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: John M. Perlowski, 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: 05/31/2011
Item 1 Schedule of Investments
BlackRock Maryland Municipal Bond Trust (BZM)
Schedule of Investments May 31, 2011 (Unaudited)
(Percentages shown are based on Net Assets)
Par | ||
Municipal Bonds | (000) | Value |
Maryland — 117.5% | ||
Corporate — 1.0% | ||
Maryland EDC, Refunding RB, Potomac | ||
Electric Power Co., 6.20%, 9/01/22 | $ 250 | $ 291,450 |
County/City/Special District/School District — 36.2% | ||
City of Annapolis Maryland, Tax | ||
Allocation Bonds, Park Place Project, | ||
Series A, 5.35%, 7/01/34 | 494 | 413,641 |
City of Baltimore Maryland, Special Tax | ||
Bonds, Special Obligation, Harborview | ||
Lot No. 2, 6.50%, 7/01/31 | 993 | 914,772 |
County of Anne Arundel Maryland, RB, | ||
Community College Project, 5.25%, | ||
9/01/28 | 1,870 | 1,890,420 |
County of Baltimore Maryland, GO, | ||
Metropolitan District: | ||
67th Issue, 5.00%, 6/01/22 (a) | 2,000 | 2,020,000 |
68th Issue, 5.00%, 8/01/28 | 2,000 | 2,109,940 |
County of Montgomery Maryland, RB, | ||
Metrorail Garage Projects: | ||
5.00%, 6/01/23 | 500 | 515,905 |
5.00%, 6/01/24 | 1,435 | 1,480,647 |
County of Prince George's Maryland, SO, | ||
National Harbor Project, 5.20%, | ||
7/01/34 | 1,500 | 1,289,190 |
10,634,515 | ||
Education — 16.6% | ||
Maryland Health & Higher Educational | ||
Facilities Authority, RB: | ||
Board of Child Care, 5.38%, | ||
7/01/32 | 2,000 | 2,007,300 |
Loyola College Issue, 5.00%, | ||
10/01/39 | 2,000 | 1,926,560 |
Maryland Industrial Development | ||
Financing Authority, RB, Our Lady Of | ||
Good Counsel School, Series A, | ||
6.00%, 5/01/35 | 1,000 | 951,290 |
4,885,150 | ||
Health — 28.4% | ||
County of Howard Maryland, Refunding | ||
RB, Vantage House Facility, Series A, | ||
5.25%, 4/01/33 | 500 | 347,900 |
Gaithersburg Maryland, Refunding RB, | ||
Asbury Maryland Obligation, Series B, | ||
6.00%, 1/01/23 | 250 | 257,070 |
Maryland Health & Higher Educational | ||
Facilities Authority, RB: | ||
Anne Arundel Health System, | ||
5.00%, 7/01/40 | 1,000 | 950,030 |
Par | |||
Municipal Bonds | (000) | Value | |
Maryland (continued) | |||
Health (concluded) | |||
Maryland Health & Higher Educational | |||
Facilities Authority, RB (concluded): | |||
Carroll County General | |||
Hospital, 6.00%, 7/01/37 | $ 1,990 | $ 1,999,393 | |
Peninsula Regional Medical | |||
Center, 5.00%, 7/01/36 | 500 | 454,185 | |
Union Hospital of Cecil County | |||
Issue, 5.63%, 7/01/32 | 2,000 | 2,001,660 | |
Maryland Health & Higher Educational | |||
Facilities Authority, Refunding RB: | |||
Charlestown Community, | |||
6.25%, 1/01/41 | 1,000 | 989,290 | |
Doctor's Community Hospital, | |||
5.75%, 7/01/38 | 500 | 420,310 | |
University of Maryland Medical | |||
System, 5.13%, 7/01/39 | 1,000 | 935,790 | |
8,355,628 | |||
Housing — 10.6% | |||
Maryland Community Development | |||
Administration, RB: | |||
AMT, 5.10%, 9/01/37 | 1,000 | 964,870 | |
Residential, Series A, 5.05%, | |||
9/01/39 | 500 | 496,685 | |
Residential, Series B, 4.75%, | |||
9/01/39 | 150 | 141,962 | |
Maryland Community Development | |||
Administration, Refunding RB, | |||
Residential, Series B, 5.25%, | |||
9/01/35 | 1,500 | 1,527,255 | |
3,130,772 | |||
Transportation — 10.2% | |||
Maryland EDC, RB: | |||
Term Project, Series B, 5.75%, | |||
6/01/35 | 500 | 484,145 | |
Transportation Facilities | |||
Project, Series A, 5.75%, | |||
6/01/35 | 500 | 484,145 | |
Maryland State Transportation Authority, | |||
RB, Baltimore/Washington | |||
International Airport, Series B AMT | |||
(NPFGC), 5.13%, 3/01/24 | 2,000 | 2,028,440 | |
2,996,730 | |||
Utilities — 14.5% | |||
City of Baltimore Maryland, Refunding | |||
RB, Wastewater Projects, Series A | |||
(NPFGC): | |||
5.20%, 7/01/32 | 2,250 | 2,271,712 | |
5.13%, 7/01/42 | 1,500 | 1,505,340 |
BLACKROCK MARYLAND MUNICIPAL BOND TRUST | MAY 31, 2011 | 1 |
BlackRock Maryland Municipal Bond Trust (BZM)
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)
Par | |||
Municipal Bonds | (000) | Value | |
Maryland (concluded) | |||
Utilities (concluded) | |||
Maryland EDC, Refunding RB, CNX | |||
Marine Terminals, Inc., 5.75%, | |||
9/01/25 | $ 500 | $ 486,315 | |
4,263,367 | |||
Total Municipal Bonds in Maryland | 34,557,612 | ||
District of Columbia — 3.5% | |||
Transportation — 3.5% | |||
Washington Metropolitan Area Transit | |||
Authority, RB, Transit, Series A, | |||
5.13%, 7/01/32 | 1,000 | 1,039,860 | |
Total Municipal Bonds in the District of Columbia | 1,039,860 | ||
Guam — 1.4% | |||
County/City/Special District/School District — 1.4% | |||
Territory of Guam, RB, Section 30, | |||
Series A, 5.63%, 12/01/29 | 410 | 408,368 | |
Total Municipal Bonds in Guam | 408,368 | ||
Multi-State — 7.5% | |||
Housing — 7.5% | |||
Centerline Equity Issuer Trust, 7.20%, | |||
11/15/52 (b)(c) | 2,000 | 2,200,040 | |
Total Municipal Bonds in Multi-State | 2,200,040 | ||
Puerto Rico — 9.3% | |||
State — 5.2% | |||
Commonwealth of Puerto Rico, GO, | |||
Refunding, Public Improvement, | |||
Series A-4 (AGM), 5.25%, 7/01/30 | 130 | 130,772 | |
Puerto Rico Public Buildings Authority, | |||
Refunding RB, Government Facilities, | |||
Series D, 5.38%, 7/01/33 | 350 | 328,283 | |
Puerto Rico Sales Tax Financing Corp., | |||
RB, First Sub-Series A, 6.38%, | |||
8/01/39 | 1,000 | 1,055,510 | |
1,514,565 | |||
Tobacco — 4.1% | |||
Children's Trust Fund, Refunding RB, | |||
Asset-Backed, 5.50%, 5/15/39 | 1,500 | 1,217,700 | |
1,217,700 | |||
Total Municipal Bonds in Puerto Rico | 2,732,265 | ||
Total Municipal Bonds – 139.2% | 40,938,145 | ||
Municipal Bonds Transferred to Tender | |||
Option Bond Trusts (d) | |||
Maryland — 10.5% | |||
Transportation — 10.5% | |||
Maryland State Transportation Authority, | |||
RB, Transportation Facility Project | |||
(AGM), 5.00%, 7/01/41 | 3,000 | 3,091,830 | |
Total Long-Term Investments | |||
(Cost – $44,168,076) – 149.7% | 44,029,975 |
Short-Term Securities | Shares | Value |
FFI Institutional Tax-Exempt Fund, | ||
0.10% (e)(f) | 2,314,544 | $ 2,314,544 |
Total Short-Term Securities | ||
(Cost – $2,314,544) – 7.9% | 2,314,544 | |
Total Investments (Cost - $46,482,620*) – 157.6% | 46,344,519 | |
Other Assets Less Liabilities – 1.9% | 570,222 | |
Liability for Trust Certificates, Including Interest | ||
Expense and Fees Payable – (5.1)% | (1,501,924) | |
Preferred Shares, at Redemption Value – (54.4)% | (16,000,669) | |
Net Assets Applicable to Common Shares – 100.0% | $ 29,412,148 |
* The cost and unrealized appreciation (depreciation) of investments as of
May 31, 2011, as computed for federal income tax purposes, were as
follows:
Aggregate cost | $ 44,885,429 |
Gross unrealized appreciation | $ 882,877 |
Gross unrealized depreciation | (923,787) |
Net unrealized depreciation | $ (40,910) |
(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 | May 31, | |||
Affiliate | 2010 | Activity | 2011 | Income | |
FFI Institutional | |||||
Tax-Exempt | |||||
Fund | 1,846,050 | 468,494 | 2,314,544 | S | 2,171 |
(f) Represents the current yield as of report date.
2 BLACKROCK MARYLAND MUNICIPAL BOND TRUST | MAY 31, 2011 |
BlackRock Maryland Municipal Bond Trust (BZM)
Schedule of Investments (concluded)
• Financial futures contracts sold as of May 31, 2011 were as follows: | |||||
Notional | Unrealized | ||||
Contracts Issue | Exchange | Expiration | Value | Depreciation | |
10 | 10-Year U.S. | Chicago | |||
Treasury | Board of | ||||
Note | Trade | June 2011 | $1,185,137 | $ (55,175) | |
10 | 10-Year U.S. | Chicago | |||
Treasury | Board of | September | |||
Note | Trade | 2011 | $ 1,224,434 | $ (1,660) | |
Total | $ (56,835) |
For Trust compliance purposes, the Trust’s sector classifications refer to
any one or more of the sector sub-classifications used by one or more
widely recognized market indexes or ratings group indexes, and/or as
defined by Trust management. This definition may not apply for purposes of
this report, which may combine such sector sub-classifications for reporting
ease.
The following tables summarize the inputs used as of May 31, 2011 in
determining the fair valuation of the Trust's investments and derivative
financial instruments:
Valuation Inputs | Level 1 | Level 2 | Level 3 | Total |
Assets: | ||||
Investments: | ||||
Long-Term | ||||
Investments1 | — | $ 44,029,975 | — | $ 44,029,975 |
Short-Term | ||||
Securities | $ 2,314,544 | — | — | 2,314,544 |
Total | $ 2,314,544 | $ 44,029,975 | — | $ 46,344,519 |
1 See above Schedule of Investments for values in each sector. |
Valuation Inputs Level 1 | Level 2 | Level 3 | Total | |
Derivative Financial Instruments2 | ||||
Liabilities: | ||||
Interest rate | ||||
contracts | $ (56,835) | — | — | $ (56,835) |
2 Derivative financial instruments are financial futures contracts, which are | ||||
valued at the unrealized appreciation/depreciation on the instrument. |
BLACKROCK MARYLAND MUNICIPAL BOND TRUST | MAY 31, 2011 | 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/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Maryland Municipal Bond Trust
Date: July 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/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Maryland Municipal Bond Trust
Date: July 26, 2011
By: /S/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock Maryland Municipal Bond Trust
Date: July 26, 2011