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:         2/28/10         
 
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)       
  February 28, 2010       
Principal    Optional Call     
Amount (000)  Description (1)  Provisions (2)  Ratings (3)  Value 
  Education and Civic Organizations – 22.0% (14.3% of Total Investments)       
$    2,500  North Carolina Capital Facilities Financing Agency, Revenue Bonds, Duke University, Series  10/15 at 100.00  AA+  $   2,576,725 
  2005A, 5.000%, 10/01/41 (UB)       
970  North Carolina Capital Facilities Financing Agency, Revenue Bonds, Johnson and Wales  4/13 at 100.00  N/R  970,446 
  University, Series 2003A, 5.250%, 4/01/23 – SYNCORA GTY Insured       
2,285  North Carolina State University at Raleigh, General Revenue Bonds, Series 2003A,  10/13 at 100.00  AA  2,564,181 
  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  1,729,390 
  AMBAC Insured       
580  University of North Carolina System, Pooled Revenue Refunding Bonds, Series 2002A, 5.375%,  10/12 at 100.00  A+  600,375 
  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  1,507,320 
1,505  5.000%, 6/01/24 – FGIC Insured  6/16 at 100.00  A  1,577,375 
  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+  2,568,448 
2,725  5.000%, 12/01/21  12/13 at 100.00  AA+  2,980,687 
1,500  5.000%, 12/01/23  12/13 at 100.00  AA+  1,637,580 
1,675  University of North Carolina, Wilmington, General Revenue Bonds, Series 2002A, 5.000%,  1/12 at 101.00  A2  1,695,703 
  1/01/23 – AMBAC Insured       
19,080  Total Education and Civic Organizations      20,408,230 
  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  1,511,835 
  2003, 6.125%, 7/01/22 (Alternative Minimum Tax)       
  Health Care – 22.4% (14.6% of Total Investments)       
1,145  Albemarle Hospital Authority, North Carolina, Health Care Facilities Revenue Bonds, Series  10/17 at 100.00  N/R  1,035,080 
  2007, 5.250%, 10/01/27       
1,000  Johnston Memorial Hospital Authority, North Carolina, Mortgage Revenue Bonds, Johnston  4/18 at 100.00  AAA  1,021,100 
  Memorial Hospital Project, Series 2008A, 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  230,735 
  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  947,112 
  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+  2,088,600 
  Obligated Group, Series 2003A, 5.000%, 11/01/19       
2,000  North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Stanly Memorial  4/10 at 101.00  BBB+  2,005,120 
  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  1,020,670 
550  5.500%, 1/01/20  1/12 at 100.00  A  559,999 
1,750  5.375%, 1/01/32  1/12 at 100.00  A  1,750,018 
3,000  North Carolina Medical Care Commission, Hospital Revenue Bonds, Southeastern Regional Medical  6/12 at 101.00  A  2,910,720 
  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–  1,455,345 
  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+  1,379,920 
  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  614,934 
500  5.250%, 7/01/22 – AMBAC Insured  7/14 at 100.00  A  508,310 
300  Northern Hospital District of Surry County, North Carolina, Health Care Facilities Revenue  4/18 at 100.00  BBB  303,393 
  Bonds, Series 2008, 6.250%, 10/01/38       
665  Onslow County Hospital Authority, North Carolina, FHA Insured Mortgage Revenue Bonds, Onslow  10/16 at 100.00  A  666,450 
  Memorial Hospital Project, Series 2006, 5.000%, 4/01/31 – NPFG Insured       
2,300  The Charlotte-Mecklenberg Hospital Authority, North Carolina, Doing Business as Carolinas  1/18 at 100.00  AA–  2,310,281 
  HealthCare System, Health Care Refunding Revenue Bonds, Series 2008A, 5.000%, 1/15/47       
20,850  Total Health Care      20,807,787 
  Housing/Multifamily – 4.6% (3.0% of Total Investments)       
1,000  Asheville Housing Authority, North Carolina, GNMA-Collateralized Multifamily Housing Revenue  5/10 at 100.00  AAA  1,000,430 
  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  2,349,426 
  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  912,630 
  State University, Series 2003A, 5.000%, 6/01/28 – AMBAC Insured       
4,290  Total Housing/Multifamily      4,262,486 
  Housing/Single Family – 6.5% (4.2% of Total Investments)       
970  North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement,  7/10 at 100.00  AA  971,086 
  Series 10A, 5.400%, 7/01/32 – AMBAC Insured (Alternative Minimum Tax)       
2,125  North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement,  7/10 at 100.00  AA  2,126,976 
  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  965,880 
  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  797,214 
  7/01/37 (Alternative Minimum Tax)       
1,140  North Carolina Housing Finance Agency, Single Family Revenue Bonds, Series 1996HH, 6.300%,  3/10 at 100.00  AA  1,149,667 
  3/01/26 (Alternative Minimum Tax)       
6,060  Total Housing/Single Family      6,010,823 
  Long-Term Care – 0.4% (0.2% of Total Investments)       
375  North Carolina Medical Care Commission, Revenue Bonds, Pines at Davidson, Series 2006A,  1/16 at 100.00  N/R  343,001 
  5.000%, 1/01/36       
  Materials – 0.4% (0.3% of Total Investments)       
500  Columbus County Industrial Facilities and Pollution Control Financing Authority, North  3/17 at 100.00  BBB  418,390 
  Carolina, Environmental Improvement Revenue Bonds, International Paper Company Project,       
  Series 2007A, 4.625%, 3/01/27       
  Tax Obligation/General – 12.4% (8.1% 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  2,085,558 
  AMBAC Insured       
4,285  Durham County, North Carolina, General Obligation Bonds, Series 2002B, 5.000%, 4/01/16  4/12 at 100.00  AAA  4,673,092 
1,820  Durham, North Carolina, General Obligation Bonds, Series 2007, 5.000%, 4/01/21  4/17 at 100.00  AAA  2,063,516 
500  North Carolina, General Obligation Bonds, Series 2004A, 5.000%, 3/01/22  3/14 at 100.00  AAA  547,055 
2,000  Wake County, North Carolina, Limited Obligation Bonds, Series 2010, 5.000%, 1/01/37  1/20 at 100.00  AA+  2,099,020 
10,495  Total Tax Obligation/General      11,468,241 
  Tax Obligation/Limited – 39.4% (25.7% 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  1,418,950 
1,800  Catawba County, North Carolina, Certificates of Participation, Series 2004, 5.250%, 6/01/21 –  6/14 at 100.00  Aa3  1,907,550 
  NPFG Insured       
1,700  Charlotte, North Carolina, Certificates of Participation, Governmental Facilities Projects,  6/13 at 100.00  AA+  1,792,837 
  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+  1,447,096 
  5.000%, 6/01/39       
950  Charlotte, North Carolina, Certificates of Participation, Transit Projects Phase 2, Series  6/18 at 100.00  AA+  981,749 
  2008A, 5.000%, 6/01/33       
1,500  Charlotte, North Carolina, Certificates of Participation, Transit Projects, Series 2003A,  6/13 at 100.00  AA+  1,535,925 
  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  1,156,470 
1,750  5.000%, 6/01/25  6/12 at 101.00  AAA  1,887,515 
1,400  Craven County, North Carolina, Certificates of Participation, Series 2007, 5.000%, 6/01/27 –  6/17 at 100.00  AA–  1,458,716 
  NPFG Insured       
1,000  Davidson County, North Carolina, Certificates of Participation, Series 2004, 5.250%, 6/01/14 –  No Opt. Call  A+  1,128,110 
  AMBAC Insured       
750  Harnett County, North Carolina, Certificates of Participation, Series 2009, 5.000%, 6/01/28 –  6/19 at 100.00  AAA  791,483 
  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  1,861,650 
500  5.250%, 4/01/20 – AGM Insured  4/14 at 100.00  AAA  535,835 
1,000  5.250%, 4/01/22 – AGM Insured  4/14 at 100.00  AAA  1,062,490 
200  Mecklenburg County, North Carolina, Certificates of Participation, Series 2009A,  No Opt. Call  AA+  215,512 
  5.000%, 2/01/27       
2,600  North Carolina Infrastructure Finance Corporation, Certificates of Participation, Capital  2/15 at 100.00  AA+  2,828,410 
  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+  1,578,990 
  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+  1,604,835 
  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+  1,195,732 
1,000  5.250%, 6/01/23  6/13 at 100.00  AA+  1,051,650 
2,000  Puerto Rico Highway and Transportation Authority, Grant Anticipation Revenue Bonds, Series  3/14 at 100.00  A+  2,006,120 
  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+  701,411 
  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+  302,804 
1,000  Randolph County, North Carolina, Certificates of Participation, Series 2004, 5.000%, 6/01/20 –  6/14 at 102.00  AAA  1,081,490 
  AGM Insured       
1,000  Rutherford County, North Carolina, Certificates of Participation, Series 2007, 5.000%,  12/17 at 100.00  AAA  1,058,590 
  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  1,987,908 
  AGM Insured (UB)       
1,200  Wilmington, North Carolina, Certificates of Participation, Series 2008A, 5.000%, 6/01/29  6/18 at 100.00  AA  1,268,088 
700  Wilson County, North Carolina, Certificates of Participation, School Facilities Project,  4/17 at 100.00  A2  727,069 
  Series 2007, 5.000%, 4/01/25 – AMBAC Insured       
37,585  Total Tax Obligation/Limited      36,574,985 
  Transportation – 12.5% (8.1% of Total Investments)       
  Charlotte, North Carolina, Airport Revenue Bonds, Series 2004A:       
600  5.250%, 7/01/24 – NPFG Insured  7/14 at 100.00  A+  644,730 
2,710  5.000%, 7/01/29 – NPFG Insured  7/14 at 100.00  A+  2,760,650 
2,500  Charlotte, North Carolina, Airport Revenue Bonds, Series 2010A, 5.000%, 7/01/39  7/20 at 100.00  A+  2,515,900 
1,020  North Carolina State Ports Authority, Port Facilities Revenue Bonds, Senior Lien Series 2010A,  2/20 at 100.00  A3  1,026,161 
  5.250%, 2/01/40 (WI/DD, Settling 3/11/10)       
600  North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Revenue Bonds,  1/19 at 100.00  AAA  639,318 
  Series 2009A, 5.750%, 1/01/39 – AGC Insured       
4,230  North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Revenue Bonds,  No Opt. Call  AAA  1,153,225 
  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  530,005 
  7/01/20 – SYNCORA GTY Insured       
2,250  Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Series 2001A, 5.250%,  5/11 at 101.00  Aa3  2,334,330 
  11/01/16 – FGIC Insured       
14,410  Total Transportation      11,604,319 
  U.S. Guaranteed – 11.4% (7.5% 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)  1,660,769 
  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)  857,657 
  5.000%, 11/01/24 (Pre-refunded 11/01/14)       
4,260  North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 1986,  No Opt. Call  AAA  4,909,352 
  5.000%, 1/01/20 (ETM)       
500  North Carolina, General Obligation Bonds, Series 2000A, 5.100%, 9/01/16 (Pre-refunded 9/01/10)  9/10 at 102.00  AAA  522,750 
420  University of North Carolina System, Pooled Revenue Refunding Bonds, Series 2002A, 5.375%,  10/12 at 100.00  N/R (4)  469,925 
  4/01/22 (Pre-refunded 10/01/12) – AMBAC Insured       
2,000  Winston-Salem, North Carolina, Water and Sewerage System Revenue Bonds, Series 2002A, 5.000%,  6/12 at 100.00  AAA  2,191,280 
  6/01/18 (Pre-refunded 6/01/12)       
9,445  Total U.S. Guaranteed      10,611,733 
  Utilities – 9.2% (6.0% of Total Investments)       
25  North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2003C,  1/13 at 100.00  A–  26,891 
  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–  3,237,180 
  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–  1,064,010 
  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  7/10 at 100.00  Baa1  15,025 
105  5.500%, 1/01/21  7/10 at 100.00  A–  105,113 
165  6.000%, 1/01/22 – FGIC Insured  No Opt. Call  Baa1  193,161 
575  North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series  1/19 at 100.00  A  589,007 
  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  2,204,120 
  1/01/15 – AMBAC Insured       
1,000  Wake County Industrial Facilities and Pollution Control Financing Authority, North Carolina,  2/12 at 101.00  A1  1,067,110 
  Revenue Refunding Bonds, Carolina Power and Light Company, Series 2002, 5.375%, 2/01/17       
7,885  Total Utilities      8,501,617 
  Water and Sewer – 10.6% (6.9% of Total Investments)       
1,605  Broad River Water Authority, North Carolina, Water System Revenue Bonds, Series 2005, 5.000%,  6/15 at 100.00  Baa2  1,636,330 
  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  518,505 
  4/01/31 – AGM Insured       
50  Charlotte, North Carolina, Water and Sewerage System Revenue Bonds, Series 2001,  6/11 at 101.00  AAA  52,010 
  5.125%, 6/01/26       
1,295  Greensboro, North Carolina, Combined Enterprise System Revenue Bonds, Series 2005A,  6/15 at 100.00  AAA  1,385,974 
  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  596,277 
1,000  6.000%, 6/01/36 – AGC Insured  6/19 at 100.00  AAA  1,077,180 
500  Onslow County, North Carolina, Combined Enterprise System Revenue Bonds, Series 2004B, 5.000%,  6/14 at 100.00  A  521,105 
  6/01/23 – SYNCORA GTY Insured       
3,865  Winston-Salem, North Carolina, Water and Sewer System Revenue Bonds, Series 2007A,  6/17 at 100.00  AAA  4,040,587 
  5.000%, 6/01/37 (UB)       
9,365  Total Water and Sewer      9,827,968 
$     141,840  Total Investments (cost $137,592,872) – 153.4%      142,351,415 
  Floating Rate Obligations – (5.6)%      (5,195,000)
  MuniFund Term Preferred Shares, at Liquidation Value – (26.2)% (5)      (24,300,000)
  Other Assets Less Liabilities – 1.6%      1,507,147 
  Auction Rate Preferred Shares, at Liquidation Value – (23.2)% (5)      (21,550,000)
  Net Assets Applicable to Common Shares – 100%      $ 92,813,562 

 
 
 

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 methodology 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 February 28, 2010:

  Level 1  Level 2  Level 3  Total 
Investments:         
Municipal Bonds  $ —  $142,351,415  $ —  $142,351,415 

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 February 28, 2010, the cost of investments was $132,406,867.

Gross unrealized appreciation and gross unrealized depreciation of investments at February 28, 2010, were as follows:

Gross unrealized:   
  Appreciation  $5,420,603 
  Depreciation  (670,140)
Net unrealized appreciation (depreciation) of investments  $4,750,463 

(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 Group (“Standard & Poor’s”) or Moody’s Investor Service, 
  Inc. (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s are considered to be 
  below investment grade. 
(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 are 17.1% and 15.1%, 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         April 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         April 29, 2010        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date        April 29, 2010