Form N-Q

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)


        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)


Jessica R. Droeger—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:            05/31          

Date of reporting period:          08/31/05         

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, 2005

    Principal               
    Amount (000)    Description(1)    Optional Call  Provisions*    Ratings**      Market Value 
        Education and Civic Organizations - 30.4% (20.7% of Total Investments)              
$    970    North Carolina Capital Facilities Financing Agency, Revenue Bonds, Johnson and Wales University,   4/13 at 100.00    AAA    $   1,052,237 
        Series 2003A, 5.250%, 4/01/23 - XLCA Insured              
    1,000    North Carolina Capital Facilities Financing Agency, Housing Revenue Bonds, Elizabeth City State   6/13 at 100.00    AAA      1,060,880 
        University, Series 2003A, 5.000%, 6/01/28 - AMBAC Insured              
        North Carolina Education Assistance Authority, Subordinate Lien Guaranteed Student Loan Revenue              
        Bonds, Series 1995A:              
    1,000    6.050%, 7/01/10 (Alternative Minimum Tax)   1/06 at 102.00    A2      1,021,620 
    2,400    6.300%, 7/01/15 (Alternative Minimum Tax)   1/06 at 102.00    A2      2,451,720 
    5,875    North Carolina Education Assistance Authority, Subordinate Lien Guaranteed Student Loan Revenue   7/06 at 102.00    A2      6,088,498 
        Bonds, Series 1996C, 6.350%, 7/01/16 (Alternative Minimum Tax)              
    3,285    North Carolina State University at Raleigh, General Revenue Bonds, Series 2003A, 5.000%, 10/01/15   10/13 at 100.00    AA      3,619,512 
    1,200    University of North Carolina, Charlotte, Certificates of Participation, Student Housing Project,   3/15 at 100.00    AAA      1,276,980 
        Series 2005, 5.000%, 3/01/31 - AMBAC Insured              
        University of North Carolina, Chapel Hill, System Net Revenue Bonds, Series 2003:              
    2,380    5.000%, 12/01/19   12/13 at 100.00    AA+      2,612,835 
    2,725    5.000%, 12/01/21   12/13 at 100.00    AA+      2,973,711 
    1,500    5.000%, 12/01/23   12/13 at 100.00    AA+      1,632,015 
    1,000    University of North Carolina System, Pooled Revenue Refunding Bonds, Series 2002A, 5.375%,   10/12 at 100.00    AAA      1,112,720 
        4/01/22 - AMBAC Insured              
    750    University of North Carolina System, Pooled Revenue Bonds, Series 2004C, 5.000%, 4/01/21 - AMBAC   4/14 at 100.00    Aaa      811,088 
        Insured              
    1,530    University of North Carolina System, Pooled Revenue Bonds, Series 2005A, 5.000%, 4/01/15 - AMBAC   No Opt. Call    AAA      1,702,921 
        Insured              
    1,675    University of North Carolina, Wilmington, General Revenue Bonds, Series 2002A, 5.000%, 1/01/23 -   1/12 at 101.00    Aaa      1,816,956 
        AMBAC Insured              
 
        Energy - 1.7% (1.2% of Total Investments)              
    1,500    Virgin Islands Public Finance Authority, Revenue Bonds, Refinery Project - Hovensa LLC, Series   1/14 at 100.00    BBB      1,661,130 
        2003, 6.125%, 7/01/22 (Alternative Minimum Tax)              
        Healthcare - 21.5% (14.7% of Total Investments)              
        North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Union Regional Medical              
        Center, Series 2002A:              
    1,000    5.500%, 1/01/19   1/12 at 100.00    A      1,073,010 
    550    5.500%, 1/01/20   1/12 at 100.00    A      588,577 
    1,750    5.375%, 1/01/32   1/12 at 100.00    A      1,828,558 
    2,000    North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Novant Health   11/13 at 100.00    AA-      2,132,320 
        Obligated Group, Series 2003A, 5.000%, 11/01/19              
        North Carolina Medical Care Commission, Revenue Bonds, Cleveland County Healthcare System, Series              
        2004A:              
    600    5.250%, 7/01/20 - AMBAC Insured   7/14 at 100.00    AAA      659,532 
    500    5.250%, 7/01/22 - AMBAC Insured   7/14 at 100.00    AAA      547,265 
    2,000    North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Stanly Memorial   10/09 at 101.00    A-      2,156,200 

    Hospital, Series 1999, 6.375%, 10/01/29               
800    North Carolina Medical Care Commission, Revenue Bonds, Blue Ridge Healthcare System, Series 2005,    1/15 at 100.00    AAA        847,680 
    5.000%, 1/01/33 - FGIC Insured               
1,615    North Carolina Medical Care Commission, Hospital Revenue Bonds, FirstHealth of the Carolinas Inc.,    10/08 at 101.00    AA      1,640,436 
    Series 1998, 4.750%, 10/01/26               
3,000    North Carolina Medical Care Commission, Hospital Revenue Bonds, Southeastern Regional Medical    6/12 at 101.00    A      3,141,930 
    Center, Series 2002, 5.375%, 6/01/32               
735    North Carolina Medical Care Commission, Revenue Bonds, Northeast Medical Center, Series 2004,    11/14 at 100.00    AA      780,467 
    5.000%, 11/01/24               
5,000    North Carolina Medical Care Commission, Health System Revenue Bonds, Mission St. Joseph's Health    10/11 at 101.00    AA      5,299,750 
    System, Series 2001, 5.250%, 10/01/31               
    Housing/Multifamily - 5.4% (3.7% of Total Investments)               
1,000    Asheville Housing Authority, North Carolina, GNMA-Collateralized Multifamily Housing Revenue Bonds,    11/07 at 102.00    AA      1,031,700 
    Woodridge Apartments, Series 1997, 5.800%, 11/20/39 (Alternative Minimum Tax)               
1,000    Charlotte, North Carolina, FHA-Insured Mortgage Revenue Refunding Bonds, Tryon Hills Apartments,    1/06 at 102.00    AAA      1,043,830 
    Series 1993A, 5.875%, 1/01/25 - MBIA Insured               
2,290    Mecklenburg County, North Carolina, FNMA Multifamily Housing Revenue Bonds, Little Rock Apartments,    7/13 at 105.00    AAA      2,423,942 
    Series 2003, 5.375%, 1/01/36 (Alternative Minimum Tax)               
    North Carolina Housing Finance Agency, FHA-Insured Multifamily Revenue Bonds, Series 1993:               
240    5.800%, 7/01/14    1/06 at 100.00    Aa2      240,314 
435    5.900%, 7/01/26    1/06 at 100.00    Aa2      435,431 
    Housing/Single Family - 9.0% (6.1% of Total Investments)               
5,095    North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement, Series    7/09 at 100.00    AA      5,334,924 
    6A, 6.200%, 1/01/29 (Alternative Minimum Tax)               
1,985    North Carolina Housing Finance Agency, Single Family Revenue Bonds, Series 1996HH, 6.300%, 3/01/26    3/06 at 102.00    AA      2,036,312 
    (Alternative Minimum Tax)               
1,215    North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement, Series    7/10 at 100.00    AAA      1,250,721 
    10A, 5.400%, 7/01/32 (Alternative Minimum Tax) - AMBAC Insured               
    Industrials - 1.5% (1.0% of Total Investments)               
1,400    North Carolina Capital Facilities Financing Agency, Exempt Facilities Revenue Bonds, Waste    No Opt. Call    BBB      1,403,640 
    Management Inc., Series 2001, 3.750%, 8/01/14 (Alternative Minimum Tax) (Mandatory put 8/01/07)               
    Long-Term Care - 0.3% (0.2% of Total Investments)               
250    North Carolina Medical Care Commission, Revenue Bonds, United Church Homes and Services, Series    9/15 at 100.00    N/R      259,557 
    2005A, 5.250%, 9/01/21               
    Materials - 3.7% (2.5% of Total Investments)               
1,425    Gaston County Industrial Facilities and Pollution Control Financing Authority, North Carolina,    8/15 at 100.00    N/R      1,492,759 
    National Gypsum Company Project Exempt Facilities Revenue Bonds, Series 2005, 5.750%, 8/01/35               
    (Alternative Minimum Tax)               
2,000    Haywood County Industrial Facilities and Pollution Control Financing Authority, North Carolina,    3/06 at 102.00    Baa2      2,064,620 
    Pollution Control Revenue Refunding Bonds, Champion International Corporation, Series 1995,               
    6.000%, 3/01/20               
    Tax Obligation/General - 8.7% (5.9% of Total Investments)               
1,890    Craven County, North Carolina, General Obligation Bonds, Series 2002, 5.000%, 5/01/21 - AMBAC    5/12 at 101.00    AAA      2,057,700 
    Insured               
4,285    Durham County, North Carolina, General Obligation Bonds, Series 2002B, 5.000%, 4/01/16    4/12 at 100.00    AAA      4,669,107 
1,000    Johnston County, North Carolina, General Obligation Bonds, Series 2001, 5.000%, 6/01/16 - FGIC    6/11 at 102.00    AAA      1,088,910 
    Insured               

500    North Carolina, General Obligation Bonds, Series 2004A, 5.000%, 3/01/22   3/14 at 100.00    AAA        543,045 
 
    Tax Obligation/Limited - 28.9% (19.7% of Total Investments)              
 
1,330    Cabarrus County, North Carolina, Certificates of Participation, Series 2002, 5.250%, 2/01/17   2/13 at 100.00    AA-      1,457,640 
 
1,800    Catawba County, North Carolina, Certificates of Participation, Series 2004, 5.250%, 6/01/21 - MBIA   6/14 at 100.00    Aaa      1,984,878 
    Insured              
 
    Charlotte, North Carolina, Certificates of Participation, Governmental Facilities Projects, Series              
    2003G:               
1,145    5.000%, 6/01/18   6/13 at 100.00    AA+      1,230,463 
1,700    5.375%, 6/01/26   6/13 at 100.00    AA+      1,860,854 
 
    Charlotte, North Carolina, Storm Water Fee Revenue Bonds, Series 2002:              
1,050    5.250%, 6/01/20   6/12 at 101.00    AA+      1,153,373 
1,750    5.000%, 6/01/25   6/12 at 101.00    AA+      1,884,872 
 
2,180    Concord, North Carolina, Certificates of Participation, Series 1996A, 6.125%, 6/01/21 - MBIA   6/06 at 102.00    AAA      2,273,260 
    Insured              
 
1,000    Davidson County, North Carolina, Certificates of Participation, Series 2004, 5.250%, 6/01/14 -   No Opt. Call    AAA      1,123,490 
    AMBAC Insured              
 
750    Johnston County Finance Corporation, North Carolina, Installment Payment Revenue Bonds, School and   8/09 at 101.00    AAA      805,028 
    Museum Projects, Series 1999, 5.250%, 8/01/21 - FSA Insured              
 
    Lee County, North Carolina, Certificates of Participation, Public Schools and Community College,              
    Series 2004:              
1,715    5.250%, 4/01/18 - FSA Insured   4/14 at 100.00    AAA      1,900,254 
500    5.250%, 4/01/20 - FSA Insured   4/14 at 100.00    AAA      551,315 
1,000    5.250%, 4/01/22 - FSA Insured   4/14 at 100.00    AAA      1,099,550 
 
    North Carolina Infrastructure Finance Corporation, Certificates of Participation, Correctional              
    Facilities, Series 2004A:              
2,500    5.000%, 2/01/19   2/14 at 100.00    AA+      2,690,975 
1,500    5.000%, 2/01/23   2/14 at 100.00    AA+      1,597,980 
 
    North Carolina, Certificates of Participation, Series 2003:              
1,130    5.250%, 6/01/21   6/13 at 100.00    AA+      1,222,863 
1,000    5.250%, 6/01/23   6/13 at 100.00    AA+      1,079,420 
 
1,500    North Carolina, Certificates of Participation, Repair and Renovation Project, Series 2004B,   6/14 at 100.00    AA+      1,620,660 
    5.000%, 6/01/20              
 
2,000    Puerto Rico Highway and Transportation Authority, Grant Anticipation Revenue Bonds, Series 2004,   3/14 at 100.00    AAA      2,178,900 
    5.000%, 9/15/21 - MBIA Insured              
 
    Transportation - 5.8% (4.0% of Total Investments)              
 
600    Charlotte, North Carolina, Airport Revenue Bonds, Series 2004A, 5.250%, 7/01/24 - MBIA Insured   7/14 at 100.00    AAA      657,888 
 
2,250    Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Series 2001A, 5.250%,   5/11 at 101.00    Aaa      2,460,060 
    11/01/16 - FGIC Insured              
 
2,300    Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Series 2005A, 5.000%,   5/15 at 100.00    Aaa      2,455,181 
    5/01/30 - AMBAC Insured              
 
    U.S. Guaranteed *** - 13.0% (8.8% of Total Investments)              
 
2,000    Charlotte, North Carolina, Storm Water Fee Revenue Bonds, Series 2000, 6.000%, 6/01/25   6/10 at 101.00    AA+***      2,264,700 
    (Pre-refunded to 6/01/10)              
 
1,775    North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 1980, 10.500%,   No Opt. Call    AAA      2,076,945 
    1/01/10              
 
4,260    North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 1986, 5.000%,   No Opt. Call    AAA      4,796,590 
    1/01/20              
 
3,000    North Carolina, General Obligation Bonds, Series 2000A, 5.100%, 9/01/16 (Pre-refunded to 9/01/10)   9/10 at 102.00    AAA      3,315,300 
 
    Utilities - 8.0% (5.5% of Total Investments)              

  4,000    North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 1999B, 6.500%,    1/10 at 101.00    A3      4,440,320
      1/01/20             
  2,000    North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A, 5.250%,    1/13 at 100.00    AAA      2,210,940
      1/01/15 - AMBAC Insured             
  1,000    Wake County Industrial Facilities and Pollution Control Financing Authority, North Carolina,    2/12 at 101.00    A3      1,079,260
      Revenue Refunding Bonds, Carolina Power and Light Company, Series 2002, 5.375%, 2/01/17             
      Water and Sewer - 8.8% (6.0% of Total Investments)             
  2,825    Charlotte, North Carolina, Water and Sewerage System Revenue Bonds, Series 2005A, 5.000%, 12/01/21    12/14 at 102.00    AAA      3,121,201
  1,295    Greensboro, North Carolina, Combined Enterprise System Revenue Bonds, Series 2005A, 5.000%,    6/15 at 100.00    AA+      1,390,506
      6/01/26             
  500    Onslow County, North Carolina, Combined Enterprise System Revenue Bonds, Series 2004B, 5.000%,    6/14 at 100.00    AAA      535,625
      6/01/23 - XLCA Insured             
  2,000    Winston-Salem, North Carolina, Water and Sewerage System Revenue Bonds, Series 2002A, 5.000%,    6/12 at 100.00    AAA      2,168,220
      6/01/18             
  1,170    Winston-Salem, North Carolina, Water and Sewerage System Revenue Bonds, Series 2005, 5.000%,    6/15 at 100.00    AAA      1,281,933
      6/01/20             
$   130,875    Total Long-Term Investments (cost $134,085,326) - 146.7%              140,937,504
      Other Assets Less Liabilities - 2.0%              1,914,244
      Preferred Shares, at Liquidation Value - (48.7)%              (46,800,000)
      Net Assets Applicable to Common Shares - 100%            $   96,051,748

(1 )    All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares 
    unless otherwise noted. 
*     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. 
**     Ratings: Using the higher of Standard & Poor's or Moody's rating. 
***     Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency 
    securities which ensures the timely payment of principal and interest. Such securities are normally considered 
    to be equivalent to AAA rated securities. 
N/R     Investment is not rated. 

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 income on taxable market discount securities and timing
differences in recognizing certain gains and losses on investment transactions.

At August 31, 2005, the cost of investments was $134,077,917.

Gross unrealized appreciation and gross unrealized depreciation of investments at August 31, 2005, were as follows:

Gross unrealized:       
   Appreciation    $   6,864,915  
   Depreciation      (5,328 ) 
 
Net unrealized appreciation of investments    $   6,859,587  

Item 2. Controls and Procedures.

  1. 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)).
  2. 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: 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/ Jessica R. Droeger--Vice President and Secretary        

Date         10/28/05        

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--Chief Administrative Officer (principal executive officer)        

Date         10/28/05        

By (Signature and Title)*         /s/ Stephen D. Foy--Vice President and Controller (principal financial officer)        

Date         10/28/05        

* Print the name and title of each signing officer under his or her signature.