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:         8/31/16         
 
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 
 
 
 
 
 
  
Nuveen North Carolina Premium Income Municipal Fund (NNC) 
 
 
 
 
  
August 31, 2016 (Unaudited) 
 
 
 
 
 
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
  
LONG-TERM INVESTMENTS – 157.6% (100.0% of Total Investments) 
 
 
 
 
 
  
MUNICIPAL BONDS – 157.6% (100.0% of Total Investments) 
 
 
 
 
 
  
Education and Civic Organizations – 24.1% (15.3% of Total Investments) 
 
 
 
$ 30 
  
Appalachian State University, North Carolina, Revenue Bonds, Series 2005, 5.250%, 7/15/17 – 
No Opt. Call 
Aa3 
$ 31,213 
 
  
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– 
3,368,369 
1,000 
  
5.125%, 4/01/43 
4/22 at 100.00 
A– 
1,138,780 
5,000 
  
East Carolina University, North Carolina, General Revenue Bonds, Series 2014A, 5.000%, 10/01/41 
10/23 at 100.00 
Aa2 
6,055,800 
2,310 
  
East Carolina University, North Carolina, General Revenue Bonds, Series 2016A, 5.000%, 10/01/29 
4/26 at 100.00 
Aa2 
2,938,158 
1,500 
  
Fayetteville State University, North Carolina, Limited Obligation Revenue Bonds, Student 
4/21 at 100.00 
AA 
1,715,220 
 
  
Housing Project, Series 2011, 5.000%, 4/01/43 – AGM Insured 
 
 
 
1,000 
  
North Carolina Capital Facilities Finance Agency, General Revenue Bonds, Duke University, 
4/19 at 100.00 
AA+ 
1,105,750 
 
  
Series 2009B, 5.000%, 10/01/38 
 
 
 
 
  
North Carolina Capital Facilities Finance Agency, Revenue Bonds, Davidson College, Series 2014: 
 
 
 
500 
  
5.000%, 3/01/26 
3/22 at 100.00 
AA+ 
597,020 
250 
  
5.000%, 3/01/28 
3/22 at 100.00 
AA+ 
297,633 
500 
  
5.000%, 3/01/29 
3/22 at 100.00 
AA+ 
594,680 
500 
  
5.000%, 3/01/32 
3/22 at 100.00 
AA+ 
594,050 
1,230 
  
5.000%, 3/01/45 
3/22 at 100.00 
AA+ 
1,450,760 
1,605 
  
North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University Project, 
10/25 at 100.00 
AA+ 
1,958,373 
 
  
Series 2015 A, 5.000%, 10/01/55 
 
 
 
 
  
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 
1,832,579 
1,000 
  
5.000%, 4/01/33 
4/23 at 100.00 
A2 
1,171,380 
4,440 
  
North Carolina Capital Facilities Finance Agency, Revenue Bonds, The Methodist University, 
3/22 at 100.00 
BBB 
5,053,564 
 
  
Series 2012, 5.000%, 3/01/34 
 
 
 
 
  
North Carolina Capital Facilities Financing Agency, Educational Facility Revenue Bonds, Wake 
 
 
 
 
  
Forest University, Refunding Series 2016: 
 
 
 
2,500 
  
4.000%, 1/01/38 
7/26 at 100.00 
AA 
2,846,100 
4,250 
  
4.000%, 1/01/39 
7/26 at 100.00 
AA 
4,846,360 
 
  
North Carolina Central University, General Revenue Bonds, Refunding Series 2016: 
 
 
 
2,915 
  
5.000%, 10/01/23 
No Opt. Call 
A3 
3,561,984 
3,070 
  
5.000%, 10/01/24 
No Opt. Call 
A3 
3,810,484 
1,360 
  
5.000%, 10/01/25 
No Opt. Call 
A3 
1,709,860 
2,020 
  
North Carolina State University at Raleigh, General Revenue Bonds, Series 2013A, 
10/23 at 100.00 
Aa1 
2,460,037 
 
  
5.000%, 10/01/42 
 
 
 
290 
  
University of North Carolina System, Pooled Revenue Bonds, Series 2005A, 5.000%, 4/01/22 – 
11/16 at 100.00 
A 
291,073 
 
  
AMBAC Insured 
 
 
 
800 
  
University of North Carolina, Charlotte, General Revenue Bonds, Refunding Series 2015, 
4/25 at 100.00 
Aa3 
965,976 
 
  
5.000%, 4/01/45 
 
 
 
 
  
University of North Carolina, Charlotte, General Revenue Bonds, Series 2014: 
 
 
 
2,070 
  
5.000%, 4/01/32 
4/24 at 100.00 
Aa3 
2,498,428 
1,175 
  
5.000%, 4/01/33 
4/24 at 100.00 
Aa3 
1,413,619 
1,385 
  
5.000%, 4/01/35 
4/24 at 100.00 
Aa3 
1,655,546 
 
  
University of North Carolina, Greensboro, General Revenue Bonds, Series 2014: 
 
 
 
1,000 
  
5.000%, 4/01/32 
4/24 at 100.00 
Aa3 
1,208,540 
3,065 
  
5.000%, 4/01/39 
4/24 at 100.00 
Aa3 
3,642,507 
1,250 
  
Western Carolina University, North Carolina, General Revenue Bonds, Refunding Series 2015A, 
10/25 at 100.00 
Aa3 
1,520,638 
 
  
5.000%, 10/01/45 
 
 
 
52,525 
  
Total Education and Civic Organizations 
 
 
62,334,481 
 
  
Health Care – 24.8% (15.7% of Total Investments) 
 
 
 
2,750 
  
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA 
1/19 at 100.00 
AA– 
3,009,435 
 
  
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– 
6,042,593 
 
  
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– 
5,158,148 
 
  
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– 
2,299,740 
 
  
Carolinas HealthCare System, Series 2011A, 5.250%, 1/15/42 
 
 
 
4,295 
  
Nash Health Care Systems, North Carolina, Health Care Facilities Revenue Bonds, Series 2012, 
5/22 at 100.00 
A– 
4,823,886 
 
  
5.000%, 11/01/41 
 
 
 
500 
  
New Hanover County, North Carolina, Hospital Revenue Bonds, New Hanover Regional Medical 
10/23 at 100.00 
A+ 
594,785 
 
  
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 
620,917 
 
  
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– 
5,403,838 
5,000 
  
5.000%, 11/01/43 
11/20 at 100.00 
AA– 
5,592,400 
2,680 
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Appalachian 
7/21 at 100.00 
BBB+ 
3,181,884 
 
  
Regional HealthCare System, Series 2011A, 6.500%, 7/01/31 
 
 
 
2,750 
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Blue Ridge 
1/20 at 100.00 
A 
3,010,948 
 
  
HealthCare, Refunding Series 2010A, 5.000%, 1/01/36 
 
 
 
2,375 
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Cape Fear Valley 
No Opt. Call 
A– 
2,738,874 
 
  
Health System, Refunding Series 2012A, 5.000%, 10/01/27 
 
 
 
2,000 
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University 
6/22 at 100.00 
AA 
2,337,340 
 
  
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 
2,370,165 
 
  
the Carolinas Project, Refunding Series 2012A, 4.000%, 10/01/39 
 
 
 
2,000 
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Rex Healthcare, 
7/25 at 100.00 
AA– 
2,373,980 
 
  
Series 2015A, 5.000%, 7/01/44 
 
 
 
1,125 
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Wake Forest 
12/22 at 100.00 
A 
1,346,490 
 
  
Baptist Obligated Group, Refunding Series 2012B, 5.000%, 12/01/27 
 
 
 
3,000 
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Wake Forest 
No Opt. Call 
A 
3,531,030 
 
  
Baptist Obligated Group, Series 2012A, 5.000%, 12/01/45 
 
 
 
2,000 
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, WakeMed, 
10/22 at 100.00 
A+ 
2,372,560 
 
  
Refunding Series 2012A, 5.000%, 10/01/27 
 
 
 
2,930 
  
North Carolina Medical Care Commission, Hospital Revenue Bonds, Southeastern Regional Medical 
6/22 at 100.00 
A 
3,307,384 
 
  
Center, Refunding Series 2012, 5.000%, 6/01/32 
 
 
 
3,295 
  
North Carolina Medical Care Commission, Revenue Bonds, Blue Ridge Healthcare System, Series 
11/16 at 100.00 
AA– 
3,304,786 
 
  
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 
801,548 
 
  
Series 2008, 6.250%, 10/01/38 
 
 
 
57,290 
  
Total Health Care 
 
 
64,222,731 
 
  
Housing/Multifamily – 1.1% (0.7% of Total Investments) 
 
 
 
 
  
Mecklenburg County, North Carolina, FNMA Multifamily Housing Revenue Bonds, Little Rock 
 
 
 
 
  
Apartments, Series 2003: 
 
 
 
635 
  
5.150%, 1/01/22 (Alternative Minimum Tax) 
7/18 at 100.00 
N/R 
649,319 
2,260 
  
5.375%, 1/01/36 (Alternative Minimum Tax) 
7/18 at 100.00 
N/R 
2,308,138 
2,895 
  
Total Housing/Multifamily 
 
 
2,957,457 
 
  
Housing/Single Family – 1.6% (1.0% of Total Investments) 
 
 
 
1,095 
  
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 2007-29A, 
1/17 at 100.00 
AA 
1,101,033 
 
  
4.800%, 7/01/33 (Alternative Minimum Tax) 
 
 
 
1,865 
  
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 2011-1, 
1/21 at 100.00 
AA 
2,023,618 
 
  
4.500%, 1/01/28 
 
 
 
1,020 
  
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 25-A, 4.900%, 
11/16 at 100.00 
AA 
1,021,418 
 
  
7/01/37 (Alternative Minimum Tax) 
 
 
 
3,980 
  
Total Housing/Single Family 
 
 
4,146,069 
 
  
Long-Term Care – 1.4% (0.9% of Total Investments) 
 
 
 
2,690 
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Deerfield 
11/26 at 100.00 
A– 
3,278,195 
 
  
Episcopal Retirement Community, Refunding First Mortgage Series 2016, 5.000%, 11/01/37 
 
 
 
450 
  
North Carolina Medical Care Commission, Revenue Bonds, United Methodist Retirement Homes Inc., 
10/23 at 100.00 
N/R 
479,561 
 
  
Refunding Series 2013A, 5.000%, 10/01/33 
 
 
 
3,140 
  
Total Long-Term Care 
 
 
3,757,756 
 
  
Materials – 0.5% (0.3% of Total Investments) 
 
 
 
1,400 
  
Columbus County Industrial Facilities and Pollution Control Financing Authority, North Carolina, 
3/17 at 100.00 
BBB 
1,409,674 
 
  
Environmental Improvement Revenue Bonds, International Paper Company Project, Series 2007A, 
 
 
 
 
  
4.625%, 3/01/27 (Alternative Minimum Tax) 
 
 
 
 
  
Tax Obligation/General – 8.1% (5.1% 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 
1,214,360 
730 
  
5.000%, 6/01/31 
6/24 at 100.00 
Aa2 
883,563 
 
  
Davidson County, North Carolina, General Obligation Bonds, Refunding Series 2016: 
 
 
 
300 
  
5.000%, 6/01/25 
No Opt. Call 
AA 
388,050 
1,450 
  
5.000%, 6/01/27 
No Opt. Call 
AA 
1,927,514 
835 
  
Durham, North Carolina, General Obligation Bonds, Refunding Series 2015, 5.000%, 10/01/26 
No Opt. Call 
AAA 
1,113,055 
 
  
Durham, North Carolina, General Obligation Bonds, Series 2007: 
 
 
 
2,820 
  
5.000%, 4/01/21 
4/17 at 100.00 
AAA 
2,891,120 
1,475 
  
5.000%, 4/01/22 
4/17 at 100.00 
AAA 
1,512,701 
1,050 
  
Forsyth County, North Carolina, General Obligation Bonds, Limited Obligation Series 2009, 
4/20 at 100.00 
AA+ 
1,195,373 
 
  
5.000%, 4/01/30 
 
 
 
2,020 
  
Raleigh, North Carolina, General Obligation Bonds, Refunding Series 2016A, 5.000%, 9/01/26 
No Opt. Call 
AAA 
2,691,185 
 
  
Wake County, North Carolina, Limited Obligation Bonds, Refunding Series 2016A: 
 
 
 
3,500 
  
5.000%, 12/01/27 
12/26 at 100.00 
AA+ 
4,591,755 
2,000 
  
5.000%, 12/01/35 
12/26 at 100.00 
AA+ 
2,528,080 
17,180 
  
Total Tax Obligation/General 
 
 
20,936,756 
 
  
Tax Obligation/Limited – 15.5% (9.9% 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+ 
1,323,667 
1,600 
  
5.000%, 6/01/34 
6/24 at 100.00 
AA+ 
1,945,536 
2,405 
  
Charlotte, North Carolina, Certificates of Participation, Transit Projects Phase 2, Refunding 
6/18 at 100.00 
AA+ 
2,572,869 
 
  
Series 2008A, 5.000%, 6/01/33 
 
 
 
2,045 
  
Charlotte, North Carolina, Storm Water Fee Revenue Bonds, Refunding Series 2014, 
12/24 at 100.00 
AAA 
2,528,663 
 
  
5.000%, 12/01/39 
 
 
 
2,085 
  
Dare County, North Carolina, Installment Purchase Contract, Limited Obligation Series 2012B, 
6/22 at 100.00 
AA 
2,457,944 
 
  
5.000%, 6/01/28 
 
 
 
500 
  
Henderson County, North Carolina, Limited Obligation Bonds, Series 2015, 5.000%, 10/01/31 
10/25 at 100.00 
AA 
624,490 
868 
  
Hillsborough, North Carolina, Special Assessment Revenue Bonds, Series 2013, 7.750%, 2/01/24 
2/23 at 100.00 
N/R 
948,854 
 
  
Jacksonville Public Facilities Corporation, North Carolina, Limited Obligation Bonds, 
 
 
 
 
  
Series 2012: 
 
 
 
1,065 
  
5.000%, 4/01/29 
4/22 at 100.00 
A1 
1,248,808 
1,165 
  
5.000%, 4/01/30 
4/22 at 100.00 
A1 
1,364,867 
1,000 
  
5.000%, 4/01/31 
4/22 at 100.00 
A1 
1,168,660 
200 
  
5.000%, 4/01/32 
4/22 at 100.00 
A1 
233,154 
 
  
North Carolina State, Limited Obligation Bonds, Refunding Series 2014C: 
 
 
 
3,000 
  
5.000%, 5/01/24 
No Opt. Call 
AA+ 
3,800,790 
5,000 
  
5.000%, 5/01/25 
5/24 at 100.00 
AA+ 
6,289,000 
8,065 
  
North Carolina Turnpike Authority, Monroe Connector System State Appropriation Bonds, Series 
7/21 at 100.00 
AA 
9,355,723 
 
  
2011, 5.000%, 7/01/41 
 
 
 
1,000 
  
Raleigh, North Carolina, Limited Obligation Bonds, Series 2013, 5.000%, 10/01/33 
10/23 at 100.00 
AA+ 
1,223,820 
 
  
Raleigh, North Carolina, Limited Obligation Bonds, Series 2014A: 
 
 
 
1,195 
  
5.000%, 10/01/25 
10/24 at 100.00 
AA+ 
1,518,773 
1,305 
  
5.000%, 10/01/26 
10/24 at 100.00 
AA+ 
1,646,936 
33,583 
  
Total Tax Obligation/Limited 
 
 
40,252,554 
 
  
Transportation – 23.3% (14.8% of Total Investments) 
 
 
 
5,000 
  
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International Refunding 
7/20 at 100.00 
Aa3 
5,650,450 
 
  
Series 2010A, 5.000%, 7/01/39 
 
 
 
10 
  
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International Refunding 
7/20 at 100.00 
Aa3 
11,275 
 
  
Series 2010B, 5.375%, 7/01/28 (Alternative Minimum Tax) 
 
 
 
 
  
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, Refunding 
 
 
 
 
  
Series 2014A: 
 
 
 
2,865 
  
5.000%, 7/01/27 
7/24 at 100.00 
Aa3 
3,553,259 
3,000 
  
5.000%, 7/01/28 
7/24 at 100.00 
Aa3 
3,698,400 
1,400 
  
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, Series 
7/21 at 100.00 
Aa3 
1,567,174 
 
  
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 
1,641,572 
10,000 
  
North Carolina Department of Transportation, Private Activity Revenue Bonds, I-77 Hot Lanes 
6/25 at 100.00 
BBB– 
11,252,196 
 
  
Project, Series 2015, 5.000%, 6/30/54 (Alternative Minimum Tax) 
 
 
 
2,725 
  
North Carolina State Ports Authority, Port Facilities Revenue Bonds, Senior Lien Series 2010A, 
2/20 at 100.00 
A3 
3,061,238 
 
  
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 
574,122 
 
  
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 
152,102 
265 
  
5.375%, 1/01/26 – AGC Insured 
1/19 at 100.00 
AA 
289,799 
1,650 
  
5.500%, 1/01/29 – AGC Insured 
1/19 at 100.00 
AA 
1,801,140 
7,335 
  
5.750%, 1/01/39 – AGC Insured 
1/19 at 100.00 
AA 
8,059,478 
 
  
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 
101,051 
4,375 
  
0.000%, 1/01/33 – AGC Insured 
No Opt. Call 
AA 
2,718,319 
2,300 
  
0.000%, 1/01/34 – AGC Insured 
No Opt. Call 
AA 
1,385,681 
2,380 
  
0.000%, 1/01/35 – AGC Insured 
No Opt. Call 
AA 
1,362,788 
7,575 
  
0.000%, 1/01/37 – AGC Insured 
No Opt. Call 
AA 
4,081,789 
1,470 
  
0.000%, 1/01/38 – AGC Insured 
No Opt. Call 
AA 
766,796 
 
  
Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Refunding Series 2010A: 
 
 
 
2,490 
  
5.000%, 5/01/26 
No Opt. Call 
Aa3 
2,848,983 
4,125 
  
5.000%, 5/01/36 
5/20 at 100.00 
Aa3 
4,667,066 
1,000 
  
Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Series 2007, 5.000%, 
5/17 at 100.00 
AA+ 
1,025,190 
 
  
5/01/37 – FGIC Insured (Alternative Minimum Tax) 
 
 
 
62,195 
  
Total Transportation 
 
 
60,269,868 
 
  
U.S. Guaranteed – 35.6% (22.6% 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) 
1,932,350 
1,725 
  
5.250%, 10/01/38 (Pre-refunded 10/01/17) 
10/17 at 100.00 
N/R (4) 
1,811,578 
3,100 
  
Brunswick County, North Carolina, Enterprise System Revenue Bonds, Series 2008A, 5.000%, 
4/18 at 100.00 
AA (4) 
3,315,388 
 
  
4/01/31 (Pre-refunded 4/01/18) – AGM Insured 
 
 
 
 
  
Cape Fear Public Utility Authority, North Carolina, Water & Sewer System Revenue Bonds, 
 
 
 
 
  
Series 2008: 
 
 
 
425 
  
5.000%, 8/01/28 (Pre-refunded 8/01/18) 
8/18 at 100.00 
AA+ (4) 
460,526 
1,005 
  
5.000%, 8/01/35 (Pre-refunded 8/01/18) 
8/18 at 100.00 
AA+ (4) 
1,089,008 
 
  
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) 
165,376 
3,000 
  
5.000%, 6/01/27 (Pre-refunded 6/01/17) – NPFG Insured 
6/17 at 100.00 
AA– (4) 
3,100,800 
8,600 
  
Durham, North Carolina, Utility System Revenue Bonds, Refunding Series 2011, 5.000%, 6/01/41 
6/21 at 100.00 
AAA 
10,263,842 
 
  
(Pre-refunded 6/01/21) 
 
 
 
 
  
Harnett County, North Carolina, Certificates of Participation, Series 2009: 
 
 
 
1,000 
  
5.000%, 6/01/28 (Pre-refunded 6/01/19) – AGC Insured 
6/19 at 100.00 
AA (4) 
1,116,610 
500 
  
5.000%, 6/01/29 (Pre-refunded 6/01/19) – AGC Insured 
6/19 at 100.00 
AA (4) 
558,305 
2,225 
  
Johnston Memorial Hospital Authority, North Carolina, Mortgage Revenue Bonds, Johnston 
4/18 at 100.00 
AA (4) 
2,387,603 
 
  
Memorial Hospital Project, Series 2008A, 5.250%, 10/01/36 (Pre-refunded 4/01/18) – 
 
 
 
 
  
AGM Insured 
 
 
 
400 
  
Mecklenburg County, North Carolina, Certificates of Participation, Series 2009A, 5.000%, 
2/19 at 100.00 
AA+ (4) 
441,652 
 
  
2/01/27 (Pre-refunded 2/01/19) 
 
 
 
 
  
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Refunding 
 
 
 
 
  
Series 1993B: 
 
 
 
100 
  
6.000%, 1/01/22 (ETM) 
No Opt. Call 
AAA 
125,755 
180 
  
6.000%, 1/01/22 – FGIC Insured (ETM) 
No Opt. Call 
A3 (4) 
226,359 
1,400 
  
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2009B, 
1/19 at 100.00 
AAA 
1,540,266 
 
  
5.000%, 1/01/26 (Pre-refunded 1/01/19) 
 
 
 
3,500 
  
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2012A, 
7/22 at 100.00 
AAA 
4,286,940 
 
  
5.000%, 1/01/25 (Pre-refunded 7/01/22) 
 
 
 
1,680 
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Cleveland County 
1/21 at 100.00 
N/R (4) 
2,029,877 
 
  
Healthcare System, Refunding Series 2011A, 5.750%, 1/01/35 (Pre-refunded 1/01/21) 
 
 
 
 
  
North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Presbyterian 
 
 
 
 
  
Homes, Series 2006: 
 
 
 
700 
  
5.400%, 10/01/27 (Pre-refunded 10/01/16) 
10/16 at 100.00 
N/R (4) 
702,863 
1,500 
  
5.500%, 10/01/31 (Pre-refunded 10/01/16) 
10/16 at 100.00 
N/R (4) 
1,506,255 
 
  
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) 
525,885 
3,425 
  
5.000%, 11/01/27 (Pre-refunded 11/01/17) 
11/17 at 100.00 
N/R (4) 
3,602,312 
4,260 
  
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 1986, 5.000%, 
No Opt. Call 
Aaa 
4,752,030 
 
  
1/01/20 (ETM) 
 
 
 
785 
  
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 
1/19 at 100.00 
Aaa 
862,691 
 
  
2009A, 5.000%, 1/01/30 (Pre-refunded 1/01/19) 
 
 
 
1,535 
  
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2012B, 5.000%, 
No Opt. Call 
AAA 
1,809,381 
 
  
1/01/21 (ETM) 
 
 
 
 
  
Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2009: 
 
 
 
2,020 
  
6.000%, 6/01/34 (Pre-refunded 6/01/19) – AGC Insured 
6/19 at 100.00 
AA (4) 
2,312,254 
1,020 
  
6.000%, 6/01/36 (Pre-refunded 6/01/19) – AGC Insured 
6/19 at 100.00 
AA (4) 
1,167,574 
1,565 
  
Onslow County Hospital Authority, North Carolina, FHA Insured Mortgage Revenue Bonds, Onslow 
10/16 at 100.00 
AA– (4) 
1,570,837 
 
  
Memorial Hospital Project, Series 2006, 5.000%, 4/01/31 (Pre-refunded 10/01/16) – NPFG Insured 
 
 
 
1,135 
  
Raleigh, North Carolina, Certificates of Participation, Series 2007, 5.000%, 2/01/27 
2/17 at 100.00 
AA+ (4) 
1,156,156 
 
  
(Pre-refunded 2/01/17) 
 
 
 
2,250 
  
Rutherford County, North Carolina, Certificates of Participation, Series 2007, 5.000%, 
12/17 at 100.00 
AA (4) 
2,375,595 
 
  
12/01/27 (Pre-refunded 12/01/17) – AGM Insured 
 
 
 
5,000 
  
Sampson County, North Carolina, Certificates of Participation, Series 2006, 5.000%, 6/01/34 
6/17 at 100.00 
AA (4) 
5,166,850 
 
  
(Pre-refunded 6/01/17) – AGM Insured 
 
 
 
10,200 
  
University of North Carolina, Chapel Hill, System Net Revenue Bonds, Series 2007, 5.000%, 
12/17 at 100.00 
AAA 
10,770,690 
 
  
12/01/36 (Pre-refunded 12/01/17) 
 
 
 
 
  
University of North Carolina, System Pooled Revenue Bonds, Series 2009C: 
 
 
 
1,000 
  
5.250%, 10/01/28 (Pre-refunded 10/01/19) 
10/19 at 100.00 
A3 (4) 
1,137,220 
1,000 
  
5.375%, 10/01/29 (Pre-refunded 10/01/19) 
10/19 at 100.00 
A3 (4) 
1,141,030 
5,100 
  
Wake County, North Carolina, Limited Obligation Bonds, Series 2010, 5.000%, 1/01/37 
1/20 at 100.00 
AA+ (4) 
5,825,781 
 
  
(Pre-refunded 1/01/20) 
 
 
 
2,450 
  
Wilmington, North Carolina, Certificates of Participation, Series 2008A, 5.000%, 6/01/29 
6/18 at 100.00 
AA+ (4) 
2,637,425 
 
  
(Pre-refunded 6/01/18) 
 
 
 
1,750 
  
Wilson County, North Carolina, Certificates of Participation, School Facilities Project, 
4/17 at 100.00 
Aa3 (4) 
1,795,658 
 
  
Series 2007, 5.000%, 4/01/25 (Pre-refunded 4/01/17) – AMBAC Insured 
 
 
 
6,400 
  
Winston-Salem, North Carolina, Water and Sewer System Revenue Bonds, Series 2007A, 5.000%, 
6/17 at 100.00 
AAA 
6,611,072 
 
  
6/01/37 (Pre-refunded 6/01/17) 
 
 
 
84,435 
  
Total U.S. Guaranteed 
 
 
92,281,794 
 
  
Utilities – 6.9% (4.4% of Total Investments) 
 
 
 
1,040 
  
Greenville, North Carolina, Combined Enterprise System Revenue Bonds, Series 2016, 
No Opt. Call 
Aa2 
1,357,585 
 
  
5.000%, 4/01/26 
 
 
 
 
  
Monroe, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series 2016: 
 
 
 
1,110 
  
5.000%, 3/01/24 
No Opt. Call 
A+ 
1,383,437 
395 
  
5.000%, 3/01/25 
No Opt. Call 
A+ 
501,172 
1,330 
  
5.000%, 3/01/28 
3/26 at 100.00 
A+ 
1,681,559 
775 
  
5.000%, 3/01/30 
3/26 at 100.00 
A+ 
969,920 
1,710 
  
5.000%, 3/01/32 
3/26 at 100.00 
A+ 
2,120,109 
900 
  
4.000%, 3/01/33 
3/26 at 100.00 
A+ 
1,024,137 
5,000 
  
North Carolina Capital Facilities Financing Agency, Solid Waste Disposal Revenue Bond, Duke 
11/20 at 100.00 
Aa2 
5,570,850 
 
  
Energy Carolinas Project, Refunding Series 2008B, 4.625%, 11/01/40 
 
 
 
315 
  
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 
1/19 at 100.00 
A 
344,059 
 
  
2009A, 5.000%, 1/01/30 
 
 
 
1,500 
  
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 
1/26 at 100.00 
A 
1,868,340 
 
  
2015A, 5.000%, 1/01/32 
 
 
 
760 
  
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 
7/26 at 100.00 
A 
964,151 
 
  
2016A, 5.000%, 1/01/30 
 
 
 
14,835 
  
Total Utilities 
 
 
17,785,319 
 
  
Water and Sewer – 14.7% (9.3% of Total Investments) 
 
 
 
1,145 
  
Brunswick County, North Carolina, Enterprise System Revenue Bonds, Refunding Series 2012A, 
4/22 at 100.00 
AA– 
1,375,168 
 
  
5.000%, 4/01/25 
 
 
 
2,135 
  
Cape Fear Public Utility Authority, North Carolina, Water & Sewer System Revenue Bonds, 
8/21 at 100.00 
AA+ 
2,497,288 
 
  
Refunding Series 2011, 5.000%, 8/01/31 
 
 
 
 
  
Charlotte, North Carolina, Water and Sewer System Revenue Bonds, Refunding Series 2015: 
 
 
 
940 
  
5.000%, 7/01/32 
7/25 at 100.00 
AAA 
1,185,500 
2,325 
  
5.000%, 7/01/40 
7/25 at 100.00 
AAA 
2,880,768 
1,000 
  
Charlotte, North Carolina, Water and Sewer System Revenue Bonds, Series 2008, 5.000%, 7/01/38 
7/18 at 100.00 
AAA 
1,077,140 
 
  
Dare County, North Carolina, Utilities System Revenue Bonds, Series 2011: 
 
 
 
3,860 
  
5.000%, 2/01/36 
2/21 at 100.00 
AA 
4,445,330 
1,250 
  
5.000%, 2/01/41 
2/21 at 100.00 
AA 
1,437,813 
1,535 
  
Mooresville, North Carolina, Enterprise System Revenue Bonds, Refunding Series 2012, 
5/22 at 100.00 
AA 
1,845,515 
 
  
5.000%, 5/01/28 
 
 
 
3,040 
  
Oak Island, North Carolina, Enterprise System Revenue Bonds, Refunding Series 2015, 5.000%, 
6/25 at 100.00 
AA 
3,703,237 
 
  
6/01/33 – AGM Insured 
 
 
 
1,210 
  
Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2008A, 5.000%, 6/01/23 – 
6/18 at 100.00 
AA– 
1,296,092 
 
  
NPFG Insured 
 
 
 
 
  
Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2011: 
 
 
 
600 
  
5.625%, 6/01/30 – AGC Insured 
6/21 at 100.00 
AA 
693,534 
2,100 
  
5.750%, 6/01/36 – AGC Insured 
6/21 at 100.00 
AA 
2,429,553 
 
  
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series 2012A: 
 
 
 
550 
  
5.000%, 3/01/30 
3/22 at 100.00 
AAA 
651,805 
1,600 
  
5.000%, 3/01/31 
3/22 at 100.00 
AAA 
1,910,304 
 
  
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series 2013A: 
 
 
 
5,000 
  
5.000%, 3/01/28 
3/23 at 100.00 
AAA 
6,174,150 
3,785 
  
5.000%, 3/01/43 
3/23 at 100.00 
AAA 
4,573,870 
32,075 
  
Total Water and Sewer 
 
 
38,177,067 
$ 365,533 
  
Total Long-Term Investments (cost $373,246,432) 
 
 
408,531,526 
 
  
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference – (59.4)% (5) 
 
 
(154,000,000) 
 
  
Other Assets Less Liabilities – 1.8% 
 
 
4,620,963 
 
  
Net Assets Applicable to Common Shares – 100% 
 
 
$ 259,152,489 
 

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 risk 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 
$ — 
$408,531,526 
$ — 
$408,531,526 
 
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 August 31, 2016, the cost of investments was $372,979,983.
Gross unrealized appreciation and gross unrealized depreciation of investments as of August 31, 2016, were as follows:
   
Gross unrealized: 
 
Appreciation 
$35,692,323 
Depreciation 
(140,780) 
Net unrealized appreciation (depreciation) of investments 
$35,551,543 
(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) 
  
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group 
 
  
(“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This 
 
  
treatment of split-rated securities may differ from that used for other purposes, such as for Fund 
 
  
investment policies. 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, at Liquidation Preference as a percentage of Total Investments 
 
  
is 37.7%. 
(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/ Gifford R. Zimmerman            
       Gifford R. Zimmerman
     Vice President and Secretary
                                         
Date:         October 28, 2016        
 
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/ Cedric H. Antosiewicz            
       Cedric H. Antosiewicz
     Chief Administrative Officer (principal executive officer)
                        
Date:         October 28, 2016        
 
By (Signature and Title) /s/ Stephen D. Foy                         
 
     Stephen D. Foy
     Vice President and Controller (principal financial officer)
                                                                                         
Date:         October 28, 2016