Unassociated Document



 
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:         2/28/15         
 
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
      
 
   
Nuveen Maryland Premium Income Municipal Fund (NMY)
      
   
February 28, 2015 (Unaudited)
      
 
Principal
    
Optional Call
    
Amount (000)
  
Description (1)
Provisions (2)
Ratings (3)
Value
 
   
LONG-TERM INVESTMENTS – 151.6% (100.0% of Total Investments)
      
 
   
MUNICIPAL BONDS – 150.8% (99.5% of Total Investments)
      
 
   
Consumer Discretionary – 4.8% (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
Ba1
$        569,673
400
  
5.250%, 9/01/19 – SYNCORA GTY Insured
9/16 at 100.00
Ba1
419,836
330
  
5.250%, 9/01/25 – SYNCORA GTY Insured
9/16 at 100.00
Ba1
340,517
350
  
5.250%, 9/01/27 – SYNCORA GTY Insured
9/16 at 100.00
Ba1
360,475
535
  
4.600%, 9/01/30 – SYNCORA GTY Insured
9/16 at 100.00
Ba1
545,802
100
  
5.000%, 9/01/32 – SYNCORA GTY Insured
9/16 at 100.00
Ba1
102,526
12,165
  
5.250%, 9/01/39 – SYNCORA GTY Insured
9/16 at 100.00
Ba1
12,520,948
1,000
  
Baltimore, Maryland, Subordinate Lien Convention Center Hotel Revenue Bonds, Series 2006B,
9/16 at 100.00
Ba2
1,038,400
   
5.875%, 9/01/39
      
2,000
  
Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference
12/16 at 100.00
N/R
1,037,300
   
Center, Series 2006A, 5.000%, 12/01/31 (4)
      
17,420
  
Total Consumer Discretionary
    
16,935,477
   
Consumer Staples – 2.9% (1.9% of Total Investments)
      
   
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue
      
   
Bonds, Senior Lien, Series 2007A-2:
      
595
  
5.125%, 6/01/24
6/17 at 100.00
B–
511,289
1,000
  
5.875%, 6/01/30
6/17 at 100.00
B–
855,660
   
Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds,
      
   
Series 2007A:
      
2,815
  
5.250%, 6/01/32
6/17 at 100.00
B
2,739,699
2,665
  
5.625%, 6/01/47
6/17 at 100.00
B
2,111,773
3,270
  
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds,
5/15 at 100.00
BBB
3,258,849
   
Series 2002, 5.500%, 5/15/39
      
800
  
Tobacco Settlement Financing Corporation, Virgin Islands, Tobacco Settlement Asset-Backed
5/15 at 100.00
A3
800,008
   
Bonds, Series 2001, 5.000%, 5/15/31
      
11,145
  
Total Consumer Staples
    
10,277,278
   
Education and Civic Organizations – 13.0% (8.5% of Total Investments)
      
2,375
  
Frederick County, Maryland, Educational Facilities Revenue Bonds, Mount Saint Mary’s
9/16 at 100.00
BB+
2,387,920
   
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–
787,710
   
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+
2,274,500
530
  
5.250%, 7/01/38
No Opt. Call
AA+
591,189
1,250
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Loyola University
10/22 at 100.00
A
1,404,175
   
Maryland, Series 2012A, 5.000%, 10/01/39
      
   
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Loyola University
      
   
Maryland, Series 2014:
      
1,250
  
5.000%, 10/01/45
10/24 at 100.00
A
1,427,925
1,000
  
4.000%, 10/01/45
10/24 at 100.00
A
1,019,960
3,500
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Maryland Institute
6/16 at 100.00
Baa1
3,672,165
   
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
1,171,968
   
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
1,643,085
3,000
  
5.000%, 6/01/47
6/22 at 100.00
Baa1
3,257,400
745
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Patterson Park
7/20 at 100.00
BBB–
784,999
   
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+
1,337,612
1,050
  
5.000%, 7/01/37
No Opt. Call
AA+
1,202,355
   
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+
570,940
4,375
  
4.250%, 7/01/41
7/23 at 100.00
AA+
4,675,869
625
  
Morgan State University, Maryland, Student Tuition and Fee Revenue Bonds, Academic Fees and
7/22 at 100.00
A+
713,013
   
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–
10,801,680
   
Fees and Auxiliary Facilities, Series 1993, 6.100%, 7/01/20 – NPFG Insured
      
265
  
University of Puerto Rico, University System Revenue Bonds, Series 2006P, 5.000%, 6/01/23
6/16 at 100.00
B
152,084
1,145
  
University of Puerto Rico, University System Revenue Bonds, Series 2006Q, 5.000%, 6/01/19
6/16 at 100.00
B
674,794
   
Westminster, Maryland, Educational Facilities Revenue Bonds, McDaniel College, Series 2006:
      
2,000
  
5.000%, 11/01/31
11/16 at 100.00
BBB+
2,045,740
2,750
  
4.500%, 11/01/36
11/16 at 100.00
BBB+
2,779,535
42,280
  
Total Education and Civic Organizations
    
45,376,618
   
Health Care – 31.8% (21.0% of Total Investments)
      
2,445
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds Doctors Community
7/20 at 100.00
Baa3
2,595,147
   
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
1,573,695
375
  
6.125%, 1/01/36
1/22 at 100.00
Baa2
432,829
1,355
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Anne Arundel
No Opt. Call
A–
1,570,621
   
Health System Issue, Series 2012, 5.000%, 7/01/24
      
2,500
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Anne Arundel
7/19 at 100.00
A–
2,720,225
   
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
2,229,940
   
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
1,021,710
2,550
  
5.000%, 7/01/40
7/16 at 100.00
A3
2,620,354
   
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
1,040,320
1,775
  
5.000%, 7/01/37
7/22 at 100.00
A3
1,937,040
4,050
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Doctors Community
7/17 at 100.00
Baa3
4,135,455
   
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
4,491,147
   
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–
578,595
500
  
5.000%, 5/15/26
5/21 at 100.00
AA–
575,580
2,735
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health
7/17 at 100.00
AA
2,923,250
   
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
580,600
1,000
  
6.000%, 7/01/41
7/21 at 100.00
A
1,184,470
   
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
2,460,642
2,905
  
5.500%, 7/01/42
7/17 at 100.00
BBB
3,076,569
2,850
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical
7/22 at 100.00
BBB
3,068,196
   
Center, Series 2011, 5.000%, 7/01/31
      
   
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional
      
   
Medical Center Issue, Series 2015:
      
1,185
  
5.000%, 7/01/39
7/24 at 100.00
A
1,337,166
2,000
  
5.000%, 7/01/45
7/24 at 100.00
A
2,248,280
4,450
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, The Johns Hopkins
5/20 at 100.00
AA–
4,967,713
   
Health System Obligated Group Issue, Series 2010, 5.000%, 5/15/40
      
   
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
12,670,700
3,750
  
4.000%, 7/01/43
7/22 at 100.00
A2
3,864,225
   
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
722,876
1,325
  
5.000%, 7/01/36
7/16 at 100.00
A2
1,364,564
4,155
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of
7/19 at 100.00
A2
4,547,440
   
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
146,698
7,075
  
5.750%, 1/01/38
1/18 at 100.00
BBB
7,673,828
1,950
  
6.000%, 1/01/43
1/18 at 100.00
BBB
2,122,731
12,250
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland
7/24 at 100.00
BBB
13,898,482
   
Health, Series 2014, 5.250%, 7/01/34
      
8,000
  
Montgomery County, Maryland, Revenue Bonds, Trinity Health Credit Group, Refunding Series
12/21 at 100.00
AA
9,029,600
   
2011MD, 5.000%, 12/01/40
      
6,000
  
Montgomery County, Maryland, Revenue Bonds, Trinity Health Credit Group, Series 2015,
6/25 at 100.00
AA
6,034,920
   
4.000%, 12/01/44
      
102,575
  
Total Health Care
    
111,445,608
   
Housing/Multifamily – 6.5% (4.3% of Total Investments)
      
2,020
  
Anne Arundel County, Maryland, FNMA Multifamily Housing Revenue Bonds, Glenview Gardens
1/20 at 102.00
AA+
2,194,609
   
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+
1,524,345
1,550
  
5.000%, 6/01/44
6/24 at 100.00
A+
1,696,521
   
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+
3,322,620
2,000
  
4.625%, 10/01/28
10/23 at 100.00
A+
2,156,840
2,110
  
Maryland Community Development Administration, Multifamily Housing Revenue Bonds, Princess
6/15 at 100.00
Aaa
2,112,511
   
Anne Apartments, Series 2001D, 5.450%, 12/15/33 (Alternative Minimum Tax)
      
   
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
556,230
500
  
5.000%, 6/01/34
6/23 at 100.00
Baa3
545,325
1,500
  
Maryland Economic Development Corporation, Student Housing Revenue Bonds, Sheppard Pratt
No Opt. Call
BBB–
1,635,420
   
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
5,347,119
   
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
5/15 at 100.00
Aa2
85,357
   
Housing Revenue Bonds, Series 1995A, 5.900%, 7/01/15
      
1,500
  
Montgomery County Housing Opportunities Commission, Maryland, Multifamily Housing Development
7/24 at 100.00
Aaa
1,520,520
   
Bonds, Series 2014A, 3.875%, 7/01/39
      
21,380
  
Total Housing/Multifamily
    
22,697,417
   
Housing/Single Family – 8.4% (5.5% of Total Investments)
      
3,000
  
Maryland Community Development Administration Department of Housing and Community Development,
9/18 at 100.00
Aa2
3,104,820
   
Residential Revenue Bonds, Series 2009B, 4.750%, 9/01/39
      
2,365
  
Maryland Community Development Administration Department of Housing and Community Development,
9/23 at 100.00
Aa2
2,512,174
   
Residential Revenue Bonds, Series 2014A, 4.300%, 9/01/32
      
   
Maryland Community Development Administration Department of Housing and Community Development,
      
   
Residential Revenue Bonds, Series 2014C:
      
3,000
  
3.400%, 3/01/31
3/24 at 100.00
Aa2
3,025,530
1,165
  
3.750%, 3/01/39
3/24 at 100.00
Aa2
1,178,339
1,000
  
Maryland Community Development Administration Department of Housing and Community Development,
12/24 at 100.00
Aaa
994,910
   
Residential Revenue Bonds, Series 2014I, 3.450%, 12/15/31
      
1,800
  
Maryland Community Development Administration, Department of Housing and Community
9/15 at 100.00
Aa2
1,813,716
   
Development, Residential Revenue Bonds, Series 2006B, 4.750%, 9/01/25 (Alternative Minimum
      
   
Tax) (UB) (5)
      
550
  
Maryland Community Development Administration, Department of Housing and Community
4/15 at 100.00
Aa2
554,252
   
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
7,612,350
   
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
4,141,505
   
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
2,865,038
   
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
1,550,746
   
Development, Residential Revenue Bonds, Series 2007H, 5.000%, 9/01/27 (Alternative Minimum
      
   
Tax) (UB) (5)
      
28,775
  
Total Housing/Single Family
    
29,353,380
   
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
6,394,248
   
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–
3,482,117
   
Management Inc., Series 2002, 4.600%, 4/01/16 (Alternative Minimum Tax)
      
9,235
  
Total Industrials
    
9,876,365
   
Long-Term Care – 6.3% (4.1% 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
5,424,434
2,050
  
Gaithersburg, Maryland, Economic Development Revenue Bonds, Asbury Methodist Homes Inc.,
1/20 at 100.00
BBB
2,326,770
   
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
1,908,768
5,060
  
6.250%, 1/01/45
1/21 at 100.00
A
5,716,687
1,000
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Edenwald, Series
7/16 at 100.00
N/R
1,028,010
   
2006A, 5.400%, 1/01/31
      
   
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, King Farm
      
   
Presbyterian Community, Series 2007A:
      
410
  
5.000%, 1/01/17
No Opt. Call
N/R
428,954
1,460
  
5.250%, 1/01/27
1/17 at 100.00
N/R
1,509,421
1,050
  
5.300%, 1/01/37
1/17 at 100.00
N/R
1,078,875
2,480
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Ridge
7/17 at 100.00
A–
2,543,190
   
Retirement Community, Series 2007, 4.750%, 7/01/34
      
20,410
  
Total Long-Term Care
    
21,965,109
   
Tax Obligation/General – 20.6% (13.6% of Total Investments)
      
685
  
Anne Arundel County, Maryland, General Obligation Bonds, Refunding Consolidated Water & Sewer
3/16 at 100.00
AAA
718,723
   
Series 2006, 5.000%, 3/01/17
      
1,565
  
Anne Arundel County, Maryland, General Obligation Bonds, Series 2006, 5.000%, 3/01/21
3/16 at 100.00
AAA
1,640,902
1,070
  
Baltimore, Maryland, General Obligation Bonds, Consolidated Public Improvements, Refunding
No Opt. Call
AA
1,103,395
   
Series 2013B, 5.000%, 10/15/15
      
   
Baltimore, Maryland, General Obligation Bonds, Consolidated Public Improvements, Series 2011A:
      
1,000
  
5.000%, 10/15/29
10/21 at 100.00
AA
1,169,890
1,200
  
5.000%, 10/15/30
10/21 at 100.00
AA
1,398,240
805
  
Charles County, Maryland, Consolidated General Obligation Public Improvement Bonds, Series
No Opt. Call
AAA
844,493
   
2006, 5.000%, 3/01/16
      
1,180
  
Frederick County, Maryland, General Obligation Public Facilities Bonds, Refunding Series 2013,
No Opt. Call
AAA
1,186,148
   
3.000%, 5/01/15
      
2,305
  
Maryland National Capital Park Planning Commission, Prince George’s County, General Obligation
5/15 at 100.00
AAA
2,314,381
   
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
1,092,040
   
5.000%, 3/15/17
      
1,895
  
Maryland State, General Obligation Bonds, State & Local Facilities Loan, Second Series 2009A,
No Opt. Call
AAA
2,008,018
   
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
5,282,112
3,750
  
5.250%, 8/15/17
No Opt. Call
AAA
4,180,050
1,000
  
Maryland State, General Obligation Bonds, State & Local Facilities Loan, Second Series 2010A,
No Opt. Call
AAA
1,016,710
   
4.000%, 8/01/15
      
5,705
  
Maryland State, General Obligation Bonds, State and Local Facilities Loan, First Series 2014C,
No Opt. Call
AAA
5,824,748
   
5.000%, 8/01/15
      
3,435
  
Maryland State, General Obligation Bonds, State and Local Facilities Loan, Refunding Second
No Opt. Call
AAA
3,507,101
   
Series 2011E, 5.000%, 8/01/15
      
5,850
  
Montgomery County, Maryland, Consolidated General Obligation Public Improvement Bonds, Series
No Opt. Call
AAA
5,948,865
   
2005A, 5.000%, 7/01/15
      
2,800
  
Montgomery County, Maryland, General Obligation Bonds, Consolidated Public Improvement Series
No Opt. Call
AAA
2,957,220
   
2006A, 5.000%, 5/01/16
      
4,750
  
Montgomery County, Maryland, General Obligation Bonds, Consolidated Public Improvement Series
No Opt. Call
AAA
4,849,703
   
2008A, 5.000%, 8/01/15
      
4,700
  
Montgomery County, Maryland, General Obligation Bonds, Consolidated Public Improvement Series
No Opt. Call
AAA
4,824,268
   
2013A, 4.000%, 11/01/15
      
4,930
  
Patterson Joint Unified School District, Stanislaus County, California, General Obligation
No Opt. Call
AA
1,349,489
   
Bonds, 2008 Election Series 2009B, 0.000%, 8/01/42 – AGM Insured
      
   
Prince George’s County, Maryland, General Obligation Consolidated Public Improvement Bonds,
      
   
Series 2014A:
      
3,000
  
4.000%, 9/01/30
9/24 at 100.00
AAA
3,283,020
3,000
  
4.000%, 9/01/31
9/24 at 100.00
AAA
3,272,580
2,155
  
Puerto Rico, General Obligation Bonds, Public Improvement Refunding Series 2007A, 5.500%,
No Opt. Call
AA–
2,309,578
   
7/01/20 – NPFG Insured
      
2,270
  
Puerto Rico, General Obligation Bonds, Public Improvement Series 2002A, 5.500%, 7/01/20 –
No Opt. Call
AA–
2,432,827
   
NPFG Insured
      
1,025
  
Washington Suburban Sanitary District, Montgomery and Prince George’s Counties, Maryland,
No Opt. Call
AAA
1,128,156
   
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
2,015,240
2,700
  
4.000%, 6/01/17
No Opt. Call
AAA
2,911,140
7,000
  
Wylie Independent School District, Collin County, Texas, General Obligation Bonds, Capital
8/25 at 35.55
Aaa
1,573,530
   
Appreciation Series 2015, 0.000%, 8/15/50 (WI/DD, Settling 3/05/15)
      
77,700
  
Total Tax Obligation/General
    
72,142,567
   
Tax Obligation/Limited – 16.7% (11.0% of Total Investments)
      
865
  
Anne Arundel County, Maryland, Special Obligation Bonds, National Business Park – North
7/18 at 102.00
N/R
926,346
   
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+
1,375,956
   
Farmington Village Projects, Series 2013, 5.000%, 7/01/32
      
120
  
Baltimore, Maryland, Revenue Refunding Bonds, Convention Center, Series 1998, 5.000%, 9/01/19 –
3/15 at 100.00
AA–
120,461
   
NPFG Insured
      
300
  
Baltimore, Maryland, Special Obligation Bonds, North Locust Point Project, Series 2005,
9/15 at 101.00
N/R
305,928
   
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
7/15 at 100.00
N/R
99,912
450
  
5.700%, 7/01/29 – RAAI Insured
7/15 at 100.00
N/R
452,345
   
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–
5,971,081
2,355
  
5.000%, 7/01/40
7/20 at 100.00
A–
2,602,558
1,780
  
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
6/15 at 100.00
A1
1,800,577
   
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
1,118,550
1,260
  
Huntington Beach Union High School District, Orange County, California, Certificates of
No Opt. Call
AA
509,342
   
Participation, Capital Project, Series 2007, 0.000%, 9/01/35 – AGM Insured
      
2,050
  
Hyattsville, Maryland, Special Obligation Bonds, University Town Center Project, Series 2004,
7/16 at 100.00
N/R
2,094,013
   
5.750%, 7/01/34
      
11,750
  
Maryland Department of Transportation, Consolidated Transportation Revenue Bonds, Series 2002,
No Opt. Call
AAA
12,330,450
   
5.500%, 2/01/16
      
6,650
  
Prince George’s County, Maryland, Special Obligation Bonds, National Harbor Project, Series
7/15 at 100.00
N/R
6,672,743
   
2005, 5.200%, 7/01/34
      
1,406
  
Prince George’s County, Maryland, Special Tax District Bonds, Victoria Falls Project, Series
7/15 at 100.00
N/R
1,413,564
   
2005, 5.250%, 7/01/35
      
1,100
  
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.500%,
No Opt. Call
B
1,096,997
   
7/01/29 – AMBAC Insured
      
1,530
  
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A,
No Opt. Call
B
190,623
   
0.000%, 7/01/44 – AMBAC Insured
      
2,100
  
Puerto Rico Municipal Finance Agency, Series 2002A, 5.250%, 8/01/21 – AGM Insured
5/15 at 100.00
AA
2,100,525
   
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–
1,302,140
8,000
  
0.000%, 8/01/41 – NPFG Insured
No Opt. Call
AA–
1,392,880
210
  
0.000%, 8/01/47 – AMBAC Insured
No Opt. Call
BB–
23,827
   
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2007CC:
      
765
  
5.500%, 7/01/28 – NPFG Insured
No Opt. Call
AA–
827,080
2,300
  
5.500%, 7/01/30 – AGM Insured
No Opt. Call
AA
2,495,454
1,750
  
Rhode Island Convention Center Authority, Lease Revenue Bonds, Series 2005A, 5.000%, 5/15/21 –
5/15 at 100.00
AA
1,768,095
   
AGM Insured
      
2,000
  
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 2006, 5.000%,
10/16 at 100.00
AA–
2,111,800
   
10/01/27 – FGIC Insured
      
300
  
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Working Capital
10/24 at 100.00
BBB+
330,483
   
Series 2014A, 5.000%, 10/01/34
      
1,035
  
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien
10/19 at 100.00
AA
1,176,971
   
Series 2009A-1, 5.000%, 10/01/29 – AGM Insured
      
3,500
  
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien
10/20 at 100.00
BBB
3,844,715
   
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
2,018,140
   
Lien Series 2010B, 5.250%, 10/01/29
      
70,050
  
Total Tax Obligation/Limited
    
58,473,556
   
Transportation – 5.4% (3.6% 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–
1,115,830
110
  
5.250%, 7/01/21 – FGIC Insured
No Opt. Call
AA–
124,292
125
  
Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43
10/23 at 100.00
BBB
148,811
   
(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
7/15 at 100.00
N/R
1,302,119
1,000
  
5.000%, 7/01/34 – AMBAC Insured
7/15 at 100.00
N/R
1,001,250
750
  
Maryland Health and Higher Educational Facilities Authority, Parking Facilities Revenue Bonds,
5/15 at 100.00
N/R
752,715
   
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
5/15 at 100.00
N/R
460,902
   
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
Aa1
1,000,580
2,000
  
5.250%, 3/01/16
No Opt. Call
AAA
2,101,840
10,110
  
Maryland Transportation Authority, Revenue Bonds, Transportation Facilities Projects, Series
7/17 at 100.00
AA
10,973,394
   
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)
6/15 at 100.00
AA–
20,114
70
  
5.750%, 12/01/25 – NPFG Insured (Alternative Minimum Tax)
6/15 at 100.00
AA–
70,214
18,005
  
Total Transportation
    
19,072,061
   
U.S. Guaranteed – 25.1% (16.6% of Total Investments) (6)
      
500
  
Baltimore County, Maryland, Revenue Bonds, Catholic Health Initiatives, Series 2006A, 5.000%,
9/16 at 100.00
A+ (6)
533,915
   
9/01/36 (Pre-refunded 9/01/16)
      
3,120
  
Baltimore, Maryland, Revenue Refunding Bonds, Water Projects, Series 1998A, 5.000%, 7/01/28 –
No Opt. Call
AA (6)
3,797,321
   
FGIC Insured (ETM)
      
2,000
  
Baltimore, Maryland, Revenue Refunding Bonds, Water System Projects, Series 1994A, 5.000%,
No Opt. Call
AA (6)
2,415,040
   
7/01/24 – FGIC Insured (ETM)
      
   
Baltimore, Maryland, Wastewater Project Revenue Bonds, Series 2006C:
      
1,500
  
5.000%, 7/01/31 (Pre-refunded 7/01/16) – AMBAC Insured
7/16 at 100.00
AA (6)
1,593,570
2,570
  
5.000%, 7/01/31 (Pre-refunded 7/01/16) – AMBAC Insured
7/16 at 100.00
AA (6)
2,732,835
3,000
  
Baltimore, Maryland, Wastewater Project Revenue Bonds, Series 2007D, 5.000%, 7/01/32
7/17 at 100.00
AA (6)
3,309,420
   
(Pre-refunded 7/01/17) – AMBAC Insured
      
1,680
  
Carroll County, Maryland, General Obligation Consolidated Public Improvement Bonds, Series
12/15 at 100.00
AAA
1,742,210
   
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)
15,731
   
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)
1,949,843
   
8/01/15) – NPFG Insured
      
   
Maryland Economic Development Corporation, Senior Lien Student Housing Revenue Bonds,
      
   
University of Maryland – Baltimore, Series 2003A:
      
15
  
5.000%, 10/01/15 (Pre-refunded 3/31/15)
3/15 at 100.00
B3 (6)
14,988
3,460
  
5.625%, 10/01/23 (Pre-refunded 3/31/15)
3/15 at 100.00
B3 (6)
3,362,843
1,500
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Anne Arundel
7/19 at 100.00
A– (6)
1,858,185
   
Health System, Series 2009A, 6.750%, 7/01/39 (Pre-refunded 7/01/19)
      
   
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)
1,027,036
3,240
  
5.000%, 7/01/27 – AMBAC Insured (ETM)
No Opt. Call
N/R (6)
3,974,184
3,125
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Howard County
5/15 at 100.00
N/R (6)
3,340,750
   
General Hospital, Series 1993, 5.500%, 7/01/25 (ETM)
      
7,720
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health,
5/16 at 100.00
AA+ (6)
8,186,211
   
Series 2007, 5.250%, 5/15/46 (Pre-refunded 5/15/16) – BHAC Insured
      
3,950
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional
7/16 at 100.00
A (6)
4,198,613
   
Medical Center, Series 2006, 5.000%, 7/01/36 (Pre-refunded 7/01/16)
      
   
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Union Hospital of
      
   
Cecil County, Series 2005:
      
1,000
  
5.000%, 7/01/35 (Pre-refunded 7/01/15)
7/15 at 100.00
A (6)
1,016,750
6,620
  
5.000%, 7/01/40 (Pre-refunded 7/01/15)
7/15 at 100.00
A (6)
6,730,885
3,190
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland
7/16 at 100.00
AA– (6)
3,390,779
   
Health, Series 2006A, 5.000%, 7/01/34 (Pre-refunded 7/01/16) – NPFG Insured
      
2,910
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland
7/16 at 100.00
AA– (6)
3,073,658
   
Health, Series 2006A, 4.500%, 1/01/22 (Pre-refunded 7/01/16) – NPFG Insured
      
2,100
  
Maryland Industrial Development Financing Authority, Revenue Bonds, Our Lady of Good Counsel
5/15 at 100.00
N/R (6)
2,121,294
   
High School, Series 2005A, 6.000%, 5/01/35 (Pre-refunded 5/01/15)
      
2,110
  
Maryland State, General Obligation Bonds, State & Local Facilities Loan, Second Series 2009B,
8/19 at 100.00
AAA
2,472,034
   
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
1,142,538
   
3/01/17 (Pre-refunded 3/01/16)
      
825
  
Maryland Transportation Authority, Revenue Refunding Bonds, Transportation Facilities
No Opt. Call
Aaa
866,118
   
Projects, First Series 1978, 6.800%, 7/01/16 – AMBAC Insured (ETM)
      
   
Montgomery County Revenue Authority, Maryland, Lease Revenue Bonds, Montgomery College Arts
      
   
Center Project, Series 2005A:
      
1,300
  
5.000%, 5/01/18 (Pre-refunded 5/01/15)
5/15 at 100.00
Aa3 (6)
1,311,310
1,365
  
5.000%, 5/01/19 (Pre-refunded 5/01/15)
5/15 at 100.00
Aa3 (6)
1,376,876
615
  
5.000%, 5/01/20 (Pre-refunded 5/01/15)
5/15 at 100.00
Aa3 (6)
620,351
1,100
  
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 1998A,
No Opt. Call
Aaa
1,323,234
   
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
1,070,210
   
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)
1,915,353
   
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)
652,997
   
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)
3,365,517
   
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
4,557,645
1,235
  
5.000%, 6/01/23 (Pre-refunded 6/01/15)
6/15 at 100.00
AAA
1,250,820
1,235
  
5.000%, 6/01/24 (Pre-refunded 6/01/15)
6/15 at 100.00
AAA
1,250,820
1,235
  
5.000%, 6/01/25 (Pre-refunded 6/01/15)
6/15 at 100.00
AAA
1,250,820
3,000
  
Wisconsin Public Power Incorporated System, Power Supply System Revenue Bonds, Series 2005A,
7/15 at 100.00
AA+ (6)
3,049,710
   
5.000%, 7/01/35 (Pre-refunded 7/01/15) – AMBAC Insured
      
82,100
  
Total U.S. Guaranteed
    
87,862,414
   
Utilities – 2.6% (1.7% 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
1,443,400
575
  
Guam Power Authority, Revenue Bonds, Series 2014A, 5.000%, 10/01/44
10/24 at 100.00
AA
656,845
3,600
  
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2004PP, 5.000%, 7/01/22 –
5/15 at 100.00
AA–
3,600,612
   
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–
1,572,119
   
FGIC Insured
      
1,225
  
Puerto Rico Electric Power Authority, Power Revenue Refunding Bonds, Series 2002JJ, 5.250%,
No Opt. Call
AA–
1,239,859
   
7/01/15 – NPFG Insured
      
730
  
Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding Series
7/17 at 100.00
BB+
736,052
   
2007A, 5.000%, 7/01/24
      
8,950
  
Total Utilities
    
9,248,887
   
Water and Sewer – 3.9% (2.6% of Total Investments)
      
2,500
  
Baltimore, Maryland, Project and Revenue Refunding Bonds, Water Projects, Series 2013B,
1/24 at 100.00
AA
2,873,225
   
5.000%, 7/01/38
      
2,500
  
Baltimore, Maryland, Revenue Bonds, Water Projects, Series 2014A, 5.000%, 7/01/44
1/25 at 100.00
AA–
2,870,500
1,045
  
Baltimore, Maryland, Revenue Refunding Bonds, Water System Projects, Series 1994A, 5.000%,
No Opt. Call
AA
1,190,506
   
7/01/24 – FGIC Insured
      
2,000
  
Baltimore, Maryland, Wastewater Project Revenue Bonds, Series 2011A, 5.000%, 7/01/41
7/21 at 100.00
AA
2,264,000
300
  
Guam Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding
7/24 at 100.00
A–
335,589
   
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–
2,353,338
   
5.500%, 7/01/43
      
1,645
  
Maryland Water Quality Financing Administration, Revolving Loan Fund Revenue Bonds, Series
No Opt. Call
AAA
1,686,141
   
2005A, 5.000%, 9/01/15
      
12,020
  
Total Water and Sewer
    
13,573,299
$522,045
  
Total Municipal Bonds (cost $503,052,351)
    
528,300,036
 
Shares
  
Description (1)
    
Value
   
COMMON STOCKS – 0.8% (0.5% of Total Investments)
      
           
   
Airlines – 0.8% (0.5% of Total Investments)
      
54,607
  
American Airlines Group Inc., (7)
    
$ 2,615,675
   
Total Common Stocks (cost $1,624,450)
    
2,615,675
   
Total Long-Term Investments (cost $504,676,801)
    
530,915,711
   
Floating Rate Obligations – (4.9)%
    
(17,170,000)
   
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (47.7)% (8)
    
(167,000,000)
   
Other Assets Less Liabilities – 1.0%
    
3,596,732
   
Net Assets Applicable to Common Shares – 100%
    
$  350,342,443
 
 
 
 
 
 
 
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
$           —
$528,300,036
$ —
$528,300,036
Common Stocks
2,615,675
—
—
2,615,675
Total
$2,615,675
$528,300,036
$ —
$530,915,711
 
 
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 on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
 
As of February 28, 2015, the cost of investments was $489,073,688.
 
Gross unrealized appreciation and gross unrealized depreciation of investments as of February 28, 2015, were as follows:
   
Gross unrealized:
  
Appreciation
$29,556,956
Depreciation
(4,884,958)
Net unrealized appreciation (depreciation) of investments
$24,671,998
 
(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)
  
As of, 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
   
ceased 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 31.5%.
(ETM)
  
Escrowed to maturity.
(UB)
  
Underlying bond of an inverse floating rate trust reflected as a financing transaction.
(WI/DD)
  
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
 
 
 
 
 
 
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:         April 29, 2015        
 
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:         April 29, 2015        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date:         April 29, 2015