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:         8/31/14         
 
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)
      
   
August 31, 2014
      
 
 
Principal
    
Optional Call
    
Amount (000)
  
Description (1)
Provisions (2)
Ratings (3)
Value
   
LONG-TERM INVESTMENTS – 149.8% (100.0% of Total Investments)
      
 
   
MUNICIPAL BONDS – 149.8% (100.0% of Total Investments)
      
 
   
Education and Civic Organizations – 20.6% (13.7% of Total Investments)
      
   
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–
$ 3,249,809
1,000
  
5.125%, 4/01/43
4/22 at 100.00
A–
1,095,930
5,000
  
East Carolina University, North Carolina, General Revenue Bonds, Series 2014A, 5.000%, 10/01/41
10/23 at 100.00
Aa2
5,677,350
1,500
  
Fayetteville State University, North Carolina, Limited Obligation Revenue Bonds, Student
4/21 at 100.00
AA
1,613,505
   
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
1,748,838
1,000
  
5.000%, 4/01/33
4/23 at 100.00
A2
1,117,890
4,440
  
North Carolina Capital Facilities Finance Agency, Revenue Bonds, The Methodist University,
3/22 at 100.00
BBB
4,743,252
   
Series 2012, 5.000%, 3/01/34
      
2,500
  
North Carolina Capital Facilities Financing Agency, Revenue Bonds, Duke University, Series
10/15 at 100.00
AA+
2,599,600
   
2005A, 5.000%, 10/01/41
      
2,020
  
North Carolina State University at Raleigh, General Revenue Bonds, Series 2013A,
10/23 at 100.00
Aa1
2,324,515
   
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
1,574,125
290
  
5.000%, 4/01/22 – AMBAC Insured
4/15 at 100.00
A
297,584
   
University of North Carolina Wilmington, Certificates of Participation, Student Housing
      
   
Project Revenue Bonds, Series 2006:
      
1,000
  
5.000%, 6/01/21 – FGIC Insured
6/16 at 100.00
AA–
1,046,140
1,430
  
5.000%, 6/01/23 – FGIC Insured
6/16 at 100.00
AA–
1,488,458
1,505
  
5.000%, 6/01/24 – FGIC Insured
6/16 at 100.00
AA–
1,562,943
10,200
  
University of North Carolina, Chapel Hill, System Net Revenue Bonds, Series 2007,
12/17 at 100.00
AAA
11,399,820
   
5.000%, 12/01/36
      
250
  
University of North Carolina, Charlotte, Certificates of Participation, Student Housing
3/15 at 100.00
A
255,985
   
Project, Series 2005, 5.000%, 3/01/21 – AMBAC Insured
      
   
University of North Carolina, Charlotte, General Revenue Bonds, Series 2014:
      
2,070
  
5.000%, 4/01/32
4/24 at 100.00
AA–
2,409,894
1,175
  
5.000%, 4/01/33
4/24 at 100.00
AA–
1,361,578
1,385
  
5.000%, 4/01/35
4/24 at 100.00
AA–
1,593,747
1,655
  
University of North Carolina, Greensboro, General Revenue Bonds, Series 2014A, 5.000%, 4/01/39
4/24 at 100.00
Aa3
1,888,256
   
University of North Carolina, System Pooled Revenue Bonds, Series 2009C:
      
1,000
  
5.250%, 10/01/28
10/19 at 100.00
A3
1,111,160
1,000
  
5.375%, 10/01/29
10/19 at 100.00
A3
1,116,540
46,460
  
Total Education and Civic Organizations
    
51,276,919
   
Health Care – 30.9% (20.6% of Total Investments)
      
2,750
  
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA
1/19 at 100.00
AA–
3,082,338
   
Carolinas HealthCare System, Refunding Series 2009A, 5.250%, 1/15/39
      
5,250
  
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA
1/22 at 100.00
AA–
5,724,075
   
Carolinas HealthCare System, Refunding Series 2012A, 5.000%, 1/15/43
      
4,950
  
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA
1/18 at 100.00
AA–
5,192,055
   
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–
2,194,240
   
Carolinas HealthCare System, Series 2011A, 5.250%, 1/15/42
      
2,225
  
Johnston Memorial Hospital Authority, North Carolina, Mortgage Revenue Bonds, Johnston
4/18 at 100.00
AA
2,461,384
   
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
4,160,231
   
5.000%, 11/01/41
      
500
  
New Hanover County, North Carolina, Hospital Revenue Bonds, New Hanover Regional Medical
10/23 at 100.00
A+
571,540
   
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
604,789
   
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–
5,160,923
5,000
  
5.000%, 11/01/43
11/20 at 100.00
AA–
5,355,500
2,750
  
North Carolina Medical Care Commission, Health Care Facilities Refunding Revenue Bonds, Blue
1/20 at 100.00
A
2,867,453
   
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
1,875,060
2,000
  
4.000%, 10/01/42
10/22 at 100.00
BBB
1,931,140
2,680
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Appalachian
7/21 at 100.00
BBB+
3,101,537
   
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
2,215,720
   
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
2,354,871
   
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+
3,255,090
9,000
  
4.000%, 12/01/45
12/22 at 100.00
A+
9,093,778
2,375
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds, Cape
No Opt. Call
A–
2,645,251
   
Fear Valley Health System, Series 2012A, 5.000%, 10/01/27
      
2,000
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds,
10/22 at 100.00
AA–
2,276,100
   
WakeMed, Series 2012A, 5.000%, 10/01/27
      
2,000
  
North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Stanly Memorial
10/14 at 100.00
A+
2,009,000
   
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
3,182,537
   
Center, Refunding Series 2012, 5.000%, 6/01/32
      
3,295
  
North Carolina Medical Care Commission, Revenue Bonds, Blue Ridge Healthcare System, Series
1/15 at 100.00
AA–
3,308,444
   
2005, 5.000%, 1/01/33 – FGIC Insured
      
750
  
Northern Hospital District Surry County, North Carolina, Health Care Facilities Revenue Bonds,
4/18 at 100.00
BBB
807,683
   
Series 2008, 6.250%, 10/01/38
      
1,660
  
Onslow County Hospital Authority, North Carolina, FHA Insured Mortgage Revenue Bonds, Onslow
10/16 at 100.00
AA–
1,710,364
   
Memorial Hospital Project, Series 2006, 5.000%, 4/01/31 – NPFG Insured
      
72,615
  
Total Health Care
    
77,141,103
   
Housing/Multifamily – 3.3% (2.2% of Total Investments)
      
3,875
  
Durham Housing Authority, North Carolina, Multifamily Housing Revenue Bonds, JFK Towers
No Opt. Call
A–
4,064,604
   
Project, Series 2012A, 5.000%, 12/01/47
      
   
Mecklenburg County, North Carolina, FNMA Multifamily Housing Revenue Bonds, Little Rock
      
   
Apartments, Series 2003:
      
810
  
5.150%, 1/01/22 (Alternative Minimum Tax)
7/18 at 100.00
AA+
843,842
2,260
  
5.375%, 1/01/36 (Alternative Minimum Tax)
7/18 at 100.00
AA+
2,327,258
1,000
  
North Carolina Capital Facilities Financing Agency, Housing Revenue Bonds, Elizabeth City
11/14 at 100.00
N/R
1,000,660
   
State University, Series 2003A, 5.000%, 6/01/28 – AMBAC Insured
      
7,945
  
Total Housing/Multifamily
    
8,236,364
   
Housing/Single Family – 2.3% (1.5% of Total Investments)
      
1,305
  
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 2007-29A, 4.800%,
1/17 at 100.00
AA
1,328,607
   
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
2,363,482
   
4.500%, 1/01/28
      
1,895
  
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 25-A, 4.900%,
7/16 at 100.00
AA
1,924,183
   
7/01/37 (Alternative Minimum Tax)
      
5,400
  
Total Housing/Single Family
    
5,616,272
   
Long-Term Care – 1.4% (1.0% of Total Investments)
      
   
North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Presbyterian
      
   
Homes, Series 2006:
      
700
  
5.400%, 10/01/27
10/16 at 100.00
N/R
708,498
1,500
  
5.500%, 10/01/31
10/16 at 100.00
N/R
1,512,255
900
  
North Carolina Medical Care Commission, Revenue Bonds, Pines at Davidson, Series 2006A,
1/16 at 100.00
A–
909,225
   
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
455,621
   
Refunding Series 2013A, 5.000%, 10/01/33
      
3,550
  
Total Long-Term Care
    
3,585,599
   
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
1,421,168
   
Carolina, Environmental Improvement Revenue Bonds, International Paper Company Project,
      
   
Series 2007A, 4.625%, 3/01/27
      
   
Tax Obligation/General – 5.6% (3.7% of Total Investments)
      
   
Catawba County, North Carolina, General Obligation Bonds, Limited Obligation Series 2014A:
      
1,000
  
5.000%, 6/01/30
6/24 at 100.00
Aa2
1,168,480
730
  
5.000%, 6/01/31
6/24 at 100.00
Aa2
848,297
   
Durham, North Carolina, General Obligation Bonds, Series 2007:
      
2,820
  
5.000%, 4/01/21
4/17 at 100.00
AAA
3,117,369
1,475
  
5.000%, 4/01/22
4/17 at 100.00
AAA
1,638,976
1,050
  
Forsyth County, North Carolina, General Obligation Bonds, Limited Obligation Series 2009,
4/20 at 100.00
AA+
1,166,708
   
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+
5,896,722
12,175
  
Total Tax Obligation/General
    
13,836,552
   
Tax Obligation/Limited – 17.0% (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
AA+
1,271,815
1,600
  
5.000%, 6/01/34
6/24 at 100.00
AA+
1,865,152
2,405
  
Charlotte, North Carolina, Certificates of Participation, Transit Projects Phase 2, Series
6/18 at 100.00
AA+
2,662,046
   
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–
2,392,517
   
5.000%, 6/01/28
      
1,390
  
Durham, North Carolina, Certificates of Participation, Series 2005B, 5.000%, 6/01/25
6/15 at 100.00
AA+
1,440,110
1,060
  
Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.125%, 1/01/42
1/22 at 100.00
A
1,136,882
   
Harnett County, North Carolina, Certificates of Participation, Series 2009:
      
1,000
  
5.000%, 6/01/28 – AGC Insured
6/19 at 100.00
AA
1,102,760
500
  
5.000%, 6/01/29 – AGC Insured
6/19 at 100.00
AA
548,265
1,051
  
Hillsborough, North Carolina, Special Assessment Revenue Bonds, Series 2013, 7.750%, 2/01/24
2/23 at 100.00
N/R
1,120,009
   
Jacksonville Public Facilities Corporation, North Carolina, Limited Obligation Bonds,
      
   
Series 2012:
      
1,065
  
5.000%, 4/01/29
4/22 at 100.00
A1
1,198,956
1,165
  
5.000%, 4/01/30
4/22 at 100.00
A1
1,304,019
1,000
  
5.000%, 4/01/31
4/22 at 100.00
A1
1,113,630
200
  
5.000%, 4/01/32
4/22 at 100.00
A1
222,018
400
  
Mecklenburg County, North Carolina, Certificates of Participation, Series 2009A,
2/19 at 100.00
AA+
442,852
   
5.000%, 2/01/27
      
8,065
  
North Carolina Turnpike Authority, Monroe Connector System State Appropriation Bonds, Series
7/21 at 100.00
AA
8,984,085
   
2011, 5.000%, 7/01/41
      
1,135
  
Raleigh, North Carolina, Certificates of Participation, Series 2007, 5.000%, 2/01/27
2/17 at 100.00
AA+
1,230,136
1,000
  
Raleigh, North Carolina, Limited Obligation Bonds, Series 2013, 5.000%, 10/01/33
10/23 at 100.00
AA+
1,161,930
   
Raleigh, North Carolina, Limited Obligation Bonds, Series 2014A:
      
1,195
  
5.000%, 10/01/25
10/24 at 100.00
AA+
1,475,526
1,305
  
5.000%, 10/01/26
10/24 at 100.00
AA+
1,592,674
5,000
  
Sampson County, North Carolina, Certificates of Participation, Series 2006, 5.000%,
6/17 at 100.00
AA
5,424,950
   
6/01/34 – AGM Insured
      
2,450
  
Wilmington, North Carolina, Certificates of Participation, Series 2008A, 5.000%, 6/01/29
6/18 at 100.00
AA+
2,739,027
1,750
  
Wilson County, North Carolina, Certificates of Participation, School Facilities Project,
4/17 at 100.00
Aa3
1,925,998
   
Series 2007, 5.000%, 4/01/25 – AMBAC Insured
      
37,906
  
Total Tax Obligation/Limited
    
42,355,357
   
Transportation – 16.1% (10.8% of Total Investments)
      
5,000
  
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International Refunding
7/20 at 100.00
Aa3
5,399,600
   
Series 2010A, 5.000%, 7/01/39
      
10
  
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International Refunding
7/20 at 100.00
Aa3
11,232
   
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
1,532,468
   
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
1,549,873
2,725
  
North Carolina State Ports Authority, Port Facilities Revenue Bonds, Senior Lien Series 2010A,
2/20 at 100.00
A3
2,964,909
   
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
562,004
   
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
157,027
265
  
5.375%, 1/01/26 – AGC Insured
1/19 at 100.00
AA
295,038
1,640
  
5.500%, 1/01/29 – AGC Insured
1/19 at 100.00
AA
1,831,388
7,335
  
5.750%, 1/01/39 – AGC Insured
1/19 at 100.00
AA
8,135,395
   
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
78,660
4,355
  
0.000%, 1/01/33 – AGC Insured
No Opt. Call
AA
2,079,817
2,300
  
0.000%, 1/01/34 – AGC Insured
No Opt. Call
AA
1,059,196
2,345
  
0.000%, 1/01/35 – AGC Insured
No Opt. Call
AA
1,047,981
7,505
  
0.000%, 1/01/37 – AGC Insured
No Opt. Call
AA
3,038,399
1,325
  
0.000%, 1/01/38 – AGC Insured
No Opt. Call
AA
510,576
1,235
  
Piedmont Triad Airport Authority, North Carolina, Airport Revenue Bonds, Series 2005A, 5.000%,
7/15 at 100.00
A–
1,284,128
   
7/01/20 – SYNCORA GTY Insured
      
   
Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Refunding
      
   
Series 2010A:
      
2,490
  
5.000%, 5/01/26
No Opt. Call
Aa3
2,903,440
4,125
  
5.000%, 5/01/36
5/20 at 100.00
Aa3
4,683,855
1,000
  
Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Series 2007, 5.000%,
5/17 at 100.00
AA+
1,055,830
   
5/01/37 – FGIC Insured (Alternative Minimum Tax)
      
47,285
  
Total Transportation
    
40,180,816
   
U.S. Guaranteed – 15.1% (10.1% of Total Investments) (4)
      
   
Albemarle Hospital Authority, North Carolina, Health Care Facilities Revenue Bonds,
      
   
Series 2007:
      
1,840
  
5.250%, 10/01/27 (Pre-refunded 10/01/17)
10/17 at 100.00
N/R (4)
2,105,402
1,725
  
5.250%, 10/01/38 (Pre-refunded 10/01/17)
10/17 at 100.00
N/R (4)
1,973,814
30
  
Appalachian State University, North Carolina, Revenue Bonds, Series 2005, 5.250%, 7/15/17
7/15 at 100.00
Aa3 (4)
33,882
   
(Pre-refunded 7/15/15) – NPFG Insured
      
   
Charlotte, North Carolina, Airport Revenue Bonds, Series 2004A:
      
600
  
5.250%, 7/01/24 – NPFG Insured (Pre-refunded 11/06/14)
11/14 at 100.0
AA– (4)
602,490
2,710
  
5.000%, 7/01/29 – NPFG Insured (Pre-refunded 11/06/14)
11/14 at 100.0
AA– (4)
2,719,919
1,935
  
5.000%, 7/01/34 – NPFG Insured (Pre-refunded 11/06/14)
11/14 at 100.0
AA– (4)
1,942,024
500
  
Charlotte-Mecklenburg Hospital Authority, North Carolina, Healthcare System Revenue Bonds, DBA
1/15 at 100.00
AA+ (4)
509,240
   
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)
179,787
3,000
  
5.000%, 6/01/27 (Pre-refunded 6/01/17) – NPFG Insured
6/17 at 100.00
AA– (4)
3,371,010
   
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
518,445
1,295
  
5.000%, 6/01/26 (Pre-refunded 6/01/15)
6/15 at 100.00
AAA
1,342,773
1,680
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Cleveland County
1/21 at 100.00
N/R (4)
2,106,132
   
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)
2,261,070
   
2009A, 5.625%, 10/01/38 (Pre-refunded 10/01/14) – AGC Insured
      
   
North Carolina Medical Care Commission, Hospital Revenue Bonds, Wilson Medical Center,
      
   
Series 2007:
      
500
  
5.000%, 11/01/20 (Pre-refunded 11/01/17)
11/17 at 100.00
N/R (4)
569,215
3,425
  
5.000%, 11/01/27 (Pre-refunded 11/01/17)
11/17 at 100.00
N/R (4)
3,899,123
2,035
  
North Carolina Medical Care Commission, Revenue Bonds, Northeast Medical Center, Series 2004,
11/14 at 100.00
N/R (4)
2,052,033
   
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
5,027,695
   
1/01/20 (ETM)
      
2,990
  
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Series 2006A, 5.000%,
3/16 at 100.00
N/R (4)
3,203,845
   
3/01/36 (Pre-refunded 3/01/16)
      
2,250
  
Rutherford County, North Carolina, Certificates of Participation, Series 2007, 5.000%,
12/17 at 100.00
AA (4)
2,568,533
   
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)
570,973
155
  
5.000%, 4/01/22 (Pre-refunded 4/01/15) – AMBAC Insured
4/15 at 100.00
N/R (4)
159,461
34,395
  
Total U.S. Guaranteed
    
37,716,866
   
Utilities – 10.1% (6.8% of Total Investments)
      
5,000
  
North Carolina Capital Facilities Financing Agency, Solid Waste Disposal Revenue Bond, Duke
11/20 at 100.00
Aa2
5,244,450
   
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–
2,661,200
   
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–
1,575,854
   
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–
4,071,900
   
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–
119,083
180
  
6.000%, 1/01/22 – FGIC Insured
No Opt. Call
A3
225,630
1,100
  
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series
1/19 at 100.00
A
1,242,571
   
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
4,546,000
2,000
  
5.000%, 1/01/19
No Opt. Call
A
2,321,740
1,050
  
4.000%, 1/01/20
No Opt. Call
A
1,182,741
250
  
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2008A,
1/18 at 100.00
A
280,633
   
5.250%, 1/01/20
      
1,535
  
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2012B,
No Opt. Call
A
1,820,403
   
5.000%, 1/01/21
      
22,610
  
Total Utilities
    
25,292,205
   
Water and Sewer – 26.8% (17.9% 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
1,640,936
   
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
3,433,281
   
4/01/31 – AGM Insured
      
1,145
  
Brunswick County, North Carolina, Enterprise Systems Revenue Refunding Bonds, Series 2012A,
4/22 at 100.00
AA–
1,358,268
   
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
481,117
1,005
  
5.000%, 8/01/35
8/18 at 100.00
AA
1,120,967
2,135
  
Cape Fear Public Utility Authority, North Carolina, Water & Sewer System Revenue Bonds, Series
8/21 at 100.00
AA
2,423,631
   
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
1,119,360
   
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
4,275,722
1,250
  
5.000%, 2/01/41
2/21 at 100.00
AA
1,373,188
8,600
  
Durham, North Carolina, Utility System Revenue Bonds, Refunding Series 2011, 5.000%, 6/01/41
6/21 at 100.00
AAA
9,552,620
1,535
  
Mooresville, North Carolina, Enterprise System Revenue Bonds, Refunding Series 2012,
5/22 at 100.00
AA–
1,781,782
   
5.000%, 5/01/28
      
1,210
  
Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2008A, 5.000%,
6/18 at 100.00
AA–
1,371,729
   
6/01/23 – 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
2,376,227
1,020
  
6.000%, 6/01/36 – AGC Insured
6/19 at 100.00
AA
1,193,818
   
Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2011:
      
600
  
5.625%, 6/01/30 – AGC Insured
6/21 at 100.00
AA
685,044
2,100
  
5.750%, 6/01/36 – AGC Insured
6/21 at 100.00
AA
2,379,930
1,400
  
Onslow County, North Carolina, Combined Enterprise System Revenue Bonds, Series 2004B, 5.000%,
11/14 at 100.00
A+
1,405,446
   
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
639,276
1,600
  
5.000%, 3/01/31
3/22 at 100.00
AAA
1,853,808
   
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series 2013A:
      
5,000
  
5.000%, 3/01/28
3/23 at 100.00
AAA
5,979,200
3,785
  
5.000%, 3/01/43
3/23 at 100.00
AAA
4,308,428
4,010
  
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Series 2006A,
3/16 at 100.00
AAA
4,236,365
   
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
1,035,200
   
AGM Insured
      
9,900
  
Winston-Salem, North Carolina, Water and Sewer System Revenue Bonds, Series 2007A,
6/17 at 100.00
AAA
10,825,450
   
5.000%, 6/01/37
      
59,855
  
Total Water and Sewer
    
66,850,793
$ 351,596
  
Total Long-Term Investments (cost $350,133,163)
    
373,510,014
   
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (50.1)% (5)
    
(125,000,000)
   
Other Assets Less Liabilities – 0.3%
    
886,617
   
Net Assets Applicable to Common Shares – 100%
    
$ 249,396,631
 
 
 
 
 

 
Fair Value Measurements
 
Fair value is defined as the price that would be received 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
$ —
$373,510,014
$ —
$373,510,014
 
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 as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
 
As of August 31, 2014, the cost of investments was $349,982,241.
 
Gross unrealized appreciation and gross unrealized depreciation of investments as of August 31, 2014, were as follows:
  
   
Gross unrealized:
  
Appreciation
$23,997,608
Depreciation
(469,835)
Net unrealized appreciation (depreciation) of investments
$23,527,773
 
(1)
  
All percentages shown in the Portfolio of Investments are based on net assets applicable to common
   
shares unless otherwise noted.
(2)
  
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption.
   
There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may
   
be subject to periodic principal paydowns.
(3)
  
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service,
   
Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or
   
BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any
   
of these national rating agencies.
(4)
  
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities,
   
which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or
   
agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
  
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total
   
Investments is 33.5%.
(ETM)
  
Escrowed to maturity.
 
 
 
 
 
 
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:         October 30, 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:         October 30, 2014        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date:         October 30, 2014