nvq
 

 
 
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)
     333 West Wacker Drive, Chicago, Illinois 60606     
(Address of principal executive offices) (Zip code)
Jessica R. Droeger—Vice President and Secretary
     333 West Wacker Drive, Chicago, Illinois 60606     
(Name and address of agent for service)
Registrant’s telephone number, including area code:      312-917-7700     
Date of fiscal year end:      5/31     
Date of reporting period:      2/28/06     
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
 
 

 

 

Item 1. Schedule of Investments
     
 
Portfolio of Investments (Unaudited)

Nuveen North Carolina Premium Income Municipal Fund (NNC)
February 28, 2006		  
                     
Principal       Optional Call      
Amount (000)   Description (1)   Provisions (2)   Ratings (3)   Value
 
                    
    Education and Civic Organizations - 27.1% (18.3% of Total Investments)            
 
                    
$1,000
  North Carolina Capital Facilities Financing Agency, Housing Revenue Bonds, Elizabeth City State University, Series 2003A, 5.000%, 6/01/28 - AMBAC Insured   6/13 at 100.00   AAA   $ 1,049,220  
 
                    
970
  North Carolina Capital Facilities Financing Agency, Revenue Bonds, Johnson and Wales University, Series 2003A, 5.250%, 4/01/23 - XLCA Insured   4/13 at 100.00   AAA     1,038,928  
 
                    
5,875
  North Carolina Education Assistance Authority, Subordinate Lien Guaranteed Student Loan Revenue Bonds, Series 1996C, 6.350%, 7/01/16 (Alternative Minimum Tax)   7/06 at 102.00   A     6,027,746  
 
                    
3,285
  North Carolina State University at Raleigh, General Revenue Bonds, Series 2003A, 5.000%, 10/01/15   10/13 at 100.00   AA     3,544,548  
 
                    
750
  University of North Carolina System, Pooled Revenue Bonds, Series 2004C, 5.000%, 4/01/21 - AMBAC Insured   4/14 at 100.00   Aaa     800,580  
 
                    
1,530
  University of North Carolina System, Pooled Revenue Bonds, Series 2005A, 5.000%, 4/01/15 - AMBAC Insured   No Opt. Call   AAA     1,668,128  
 
                    
1,000
  University of North Carolina System, Pooled Revenue Refunding Bonds, Series 2002A, 5.375%, 4/01/22 - AMBAC Insured   10/12 at 100.00   AAA     1,092,560  
 
                    
 
  University of North Carolina, Chapel Hill, System Net Revenue Bonds, Series 2003:                
2,380
  5.000%, 12/01/19   12/13 at 100.00   AA+     2,562,760  
2,725
  5.000%, 12/01/21   12/13 at 100.00   AA+     2,909,374  
1,500
  5.000%, 12/01/23   12/13 at 100.00   AA+     1,601,490  
 
                    
1,200
  University of North Carolina, Charlotte, Certificates of Participation, Student Housing Project, Series 2005, 5.000%, 3/01/31 - AMBAC Insured   3/15 at 100.00   AAA     1,261,728  
 
                    
1,675
  University of North Carolina, Wilmington, General Revenue Bonds, Series 2002A, 5.000%, 1/01/23 - AMBAC Insured   1/12 at 101.00   Aaa     1,780,274  
 
                    
23,890
   Total Education and Civic Organizations             25,337,336  
 
                    
 
  Energy - 1.8% (1.3% of Total Investments)                
 
                    
1,500
  Virgin Islands Public Finance Authority, Revenue Bonds, Refinery Project - Hovensa LLC, Series 2003, 6.125%, 7/01/22 (Alternative Minimum Tax)   1/14 at 100.00   BBB     1,650,615  
 
                    
 
  Health Care - 22.3% (14.9% of Total Investments)                
 
                    
250
  Charlotte-Mecklenburg Hospital Authority, North Carolina, Healthcare System Revenue Bonds, DBA Carolinas Healthcare System, Series 2005A, 5.000%, 1/15/45   1/15 at 100.00   AA     256,788  
 
                    
5,000
  North Carolina Medical Care Commission, Health System Revenue Bonds, Mission St. Joseph’s Health System, Series 2001, 5.250%, 10/01/31   10/11 at 101.00   AA     5,246,500  
 
                    
2,000
  North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Novant Health Obligated Group, Series 2003A, 5.000%, 11/01/19   11/13 at 100.00   AA-     2,103,940  

 

 

                     
Principal                
Amount       Optional Call       Market
(000)   Description (1)   Provisions (2)   Ratings (3)   Value
 
                    
 
  Health Care (continued)                
 
                    
$2,000
  North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Stanly Memorial Hospital, Series 1999, 6.375%, 10/01/29   10/09 at 101.00   A-   $ 2,131,480  
 
                    
 
  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     1,062,140  
550
  5.500%, 1/01/20   1/12 at 100.00   A     583,011  
1,750
  5.375%, 1/01/32   1/12 at 100.00   A     1,809,623  
 
                    
1,615
  North Carolina Medical Care Commission, Hospital Revenue Bonds, FirstHealth of the Carolinas Inc., Series 1998, 4.750%, 10/01/26   10/08 at 101.00   AA     1,632,846  
 
                    
3,000
  North Carolina Medical Care Commission, Hospital Revenue Bonds, Southeastern Regional Medical Center, Series 2002, 5.375%, 6/01/32   6/12 at 101.00   A     3,119,340  
 
                    
800
  North Carolina Medical Care Commission, Revenue Bonds, Blue Ridge Healthcare System, Series 2005, 5.000%, 1/01/33 - FGIC Insured   1/15 at 100.00   AAA     835,392  
 
                    
 
  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   AAA     650,064  
500
  5.250%, 7/01/22 - AMBAC Insured   7/14 at 100.00   AAA     540,615  
 
                    
735
   North Carolina Medical Care Commission, Revenue Bonds, Northeast Medical Center, Series 2004, 5.000%, 11/01/24   11/14 at 100.00   AA     768,634  
 
                    
19,800
  Total Health Care             20,740,373  
 
                    
 
  Housing/Multifamily - 5.5% (3.7% of Total Investments)                
 
                    
1,000
  Asheville Housing Authority, North Carolina, GNMA Collateralized Multifamily Housing Revenue Bonds, Woodridge Apartments, Series 1997, 5.800%, 11/20/39 (Alternative Minimum Tax)   11/07 at 102.00   AA     1,024,290  
 
                    
1,000
  Charlotte, North Carolina, FHA-Insured Mortgage Revenue Refunding Bonds, Tryon Hills Apartments, Series 1993A, 5.875%, 1/01/25 - MBIA Insured   7/06 at 102.00   AAA     1,029,430  
 
                    
2,290
  Mecklenburg County, North Carolina, FNMA Multifamily Housing Revenue Bonds, Little Rock Apartments, Series 2003, 5.375%, 1/01/36 (Alternative Minimum Tax)   7/13 at 105.00   AAA     2,391,859  
 
                    
 
  North Carolina Housing Finance Agency, FHA-Insured Multifamily Revenue Bonds, Series 1993:                
230
  5.800%, 7/01/14   7/06 at 100.00   Aa2     230,306  
435
  5.900%, 7/01/26   7/06 at 100.00   Aa2     435,431  
 
                    
4,955
   Total Housing/Multifamily             5,111,316  
 
                    
 
  Housing/Single Family - 9.0% (6.0% of Total Investments)                
 
                    
1,180
  North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement, Series 10A, 5.400%, 7/01/32 - AMBAC Insured (Alternative Minimum Tax)   7/10 at 100.00   AAA     1,205,464  
 
                    
4,985
  North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement, Series 6A, 6.200%, 1/01/29 (Alternative Minimum Tax)   7/09 at 100.00   AA     5,173,283  
 
                    
1,945
  North Carolina Housing Finance Agency, Single Family Revenue Bonds, Series 1996HH, 6.300%, 3/01/26 (Alternative Minimum Tax)   3/06 at 102.00   AA     1,985,534  
 
                    
8,110
   Total Housing/Single Family             8,364,281  
 
                    
 
  Industrials - 1.5% (1.0% of Total Investments)                
 
                    
1,400
  North Carolina Capital Facilities Financing Agency, Exempt Facilities Revenue Bonds, Waste Management Inc., Series 2001, 3.750%, 8/01/14 (Mandatory put 8/01/07) (Alternative Minimum Tax)   8/14 at 100.00   BBB     1,393,112  
 
                    
 
  Long-Term Care - 0.3% (0.2% of Total Investments)                
 
                    
250
  North Carolina Medical Care Commission, Revenue Bonds, United Church Homes and Services, Series 2005A, 5.250%, 9/01/21   9/15 at 100.00   N/R     257,258  

 

 

                     
Principal                
Amount       Optional Call       Market
(000)   Description (1)   Provisions (2)   Ratings (3)   Value
 
  Materials - 3.8% (2.6% of Total Investments)                
 
                    
$1,425
  Gaston County Industrial Facilities and Pollution Control Financing Authority, North Carolina, National Gypsum Company Project Exempt Facilities Revenue Bonds, Series 2005, 5.750%, 8/01/35 (Alternative Minimum Tax)   8/15 at 100.00   N/R   $ 1,500,226  
 
                    
2,000
  Haywood County Industrial Facilities and Pollution Control Financing Authority, North Carolina, Pollution Control Revenue Refunding Bonds, Champion International Corporation, Series 1995, 6.000%, 3/01/20   3/06 at 102.00   Baa3     2,042,640  
 
                    
3,425
   Total Materials             3,542,866  
 
                    
 
  Tax Obligation/General - 8.8% (5.9% of Total Investments)                
 
                    
1,890
  Craven County, North Carolina, General Obligation Bonds, Series 2002, 5.000%, 5/01/21 - AMBAC Insured   5/12 at 101.00   AAA     2,012,226  
 
                    
4,285
  Durham County, North Carolina, General Obligation Bonds, Series 2002B, 5.000%, 4/01/16   4/12 at 100.00   AAA     4,590,521  
 
                    
1,000
  Johnston County, North Carolina, General Obligation Bonds, Series 2001, 5.000%, 6/01/16 - FGIC Insured   6/11 at 102.00   AAA     1,076,740  
 
                    
500
  North Carolina, General Obligation Bonds, Series 2004A, 5.000%, 3/01/22   3/14 at 100.00   AAA     535,920  
 
                    
7,675
   Total Tax Obligation/General             8,215,407  
 
                    
 
  Tax Obligation/Limited - 30.4% (20.4% 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-     1,423,752  
 
                    
1,800
  Catawba County, North Carolina, Certificates of Participation, Series 2004, 5.250%, 6/01/21 - MBIA Insured   6/14 at 100.00   Aaa     1,953,504  
 
                    
 
  Charlotte, North Carolina, Certificates of Participation, Governmental Facilities Projects, Series 2003G:                
1,145
  5.000%, 6/01/18   6/13 at 100.00   AA+     1,206,555  
1,700
  5.375%, 6/01/26   6/13 at 100.00   AA+     1,824,848  
 
                    
 
  Charlotte, North Carolina, Storm Water Fee Revenue Bonds, Series 2002:                
1,050
  5.250%, 6/01/20   6/12 at 101.00   AA+     1,143,797  
1,750
  5.000%, 6/01/25   6/12 at 101.00   AA+     1,857,048  
 
                    
2,180
  Concord, North Carolina, Certificates of Participation, Series 1996A, 6.125%, 6/01/21 - MBIA Insured   6/06 at 102.00   AAA     2,237,988  
 
                    
1,000
  Davidson County, North Carolina, Certificates of Participation, Series 2004, 5.250%, 6/01/14 - AMBAC Insured   No Opt. Call   AAA     1,098,030  
 
                    
750
  Johnston County Finance Corporation, North Carolina, Installment Payment Revenue Bonds, School and Museum Projects, Series 1999, 5.250%, 8/01/21 - FSA Insured   8/09 at 101.00   AAA     793,913  
 
                    
 
  Lee County, North Carolina, Certificates of Participation, Public Schools and Community College, Series 2004:                
1,715
  5.250%, 4/01/18 - FSA Insured   4/14 at 100.00   AAA     1,864,977  
500
  5.250%, 4/01/20 - FSA Insured   4/14 at 100.00   AAA     542,645  
1,000
  5.250%, 4/01/22 - FSA Insured   4/14 at 100.00   AAA     1,082,410  

 

 

                     
Principal                
Amount       Optional Call       Market
(000)   Description (1)   Provisions (2)   Ratings (3)   Value
 
  Tax Obligation/Limited (continued)                
 
                    
 
  North Carolina Infrastructure Finance Corporation, Certificates of Participation, Correctional Facilities, Series 2004A:                
$2,500
  5.000%, 2/01/19   2/14 at 100.00   AA+   $ 2,640,450  
1,500
  5.000%, 2/01/23   2/14 at 100.00   AA+     1,571,895  
 
                    
1,500
  North Carolina, Certificates of Participation, Repair and Renovation Project, Series 2004B, 5.000%, 6/01/20   6/14 at 100.00   AA+     1,582,920  
 
                    
 
  North Carolina, Certificates of Participation, Series 2003:                
1,130
  5.250%, 6/01/21   6/13 at 100.00   AA+     1,207,868  
1,000
  5.250%, 6/01/23   6/13 at 100.00   AA+     1,066,330  
 
                    
2,000
  Puerto Rico Highway and Transportation Authority, Grant Anticipation Revenue Bonds, Series 2004, 5.000%, 9/15/21 - MBIA Insured   3/14 at 100.00   AAA     2,141,380  
 
                    
1,000
  Randolph County, North Carolina, Certificates of Participation, Series 2004, 5.000%, 6/01/20 - FSA Insured   6/14 at 102.00   AAA     1,076,860  
 
                    
26,550
   Total Tax Obligation/Limited             28,317,170  
 
                    
 
  Transportation - 6.5% (4.3% of Total Investments)                
 
                    
600
  Charlotte, North Carolina, Airport Revenue Bonds, Series 2004A, 5.250%, 7/01/24 - MBIA Insured   7/14 at 100.00   AAA     648,516  
 
                    
500
  Piedmont Triad Airport Authority, North Carolina, Airport Revenue Bonds, Series 2005A, 5.000%, 7/01/20 - XLCA Insured   7/15 at 100.00   AAA     534,405  
 
                    
2,250
  Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Series 2001A, 5.250%, 11/01/16 - FGIC Insured   5/11 at 101.00   Aaa     2,419,155  
 
                    
2,300
  Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Series 2005A, 5.000%, 5/01/30 - AMBAC Insured   5/15 at 100.00   Aaa     2,427,121  
 
                    
5,650
   Total Transportation             6,029,197  
 
                    
 
  U.S. Guaranteed - 11.6% (7.8% of Total Investments) (4)                
 
                    
2,000
  Charlotte, North Carolina, Storm Water Fee Revenue Bonds, Series 2000, 6.000%, 6/01/25 (Pre-refunded 6/01/10)   6/10 at 101.00   AA+ (4)     2,212,680  
 
                    
1,485
  North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 1980, 10.500%, 1/01/10 (ETM)   No Opt. Call   AAA     1,713,942  
 
                    
4,260
  North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 1986, 5.000%, 1/01/20 (ETM)   No Opt. Call   AAA     4,741,891  
 
                    
2,000
  North Carolina, General Obligation Bonds, Series 2000A, 5.100%, 9/01/16 (Pre-refunded 9/01/10)   9/10 at 102.00   AAA     2,166,420  
 
                    
9,745
   Total U.S. Guaranteed             10,834,933  
 
                    
 
  Utilities - 12.9% (8.6% of Total Investments)                
 
                    
3,000
  North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2003F, 5.500%, 1/01/15   1/13 at 100.00   BBB     3,254,700  
 
                    
1,000
  North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2005, 5.250%, 1/01/20 - AMBAC Insured   1/16 at 100.00   AAA     1,100,390  
 
                    
4,000
  North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 1999B, 6.500%, 1/01/20   1/10 at 101.00   A3     4,386,160  
 
                    
2,000
  North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A, 5.250%, 1/01/15 - AMBAC Insured   1/13 at 100.00   AAA     2,173,800  
 
                    
1,000
  Wake County Industrial Facilities and Pollution Control Financing Authority, North Carolina, Revenue Refunding Bonds, Carolina Power and Light Company, Series 2002, 5.375%, 2/01/17   2/12 at 101.00   A3     1,067,500  
11,000
  Total Utilities             11,982,550  
 
                    
 
  Water and Sewer - 7.5% (5.0% of Total Investments)                
 
                    
1,605
  Broad River Water Authority, North Carolina, Water System Revenue Bonds, Series 2005, 5.000%, 6/01/20 - XLCA Insured   6/15 at 100.00   Aaa     1,714,622  
 
                    
1,295
  Greensboro, North Carolina, Combined Enterprise System Revenue Bonds, Series 2005A, 5.000%, 6/01/26   6/15 at 100.00   AA+     1,373,192  
 
                    
500
  Onslow County, North Carolina, Combined Enterprise System Revenue Bonds, Series 2004B, 5.000%, 6/01/23 - XLCA Insured   6/14 at 100.00   AAA     528,890  
 
                    
2,000
  Winston-Salem, North Carolina, Water and Sewerage System Revenue Bonds, Series 2002A, 5.000%, 6/01/18   6/12 at 100.00   AAA     2,127,300  
 
                    
1,170
  Winston-Salem, North Carolina, Water and Sewerage System Revenue Bonds, Series 2005, 5.000%, 6/01/20   6/15 at 100.00   AAA     1,263,951  
 
                    
6,570
  Total Water and Sewer             7,007,955  
 
                    

 

 

                     
Principal                
Amount       Optional Call       Market
(000)   Description (1)   Provisions (2)   Ratings (3)   Value
 
$130,520
   Total Investments (cost $133,636,507) - 149.0%             138,784,369  
 
                    
   
     
 
  Other Assets Less Liabilities - 1.2%             1,152,739  
   
 
     
 
  Preferred Shares, at Liquidation Value - (50.2)%             (46,800,000 )
     
   
 
     
 
  Net Assets Applicable to Common Shares - 100%           $ 93,137,108  
   
 
       
 
(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 higher of Standard & Poor’s or Moody’s rating. Ratings below BBB by Standard & Poor’s Group or Baa by Moody’s Investor Service, Inc. are considered to be below investment grade.
 
 
    
 
(4)
  Investment is 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.
 
 
    
 
N/R
  Investment is not rated.
 
 
    
 
(ETM)
  Investment is escrowed to maturity.
 
 
    
 
 
  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 the treatment of paydown gains and losses, timing differences in recognizing taxable market discount and timing differences in recognizing certain gains and losses on investment transactions.
 
 
    
 
 
  At February 28, 2006, the cost of investments was $133,628,563.
 
 
    
 
 
  Gross unrealized appreciation and gross unrealized depreciation of investments at February 28, 2006, were as follows:
                     
     
 
   Gross unrealized:                
 
  
Appreciation
           $ 5,219,855  
 
  
Depreciation
             (64,049 )
 
                    
     
 
                    
 
  
Net unrealized appreciation (depreciation) of investments
           $ 5,155,806  
 
                    
     

 

 

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: 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/ Jessica R. Droeger    
  Jessica R. Droeger   
  Vice President and Secretary   
 
Date April 28, 2006
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 28, 2006
         
     
By (Signature and Title)*  /s/ Stephen D. Foy    
  Stephen D. Foy   
  Vice President and Controller (principal financial officer)   
 
Date April 28, 2006
 
*   Print the name and title of each signing officer under his or her signature.