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 52^nd Street, New York, NY 10055

Registrant’s 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

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BlackRock Maryland Municipal Bond Trust (BZM)
Schedule of Investments May 31, 2011 (Unaudited)
(Percentages shown are based on Net Assets)

 

 

 

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BlackRock Maryland Municipal Bond Trust (BZM)
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

 

* The cost and unrealized appreciation (depreciation) of investments as of
May 31, 2011, as computed for federal income tax purposes, were as
follows:

(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:

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

 

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 BlackRock Maryland Municipal Bond Trust (BZM)
Schedule of Investments (concluded)

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.

•Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative
financial instruments.

These inputs are summarized in three broad levels for financial reporting purposes 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 and
derivative financial instruments)

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
derivative financial instruments and other significant accounting policies, please refer to the Trust’s most
recent financial statements as contained in its semi-annual report.

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:

 

 

 

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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
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

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