Unassociated Document



 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 
Investment Company Act file number 811-7608
 
Nuveen North Carolina Premium Income Municipal Fund
(Exact name of registrant as specified in charter)
 
Nuveen Investments
        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)
 

Kevin J. McCarthy
Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         
(Name and address of agent for service)
 
Registrant's telephone number, including area code:         312-917-7700        
 
Date of fiscal year end:            5/31          
 
Date of reporting period:         8/31/10         
 
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, 2010
      
Principal
    
Optional Call
    
Amount (000)
  
Description (1)
Provisions (2)
Ratings (3)
Value
   
Education and Civic Organizations – 21.7% (14.3% of Total Investments)
      
$    2,500 
  
North Carolina Capital Facilities Financing Agency, Revenue Bonds, Duke University, Series 
10/15 at 100.00 
AA+ 
$    2,635,650 
   
2005A, 5.000%, 10/01/41 (UB) 
      
   
North Carolina Capital Facilities Financing Agency, Revenue Bonds, Johnson and Wales 
      
   
University, Series 2003A: 
      
970 
  
5.250%, 4/01/23 – SYNCORA GTY Insured 
4/13 at 100.00 
N/R 
996,927 
500 
  
5.000%, 4/01/33 – SYNCORA GTY Insured 
4/13 at 100.00 
N/R 
500,640 
2,285 
  
North Carolina State University at Raleigh, General Revenue Bonds, Series 2003A, 
10/13 at 100.00 
Aa1 
2,563,290 
   
5.000%, 10/01/15 
      
1,530 
  
University of North Carolina System, Pooled Revenue Bonds, Series 2005A, 5.000%, 4/01/15 – 
No Opt. Call 
A+ 
1,755,048 
   
AMBAC Insured 
      
120 
  
University of North Carolina System, Pooled Revenue Refunding Bonds, Series 2002A, 5.375%, 
10/12 at 100.00 
N/R 
128,936 
   
4/01/22 – AMBAC Insured 
      
   
University of North Carolina Wilmington, Certificates of Participation, Student Housing 
      
   
Project Revenue Bonds, Series 2006: 
      
1,430 
  
5.000%, 6/01/23 – FGIC Insured 
6/16 at 100.00 
A 
1,550,692 
1,505 
  
5.000%, 6/01/24 – FGIC Insured 
6/16 at 100.00 
A 
1,618,733 
   
University of North Carolina, Chapel Hill, System Net Revenue Bonds, Series 2003: 
      
2,380 
  
5.000%, 12/01/19 
12/13 at 100.00 
Aaa 
2,596,913 
2,725 
  
5.000%, 12/01/21 
12/13 at 100.00 
Aaa 
3,053,853 
1,500 
  
5.000%, 12/01/23 
12/13 at 100.00 
Aaa 
1,667,310 
1,675 
  
University of North Carolina, Wilmington, General Revenue Bonds, Series 2002A, 5.000%, 
1/12 at 101.00 
A1 
1,794,830 
   
1/01/23 – AMBAC Insured 
      
19,120 
  
Total Education and Civic Organizations 
    
20,862,822 
   
Energy – 1.6% (1.1% of Total Investments)
      
1,500 
  
Virgin Islands Public Finance Authority, Revenue Bonds, Refinery Project – Hovensa LLC, Series 
1/14 at 100.00 
Baa3 
1,524,870 
   
2003, 6.125%, 7/01/22 (Alternative Minimum Tax) 
      
   
Health Care – 22.7% (15.0% of Total Investments)
      
1,145 
  
Albemarle Hospital Authority, North Carolina, Health Care Facilities Revenue Bonds, Series 
10/17 at 100.00 
N/R 
1,081,991 
   
2007, 5.250%, 10/01/27 
      
2,300 
  
Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue 
1/18 at 100.00 
AA– 
2,369,897 
   
Bonds, Series 2008A, 5.000%, 1/15/47 
      
500 
  
Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas HealthCare System, Health 
1/19 at 100.00 
AA– 
533,800 
   
Care Refunding Revenue Bonds, Series 2009A, 5.250%, 1/15/39 
      
1,000 
  
Johnston Memorial Hospital Authority, North Carolina, Mortgage Revenue Bonds, Johnston 
4/18 at 100.00 
AAA 
1,058,560 
   
Memorial Hospital Project, Series 2008, 5.250%, 10/01/36 – AGM Insured 
      
225 
  
New Hanover County, North Carolina, Hospital Revenue Bonds, New Hanover Regional Medical 
10/19 at 100.00 
AAA 
240,662 
   
Center, Series 2006B, 5.125%, 10/01/31 – AGM Insured 
      
920 
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, WakeMed, Series 
10/14 at 100.00 
AAA 
964,638 
   
2009A, 5.625%, 10/01/38 – AGC Insured 
      
2,000 
  
North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Novant Health 
11/13 at 100.00 
A+ 
2,121,140 
   
Obligated Group, Series 2003A, 5.000%, 11/01/19 
      
2,000 
  
North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Stanly Memorial 
10/10 at 100.00 
BBB+ 
2,001,320 
   
Hospital, Series 1999, 6.375%, 10/01/29 
      
   
North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Union Regional 
      
   
Medical Center, Series 2002A: 
      
1,000 
  
5.500%, 1/01/19 
1/12 at 100.00 
A+ 
1,023,150 
550 
  
5.500%, 1/01/20 
1/12 at 100.00 
A+ 
561,440 
1,750 
  
5.375%, 1/01/32 
1/12 at 100.00 
A+ 
1,761,375 
3,000 
  
North Carolina Medical Care Commission, Hospital Revenue Bonds, Southeastern Regional Medical 
6/12 at 101.00 
A 
3,020,670 
   
Center, Series 2002, 5.375%, 6/01/32 
      
1,500 
  
North Carolina Medical Care Commission, Hospital Revenue Bonds, Wilson Medical Center, Series 
11/17 at 100.00 
A– 
1,521,540 
   
2007, 5.000%, 11/01/27 
      
1,395 
  
North Carolina Medical Care Commission, Revenue Bonds, Blue Ridge Healthcare System, Series 
1/15 at 100.00 
A 
1,418,799 
   
2005, 5.000%, 1/01/33 – FGIC Insured 
      
   
North Carolina Medical Care Commission, Revenue Bonds, Cleveland County Healthcare System, 
      
   
Series 2004A: 
      
600 
  
5.250%, 7/01/20 – AMBAC Insured 
7/14 at 100.00 
A 
628,332 
500 
  
5.250%, 7/01/22 – AMBAC Insured 
7/14 at 100.00 
A 
519,995 
300 
  
Northern Hospital District of Surry County, North Carolina, Health Care Facilities Revenue 
4/18 at 100.00 
BBB 
312,084 
   
Bonds, Series 2008, 6.250%, 10/01/38 
      
660 
  
Onslow County Hospital Authority, North Carolina, FHA Insured Mortgage Revenue Bonds, Onslow 
10/16 at 100.00 
A 
679,312 
   
Memorial Hospital Project, Series 2006, 5.000%, 4/01/31 – NPFG Insured 
      
21,345 
  
Total Health Care 
    
21,818,705 
   
Housing/Multifamily – 4.5% (3.0% of Total Investments)
      
1,000 
  
Asheville Housing Authority, North Carolina, GNMA-Collateralized Multifamily Housing Revenue 
11/10 at 100.00 
AAA 
1,000,700 
   
Bonds, Woodridge Apartments, Series 1997, 5.800%, 11/20/39 (Alternative Minimum Tax) 
      
2,290 
  
Mecklenburg County, North Carolina, FNMA Multifamily Housing Revenue Bonds, Little Rock 
7/13 at 105.00 
AAA 
2,390,165 
   
Apartments, Series 2003, 5.375%, 1/01/36 (Alternative Minimum Tax) 
      
1,000 
  
North Carolina Capital Facilities Financing Agency, Housing Revenue Bonds, Elizabeth City 
6/13 at 100.00 
N/R 
975,220 
   
State University, Series 2003A, 5.000%, 6/01/28 – AMBAC Insured 
      
4,290 
  
Total Housing/Multifamily 
    
4,366,085 
   
Housing/Single Family – 6.1% (4.1% of Total Investments)
      
945 
  
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement, 
1/11 at 100.00 
AA 
945,416 
   
Series 10A, 5.400%, 7/01/32 – AMBAC Insured (Alternative Minimum Tax) 
      
2,000 
  
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement, 
1/11 at 100.00 
AA 
2,002,380 
   
Series 6A, 6.200%, 1/01/29 (Alternative Minimum Tax) 
      
1,000 
  
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 2007-29A, 4.800%, 
1/17 at 100.00 
AA 
1,002,100 
   
7/01/33 (Alternative Minimum Tax) 
      
825 
  
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 25-A, 4.900%, 
7/16 at 100.00 
AA 
829,100 
   
7/01/37 (Alternative Minimum Tax) 
      
1,115 
  
North Carolina Housing Finance Agency, Single Family Revenue Bonds, Series 1996HH, 6.300%, 
9/10 at 100.00 
AA 
1,116,505 
   
3/01/26 (Alternative Minimum Tax) 
      
5,885 
  
Total Housing/Single Family 
    
5,895,501 
   
Long-Term Care – 0.4% (0.3% of Total Investments)
      
375 
  
North Carolina Medical Care Commission, Revenue Bonds, Pines at Davidson, Series 2006A, 
1/16 at 100.00 
N/R 
367,583 
   
5.000%, 1/01/36 
      
   
Materials – 0.5% (0.3% of Total Investments)
      
500 
  
Columbus County Industrial Facilities and Pollution Control Financing Authority, North 
3/17 at 100.00 
BBB 
459,055 
   
Carolina, Environmental Improvement Revenue Bonds, International Paper Company Project, 
      
   
Series 2007A, 4.625%, 3/01/27 
      
   
Tax Obligation/General – 11.4% (7.5% of Total Investments)
      
1,890 
  
Craven County, North Carolina, General Obligation Bonds, Series 2002, 5.000%, 5/01/21 – 
5/12 at 101.00 
AA 
2,056,433 
   
AMBAC Insured 
      
4,285 
  
Durham County, North Carolina, General Obligation Bonds, Series 2002B, 5.000%, 4/01/16 
4/12 at 100.00 
AAA 
4,606,075 
1,820 
  
Durham, North Carolina, General Obligation Bonds, Series 2007, 5.000%, 4/01/21 
4/17 at 100.00 
AAA 
2,123,176 
2,000 
  
Wake County, North Carolina, Limited Obligation Bonds, Series 2010, 5.000%, 1/01/37 
1/20 at 100.00 
AA+ 
2,181,260 
9,995 
  
Total Tax Obligation/General 
    
10,966,944 
   
Tax Obligation/Limited – 39.1% (25.8% of Total Investments)
      
1,330 
  
Cabarrus County, North Carolina, Certificates of Participation, Series 2002, 5.250%, 2/01/17 
2/13 at 100.00 
AA 
1,438,249 
1,800 
  
Catawba County, North Carolina, Certificates of Participation, Series 2004, 5.250%, 6/01/21 – 
6/14 at 100.00 
Aa2 
1,939,968 
   
NPFG Insured 
      
1,700 
  
Charlotte, North Carolina, Certificates of Participation, Governmental Facilities Projects, 
6/13 at 100.00 
AA+ 
1,807,355 
   
Series 2003G, 5.375%, 6/01/26 
      
1,400 
  
Charlotte, North Carolina, Certificates of Participation, Nascar Hall of Fame, Series 2009C, 
6/19 at 100.00 
AA+ 
1,499,750 
   
5.000%, 6/01/39 
      
950 
  
Charlotte, North Carolina, Certificates of Participation, Transit Projects Phase 2, Series 
6/18 at 100.00 
AA+ 
1,018,277 
   
2008A, 5.000%, 6/01/33 
      
1,500 
  
Charlotte, North Carolina, Certificates of Participation, Transit Projects, Series 2003A, 
6/13 at 100.00 
AA+ 
1,550,265 
   
5.000%, 6/01/33 
      
   
Charlotte, North Carolina, Storm Water Fee Revenue Bonds, Series 2002: 
      
1,050 
  
5.250%, 6/01/20 
6/12 at 101.00 
AAA 
1,142,211 
1,750 
  
5.000%, 6/01/25 
6/12 at 101.00 
AAA 
1,889,353 
1,400 
  
Craven County, North Carolina, Certificates of Participation, Series 2007, 5.000%, 6/01/27 – 
6/17 at 100.00 
AA– 
1,512,098 
   
NPFG Insured 
      
1,000 
  
Davidson County, North Carolina, Certificates of Participation, Series 2004, 5.250%, 6/01/14 – 
No Opt. Call 
Aa3 
1,140,700 
   
AMBAC Insured 
      
750 
  
Harnett County, North Carolina, Certificates of Participation, Series 2009, 5.000%, 6/01/28 – 
6/19 at 100.00 
AAA 
824,333 
   
AGC Insured 
      
   
Lee County, North Carolina, Certificates of Participation, Public Schools and Community 
      
   
College, Series 2004: 
      
1,715 
  
5.250%, 4/01/18 – AGM Insured 
4/14 at 100.00 
AAA 
1,896,001 
500 
  
5.250%, 4/01/20 – AGM Insured 
4/14 at 100.00 
AAA 
544,685 
1,000 
  
5.250%, 4/01/22 – AGM Insured 
4/14 at 100.00 
AAA 
1,079,410 
200 
  
Mecklenburg County, North Carolina, Certificates of Participation, Series 2009A, 
No Opt. Call 
AA+ 
221,932 
   
5.000%, 2/01/27 
      
2,600 
  
North Carolina Infrastructure Finance Corporation, Certificates of Participation, Capital 
2/15 at 100.00 
AA+ 
2,933,970 
   
Improvements, Series 2005A, 5.000%, 2/01/19 
      
1,500 
  
North Carolina Infrastructure Finance Corporation, Certificates of Participation, Correctional 
2/14 at 100.00 
AA+ 
1,665,720 
   
Facilities, Series 2004A, 5.000%, 2/01/23 
      
1,500 
  
North Carolina, Certificates of Participation, Repair and Renovation Project, Series 2004B, 
6/14 at 100.00 
AA+ 
1,633,380 
   
5.000%, 6/01/20 
      
   
North Carolina, Certificates of Participation, Series 2003: 
      
1,130 
  
5.250%, 6/01/21 
6/13 at 100.00 
AA+ 
1,240,469 
1,000 
  
5.250%, 6/01/23 
6/13 at 100.00 
AA+ 
1,089,010 
2,000 
  
Puerto Rico Highway and Transportation Authority, Grant Anticipation Revenue Bonds, Series 
3/14 at 100.00 
A+ 
2,056,120 
   
2004, 5.000%, 9/15/21 – NPFG Insured 
      
3,675 
  
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 
No Opt. Call 
A+ 
826,287 
   
2010A, 0.000%, 8/01/35 
      
285 
  
Raleigh, North Carolina, Certificates of Participation, Series 2007, 5.000%, 2/01/27 
2/17 at 100.00 
AA+ 
311,511 
1,000 
  
Randolph County, North Carolina, Certificates of Participation, Series 2004, 5.000%, 6/01/20 – 
6/14 at 102.00 
AAA 
1,098,040 
   
AGM Insured 
      
1,000 
  
Rutherford County, North Carolina, Certificates of Participation, Series 2007, 5.000%, 
12/17 at 100.00 
AAA 
1,094,260 
   
12/01/27 – AGM Insured 
      
1,950 
  
Sampson County, North Carolina, Certificates of Participation, Series 2006, 5.000%, 6/01/34 – 
6/17 at 100.00 
AAA 
2,053,038 
   
AGM Insured (UB) 
      
1,200 
  
Wilmington, North Carolina, Certificates of Participation, Series 2008A, 5.000%, 6/01/29 
6/18 at 100.00 
AA 
1,314,787 
700 
  
Wilson County, North Carolina, Certificates of Participation, School Facilities Project, 
4/17 at 100.00 
Aa3 
750,603 
   
Series 2007, 5.000%, 4/01/25 – AMBAC Insured 
      
37,585 
  
Total Tax Obligation/Limited 
    
37,571,782 
   
Transportation – 14.0% (9.3% of Total Investments)
      
2,500 
  
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International Refunding 
7/20 at 100.00 
A+ 
2,622,625 
   
Series 2010A, 5.000%, 7/01/39 
      
   
Charlotte, North Carolina, Airport Revenue Bonds, Series 2004A: 
      
600 
  
5.250%, 7/01/24 – NPFG Insured 
7/14 at 100.00 
A+ 
647,160 
2,710 
  
5.000%, 7/01/29 – NPFG Insured 
7/14 at 100.00 
A+ 
2,805,284 
1,020 
  
North Carolina State Ports Authority, Port Facilities Revenue Bonds, Senior Lien Series 2010A, 
2/20 at 100.00 
A3 
1,068,103 
   
5.250%, 2/01/40 
      
600 
  
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A, 
1/19 at 100.00 
AAA 
659,250 
   
5.750%, 1/01/39 – AGC Insured 
      
4,230 
  
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Revenue Bonds, 
No Opt. Call 
AAA 
1,315,149 
   
Series 2009B, 0.000%, 1/01/33 – AGC Insured 
      
500 
  
Piedmont Triad Airport Authority, North Carolina, Airport Revenue Bonds, Series 2005A, 5.000%, 
7/15 at 100.00 
A2 
546,780 
   
7/01/20 – SYNCORA GTY Insured 
      
1,375 
  
Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Refunding Series 
No Opt. Call 
Aa3 
1,483,116 
   
2010A, 5.000%, 5/01/36 (WI/DD, Settling 9/02/10) 
      
2,250 
  
Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Series 2001A, 5.250%, 
5/11 at 101.00 
Aa3 
2,347,695 
   
11/01/16 – FGIC Insured 
      
15,785 
  
Total Transportation 
    
13,495,162 
   
U.S. Guaranteed – 9.7% (6.4% of Total Investments) (4)
      
1,530 
  
North Carolina Medical Care Commission, Health System Revenue Bonds, Mission St. Joseph’s 
10/11 at 101.00 
AA (4) 
1,629,098 
   
Health System, Series 2001, 5.250%, 10/01/31 (Pre-refunded 10/01/11) 
      
735 
  
North Carolina Medical Care Commission, Revenue Bonds, Northeast Medical Center, Series 2004, 
11/14 at 100.00 
Aa3 (4) 
860,722 
   
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 
5,027,993 
   
1/01/20 (ETM) 
      
   
University of North Carolina System, Pooled Revenue Refunding Bonds, Series 2002A: 
      
420 
  
5.375%, 4/01/22 (Pre-refunded 10/01/12) – AMBAC Insured 
10/12 at 100.00 
N/R (4) 
463,537 
460 
  
5.375%, 4/01/22 (Pre-refunded 10/01/12) – AMBAC Insured 
10/12 at 100.00 
N/R (4) 
506,975 
800 
  
Winston-Salem, North Carolina, Water and Sewerage System Revenue Bonds, Series 2002A, 5.000%, 
6/12 at 100.00 
AAA 
864,808 
   
6/01/18 (Pre-refunded 6/01/12) 
      
8,205 
  
Total U.S. Guaranteed 
    
9,353,133 
   
Utilities – 9.0% (5.9% of Total Investments)
      
25 
  
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2003C, 
1/13 at 100.00 
A– 
27,219 
   
5.375%, 1/01/17 
      
3,000 
  
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2003F, 
1/13 at 100.00 
A– 
3,283,500 
   
5.500%, 1/01/15 
      
1,000 
  
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2005, 
1/16 at 100.00 
A– 
1,103,350 
   
5.250%, 1/01/20 – AMBAC Insured 
      
   
North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, 
      
   
Series 1993B: 
      
15 
  
5.500%, 1/01/17 – FGIC Insured 
1/11 at 100.00 
Baa1 
15,036 
105 
  
5.500%, 1/01/21 
1/11 at 100.00 
A– 
105,183 
165 
  
6.000%, 1/01/22 – FGIC Insured 
No Opt. Call 
Baa1 
204,008 
575 
  
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 
1/19 at 100.00 
A 
612,858 
   
2009A, 5.000%, 1/01/30 
      
2,000 
  
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A, 5.250%, 
1/13 at 100.00 
A 
2,177,560 
   
1/01/15 – AMBAC Insured 
      
1,000 
  
Wake County Industrial Facilities and Pollution Control Financing Authority, North Carolina, 
2/12 at 101.00 
A1 
1,068,220 
   
Revenue Refunding Bonds, Carolina Power and Light Company, Series 2002, 5.375%, 2/01/17 
      
7,885 
  
Total Utilities 
    
8,596,934 
   
Water and Sewer – 10.5% (7.0% 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 
1,690,242 
   
6/01/20 – SYNCORA GTY Insured 
      
500 
  
Brunswick County, North Carolina, Enterprise System Revenue Bonds, Series 2008A, 5.000%, 
4/18 at 100.00 
AAA 
538,000 
   
4/01/31 – AGM Insured 
      
50 
  
Charlotte, North Carolina, Water and Sewerage System Revenue Bonds, Series 2001, 
6/11 at 101.00 
AAA 
51,963 
   
5.125%, 6/01/26 
      
1,295 
  
Greensboro, North Carolina, Combined Enterprise System Revenue Bonds, Series 2005A, 
6/15 at 100.00 
AAA 
1,412,703 
   
5.000%, 6/01/26 
      
   
Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2009A: 
      
550 
  
6.000%, 6/01/34 – AGC Insured 
6/19 at 100.00 
AAA 
614,988 
1,000 
  
6.000%, 6/01/36 – AGC Insured 
6/19 at 100.00 
AAA 
1,116,620 
500 
  
Onslow County, North Carolina, Combined Enterprise System Revenue Bonds, Series 2004B, 5.000%, 
6/14 at 100.00 
A 
550,625 
   
6/01/23 – SYNCORA GTY Insured 
      
3,865 
  
Winston-Salem, North Carolina, Water and Sewer System Revenue Bonds, Series 2007A, 5.000%, 
6/17 at 100.00 
AAA 
4,154,102 
   
6/01/37 (UB) 
      
9,365 
  
Total Water and Sewer 
    
10,129,243 
$ 141,835 
  
Total Investments (cost $137,462,723) – 151.2% 
    
145,407,819 
   
Floating Rate Obligations – (5.4)% 
    
(5,195,000)
   
MuniFund Term Preferred Shares, at Liquidation Value – (25.3)% (5) 
    
(24,300,000)
   
Other Assets Less Liabilities – 1.9% 
    
1,788,067 
   
Auction Rate Preferred Shares, at Liquidation Value – (22.4)% 
    
(21,550,000)
   
Net Assets Applicable to Common Shares – 100% 
    
$ 96,150,886 
 
 
 
 
 
 
 
 
 
 
Fair Value Measurements
 
 
In determining the value of the Fund’s investments, various inputs are used. These inputs are summarized in the three broad levels listed below:
 
 
  Level 1 – Quoted prices in active markets for identical securities.
 
 
  Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
 
  Level 3 – Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
 
 
The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of August 31, 2010:
 
         
 
Level 1
Level 2
Level 3
Total
Investments: 
        
Municipal Bonds 
$ — 
$145,407,819 
$ — 
$145,407,819 
 
 
Income Tax Information
 
 
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
 
 
At August 31, 2010, the cost of investments was $132,274,328.
 
 
Gross unrealized appreciation and gross unrealized depreciation of investments at August 31, 2010, were as follows:
 
   
Gross unrealized: 
  
  Appreciation 
$8,070,438 
  Depreciation 
(130,509)
Net unrealized appreciation (depreciation) of investments 
$7,939,929 
 
   
(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 Investor 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. Such investments are normally considered to 
 
be equivalent to AAA rated securities. 
(5)   
MuniFund Term Preferred Shares and Auction Rate Preferred Shares, at Liquidation Value as a percentage 
 
of Total Investments is 16.7% and 14.8%, respectively. 
N/R   
Not rated. 
WI/DD   
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         October 29, 2010        
 
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 29, 2010        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date         October 29, 2010