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 811-7486
 
Nuveen Maryland Premium Income Municipal Fund
(Exact name of registrant as specified in charter)
 
Nuveen Investments
        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)
 

Kevin J. McCarthy
Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         
(Name and address of agent for service)
 
Registrant's telephone number, including area code:         312-917-7700        
 
Date of fiscal year end:            5/31          
 
Date of reporting period:         8/31/12         
 
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
 
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 
 
 
 
 
Item 1. Schedule of Investments
 
           
   
Portfolio of Investments (Unaudited) 
      
   
Nuveen Maryland Premium Income Municipal Fund (NMY) 
      
   
August 31, 2012 
      
Principal 
    
Optional Call 
    
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Consumer Discretionary – 4.2% (2.9% of Total Investments) 
      
   
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A: 
      
$ 540 
  
5.000%, 9/01/16 – SYNCORA GTY Insured 
No Opt. Call 
BB+ 
$ 567,518 
200 
  
5.250%, 9/01/19 – SYNCORA GTY Insured 
9/16 at 100.00 
BB+ 
210,114 
120 
  
5.250%, 9/01/25 – SYNCORA GTY Insured 
9/16 at 100.00 
BB+ 
123,571 
350 
  
5.250%, 9/01/27 – SYNCORA GTY Insured 
9/16 at 100.00 
BB+ 
359,513 
100 
  
5.000%, 9/01/32 – SYNCORA GTY Insured 
9/16 at 100.00 
BB+ 
100,974 
11,830 
  
5.250%, 9/01/39 – SYNCORA GTY Insured 
9/16 at 100.00 
BB+ 
11,987,339 
1,000 
  
Baltimore, Maryland, Subordinate Lien Convention Center Hotel Revenue Bonds, Series 2006B, 
9/16 at 100.00 
Ba2 
1,024,100 
   
5.875%, 9/01/39 
      
2,000 
  
Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference 
12/16 at 100.00 
N/R 
1,371,480 
   
Center, Series 2006A, 5.000%, 12/01/31 
      
16,140 
  
Total Consumer Discretionary 
    
15,744,609 
   
Consumer Staples – 7.5% (5.1% of Total Investments) 
      
   
Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds, 
      
   
Series 2007A: 
      
3,245 
  
5.250%, 6/01/32 
6/17 at 100.00 
B+ 
3,170,657 
2,665 
  
5.625%, 6/01/47 
6/17 at 100.00 
B+ 
2,378,486 
155,700 
  
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Bonds, Series 2005A, 
5/15 at 11.19 
BB– 
11,219,742 
   
0.000%, 5/15/50 
      
   
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, 
      
   
Series 2002: 
      
7,665 
  
5.375%, 5/15/33 
11/12 at 100.00 
BBB+ 
7,664,847 
3,270 
  
5.500%, 5/15/39 
11/12 at 100.00 
BBB 
3,269,869 
800 
  
Tobacco Settlement Financing Corporation, Virgin Islands, Tobacco Settlement Asset-Backed 
11/12 at 100.00 
A3 
721,120 
   
Bonds, Series 2001, 5.000%, 5/15/31 
      
173,345 
  
Total Consumer Staples 
    
28,424,721 
   
Education and Civic Organizations – 13.4% (9.1% of Total Investments) 
      
2,375 
  
Frederick County, Maryland, Educational Facilities Revenue Bonds, Mount Saint Mary’s College, 
9/16 at 100.00 
BB+ 
2,379,631 
   
Series 2006, 5.625%, 9/01/38 
      
3,020 
  
Hartford County, Maryland, Economic Development Revenue Bonds, Battelle Memorial Institute, 
4/14 at 100.00 
A+ 
3,096,164 
   
Series 2004, 5.250%, 4/01/34 
      
1,750 
  
Maryland Health and Higher Educational Facilities Authority, Educational Facilities Leasehold 
11/12 at 100.00 
BBB– 
1,750,805 
   
Mortgage Revenue Bonds, McLean School, Series 2001, 6.000%, 7/01/31 
      
2,875 
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Goucher College, 
7/14 at 100.00 
A– 
2,952,740 
   
Series 2004, 5.125%, 7/01/34 
      
700 
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Goucher College, 
7/22 at 100.00 
A– 
791,357 
   
Series 2012A, 5.000%, 7/01/34 
      
3,335 
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns Hopkins 
No Opt. Call 
AA+ 
4,018,075 
   
University, Trust 1003, 13.647%, 1/01/13 (IF) 
      
3,500 
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Maryland Institute 
6/16 at 100.00 
Baa1 
3,687,215 
   
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 
1,196,670 
   
College of Art, Series 2007, 5.000%, 6/01/36 
      
745 
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Patterson Park 
7/20 at 100.00 
BBB 
783,658 
   
Public Charter School Issue, Series 2010, 6.000%, 7/01/40 
      
2,100 
  
Maryland Industrial Development Financing Authority, Revenue Bonds, Our Lady of Good Counsel 
5/15 at 100.00 
N/R 
2,202,396 
   
High School, Series 2005A, 6.000%, 5/01/35 
      
   
Montgomery County Revenue Authority, Maryland, Lease Revenue Bonds, Montgomery College Arts 
      
   
Center Project, Series 2005A: 
      
1,300 
  
5.000%, 5/01/18 
5/15 at 100.00 
AA 
1,422,850 
1,365 
  
5.000%, 5/01/19 
5/15 at 100.00 
AA 
1,485,352 
615 
  
5.000%, 5/01/20 
5/15 at 100.00 
AA 
665,246 
625 
  
Morgan State University, Maryland, Student Tuition and Fee Revenue Bonds, Academic Fees and 
7/22 at 100.00 
Aa3 
738,038 
   
Auxiliary Facilities, Series 2012, 5.000%, 7/01/29 (WI/DD, Settling 9/11/12) 
      
9,445 
  
Morgan State University, Maryland, Student Tuition and Fee Revenue Refunding Bonds, Academic 
No Opt. Call 
Aa3 
11,582,309 
   
Fees and Auxiliary Facilities, Series 1993, 6.100%, 7/01/20 – NPFG Insured 
      
2,000 
  
University of Maryland, Auxiliary Facility and Tuition Revenue Bonds, Refunding Series 2012A, 
No Opt. Call 
AA+ 
2,033,400 
   
3.000%, 4/01/13 
      
3,135 
  
University of Maryland, Auxiliary Facility and Tuition Revenue Bonds, Series 2006A, 
10/16 at 100.00 
AA+ 
3,613,715 
   
5.000%, 10/01/22 
      
265 
  
University of Puerto Rico, University System Revenue Bonds, Series 2006P, 5.000%, 6/01/23 
6/16 at 100.00 
Baa2 
273,904 
1,145 
  
University of Puerto Rico, University System Revenue Bonds, Series 2006Q, 5.000%, 6/01/19 
6/16 at 100.00 
Baa2 
1,206,372 
   
Westminster, Maryland, Educational Facilities Revenue Bonds, McDaniel College, Series 2006: 
      
2,000 
  
5.000%, 11/01/31 
11/16 at 100.00 
BBB+ 
2,077,900 
2,750 
  
4.500%, 11/01/36 
11/16 at 100.00 
BBB+ 
2,760,725 
46,175 
  
Total Education and Civic Organizations 
    
50,718,522 
   
Health Care – 27.4% (18.7% of Total Investments) 
      
500 
  
Baltimore County, Maryland, Revenue Bonds, Catholic Health Initiatives, Series 2006A, 
9/16 at 100.00 
AA 
563,380 
   
5.000%, 9/01/36 
      
1,115 
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds Doctors Community 
7/20 at 100.00 
Baa3 
1,208,760 
   
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 
1,574,262 
375 
  
6.125%, 1/01/36 
1/22 at 100.00 
Baa2 
428,370 
2,500 
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Anne Arundel 
7/19 at 100.00 
A– 
2,682,825 
   
Health System, Series 2010, 5.000%, 7/01/40 
      
   
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Anne Arundel 
      
   
Medical Center, Series 1998: 
      
1,000 
  
5.125%, 7/01/28 – AGM Insured 
1/13 at 100.00 
AA– 
1,001,560 
2,000 
  
5.125%, 7/01/33 – AGM Insured 
1/13 at 100.00 
AA– 
2,002,500 
3,075 
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Calvert Memorial 
7/14 at 100.00 
A 
3,166,850 
   
Hospital, Series 2004, 5.500%, 7/01/36 
      
2,550 
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Carroll Hospital 
7/16 at 100.00 
A3 
2,643,789 
   
Center, Series 2006, 5.000%, 7/01/40 
      
   
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 
1,027,410 
1,275 
  
5.000%, 7/01/37 
7/22 at 100.00 
A3 
1,398,956 
4,755 
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Civista Medical 
7/14 at 100.00 
N/R 
4,668,411 
   
Center, Series 2005, 5.000%, 7/01/37 – RAAI Insured 
      
4,050 
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Doctors Community 
7/17 at 100.00 
Baa3 
4,138,614 
   
Hospital, Series 2007A, 5.000%, 7/01/29 
      
3,100 
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Frederick Memorial 
11/12 at 100.00 
Baa1 
3,102,511 
   
Hospital, Series 2002, 5.125%, 7/01/35 
      
   
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– 
591,860 
500 
  
5.000%, 5/15/26 
5/21 at 100.00 
AA– 
592,975 
4,225 
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Kaiser Permanente 
1/13 at 100.00 
A+ 
4,239,914 
   
System, Series 1998A, 5.375%, 7/01/15 
      
6,800 
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Kennedy Krieger 
7/13 at 100.00 
Baa3 
6,864,804 
   
Institute, Series 2003, 5.500%, 7/01/33 
      
2,735 
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health 
7/17 at 100.00 
AA– 
2,978,661 
   
System, Series 2008, 5.000%, 7/01/28 – AGC Insured 
      
1,000 
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health 
7/21 at 100.00 
A 
1,177,270 
   
System, Series 2011, 6.000%, 7/01/41 
      
1,250 
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Loyola University 
No Opt. Call 
A 
1,430,400 
   
Maryland, Series 2012A, 5.000%, 10/01/39 
      
4,050 
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health, 
8/14 at 100.00 
A2 
4,310,415 
   
Series 2004, 5.375%, 8/15/24 
      
7,720 
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health, 
5/16 at 100.00 
AA+ 
8,607,800 
   
Series 2007, 5.250%, 5/15/46 – BHAC Insured 
      
2,300 
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical 
7/22 at 100.00 
BBB 
2,527,562 
   
Cente, Series 2011, 5.000%, 7/01/31 
      
   
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 
2,474,608 
2,905 
  
5.500%, 7/01/42 
7/17 at 100.00 
BBB 
3,080,869 
3,950 
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional 
7/16 at 100.00 
A 
4,170,094 
   
Medical Center, Series 2006, 5.000%, 7/01/36 
      
4,450 
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, The Johns Hopkins 
5/20 at 100.00 
AA– 
4,927,263 
   
Health System Obligated Group Issue, Series 2010, 5.000%, 5/15/40 
      
   
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Union Hospital of 
      
   
Cecil County, Series 2005: 
      
1,000 
  
5.000%, 7/01/35 
7/15 at 100.00 
A 
1,033,120 
1,500 
  
5.000%, 7/01/40 
7/15 at 100.00 
A 
1,543,980 
4,105 
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of 
7/19 at 100.00 
A 
4,492,758 
   
Maryland Medical System Issue, Series 2010, 5.125%, 7/01/39 
      
1,000 
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of 
7/13 at 100.00 
A 
1,021,380 
   
Maryland Medical System, Series 2004B, 5.000%, 7/01/24 – AMBAC Insured 
      
   
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 
A 
734,377 
1,325 
  
5.000%, 7/01/36 
7/16 at 100.00 
A 
1,382,359 
   
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Washington County 
      
   
Hospital, Series 2008: 
      
6,575 
  
5.750%, 1/01/38 
1/18 at 100.00 
BBB 
7,016,577 
1,950 
  
6.000%, 1/01/43 
1/18 at 100.00 
BBB 
2,105,883 
95 
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland 
7/16 at 100.00 
BBB 
100,258 
   
Health, Series 2006A, 5.000%, 7/01/34 – NPFG Insured 
      
775 
  
Maryland Health and Higher Educational Facilities Authority, Revenue Refunding Bonds, 
1/13 at 101.00 
Baa2 
786,726 
   
Adventist Healthcare, Series 2003A, 5.750%, 1/01/25 
      
   
Prince George’s County, Maryland, Revenue Bonds, Dimensions Health Corporation, Series 1994: 
      
3,605 
  
5.375%, 7/01/14 
1/13 at 100.00 
B3 
3,604,892 
2,595 
  
5.300%, 7/01/24 
1/13 at 100.00 
B3 
2,498,985 
98,630 
  
Total Health Care 
    
103,903,988 
   
Housing/Multifamily – 5.8% (4.0% of Total Investments) 
      
2,060 
  
Anne Arundel County, Maryland, FNMA Multifamily Housing Revenue Bonds, Glenview Gardens 
1/20 at 102.00 
AA+ 
2,300,134 
   
Apartments Project, Series 2009, 5.000%, 1/01/28 (Mandatory put 1/01/27) 
      
2,500 
  
Maryland Community Development Administration, Housing Revenue Bonds, Series 1999A, 5.350%, 
1/13 at 100.00 
Aa2 
2,502,150 
   
7/01/41 (Alternative Minimum Tax) 
      
980 
  
Maryland Community Development Administration, Housing Revenue Bonds, Series 2002B, 4.950%, 
11/12 at 100.00 
Aa2 
980,823 
   
7/01/32 (Alternative Minimum Tax) 
      
3,145 
  
Maryland Community Development Administration, Multifamily Development Revenue Bonds, Waters 
12/12 at 100.00 
Aaa 
3,148,617 
   
Towers Senior Apartments, Series 2001F, 5.450%, 12/15/33 (Alternative Minimum Tax) 
      
2,110 
  
Maryland Community Development Administration, Multifamily Housing Revenue Bonds, Princess 
12/12 at 100.00 
Aaa 
2,112,427 
   
Anne Apartments, Series 2001D, 5.450%, 12/15/33 (Alternative Minimum Tax) 
      
   
Maryland Economic Development Corporation, Senior Lien Student Housing Revenue Bonds, 
      
   
University of Maryland – Baltimore, Series 2003A: 
      
50 
  
5.000%, 10/01/15 
10/13 at 100.00 
B3 
46,807 
3,460 
  
5.625%, 10/01/23 
10/13 at 100.00 
B3 
2,832,218 
   
Maryland Economic Development Corporation, Student Housing Revenue Bonds, Sheppard Pratt 
      
   
University Village, Series 2001: 
      
20 
  
5.875%, 7/01/21 – ACA Insured 
7/13 at 100.00 
N/R 
20,049 
1,950 
  
6.000%, 7/01/33 – ACA Insured 
7/13 at 100.00 
N/R 
1,950,273 
2,615 
  
Maryland Economic Development Corporation, Student Housing Revenue Refunding Bonds, University 
6/16 at 100.00 
AA– 
2,700,014 
   
of Maryland College Park Projects, Series 2006, 5.000%, 6/01/33 – CIFG Insured 
      
235 
  
Montgomery County Housing Opportunities Commission, Maryland, GNMA/FHA-Insured Multifamily 
1/13 at 100.00 
Aa2 
235,848 
   
Housing Revenue Bonds, Series 1995A, 5.900%, 7/01/15 
      
405 
  
Montgomery County Housing Opportunities Commission, Maryland, Multifamily Housing Development 
1/13 at 100.00 
Aaa 
405,733 
   
Bonds, Series 2000B, 6.200%, 7/01/30 (Alternative Minimum Tax) 
      
   
Prince George’s County Housing Authority, Maryland, GNMA Collateralized Mortgage Revenue 
      
   
Refunding Bonds, Overlook Apartments, Series 1995A: 
      
1,110 
  
5.700%, 12/20/15 
12/12 at 100.00 
AA+ 
1,113,985 
1,670 
  
5.750%, 12/20/19 
12/12 at 100.00 
AA+ 
1,674,826 
22,310 
  
Total Housing/Multifamily 
    
22,023,904 
   
Housing/Single Family – 10.5% (7.2% of Total Investments) 
      
6,220 
  
Maryland Community Development Administration Department of Housing and Community Development, 
9/18 at 100.00 
Aa2 
6,713,495 
   
Residential Revenue Bonds, Series 2008C, 5.375%, 9/01/39 
      
3,000 
  
Maryland Community Development Administration Department of Housing and Community Development, 
9/18 at 100.00 
Aa2 
3,146,700 
   
Residential Revenue Bonds, Series 2009B, 4.750%, 9/01/39 
      
2,150 
  
Maryland Community Development Administration Department of Housing and Community Development, 
3/20 at 100.00 
Aa2 
2,379,878 
   
Residential Revenue Bonds, Series 2010B, 5.250%, 9/01/35 
      
5,425 
  
Maryland Community Development Administration, Department of Housing and Community 
9/14 at 100.00 
AA 
5,510,879 
   
Development, Residential Revenue Bonds, Series 2005E, 4.900%, 9/01/36 (Alternative 
      
   
Minimum Tax) (UB) 
      
   
Maryland Community Development Administration, Department of Housing and Community 
      
   
Development, Residential Revenue Bonds, Series 2006: 
      
1,800 
  
4.750%, 9/01/25 (Alternative Minimum Tax) (UB) 
9/15 at 100.00 
AA 
1,864,692 
7,500 
  
4.875%, 9/01/26 (Alternative Minimum Tax) (UB) 
3/16 at 100.00 
AA 
7,816,350 
2,345 
  
4.900%, 9/01/26 (Alternative Minimum Tax) (UB) 
9/15 at 100.00 
AA 
2,431,697 
4,075 
  
4.900%, 9/01/31 (Alternative Minimum Tax) (UB) 
9/16 at 100.00 
AA 
4,242,645 
   
Maryland Community Development Administration, Department of Housing and Community 
      
   
Development, Residential Revenue Bonds, Series 2007: 
      
1,500 
  
5.000%, 9/01/27 (Alternative Minimum Tax) (UB) 
3/17 at 100.00 
AA 
1,585,126 
2,820 
  
4.850%, 9/01/37 (Alternative Minimum Tax) (UB) 
3/17 at 100.00 
AA 
2,903,190 
75 
  
Maryland Community Develppment Administration, Department of Housing and Community 
No Opt. Call 
Aa2 
75,000 
   
Development, Residential Revenue Bonds, Series 2007G, 3.950%, 9/01/12 
      
810 
  
Maryland Community Development Administration, Residential Revenue Bonds, Series 2001H, 
3/13 at 100.00 
Aa2 
810,907 
   
5.350%, 9/01/32 (Alternative Minimum Tax) 
      
260 
  
Puerto Rico Housing Finance Authority, Mortgage-Backed Securities Program Home Mortgage 
6/13 at 100.00 
Aaa 
261,812 
   
Revenue Bonds, Series 2003A, 4.875%, 6/01/34 (Alternative Minimum Tax) 
      
37,980 
  
Total Housing/Single Family 
    
39,742,371 
   
Industrials – 2.7% (1.8% of Total Investments) 
      
5,895 
  
Maryland Economic Development Corporation, Economic Development Revenue Bonds, Transportation 
6/20 at 100.00 
Baa3 
6,446,772 
   
Facilities Project, Series 2010A, 5.750%, 6/01/35 
      
3,340 
  
Maryland Economic Development Corporation, Solid Waste Disposal Revenue Bonds, Waste 
No Opt. Call 
BBB 
3,612,310 
   
Management Inc., Series 2002, 4.600%, 4/01/16 (Alternative Minimum Tax) 
      
9,235 
  
Total Industrials 
    
10,059,082 
   
Long-Term Care – 5.5% (3.8% 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– 
5,369,051 
2,050 
  
Gaithersburg, Maryland, Economic Development Revenue Bonds, Asbury Methodist Homes Inc., 
1/20 at 100.00 
BBB– 
2,271,154 
   
Series 2009B, 6.000%, 1/01/23 
      
   
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Charlestown 
      
   
Community Issue, Series 2010: 
      
1,585 
  
6.125%, 1/01/30 
1/21 at 100.00 
A 
1,835,589 
5,000 
  
6.250%, 1/01/45 
1/21 at 100.00 
A 
5,757,750 
1,000 
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Edenwald, Series 
7/16 at 100.00 
N/R 
1,034,500 
   
2006A, 5.400%, 1/01/31 
      
   
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, King Farm 
      
   
Presbyterian Community, Series 2007A: 
      
780 
  
5.000%, 1/01/17 
No Opt. Call 
N/R 
795,155 
1,460 
  
5.250%, 1/01/27 
1/17 at 100.00 
N/R 
1,431,092 
2,480 
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Ridge 
7/17 at 100.00 
A– 
2,543,885 
   
Retirement Community, Series 2007, 4.750%, 7/01/34 
      
19,570 
  
Total Long-Term Care 
    
21,038,176 
   
Tax Obligation/General – 12.0% (8.3% of Total Investments) 
      
   
Anne Arundel County, Maryland, General Obligation Bonds, Series 2006: 
      
2,540 
  
5.000%, 3/01/13 
No Opt. Call 
AAA 
2,601,443 
1,565 
  
5.000%, 3/01/21 
3/16 at 100.00 
AAA 
1,776,369 
685 
  
Anne Arundel County, Maryland, Water and Sewer Revenue Bonds, Series 2006, 5.000%, 3/01/17 
3/16 at 100.00 
AAA 
790,113 
1,000 
  
Baltimore County, Maryland, Consolidated General Obligation Public Improvement Bonds, Series 
No Opt. Call 
AAA 
1,044,360 
   
2004, 5.000%, 8/01/13 
      
   
Baltimore, Maryland, General Obligation Bonds, Consolidated Public Improvements, Series 2011A: 
      
1,000 
  
5.000%, 10/15/29 
10/21 at 100.00 
Aa2 
1,192,420 
1,200 
  
5.000%, 10/15/30 
10/21 at 100.00 
Aa2 
1,423,404 
1,540 
  
Baltimore, Maryland, General Obligation Consolidated Public Improvement Bonds, Series 2004A, 
10/14 at 100.00 
Aa2 
1,677,938 
   
5.000%, 10/15/22 – AMBAC Insured 
      
150 
  
Calvert County, Maryland, Consolidated General Obligation Public Improvement Refunding Bonds, 
No Opt. Call 
AAA 
155,031 
   
Series 2003, 4.000%, 7/15/13 
      
545 
  
Carroll County, Maryland, Consolidated Public Improvement Bonds, Refunding Series 2011, 
No Opt. Call 
AAA 
546,695 
   
2.000%, 11/01/12 
      
1,680 
  
Carroll County, Maryland, Consolidated Public Improvement Bonds, Series 2005A, 5.000%, 12/01/16 
12/15 at 100.00 
AAA 
1,928,388 
   
Charles County, Maryland, Consolidated General Obligation Public Improvement Bonds, 
      
   
Series 2006: 
      
2,145 
  
5.000%, 3/01/14 
No Opt. Call 
Aa1 
2,298,968 
805 
  
5.000%, 3/01/16 
No Opt. Call 
Aa1 
933,027 
1,910 
  
Frederick, Maryland, General Obligation Bonds, Series 2005, 5.000%, 8/01/16 – NPFG Insured 
8/15 at 100.00 
AA 
2,162,903 
4,000 
  
Harford County, Maryland, General Obligation Bonds,Consolidated Public Improvement Series 
No Opt. Call 
Aaa 
4,162,720 
   
2009, 5.000%, 7/01/13 
      
2,305 
  
Maryland National Capital Park Planning Commission, Prince George’s County, General Obligation 
1/14 at 100.00 
AAA 
2,445,421 
   
Bonds, Park Acquisition and Development, Series 2004EE-2, 5.000%, 1/15/17 
      
2,330 
  
Maryland, General Obligation Bonds, State and Local Facilities Loan, First Series 2003A, 
No Opt. Call 
AAA 
2,389,508 
   
5.250%, 3/01/13 
      
1,000 
  
Maryland, General Obligation Bonds, State and Local Facilities Loan, Second Series 2010B, 
No Opt. Call 
AAA 
1,090,520 
   
5.000%, 8/01/14 
      
1,315 
  
Montgomery County, Maryland, Consolidated General Obligation Public Improvement Bonds, 
No Opt. Call 
AAA 
1,373,333 
   
Refunding Series 2010A, 5.000%, 8/01/13 
      
5,850 
  
Montgomery County, Maryland, Consolidated General Obligation Public Improvement Bonds, Series 
No Opt. Call 
AAA 
6,615,356 
   
2005A, 5.000%, 7/01/15 
      
2,800 
  
Montgomery County, Maryland, Consolidated General Obligation Public Improvement Bonds, Series 
No Opt. Call 
AAA 
3,262,532 
   
2006A, 5.000%, 5/01/16 
      
2,225 
  
Puerto Rico, General Obligation and Public Improvement Bonds, Series 2002A, 5.500%, 7/01/20 – 
No Opt. Call 
Baa1 
2,475,891 
   
NPFG Insured 
      
2,155 
  
Puerto Rico, General Obligation Bonds, Public Improvement Refunding Series 2007A, 5.500%, 
No Opt. Call 
Baa1 
2,397,998 
   
7/01/20 – NPFG Insured 
      
1,000 
  
St. Mary’s County, Maryland, General Obligation Hospital Bonds, Series 2002, 5.000%, 10/01/12 
No Opt. Call 
AA+ 
1,004,080 
41,745 
  
Total Tax Obligation/General 
    
45,748,418 
   
Tax Obligation/Limited – 26.2% (17.9% of Total Investments) 
      
865 
  
Anne Arundel County, Maryland, Special Obligation Bonds, National Business Park – North 
7/18 at 102.00 
N/R 
937,444 
   
Project, Series 2010, 6.100%, 7/01/40 
      
385 
  
Baltimore County, Maryland, Certificates of Participation, Equipment Acquisition Program, 
No Opt. Call 
AA+ 
412,809 
   
Series 2012, 4.000%, 10/01/14 
      
   
Baltimore County, Maryland, Certificates of Participation, Health and Social Services Building 
      
   
Project, Series 2001: 
      
1,580 
  
5.000%, 8/01/20 
8/13 at 100.00 
AA+ 
1,593,762 
1,660 
  
5.000%, 8/01/21 
8/13 at 100.00 
AA+ 
1,674,459 
120 
  
Baltimore, Maryland, Revenue Refunding Bonds, Convention Center, Series 1998, 5.000%, 
3/13 at 100.00 
BBB 
120,372 
   
9/01/19 – NPFG Insured 
      
300 
  
Baltimore, Maryland, Special Obligation Bonds, North Locust Point Project, Series 2005, 
9/15 at 101.00 
N/R 
306,141 
   
5.500%, 9/01/34 
      
   
Frederick County, Maryland, Lake Linganore Village Community Development Special Obligation 
      
   
Bonds, Series 2001A: 
      
119 
  
5.600%, 7/01/20 – RAAI Insured 
1/13 at 100.00 
N/R 
119,596 
450 
  
5.700%, 7/01/29 – RAAI Insured 
1/13 at 100.00 
N/R 
451,112 
   
Fredrick County, Maryland, Special Obligation Bonds, Urbana Community Development Authority, 
      
   
Series 2010A: 
      
5,150 
  
5.000%, 7/01/30 
7/20 at 100.00 
A– 
5,691,729 
2,305 
  
5.000%, 7/01/40 
7/20 at 100.00 
A– 
2,481,863 
1,000 
  
Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.250%, 1/01/36 
1/22 at 100.00 
A 
1,129,340 
2,050 
  
Hyattsville, Maryland, Special Obligation Bonds, University Town Center Project, Series 2004, 
7/14 at 102.00 
N/R 
2,086,429 
   
5.750%, 7/01/34 
      
11,750 
  
Maryland Department of Transportation, Consolidated Transportation Revenue Bonds, Series 2002, 
No Opt. Call 
AAA 
13,763,010 
   
5.500%, 2/01/16 
      
1,000 
  
Maryland Department of Transportation, Consolidated Transportation Revenue Bonds, Series 2004, 
No Opt. Call 
AAA 
1,032,470 
   
5.000%, 5/01/13 
      
820 
  
Maryland Economic Development Corporation, Lease Revenue Bonds, Montgomery County Town Square 
9/12 at 100.00 
AA+ 
823,264 
   
Parking Garage, Series 2002A, 5.000%, 9/15/13 
      
2,935 
  
Maryland Economic Development Corporation, Lease Revenue Bonds, Montgomery County Wayne Avenue 
9/12 at 100.00 
AA+ 
2,946,623 
   
Parking Project, Series 2002A, 5.250%, 9/15/16 
      
   
Maryland Stadium Authority, Lease Revenue Bonds, Montgomery County Conference Center 
      
   
Facilities, Series 2003: 
      
1,465 
  
5.000%, 6/15/21 
6/13 at 100.00 
AA+ 
1,515,308 
1,620 
  
5.000%, 6/15/23 
6/13 at 100.00 
AA+ 
1,675,631 
1,700 
  
5.000%, 6/15/24 
6/13 at 100.00 
AA+ 
1,755,913 
1,675 
  
Montgomery County, Maryland, Special Obligation Bonds, West Germantown Development District, 
7/14 at 100.00 
A+ 
1,694,748 
   
Senior Series 2002A, 5.500%, 7/01/27 – RAAI Insured 
      
3,000 
  
Prince George’s County, Maryland, Certificates of Participation, Equipment Acquisition 
No Opt. Call 
AA+ 
3,163,740 
   
Program, Series 2012, 3.000%, 10/15/14 
      
740 
  
Prince George’s County, Maryland, Lease Revenue Bonds, Upper Marlboro Justice Center, Series 
6/13 at 100.00 
AA+ 
767,750 
   
2003A, 5.000%, 6/30/14 – NPFG Insured 
      
4,650 
  
Prince George’s County, Maryland, Special Obligation Bonds, National Harbor Project, Series 
7/15 at 100.00 
N/R 
4,759,508 
   
2005, 5.200%, 7/01/34 
      
1,414 
  
Prince George’s County, Maryland, Special Tax District Bonds, Victoria Falls Project, Series 
7/13 at 100.00 
N/R 
1,416,064 
   
2005, 5.250%, 7/01/35 
      
1,000 
  
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2005L, 5.250%, 
No Opt. Call 
Baa1 
1,074,250 
   
7/01/35 – NPFG Insured 
      
   
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N: 
      
1,100 
  
5.500%, 7/01/29 – AMBAC Insured 
No Opt. Call 
Baa1 
1,219,834 
7,025 
  
5.250%, 7/01/31 – AMBAC Insured 
No Opt. Call 
Baa1 
7,526,726 
1,850 
  
5.250%, 7/01/33 – NPFG Insured 
No Opt. Call 
Baa1 
1,987,955 
1,000 
  
Puerto Rico Highway and Transportation Authority, Subordinate Lien Highway Revenue Bonds, 
7/13 at 100.00 
Baa2 
1,036,790 
   
Series 2003, 5.250%, 7/01/15 – FGIC Insured 
      
1,530 
  
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A, 
No Opt. Call 
BBB+ 
219,800 
   
0.000%, 7/01/44 – AMBAC Insured 
      
5,605 
  
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005C, 
No Opt. Call 
BBB+ 
6,284,887 
   
5.500%, 7/01/26 – AMBAC Insured 
      
2,100 
  
Puerto Rico Municipal Finance Agency, Series 2002A, 5.250%, 8/01/21 – AGM Insured 
11/12 at 100.00 
AA– 
2,105,124 
525 
  
Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Bonds, 
7/14 at 100.00 
Baa1 
542,714 
   
Series 2004I, 5.250%, 7/01/33 
      
   
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate 
      
   
Series 2009A: 
      
970 
  
0.000%, 8/01/32 
8/26 at 100.00 
A+ 
1,004,532 
1,500 
  
5.750%, 8/01/37 
8/19 at 100.00 
A+ 
1,674,945 
   
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate 
      
   
Series 2010A: 
      
1,425 
  
5.375%, 8/01/39 
2/20 at 100.00 
A+ 
1,525,548 
200 
  
5.500%, 8/01/42 
2/20 at 100.00 
A+ 
216,216 
4,310 
  
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 
8/20 at 100.00 
A+ 
4,583,599 
   
2010C, 5.250%, 8/01/41 
      
   
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– 
1,520,890 
8,000 
  
0.000%, 8/01/41 – NPFG Insured 
No Opt. Call 
AA– 
1,643,760 
210 
  
0.000%, 8/01/47 – AMBAC Insured 
No Opt. Call 
AA– 
29,761 
12,140 
  
0.000%, 8/01/56 
No Opt. Call 
AA– 
960,395 
   
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA: 
      
520 
  
5.500%, 7/01/19 – NPFG Insured 
No Opt. Call 
A3 
591,666 
2,350 
  
5.300%, 7/01/35 
7/20 at 100.00 
A3 
2,439,018 
800 
  
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2005BB, 
No Opt. Call 
AA– 
933,712 
   
5.250%, 7/01/22 – AGM Insured 
      
   
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2007CC: 
      
765 
  
5.500%, 7/01/28 – NPFG Insured 
No Opt. Call 
A3 
853,220 
1,200 
  
5.500%, 7/01/30 
No Opt. Call 
A3 
1,320,324 
2,300 
  
5.500%, 7/01/30 – AGM Insured 
No Opt. Call 
AA– 
2,811,405 
1,180 
  
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 1999A, 
10/12 at 100.00 
BBB+ 
1,183,965 
   
6.375%, 10/01/19 
      
1,645 
  
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Subordinate 
10/20 at 100.00 
Baa2 
1,787,539 
   
Lien Series 2010B, 5.250%, 10/01/29 
      
117,003 
  
Total Tax Obligation/Limited 
    
99,397,660 
   
Transportation – 5.5% (3.8% of Total Investments) 
      
1,060 
  
Baltimore, Maryland, Revenue Refunding Bonds, Parking System Facilities, Series 1998A, 5.250%, 
No Opt. Call 
A1 
1,190,868 
   
7/01/17 – FGIC Insured 
      
265 
  
Guam International Airport Authority, Revenue Bonds, Series 2003A, 5.250%, 10/01/21 – 
10/13 at 100.00 
BBB 
270,411 
   
NPFG Insured 
      
725 
  
Guam International Airport Authority, Revenue Bonds, Series 2003B, 5.250%, 10/01/19 – 
10/13 at 100.00 
BBB 
741,769 
   
NPFG Insured 
      
   
Maryland Health and Higher Educational Facilities Authority, Parking Facilities Revenue Bonds, 
      
   
Johns Hopkins Hospital, Series 2001: 
      
1,300 
  
5.000%, 7/01/27 – AMBAC Insured 
1/13 at 100.00 
N/R 
1,301,430 
1,000 
  
5.000%, 7/01/34 – AMBAC Insured 
1/13 at 100.00 
N/R 
1,000,690 
750 
  
Maryland Health and Higher Educational Facilities Authority, Parking Facilities Revenue Bonds, 
1/15 at 100.00 
N/R 
816,645 
   
Johns Hopkins Medical Institution, Series 2004B, 5.000%, 7/01/15 – AMBAC Insured 
      
460 
  
Maryland Health and Higher Educational Facilities Authority, Parking Revenue Bonds, Johns 
11/12 at 100.00 
A 
460,800 
   
Hopkins Medical Institutions Parking Facilities, Series 1996, 5.500%, 7/01/26 – AMBAC Insured 
      
2,000 
  
Maryland Transportation Authority, Revenue Bonds, Grant Anticiapation Series 2008, 
No Opt. Call 
AAA 
2,338,700 
   
5.250%, 3/01/16 
      
10,110 
  
Maryland Transportation Authority, Revenue Bonds, Transportation Facilities Projects, Series 
7/17 at 100.00 
AA– 
11,553,101 
   
2007, 5.000%, 7/01/30 – AGM Insured (UB) 
      
   
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
      
   
Terminal LLC, Sixth Series 1997: 
      
20 
  
5.750%, 12/01/22 – NPFG Insured (Alternative Minimum Tax) 
12/12 at 100.00 
BBB 
20,007 
70 
  
5.750%, 12/01/25 – NPFG Insured (Alternative Minimum Tax) 
12/12 at 100.00 
BBB 
70,018 
2,075 
  
Puerto Rico Ports Authority, Special Facilities Revenue Bonds, American Airlines Inc., Series 
12/12 at 100.00 
N/R 
1,301,523 
   
1996A, 6.250%, 6/01/26 (Alternative Minimum Tax) (4) 
      
19,835 
  
Total Transportation 
    
21,065,962 
   
U.S. Guaranteed – 17.0% (11.6% of Total Investments) (5) 
      
2,030 
  
Anne Arundel County, Maryland, General Obligation Bonds, Series 2004, 5.000%, 4/01/16 
4/14 at 100.00 
AAA 
2,182,778 
   
(Pre-refunded 4/01/14) 
      
1,530 
  
Baltimore Board of School Commissioners, Maryland, Revenue Bonds, City Public School System, 
5/13 at 100.00 
AA+ (5) 
1,579,052 
   
Series 2003A, 5.000%, 5/01/15 (Pre-refunded 5/01/13) 
      
3,015 
  
Baltimore, Maryland, Revenue Refunding Bonds, Water Projects, Series 1998A, 5.000%, 7/01/28 – 
No Opt. Call 
AA (5) 
3,763,112 
   
FGIC Insured (ETM) 
      
2,000 
  
Baltimore, Maryland, Revenue Refunding Bonds, Water System Projects, Series 1994A, 5.000%, 
No Opt. Call 
AA (5) 
2,568,540 
   
7/01/24 – FGIC Insured (ETM) 
      
1,500 
  
Baltimore, Maryland, Wastewater Project Revenue Bonds, Series 2006C, 5.000%, 7/01/31 
7/16 at 100.00 
AA (5) 
1,765,035 
   
(Pre-refunded 7/01/16) – AMBAC Insured 
      
   
Charles County, Maryland, Consolidated General Obligation Public Improvement Bonds, 
      
   
Series 2006: 
      
40 
  
5.000%, 3/01/14 (ETM) 
No Opt. Call 
Aa1 (5) 
42,844 
15 
  
5.000%, 3/01/16 (ETM) 
No Opt. Call 
Aa1 (5) 
17,412 
510 
  
Gaithersburg, Maryland, Hospital Facilities Revenue Refunding and Improvement Bonds, Shady 
No Opt. Call 
Aa3 (5) 
510,000 
   
Grove Adventist Hospital, Series 1995, 6.500%, 9/01/12 – AGM Insured (ETM) 
      
   
Howard County, Maryland, General Obligation Consolidated Public Improvement Bonds, 
      
   
Series 2004B: 
      
1,625 
  
5.000%, 8/15/17 (Pre-refunded 2/15/14) 
2/14 at 100.00 
AAA 
1,736,459 
1,180 
  
5.000%, 8/15/19 (Pre-refunded 2/15/14) 
2/14 at 100.00 
AAA 
1,260,936 
750 
  
Maryland Department of Transportation, Consolidated Transportation Revenue Bonds, Series 2004, 
5/14 at 100.00 
AAA 
808,665 
   
5.000%, 5/01/15 (Pre-refunded 5/01/14) 
      
   
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Helix Health, 
      
   
Series 1997: 
      
1,545 
  
5.000%, 7/01/17 – AMBAC Insured (ETM) 
No Opt. Call 
N/R (5) 
1,722,830 
3,200 
  
5.000%, 7/01/27 – AMBAC Insured (ETM) 
No Opt. Call 
N/R (5) 
4,030,080 
3,125 
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Howard County 
11/12 at 100.00 
N/R (5) 
3,502,156 
   
General Hospital, Series 1993, 5.500%, 7/01/25 (ETM) 
      
3,875 
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health 
7/14 at 100.00 
N/R (5) 
4,208,715 
   
System, Series 2004A, 5.125%, 7/01/34 (Pre-refunded 7/01/14) 
      
1,000 
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Ridge 
4/13 at 101.00 
AA+ (5) 
1,043,450 
   
Retirement Community, Series 2003A, 6.000%, 4/01/35 (Pre-refunded 4/01/13) 
      
885 
  
Maryland National Capital Park Planning Commission, Prince George’s County, General 
1/14 at 100.00 
Aaa 
941,684 
   
Obligation Bonds, Park Acquisition and Development, Series 2004EE-2, 5.000%, 1/15/17 
      
   
(Pre-refunded 1/15/14) 
      
1,555 
  
Maryland Transportation Authority, Revenue Refunding Bonds, Transportation Facilities 
No Opt. Call 
AAA 
1,771,440 
   
Projects, First Series 1978, 6.800%, 7/01/16 – AMBAC Insured (ETM) 
      
1,670 
  
Maryland, General Obligation Bonds, State and Local Facilities Loan, Second Series 2003, 
8/13 at 100.00 
AAA 
1,743,564 
   
5.000%, 8/01/15 (Pre-refunded 8/01/13) 
      
500 
  
Morgan State University, Maryland, Student Tuition and Fee Revenue Bonds, Academic Fees and 
9/12 at 100.00 
Aa3 (5) 
500,655 
   
Auxiliary Facilities, Series 2001, 4.900%, 7/01/21 (Pre-refunded 9/11/12) – FGIC Insured 
      
   
Morgan State University, Maryland, Student Tuition and Fee Revenue Bonds, Academic Fees and 
      
   
Auxiliary Facilities, Series 2003A: 
      
500 
  
5.000%, 7/01/20 (Pre-refunded 7/01/13) – FGIC Insured 
7/13 at 100.00 
Aa3 (5) 
519,820 
1,000 
  
5.000%, 7/01/32 (Pre-refunded 7/01/13) – FGIC Insured 
7/13 at 100.00 
Aa3 (5) 
1,039,640 
4,860 
  
Prince George’s County Housing Authority, Maryland, GNMA Collateralized Mortgage Revenue 
11/12 at 100.00 
N/R (5) 
4,905,733 
   
Bonds, Fairview and Hillside Projects, Series 2002A, 4.700%, 11/20/22 (Pre-refunded 11/20/12) 
      
5,770 
  
Prince George’s County, Maryland, General Obligation Consolidated Public Improvement Bonds, 
10/13 at 100.00 
AAA 
6,070,502 
   
Series 2003A, 5.000%, 10/01/18 (Pre-refunded 10/01/13) 
      
1,315 
  
Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003, 
12/13 at 100.00 
AA+ 
1,392,085 
   
5.000%, 12/01/19 (Pre-refunded 12/01/13) 
      
1,100 
  
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 1998A, 
No Opt. Call 
Aaa 
1,353,660 
   
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 
1,196,980 
   
5.500%, 7/01/36 (Pre-refunded 7/01/16) 
      
2,380 
  
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 
No Opt. Call 
A3 (5) 
3,049,446 
   
5.500%, 7/01/19 – NPFG Insured (ETM) 
      
   
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 
5,073,075 
1,235 
  
5.000%, 6/01/23 (Pre-refunded 6/01/15) 
6/15 at 100.00 
AAA 
1,392,277 
1,235 
  
5.000%, 6/01/24 (Pre-refunded 6/01/15) 
6/15 at 100.00 
AAA 
1,392,277 
1,235 
  
5.000%, 6/01/25 (Pre-refunded 6/01/15) 
6/15 at 100.00 
AAA 
1,392,277 
57,680 
  
Total U.S. Guaranteed 
    
64,477,179 
   
Utilities – 4.7% (3.2% of Total Investments) 
      
1,000 
  
Guam Power Authority, Revenue Bonds, Series 1999A, 5.250%, 10/01/34 – NPFG Insured 
10/12 at 100.00 
BBB 
1,000,250 
5,750 
  
Maryland Energy Financing Administration, Revenue Bonds, AES Warrior Run Project, Series 1995, 
11/12 at 100.00 
N/R 
5,782,775 
   
7.400%, 9/01/19 (Alternative Minimum Tax) 
      
155 
  
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2002LL, 5.500%, 7/01/17 – 
No Opt. Call 
BBB+ 
176,457 
   
NPFG Insured 
      
2,015 
  
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2004OO, 5.000%, 7/01/13 – 
No Opt. Call 
AA– 
2,084,699 
   
CIFG Insured 
      
3,600 
  
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2004PP, 5.000%, 7/01/22 – 
7/14 at 100.00 
BBB+ 
3,802,392 
   
FGIC Insured 
      
1,570 
  
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/22 – 
7/15 at 100.00 
BBB+ 
1,694,784 
   
FGIC Insured 
      
1,040 
  
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010XX, 5.250%, 7/01/40 
7/20 at 100.00 
BBB+ 
1,082,234 
1,225 
  
Puerto Rico Electric Power Authority, Power Revenue Refunding Bonds, Series 2002JJ, 5.250%, 
No Opt. Call 
BBB+ 
1,343,872 
   
7/01/15 – NPFG Insured 
      
730 
  
Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding Series 
7/17 at 100.00 
Baa3 
774,265 
   
2007A, 5.000%, 7/01/24 
      
17,085 
  
Total Utilities 
    
17,741,728 
   
Water and Sewer – 3.8% (2.6% of Total Investments) 
      
2,690 
  
Baltimore, Maryland, Revenue Refunding Bonds, Wastewater Projects, Series 2002A, 5.125%, 
11/12 at 100.00 
AA 
2,698,850 
   
7/01/42 – NPFG Insured 
      
1,045 
  
Baltimore, Maryland, Revenue Refunding Bonds, Water System Projects, Series 1994A, 5.000%, 
No Opt. Call 
AA 
1,250,238 
   
7/01/24 – FGIC Insured 
      
2,570 
  
Baltimore, Maryland, Wastewater Project Revenue Bonds, Series 2006C, 5.000%, 7/01/31 – 
7/16 at 100.00 
AA 
2,870,202 
   
AMBAC Insured 
      
3,000 
  
Baltimore, Maryland, Wastewater Project Revenue Bonds, Series 2007D, 5.000%, 7/01/32 – 
7/17 at 100.00 
AA 
3,428,220 
   
AMBAC Insured 
      
2,000 
  
Baltimore, Maryland, Wastewater Project Revenue Bonds, Series 2011A, 5.000%, 7/01/41 
7/21 at 100.00 
AA 
2,310,818 
1,645 
  
Maryland Water Quality Financing Administration, Revolving Loan Fund Revenue Bonds, Series 
No Opt. Call 
AAA 
1,871,383 
   
2005A, 5.000%, 9/01/15 
      
12,950 
  
Total Water and Sewer 
    
14,429,711 
$ 689,683 
  
Total Investments (cost $514,714,248) – 146.2% 
    
554,516,031 
   
Floating Rate Obligations – (5.8)% 
    
(21,995,000) 
   
MuniFund Term Preferred Shares, at Liquidation Value – (43.8)% (6) 
    
(166,144,000) 
   
Other Assets Less Liabilities – 3.4% 
    
12,980,302 
   
Net Assets Applicable to Common Shares – 100% 
    
$ 379,357,333 
 
 

 
 
 
 
 
Fair Value Measurements
Fair value is defined as the price that the Fund would receive 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 risks, 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 
   $ —     $ 554,516,031     $ —     $ 554,516,031  
 
The Nuveen funds’ Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds’ pricing policies, and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
 
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
 
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.
 
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.
 
At August 31, 2012, the cost of investments was $493,354,782.
 
Gross unrealized appreciation and gross unrealized depreciation of investments at August 31, 2012, were as follows:
   
Gross unrealized: 
  
     Appreciation 
$42,916,486 
     Depreciation 
(3,750,125) 
Net unrealized appreciation (depreciation) of investments 
$39,166,361 
 
(1) 
  
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares 
   
unless otherwise noted. 
(2) 
  
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There 
   
may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject 
   
to periodic principal paydowns. 
(3) 
  
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. 
   
(“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by 
   
Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these 
   
national rating agencies. 
(4) 
  
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing 
   
security, in the case of a bond, generally denotes that the issuer has (1) defaulted on the payment of principal or 
   
interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that 
   
the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to 
   
cease accruing additional income on the Fund’s records. 
(5) 
  
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. 
(6) 
  
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 30.0%. 
N/R 
  
Not rated. 
WI/DD 
  
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. 
(ETM) 
  
Escrowed to maturity. 
(IF) 
  
Inverse floating rate investment. 
(UB) 
  
Underlying bond of an inverse floating rate trust reflected as a financing transaction. 
 

 
 
 
 
Item 2. Controls and Procedures.

a.  
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
 
 
b.  
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
 
Item 3. Exhibits.

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

 
 
 
 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
(Registrant)  Nuveen Maryland Premium Income Municipal Fund 
 
By (Signature and Title)     /s/ Kevin J. McCarthy                    
                                                   Kevin J. McCarthy
                                                   Vice President and Secretary
 
Date:         October 30, 2012        
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By (Signature and Title)     /s/ Gifford R. Zimmerman                    
                                                    Gifford R. Zimmerman
                                                  Chief Administrative Officer (principal executive officer) 
 
Date:         October 30, 2012        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date:         October 30, 2012