nq2.htm



 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 
Investment Company Act file number 811-07608
 
Nuveen North Carolina Premium Income Municipal Fund
(Exact name of registrant as specified in charter)
 
Nuveen Investments
        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)
 

Kevin J. McCarthy
Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         
(Name and address of agent for service)
 
Registrant's telephone number, including area code:         312-917-7700        
 
Date of fiscal year end:            5/31          
 
Date of reporting period:         2/29/16         
 
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)
      
   
February 29, 2016 (Unaudited)
      
 
 
Principal
    
Optional Call
    
Amount (000)
  
Description (1)
Provisions (2)
Ratings (3)
Value
 
   
LONG-TERM INVESTMENTS – 148.2% (100.0% of Total Investments)
      
 
   
MUNICIPAL BONDS – 148.2% (100.0% of Total Investments)
      
 
   
Education and Civic Organizations – 18.3% (12.4% of Total Investments)
      
$ 30
  
Appalachian State University, North Carolina, Revenue Bonds, Series 2005, 5.250%, 7/15/17 –
No Opt. Call
Aa3
$ 31,976
   
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–
3,277,774
1,000
  
5.125%, 4/01/43
4/22 at 100.00
A–
1,097,580
5,000
  
East Carolina University, North Carolina, General Revenue Bonds, Series 2014A, 5.000%, 10/01/41
10/23 at 100.00
Aa2
5,674,050
2,310
  
East Carolina University, North Carolina, General Revenue Bonds, Series 2016A, 5.000%, 10/01/29
4/26 at 100.00
AA–
2,865,139
1,500
  
Fayetteville State University, North Carolina, Limited Obligation Revenue Bonds, Student
4/21 at 100.00
AA
1,633,185
   
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+
1,112,800
   
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+
600,315
250
  
5.000%, 3/01/28
3/22 at 100.00
AA+
297,625
500
  
5.000%, 3/01/29
3/22 at 100.00
AA+
590,860
500
  
5.000%, 3/01/32
3/22 at 100.00
AA+
586,715
1,230
  
5.000%, 3/01/45
3/22 at 100.00
AA+
1,401,228
1,605
  
North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University Project,
10/25 at 100.00
AA+
1,864,914
   
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
1,786,793
1,000
  
5.000%, 4/01/33
4/23 at 100.00
A2
1,142,610
4,440
  
North Carolina Capital Facilities Finance Agency, Revenue Bonds, The Methodist University,
3/22 at 100.00
BBB
4,876,052
   
Series 2012, 5.000%, 3/01/34
      
2,020
  
North Carolina State University at Raleigh, General Revenue Bonds, Series 2013A,
10/23 at 100.00
Aa1
2,329,343
   
5.000%, 10/01/42
      
290
  
University of North Carolina System, Pooled Revenue Bonds, Series 2005A, 5.000%, 4/01/22 –
5/16 at 100.00
A
291,175
   
AMBAC Insured
      
800
  
University of North Carolina, Charlotte, General Revenue Bonds, Refunding Series 2015,
4/25 at 100.00
Aa3
926,440
   
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
2,425,316
1,175
  
5.000%, 4/01/33
4/24 at 100.00
Aa3
1,372,036
1,385
  
5.000%, 4/01/35
4/24 at 100.00
Aa3
1,605,243
   
University of North Carolina, Greensboro, General Revenue Bonds, Series 2014:
      
1,000
  
5.000%, 4/01/32
4/24 at 100.00
Aa3
1,178,830
3,065
  
5.000%, 4/01/39
4/24 at 100.00
Aa3
3,518,896
   
University of North Carolina, System Pooled Revenue Bonds, Series 2009C:
      
1,000
  
5.250%, 10/01/28
10/19 at 100.00
A3
1,127,260
1,000
  
5.375%, 10/01/29
10/19 at 100.00
A3
1,128,620
1,250
  
Western Carolina University, North Carolina, General Revenue Bonds, Refunding Series 2015A,
No Opt. Call
Aa3
1,441,188
   
5.000%, 10/01/45
      
40,430
  
Total Education and Civic Organizations
    
46,183,963
   
Health Care – 25.2% (17.0% of Total Investments)
      
2,750
  
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA
1/19 at 100.00
AA–
3,035,505
   
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–
5,899,057
   
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–
5,169,136
   
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–
2,263,800
   
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–
4,690,741
   
5.000%, 11/01/41
      
500
  
New Hanover County, North Carolina, Hospital Revenue Bonds, New Hanover Regional Medical
10/23 at 100.00
A+
582,715
   
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
613,752
   
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–
5,328,027
5,000
  
5.000%, 11/01/43
11/20 at 100.00
AA–
5,499,150
2,750
  
North Carolina Medical Care Commission, Health Care Facilities Refunding Revenue Bonds, Blue
1/20 at 100.00
A
2,991,670
   
Ridge HealthCare, Series 2010A, 5.000%, 1/01/36
      
2,680
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Appalachian
7/21 at 100.00
BBB+
3,147,365
   
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
2,277,880
   
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
2,360,778
   
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–
2,272,120
   
Series 2015A, 5.000%, 7/01/44
      
3,000
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Wake Forest
No Opt. Call
A
3,422,370
   
Baptist Obligated Group, Series 2012A, 5.000%, 12/01/45
      
2,375
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds, Cape
No Opt. Call
A–
2,682,373
   
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–
2,364,240
   
WakeMed, 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
3,227,571
   
Center, Refunding Series 2012, 5.000%, 6/01/32
      
3,295
  
North Carolina Medical Care Commission, Revenue Bonds, Blue Ridge Healthcare System, Series
5/16 at 100.00
AA–
3,303,633
   
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
800,783
   
Series 2008, 6.250%, 10/01/38
      
1,565
  
Onslow County Hospital Authority, North Carolina, FHA Insured Mortgage Revenue Bonds, Onslow
10/16 at 100.00
AA–
1,599,587
   
Memorial Hospital Project, Series 2006, 5.000%, 4/01/31 – NPFG Insured
      
57,730
  
Total Health Care
    
63,532,253
   
Housing/Multifamily – 1.2% (0.8% of Total Investments)
      
   
Mecklenburg County, North Carolina, FNMA Multifamily Housing Revenue Bonds, Little Rock
      
   
Apartments, Series 2003:
      
685
  
5.150%, 1/01/22 (Alternative Minimum Tax)
7/18 at 100.00
N/R
707,242
2,260
  
5.375%, 1/01/36 (Alternative Minimum Tax)
7/18 at 100.00
N/R
2,321,743
2,945
  
Total Housing/Multifamily
    
3,028,985
   
Housing/Single Family – 1.8% (1.2% of Total Investments)
      
1,095
  
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 2007-29A, 4.800%,
1/17 at 100.00
AA
1,105,939
   
7/01/33 (Alternative Minimum Tax)
      
1,995
  
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 2011-1,
1/21 at 100.00
AA
2,144,605
   
4.500%, 1/01/28
      
1,345
  
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 25-A, 4.900%,
7/16 at 100.00
AA
1,350,474
   
7/01/37 (Alternative Minimum Tax)
      
4,435
  
Total Housing/Single Family
    
4,601,018
   
Long-Term Care – 1.1% (0.7% 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
712,824
1,500
  
5.500%, 10/01/31
10/16 at 100.00
N/R
1,521,150
450
  
North Carolina Medical Care Commission, Revenue Bonds, United Methodist Retirement Homes
10/23 at 100.00
N/R
468,774
   
Inc., Refunding Series 2013A, 5.000%, 10/01/33
      
2,650
  
Total Long-Term Care
    
2,702,748
   
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
1,414,182
   
Carolina, Environmental Improvement Revenue Bonds, International Paper Company
      
   
Project, Series 2007A, 4.625%, 3/01/27
      
   
Tax Obligation/General – 7.5% (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
1,182,610
730
  
5.000%, 6/01/31
6/24 at 100.00
Aa2
858,794
   
Davidson County, North Carolina, General Obligation Bonds, Refunding Series 2016:
      
300
  
5.000%, 6/01/25
No Opt. Call
AA
383,292
1,000
  
5.000%, 6/01/27
No Opt. Call
AA
1,295,050
835
  
Durham, North Carolina, General Obligation Bonds, Refunding Series 2015, 5.000%, 10/01/26
No Opt. Call
AAA
1,089,199
   
Durham, North Carolina, General Obligation Bonds, Series 2007:
      
2,820
  
5.000%, 4/01/21
4/17 at 100.00
AAA
2,958,265
1,475
  
5.000%, 4/01/22
4/17 at 100.00
AAA
1,548,647
1,050
  
Forsyth County, North Carolina, General Obligation Bonds, Limited Obligation Series 2009,
4/20 at 100.00
AA+
1,199,247
   
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
2,634,262
   
(WI/DD, Settling 3/02/16)
      
5,100
  
Wake County, North Carolina, Limited Obligation Bonds, Series 2010, 5.000%, 1/01/37
1/20 at 100.00
AA+
5,736,939
16,330
  
Total Tax Obligation/General
    
18,886,305
   
Tax Obligation/Limited – 18.1% (12.2% 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+
1,278,184
1,600
  
5.000%, 6/01/34
6/24 at 100.00
AA+
1,875,808
2,405
  
Charlotte, North Carolina, Certificates of Participation, Transit Projects Phase 2, Refunding
6/18 at 100.00
AA+
2,598,915
   
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
2,419,992
   
5.000%, 12/01/39
      
2,085
  
Dare County, North Carolina, Installment Purchase Contract, Limited Obligation Series 2012B,
6/22 at 100.00
AA
2,415,785
   
5.000%, 6/01/28
      
   
Harnett County, North Carolina, Certificates of Participation, Series 2009:
      
1,000
  
5.000%, 6/01/28 – AGC Insured
6/19 at 100.00
AA
1,106,160
500
  
5.000%, 6/01/29 – AGC Insured
6/19 at 100.00
AA
550,820
500
  
Henderson County, North Carolina, Limited Obligation Bonds, Series 2015, 5.000%, 10/01/31
10/25 at 100.00
AA
606,930
868
  
Hillsborough, North Carolina, Special Assessment Revenue Bonds, Series 2013, 7.750%, 2/01/24
2/23 at 100.00
N/R
933,109
   
Jacksonville Public Facilities Corporation, North Carolina, Limited Obligation Bonds,
      
   
Series 2012:
      
1,065
  
5.000%, 4/01/29
4/22 at 100.00
A1
1,230,118
1,165
  
5.000%, 4/01/30
4/22 at 100.00
A1
1,341,136
1,000
  
5.000%, 4/01/31
4/22 at 100.00
A1
1,146,450
200
  
5.000%, 4/01/32
4/22 at 100.00
A1
228,196
   
North Carolina State, Limited Obligation Bonds, Refunding Series 2014C:
      
3,000
  
5.000%, 5/01/24
No Opt. Call
AA+
3,755,820
5,000
  
5.000%, 5/01/25
5/24 at 100.00
AA+
6,222,350
8,065
  
North Carolina Turnpike Authority, Monroe Connector System State Appropriation Bonds, Series
7/21 at 100.00
AA
9,252,329
   
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+
1,177,870
   
Raleigh, North Carolina, Limited Obligation Bonds, Series 2014A:
      
1,195
  
5.000%, 10/01/25
10/24 at 100.00
AA+
1,502,091
1,305
  
5.000%, 10/01/26
10/24 at 100.00
AA+
1,622,128
2,450
  
Wilmington, North Carolina, Certificates of Participation, Series 2008A, 5.000%, 6/01/29
6/18 at 100.00
AA+
2,655,188
1,750
  
Wilson County, North Carolina, Certificates of Participation, School Facilities Project,
4/17 at 100.00
Aa3
1,832,075
   
Series 2007, 5.000%, 4/01/25 – AMBAC Insured
      
39,283
  
Total Tax Obligation/Limited
    
45,751,454
   
Transportation – 23.0% (15.5% of Total Investments)
      
5,000
  
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International Refunding
7/20 at 100.00
Aa3
5,623,650
   
Series 2010A, 5.000%, 7/01/39
      
10
  
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International Refunding
7/20 at 100.00
Aa3
11,380
   
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
3,466,994
3,000
  
5.000%, 7/01/28
7/24 at 100.00
Aa3
3,596,250
1,400
  
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, Series
7/21 at 100.00
Aa3
1,540,028
   
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
1,572,716
10,000
  
North Carolina Department of Transportation, Private Activity Revenue Bonds, I-77 Hot Lanes
6/25 at 100.00
BBB–
10,576,400
   
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
3,063,717
   
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
575,260
   
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
153,936
265
  
5.375%, 1/01/26 – AGC Insured
1/19 at 100.00
AA
293,898
1,650
  
5.500%, 1/01/29 – AGC Insured
1/19 at 100.00
AA
1,825,923
7,335
  
5.750%, 1/01/39 – AGC Insured
1/19 at 100.00
AA
8,139,649
   
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
90,359
4,375
  
0.000%, 1/01/33 – AGC Insured
No Opt. Call
AA
2,429,044
2,300
  
0.000%, 1/01/34 – AGC Insured
No Opt. Call
AA
1,216,010
2,380
  
0.000%, 1/01/35 – AGC Insured
No Opt. Call
AA
1,194,165
7,575
  
0.000%, 1/01/37 – AGC Insured
No Opt. Call
AA
3,518,284
1,470
  
0.000%, 1/01/38 – AGC Insured
No Opt. Call
AA
653,885
   
Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Refunding
      
   
Series 2010A:
      
2,490
  
5.000%, 5/01/26
No Opt. Call
Aa3
2,883,071
4,125
  
5.000%, 5/01/36
5/20 at 100.00
Aa3
4,653,206
1,000
  
Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Series 2007, 5.000%,
5/17 at 100.00
AA+
1,040,500
   
5/01/37 – FGIC Insured (Alternative Minimum Tax)
      
62,195
  
Total Transportation
    
58,118,325
   
U.S. Guaranteed – 23.7% (16.0% 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)
1,973,860
1,725
  
5.250%, 10/01/38 (Pre-refunded 10/01/17)
10/17 at 100.00
N/R (4)
1,850,494
3,100
  
Brunswick County, North Carolina, Enterprise System Revenue Bonds, Series 2008A, 5.000%,
4/18 at 100.00
AA (4)
3,380,333
   
4/01/31 (Pre-refunded 4/01/18) – AGM Insured
      
   
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)
169,110
3,000
  
5.000%, 6/01/27 (Pre-refunded 6/01/17) – NPFG Insured
6/17 at 100.00
AA– (4)
3,170,820
2,225
  
Johnston Memorial Hospital Authority, North Carolina, Mortgage Revenue Bonds, Johnston
4/18 at 100.00
AA (4)
2,436,264
   
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)
449,536
   
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
127,408
180
  
6.000%, 1/01/22 – NPFG Insured (ETM)
No Opt. Call
A3 (4)
222,046
1,400
  
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2009B,
1/19 at 100.00
AAA
1,568,700
   
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
4,310,705
   
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)
2,054,674
   
Healthcare System, Refunding Series 2011A, 5.750%, 1/01/35 (Pre-refunded 1/01/21)
      
   
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)
536,815
3,425
  
5.000%, 11/01/27 (Pre-refunded 11/01/17)
11/17 at 100.00
N/R (4)
3,677,183
4,260
  
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 1986, 5.000%,
No Opt. Call
Aaa
4,826,154
   
1/01/20 (ETM)
      
1,535
  
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2012B, 5.000%,
No Opt. Call
AAA
1,814,339
   
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)
2,360,410
1,020
  
6.000%, 6/01/36 (Pre-refunded 6/01/19) – AGC Insured
6/19 at 100.00
AA (4)
1,191,890
1,135
  
Raleigh, North Carolina, Certificates of Participation, Series 2007, 5.000%, 2/01/27
2/17 at 100.00
AA+ (4)
1,183,181
   
(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)
2,423,700
   
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)
5,284,050
   
(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
10,954,086
   
12/01/36 (Pre-refunded 12/01/17)
      
   
University of North Carolina Wilmington, Certificates of Participation, Student Housing
      
   
Project Revenue Bonds, Series 2006:
      
1,000
  
5.000%, 6/01/21 (Pre-refunded 6/01/16) – FGIC Insured
6/16 at 100.00
AA– (4)
1,012,250
1,430
  
5.000%, 6/01/23 (Pre-refunded 6/01/16) – FGIC Insured
6/16 at 100.00
AA– (4)
1,447,518
1,505
  
5.000%, 6/01/24 (Pre-refunded 6/01/16) – FGIC Insured
6/16 at 100.00
AA– (4)
1,523,436
54,590
  
Total U.S. Guaranteed
    
59,948,962
   
Utilities – 3.7% (2.5% of Total Investments)
      
5,000
  
North Carolina Capital Facilities Financing Agency, Solid Waste Disposal Revenue Bond, Duke
11/20 at 100.00
Aa2
5,357,200
   
Energy Carolinas Project, Refunding Series 2008B, 4.625%, 11/01/40
      
1,100
  
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series
1/19 at 100.00
A
1,212,409
   
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
1,787,715
   
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
924,745
   
2016A, 5.000%, 1/01/30 (WI/DD, Settling 3/10/16)
      
8,360
  
Total Utilities
    
9,282,069
   
Water and Sewer – 24.0% (16.2% of Total Investments)
      
1,145
  
Brunswick County, North Carolina, Enterprise System Revenue Bonds, Refunding Series 2012A,
4/22 at 100.00
AA–
1,380,687
   
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+
468,418
1,005
  
5.000%, 8/01/35
8/18 at 100.00
AA+
1,103,691
2,135
  
Cape Fear Public Utility Authority, North Carolina, Water & Sewer System Revenue Bonds, Series
8/21 at 100.00
AA+
2,492,335
   
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
1,150,400
2,325
  
5.000%, 7/01/40
7/25 at 100.00
AAA
2,761,612
1,000
  
Charlotte, North Carolina, Water and Sewerage System Revenue Bonds, Series 2008,
7/18 at 100.00
AAA
1,088,710
   
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
4,419,198
1,250
  
5.000%, 2/01/41
2/21 at 100.00
AA
1,429,187
8,600
  
Durham, North Carolina, Utility System Revenue Bonds, Refunding Series 2011, 5.000%, 6/01/41
6/21 at 100.00
AAA
9,716,624
1,535
  
Mooresville, North Carolina, Enterprise System Revenue Bonds, Refunding Series 2012,
5/22 at 100.00
AA–
1,827,279
   
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
3,576,438
   
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–
1,320,413
   
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
697,074
2,100
  
5.750%, 6/01/36 – AGC Insured
6/21 at 100.00
AA
2,433,375
1,400
  
Onslow County, North Carolina, Combined Enterprise System Revenue Bonds, Series 2004B, 5.000%,
4/16 at 100.00
A+
1,405,726
   
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
654,775
1,600
  
5.000%, 3/01/31
3/22 at 100.00
AAA
1,887,440
   
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series 2013A:
      
5,000
  
5.000%, 3/01/28
3/23 at 100.00
AAA
6,089,750
3,785
  
5.000%, 3/01/43
3/23 at 100.00
AAA
4,384,355
9,900
  
Winston-Salem, North Carolina, Water and Sewer System Revenue Bonds, Series 2007A,
6/17 at 100.00
AAA
10,393,020
   
5.000%, 6/01/37
      
53,405
  
Total Water and Sewer
    
60,680,507
$ 343,753
  
Total Long-Term Investments (cost $345,939,109)
    
374,130,771
   
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference – (49.5)% (5)
    
(125,000,000)
   
Other Assets Less Liabilities – 1.3%
    
3,237,925
   
Net Assets Applicable to Common Shares – 100%
    
$ 252,368,696
 
 
 
 
 
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
$ —
$374,130,771
$ —
$374,130,771
 
Income Tax Information
 
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
 
As of February 29, 2016, the cost of investments was $345,716,538.
 
Gross unrealized appreciation and gross unrealized depreciation of investments as of February 29, 2016, were as follows:
   
Gross unrealized:
  
Appreciation
$28,469,112
Depreciation
(54,879)
Net unrealized appreciation (depreciation) of investments
$28,414,233
 
     
(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 Preference as a percentage of Total
   
Investments is 33.4%.
(ETM)
  
Escrowed to maturity.
(WI/DD)
  
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
 
 
 
 
 
Item 2. Controls and Procedures.

a.  
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
 
b.  
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
 
Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See EX-99 CERT attached hereto.

 
 
 
 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
(Registrant)  Nuveen North Carolina Premium Income Municipal Fund 
 
By (Signature and Title) /s/ Kevin J. McCarthy                    
       Kevin J. McCarthy
     Vice President and Secretary
                                         
Date:         April 29, 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/ Gifford R. Zimmerman            
       Gifford R. Zimmerman
     Chief Administrative Officer (principal executive officer)
                        
Date:         April 29, 2016        
 
By (Signature and Title) /s/ Stephen D. Foy                         
 
     Stephen D. Foy
     Vice President and Controller (principal financial officer)
                                                                                         
Date:         April 29, 2016