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 811-09471
 
Nuveen Maryland Dividend Advantage Municipal Fund
(Exact name of registrant as specified in charter)
 
Nuveen Investments
        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)
 

Kevin J. McCarthy
Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         
(Name and address of agent for service)
 
Registrant's telephone number, including area code:         312-917-7700        
 
Date of fiscal year end:             5/31          
 
Date of reporting period:          2/29/12         
 
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
 
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 
 
 

 
Item 1. Schedule of Investments
 


           
   
Portfolio of Investments (Unaudited)  
     
   
Nuveen Maryland 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  
 
 
 
 

 
 
Fair Value Measurements
 
Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:
 
Level 1 – Quoted prices in active markets for identical securities.
 
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
Level 3 – Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
 
The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of February 29, 2012:
 
                         
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments:  
                       
Municipal Bonds  
  $     $ 91,900,829     $     $ 91,900,829  
 
The following is a reconciliation of the Fund’s Level 3 investments held at the beginning and end of the measurement period:
 
       
   
Level 3
 
   
Municipal Bonds
 
Balance at the beginning of period  
  $ 471,695  
Gains (losses):  
       
Net realized gains (losses)  
     
Net change in unrealized appreciation (depreciation)  
    169,849  
Purchases at cost  
     
Sales at proceeds  
     
Net discounts (premiums)  
    769  
Transfers in to  
     
Transfers out of  
    (642,313 )  
Balance at the end of period  
  $  
 
During the period ended February 29, 2012, the Fund recognized no significant transfers to or from Level 1 or Level 2. Transfers in and/or out of Level 3 are shown using end of period values.
 
Income Tax Information
 
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
 
At February 29, 2012, the cost of investments was $83,874,592.
       
Gross unrealized appreciation and gross unrealized depreciation of investments at February 29, 2012,  
     
were as follows:  
     
       
Gross unrealized:  
     
Appreciation  
  $ 5,253,157  
Depreciation  
    (1,200,159 )  
Net unrealized appreciation (depreciation) of investments  
  $ 4,052,998  
 
     
(1)  
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common  
   
shares unless otherwise noted.  
(2)  
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption.  
   
There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities  
   
may be subject to periodic principal paydowns.  
(3)  
 
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service,  
   
Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s  
   
or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated  
   
by any of these national rating agencies.  
(4)  
 
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.  
(5)  
 
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 28.8%.  
N/R  
 
Not rated.  
(ETM)  
 
Escrowed to maturity.  
(IF)  
 
Inverse floating rate investment.  
(UB)  
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction.  
 
 
 

 
Item 2. Controls and Procedures.

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

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

 
 
 

 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
(Registrant)   Nuveen Maryland Dividend Advantage Municipal Fund 
 
By (Signature and Title)     /s/ Kevin J. McCarthy                    
                                                   Kevin J. McCarthy
                                                   Vice President and Secretary
 
Date          April 27, 2012        
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By (Signature and Title)     /s/ Gifford R. Zimmerman                    
                                                    Gifford R. Zimmerman
                                                  Chief Administrative Officer (principal executive officer) 
 
Date          April 27, 2012        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date          April 27, 2012        
 

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