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 811-7608
 
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:         8/31/12         
 
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, 2012 
      
Principal 
    
Optional Call 
    
Amount 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Consumer Staples – 0.8% (0.5% of Total Investments) 
      
$ 2,000 
  
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, 
11/12 at 100.00 
BBB 
$ 1,999,920 
   
Series 2002, 5.500%, 5/15/39 
      
   
Education and Civic Organizations – 6.3% (4.0% of Total Investments) 
      
30 
  
Appalachian State University, North Carolina, Revenue Bonds, Series 2005, 5.250%, 7/15/17 – 
No Opt. Call 
Aa2 
35,851 
   
NPFG Insured 
      
1,500 
  
Fayetteville State University, North Carolina, Limited Obligation Revenue Bonds, Student 
4/21 at 100.00 
AA– 
1,640,505 
   
Housing Project, Series 2011, 5.000%, 4/01/43 – AGM Insured 
      
2,500 
  
North Carolina Capital Facilities Financing Agency, Revenue Bonds, Duke University, Series 
10/15 at 100.00 
AA+ 
2,739,100 
   
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 
981,562 
1,650 
  
5.000%, 4/01/33 – SYNCORA GTY Insured 
4/13 at 100.00 
N/R 
1,661,121 
1,500 
  
North Carolina Captial Facilities Finance Agency, Revenue Bonds, The Methodist Univerity, 
3/22 at 100.00 
BBB 
1,624,365 
   
Series 2012, 5.000%, 3/01/34 
      
   
University of North Carolina System, Pooled Revenue Bonds, Series 2005A: 
      
1,530 
  
5.000%, 4/01/15 – AMBAC Insured 
No Opt. Call 
A+ 
1,705,154 
1,000 
  
5.000%, 4/01/22 – AMBAC Insured 
4/15 at 100.00 
A+ 
1,087,680 
   
University of North Carolina Wilmington, Certificates of Participation, Student Housing 
      
   
Project Revenue Bonds, Series 2006: 
      
1,000 
  
5.000%, 6/01/21 – FGIC Insured 
6/16 at 100.00 
A– 
1,092,340 
1,430 
  
5.000%, 6/01/23 – FGIC Insured 
6/16 at 100.00 
A– 
1,546,702 
1,505 
  
5.000%, 6/01/24 – FGIC Insured 
6/16 at 100.00 
A– 
1,623,248 
250 
  
University of North Carolina, Charlotte, Certificates of Participation, Student Housing 
3/15 at 100.00 
A 
268,163 
   
Project, Series 2005, 5.000%, 3/01/21 – AMBAC Insured 
      
14,865 
  
Total Education and Civic Organizations 
    
16,005,791 
   
Health Care – 31.2% (20.2% of Total Investments) 
      
   
Albemarle Hospital Authority, North Carolina, Health Care Facilities Revenue Bonds, 
      
   
Series 2007: 
      
1,840 
  
5.250%, 10/01/27 
10/17 at 100.00 
N/R 
1,893,581 
1,725 
  
5.250%, 10/01/38 
10/17 at 100.00 
N/R 
1,745,614 
2,750 
  
Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA 
1/19 at 100.00 
AA– 
3,056,625 
   
Carolinas HealthCare System, Refunding Series 2009A, 5.250%, 1/15/39 
      
4,950 
  
Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA 
1/18 at 100.00 
AA– 
5,253,287 
   
Carolinas HealthCare System, Series 2008A, 5.000%, 1/15/47 
      
2,000 
  
Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA 
1/21 at 100.00 
AA– 
2,276,140 
   
Carolinas HealthCare System, Series 2011A, 5.250%, 1/15/42 
      
5,250 
  
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA 
1/22 at 100.00 
AA– 
5,858,841 
   
Carolinas HealthCare System, Refunding Series 2012A, 5.000%, 1/15/43 
      
2,270 
  
Johnston Memorial Hospital Authority, North Carolina, Mortgage Revenue Bonds, Johnston 
4/18 at 100.00 
AA– 
2,495,797 
   
Memorial Hospital Project, Series 2008A, 5.250%, 10/01/36 – AGM Insured 
      
3,860 
  
Nash Health Care Systems, North Carolina, Health Care Facilities Revenue Bonds, Series 2012, 
5/22 at 100.00 
A 
4,210,411 
   
5.000%, 11/01/41 
      
555 
  
New Hanover County, North Carolina, Hospital Revenue Bonds, New Hanover Regional Medical 
10/19 at 100.00 
AA– 
616,461 
   
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– 
5,203,245 
5,000 
  
5.000%, 11/01/43 
11/20 at 100.00 
AA– 
5,401,200 
2,750 
  
North Carolina Medical Care Commission, Health Care Facilities Refunding Revenue Bonds, Blue 
1/20 at 100.00 
A 
2,877,738 
   
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+ 
3,173,174 
   
Regional HealthCare System, Series 2011A, 6.500%, 7/01/31 
      
1,680 
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Cleveland County 
1/21 at 100.00 
A 
1,888,404 
   
Healthcare System, Refunding Series 2011A, 5.750%, 1/01/35 
      
2,335 
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, FirstHealth of 
10/17 at 100.00 
AA 
2,313,938 
   
the Carolinas Project, Refunding Series 2012A, 4.000%, 10/01/39 
      
2,000 
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds, 
10/22 at 100.00 
AA– 
2,322,540 
   
WakeMed, Series 2012A, 5.000%, 10/01/27 
      
   
North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Novant Health 
      
   
Obligated Group, Series 2003A: 
      
2,000 
  
5.000%, 11/01/18 
11/13 at 100.00 
AA– 
2,088,300 
2,000 
  
5.000%, 11/01/19 
11/13 at 100.00 
AA– 
2,082,820 
2,000 
  
5.000%, 11/01/20 
11/13 at 100.00 
AA– 
2,075,480 
2,000 
  
North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Stanly Memorial 
10/12 at 100.00 
BBB+ 
2,008,040 
   
Hospital, Series 1999, 6.375%, 10/01/29 
      
980 
  
North Carolina Medical Care Commission, Healthcare Revenue Bonds, Carolina Medicorp, Series 
11/12 at 100.00 
AA– 
981,891 
   
1996, 5.250%, 5/01/26 
      
   
North Carolina Medical Care Commission, Hospital Revenue Bonds, Southeastern Regional Medical 
      
   
Center, Series 2002: 
      
1,000 
  
5.500%, 6/01/15 
6/13 at 100.00 
A 
1,013,200 
3,600 
  
5.250%, 6/01/22 
6/13 at 100.00 
A 
3,641,148 
3,000 
  
5.375%, 6/01/32 
6/13 at 100.00 
A 
3,029,220 
   
North Carolina Medical Care Commission, Hospital Revenue Bonds, Wilson Medical Center, 
      
   
Series 2007: 
      
500 
  
5.000%, 11/01/20 
11/17 at 100.00 
A– 
545,785 
3,425 
  
5.000%, 11/01/27 
11/17 at 100.00 
A– 
3,600,737 
3,295 
  
North Carolina Medical Care Commission, Revenue Bonds, Blue Ridge Healthcare System, Series 
1/15 at 100.00 
A 
3,355,397 
   
2005, 5.000%, 1/01/33 – FGIC Insured 
      
   
North Carolina Medical Care Commission, Revenue Bonds, Cleveland County Healthcare System, 
      
   
Series 2004A: 
      
1,195 
  
5.250%, 7/01/20 – AMBAC Insured 
7/14 at 100.00 
A 
1,246,815 
1,000 
  
5.250%, 7/01/22 – AMBAC Insured 
7/14 at 100.00 
A 
1,037,260 
750 
  
Northern Hospital District of Surry County, North Carolina, Health Care Facilities Revenue 
4/18 at 100.00 
BBB 
814,710 
   
Bonds, Series 2008, 6.250%, 10/01/38 
      
1,695 
  
Onslow County Hospital Authority, North Carolina, FHA Insured Mortgage Revenue Bonds, Onslow 
10/16 at 100.00 
BBB 
1,791,242 
   
Memorial Hospital Project, Series 2006, 5.000%, 4/01/31 – NPFG Insured 
      
74,835 
  
Total Health Care 
    
79,899,041 
   
Housing/Multifamily – 1.7% (1.1% of Total Investments) 
      
   
Mecklenburg County, North Carolina, FNMA Multifamily Housing Revenue Bonds, Little Rock 
      
   
Apartments, Series 2003: 
      
965 
  
5.150%, 1/01/22 (Alternative Minimum Tax) 
7/13 at 105.00 
AA+ 
1,027,513 
2,260 
  
5.375%, 1/01/36 (Alternative Minimum Tax) 
7/13 at 105.00 
AA+ 
2,394,899 
1,000 
  
North Carolina Capital Facilities Financing Agency, Housing Revenue Bonds, Elizabeth City 
6/13 at 100.00 
N/R 
1,005,820 
   
State University, Series 2003A, 5.000%, 6/01/28 – AMBAC Insured 
      
4,225 
  
Total Housing/Multifamily 
    
4,428,232 
   
Housing/Single Family – 2.4% (1.5% of Total Investments) 
      
1,555 
  
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 2007-29A, 4.800%, 
1/17 at 100.00 
AA 
1,609,285 
   
7/01/33 (Alternative Minimum Tax) 
      
2,200 
  
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 2011-1, 
1/21 at 100.00 
AA 
2,399,254 
   
4.500%, 1/01/28 
      
2,050 
  
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 25-A, 4.900%, 
7/16 at 100.00 
AA 
2,107,892 
   
7/01/37 (Alternative Minimum Tax) 
      
5,805 
  
Total Housing/Single Family 
    
6,116,431 
   
Long-Term Care – 1.2% (0.8% 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 
718,508 
1,500 
  
5.500%, 10/01/31 
10/16 at 100.00 
N/R 
1,536,780 
900 
  
North Carolina Medical Care Commission, Revenue Bonds, Pines at Davidson, Series 2006A, 
1/16 at 100.00 
A– 
918,054 
   
5.000%, 1/01/36 
      
3,100 
  
Total Long-Term Care 
    
3,173,342 
   
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 
1,432,410 
   
Carolina, Environmental Improvement Revenue Bonds, International Paper Company Project, 
      
   
Series 2007A, 4.625%, 3/01/27 
      
   
Tax Obligation/General – 5.9% (3.8% of Total Investments) 
      
   
Durham, North Carolina, General Obligation Bonds, Series 2007: 
      
2,820 
  
5.000%, 4/01/21 
4/17 at 100.00 
AAA 
3,260,851 
1,475 
  
5.000%, 4/01/22 
4/17 at 100.00 
AAA 
1,723,434 
1,050 
  
Forsyth County, North Carolina, General Obligation Bonds, Limited Obligation Series 2009, 
4/20 at 100.00 
AA+ 
1,218,882 
   
5.000%, 4/01/30 
      
   
North Carolina State, General Obligation Bonds, Series 2004A: 
      
1,000 
  
5.000%, 3/01/18 
3/14 at 100.00 
AAA 
1,067,660 
1,800 
  
5.000%, 3/01/22 
3/14 at 100.00 
AAA 
1,915,074 
5,100 
  
Wake County, North Carolina, Limited Obligation Bonds, Series 2010, 5.000%, 1/01/37 
1/20 at 100.00 
AA+ 
5,804,565 
13,245 
  
Total Tax Obligation/General 
    
14,990,466 
   
Tax Obligation/Limited – 25.6% (16.5% of Total Investments) 
      
   
Charlotte, North Carolina, Certificates of Participation, Governmental Facilities Projects, 
      
   
Series 2003G: 
      
3,100 
  
5.375%, 6/01/26 
6/13 at 100.00 
AA+ 
3,201,153 
1,750 
  
5.000%, 6/01/28 
6/13 at 100.00 
AA+ 
1,797,758 
2,750 
  
5.000%, 6/01/33 
6/13 at 100.00 
AA+ 
2,825,048 
2,405 
  
Charlotte, North Carolina, Certificates of Participation, Transit Projects Phase 2, Series 
6/18 at 100.00 
AA+ 
2,639,199 
   
2008A, 5.000%, 6/01/33 
      
1,505 
  
Charlotte, North Carolina, Certificates of Participation, Transit Projects, Series 2003A, 
6/13 at 100.00 
AA+ 
1,546,071 
   
5.000%, 6/01/33 
      
   
Charlotte, North Carolina, Storm Water Fee Revenue Bonds, Series 2002: 
      
1,850 
  
5.250%, 6/01/18 
6/13 at 100.00 
AAA 
1,875,715 
1,050 
  
5.250%, 6/01/20 
6/13 at 100.00 
AAA 
1,064,595 
1,750 
  
5.000%, 6/01/25 
6/13 at 100.00 
AAA 
1,773,958 
   
Craven County, North Carolina, Certificates of Participation, Series 2007: 
      
160 
  
5.000%, 6/01/23 – NPFG Insured 
6/17 at 100.00 
AA– 
178,992 
3,000 
  
5.000%, 6/01/27 – NPFG Insured 
6/17 at 100.00 
AA– 
3,296,430 
   
Davidson County, North Carolina, Certificates of Participation, Series 2004: 
      
1,000 
  
5.250%, 6/01/14 – AMBAC Insured 
No Opt. Call 
Aa3 
1,076,000 
1,250 
  
5.250%, 6/01/21 – AMBAC Insured 
6/14 at 100.00 
Aa3 
1,344,225 
1,390 
  
Durham, North Carolina, Certificates of Participation, Series 2005B, 5.000%, 6/01/25 
6/15 at 100.00 
AA+ 
1,544,360 
1,060 
  
Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.125%, 1/01/42 
1/22 at 100.00 
A 
1,179,568 
   
Harnett County, North Carolina, Certificates of Participation, Series 2009: 
      
1,000 
  
5.000%, 6/01/28 – AGC Insured 
6/19 at 100.00 
AA– 
1,118,430 
500 
  
5.000%, 6/01/29 – AGC Insured 
6/19 at 100.00 
AA– 
556,630 
   
Jacksonville Public Facilities Corporation, North Carolina, Limited Obligation Bonds, 
      
   
Series 2012: 
      
1,065 
  
5.000%, 4/01/29 
4/22 at 100.00 
A1 
1,243,654 
1,165 
  
5.000%, 4/01/30 
4/22 at 100.00 
A1 
1,351,994 
1,000 
  
5.000%, 4/01/31 
4/22 at 100.00 
A1 
1,156,910 
200 
  
5.000%, 4/01/32 
4/22 at 100.00 
A1 
229,772 
400 
  
Mecklenburg County, North Carolina, Certificates of Participation, Series 2009A, 
2/19 at 100.00 
AA+ 
453,456 
   
5.000%, 2/01/27 
      
8,065 
  
North Carolina Turnpike Authority, Monroe Connector System State Appropriation Bonds, Series 
7/21 at 100.00 
AA 
9,224,100 
   
2011, 5.000%, 7/01/41 
      
1,380 
  
Pasquotank County, North Carolina, Certificates of Participation, Series 2004, 5.000%, 
6/14 at 100.00 
A 
1,427,555 
   
6/01/25 – NPFG Insured 
      
2,000 
  
Puerto Rico Highway and Transportation Authority, Grant Anticipation Revenue Bonds, Series 
3/14 at 100.00 
A+ 
2,077,440 
   
2004, 5.000%, 9/15/21 – NPFG Insured 
      
9,450 
  
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 
No Opt. Call 
A+ 
2,656,962 
   
2010A, 0.000%, 8/01/35 
      
   
Raleigh, North Carolina, Certificates of Participation, Downtown Improvement Project, 
      
   
Series 2004B: 
      
1,275 
  
5.000%, 6/01/20 
6/14 at 100.00 
AA+ 
1,368,368 
1,310 
  
5.000%, 6/01/21 
6/14 at 100.00 
AA+ 
1,405,931 
1,135 
  
Raleigh, North Carolina, Certificates of Participation, Series 2007, 5.000%, 2/01/27 
2/17 at 100.00 
AA+ 
1,247,649 
2,000 
  
Randolph County, North Carolina, Certificates of Participation, Series 2004, 5.000%, 6/01/20 – 
6/14 at 102.00 
AA– 
2,145,320 
   
AGM Insured 
      
2,250 
  
Rutherford County, North Carolina, Certificates of Participation, Series 2007, 5.000%, 
12/17 at 100.00 
AA– 
2,495,363 
   
12/01/27 – AGM Insured 
      
5,000 
  
Sampson County, North Carolina, Certificates of Participation, Series 2006, 5.000%, 6/01/34 – 
6/17 at 100.00 
AA– 
5,355,851 
   
AGM Insured (UB) 
      
2,450 
  
Wilmington, North Carolina, Certificates of Participation, Series 2008A, 5.000%, 6/01/29 
6/18 at 100.00 
AA 
2,735,009 
1,750 
  
Wilson County, North Carolina, Certificates of Participation, School Facilities Project, 
4/17 at 100.00 
Aa3 
1,910,948 
   
Series 2007, 5.000%, 4/01/25 – AMBAC Insured 
      
67,415 
  
Total Tax Obligation/Limited 
    
65,504,414 
   
Transportation – 15.0% (9.7% of Total Investments) 
      
5,000 
  
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International Refunding 
7/20 at 100.00 
Aa3 
5,580,500 
   
Series 2010A, 5.000%, 7/01/39 
      
1,400 
  
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, Series 
7/21 at 100.00 
Aa3 
1,527,736 
   
2010B, 5.000%, 7/01/36 (Alternative Minimum Tax) 
      
   
Charlotte, North Carolina, Airport Revenue Bonds, Series 2004A: 
      
600 
  
5.250%, 7/01/24 – NPFG Insured 
7/14 at 100.00 
Aa3 
645,804 
2,710 
  
5.000%, 7/01/29 – NPFG Insured 
7/14 at 100.00 
Aa3 
2,873,223 
1,935 
  
5.000%, 7/01/34 – NPFG Insured 
7/14 at 100.00 
Aa3 
2,051,545 
2,700 
  
North Carolina State Ports Authority, Port Facilities Revenue Bonds, Senior Lien Series 2010A, 
2/20 at 100.00 
A3 
3,006,963 
   
5.250%, 2/01/40 
      
500 
  
North Carolina State Ports Authority, Port Facilities Revenue Bonds, Senior Lien Series 2010B, 
2/20 at 100.00 
A3 
552,905 
   
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– 
164,000 
140 
  
5.375%, 1/01/26 – AGC Insured 
1/19 at 100.00 
AA– 
161,354 
1,315 
  
5.500%, 1/01/29 – AGC Insured 
1/19 at 100.00 
AA– 
1,515,156 
7,005 
  
5.750%, 1/01/39 – AGC Insured 
1/19 at 100.00 
AA– 
8,079,915 
   
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– 
67,601 
4,355 
  
0.000%, 1/01/33 – AGC Insured 
No Opt. Call 
AA– 
1,777,885 
2,300 
  
0.000%, 1/01/34 – AGC Insured 
No Opt. Call 
AA– 
894,723 
2,345 
  
0.000%, 1/01/35 – AGC Insured 
No Opt. Call 
AA– 
869,127 
6,395 
  
0.000%, 1/01/37 – AGC Insured 
No Opt. Call 
AA– 
2,138,360 
1,325 
  
0.000%, 1/01/38 – AGC Insured 
No Opt. Call 
AA– 
421,456 
1,235 
  
Piedmont Triad Airport Authority, North Carolina, Airport Revenue Bonds, Series 2005A, 5.000%, 
7/15 at 100.00 
A– 
1,337,246 
   
7/01/20 – SYNCORA GTY Insured 
      
4,125 
  
Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Refunding Series 
5/20 at 100.00 
Aa3 
4,660,508 
   
2010A, 5.000%, 5/01/36 
      
45,675 
  
Total Transportation 
    
38,326,007 
   
U.S. Guaranteed – 24.8% (16.0% of Total Investments) (4) 
      
   
Cabarrus County, North Carolina, Certificates of Participation, Series 2002: 
      
30 
  
5.250%, 2/01/16 (Pre-refunded 2/01/13) 
2/13 at 100.00 
AA (4) 
30,635 
1,330 
  
5.250%, 2/01/17 (Pre-refunded 2/01/13) 
2/13 at 100.00 
AA (4) 
1,358,156 
   
Catawba County, North Carolina, Certificates of Participation, Series 2004: 
      
1,800 
  
5.250%, 6/01/21 (Pre-refunded 6/01/14) – NPFG Insured 
6/14 at 100.00 
Aa2 (4) 
1,954,836 
1,800 
  
5.250%, 6/01/22 (Pre-refunded 6/01/14) – NPFG Insured 
6/14 at 100.00 
Aa2 (4) 
1,954,836 
500 
  
Charlotte-Mecklenburg Hospital Authority, North Carolina, Healthcare System Revenue Bonds, DBA 
1/15 at 100.00 
AA+ (4) 
554,940 
   
Carolinas Healthcare System, Series 2005A, 5.000%, 1/15/45 (Pre-refunded 1/15/15) 
      
3,000 
  
Dare County, North Carolina, Certificates of Participation, Series 2002, 5.000%, 6/01/23 
12/12 at 100.00 
AA– (4) 
3,036,120 
   
(Pre-refunded 12/01/12) – AMBAC Insured 
      
   
Forsyth County, North Carolina, Certificates of Participation, Public Facilities and Equipment 
      
   
Project, Series 2002: 
      
1,325 
  
5.125%, 1/01/16 (Pre-refunded 1/01/13) 
1/13 at 101.00 
AA+ (4) 
1,359,543 
770 
  
5.250%, 1/01/19 (Pre-refunded 1/01/13) 
1/13 at 101.00 
AA+ (4) 
790,390 
   
Greensboro, North Carolina, Combined Enterprise System Revenue Bonds, Series 2005A: 
      
500 
  
5.000%, 6/01/25 (Pre-refunded 6/01/15) 
6/15 at 100.00 
AAA 
563,645 
1,295 
  
5.000%, 6/01/26 (Pre-refunded 6/01/15) 
6/15 at 100.00 
AAA 
1,459,841 
   
Hartnett County, North Carolina, Certificates of Participation, Series 2002: 
      
1,000 
  
5.250%, 12/01/15 (Pre-refunded 12/01/12) – AGM Insured 
12/12 at 101.00 
AA– (4) 
1,022,730 
1,525 
  
5.375%, 12/01/16 (Pre-refunded 12/01/12) – AGM Insured 
12/12 at 101.00 
AA– (4) 
1,560,136 
   
Lee County, North Carolina, Certificates of Participation, Public Schools and Community 
      
   
College, Series 2004: 
      
1,715 
  
5.250%, 4/01/18 (Pre-refunded 4/01/14) – AGM Insured 
4/14 at 100.00 
AA– (4) 
1,848,993 
1,715 
  
5.250%, 4/01/20 (Pre-refunded 4/01/14) – AGM Insured 
4/14 at 100.00 
AA– (4) 
1,848,993 
1,000 
  
5.250%, 4/01/22 (Pre-refunded 4/01/14) – AGM Insured 
4/14 at 100.00 
AA– (4) 
1,078,130 
1,600 
  
North Carolina Capital Facilities Financing Agency, Revenue Bonds, Duke University, Series 
10/12 at 100.00 
Aaa 
1,606,608 
   
2002A, 5.125%, 7/01/42 (Pre-refunded 10/01/12) 
      
25 
  
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2003C, 
1/13 at 100.00 
A– (4) 
25,403 
   
5.375%, 1/01/17 (Pre-refunded 1/01/13) 
      
   
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2003F: 
      
3,000 
  
5.500%, 1/01/15 (Pre-refunded 1/01/13) 
1/13 at 100.00 
A– (4) 
3,053,010 
150 
  
5.500%, 1/01/16 (Pre-refunded 1/01/13) 
1/13 at 100.00 
A– (4) 
152,651 
1,500 
  
North Carolina Infrastructure Finance Corporation, Certificates of Participation, Correctional 
2/14 at 100.00 
AA+ (4) 
1,600,605 
   
Facilities, Series 2004A, 5.000%, 2/01/23 (Pre-refunded 2/01/14) 
      
2,250 
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, WakeMed, Series 
10/14 at 100.00 
AA– (4) 
2,496,398 
   
2009A, 5.625%, 10/01/38 (Pre-refunded 10/01/14) – AGC Insured 
      
2,035 
  
North Carolina Medical Care Commission, Revenue Bonds, Northeast Medical Center, Series 2004, 
11/14 at 100.00 
N/R (4) 
2,234,308 
   
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 
5,343,787 
   
1/01/20 (ETM) 
      
2,285 
  
North Carolina State University at Raleigh, General Revenue Bonds, Series 2003A, 5.000%, 
10/13 at 100.00 
Aa1 (4) 
2,403,500 
   
10/01/15 (Pre-refunded 10/01/13) 
      
2,500 
  
North Carolina, Certificates of Participation, Repair and Renovation Project, Series 2004B, 
6/14 at 100.00 
AA+ (4) 
2,704,150 
   
5.000%, 6/01/20 (Pre-refunded 6/01/14) 
      
   
North Carolina, Certificates of Participation, Series 2003: 
      
1,130 
  
5.250%, 6/01/21 (Pre-refunded 6/01/13) 
6/13 at 100.00 
AA+ (4) 
1,171,302 
1,000 
  
5.250%, 6/01/23 (Pre-refunded 6/01/13) 
6/13 at 100.00 
AA+ (4) 
1,036,550 
2,070 
  
Pitt County, North Carolina, Certificates of Participation, School Facilities Project, Series 
4/14 at 100.00 
AA (4) 
2,223,553 
   
2004B, 5.000%, 4/01/29 (Pre-refunded 4/01/14) – AMBAC Insured 
      
   
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Series 2004: 
      
1,000 
  
5.000%, 3/01/21 (Pre-refunded 3/01/14) 
3/14 at 100.00 
AAA 
1,069,650 
1,250 
  
5.000%, 3/01/22 (Pre-refunded 3/01/14) 
3/14 at 100.00 
AAA 
1,337,063 
1,785 
  
Union County, North Carolina, Certificates of Participation, Series 2003, 5.000%, 6/01/20 
6/13 at 101.00 
Aa2 (4) 
1,866,789 
   
(Pre-refunded 6/01/13) – AMBAC Insured 
      
130 
  
University of North Carolina System, Pooled Revenue Bonds, Series 2002B, 5.375%, 4/01/19 
10/12 at 100.00 
A+ (4) 
130,566 
   
(Pre-refunded 10/01/12) – AMBAC Insured 
      
   
University of North Carolina System, Pooled Revenue Refunding Bonds, Series 2002A: 
      
285 
  
5.375%, 4/01/17 (Pre-refunded 10/01/12) – AMBAC Insured 
10/12 at 100.00 
A+ (4) 
286,228 
1,020 
  
5.375%, 4/01/17 (Pre-refunded 10/01/12) – AMBAC Insured 
10/12 at 100.00 
N/R (4) 
1,024,447 
910 
  
5.375%, 4/01/17 (Pre-refunded 10/01/12) – AMBAC Insured 
10/12 at 100.00 
N/R (4) 
913,949 
505 
  
5.375%, 4/01/19 (Pre-refunded 10/01/12) – AMBAC Insured 
10/12 at 100.00 
N/R (4) 
507,192 
420 
  
5.375%, 4/01/22 (Pre-refunded 10/01/12) – AMBAC Insured 
10/12 at 100.00 
N/R (4) 
421,831 
460 
  
5.375%, 4/01/22 (Pre-refunded 10/01/12) – AMBAC Insured 
10/12 at 100.00 
N/R (4) 
461,996 
120 
  
5.375%, 4/01/22 (Pre-refunded 10/01/12) – AMBAC Insured 
10/12 at 100.00 
A+ (4) 
120,522 
265 
  
5.000%, 4/01/27 (Pre-refunded 10/01/12) – AMBAC Insured 
10/12 at 100.00 
N/R (4) 
266,060 
440 
  
5.000%, 4/01/27 (Pre-refunded 10/01/12) – AMBAC Insured 
10/12 at 100.00 
A+ (4) 
441,760 
610 
  
5.000%, 4/01/27 (Pre-refunded 10/01/12) – AMBAC Insured 
10/12 at 100.00 
N/R (4) 
612,464 
585 
  
5.000%, 4/01/27 (Pre-refunded 10/01/12) – AMBAC Insured 
10/12 at 100.00 
N/R (4) 
587,358 
   
University of North Carolina, Chapel Hill, System Net Revenue Bonds, Series 2003: 
      
2,380 
  
5.000%, 12/01/19 (Pre-refunded 12/01/13) 
12/13 at 100.00 
Aaa 
2,521,063 
2,725 
  
5.000%, 12/01/21 (Pre-refunded 12/01/13) 
12/13 at 100.00 
Aaa 
2,886,511 
1,500 
  
5.000%, 12/01/23 (Pre-refunded 12/01/13) 
12/13 at 100.00 
Aaa 
1,588,905 
59,500 
  
Total U.S. Guaranteed 
    
63,518,103 
   
Utilities – 8.5% (5.5% of Total Investments) 
      
2,500 
  
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2005, 
1/16 at 100.00 
A– 
2,833,775 
   
5.250%, 1/01/20 – AMBAC Insured 
      
1,400 
  
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2009B, 
1/19 at 100.00 
A– 
1,586,676 
   
5.000%, 1/01/26 
      
3,500 
  
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2012A, 
7/22 at 100.00 
A– 
4,156,075 
   
5.000%, 1/01/25 
      
   
North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, 
      
   
Series 1993B: 
      
95 
  
6.000%, 1/01/22 
No Opt. Call 
A– 
122,935 
180 
  
6.000%, 1/01/22 – FGIC Insured 
No Opt. Call 
Baa1 
232,582 
1,100 
  
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 
1/19 at 100.00 
A 
1,229,019 
   
2009A, 5.000%, 1/01/30 
      
4,665 
  
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A, 5.250%, 
1/13 at 100.00 
A 
4,740,666 
   
1/01/15 – AMBAC Insured 
      
250 
  
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2008A, 
1/18 at 100.00 
A 
293,598 
   
5.250%, 1/01/20 
      
6,500 
  
Wake County Industrial Facilities and Pollution Control Financing Authority, North Carolina, 
2/13 at 100.50 
A1 
6,582,158 
   
Revenue Refunding Bonds, Carolina Power and Light Company, Series 2002, 5.375%, 2/01/17 
      
20,190 
  
Total Utilities 
    
21,777,484 
   
Water and Sewer – 31.1% (20.0% 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 
1,724,268 
   
6/01/20 – SYNCORA GTY Insured 
      
3,100 
  
Brunswick County, North Carolina, Enterprise System Revenue Bonds, Series 2008A, 5.000%, 
4/18 at 100.00 
AA– 
3,473,147 
   
4/01/31 – AGM Insured 
      
   
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 
507,718 
1,005 
  
5.000%, 8/01/35 
8/18 at 100.00 
AA 
1,172,986 
2,135 
  
Cape Fear Public Utility Authority, North Carolina, Water & Sewer System Revenue Bonds, Series 
8/21 at 100.00 
AA 
2,519,001 
   
2011, 5.000%, 8/01/31 
      
1,520 
  
Charlotte, North Carolina, Water and Sewerage System Revenue Bonds, Series 2002A, 
No Opt. Call 
AAA 
1,584,205 
   
5.250%, 7/01/13 
      
1,000 
  
Charlotte, North Carolina, Water and Sewerage System Revenue Bonds, Series 2008, 
7/18 at 100.00 
AAA 
1,166,770 
   
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 
4,413,408 
1,250 
  
5.000%, 2/01/41 
2/21 at 100.00 
AA 
1,416,313 
   
Durham County, North Carolina, Enterprise System Revenue Bonds, Series 2002: 
      
300 
  
5.000%, 6/01/18 – NPFG Insured 
6/13 at 100.00 
AA 
309,477 
1,000 
  
5.000%, 6/01/23 – NPFG Insured 
6/13 at 100.00 
AA 
1,031,130 
8,600 
  
Durham, North Carolina, Utility System Revenue Bonds, Refunding Series 2011, 5.000%, 6/01/41 
6/21 at 100.00 
AAA 
9,896,789 
1,535 
  
Mooresville, North Carolina, Enterprise System Revenue Bonds, Refunding Series 2012, 
5/22 at 100.00 
AA– 
1,853,159 
   
5.000%, 5/01/28 
      
1,210 
  
Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2008A, 5.000%, 6/01/23 – 
6/18 at 100.00 
A2 
1,349,465 
   
NPFG Insured 
      
   
Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2009A: 
      
2,020 
  
6.000%, 6/01/34 – AGC Insured 
6/19 at 100.00 
AA– 
2,354,795 
1,020 
  
6.000%, 6/01/36 – AGC Insured 
6/19 at 100.00 
AA– 
1,184,363 
   
Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2011: 
      
500 
  
5.625%, 6/01/30 – AGC Insured 
6/21 at 100.00 
AA– 
598,410 
2,100 
  
5.750%, 6/01/36 – AGC Insured 
6/21 at 100.00 
AA– 
2,478,525 
1,400 
  
Onslow County, North Carolina, Combined Enterprise System Revenue Bonds, Series 2004B, 5.000%, 
6/14 at 100.00 
A+ 
1,489,614 
   
6/01/23 – SYNCORA GTY Insured 
      
1,550 
  
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 
7/18 at 100.00 
Baa2 
1,646,379 
   
6.000%, 7/01/44 
      
   
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series 2012A: 
      
550 
  
5.000%, 3/01/30 
3/22 at 100.00 
AAA 
668,487 
1,600 
  
5.000%, 3/01/31 
3/22 at 100.00 
AAA 
1,932,624 
   
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Series 2006A: 
      
12,485 
  
5.000%, 3/01/31 (UB) 
3/16 at 100.00 
AAA 
13,927,392 
6,975 
  
5.000%, 3/01/36 (UB) 
3/16 at 100.00 
AAA 
7,780,822 
40 
  
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Series 2006A, Residuals 
No Opt. Call 
AAA 
53,860 
   
Series II-R-645-1, 13.484%, 3/01/14 (IF) 
      
10 
  
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Series 2006A, Residuals 
No Opt. Call 
AAA 
13,463 
   
Series II-R-645-2, 13.786%, 3/01/14 (IF) 
      
500 
  
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Series 2006A, 
3/16 at 100.00 
AAA 
557,766 
   
5.000%, 3/01/31 
      
1,000 
  
Wilmington, North Carolina, Water and Sewer Revenue Bonds, Series 2005, 5.000%, 6/01/25 – 
6/15 at 100.00 
AA 
1,101,561 
   
AGM Insured 
      
9,900 
  
Winstom-Salem, North Carolina, Water and Sewer System Revenue Bonds, Series 2007A, 5.000%, 
6/17 at 100.00 
AAA 
11,271,843 
   
6/01/37 (UB) 
      
70,195 
  
Total Water and Sewer 
    
79,477,740 
$ 382,450 
  
Total Investments (cost $367,643,606) – 155.1% 
    
396,649,381 
   
Floating Rate Obligations – (9.3)% 
    
(23,715,000) 
   
MuniFund Term Preferred Shares, at Liquidation Value – (48.8)% (5) 
    
(124,860,000) 
   
Other Assets Less Liabilities – 3.0% 
    
7,587,455 
   
Net Assets Applicable to Common Shares – 100% 
    
$ 255,661,836 
 


 
 
 
 
 
Fair Value Measurements
Fair value is defined as the price that the Funds would receive 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 
   $ —     $ 396,649,381     $ —     $ 396,649,381  
 
The Nuveen funds’ Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds’ pricing policies, and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
 
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
 
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.
 
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, 2012, the cost of investments was $343,858,252.
   
Gross unrealized appreciation and gross unrealized depreciation of investments at August 31, 2012, were as follows: 
  
   
Gross unrealized: 
  
     Appreciation 
$29,091,532 
     Depreciation 
(16,913) 
Net unrealized appreciation (depreciation) of investments 
$29,074,619 
 
     
(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) 
  
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 31.5%. 
N/R 
  
Not rated. 
(ETM) 
  
Escrowed to maturity. 
(IF) 
  
Inverse floating rate investment. 
(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 30, 2012        
 
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 30, 2012        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date:         October 30, 2012