|
Portfolio of Investments
|
|
|
|
|
|
|||||
|
Nuveen Maryland Premium Income Municipal Fund (NMY)
|
|
|
|
|
|
August 31, 2016 (Unaudited)
|
|
|
|
|
|
|||||
|
|||||
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|||||
|
LONG-TERM INVESTMENTS – 154.0% (98.2% of Total Investments)
|
|
|
|
|
|
|||||
|
MUNICIPAL BONDS – 153.6% (97.9% of Total Investments)
|
|
|
|
|
|
|||||
|
Consumer Discretionary – 4.7% (3.0% 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
|
$ 540,000
|
|
400
|
5.250%, 9/01/19 – SYNCORA GTY Insured
|
11/16 at 100.00
|
Ba1
|
401,256
|
|
330
|
5.250%, 9/01/25 – SYNCORA GTY Insured
|
9/16 at 100.00
|
Ba1
|
330,970
|
|
350
|
5.250%, 9/01/27 – SYNCORA GTY Insured
|
9/16 at 100.00
|
Ba1
|
351,029
|
|
535
|
4.600%, 9/01/30 – SYNCORA GTY Insured
|
9/16 at 100.00
|
Ba1
|
536,573
|
|
100
|
5.000%, 9/01/32 – SYNCORA GTY Insured
|
9/16 at 100.00
|
Ba1
|
100,294
|
|
12,165
|
5.250%, 9/01/39 – SYNCORA GTY Insured
|
9/16 at 100.00
|
Ba1
|
12,200,762
|
|
1,000
|
Baltimore, Maryland, Subordinate Lien Convention Center Hotel Revenue Bonds, Series 2006B,
|
9/16 at 100.00
|
BB
|
1,002,500
|
|
|
5.875%, 9/01/39
|
|
|
|
|
2,000
|
Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference
|
12/16 at 100.00
|
N/R
|
1,194,160
|
|
|
Center, Series 2006A, 5.000%, 12/01/31 (4)
|
|
|
|
|
17,420
|
Total Consumer Discretionary
|
|
|
16,657,544
|
|
|
Consumer Staples – 4.8% (3.1% 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–
|
584,254
|
|
1,695
|
5.875%, 6/01/30
|
6/17 at 100.00
|
B–
|
1,692,441
|
|
210
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue
|
6/22 at 100.00
|
B–
|
215,769
|
|
|
Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37
|
|
|
|
|
13,000
|
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds,
|
11/16 at 16.20
|
N/R
|
1,801,930
|
|
|
Series 2006A, 0.000%, 6/15/46
|
|
|
|
|
|
Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds,
|
|
|
|
|
|
Series 2007A:
|
|
|
|
|
2,220
|
5.250%, 6/01/32
|
6/17 at 100.00
|
N/R
|
2,228,969
|
|
2,915
|
5.625%, 6/01/47
|
6/17 at 100.00
|
N/R
|
2,915,700
|
|
100
|
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds,
|
11/16 at 100.00
|
B3
|
98,620
|
|
|
Series 2006A, 5.000%, 6/01/46
|
|
|
|
|
3,270
|
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds,
|
11/16 at 100.00
|
BBB–
|
3,294,492
|
|
|
Series 2002, 5.500%, 5/15/39
|
|
|
|
|
2,000
|
Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed
|
11/16 at 100.00
|
BB+
|
2,000,160
|
|
|
Bonds, San Diego County Tobacco Asset Securitization Corporation, Senior Series 2006A,
|
|
|
|
|
|
5.000%, 6/01/37
|
|
|
|
|
1,500
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,
|
6/17 at 100.00
|
B
|
1,514,460
|
|
|
Series 2007-1A, 5.000%, 6/01/29
|
|
|
|
|
780
|
Tobacco Settlement Financing Corporation, Virgin Islands, Tobacco Settlement Asset-Backed
|
11/16 at 100.00
|
A3
|
780,398
|
|
|
Bonds, Series 2001, 5.000%, 5/15/31
|
|
|
|
|
28,285
|
Total Consumer Staples
|
|
|
17,127,193
|
|
|
Education and Civic Organizations – 11.0% (7.0% of Total Investments)
|
|
|
|
|
2,375
|
Frederick County, Maryland, Educational Facilities Revenue Bonds, Mount Saint Mary’s
|
9/16 at 100.00
|
BB+
|
2,377,256
|
|
|
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–
|
818,846
|
|
|
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+
|
2,160,960
|
|
530
|
5.250%, 7/01/38
|
No Opt. Call
|
AA+
|
571,266
|
|
|
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+
|
1,369,798
|
|
1,050
|
5.000%, 7/01/37
|
No Opt. Call
|
AA+
|
1,256,147
|
|
|
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+
|
603,505
|
|
4,375
|
4.250%, 7/01/41
|
7/23 at 100.00
|
AA+
|
4,896,806
|
|
1,250
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Loyola University
|
10/22 at 100.00
|
A
|
1,461,425
|
|
|
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
|
1,496,613
|
|
1,000
|
4.000%, 10/01/45
|
10/24 at 100.00
|
A
|
1,101,460
|
|
1,130
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Maryland Institute
|
6/17 at 100.00
|
Baa1
|
1,151,583
|
|
|
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
|
1,716,045
|
|
3,000
|
5.000%, 6/01/47
|
6/22 at 100.00
|
Baa1
|
3,399,240
|
|
745
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Patterson Park
|
7/20 at 100.00
|
BBB–
|
791,674
|
|
|
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+
|
738,500
|
|
|
Auxiliary Facilities, Series 2012, 5.000%, 7/01/29
|
|
|
|
|
7,775
|
Morgan State University, Maryland, Student Tuition and Fee Revenue Refunding Bonds, Academic
|
No Opt. Call
|
AA–
|
8,602,102
|
|
|
Fees and Auxiliary Facilities, Series 1993, 6.100%, 7/01/20 – NPFG Insured
|
|
|
|
|
|
Westminster, Maryland, Educational Facilities Revenue Bonds, McDaniel College, Series 2006:
|
|
|
|
|
2,000
|
5.000%, 11/01/31
|
11/16 at 100.00
|
BBB+
|
2,009,180
|
|
2,750
|
4.500%, 11/01/36
|
11/16 at 100.00
|
BBB+
|
2,756,903
|
|
35,700
|
Total Education and Civic Organizations
|
|
|
39,279,309
|
|
|
Energy – 0.0% (0.0% of Total Investments)
|
|
|
|
|
140
|
Maryland Economic Development Corporation, Port Facilities Revenue Bonds, CNX Marine
|
9/20 at 100.00
|
B
|
142,957
|
|
|
Terminals Inc. Port of Baltimore Facility, Refunding Series 2010, 5.750%, 9/01/25
|
|
|
|
|
|
Health Care – 35.2% (22.5% 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
|
1,068,289
|
|
2,470
|
4.250%, 7/01/35
|
7/25 at 100.00
|
BBB
|
2,686,940
|
|
1,975
|
5.000%, 7/01/45
|
7/25 at 100.00
|
BBB
|
2,330,658
|
|
2,445
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds Doctors Community
|
7/20 at 100.00
|
Baa3
|
2,738,889
|
|
|
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
|
1,648,391
|
|
375
|
6.125%, 1/01/36
|
1/22 at 100.00
|
Baa2
|
450,874
|
|
1,355
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Anne Arundel
|
No Opt. Call
|
A
|
1,601,881
|
|
|
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
|
2,705,875
|
|
|
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
|
2,307,460
|
|
|
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
|
1,085,730
|
|
1,775
|
5.000%, 7/01/37
|
7/22 at 100.00
|
A1
|
2,033,600
|
|
4,335
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Frederick Memorial
|
No Opt. Call
|
Baa1
|
4,694,068
|
|
|
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–
|
2,758,725
|
|
|
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–
|
5,000,688
|
|
|
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–
|
580,615
|
|
500
|
5.000%, 5/15/26
|
5/21 at 100.00
|
AA–
|
578,485
|
|
1,685
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health
|
7/17 at 100.00
|
AA
|
1,738,128
|
|
|
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+
|
592,035
|
|
1,000
|
6.000%, 7/01/41
|
7/21 at 100.00
|
A+
|
1,198,430
|
|
|
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+
|
1,638,120
|
|
1,125
|
5.000%, 7/01/40
|
7/25 at 100.00
|
A+
|
1,348,121
|
|
2,975
|
4.125%, 7/01/47
|
7/25 at 100.00
|
A+
|
3,257,119
|
|
535
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Medlantic/Helix,
|
No Opt. Call
|
AA
|
713,851
|
|
|
Series 1998A, 5.250%, 8/15/38 – AGM Insured
|
|
|
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health
|
|
|
|
|
|
Issue, Series 2015:
|
|
|
|
|
500
|
5.000%, 8/15/28
|
2/25 at 100.00
|
A2
|
616,050
|
|
2,500
|
5.000%, 8/15/38
|
2/25 at 100.00
|
A2
|
2,970,525
|
|
2,850
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical
|
7/22 at 100.00
|
BBB
|
3,261,882
|
|
|
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
|
7/26 at 100.00
|
BBB
|
108,763
|
|
1,895
|
5.000%, 7/01/38
|
7/26 at 100.00
|
BBB
|
2,279,117
|
|
2,010
|
4.000%, 7/01/42
|
7/26 at 100.00
|
BBB
|
2,159,604
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional
|
|
|
|
|
|
Medical Center Issue, Refunding Series 2015:
|
|
|
|
|
1,185
|
5.000%, 7/01/39
|
7/24 at 100.00
|
A
|
1,403,324
|
|
4,000
|
5.000%, 7/01/45
|
7/24 at 100.00
|
A
|
4,708,840
|
|
|
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
|
13,134,952
|
|
4,665
|
4.000%, 7/01/43
|
7/22 at 100.00
|
A2
|
4,955,163
|
|
1,000
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of
|
7/25 at 100.00
|
A2
|
1,195,700
|
|
|
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
|
4,513,203
|
|
|
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
|
14,627,844
|
|
|
Health, Series 2014, 5.250%, 7/01/34
|
|
|
|
|
8,000
|
Montgomery County, Maryland, Revenue Bonds, Trinity Health Credit Group, Refunding Series
|
12/21 at 100.00
|
AA
|
9,168,717
|
|
|
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
|
2,408,120
|
|
7,500
|
4.000%, 12/01/44
|
6/25 at 100.00
|
AA
|
8,347,800
|
|
4,100
|
Montgomery County, Maryland, Revenue Bonds, Trinity Health Credit Group, Series 2016,
|
6/26 at 100.00
|
AA
|
5,033,652
|
|
|
5.000%, 12/01/45
|
|
|
|
|
110,040
|
Total Health Care
|
|
|
125,650,228
|
|
|
Housing/Multifamily – 7.7% (4.9% of Total Investments)
|
|
|
|
|
1,990
|
Anne Arundel County, Maryland, FNMA Multifamily Housing Revenue Bonds, Glenview Gardens
|
1/20 at 102.00
|
AA+
|
2,180,682
|
|
|
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+
|
1,607,280
|
|
1,550
|
5.000%, 6/01/44
|
6/24 at 100.00
|
A+
|
1,748,028
|
|
1,860
|
Howard County Housing Commission, Maryland, Revenue Bonds, Gateway Village Apartments, Series
|
6/26 at 100.00
|
A+
|
2,007,982
|
|
|
2016, 4.000%, 6/01/46
|
|
|
|
|
|
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+
|
3,504,180
|
|
2,000
|
4.625%, 10/01/28
|
10/23 at 100.00
|
A+
|
2,273,580
|
|
2,110
|
Maryland Community Development Administration, Multifamily Housing Revenue Bonds, Princess
|
12/16 at 100.00
|
Aaa
|
2,113,904
|
|
|
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
|
570,830
|
|
500
|
5.000%, 6/01/34
|
6/23 at 100.00
|
Baa3
|
560,340
|
|
1,500
|
Maryland Economic Development Corporation, Student Housing Revenue Bonds, Sheppard Pratt
|
No Opt. Call
|
BBB–
|
1,668,090
|
|
|
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–
|
564,439
|
|
|
Maryland – Baltimore Project, Refunding Senior Lien Series 2015, 5.000%, 7/01/39
|
|
|
|
|
1,500
|
Maryland Economic Development Corporation, Student Housing Revenue Bonds, University of
|
11/16 at 100.00
|
AA
|
1,500,750
|
|
|
Maryland, Baltimore County Project, Refunding Series 2016, 3.600%, 7/01/35 – AGM Insured
|
|
|
|
|
|
Maryland Economic Development Corporation, Student Housing Revenue Bonds, University of
|
|
|
|
|
|
Maryland, College Park Project, Refunding Series 2016:
|
|
|
|
|
900
|
5.000%, 6/01/29 – AGM Insured
|
6/26 at 100.00
|
AA
|
1,138,005
|
|
1,240
|
5.000%, 6/01/31 – AGM Insured
|
6/26 at 100.00
|
AA
|
1,554,278
|
|
1,440
|
5.000%, 6/01/35 – AGM Insured
|
6/26 at 100.00
|
AA
|
1,777,795
|
|
780
|
5.000%, 6/01/43 – AGM Insured
|
6/26 at 100.00
|
AA
|
950,032
|
|
1,500
|
Montgomery County Housing Opportunities Commission, Maryland, Multifamily Housing
|
7/24 at 100.00
|
Aaa
|
1,584,525
|
|
|
Development Bonds, Series 2014A, 3.875%, 7/01/39
|
|
|
|
|
24,365
|
Total Housing/Multifamily
|
|
|
27,304,720
|
|
|
Housing/Single Family – 8.7% (5.5% of Total Investments)
|
|
|
|
|
3,000
|
Maryland Community Development Administration Department of Housing and Community
|
9/18 at 100.00
|
Aa2
|
3,097,650
|
|
|
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
|
Aa2
|
2,486,124
|
|
|
Development, Residential Revenue Bonds, Series 2011B, 3.250%, 3/01/36
|
|
|
|
|
2,400
|
Maryland Community Development Administration Department of Housing and Community
|
9/23 at 100.00
|
Aa2
|
2,635,416
|
|
|
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
|
3,166,770
|
|
1,165
|
3.750%, 3/01/39
|
3/24 at 100.00
|
Aa2
|
1,226,500
|
|
1,000
|
Maryland Community Development Administration Department of Housing and Community
|
12/24 at 100.00
|
Aaa
|
1,072,250
|
|
|
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
|
1,602,585
|
|
|
Development, Residential Revenue Bonds, Series 2015A, 3.800%, 9/01/35
|
|
|
|
|
6,915
|
Maryland Community Development Administration, Department of Housing and Community
|
11/16 at 100.00
|
Aa2
|
6,927,932
|
|
|
Development, Residential Revenue Bonds, Series 2006I, 4.875%, 9/01/26 (Alternative
|
|
|
|
|
|
Minimum Tax) (UB) (5)
|
|
|
|
|
1,500
|
Maryland Community Development Administration, Department of Housing and Community
|
3/17 at 100.00
|
Aa2
|
1,518,886
|
|
|
Development, Residential Revenue Bonds, Series 2007H, 5.000%, 9/01/27 (Alternative
|
|
|
|
|
|
Minimum Tax) (UB) (5)
|
|
|
|
|
2,820
|
Maryland Community Development Administration, Department of Housing and Community
|
3/17 at 100.00
|
Aa2
|
2,860,300
|
|
|
Development, Residential Revenue Bonds, Series 2007D, 4.850%, 9/01/37 (Alternative
|
|
|
|
|
|
Minimum Tax) (UB) (5)
|
|
|
|
|
|
Montgomery County Housing Opportunities Commission, Maryland, Single Family Mortgage
|
|
|
|
|
|
Revenue Bonds, Series 2016A:
|
|
|
|
|
3,570
|
2.875%, 7/01/31
|
7/25 at 100.00
|
Aa2
|
3,601,916
|
|
715
|
2.950%, 1/01/34
|
7/25 at 100.00
|
Aa2
|
721,092
|
|
29,970
|
Total Housing/Single Family
|
|
|
30,917,421
|
|
|
Industrials – 1.9% (1.2% of Total Investments)
|
|
|
|
|
5,895
|
Maryland Economic Development Corporation, Economic Development Revenue Bonds,
|
6/20 at 100.00
|
Baa3
|
6,597,802
|
|
|
Transportation Facilities Project, Series 2010A, 5.750%, 6/01/35
|
|
|
|
|
|
Long-Term Care – 5.8% (3.7% 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
|
5,275,077
|
|
2,050
|
Gaithersburg, Maryland, Economic Development Revenue Bonds, Asbury Methodist Homes Inc.,
|
1/20 at 100.00
|
BBB
|
2,300,736
|
|
|
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
|
1,987,828
|
|
5,070
|
6.250%, 1/01/45
|
1/21 at 100.00
|
A
|
5,986,555
|
|
|
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
|
212,113
|
|
1,460
|
5.250%, 1/01/27
|
1/17 at 100.00
|
N/R
|
1,471,373
|
|
1,050
|
5.300%, 1/01/37
|
1/17 at 100.00
|
N/R
|
1,056,951
|
|
2,480
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Ridge
|
7/17 at 100.00
|
A–
|
2,519,358
|
|
|
Retirement Community, Series 2007, 4.750%, 7/01/34
|
|
|
|
|
19,220
|
Total Long-Term Care
|
|
|
20,809,991
|
|
|
Tax Obligation/General – 19.5% (12.4% of Total Investments)
|
|
|
|
|
1,615
|
Anne Arundel County, Maryland, General Obligation Bonds, Consolidated General Improvement,
|
No Opt. Call
|
AAA
|
1,657,281
|
|
|
Series 2015, 5.000%, 4/01/17
|
|
|
|
|
|
Baltimore, Maryland, General Obligation Bonds, Consolidated Public Improvements, Series 2011A:
|
|
|
|
|
1,000
|
5.000%, 10/15/29
|
10/21 at 100.00
|
AA
|
1,182,510
|
|
1,200
|
5.000%, 10/15/30
|
10/21 at 100.00
|
AA
|
1,410,744
|
|
3,100
|
Howard County, Maryland, General Obligation Consolidated Public Improvement Bonds, Refunding
|
2/22 at 100.00
|
AAA
|
3,740,088
|
|
|
Series 2014A, 5.000%, 2/15/23
|
|
|
|
|
5,240
|
Huntington Beach Union High School District, Orange County, California, General Obligation
|
No Opt. Call
|
AA
|
3,600,352
|
|
|
Bonds, Series 2005, 0.000%, 8/01/30 – AGM Insured
|
|
|
|
|
2,305
|
Maryland National Capital Park Planning Commission, Prince George’s County, General Obligation
|
11/16 at 100.00
|
AAA
|
2,313,690
|
|
|
Bonds, Park Acquisition and Development, Series 2004EE-2, 5.000%, 1/15/17
|
|
|
|
|
3,215
|
Maryland State, General Obligation Bonds, State & Local Facilities Loan, First Series 2010B,
|
No Opt. Call
|
AAA
|
3,427,447
|
|
|
5.000%, 3/01/18
|
|
|
|
|
1,000
|
Maryland State, General Obligation Bonds, State & Local Facilities Loan, First Series 2011B,
|
No Opt. Call
|
AAA
|
1,024,260
|
|
|
5.000%, 3/15/17
|
|
|
|
|
1,895
|
Maryland State, General Obligation Bonds, State & Local Facilities Loan, Second Series 2009A,
|
No Opt. Call
|
AAA
|
1,939,836
|
|
|
3.000%, 8/15/17
|
|
|
|
|
3,750
|
Maryland State, General Obligation Bonds, State & Local Facilities Loan, Second Series 2009B,
|
No Opt. Call
|
AAA
|
3,919,013
|
|
|
5.250%, 8/15/17
|
|
|
|
|
4,000
|
Maryland State, General Obligation Bonds, State & Local Facilities Loan, Third Series 2009C,
|
No Opt. Call
|
AAA
|
4,030,800
|
|
|
5.000%, 11/01/16
|
|
|
|
|
|
Maryland State, General Obligation Bonds, State and Local Facilities Loan, First Series 2016:
|
|
|
|
|
5,000
|
5.000%, 6/01/20
|
No Opt. Call
|
AAA
|
5,787,600
|
|
5,000
|
5.000%, 6/01/26
|
6/24 at 100.00
|
AAA
|
6,332,950
|
|
4,930
|
Patterson Joint Unified School District, Stanislaus County, California, General Obligation
|
No Opt. Call
|
AA
|
2,105,406
|
|
|
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
|
3,496,980
|
|
3,000
|
4.000%, 9/01/31
|
9/24 at 100.00
|
AAA
|
3,477,600
|
|
3,000
|
Prince George’s County, Maryland, General Obligation Consolidated Public Improvement Bonds,
|
No Opt. Call
|
AAA
|
3,034,620
|
|
|
Series 2014B, 5.000%, 12/01/16
|
|
|
|
|
2,155
|
Puerto Rico, General Obligation Bonds, Public Improvement Refunding Series 2007A, 5.500%,
|
No Opt. Call
|
AA–
|
2,338,455
|
|
|
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–
|
2,463,245
|
|
|
NPFG Insured
|
|
|
|
|
14,985
|
San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997
|
No Opt. Call
|
AA
|
6,558,335
|
|
|
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
|
1,059,450
|
|
|
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
|
2,770,578
|
|
|
General Obligation Bonds, Consolidated Public Improvement, Refunding Series 2013,
|
|
|
|
|
|
4.000%, 6/01/17
|
|
|
|
|
7,000
|
Wylie Independent School District, Collin County, Texas, General Obligation Bonds, Capital
|
8/25 at 35.55
|
Aaa
|
1,928,220
|
|
|
Appreciation Series 2015, 0.000%, 8/15/50
|
|
|
|
|
82,385
|
Total Tax Obligation/General
|
|
|
69,599,460
|
|
|
Tax Obligation/Limited – 23.0% (14.7% of Total Investments)
|
|
|
|
|
990
|
Anne Arundel County, Maryland, Special Obligation Bonds, National Business Park – North
|
7/18 at 102.00
|
N/R
|
1,048,014
|
|
|
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+
|
1,422,936
|
|
|
Farmington Village Projects, Series 2013, 5.000%, 7/01/32
|
|
|
|
|
90
|
Baltimore, Maryland, Revenue Refunding Bonds, Convention Center, Series 1998, 5.000%,
|
9/16 at 100.00
|
AA–
|
90,331
|
|
|
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+
|
610,890
|
|
425
|
5.000%, 6/15/33
|
6/24 at 100.00
|
BBB+
|
488,725
|
|
|
Frederick County, Maryland, Lake Linganore Village Community Development Special Obligation
|
|
|
|
|
|
Bonds, Series 2001A:
|
|
|
|
|
72
|
5.600%, 7/01/20 – RAAI Insured
|
1/17 at 100.00
|
AA
|
72,991
|
|
450
|
5.700%, 7/01/29 – RAAI Insured
|
1/17 at 100.00
|
AA
|
456,341
|
|
|
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–
|
6,071,662
|
|
2,355
|
5.000%, 7/01/40
|
7/20 at 100.00
|
A–
|
2,651,989
|
|
|
Government of Guam, Business Privilege Tax Bonds, Series 2011A:
|
|
|
|
|
1,000
|
5.250%, 1/01/36
|
1/22 at 100.00
|
A
|
1,115,310
|
|
500
|
5.125%, 1/01/42
|
1/22 at 100.00
|
A
|
551,340
|
|
245
|
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/37
|
1/22 at 100.00
|
A
|
268,721
|
|
2,275
|
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A, 5.000%, 12/01/33
|
12/26 at 100.00
|
BBB+
|
2,745,220
|
|
1,260
|
Huntington Beach Union High School District, Orange County, California, Certificates of
|
No Opt. Call
|
AA
|
675,902
|
|
|
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,
|
11/16 at 100.00
|
N/R
|
2,054,141
|
|
|
5.750%, 7/01/34
|
|
|
|
|
3,290
|
Maryland Economic Development Corporation, Lease Revenue Bonds, Maryland Public Health
|
No Opt. Call
|
AA+
|
3,399,952
|
|
|
Laboratory Project, Series 2011, 5.000%, 6/01/17
|
|
|
|
|
|
Maryland Stadium Authority, Lease Revenue Bonds, Baltimore City Public Schools Construction
|
|
|
|
|
|
and Revitalization Program, Series 2016:
|
|
|
|
|
3,715
|
5.000%, 5/01/30
|
5/26 at 100.00
|
AA
|
4,708,763
|
|
6,500
|
5.000%, 5/01/41
|
5/26 at 100.00
|
AA
|
8,013,200
|
|
4,500
|
5.000%, 5/01/46
|
5/26 at 100.00
|
AA
|
5,525,685
|
|
2,000
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009A,
|
No Opt. Call
|
A–
|
1,030,100
|
|
|
0.000%, 12/15/32
|
|
|
|
|
320
|
Prince George’s County Revenue Authority, Maryland, Special Obligation Bonds, Suitland-Naylor
|
1/26 at 100.00
|
N/R
|
337,357
|
|
|
Road Project, Series 2016, 5.000%, 7/01/46
|
|
|
|
|
6,424
|
Prince George’s County, Maryland, Special Obligation Bonds, National Harbor Project, Series
|
11/16 at 100.00
|
N/R
|
6,432,030
|
|
|
2005, 5.200%, 7/01/34
|
|
|
|
|
1,406
|
Prince George’s County, Maryland, Special Tax District Bonds, Victoria Falls Project, Series
|
1/17 at 100.00
|
N/R
|
1,415,772
|
|
|
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
|
1,191,190
|
|
|
7/01/29 – AMBAC Insured
|
|
|
|
|
1,530
|
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A,
|
No Opt. Call
|
Ca
|
248,028
|
|
|
0.000%, 7/01/44 – AMBAC Insured
|
|
|
|
|
2,100
|
Puerto Rico Municipal Finance Agency, Series 2002A, 5.250%, 8/01/21 – AGM Insured
|
11/16 at 100.00
|
AA
|
2,131,521
|
|
|
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–
|
1,793,680
|
|
8,000
|
0.000%, 8/01/41 – NPFG Insured
|
No Opt. Call
|
AA–
|
1,936,480
|
|
210
|
0.000%, 8/01/47 – AMBAC Insured
|
No Opt. Call
|
Caa3
|
34,656
|
|
|
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Refunding
|
|
|
|
|
|
Series 2007CC:
|
|
|
|
|
765
|
5.500%, 7/01/28 – NPFG Insured
|
No Opt. Call
|
AA–
|
847,521
|
|
2,300
|
5.500%, 7/01/30 – AGM Insured
|
No Opt. Call
|
AA
|
2,705,306
|
|
1,500
|
Virgin Islands Public Finance Authority, Federal Highway Grant Anticipation Loan Note Revenue
|
9/25 at 100.00
|
A
|
1,741,935
|
|
|
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–
|
2,006,500
|
|
|
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+
|
2,619,139
|
|
300
|
5.000%, 10/01/34
|
10/24 at 100.00
|
BBB+
|
300,936
|
|
2,240
|
5.000%, 10/01/34 – AGM Insured
|
10/24 at 100.00
|
AA
|
2,509,875
|
|
1,035
|
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien
|
10/19 at 100.00
|
AA
|
1,128,678
|
|
|
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
|
3,505,110
|
|
|
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
|
2,285,180
|
|
|
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
|
2,012,740
|
|
|
5.000%, 10/01/32
|
|
|
|
|
1,825
|
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Subordinate
|
10/20 at 100.00
|
BBB–
|
1,828,632
|
|
|
Lien Series 2010B, 5.250%, 10/01/29
|
|
|
|
|
88,927
|
Total Tax Obligation/Limited
|
|
|
82,014,479
|
|
|
Transportation – 9.4% (6.0% of Total Investments)
|
|
|
|
|
|
Baltimore, Maryland, Revenue Refunding Bonds, Parking System Facilities, Series 1998A:
|
|
|
|
|
375
|
5.250%, 7/01/17 – FGIC Insured
|
No Opt. Call
|
AA–
|
386,119
|
|
110
|
5.250%, 7/01/21 – FGIC Insured
|
No Opt. Call
|
AA–
|
121,806
|
|
520
|
Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43
|
10/23 at 100.00
|
BBB
|
635,310
|
|
|
(Alternative Minimum Tax)
|
|
|
|
|
|
Maryland Economic Development Corporation, Private Activity Revenue Bonds AP, Purple Line
|
|
|
|
|
|
Light Rail Project, Green Bonds, Series 2016D:
|
|
|
|
|
1,865
|
5.000%, 3/31/29 (Alternative Minimum Tax)
|
9/26 at 100.00
|
BBB+
|
2,296,524
|
|
2,100
|
5.000%, 9/30/29 (Alternative Minimum Tax)
|
9/26 at 100.00
|
BBB+
|
2,580,606
|
|
5,120
|
5.000%, 3/31/36 (Alternative Minimum Tax)
|
9/26 at 100.00
|
BBB+
|
6,118,349
|
|
3,145
|
5.000%, 3/31/51 (Alternative Minimum Tax)
|
9/26 at 100.00
|
BBB+
|
3,746,010
|
|
|
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
|
1/17 at 100.00
|
N/R
|
1,303,120
|
|
1,000
|
5.000%, 7/01/34 – AMBAC Insured
|
1/17 at 100.00
|
N/R
|
1,002,010
|
|
460
|
Maryland Health and Higher Educational Facilities Authority, Parking Facilities Revenue Bonds,
|
11/16 at 100.00
|
N/R
|
461,233
|
|
|
Johns Hopkins Medical Institutions, Series 1996, 5.500%, 7/01/26 – AMBAC Insured
|
|
|
|
|
10,110
|
Maryland Transportation Authority, Revenue Bonds, Transportation Facilities Projects, Series
|
7/17 at 100.00
|
AA
|
10,486,092
|
|
|
2007, 5.000%, 7/01/30 – AGM Insured (UB) (5)
|
|
|
|
|
|
New York Transportation Development Corporation, New York, Special Facility Revenue Bonds,
|
|
|
|
|
|
American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series 2016:
|
|
|
|
|
680
|
5.000%, 8/01/26 (Alternative Minimum Tax)
|
8/21 at 100.00
|
BB
|
759,179
|
|
175
|
5.000%, 8/01/31 (Alternative Minimum Tax)
|
8/21 at 100.00
|
BB
|
192,819
|
|
3,000
|
New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport
|
7/24 at 100.00
|
BBB
|
3,458,940
|
|
|
Terminal B Redevelopment Project, Series 2016A, 5.000%, 7/01/46 (Alternative Minimum Tax)
|
|
|
|
|
|
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)
|
12/16 at 100.00
|
AA–
|
20,440
|
|
70
|
5.750%, 12/01/25 – NPFG Insured (Alternative Minimum Tax)
|
12/16 at 100.00
|
AA–
|
71,397
|
|
30,050
|
Total Transportation
|
|
|
33,639,954
|
|
|
U.S. Guaranteed – 14.8% (9.4% of Total Investments) (6)
|
|
|
|
|
3,000
|
Baltimore, Maryland, Revenue Bonds, Wastewater Projects, Series 2007D, 5.000%, 7/01/32
|
7/17 at 100.00
|
AA (6)
|
3,111,720
|
|
|
(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)
|
2,431,280
|
|
|
FGIC Insured (ETM)
|
|
|
|
|
3,120
|
Baltimore, Maryland, Revenue Bonds, Water Projects, Refunding Series 1998A, 5.000%, 7/01/28 –
|
No Opt. Call
|
AA (6)
|
3,852,950
|
|
|
FGIC Insured (ETM)
|
|
|
|
|
2,230
|
Maryland Department of Transportation, Consolidated Transportation Revenue Bonds, Second Issue
|
9/18 at 100.00
|
AAA
|
2,422,516
|
|
|
Series 2008, 5.000%, 9/01/22 (Pre-refunded 9/01/18)
|
|
|
|
|
1,500
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Anne Arundel
|
7/19 at 100.00
|
A (6)
|
1,754,820
|
|
|
Health System, Series 2009A, 6.750%, 7/01/39 (Pre-refunded 7/01/19)
|
|
|
|
|
4,050
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Doctors Community
|
7/17 at 100.00
|
Baa3 (6)
|
4,199,445
|
|
|
Hospital, Series 2007A, 5.000%, 7/01/29 (Pre-refunded 7/01/17)
|
|
|
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Helix Health,
|
|
|
|
|
|
Series 1997:
|
|
|
|
|
340
|
5.000%, 7/01/17 – AMBAC Insured (ETM)
|
No Opt. Call
|
N/R (6)
|
352,546
|
|
3,240
|
5.000%, 7/01/27 – AMBAC Insured (ETM)
|
No Opt. Call
|
N/R (6)
|
3,984,811
|
|
1,050
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health
|
7/17 at 100.00
|
AA (6)
|
1,088,924
|
|
|
System, Series 2008, 5.000%, 7/01/28 (Pre-refunded 7/01/17) – AGM Insured
|
|
|
|
|
3,500
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Maryland Institute
|
10/16 at 100.00
|
Baa1 (6)
|
3,511,900
|
|
|
College of Art, Series 2006, 5.000%, 6/01/30 (Pre-refunded 10/07/16)
|
|
|
|
|
|
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)
|
2,455,133
|
|
2,905
|
5.500%, 7/01/42 (Pre-refunded 7/01/17)
|
7/17 at 100.00
|
BBB (6)
|
3,015,041
|
|
|
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)
|
144,284
|
|
7,075
|
5.750%, 1/01/38 (Pre-refunded 1/01/18)
|
1/18 at 100.00
|
BBB (6)
|
7,561,548
|
|
3,950
|
6.000%, 1/01/43 (Pre-refunded 1/01/18)
|
1/18 at 100.00
|
BBB (6)
|
4,234,716
|
|
2,110
|
Maryland State, General Obligation Bonds, State & Local Facilities Loan, Second Series 2009B,
|
8/19 at 100.00
|
AAA
|
2,376,430
|
|
|
5.000%, 8/15/21 (Pre-refunded 8/15/19)
|
|
|
|
|
1,100
|
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 1998A,
|
No Opt. Call
|
Aaa
|
1,310,023
|
|
|
5.125%, 6/01/24 – AMBAC Insured (ETM)
|
|
|
|
|
1,610
|
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA,
|
No Opt. Call
|
A3 (6)
|
1,821,796
|
|
|
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)
|
3,147,038
|
|
|
10/01/22 (Pre-refunded 10/01/16)
|
|
|
|
|
48,425
|
Total U.S. Guaranteed
|
|
|
52,776,921
|
|
|
Utilities – 2.5% (1.6% 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
|
1,543,412
|
|
|
Guam Power Authority, Revenue Bonds, Series 2014A:
|
|
|
|
|
600
|
5.000%, 10/01/39
|
10/24 at 100.00
|
AA
|
713,022
|
|
575
|
5.000%, 10/01/44
|
10/24 at 100.00
|
AA
|
680,070
|
|
3,600
|
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2004PP, 5.000%, 7/01/22 –
|
11/16 at 100.00
|
AA–
|
3,604,860
|
|
|
NPFG Insured
|
|
|
|
|
1,570
|
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/22 –
|
11/16 at 100.00
|
AA–
|
1,576,971
|
|
|
FGIC Insured
|
|
|
|
|
730
|
Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding Series
|
7/17 at 100.00
|
BB–
|
730,774
|
|
|
2007A, 5.000%, 7/01/24
|
|
|
|
|
8,375
|
Total Utilities
|
|
|
8,849,109
|
|
|
Water and Sewer – 4.6% (2.9% of Total Investments)
|
|
|
|
|
2,500
|
Baltimore, Maryland, Project and Revenue Refunding Bonds, Water Projects, Series 2013B,
|
1/24 at 100.00
|
AA
|
2,984,675
|
|
|
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
|
2,324,140
|
|
915
|
Baltimore, Maryland, Revenue Bonds, Water Projects, Refunding Series 1994A, 5.000%, 7/01/24 –
|
No Opt. Call
|
AA
|
1,025,990
|
|
|
FGIC Insured
|
|
|
|
|
|
Baltimore, Maryland, Revenue Bonds, Water Projects, Subordinate Series 2014A:
|
|
|
|
|
1,000
|
5.000%, 7/01/37
|
1/25 at 100.00
|
AA–
|
1,209,560
|
|
2,500
|
5.000%, 7/01/44
|
1/25 at 100.00
|
AA–
|
3,002,850
|
|
1,400
|
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds,
|
7/24 at 100.00
|
A–
|
1,609,930
|
|
|
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–
|
2,372,786
|
|
|
Series 2013, 5.500%, 7/01/43
|
|
|
|
|
1,645
|
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds,
|
7/26 at 100.00
|
A–
|
1,929,421
|
|
|
Series 2016, 5.000%, 1/01/46
|
|
|
|
|
13,990
|
Total Water and Sewer
|
|
|
16,459,352
|
|
$ 543,187
|
Total Municipal Bonds (cost $512,708,590)
|
|
|
547,826,440
|
|
|
|||||
Shares
|
Description (1)
|
|
|
Value
|
|
|
COMMON STOCKS – 0.4% (0.3% of Total Investments)
|
|
|
|
|
|
Airlines – 0.4% (0.3% of Total Investments)
|
|
|
|
|
44,607
|
American Airlines Group Inc., (7)
|
|
|
$ 1,619,234
|
|
|
Total Common Stocks (cost $1,288,472)
|
|
|
1,619,234
|
|
|
Total Long-Term Investments (cost $513,997,062)
|
|
|
549,445,674
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
SHORT-TERM INVESTMENTS – 2.8% (1.8% of Total Investments)
|
|
|
|
|
|
Water and Sewer – 2.8% (1.8% of Total Investments)
|
|
|
|
|
$ 10,000
|
Washington Suburban Sanitary District, Montgomery and Prince George's Counties,
|
11/16 at 100.00
|
VMIG-1
|
$ 10,000,000
|
|
|
Maryland, Bond Anticipation Notes, Variable Rate Demand Obligations, Series 2015A-2,
|
|
|
|
|
|
0.710%, 6/01/23 (8)
|
|
|
|
|
$ 10,000
|
Total Short-Term Investments (cost $10,000,000)
|
|
|
10,000,000
|
|
|
Total Investments (cost $523,997,062) – 156.8%
|
|
|
559,445,674
|
|
|
Floating Rate Obligations – (3.5)%
|
|
|
(12,540,000)
|
|
|
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference – (55.2)% (9)
|
|
|
(197,000,000)
|
|
|
Other Assets Less Liabilities – 1.9%
|
|
|
6,759,738
|
|
|
Net Assets Applicable to Common Shares – 100%
|
|
|
$ 356,665,412
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Long-Term Investments:
|
|
|
|
|
Municipal Bonds
|
$ —
|
$547,826,440
|
$ —
|
$547,826,440
|
Common Stocks
|
1,619,234
|
—
|
—
|
1,619,234
|
Short-Term Investments:
|
|
|
|
|
Municipal Bonds
|
—
|
10,000,000
|
—
|
10,000,000
|
Total
|
$1,619,234
|
$557,826,440
|
$ —
|
$559,445,674
|
Gross unrealized:
|
|
Appreciation
|
$37,763,849
|
Depreciation
|
(3,462,063)
|
Net unrealized appreciation (depreciation) of investments
|
$34,301,786
|
(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)
|
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group
|
|
|
(“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This
|
|
|
treatment of split-rated securities may differ from that used for other purposes, such as for Fund
|
|
|
investment policies. 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)
|
Investment has a maturity of greater than one year, but has variable rate and demand features which
|
|
|
qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period.
|
|
|
This rate changes periodically based on market conditions or a specified market index.
|
|
(9)
|
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference as a perecentage of Total
|
|
|
Investments is 35.2%.
|
|
(ETM)
|
Escrowed to maturity.
|
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction.
|
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.
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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.
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By (Signature and Title) | /s/ Gifford R. Zimmerman |
Gifford R. Zimmerman
Vice President and Secretary
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By (Signature and Title) | /s/ Cedric H. Antosiewicz |
Cedric H. Antosiewicz
Chief Administrative Officer (principal executive officer)
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By (Signature and Title) | /s/ Stephen D. Foy |
Stephen D. Foy
Vice President and Controller (principal financial officer)
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