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 811-10525
 
Nuveen North Carolina Dividend Advantage Municipal Fund 2
(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 Dividend Advantage Municipal Fund 2 (NNO)       
  February 28, 2010       
Principal    Optional Call     
Amount (000)  Description (1)  Provisions (2)  Ratings (3)  Value 
  Education and Civic Organizations – 14.0% (8.9% of Total Investments)       
  Appalachian State University, North Carolina, Housing and Student Center System Revenue       
  Refunding Bonds, Series 2002:       
$ 1,040  5.000%, 7/15/14 – NPFG Insured  7/12 at 100.00  A1  $ 1,128,358 
1,000  5.000%, 7/15/15 – NPFG Insured  7/12 at 100.00  A1  1,062,800 
  North Carolina Capital Facilities Financing Agency, Revenue Bonds, Duke University,       
  Series 2001A:       
715  5.125%, 10/01/26  10/11 at 100.00  AA+  732,267 
380  5.125%, 10/01/41  10/11 at 100.00  AA+  384,347 
1,000  University of North Carolina System, Pooled Revenue Bonds, Series 2005A, 5.000%, 4/01/22 –  4/15 at 100.00  A  1,053,110 
  AMBAC Insured       
635  University of North Carolina System, Pooled Revenue Refunding Bonds, Series 2002A, 5.375%,  10/12 at 100.00  A+  680,796 
  4/01/19 – AMBAC Insured       
500  University of North Carolina Wilmington, Certificates of Participation, Student Housing  6/16 at 100.00  A  534,460 
  Project Revenue Bonds, Series 2006, 5.000%, 6/01/21 – FGIC Insured       
1,500  University of North Carolina, Chapel Hill, System Net Revenue Bonds, Series 2002B,  No Opt. Call  AA+  1,620,375 
  5.000%, 12/01/11       
250  University of North Carolina, Charlotte, Certificates of Participation, Student Housing  3/15 at 100.00  A  264,983 
  Project, Series 2005, 5.000%, 3/01/21 – AMBAC Insured       
400  University of North Carolina, Greensboro, General Revenue Refunding Bonds, Series 2002B,  4/11 at 101.00  AAA  423,616 
  5.375%, 4/01/17 – AGM Insured       
7,420  Total Education and Civic Organizations      7,885,112 
  Health Care – 25.1% (16.0% of Total Investments)       
945  Albemarle Hospital Authority, North Carolina, Health Care Facilities Revenue Bonds, Series  10/17 at 100.00  N/R  724,702 
  2007, 5.250%, 10/01/38       
1,640  Charlotte-Mecklenburg Hospital Authority, North Carolina, Healthcare System Revenue Bonds,  1/11 at 101.00  AA–  1,648,397 
  Carolinas Healthcare System, Series 2001A, 5.000%, 1/15/31       
500  Johnston Memorial Hospital Authority, North Carolina, Mortgage Revenue Bonds, Johnston  4/18 at 100.00  AAA  510,550 
  Memorial Hospital Project, Series 2008A, 5.250%, 10/01/36 – AGM Insured       
120  New Hanover County, North Carolina, Hospital Revenue Bonds, New Hanover Regional Medical  10/19 at 100.00  AAA  123,059 
  Center, Series 2006B, 5.125%, 10/01/31 – AGM Insured       
455  North Carolina Medical Care Commission Health Care Facilities Revenue Bonds (WakeMed), Series  10/14 at 100.00  AAA  468,409 
  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+  2,076,040 
  Obligated Group, Series 2003A, 5.000%, 11/01/20       
1,005  North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Union Regional  1/12 at 100.00  A  1,052,506 
  Medical Center, Series 2002A, 5.250%, 1/01/13       
  North Carolina Medical Care Commission, Hospital Revenue Bonds, Southeastern Regional Medical       
  Center, Series 2002:       
1,000  5.500%, 6/01/15  6/12 at 101.00  A  1,051,730 
2,100  5.250%, 6/01/22  6/12 at 101.00  A  2,123,016 
925  North Carolina Medical Care Commission, Hospital Revenue Bonds, Wilson Medical Center, Series  11/17 at 100.00  A–  897,463 
  2007, 5.000%, 11/01/27       
1,250  North Carolina Medical Care Commission, Revenue Bonds, Blue Ridge Healthcare System, Series  1/15 at 100.00  A+  1,236,488 
  2005, 5.000%, 1/01/33 – FGIC Insured       
  North Carolina Medical Care Commission, Revenue Bonds, Cleveland County Healthcare System,       
  Series 2004A:       
595  5.250%, 7/01/20 – AMBAC Insured  7/14 at 100.00  A  609,810 
500  5.250%, 7/01/22 – AMBAC Insured  7/14 at 100.00  A  508,310 
150  Northern Hospital District of Surry County, North Carolina, Health Care Facilities Revenue  4/18 at 100.00  BBB  151,697 
  Bonds, Series 2008, 6.250%, 10/01/38       
1,000  The Charlotte-Mecklenberg Hospital Authority, North Carolina, Doing Business as Carolinas  1/18 at 100.00  AA–  1,004,470 
  HealthCare System, Health Care Refunding Revenue Bonds, Series 2008A, 5.000%, 1/15/47       
14,185  Total Health Care      14,186,647 
  Housing/Single Family – 4.1% (2.6% of Total Investments)       
330  North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement,  7/10 at 100.00  AA  330,370 
  Series 10A, 5.400%, 7/01/32 – AMBAC Insured (Alternative Minimum Tax)       
  North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 13A:       
715  4.700%, 7/01/12 (Alternative Minimum Tax)  7/11 at 100.00  AA  730,573 
720  4.850%, 7/01/13 (Alternative Minimum Tax)  7/11 at 100.00  AA  734,414 
510  North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 25-A, 4.900%,  7/16 at 100.00  AA  492,823 
  7/01/37 (Alternative Minimum Tax)       
2,275  Total Housing/Single Family      2,288,180 
  Long-Term Care – 1.7% (1.1% of Total Investments)       
  North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Presbyterian       
  Homes, Series 2006:       
250  5.400%, 10/01/27  10/16 at 100.00  N/R  237,463 
600  5.500%, 10/01/31  10/16 at 100.00  N/R  550,338 
185  North Carolina Medical Care Commission, Revenue Bonds, Pines at Davidson, Series 2006A,  1/16 at 100.00  N/R  169,214 
  5.000%, 1/01/36       
1,035  Total Long-Term Care      957,015 
  Materials – 2.4% (1.5% of Total Investments)       
300  Columbus County Industrial Facilities and Pollution Control Financing Authority, North  3/17 at 100.00  BBB  251,034 
  Carolina, Environmental Improvement Revenue Bonds, International Paper Company Project,       
  Series 2007A, 4.625%, 3/01/27       
1,100  Northampton County Industrial Facilities and Pollution Control Financing Authority, North  2/11 at 101.00  BBB  1,097,294 
  Carolina, Environmental Improvement Revenue Bonds, International Paper Company,       
  Series 2001A, 6.200%, 2/01/25 (Alternative Minimum Tax)       
1,400  Total Materials      1,348,328 
  Tax Obligation/General – 11.1% (7.0% of Total Investments)       
250  Durham County, North Carolina, General Obligation Bonds, Series 2000, 5.600%, 5/01/15  5/10 at 102.00  AAA  257,468 
1,475  Durham, North Carolina, General Obligation Bonds, Series 2007, 5.000%, 4/01/22  4/17 at 100.00  AAA  1,662,281 
1,050  Forsyth County, North Carolina, General Obligation Bonds, Limited Obligation Series 2009,  4/20 at 100.00  AA+  1,127,007 
  5.000%, 4/01/30       
1,000  North Carolina, General Obligation Bonds, Series 2004A, 5.000%, 3/01/22  3/14 at 100.00  AAA  1,094,110 
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 
5,775  Total Tax Obligation/General      6,239,886 
  Tax Obligation/Limited – 35.6% (22.7% of Total Investments)       
30  Cabarrus County, North Carolina, Certificates of Participation, Series 2002, 5.250%, 2/01/16  2/13 at 100.00  AA  32,267 
1,750  Charlotte, North Carolina, Certificates of Participation, Governmental Facilities Projects,  6/13 at 100.00  AA+  1,812,423 
  Series 2003G, 5.000%, 6/01/28       
400  Charlotte, North Carolina, Certificates of Participation, Nascar Hall of Fame, Series 2009C,  6/19 at 100.00  AA+  413,456 
  5.000%, 6/01/39       
575  Charlotte, North Carolina, Certificates of Participation, Transit Projects Phase 2, Series  6/18 at 100.00  AA+  594,217 
  2008A, 5.000%, 6/01/33       
1,850  Charlotte, North Carolina, Storm Water Fee Revenue Bonds, Series 2002, 5.250%, 6/01/18  6/12 at 101.00  AAA  2,037,590 
800  Craven County, North Carolina, Certificates of Participation, Series 2007, 5.000%, 6/01/27 –  6/17 at 100.00  AA–  833,552 
  NPFG Insured       
500  Harnett County, North Carolina, Certificates of Participation, Series 2009, 5.000%, 6/01/29 –  6/19 at 100.00  AAA  522,975 
  AGC Insured       
  Hartnett County, North Carolina, Certificates of Participation, Series 2002:       
1,000  5.250%, 12/01/15 – AGM Insured  12/12 at 101.00  AAA  1,109,230 
2,025  5.375%, 12/01/16 – AGM Insured  12/12 at 101.00  AAA  2,253,578 
715  Lee County, North Carolina, Certificates of Participation, Public Schools and Community  4/14 at 100.00  AAA  766,244 
  College, Series 2004, 5.250%, 4/01/20 – AGM Insured       
1,380  Pasquotank County, North Carolina, Certificates of Participation, Series 2004, 5.000%,  6/14 at 100.00  A  1,422,601 
  6/01/25 – NPFG Insured       
2,070  Pitt County, North Carolina, Certificates of Participation, School Facilities Project, Series  4/14 at 100.00  AA–  2,099,746 
  2004B, 5.000%, 4/01/29 – AMBAC Insured       
2,625  Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series  No Opt. Call  A+  501,008 
  2010A, 0.000%, 8/01/35       
  Raleigh, North Carolina, Certificates of Participation, Downtown Improvement Project,       
  Series 2004B:       
805  5.000%, 6/01/20  6/14 at 100.00  AA+  861,261 
1,310  5.000%, 6/01/21  6/14 at 100.00  AA+  1,395,045 
115  Raleigh, North Carolina, Certificates of Participation, Series 2007, 5.000%, 2/01/27  2/17 at 100.00  AA+  122,184 
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       
100  Rutherford County, North Carolina, Certificates of Participation, Series 2007, 5.000%,  12/17 at 100.00  AAA  105,859 
  12/01/27 – AGM Insured       
1,150  Sampson County, North Carolina, Certificates of Participation, Series 2006, 5.000%, 6/01/34 –  6/17 at 100.00  AAA  1,172,356 
  AGM Insured (UB)       
500  Wilmington, North Carolina, Certificates of Participation, Series 2008A, 5.000%, 6/01/29  6/18 at 100.00  AA  528,370 
400  Wilson County, North Carolina, Certificates of Participation, School Facilities Project,  4/17 at 100.00  A2  415,468 
  Series 2007, 5.000%, 4/01/25 – AMBAC Insured       
21,100  Total Tax Obligation/Limited      20,080,920 
  Transportation – 20.6% (13.1% of Total Investments)       
1,935  Charlotte, North Carolina, Airport Revenue Bonds, Series 2004A, 5.000%, 7/01/34 – NPFG Insured  7/14 at 100.00  A+  1,950,654 
1,000  Charlotte, North Carolina, Airport Revenue Bonds, Series 2010A, 5.000%, 7/01/39  7/20 at 100.00  A+  1,006,360 
660  North Carolina State Ports Authority, Port Facilities Revenue Bonds, Senior Lien Series 2010A,  2/20 at 100.00  A3  663,986 
  5.250%, 2/01/40 (WI/DD, Settling 3/11/10)       
400  North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Revenue Bonds,  1/19 at 100.00  AAA  426,212 
  Series 2009A, 5.750%, 1/01/39 – AGC Insured       
5,100  North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Revenue Bonds,  No Opt. Call  AAA  1,078,956 
  Series 2009B, 0.000%, 1/01/37 – AGC Insured       
435  Piedmont Triad Airport Authority, North Carolina, Airport Revenue Bonds, Series 2005A, 5.000%,  7/15 at 100.00  A2  461,104 
  7/01/20 – SYNCORA GTY Insured       
  Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Series 2001A:       
1,000  5.250%, 11/01/15 – FGIC Insured  5/11 at 101.00  Aa3  1,042,940 
2,320  5.250%, 11/01/16 – FGIC Insured  5/11 at 101.00  Aa3  2,406,954 
2,230  5.250%, 11/01/17 – FGIC Insured  5/11 at 101.00  Aa3  2,306,690 
270  University of North Carolina, Charlotte, Parking System Revenue Bonds, Series 2002, 5.000%,  1/12 at 101.00  A2  286,964 
  1/01/20 – NPFG Insured       
15,350  Total Transportation      11,630,820 
  U.S. Guaranteed – 7.7% (4.9% of Total Investments) (4)       
490  Charlotte-Mecklenburg Hospital Authority, North Carolina, Healthcare System Revenue Bonds,  1/11 at 101.00  Aa3 (4)  515,426 
  Carolinas Healthcare System, Series 2001A, 5.000%, 1/15/31 (Pre-refunded 1/15/11)       
200  Charlotte-Mecklenburg Hospital Authority, North Carolina, Healthcare System Revenue Bonds, DBA  1/15 at 100.00  AAA  233,516 
  Carolinas Healthcare System, Series 2005A, 5.000%, 1/15/45 (Pre-refunded 1/15/15)       
370  North Carolina Medical Care Commission, Health System Revenue Bonds, Mission St. Joseph’s  10/11 at 101.00  AA (4)  401,624 
  Health System, Series 2001, 5.250%, 10/01/31 (Pre-refunded 10/01/11)       
500  North Carolina Medical Care Commission, Revenue Bonds, Northeast Medical Center, Series 2004,  11/14 at 100.00  Aa3 (4)  583,440 
  5.000%, 11/01/24 (Pre-refunded 11/01/14)       
  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  1,150,810 
1,250  5.000%, 3/01/22 (Pre-refunded 3/01/14)  3/14 at 100.00  AAA  1,438,513 
3,810  Total U.S. Guaranteed      4,323,329 
  Utilities – 10.7% (6.9% of Total Investments)       
500  North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2005,  1/16 at 100.00  A–  532,005 
  5.250%, 1/01/20 – AMBAC Insured       
  North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds,       
  Series 1993B:       
2,500  5.500%, 1/01/17 – FGIC Insured  7/10 at 100.00  Baa1  2,504,125 
25  5.500%, 1/01/21  7/10 at 100.00  A–  25,027 
225  North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series  1/19 at 100.00  A  230,481 
  2009A, 5.000%, 1/01/30       
2,600  Wake County Industrial Facilities and Pollution Control Financing Authority, North Carolina,  2/12 at 101.00  A1  2,774,486 
  Revenue Refunding Bonds, Carolina Power and Light Company, Series 2002, 5.375%, 2/01/17       
5,850  Total Utilities      6,066,124 
  Water and Sewer – 23.9% (15.3% of Total Investments)       
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       
500  Cape Fear Public Utility Authority, North Carolina, Water & Sewer System Revenue Bonds, Series  8/18 at 100.00  AA  525,420 
  2008, 5.000%, 8/01/35       
2,520  Charlotte, North Carolina, Water and Sewerage System Revenue Bonds, Series 2002A,  No Opt. Call  AAA  2,880,184 
  5.250%, 7/01/13       
1,000  Durham County, North Carolina, Enterprise System Revenue Bonds, Series 2002, 5.000%, 6/01/23 –  6/13 at 100.00  AA  1,042,290 
  NPFG Insured       
700  Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2009A, 6.000%, 6/01/34 –  6/19 at 100.00  AAA  758,898 
  AGC Insured       
  Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Series 2006A:       
3,095  5.000%, 3/01/31 (UB)  3/16 at 100.00  AAA  3,276,769 
975  5.000%, 3/01/36 (UB)  3/16 at 100.00  AAA  1,019,498 
40  Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Series 2006A, Residuals  3/16 at 100.00  AAA  47,048 
  Series II-R-645-2, 13.683%, 3/01/31 (IF)       
1,000  Wilmington, North Carolina, Water and Sewer Revenue Bonds, Series 2005, 5.000%, 6/01/25 –  6/15 at 100.00  AAA  1,058,960 
  AGM Insured       
2,275  Winston-Salem, North Carolina, Water and Sewer System Revenue Bonds, Series 2007A,  6/17 at 100.00  AAA  2,378,353 
  5.000%, 6/01/37 (UB)       
12,605  Total Water and Sewer      13,505,925 
$     90,805  Total Investments (cost $85,380,953) – 156.9%      88,512,286 
  Floating Rate Obligations – (8.5)%      (4,805,000)
  Other Assets Less Liabilities – 1.2%      689,486 
  Auction Rate Preferred Shares, at Liquidation Value – (49.6)% (5)      (28,000,000)
  Net Assets Applicable to Common Shares – 100%      $ 56,396,772 

 
 
 

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  $ —  $88,512,286  $ —  $88,512,286 

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 $80,567,264.

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

Gross unrealized:   
  Appreciation  $3,560,040 
  Depreciation  (420,046)
Net unrealized appreciation (depreciation) of investments  $3,139,994 

(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)  Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 31.6%. 
N/R  Not rated. 
WI/DD  Purchased on a when-issued or delayed delivery basis. 
(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 2 
 
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