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:         2/29/16         
 
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 29, 2016 (Unaudited)
      
 
 
Principal
    
Optional Call
    
Amount (000)
  
Description (1)
Provisions (2)
Ratings (3)
Value
 
   
LONG-TERM INVESTMENTS – 150.8% (99.4% of Total Investments)
      
 
   
MUNICIPAL BONDS – 150.3% (99.1% 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
$ 549,806
400
  
5.250%, 9/01/19 – SYNCORA GTY Insured
9/16 at 100.00
Ba1
406,956
330
  
5.250%, 9/01/25 – SYNCORA GTY Insured
9/16 at 100.00
Ba1
334,663
350
  
5.250%, 9/01/27 – SYNCORA GTY Insured
9/16 at 100.00
Ba1
354,858
535
  
4.600%, 9/01/30 – SYNCORA GTY Insured
9/16 at 100.00
Ba1
540,553
100
  
5.000%, 9/01/32 – SYNCORA GTY Insured
9/16 at 100.00
Ba1
101,238
12,165
  
5.250%, 9/01/39 – SYNCORA GTY Insured
9/16 at 100.00
Ba1
12,330,809
1,000
  
Baltimore, Maryland, Subordinate Lien Convention Center Hotel Revenue Bonds, Series 2006B,
9/16 at 100.00
BB
1,013,580
   
5.875%, 9/01/39
      
2,000
  
Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference
12/16 at 100.00
N/R
1,194,700
   
Center, Series 2006A, 5.000%, 12/01/31 (4)
      
17,420
  
Total Consumer Discretionary
    
16,827,163
   
Consumer Staples – 3.8% (2.5% 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–
548,917
1,545
  
5.875%, 6/01/30
6/17 at 100.00
B–
1,416,456
210
  
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed
6/22 at 100.00
B–
194,979
   
Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37
      
   
Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds,
      
   
Series 2007A:
      
2,465
  
5.250%, 6/01/32
6/17 at 100.00
CCC
2,470,004
2,665
  
5.625%, 6/01/47
6/17 at 100.00
CCC
2,517,252
100
  
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds,
5/16 at 100.00
B3
85,605
   
Series 2006A, 5.000%, 6/01/46
      
3,270
  
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds,
5/16 at 100.00
BBB+
3,284,519
   
Series 2002, 5.500%, 5/15/39
      
2,000
  
Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed
5/16 at 100.00
BB+
1,901,840
   
Bonds, San Diego County Tobacco Asset Securitization Corporation, Senior Series 2006A,
      
   
5.000%, 6/01/37
      
800
  
Tobacco Settlement Financing Corporation, Virgin Islands, Tobacco Settlement Asset-Backed
5/16 at 100.00
A3
800,160
   
Bonds, Series 2001, 5.000%, 5/15/31
      
13,650
  
Total Consumer Staples
    
13,219,732
   
Education and Civic Organizations – 14.5% (9.6% of Total Investments)
      
2,375
  
Frederick County, Maryland, Educational Facilities Revenue Bonds, Mount Saint Mary’s
9/16 at 100.00
BB+
2,384,120
   
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–
790,587
   
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+
2,206,540
530
  
5.250%, 7/01/38
No Opt. Call
AA+
578,129
   
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns Hopkins
      
   
University, Series 2012A:
      
1,145
  
5.000%, 7/01/30
No Opt. Call
AA+
1,345,192
1,050
  
5.000%, 7/01/37
No Opt. Call
AA+
1,224,248
   
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns Hopkins
      
   
University, Series 2013B:
      
500
  
5.000%, 7/01/38
7/23 at 100.00
AA+
571,075
4,375
  
4.250%, 7/01/41
7/23 at 100.00
AA+
4,690,962
1,250
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Loyola University
10/22 at 100.00
A
1,400,800
   
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
1,425,825
1,000
  
4.000%, 10/01/45
10/24 at 100.00
A
1,040,560
3,500
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Maryland Institute
6/16 at 100.00
Baa1
3,536,400
   
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
1,157,595
   
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
1,654,575
3,000
  
5.000%, 6/01/47
6/22 at 100.00
Baa1
3,248,940
745
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Patterson Park
7/20 at 100.00
BBB–
787,510
   
Public Charter School Issue, Series 2010, 6.000%, 7/01/40
      
625
  
Morgan State University, Maryland, Student Tuition and Fee Revenue Bonds, Academic Fees and
7/22 at 100.00
A+
718,031
   
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–
10,470,821
   
Fees and Auxiliary Facilities, Series 1993, 6.100%, 7/01/20 – NPFG Insured
      
5,920
  
University of Maryland, Auxiliary Facility and Tuition Revenue Bonds, Refunding Series 2015A,
No Opt. Call
AA+
5,945,870
   
5.000%, 4/01/16
      
265
  
University of Puerto Rico, University System Revenue Bonds, Refunding Series 2006P,
6/16 at 100.00
CC
108,414
   
5.000%, 6/01/23
      
1,145
  
University of Puerto Rico, University System Revenue Bonds, Series 2006Q, 5.000%, 6/01/19
6/16 at 100.00
CC
482,663
   
Westminster, Maryland, Educational Facilities Revenue Bonds, McDaniel College, Series 2006:
      
2,000
  
5.000%, 11/01/31
11/16 at 100.00
BBB+
2,025,000
2,750
  
4.500%, 11/01/36
11/16 at 100.00
BBB+
2,767,435
48,200
  
Total Education and Civic Organizations
    
50,561,292
   
Health Care – 33.9% (22.3% of Total Investments)
      
   
Maryland Health and Higher Educational Facilities Authority, Maryland, Hospital Revenue Bonds,
      
   
Meritus Medical Center, Series 2015:
      
990
  
4.000%, 7/01/32
7/25 at 100.00
BBB
1,027,907
2,470
  
4.250%, 7/01/35
7/25 at 100.00
BBB
2,587,276
1,375
  
5.000%, 7/01/45
7/25 at 100.00
BBB
1,522,441
2,445
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds Doctors Community
7/20 at 100.00
Baa3
2,596,223
   
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
1,568,808
375
  
6.125%, 1/01/36
1/22 at 100.00
Baa2
430,504
1,355
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Anne Arundel
No Opt. Call
A
1,586,610
   
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
2,685,225
   
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
2,237,200
   
System Issue, Refunding Series 2013, 5.000%, 7/01/38
      
   
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
A1
1,050,520
1,775
  
5.000%, 7/01/37
7/22 at 100.00
A1
1,941,459
4,050
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Doctors Community
7/17 at 100.00
Baa3
4,118,769
   
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
4,569,914
   
Hospital Issue, Series 2012A, 4.250%, 7/01/32
      
2,500
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns Hopkins
5/25 at 100.00
AA–
2,623,725
   
Health System Issue, Series 2015A, 4.000%, 5/15/40
      
4,450
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns Hopkins
5/20 at 100.00
AA–
4,903,143
   
Health System Obligated Group Issue, Series 2010, 5.000%, 5/15/40
      
   
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–
579,050
500
  
5.000%, 5/15/26
5/21 at 100.00
AA–
575,385
1,685
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health
7/17 at 100.00
AA
1,761,364
   
System, Series 2008, 5.000%, 7/01/28 – AGM 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+
577,885
1,000
  
6.000%, 7/01/41
7/21 at 100.00
A+
1,166,530
   
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health
      
   
System, Series 2015:
      
1,500
  
4.000%, 7/01/35
7/25 at 100.00
A+
1,570,830
1,125
  
5.000%, 7/01/40
7/25 at 100.00
A+
1,283,895
2,975
  
4.125%, 7/01/47
7/25 at 100.00
A+
3,102,419
2,500
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health
2/25 at 100.00
A2
2,857,575
   
Issue, Series 2015, 5.000%, 8/15/38
      
2,850
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical
7/22 at 100.00
BBB
3,095,242
   
Center, Series 2011, 5.000%, 7/01/31
      
   
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical
      
   
Center, Series 2016A:
      
90
  
5.000%, 7/01/36 (WI/DD, Settling 3/02/16)
7/26 at 100.00
BBB
103,510
1,895
  
5.000%, 7/01/38 (WI/DD, Settling 3/02/16)
7/26 at 100.00
BBB
2,175,877
585
  
4.000%, 7/01/42 (WI/DD, Settling 3/02/16)
7/26 at 100.00
BBB
585,714
   
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
1,344,157
4,000
  
5.000%, 7/01/45
7/24 at 100.00
A
4,506,000
   
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
12,765,690
4,665
  
4.000%, 7/01/43
7/22 at 100.00
A2
4,803,084
1,000
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of
7/25 at 100.00
A2
1,142,970
   
Maryland Medical System Issue, Series 2015, 5.000%, 7/01/35
      
4,155
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of
7/19 at 100.00
A2
4,484,159
   
Maryland Medical System, Series 2010, 5.125%, 7/01/39
      
12,250
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland
7/24 at 100.00
BBB
14,137,725
   
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
8,960,880
   
2011MD, 5.000%, 12/01/40
      
   
Montgomery County, Maryland, Revenue Bonds, Trinity Health Credit Group, Series 2015:
      
2,000
  
5.000%, 12/01/44
6/25 at 100.00
AA
2,305,360
6,000
  
4.000%, 12/01/44
6/25 at 100.00
AA
6,303,060
2,100
  
Montgomery County, Maryland, Revenue Bonds, Trinity Health Credit Group, Series 2016,
6/26 at 100.00
AA
2,456,181
   
5.000%, 12/01/45
      
107,530
  
Total Health Care
    
118,094,266
   
Housing/Multifamily – 6.0% (3.9% of Total Investments)
      
2,000
  
Anne Arundel County, Maryland, FNMA Multifamily Housing Revenue Bonds, Glenview Gardens
1/20 at 102.00
AA+
2,180,380
   
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+
1,571,955
1,550
  
5.000%, 6/01/44
6/24 at 100.00
A+
1,688,679
   
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+
3,442,800
2,000
  
4.625%, 10/01/28
10/23 at 100.00
A+
2,229,840
2,110
  
Maryland Community Development Administration, Multifamily Housing Revenue Bonds, Princess
6/16 at 100.00
Aaa
2,113,144
   
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
550,295
500
  
5.000%, 6/01/34
6/23 at 100.00
Baa3
537,650
1,500
  
Maryland Economic Development Corporation, Student Housing Revenue Bonds, Sheppard Pratt
No Opt. Call
BBB–
1,645,710
   
University Village, Series 2012, 5.000%, 7/01/33
      
495
  
Maryland Economic Development Corporation, Student Housing Revenue Bonds, University of
7/25 at 100.00
BBB–
530,917
   
Maryland – Baltimore Project, Refunding Senior Lien Series 2015, 5.000%, 7/01/39
      
   
Maryland Economic Development Corporation, Student Housing Revenue Bonds, University of
      
   
Maryland, College Park Project, Refunding Series 2016:
      
240
  
5.000%, 6/01/31 (WI/DD, Settling 3/17/16) – AGM Insured
6/26 at 100.00
AA
283,771
1,440
  
5.000%, 6/01/35 (WI/DD, Settling 3/17/16) – AGM Insured
6/26 at 100.00
AA
1,672,258
780
  
5.000%, 6/01/43 (WI/DD, Settling 3/17/16) – AGM Insured
6/26 at 100.00
AA
883,943
1,500
  
Montgomery County Housing Opportunities Commission, Maryland, Multifamily Housing
7/24 at 100.00
Aaa
1,528,350
   
Development Bonds, Series 2014A, 3.875%, 7/01/39
      
19,115
  
Total Housing/Multifamily
    
20,859,692
   
Housing/Single Family – 8.7% (5.7% of Total Investments)
      
3,000
  
Maryland Community Development Administration Department of Housing and Community
9/18 at 100.00
Aa2
3,081,210
   
Development, Residential Revenue Bonds, Series 2009B, 4.750%, 9/01/39
      
2,385
  
Maryland Community Development Administration Department of Housing and Community
3/26 at 100.00
AA
2,319,866
   
Development, Residential Revenue Bonds, Series 2011B, 3.250%, 3/01/36
      
   
(WI/DD, Settling 3/01/16)
      
2,365
  
Maryland Community Development Administration Department of Housing and Community
9/23 at 100.00
Aa2
2,532,466
   
Development, 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
3,078,390
1,165
  
3.750%, 3/01/39
3/24 at 100.00
Aa2
1,182,731
1,000
  
Maryland Community Development Administration Department of Housing and Community
12/24 at 100.00
Aaa
1,040,030
   
Development, Residential Revenue Bonds, Series 2014I, 3.450%, 12/15/31
      
1,500
  
Maryland Community Development Administration Department of Housing and Community
9/25 at 100.00
Aa2
1,547,160
   
Development, Residential Revenue Bonds, Series 2015A, 3.800%, 9/01/35
      
6,915
  
Maryland Community Development Administration, Department of Housing and Community
3/16 at 100.00
Aa2
6,925,926
   
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
4,104,585
   
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
2,851,584
   
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
1,531,514
   
Development, Residential Revenue Bonds, Series 2007H, 5.000%, 9/01/27 (Alternative
      
   
Minimum Tax) (UB) (5)
      
29,725
  
Total Housing/Single Family
    
30,195,462
   
Industrials – 2.8% (1.9% of Total Investments)
      
5,895
  
Maryland Economic Development Corporation, Economic Development Revenue Bonds,
6/20 at 100.00
Baa3
6,453,139
   
Transportation 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–
3,351,890
   
Management Inc., Series 2002, 4.600%, 4/01/16 (Alternative Minimum Tax)
      
9,235
  
Total Industrials
    
9,805,029
   
Long-Term Care – 5.9% (3.9% 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
5,340,629
2,050
  
Gaithersburg, Maryland, Economic Development Revenue Bonds, Asbury Methodist Homes Inc.,
1/20 at 100.00
BBB
2,317,012
   
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
1,915,980
5,060
  
6.250%, 1/01/45
1/21 at 100.00
A
5,725,896
   
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, King Farm
      
   
Presbyterian Community, Series 2007A:
      
210
  
5.000%, 1/01/17
No Opt. Call
N/R
214,767
1,460
  
5.250%, 1/01/27
1/17 at 100.00
N/R
1,484,878
1,050
  
5.300%, 1/01/37
1/17 at 100.00
N/R
1,064,826
2,480
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Ridge
7/17 at 100.00
A–
2,525,136
   
Retirement Community, Series 2007, 4.750%, 7/01/34
      
19,210
  
Total Long-Term Care
    
20,589,124
   
Tax Obligation/General – 17.4% (11.4% of Total Investments)
      
685
  
Anne Arundel County, Maryland, General Obligation Bonds, Consolidated Water & Sewer, Refunding
3/16 at 100.00
AAA
687,884
   
Series 2006, 5.000%, 3/01/17
      
   
Baltimore, Maryland, General Obligation Bonds, Consolidated Public Improvements, Series 2011A:
      
1,000
  
5.000%, 10/15/29
10/21 at 100.00
AA
1,188,610
1,200
  
5.000%, 10/15/30
10/21 at 100.00
AA
1,398,768
805
  
Charles County, Maryland, General Obligation Bonds, Consolidated Public Improvement, Series
No Opt. Call
AAA
805,217
   
2006, 5.000%, 3/01/16
      
3,100
  
Howard County, Maryland, General Obligation Consolidated Public Improvement Bonds, Refunding
2/22 at 100.00
AAA
3,764,082
   
Series 2014A, 5.000%, 2/15/23
      
5,240
  
Huntington Beach Union High School District, Orange County, California, General Obligation
No Opt. Call
AA
3,317,392
   
Bonds, Series 2005, 0.000%, 8/01/30 – AGM Insured
      
2,305
  
Maryland National Capital Park Planning Commission, Prince George’s County, General Obligation
5/16 at 100.00
AAA
2,314,658
   
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 2009C,
No Opt. Call
AAA
1,000,270
   
5.000%, 3/01/16
      
1,000
  
Maryland State, General Obligation Bonds, State & Local Facilities Loan, First Series 2011B,
No Opt. Call
AAA
1,048,020
   
5.000%, 3/15/17
      
1,125
  
Maryland State, General Obligation Bonds, State & Local Facilities Loan, Second Series 2006,
No Opt. Call
AAA
1,147,691
   
5.000%, 8/01/16
      
1,895
  
Maryland State, General Obligation Bonds, State & Local Facilities Loan, Second Series 2009A,
No Opt. Call
AAA
1,965,361
   
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
5,038,965
3,750
  
5.250%, 8/15/17
No Opt. Call
AAA
4,012,013
2,800
  
Montgomery County, Maryland, General Obligation Bonds, Consolidated Public Improvement Series
No Opt. Call
AAA
2,823,408
   
2006A, 5.000%, 5/01/16
      
4,930
  
Patterson Joint Unified School District, Stanislaus County, California, General Obligation
No Opt. Call
AA
1,731,317
   
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
3,382,080
3,000
  
4.000%, 9/01/31
9/24 at 100.00
AAA
3,352,620
2,155
  
Puerto Rico, General Obligation Bonds, Public Improvement Refunding Series 2007A, 5.500%,
No Opt. Call
AA–
2,248,872
   
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–
2,368,881
   
NPFG Insured
      
14,985
  
San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997
No Opt. Call
AA
5,675,719
   
Election Series 2012G, 0.000%, 8/01/40 – AGM Insured
      
1,025
  
Washington Suburban Sanitary District, Montgomery and Prince George’s Counties, Maryland,
No Opt. Call
AAA
1,083,743
   
General Obligation Bonds, Consolidated Public Improvement, Refunding Series 2009,
      
   
5.000%, 6/01/17
      
2,700
  
Washington Suburban Sanitary District, Montgomery and Prince George’s Counties, Maryland,
No Opt. Call
AAA
2,820,960
   
General Obligation Bonds, Consolidated Public Improvement, Refunding Series 2013,
      
   
4.000%, 6/01/17
      
2,500
  
Washington Suburban Sanitary District, Montgomery and Prince George’s Counties, Maryland,
No Opt. Call
AAA
2,530,825
   
General Obligation Bonds, Consolidated Public Improvement, Series 2010A, 5.000%, 6/01/16
      
3,000
  
Washington Suburban Sanitary District, Montgomery and Prince George’s Counties, Maryland,
No Opt. Call
AAA
3,036,990
   
General Obligation Bonds, Consolidated Public Improvement, Series 2012, 5.000%, 6/01/16
      
7,000
  
Wylie Independent School District, Collin County, Texas, General Obligation Bonds, Capital
8/25 at 35.55
Aaa
1,747,270
   
Appreciation Series 2015, 0.000%, 8/15/50
      
77,395
  
Total Tax Obligation/General
    
60,491,616
   
Tax Obligation/Limited – 16.2% (10.7% of Total Investments)
      
990
  
Anne Arundel County, Maryland, Special Obligation Bonds, National Business Park – North
7/18 at 102.00
N/R
1,048,717
   
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+
1,383,456
   
Farmington Village Projects, Series 2013, 5.000%, 7/01/32
      
120
  
Baltimore, Maryland, Revenue Refunding Bonds, Convention Center, Series 1998, 5.000%,
3/16 at 100.00
AA–
120,478
   
9/01/19 – NPFG Insured
      
   
Baltimore, Maryland, Special Obligation Bonds, Consolidated Tax Increment Financing,
      
   
Series 2015:
      
525
  
5.000%, 6/15/30
6/24 at 100.00
BBB+
593,786
425
  
5.000%, 6/15/33
6/24 at 100.00
BBB+
473,442
   
Frederick County, Maryland, Lake Linganore Village Community Development Special Obligation
      
   
Bonds, Series 2001A:
      
85
  
5.600%, 7/01/20 – RAAI Insured
7/16 at 100.00
AA
86,339
450
  
5.700%, 7/01/29 – RAAI Insured
7/16 at 100.00
AA
457,241
   
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–
6,075,781
2,355
  
5.000%, 7/01/40
7/20 at 100.00
A–
2,633,125
1,000
  
Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.250%, 1/01/36
1/22 at 100.00
A
1,113,980
1,260
  
Huntington Beach Union High School District, Orange County, California, Certificates of
No Opt. Call
AA
589,201
   
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
2,063,920
   
5.750%, 7/01/34
      
2,000
  
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009A,
No Opt. Call
A–
886,320
   
0.000%, 12/15/32
      
6,650
  
Prince George’s County, Maryland, Special Obligation Bonds, National Harbor Project, Series
5/16 at 100.00
N/R
6,656,185
   
2005, 5.200%, 7/01/34
      
1,406
  
Prince George’s County, Maryland, Special Tax District Bonds, Victoria Falls Project, Series
7/16 at 100.00
N/R
1,413,747
   
2005, 5.250%, 7/01/35
      
1,100
  
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.500%,
No Opt. Call
CC
1,094,258
   
7/01/29 – AMBAC Insured
      
1,530
  
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A,
No Opt. Call
Ca
215,822
   
0.000%, 7/01/44 – AMBAC Insured
      
2,100
  
Puerto Rico Municipal Finance Agency, Series 2002A, 5.250%, 8/01/21 – AGM Insured
5/16 at 100.00
AA
2,107,728
   
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–
1,466,010
8,000
  
0.000%, 8/01/41 – NPFG Insured
No Opt. Call
AA–
1,571,520
210
  
0.000%, 8/01/47 – AMBAC Insured
No Opt. Call
Caa3
26,040
   
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2007CC:
      
765
  
5.500%, 7/01/28 – NPFG Insured
No Opt. Call
AA–
796,625
2,300
  
5.500%, 7/01/30 – AGM Insured
No Opt. Call
AA
2,454,261
1,500
  
Virgin Islands Public Finance Authority, Federal Highway Grant Anticipation Loan Note Revenue
9/25 at 100.00
A
1,745,610
   
Bonds, Series 2015, 5.000%, 9/01/30
      
2,000
  
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series
10/16 at 100.00
AA–
2,046,600
   
2006, 5.000%, 10/01/27 – FGIC Insured
      
   
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Working Capital
      
   
Series 2014A:
      
2,580
  
5.000%, 10/01/29
10/24 at 100.00
BBB+
2,913,878
300
  
5.000%, 10/01/34
10/24 at 100.00
BBB+
331,017
2,240
  
5.000%, 10/01/34 – AGM Insured
10/24 at 100.00
AA
2,531,670
1,035
  
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien
10/19 at 100.00
AA
1,161,870
   
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
3,810,450
   
Series 2010A, 5.000%, 10/01/29
      
2,000
  
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien,
No Opt. Call
AA
2,443,060
   
Series 2013A, 5.000%, 10/01/24 – AGM Insured
      
2,000
  
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 2012A,
10/22 at 100.00
BBB
2,147,100
   
5.000%, 10/01/32
      
1,825
  
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Subordinate
10/20 at 100.00
Baa2
2,000,583
   
Lien Series 2010B, 5.250%, 10/01/29
      
67,851
  
Total Tax Obligation/Limited
    
56,459,820
   
Transportation – 4.7% (3.1% of Total Investments)
      
   
Baltimore, Maryland, Revenue Refunding Bonds, Parking System Facilities, Series 1998A:
      
725
  
5.250%, 7/01/17 – FGIC Insured
No Opt. Call
AA–
747,925
110
  
5.250%, 7/01/21 – FGIC Insured
No Opt. Call
AA–
122,879
125
  
Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43
10/23 at 100.00
BBB
147,441
   
(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
7/16 at 100.00
N/R
1,302,678
1,000
  
5.000%, 7/01/34 – AMBAC Insured
7/16 at 100.00
N/R
1,001,590
460
  
Maryland Health and Higher Educational Facilities Authority, Parking Facilities Revenue Bonds,
5/16 at 100.00
N/R
461,104
   
Johns Hopkins Medical Institutions, Series 1996, 5.500%, 7/01/26 – AMBAC Insured
      
2,000
  
Maryland Transportation Authority, Revenue Bonds, Grant Anticipation Series 2008,
No Opt. Call
AAA
2,000,580
   
5.250%, 3/01/16
      
10,110
  
Maryland Transportation Authority, Revenue Bonds, Transportation Facilities Projects, Series
7/17 at 100.00
AA
10,682,023
   
2007, 5.000%, 7/01/30 – AGM Insured (UB) (5)
      
   
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)
6/16 at 100.00
AA–
20,445
70
  
5.750%, 12/01/25 – NPFG Insured (Alternative Minimum Tax)
6/16 at 100.00
AA–
71,873
15,920
  
Total Transportation
    
16,558,538
   
U.S. Guaranteed – 25.0% (16.5% of Total Investments) (6)
      
500
  
Baltimore County, Maryland, Revenue Bonds, Catholic Health Initiatives, Series 2006A, 5.000%,
9/16 at 100.00
A+ (6)
511,640
   
9/01/36 (Pre-refunded 9/01/16)
      
   
Baltimore, Maryland, Revenue Bonds, Wastewater Projects, Series 2006C:
      
1,500
  
5.000%, 7/01/31 (Pre-refunded 7/01/16) – AMBAC Insured
7/16 at 100.00
AA (6)
1,524,195
2,570
  
5.000%, 7/01/31 (Pre-refunded 7/01/16) – AMBAC Insured
7/16 at 100.00
AA (6)
2,611,454
3,000
  
Baltimore, Maryland, Revenue Bonds, Wastewater Projects, Series 2007D, 5.000%, 7/01/32
7/17 at 100.00
AA (6)
3,179,700
   
(Pre-refunded 7/01/17) – AMBAC Insured
      
2,000
  
Baltimore, Maryland, Revenue Bonds, Water Projects, Refunding Series 1994A, 5.000%, 7/01/24 –
No Opt. Call
AA (6)
2,419,120
   
FGIC Insured (ETM)
      
3,120
  
Baltimore, Maryland, Revenue Bonds, Water Projects, Refunding Series 1998A, 5.000%, 7/01/28 –
No Opt. Call
AA (6)
3,803,717
   
FGIC Insured (ETM)
      
15
  
Charles County, Maryland, General Obligation Bonds, Consolidated Public Improvement, Series
No Opt. Call
Aa1 (6)
15,004
   
2006, 5.000%, 3/01/16 (ETM)
      
2,230
  
Maryland Department of Transportation, Consolidated Transportation Revenue Bonds, Second Issue
9/18 at 100.00
AAA
2,469,792
   
Series 2008, 5.000%, 9/01/22 (Pre-refunded 9/01/18)
      
5,115
  
Maryland Economic Development Corporation, Student Housing Revenue Bonds, University of
6/16 at 100.00
AA (6)
5,177,403
   
Maryland College Park Projects, Refunding Series 2006, 5.000%, 6/01/33 (Pre-refunded
      
   
6/01/16) – CIFG Insured
      
1,500
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Anne Arundel
7/19 at 100.00
A (6)
1,793,730
   
Health System, Series 2009A, 6.750%, 7/01/39 (Pre-refunded 7/01/19)
      
2,910
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland
7/16 at 100.00
AA– (6)
2,951,497
   
Health, Series 2006A, 4.500%, 1/01/22 (Pre-refunded 7/01/16) – NPFG Insured
      
   
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Carroll Hospital
      
   
Center, Series 2006:
      
1,000
  
4.500%, 7/01/26 (Pre-refunded 7/01/16)
7/16 at 100.00
A1 (6)
1,014,260
2,550
  
5.000%, 7/01/40 (Pre-refunded 7/01/16)
7/16 at 100.00
A1 (6)
2,590,698
1,000
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Edenwald, Series
7/16 at 100.00
N/R (6)
1,017,310
   
2006A, 5.400%, 1/01/31 (Pre-refunded 7/01/16)
      
   
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Helix Health,
      
   
Series 1997:
      
660
  
5.000%, 7/01/17 – AMBAC Insured (ETM)
No Opt. Call
N/R (6)
683,879
3,240
  
5.000%, 7/01/27 – AMBAC Insured (ETM)
No Opt. Call
N/R (6)
3,954,193
1,050
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health
7/17 at 100.00
AA (6)
1,112,895
   
System, Series 2008, 5.000%, 7/01/28 (Pre-refunded 7/01/17) – AGM Insured
      
   
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health,
      
   
Series 2007:
      
2,975
  
5.250%, 5/15/46 (Pre-refunded 5/15/16)
5/16 at 100.00
A2 (6)
3,006,386
9,720
  
5.250%, 5/15/46 (Pre-refunded 5/15/16) – BHAC Insured
5/16 at 100.00
AA+ (6)
9,822,546
   
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical
      
   
Center Project, Series 2007A:
      
2,375
  
5.000%, 7/01/37 (Pre-refunded 7/01/17)
7/17 at 100.00
BBB (6)
2,516,930
2,905
  
5.500%, 7/01/42 (Pre-refunded 7/01/17)
7/17 at 100.00
BBB (6)
3,097,950
3,950
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional
7/16 at 100.00
A (6)
4,013,042
   
Medical Center, Series 2006, 5.000%, 7/01/36 (Pre-refunded 7/01/16)
      
   
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of
      
   
Maryland Medical System, Series 2006:
      
700
  
5.000%, 7/01/31 (Pre-refunded 7/01/16)
7/16 at 100.00
A2 (6)
711,172
1,325
  
5.000%, 7/01/36 (Pre-refunded 7/01/16)
7/16 at 100.00
A2 (6)
1,346,147
   
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Washington County
      
   
Hospital, Series 2008:
      
135
  
5.750%, 1/01/33 (Pre-refunded 1/01/18)
1/18 at 100.00
BBB (6)
147,602
7,075
  
5.750%, 1/01/38 (Pre-refunded 1/01/18)
1/18 at 100.00
BBB (6)
7,735,451
3,950
  
6.000%, 1/01/43 (Pre-refunded 1/01/18)
1/18 at 100.00
BBB (6)
4,336,784
3,190
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland
7/16 at 100.00
AA– (6)
3,240,912
   
Health, Series 2006A, 5.000%, 7/01/34 (Pre-refunded 7/01/16) – NPFG Insured
      
2,110
  
Maryland State, General Obligation Bonds, State & Local Facilities Loan, Second Series 2009B,
8/19 at 100.00
AAA
2,412,110
   
5.000%, 8/15/21 (Pre-refunded 8/15/19)
      
425
  
Maryland Transportation Authority, Revenue Refunding Bonds, Transportation Facilities
No Opt. Call
Aaa
433,415
   
Projects, First Series 1978, 6.800%, 7/01/16 – AMBAC Insured (ETM)
      
1,100
  
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 1998A,
No Opt. Call
Aaa
1,329,977
   
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
1,016,950
   
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)
1,853,319
   
5.500%, 7/01/19 – NPFG Insured (ETM)
      
3,135
  
University of Maryland, Auxiliary Facility and Tuition Revenue Bonds, Series 2006A, 5.000%,
10/16 at 100.00
AA+ (6)
3,221,150
   
10/01/22 (Pre-refunded 10/01/16)
      
81,640
  
Total U.S. Guaranteed
    
87,072,330
   
Utilities – 2.5% (1.7% of Total Investments)
      
1,300
  
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/30 – AGM Insured
10/22 at 100.00
AA
1,542,034
   
Guam Power Authority, Revenue Bonds, Series 2014A:
      
600
  
5.000%, 10/01/39
10/24 at 100.00
AA
688,782
575
  
5.000%, 10/01/44
10/24 at 100.00
AA
654,954
3,600
  
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2004PP, 5.000%, 7/01/22 –
5/16 at 100.00
AA–
3,600,468
   
NPFG Insured
      
1,570
  
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/22 –
5/16 at 100.00
AA–
1,570,204
   
FGIC Insured
      
730
  
Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding Series
7/17 at 100.00
BB+
735,402
   
2007A, 5.000%, 7/01/24
      
8,375
  
Total Utilities
    
8,791,844
   
Water and Sewer – 4.1% (2.7% of Total Investments)
      
2,500
  
Baltimore, Maryland, Project and Revenue Refunding Bonds, Water Projects, Series 2013B,
1/24 at 100.00
AA
2,882,700
   
5.000%, 7/01/38
      
2,000
  
Baltimore, Maryland, Revenue Bonds, Wastewater Projects, Series 2011A, 5.000%, 7/01/41
7/21 at 100.00
AA
2,304,840
1,045
  
Baltimore, Maryland, Revenue Bonds, Water Projects, Refunding Series 1994A, 5.000%, 7/01/24 –
No Opt. Call
AA
1,171,644
   
FGIC Insured
      
2,500
  
Baltimore, Maryland, Revenue Bonds, Water Projects, Subordinate Series 2014A, 5.000%, 7/01/44
1/25 at 100.00
AA–
2,858,450
1,300
  
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds,
7/24 at 100.00
A–
1,449,864
   
Refunding Series 2014A, 5.000%, 7/01/35
      
2,030
  
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds,
7/23 at 100.00
A–
2,324,573
   
Series 2013, 5.500%, 7/01/43
      
1,240
  
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds,
7/26 at 100.00
A–
1,390,982
   
Series 2016, 5.000%, 1/01/46
      
12,615
  
Total Water and Sewer
    
14,383,053
$ 527,881
  
Total Municipal Bonds (cost $497,545,835)
    
523,908,961
 
Shares
  
Description (1)
    
Value
   
COMMON STOCKS – 0.5% (0.3% of Total Investments)
      
           
   
Airlines – 0.5% (0.3% of Total Investments)
      
44,607
  
American Airlines Group Inc. (7)
    
$ 1,828,887
   
Total Common Stocks (cost $1,288,472)
    
1,828,887
   
Total Long-Term Investments (cost $498,834,307)
    
525,737,848
 
Principal
    
Optional Call
    
Amount (000)
  
Description (1)
Provisions (2)
Ratings (3)
Value
   
SHORT-TERM INVESTMENTS – 0.9% (0.6% of Total Investments)
      
           
   
MUNICIPAL BONDS – 0.9% (0.6% of Total Investments)
      
           
   
Tax Obligation/General – 0.9% (0.6% of Total Investments)
      
$ 3,000
  
Prince George’s County, Maryland, General Obligation Consolidated Public Improvement
No Opt. Call
AAA
$ 3,108,811
   
Bonds, Series 2014B, 5.000%, 12/01/16
      
$ 3,000
  
Total Short-Term Investments (cost $3,108,811)
    
3,108,811
   
Total Investments (cost $501,943,118) – 151.7%
    
528,846,659
   
Floating Rate Obligations – (4.4)%
    
(15,215,000)
   
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference – (47.9)% (8)
    
(167,000,000)
   
Other Assets Less Liabilities – 0.6%
    
2,019,145
   
Net Assets Applicable to Common Shares – 100%
    
$ 348,650,804
 
 
 
 
 
 
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 risk 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
$           —
$523,908,961
$—
$523,908,961
Common Stocks
1,828,887
—
—
1,828,887
Short-Term Investments:
        
Municipal Bonds
—
3,108,811
—
3,108,811
Total
$1,828,887
$527,017,772
$—
$528,846,659
 
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 29, 2016, the cost of investments was $488,208,578.
 
Gross unrealized appreciation and gross unrealized depreciation of investments as of February 29, 2016, were as follows:
   
Gross unrealized:
  
Appreciation
$30,148,011
Depreciation
(4,724,954)
Net unrealized appreciation (depreciation) of investments
$25,423,057
 
     
(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 Preference as a percentage of Total
   
Investments is 31.6%.
(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, 2016        
 
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, 2016        
 
By (Signature and Title) /s/ Stephen D. Foy                         
 
     Stephen D. Foy
     Vice President and Controller (principal financial officer)
                                                                                         
Date:         April 29, 2016