Nuveen North Carolina Premium Income Municipal Fund (the Fund) is a closed-end exchange traded fund. The Fund's primary investment objective is current income exempt from both regular federal income taxes and North Carolina individual taxes. The Fund's secondary objective is the enhancement of portfolio value. The Fund invests substantially all of its assets in tax-exempt North Carolina municipal obligations. Up to 20% of the Fund's assets may be invested in unrated North Carolina municipal obligations considered to be of equivalent quality. The Fund is authorized to invest in municipal bonds, inverse floaters and zero coupon securities. It invests in various sectors, such as tax obligation, health care, education and civic organizations, and water and sewer. The Fund's investment adviser is Nuveen Asset Management, a wholly owned subsidiary of Nuveen Investments, Inc.