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)

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:         8/31/07         

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, 2007             
Principal        Optional Call         
Amount (000)    Description (1)    Provisions (2)    Ratings (3)    Value 
    Education and Civic Organizations – 24.0% (15.5% of Total Investments)             
$          1,000    North Carolina Capital Facilities Financing Agency, Housing Revenue Bonds, Elizabeth City    6/13 at 100.00    AAA   $   1,016,910 
     State University, Series 2003A, 5.000%, 6/01/28 – AMBAC Insured             
2,500    North Carolina Capital Facilities Financing Agency, Revenue Bonds, Duke University, Series    10/15 at 100.00    AA+    2,538,925 
     2005A, 5.000%, 10/01/41             
970    North Carolina Capital Facilities Financing Agency, Revenue Bonds, Johnson and Wales    4/13 at 100.00    AAA    1,005,289 
     University, Series 2003A, 5.250%, 4/01/23 – XLCA Insured             
2,285    North Carolina State University at Raleigh, General Revenue Bonds, Series 2003A, 5.000%, 10/01/15    10/13 at 100.00    AA    2,420,135 
1,530    University of North Carolina System, Pooled Revenue Bonds, Series 2005A, 5.000%, 4/01/15 –    No Opt. Call    AAA    1,638,477 
     AMBAC Insured             
580    University of North Carolina System, Pooled Revenue Refunding Bonds, Series 2002A, 5.375%,    10/12 at 100.00    AAA    612,515 
     4/01/22 – AMBAC Insured             
    University of North Carolina Wilmington, Certificates of Participation, Student Housing             
    Project Revenue Bonds, Series 2006:             
1,430     5.000%, 6/01/23 – FGIC Insured    6/16 at 100.00    AAA    1,474,359 
1,505     5.000%, 6/01/24 – FGIC Insured    6/16 at 100.00    AAA    1,548,404 
500     5.000%, 6/01/37 – FGIC Insured    6/16 at 100.00    AAA    507,220 
    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+    2,498,905 
2,725     5.000%, 12/01/21    12/13 at 100.00    AA+    2,822,337 
1,500     5.000%, 12/01/23    12/13 at 100.00    AA+    1,546,965 
1,675    University of North Carolina, Wilmington, General Revenue Bonds, Series 2002A, 5.000%, 1/01/23 –    1/12 at 101.00    Aaa    1,720,610 
     AMBAC Insured             
20,580    Total Education and Civic Organizations            21,351,051 
    Energy – 1.8% (1.1% of Total Investments)             
1,500    Virgin Islands Public Finance Authority, Revenue Bonds, Refinery Project – Hovensa LLC, Series    1/14 at 100.00    BBB    1,546,605 
     2003, 6.125%, 7/01/22 (Alternative Minimum Tax)             
    Health Care – 26.4% (17.1% of Total Investments)             
1,145    Albemarle Hospital Authority, North Carolina, Health Care Facilities Revenue Bonds, Series    10/17 at 100.00    BBB    1,113,787 
     2007, 5.250%, 10/01/27             
2,000    North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Novant Health    11/13 at 100.00    AA–    2,037,560 
     Obligated Group, Series 2003A, 5.000%, 11/01/19             
2,000    North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Stanly Memorial    10/09 at 101.00    A–    2,059,500 
     Hospital, Series 1999, 6.375%, 10/01/29             
    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    1,029,580 
550     5.500%, 1/01/20    1/12 at 100.00    A    564,537 
1,750     5.375%, 1/01/32    1/12 at 100.00    A    1,765,995 
1,615    North Carolina Medical Care Commission, Hospital Revenue Bonds, FirstHealth of the Carolinas    10/08 at 101.00    AA    1,586,108 
     Inc., 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    3,035,190 
     Center, Series 2002, 5.375%, 6/01/32             
1,500    North Carolina Medical Care Commission, Hospital Revenue Bonds, Wilson Medical Center, Series    11/17 at 100.00    A–    1,477,425 
     2007, 5.000%, 11/01/27             
2,645    North Carolina Medical Care Commission, Revenue Bonds, Blue Ridge Healthcare System, Series    1/15 at 100.00    AAA    2,666,636 
     2005, 5.000%, 1/01/33 – FGIC Insured             
    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    626,004 
500     5.250%, 7/01/22 – AMBAC Insured    7/14 at 100.00    AAA    518,690 
735    North Carolina Medical Care Commission, Revenue Bonds, Northeast Medical Center, Series 2004,    11/14 at 100.00    AA    741,336 
     5.000%, 11/01/24             
375    North Carolina Medical Care Commission, Revenue Bonds, Pines at Davidson, Series 2006A,    1/16 at 100.00    N/R    349,481 
     5.000%, 1/01/36             
    Onslow County Hospital Authority, North Carolina, FHA Insured Mortgage Revenue Bonds, Onslow             
    Memorial Hospital Project, Series 2006:             
685     5.000%, 4/01/31 – MBIA Insured    10/16 at 100.00    AAA    692,699 
3,210     5.000%, 10/01/34 – MBIA Insured    10/16 at 100.00    AAA    3,239,018 
23,310    Total Health Care            23,503,546 
    Housing/Multifamily – 3.7% (2.4% of Total Investments)             
1,000    Asheville Housing Authority, North Carolina, GNMA-Collateralized Multifamily Housing Revenue    11/07 at 102.00    AA    1,006,820 
     Bonds, Woodridge Apartments, Series 1997, 5.800%, 11/20/39 (Alternative Minimum Tax)             
2,290    Mecklenburg County, North Carolina, FNMA Multifamily Housing Revenue Bonds, Little Rock    7/13 at 105.00    AAA    2,311,366 
     Apartments, Series 2003, 5.375%, 1/01/36 (Alternative Minimum Tax)             
3,290    Total Housing/Multifamily            3,318,186 
    Housing/Single Family – 9.6% (6.2% of Total Investments)             
1,105    North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement,    7/10 at 100.00    AAA    1,109,663 
     Series 10A, 5.400%, 7/01/32 – AMBAC Insured (Alternative Minimum Tax)             
3,640    North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement,    7/09 at 100.00    AA    3,743,303 
     Series 6A, 6.200%, 1/01/29 (Alternative Minimum Tax)             
1,400    North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 2007-29A, 4.800%,    1/17 at 100.00    AA    1,317,960 
     7/01/33 (Alternative Minimum Tax)             
835    North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 25-A, 4.900%,    7/16 at 100.00    AA    790,536 
     7/01/37 (Alternative Minimum Tax)             
1,525    North Carolina Housing Finance Agency, Single Family Revenue Bonds, Series 1996HH, 6.300%,    9/07 at 101.00    AA    1,553,579 
     3/01/26 (Alternative Minimum Tax)             
8,505    Total Housing/Single Family            8,515,041 
    Materials – 1.6% (1.1% of Total Investments)             
1,425    Gaston County Industrial Facilities and Pollution Control Financing Authority, North Carolina, National    8/15 at 100.00    N/R    1,444,608 
     Gypsum Company Project Exempt Facilities Revenue Bonds, Series 2005, 5.750%, 8/01/35             
     (Alternative Minimum Tax)             
    Tax Obligation/General – 11.2% (7.3% of Total Investments)             
1,890    Craven County, North Carolina, General Obligation Bonds, Series 2002, 5.000%, 5/01/21 –    5/12 at 101.00    AAA    1,951,954 
     AMBAC Insured             
4,285    Durham County, North Carolina, General Obligation Bonds, Series 2002B, 5.000%, 4/01/16    4/12 at 100.00    AAA    4,500,750 
2,820    Durham, North Carolina, General Obligation Bonds, Series 2007, 5.000%, 4/01/21    4/17 at 100.00    AAA    2,986,098 
500    North Carolina, General Obligation Bonds, Series 2004A, 5.000%, 3/01/22    3/14 at 100.00    AAA    518,345 
9,495    Total Tax Obligation/General            9,957,147 
    Tax Obligation/Limited – 33.8% (21.9% 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–    1,397,963 
1,800    Catawba County, North Carolina, Certificates of Participation, Series 2004, 5.250%, 6/01/21 –    6/14 at 100.00    Aaa    1,884,636 
     MBIA Insured             
1,700    Charlotte, North Carolina, Certificates of Participation, Governmental Facilities Projects,    6/13 at 100.00    AA+    1,773,185 
     Series 2003G, 5.375%, 6/01/26             
1,500    Charlotte, North Carolina, Certificates of Participation, Transit Projects, Series 2003A,    6/13 at 100.00    AA+    1,518,195 
     5.000%, 6/01/33             
    Charlotte, North Carolina, Storm Water Fee Revenue Bonds, Series 2002:             
1,050     5.250%, 6/01/20    6/12 at 101.00    AAA    1,115,699 
1,750     5.000%, 6/01/25    6/12 at 101.00    AAA    1,791,108 
1,400    Craven County, North Carolina, Certificates of Participation, Series 2007, 5.000%, 6/01/27 –    6/17 at 100.00    AAA    1,432,998 
     MBIA Insured             
1,000    Davidson County, North Carolina, Certificates of Participation, Series 2004, 5.250%, 6/01/14 –    No Opt. Call    AAA    1,076,740 
     AMBAC 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    1,809,805 
500     5.250%, 4/01/20 – FSA Insured    4/14 at 100.00    AAA    524,190 
1,000     5.250%, 4/01/22 – FSA Insured    4/14 at 100.00    AAA    1,043,730 
2,600    North Carolina Infrastructure Finance Corporation, Certificates of Participation, Capital    2/15 at 100.00    AA+    2,705,066 
     Improvements, Series 2005A, 5.000%, 2/01/19             
1,500    North Carolina Infrastructure Finance Corporation, Certificates of Participation, Correctional    2/14 at 100.00    AA+    1,535,880 
     Facilities, Series 2004A, 5.000%, 2/01/23             
1,500    North Carolina, Certificates of Participation, Repair and Renovation Project, Series 2004B,    6/14 at 100.00    AA+    1,547,985 
     5.000%, 6/01/20             
    North Carolina, Certificates of Participation, Series 2003:             
1,130     5.250%, 6/01/21    6/13 at 100.00    AA+    1,173,302 
1,000     5.250%, 6/01/23    6/13 at 100.00    AA+    1,034,230 
2,000    Puerto Rico Highway and Transportation Authority, Grant Anticipation Revenue Bonds, Series    3/14 at 100.00    AAA    2,077,420 
     2004, 5.000%, 9/15/21 – MBIA Insured             
1,000    Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Bonds, Series    No Opt. Call    AAA    1,091,370 
     2003H, 5.250%, 7/01/15 – FGIC Insured             
1,000    Randolph County, North Carolina, Certificates of Participation, Series 2004, 5.000%, 6/01/20 –    6/14 at 102.00    AAA    1,040,540 
     FSA Insured             
1,950    Sampson County, North Carolina, Certificates of Participation, Series 2006, 5.000%, 6/01/34 (UB)    6/17 at 100.00    AAA    1,986,797 
540    Wilson, North Carolina, Certificates of Particiation, Public Facilities, Series 2007A, 5.000%,    5/17 at 100.00    AAA    552,226 
     5/01/29 – AGC Insured             
28,965    Total Tax Obligation/Limited            30,113,065 
    Transportation – 7.0% (4.6% of Total Investments)             
    Charlotte, North Carolina, Airport Revenue Bonds, Series 2004A:             
600     5.250%, 7/01/24 – MBIA Insured    7/14 at 100.00    AAA    624,930 
2,710     5.000%, 7/01/29 – MBIA Insured    7/14 at 100.00    AAA    2,756,070 
500    Piedmont Triad Airport Authority, North Carolina, Airport Revenue Bonds, Series 2005A, 5.000%,    7/15 at 100.00    AAA    518,495 
     7/01/20 – XLCA Insured             
2,250    Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Series 2001A, 5.250%,    5/11 at 101.00    Aaa    2,364,930 
     11/01/16 – FGIC Insured             
6,060    Total Transportation            6,264,425 
    U.S. Guaranteed – 13.6% (8.8% of Total Investments) (4)             
250    Charlotte-Mecklenburg Hospital Authority, North Carolina, Healthcare System Revenue Bonds, DBA    1/15 at 100.00    AA– (4)    266,718 
     Carolinas Healthcare System, Series 2005A, 5.000%, 1/15/45 (Pre-refunded 1/15/15)             
750    Johnston County Finance Corporation, North Carolina, Installment Payment Revenue Bonds, School    8/09 at 101.00    AAA    778,920 
     and Museum Projects, Series 1999, 5.250%, 8/01/21 (Pre-refunded 8/01/09) – FSA Insured             
1,530    North Carolina Medical Care Commission, Health System Revenue Bonds, Mission St. Joseph’s    10/11 at 101.00    AA (4)    1,633,137 
     Health System, Series 2001, 5.250%, 10/01/31 (Pre-refunded 10/01/11)             
1,165    North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 1980, 10.500%,    No Opt. Call    AAA    1,263,501 
     1/01/10 (ETM)             
4,260    North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 1986, 5.000%,    No Opt. Call    AAA    4,536,557 
     1/01/20 (ETM)             
1,000    North Carolina, General Obligation Bonds, Series 2000A, 5.100%, 9/01/16 (Pre-refunded 9/01/10)    9/10 at 102.00    AAA    1,058,940 
420    University of North Carolina System, Pooled Revenue Refunding Bonds, Series 2002A, 5.375%,    10/12 at 100.00    Aaa    453,020 
     4/01/22 (Pre-refunded 10/01/12) – AMBAC Insured             
2,000    Winston-Salem, North Carolina, Water and Sewerage System Revenue Bonds, Series 2002A, 5.000%,    6/12 at 100.00    AAA    2,115,320 
     6/01/18 (Pre-refunded 6/01/12)             
11,375    Total U.S. Guaranteed            12,106,113 
    Utilities – 13.0% (8.4% of Total Investments)             
3,000    North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2003F,    1/13 at 100.00    BBB    3,096,870 
     5.500%, 1/01/15             
1,000    North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2005,    1/16 at 100.00    AAA    1,058,340 
     5.250%, 1/01/20 – AMBAC Insured             
4,000    North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 1999B,    1/10 at 101.00    A3    4,239,840 
     6.500%, 1/01/20             
2,000    North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A,    1/13 at 100.00    AAA    2,129,760 
     5.250%, 1/01/15 – AMBAC Insured             
1,000    Wake County Industrial Facilities and Pollution Control Financing Authority, North Carolina,    2/12 at 101.00    A2    1,044,100 
     Revenue Refunding Bonds, Carolina Power and Light Company, Series 2002, 5.375%, 2/01/17             
11,000    Total Utilities            11,568,910 
    Water and Sewer – 8.5% (5.5% of Total Investments)             
1,605    Broad River Water Authority, North Carolina, Water System Revenue Bonds, Series 2005, 5.000%,    6/15 at 100.00    Aaa    1,670,227 
     6/01/20 – XLCA Insured             
50    Charlotte, North Carolina, Water and Sewerage System Revenue Bonds, Series 2001, 5.125%, 6/01/26    6/11 at 101.00    AAA    51,533 
1,295    Greensboro, North Carolina, Combined Enterprise System Revenue Bonds, Series 2005A,    6/15 at 100.00    AAA    1,335,598 
     5.000%, 6/01/26             
500    Onslow County, North Carolina, Combined Enterprise System Revenue Bonds, Series 2004B,    6/14 at 100.00    AAA    514,235 
     5.000%, 6/01/23 – XLCA Insured             
3,865    Winston-Salem, North Carolina, Water and Sewer System Revenue Bonds, Series 2007A,    6/17 at 100.00    AAA    3,977,472 
     5.000%, 6/01/37 (UB)             
7,315    Total Water and Sewer            7,549,065 
$      132,820    Total Long-Term Investments (cost $136,255,259) – 154.2%            137,237,762 
    Short-Term Investments – 0.1% (0.1% of Total Investments)             
$             100    Puerto Rico Government Development Bank, Adjustable Refunding Bonds, Variable Rate Demand        VMIG-1    100,000 
     Obligations, Series 1985, 3.730%, 12/01/15 – MBIA Insured (5)             
    Total Short-Term Investments (cost $100,000)            100,000 
    Total Investments (cost $136,355,259) – 154.3%            137,337,762 
    Floating Rate Obligations – (4.3)%            (3,870,000) 
    Other Assets Less Liabilities – 2.6%            2,327,673 
    Preferred Shares, at Liquidation Value – (52.6)%            (46,800,000) 
    Net Assets Applicable to Common Shares – 100%           $   88,995,435 

(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 or Moody’s rating. Ratings below BBB by Standard & Poor’s 
    Group or Baa by Moody’s Investor Service, Inc. 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)    Investment has a maturity of more than one year, but has variable rate and demand features which qualify 
    it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate 
    changes periodically based on market conditions or a specified market index. 
N/R    Not rated. 
(ETM)    Escrowed to maturity. 
(UB)    Underlying bond of an inverse floating rate trust reflected as a financing transaction pursuant to the 
    provision of SFAS No. 140. 

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 the treatment of paydown gains and losses, 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 transactions subject to SFAS No. 140.

At August 31, 2007, the cost of investments was $132,476,123.

Gross unrealized appreciation and gross unrealized depreciation of investments at August 31, 2007, were as follows:

Gross unrealized:     
  Appreciation    $ 2,153,988 
  Depreciation    (1,161,787) 
Net unrealized appreciation (depreciation) of investments    $    992,201 

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/ Kevin J. McCarthy                    
                                                    Kevin J. McCarthy
                                                    Vice President and Secretary

Date         October 30, 2007        

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         October 30, 2007        

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

Date        October 30, 2007        

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