nq2.htm



 
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 811-7608
 
Nuveen North Carolina Premium Income 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 North Carolina Premium Income Municipal Fund (NNC) 
      
   
February 29, 2012 
      
           
Principal 
    
Optional Call 
    
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Education and Civic Organizations – 19.1% (12.6% of Total Investments) 
      
$    2,500 
  
North Carolina Capital Facilities Financing Agency, Revenue Bonds, Duke University, Series 
10/15 at 100.00 
AA+ 
$    2,639,625 
   
2005A, 5.000%, 10/01/41 (UB) 
      
   
North Carolina Capital Facilities Financing Agency, Revenue Bonds, Johnson and Wales 
      
   
University, Series 2003A: 
      
970 
  
5.250%, 4/01/23 – SYNCORA GTY Insured 
4/13 at 100.00 
N/R 
988,944 
500 
  
5.000%, 4/01/33 – SYNCORA GTY Insured 
4/13 at 100.00 
N/R 
503,905 
2,285 
  
North Carolina State University at Raleigh, General Revenue Bonds, Series 2003A, 
10/13 at 100.00 
Aa1 
2,444,310 
   
5.000%, 10/01/15 
      
1,530 
  
University of North Carolina System, Pooled Revenue Bonds, Series 2005A, 5.000%, 4/01/15 – 
No Opt. Call 
A+ 
1,713,937 
   
AMBAC Insured 
      
   
University of North Carolina Wilmington, Certificates of Participation, Student Housing 
      
   
Project Revenue Bonds, Series 2006: 
      
1,430 
  
5.000%, 6/01/23 – FGIC Insured 
6/16 at 100.00 
A– 
1,548,032 
1,505 
  
5.000%, 6/01/24 – FGIC Insured 
6/16 at 100.00 
A– 
1,622,977 
   
University of North Carolina, Chapel Hill, System Net Revenue Bonds, Series 2003: 
      
2,380 
  
5.000%, 12/01/19 
12/13 at 100.00 
Aaa 
2,551,812 
2,725 
  
5.000%, 12/01/21 
12/13 at 100.00 
Aaa 
2,915,260 
1,500 
  
5.000%, 12/01/23 
12/13 at 100.00 
Aaa 
1,609,650 
17,325 
  
Total Education and Civic Organizations 
    
18,538,452 
   
Health Care – 28.1% (18.5% of Total Investments) 
      
1,145 
  
Albemarle Hospital Authority, North Carolina, Health Care Facilities Revenue Bonds, Series 
10/17 at 100.00 
N/R 
1,078,647 
   
2007, 5.250%, 10/01/27 
      
2,300 
  
Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue 
1/18 at 100.00 
AA– 
2,398,509 
   
Bonds, Series 2008A, 5.000%, 1/15/47 
      
500 
  
Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Refunding Revenue Bonds, 
1/19 at 100.00 
AA– 
542,395 
   
Carolinas HealthCare System, Series 2009A, 5.250%, 1/15/39 
      
1,000 
  
Johnston Memorial Hospital Authority, North Carolina, Mortgage Revenue Bonds, Johnston 
4/18 at 100.00 
AA– 
1,084,630 
   
Memorial Hospital Project, Series 2008A, 5.250%, 10/01/36 – AGM Insured 
      
225 
  
New Hanover County, North Carolina, Hospital Revenue Bonds, New Hanover Regional Medical 
10/19 at 100.00 
AA– 
245,340 
   
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: 
      
500 
  
5.250%, 11/01/40 
11/20 at 100.00 
A+ 
531,260 
3,000 
  
5.000%, 11/01/43 
11/20 at 100.00 
A+ 
3,114,180 
500 
  
North Carolina Medical Care Commission, Health Care Facilities Refunding Revenue Bonds, Blue 
1/20 at 100.00 
A 
507,905 
   
Ridge HealthCare, Series 2010A, 5.000%, 1/01/36 
      
1,000 
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Appalachian 
7/21 at 100.00 
BBB+ 
1,148,180 
   
Regional HealthCare System, Series 2011A, 6.500%, 7/01/31 
      
920 
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, WakeMed, Series 
10/14 at 100.00 
AA– 
958,336 
   
2009A, 5.625%, 10/01/38 – AGC Insured 
      
2,000 
  
North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Novant Health 
11/13 at 100.00 
A+ 
2,114,040 
   
Obligated Group, Series 2003A, 5.000%, 11/01/19 
      
2,000 
  
North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Stanly Memorial 
4/12 at 100.00 
BBB+ 
2,010,200 
   
Hospital, Series 1999, 6.375%, 10/01/29 
      
   
North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Union Regional 
      
   
Medical Center, Series 2002A: 
      
1,000 
  
5.500%, 1/01/19 
7/12 at 100.00 
AA– 
1,002,390 
550 
  
5.500%, 1/01/20 
7/12 at 100.00 
AA– 
551,227 
1,760 
  
5.375%, 1/01/32 
7/12 at 100.00 
AA– 
1,761,707 
3,000 
  
North Carolina Medical Care Commission, Hospital Revenue Bonds, Southeastern Regional Medical 
6/12 at 101.00 
A 
3,034,590 
   
Center, Series 2002, 5.375%, 6/01/32 
      
1,500 
  
North Carolina Medical Care Commission, Hospital Revenue Bonds, Wilson Medical Center, Series 
11/17 at 100.00 
A– 
1,570,335 
   
2007, 5.000%, 11/01/27 
      
1,395 
  
North Carolina Medical Care Commission, Revenue Bonds, Blue Ridge System, Series 2005, 
1/15 at 100.00 
A 
1,409,787 
   
5.000%, 1/01/33 – FGIC Insured 
      
   
North Carolina Medical Care Commission, Revenue Bonds, Cleveland County Healthcare System, 
      
   
Series 2004A: 
      
600 
  
5.250%, 7/01/20 – AMBAC Insured 
7/14 at 100.00 
A 
631,572 
500 
  
5.250%, 7/01/22 – AMBAC Insured 
7/14 at 100.00 
A 
522,900 
300 
  
Northern Hospital District of Surry County, North Carolina, Health Care Facilities Revenue 
4/18 at 100.00 
BBB 
319,704 
   
Bonds, Series 2008, 6.250%, 10/01/38 
      
705 
  
Onslow County Hospital Authority, North Carolina, FHA Insured Mortgage Revenue Bonds, Onslow 
10/16 at 100.00 
BBB 
737,726 
   
Memorial Hospital Project, Series 2006, 5.000%, 4/01/31 – NPFG Insured 
      
26,400 
  
Total Health Care 
    
27,275,560 
   
Housing/Multifamily – 3.5% (2.3% of Total Investments) 
      
2,260 
  
Mecklenburg County, North Carolina, FNMA Multifamily Housing Revenue Bonds, Little Rock 
7/13 at 105.00 
AA+ 
2,376,141 
   
Apartments, Series 2003, 5.375%, 1/01/36 (Alternative Minimum Tax) 
      
1,000 
  
North Carolina Capital Facilities Financing Agency, Housing Revenue Bonds, Elizabeth City 
6/13 at 100.00 
N/R 
1,005,540 
   
State University, Series 2003A, 5.000%, 6/01/28 – AMBAC Insured 
      
3,260 
  
Total Housing/Multifamily 
    
3,381,681 
   
Housing/Single Family – 2.7% (1.8% of Total Investments) 
      
760 
  
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement, 
7/12 at 100.00 
AA 
760,540 
   
Series 10A, 5.400%, 7/01/32 – AMBAC Insured (Alternative Minimum Tax) 
      
895 
  
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 2007-29A, 4.800%, 
1/17 at 100.00 
AA 
908,255 
   
7/01/33 (Alternative Minimum Tax) 
      
100 
  
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 2011-1, 
1/21 at 100.00 
AA 
105,209 
   
4.500%, 1/01/28 
      
800 
  
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 25-A, 4.900%, 
7/16 at 100.00 
AA 
811,024 
   
7/01/37 (Alternative Minimum Tax) 
      
2,555 
  
Total Housing/Single Family 
    
2,585,028 
   
Long-Term Care – 0.4% (0.3% of Total Investments) 
      
375 
  
North Carolina Medical Care Commission, Revenue Bonds, Pines at Davidson, Series 2006A, 
1/16 at 100.00 
N/R 
376,991 
   
5.000%, 1/01/36 
      
   
Materials – 0.5% (0.3% of Total Investments) 
      
500 
  
Columbus County Industrial Facilities and Pollution Control Financing Authority, North 
3/17 at 100.00 
BBB 
500,995 
   
Carolina, Environmental Improvement Revenue Bonds, International Paper Company Project, 
      
   
Series 2007A, 4.625%, 3/01/27 
      
   
Tax Obligation/General – 4.5% (3.0% of Total Investments) 
      
1,820 
  
Durham, North Carolina, General Obligation Bonds, Series 2007, 5.000%, 4/01/21 
4/17 at 100.00 
AAA 
2,118,334 
2,000 
  
Wake County, North Carolina, Limited Obligation Bonds, Series 2010, 5.000%, 1/01/37 
1/20 at 100.00 
AA+ 
2,229,420 
3,820 
  
Total Tax Obligation/General 
    
4,347,754 
   
Tax Obligation/Limited – 29.1% (19.1% of Total Investments) 
      
1,700 
  
Charlotte, North Carolina, Certificates of Participation, Governmental Facilities Projects, 
6/13 at 100.00 
AA+ 
1,757,205 
   
Series 2003G, 5.375%, 6/01/26 
      
950 
  
Charlotte, North Carolina, Certificates of Participation, Transit Projects Phase 2, Series 
6/18 at 100.00 
AA+ 
1,028,556 
   
2008A, 5.000%, 6/01/33 
      
1,505 
  
Charlotte, North Carolina, Certificates of Participation, Transit Projects, Series 2003A, 
6/13 at 100.00 
AA+ 
1,538,667 
   
5.000%, 6/01/33 
      
   
Charlotte, North Carolina, Storm Water Fee Revenue Bonds, Series 2002: 
      
1,050 
  
5.250%, 6/01/20 
6/12 at 101.00 
AAA 
1,072,943 
1,750 
  
5.000%, 6/01/25 
6/12 at 101.00 
AAA 
1,786,768 
1,400 
  
Craven County, North Carolina, Certificates of Participation, Series 2007, 5.000%, 6/01/27 – 
6/17 at 100.00 
AA– 
1,530,648 
   
NPFG Insured 
      
1,000 
  
Davidson County, North Carolina, Certificates of Participation, Series 2004, 5.250%, 6/01/14 – 
No Opt. Call 
Aa3 
1,095,910 
   
AMBAC Insured 
      
395 
  
Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.125%, 1/01/42 
1/22 at 100.00 
A 
428,990 
750 
  
Harnett County, North Carolina, Certificates of Participation, Series 2009, 5.000%, 6/01/28 – 
6/19 at 100.00 
AA– 
830,865 
   
AGC Insured 
      
   
Lee County, North Carolina, Certificates of Participation, Public Schools and Community 
      
   
College, Series 2004: 
      
1,715 
  
5.250%, 4/01/18 – AGM Insured 
4/14 at 100.00 
AA– 
1,849,988 
500 
  
5.250%, 4/01/20 – AGM Insured 
4/14 at 100.00 
AA– 
532,970 
1,000 
  
5.250%, 4/01/22 – AGM Insured 
4/14 at 100.00 
AA– 
1,057,240 
200 
  
Mecklenburg County, North Carolina, Certificates of Participation, Series 2009A, 
No Opt. Call 
AA+ 
224,752 
   
5.000%, 2/01/27 
      
3,315 
  
North Carolina Turnpike Authority, Monroe Connector System State Appropriation Bonds, Series 
7/21 at 100.00 
AA 
3,726,323 
   
2011, 5.000%, 7/01/41 
      
2,000 
  
Puerto Rico Highway and Transportation Authority, Grant Anticipation Revenue Bonds, Series 
3/14 at 100.00 
A+ 
2,049,920 
   
2004, 5.000%, 9/15/21 – NPFG Insured 
      
3,675 
  
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2010A, 
No Opt. Call 
A+ 
1,030,029 
   
0.000%, 8/01/35 
      
285 
  
Raleigh, North Carolina, Certificates of Participation, Series 2007, 5.000%, 2/01/27 
2/17 at 100.00 
AA+ 
312,317 
1,000 
  
Randolph County, North Carolina, Certificates of Participation, Series 2004, 5.000%, 6/01/20 – 
6/14 at 102.00 
AA– 
1,082,070 
   
AGM Insured 
      
1,000 
  
Rutherford County, North Carolina, Certificates of Participation, Series 2007, 5.000%, 
12/17 at 100.00 
AA– 
1,102,510 
   
12/01/27 – AGM Insured 
      
1,950 
  
Sampson County, North Carolina, Certificates of Participation, Series 2006, 5.000%, 6/01/34 – 
6/17 at 100.00 
AA– 
2,064,699 
   
AGM Insured (UB) 
      
1,200 
  
Wilmington, North Carolina, Certificates of Participation, Series 2008A, 5.000%, 6/01/29 
6/18 at 100.00 
AA 
1,328,328 
700 
  
Wilson County, North Carolina, Certificates of Participation, School Facilities Project, 
4/17 at 100.00 
Aa3 
761,803 
   
Series 2007, 5.000%, 4/01/25 – AMBAC Insured 
      
29,040 
  
Total Tax Obligation/Limited 
    
28,193,501 
   
Transportation – 12.3% (8.1% of Total Investments) 
      
2,500 
  
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International Refunding 
7/20 at 100.00 
Aa3 
2,726,550 
   
Series 2010A, 5.000%, 7/01/39 
      
   
Charlotte, North Carolina, Airport Revenue Bonds, Series 2004A: 
      
600 
  
5.250%, 7/01/24 – NPFG Insured 
7/14 at 100.00 
Aa3 
633,174 
2,710 
  
5.000%, 7/01/29 – NPFG Insured 
7/14 at 100.00 
Aa3 
2,813,685 
1,020 
  
North Carolina State Ports Authority, Port Facilities Revenue Bonds, Senior Lien Series 2010A, 
2/20 at 100.00 
A3 
1,108,261 
   
5.250%, 2/01/40 
      
600 
  
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A, 
1/19 at 100.00 
AA– 
672,726 
   
5.750%, 1/01/39 – AGC Insured 
      
   
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Revenue Bonds, 
      
   
Series 2009B: 
      
4,230 
  
0.000%, 1/01/33 – AGC Insured 
No Opt. Call 
AA– 
1,597,756 
655 
  
0.000%, 1/01/37 – AGC Insured 
No Opt. Call 
AA– 
199,978 
500 
  
0.000%, 1/01/38 – AGC Insured 
No Opt. Call 
AA– 
144,435 
500 
  
Piedmont Triad Airport Authority, North Carolina, Airport Revenue Bonds, Series 2005A, 5.000%, 
7/15 at 100.00 
A– 
543,470 
   
7/01/20 – SYNCORA GTY Insured 
      
1,375 
  
Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Refunding Series 
No Opt. Call 
Aa3 
1,519,911 
   
2010A, 5.000%, 5/01/36 
      
14,690 
  
Total Transportation 
    
11,959,946 
   
U.S. Guaranteed – 22.7% (14.9% of Total Investments) (4) 
      
1,330 
  
Cabarrus County, North Carolina, Certificates of Participation, Series 2002, 5.250%, 2/01/17 
2/13 at 100.00 
AA (4) 
1,391,951 
   
(Pre-refunded 2/01/13) 
      
1,800 
  
Catawba County, North Carolina, Certificates of Participation, Series 2004, 5.250%, 6/01/21 
6/14 at 100.00 
Aa2 (4) 
2,000,214 
   
(Pre-refunded 6/01/14) – NPFG Insured 
      
1,890 
  
Craven County, North Carolina, General Obligation Bonds, Series 2002, 5.000%, 5/01/21 
5/12 at 101.00 
AA (4) 
1,924,814 
   
(Pre-refunded 5/01/12) – AMBAC Insured 
      
3,035 
  
Durham County, North Carolina, General Obligation Bonds, Series 2002B, 5.000%, 4/01/16 
4/12 at 100.00 
AAA 
3,048,202 
   
(Pre-refunded 4/01/12) 
      
1,500 
  
North Carolina Infrastructure Finance Corporation, Certificates of Participation, Correctional 
2/14 at 100.00 
AA+ (4) 
1,632,840 
   
Facilities, Series 2004A, 5.000%, 2/01/23 (Pre-refunded 2/01/14) 
      
735 
  
North Carolina Medical Care Commission, Revenue Bonds, Northeast Medical Center, Series 2004, 
11/14 at 100.00 
Aa3 (4) 
823,538 
   
5.000%, 11/01/24 (Pre-refunded 11/01/14) 
      
4,260 
  
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 1986, 5.000%, 
No Opt. Call 
Aaa 
5,411,009 
   
1/01/20 (ETM) 
      
1,500 
  
North Carolina, Certificates of Participation, Repair and Renovation Project, Series 2004B, 
6/14 at 100.00 
AA+ (4) 
1,658,430 
   
5.000%, 6/01/20 (Pre-refunded 6/01/14) 
      
   
North Carolina, Certificates of Participation, Series 2003: 
      
1,130 
  
5.250%, 6/01/21 (Pre-refunded 6/01/13) 
6/13 at 100.00 
AA+ (4) 
1,198,489 
1,000 
  
5.250%, 6/01/23 (Pre-refunded 6/01/13) 
6/13 at 100.00 
AA+ (4) 
1,060,610 
   
University of North Carolina System, Pooled Revenue Refunding Bonds, Series 2002A: 
      
420 
  
5.375%, 4/01/22 (Pre-refunded 10/01/12) – AMBAC Insured 
10/12 at 100.00 
N/R (4) 
432,949 
460 
  
5.375%, 4/01/22 (Pre-refunded 10/01/12) – AMBAC Insured 
10/12 at 100.00 
N/R (4) 
474,127 
120 
  
5.375%, 4/01/22 (Pre-refunded 10/01/12) – AMBAC Insured 
10/12 at 100.00 
A+ (4) 
123,692 
800 
  
Winston-Salem, North Carolina, Water and Sewerage System Revenue Bonds, Series 2002A, 5.000%, 
6/12 at 100.00 
AAA 
809,984 
   
6/01/18 (Pre-refunded 6/01/12) 
      
19,980 
  
Total U.S. Guaranteed 
    
21,990,849 
   
Utilities – 8.5% (5.6% of Total Investments) 
      
25 
  
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2003C, 
1/13 at 100.00 
A– 
25,893 
   
5.375%, 1/01/17 
      
3,000 
  
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2003F, 
1/13 at 100.00 
A– 
3,114,390 
   
5.500%, 1/01/15 
      
1,000 
  
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2005, 
1/16 at 100.00 
A– 
1,132,360 
   
5.250%, 1/01/20 – AMBAC Insured 
      
   
North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, 
      
   
Series 1993B: 
      
5 
  
5.500%, 1/01/17 – FGIC Insured 
7/12 at 100.00 
Baa1 
5,018 
65 
  
5.500%, 1/01/21 
7/12 at 100.00 
A– 
65,174 
165 
  
6.000%, 1/01/22 – FGIC Insured 
No Opt. Call 
Baa1 
211,190 
575 
  
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 
1/19 at 100.00 
A 
633,455 
   
2009A, 5.000%, 1/01/30 
      
2,000 
  
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A, 
1/13 at 100.00 
A 
2,079,500 
   
5.250%, 1/01/15 – AMBAC Insured 
      
1,000 
  
Wake County Industrial Facilities and Pollution Control Financing Authority, North Carolina, 
2/13 at 100.50 
A1 
1,013,930 
   
Revenue Refunding Bonds, Carolina Power and Light Company, Series 2002, 5.375%, 2/01/17 
      
7,835 
  
Total Utilities 
    
8,280,910 
   
Water and Sewer – 20.4% (13.5% 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 
1,708,860 
   
6/01/20 – SYNCORA GTY Insured 
      
500 
  
Brunswick County, North Carolina, Enterprise System Revenue Bonds, Series 2008A, 5.000%, 
4/18 at 100.00 
AA– 
557,175 
   
4/01/31 – AGM Insured 
      
2,135 
  
Cape Fear Public Utility Authority, North Carolina, Water & Sewer System Revenue Bonds, Series 
8/21 at 100.00 
AA 
2,486,015 
   
2011, 5.000%, 8/01/31 
      
2,540 
  
Dare County, North Carolina, Utilities System Revenue Bonds, Series 2011, 5.000%, 2/01/36 
2/21 at 100.00 
AA 
2,851,480 
1,000 
  
Durham, North Carolina, Utility System Revenue Bonds, Refunding Series 2011, 5.000%, 6/01/41 
6/21 at 100.00 
AAA 
1,129,050 
1,295 
  
Greensboro, North Carolina, Combined Enterprise System Revenue Bonds, Series 2005A, 
6/15 at 100.00 
AAA 
1,401,941 
   
5.000%, 6/01/26 
      
   
Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2009A: 
      
550 
  
6.000%, 6/01/34 – AGC Insured 
6/19 at 100.00 
AA– 
630,757 
1,000 
  
6.000%, 6/01/36 – AGC Insured 
6/19 at 100.00 
AA– 
1,142,730 
   
Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2011: 
      
500 
  
5.625%, 6/01/30 – AGC Insured 
6/21 at 100.00 
AA– 
586,160 
1,300 
  
5.750%, 6/01/36 – AGC Insured 
6/21 at 100.00 
AA– 
1,495,624 
500 
  
Onslow County, North Carolina, Combined Enterprise System Revenue Bonds, Series 2004B, 
6/14 at 100.00 
A+ 
539,935 
   
5.000%, 6/01/23 – SYNCORA GTY Insured 
      
1,000 
  
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 
7/18 at 100.00 
Baa2 
1,075,300 
   
6.000%, 7/01/44 
      
3,865 
  
Winston-Salem, North Carolina, Water and Sewer System Revenue Bonds, Series 2007A, 
6/17 at 100.00 
AAA 
4,221,392 
   
5.000%, 6/01/37 (UB) 
      
17,790 
  
Total Water and Sewer 
    
19,826,419 
$    143,570 
  
Total Investments (cost $137,697,728) – 151.8% 
    
147,258,086 
   
Floating Rate Obligations – (5.4)% 
    
(5,195,000) 
   
MuniFund Term Preferred Shares, at Liquidation Value – (51.4)% (5) 
    
(49,835,000) 
   
Other Assets Less Liabilities – 5.0% 
    
4,752,916 
   
Net Assets Applicable to Common Shares – 100% 
    
$    96,981,002 
 

 
 
 
 
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 
   $ —     $ 147,258,086     $ —     $ 147,258,086  
 
During the period ended February 29, 2012, the Fund recognized no significant transfers to or from Level 1, Level 2 or Level 3.
 
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 $132,493,520.
       
Gross unrealized appreciation and gross unrealized depreciation of investments at February 29, 2012, 
      
were as follows: 
      
       
Gross unrealized: 
      
Appreciation 
   $ 9,670,663  
Depreciation 
     (100,345 ) 
Net unrealized appreciation (depreciation) of investments 
   $ 9,570,318  
 
     
(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 33.8%. 
N/R 
  
Not rated. 
(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 North Carolina Premium Income 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