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 811-07608
 
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:         2/28/14         
 
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, 2014
      
 
 
 
 
Principal
    
Optional Call
    
Amount (000)
  
Description (1)
Provisions (2)
Ratings (3)
Value
   
LONG-TERM INVESTMENTS – 155.2% (100.0% of Total Investments)
      
   
MUNICIPAL BONDS – 155.2% (100.0% of Total Investments)
      
   
Education and Civic Organizations – 17.4% (11.2% of Total Investments)
      
$      30
  
Appalachian State University, North Carolina, Revenue Bonds, Series 2005, 5.250%, 7/15/17 –
No Opt. Call
Aa3
$      34,592
   
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
3,111,395
1,000
  
5.125%, 4/01/43
4/22 at 100.00
AA+
1,049,910
5,000
  
East Carolina University, North Carolina, General Revenue Bonds, Series 2014A, 5.000%, 10/01/41
10/23 at 100.00
Aa2
5,409,400
1,500
  
Fayetteville State University, North Carolina, Limited Obligation Revenue Bonds, Student
4/21 at 100.00
AA–
1,553,790
   
Housing Project, Series 2011, 5.000%, 4/01/43 – AGM Insured
      
   
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
1,662,554
1,000
  
5.000%, 4/01/33
4/23 at 100.00
A2
1,060,290
2,500
  
North Carolina Capital Facilities Financing Agency, Revenue Bonds, Duke University, Series
10/15 at 100.00
AA+
2,628,125
   
2005A, 5.000%, 10/01/41 (UB)
      
4,440
  
North Carolina Capital Facilities Finance Agency, Revenue Bonds, The Methodist University,
3/22 at 100.00
BBB
4,525,070
   
Series 2012, 5.000%, 3/01/34
      
235
  
North Carolina State University at Raleigh, General Revenue Bonds, Series 2013A,
10/23 at 100.00
Aa1
257,186
   
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
1,609,606
290
  
5.000%, 4/01/22 – AMBAC Insured
4/15 at 100.00
A
302,441
   
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
1,052,770
1,430
  
5.000%, 6/01/23 – FGIC Insured
6/16 at 100.00
A
1,492,105
1,505
  
5.000%, 6/01/24 – FGIC Insured
6/16 at 100.00
A
1,564,914
10,200
  
University of North Carolina, Chapel Hill, System Net Revenue Bonds, Series 2007,
12/17 at 100.00
AAA
11,299,968
   
5.000%, 12/01/36
      
250
  
University of North Carolina, Charlotte, Certificates of Participation, Student Housing
3/15 at 100.00
A
261,250
   
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
1,094,250
1,000
  
5.375%, 10/01/29
10/19 at 100.00
A3
1,097,370
38,420
  
Total Education and Civic Organizations
    
41,066,986
   
Health Care – 34.0% (21.9% 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
1,780,881
1,725
  
5.250%, 10/01/38
10/17 at 100.00
N/R
1,551,500
2,750
  
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA
1/19 at 100.00
AA–
2,960,898
   
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–
5,024,250
   
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–
2,113,860
   
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–
5,441,678
   
Carolinas HealthCare System, Refunding Series 2012A, 5.000%, 1/15/43
      
2,225
  
Johnston Memorial Hospital Authority, North Carolina, Mortgage Revenue Bonds, Johnston
4/18 at 100.00
AA–
2,386,646
   
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
3,979,892
   
5.000%, 11/01/41
      
500
  
New Hanover County, North Carolina, Hospital Revenue Bonds, New Hanover Regional Medical
10/23 at 100.00
A+
546,995
   
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–
586,274
   
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–
4,944,798
5,000
  
5.000%, 11/01/43
11/20 at 100.00
AA–
5,125,050
2,750
  
North Carolina Medical Care Commission, Health Care Facilities Refunding Revenue Bonds, Blue
1/20 at 100.00
A
2,773,375
   
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
1,644,080
2,000
  
4.000%, 10/01/42
10/22 at 100.00
BBB
1,634,500
2,680
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Appalachian
7/21 at 100.00
BBB+
3,001,091
   
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
2,102,720
   
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
2,123,823
   
the Carolinas Project, Refunding Series 2012A, 4.000%, 10/01/39
      
   
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Wake Forest
      
   
Baptist Obligated Group, Series 2012A:
      
3,000
  
5.000%, 12/01/45
No Opt. Call
A+
3,087,690
9,000
  
4.000%, 12/01/45
12/22 at 100.00
A+
7,885,080
2,375
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds, Cape
No Opt. Call
A–
2,538,139
   
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–
2,176,740
   
WakeMed, Series 2012A, 5.000%, 10/01/27
      
2,000
  
North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Stanly Memorial
4/14 at 100.00
BBB+
2,009,140
   
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
3,044,270
   
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–
540,985
3,425
  
5.000%, 11/01/27
11/17 at 100.00
A–
3,528,195
3,295
  
North Carolina Medical Care Commission, Revenue Bonds, Blue Ridge Healthcare System, Series
1/15 at 100.00
A
3,301,228
   
2005, 5.000%, 1/01/33 – FGIC Insured
      
750
  
Northern Hospital District of Surry County, North Carolina, Health Care Facilities Revenue
4/18 at 100.00
BBB
794,205
   
Bonds, 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
A
1,691,009
   
Memorial Hospital Project, Series 2006, 5.000%, 4/01/31 – NPFG Insured
      
80,105
  
Total Health Care
    
80,318,992
   
Housing/Multifamily – 3.4% (2.2% of Total Investments)
      
3,875
  
Durham Housing Authority, North Carolina, Multifamily Housing Revenue Bonds, JFK Towers
No Opt. Call
A–
3,877,713
   
Project, Series 2012A, 5.000%, 12/01/47
      
   
Mecklenburg County, North Carolina, FNMA Multifamily Housing Revenue Bonds, Little Rock
      
   
Apartments, Series 2003:
      
850
  
5.150%, 1/01/22 (Alternative Minimum Tax)
7/18 at 100.00
AA+
893,639
2,260
  
5.375%, 1/01/36 (Alternative Minimum Tax)
7/18 at 100.00
AA+
2,294,307
1,000
  
North Carolina Capital Facilities Financing Agency, Housing Revenue Bonds, Elizabeth City
6/14 at 100.00
N/R
1,000,230
   
State University, Series 2003A, 5.000%, 6/01/28 – AMBAC Insured
      
7,985
  
Total Housing/Multifamily
    
8,065,889
   
Housing/Single Family – 2.3% (1.5% of Total Investments)
      
1,340
  
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 2007-29A, 4.800%,
1/17 at 100.00
AA
1,352,676
   
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
2,303,400
   
4.500%, 1/01/28
      
1,920
  
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 25-A, 4.900%,
7/16 at 100.00
AA
1,937,203
   
7/01/37 (Alternative Minimum Tax)
      
5,460
  
Total Housing/Single Family
    
5,593,279
   
Long-Term Care – 1.5% (0.9% 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
695,968
1,500
  
5.500%, 10/01/31
10/16 at 100.00
N/R
1,457,145
900
  
North Carolina Medical Care Commission, Revenue Bonds, Pines at Davidson, Series 2006A,
1/16 at 100.00
A–
901,035
   
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
430,214
   
Refunding Series 2013A, 5.000%, 10/01/33
      
3,550
  
Total Long-Term Care
    
3,484,362
   
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
1,388,520
   
Carolina, Environmental Improvement Revenue Bonds, International Paper Company
      
   
Project, Series 2007A, 4.625%, 3/01/27
      
   
Tax Obligation/General – 5.7% (3.7% of Total Investments)
      
   
Catawba County, North Carolina, General Obligation Bonds, Limited Obligation Series 2014A:
      
1,000
  
5.000%, 6/01/30 (WI/DD, Settling 3/04/14)
6/24 at 100.00
Aa2
1,121,420
730
  
5.000%, 6/01/31 (WI/DD, Settling 3/04/14)
6/24 at 100.00
Aa2
813,330
   
Durham, North Carolina, General Obligation Bonds, Series 2007:
      
2,820
  
5.000%, 4/01/21
4/17 at 100.00
AAA
3,165,704
1,475
  
5.000%, 4/01/22
4/17 at 100.00
AAA
1,660,599
1,050
  
Forsyth County, North Carolina, General Obligation Bonds, Limited Obligation Series 2009,
4/20 at 100.00
AA+
1,142,001
   
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+
5,670,384
12,175
  
Total Tax Obligation/General
    
13,573,438
   
Tax Obligation/Limited – 17.6% (11.3% of Total Investments)
      
   
Buncombe County, North Carolina, Limited Obligation Bonds, Series 2014A:
      
1,085
  
5.000%, 6/01/33
6/24 at 100.00
  
1,210,817
1,600
  
5.000%, 6/01/34
6/24 at 100.00
AA+
1,776,848
2,405
  
Charlotte, North Carolina, Certificates of Participation, Transit Projects Phase 2, Series
6/18 at 100.00
AA+
2,573,951
   
2008A, 5.000%, 6/01/33
      
2,085
  
Dare County, North Carolina, Installment Purchase Contract, Limited Obligation Series 2012B,
6/22 at 100.00
AA–
2,328,903
   
5.000%, 6/01/28
      
850
  
Davidson County, North Carolina, Certificates of Participation, Series 2004, 5.250%, 6/01/14 –
No Opt. Call
Aa3
860,608
   
AMBAC Insured
      
1,390
  
Durham, North Carolina, Certificates of Participation, Series 2005B, 5.000%, 6/01/25
6/15 at 100.00
AA+
1,470,564
1,060
  
Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.125%, 1/01/42
1/22 at 100.00
A
1,077,024
   
Harnett County, North Carolina, Certificates of Participation, Series 2009:
      
1,000
  
5.000%, 6/01/28 – AGC Insured
6/19 at 100.00
AA–
1,064,050
500
  
5.000%, 6/01/29 – AGC Insured
6/19 at 100.00
AA–
529,425
1,051
  
Hillsborough, North Carolina, Special Assessment Revenue Bonds, Series 2013, 7.750%, 2/01/24
2/23 at 100.00
N/R
1,076,224
   
Jacksonville Public Facilities Corporation, North Carolina, Limited Obligation Bonds,
      
   
Series 2012:
      
1,065
  
5.000%, 4/01/29
4/22 at 100.00
A1
1,164,524
1,165
  
5.000%, 4/01/30
4/22 at 100.00
A1
1,265,365
1,000
  
5.000%, 4/01/31
4/22 at 100.00
A1
1,080,350
200
  
5.000%, 4/01/32
4/22 at 100.00
A1
215,062
400
  
Mecklenburg County, North Carolina, Certificates of Participation, Series 2009A,
2/19 at 100.00
AA+
432,396
   
5.000%, 2/01/27
      
8,065
  
North Carolina Turnpike Authority, Monroe Connector System State Appropriation Bonds, Series
7/21 at 100.00
AA
8,570,676
   
2011, 5.000%, 7/01/41
      
   
Raleigh, North Carolina, Certificates of Participation, Downtown Improvement Project,
      
   
Series 2004B:
      
1,275
  
5.000%, 6/01/20
6/14 at 100.00
AA+
1,290,402
1,310
  
5.000%, 6/01/21
6/14 at 100.00
AA+
1,325,825
1,135
  
Raleigh, North Carolina, Certificates of Participation, Series 2007, 5.000%, 2/01/27
2/17 at 100.00
AA+
1,227,718
1,000
  
Raleigh, North Carolina, Limited Obligation Bonds, Series 2013, 5.000%, 10/01/33
10/23 at 100.00
AA+
1,114,820
5,000
  
Sampson County, North Carolina, Certificates of Participation, Series 2006, 5.000%, 6/01/34 –
6/17 at 100.00
AA
5,265,350
   
AGM Insured (UB)
      
2,450
  
Wilmington, North Carolina, Certificates of Participation, Series 2008A, 5.000%, 6/01/29
6/18 at 100.00
AA
2,677,409
1,750
  
Wilson County, North Carolina, Certificates of Participation, School Facilities Project,
4/17 at 100.00
Aa3
1,946,280
   
Series 2007, 5.000%, 4/01/25 – AMBAC Insured
      
38,841
  
Total Tax Obligation/Limited
    
41,544,591
   
Transportation – 16.7% (10.8% of Total Investments)
      
5,000
  
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International Refunding
7/20 at 100.00
Aa3
5,244,500
   
Series 2010A, 5.000%, 7/01/39
      
10
  
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International Refunding
7/20 at 100.00
Aa3
10,824
   
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
1,444,590
   
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
1,495,851
   
Charlotte, North Carolina, Airport Revenue Bonds, Series 2004A:
      
600
  
5.250%, 7/01/24 – NPFG Insured
7/14 at 100.00
Aa3
609,336
2,710
  
5.000%, 7/01/29 – NPFG Insured
7/14 at 100.00
Aa3
2,747,777
1,935
  
5.000%, 7/01/34 – NPFG Insured
7/14 at 100.00
Aa3
1,960,910
2,725
  
North Carolina State Ports Authority, Port Facilities Revenue Bonds, Senior Lien Series 2010A,
2/20 at 100.00
A3
2,886,075
   
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
549,608
   
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–
156,915
265
  
5.375%, 1/01/26 – AGC Insured
1/19 at 100.00
AA–
292,213
1,590
  
5.500%, 1/01/29 – AGC Insured
1/19 at 100.00
AA–
1,750,129
7,335
  
5.750%, 1/01/39 – AGC Insured
1/19 at 100.00
AA–
7,990,456
   
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–
68,936
4,355
  
0.000%, 1/01/33 – AGC Insured
No Opt. Call
AA–
1,801,272
2,300
  
0.000%, 1/01/34 – AGC Insured
No Opt. Call
AA–
904,383
2,345
  
0.000%, 1/01/35 – AGC Insured
No Opt. Call
AA–
874,451
7,505
  
0.000%, 1/01/37 – AGC Insured
No Opt. Call
AA–
2,517,852
1,325
  
0.000%, 1/01/38 – AGC Insured
No Opt. Call
AA–
421,907
1,235
  
Piedmont Triad Airport Authority, North Carolina, Airport Revenue Bonds, Series 2005A, 5.000%,
7/15 at 100.00
A–
1,310,076
   
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
4,503,551
   
2010A, 5.000%, 5/01/36
      
48,990
  
Total Transportation
    
39,541,612
   
U.S. Guaranteed – 18.6% (12.0% 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)
1,823,886
1,800
  
5.250%, 6/01/22 (Pre-refunded 6/01/14) – NPFG Insured
6/14 at 100.00
Aa2 (4)
1,823,886
500
  
Charlotte-Mecklenburg Hospital Authority, North Carolina, Healthcare System Revenue Bonds, DBA
1/15 at 100.00
AA+ (4)
520,975
   
Carolinas Healthcare System, Series 2005A, 5.000%, 1/15/45 (Pre-refunded 1/15/15)
      
   
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)
183,240
3,000
  
5.000%, 6/01/27 (Pre-refunded 6/01/17) – NPFG Insured
6/17 at 100.00
AA– (4)
3,435,750
1,250
  
Davidson County, North Carolina, Certificates of Participation, Series 2004, 5.250%, 6/01/21
6/14 at 100.00
Aa3 (4)
1,266,588
   
(Pre-refunded 6/01/14) – AMBAC Insured
      
   
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
530,355
1,295
  
5.000%, 6/01/26 (Pre-refunded 6/01/15)
6/15 at 100.00
AAA
1,373,619
   
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)
1,723,129
1,715
  
5.250%, 4/01/20 (Pre-refunded 4/01/14) – AGM Insured
4/14 at 100.00
AA– (4)
1,723,129
1,000
  
5.250%, 4/01/22 (Pre-refunded 4/01/14) – AGM Insured
4/14 at 100.00
AA– (4)
1,004,740
1,680
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Cleveland County
1/21 at 100.00
AA– (4)
2,103,478
   
Healthcare System, Refunding Series 2011A, 5.750%, 1/01/35 (Pre-refunded 1/01/21)
      
2,250
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, WakeMed, Series
10/14 at 100.00
AA– (4)
2,323,373
   
2009A, 5.625%, 10/01/38 (Pre-refunded 10/01/14) – AGC Insured
      
   
North Carolina Medical Care Commission, Revenue Bonds, Cleveland County Healthcare System,
      
   
Series 2004A:
      
1,195
  
5.250%, 7/01/20 (Pre-refunded 7/01/14) – AMBAC Insured
7/14 at 100.00
AA– (4)
1,215,948
1,000
  
5.250%, 7/01/22 (Pre-refunded 7/01/14) – AMBAC Insured
7/14 at 100.00
AA– (4)
1,017,530
2,035
  
North Carolina Medical Care Commission, Revenue Bonds, Northeast Medical Center, Series 2004,
11/14 at 100.00
N/R (4)
2,100,771
   
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
5,053,894
   
1/01/20 (ETM)
      
2,500
  
North Carolina, Certificates of Participation, Repair and Renovation Project, Series 2004B,
6/14 at 100.00
AA+ (4)
2,531,575
   
5.000%, 6/01/20 (Pre-refunded 6/01/14)
      
   
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
A (4)
465,759
920
  
5.000%, 6/01/25 (Pre-refunded 6/01/14)
6/14 at 100.00
A (4)
931,564
2,070
  
Pitt County, North Carolina, Certificates of Participation, School Facilities Project, Series
4/14 at 100.00
AA (4)
2,079,315
   
2004B, 5.000%, 4/01/29 (Pre-refunded 4/01/14) – AMBAC Insured
      
2,990
  
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Series 2006A, 5.000%,
3/16 at 100.00
N/R (4)
3,272,764
   
3/01/36 (Pre-refunded 3/01/16)
      
2,000
  
Randolph County, North Carolina, Certificates of Participation, Series 2004, 5.000%, 6/01/20
6/14 at 102.00
AA– (4)
2,065,240
   
(Pre-refunded 6/01/14) – AGM Insured
      
2,250
  
Rutherford County, North Carolina, Certificates of Participation, Series 2007, 5.000%,
12/17 at 100.00
AA– (4)
2,614,725
   
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)
584,321
155
  
5.000%, 4/01/22 (Pre-refunded 4/01/15) – AMBAC Insured
4/15 at 100.00
N/R (4)
163,189
41,055
  
Total U.S. Guaranteed
    
43,932,743
   
Utilities – 9.8% (6.3% of Total Investments)
      
5,000
  
North Carolina Capital Facilities Financing Agency, Solid Waste Disposal Revenue Bond, Duke
11/20 at 100.00
Aa2
5,113,550
   
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–
2,711,850
   
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–
1,527,568
   
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–
3,942,890
   
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–
117,586
180
  
6.000%, 1/01/22 – FGIC Insured
No Opt. Call
Baa1
222,795
1,100
  
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series
1/19 at 100.00
A
1,198,307
   
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
4,625,240
2,000
  
5.000%, 1/01/19
No Opt. Call
A
2,355,900
1,050
  
4.000%, 1/01/20
No Opt. Call
A
1,179,696
250
  
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2008A,
1/18 at 100.00
A
283,015
   
5.250%, 1/01/20
      
21,075
  
Total Utilities
    
23,278,397
   
Water and Sewer – 27.6% (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
1,660,003
   
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–
3,379,434
   
4/01/31 – AGM Insured
      
1,145
  
Brunswick County, North Carolina, Enterprise Systems Revenue Refunding Bonds, Series 2012A,
4/22 at 100.00
AA–
1,328,051
   
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
476,196
1,005
  
5.000%, 8/01/35
8/18 at 100.00
AA
1,083,320
2,135
  
Cape Fear Public Utility Authority, North Carolina, Water & Sewer System Revenue Bonds, Series
8/21 at 100.00
AA
2,352,277
   
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
1,082,250
   
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
4,140,815
1,250
  
5.000%, 2/01/41
2/21 at 100.00
AA
1,326,086
8,600
  
Durham, North Carolina, Utility System Revenue Bonds, Refunding Series 2011, 5.000%, 6/01/41
6/21 at 100.00
AAA
9,223,413
1,535
  
Mooresville, North Carolina, Enterprise System Revenue Bonds, Refunding Series 2012,
5/22 at 100.00
AA–
1,734,857
   
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
1,369,393
   
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–
2,212,243
1,020
  
6.000%, 6/01/36 – AGC Insured
6/19 at 100.00
AA–
1,116,053
   
Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2011:
      
600
  
5.625%, 6/01/30 – AGC Insured
6/21 at 100.00
AA–
669,996
2,100
  
5.750%, 6/01/36 – AGC Insured
6/21 at 100.00
AA–
2,320,500
1,400
  
Onslow County, North Carolina, Combined Enterprise System Revenue Bonds, Series 2004B, 5.000%,
6/14 at 100.00
A+
1,415,568
   
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
621,731
1,600
  
5.000%, 3/01/31
3/22 at 100.00
AAA
1,799,040
   
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series 2013A:
      
5,000
  
5.000%, 3/01/28
3/23 at 100.00
AAA
5,789,950
3,785
  
5.000%, 3/01/43
3/23 at 100.00
AAA
4,121,184
4,010
  
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Series 2006A,
3/16 at 100.00
AAA
4,266,399
   
5.000%, 3/01/36
      
1,000
  
Wilmington, North Carolina, Water and Sewer Revenue Bonds, Series 2005, 5.000%, 6/01/25 –
6/15 at 100.00
AA
1,053,580
   
AGM Insured
      
9,900
  
Winston-Salem, North Carolina, Water and Sewer System Revenue Bonds, Series 2007A, 5.000%,
6/17 at 100.00
AAA
10,691,407
   
6/01/37 (UB)
      
59,855
  
Total Water and Sewer
    
65,233,746
$ 358,911
  
Total Long-Term Investments (cost $355,492,508)
    
367,022,555
   
Floating Rate Obligations – (4.5)%
    
(10,740,000)
   
MuniFund Term Preferred Shares, at Liquidation Value – (52.8)% (5)
    
(124,860,000)
   
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (52.9)% (5)
    
(125,000,000)
   
Other Assets Less Liabilities – 55.0%
    
130,014,780
   
Net Assets Applicable to Common Shares – 100%
    
$ 236,437,335
 

 
 
 
 
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 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
$ —
$367,022,555
$ —
$367,022,555
 
 
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, 2014, the cost of investments was $344,625,734.
 
Gross unrealized appreciation and gross unrealized depreciation of investments as of February 28, 2014, were as follows:
   
Gross unrealized:
  
   Appreciation
$15,657,366
   Depreciation
(4,000,570)
Net unrealized appreciation (depreciation) of investments
$11,656,796
 
 
(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 and Variable Rate MuniFund Term Preferred Shares, at Liquidation
   
Value as a percentage of Total Investments are 34.0% and 34.1%, respectively.
WI/DD
  
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
(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 29, 2014        
 
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, 2014        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date:         April 29, 2014