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         811-7278         

        Nuveen Arizona Premium Income Municipal Fund, Inc.         
(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:            7/31          

Date of reporting period:         4/30/07         

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 Arizona Premium Income Municipal Fund, Inc. (NAZ)             
    April 30, 2007             
Principal        Optional Call         
Amount (000)    Description (1)    Provisions (2)    Ratings (3)    Value 
    Consumer Staples – 1.4% (1.0% of Total Investments)             
$             875    Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds,    5/12 at 100.00    BBB   $   916,326 
     Series 2002, 5.375%, 5/15/33             
    Education and Civic Organizations – 10.7% (7.1% of Total Investments)             
1,000    Arizona State University, System Revenue Bonds, Series 2002, 5.000%, 7/01/25 – FGIC Insured    7/12 at 100.00    AAA    1,047,180 
    Arizona State University, System Revenue Bonds, Series 2005:             
2,455     5.000%, 7/01/20 – AMBAC Insured    7/15 at 100.00    AAA    2,624,518 
1,500     5.000%, 7/01/21 – AMBAC Insured    7/15 at 100.00    AAA    1,601,100 
1,500    Tempe Industrial Development Authority, Arizona, Lease Revenue Bonds, Arizona State University    7/13 at 100.00    AAA    1,569,525 
     Foundation Project, Series 2003, 5.000%, 7/01/34 – AMBAC Insured             
6,455    Total Education and Civic Organizations            6,842,323 
    Health Care – 12.2% (8.2% of Total Investments)             
675    Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health    12/15 at 100.00    BBB    685,517 
     Network, Series 2005B, 5.000%, 12/01/37             
835    Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health    12/17 at 100.00    BBB    848,627 
     Network, Series 2007, 5.000%, 12/01/42             
550    Maricopa County Industrial Development Authority, Arizona, Health Facilities Revenue Bonds,    5/16 at 100.00    AA    574,178 
     Mayo Clinic, Series 2006, 5.000%, 11/15/36             
2,150    Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds,    7/14 at 100.00    A    2,262,037 
     Catholic Healthcare West, Series 2004A, 5.375%, 7/01/23             
1,390    Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds,    7/17 at 100.00    A    1,467,256 
     Catholic Healthcare West, Series 2007A, 5.250%, 7/01/32             
385    Maricopa County, Arizona, Hospital Revenue Bonds, Sun Health Corporation, Series 2005,    4/15 at 100.00    Baa1    400,685 
     5.000%, 4/01/16             
515    Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities    11/10 at 101.00    AA    558,950 
     Financing Authority, Hospital Revenue Bonds, Hospital de la Concepcion, Series 2000A,             
     6.375%, 11/15/15             
1,055    Winslow Industrial Development Authority, Arizona, Hospital Revenue Bonds, Winslow Memorial    6/08 at 101.00    N/R    1,056,593 
     Hospital, Series 1998, 5.500%, 6/01/22             
7,555    Total Health Care            7,853,843 
    Housing/Multifamily – 1.5% (1.0% of Total Investments)             
400    Phoenix Industrial Development Authority, Arizona, GNMA Collateralized Multifamily Housing    6/11 at 102.00    Aaa    420,200 
     Revenue Bonds, Campaigne Place on Jackson, Series 2001, 5.700%, 6/20/31 (Alternative             
     Minimum Tax)             
530    Phoenix Industrial Development Authority, Arizona, GNMA Collateralized Multifamily Housing    4/15 at 100.00    Aaa    537,457 
     Revenue Bonds, Park Lee Apartments, Series 2004A, 5.050%, 10/20/44 (Alternative Minimum Tax)             
930    Total Housing/Multifamily            957,657 
    Housing/Single Family – 2.7% (1.8% of Total Investments)             
1,690    The Industrial Development Authority of The City of Tucson, Arizona, Tax-Exempt Single Family    1/17 at 103.00    Aaa    1,755,504 
     Mortgage Revenue Bonds, Series 2007A-1, 5.100%, 7/01/38             
    Industrials – 2.1% (1.4% of Total Investments)             
1,345    Yavapai County Industrial Development Authority, Arizona, Solid Waste Disposal Revenue Bonds,    No Opt. Call    BBB    1,346,681 
     Waste Management Inc., Series 2003B, 4.450%, 3/01/28 (Mandatory put 3/01/08) (Alternative             
     Minimum Tax)             
    Tax Obligation/General – 0.6% (0.4% of Total Investments)             
330    Puerto Rico, General Obligation and Public Improvement Bonds, Series 2001A, 5.375%, 7/01/28    7/11 at 100.00    BBB    345,698 
    Tax Obligation/Limited – 39.4% (26.3% of Total Investments)             
    Bullhead City, Arizona, Special Assessment Bonds, Parkway District Improvements, Series 1993:             
720     6.100%, 1/01/08    7/07 at 100.00    Baa2    722,203 
775     6.100%, 1/01/09    7/07 at 100.00    Baa2    777,372 
474    Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, Special Assessment    7/10 at 102.00    N/R    522,277 
     Lien Bonds, Series 2001A, 7.875%, 7/01/25             
    Greater Arizona Development Authority, Infrastructure Revenue Bonds, Series 2006A:             
740     5.000%, 8/01/23 – MBIA Insured    8/16 at 100.00    AAA    789,928 
875     5.000%, 8/01/25 – MBIA Insured    8/16 at 100.00    AAA    931,954 
1,280    Greater Arizona Development Authority, Infrastructure Revenue Bonds, Series 2006, 5.000%,    8/16 at 100.00    AAA    1,368,397 
     8/01/22 – MBIA Insured             
575    Marana Municipal Property Corporation, Arizona, Revenue Bonds, Series 2003, 5.000%, 7/01/28 –    7/13 at 100.00    AAA    600,536 
     AMBAC Insured             
1,110    Marana, Arizona, Tangerine Farms Road Improvement District Revenue Bonds, Series 2006,    7/16 at 100.00    Baa1    1,105,527 
     4.600%, 1/01/26             
3,400    Maricopa County Stadium District, Arizona, Revenue Refunding Bonds, Series 2002, 5.375%,    6/12 at 100.00    Aaa    3,649,491 
     6/01/18 – AMBAC Insured             
3,400    Mesa, Arizona, Street and Highway User Tax Revenue Bonds, Series 2005, 5.000%, 7/01/24 –    7/15 at 100.00    AAA    3,614,063 
     FSA Insured             
2,000    Phoenix Civic Improvement Corporation, Arizona, Subordinate Lien Excise Tax Revenue Bonds,    7/13 at 100.00    AAA    2,125,700 
     Series 2003A, 5.000%, 7/01/21 – MBIA Insured             
1,200    Prescott Valley Municipal Property Corporation, Arizona, Municipal Facilities Revenue Bonds,    1/13 at 100.00    AAA    1,250,064 
     Series 2003, 5.000%, 1/01/27 – FGIC Insured             
    Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A:             
11,970     0.000%, 7/01/42 – FGIC Insured (UB)    No Opt. Call    AAA    2,509,510 
2,875     0.000%, 7/01/43 – AMBAC Insured (UB)    No Opt. Call    AAA    575,920 
1,000    Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Refunding    7/12 at 100.00    BBB    1,041,340 
     Bonds, Series 2002D, 5.125%, 7/01/24             
1,610    San Luis Civic Improvement Corporation, Arizona, Municipal Facilities Excise Tax Revenue    7/15 at 100.00    AAA    1,704,475 
     Bonds, Series 2005, 5.000%, 7/01/25 – XLCA Insured             
1,350    Tempe, Arizona, Excise Tax Revenue Bonds, Series 2004, 5.250%, 7/01/20 – AMBAC Insured    7/14 at 100.00    AAA    1,461,200 
500    Tucson, Arizona, Certificates of Participation, Series 2000, 5.700%, 7/01/20 – MBIA Insured    7/08 at 100.00    AAA    510,995 
35,854    Total Tax Obligation/Limited            25,260,952 
    U.S. Guaranteed – 42.9% (28.7% of Total Investments) (4)             
800    Arizona Health Facilities Authority, Hospital Revenue Bonds, Catholic Healthcare West, Series    7/10 at 101.00    A (4)    874,560 
     1999A, 6.625%, 7/01/20 (Pre-refunded 7/01/10)             
1,000    Arizona Health Facilities Authority, Hospital System Revenue Bonds, John C. Lincoln Health    12/10 at 102.00    BBB (4)    1,125,030 
     Network, Series 2000, 7.000%, 12/01/25 (Pre-refunded 12/01/10)             
1,450    Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s    11/09 at 100.00    Baa3 (4)    1,533,984 
     Hospital, Series 1999A, 6.125%, 11/15/22 (Pre-refunded 11/15/09)             
1,000    Arizona State University, Certificates of Participation, Series 2002, 5.375%, 7/01/19    7/12 at 100.00    AAA    1,076,880 
     (Pre-refunded 7/01/12) – MBIA Insured             
    Arizona Tourism and Sports Authority, Tax Revenue Bonds, Multipurpose Stadium Facility             
    Project, Series 2003A:             
500     5.375%, 7/01/20 (Pre-refunded 7/01/13) – MBIA Insured    7/13 at 100.00    Aaa    545,360 
1,000     5.375%, 7/01/21 (Pre-refunded 7/01/13) – MBIA Insured    7/13 at 100.00    Aaa    1,090,720 
1,250    Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University,    5/11 at 101.00    A– (4)    1,358,263 
     Series 2001A, 5.875%, 5/15/31 (Pre-refunded 5/15/11)             
1,250    Maricopa County Industrial Development Authority, Arizona, Hospital Revenue Refunding Bonds,    No Opt. Call    AAA    1,520,488 
     Samaritan Health Services, Series 1990A, 7.000%, 12/01/16 – MBIA Insured (ETM)             
630    Maricopa County Union High School District 210 Phoenix, Arizona, General Obligation Bonds,    7/16 at 100.00    AAA    687,784 
     Series 2006C, 5.000%, 7/01/24 (Pre-refunded 7/01/16) – MBIA Insured             
1,525    Maricopa County Union High School District 210, Phoenix, Arizona, General Obligation Bonds,    7/14 at 100.00    AAA    1,644,286 
     Series 2004A, 5.000%, 7/01/21 (Pre-refunded 7/01/14) – FSA Insured             
3,000    Mesa Industrial Development Authority, Arizona, Revenue Bonds, Discovery Health System, Series    1/10 at 101.00    AAA    3,183,180 
     1999A, 5.750%, 1/01/25 (Pre-refunded 1/01/10) – MBIA Insured             
1,050    Northern Arizona University, System Revenue Bonds, Series 2002, 5.000%, 6/01/34 (Pre-refunded    6/12 at 100.00    AAA    1,113,473 
     6/01/12) – FGIC Insured             
2,000    Phoenix Civic Improvement Corporation, Arizona, Junior Lien Wastewater System Revenue Bonds,    7/10 at 101.00    AAA    2,155,000 
     Series 2000, 6.000%, 7/01/24 (Pre-refunded 7/01/10) – FGIC Insured             
    Phoenix Industrial Development Authority, Arizona, Government Office Lease Revenue Bonds,             
    Capitol Mall LLC, Series 2000:             
700     5.375%, 9/15/22 (Pre-refunded 9/15/10) – AMBAC Insured    9/10 at 100.00    AAA    737,191 
2,000     5.500%, 9/15/27 (Pre-refunded 9/15/10) – AMBAC Insured    9/10 at 100.00    AAA    2,114,120 
1,000    Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2000B, 6.500%,    7/10 at 101.00    BBB+ (4)    1,092,950 
     7/01/27 (Pre-refunded 7/01/10)             
1,500    Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale    12/11 at 101.00    A3 (4)    1,639,395 
     Healthcare, Series 2001, 5.800%, 12/01/31 (Pre-refunded 12/01/11)             
3,215    Tucson Industrial Development Authority, Arizona, Senior Living Facilities Revenue Bonds,    7/10 at 101.00    AA (4)    3,423,460 
     Christian Care Project, Series 2000A, 5.625%, 7/01/20 (Pre-refunded 7/01/10) – RAAI Insured             
600    Tucson, Arizona, Junior Lien Street and Highway User Revenue Bonds, Series 2000E, 5.000%,    7/10 at 100.00    AAA    623,370 
     7/01/18 (Pre-refunded 7/01/10) – FGIC Insured             
25,470    Total U.S. Guaranteed            27,539,494 
    Utilities – 12.0% (8.0% of Total Investments)             
1,000    Arizona Power Authority, Special Obligation Power Resource Revenue Refunding Crossover Bonds,    No Opt. Call    AA    1,099,080 
     Hoover Project, Series 2001, 5.250%, 10/01/15             
620    Pima County Industrial Development Authority, Arizona, Lease Obligation Revenue Refunding    7/07 at 100.50    AAA    637,248 
     Bonds, Tucson Electric Power Company, Series 1988A, 7.250%, 7/15/10 – FSA Insured             
2,170    Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/27 –    7/15 at 100.00    AAA    2,295,795 
     XLCA Insured             
530    Salt River Project Agricultural Improvement and Power District, Arizona, Electric System    1/13 at 100.00    Aa1    555,249 
     Revenue Bonds, Series 2002B, 5.000%, 1/01/22             
    Salt River Project Agricultural Improvement and Power District, Arizona, Electric System             
    Revenue Refunding Bonds, Series 2002A:             
2,000     5.125%, 1/01/27    1/12 at 101.00    Aa1    2,100,600 
1,000     5.000%, 1/01/31    1/12 at 101.00    Aa1    1,041,980 
7,320    Total Utilities            7,729,952 
    Water and Sewer – 22.9% (15.3% of Total Investments)             
1,005    Cottonwood, Arizona, Senior Lien Water System Revenue Bonds, Municipal Property Corporation,    7/14 at 100.00    AAA    1,058,406 
     Series 2004, 5.000%, 7/01/24 – XLCA Insured             
3,500    Glendale, Arizona, Water and Sewer Revenue Bonds, Subordinate Lien, Series 2003, 5.000%,    7/13 at 100.00    AAA    3,662,223 
     7/01/28 – AMBAC Insured             
600    Oro Valley Municipal Property Corporation, Arizona, Senior Lien Water Revenue Bonds, Series    7/13 at 100.00    AAA    630,810 
     2003, 5.000%, 7/01/23 – MBIA Insured             
1,415    Phoenix Civic Improvement Corporation, Arizona, Junior Lien Wastewater System Revenue Bonds,    7/14 at 100.00    AAA    1,494,693 
     Series 2004, 5.000%, 7/01/24 – MBIA Insured             
1,500    Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Bonds, Series    7/12 at 100.00    AAA    1,562,235 
     2002, 5.000%, 7/01/26 – FGIC Insured             
3,295    Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Bonds, Series    7/15 at 100.00    AAA    3,507,164 
     2005, 5.000%, 7/01/23 – MBIA Insured             
1,250    Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Refunding    No Opt. Call    AAA    1,447,563 
     Bonds, Series 2001, 5.500%, 7/01/21 – FGIC Insured             
    Surprise Municipal Property Corporation, Arizona, Wastewater System Revenue Bonds, Series 2007:             
600     4.700%, 4/01/22 (WI/DD, Settling 5/15/07)    4/14 at 100.00    N/R    602,442 
695     4.900%, 4/01/32 (WI/DD, Settling 5/15/07)    4/17 at 100.00    N/R    698,392 
13,860    Total Water and Sewer            14,663,928 
$     101,684    Total Long-Term Investments (cost $91,166,497) – 148.4%            95,212,358 
    Short-Term Investments – 1.2% (0.8% of Total Investments)             
750    Puerto Rico Government Development Bank, Adjustable Refunding Bonds, Variable Rate Demand        A-1+    750,000 
     Obligations, Series 1985, 3.710%, 12/01/15 – MBIA Insured (5)             
$            750    Total Short-Term Investments (cost $750,000)            750,000 
    Total Investments (cost $91,916,497) – 149.6%            95,962,358 
    Floating Rate Obligations – (3.2)%            (2,054,352) 
    Other Assets Less Liabilities – 0.4%            246,421 
    Preferred Shares, at Liquidation Value – (46.8)%            (30,000,000) 
    Net Assets Applicable to Common Shares – 100%           $   64,154,427 

(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. 
WI/DD    Purchased on a when-issued or delayed delivery basis. 
(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. 

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 April 30, 2007, the cost of investments was $89,836,829.

Gross unrealized appreciation and gross unrealized depreciation of investments at April 30, 2007, were as follows:

Gross unrealized:     
  Appreciation    $4,077,319 
  Depreciation    (7,259) 
Net unrealized appreciation (depreciation) of investments    $4,070,060 

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 Arizona Premium Income Municipal Fund, Inc.        

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

Date         June 29, 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         June 29, 2007        

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

Date        June 29, 2007        

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