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:         4/30/08         

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 Arizona Premium Income Municipal Fund, Inc. (NAZ)             
    April 30, 2008             
Principal        Optional Call         
Amount (000)    Description (1)    Provisions (2)    Ratings (3)    Value 
    Consumer Staples – 1.4% (0.9% of Total Investments)             
$            870    Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds,    5/12 at 100.00    BBB   $   840,385 
     Series 2002, 5.375%, 5/15/33             
    Education and Civic Organizations – 10.4% (7.0% of Total Investments)             
2,500    Arizona Higher Education Loan Authority, Student Loan Revenue Bonds, Series 2007B, Adjustable    9/08 at 100.00    AAA    1,355,446 
     Rate, 5.800%, 11/01/41 (4)             
1,000    Arizona State University, System Revenue Bonds, Series 2002, 5.000%, 7/01/25 – FGIC Insured    7/12 at 100.00    AA    1,022,570 
    Arizona State University, System Revenue Bonds, Series 2005:             
1,455     5.000%, 7/01/20 – AMBAC Insured    7/15 at 100.00    AAA    1,533,701 
750     5.000%, 7/01/21 – AMBAC Insured    7/15 at 100.00    AAA    785,828 
1,500    Tempe Industrial Development Authority, Arizona, Lease Revenue Bonds, Arizona State University    7/13 at 100.00    AAA    1,504,635 
     Foundation Project, Series 2003, 5.000%, 7/01/34 – AMBAC Insured             
7,205    Total Education and Civic Organizations            6,202,180 
    Health Care – 19.9% (13.4% of Total Investments)             
1,430    Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series    1/17 at 100.00    AA–    1,442,927 
     2007A, 5.000%, 1/01/25             
1,500    Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series    1/18 at 100.00    AA–    1,482,465 
     2008A, 5.000%, 1/01/35 (WI/DD, Settling 5/01/08)             
675    Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health    12/15 at 100.00    BBB    599,886 
     Network, Series 2005B, 5.000%, 12/01/37             
1,110    Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health    12/17 at 100.00    BBB    966,355 
     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    552,519 
     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    2,189,345 
     Catholic Healthcare West, Series 2004A, 5.375%, 7/01/23             
2,800    Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds,    7/17 at 100.00    A    2,750,888 
     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    391,741 
     5.000%, 4/01/16             
515    Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities    11/10 at 101.00    Aa1    558,615 
     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    932,314 
     Hospital, Series 1998, 5.500%, 6/01/22             
12,170    Total Health Care            11,867,055 
    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    403,864 
     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    484,118 
     Revenue Bonds, Park Lee Apartments, Series 2004A, 5.050%, 10/20/44 (Alternative Minimum Tax)             
930    Total Housing/Multifamily            887,982 
    Housing/Single Family – 9.2% (6.2% of Total Investments)             
990    Phoenix and Pima County Industrial Development Authority, Arizona, Single Family Mortgage    7/17 at 103.00    Aaa    987,287 
     Revenue Bonds, Series 2007-4, 5.800%, 12/01/39 (Alternative Minimum Tax)             
1,690    The Industrial Development Authority of The City of Tucson, Arizona, Tax-Exempt Single Family    1/17 at 103.00    Aaa    1,643,964 
     Mortgage Revenue Bonds, Series 2007A-1, 5.100%, 7/01/38             
3,010    Tucson and Pima County Industrial Development Authority, Arizona, Joint Single Family Mortgage    6/17 at 101.00    Aaa    2,845,564 
     Revenue Bonds, Series 2007B, 5.350%, 6/01/47 (Alternative Minimum Tax)             
5,690    Total Housing/Single Family            5,476,815 
    Tax Obligation/General – 2.6% (1.8% of Total Investments)             
1,200    Maricopa County Unified School District 95 Queen Creek, Arizona, General Obligation Bonds,    7/18 at 100.00    Aaa    1,236,600 
     Series 2008, 5.000%, 7/01/27 – FSA Insured             
330    Puerto Rico, General Obligation and Public Improvement Bonds, Series 2001A, 5.375%, 7/01/28    7/11 at 100.00    BBB–    330,403 
1,530    Total Tax Obligation/General            1,567,003 
    Tax Obligation/Limited – 28.6% (19.3% of Total Investments)             
775    Bullhead City, Arizona, Special Assessment Bonds, Parkway District Improvements, Series 1993,    7/08 at 100.00    Baa2    777,713 
     6.100%, 1/01/09             
445    Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, Special Assessment    7/10 at 102.00    N/R    465,523 
     Lien Bonds, Series 2001A, 7.875%, 7/01/25             
1,280    Greater Arizona Development Authority, Infrastructure Revenue Bonds, Series 2006-1, 5.000%,    8/16 at 100.00    AAA    1,329,894 
     8/01/22 – MBIA Insured             
740    Greater Arizona Development Authority, Infrastructure Revenue Bonds, Series 2006A, 5.000%,    8/16 at 100.00    AAA    764,709 
     8/01/23 – MBIA Insured             
575    Marana Municipal Property Corporation, Arizona, Revenue Bonds, Series 2003, 5.000%, 7/01/28 –    7/13 at 100.00    AAA    585,436 
     AMBAC Insured             
1,110    Marana, Arizona, Tangerine Farms Road Improvement District Revenue Bonds, Series 2006,    7/16 at 100.00    Baa1    993,295 
     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    3,596,178 
     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    3,521,958 
     FSA Insured             
1,200    Prescott Valley Municipal Property Corporation, Arizona, Municipal Facilities Revenue Bonds,    1/13 at 100.00    AA–    1,204,872 
     Series 2003, 5.000%, 1/01/27 – FGIC Insured             
265    Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Refunding    7/12 at 100.00    BBB–    262,538 
     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    A–    1,595,252 
     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    1,451,534 
500    Tucson, Arizona, Certificates of Participation, Series 2000, 5.700%, 7/01/20 – MBIA Insured    7/08 at 100.00    AAA    501,920 
16,650    Total Tax Obligation/Limited            17,050,822 
    U.S. Guaranteed – 34.8% (23.4% of Total Investments) (5)             
800    Arizona Health Facilities Authority, Hospital Revenue Bonds, Catholic Healthcare West, Series    7/10 at 101.00    A (5)    876,720 
     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 (5)    1,125,560 
     Network, Series 2000, 7.000%, 12/01/25 (Pre-refunded 12/01/10)             
1,250    Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University,    5/11 at 101.00    AAA    1,366,850 
     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    1,499,863 
     Samaritan Health Services, Series 1990A, 7.000%, 12/01/16 – MBIA Insured (ETM)             
3,000    Mesa Industrial Development Authority, Arizona, Revenue Bonds, Discovery Health System, Series    1/10 at 101.00    AAA    3,186,870 
     1999A, 5.750%, 1/01/25 (Pre-refunded 1/01/10) – MBIA Insured             
2,000    Phoenix Civic Improvement Corporation, Arizona, Junior Lien Wastewater System Revenue Bonds,    7/10 at 101.00    AA– (5)    2,165,560 
     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    746,725 
2,000     5.500%, 9/15/27 (Pre-refunded 9/15/10) – AMBAC Insured    9/10 at 100.00    AAA    2,139,220 
1,000    Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2000B, 6.500%,    7/10 at 101.00    BBB+ (5)    1,094,840 
     7/01/27 (Pre-refunded 7/01/10)             
735    Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Refunding    7/12 at 100.00    Baa3 (5)    790,529 
     Bonds, Series 2002D, 5.125%, 7/01/24 (Pre-refunded 7/01/12)             
1,500    Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale    12/11 at 101.00    A3 (5)    1,664,160 
     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 (5)    3,460,819 
     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    AA (5)    632,700 
     7/01/18 (Pre-refunded 7/01/10) – FGIC Insured             
19,050    Total U.S. Guaranteed            20,750,416 
    Utilities – 14.5% (9.8% of Total Investments)             
1,000    Arizona Power Authority, Special Obligation Power Resource Revenue Refunding Crossover Bonds,    No Opt. Call    AA    1,112,070 
     Hoover Project, Series 2001, 5.250%, 10/01/15             
465    Pima County Industrial Development Authority, Arizona, Lease Obligation Revenue Refunding    7/08 at 100.00    Aaa    479,671 
     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    A–    2,112,452 
     XLCA Insured             
530    Salt River Project Agricultural Improvement and Power District, Arizona, Electric System    1/13 at 100.00    Aa1    552,112 
     Revenue Bonds, Series 2002B, 5.000%, 1/01/22             
2,000    Salt River Project Agricultural Improvement and Power District, Arizona, Electric System    1/12 at 101.00    Aa1    2,057,080 
     Revenue Refunding Bonds, Series 2002A, 5.125%, 1/01/27             
    Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Drivers Trust 2267, Series 2007:             
1,505     13.012%, 12/01/29 (IF)    No Opt. Call    AA–    1,433,798 
1,095     10.535%, 12/01/37 (IF)    No Opt. Call    AA–    947,300 
8,765    Total Utilities            8,694,483 
    Water and Sewer – 25.5% (17.2% of Total Investments)             
1,005    Cottonwood, Arizona, Senior Lien Water System Revenue Bonds, Municipal Property Corporation,    7/14 at 100.00    A–    996,136 
     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    3,565,170 
     7/01/28 – AMBAC Insured             
600    Oro Valley Municipal Property Corporation, Arizona, Senior Lien Water Revenue Bonds, Series    7/13 at 100.00    AAA    617,568 
     2003, 5.000%, 7/01/23 – MBIA Insured             
1,000    Phoenix Civic Improvement Corporation, Arizona, Junior Lien Wastewater System Revenue Bonds,    7/14 at 100.00    AAA    1,031,510 
     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    AA    1,530,990 
     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    3,427,558 
     2005, 5.000%, 7/01/23 – MBIA Insured             
1,250    Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Refunding    No Opt. Call    AA    1,398,888 
     Bonds, Series 2001, 5.500%, 7/01/21 – FGIC Insured             
1,430    Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A,    7/18 at 100.00    BBB–    1,498,626 
     6.000%, 7/01/38             
    Surprise Municipal Property Corporation, Arizona, Wastewater System Revenue Bonds, Series 2007:             
600     4.700%, 4/01/22    4/14 at 100.00    N/R    552,558 
695     4.900%, 4/01/32    4/17 at 100.00    N/R    610,926 
14,875    Total Water and Sewer            15,229,930 
$         87,735    Total Investments (cost $88,379,832) – 148.4%            88,567,071 
    Other Assets Less Liabilities – 1.9%            1,133,889 
    Preferred Shares, at Liquidation Value – (50.3)% (6)            (30,000,000)
    Net Assets Applicable to Common Shares – 100%          $  59,700,960 

(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 AMBAC, CIFG, FGIC, MBIA 
    and XLCA as of April 30, 2008. During the period covered by this report, at least one rating agency reduced 
    the rating for AMBAC-insured and MBIA-insured bonds to AA and at least one rating agency further 
    reduced the ratings for FGIC-insured and XLCA-insured bonds to BB. Subsequent to April 30, 2008, and at 
    the time this report was prepared, at least one rating agency further reduced the rating for CIFG-insured 
    bonds to BB and MBIA-insured bonds to A. As of April 30, 2008, at least one rating agency has placed 
    XLCA-insured bonds on “negative credit watch” and one or more rating agencies have placed each of 
    these insurers on “negative outlook”, which may presage one or more rating reductions for such insurer or 
    insurers in the future. If one or more insurers’ ratings are reduced by these rating agencies, it would likely 
    reduce the effective rating of many of the bonds insured by that insurer or insurers. 
(4)    Investment valued at fair value using methods determined in good faith by, or at the discretion of, the 
    Board of Directors/Trustees. 
(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 (33.9)%. 
N/R    Not rated. 
WI/DD    Purchased on a when-issued or delayed delivery basis. 
(ETM)    Escrowed to maturity. 
(IF)    Inverse floating rate investment. 

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 April 30, 2008, the cost of investments was $88,350,694.

Gross unrealized appreciation and gross unrealized depreciation of investments at April 30, 2008, were as follows:

Gross unrealized:     
  Appreciation    $ 2,821,002 
  Depreciation    (2,604,625)
Net unrealized appreciation (depreciation) of investments    $    216,377 

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 Arizona Premium Income Municipal Fund, Inc.         

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

Date         June 27, 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         June 27, 2008        

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

Date        June 27, 2008