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:         8/31/08         

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, 2008             
Principal        Optional Call         
Amount (000)    Description (1)    Provisions (2)    Ratings (3)    Value 
    Education and Civic Organizations – 22.7% (14.5% of Total Investments)             
$          2,500    North Carolina Capital Facilities Financing Agency, Revenue Bonds, Duke University, Series    10/15 at 100.00    AA+   $   2,531,125 
     2005A, 5.000%, 10/01/41             
970    North Carolina Capital Facilities Financing Agency, Revenue Bonds, Johnson and Wales    4/13 at 100.00    BBB–    968,972 
     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    2,467,983 
1,530    University of North Carolina System, Pooled Revenue Bonds, Series 2005A, 5.000%, 4/01/15 –    No Opt. Call    AA    1,654,144 
     AMBAC Insured             
580    University of North Carolina System, Pooled Revenue Refunding Bonds, Series 2002A, 5.375%,    10/12 at 100.00    AAA    605,781 
     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    A–    1,443,628 
1,505     5.000%, 6/01/24 – FGIC Insured    6/16 at 100.00    A–    1,513,533 
    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+    2,531,677 
2,725     5.000%, 12/01/21    12/13 at 100.00    AA+    2,851,522 
1,500     5.000%, 12/01/23    12/13 at 100.00    AA+    1,563,945 
1,675    University of North Carolina, Wilmington, General Revenue Bonds, Series 2002A, 5.000%, 1/01/23 –    1/12 at 101.00    Aa3    1,702,303 
     AMBAC Insured             
19,080    Total Education and Civic Organizations            19,834,613 
    Energy – 1.7% (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    1,467,045 
     2003, 6.125%, 7/01/22 (Alternative Minimum Tax)             
    Health Care – 24.8% (15.9% of Total Investments)             
1,145    Albemarle Hospital Authority, North Carolina, Health Care Facilities Revenue Bonds, Series    10/17 at 100.00    BBB–    1,080,754 
     2007, 5.250%, 10/01/27             
1,000    Johnston Memorial Hospital Authority, North Carolina, Mortgage Revenue Bonds, Johnston    4/18 at 100.00    AAA    1,014,250 
     Memorial Hospital Project, Series 2008, 5.250%, 10/01/36 – FSA Insured             
2,000    North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Novant Health    11/13 at 100.00    Aa3    2,063,900 
     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    BBB+    2,023,760 
     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    1,018,820 
550     5.500%, 1/01/20    1/12 at 100.00    A    558,828 
1,750     5.375%, 1/01/32    1/12 at 100.00    A    1,730,365 
1,615    North Carolina Medical Care Commission, Hospital Revenue Bonds, FirstHealth of the Carolinas    10/08 at 101.00    AA    1,561,624 
     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    2,964,450 
     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–    1,442,985 
     2007, 5.000%, 11/01/27             
1,645    North Carolina Medical Care Commission, Revenue Bonds, Blue Ridge Healthcare System, Series    1/15 at 100.00    A+    1,582,177 
     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    AA    619,578 
500     5.250%, 7/01/22 – AMBAC Insured    7/14 at 100.00    AA    511,305 
300    Northern Hospital District of Surry County, North Carolina, Health Care Facilities Revenue    4/18 at 100.00    BBB    298,368 
     Bonds, Series 2008, 6.250%, 10/01/38             
685    Onslow County Hospital Authority, North Carolina, FHA Insured Mortgage Revenue Bonds, Onslow    10/16 at 100.00    AA    658,963 
     Memorial Hospital Project, Series 2006, 5.000%, 4/01/31 – MBIA Insured             
2,800    The Charlotte-Mecklenberg Hospital Authority, North Carolina, Doing Business as Carolinas    1/18 at 100.00    AA–    2,620,100 
     HealthCare System, Health Care Refunding Revenue Bonds, Series 2008A, 5.000%, 1/15/47 –             
     AGC Insured             
22,090    Total Health Care            21,750,227 
    Housing/Multifamily – 4.6% (3.0% of Total Investments)             
1,000    Asheville Housing Authority, North Carolina, GNMA-Collateralized Multifamily Housing Revenue    11/08 at 101.00    AA–    955,300 
     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    2,092,923 
     Apartments, Series 2003, 5.375%, 1/01/36 (Alternative Minimum Tax)             
1,000    North Carolina Capital Facilities Financing Agency, Housing Revenue Bonds, Elizabeth City    6/13 at 100.00    AA    1,002,860 
     State University, Series 2003A, 5.000%, 6/01/28 – AMBAC Insured             
4,290    Total Housing/Multifamily            4,051,083 
    Housing/Single Family – 7.5% (4.8% of Total Investments)             
1,065    North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement,    7/10 at 100.00    AA    986,967 
     Series 10A, 5.400%, 7/01/32 – AMBAC Insured (Alternative Minimum Tax)             
2,665    North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement,    7/09 at 100.00    AA    2,712,970 
     Series 6A, 6.200%, 1/01/29 (Alternative Minimum Tax)             
1,000    North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 2007-29A, 4.800%,    1/17 at 100.00    AA    845,980 
     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    706,669 
     7/01/37 (Alternative Minimum Tax)             
1,265    North Carolina Housing Finance Agency, Single Family Revenue Bonds, Series 1996HH, 6.300%,    9/08 at 100.00    AA    1,300,913 
     3/01/26 (Alternative Minimum Tax)             
6,830    Total Housing/Single Family            6,553,499 
    Long-Term Care – 0.4% (0.2% of Total Investments)             
375    North Carolina Medical Care Commission, Revenue Bonds, Pines at Davidson, Series 2006A,    1/16 at 100.00    N/R    333,146 
     5.000%, 1/01/36             
    Materials – 1.3% (0.8% of Total Investments)             
1,425    Gaston County Industrial Facilities and Pollution Control Financing Authority, North Carolina,    8/15 at 100.00    N/R    1,115,875 
     National Gypsum Company Project Exempt Facilities Revenue Bonds, Series 2005,             
     5.750%, 8/01/35 (Alternative Minimum Tax)             
    Tax Obligation/General – 11.5% (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    AA    1,940,520 
     AMBAC Insured             
4,285    Durham County, North Carolina, General Obligation Bonds, Series 2002B, 5.000%, 4/01/16    4/12 at 100.00    AAA    4,568,410 
2,820    Durham, North Carolina, General Obligation Bonds, Series 2007, 5.000%, 4/01/21 (4)    4/17 at 100.00    AAA    3,025,296 
500    North Carolina, General Obligation Bonds, Series 2004A, 5.000%, 3/01/22    3/14 at 100.00    AAA    522,730 
9,495    Total Tax Obligation/General            10,056,956 
    Tax Obligation/Limited – 38.4% (24.6% 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–    1,404,786 
1,800    Catawba County, North Carolina, Certificates of Participation, Series 2004, 5.250%, 6/01/21 –    6/14 at 100.00    Aa3    1,854,594 
     MBIA Insured             
1,700    Charlotte, North Carolina, Certificates of Participation, Governmental Facilities Projects,    6/13 at 100.00    AA+    1,765,127 
     Series 2003G, 5.375%, 6/01/26             
950    Charlotte, North Carolina, Certificates of Participation, Transit Projects Phase 2, Series    6/18 at 100.00    AA+    955,026 
     2008A, 5.000%, 6/01/33             
1,500    Charlotte, North Carolina, Certificates of Participation, Transit Projects, Series 2003A,    6/13 at 100.00    AA+    1,499,880 
     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    1,122,345 
1,750     5.000%, 6/01/25    6/12 at 101.00    AAA    1,794,118 
1,400    Craven County, North Carolina, Certificates of Participation, Series 2007, 5.000%, 6/01/27 –    6/17 at 100.00    AA    1,416,730 
     MBIA Insured             
1,000    Davidson County, North Carolina, Certificates of Participation, Series 2004, 5.250%, 6/01/14 –    No Opt. Call    AA    1,085,080 
     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    1,837,588 
500     5.250%, 4/01/20 – FSA Insured    4/14 at 100.00    AAA    528,135 
1,000     5.250%, 4/01/22 – FSA Insured    4/14 at 100.00    AAA    1,046,210 
2,600    North Carolina Infrastructure Finance Corporation, Certificates of Participation, Capital    2/15 at 100.00    AA+    2,736,422 
     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+    1,537,860 
     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+    1,551,075 
     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+    1,171,708 
1,000     5.250%, 6/01/23    6/13 at 100.00    AA+    1,028,270 
2,000    Puerto Rico Highway and Transportation Authority, Grant Anticipation Revenue Bonds, Series    3/14 at 100.00    AA    1,995,960 
     2004, 5.000%, 9/15/21 – MBIA Insured             
1,000    Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Bonds, Series    No Opt. Call    BBB–    1,037,110 
     2003H, 5.250%, 7/01/15 – FGIC Insured             
285    Raleigh, North Carolina, Certificates of Participation, Series 2007, 5.000%, 2/01/27    2/17 at 100.00    AA+    291,279 
1,000    Randolph County, North Carolina, Certificates of Participation, Series 2004, 5.000%, 6/01/20 –    6/14 at 102.00    AAA    1,056,900 
     FSA Insured             
1,000    Rutherford County, North Carolina, Certificates of Participation, Series 2007, 5.000%,    12/17 at 100.00    AAA    1,029,800 
     12/01/27 – FSA Insured             
1,950    Sampson County, North Carolina, Certificates of Participation, Series 2006,    6/17 at 100.00    AAA    1,960,842 
     5.000%, 6/01/34 – FSA Insured (UB)             
1,200    Wilmington, North Carolina, Certificates of Participation, Series 2008A, 5.000%, 6/01/29    6/18 at 100.00    AA    1,214,700 
700    Wilson County, North Carolina, Certificates of Participation, School Facilities Project,    4/17 at 100.00    AA    705,320 
     Series 2007, 5.000%, 4/01/25 – AMBAC Insured             
32,560    Total Tax Obligation/Limited            33,626,865 
    Transportation – 7.0% (4.5% of Total Investments)             
    Charlotte, North Carolina, Airport Revenue Bonds, Series 2004A:             
600     5.250%, 7/01/24 – MBIA Insured    7/14 at 100.00    AA    622,842 
2,710     5.000%, 7/01/29 – MBIA Insured    7/14 at 100.00    AA    2,702,873 
500    Piedmont Triad Airport Authority, North Carolina, Airport Revenue Bonds, Series 2005A, 5.000%,    7/15 at 100.00    A2    508,215 
     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    Aa3    2,337,818 
     11/01/16 – FGIC Insured             
6,060    Total Transportation            6,171,748 
    U.S. Guaranteed – 14.3% (9.1% of Total Investments) (5)             
750    Johnston County Finance Corporation, North Carolina, Installment Payment Revenue Bonds, School    8/09 at 101.00    AAA    781,193 
     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 (5)    1,670,133 
     Health System, Series 2001, 5.250%, 10/01/31 (Pre-refunded 10/01/11)             
735    North Carolina Medical Care Commission, Revenue Bonds, Northeast Medical Center, Series 2004,    11/14 at 100.00    AA (5)    813,652 
     5.000%, 11/01/24 (Pre-refunded 11/01/14)             
810    North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 1980, 10.500%,    No Opt. Call    AAA    865,258 
     1/01/10 (ETM)             
4,260    North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 1986, 5.000%,    No Opt. Call    AAA    4,640,203 
     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    1,077,820 
420    University of North Carolina System, Pooled Revenue Refunding Bonds, Series 2002A, 5.375%,    10/12 at 100.00    Aa3 (5)    464,579 
     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    2,171,740 
     6/01/18 (Pre-refunded 6/01/12)             
11,505    Total U.S. Guaranteed            12,484,578 
    Utilities – 13.1% (8.4% of Total Investments)             
3,000    North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2003F,    1/13 at 100.00    Baa1    3,136,110 
     5.500%, 1/01/15             
1,000    North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2005,    1/16 at 100.00    AA    1,020,050 
     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    A2    4,157,160 
     6.500%, 1/01/20             
2,000    North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A,    1/13 at 100.00    AA    2,106,720 
     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    1,034,090 
     Revenue Refunding Bonds, Carolina Power and Light Company, Series 2002, 5.375%, 2/01/17             
11,000    Total Utilities            11,454,130 
    Water and Sewer – 9.1% (5.8% of Total Investments)             
1,605    Broad River Water Authority, North Carolina, Water System Revenue Bonds, Series 2005, 5.000%,    6/15 at 100.00    Baa2    1,597,681 
     6/01/20 – XLCA Insured             
500    Brunswick County, North Carolina, Enterprise System Revenue Bonds, Series 2008A, 5.000%,    4/18 at 100.00    AAA    508,745 
     4/01/31 – FSA Insured             
50    Charlotte, North Carolina, Water and Sewerage System Revenue Bonds, Series 2001,    6/11 at 101.00    AAA    51,291 
     5.125%, 6/01/26             
1,295    Greensboro, North Carolina, Combined Enterprise System Revenue Bonds, Series 2005A,    6/15 at 100.00    AAA    1,342,190 
     5.000%, 6/01/26             
500    Onslow County, North Carolina, Combined Enterprise System Revenue Bonds, Series 2004B,    6/14 at 100.00    A    503,940 
     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    3,936,077 
     5.000%, 6/01/37 (UB)             
7,815    Total Water and Sewer            7,939,924 
$      134,025    Total Investments (cost $136,949,454) – 156.4%            136,839,689 
    Floating Rate Obligations – (4.4)%            (3,870,000)
    Other Assets Less Liabilities – 1.5%            1,344,408 
    Preferred Shares, at Liquidation Value – (53.5)% (6)            (46,800,000)
    Net Assets Applicable to Common Shares – 100%          $  87,514,097 

Futures Contracts outstanding at August 31, 2008:                     
                    Unrealized 
    Contract    Number of    Contract    Value at    Appreciation 
Type    Position    Contracts    Expiration    August 31, 2008    (Depreciation) 
U.S. Treasury Bond    Long    16    12/08    $1,877,000    $(2,666) 

(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. 
    The Portfolio of Investments may reflect the ratings on certain bonds insured by ACA, AMBAC, CIFG, FGIC, 
    MBIA, RAAI and XLCA as of August 31, 2008. Subsequent to August 31, 2008, and during the period this 
    Portfolio of Investments was prepared, there may have been reductions to the ratings of certain bonds resulting 
    from changes to the ratings of the underlying insurers both during the period and after period end. Such 
    reductions would likely reduce the effective rating of many of the bonds insured by that insurer or insurers 
    presented at period end. 
(4)    Portion of investment, with an aggregate market value of $37,548, has been pledged to collateralize the 
    net payment obligations under futures contracts. 
(5)    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. 
(6)    Preferred Shares, at Liquidation Value as a percentage of Total Investments is 34.2%. 
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 
    provisions of SFAS No. 140. 

Fair Value Measurements

During the current fiscal period, the Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157). SFAS 157 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosure about 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 August 31, 2008:

    Level 1    Level 2    Level 3    Total 
Investments    $ —    $136,839,689    $ —    $136,839,689 
Derivatives*    (2,666)    —    —    (2,666) 
Total    $(2,666)    $136,839,689    $ —    $136,837,023 
* Represents net unrealized appreciation (depreciation).                 

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 transactions subject to SFAS No. 140. 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 August 31, 2008, the cost of investments was $133,068,763.

Gross unrealized appreciation and gross unrealized depreciation of investments at August 31, 2008, were as follows:

Gross unrealized:     
  Appreciation    $ 2,224,131 
  Depreciation    (2,322,850)
Net unrealized appreciation (depreciation) of investments    $    (98,719)

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: 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 Premium Income Municipal Fund         

By (Signature and Title)          /s/ Kevin J. McCarthy                    
                                                  Kevin J. McCarthy
                                                  Vice President and Secretary

Date         October 30, 2008        

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, 2008        

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

Date        October 30, 2008