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 811-09461
 
Nuveen North Carolina Dividend Advantage Municipal Fund
(Exact name of registrant as specified in charter)
 
Nuveen Investments
        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)
 

Kevin J. McCarthy
Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         
(Name and address of agent for service)
 
Registrant's telephone number, including area code:         312-917-7700        
 
Date of fiscal year end:             5/31          
 
Date of reporting period:          2/29/12         
 
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 Dividend Advantage Municipal Fund (NRB)  
     
   
February 29, 2012  
     
           
Principal  
   
Optional Call  
   
Amount (000)  
 
Description (1)  
Provisions (2)  
Ratings (3)  
Value  
   
Education and Civic Organizations – 8.3% (5.2% of Total Investments)  
     
$    750  
 
Fayetteville State University, North Carolina, Limited Obligation Revenue Bonds, Student  
4/21 at 100.00  
AA–  
$    797,543  
   
Housing Project, Series 2011, 5.000%, 4/01/43 – AGM Insured  
     
150  
 
North Carolina Capital Facilities Financing Agency, Revenue Bonds, Johnson and Wales  
4/13 at 100.00  
N/R  
151,172  
   
University, Series 2003A, 5.000%, 4/01/33 – SYNCORA GTY Insured  
     
285  
 
University of North Carolina System, Pooled Revenue Refunding Bonds, Series 2002A, 5.375%,  
No Opt. Call  
A+  
291,931  
   
4/01/17 – AMBAC Insured  
     
1,750  
 
University of North Carolina, Chapel Hill, System Net Revenue Bonds, Series 2001A,  
6/12 at 100.00  
Aaa  
1,756,370  
   
5.000%, 12/01/25  
     
2,935  
 
Total Education and Civic Organizations  
   
2,997,016  
   
Health Care – 28.9% (17.9% of Total Investments)  
     
590  
 
Albemarle Hospital Authority, North Carolina, Health Care Facilities Revenue Bonds, Series  
10/17 at 100.00  
N/R  
523,684  
   
2007, 5.250%, 10/01/38  
     
950  
 
Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue  
1/18 at 100.00  
AA–  
990,689  
   
Bonds, Series 2008A, 5.000%, 1/15/47  
     
1,000  
 
Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Refunding Revenue Bonds,  
1/19 at 100.00  
AA–  
1,084,790  
   
Carolinas HealthCare System, Series 2009A, 5.250%, 1/15/39  
     
250  
 
Johnston Memorial Hospital Authority, North Carolina, Mortgage Revenue Bonds, Johnston  
4/18 at 100.00  
AA–  
271,158  
   
Memorial Hospital Project, Series 2008A, 5.250%, 10/01/36 – AGM Insured  
     
30  
 
New Hanover County, North Carolina, Hospital Revenue Bonds, New Hanover Regional Medical  
10/19 at 100.00  
AA–  
32,712  
   
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:  
     
1,000  
 
5.250%, 11/01/40  
11/20 at 100.00  
A+  
1,062,520  
500  
 
5.000%, 11/01/43  
11/20 at 100.00  
A+  
519,030  
250  
 
North Carolina Medical Care Commission, Health Care Facilities Refunding Revenue Bonds, Blue  
1/20 at 100.00  
A  
253,953  
   
Ridge HealthCare, Series 2010A, 5.000%, 1/01/36  
     
180  
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Appalachian  
7/21 at 100.00  
BBB+  
206,672  
   
Regional HealthCare System, Series 2011A, 6.500%, 7/01/31  
     
330  
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, WakeMed, Series  
10/14 at 100.00  
AA–  
343,751  
   
2009A, 5.625%, 10/01/38 – AGC Insured  
     
1,110  
 
North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Union Regional  
7/12 at 100.00  
AA–  
1,113,230  
   
Medical Center, Series 2002A, 5.250%, 1/01/15  
     
980  
 
North Carolina Medical Care Commission, Healthcare Revenue Bonds, Carolina Medicorp, Series  
5/12 at 100.00  
A+  
981,823  
   
1996, 5.250%, 5/01/26  
     
1,500  
 
North Carolina Medical Care Commission, Hospital Revenue Bonds, Southeastern Regional Medical  
6/12 at 101.00  
A  
1,521,420  
   
Center, Series 2002, 5.250%, 6/01/22  
     
500  
 
North Carolina Medical Care Commission, Hospital Revenue Bonds, Wilson Medical Center, Series  
11/17 at 100.00  
A–  
547,550  
   
2007, 5.000%, 11/01/20  
     
250  
 
North Carolina Medical Care Commission, Revenue Bonds, Blue Ridge Healthcare System, Series  
1/15 at 100.00  
A  
252,650  
   
2005, 5.000%, 1/01/33 – FGIC Insured  
     
150  
 
Northern Hospital District of Surry County, North Carolina, Health Care Facilities Revenue  
4/18 at 100.00  
BBB  
159,852  
   
Bonds, Series 2008, 6.250%, 10/01/38  
     
500  
 
Onslow County Hospital Authority, North Carolina, FHA Insured Mortgage Revenue Bonds, Onslow  
10/16 at 100.00  
BBB  
523,210  
   
Memorial Hospital Project, Series 2006, 5.000%, 4/01/31 – NPFG Insured  
     
10,070  
 
Total Health Care  
   
10,388,694  
   
Housing/Single Family – 5.3% (3.3% of Total Investments)  
     
305  
 
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement,  
7/12 at 100.00  
AA  
305,217  
   
Series 10A, 5.400%, 7/01/32 – AMBAC Insured (Alternative Minimum Tax)  
     
225  
 
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 2007-29A, 4.800%,  
1/17 at 100.00  
AA  
228,332  
   
7/01/33 (Alternative Minimum Tax)  
     
1,000  
 
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 2011-1,  
1/21 at 100.00  
AA  
1,052,090  
   
4.500%, 1/01/28  
     
320  
 
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 25-A, 4.900%,  
7/16 at 100.00  
AA  
324,410  
   
7/01/37 (Alternative Minimum Tax)  
     
1,850  
 
Total Housing/Single Family  
   
1,910,049  
   
Long-Term Care – 1.8% (1.1% of Total Investments)  
     
   
North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Presbyterian  
     
   
Homes, Series 2006:  
     
200  
 
5.400%, 10/01/27  
10/16 at 100.00  
N/R  
200,714  
300  
 
5.500%, 10/01/31  
10/16 at 100.00  
N/R  
300,465  
150  
 
North Carolina Medical Care Commission, Revenue Bonds, Pines at Davidson, Series 2006A,  
1/16 at 100.00  
N/R  
150,797  
   
5.000%, 1/01/36  
     
650  
 
Total Long-Term Care  
   
651,976  
   
Materials – 1.1% (0.7% of Total Investments)  
     
400  
 
Columbus County Industrial Facilities and Pollution Control Financing Authority, North  
3/17 at 100.00  
BBB  
400,796  
   
Carolina, Environmental Improvement Revenue Bonds, International Paper Company Project,  
     
   
Series 2007A, 4.625%, 3/01/27  
     
   
Tax Obligation/General – 11.0% (6.8% of Total Investments)  
     
1,000  
 
Durham, North Carolina, General Obligation Bonds, Series 2007, 5.000%, 4/01/21  
4/17 at 100.00  
AAA  
1,163,920  
   
North Carolina State, General Obligation Bonds, Series 2004A:  
     
1,000  
 
5.000%, 3/01/18  
3/14 at 100.00  
AAA  
1,088,110  
1,000  
 
5.000%, 3/01/22  
3/14 at 100.00  
AAA  
1,083,080  
550  
 
Wake County, North Carolina, Limited Obligation Bonds, Series 2010, 5.000%, 1/01/37  
1/20 at 100.00  
AA+  
613,091  
3,550  
 
Total Tax Obligation/General  
   
3,948,201  
   
Tax Obligation/Limited – 25.1% (15.5% of Total Investments)  
     
1,400  
 
Charlotte, North Carolina, Certificates of Participation, Governmental Facilities Projects,  
6/13 at 100.00  
AA+  
1,447,110  
   
Series 2003G, 5.375%, 6/01/26 (UB)  
     
305  
 
Charlotte, North Carolina, Certificates of Participation, Transit Projects Phase 2, Series  
6/18 at 100.00  
AA+  
330,220  
   
2008A, 5.000%, 6/01/33  
     
160  
 
Craven County, North Carolina, Certificates of Participation, Series 2007, 5.000%, 6/01/23 –  
6/17 at 100.00  
AA–  
178,910  
   
NPFG Insured  
     
1,250  
 
Davidson County, North Carolina, Certificates of Participation, Series 2004, 5.250%, 6/01/21 –  
6/14 at 100.00  
Aa3  
1,323,525  
   
AMBAC Insured  
     
1,390  
 
Durham, North Carolina, Certificates of Participation, Series 2005B, 5.000%, 6/01/25  
6/15 at 100.00  
AA+  
1,546,750  
135  
 
Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.125%, 1/01/42  
1/22 at 100.00  
A  
146,617  
50  
 
Harnett County, North Carolina, Certificates of Participation, Series 2009, 5.000%, 6/01/28 –  
6/19 at 100.00  
AA–  
55,391  
   
AGC Insured  
     
1,500  
 
North Carolina Turnpike Authority, Monroe Connector System State Appropriation Bonds, Series  
7/21 at 100.00  
AA  
1,686,120  
   
2011, 5.000%, 7/01/41  
     
525  
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2010A,  
No Opt. Call  
A+  
147,147  
   
0.000%, 8/01/35  
     
470  
 
Raleigh, North Carolina, Certificates of Participation, Downtown Improvement Project, Series  
6/14 at 100.00  
AA+  
501,974  
   
2004B, 5.000%, 6/01/20  
     
170  
 
Raleigh, North Carolina, Certificates of Participation, Series 2007, 5.000%, 2/01/27  
2/17 at 100.00  
AA+  
186,295  
150  
 
Rutherford County, North Carolina, Certificates of Participation, Series 2007, 5.000%,  
12/17 at 100.00  
AA–  
165,377  
   
12/01/27 – AGM Insured  
     
700  
 
Sampson County, North Carolina, Certificates of Participation, Series 2006, 5.000%, 6/01/34 –  
6/17 at 100.00  
AA–  
741,174  
   
AGM Insured (UB)  
     
250  
 
Wilmington, North Carolina, Certificates of Participation, Series 2008A, 5.000%, 6/01/29  
6/18 at 100.00  
AA  
276,735  
250  
 
Wilson County, North Carolina, Certificates of Participation, School Facilities Project,  
4/17 at 100.00  
Aa3  
272,073  
   
Series 2007, 5.000%, 4/01/25 – AMBAC Insured  
     
8,705  
 
Total Tax Obligation/Limited  
   
9,005,418  
   
Transportation – 15.1% (9.3% of Total Investments)  
     
1,000  
 
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International Refunding  
7/20 at 100.00  
Aa3  
1,090,620  
   
Series 2010A, 5.000%, 7/01/39  
     
700  
 
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, Series  
No Opt. Call  
Aa3  
739,809  
   
2010B, 5.000%, 7/01/36 (Alternative Minimum Tax)  
     
360  
 
North Carolina State Ports Authority, Port Facilities Revenue Bonds, Senior Lien Series 2010A,  
2/20 at 100.00  
A3  
391,151  
   
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  
543,015  
   
5.000%, 2/01/29  
     
   
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A:  
     
140  
 
5.000%, 1/01/21 – AGC Insured  
No Opt. Call  
AA–  
162,779  
50  
 
5.375%, 1/01/26 – AGC Insured  
1/19 at 100.00  
AA–  
56,910  
285  
 
5.500%, 1/01/29 – AGC Insured  
1/19 at 100.00  
AA–  
322,067  
275  
 
5.750%, 1/01/39 – AGC Insured  
1/19 at 100.00  
AA–  
308,333  
   
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Revenue Bonds,  
     
   
Series 2009B:  
     
2,300  
 
0.000%, 1/01/34 – AGC Insured  
No Opt. Call  
AA–  
822,411  
175  
 
0.000%, 1/01/38 – AGC Insured  
No Opt. Call  
AA–  
50,552  
300  
 
Piedmont Triad Airport Authority, North Carolina, Airport Revenue Bonds, Series 2005A, 5.000%,  
7/15 at 100.00  
A–  
326,082  
   
7/01/20 – SYNCORA GTY Insured  
     
550  
 
Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Refunding Series  
No Opt. Call  
Aa3  
607,965  
   
2010A, 5.000%, 5/01/36  
     
6,635  
 
Total Transportation  
   
5,421,694  
   
U.S. Guaranteed – 12.9% (7.9% of Total Investments) (4)  
     
100  
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Healthcare System Revenue Bonds, DBA  
1/15 at 100.00  
AA+ (4)  
113,241  
   
Carolinas Healthcare System, Series 2005A, 5.000%, 1/15/45 (Pre-refunded 1/15/15)  
     
1,870  
 
Dare County, North Carolina, Certificates of Participation, Series 2002, 5.250%, 6/01/15  
12/12 at 100.00  
AA– (4)  
1,941,621  
   
(Pre-refunded 12/01/12) – AMBAC Insured  
     
300  
 
North Carolina Medical Care Commission, Revenue Bonds, Northeast Medical Center, Series 2004,  
11/14 at 100.00  
Aa3 (4)  
336,138  
   
5.000%, 11/01/24 (Pre-refunded 11/01/14)  
     
   
University of North Carolina System, Pooled Revenue Refunding Bonds, Series 2002A:  
     
235  
 
5.375%, 4/01/17 (Pre-refunded 10/01/12) – AMBAC Insured  
10/12 at 100.00  
N/R (4)  
241,834  
1,020  
 
5.375%, 4/01/17 (Pre-refunded 10/01/12) – AMBAC Insured  
10/12 at 100.00  
N/R (4)  
1,051,447  
910  
 
5.375%, 4/01/17 (Pre-refunded 10/01/12) – AMBAC Insured  
10/12 at 100.00  
N/R (4)  
937,946  
4,435  
 
Total U.S. Guaranteed  
   
4,622,227  
   
Utilities – 8.0% (4.9% of Total Investments)  
     
500  
 
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2005,  
1/16 at 100.00  
A–  
566,180  
   
5.250%, 1/01/20 – AMBAC Insured  
     
745  
 
North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, Series  
7/12 at 100.00  
Baa1  
747,742  
   
1993B, 5.500%, 1/01/17 – FGIC Insured  
     
25  
 
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series  
1/19 at 100.00  
A  
27,542  
   
2009A, 5.000%, 1/01/30  
     
1,500  
 
Wake County Industrial Facilities and Pollution Control Financing Authority, North Carolina,  
2/13 at 100.50  
A1  
1,520,895  
   
Revenue Refunding Bonds, Carolina Power and Light Company, Series 2002, 5.375%, 2/01/17  
     
2,770  
 
Total Utilities  
   
2,862,359  
   
Water and Sewer – 44.3% (27.4% of Total Investments)  
     
100  
 
Brunswick County, North Carolina, Enterprise System Revenue Bonds, Series 2008A, 5.000%,  
4/18 at 100.00  
AA–  
111,435  
   
4/01/31 – AGM Insured  
     
505  
 
Cape Fear Public Utility Authority, North Carolina, Water & Sewer System Revenue Bonds, Series  
8/18 at 100.00  
AA  
568,867  
   
2008, 5.000%, 8/01/35  
     
1,000  
 
Charlotte, North Carolina, Water and Sewerage System Revenue Bonds, Series 2008,  
7/18 at 100.00  
AAA  
1,111,280  
   
5.000%, 7/01/38  
     
250  
 
Dare County, North Carolina, Utilities System Revenue Bonds, Series 2011, 5.000%, 2/01/41  
2/21 at 100.00  
AA  
277,810  
1,500  
 
Durham, North Carolina, Utility System Revenue Bonds, Refunding Series 2011, 5.000%, 6/01/41  
6/21 at 100.00  
AAA  
1,693,570  
500  
 
Greensboro, North Carolina, Combined Enterprise System Revenue Bonds, Series 2005A,  
6/15 at 100.00  
AAA  
542,880  
   
5.000%, 6/01/25  
     
700  
 
Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2009A, 6.000%, 6/01/34 –  
6/19 at 100.00  
AA–  
802,781  
   
AGC Insured  
     
400  
 
Onslow County, North Carolina, Combined Enterprise System Revenue Bonds, Series 2004B, 5.000%,  
6/14 at 100.00  
A+  
431,948  
   
6/01/23 – SYNCORA GTY Insured  
     
550  
 
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A,  
7/18 at 100.00  
Baa2  
591,415  
   
6.000%, 7/01/44  
     
   
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Series 2006A:  
     
4,440  
 
5.000%, 3/01/31 (UB)  
3/16 at 100.00  
AAA  
4,962,100  
3,000  
 
5.000%, 3/01/36 (UB)  
3/16 at 100.00  
AAA  
3,305,970  
5  
 
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Series 2006A, Residuals  
No Opt. Call  
AAA  
6,529  
   
Series 11-R-645-2, 13.961%, 3/01/14 (IF)  
     
1,385  
 
Winston-Salem, North Carolina, Water and Sewer System Revenue Bonds, Series 2007A, 5.000%,  
6/17 at 100.00  
AAA  
1,512,711  
   
6/01/37 (UB)  
     
14,335  
 
Total Water and Sewer  
   
15,919,296  
$    56,335  
 
Total Investments (cost $54,375,959) – 161.8%  
   
58,127,726  
   
Floating Rate Obligations – (19.9)%  
   
(7,160,000)  
   
MuniFund Term Preferred Shares, at Liquidation Value – (46.2)% (5)  
   
(16,600,000)  
   
Other Assets Less Liabilities – 4.3%  
   
1,559,739  
   
Net Assets Applicable to Common Shares – 100%  
   
$    35,927,465  
 
 
 
 

 
 
Fair Value Measurements
 
Fair value is defined as the price that the Fund 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 three-tier hierarchy of inputs is 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 methodologies 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 29, 2012:
 
                         
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments:  
                       
Municipal Bonds  
  $     $ 58,127,726     $     $ 58,127,726  
 
During the period ended February 29, 2012, the Fund recognized no significant transfers to or from Level 1, Level 2 or Level 3.
 
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 29, 2012, the cost of investments was $47,177,998.
       
Gross unrealized appreciation and gross unrealized depreciation of investments at February 29, 2012,  
     
were as follows:  
     
       
Gross unrealized:  
     
Appreciation  
  $ 3,842,490  
Depreciation  
    (53,953 )  
Net unrealized appreciation (depreciation) of investments  
  $ 3,788,537  
 
     
(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 28.6%.  
N/R  
 
Not rated.  
(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 Dividend Advantage Municipal Fund 
 
By (Signature and Title)     /s/ Kevin J. McCarthy                    
                                                   Kevin J. McCarthy
                                                   Vice President and Secretary
 
Date          April 27, 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          April 27, 2012        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date          April 27, 2012        
 

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