Nuveen Maryland Quality Municipal Income Fund

 

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-07486

Nuveen Maryland Quality Municipal Income 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)

Gifford R. Zimmerman

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:       May 31      

Date of reporting period: August 31, 2017

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

 

 

NMY
Nuveen Maryland Quality Municipal Income Fund
Portfolio of Investments August 31, 2017 (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    LONG-TERM INVESTMENTS – 157.7% (99.6% of Total Investments)        
    MUNICIPAL BONDS – 157.4% (99.4% of Total Investments)        
    Consumer Discretionary  – 2.9% (1.9% of Total Investments)        
    Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017:        
$ 2,800   5.000%, 9/01/39   9/27 at 100.00 BBB- $3,218,068
3,350   5.000%, 9/01/42   9/27 at 100.00 BBB- 3,831,730
1,685   5.000%, 9/01/46   9/27 at 100.00 BBB- 1,919,602
2,000   Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference Center, Series 2006A, 5.000%, 12/01/31 (4)   11/17 at 100.00 N/R 1,190,760
9,835   Total Consumer Discretionary       10,160,160
    Consumer Staples  – 5.7% (3.6% 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   11/17 at 100.00 B- 563,548
1,695   5.875%, 6/01/30   11/17 at 100.00 B- 1,653,591
210   Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37   6/22 at 100.00 B- 209,832
13,000   District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 0.000%, 6/15/46   11/17 at 17.21 N/R 1,859,650
    Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds, Series 2007A:        
1,980   5.250%, 6/01/32   11/17 at 100.00 N/R 1,971,783
2,915   5.625%, 6/01/47   10/17 at 100.00 N/R 2,811,634
100   Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/46   11/17 at 100.00 B3 96,103
3,270   Puerto Rico, The Children's Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.500%, 5/15/39   11/17 at 100.00 Ba1 3,286,023
2,000   Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed Bonds, San Diego County Tobacco Asset Securitization Corporation, Senior Series 2006A, 5.000%, 6/01/37   10/17 at 100.00 BB+ 1,999,800
1,500   Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 5.000%, 6/01/29   11/17 at 100.00 BBB- 1,500,090
615   Tobacco Settlement Financing Corporation, Virgin Islands, Tobacco Settlement Asset-Backed Bonds, Series 2001, 5.000%, 5/15/31   11/17 at 100.00 A3 613,204
2,850   TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/48   6/27 at 100.00 N/R 2,925,041
30,730   Total Consumer Staples       19,490,299
    Education and Civic Organizations – 12.2% (7.7% of Total Investments)        
2,375   Frederick County, Maryland, Educational Facilities Revenue Bonds, Mount Saint Mary's University, Series 2006, 5.625%, 9/01/38   11/17 at 100.00 BB+ 2,376,472

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Education and Civic Organizations (continued)        
$ 700   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Goucher College, Series 2012A, 5.000%, 7/01/34   7/22 at 100.00 A- $781,550
2,300   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Goucher College, Series 2017A, 5.000%, 7/01/37   7/27 at 100.00 A- 2,676,349
265   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Green Street Academy, Series 2017A, 5.125%, 7/01/37   7/27 at 100.00 N/R 269,280
    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+ 2,071,820
530   5.250%, 7/01/38   7/18 at 100.00 AA+ 549,022
    Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns Hopkins University, Series 2012A:        
1,145   5.000%, 7/01/30   7/22 at 100.00 AA+ 1,326,528
1,050   5.000%, 7/01/37   7/22 at 100.00 AA+ 1,209,589
    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+ 575,055
4,375   4.250%, 7/01/41   7/23 at 100.00 AA+ 4,694,594
1,250   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Loyola University Maryland, Series 2012A, 5.000%, 10/01/39   10/22 at 100.00 A 1,393,225
    Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Loyola University Maryland, Series 2014:        
1,000   4.000%, 10/01/45   10/24 at 100.00 A 1,041,940
1,250   5.000%, 10/01/45   10/24 at 100.00 A 1,410,137
    Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Maryland Institute College of Art, Series 2012:        
1,500   5.000%, 6/01/34   6/22 at 100.00 Baa1 1,642,260
3,000   5.000%, 6/01/47   6/22 at 100.00 Baa1 3,249,420
    Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Maryland Institute College of Art, Series 2016:        
175   5.000%, 6/01/36   6/26 at 100.00 Baa1 199,871
2,500   4.000%, 6/01/42   6/26 at 100.00 Baa1 2,561,150
    Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Maryland Institute College of Art, Series 2017:        
525   5.000%, 6/01/35   6/26 at 100.00 Baa1 600,474
1,000   5.000%, 6/01/42   6/26 at 100.00 Baa1 1,130,670
745   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Patterson Park Public Charter School Issue, Series 2010, 6.000%, 7/01/40   7/19 at 100.00 BB+ 766,121
625   Morgan State University, Maryland, Student Tuition and Fee Revenue Bonds, Academic Fees and Auxiliary Facilities, Series 2012, 5.000%, 7/01/29   7/22 at 100.00 A+ 706,806
6,000   Morgan State University, Maryland, Student Tuition and Fee Revenue Refunding Bonds, Academic Fees and Auxiliary Facilities, Series 1993, 6.100%, 7/01/20  –  NPFG Insured   No Opt. Call A+ 6,490,920
3,870   University of Maryland, Auxiliary Facility and Tuition Revenue Bonds, Refunding Series 2017B, 5.000%, 4/01/20   No Opt. Call AA+ 4,280,530
38,680   Total Education and Civic Organizations       42,003,783

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Energy – 0.4% (0.2% of Total Investments)        
$ 1,240   Maryland Economic Development Corporation, Port Facilities Revenue Bonds, CNX Marine Terminals Inc. Port of Baltimore Facility, Refunding Series 2010, 5.750%, 9/01/25   9/20 at 100.00 B+ $ 1,278,279
    Health Care – 38.0% (24.0% 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 1,031,204
2,470   4.250%, 7/01/35   7/25 at 100.00 BBB 2,578,631
1,375   5.000%, 7/01/45   7/25 at 100.00 BBB 1,510,231
    Maryland Health and Higher Educational Facilities Authority, Revenue Bonds Doctors Community Hospital, Series 2017B:        
250   5.000%, 7/01/34   7/27 at 100.00 Baa3 280,078
4,820   5.000%, 7/01/38   7/27 at 100.00 Baa3 5,353,333
    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 Baa3 1,539,351
375   6.125%, 1/01/36   1/22 at 100.00 Baa3 421,942
3,270   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist Healthcare, Series 2016A, 5.500%, 1/01/46   1/27 at 100.00 Baa3 3,755,857
1,355   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Anne Arundel Health System Issue, Series 2012, 5.000%, 7/01/24   7/22 at 100.00 A 1,574,605
2,500   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Anne Arundel Health System, Series 2010, 5.000%, 7/01/40   7/19 at 100.00 A 2,603,900
2,000   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Calvert Health System Issue, Refunding Series 2013, 5.000%, 7/01/38   7/23 at 100.00 A 2,209,140
    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 1,065,290
1,775   5.000%, 7/01/37   7/22 at 100.00 A1 1,957,914
4,335   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Frederick Memorial Hospital Issue, Series 2012A, 4.250%, 7/01/32   7/22 at 100.00 Baa1 4,560,984
2,500   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns Hopkins Health System Issue, Series 2015A, 4.000%, 5/15/40   5/25 at 100.00 AA- 2,607,725
    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- 570,380
500   5.000%, 5/15/26   5/21 at 100.00 AA- 567,670
3,000   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health Issue, Series 2016, 5.000%, 7/01/47   7/26 at 100.00 A+ 3,424,920
1,685   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health System, Series 2008, 5.000%, 7/01/28  –  AGM Insured   11/17 at 100.00 AA 1,689,853
    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+ 1,576,140
1,125   5.000%, 7/01/40   7/25 at 100.00 A+ 1,284,367
2,975   4.125%, 7/01/47   7/25 at 100.00 A+ 3,082,427

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Health Care (continued)        
$ 535   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Medlantic/Helix, Series 1998A, 5.250%, 8/15/38  –  AGM Insured   No Opt. Call AA $673,249
2,500   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health Issue, Series 2015, 5.000%, 8/15/38   2/25 at 100.00 A 2,833,575
    Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health Issue, Series 2017A:        
5,000   5.000%, 5/15/42   5/27 at 100.00 A 5,723,100
1,000   5.000%, 5/15/45   5/27 at 100.00 A 1,139,260
2,850   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center, Series 2011, 5.000%, 7/01/31   7/22 at 100.00 BBB 3,138,277
    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 100,467
1,350   5.000%, 7/01/38   7/26 at 100.00 BBB 1,502,658
585   4.000%, 7/01/42   7/26 at 100.00 BBB 595,887
7,500   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional Medical Center Issue, Refunding Series 2015, 5.000%, 7/01/45   7/24 at 100.00 A 8,249,925
4,260   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Trinity Health Credit Group, Series 2017MD, 5.000%, 12/01/46   6/27 at 100.00 AA- 4,932,484
    Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System Issue, Series 2013A:        
4,665   4.000%, 7/01/43   7/22 at 100.00 A2 4,862,609
11,500   5.000%, 7/01/43   7/22 at 100.00 A2 12,663,225
1,000   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System Issue, Series 2015, 5.000%, 7/01/35   7/25 at 100.00 A2 1,149,190
5,500   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System Issue, Series 2017B, 5.000%, 7/01/39   7/27 at 100.00 A2 6,314,330
12,250   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland Health, Series 2014, 5.250%, 7/01/34   7/24 at 100.00 BBB 13,908,650
8,000   Montgomery County, Maryland, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011MD, 5.000%, 12/01/40   12/21 at 100.00 AA- 8,757,360
    Montgomery County, Maryland, Revenue Bonds, Trinity Health Credit Group, Series 2015:        
6,000   4.000%, 12/01/44   6/25 at 100.00 AA- 6,251,520
2,000   5.000%, 12/01/44   6/25 at 100.00 AA- 2,271,720
118,235   Total Health Care       130,313,428
    Housing/Multifamily – 8.5% (5.3% of Total Investments)        
1,970   Anne Arundel County, Maryland, FNMA Multifamily Housing Revenue Bonds, Glenview Gardens Apartments Project, Series 2009, 5.000%, 1/01/28 (Mandatory Put 1/01/27)   1/20 at 102.00 AA+ 2,107,329
    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+ 1,559,325
2,550   5.000%, 6/01/44   6/24 at 100.00 A+ 2,773,253
1,860   Howard County Housing Commission, Maryland, Revenue Bonds, Gateway Village Apartments, Series 2016, 4.000%, 6/01/46   6/26 at 100.00 A+ 1,918,162

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Housing/Multifamily (continued)        
    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+ $3,402,180
2,000   4.625%, 10/01/28   10/23 at 100.00 A+ 2,211,940
2,110   Maryland Community Development Administration, Multifamily Housing Revenue Bonds, Princess Anne Apartments, Series 2001D, 5.450%, 12/15/33 (Alternative Minimum Tax)   12/17 at 100.00 Aaa 2,113,207
    Maryland Economic Development Corporation, Senior Student Housing Revenue Bonds, Towson University Project, Refunding Series 2017:        
1,100   5.000%, 7/01/36   7/27 at 100.00 BBB 1,261,865
470   5.000%, 7/01/37   7/21 at 100.00 BBB 509,278
    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 547,725
500   5.000%, 6/01/34   6/23 at 100.00 Baa3 537,650
1,500   Maryland Economic Development Corporation, Student Housing Revenue Bonds, Sheppard Pratt University Village, Series 2012, 5.000%, 7/01/33   7/22 at 100.00 BBB- 1,604,685
495   Maryland Economic Development Corporation, Student Housing Revenue Bonds, University of Maryland - Baltimore Project, Refunding Senior Lien Series 2015, 5.000%, 7/01/39   7/25 at 100.00 BBB- 537,689
1,385   Maryland Economic Development Corporation, Student Housing Revenue Bonds, University of Maryland, Baltimore County Project, Refunding Series 2016, 3.600%, 7/01/35  –  AGM Insured   11/17 at 100.00 AA 1,385,111
    Maryland Economic Development Corporation, Student Housing Revenue Bonds, University of Maryland, College Park Project, Refunding Series 2016:        
875   5.000%, 6/01/30  –  AGM Insured   6/26 at 100.00 AA 1,039,815
240   5.000%, 6/01/31  –  AGM Insured   6/26 at 100.00 AA 283,985
2,405   5.000%, 6/01/35  –  AGM Insured   6/26 at 100.00 AA 2,804,879
780   5.000%, 6/01/43  –  AGM Insured   6/26 at 100.00 AA 900,533
1,500   Montgomery County Housing Opportunities Commission, Maryland, Multifamily Housing Development Bonds, Series 2014A, 3.875%, 7/01/39   7/24 at 100.00 Aaa 1,542,150
26,740   Total Housing/Multifamily       29,040,761
    Housing/Single Family – 5.1% (3.2% of Total Investments)        
3,000   Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2009B, 4.750%, 9/01/39   9/18 at 100.00 Aa2 3,053,730
2,385   Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2011B, 3.250%, 3/01/36   3/26 at 100.00 Aa2 2,433,034
2,365   Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2014A, 4.300%, 9/01/32   9/23 at 100.00 Aa2 2,523,313
    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 3,089,370
1,165   3.750%, 3/01/39   3/24 at 100.00 Aa2 1,195,442
1,000   Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2014I, 3.450%, 12/15/31   12/24 at 100.00 Aaa 1,039,740

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Housing/Single Family (continued)        
$ 1,500   Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2015A, 3.800%, 9/01/35   9/25 at 100.00 Aa2 $1,553,205
1,160   Maryland Community Development Administration, Department of Housing and Community Development, Residential Revenue Bonds, Series 2006I, 4.875%, 9/01/26 (Alternative Minimum Tax) (UB)   11/17 at 100.00 Aa2 1,162,018
1,500   Montgomery County Housing Opportunities Commission, Maryland, Single Family Mortgage Revenue Bonds, Series 2017A, 3.650%, 7/01/37   7/26 at 100.00 Aa2 1,547,565
17,075   Total Housing/Single Family       17,597,417
    Industrials – 1.8% (1.2% of Total Investments)        
5,895   Maryland Economic Development Corporation, Economic Development Revenue Bonds, Transportation Facilities Project, Series 2010A, 5.750%, 6/01/35   6/20 at 100.00 Baa3 6,323,566
    Long-Term Care – 6.0% (3.8% of Total Investments)        
    Baltimore County, Maryland, Revenue Bonds, Oak Crest Village, Series 2016:        
1,090   5.000%, 1/01/37   1/26 at 100.00 A 1,224,844
1,000   3.625%, 1/01/37   1/26 at 100.00 A 996,520
2,050   Gaithersburg, Maryland, Economic Development Revenue Bonds, Asbury Methodist Homes Inc., Series 2009B, 6.000%, 1/01/23   1/20 at 100.00 BBB 2,224,209
1,290   Howard County, Maryland, Retirement Community Revenue Bonds, Vantage House, Refunding Series 2016, 5.000%, 4/01/46   4/27 at 100.00 N/R 1,323,540
1,710   Howard County, Maryland, Retirement Community Revenue Bonds, Vantage House, Refunding Series 2017, 5.000%, 4/01/36   4/27 at 100.00 N/R 1,782,658
    Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Charlestown Community Issue, Series 2016A:        
2,125   5.000%, 1/01/36   7/26 at 100.00 A 2,392,814
4,090   5.000%, 1/01/45   7/26 at 100.00 A 4,519,777
    Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, King Farm Presbyterian Community, Series 2007A:        
1,460   5.250%, 1/01/27   11/17 at 100.00 N/R 1,460,219
1,050   5.300%, 1/01/37   11/17 at 100.00 N/R 1,048,656
2,480   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Ridge Retirement Community, Series 2007, 4.750%, 7/01/34   11/17 at 100.00 A- 2,482,802
1,050   Prince George's County, Maryland, Revenue Bonds, Collington Episcopal Life Care Community Inc., Series 2017, 5.250%, 4/01/37   4/27 at 100.00 N/R 1,131,911
19,395   Total Long-Term Care       20,587,950
    Tax Obligation/General – 20.5% (12.9% of Total Investments)        
    Baltimore, Maryland, General Obligation Bonds, Consolidated Public Improvements, Series 2011A:        
1,000   5.000%, 10/15/29   10/21 at 100.00 AA 1,153,290
1,200   5.000%, 10/15/30   10/21 at 100.00 AA 1,372,908
2,000   Howard County, Maryland, General Obligation Bonds, Consolidated Public Improvement Project, Series 2017A, 5.000%, 2/15/23   No Opt. Call AAA 2,400,620
3,100   Howard County, Maryland, General Obligation Consolidated Public Improvement Bonds, Refunding Series 2014A, 5.000%, 2/15/23   2/22 at 100.00 AAA 3,610,136

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/General (continued)        
$ 5,240   Huntington Beach Union High School District, Orange County, California, General Obligation Bonds, Series 2005, 0.000%, 8/01/30  –  AGM Insured   No Opt. Call AA $3,562,781
1,000   Maryland State, General Obligation Bonds, State and Local Facilities Loan, First Series 2016, 5.000%, 6/01/20   No Opt. Call AAA 1,110,770
6,000   Maryland State, General Obligation Bonds, State and Local Facilities Loan, Refunding First Series 2017C, 5.000%, 8/01/20   No Opt. Call AAA 6,701,940
1,500   Maryland State, General Obligation Bonds, State and Local Facilities Loan, Second Series 2011B, 5.000%, 8/01/18   No Opt. Call AAA 1,558,440
4,000   Maryland State, General Obligation Bonds, State and Local Facilities Loan, Second Series 2015A-2, 5.000%, 8/01/21   No Opt. Call AAA 4,611,600
3,500   Maryland State, General Obligation Bonds, State and Local Facilities Loan, Second Series 2017A, 5.000%, 8/01/25   No Opt. Call AAA 4,372,200
1,715   Montgomery County, Maryland, General Obligation Bonds, Consolidated Public Improvement Series 2014A, 5.000%, 11/01/18   No Opt. Call AAA 1,799,550
4,000   Montgomery County, Maryland, General Obligation Bonds, Refunding Consolidated Public Improvement Series 2015A, 5.000%, 7/01/18   No Opt. Call AAA 4,141,960
4,930   Patterson Joint Unified School District, Stanislaus County, California, General Obligation Bonds, 2008 Election Series 2009B, 0.000%, 8/01/42  –  AGM Insured   No Opt. Call AA 1,958,295
    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 3,331,410
3,000   4.000%, 9/01/31   9/24 at 100.00 AAA 3,313,710
2,270   Puerto Rico, General Obligation Bonds, Public Improvement Series 2002A, 5.500%, 7/01/20  –  NPFG Insured   No Opt. Call A 2,430,602
2,155   Puerto Rico, General Obligation Bonds, Refunding Public Improvement Series 2007A, 5.500%, 7/01/20  –  NPFG Insured   No Opt. Call A 2,307,466
14,985   San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 Election Series 2012G, 0.000%, 8/01/40  –  AGM Insured   No Opt. Call AA 6,310,034
    Washington Suburban Sanitary District, Montgomery and Prince George's Counties, Maryland, General Obligation Bonds, Consolidated Public Improvement, Second Series 2016:        
5,000   5.000%, 6/01/27   6/26 at 100.00 AAA 6,281,850
3,400   5.000%, 6/01/35   6/26 at 100.00 AAA 4,087,888
1,645   Washington Suburban Sanitary District, Montgomery and Prince George's Counties, Maryland, General Obligation Bonds, Consolidated Public Improvement, Series 2015, 5.000%, 6/01/23   No Opt. Call AAA 1,987,834
7,000   Wylie Independent School District, Collin County, Texas, General Obligation Bonds, Capital Appreciation Series 2015, 0.000%, 8/15/50   8/25 at 35.55 Aaa 1,841,910
81,640   Total Tax Obligation/General       70,247,194
    Tax Obligation/Limited – 22.0% (13.9% of Total Investments)        
990   Anne Arundel County, Maryland, Special Obligation Bonds, National Business Park - North Project, Series 2010, 6.100%, 7/01/40   7/18 at 102.00 N/R 1,021,304
1,200   Anne Arundel County, Maryland, Special Tax District Revenue Bonds, Villages of Dorchester & Farmington Village Projects, Series 2013, 5.000%, 7/01/32   7/23 at 100.00 A+ 1,359,072
60   Baltimore, Maryland, Revenue Refunding Bonds, Convention Center, Series 1998, 5.000%, 9/01/19  –  NPFG Insured   9/17 at 100.00 A 60,200

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/Limited (continued)        
    Baltimore, Maryland, Special Obligation Bonds, Consolidated Tax Increment Financing, Series 2015:        
$ 525   5.000%, 6/15/30   6/24 at 100.00 BBB+ $588,604
425   5.000%, 6/15/33   6/24 at 100.00 BBB+ 470,509
    Baltimore, Maryland, Special Obligation Bonds, East Baltimore Research Park Project, Series 2017A:        
1,270   4.500%, 9/01/33   9/27 at 100.00 N/R 1,311,338
240   5.000%, 9/01/38   9/27 at 100.00 N/R 256,558
1,895   Baltimore, Maryland, Special Obligation Bonds, Harbor Point Project, Refunding Series 2016, 5.000%, 6/01/36   6/26 at 100.00 N/R 1,955,166
    Frederick County, Maryland, Lake Linganore Village Community Development Special Obligation Bonds, Series 2001A:        
56   5.600%, 7/01/20  –  RAAI Insured   11/17 at 100.00 AA 56,201
450   5.700%, 7/01/29  –  RAAI Insured   11/17 at 100.00 AA 451,656
    Fredrick County, Maryland, Special Obligation Bonds, Urbana Community Development Authority, Series 2010A:        
5,350   5.000%, 7/01/30   7/20 at 100.00 A- 5,847,122
2,355   5.000%, 7/01/40   7/20 at 100.00 A- 2,559,485
2,000   Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/34   11/25 at 100.00 A 2,182,440
    Government of Guam, Business Privilege Tax Bonds, Series 2011A:        
500   5.000%, 1/01/31   1/22 at 100.00 A 530,305
1,000   5.250%, 1/01/36   1/22 at 100.00 A 1,064,780
245   Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/37   1/22 at 100.00 A 256,432
    Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A:        
1,000   5.000%, 12/01/23   No Opt. Call BBB+ 1,159,510
280   5.000%, 12/01/24   No Opt. Call BBB+ 327,793
1,000   5.000%, 12/01/28   12/26 at 100.00 BBB+ 1,165,500
2,275   5.000%, 12/01/32   12/26 at 100.00 BBB+ 2,584,923
1,420   Howard County, Maryland, Special Obligation Bonds, Annapolis Junction Town Center Project, Series 2014, 6.100%, 2/15/44   2/24 at 100.00 N/R 1,471,106
1,260   Huntington Beach Union High School District, Orange County, California, Certificates of Participation, Capital Project, Series 2007, 0.000%, 9/01/35  –  AGM Insured   No Opt. Call AA 661,727
    Hyattsville, Maryland, Special Obligation Bonds, University Town Center Project, Series 2016:        
2,125   5.000%, 7/01/31   7/25 at 100.00 N/R 2,240,281
1,640   5.000%, 7/01/34   7/25 at 100.00 N/R 1,708,945
355   Maryland Economic Development Corporation, Special Obligation Bonds, Metro Centre Owings Mills Project, Series 2017, 4.500%, 7/01/44   1/27 at 100.00 N/R 358,216
    Maryland Stadium Authority, Lease Revenue Bonds, Baltimore City Public Schools Construction & Revitalization Program, Series 2016:        
7,045   5.000%, 5/01/33   5/26 at 100.00 AA 8,307,253
1,000   5.000%, 5/01/35   5/26 at 100.00 AA 1,170,740
5,100   5.000%, 5/01/46   5/26 at 100.00 AA 5,864,745

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/Limited (continued)        
$ 2,000   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009A, 0.000%, 12/15/32   No Opt. Call A- $1,014,380
320   Prince George's County Revenue Authority, Maryland, Special Obligation Bonds, Suitland-Naylor Road Project, Series 2016, 5.000%, 7/01/46   1/26 at 100.00 N/R 321,322
6,197   Prince George's County, Maryland, Special Obligation Bonds, National Harbor Project, Series 2005, 5.200%, 7/01/34   11/17 at 100.00 N/R 6,250,418
2,303   Prince George's County, Maryland, Special Tax District Bonds, Victoria Falls Project, Series 2005, 5.250%, 7/01/35   1/18 at 100.00 N/R 2,314,169
1,100   Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.500%, 7/01/29  –  AMBAC Insured   No Opt. Call C 1,218,118
1,530   Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A, 0.000%, 7/01/44  –  AMBAC Insured   No Opt. Call C 341,022
2,100   Puerto Rico Municipal Finance Agency, Series 2002A, 5.250%, 8/01/21  –  AGM Insured   11/17 at 100.00 AA 2,128,119
8,000   Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/41  –  NPFG Insured   No Opt. Call A 2,082,160
    Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Refunding Series 2007CC:        
765   5.500%, 7/01/28  –  NPFG Insured   No Opt. Call A 826,567
2,300   5.500%, 7/01/30  –  AGM Insured   No Opt. Call AA 2,623,656
1,500   Virgin Islands Public Finance Authority, Federal Highway Grant Anticipation Loan Note Revenue Bonds, Series 2015, 5.000%, 9/01/30   9/25 at 100.00 A 1,680,990
2,000   Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2006, 5.000%, 10/01/27  –  FGIC Insured   11/17 at 100.00 A 2,084,500
2,240   Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Working Capital Series 2014A, 5.000%, 10/01/34  –  AGM Insured   10/24 at 100.00 AA 2,406,925
1,035   Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien Series 2009A-1, 5.000%, 10/01/29  –  AGM Insured   10/19 at 100.00 AA 1,088,054
2,000   Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien, Series 2013A, 5.000%, 10/01/24  –  AGM Insured   No Opt. Call AA 2,251,300
78,451   Total Tax Obligation/Limited       75,623,611
    Transportation – 8.1% (5.1% of Total Investments)        
110   Baltimore, Maryland, Revenue Refunding Bonds, Parking System Facilities, Series 1998A, 5.250%, 7/01/21  –  FGIC Insured   No Opt. Call A1 118,310
520   Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 (Alternative Minimum Tax)   10/23 at 100.00 BBB 593,611
    Maryland Economic Development Corporation, Private Activity Revenue Bonds AP, Purple Line Light Rail Project, Green Bonds, Series 2016D:        
2,000   5.000%, 9/30/28 (Alternative Minimum Tax)   9/26 at 100.00 BBB+ 2,362,580
1,270   5.000%, 9/30/31 (Alternative Minimum Tax)   9/26 at 100.00 BBB+ 1,473,899
420   5.000%, 3/31/36 (Alternative Minimum Tax)   9/26 at 100.00 BBB+ 477,754
5,325   5.000%, 3/31/46 (Alternative Minimum Tax)   9/26 at 100.00 BBB+ 5,976,993
2,200   5.000%, 3/31/51 (Alternative Minimum Tax)   9/26 at 100.00 BBB+ 2,449,370

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Transportation (continued)        
    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   1/18 at 100.00 N/R $1,302,717
1,000   5.000%, 7/01/34  –  AMBAC Insured   1/18 at 100.00 N/R 1,001,590
445   Maryland Health and Higher Educational Facilities Authority, Parking Facilities Revenue Bonds, Johns Hopkins Medical Institutions, Series 1996, 5.500%, 7/01/26  –  AMBAC Insured   11/17 at 100.00 N/R 446,090
    New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series 2016:        
175   5.000%, 8/01/26 (Alternative Minimum Tax)   8/21 at 100.00 BB 188,241
680   5.000%, 8/01/31 (Alternative Minimum Tax)   8/21 at 100.00 BB 727,471
3,000   New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, 5.000%, 7/01/46 (Alternative Minimum Tax)   7/24 at 100.00 BBB 3,311,520
    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)   12/17 at 100.00 A 20,234
70   5.750%, 12/01/25  –  NPFG Insured (Alternative Minimum Tax)   12/17 at 100.00 A 70,820
2,000   Washington Metropolitan Area Transit Authority, District of Columbia, Gross Revenue Bonds, Refunding Crossover Series 2017A-2, 5.000%, 7/01/33   7/27 at 100.00 AA- 2,425,660
    Washington Metropolitan Area Transit Authority, District of Columbia, Gross Revenue Bonds, Series 2017B:        
1,500   5.000%, 7/01/29   7/27 at 100.00 AA- 1,858,320
2,500   5.000%, 7/01/30   7/27 at 100.00 AA- 3,074,900
24,535   Total Transportation       27,880,080
    U.S. Guaranteed – 15.3% (9.7% of Total Investments) (5)        
2,000   Baltimore, Maryland, Revenue Bonds, Water Projects, Refunding Series 1994A, 5.000%, 7/01/24  –  FGIC Insured (ETM)   No Opt. Call AA (5) 2,377,320
3,120   Baltimore, Maryland, Revenue Bonds, Water Projects, Refunding Series 1998A, 5.000%, 7/01/28  –  FGIC Insured (ETM)   No Opt. Call AA (5) 3,745,498
2,230   Maryland Department of Transportation, Consolidated Transportation Revenue Bonds, Second Issue Series 2008, 5.000%, 9/01/22 (Pre-refunded 9/01/18)   9/18 at 100.00 AAA 2,323,169
2,445   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds Doctors Community Hospital, Refunding Series 2010, 5.750%, 7/01/38 (Pre-refunded 7/01/20)   7/20 at 100.00 Baa3 (5) 2,767,129
1,500   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Anne Arundel Health System, Series 2009A, 6.750%, 7/01/39 (Pre-refunded 7/01/19)   7/19 at 100.00 A (5) 1,661,220
    Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Charlestown Community Issue, Series 2010:        
1,695   6.125%, 1/01/30 (Pre-refunded 1/01/21)   1/21 at 100.00 A (5) 1,976,031
5,070   6.250%, 1/01/45 (Pre-refunded 1/01/21)   1/21 at 100.00 A (5) 5,931,292
3,245   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Helix Health, Series 1997, 5.000%, 7/01/27  –  AMBAC Insured (ETM)   No Opt. Call N/R (5) 3,889,587
4,450   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns Hopkins Health System Obligated Group Issue, Series 2010, 5.000%, 5/15/40 (Pre-refunded 5/15/20)   5/20 at 100.00 AA- (5) 4,931,801

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    U.S. Guaranteed (5) (continued)        
    Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health System, Series 2011:        
$ 500   5.750%, 7/01/31 (Pre-refunded 7/01/21)   7/21 at 100.00 A+ (5) $588,475
1,000   6.000%, 7/01/41 (Pre-refunded 7/01/21)   7/21 at 100.00 A+ (5) 1,186,320
4,155   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System, Series 2010, 5.125%, 7/01/39 (Pre-refunded 7/01/19)   7/19 at 100.00 A2 (5) 4,479,755
    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 (5) 137,241
7,075   5.750%, 1/01/38 (Pre-refunded 1/01/18)   1/18 at 100.00 BBB (5) 7,192,445
3,950   6.000%, 1/01/43 (Pre-refunded 1/01/18)   1/18 at 100.00 BBB (5) 4,018,848
2,110   Maryland State, General Obligation Bonds, State & Local Facilities Loan, Second Series 2009B, 5.000%, 8/15/21 (Pre-refunded 8/15/19)   8/19 at 100.00 AAA 2,281,944
1,100   Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 1998A, 5.125%, 6/01/24  –  AMBAC Insured (ETM)   No Opt. Call Aaa 1,256,607
1,610   Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/19  –  NPFG Insured (ETM)   No Opt. Call A3 (5) 1,742,181
47,390   Total U.S. Guaranteed       52,486,863
    Utilities – 3.0% (1.9% of Total Investments)        
2,000   Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A, 4.375%, 1/01/35 (Mandatory Put 7/01/22)   No Opt. Call B1 1,969,440
1,300   Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/30  –  AGM Insured   10/22 at 100.00 AA 1,462,968
    Guam Power Authority, Revenue Bonds, Series 2014A:        
600   5.000%, 10/01/39   10/24 at 100.00 AA 671,580
575   5.000%, 10/01/44   10/24 at 100.00 AA 639,734
3,600   Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2004PP, 5.000%, 7/01/22  –  NPFG Insured   11/17 at 100.00 A 3,606,876
1,570   Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/22  –  FGIC Insured   11/17 at 100.00 A 1,588,824
730   Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding Series 2007A, 5.000%, 7/01/24   11/17 at 100.00 BB- 431,576
10,375   Total Utilities       10,370,998
    Water and Sewer – 7.9% (5.0% of Total Investments)        
2,500   Baltimore, Maryland, Project and Revenue Refunding Bonds, Water Projects, Series 2013B, 5.000%, 7/01/38   1/24 at 100.00 AA 2,887,675
2,000   Baltimore, Maryland, Revenue Bonds, Wastewater Projects, Series 2011A, 5.000%, 7/01/41   7/21 at 100.00 AA 2,241,140
    Baltimore, Maryland, Revenue Bonds, Wastewater Projects, Subordinate Series 2017A:        
6,000   5.000%, 7/01/41 (UB)   1/27 at 100.00 AA- 7,028,940
2,000   5.000%, 7/01/46   1/27 at 100.00 AA- 2,330,520
2,000   5.000%, 7/01/46 (UB)   1/27 at 100.00 AA- 2,330,520
780   Baltimore, Maryland, Revenue Bonds, Water Projects, Refunding Series 1994A, 5.000%, 7/01/24  –  FGIC Insured   No Opt. Call AA 858,600

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Water and Sewer (continued)        
$ 2,500   Baltimore, Maryland, Revenue Bonds, Water Projects, Subordinate Series 2014A, 5.000%, 7/01/44   1/25 at 100.00 AA- $2,849,800
1,300   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2014A, 5.000%, 7/01/35   7/24 at 100.00 A- 1,420,848
2,030   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43   7/23 at 100.00 A- 2,263,978
2,645   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016, 5.000%, 1/01/46   7/26 at 100.00 A- 2,854,352
23,755   Total Water and Sewer       27,066,373
$ 533,971   Total Municipal Bonds (cost $514,497,815)       540,470,762
    
Shares   Description (1)       Value
    COMMON STOCKS  –  0.3% (0.2% of Total Investments)        
    Airlines – 0.3% (0.2% of Total Investments)        
21,607   American Airlines Group Inc. (6)       $ 966,697
    Total Common Stocks (cost $556,990)       966,697
    Total Long-Term Investments(cost$515,054,805)       541,437,459
    
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    SHORT-TERM INVESTMENTS – 0.6% (0.4% of Total Investments)        
    MUNICIPAL BONDS – 0.6% (0.4% of Total Investments)        
    Housing/Single Family – 0.6% (0.4% of Total Investments)        
$ 2,000   Maryland Community Development Administration, Department of Housing and Community Development, Residential Revenue Bonds, Series 2006J, Variable Rate Demand Obligations, 0.930%, 9/01/40 Alternative Minimum Tax (7)   11/17 at 100.00 F-1+ $ 2,000,000
$ 2,000   Total Short-Term Investments (cost $2,000,000)       2,000,000
    Total Investments (cost $517,054,805) – 158.3%       543,437,459
    Floating Rate Obligations – (2.0)%       (6,770,000)
    Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (57.4)% (8)       (196,978,112)
    Other Assets Less Liabilities – 1.1%       3,541,989
    Net Asset Applicable to Common Shares – 100%       $ 343,231,336
Fair Value Measurements
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1  –   Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2  –   Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3  –   Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:
  Level 1 Level 2 Level 3 Total
Long-Term Investments:        
Municipal Bonds $  — $540,470,762 $ — $540,470,762
Common Stocks 966,697  —  — 966,697
Short-Term Investments:        
Municipal Bonds  — 2,000,000  — 2,000,000
Total $966,697 $542,470,762 $ — $543,437,459
Income Tax Information
The following information is presented on a federal income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
As of August 31, 2017, the cost of investments was $509,915,355.
Gross unrealized appreciation and gross unrealized depreciation of investments as of August 31, 2017, were as follows:
Gross unrealized:  
Appreciation $28,306,374
Depreciation (1,554,271)
Net unrealized appreciation (depreciation) of investments $26,752,103
(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) 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) 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.  
(7) 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.  
(8) Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 36.2%.  
ETM Escrowed to maturity.  
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 Quality Municipal Income Fund   
By (Signature and Title)    /s/ Gifford R. Zimmerman                                                       
   Gifford R. Zimmerman   
   Vice President and Secretary   

Date: October 30, 2017

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/ Cedric H. Antosiewicz                                                        
   Cedric H. Antosiewicz   
   Chief Administrative Officer (principal executive officer)   
Date: October 30, 2017      
By (Signature and Title)    /s/ Stephen D. Foy                                                                    
   Stephen D. Foy   
   Vice President and Controller (principal financial officer)   
Date: October 30, 2017