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: 02/28/05

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)
February 28, 2005

	Principal		Optional Call		Market
	Amount (000)	Description⁽¹⁾	Provisions*	Ratings**	Value

		Education and Civic Organizations - 27.3% (18.2% of Total Investments)

$	970	North Carolina Capital Facilities Financing Agency, Revenue Bonds, Johnson and Wales University,	4/13 at 100.00	AAA	$ 1,041,635
		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	1,042,860
		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)	7/05 at 102.00	A2	1,026,940
	2,400	6.300%, 7/01/15 (Alternative Minimum Tax)	7/05 at 102.00	A2	2,462,376

	5,875	North Carolina Education Assistance Authority, Subordinate Lien Guaranteed Student Loan Revenue	7/06 at 102.00	A2	6,133,500
		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	3,601,805

		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+	2,569,591
	2,725	5.000%, 12/01/21	12/13 at 100.00	AA+	2,918,066
	1,500	5.000%, 12/01/23	12/13 at 100.00	AA+	1,596,480

	1,000	University of North Carolina System, Pooled Revenue Refunding Bonds, Series 2002A, 5.375%,	10/12 at 100.00	AAA	1,109,950
		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	799,890
		Insured

	1,675	University of North Carolina, Wilmington, General Revenue Bonds, Series 2002A, 5.000%, 1/01/23 -	1/12 at 101.00	Aaa	1,772,837
		AMBAC Insured

		Energy - 1.7% (1.1% of Total Investments)

	1,500	Virgin Islands Public Finance Authority, Refinery Revenue Bonds, Hovensa LLC, Series 2003, 6.125%,	1/14 at 100.00	BBB-	1,613,730
		7/01/22 (Alternative Minimum Tax)

		Healthcare - 20.6% (13.7% 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	1,069,500
	550	5.500%, 1/01/20	1/12 at 100.00	A	586,212
	1,750	5.375%, 1/01/32	1/12 at 100.00	A	1,804,880

	2,000	North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Novant Health	11/13 at 100.00	AA-	2,110,740
		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	655,506
	500	5.250%, 7/01/22 - AMBAC Insured	7/14 at 100.00	AAA	542,205

	2,000	North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Stanly Memorial	10/09 at 101.00	A-	2,144,240
		Hospital, Series 1999, 6.375%, 10/01/29

	1,615	North Carolina Medical Care Commission, Hospital Revenue Bonds, FirstHealth of the Carolinas Inc.,	10/08 at 101.00	AA	1,625,578
		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	3,098,880
		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-	765,870
		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	5,245,250
		System, Series 2001, 5.250%, 10/01/31

		Housing/Multifamily - 8.7% (5.8% of Total Investments)

	1,000	Asheville Housing Authority, North Carolina, GNMA-Collateralized Multifamily Housing Revenue Bonds,	11/07 at 102.00	AAA	1,021,120
		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,	7/05 at 103.00	AAA	1,051,750
		Series 1993A, 5.875%, 1/01/25 - MBIA Insured

	3,000	Mecklenburg County, North Carolina, FNMA Multifamily Housing Revenue Bonds, Sycamore Green	1/12 at 102.00	AAA	3,171,330
		Apartments, Series 2001, 5.500%, 1/15/35 (Alternative Minimum Tax) (Mandatory put 1/15/23) - FGIC
		Insured

	2,290	Mecklenburg County, North Carolina, FNMA Multifamily Housing Revenue Bonds, Little Rock Apartments,	7/13 at 105.00	AAA	2,365,936
		Series 2003, 5.375%, 1/01/36 (Alternative Minimum Tax)

		North Carolina Housing Finance Agency, FHA-Insured Multifamily Revenue Bonds, Series 1993:
	250	5.800%, 7/01/14	7/05 at 100.00	Aa2	250,338
	435	5.900%, 7/01/26	7/05 at 100.00	Aa2	435,374

		Housing/Single Family - 9.1% (6.1% of Total Investments)

	5,115	North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement, Series	7/09 at 100.00	AA	5,327,784
		6A, 6.200%, 1/01/29 (Alternative Minimum Tax)

	2,070	North Carolina Housing Finance Agency, Single Family Revenue Bonds, Series 1996HH, 6.300%, 3/01/26	3/06 at 102.00	AA	2,129,802
		(Alternative Minimum Tax)

	1,235	North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement, Series	7/10 at 100.00	AAA	1,259,959
		10A, 5.400%, 7/01/32 (Alternative Minimum Tax) - AMBAC Insured

		Industrials - 1.5% (0.9% of Total Investments)

	1,400	North Carolina Capital Facilities Financing Agency, Exempt Facilities Revenue Bonds, Waste	No Opt. Call	BBB	1,403,346
		Management Inc., Series 2001, 3.750%, 8/01/14 (Alternative Minimum Tax) (Mandatory put 8/01/07)

		Materials - 2.2% (1.5% of Total Investments)

	2,000	Haywood County Industrial Facilities and Pollution Control Financing Authority, North Carolina,	3/06 at 102.00	Baa2	2,084,720
		Pollution Control Revenue Refunding Bonds, Champion International Corporation Project, Series 1995,
		6.000%, 3/01/20

		Tax Obligation/General - 8.7% (5.8% 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	2,018,274
		Insured

	4,285	Durham County, North Carolina, General Obligation Public Improvement Bonds, Series 2002B, 5.000%,	4/12 at 100.00	AAA	4,633,713
		4/01/16

	1,000	Johnston County, North Carolina, General Obligation Bonds, Series 2001, 5.000%, 6/01/16 - FGIC	6/11 at 102.00	AAA	1,082,320
		Insured

	500	North Carolina, General Obligation Bonds, Series 2004A, 5.000%, 3/01/22	3/14 at 100.00	AAA	536,530

		Tax Obligation/Limited - 28.7% (19.2% 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-	1,445,218

	1,800	Catawba County, North Carolina, Certificates of Participation, Series 2004, 5.250%, 6/01/21 - MBIA	6/14 at 100.00	Aaa	1,964,538
		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+	1,218,566
	1,700	5.375%, 6/01/26	6/13 at 100.00	AA+	1,836,221

		Charlotte, North Carolina, Storm Water Fee Revenue Bonds, Series 2002:
	1,050	5.250%, 6/01/20	6/12 at 101.00	AA+	1,152,238
	1,750	5.000%, 6/01/25	6/12 at 101.00	AA+	1,836,888

	2,180	Concord, North Carolina, Certificates of Participation, Series 1996A, 6.125%, 6/01/21 - MBIA	6/06 at 102.00	AAA	2,317,754
		Insured

	1,000	Davidson County, North Carolina, Certificates of Participation, Series 2004, 5.250%, 6/01/14 -	No Opt. Call	AAA	1,114,540
		AMBAC Insured

	750	Johnston County Finance Corporation, North Carolina, Installment Payment Revenue Bonds, School and	8/09 at 101.00	AAA	810,750
		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	1,881,784
	500	5.250%, 4/01/20 - FSA Insured	4/14 at 100.00	AAA	546,230
	1,000	5.250%, 4/01/22 - FSA Insured	4/14 at 100.00	AAA	1,087,700

		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+	2,658,025
	1,500	5.000%, 2/01/23	2/14 at 100.00	AA+	1,575,390

		North Carolina, Certificates of Participation, Series 2003:
	1,130	5.250%, 6/01/21	6/13 at 100.00	AA+	1,211,597
	1,000	5.250%, 6/01/23	6/13 at 100.00	AA+	1,067,890

	1,500	North Carolina, Certificates of Participation, Repair and Renovation Project, Series 2004B,	6/14 at 100.00	AA+	1,597,680
		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	2,152,900
		5.000%, 9/15/21 - MBIA Insured

		Transportation - 3.3% (2.2% 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	648,474

	2,250	Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Series 2001A, 5.250%,	5/11 at 101.00	Aaa	2,457,855
		11/01/16 - FGIC Insured

		U.S. Guaranteed * - 22.8% (15.2% of Total Investments)**

	4,000	Charlotte, North Carolina, Water and Sewer System Revenue Bonds, Series 2000, 5.250%, 6/01/25	6/10 at 101.00	AAA	4,456,000
		(Pre-refunded to 6/01/10)

	2,000	Charlotte, North Carolina, Storm Water Fee Revenue Bonds, Series 2000, 6.000%, 6/01/25	6/10 at 101.00	AA+***	2,298,220
		(Pre-refunded to 6/01/10)

	2,900	Fayetteville Public Works Commission, North Carolina, Revenue Bonds, Series 1997, 5.125%, 3/01/24	3/07 at 101.00	AAA	3,071,216
		(Pre-refunded to 3/01/07) - FSA Insured

	1,775	North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 1980, 10.500%,	No Opt. Call	AAA	2,147,608
		1/01/10

	4,260	North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 1986, 5.000%,	No Opt. Call	AAA	4,729,069
		1/01/20

	4,500	North Carolina, General Obligation Bonds, Series 2000A, 5.100%, 9/01/16 (Pre-refunded to 9/01/10)	9/10 at 102.00	AAA	5,029,695

		Utilities - 8.2% (5.4% 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	4,498,120
		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	2,207,800
		1/01/15 - AMBAC Insured

	1,000	Wake County Industrial Facilities and Pollution Control Financing Authority, North Carolina,	2/12 at 101.00	A3	1,074,630
		Revenue Refunding Bonds, Carolina Power and Light Company, Series 2002, 5.375%, 2/01/17

		Water and Sewer - 7.4% (4.9% of Total Investments)

	2,825	Charlotte, North Carolina, Water and Sewer System Revenue Bonds, Series 2005A, 5.000%, 12/01/21	12/14 at 102.00	AAA	3,078,064
		(WI, settling 3/03/05)

	500	Onslow County, North Carolina, Combined Enterprise System Revenue Bonds, Series 2004B, 5.000%,	6/14 at 100.00	AAA	529,800
		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	2,149,840
		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	1,264,010
		6/01/20

$	133,610	Total Long-Term Investments (cost $136,162,789) - 150.2%			143,227,127

		Other Assets Less Liabilities - (1.1)%			(1,093,760)

		Preferred Shares, at Liquidation Value - (49.1)%			(46,800,000)

		Net Assets Applicable to Common Shares - 100%			$95,333,367


(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.
(WI)	Security purchased on a when-issued basis.

	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
	security transactions.

	At February 28, 2005, the cost of investments was $136,129,073.

	Gross unrealized appreciation and gross unrealized depreciation of investments at February 28, 2005,
	were as follows:

	Gross unrealized:
	Appreciation	$7,212,837
	Depreciation	(114,783)

	Net unrealized appreciation of investments	$7,098,054

Item 2. Controls and Procedures.

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)).
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 04/29/05

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 04/29/05

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

Date 04/29/05

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

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

SIGNATURES

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q