UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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: 08/31/2008
Date of reporting period: 09/01/2007 – 11/30/2007
Item 1 – Schedule of Investments
| BlackRock Maryland Municipal Bond Trust | ||||||
| Schedule of Investments as of November 30, 2007 (Unaudited) | (in Thousands) | |||||
| Face | ||||||
| Amount | Municipal Bonds | Value | ||||
| Maryland - 136.4% |
$ |
500 | Annapolis, Maryland, Special Obligation Revenue Bonds (Park Place Project), Series A, 5.35% due 7/01/2034 |
$ |
466 | |
| 2,870 | Anne Arundel County, Maryland, EDR (Community College Project), 5.25% due 9/01/2028 | 2,949 | ||||
| 2,000 | Baltimore County, Maryland, Metropolitan District, GO, 67th Issue, 5% due 6/01/2022 | 2,090 | ||||
| 2,000 | Baltimore County, Maryland, Metropolitan District, GO, 68th Issue, 5% due 8/01/2028 | 2,068 | ||||
| 1,000 | Baltimore County, Maryland, Revenue Refunding Bonds (Oak Crest Village, Inc.), | |||||
| Series A, 5% due 1/01/2037 | 942 | |||||
| 500 | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Senior Series A, 5.25% due 9/01/2039 (c) | 527 | ||||
| 1,000 | Baltimore, Maryland, Special Obligation Tax Bonds (Harborview Lot Number 2), 6.50% due 7/01/2031 | 1,037 | ||||
| 3,500 | Baltimore, Maryland, Wastewater Project Revenue Refunding Bonds, Series A, 5.20% due 7/01/2032 (b) | 3,672 | ||||
| 2,000 | Baltimore, Maryland, Wastewater Project Revenue Refunding Bonds, Series A, 5.125% due 7/01/2042 (b) | 2,071 | ||||
| 1,000 | Frederick County, Maryland, Special Obligation Tax Bonds (Urbana Community Development Authority), | |||||
| 6.625% due 7/01/2025 | 1,014 | |||||
| 500 | Howard County, Maryland, Retirement Community Revenue Refunding Bonds (Columbia Vantage House | |||||
| Corporation), Series A, 5.25% due 4/01/2033 | 455 | |||||
| 250 | Maryland State Community Development Administration, Department of Housing and Community Development, | |||||
| Residential Revenue Bonds, AMT, Series H, 5.10% due 9/01/2037 | 248 | |||||
| 1,000 | Maryland State Community Development Administration, Department of Housing and Community Development, | |||||
| Residential Revenue Refunding Bonds, AMT, Series D, 4.85% due 9/01/2037 | 951 | |||||
| 2,000 | Maryland State Health and Higher Educational Facilities Authority Revenue Bonds (Baltimore Board of Child | |||||
| Care), 5.375% due 7/01/2032 | 2,043 | |||||
| 1,990 | Maryland State Health and Higher Educational Facilities Authority Revenue Bonds (Carroll County General | |||||
| Hospital), 6% due 7/01/2037 | 2,055 | |||||
| 2,000 | Maryland State Health and Higher Educational Facilities Authority Revenue Bonds (Loyola College), | |||||
| 5% due 10/01/2039 | 2,007 | |||||
| 2,000 | Maryland State Health and Higher Educational Facilities Authority Revenue Bonds (Union Hospital of Cecil | |||||
| County), 5.625% due 7/01/2032 | 2,042 | |||||
| 2,000 | Maryland State Health and Higher Educational Facilities Authority Revenue Bonds (University of Maryland | |||||
| Medical System), 5.25% due 7/01/2011 (d) | 2,134 | |||||
| 2,000 | Maryland State Health and Higher Educational Facilities Authority, Revenue Refunding Bonds (Johns Hopkins | |||||
| University), 5% due 7/01/2041 | 2,031 | |||||
| 1,000 | Maryland State Health and Higher Educational Facilities Authority, Revenue Refunding Bonds (Peninsula | |||||
| Regional Medical Center), 5% due 7/01/2036 | 997 | |||||
| Portfolio Abbreviations | |||||
| To simplify the listings of BlackRock Maryland Municipal Bond Trust's portfolio holdings in the Schedule of Investments, we have abbreviated the names of many of the securities according to the list below. | |||||
| AMT | Alternative Minimum Tax (subject to) | GO | General Obligation Bonds | ||
| EDR | Economic Development Revenue Bonds | ||||
1
| BlackRock Maryland Municipal Bond Trust | |||||||
| Schedule of Investments as of November 30, 2007 (Unaudited) | (in Thousands) | ||||||
| Face | |||||||
| Amount | Municipal Bonds | Value | |||||
$ |
1,905 | Maryland State Industrial Development Financing Authority, EDR (National Aquarium in Baltimore, Inc.), | |||||
| Series B, 5.20% due 11/01/2026 |
$ |
1,951 | |||||
| 1,000 | Maryland State Industrial Development Financing Authority, EDR (Our Lady of Good Counsel School), Series A, | ||||||
| 6% due 5/01/2035 | 1,013 | ||||||
| 2,000 | Maryland State Transportation Authority, Parking Revenue Bonds (Baltimore/Washington International Airport), | ||||||
| AMT, Series B, 5.125% due 3/01/2024 (a) | 2,041 | ||||||
| 500 | Montgomery County, Maryland, Lease Revenue Bonds (Metrorail Garage Projects), 5% due 6/01/2023 | 521 | |||||
| 1,435 | Montgomery County, Maryland, Lease Revenue Bonds (Metrorail Garage Projects), 5% due 6/01/2024 | 1,495 | |||||
| 1,500 | Prince Georges County, Maryland, Special Obligation Bonds (National Harbor Project), 5.20% due 7/01/2034 | 1,408 | |||||
| 1,000 | Saint Mary's College of Maryland, Academic and Auxiliary Facilities Fees Revenue Bonds, | ||||||
| Sub-Series A, 5% due 9/01/2027 (a) | 1,037 | ||||||
| 1,000 | Saint Mary's College of Maryland, Academic and Auxiliary Facilities Fees Revenue Bonds, | ||||||
| Sub-Series A, 5% due 9/01/2032 (a) | 1,030 | ||||||
| Puerto Rico - 11.9% | 1,500 | Children's Trust Fund Project of Puerto Rico, Tobacco Settlement Revenue Refunding Bonds, | |||||
| 5.50% due 5/15/2039 | 1,465 | ||||||
| 1,750 | Puerto Rico Commonwealth Highway and Transportation Authority, Transportation Revenue Refunding Bonds, | ||||||
| Series D, 5.25% due 7/01/2012 (d) | 1,896 | ||||||
| 350 | Puerto Rico Public Buildings Authority, Government Facilities Revenue Refunding Bonds, | ||||||
| Series D, 5.375% due 7/01/2033 | 354 | ||||||
| Total Municipal Bonds (Cost - $44,482) - 148.3% | 46,010 | ||||||
| Corporate Bonds | |||||||
| Multi State - 7.4% | 2,000 | Charter Mac Equity Issuer Trust, 7.20% due 10/31/2052 (e) | 2,279 | ||||
| Total Corporate Bonds (Cost - $2,000) - 7.4% | 2,279 | ||||||
| Total Investments (Cost - $46,482*) - 155.7% | 48,289 | ||||||
| Other Assets Less Liabilities - 2.4% | 750 | ||||||
| Preferred Shares, at Redemption Value - (58.1%) | (18,020 | ) | |||||
| Net Assets Applicable to Common Shares - 100.0% | $ | 31,019 | |||||
* The cost and unrealized appreciation (depreciation) of investments as of November 30, 2007, as computed for federal income tax purposes, were as follows:
| Aggregate cost |
$ |
46,382 | ||
| Gross unrealized appreciation |
$ |
2,218 | ||
| Gross unrealized depreciation | (311 | ) | ||
| Net unrealized appreciation |
$ |
1,907 | ||
| (a) AMBAC Insured. | ||||
| (b) FGIC Insured. | ||||
| (c) XL Capital Insured. |
2
| BlackRock Maryland Municipal Bond Trust | |||||||
| Schedule of Investments as of November 30, 2007 (Unaudited) | (in Thousands) | ||||||
(d) Prerefunded.
(e) The security may be offered and sold to "qualified institutional buyers" under Rule 144A of the Securities Act of 1933.
• 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 |
Dividend |
|||
| Affiliate | Activity |
Income |
||
| Merrill Lynch Institutional Tax-Exempt Fund |
(200) |
$ | 2 |
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 “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 13a-15(b) under the Securities and 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: January 16, 2008
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: January 16, 2008
| By: | /s/ Neal J. Andrews | |
| Neal J. Andrews, | ||
| Chief Financial Officer (principal financial officer) of | ||
| BlackRock Maryland Municipal Bond Trust | ||
Date: January 16, 2008