Portfolio of Investments
|
|||||
Nuveen North Carolina Premium Income Municipal Fund (NNC)
|
|||||
February 28, 2015 (Unaudited)
|
|||||
Principal
|
Optional Call
|
||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
LONG-TERM INVESTMENTS – 147.8% (100.0% of Total Investments)
|
|||||
MUNICIPAL BONDS – 147.8% (100.0% of Total Investments)
|
|||||
Education and Civic Organizations – 21.8% (14.8% of Total Investments)
|
|||||
$ 30
|
Appalachian State University, North Carolina, Revenue Bonds, Series 2005, 5.250%, 7/15/17 –
|
7/15 at 100.00
|
Aa3
|
$ 33,304
|
|
NPFG Insured
|
|||||
Board of Governors of the University of North Carolina, Winston-Salem State University General
|
|||||
Revenue Bonds, Series 2013:
|
|||||
2,950
|
5.000%, 4/01/33
|
4/22 at 100.00
|
A–
|
3,258,924
|
|
1,000
|
5.125%, 4/01/43
|
4/22 at 100.00
|
A–
|
1,103,920
|
|
5,000
|
East Carolina University, North Carolina, General Revenue Bonds, Series 2014A, 5.000%, 10/01/41
|
10/23 at 100.00
|
Aa2
|
5,699,650
|
|
1,500
|
Fayetteville State University, North Carolina, Limited Obligation Revenue Bonds, Student
|
4/21 at 100.00
|
AA
|
1,644,900
|
|
Housing Project, Series 2011, 5.000%, 4/01/43 – AGM Insured
|
|||||
1,000
|
North Carolina Capital Facilities Finance Agency, General Revenue Bonds, Duke University,
|
4/19 at 100.00
|
AA+
|
1,131,360
|
|
Series 2009B, 5.000%, 10/01/38
|
|||||
North Carolina Capital Facilities Finance Agency, Revenue Bonds, Davidson College, Series 2014:
|
|||||
500
|
5.000%, 3/01/26
|
3/22 at 100.00
|
AA+
|
601,000
|
|
250
|
5.000%, 3/01/28
|
3/22 at 100.00
|
AA+
|
296,323
|
|
500
|
5.000%, 3/01/29
|
3/22 at 100.00
|
AA+
|
589,430
|
|
500
|
5.000%, 3/01/32
|
3/22 at 100.00
|
AA+
|
582,725
|
|
North Carolina Capital Facilities Finance Agency, Revenue Bonds, Johnson & Wales University,
|
|||||
Series 2013A:
|
|||||
1,560
|
5.000%, 4/01/32
|
4/23 at 100.00
|
A2
|
1,777,901
|
|
1,000
|
5.000%, 4/01/33
|
4/23 at 100.00
|
A2
|
1,136,600
|
|
4,440
|
North Carolina Capital Facilities Finance Agency, Revenue Bonds, The Methodist University,
|
3/22 at 100.00
|
BBB
|
4,859,536
|
|
Series 2012, 5.000%, 3/01/34
|
|||||
2,500
|
North Carolina Capital Facilities Financing Agency, Revenue Bonds, Duke University, Series
|
10/15 at 100.00
|
AA+
|
2,564,825
|
|
2005A, 5.000%, 10/01/41
|
|||||
2,020
|
North Carolina State University at Raleigh, General Revenue Bonds, Series 2013A,
|
10/23 at 100.00
|
Aa1
|
2,324,010
|
|
5.000%, 10/01/42
|
|||||
University of North Carolina System, Pooled Revenue Bonds, Series 2005A:
|
|||||
1,530
|
5.000%, 4/01/15 – AMBAC Insured
|
No Opt. Call
|
A
|
1,537,053
|
|
290
|
5.000%, 4/01/22 – AMBAC Insured
|
4/15 at 100.00
|
A
|
291,285
|
|
University of North Carolina Wilmington, Certificates of Participation, Student Housing
|
|||||
Project Revenue Bonds, Series 2006:
|
|||||
1,000
|
5.000%, 6/01/21 – FGIC Insured
|
6/16 at 100.00
|
AA–
|
1,054,240
|
|
1,430
|
5.000%, 6/01/23 – FGIC Insured
|
6/16 at 100.00
|
AA–
|
1,505,718
|
|
1,505
|
5.000%, 6/01/24 – FGIC Insured
|
6/16 at 100.00
|
AA–
|
1,582,523
|
|
10,200
|
University of North Carolina, Chapel Hill, System Net Revenue Bonds, Series 2007, 5.000%, 12/01/36
|
12/17 at 100.00
|
AAA
|
11,328,936
|
|
250
|
University of North Carolina, Charlotte, Certificates of Participation, Student Housing
|
3/15 at 100.00
|
A
|
251,153
|
|
Project, Series 2005, 5.000%, 3/01/21 – AMBAC Insured
|
|||||
University of North Carolina, Charlotte, General Revenue Bonds, Series 2014:
|
|||||
2,070
|
5.000%, 4/01/32
|
4/24 at 100.00
|
Aa3
|
2,429,725
|
|
1,175
|
5.000%, 4/01/33
|
4/24 at 100.00
|
Aa3
|
1,376,101
|
|
1,385
|
5.000%, 4/01/35
|
4/24 at 100.00
|
Aa3
|
1,612,389
|
|
1,655
|
University of North Carolina, Greensboro, General Revenue Bonds, Series 2014A, 5.000%, 4/01/39
|
4/24 at 100.00
|
Aa3
|
1,898,252
|
|
University of North Carolina, System Pooled Revenue Bonds, Series 2009C:
|
|||||
1,000
|
5.250%, 10/01/28
|
10/19 at 100.00
|
A3
|
1,144,040
|
|
1,000
|
5.375%, 10/01/29
|
10/19 at 100.00
|
A3
|
1,142,940
|
|
49,240
|
Total Education and Civic Organizations
|
54,758,763
|
|||
Health Care – 25.3% (17.1% of Total Investments)
|
|||||
2,750
|
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA
|
1/19 at 100.00
|
AA–
|
3,081,980
|
|
Carolinas HealthCare System, Refunding Series 2009A, 5.250%, 1/15/39
|
|||||
5,250
|
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA
|
1/22 at 100.00
|
AA–
|
5,829,495
|
|
Carolinas HealthCare System, Refunding Series 2012A, 5.000%, 1/15/43
|
|||||
4,950
|
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA
|
1/18 at 100.00
|
AA–
|
5,259,028
|
|
Carolinas HealthCare System, Series 2008A, 5.000%, 1/15/47
|
|||||
2,000
|
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA
|
1/21 at 100.00
|
AA–
|
2,257,080
|
|
Carolinas HealthCare System, Series 2011A, 5.250%, 1/15/42
|
|||||
2,225
|
Johnston Memorial Hospital Authority, North Carolina, Mortgage Revenue Bonds, Johnston
|
4/18 at 100.00
|
AA
|
2,452,017
|
|
Memorial Hospital Project, Series 2008A, 5.250%, 10/01/36 – AGM Insured
|
|||||
3,860
|
Nash Health Care Systems, North Carolina, Health Care Facilities Revenue Bonds, Series 2012,
|
5/22 at 100.00
|
A–
|
4,210,449
|
|
5.000%, 11/01/41
|
|||||
500
|
New Hanover County, North Carolina, Hospital Revenue Bonds, New Hanover Regional Medical
|
10/23 at 100.00
|
A+
|
573,315
|
|
Center, Refunding Series 2013, 5.000%, 10/01/26
|
|||||
555
|
New Hanover County, North Carolina, Hospital Revenue Bonds, New Hanover Regional Medical
|
10/19 at 100.00
|
AA
|
622,205
|
|
Center, Series 2006B, 5.125%, 10/01/31 – AGM Insured
|
|||||
North Carolina Medical Care Commission Health Care Facilities Revenue Bonds Novant Health
|
|||||
Inc., Series 2010A:
|
|||||
4,750
|
5.250%, 11/01/40
|
11/20 at 100.00
|
AA–
|
5,383,460
|
|
5,000
|
5.000%, 11/01/43
|
11/20 at 100.00
|
AA–
|
5,556,900
|
|
2,750
|
North Carolina Medical Care Commission, Health Care Facilities Refunding Revenue Bonds, Blue
|
1/20 at 100.00
|
A
|
3,018,290
|
|
Ridge HealthCare, Series 2010A, 5.000%, 1/01/36
|
|||||
2,680
|
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Appalachian
|
7/21 at 100.00
|
BBB+
|
3,173,066
|
|
Regional HealthCare System, Series 2011A, 6.500%, 7/01/31
|
|||||
2,000
|
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University
|
6/22 at 100.00
|
AA
|
2,271,740
|
|
Health System, Series 2012A, 5.000%, 6/01/42
|
|||||
2,335
|
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, FirstHealth of
|
10/17 at 100.00
|
AA
|
2,361,923
|
|
the Carolinas Project, Refunding Series 2012A, 4.000%, 10/01/39
|
|||||
3,000
|
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Wake Forest
|
No Opt. Call
|
A
|
3,291,600
|
|
Baptist Obligated Group, Series 2012A, 5.000%, 12/01/45
|
|||||
2,375
|
North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds, Cape
|
No Opt. Call
|
A–
|
2,646,724
|
|
Fear Valley Health System, Series 2012A, 5.000%, 10/01/27
|
|||||
2,000
|
North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds,
|
10/22 at 100.00
|
AA–
|
2,276,360
|
|
WakeMed, Series 2012A, 5.000%, 10/01/27
|
|||||
2,930
|
North Carolina Medical Care Commission, Hospital Revenue Bonds, Southeastern Regional Medical
|
6/22 at 100.00
|
A
|
3,210,489
|
|
Center, Refunding Series 2012, 5.000%, 6/01/32
|
|||||
3,295
|
North Carolina Medical Care Commission, Revenue Bonds, Blue Ridge Healthcare System, Series
|
5/15 at 100.00
|
AA–
|
3,302,644
|
|
2005, 5.000%, 1/01/33 – FGIC Insured
|
|||||
750
|
Northern Hospital District Surry County, North Carolina, Health Care Facilities Revenue Bonds,
|
4/18 at 100.00
|
BBB
|
819,052
|
|
Series 2008, 6.250%, 10/01/38
|
|||||
1,660
|
Onslow County Hospital Authority, North Carolina, FHA Insured Mortgage Revenue Bonds, Onslow
|
10/16 at 100.00
|
AA–
|
1,751,449
|
|
Memorial Hospital Project, Series 2006, 5.000%, 4/01/31 – NPFG Insured
|
|||||
57,615
|
Total Health Care
|
63,349,266
|
|||
Housing/Multifamily – 2.9% (1.9% of Total Investments)
|
|||||
3,875
|
Durham Housing Authority, North Carolina, Multifamily Housing Revenue Bonds, JFK Towers
|
No Opt. Call
|
A–
|
4,053,715
|
|
Project, Series 2012A, 5.000%, 12/01/47
|
|||||
Mecklenburg County, North Carolina, FNMA Multifamily Housing Revenue Bonds, Little Rock
|
|||||
Apartments, Series 2003:
|
|||||
765
|
5.150%, 1/01/22 (Alternative Minimum Tax)
|
7/18 at 100.00
|
N/R
|
797,138
|
|
2,260
|
5.375%, 1/01/36 (Alternative Minimum Tax)
|
7/18 at 100.00
|
N/R
|
2,329,472
|
|
6,900
|
Total Housing/Multifamily
|
7,180,325
|
|||
Housing/Single Family – 2.1% (1.4% of Total Investments)
|
|||||
1,225
|
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 2007-29A, 4.800%,
|
1/17 at 100.00
|
AA
|
1,244,919
|
|
7/01/33 (Alternative Minimum Tax)
|
|||||
2,165
|
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 2011-1,
|
1/21 at 100.00
|
AA
|
2,307,912
|
|
4.500%, 1/01/28
|
|||||
1,725
|
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 25-A, 4.900%,
|
7/16 at 100.00
|
AA
|
1,748,081
|
|
7/01/37 (Alternative Minimum Tax)
|
|||||
5,115
|
Total Housing/Single Family
|
5,300,912
|
|||
Long-Term Care – 1.5% (1.0% of Total Investments)
|
|||||
North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Presbyterian
|
|||||
Homes, Series 2006:
|
|||||
700
|
5.400%, 10/01/27
|
10/16 at 100.00
|
N/R
|
726,831
|
|
1,500
|
5.500%, 10/01/31
|
10/16 at 100.00
|
N/R
|
1,552,695
|
|
900
|
North Carolina Medical Care Commission, Revenue Bonds, Pines at Davidson, Series 2006A,
|
1/16 at 100.00
|
A–
|
907,542
|
|
5.000%, 1/01/36
|
|||||
450
|
North Carolina Medical Care Commission, Revenue Bonds, United Methodist Retirement Homes Inc.,
|
10/23 at 100.00
|
N/R
|
465,611
|
|
Refunding Series 2013A, 5.000%, 10/01/33
|
|||||
3,550
|
Total Long-Term Care
|
3,652,679
|
|||
Materials – 0.6% (0.4% of Total Investments)
|
|||||
1,400
|
Columbus County Industrial Facilities and Pollution Control Financing Authority, North Carolina,
|
3/17 at 100.00
|
BBB
|
1,425,690
|
|
Environmental Improvement Revenue Bonds, International Paper Company Project, Series 2007A,
|
|||||
4.625%, 3/01/27
|
|||||
Tax Obligation/General – 5.5% (3.7% of Total Investments)
|
|||||
Catawba County, North Carolina, General Obligation Bonds, Limited Obligation Series 2014A:
|
|||||
1,000
|
5.000%, 6/01/30
|
6/24 at 100.00
|
Aa2
|
1,168,560
|
|
730
|
5.000%, 6/01/31
|
6/24 at 100.00
|
Aa2
|
850,472
|
|
Durham, North Carolina, General Obligation Bonds, Series 2007:
|
|||||
2,820
|
5.000%, 4/01/21
|
4/17 at 100.00
|
AAA
|
3,072,080
|
|
1,475
|
5.000%, 4/01/22
|
4/17 at 100.00
|
AAA
|
1,609,741
|
|
1,050
|
Forsyth County, North Carolina, General Obligation Bonds, Limited Obligation Series 2009,
|
4/20 at 100.00
|
AA+
|
1,204,171
|
|
5.000%, 4/01/30
|
|||||
5,100
|
Wake County, North Carolina, Limited Obligation Bonds, Series 2010, 5.000%, 1/01/37
|
1/20 at 100.00
|
AA+
|
5,780,238
|
|
12,175
|
Total Tax Obligation/General
|
13,685,262
|
|||
Tax Obligation/Limited – 20.7% (14.0% of Total Investments)
|
|||||
Buncombe County, North Carolina, Limited Obligation Bonds, Series 2014A:
|
|||||
1,085
|
5.000%, 6/01/33
|
6/24 at 100.00
|
AA+
|
1,272,694
|
|
1,600
|
5.000%, 6/01/34
|
6/24 at 100.00
|
AA+
|
1,866,864
|
|
2,405
|
Charlotte, North Carolina, Certificates of Participation, Transit Projects Phase 2, Series
|
6/18 at 100.00
|
AA+
|
2,656,154
|
|
2008A, 5.000%, 6/01/33
|
|||||
2,045
|
Charlotte, North Carolina, Storm Water Fee Revenue Bonds, Refunding Series 2014,
|
12/24 at 100.00
|
AAA
|
2,430,687
|
|
5.000%, 12/01/39
|
|||||
2,085
|
Dare County, North Carolina, Installment Purchase Contract, Limited Obligation Series 2012B,
|
6/22 at 100.00
|
AA–
|
2,383,426
|
|
5.000%, 6/01/28
|
|||||
Harnett County, North Carolina, Certificates of Participation, Series 2009:
|
|||||
1,000
|
5.000%, 6/01/28 – AGC Insured
|
6/19 at 100.00
|
AA
|
1,115,790
|
|
500
|
5.000%, 6/01/29 – AGC Insured
|
6/19 at 100.00
|
AA
|
556,655
|
|
946
|
Hillsborough, North Carolina, Special Assessment Revenue Bonds, Series 2013, 7.750%, 2/01/24
|
2/23 at 100.00
|
N/R
|
1,016,846
|
|
Jacksonville Public Facilities Corporation, North Carolina, Limited Obligation Bonds, Series 2012:
|
|||||
1,065
|
5.000%, 4/01/29
|
4/22 at 100.00
|
A1
|
1,207,454
|
|
1,165
|
5.000%, 4/01/30
|
4/22 at 100.00
|
A1
|
1,316,846
|
|
1,000
|
5.000%, 4/01/31
|
4/22 at 100.00
|
A1
|
1,126,930
|
|
200
|
5.000%, 4/01/32
|
4/22 at 100.00
|
A1
|
224,842
|
|
400
|
Mecklenburg County, North Carolina, Certificates of Participation, Series 2009A, 5.000%, 2/01/27
|
2/19 at 100.00
|
AA+
|
441,884
|
|
North Carolina State, Limited Obligation Bonds, Refunding Series 2014C:
|
|||||
3,000
|
5.000%, 5/01/24
|
No Opt. Call
|
AA+
|
3,710,490
|
|
5,000
|
5.000%, 5/01/25
|
5/24 at 100.00
|
AA+
|
6,162,400
|
|
8,065
|
North Carolina Turnpike Authority, Monroe Connector System State Appropriation Bonds, Series
|
7/21 at 100.00
|
AA
|
9,083,045
|
|
2011, 5.000%, 7/01/41
|
|||||
1,135
|
Raleigh, North Carolina, Certificates of Participation, Series 2007, 5.000%, 2/01/27
|
2/17 at 100.00
|
AA+
|
1,215,880
|
|
1,000
|
Raleigh, North Carolina, Limited Obligation Bonds, Series 2013, 5.000%, 10/01/33
|
10/23 at 100.00
|
AA+
|
1,162,010
|
|
Raleigh, North Carolina, Limited Obligation Bonds, Series 2014A:
|
|||||
1,195
|
5.000%, 10/01/25
|
10/24 at 100.00
|
AA+
|
1,477,438
|
|
1,305
|
5.000%, 10/01/26
|
10/24 at 100.00
|
AA+
|
1,593,275
|
|
5,000
|
Sampson County, North Carolina, Certificates of Participation, Series 2006, 5.000%, 6/01/34 –
|
6/17 at 100.00
|
AA
|
5,392,200
|
|
AGM Insured
|
|||||
2,450
|
Wilmington, North Carolina, Certificates of Participation, Series 2008A, 5.000%, 6/01/29
|
6/18 at 100.00
|
AA+
|
2,711,758
|
|
1,750
|
Wilson County, North Carolina, Certificates of Participation, School Facilities Project,
|
4/17 at 100.00
|
Aa3
|
1,899,730
|
|
Series 2007, 5.000%, 4/01/25 – AMBAC Insured
|
|||||
45,396
|
Total Tax Obligation/Limited
|
52,025,298
|
|||
Transportation – 19.3% (13.1% of Total Investments)
|
|||||
5,000
|
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International Refunding
|
7/20 at 100.00
|
Aa3
|
5,594,750
|
|
Series 2010A, 5.000%, 7/01/39
|
|||||
10
|
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International Refunding
|
7/20 at 100.00
|
Aa3
|
11,183
|
|
Series 2010B, 5.375%, 7/01/28 (Alternative Minimum Tax)
|
|||||
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, Refunding
|
|||||
Series 2014A:
|
|||||
2,865
|
5.000%, 7/01/27
|
7/24 at 100.00
|
Aa3
|
3,411,155
|
|
3,000
|
5.000%, 7/01/28
|
7/24 at 100.00
|
Aa3
|
3,541,950
|
|
1,400
|
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, Series
|
7/21 at 100.00
|
Aa3
|
1,540,224
|
|
2010B, 5.000%, 7/01/36 (Alternative Minimum Tax)
|
|||||
1,425
|
Charlotte, North Carolina, Airport Revenue Bonds, Refunding Series 2011A, 5.000%, 7/01/41
|
No Opt. Call
|
Aa3
|
1,579,798
|
|
2,725
|
North Carolina State Ports Authority, Port Facilities Revenue Bonds, Senior Lien Series 2010A,
|
2/20 at 100.00
|
A3
|
3,093,338
|
|
5.250%, 2/01/40
|
|||||
515
|
North Carolina State Ports Authority, Port Facilities Revenue Bonds, Senior Lien Series 2010B,
|
2/20 at 100.00
|
A3
|
575,348
|
|
5.000%, 2/01/29
|
|||||
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A:
|
|||||
140
|
5.000%, 1/01/21 – AGC Insured
|
1/19 at 100.00
|
AA
|
155,848
|
|
265
|
5.375%, 1/01/26 – AGC Insured
|
1/19 at 100.00
|
AA
|
300,348
|
|
1,650
|
5.500%, 1/01/29 – AGC Insured
|
1/19 at 100.00
|
AA
|
1,862,619
|
|
7,335
|
5.750%, 1/01/39 – AGC Insured
|
1/19 at 100.00
|
AA
|
8,298,306
|
|
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Revenue Bonds,
|
|||||
Series 2009B:
|
|||||
150
|
0.000%, 1/01/31 – AGC Insured
|
No Opt. Call
|
AA
|
84,369
|
|
4,355
|
0.000%, 1/01/33 – AGC Insured
|
No Opt. Call
|
AA
|
2,253,756
|
|
2,300
|
0.000%, 1/01/34 – AGC Insured
|
No Opt. Call
|
AA
|
1,145,170
|
|
2,345
|
0.000%, 1/01/35 – AGC Insured
|
No Opt. Call
|
AA
|
1,123,091
|
|
7,505
|
0.000%, 1/01/37 – AGC Insured
|
No Opt. Call
|
AA
|
3,316,234
|
|
1,325
|
0.000%, 1/01/38 – AGC Insured
|
No Opt. Call
|
AA
|
561,601
|
|
1,235
|
Piedmont Triad Airport Authority, North Carolina, Airport Revenue Bonds, Series 2005A, 5.000%,
|
7/15 at 100.00
|
A–
|
1,255,489
|
|
7/01/20 – SYNCORA GTY Insured
|
|||||
Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Refunding Series 2010A:
|
|||||
2,490
|
5.000%, 5/01/26
|
No Opt. Call
|
Aa3
|
2,892,035
|
|
4,125
|
5.000%, 5/01/36
|
5/20 at 100.00
|
Aa3
|
4,698,086
|
|
1,000
|
Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Series 2007, 5.000%,
|
5/17 at 100.00
|
AA+
|
1,049,160
|
|
5/01/37 – FGIC Insured (Alternative Minimum Tax)
|
|||||
53,160
|
Total Transportation
|
48,343,858
|
|||
U.S. Guaranteed – 11.7% (8.0% of Total Investments) (4)
|
|||||
Albemarle Hospital Authority, North Carolina, Health Care Facilities Revenue Bonds, Series 2007:
|
|||||
1,840
|
5.250%, 10/01/27 (Pre-refunded 10/01/17)
|
10/17 at 100.00
|
N/R (4)
|
2,049,300
|
|
1,725
|
5.250%, 10/01/38 (Pre-refunded 10/01/17)
|
10/17 at 100.00
|
N/R (4)
|
1,921,219
|
|
Craven County, North Carolina, Certificates of Participation, Series 2007:
|
|||||
160
|
5.000%, 6/01/23 (Pre-refunded 6/01/17) – NPFG Insured
|
6/17 at 100.00
|
AA– (4)
|
176,021
|
|
3,000
|
5.000%, 6/01/27 (Pre-refunded 6/01/17) – NPFG Insured
|
6/17 at 100.00
|
AA– (4)
|
3,300,390
|
|
1,390
|
Durham, North Carolina, Certificates of Participation, Series 2005B, 5.000%, 6/01/25
|
6/15 at 100.00
|
AA+ (4)
|
1,407,736
|
|
(Pre-refunded 6/01/15)
|
|||||
Greensboro, North Carolina, Combined Enterprise System Revenue Bonds, Series 2005A:
|
|||||
500
|
5.000%, 6/01/25 (Pre-refunded 6/01/15)
|
6/15 at 100.00
|
AAA
|
506,405
|
|
1,295
|
5.000%, 6/01/26 (Pre-refunded 6/01/15)
|
6/15 at 100.00
|
AAA
|
1,311,589
|
|
1,680
|
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Cleveland County
|
1/21 at 100.00
|
N/R (4)
|
2,091,365
|
|
Healthcare System, Refunding Series 2011A, 5.750%, 1/01/35 (Pre-refunded 1/01/21)
|
|||||
North Carolina Medical Care Commission, Hospital Revenue Bonds, Wilson Medical Center,
|
|||||
Series 2007:
|
|||||
500
|
5.000%, 11/01/20 (Pre-refunded 11/01/17)
|
11/17 at 100.00
|
N/R (4)
|
557,420
|
|
3,425
|
5.000%, 11/01/27 (Pre-refunded 11/01/17)
|
11/17 at 100.00
|
N/R (4)
|
3,818,327
|
|
4,260
|
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 1986, 5.000%,
|
No Opt. Call
|
Aaa
|
4,952,804
|
|
1/01/20 (ETM)
|
|||||
2,990
|
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Series 2006A, 5.000%,
|
3/16 at 100.00
|
N/R (4)
|
3,135,583
|
|
3/01/36 (Pre-refunded 3/01/16)
|
|||||
2,250
|
Rutherford County, North Carolina, Certificates of Participation, Series 2007, 5.000%,
|
12/17 at 100.00
|
AA (4)
|
2,518,672
|
|
12/01/27 (Pre-refunded 12/01/17) – AGM Insured
|
|||||
University of North Carolina System, Pooled Revenue Bonds, Series 2005A:
|
|||||
555
|
5.000%, 4/01/22 (Pre-refunded 4/01/15) – AMBAC Insured
|
4/15 at 100.00
|
N/R (4)
|
557,547
|
|
155
|
5.000%, 4/01/22 (Pre-refunded 4/01/15) – AMBAC Insured
|
4/15 at 100.00
|
N/R (4)
|
155,711
|
|
1,000
|
Wilmington, North Carolina, Water and Sewer Revenue Bonds, Series 2005, 5.000%, 6/01/25
|
6/15 at 100.00
|
AA+ (4)
|
1,012,810
|
|
(Pre-refunded 6/01/15) – AGM Insured
|
|||||
26,725
|
Total U.S. Guaranteed
|
29,472,899
|
|||
Utilities – 10.0% (6.8% of Total Investments)
|
|||||
5,000
|
North Carolina Capital Facilities Financing Agency, Solid Waste Disposal Revenue Bond, Duke
|
11/20 at 100.00
|
Aa2
|
5,338,000
|
|
Energy Carolinas Project, Refunding Series 2008B, 4.625%, 11/01/40
|
|||||
2,500
|
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2005,
|
1/16 at 100.00
|
A–
|
2,606,250
|
|
5.250%, 1/01/20 – AMBAC Insured
|
|||||
1,400
|
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2009B,
|
1/19 at 100.00
|
A–
|
1,589,098
|
|
5.000%, 1/01/26
|
|||||
3,500
|
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2012A,
|
7/22 at 100.00
|
A–
|
4,096,470
|
|
5.000%, 1/01/25
|
|||||
North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds,
|
|||||
Series 1993B:
|
|||||
95
|
6.000%, 1/01/22
|
No Opt. Call
|
A–
|
118,571
|
|
180
|
6.000%, 1/01/22 – FGIC Insured
|
No Opt. Call
|
A3
|
224,662
|
|
1,100
|
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series
|
1/19 at 100.00
|
A
|
1,231,901
|
|
2009A, 5.000%, 1/01/30
|
|||||
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding
|
|||||
Series 2012A:
|
|||||
4,000
|
5.000%, 1/01/18
|
No Opt. Call
|
A
|
4,453,520
|
|
2,000
|
5.000%, 1/01/19
|
No Opt. Call
|
A
|
2,283,060
|
|
1,050
|
4.000%, 1/01/20
|
No Opt. Call
|
A
|
1,173,764
|
|
250
|
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2008A,
|
1/18 at 100.00
|
A
|
276,743
|
|
5.250%, 1/01/20
|
|||||
1,535
|
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2012B,
|
No Opt. Call
|
A
|
1,810,962
|
|
5.000%, 1/01/21
|
|||||
22,610
|
Total Utilities
|
25,203,001
|
|||
Water and Sewer – 26.4% (17.8% of Total Investments)
|
|||||
1,605
|
Broad River Water Authority, North Carolina, Water System Revenue Bonds, Series 2005, 5.000%,
|
6/15 at 100.00
|
A2
|
1,618,049
|
|
6/01/20 – SYNCORA GTY Insured
|
|||||
3,100
|
Brunswick County, North Carolina, Enterprise System Revenue Bonds, Series 2008A, 5.000%,
|
4/18 at 100.00
|
AA
|
3,421,656
|
|
4/01/31 – AGM Insured
|
|||||
1,145
|
Brunswick County, North Carolina, Enterprise Systems Revenue Refunding Bonds, Series 2012A,
|
4/22 at 100.00
|
AA–
|
1,361,760
|
|
5.000%, 4/01/25
|
|||||
Cape Fear Public Utility Authority, North Carolina, Water & Sewer System Revenue Bonds,
|
|||||
Series 2008:
|
|||||
425
|
5.000%, 8/01/28
|
8/18 at 100.00
|
AA+
|
475,915
|
|
1,005
|
5.000%, 8/01/35
|
8/18 at 100.00
|
AA+
|
1,118,676
|
|
2,135
|
Cape Fear Public Utility Authority, North Carolina, Water & Sewer System Revenue Bonds, Series
|
8/21 at 100.00
|
AA+
|
2,470,665
|
|
2011, 5.000%, 8/01/31
|
|||||
1,000
|
Charlotte, North Carolina, Water and Sewerage System Revenue Bonds, Series 2008,
|
7/18 at 100.00
|
AAA
|
1,114,270
|
|
5.000%, 7/01/38
|
|||||
Dare County, North Carolina, Utilities System Revenue Bonds, Series 2011:
|
|||||
3,860
|
5.000%, 2/01/36
|
2/21 at 100.00
|
AA
|
4,365,814
|
|
1,250
|
5.000%, 2/01/41
|
2/21 at 100.00
|
AA
|
1,405,762
|
|
8,600
|
Durham, North Carolina, Utility System Revenue Bonds, Refunding Series 2011, 5.000%, 6/01/41
|
6/21 at 100.00
|
AAA
|
9,721,526
|
|
1,535
|
Mooresville, North Carolina, Enterprise System Revenue Bonds, Refunding Series 2012,
|
5/22 at 100.00
|
AA–
|
1,786,771
|
|
5.000%, 5/01/28
|
|||||
1,210
|
Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2008A, 5.000%, 6/01/23 –
|
6/18 at 100.00
|
AA–
|
1,352,683
|
|
NPFG Insured
|
|||||
Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2009A:
|
|||||
2,020
|
6.000%, 6/01/34 – AGC Insured
|
6/19 at 100.00
|
AA
|
2,368,329
|
|
1,020
|
6.000%, 6/01/36 – AGC Insured
|
6/19 at 100.00
|
AA
|
1,190,411
|
Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2011:
|
|||||
600
|
5.625%, 6/01/30 – AGC Insured
|
6/21 at 100.00
|
AA
|
704,070
|
|
2,100
|
5.750%, 6/01/36 – AGC Insured
|
6/21 at 100.00
|
AA
|
2,470,671
|
|
1,400
|
Onslow County, North Carolina, Combined Enterprise System Revenue Bonds, Series 2004B, 5.000%,
|
5/15 at 100.00
|
A+
|
1,405,530
|
|
6/01/23 – SYNCORA GTY Insured
|
|||||
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series 2012A:
|
|||||
550
|
5.000%, 3/01/30
|
3/22 at 100.00
|
AAA
|
643,704
|
|
1,600
|
5.000%, 3/01/31
|
3/22 at 100.00
|
AAA
|
1,865,840
|
|
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series 2013A:
|
|||||
5,000
|
5.000%, 3/01/28
|
3/23 at 100.00
|
AAA
|
5,963,100
|
|
3,785
|
5.000%, 3/01/43
|
3/23 at 100.00
|
AAA
|
4,340,827
|
|
4,010
|
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Series 2006A,
|
3/16 at 100.00
|
AAA
|
4,192,575
|
|
5.000%, 3/01/36
|
|||||
9,900
|
Winston-Salem, North Carolina, Water and Sewer System Revenue Bonds, Series 2007A,
|
6/17 at 100.00
|
AAA
|
10,745,856
|
|
5.000%, 6/01/37
|
|||||
58,855
|
Total Water and Sewer
|
66,104,460
|
|||
$ 342,741
|
Total Long-Term Investments (cost $343,787,137)
|
370,502,413
|
|||
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (49.9)% (5)
|
(125,000,000)
|
||||
Other Assets Less Liabilities – 2.1% (6)
|
5,175,982
|
||||
Net Assets Applicable to Common Shares – 100%
|
$ 250,678,395
|
Investments in Derivatives as of February 28, 2015
|
||||||||
Credit Default Swaps outstanding:
|
||||||||
Current
|
Unrealized
|
|||||||
Reference
|
Buy/Sell
|
Credit
|
Notional
|
Fixed Rate
|
Termination
|
Appreciation
|
||
Counterparty
|
Entity
|
Protection (7)
|
Spread (8)
|
Amount
|
(Annualized)
|
Date
|
Value
|
(Depreciation)
|
Citibank N.A.
|
Commonwealth of Puerto Rico
|
Buy
|
30.0%
|
$3,020,000
|
5.000%
|
12/20/19
|
$848,837
|
$154,159
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Long-Term Investments:
|
||||
Municipal Bonds
|
$ —
|
$370,502,413
|
$ —
|
$370,502,413
|
Investments in Derivatives:
|
||||
Credit Default Swaps*
|
—
|
154,159
|
—
|
154,159
|
Total
|
$ —
|
$370,656,572
|
$ —
|
$370,656,572
|
*Represents net unrealized appreciation (depreciation).
|
Gross unrealized:
|
|
Appreciation
|
$27,226,210
|
Depreciation
|
(335,083)
|
Net unrealized appreciation (depreciation) of investments
|
$26,891,127
|
(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)
|
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments
|
|
is 33.7%.
|
||
(6)
|
Other assets less liabilities includes the unrealized appreciation (depreciation) of the over-the-counter
|
|
derivatives as exchange-cleared and exchange-traded derivatives, when applicable.
|
||
(7)
|
The Fund entered into the credit default swaps to gain investment exposure to the referenced entity.
|
|
Selling protection has a similar credit risk position to owning the referenced entity. Buying protection has
|
||
a similar credit risk position to selling the referenced entity short.
|
||
(8)
|
The credit spread generally serves as an indication of the current status of the payment/performance risk
|
|
and therefore the likelihood of default of the credit derivative. The credit spread also reflects the cost of
|
||
buying/selling protection and may include upfront payments required to be made to enter into a credit
|
||
default swap contract. Higher credit spreads are indicative of higher likelihood of performance by the
|
||
seller of protection.
|
(ETM)
|
Escrowed to maturity.
|
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.
|