|
|
|
|
|
|
|
|
Portfolio of Investments (Unaudited)
|
|
|
|
|
|
Nuveen Maryland Dividend Advantage Municipal Fund (NFM)
|
|
|
|
|
|
February 29, 2012
|
|
|
|
|
|
|
|
|
|
Principal
|
|
|
Optional Call
|
|
|
Amount (000)
|
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Consumer Discretionary – 5.3% (3.6% 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+
|
$ 557,339
|
2,160
|
|
5.250%, 9/01/39 – SYNCORA GTY Insured
|
9/16 at 100.00
|
BB+
|
2,031,502
|
310
|
|
Baltimore, Maryland, Subordinate Lien Convention Center Hotel Revenue Bonds, Series 2006B,
|
9/16 at 100.00
|
Ba2
|
305,837
|
|
|
5.875%, 9/01/39
|
|
|
|
650
|
|
Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference
|
12/16 at 100.00
|
N/R
|
423,092
|
|
|
Center, Series 2006A, 5.000%, 12/01/31
|
|
|
|
3,660
|
|
Total Consumer Discretionary
|
|
|
3,317,770
|
|
|
Consumer Staples – 6.8% (4.7% of Total Investments)
|
|
|
|
|
|
Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds,
|
|
|
|
|
|
Series 2007A:
|
|
|
|
990
|
|
5.250%, 6/01/32
|
6/17 at 100.00
|
N/R
|
900,286
|
965
|
|
5.625%, 6/01/47
|
6/17 at 100.00
|
N/R
|
788,897
|
10,000
|
|
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Bonds, Series 2005A,
|
5/15 at 11.19
|
BBB–
|
685,200
|
|
|
0.000%, 5/15/50
|
|
|
|
1,960
|
|
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds,
|
5/12 at 100.00
|
BBB
|
1,939,048
|
|
|
Series 2002, 5.375%, 5/15/33
|
|
|
|
13,915
|
|
Total Consumer Staples
|
|
|
4,313,431
|
|
|
Education and Civic Organizations – 13.0% (9.0% of Total Investments)
|
|
|
|
685
|
|
Hartford County, Maryland, Economic Development Revenue Bonds, Battelle Memorial Institute,
|
4/14 at 100.00
|
A+
|
702,043
|
|
|
Series 2004, 5.250%, 4/01/34
|
|
|
|
125
|
|
Maryland Health and HIgher Edcuational Facilities Authority, Revenue Bonds, Patterson Park
|
7/20 at 100.00
|
BBB–
|
126,540
|
|
|
Public Charter School Issue, Series 2010, 6.000%, 7/01/40
|
|
|
|
1,500
|
|
Maryland Health and Higher Educational Facilities Authority, Educational Facilities Leasehold
|
5/12 at 100.00
|
BBB–
|
1,500,720
|
|
|
Mortgage Revenue Bonds, McLean School, Series 2001, 6.000%, 7/01/31
|
|
|
|
500
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Goucher College,
|
7/14 at 100.00
|
A–
|
513,145
|
|
|
Series 2004, 5.125%, 7/01/34
|
|
|
|
585
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns Hopkins
|
No Opt. Call
|
AA+
|
728,922
|
|
|
University, Series 2004, Trust 1003, 13.763%, 1/01/13 (IF)
|
|
|
|
565
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Maryland Institute
|
6/17 at 100.00
|
Baa1
|
575,933
|
|
|
College of Art, Series 2007, 5.000%, 6/01/36
|
|
|
|
475
|
|
Maryland Industrial Development Financing Authority, Revenue Bonds, Our Lady of Good Counsel
|
5/15 at 100.00
|
N/R
|
483,859
|
|
|
High School, Series 2005A, 6.000%, 5/01/35
|
|
|
|
615
|
|
Montgomery County Revenue Authority, Maryland, Lease Revenue Bonds, Montgomery College Arts
|
5/15 at 100.00
|
Aa3
|
669,225
|
|
|
Center Project, Series 2005A, 5.000%, 5/01/20
|
|
|
|
|
|
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities
|
|
|
|
|
|
Financing Authority, Higher Education Revenue Bonds, Ana G. Mendez University System,
|
|
|
|
|
|
Series 1999:
|
|
|
|
175
|
|
5.375%, 2/01/19
|
8/12 at 100.00
|
BBB–
|
175,110
|
410
|
|
5.375%, 2/01/29
|
8/12 at 100.00
|
BBB–
|
404,826
|
265
|
|
University of Puerto Rico, University System Revenue Bonds, Series 2006P, 5.000%, 6/01/23
|
6/16 at 100.00
|
Baa2
|
275,566
|
1,145
|
|
University of Puerto Rico, University System Revenue Bonds, Series 2006Q, 5.000%, 6/01/19
|
6/16 at 100.00
|
Baa2
|
1,208,731
|
900
|
|
Westminster, Maryland, Educational Facilities Revenue Bonds, McDaniel College, Series 2006,
|
11/16 at 100.00
|
BBB+
|
856,773
|
|
|
4.500%, 11/01/36
|
|
|
|
7,945
|
|
Total Education and Civic Organizations
|
|
|
8,221,393
|
|
|
Health Care – 31.5% (21.7% of Total Investments)
|
|
|
|
1,325
|
|
Maryland Health and Higher Education Facilities Authority, Revenue Bonds, University of
|
7/16 at 100.00
|
A
|
1,362,604
|
|
|
Maryland Medical System Issue, Series 2006A, 5.000%, 7/01/36
|
|
|
|
225
|
|
Maryland Health and Higher Education Facilities Authority, Revenue Bonds, University of
|
7/19 at 100.00
|
A
|
240,138
|
|
|
Maryland Medical System Issue, Series 2010, 5.125%, 7/01/39
|
|
|
|
330
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Anne Arundel
|
7/19 at 100.00
|
A–
|
344,916
|
|
|
Health System, Series 2010, 5.000%, 7/01/40
|
|
|
|
1,000
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Anne Arundel
|
7/12 at 100.00
|
AA–
|
1,001,320
|
|
|
Medical Center, Series 1998, 5.125%, 7/01/28 – AGM Insured
|
|
|
|
1,000
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Calvert Memorial
|
7/12 at 100.00
|
A3
|
1,000,800
|
|
|
Hospital, Series 1998, 5.000%, 7/01/28
|
|
|
|
1,000
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Carroll County
|
7/12 at 100.00
|
A3
|
1,008,170
|
|
|
General Hospital, Series 2002, 6.000%, 7/01/26
|
|
|
|
400
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Carroll Hospital
|
7/16 at 100.00
|
A3
|
407,228
|
|
|
Center, Series 2006, 5.000%, 7/01/40
|
|
|
|
775
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Civista Medical
|
7/14 at 100.00
|
N/R
|
678,296
|
|
|
Center, Series 2005, 5.000%, 7/01/37 – RAAI Insured
|
|
|
|
710
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Doctors Community
|
7/17 at 100.00
|
Baa3
|
712,592
|
|
|
Hospital, Series 2007A, 5.000%, 7/01/29
|
|
|
|
500
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Frederick Memorial
|
7/12 at 100.00
|
Baa1
|
500,315
|
|
|
Hospital, Series 2002, 5.125%, 7/01/35
|
|
|
|
520
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Greater Baltimore
|
7/12 at 100.00
|
A
|
520,260
|
|
|
Medical Center, Series 2001, 5.000%, 7/01/34
|
|
|
|
2,225
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Kaiser Permanente
|
7/12 at 100.00
|
A+
|
2,232,654
|
|
|
System, Series 1998A, 5.375%, 7/01/15
|
|
|
|
1,000
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Kennedy Krieger
|
7/13 at 100.00
|
Baa3
|
1,009,610
|
|
|
Institute, Series 2003, 5.500%, 7/01/33
|
|
|
|
485
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health
|
7/17 at 100.00
|
AA–
|
519,760
|
|
|
System, Series 2008, 5.000%, 7/01/28 – AGC Insured
|
|
|
|
700
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health,
|
8/14 at 100.00
|
A2
|
743,085
|
|
|
Series 2004, 5.375%, 8/15/24
|
|
|
|
1,360
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health,
|
5/16 at 100.00
|
AA+
|
1,428,109
|
|
|
Series 2007, 5.250%, 5/15/46 – BHAC Insured
|
|
|
|
1,000
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical
|
7/12 at 100.00
|
BBB
|
1,000,760
|
|
|
Center Issue, Series 2001, 5.625%, 7/01/31
|
|
|
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical
|
|
|
|
|
|
Center Issue, Series 2007A:
|
|
|
|
415
|
|
5.000%, 7/01/37
|
7/17 at 100.00
|
BBB
|
405,355
|
270
|
|
5.500%, 7/01/42
|
7/17 at 100.00
|
BBB
|
274,153
|
700
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional
|
7/16 at 100.00
|
A
|
718,746
|
|
|
Medical Center, Series 2006, 5.000%, 7/01/36
|
|
|
|
750
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, The Johns Hopkins
|
5/20 at 100.00
|
AA–
|
809,363
|
|
|
Health System Obligated Group Issue, Series 2010, 5.000%, 5/15/40
|
|
|
|
1,000
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Union Hospital of
|
7/15 at 100.00
|
A3
|
1,022,900
|
|
|
Cecil County, Series 2005, 5.000%, 7/01/35
|
|
|
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Washington County
|
|
|
|
|
|
Hospital, Series 2008:
|
|
|
|
980
|
|
5.750%, 1/01/38
|
1/18 at 100.00
|
BBB–
|
1,025,580
|
350
|
|
6.000%, 1/01/43
|
1/18 at 100.00
|
BBB–
|
371,049
|
700
|
|
Prince George’s County, Maryland, Revenue Bonds, Dimensions Health Corporation, Series 1994,
|
7/12 at 100.00
|
B3
|
642,313
|
|
|
5.300%, 7/01/24
|
|
|
|
19,720
|
|
Total Health Care
|
|
|
19,980,076
|
|
|
Housing/Multifamily – 9.1% (6.3% of Total Investments)
|
|
|
|
1,000
|
|
Maryland Community Development Administration, Multifamily Housing Revenue Bonds, Princess
|
6/12 at 100.00
|
Aaa
|
1,000,720
|
|
|
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
|
44,088
|
210
|
|
5.625%, 10/01/23
|
10/13 at 100.00
|
B3
|
154,493
|
1,800
|
|
Maryland Economic Development Corporation, Student Housing Revenue Bonds, Sheppard Pratt
|
7/12 at 100.50
|
N/R
|
1,682,964
|
|
|
University Village, Series 2001, 6.000%, 7/01/33 – ACA Insured
|
|
|
|
475
|
|
Maryland Economic Development Corporation, Student Housing Revenue Refunding Bonds, University
|
6/16 at 100.00
|
AA–
|
486,381
|
|
|
of Maryland College Park Projects, Series 2006, 5.000%, 6/01/33 – CIFG Insured
|
|
|
|
750
|
|
Montgomery County Housing Opportunities Commission, Maryland, FNMA/FHA-Insured Multifamily
|
7/12 at 100.00
|
Aaa
|
750,458
|
|
|
Housing Development Bonds, Series 1998A, 5.250%, 7/01/29 (Alternative Minimum Tax)
|
|
|
|
1,665
|
|
Montgomery County Housing Opportunities Commission, Maryland, Multifamily Housing Development
|
7/12 at 100.00
|
Aaa
|
1,667,331
|
|
|
Bonds, Series 2000B, 6.200%, 7/01/30 (Alternative Minimum Tax)
|
|
|
|
5,950
|
|
Total Housing/Multifamily
|
|
|
5,786,435
|
|
|
Housing/Single Family – 9.7% (6.7% of Total Investments)
|
|
|
|
985
|
|
Maryland Community Development Administration Department of Housing and Community Development,
|
9/18 at 100.00
|
Aa2
|
1,041,667
|
|
|
Residential Revenue Bonds, Series 2008C, 5.375%, 9/01/39
|
|
|
|
375
|
|
Maryland Community Development Administration Department of Housing and Community Development,
|
3/20 at 100.00
|
Aa2
|
403,118
|
|
|
Residential Revenue Bonds, Series 2010B, 5.250%, 9/01/35
|
|
|
|
970
|
|
Maryland Community Development Administration, Department of Housing and Community
|
9/14 at 100.00
|
Aa2
|
978,458
|
|
|
Development, Residential Revenue Bonds, Series 2005, 4.900%, 9/01/36 (Alternative
|
|
|
|
|
|
Minimum Tax) (UB)
|
|
|
|
|
|
Maryland Community Development Administration, Department of Housing and Community
|
|
|
|
|
|
Development, Residential Revenue Bonds, Series 2006:
|
|
|
|
600
|
|
4.750%, 9/01/25 (Alternative Minimum Tax) (UB)
|
9/15 at 100.00
|
Aa2
|
611,340
|
1,200
|
|
4.875%, 9/01/26 (Alternative Minimum Tax) (UB)
|
3/16 at 100.00
|
Aa2
|
1,230,240
|
300
|
|
4.900%, 9/01/26 (Alternative Minimum Tax) (UB)
|
9/15 at 100.00
|
Aa2
|
306,760
|
815
|
|
4.900%, 9/01/31 (Alternative Minimum Tax) (UB)
|
9/16 at 100.00
|
Aa2
|
833,998
|
|
|
Maryland Community Development Administration, Department of Housing and Community
|
|
|
|
|
|
Development, Residential Revenue Bonds, Series 2007:
|
|
|
|
250
|
|
5.000%, 9/01/27 (Alternative Minimum Tax) (UB)
|
3/17 at 100.00
|
Aa2
|
258,318
|
500
|
|
4.850%, 9/01/37 (Alternative Minimum Tax) (UB)
|
3/17 at 100.00
|
Aa2
|
506,090
|
5,995
|
|
Total Housing/Single Family
|
|
|
6,169,989
|
|
|
Industrials – 2.0% (1.4% of Total Investments)
|
|
|
|
810
|
|
Maryland Economic Development Corporation, Economic Development Revenue Bonds, Transportation
|
6/20 at 100.00
|
Baa3
|
856,786
|
|
|
Facilities Project, Series 2010A, 5.750%, 6/01/35
|
|
|
|
410
|
|
Maryland Economic Development Corporation, Solid Waste Disposal Revenue Bonds, Waste
|
4/12 at 101.00
|
BBB
|
415,506
|
|
|
Management Inc., Series 2002, 4.600%, 4/01/16 (Alternative Minimum Tax)
|
|
|
|
1,220
|
|
Total Industrials
|
|
|
1,272,292
|
|
|
Long-Term Care – 6.9% (4.8% of Total Investments)
|
|
|
|
850
|
|
Baltimore County, Maryland, Revenue Bonds, Oak Crest Village, Series 2007A, 5.000%, 1/01/37
|
1/17 at 100.00
|
BBB+
|
857,395
|
295
|
|
Gaithersburg, Maryland, Economic Development Revenue Bonds, Asbury Methodist Homes Inc.,
|
1/20 at 100.00
|
N/R
|
326,606
|
|
|
Series 2009B, 6.000%, 1/01/23
|
|
|
|
1,585
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Charlestown
|
1/21 at 100.00
|
N/R
|
1,813,906
|
|
|
Community Issue, Series 2010, 6.125%, 1/01/30
|
|
|
|
300
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Edenwald, Series
|
7/16 at 100.00
|
N/R
|
299,274
|
|
|
2006A, 5.400%, 1/01/31
|
|
|
|
720
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, King Farm
|
1/17 at 100.00
|
N/R
|
641,678
|
|
|
Presbyterian Community, Series 2007A, 5.250%, 1/01/27
|
|
|
|
440
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Ridge
|
7/17 at 100.00
|
A–
|
443,172
|
|
|
Retirement Community, Series 2007, 4.750%, 7/01/34
|
|
|
|
4,190
|
|
Total Long-Term Care
|
|
|
4,382,031
|
|
|
Tax Obligation/General – 11.8% (8.1% of Total Investments)
|
|
|
|
565
|
|
Anne Arundel County, Maryland, General Obligation Bonds, Series 2006, 5.000%, 3/01/21
|
3/16 at 100.00
|
AAA
|
650,609
|
1,000
|
|
Baltimore County, Maryland, General Obligation Bonds, Consolidated Public Improvement Series
|
No Opt. Call
|
AAA
|
1,012,350
|
|
|
2009, 3.000%, 8/01/12
|
|
|
|
1,000
|
|
Baltimore, Maryland, General Obligation Bonds, Consolidated Public Improvements, Series 2011A,
|
10/21 at 100.00
|
Aa2
|
1,178,500
|
|
|
5.000%, 10/15/29
|
|
|
|
300
|
|
Carroll County, Maryland, Consolidated Public Improvement Bonds, Series 2005A, 5.000%, 12/01/16
|
12/15 at 100.00
|
AA+
|
350,652
|
600
|
|
Frederick, Maryland, General Obligation Bonds, Series 2005, 5.000%, 8/01/16 – NPFG Insured
|
8/15 at 100.00
|
AA
|
691,830
|
1,000
|
|
Maryland National Capital Park Planning Commission, Prince George’s County, General Obligation
|
1/14 at 100.00
|
AAA
|
1,081,110
|
|
|
Bonds, Park Acquisition and Development, Series 2004EE-2, 5.000%, 1/15/17
|
|
|
|
750
|
|
Maryland, General Obligation Bonds, State and Local Facilities Loan, First Series 2009B,
|
No Opt. Call
|
AAA
|
750,120
|
|
|
3.000%, 3/01/12
|
|
|
|
1,360
|
|
Montgomery County, Maryland, Consolidated General Obligation Public Improvement Bonds, Series
|
No Opt. Call
|
AAA
|
1,611,015
|
|
|
2006A, 5.000%, 5/01/16
|
|
|
|
155
|
|
Montgomery County, Maryland, Consolidated General Obligation Public Improvement Bonds, Series
|
No Opt. Call
|
AAA
|
156,304
|
|
|
2007A, 5.000%, 5/01/12
|
|
|
|
6,730
|
|
Total Tax Obligation/General
|
|
|
7,482,490
|
|
|
Tax Obligation/Limited – 26.5% (18.2% of Total Investments)
|
|
|
|
150
|
|
Anne Arundel County, Maryland, Special Obligation Bonds, National Business Park – North
|
7/18 at 102.00
|
N/R
|
155,384
|
|
|
Project, Series 2010, 6.100%, 7/01/40
|
|
|
|
145
|
|
Anne Arundel County, Maryland, Tax Increment Financing Revenue Bonds, Parole Town Center
|
No Opt. Call
|
N/R
|
146,134
|
|
|
Project, Series 2002, 5.000%, 7/01/12
|
|
|
|
120
|
|
Baltimore, Maryland, Revenue Refunding Bonds, Convention Center, Series 1998, 5.000%,
|
9/12 at 100.00
|
BBB
|
120,373
|
|
|
9/01/19 – NPFG Insured
|
|
|
|
|
|
Fredrick County, Maryland, Special Obligation Bonds, Urbana Community Development Authority,
|
|
|
|
|
|
Series 2010A:
|
|
|
|
850
|
|
5.000%, 7/01/30
|
7/20 at 100.00
|
A–
|
920,695
|
1,000
|
|
5.000%, 7/01/40
|
7/20 at 100.00
|
A–
|
1,046,780
|
350
|
|
Hyattsville, Maryland, Special Obligation Bonds, University Town Center Project, Series 2004,
|
7/14 at 102.00
|
N/R
|
350,634
|
|
|
5.750%, 7/01/34
|
|
|
|
1,500
|
|
Maryland Department of Transportation, Consolidated Transportation Revenue Bonds, Series 2002,
|
No Opt. Call
|
AAA
|
1,790,160
|
|
|
5.500%, 2/01/16
|
|
|
|
1,000
|
|
Maryland Department of Transportation, Consolidated Transportation Revenue Bonds, Series 2004,
|
No Opt. Call
|
AAA
|
1,057,450
|
|
|
5.000%, 5/01/13
|
|
|
|
370
|
|
Maryland Economic Development Corporation, Lease Revenue Bonds, Montgomery County Town Square
|
9/12 at 100.00
|
AA+
|
379,624
|
|
|
Parking Garage, Series 2002A, 5.000%, 9/15/13
|
|
|
|
740
|
|
Prince George’s County, Maryland, Lease Revenue Bonds, Upper Marlboro Justice Center, Series
|
6/13 at 100.00
|
AA+
|
784,437
|
|
|
2003A, 5.000%, 6/30/14 – NPFG Insured
|
|
|
|
895
|
|
Prince George’s County, Maryland, Special Obligation Bonds, National Harbor Project, Series
|
7/15 at 100.00
|
N/R
|
875,274
|
|
|
2005, 5.200%, 7/01/34
|
|
|
|
424
|
|
Prince George’s County, Maryland, Special Tax District Bonds, Victoria Falls Project, Series
|
7/13 at 100.00
|
N/R
|
408,507
|
|
|
2005, 5.250%, 7/01/35
|
|
|
|
|
|
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N:
|
|
|
|
1,000
|
|
5.250%, 7/01/31 – AMBAC Insured
|
No Opt. Call
|
Baa1
|
1,088,660
|
500
|
|
5.250%, 7/01/33 – NPFG Insured
|
No Opt. Call
|
Baa1
|
547,080
|
1,000
|
|
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005C,
|
No Opt. Call
|
BBB+
|
1,124,520
|
|
|
5.500%, 7/01/26 – AMBAC Insured
|
|
|
|
4,310
|
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series
|
8/20 at 100.00
|
A+
|
4,642,344
|
|
|
2010C, 5.250%, 8/01/41
|
|
|
|
125
|
|
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA,
|
No Opt. Call
|
A3
|
143,975
|
|
|
5.500%, 7/01/19 – NPFG Insured
|
|
|
|
1,180
|
|
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 1999A,
|
4/12 at 100.00
|
BBB+
|
1,183,198
|
|
|
6.375%, 10/01/19
|
|
|
|
15,659
|
|
Total Tax Obligation/Limited
|
|
|
16,765,229
|
|
|
Transportation – 5.5% (3.8% of Total Investments)
|
|
|
|
725
|
|
Guam International Airport Authority, Revenue Bonds, Series 2003B, 5.250%, 10/01/19 –
|
10/13 at 100.00
|
BBB
|
748,033
|
|
|
NPFG Insured
|
|
|
|
650
|
|
Maryland Health and Higher Educational Facilities Authority, Parking Facilities Revenue Bonds,
|
7/12 at 100.00
|
N/R
|
650,546
|
|
|
Johns Hopkins Hospital, Series 2001, 5.000%, 7/01/27 – AMBAC Insured
|
|
|
|
1,785
|
|
Maryland Transportation Authority, Revenue Bonds, Transportation Facilities Projects, Series
|
7/17 at 100.00
|
AA–
|
1,987,312
|
|
|
2007, 5.000%, 7/01/30 – AGM Insured (UB)
|
|
|
|
|
|
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air
|
|
|
|
|
|
Terminal LLC, Sixth Series 1997:
|
|
|
|
20
|
|
5.750%, 12/01/22 – NPFG Insured (Alternative Minimum Tax)
|
6/12 at 100.00
|
Baa1
|
20,002
|
70
|
|
5.750%, 12/01/25 – NPFG Insured (Alternative Minimum Tax)
|
6/12 at 100.00
|
BBB
|
69,999
|
3,250
|
|
Total Transportation
|
|
|
3,475,892
|
|
|
U.S. Guaranteed – 10.2% (7.1% of Total Investments) (4)
|
|
|
|
1,015
|
|
Baltimore, Maryland, Revenue Refunding Bonds, Water Projects, Series 1998A, 5.000%, 7/01/28 –
|
No Opt. Call
|
AA (4)
|
1,233,113
|
|
|
FGIC Insured (ETM)
|
|
|
|
1,405
|
|
Maryland Economic Development Corporation, Lease Revenue Bonds, Department of Transportation
|
6/12 at 100.50
|
Aaa
|
1,430,641
|
|
|
Headquarters Building, Series 2002, 5.375%, 6/01/19 (Pre-refunded 6/01/12)
|
|
|
|
585
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health
|
7/14 at 100.00
|
A2 (4)
|
648,771
|
|
|
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+ (4)
|
1,071,600
|
|
|
Retirement Community, Series 2003A, 6.000%, 4/01/35 (Pre-refunded 4/01/13)
|
|
|
|
485
|
|
Maryland Transportation Authority, Revenue Refunding Bonds, Transportation Facilities
|
No Opt. Call
|
AAA
|
553,007
|
|
|
Projects, First Series 1978, 6.800%, 7/01/16 – AMBAC Insured (ETM)
|
|
|
|
575
|
|
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA,
|
No Opt. Call
|
A3 (4)
|
741,187
|
|
|
5.500%, 7/01/19 – NPFG Insured (ETM)
|
|
|
|
700
|
|
Washington Suburban Sanitary District, Montgomery and Prince George’s Counties, Maryland,
|
6/15 at 100.00
|
AAA
|
801,759
|
|
|
Sewerage Disposal Bonds, Series 2005, 5.000%, 6/01/16 (Pre-refunded 6/01/15)
|
|
|
|
5,765
|
|
Total U.S. Guaranteed
|
|
|
6,480,078
|
|
|
Utilities – 4.6% (3.2% of Total Investments)
|
|
|
|
1,000
|
|
Maryland Energy Financing Administration, Revenue Bonds, AES Warrior Run Project, Series 1995,
|
9/19 at 100.00
|
N/R
|
1,006,100
|
|
|
7.400%, 9/01/19 (Alternative Minimum Tax)
|
|
|
|
785
|
|
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/22 –
|
7/15 at 100.00
|
A3
|
834,751
|
|
|
FGIC Insured
|
|
|
|
1,040
|
|
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010XX, 5.250%, 7/01/40
|
7/20 at 100.00
|
A3
|
1,093,298
|
2,825
|
|
Total Utilities
|
|
|
2,934,149
|
|
|
Water and Sewer – 2.1% (1.4% of Total Investments)
|
|
|
|
285
|
|
Baltimore, Maryland, Wastewater Project Revenue Bonds, Series 2006C, 5.000%, 7/01/31 –
|
7/16 at 100.00
|
AA
|
315,686
|
|
|
AMBAC Insured
|
|
|
|
540
|
|
Baltimore, Maryland, Wastewater Project Revenue Bonds, Series 2007D, 5.000%, 7/01/32 –
|
7/17 at 100.00
|
AA
|
593,031
|
|
|
AMBAC Insured
|
|
|
|
355
|
|
Maryland Water Quality Financing Administration, Revolving Loan Fund Revenue Bonds, Series
|
No Opt. Call
|
AAA
|
410,857
|
|
|
2005A, 5.000%, 9/01/15
|
|
|
|
1,180
|
|
Total Water and Sewer
|
|
|
1,319,574
|
$ 98,004
|
|
Total Investments (cost $87,575,795) – 145.0%
|
|
|
91,900,829
|
|
|
Floating Rate Obligations – (6.3)%
|
|
|
(3,973,000)
|
|
|
MuniFund Term Preferred Shares, at Liquidation Value – (41.8)% (5)
|
|
|
(26,485,000)
|
|
|
Other Assets Less Liabilities – 3.1%
|
|
|
1,942,915
|
|
|
Net Assets Applicable to Common Shares – 100%
|
|
|
$ 63,385,744
|