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 811-07608

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:        5/31      

Date of reporting period:    8/31/06   

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.

 

 

Nuveen North Carolina Premium Income Municipal Fund (NNC)
August 31, 2006

Principal						Optional Call
Amount (000)				Description (1)		Provisions (2)		Ratings (3)		Value
				Education and Civic Organizations – 25.2% (16.5% of Total Investments)
$	1,000			North Carolina Capital Facilities Financing Agency, Housing Revenue Bonds, Elizabeth City State University, Series 2003A, 5.000%, 6/01/28 – AMBAC Insured		6/13 at 100.00		AAA		$	1,043,840
	2,500			North Carolina Capital Facilities Financing Agency, Revenue Bonds, Duke University, Series 2005A, 5.000%, 10/01/41 (WI/DD, Settling 9/07/06)		10/15 at 100.00		AA+			2,614,075
	970			North Carolina Capital Facilities Financing Agency, Revenue Bonds, Johnson and Wales University, Series 2003A, 5.250%, 4/01/23 – XLCA Insured		4/13 at 100.00		AAA			1,032,895
	3,285			North Carolina State University at Raleigh, General Revenue Bonds, Series 2003A, 5.000%, 10/01/15		10/13 at 100.00		AA			3,525,166
	1,530			University of North Carolina System, Pooled Revenue Bonds, Series 2005A, 5.000%, 4/01/15 – AMBAC Insured		No Opt. Call		AAA			1,665,099
	1,000			University of North Carolina System, Pooled Revenue Refunding Bonds, Series 2002A, 5.375%, 4/01/22 – AMBAC Insured		10/12 at 100.00		AAA			1,081,970
				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			1,520,076
	1,505			5.000%, 6/01/24 – FGIC Insured		6/16 at 100.00		AAA			1,597,332
	500			5.000%, 6/01/37 – FGIC Insured		6/16 at 100.00		AAA			522,130
				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+			2,552,360
	2,725			5.000%, 12/01/21		12/13 at 100.00		AA+			2,892,915
	1,500			5.000%, 12/01/23		12/13 at 100.00		AA+			1,589,340
	1,675			University of North Carolina, Wilmington, General Revenue Bonds, Series 2002A, 5.000%, 1/01/23 – AMBAC Insured		1/12 at 101.00		Aaa			1,767,812
	22,000			Total Education and Civic Organizations							23,405,010
				Energy – 1.8% (1.2% of Total Investments)
	1,500			Virgin Islands Public Finance Authority, Revenue Bonds, Refinery Project – Hovensa LLC, Series 2003, 6.125%, 7/01/22 (Alternative Minimum Tax)		1/14 at 100.00		BBB			1,654,650
				Health Care – 29.2% (19.2% of Total Investments)
	250			Charlotte-Mecklenburg Hospital Authority, North Carolina, Healthcare System Revenue Bonds, DBA Carolinas Healthcare System, Series 2005A, 5.000%, 1/15/45		1/15 at 100.00		AA			257,430
	5,000			North Carolina Medical Care Commission, Health System Revenue Bonds, Mission St. Joseph’s Health System, Series 2001, 5.250%, 10/01/31		10/11 at 101.00		AA			5,231,247
	2,000			North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Novant Health Obligated Group, Series 2003A, 5.000%, 11/01/19		11/13 at 100.00		AA-			2,098,900
	2,000			North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Stanly Memorial Hospital, Series 1999, 6.375%, 10/01/29		10/09 at 101.00		A-			2,126,860
				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			1,056,340
	550			5.500%, 1/01/20		1/12 at 100.00		A			580,723
	1,750			5.375%, 1/01/32		1/12 at 100.00		A			1,810,463
	1,615			North Carolina Medical Care Commission, Hospital Revenue Bonds, FirstHealth of the Carolinas Inc., Series 1998, 4.750%, 10/01/26		10/08 at 101.00		AA			1,629,551
	3,000			North Carolina Medical Care Commission, Hospital Revenue Bonds, Southeastern Regional Medical Center, Series 2002, 5.375%, 6/01/32		6/12 at 101.00		A			3,127,200
	2,645			North Carolina Medical Care Commission, Revenue Bonds, Blue Ridge Healthcare System, Series 2005, 5.000%, 1/01/33 – FGIC Insured		1/15 at 100.00		AAA			2,764,898
				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			646,842
	500			5.250%, 7/01/22 – AMBAC Insured		7/14 at 100.00		AAA			536,950
	735			North Carolina Medical Care Commission, Revenue Bonds, Northeast Medical Center, Series 2004, 5.000%, 11/01/24		11/14 at 100.00		AA			766,730
	375			North Carolina Medical Care Commission, Revenue Bonds, Pines at Davidson, Series 2006A, 5.000%, 1/01/36		1/16 at 100.00		N/R			383,824
				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			719,010
	3,210			5.000%, 10/01/34 – MBIA Insured		10/16 at 100.00		AAA			3,360,035
	25,915			Total Health Care							27,097,003
				Housing/Multifamily – 3.7% (2.4% of Total Investments)
	1,000			Asheville Housing Authority, North Carolina, GNMA-Collateralized Multifamily Housing Revenue Bonds, Woodridge Apartments, Series 1997, 5.800%, 11/20/39 (Alternative Minimum Tax)		11/07 at 102.00		AA			1,021,880
	2,290			Mecklenburg County, North Carolina, FNMA Multifamily Housing Revenue Bonds, Little Rock Apartments, Series 2003, 5.375%, 1/01/36 (Alternative Minimum Tax)		7/13 at 105.00		AAA			2,405,553
	3,290			Total Housing/Multifamily							3,427,433
				Housing/Single Family – 8.1% (5.3% of Total Investments)
	1,105			North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement, Series 10A, 5.400%, 7/01/32 – AMBAC Insured (Alternative Minimum Tax)		7/10 at 100.00		Aaa			1,129,089
	3,650			North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement, Series 6A, 6.200%, 1/01/29 (Alternative Minimum Tax)		7/09 at 100.00		AA			3,823,047
	835			North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 25-A, 4.900%, 7/01/37 (WI/DD, Settling 9/26/06) (Alternative Minimum Tax)		7/16 at 100.00		AA			835,000
	1,715			North Carolina Housing Finance Agency, Single Family Revenue Bonds, Series 1996HH, 6.300%, 3/01/26 (Alternative Minimum Tax)		9/06 at 102.00		AA			1,744,344
	7,305			Total Housing/Single Family							7,531,480
				Industrials – 1.5% (1.0% of Total Investments)
	1,400			North Carolina Capital Facilities Financing Agency, Exempt Facilities Revenue Bonds, Waste Management Inc., Series 2001, 3.750%, 8/01/14 (Mandatory put 8/01/07) (Alternative Minimum Tax)		No Opt. Call		BBB			1,395,380
				Long-Term Care – 0.3% (0.2% of Total Investments)
	250			North Carolina Medical Care Commission, Revenue Bonds, United Church Homes and Services, Series 2005A, 5.250%, 9/01/21		9/15 at 100.00		N/R			256,583
				Materials – 3.8% (2.5% of Total Investments)
	1,425			Gaston County Industrial Facilities and Pollution Control Financing Authority, North Carolina, National Gypsum Company Project Exempt Facilities Revenue Bonds, Series 2005, 5.750%, 8/01/35 (Alternative Minimum Tax)		8/15 at 100.00		N/R			1,505,142
	2,000			Haywood County Industrial Facilities and Pollution Control Financing Authority, North Carolina, Pollution Control Revenue Refunding Bonds, Champion International Corporation, Series 1995, 6.000%, 3/01/20		9/06 at 102.00		Baa3			2,042,500
	3,425			Total Materials							3,547,642
				Tax Obligation/General – 8.8% (5.8% of Total Investments)
	1,890			Craven County, North Carolina, General Obligation Bonds, Series 2002, 5.000%, 5/01/21 – AMBAC Insured		5/12 at 101.00		AAA			1,999,544
	4,285			Durham County, North Carolina, General Obligation Bonds, Series 2002B, 5.000%, 4/01/16		4/12 at 100.00		AAA			4,556,455
	1,000			Johnston County, North Carolina, General Obligation Bonds, Series 2001, 5.000%, 6/01/16 – FGIC Insured		6/11 at 102.00		AAA			1,068,460
	500			North Carolina, General Obligation Bonds, Series 2004A, 5.000%, 3/01/22		3/14 at 100.00		AAA			532,290
	7,675			Total Tax Obligation/General							8,156,749
				Tax Obligation/Limited – 33.9% (22.2% 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-			1,422,674
	1,800			Catawba County, North Carolina, Certificates of Participation, Series 2004, 5.250%, 6/01/21 – MBIA Insured		6/14 at 100.00		Aaa			1,940,472
	1,700			Charlotte, North Carolina, Certificates of Participation, Governmental Facilities Projects, Series 2003G, 5.375%, 6/01/26		6/13 at 100.00		AA+			1,818,813
	1,500			Charlotte, North Carolina, Certificates of Participation, Transit Projects, Series 2003A, 5.000%, 6/01/33		6/13 at 100.00		AA+			1,551,525
				Charlotte, North Carolina, Storm Water Fee Revenue Bonds, Series 2002:
	1,050			5.250%, 6/01/20		6/12 at 101.00		AA+			1,138,358
	1,750			5.000%, 6/01/25		6/12 at 101.00		AA+			1,839,302
	1,000			Davidson County, North Carolina, Certificates of Participation, Series 2004, 5.250%, 6/01/14 – AMBAC Insured		No Opt. Call		AAA			1,094,950
	750			Johnston County Finance Corporation, North Carolina, Installment Payment Revenue Bonds, School and Museum Projects, Series 1999, 5.250%, 8/01/21 – FSA Insured		8/09 at 101.00		AAA			787,920
				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			1,855,493
	500			5.250%, 4/01/20 – FSA Insured		4/14 at 100.00		AAA			538,655
	1,000			5.250%, 4/01/22 – FSA Insured		4/14 at 100.00		AAA			1,073,930
	2,600			North Carolina Infrastructure Finance Corporation, Certificates of Participation, Capital Improvements, Series 2005A, 5.000%, 2/01/19		2/15 at 100.00		AA+			2,769,624
				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+			2,646,500
	1,500			5.000%, 2/01/23		2/14 at 100.00		AA+			1,574,280
	1,500			North Carolina, Certificates of Participation, Repair and Renovation Project, Series 2004B, 5.000%, 6/01/20		6/14 at 100.00		AA+			1,580,115
				North Carolina, Certificates of Participation, Series 2003:
	1,130			5.250%, 6/01/21		6/13 at 100.00		AA+			1,201,427
	1,000			5.250%, 6/01/23		6/13 at 100.00		AA+			1,060,190
	1,105			Orange County, North Carolina, Certificates of Participation, Public Improvement Project, Series 2006A, 5.000%, 4/01/19 – AMBAC Insured		4/16 at 100.00		AAA			1,187,930
	2,000			Puerto Rico Highway and Transportation Authority, Grant Anticipation Revenue Bonds, Series 2004, 5.000%, 9/15/21 – MBIA Insured		3/14 at 100.00		AAA			2,124,340
	1,000			Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Bonds, Series 2003H, 5.250%, 7/01/15 – FGIC Insured		No Opt. Call		AAA			1,110,660
	1,000			Randolph County, North Carolina, Certificates of Participation, Series 2004, 5.000%, 6/01/20 – FSA Insured		6/14 at 102.00		AAA			1,071,260
	29,430			Total Tax Obligation/Limited							31,388,418
				Transportation – 6.9% (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		AAA			644,340
	2,710			5.000%, 7/01/29 – MBIA Insured		7/14 at 100.00		AAA			2,824,796
	500			Piedmont Triad Airport Authority, North Carolina, Airport Revenue Bonds, Series 2005A, 5.000%, 7/01/20 – XLCA Insured		7/15 at 100.00		AAA			533,230
	2,250			Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Series 2001A, 5.250%, 11/01/16 – FGIC Insured		5/11 at 101.00		Aaa			2,395,440
	6,060			Total Transportation							6,397,806
				U.S. Guaranteed – 10.4% (6.8% of Total Investments) (4)
	2,000			Charlotte, North Carolina, Storm Water Fee Revenue Bonds, Series 2000, 6.000%, 6/01/25 (Pre-refunded 6/01/10)		6/10 at 101.00		AA+ (4)			2,185,660
	1,485			North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 1980, 10.500%, 1/01/10 (ETM)		No Opt. Call		AAA			1,664,121
	4,260			North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 1986, 5.000%, 1/01/20 (ETM)		No Opt. Call		AAA			4,716,246
	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			1,074,120
	8,745			Total U.S. Guaranteed							9,640,147
				Utilities – 12.8% (8.4% of Total Investments)
	3,000			North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2003F, 5.500%, 1/01/15		1/13 at 100.00		BBB			3,225,960
	1,000			North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2005, 5.250%, 1/01/20 – AMBAC Insured		1/16 at 100.00		AAA			1,092,030
	4,000			North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 1999B, 6.500%, 1/01/20		1/10 at 101.00		A3			4,342,000
	2,000			North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A, 5.250%, 1/01/15 – AMBAC Insured		1/13 at 100.00		AAA			2,160,600
	1,000			Wake County Industrial Facilities and Pollution Control Financing Authority, North Carolina, Revenue Refunding Bonds, Carolina Power and Light Company, Series 2002, 5.375%, 2/01/17		2/12 at 101.00		A3			1,060,100
	11,000			Total Utilities							11,880,690
				Water and Sewer – 6.2% (4.0% of Total Investments)
	1,605			Broad River Water Authority, North Carolina, Water System Revenue Bonds, Series 2005, 5.000%, 6/01/20 – XLCA Insured		6/15 at 100.00		Aaa			1,710,818
	1,295			Greensboro, North Carolina, Combined Enterprise System Revenue Bonds, Series 2005A, 5.000%, 6/01/26		6/15 at 100.00		AA+			1,366,730
	500			Onslow County, North Carolina, Combined Enterprise System Revenue Bonds, Series 2004B, 5.000%, 6/01/23 – XLCA Insured		6/14 at 100.00		AAA			526,365
	2,000			Winston-Salem, North Carolina, Water and Sewerage System Revenue Bonds, Series 2002A, 5.000%, 6/01/18		6/12 at 100.00		AAA			2,111,700
	5,400			Total Water and Sewer							5,715,613
$	133,395			Total Investments (cost $136,708,154) – 152.6%							141,494,604
				Other Assets Less Liabilities – (2.1)%							(1,997,730	)
				Preferred Shares, at Liquidation Value – (50.5)%							(46,800,000	)
				Net Assets Applicable to Common Shares – 100%						$	92,696,874

(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.
N/R		Not rated.
WI/DD		Purchased on a when-issued or delayed delivery basis.
(ETM)		Escrowed to maturity.
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 and timing differences in recognizing certain gains and losses on investment transactions.
At August 31, 2006, the cost of investments was $136,699,651.
Gross unrealized appreciation and gross unrealized depreciation of investments at August 31, 2006, were as follows:
Gross unrealized:
Appreciation			$4,821,897
Depreciation			(26,944	)
Net unrealized appreciation (depreciation) of investments			$4,794,953

Item 2. Controls and Procedures.

	a.		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)).
	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

Date October 27, 2006

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.

Date October 27, 2006

Date October 27, 2006