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