Unassociated Document



 
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:         2/28/13         
 
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 28, 2013
      
 
 
 
 
Principal
    
Optional Call
    
Amount
  
Description (1)
Provisions (2)
Ratings (3)
Value
   
Consumer Staples – 0.8% (0.5% of Total Investments)
      
$    2,000
  
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds,
5/13 at 100.00
BBB
$   2,019,960
   
Series 2002, 5.500%, 5/15/39
      
   
Education and Civic Organizations – 8.5% (5.4% of Total Investments)
      
30
  
Appalachian State University, North Carolina, Revenue Bonds, Series 2005, 5.250%, 7/15/17 –
No Opt. Call
Aa3
35,438
   
NPFG Insured
      
1,500
  
Fayetteville State University, North Carolina, Limited Obligation Revenue Bonds, Student
4/21 at 100.00
AA–
1,644,570
   
Housing Project, Series 2011, 5.000%, 4/01/43 – AGM Insured
      
2,500
  
North Carolina Capital Facilities Financing Agency, Revenue Bonds, Duke University, Series
10/15 at 100.00
AA+
2,724,775
   
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
971,989
1,650
  
5.000%, 4/01/33 – SYNCORA GTY Insured
4/13 at 100.00
N/R
1,651,848
2,500
  
North Carolina Capital Facilities Finance Agency, Revenue Bonds, The Methodist University,
3/22 at 100.00
BBB
2,710,175
   
Series 2012, 5.000%, 3/01/34
      
   
University of North Carolina System, Pooled Revenue Bonds, Series 2005A:
      
1,530
  
5.000%, 4/01/15 – AMBAC Insured
No Opt. Call
A+
1,673,177
445
  
5.000%, 4/01/22 – AMBAC Insured
4/15 at 100.00
A+
479,897
   
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
A–
1,087,580
1,430
  
5.000%, 6/01/23 – FGIC Insured
6/16 at 100.00
A–
1,540,682
1,505
  
5.000%, 6/01/24 – FGIC Insured
6/16 at 100.00
A–
1,615,031
2,500
  
University of North Carolina, Chapel Hill, System Net Revenue Bonds, Series 2007,
12/17 at 100.00
Aaa
2,904,950
   
5.000%, 12/01/36
      
250
  
University of North Carolina, Charlotte, Certificates of Participation, Student Housing
3/15 at 100.00
A
270,950
   
Project, Series 2005, 5.000%, 3/01/21 – AMBAC Insured
      
   
University of North Carolina, System Pooled Revenue Bonds, Series 2009C:
      
1,000
  
5.250%, 10/01/28
10/19 at 100.00
A3
1,145,540
1,000
  
5.375%, 10/01/29
10/19 at 100.00
A3
1,149,120
19,810
  
Total Education and Civic Organizations
    
21,605,722
   
Health Care – 36.5% (23.3% of Total Investments)
      
   
Albemarle Hospital Authority, North Carolina, Health Care Facilities Revenue Bonds,
      
   
Series 2007:
      
1,840
  
5.250%, 10/01/27
10/17 at 100.00
N/R
1,902,376
1,725
  
5.250%, 10/01/38
10/17 at 100.00
N/R
1,756,223
2,750
  
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA
1/19 at 100.00
AA–
3,050,685
   
Carolinas HealthCare System, Refunding Series 2009A, 5.250%, 1/15/39
      
4,950
  
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA
1/18 at 100.00
AA–
5,253,336
   
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–
2,276,800
   
Carolinas HealthCare System, Series 2011A, 5.250%, 1/15/42
      
5,250
  
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA
1/22 at 100.00
AA–
5,929,823
   
Carolinas HealthCare System, Refunding Series 2012A, 5.000%, 1/15/43
      
2,270
  
Johnston Memorial Hospital Authority, North Carolina, Mortgage Revenue Bonds, Johnston
4/18 at 100.00
AA–
2,497,613
   
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
4,233,030
   
5.000%, 11/01/41
      
555
  
New Hanover County, North Carolina, Hospital Revenue Bonds, New Hanover Regional Medical
10/19 at 100.00
AA–
617,499
   
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–
5,246,138
5,000
  
5.000%, 11/01/43
11/20 at 100.00
AA–
5,432,350
2,750
  
North Carolina Medical Care Commission, Health Care Facilities Refunding Revenue Bonds, Blue
1/20 at 100.00
A
2,890,360
   
Ridge HealthCare, Series 2010A, 5.000%, 1/01/36
      
   
North Carolina Medical Care Commission, Health Care Facilities Revenue and Refunding Revenue
      
   
Bonds, Columbus Regional Healthcare System, Series 2013A:
      
2,000
  
3.750%, 10/01/33
10/22 at 100.00
BBB
2,010,380
2,000
  
4.000%, 10/01/42
10/22 at 100.00
BBB
1,984,500
2,680
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Appalachian
7/21 at 100.00
BBB+
3,243,095
   
Regional HealthCare System, Series 2011A, 6.500%, 7/01/31
      
1,680
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Cleveland County
1/21 at 100.00
A
1,906,968
   
Healthcare System, Refunding Series 2011A, 5.750%, 1/01/35
      
2,000
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University
6/22 at 100.00
AA
2,271,800
   
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
2,343,196
   
the Carolinas Project, Refunding Series 2012A, 4.000%, 10/01/39
      
9,000
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Wake Forest
12/22 at 100.00
AA–
9,112,230
   
Baptist Obligated Group, Series 2012A, 4.000%, 12/01/45
      
2,375
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds, Cape
No Opt. Call
A–
2,720,349
   
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–
2,354,020
   
WakeMed, Series 2012A, 5.000%, 10/01/27
      
   
North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Novant Health
      
   
Obligated Group, Series 2003A:
      
2,000
  
5.000%, 11/01/18
11/13 at 100.00
AA–
2,056,900
2,000
  
5.000%, 11/01/19
11/13 at 100.00
AA–
2,054,140
2,000
  
5.000%, 11/01/20
11/13 at 100.00
AA–
2,051,380
2,000
  
North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Stanly Memorial
4/13 at 100.00
BBB+
2,008,820
   
Hospital, Series 1999, 6.375%, 10/01/29
      
2,930
  
North Carolina Medical Care Commission, Hospital Revenue Bonds, Southeastern Regional Medical
6/22 at 100.00
A
3,383,857
   
Center, Refunding Series 2012, 5.000%, 6/01/32
      
   
North Carolina Medical Care Commission, Hospital Revenue Bonds, Wilson Medical Center,
      
   
Series 2007:
      
500
  
5.000%, 11/01/20
11/17 at 100.00
A–
559,265
3,425
  
5.000%, 11/01/27
11/17 at 100.00
A–
3,675,950
3,295
  
North Carolina Medical Care Commission, Revenue Bonds, Blue Ridge Healthcare System, Series
1/15 at 100.00
A
3,350,718
   
2005, 5.000%, 1/01/33 – FGIC Insured
      
   
North Carolina Medical Care Commission, Revenue Bonds, Cleveland County Healthcare System,
      
   
Series 2004A:
      
1,195
  
5.250%, 7/01/20 – AMBAC Insured
7/14 at 100.00
A
1,243,374
1,000
  
5.250%, 7/01/22 – AMBAC Insured
7/14 at 100.00
A
1,034,280
750
  
Northern Hospital District of Surry County, North Carolina, Health Care Facilities Revenue
4/18 at 100.00
BBB
814,245
   
Bonds, Series 2008, 6.250%, 10/01/38
      
1,675
  
Onslow County Hospital Authority, North Carolina, FHA Insured Mortgage Revenue Bonds, Onslow
10/16 at 100.00
Baa2
1,766,288
   
Memorial Hospital Project, Series 2006, 5.000%, 4/01/31 – NPFG Insured
      
86,540
  
Total Health Care
    
93,031,988
   
Housing/Multifamily – 1.7% (1.1% of Total Investments)
      
   
Mecklenburg County, North Carolina, FNMA Multifamily Housing Revenue Bonds, Little Rock
      
   
Apartments, Series 2003:
      
930
  
5.150%, 1/01/22 (Alternative Minimum Tax)
7/13 at 105.00
AA+
982,629
2,260
  
5.375%, 1/01/36 (Alternative Minimum Tax)
7/13 at 105.00
AA+
2,383,351
1,000
  
North Carolina Capital Facilities Financing Agency, Housing Revenue Bonds, Elizabeth City
6/13 at 100.00
N/R
1,002,290
   
State University, Series 2003A, 5.000%, 6/01/28 – AMBAC Insured
      
4,190
  
Total Housing/Multifamily
    
4,368,270
   
Housing/Single Family – 2.4% (1.5% of Total Investments)
      
1,525
  
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 2007-29A, 4.800%,
1/17 at 100.00
AA
1,580,891
   
7/01/33 (Alternative Minimum Tax)
      
2,200
  
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 2011-1,
1/21 at 100.00
AA
2,417,690
   
4.500%, 1/01/28
      
1,965
  
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 25-A, 4.900%,
7/16 at 100.00
AA
2,024,048
   
7/01/37 (Alternative Minimum Tax)
      
5,690
  
Total Housing/Single Family
    
6,022,629
   
Long-Term Care – 1.2% (0.8% 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
720,531
1,500
  
5.500%, 10/01/31
10/16 at 100.00
N/R
1,541,415
900
  
North Carolina Medical Care Commission, Revenue Bonds, Pines at Davidson, Series 2006A,
1/16 at 100.00
A–
918,441
   
5.000%, 1/01/36
      
3,100
  
Total Long-Term Care
    
3,180,387
   
Materials – 0.6% (0.4% of Total Investments)
      
1,400
  
Columbus County Industrial Facilities and Pollution Control Financing Authority, North
3/17 at 100.00
BBB
1,473,948
   
Carolina, Environmental Improvement Revenue Bonds, International Paper Company Project,
      
   
Series 2007A, 4.625%, 3/01/27
      
   
Tax Obligation/General – 4.7% (3.0% of Total Investments)
      
   
Durham, North Carolina, General Obligation Bonds, Series 2007:
      
2,820
  
5.000%, 4/01/21
4/17 at 100.00
AAA
3,254,054
1,475
  
5.000%, 4/01/22
4/17 at 100.00
AAA
1,712,298
1,050
  
Forsyth County, North Carolina, General Obligation Bonds, Limited Obligation Series 2009,
4/20 at 100.00
AA+
1,210,377
   
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+
5,905,749
10,445
  
Total Tax Obligation/General
    
12,082,478
   
Tax Obligation/Limited – 24.3% (15.5% of Total Investments)
      
   
Charlotte, North Carolina, Certificates of Participation, Governmental Facilities Projects,
      
   
Series 2003G:
      
3,100
  
5.375%, 6/01/26
6/13 at 100.00
AA+
3,136,208
1,750
  
5.000%, 6/01/28
6/13 at 100.00
AA+
1,768,463
2,750
  
5.000%, 6/01/33
6/13 at 100.00
AA+
2,778,765
2,405
  
Charlotte, North Carolina, Certificates of Participation, Transit Projects Phase 2, Series
6/18 at 100.00
AA+
2,696,799
   
2008A, 5.000%, 6/01/33
      
1,505
  
Charlotte, North Carolina, Certificates of Participation, Transit Projects, Series 2003A,
6/13 at 100.00
AA+
1,520,742
   
5.000%, 6/01/33
      
   
Craven County, North Carolina, Certificates of Participation, Series 2007:
      
160
  
5.000%, 6/01/23 – NPFG Insured
6/17 at 100.00
AA–
184,042
3,000
  
5.000%, 6/01/27 – NPFG Insured
6/17 at 100.00
AA–
3,393,210
2,085
  
Dare County, North Carolina, Installment Purchase Contract, Limited Obligation Series 2012B,
6/22 at 100.00
AA–
2,478,252
   
5.000%, 6/01/28
      
   
Davidson County, North Carolina, Certificates of Participation, Series 2004:
      
1,000
  
5.250%, 6/01/14 – AMBAC Insured
No Opt. Call
Aa3
1,057,010
1,250
  
5.250%, 6/01/21 – AMBAC Insured
6/14 at 100.00
Aa3
1,324,150
1,390
  
Durham, North Carolina, Certificates of Participation, Series 2005B, 5.000%, 6/01/25
6/15 at 100.00
AA+
1,526,178
1,060
  
Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.125%, 1/01/42
1/22 at 100.00
A
1,180,162
   
Harnett County, North Carolina, Certificates of Participation, Series 2009:
      
1,000
  
5.000%, 6/01/28 – AGC Insured
6/19 at 100.00
AA–
1,116,020
500
  
5.000%, 6/01/29 – AGC Insured
6/19 at 100.00
AA–
556,500
   
Jacksonville Public Facilities Corporation, North Carolina, Limited Obligation Bonds,
      
   
Series 2012:
      
1,065
  
5.000%, 4/01/29
4/22 at 100.00
A1
1,243,973
1,165
  
5.000%, 4/01/30
4/22 at 100.00
A1
1,354,709
1,000
  
5.000%, 4/01/31
4/22 at 100.00
A1
1,157,660
200
  
5.000%, 4/01/32
4/22 at 100.00
A1
229,816
400
  
Mecklenburg County, North Carolina, Certificates of Participation, Series 2009A,
2/19 at 100.00
AA+
452,016
   
5.000%, 2/01/27
      
8,065
  
North Carolina Turnpike Authority, Monroe Connector System State Appropriation Bonds, Series
7/21 at 100.00
AA
9,116,999
   
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+
2,045,640
   
2004, 5.000%, 9/15/21 – NPFG Insured
      
9,450
  
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series
No Opt. Call
A+
2,642,504
   
2010A, 0.000%, 8/01/35
      
   
Raleigh, North Carolina, Certificates of Participation, Downtown Improvement Project,
      
   
Series 2004B:
      
1,275
  
5.000%, 6/01/20
6/14 at 100.00
AA+
1,348,236
1,310
  
5.000%, 6/01/21
6/14 at 100.00
AA+
1,385,246
1,135
  
Raleigh, North Carolina, Certificates of Participation, Series 2007, 5.000%, 2/01/27
2/17 at 100.00
AA+
1,274,502
2,000
  
Randolph County, North Carolina, Certificates of Participation, Series 2004, 5.000%, 6/01/20 –
6/14 at 102.00
AA–
2,151,999
   
AGM Insured
      
2,250
  
Rutherford County, North Carolina, Certificates of Participation, Series 2007, 5.000%,
12/17 at 100.00
AA–
2,525,602
   
12/01/27 – AGM Insured
      
5,000
  
Sampson County, North Carolina, Certificates of Participation, Series 2006, 5.000%, 6/01/34 –
6/17 at 100.00
AA–
5,430,951
   
AGM Insured (UB)
      
2,450
  
Wilmington, North Carolina, Certificates of Participation, Series 2008A, 5.000%, 6/01/29
6/18 at 100.00
AA
2,800,839
1,750
  
Wilson County, North Carolina, Certificates of Participation, School Facilities Project,
4/17 at 100.00
Aa3
1,998,989
   
Series 2007, 5.000%, 4/01/25 – AMBAC Insured
      
63,470
  
Total Tax Obligation/Limited
    
61,876,182
   
Transportation – 15.6% (10.0% of Total Investments)
      
5,000
  
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International Refunding
7/20 at 100.00
Aa3
5,635,050
   
Series 2010A, 5.000%, 7/01/39
      
10
  
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International Refunding
7/20 at 100.00
Aa3
11,519
   
Series 2010B, 5.375%, 7/01/28 (Alternative Minimum Tax)
      
1,400
  
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, Series
7/21 at 100.00
Aa3
1,555,540
   
2010B, 5.000%, 7/01/36 (Alternative Minimum Tax)
      
   
Charlotte, North Carolina, Airport Revenue Bonds, Series 2004A:
      
600
  
5.250%, 7/01/24 – NPFG Insured
7/14 at 100.00
Aa3
636,552
2,710
  
5.000%, 7/01/29 – NPFG Insured
7/14 at 100.00
Aa3
2,843,251
1,935
  
5.000%, 7/01/34 – NPFG Insured
7/14 at 100.00
Aa3
2,032,002
2,725
  
North Carolina State Ports Authority, Port Facilities Revenue Bonds, Senior Lien Series 2010A,
2/20 at 100.00
A3
3,066,579
   
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
576,743
   
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–
163,086
265
  
5.375%, 1/01/26 – AGC Insured
1/19 at 100.00
AA–
306,239
1,430
  
5.500%, 1/01/29 – AGC Insured
1/19 at 100.00
AA–
1,653,781
7,150
  
5.750%, 1/01/39 – AGC Insured
1/19 at 100.00
AA–
8,323,029
   
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–
72,270
4,355
  
0.000%, 1/01/33 – AGC Insured
No Opt. Call
AA–
1,903,135
2,300
  
0.000%, 1/01/34 – AGC Insured
No Opt. Call
AA–
960,480
2,345
  
0.000%, 1/01/35 – AGC Insured
No Opt. Call
AA–
935,280
7,505
  
0.000%, 1/01/37 – AGC Insured
No Opt. Call
AA–
2,700,749
1,325
  
0.000%, 1/01/38 – AGC Insured
No Opt. Call
AA–
453,495
1,235
  
Piedmont Triad Airport Authority, North Carolina, Airport Revenue Bonds, Series 2005A, 5.000%,
7/15 at 100.00
A–
1,358,414
   
7/01/20 – SYNCORA GTY Insured
      
4,125
  
Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Refunding Series
5/20 at 100.00
Aa3
4,666,654
   
2010A, 5.000%, 5/01/36
      
47,220
  
Total Transportation
    
39,853,848
   
U.S. Guaranteed – 19.3% (12.3% of Total Investments) (4)
      
   
Catawba County, North Carolina, Certificates of Participation, Series 2004:
      
1,800
  
5.250%, 6/01/21 (Pre-refunded 6/01/14) – NPFG Insured
6/14 at 100.00
Aa2 (4)
1,913,184
1,800
  
5.250%, 6/01/22 (Pre-refunded 6/01/14) – NPFG Insured
6/14 at 100.00
Aa2 (4)
1,913,184
500
  
Charlotte-Mecklenburg Hospital Authority, North Carolina, Healthcare System Revenue Bonds, DBA
1/15 at 100.00
AA+ (4)
543,865
   
Carolinas Healthcare System, Series 2005A, 5.000%, 1/15/45 (Pre-refunded 1/15/15)
      
   
Durham County, North Carolina, Enterprise System Revenue Bonds, Series 2002:
      
300
  
5.000%, 6/01/18 (Pre-refunded 6/01/13) – NPFG Insured
6/13 at 100.00
AA (4)
303,753
1,000
  
5.000%, 6/01/23 (Pre-refunded 6/01/13) – NPFG Insured
6/13 at 100.00
AA (4)
1,012,510
   
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
552,370
1,295
  
5.000%, 6/01/26 (Pre-refunded 6/01/15)
6/15 at 100.00
AAA
1,430,638
   
Lee County, North Carolina, Certificates of Participation, Public Schools and Community
      
   
College, Series 2004:
      
1,715
  
5.250%, 4/01/18 (Pre-refunded 4/01/14) – AGM Insured
4/14 at 100.00
AA- (4)
1,808,708
1,715
  
5.250%, 4/01/20 (Pre-refunded 4/01/14) – AGM Insured
4/14 at 100.00
AA- (4)
1,808,708
1,000
  
5.250%, 4/01/22 (Pre-refunded 4/01/14) – AGM Insured
4/14 at 100.00
AA- (4)
1,054,640
1,500
  
North Carolina Infrastructure Finance Corporation, Certificates of Participation, Correctional
2/14 at 100.00
AA+ (4)
1,566,105
   
Facilities, Series 2004A, 5.000%, 2/01/23 (Pre-refunded 2/01/14)
      
2,250
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, WakeMed, Series
10/14 at 100.00
AA- (4)
2,442,555
   
2009A, 5.625%, 10/01/38 (Pre-refunded 10/01/14) – AGC Insured
      
2,035
  
North Carolina Medical Care Commission, Revenue Bonds, Northeast Medical Center, Series 2004,
11/14 at 100.00
N/R (4)
2,193,893
   
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
5,302,763
   
1/01/20 (ETM)
      
2,285
  
North Carolina State University at Raleigh, General Revenue Bonds, Series 2003A, 5.000%,
10/13 at 100.00
Aa1 (4)
2,350,580
   
10/01/15 (Pre-refunded 10/01/13)
      
   
North Carolina State, General Obligation Bonds, Series 2004A:
      
1,000
  
5.000%, 3/01/18 (Pre-refunded 3/01/14)
3/14 at 100.00
AAA
1,048,310
1,800
  
5.000%, 3/01/22 (Pre-refunded 3/01/14)
3/14 at 100.00
AAA
1,886,958
2,500
  
North Carolina, Certificates of Participation, Repair and Renovation Project, Series 2004B,
6/14 at 100.00
AA+ (4)
2,649,350
   
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)
1,144,408
1,000
  
5.250%, 6/01/23 (Pre-refunded 6/01/13)
6/13 at 100.00
AA+ (4)
1,012,750
   
Pasquotank County, North Carolina, Certificates of Participation, Series 2004:
      
460
  
5.000%, 6/01/25 (Pre-refunded 6/01/14)
6/14 at 100.00
Baa2 (4)
486,878
920
  
5.000%, 6/01/25 (Pre-refunded 6/01/14)
6/14 at 100.00
A (4)
974,363
2,070
  
Pitt County, North Carolina, Certificates of Participation, School Facilities Project, Series
4/14 at 100.00
AA (4)
2,177,474
   
2004B, 5.000%, 4/01/29 (Pre-refunded 4/01/14) – AMBAC Insured
      
   
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Series 2004:
      
1,000
  
5.000%, 3/01/21 (Pre-refunded 3/01/14)
3/14 at 100.00
AAA
1,048,510
1,250
  
5.000%, 3/01/22 (Pre-refunded 3/01/14)
3/14 at 100.00
AAA
1,310,638
1,785
  
Union County, North Carolina, Certificates of Participation, Series 2003, 5.000%, 6/01/20
6/13 at 101.00
Aa2 (4)
1,825,163
   
(Pre-refunded 6/01/13) – AMBAC Insured
      
555
  
University of North Carolina System, Pooled Revenue Bonds, Series 2005A, 5.000%, 4/01/22
4/15 at 100.00
N/R (4)
608,003
   
(Pre-refunded 4/01/15) – AMBAC Insured
      
   
University of North Carolina, Chapel Hill, System Net Revenue Bonds, Series 2003:
      
2,380
  
5.000%, 12/01/19 (Pre-refunded 12/01/13)
12/13 at 100.00
Aaa
2,466,845
2,725
  
5.000%, 12/01/21 (Pre-refunded 12/01/13)
12/13 at 100.00
Aaa
2,824,434
1,500
  
5.000%, 12/01/23 (Pre-refunded 12/01/13)
12/13 at 100.00
Aaa
1,554,734
46,030
  
Total U.S. Guaranteed
    
49,216,274
   
Utilities – 10.0% (6.4% of Total Investments)
      
2,500
  
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2005,
1/16 at 100.00
A–
2,803,275
   
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–
1,596,028
   
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–
4,226,460
   
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–
124,528
180
  
6.000%, 1/01/22 – FGIC Insured
No Opt. Call
Baa1
236,288
1,100
  
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series
1/19 at 100.00
A
1,240,602
   
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
4,740,800
2,000
  
5.000%, 1/01/19
No Opt. Call
A
2,416,820
1,050
  
4.000%, 1/01/20
No Opt. Call
A
1,215,260
250
  
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2008A,
1/18 at 100.00
A
292,408
   
5.250%, 1/01/20
      
6,500
  
Wake County Industrial Facilities and Pollution Control Financing Authority, North Carolina,
2/14 at 100.00
A1
6,552,585
   
Revenue Refunding Bonds, Carolina Power and Light Company, Series 2002, 5.375%, 2/01/17
      
22,575
  
Total Utilities
    
25,445,054
   
Water and Sewer – 31.0% (19.8% 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
1,710,866
   
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–
3,534,310
   
4/01/31 – AGM Insured
      
1,145
  
Brunswick County, North Carolina, Enterprise Systems Revenue Refunding Bonds, Series 2012A,
4/22 at 100.00
AA–
1,396,774
   
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
498,011
1,005
  
5.000%, 8/01/35
8/18 at 100.00
AA
1,142,966
2,135
  
Cape Fear Public Utility Authority, North Carolina, Water & Sewer System Revenue Bonds, Series
8/21 at 100.00
AA
2,510,696
   
2011, 5.000%, 8/01/31
      
1,520
  
Charlotte, North Carolina, Water and Sewerage System Revenue Bonds, Series 2002A,
No Opt. Call
AAA
1,546,387
   
5.250%, 7/01/13
      
1,000
  
Charlotte, North Carolina, Water and Sewerage System Revenue Bonds, Series 2008,
7/18 at 100.00
AAA
1,165,300
   
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
4,408,159
1,250
  
5.000%, 2/01/41
2/21 at 100.00
AA
1,408,699
8,600
  
Durham, North Carolina, Utility System Revenue Bonds, Refunding Series 2011, 5.000%, 6/01/41
6/21 at 100.00
AAA
9,825,843
1,535
  
Mooresville, North Carolina, Enterprise System Revenue Bonds, Refunding Series 2012,
5/22 at 100.00
AA–
1,838,791
   
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
A
1,413,461
   
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–
2,347,683
1,020
  
6.000%, 6/01/36 – AGC Insured
6/19 at 100.00
AA–
1,182,955
   
Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2011:
      
500
  
5.625%, 6/01/30 – AGC Insured
6/21 at 100.00
AA–
597,980
2,100
  
5.750%, 6/01/36 – AGC Insured
6/21 at 100.00
AA–
2,484,972
1,400
  
Onslow County, North Carolina, Combined Enterprise System Revenue Bonds, Series 2004B, 5.000%,
6/14 at 100.00
A+
1,471,316
   
6/01/23 – SYNCORA GTY Insured
      
1,550
  
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A,
7/18 at 100.00
BBB
1,598,686
   
6.000%, 7/01/44
      
   
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series 2012A:
      
550
  
5.000%, 3/01/30
3/22 at 100.00
AAA
661,524
1,600
  
5.000%, 3/01/31
3/22 at 100.00
AAA
1,915,856
   
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Series 2006A:
      
500
  
5.000%, 3/01/31
3/16 at 100.00
AAA
555,690
12,485
  
5.000%, 3/01/31 (UB)
3/16 at 100.00
AAA
13,875,579
6,975
  
5.000%, 3/01/36 (UB)
3/16 at 100.00
AAA
7,751,876
40
  
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Series 2006A, Residuals
No Opt. Call
AAA
53,363
   
Series II-R-645-1, 13.813%, 3/01/14 (IF)
      
10
  
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Series 2006A, Residuals
No Opt. Call
AAA
13,339
   
Series II-R-645-2, 14.120%, 3/01/14 (IF)
      
1,000
  
Wilmington, North Carolina, Water and Sewer Revenue Bonds, Series 2005, 5.000%, 6/01/25 –
6/15 at 100.00
AA
1,089,930
   
AGM Insured
      
9,900
  
Winston-Salem, North Carolina, Water and Sewer System Revenue Bonds, Series 2007A, 5.000%,
6/17 at 100.00
AAA
11,217,592
   
6/01/37 (UB)
      
70,040
  
Total Water and Sewer
    
79,218,604
$ 382,510
  
Total Investments (cost $370,422,289) – 156.6%
    
399,395,344
   
Floating Rate Obligations – (9.3)%
    
(23,715,000)
   
MuniFund Term Preferred Shares, at Liquidation Value – (48.9)% (5)
    
(124,860,000)
   
Other Assets Less Liabilities - 1.6%
    
4,283,964
   
Net Assets Applicable to Common Shares - 100%
    
$ 255,104,308
 
 
 
 
 
 
 
 

 
Fair Value Measurements
 
Fair value is defined as the price that the Funds 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 following is a summary of the three-tiered hierarchy of valuation input levels.
 
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
 
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
 
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:
 
         
 
Level 1
Level 2
Level 3
Total
Long-Term Investments:
        
Municipal Bonds
$ —
$399,395,344
$ —
$399,395,344
 
 
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.
 
As of February 28, 2013, the cost of investments was $346,616,362.
 
Gross unrealized appreciation and gross unrealized depreciation of investments as of February 28, 2013, were as follows:
 
   
Gross unrealized:
  
Appreciation
$29,195,355
Depreciation
(132,795)
Net unrealized appreciation (depreciation) of investments
$29,062,560
 
 
     
(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 31.3%
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 North Carolina Premium Income Municipal Fund 
 
By (Signature and Title)     /s/ Kevin J. McCarthy                    
                                                   Kevin J. McCarthy
                                                   Vice President and Secretary
 
Date:         April 29, 2013        
 
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 29, 2013        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date:         April 29, 2013