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______
_______BlackRock Maryland Municipal Bond Trust_______
(Exact name of registrant as specified in charter)
| 100 Bellevue Parkway, Wilmington, DE | 19809 | |
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Robert S. Kapito, President
BlackRock Maryland Municipal Bond Trust
_______40 East 52nd Street, New
York, NY 10022_______
(Name and address of agent for service)
Date of fiscal year end:___August 31, 2005
Date of reporting period:__May 31, 2005_________________________________
Item 1. Schedule of Investments.
The registrant’s unaudited schedule of investments as of the close of the reporting period pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows:
| PORTFOLIO OF INVESTMENTS |
| MAY 31, 2005 (Unaudited) |
| BlackRock Maryland Municipal Bond Trust (BZM) |
| Principal | ||||||||
| Amount | Option Call | |||||||
| Rating1 | (000) | Description | Provisions2 | Value | ||||
| LONG-TERM INVESTMENTS—153.8% | ||||||||
| Maryland—121.9% | ||||||||
| NR | $500 | Annapolis Spec. Oblig., Park Place Proj., Ser. A, 5.35%, 7/01/34 | 01/15 @ 101 | $ 509,135 | ||||
| A3 | 2,870 | Anne Arundel Cnty. Econ. Dev., Cmnty. Coll. Proj., 5.25%, 9/01/28 | 09/12 @ 102 | 3,098,710 | ||||
| NR | 1,000 | Baltimore, Spec. Oblig. Rev., Harborview Lot No. 2 Proj., 6.50%, 7/01/31 | 07/13 @ 101 | 1,061,540 | ||||
| Baltimore Cnty., GO, | ||||||||
| AAA | 2,000 | 3 | Met. 67th Dist., 5.00%, 6/01/22 | 06/11 @ 101 | 2,150,220 | |||
| AAA | 2,000 | Met. 68th Dist., 5.00%, 8/01/28 | 08/12 @ 100 | 2,123,360 | ||||
| Baltimore Wstwtr. Proj., Ser. A, FGIC, | ||||||||
| AAA | 2,000 | 5.125%, 7/01/42 | 07/12 @ 100 | 2,107,180 | ||||
| AAA | 3,500 | 5.20%, 7/01/32 | 07/12 @ 100 | 3,763,270 | ||||
| Baa3 | 1,500 | Econ. Dev. Corp., Student Hsg. Rev., Univ. of Maryland Proj., | ||||||
| Ser. A, 5.75%, 10/01/33 | 10/13 @ 100 | 1,576,785 | ||||||
| NR4 | 1,000 | Frederick Cnty., Urbana Cmnty. Dev. Auth. Proj., 6.625%, 7/01/25 | 07/07 @ 102 | 1,045,460 | ||||
| Hlth. & Higher Edl. Facs. Auth., | ||||||||
| A | 2,000 | Brd. of Child Care Proj., 5.375%, 7/01/32 | 07/12 @ 100 | 2,150,140 | ||||
| BBB+ | 1,990 | Carroll Cnty. Gen. Hosp. Proj., 6.00%, 7/01/37 | 07/12 @ 100 | 2,141,678 | ||||
| A- | 750 | Goucher Coll. Proj., 5.375%, 7/01/25 | 07/14 @ 100 | 815,333 | ||||
| AA | 2,000 | Johns Hopkins Univ. Proj., Ser. B, 5.00%, 7/01/41 | 07/11 @ 100 | 2,079,540 | ||||
| A | 2,000 | Loyola Coll. Issue Proj., 5.00%, 10/01/39 | 10/09 @ 101 | 2,063,980 | ||||
| A3 | 2,000 | Union Hosp. of Cecil Cnty. Proj., 5.625%, 7/01/32 | 07/12 @ 100 | 2,123,800 | ||||
| A | 2,000 | Univ. of Maryland Med. Sys. Proj., 5.25%, 7/01/34 | 07/11 @ 100 | 2,078,920 | ||||
| A+ | 1,905 | Ind. Dev. Fin. Auth., Econ. Dev. Rev., Nat. Aquarium Baltimore Fac. Proj., | ||||||
| Ser. B, 5.20%, 11/01/26 | 11/12 @ 100 | 2,027,663 | ||||||
| Montgomery Cnty. Lease, Metrorail Garage Proj., | ||||||||
| AA | 500 | 5.00%, 6/01/23 | 06/12 @ 100 | 534,965 | ||||
| AA | 1,435 | 5.00%, 6/01/24 | 06/12 @ 100 | 1,532,623 | ||||
| St. Marys Coll., Academic & Auxil. Fees, Ser. A, AMBAC, | ||||||||
| AAA | 1,000 | 5.00%, 9/01/27 | 09/12 @ 101 | 1,064,520 | ||||
| AAA | 1,000 | 5.00%, 9/01/32 | 09/12 @ 101 | 1,058,060 | ||||
| AAA | 2,000 | Transp. Auth., Arpt. Pkg. Rev., Baltimore/Wash Intl. Arpt. Proj., | ||||||
| Ser. B, 5.125%, 3/01/24, AMBAC | 03/12 @ 101 | 2,105,780 | ||||||
| 39,212,662 | ||||||||
| Multi-State—7.1% | ||||||||
| Baa1 | 2,000 | 5 | Charter Mac Equity Issuer Trust, Ser. B-2, 7.20%, 10/31/52 | 10/14 @ 100 | 2,284,980 | |||
| Puerto Rico—24.8% | ||||||||
| BBB | 2,000 | Children’s Trust Fund, Tobacco Settlement Rev., 5.50%, 5/15/39 | 05/12 @ 100 | 2,014,660 | ||||
| AAA | 2,060 | Elec. Pwr. Auth., Ser. HH, 5.25%, 7/01/29, FSA | 07/10 @ 101 | 2,233,576 | ||||
| A | 2,000 | Hwy. & Transp. Auth., Ser. D, 5.25%, 7/01/38 | 07/12 @ 100 | 2,123,580 | ||||
| Pub. Bldgs. Auth., Gov’t Facs., Ser. D, | ||||||||
| A- | 1,100 | 6 | 5.375%, 7/01/12 | N/A | 1,235,608 | |||
| BBB | 350 | 5.375%, 7/01/33 | 07/12 @ 100 | 377,387 | ||||
| 7,984,811 | ||||||||
| Total Investments—153.8% (cost $45,796,5677) | $49,482,453 | |||||||
| Other assets in excess of liabilities—2.2% | 698,297 | |||||||
| Preferred shares at redemption value, including dividends payable—(56.0)% | (18,006,167 | ) | ||||||
| Net Assets Applicable to Common Shareholders—100% | $32,174,583 | |||||||
| 1 | Using the higher of S&P’s, Moody’s or Fitch’s rating. |
| 2 | Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. |
| 3 | Securities, or a portion thereof, pledged as collateral with a value of $215,022 on 144 short U.S. Treasury Note futures contracts expiring Sept. 2005. The value of such contracts on May 31, 2005 was $16,310,250, with an unrealized loss of $173,947. |
| 4 | Security is deemed to be of investment grade quality by the investment advisor. |
| 5 | Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of May 31, 2005, the Trust held 7.1% of it nets assets, with a current market value of $2,284,980, in securities restricted as to resale. |
| 6 | This bond is prefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. |
| 7 | Cost for Federal income purposes is $45,792,516. The net unrealized appreciation on a tax basis is $3,689,937 consisting of $3,689,937 gross unrealized appreciation and $0 gross unrealized depreciation. |
| KEY TO ABBREVIATIONS | |||
| AMBAC | — American Municipal Bond Assurance Corporation | FSA | — Financial Security Assurance |
| FGIC | — Financial Guaranty Insurance Company | GO | — General Obligation |
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Item 2. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures are effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized, and reported timely.
(b) The registrant's principal executive officer and principal financial officer are aware of no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
| Item 3. Exhibits. |
Separate certifications of the registrant’s principal executive and financial officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached as EX-99.CERT.
SIGNATURES
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.
(Registrant)___BlackRock Maryland Municipal Bond Trust___
By: __/s/ Henry Gabbay_____________________________________________
Name: Henry Gabbay
Title: Treasurer
Date: July 22, 2005
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/ Robert S. Kapito_____________________________________________
Name: Robert S. Kapito
Title: Principal Executive Officer
Date: July 22, 2005
By: __/s/ Henry Gabbay_____________________________________________
Name: Henry Gabbay
Title: Principal Financial Officer
Date: July 22, 2005