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:         8/31/09         

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, 2009       
Principal    Optional Call     
Amount (000)  Description (1)  Provisions (2)  Ratings (3)                   Value 
  Education and Civic Organizations – 22.3% (14.5% of Total Investments)       
$               2,500  North Carolina Capital Facilities Financing Agency, Revenue Bonds, Duke University, Series  10/15 at 100.00  AA+  $         2,540,500 
  2005A, 5.000%, 10/01/41 (UB)       
970  North Carolina Capital Facilities Financing Agency, Revenue Bonds, Johnson and Wales  4/13 at 100.00  N/R  916,786 
  University, Series 2003A, 5.250%, 4/01/23 – SYNCORA GTY Insured       
2,285  North Carolina State University at Raleigh, General Revenue Bonds, Series 2003A,  10/13 at 100.00  AA  2,520,995 
  5.000%, 10/01/15       
1,530  University of North Carolina System, Pooled Revenue Bonds, Series 2005A, 5.000%, 4/01/15 –  No Opt. Call  A  1,683,719 
  AMBAC Insured       
580  University of North Carolina System, Pooled Revenue Refunding Bonds, Series 2002A, 5.375%,  10/12 at 100.00  AA  589,593 
  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  1,466,108 
1,505  5.000%, 6/01/24 – FGIC Insured  6/16 at 100.00  A  1,540,368 
  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+  2,564,355 
2,725  5.000%, 12/01/21  12/13 at 100.00  AA+  2,907,165 
1,500  5.000%, 12/01/23  12/13 at 100.00  AA+  1,600,275 
1,675  University of North Carolina, Wilmington, General Revenue Bonds, Series 2002A, 5.000%,  1/12 at 101.00  A2  1,679,975 
  1/01/23 – AMBAC Insured       
19,080  Total Education and Civic Organizations      20,009,839 
  Energy – 1.6% (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  1,467,300 
  2003, 6.125%, 7/01/22 (Alternative Minimum Tax)       
  Health Care – 22.3% (14.4% of Total Investments)       
1,145  Albemarle Hospital Authority, North Carolina, Health Care Facilities Revenue Bonds, Series  10/17 at 100.00  N/R  967,617 
  2007, 5.250%, 10/01/27       
1,000  Johnston Memorial Hospital Authority, North Carolina, Mortgage Revenue Bonds, Johnston  4/18 at 100.00  AAA  1,016,530 
  Memorial Hospital Project, Series 2008, 5.250%, 10/01/36 – FSA Insured       
225  New Hanover County, North Carolina, Hospital Revenue Bonds, New Hanover Regional Medical  10/19 at 100.00  AAA  227,729 
  Center, Series 2006B, 5.125%, 10/01/31 – FSA Insured       
920  North Carolina Medical Care Commission Health Care Facilities Revenue Bonds (WakeMed), Series  10/14 at 100.00  AAA  950,066 
  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+  2,072,060 
  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+  1,878,400 
  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  1,015,430 
550  5.500%, 1/01/20  1/12 at 100.00  A  558,003 
1,750  5.375%, 1/01/32  1/12 at 100.00  A  1,659,473 
3,000  North Carolina Medical Care Commission, Hospital Revenue Bonds, Southeastern Regional Medical  6/12 at 101.00  A  2,758,170 
  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–  1,305,300 
  2007, 5.000%, 11/01/27       
1,395  North Carolina Medical Care Commission, Revenue Bonds, Blue Ridge Healthcare System, Series  1/15 at 100.00  A+  1,319,600 
  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  A  603,516 
500  5.250%, 7/01/22 – AMBAC Insured  7/14 at 100.00  A  496,965 
300  Northern Hospital District of Surry County, North Carolina, Health Care Facilities Revenue  4/18 at 100.00  BBB  267,111 
  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  A  623,480 
  Memorial Hospital Project, Series 2006, 5.000%, 4/01/31 – NPFG Insured       
2,300  The Charlotte-Mecklenberg Hospital Authority, North Carolina, Doing Business as Carolinas  1/18 at 100.00  AA–  2,264,281 
  HealthCare System, Health Care Refunding Revenue Bonds, Series 2008A, 5.000%, 1/15/47       
20,870  Total Health Care      19,983,731 
  Housing/Multifamily – 4.8% (3.1% of Total Investments)       
1,000  Asheville Housing Authority, North Carolina, GNMA-Collateralized Multifamily Housing Revenue  11/09 at 100.00  AAA  1,000,480 
  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  2,292,221 
  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  N/R  973,810 
  State University, Series 2003A, 5.000%, 6/01/28 – AMBAC Insured       
4,290  Total Housing/Multifamily      4,266,511 
  Housing/Single Family – 6.9% (4.5% of Total Investments)       
1,010  North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement,  7/10 at 100.00  AA  1,010,000 
  Series 10A, 5.400%, 7/01/32 – AMBAC Insured (Alternative Minimum Tax)       
2,295  North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement,  1/10 at 100.00  AA  2,296,423 
  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  915,520 
  7/01/33 (Alternative Minimum Tax)       
830  North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 25-A, 4.900%,  7/16 at 100.00  AA  761,268 
  7/01/37 (Alternative Minimum Tax)       
1,190  North Carolina Housing Finance Agency, Single Family Revenue Bonds, Series 1996HH, 6.300%,  9/09 at 100.00  AA  1,207,422 
  3/01/26 (Alternative Minimum Tax)       
6,325  Total Housing/Single Family      6,190,633 
  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  317,355 
  5.000%, 1/01/36       
  Materials – 1.1% (0.7% of Total Investments)       
1,250  Columbus County Industrial Facilities and Pollution Control Financing Authority, North  3/17 at 100.00  BBB  975,863 
  Carolina, Environmental Improvement Revenue Bonds, International Paper Company Project,       
  Series 2007A, 4.625%, 3/01/27       
  Tax Obligation/General – 10.3% (6.7% 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  1,977,545 
  AMBAC Insured       
4,285  Durham County, North Carolina, General Obligation Bonds, Series 2002B, 5.000%, 4/01/16  4/12 at 100.00  AAA  4,641,168 
1,820  Durham, North Carolina, General Obligation Bonds, Series 2007, 5.000%, 4/01/21  4/17 at 100.00  AAA  2,043,296 
500  North Carolina, General Obligation Bonds, Series 2004A, 5.000%, 3/01/22  3/14 at 100.00  AAA  537,005 
8,495  Total Tax Obligation/General      9,199,014 
  Tax Obligation/Limited – 39.7% (25.7% 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  1,410,904 
1,800  Catawba County, North Carolina, Certificates of Participation, Series 2004, 5.250%, 6/01/21 –  6/14 at 100.00  Aa3  1,896,426 
  NPFG Insured       
1,700  Charlotte, North Carolina, Certificates of Participation, Governmental Facilities Projects,  6/13 at 100.00  AA+  1,769,122 
  Series 2003G, 5.375%, 6/01/26       
1,400  Charlotte, North Carolina, Certificates of Participation, Nascar Hall of Fame, Series 2009C,  6/19 at 100.00  AA+  1,419,320 
  5.000%, 6/01/39       
950  Charlotte, North Carolina, Certificates of Participation, Transit Projects Phase 2, Series  6/18 at 100.00  AA+  966,093 
  2008A, 5.000%, 6/01/33       
1,500  Charlotte, North Carolina, Certificates of Participation, Transit Projects, Series 2003A,  6/13 at 100.00  AA+  1,512,120 
  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  1,144,794 
1,750  5.000%, 6/01/25  6/12 at 101.00  AAA  1,868,808 
1,400  Craven County, North Carolina, Certificates of Participation, Series 2007, 5.000%, 6/01/27 –  6/17 at 100.00  AA–  1,443,428 
  NPFG Insured       
150  Dare County, North Carolina, Certificates of Participation, Series 1998B, 5.000%, 5/01/19 –  11/09 at 100.00  A  150,374 
  NPFG Insured       
1,000  Davidson County, North Carolina, Certificates of Participation, Series 2004, 5.250%, 6/01/14 –  No Opt. Call  A+  1,090,540 
  AMBAC Insured       
750  Harnett County, North Carolina, Certificates of Participation, Series 2009, 5.000%, 6/01/28 –  6/19 at 100.00  AAA  783,503 
  AGC 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  1,852,337 
500  5.250%, 4/01/20 – FSA Insured  4/14 at 100.00  AAA  534,120 
1,000  5.250%, 4/01/22 – FSA Insured  4/14 at 100.00  AAA  1,056,770 
200  Mecklenburg County, North Carolina, Certificates of Participation, Series 2009A, 5.000%, 2/01/27  No Opt. Call  AA+  213,294 
2,600  North Carolina Infrastructure Finance Corporation, Certificates of Participation, Capital  2/15 at 100.00  AA+  2,781,714 
  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+  1,558,710 
  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+  1,594,695 
  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+  1,191,585 
1,000  5.250%, 6/01/23  6/13 at 100.00  AA+  1,047,250 
2,000  Puerto Rico Highway and Transportation Authority, Grant Anticipation Revenue Bonds, Series  3/14 at 100.00  A+  1,924,660 
  2004, 5.000%, 9/15/21 – NPFG Insured       
285  Raleigh, North Carolina, Certificates of Participation, Series 2007, 5.000%, 2/01/27  2/17 at 100.00  AA+  300,507 
1,000  Randolph County, North Carolina, Certificates of Participation, Series 2004, 5.000%, 6/01/20 –  6/14 at 102.00  AAA  1,075,950 
  FSA Insured       
1,000  Rutherford County, North Carolina, Certificates of Participation, Series 2007, 5.000%,  12/17 at 100.00  AAA  1,049,540 
  12/01/27 – FSA Insured       
1,950  Sampson County, North Carolina, Certificates of Participation, Series 2006,  6/17 at 100.00  AAA  1,973,595 
  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  1,253,520 
700  Wilson County, North Carolina, Certificates of Participation, School Facilities Project,  4/17 at 100.00  A2  712,348 
  Series 2007, 5.000%, 4/01/25 – AMBAC Insured       
34,060  Total Tax Obligation/Limited      35,576,027 
  Transportation – 8.7% (5.6% of Total Investments)       
  Charlotte, North Carolina, Airport Revenue Bonds, Series 2004A:       
600  5.250%, 7/01/24 – NPFG Insured  7/14 at 100.00  A+  639,414 
2,710  5.000%, 7/01/29 – NPFG Insured  7/14 at 100.00  A+  2,729,458 
600  North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Revenue Bonds,  1/19 at 100.00  AAA  624,108 
  Series 2009A, 5.750%, 1/01/39 – AGC Insured       
4,230  North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Revenue Bonds,  No Opt. Call  AAA  944,263 
  Series 2009B, 0.000%, 1/01/33 – AGC Insured       
500  Piedmont Triad Airport Authority, North Carolina, Airport Revenue Bonds, Series 2005A, 5.000%,  7/15 at 100.00  A2  523,110 
  7/01/20 – SYNCORA GTY Insured       
2,250  Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Series 2001A, 5.250%,  5/11 at 101.00  Aa3  2,336,130 
  11/01/16 – FGIC Insured       
10,890  Total Transportation      7,796,483 
  U.S. Guaranteed – 12.3% (8.0% of Total Investments) (4)       
1,530  North Carolina Medical Care Commission, Health System Revenue Bonds, Mission St. Joseph’s  10/11 at 101.00  AA (4)  1,683,918 
  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  Aa3 (4)  847,426 
  5.000%, 11/01/24 (Pre-refunded 11/01/14)       
425  North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 1980, 10.500%,  No Opt. Call  AAA  437,499 
  1/01/10 (ETM)       
4,260  North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 1986, 5.000%,  No Opt. Call  AAA  4,879,913 
  1/01/20 (ETM)       
500  North Carolina, General Obligation Bonds, Series 2000A, 5.100%, 9/01/16 (Pre-refunded 9/01/10)  9/10 at 102.00  AAA  533,680 
420  University of North Carolina System, Pooled Revenue Refunding Bonds, Series 2002A, 5.375%,  10/12 at 100.00  N/R (4)  473,533 
  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  2,211,380 
  6/01/18 (Pre-refunded 6/01/12)       
9,870  Total U.S. Guaranteed      11,067,349 
  Utilities – 13.1% (8.5% of Total Investments)       
25  North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2003C,  1/13 at 100.00  BBB+  25,990 
  5.375%, 1/01/17       
3,000  North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2003F,  1/13 at 100.00  BBB+  3,179,309 
  5.500%, 1/01/15       
1,000  North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2005,  1/16 at 100.00  A–  1,033,080 
  5.250%, 1/01/20 – AMBAC Insured       
  North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds,       
  Series 1993B:       
15  5.500%, 1/01/17 – FGIC Insured  1/10 at 100.00  Baa1  15,016 
105  5.500%, 1/01/21  1/10 at 100.00  BBB+  105,057 
165  6.000%, 1/01/22 – FGIC Insured  No Opt. Call  Baa1  184,399 
4,000  North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 1999B,  1/10 at 101.00  A  4,068,199 
  6.500%, 1/01/20       
2,000  North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A,  1/13 at 100.00  A2  2,132,480 
  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  A1  1,039,490 
  Revenue Refunding Bonds, Carolina Power and Light Company, Series 2002, 5.375%, 2/01/17       
11,310  Total Utilities      11,783,020 
  Water and Sewer – 10.8% (7.0% 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  1,576,752 
  6/01/20 – SYNCORA GTY Insured       
500  Brunswick County, North Carolina, Enterprise System Revenue Bonds, Series 2008A, 5.000%,  4/18 at 100.00  AAA  512,960 
  4/01/31 – FSA Insured       
50  Charlotte, North Carolina, Water and Sewerage System Revenue Bonds, Series 2001,  6/11 at 101.00  AAA  51,632 
  5.125%, 6/01/26       
1,295  Greensboro, North Carolina, Combined Enterprise System Revenue Bonds, Series 2005A,  6/15 at 100.00  AAA  1,368,349 
  5.000%, 6/01/26       
  Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2009A:       
550  6.000%, 6/01/34 – AGC Insured  6/19 at 100.00  AAA  584,133 
1,000  6.000%, 6/01/36 – AGC Insured  6/19 at 100.00  AAA  1,056,570 
500  Onslow County, North Carolina, Combined Enterprise System Revenue Bonds, Series 2004B, 5.000%,  6/14 at 100.00  A  515,075 
  6/01/23 – SYNCORA GTY Insured       
3,865  Winston-Salem, North Carolina, Water and Sewer System Revenue Bonds, Series 2007A,  6/17 at 100.00  AAA  4,005,338 
  5.000%, 6/01/37 (UB)       
9,365  Total Water and Sewer      9,670,809 
$            137,680  Total Investments (cost $136,062,978) – 154.3%      138,303,934 
  Floating Rate Obligations – (5.8)%      (5,195,000) 
  Other Assets Less Liabilities – 1.9%      1,684,996 
  Preferred Shares, at Liquidation Value – (50.4)% (5)      (45,150,000) 
  Net Assets Applicable to Common Shares – 100%      $          89,643,930 


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, 2009: 

  Level 1  Level 2  Level 3  Total 
Investments:         
  Municipal Bonds  $ —  $138,303,934  $ —  $138,303,934 

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 Statement of Financial Accounting 
Standards No. 140 (SFAS No. 140), 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 August 31, 2009, the cost of investments was $130,875,109. 
Gross unrealized appreciation and gross unrealized depreciation of investments at August 31, 2009, 
were as follows: 

Gross unrealized:   
   Appreciation  $ 4,133,319 
   Depreciation  (1,898,735)
Net unrealized appreciation (depreciation) of investments  $ 2,234,584 

(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)  Preferred Shares, at Liquidation Value as a percentage of Total Investments is 32.6%. 
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. 

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, 2009        

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, 2009        

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

Date        October 30, 2009