airport, Series B, AMT | |||
(AMBAC), 5.13%, 3/01/24 | 2,000 | 2,039,480 | |
3,044,560 | |||
Utilities 16.6% | |||
City of Baltimore Maryland, Refunding | |||
RB, Wastewater Projects, Series A | |||
(NPFGC): | |||
5.20%, 7/01/32 | 2,500 | 2,533,650 | |
5.13%, 7/01/42 | 2,000 | 2,002,160 | |
Maryland EDC, Refunding RB, CNX | |||
Marine Terminals, Inc., 5.75%, | |||
9/01/25 | 500 | 491,180 | |
5,026,990 | |||
Total Municipal Bonds in Maryland | 33,788,244 |
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 following list:
AGM | Assured Guaranty Municipal Corp. | GO | General Obligation Bonds |
AMBAC | American Municipal Bond Assurance Corp. | NPFGC | National Public Finance Guarantee Corp. |
AMT | Alternative Minimum Tax (subject to) | RB | Revenue Bonds |
EDC | Economic Development Corp. | SO | Special Obligation |
BLACKROCK MARYLAND MUNICIPAL BOND TRUST
NOVEMBER 30, 2010
1
Schedule of Investments(continued)
BlackRock Maryland Municipal Bond Trust (BZM)
(Percentages shown are based on Net Assets)
Par | |||
Municipal Bonds | (000) | Value | |
District of Columbia 3.4% | |||
Transportation 3.4% | |||
Washington Metropolitan Area Transit | |||
Authority, RB, Transit, Series A, | |||
5.13%, 7/01/32 | $ 1,000 | $ 1,043,340 | |
Total Municipal Bonds in the District of Columbia | 1,043,340 | ||
Guam 0.8% | |||
County/City/Special District/School District 0.8% | |||
Territory of Guam, RB, Section 30, | |||
Series A, 5.63%, 12/01/29 | 250 | 253,080 | |
Total Municipal Bonds in Guam | 253,080 | ||
Multi-State 7.3% | |||
Housing 7.3% | |||
Centerline Equity Issuer Trust, 7.20%, | |||
11/15/52 (b)(c) | 2,000 | 2,197,020 | |
Total Municipal Bonds in Multi-State | 2,197,020 | ||
Puerto Rico 12.7% | |||
State 5.2% | |||
Commonwealth of Puerto Rico, GO, | |||
Refunding, Public Improvement, | |||
Series A-4 (AGM), 5.25%, 7/01/30 | 130 | 132,647 | |
Puerto Rico Public Buildings Authority, | |||
Refunding RB, Government Facilities, | |||
Series D, 5.38%, 7/01/33 | 350 | 350,325 | |
Puerto Rico Sales Tax Financing Corp., | |||
RB, First Sub-Series A, 6.38%, | |||
8/01/39 | 1,000 | 1,083,250 | |
1,566,222 | |||
Tobacco 4.5% | |||
Children's Trust Fund, Refunding RB, | |||
Asset-Backed, 5.50%, 5/15/39 | 1,500 | 1,362,240 | |
Transportation 3.0% | |||
Puerto Rico Highway & Transportation | |||
Authority, Refunding RB, Series CC | |||
(AGM), 5.25%, 7/01/36 | 895 | 903,780 | |
Total Municipal Bonds in Puerto Rico | 3,832,242 | ||
Total Municipal Bonds 135.9% | 41,113,926 | ||
Municipal Bonds Transferred to Tender | |||
Option Bond Trusts (d) | |||
Maryland 10.2% | |||
Transportation 10.2% | |||
Maryland State Transportation Authority, | |||
RB, Transportation Facility Project | |||
(AGM), 5.00%, 7/01/41 | 3,000 | 3,095,400 | |
Total Municipal Bonds Transferred to | |||
Tender Option Bond Trusts 10.2% | 3,095,400 | ||
Total Long-Term Investments | |||
(Cost $43,687,679) 146.1% | 44,209,326 |
Short-Term Securities | Shares | Value |
FFI Institutional Tax-Exempt Fund, | ||
0.15% (e)(f) | 2,959,081 | $ 2,959,081 |
Total Short-Term Securities | ||
(Cost $2,959,081) 9.8% | 2,959,081 | |
Total Investments | ||
(Cost $46,646,760*) 155.9% | 47,168,407 | |
Other Assets Less Liabilities 2.0% | 597,188 | |
Liability for Trust Certificates, Including Interest | ||
Expense and Fees Payable (5.0)% | (1,501,842) | |
Preferred Shares, at Redemption Value (52.9)% | (16,000,969) | |
Net Assets Applicable to Common Shares 100.0% | $ 30,262,784 |
________________________________________________________________________________________________________________________________________________________________________________________________________________________
* The cost and unrealized appreciation (depreciation) of investments as of
November 30, 2010, as computed for federal income tax purposes, were as follows:
Aggregate cost | $ 45,064,730 |
Gross unrealized appreciation | $ 1,145,697 |
Gross unrealized depreciation | (542,020) |
Net unrealized appreciation | $ 603,677 |
(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 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.
(c) 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.
(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
during the period, for purposes of Section 2(a)(3) of the Investment
Company Act of 1940, as amended, were as follows:
Shares | Shares | |||
Held at | Held at | |||
August 31, | Net | November 30, | ||
Affiliate | 2010 | Activity | 2010 | Income |
FFI Institutional | ||||
Tax-Exempt | ||||
Fund | 1,846,050 | 1,113,031 | 2,959,081 | $ 991 |
(f) Represents the current yield as of report date.
2 BLACKROCK MARYLAND MUNICIPAL BOND TRUST
NOVEMBER 30, 2010
Schedule of Investments(concluded)
BlackRock Maryland Municipal Bond Trust (BZM)
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 methodologies 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 Trusts most recent
financial statements as contained in its annual report.
The following table summarizes the inputs used as of November 30, 2010 in
determining the fair valuation of the Trust's investments:
Valuation Inputs | Level 1 | Level 2 | Level 3 | Total | |
Assets: | |||||
Investments in Securities: | |||||
Long-Term | |||||
Investments1 | | $ 44,209,326 | | $ 44,209,326 | |
Short-Term | |||||
Securities | $ 2,959,081 | | | 2,959,081 | |
Total | $ 2,959,081 $ 44,209,326 | | $ 47,168,407 |
1See above Schedule of Investments for values in each sector.
BLACKROCK MARYLAND MUNICIPAL BOND TRUST
NOVEMBER 30, 2010
3
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
31940 Act3)) areeffective 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 13a-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 (principal executive officer) of
BlackRock Maryland Municipal Bond Trust
Date: January 26, 2011
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 26, 2011
By: /s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock Maryland Municipal Bond Trust
Date: January 26, 2011