Nuveen North Carolina Municipal Bond Fund
Data updated: 2026-09-28
C000001558 — Nuveen North Carolina Municipal Bond Fund. Long Municipal - National Bond · $487.65M AUM. Holdings, fees, performance and SEC filings.
C000001558 Fund Overview
Nuveen North Carolina Municipal Bond Fund is a US mutual fund managed by Nuveen Multistate Trust III, categorised as Long Municipal - National Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Nuveen Multistate Trust III
- Category: Long Municipal - National Bond
- Assets under management: $487.65M
- 1-year return: 3.7%
- SEC CIK: 0001020661
- SEC series ID: S000000562
- Share class ID: C000001558
C000001558 Investment Objective and Strategy
Nuveen North Carolina Municipal Bond Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Nuveen Multistate Trust III.
Investment objective
The investment objective of the Fund is to provide you with as high a level of current interest income exempt from regular federal, North Carolina state and, in some cases, North Carolina local income taxes as is consistent with preservation of capital.
Principal investment strategy
Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in municipal bonds that pay interest that is exempt from regular federal and North Carolina personal income tax. These municipal bonds include obligations issued by the State of North Carolina and its subdivisions, authorities, instrumentalities and corporations, as well as obligations issued by U.S. territories (such as Puerto Rico, the U.S. Virgin Islands and Guam) that pay interest that is exempt from regular federal and North Carolina personal income tax. The Fund may invest without limit in securities that generate income subject to the alternative minimum tax. The Fund will generally maintain, under normal market conditions, an investment portfolio with an overall weighted average maturity in excess of 10 years.
Under normal market conditions, the Fund invests at least 80% of its net assets in investment grade municipal bonds rated BBB/Baa or higher at the time of purchase by at least one independent rating agency or, if unrated, judged by the Funds sub-adviser to be of comparable quality. The Fund may invest up to 20% of its net assets in below investment grade municipal bonds, commonly referred to as high yield or junk bonds. The Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds and participation interests in municipal leases. The Fund may invest in zero coupon bonds, which are issued at substantial discounts from their value at maturity and pay no cash income to their holders until they mature. The Fund may invest up to 15% of its net assets in municipal securities whose interest payments vary inversely with changes in short-term tax-exempt interest rates (inverse floaters).
Inverse floaters are derivative securities that provide leveraged exposure to underlying municipal bonds. The Funds investments in inverse floaters are designed to increase the Funds income and returns through this leveraged exposure. These investments are speculative, however, and also create the possibility that income and returns will be diminished. The Fund may utilize the following derivatives: futures contracts, swap contracts, options on futures contracts and options on swap contracts. The Fund may use these derivatives in an attempt to manage market risk, credit risk and yield curve risk, and to manage the effective maturity or duration of securities in the Funds portfolio. The Funds sub-adviser uses a value-oriented strategy and looks for higher-yielding and undervalued long-term municipal bonds that offer above-average total return.
The sub-adviser may choose to sell municipal bonds with deteriorating credit or limited upside potential compared to other available bonds.
C000001558 Holdings
Top 10 holdings of Nuveen North Carolina Municipal Bond Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Novant Health Obligated Group, Series 2019A | 5.36% |
| North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien Series 2009B | 2.75% |
| North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien Series 2009B | 2.64% |
| North Carolina Department of Transportation, Private Activity Revenue Bonds, I-77 Hot Lanes Project, Series 2015 | 2.07% |
| North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien Series 2009B | 2.06% |
| University of North Carolina, Chapel Hill, Revenue Bonds, Hospital System, Series 2019 | 1.86% |
| Cabarrus County, North Carolina, Limited Obligation Installment Financing Contract Bonds, Refunding Series 2024A | 1.54% |
| Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2 | 1.51% |
| Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, Series 2023A | 1.27% |
| University of North Carolina, Greensboro, General Revenue Bonds, Series 2018 | 1.26% |
C000001558 Portfolio Allocation
Asset-class allocation of Nuveen North Carolina Municipal Bond Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 98.9% |
C000001558 Performance
Total returns for C000001558 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 3.7% |
C000001558 Risk Information
Risk metrics for C000001558, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 3.5%
C000001558 Costs and Fees
C000001558 costs about $135 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.35%
- Gross expense ratio: 1.35%
- Portfolio turnover: 13%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
C000001558 Cashflows
Over the 12 months to 2026-05, Nuveen North Carolina Municipal Bond Fund had net outflows of $28.63M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-05 | $2.35M |
| 2026-04 | −$1.13M |
| 2026-03 | −$1.18M |
| 2026-02 | $2.78M |
| 2026-01 | $1.18M |
| 2025-12 | $2.33M |
C000001558 Debt Constituents
Largest debt holdings of Nuveen North Carolina Municipal Bond Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Novant Health Obligated Group, Series 2019A | 5.36% |
| North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien Series 2009B | 2.75% |
| North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien Series 2009B | 2.64% |
| North Carolina Department of Transportation, Private Activity Revenue Bonds, I-77 Hot Lanes Project, Series 2015 | 2.07% |
| North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien Series 2009B | 2.06% |
| University of North Carolina, Chapel Hill, Revenue Bonds, Hospital System, Series 2019 | 1.86% |
| Cabarrus County, North Carolina, Limited Obligation Installment Financing Contract Bonds, Refunding Series 2024A | 1.54% |
| Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2 | 1.51% |
| Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, Series 2023A | 1.27% |
| University of North Carolina, Greensboro, General Revenue Bonds, Series 2018 | 1.26% |
C000001558 Prospectus and SEC Filings
Official Nuveen North Carolina Municipal Bond Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-09-28
- Prospectus (485BPOS) — filed 2025-09-26
- Prospectus (485BPOS) — filed 2024-09-27
- Portfolio holdings (N-PORT) — filed 2026-07-24
- Portfolio holdings (N-PORT) — filed 2026-04-27
- Portfolio holdings (N-PORT) — filed 2026-01-28
- Annual census (N-CEN) — filed 2026-08-13
- Annual census (N-CEN) — filed 2025-08-13
Related Funds
Other Long Municipal - National Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.