nq2.htm



 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 
Investment Company Act file number 811-07486
 
Nuveen Maryland Premium Income Municipal Fund
(Exact name of registrant as specified in charter)
 
Nuveen Investments
        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)
 

Kevin J. McCarthy
Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         
(Name and address of agent for service)
 
Registrant's telephone number, including area code:         312-917-7700        
 
Date of fiscal year end:            5/31          
 
Date of reporting period:         8/31/14         
 
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
 
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 
 
 
 
 
Item 1. Schedule of Investments
 
   
Portfolio of Investments (Unaudited)
      
 
   
Nuveen Maryland Premium Income Municipal Fund (NMY)
      
   
August 31, 2014
      
 
 
Principal
    
Optional Call
    
Amount (000)
  
Description (1)
Provisions (2)
Ratings (3)
Value
   
LONG-TERM INVESTMENTS – 148.7% (100.0% of Total Investments)
      
           
   
MUNICIPAL BONDS – 147.8% (99.4% of Total Investments)
      
           
   
Consumer Discretionary – 4.7% (3.2% of Total Investments)
      
   
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A:
      
$ 540
  
5.000%, 9/01/16 – SYNCORA GTY Insured
No Opt. Call
BB+
$ 575,710
400
  
5.250%, 9/01/19 – SYNCORA GTY Insured
9/16 at 100.00
BB+
423,524
285
  
5.250%, 9/01/25 – SYNCORA GTY Insured
9/16 at 100.00
BB+
294,382
350
  
5.250%, 9/01/27 – SYNCORA GTY Insured
9/16 at 100.00
BB+
359,814
535
  
4.600%, 9/01/30 – SYNCORA GTY Insured
9/16 at 100.00
BB+
535,251
100
  
5.000%, 9/01/32 – SYNCORA GTY Insured
9/16 at 100.00
BB+
100,547
12,165
  
5.250%, 9/01/39 – SYNCORA GTY Insured
9/16 at 100.00
BB+
12,301,856
1,000
  
Baltimore, Maryland, Subordinate Lien Convention Center Hotel Revenue Bonds, Series 2006B,
9/16 at 100.00
Ba2
1,013,550
   
5.875%, 9/01/39
      
2,000
  
Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference
12/16 at 100.00
N/R
936,780
   
Center, Series 2006A, 5.000%, 12/01/31 (4)
      
17,375
  
Total Consumer Discretionary
    
16,541,414
   
Consumer Staples – 2.5% (1.7% of Total Investments)
      
1,000
  
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue
6/17 at 100.00
B–
813,880
   
Bonds, Senior Lien, Series 2007A-2, 5.875%, 6/01/30
      
   
Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds,
      
   
Series 2007A:
      
2,825
  
5.250%, 6/01/32
6/17 at 100.00
B
2,413,482
2,665
  
5.625%, 6/01/47
6/17 at 100.00
B
2,027,399
3,270
  
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds,
11/14 at 100.00
BBB
2,874,134
   
Series 2002, 5.500%, 5/15/39
      
800
  
Tobacco Settlement Financing Corporation, Virgin Islands, Tobacco Settlement Asset-Backed
11/14 at 100.00
A3
765,424
   
Bonds, Series 2001, 5.000%, 5/15/31
      
10,560
  
Total Consumer Staples
    
8,894,319
   
Education and Civic Organizations – 13.3% (9.0% of Total Investments)
      
2,375
  
Frederick County, Maryland, Educational Facilities Revenue Bonds, Mount Saint Mary’s
9/16 at 100.00
BB+
2,373,433
   
University, Series 2006, 5.625%, 9/01/38
      
700
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Goucher College,
7/22 at 100.00
A–
771,155
   
Series 2012A, 5.000%, 7/01/34
      
   
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns Hopkins
      
   
University, Series 2008A:
      
2,000
  
5.000%, 7/01/18
No Opt. Call
AA+
2,322,280
530
  
5.250%, 7/01/38
No Opt. Call
AA+
593,340
1,250
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Loyola University
10/22 at 100.00
A
1,368,613
   
Maryland, Series 2012A, 5.000%, 10/01/39
      
3,500
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Maryland Institute
6/16 at 100.00
Baa1
3,580,360
   
College of Art, Series 2006, 5.000%, 6/01/30
      
1,130
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Maryland Institute
6/17 at 100.00
Baa1
1,160,770
   
College of Art, Series 2007, 5.000%, 6/01/36
      
   
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Maryland Institute
      
   
College of Art, Series 2012:
      
1,500
  
5.000%, 6/01/34
No Opt. Call
Baa1
1,634,040
3,000
  
5.000%, 6/01/47
6/22 at 100.00
Baa1
3,218,430
745
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Patterson Park
7/20 at 100.00
BBB–
776,610
   
Public Charter School Issue, Series 2010, 6.000%, 7/01/40
      
   
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, The Johns Hopkins
      
   
University, Series 2012A:
      
1,145
  
5.000%, 7/01/30
No Opt. Call
AA+
1,341,803
1,050
  
5.000%, 7/01/37
No Opt. Call
AA+
1,194,501
   
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, The Johns Hopkins
      
   
University, Series 2013B:
      
500
  
5.000%, 7/01/38
7/23 at 100.00
AA+
570,240
4,375
  
4.250%, 7/01/41
7/23 at 100.00
AA+
4,672,194
   
Montgomery County Revenue Authority, Maryland, Lease Revenue Bonds, Montgomery College Arts
      
   
Center Project, Series 2005A:
      
1,300
  
5.000%, 5/01/18
5/15 at 100.00
AA
1,341,249
1,365
  
5.000%, 5/01/19
5/15 at 100.00
AA
1,408,189
615
  
5.000%, 5/01/20
5/15 at 100.00
AA
634,120
625
  
Morgan State University, Maryland, Student Tuition and Fee Revenue Bonds, Academic Fees and
7/22 at 100.00
A+
706,819
   
Auxiliary Facilities, Series 2012, 5.000%, 7/01/29
      
9,445
  
Morgan State University, Maryland, Student Tuition and Fee Revenue Refunding Bonds, Academic
No Opt. Call
AA–
10,993,319
   
Fees and Auxiliary Facilities, Series 1993, 6.100%, 7/01/20 – NPFG Insured
      
300
  
University of Maryland, Auxiliary Facility and Tuition Revenue Bonds, Series 2006A,
No Opt. Call
AA+
301,326
   
5.000%, 10/01/14
      
265
  
University of Puerto Rico, University System Revenue Bonds, Series 2006P, 5.000%, 6/01/23
6/16 at 100.00
BB
168,506
1,145
  
University of Puerto Rico, University System Revenue Bonds, Series 2006Q, 5.000%, 6/01/19
6/16 at 100.00
BB
750,708
   
Westminster, Maryland, Educational Facilities Revenue Bonds, McDaniel College, Series 2006:
      
2,000
  
5.000%, 11/01/31
11/16 at 100.00
BBB+
2,052,640
2,750
  
4.500%, 11/01/36
11/16 at 100.00
BBB+
2,773,348
43,610
  
Total Education and Civic Organizations
    
46,707,993
   
Health Care – 33.8% (22.7% of Total Investments)
      
2,445
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds Doctors Community
7/20 at 100.00
Baa3
2,544,829
   
Hospital, Refunding Series 2010, 5.750%, 7/01/38
      
   
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist
      
   
Healthcare, Series 2011A:
      
1,350
  
6.250%, 1/01/31
1/22 at 100.00
Baa2
1,569,402
375
  
6.125%, 1/01/36
1/22 at 100.00
Baa2
430,361
1,355
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Anne Arundel
No Opt. Call
A–
1,571,732
   
Health System Issue, Series 2012, 5.000%, 7/01/24
      
1,500
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Anne Arundel
7/19 at 100.00
A–
1,817,385
   
Health System, Series 2009A, 6.750%, 7/01/39
      
2,500
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Anne Arundel
7/19 at 100.00
A–
2,650,625
   
Health System, Series 2010, 5.000%, 7/01/40
      
2,000
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Calvert Health
7/23 at 100.00
A
2,200,740
   
System Issue, Series 2013, 5.000%, 7/01/38
      
   
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Carroll Hospital
      
   
Center, Series 2006:
      
1,000
  
4.500%, 7/01/26
7/16 at 100.00
A3
1,027,420
2,550
  
5.000%, 7/01/40
7/16 at 100.00
A3
2,615,153
   
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Carroll Hospital
      
   
Center, Series 2012A:
      
1,000
  
4.000%, 7/01/30
7/22 at 100.00
A3
1,031,900
1,775
  
5.000%, 7/01/37
7/22 at 100.00
A3
1,915,651
4,050
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Doctors Community
7/17 at 100.00
Baa3
4,102,610
   
Hospital, Series 2007A, 5.000%, 7/01/29
      
4,335
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Frederick Memorial
No Opt. Call
Baa1
4,445,282
   
Hospital Issue, Series 2012A, 4.250%, 7/01/32
      
   
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns Hopkins
      
   
Health System Obligated Group Issue, Series 2011A:
      
500
  
5.000%, 5/15/25
5/21 at 100.00
AA–
574,695
500
  
5.000%, 5/15/26
5/21 at 100.00
AA–
570,060
2,735
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health
7/17 at 100.00
AA
2,865,186
   
System, Series 2008, 5.000%, 7/01/28 – AGC Insured
      
   
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health
      
   
System, Series 2011:
      
500
  
5.750%, 7/01/31
No Opt. Call
A
567,870
1,000
  
6.000%, 7/01/41
7/21 at 100.00
A
1,148,860
4,060
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health,
11/14 at 100.00
A2
4,077,661
   
Series 2004, 5.375%, 8/15/24
      
7,720
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health,
5/16 at 100.00
AA+
8,181,965
   
Series 2007, 5.250%, 5/15/46 – BHAC Insured
      
   
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical
      
   
Center Project, Series 2007A:
      
2,375
  
5.000%, 7/01/37
7/17 at 100.00
BBB
2,447,010
2,905
  
5.500%, 7/01/42
7/17 at 100.00
BBB
3,059,749
2,850
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical
7/22 at 100.00
BBB
3,041,976
   
Center, Series 2011, 5.000%, 7/01/31
      
3,950
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional
7/16 at 100.00
A
4,084,419
   
Medical Center, Series 2006, 5.000%, 7/01/36
      
4,450
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, The Johns Hopkins
5/20 at 100.00
AA–
4,805,733
   
Health System Obligated Group Issue, Series 2010, 5.000%, 5/15/40
      
   
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Union Hospital of
      
   
Cecil County, Series 2005:
      
1,000
  
5.000%, 7/01/35
7/15 at 100.00
A
1,011,090
6,620
  
5.000%, 7/01/40
7/15 at 100.00
A
6,681,367
   
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of
      
   
Maryland Medical System Issue, Series 2013A:
      
11,500
  
5.000%, 7/01/43
7/22 at 100.00
A2
12,537,300
3,750
  
4.000%, 7/01/43
7/22 at 100.00
A2
3,823,238
   
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of
      
   
Maryland Medical System, Series 2006:
      
700
  
5.000%, 7/01/31
7/16 at 100.00
A2
719,390
1,325
  
5.000%, 7/01/36
7/16 at 100.00
A2
1,357,900
4,155
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of
7/19 at 100.00
A2
4,424,410
   
Maryland Medical System, Series 2010, 5.125%, 7/01/39
      
   
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Washington County
      
   
Hospital, Series 2008:
      
135
  
5.750%, 1/01/33
1/18 at 100.00
BBB
140,550
7,075
  
5.750%, 1/01/38
1/18 at 100.00
BBB
7,336,987
1,950
  
6.000%, 1/01/43
1/18 at 100.00
BBB
2,030,399
   
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland
      
   
Health, Series 2006A:
      
2,910
  
4.500%, 1/01/22 – NPFG Insured
7/16 at 100.00
AA–
3,091,962
3,190
  
5.000%, 7/01/34 – NPFG Insured
7/16 at 100.00
AA–
3,257,213
8,000
  
Montgomery County, Maryland, Revenue Bonds, Trinity Health Credit Group, Refunding Series
12/21 at 100.00
Aa2
8,792,240
   
2011MD, 5.000%, 12/01/40
      
112,090
  
Total Health Care
    
118,552,320
   
Housing/Multifamily – 7.1% (4.8% of Total Investments)
      
2,025
  
Anne Arundel County, Maryland, FNMA Multifamily Housing Revenue Bonds, Glenview Gardens
1/20 at 102.00
AA+
2,219,360
   
Apartments Project, Series 2009, 5.000%, 1/01/28 (Mandatory put 1/01/27)
      
   
Howard County Housing Commission, Maryland, Revenue Bonds, Columbia Commons Apartments,
      
   
Series 2014A:
      
1,500
  
4.000%, 6/01/34
6/24 at 100.00
A+
1,526,040
1,550
  
5.000%, 6/01/44
6/24 at 100.00
A+
1,665,661
   
Howard County Housing Commission, Maryland, Revenue Bonds, The Verona at Oakland Mills
      
   
Project, Series 2013:
      
3,000
  
5.000%, 10/01/28
10/23 at 100.00
A+
3,310,170
2,000
  
4.625%, 10/01/28
10/23 at 100.00
A+
2,165,320
2,110
  
Maryland Community Development Administration, Multifamily Housing Revenue Bonds, Princess
12/14 at 100.00
Aaa
2,112,321
   
Anne Apartments, Series 2001D, 5.450%, 12/15/33 (Alternative Minimum Tax)
      
   
Maryland Economic Development Corporation, Senior Lien Student Housing Revenue Bonds,
      
   
University of Maryland – Baltimore, Series 2003A:
      
15
  
5.000%, 10/01/15
11/14 at 100.00
B3
14,981
3,460
  
5.625%, 10/01/23
11/14 at 100.00
B3
3,284,613
   
Maryland Economic Development Corporation, Student Housing Revenue Bonds, Salisbury University
      
   
Project, Refunding Series 2013:
      
500
  
5.000%, 6/01/27
6/23 at 100.00
Baa3
545,620
500
  
5.000%, 6/01/34
6/23 at 100.00
Baa3
535,215
1,500
  
Maryland Economic Development Corporation, Student Housing Revenue Bonds, Sheppard Pratt
No Opt. Call
BBB–
1,593,780
   
University Village, Series 2012, 5.000%, 7/01/33
      
5,115
  
Maryland Economic Development Corporation, Student Housing Revenue Refunding Bonds, University
6/16 at 100.00
AA
5,378,064
   
of Maryland College Park Projects, Series 2006, 5.000%, 6/01/33 – CIFG Insured
      
85
  
Montgomery County Housing Opportunities Commission, Maryland, GNMA/FHA-Insured Multifamily
11/14 at 100.00
Aa2
85,359
   
Housing Revenue Bonds, Series 1995A, 5.900%, 7/01/15
      
405
  
Montgomery County Housing Opportunities Commission, Maryland, Multifamily Housing Development
1/15 at 100.00
Aaa
405,749
   
Bonds, Series 2000B, 6.200%, 7/01/30 (Alternative Minimum Tax)
      
23,765
  
Total Housing/Multifamily
    
24,842,253
   
Housing/Single Family – 8.1% (5.4% of Total Investments)
      
3,000
  
Maryland Community Development Administration Department of Housing and Community
9/18 at 100.00
Aa2
3,114,570
   
Development, Residential Revenue Bonds, Series 2009B, 4.750%, 9/01/39
      
1,990
  
Maryland Community Development Administration Department of Housing and Community
3/20 at 100.00
Aa2
2,156,284
   
Development, Residential Revenue Bonds, Series 2010B, 5.250%, 9/01/35
      
2,365
  
Maryland Community Development Administration Department of Housing and Community
9/23 at 100.00
Aa2
2,522,296
   
Development, Residential Revenue Bonds, Series 2014A, 4.300%, 9/01/32
      
1,800
  
Maryland Community Development Administration, Department of Housing and Community
9/15 at 100.00
Aa2
1,825,506
   
Development, Residential Revenue Bonds, Series 2006B, 4.750%, 9/01/25 (Alternative
      
   
Minimum Tax) (UB) (5)
      
2,345
  
Maryland Community Development Administration, Department of Housing and Community
9/15 at 100.00
Aa2
2,378,440
   
Development, Residential Revenue Bonds, Series 2006F, 4.900%, 9/01/26 (Alternative
      
   
Minimum Tax) (UB) (5)
      
7,500
  
Maryland Community Development Administration, Department of Housing and Community
3/16 at 100.00
Aa2
7,656,600
   
Development, Residential Revenue Bonds, Series 2006I, 4.875%, 9/01/26 (Alternative
      
   
Minimum Tax) (UB) (5)
      
4,075
  
Maryland Community Development Administration, Department of Housing and Community
9/16 at 100.00
Aa2
4,154,175
   
Development, Residential Revenue Bonds, Series 2006L, 4.900%, 9/01/31 (Alternative
      
   
Minimum Tax) (UB) (5)
      
2,820
  
Maryland Community Development Administration, Department of Housing and Community
3/17 at 100.00
Aa2
2,865,176
   
Development, Residential Revenue Bonds, Series 2007D, 4.850%, 9/01/37 (Alternative
      
   
Minimum Tax) (UB) (5)
      
1,500
  
Maryland Community Development Administration, Department of Housing and Community
3/17 at 100.00
Aa2
1,561,574
   
Development, Residential Revenue Bonds, Series 2007H, 5.000%, 9/01/27 (Alternative
      
   
Minimum Tax) (UB) (5)
      
27,395
  
Total Housing/Single Family
    
28,234,621
   
Industrials – 2.8% (1.9% of Total Investments)
      
5,895
  
Maryland Economic Development Corporation, Economic Development Revenue Bonds, Transportation
6/20 at 100.00
Baa3
6,334,060
   
Facilities Project, Series 2010A, 5.750%, 6/01/35
      
3,340
  
Maryland Economic Development Corporation, Solid Waste Disposal Revenue Bonds, Waste
No Opt. Call
A–
3,513,546
   
Management Inc., Series 2002, 4.600%, 4/01/16 (Alternative Minimum Tax)
      
9,235
  
Total Industrials
    
9,847,606
   
Long-Term Care – 6.3% (4.2% of Total Investments)
      
5,215
  
Baltimore County, Maryland, Revenue Bonds, Oak Crest Village, Series 2007A, 5.000%, 1/01/37
1/17 at 100.00
A
5,344,123
2,050
  
Gaithersburg, Maryland, Economic Development Revenue Bonds, Asbury Methodist Homes Inc.,
1/20 at 100.00
BBB
2,308,649
   
Series 2009B, 6.000%, 1/01/23
      
   
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Charlestown
      
   
Community Issue, Series 2010:
      
1,685
  
6.125%, 1/01/30
1/21 at 100.00
A
1,882,634
5,060
  
6.250%, 1/01/45
1/21 at 100.00
A
5,637,650
1,000
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Edenwald, Series
7/16 at 100.00
N/R
1,032,240
   
2006A, 5.400%, 1/01/31
      
   
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, King Farm
      
   
Presbyterian Community, Series 2007A:
      
600
  
5.000%, 1/01/17
No Opt. Call
N/R
636,240
1,460
  
5.250%, 1/01/27
1/17 at 100.00
N/R
1,491,434
1,050
  
5.300%, 1/01/37
1/17 at 100.00
N/R
1,062,065
2,480
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Ridge
7/17 at 100.00
A–
2,541,380
   
Retirement Community, Series 2007, 4.750%, 7/01/34
      
20,600
  
Total Long-Term Care
    
21,936,415
   
Tax Obligation/General – 18.2% (12.2% of Total Investments)
      
1,565
  
Anne Arundel County, Maryland, General Obligation Bonds, Series 2006, 5.000%, 3/01/21
3/16 at 100.00
AAA
1,672,656
685
  
Anne Arundel County, Maryland, Water and Sewer Revenue Bonds, Series 2006, 5.000%, 3/01/17
3/16 at 100.00
AAA
733,676
   
Baltimore, Maryland, General Obligation Bonds, Consolidated Public Improvements, Series 2011A:
      
1,000
  
5.000%, 10/15/29
10/21 at 100.00
AA
1,153,450
1,200
  
5.000%, 10/15/30
10/21 at 100.00
AA
1,376,568
805
  
Charles County, Maryland, Consolidated General Obligation Public Improvement Bonds, Series
No Opt. Call
AAA
863,000
   
2006, 5.000%, 3/01/16
      
1,180
  
Frederick County, Maryland, General Obligation Public Facilities Bonds, Refunding Series 2013,
No Opt. Call
AAA
1,203,222
   
3.000%, 5/01/15
      
2,305
  
Maryland National Capital Park Planning Commission, Prince George’s County, General Obligation
1/15 at 100.00
AAA
2,347,228
   
Bonds, Park Acquisition and Development, Series 2004EE-2, 5.000%, 1/15/17
      
1,000
  
Maryland State, General Obligation Bonds, State & Local Facilities Loan, First Series 2011B,
No Opt. Call
AAA
1,115,540
   
5.000%, 3/15/17
      
1,895
  
Maryland State, General Obligation Bonds, State & Local Facilities Loan, Second Series 2009A,
No Opt. Call
AAA
2,032,937
   
3.000%, 8/15/17
      
   
Maryland State, General Obligation Bonds, State & Local Facilities Loan, Second Series 2009B:
      
4,925
  
5.250%, 8/15/16
No Opt. Call
AAA
5,403,168
3,750
  
5.250%, 8/15/17
No Opt. Call
AAA
4,270,575
1,000
  
Maryland State, General Obligation Bonds, State & Local Facilities Loan, Second Series 2010A,
No Opt. Call
AAA
1,036,050
   
4.000%, 8/01/15
      
5,705
  
Maryland State, General Obligation Bonds, State and Local Facilities Loan, First Series 2014C,
No Opt. Call
AAA
5,963,265
   
5.000%, 8/01/15
      
3,435
  
Maryland State, General Obligation Bonds, State and Local Facilities Loan, Refunding Second
No Opt. Call
AAA
3,590,502
   
Series 2011E, 5.000%, 8/01/15
      
5,850
  
Montgomery County, Maryland, Consolidated General Obligation Public Improvement Bonds, Series
No Opt. Call
AAA
6,091,547
   
2005A, 5.000%, 7/01/15
      
2,800
  
Montgomery County, Maryland, Consolidated General Obligation Public Improvement Bonds, Series
No Opt. Call
AAA
3,022,208
   
2006A, 5.000%, 5/01/16
      
4,750
  
Montgomery County, Maryland, Consolidated General Obligation Public Improvement Bonds, Series
No Opt. Call
AAA
4,965,033
   
2008A, 5.000%, 8/01/15
      
4,700
  
Montgomery County, Maryland, Consolidated General Obligation Public Improvement Bonds, Series
No Opt. Call
AAA
4,913,051
   
2013A, 4.000%, 11/01/15
      
1,315
  
Prince George’s County, Maryland, General Obligation Consolidated Public Improvement Bonds,
No Opt. Call
AAA
1,331,556
   
Series 2004F, 5.000%, 12/01/15
      
2,270
  
Puerto Rico, General Obligation and Public Improvement Bonds, Series 2002A, 5.500%, 7/01/20 –
No Opt. Call
AA–
2,357,168
   
NPFG Insured
      
2,155
  
Puerto Rico, General Obligation Bonds, Public Improvement Refunding Series 2007A, 5.500%,
No Opt. Call
AA–
2,237,752
   
7/01/20 – NPFG Insured
      
1,025
  
Washington Suburban Sanitary District, Montgomery and Prince George’s Counties, Maryland,
No Opt. Call
AAA
1,151,762
   
General Obligation Bonds, Consolidated Public Improvement, Refunding Series 2009,
      
   
5.000%, 6/01/17
      
   
Washington Suburban Sanitary District, Montgomery and Prince George’s Counties, Maryland,
      
   
General Obligation Bonds, Consolidated Public Improvement, Refunding Series 2013:
      
2,000
  
3.000%, 6/01/15
No Opt. Call
AAA
2,044,200
2,700
  
4.000%, 6/01/17
No Opt. Call
AAA
2,960,091
60,015
  
Total Tax Obligation/General
    
63,836,205
   
Tax Obligation/Limited – 18.4% (12.4% of Total Investments)
      
865
  
Anne Arundel County, Maryland, Special Obligation Bonds, National Business Park – North
7/18 at 102.00
N/R
926,329
   
Project, Series 2010, 6.100%, 7/01/40
      
1,200
  
Anne Arundel County, Maryland, Special Tax District Revenue Bonds, Villages of Dorchester &
7/23 at 100.00
A+
1,346,928
   
Farmington Village Projects, Series 2013, 5.000%, 7/01/32
      
385
  
Baltimore County, Maryland, Certificates of Participation, Equipment Acquisition Program,
No Opt. Call
AA+
386,355
   
Series 2012, 4.000%, 10/01/14
      
120
  
Baltimore, Maryland, Revenue Refunding Bonds, Convention Center, Series 1998, 5.000%,
9/14 at 100.00
AA–
120,446
   
9/01/19 – NPFG Insured
      
300
  
Baltimore, Maryland, Special Obligation Bonds, North Locust Point Project, Series 2005,
9/15 at 101.00
N/R
306,726
   
5.500%, 9/01/34
      
   
Frederick County, Maryland, Lake Linganore Village Community Development Special Obligation
      
   
Bonds, Series 2001A:
      
99
  
5.600%, 7/01/20 – RAAI Insured
1/15 at 100.00
N/R
99,782
450
  
5.700%, 7/01/29 – RAAI Insured
1/15 at 100.00
N/R
451,607
   
Fredrick County, Maryland, Special Obligation Bonds, Urbana Community Development Authority,
      
   
Series 2010A:
      
5,350
  
5.000%, 7/01/30
7/20 at 100.00
A–
5,815,878
2,355
  
5.000%, 7/01/40
7/20 at 100.00
A–
2,507,321
1,780
  
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
6/15 at 100.00
A1
1,814,176
   
Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/45
      
1,000
  
Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.250%, 1/01/36
1/22 at 100.00
A
1,085,050
2,050
  
Hyattsville, Maryland, Special Obligation Bonds, University Town Center Project, Series 2004,
7/16 at 100.00
N/R
2,092,825
   
5.750%, 7/01/34
      
11,750
  
Maryland Department of Transportation, Consolidated Transportation Revenue Bonds, Series 2002,
No Opt. Call
AAA
12,632,778
   
5.500%, 2/01/16
      
2,380
  
Maryland Department of Transportation, Consolidated Transportation Revenue Bonds, Series 2004,
No Opt. Call
AAA
2,400,373
   
5.000%, 11/01/14
      
3,000
  
Prince George’s County, Maryland, Certificates of Participation, Equipment Acquisition
No Opt. Call
AA+
3,011,340
   
Program, Series 2012, 3.000%, 10/15/14
      
6,650
  
Prince George’s County, Maryland, Special Obligation Bonds, National Harbor Project, Series
7/15 at 100.00
N/R
6,695,752
   
2005, 5.200%, 7/01/34
      
1,406
  
Prince George’s County, Maryland, Special Tax District Bonds, Victoria Falls Project, Series
1/15 at 100.00
N/R
1,410,176
   
2005, 5.250%, 7/01/35
      
1,100
  
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.500%,
No Opt. Call
Caa1
1,019,854
   
7/01/29 – AMBAC Insured
      
1,530
  
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A,
No Opt. Call
BB
208,631
   
0.000%, 7/01/44 – AMBAC Insured
      
2,100
  
Puerto Rico Municipal Finance Agency, Series 2002A, 5.250%, 8/01/21 – AGM Insured
11/14 at 100.00
AA
2,095,086
   
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
      
7,000
  
0.000%, 8/01/40 – NPFG Insured
No Opt. Call
AA–
1,316,840
8,000
  
0.000%, 8/01/41 – NPFG Insured
No Opt. Call
AA–
1,410,960
210
  
0.000%, 8/01/47 – AMBAC Insured
No Opt. Call
BBB
25,160
   
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2007CC:
      
765
  
5.500%, 7/01/28 – NPFG Insured
No Opt. Call
AA–
764,426
2,300
  
5.500%, 7/01/30 – AGM Insured
No Opt. Call
AA
2,333,902
1,750
  
Rhode Island Convention Center Authority, Lease Revenue Bonds, Series 2005A, 5.000%, 5/15/21 –
5/15 at 100.00
AA
1,808,048
   
AGM Insured
      
2,000
  
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 2003, 5.000%,
10/14 at 100.00
BBB+
2,003,320
   
10/01/26 – RAAI Insured
      
2,000
  
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 2006, 5.000%,
10/16 at 100.00
AA–
2,113,040
   
10/01/27 – FGIC Insured
      
300
  
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Working Capital
10/24 at 100.00
BBB+
324,048
   
Series 2014A, 5.000%, 10/01/34 (WI/DD, Settling 9/05/14)
      
3,500
  
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien
10/20 at 100.00
BBB
3,832,745
   
Series 2010A, 5.000%, 10/01/29
      
1,825
  
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Subordinate
10/20 at 100.00
Baa2
2,021,388
   
Lien Series 2010B, 5.250%, 10/01/29
      
75,520
  
Total Tax Obligation/Limited
    
64,381,290
   
Transportation – 5.5% (3.7% of Total Investments)
      
   
Baltimore, Maryland, Revenue Refunding Bonds, Parking System Facilities, Series 1998A:
      
1,060
  
5.250%, 7/01/17 – FGIC Insured
No Opt. Call
AA–
1,133,617
110
  
5.250%, 7/01/21 – FGIC Insured
No Opt. Call
AA–
124,941
125
  
Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43
10/23 at 100.00
BBB
140,730
   
(Alternative Minimum Tax)
      
   
Maryland Health and Higher Educational Facilities Authority, Parking Facilities Revenue Bonds,
      
   
Johns Hopkins Hospital, Series 2001:
      
1,300
  
5.000%, 7/01/27 – AMBAC Insured
1/15 at 100.00
N/R
1,301,976
1,000
  
5.000%, 7/01/34 – AMBAC Insured
1/15 at 100.00
N/R
1,001,110
750
  
Maryland Health and Higher Educational Facilities Authority, Parking Facilities Revenue Bonds,
1/15 at 100.00
N/R
760,568
   
Johns Hopkins Medical Institution, Series 2004B, 5.000%, 7/01/15 – AMBAC Insured
      
460
  
Maryland Health and Higher Educational Facilities Authority, Parking Revenue Bonds, Johns
11/14 at 100.00
A
460,814
   
Hopkins Medical Institutions Parking Facilities, Series 1996, 5.500%, 7/01/26 – AMBAC Insured
      
   
Maryland Transportation Authority, Revenue Bonds, Grant Anticipation Series 2008:
      
1,000
  
5.250%, 3/01/15
No Opt. Call
AAA
1,025,880
2,000
  
5.250%, 3/01/16
No Opt. Call
AAA
2,148,660
10,110
  
Maryland Transportation Authority, Revenue Bonds, Transportation Facilities Projects, Series
7/17 at 100.00
AA
11,045,377
   
2007, 5.000%, 7/01/30 – AGM Insured (UB)
      
   
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air
      
   
Terminal LLC, Sixth Series 1997:
      
20
  
5.750%, 12/01/22 – NPFG Insured (Alternative Minimum Tax)
12/14 at 100.00
AA–
20,124
70
  
5.750%, 12/01/25 – NPFG Insured (Alternative Minimum Tax)
12/14 at 100.00
AA–
70,197
18,005
  
Total Transportation
    
19,233,994
   
U.S. Guaranteed – 19.1% (12.8% of Total Investments) (6)
      
500
  
Baltimore County, Maryland, Revenue Bonds, Catholic Health Initiatives, Series 2006A, 5.000%,
9/16 at 100.00
A+ (6)
545,910
   
9/01/36 (Pre-refunded 9/01/16)
      
1,540
  
Baltimore, Maryland, General Obligation Bonds, Consolidated Public Improvements, Series 2004A,
10/14 at 100.00
AA (6)
1,549,671
   
5.000%, 10/15/22 (Pre-refunded 10/15/14) – AMBAC Insured
      
3,120
  
Baltimore, Maryland, Revenue Refunding Bonds, Water Projects, Series 1998A, 5.000%, 7/01/28 –
No Opt. Call
AA (6)
3,767,182
   
FGIC Insured (ETM)
      
2,000
  
Baltimore, Maryland, Revenue Refunding Bonds, Water System Projects, Series 1994A, 5.000%,
No Opt. Call
AA (6)
2,470,040
   
7/01/24 – FGIC Insured (ETM)
      
1,500
  
Baltimore, Maryland, Wastewater Project Revenue Bonds, Series 2006C, 5.000%, 7/01/31
7/16 at 100.00
AA (6)
1,631,655
   
(Pre-refunded 7/01/16) – AMBAC Insured
      
1,680
  
Carroll County, Maryland, General Obligation Consolidated Public Improvement Bonds, Series
12/15 at 100.00
AAA
1,782,446
   
2005A, 5.000%, 12/01/16 (Pre-refunded 12/01/15)
      
15
  
Charles County, Maryland, Consolidated General Obligation Public Improvement Bonds, Series
No Opt. Call
Aa1 (6)
16,082
   
2006, 5.000%, 3/01/16 (ETM)
      
1,910
  
Frederick, Maryland, General Obligation Bonds, Series 2005, 5.000%, 8/01/16 (Pre-refunded
8/15 at 100.00
AA (6)
1,995,816
   
8/01/15) – NPFG Insured
      
5,335
  
Maryland Community Development Administration, Department of Housing and Community
10/14 at 100.00
Aa2 (6)
5,337,989
   
Development, Residential Revenue Bonds, Series 2005E, 4.900%, 9/01/36 (Alternative
      
   
Minimum Tax) (Pre-refunded 10/27/14) (UB) (5)
      
1,750
  
Maryland Health and Higher Educational Facilities Authority, Educational Facilities Leasehold
10/14 at 100.00
BB (6)
1,750,368
   
Mortgage Revenue Bonds, McLean School, Series 2001, 6.000%, 7/01/31 (Pre-refunded 10/01/14)
      
510
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, College of Notre
No Opt. Call
A3 (6)
512,040
   
Dame of Maryland, Series 1998, 4.600%, 10/01/14 – NPFG Insured (ETM)
      
   
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Helix Health,
      
   
Series 1997:
      
970
  
5.000%, 7/01/17 – AMBAC Insured (ETM)
No Opt. Call
N/R (6)
1,047,862
3,240
  
5.000%, 7/01/27 – AMBAC Insured (ETM)
No Opt. Call
N/R (6)
3,962,585
3,125
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Howard County
1/15 at 100.00
N/R (6)
3,420,469
   
General Hospital, Series 1993, 5.500%, 7/01/25 (ETM)
      
4,225
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Kaiser Permanente
10/14 at 100.00
A+ (6)
4,244,815
   
System, Series 1998A, 5.375%, 7/01/15 (Pre-refunded 10/01/14)
      
2,100
  
Maryland Industrial Development Financing Authority, Revenue Bonds, Our Lady of Good Counsel
5/15 at 100.00
N/R (6)
2,179,506
   
High School, Series 2005A, 6.000%, 5/01/35 (Pre-refunded 5/01/15)
      
5,000
  
Maryland State, General Obligation Bonds, State & Local Facilities Loan, First Series 2005A,
2/15 at 100.00
AAA
5,113,248
   
5.000%, 2/15/16 (Pre-refunded 2/15/15)
      
2,110
  
Maryland State, General Obligation Bonds, State & Local Facilities Loan, Second Series 2009B,
8/19 at 100.00
AAA
2,513,327
   
5.000%, 8/15/21 (Pre-refunded 8/15/19)
      
1,090
  
Maryland State, General Obligation Bonds, State & Local Facilities Loan, Series 2006A, 5.000%,
3/16 at 100.00
AAA
1,168,589
   
3/01/17 (Pre-refunded 3/01/16)
      
825
  
Maryland Transportation Authority, Revenue Refunding Bonds, Transportation Facilities
No Opt. Call
Aaa
889,730
   
Projects, First Series 1978, 6.800%, 7/01/16 – AMBAC Insured (ETM)
      
4,000
  
Metropolitan Washington D.C. Airports Authority, District of Columbia, Airport System Revenue
10/14 at 100.00
AA– (6)
4,017,279
   
Bonds, Series 2004D, 5.000%, 10/01/18 (Pre-refunded 10/01/14) – NPFG Insured (Alternative
      
   
Minimum Tax)
      
1,100
  
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 1998A,
No Opt. Call
Aaa
1,327,601
   
5.125%, 6/01/24 – AMBAC Insured (ETM)
      
1,000
  
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 1996Y,
7/16 at 100.00
Aaa
1,094,600
   
5.500%, 7/01/36 (Pre-refunded 7/01/16)
      
1,610
  
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA,
No Opt. Call
A3 (6)
1,934,898
   
5.500%, 7/01/19 – NPFG Insured (ETM)
      
650
  
University of Maryland, Auxiliary Facility and Tuition Revenue Bonds, Series 2005A, 5.000%,
4/15 at 100.00
Aa1 (6)
668,571
   
4/01/18 (Pre-refunded 4/01/15)
      
3,135
  
University of Maryland, Auxiliary Facility and Tuition Revenue Bonds, Series 2006A, 5.000%,
10/16 at 100.00
AA+ (6)
3,439,503
   
10/01/22 (Pre-refunded 10/01/16)
      
   
Washington Suburban Sanitary District, Montgomery and Prince George’s Counties, Maryland,
      
   
Sewerage Disposal Bonds, Series 2005:
      
4,500
  
5.000%, 6/01/16 (Pre-refunded 6/01/15)
6/15 at 100.00
AAA
4,666,993
1,235
  
5.000%, 6/01/23 (Pre-refunded 6/01/15)
6/15 at 100.00
AAA
1,280,831
1,235
  
5.000%, 6/01/24 (Pre-refunded 6/01/15)
6/15 at 100.00
AAA
1,280,831
1,235
  
5.000%, 6/01/25 (Pre-refunded 6/01/15)
6/15 at 100.00
AAA
1,280,831
62,245
  
Total U.S. Guaranteed
    
66,891,268
   
Utilities – 3.3% (2.2% of Total Investments)
      
1,250
  
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/30 – AGM Insured
10/22 at 100.00
AA
1,409,675
3,600
  
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2004PP, 5.000%, 7/01/22 –
11/14 at 100.00
AA–
3,600,214
   
NPFG Insured
      
1,570
  
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/22 –
7/15 at 100.00
AA–
1,572,072
   
FGIC Insured
      
1,225
  
Puerto Rico Electric Power Authority, Power Revenue Refunding Bonds, Series 2002JJ, 5.250%,
No Opt. Call
AA–
1,242,714
   
7/01/15 – NPFG Insured
      
730
  
Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding Series
7/17 at 100.00
BB+
730,905
   
2007A, 5.000%, 7/01/24
      
3,000
  
Wisconsin Public Power Incorporated System, Power Supply System Revenue Bonds, Series 2005A,
7/15 at 100.00
AA+
3,098,550
   
5.000%, 7/01/35 – AMBAC Insured
      
11,375
  
Total Utilities
    
11,654,130
   
Water and Sewer – 4.7% (3.2% of Total Investments)
      
2,500
  
Baltimore, Maryland, Project and Revenue Refunding Bonds, Water Projects, Series 2013B,
1/24 at 100.00
AA
2,861,775
   
5.000%, 7/01/38
      
1,045
  
Baltimore, Maryland, Revenue Refunding Bonds, Water System Projects, Series 1994A, 5.000%,
No Opt. Call
AA
1,202,555
   
7/01/24 – FGIC Insured
      
2,570
  
Baltimore, Maryland, Wastewater Project Revenue Bonds, Series 2006C, 5.000%, 7/01/31 –
7/16 at 100.00
AA
2,730,317
   
AMBAC Insured
      
3,000
  
Baltimore, Maryland, Wastewater Project Revenue Bonds, Series 2007D, 5.000%, 7/01/32 –
7/17 at 100.00
AA
3,271,438
   
AMBAC Insured
      
2,000
  
Baltimore, Maryland, Wastewater Project Revenue Bonds, Series 2011A, 5.000%, 7/01/41
7/21 at 100.00
AA
2,218,820
300
  
Guam Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding
7/24 at 100.00
A–
325,332
   
Series 2014A, 5.000%, 7/01/35
      
2,030
  
Guam Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013,
7/23 at 100.00
A–
2,269,946
   
5.500%, 7/01/43
      
1,645
  
Maryland Water Quality Financing Administration, Revolving Loan Fund Revenue Bonds, Series
No Opt. Call
AAA
1,725,786
   
2005A, 5.000%, 9/01/15
      
15,090
  
Total Water and Sewer
    
16,605,969
$ 506,880
  
Total Municipal Bonds (cost $495,596,651)
    
518,159,797
           
Shares
  
Description (1)
    
Value
   
COMMON STOCKS – 0.9% (0.6% of Total Investments)
      
   
Airlines – 0.9% (0.6% of Total Investments)
      
79,607
  
American Airlines Group Inc., (7)
    
$ 3,097,508
   
Total Common Stocks (cost $2,473,540)
    
3,097,508
   
Total Long-Term Investments (cost $498,070,191)
    
521,257,305
   
Floating Rate Obligations – (6.3)%
    
(21,935,000)
   
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (47.6)% (8)
    
(167,000,000)
   
Other Assets Less Liabilities – 5.2%
    
18,127,748
   
Net Assets Applicable to Common Shares – 100%
    
$ 350,450,053
 
 
 
 
 

 
Fair Value Measurements
 
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
 
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
 
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
 
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:
 
 
Level 1
Level 2
Level 3
Total
Long-Term Investments:
        
Municipal Bonds
$ —
$518,159,797
$ —
$518,159,797
Common Stocks
3,097,508
—
—
3,097,508
Total
$3,097,508
$518,159,797
$ —
$521,257,305
 
Income Tax Information
 
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
 
As of August 31, 2014, the cost of investments was $477,639,951.
 
Gross unrealized appreciation and gross unrealized depreciation of investments as of August 31, 2014, were as follows:
  
   
Gross unrealized:
  
Appreciation
$27,123,539
Depreciation
(5,441,156)
Net unrealized appreciation (depreciation) of investments
$21,682,383
 
(1)
  
All percentages shown in the Portfolio of Investments are based on net assets applicable to common
   
shares unless otherwise noted.
(2)
  
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption.
   
There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may
   
be subject to periodic principal paydowns.
(3)
  
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc.
   
(“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by
   
Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these
   
national rating agencies.
(4)
  
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income
   
producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on
   
the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the
   
Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations
   
and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
(5)
  
Investment, or portion of investment, has been pledged to collateralize the net payment obligations
   
for investments in inverse floating rate transactions.
(6)
  
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities,
   
which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or
   
agency securities are regarded as having an implied rating equal to the rating of such securities.
(7)
  
On November 28, 2011, AMR Corp. (“AMR”), the parent company of American Airlines Group, Inc. (“AAL”)
   
filed for federal bankruptcy protection. On December 9, 2013, AMR emerged from federal bankruptcy with
   
the acceptance of its reorganization plan by the bankruptcy court. Under the settlement agreement
   
established to meet AMR’s unsecured bond obligations, the bondholders, including the Fund, received a
   
distribution of AAL preferred stock which was converted to AAL common stock over a 120- day period. Every
   
30 days, a quarter of the preferred stock was converted to AAL common stock based on the 5-day
   
volume-weighted average price and the amount of preferred shares tendered during the optional
   
preferred conversion period.
(8)
  
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total
   
Investments is 32.0%.
WI/DD
  
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
(ETM)
  
Escrowed to maturity.
(UB)
  
Underlying bond of an inverse floating rate trust reflected as a financing transaction.
 
  
 
 
 
 
Item 2. Controls and Procedures.

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") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
 
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 (17 CFR 270.30a-3(d)) 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.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See EX-99 CERT attached hereto.

 
 
 
 
 
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)  Nuveen Maryland Premium Income Municipal Fund 
 
By (Signature and Title)     /s/ Kevin J. McCarthy                    
                                                   Kevin J. McCarthy
                                                   Vice President and Secretary
 
Date:         October 30, 2014        
 
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 (Signature and Title)     /s/ Gifford R. Zimmerman                    
                                                    Gifford R. Zimmerman
                                                  Chief Administrative Officer (principal executive officer) 
 
Date:         October 30, 2014        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date:         October 30, 2014