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)


        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:            7/31          

Date of reporting period:          4/30/06         

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.

Item 1. Schedule of Investments

                           Portfolio of Investments (Unaudited)             
                           Nuveen Arizona Premium Income Municipal Fund, Inc. (NAZ)             
                           April 30, 2006             
Principal        Optional Call         
Amount (000)    Description (1)    Provisions (2)    Ratings (3)    Value 
    Consumer Staples – 1.5% (1.0% of Total Investments)             
$             910    Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds,    5/12 at 100.00    BBB   $   927,836 
     Series 2002, 5.375%, 5/15/33             
    Education and Civic Organizations – 18.6% (12.5% of Total Investments)             
1,000    Arizona State University, Certificates of Participation, Series 2002, 5.375%, 7/01/19 – MBIA Insured    7/12 at 100.00    AAA    1,066,630 
1,000    Arizona State University, System Revenue Bonds, Series 2002, 5.000%, 7/01/25 – FGIC Insured    7/12 at 100.00    AAA    1,032,240 
    Arizona State University, System Revenue Bonds, Series 2005:             
2,455     5.000%, 7/01/20 – AMBAC Insured    7/15 at 100.00    AAA    2,567,905 
1,500     5.000%, 7/01/21 – AMBAC Insured    7/15 at 100.00    AAA    1,567,830 
1,395     5.000%, 7/01/26 – AMBAC Insured    7/15 at 100.00    AAA    1,448,470 
1,250    Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University,    5/11 at 101.00    A–    1,319,688 
     Series 2001A, 5.875%, 5/15/31             
1,050    Northern Arizona University, System Revenue Bonds, Series 2002, 5.000%, 6/01/34 – FGIC Insured    6/12 at 100.00    AAA    1,071,766 
1,500    Tempe Industrial Development Authority, Arizona, Lease Revenue Bonds, Arizona State University    7/13 at 100.00    AAA    1,538,520 
     Foundation Project, Series 2003, 5.000%, 7/01/34 – AMBAC Insured             
11,150    Total Education and Civic Organizations            11,613,049 
    Health Care – 14.3% (9.8% of Total Investments)             
800    Arizona Health Facilities Authority, Hospital Revenue Bonds, Catholic Healthcare West, Series    7/10 at 101.00    A–    885,104 
     1999A, 6.625%, 7/01/20             
1,450    Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s    11/09 at 100.00    Baa3    1,507,870 
     Hospital, Series 1999A, 6.125%, 11/15/22             
675    Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health    12/15 at 100.00    BBB    669,141 
     Network, Series 2005B, 5.000%, 12/01/37             
550    Maricopa County Industrial Development Authority, Arizona, Health Facilities Revenue Bonds,    5/16 at 100.00    AA    561,286 
     Mayo Clinic, Series 2006, 5.000%, 11/15/36 (WI/DD, Settling 5/11/06)             
2,150    Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds,    7/14 at 100.00    A–    2,223,079 
     Catholic Healthcare West, Series 2004A, 5.375%, 7/01/23             
515    Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing    11/10 at 101.00    AA    568,328 
     Authority, Hospital Revenue Bonds, Hospital de la Concepcion, Series 2000A, 6.375%, 11/15/15             
1,500    Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale    12/11 at 101.00    A3    1,587,930 
     Healthcare, Series 2001, 5.800%, 12/01/31             
1,055    Winslow Industrial Development Authority, Arizona, Hospital Revenue Bonds, Winslow Memorial    6/08 at 101.00    N/R    1,002,018 
     Hospital, Series 1998, 5.500%, 6/01/22             
8,695    Total Health Care            9,004,756 
    Housing/Multifamily – 6.9% (4.7% of Total Investments)             
400    Phoenix Industrial Development Authority, Arizona, GNMA Collateralized Multifamily Housing Revenue    6/11 at 102.00    Aaa    416,596 
       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    524,308 
     Revenue Bonds, Park Lee Apartments, Series 2004A, 5.050%, 10/20/44 (Alternative Minimum Tax)             
3,215    Tucson Industrial Development Authority, Arizona, Senior Living Facilities Revenue Bonds,    7/10 at 101.00    AA    3,399,123 
     Christian Care Project, Series 2000A, 5.625%, 7/01/20 – RAAI Insured             
4,145    Total Housing/Multifamily            4,340,027 
    Industrials – 2.1% (1.5% of Total Investments)             
1,345    Yavapai County Industrial Development Authority, Arizona, Solid Waste Disposal Revenue Bonds,    3/28 at 100.00    BBB    1,348,537 
     Waste Management Inc., Series 2003B, 4.450%, 3/01/28 (Mandatory put 3/01/08) (Alternative             
     Minimum Tax)             
    Long-Term Care – 0.4% (0.6% of Total Investments)             
345    Mohave County Industrial Development Authority, Arizona, GNMA Collateralized Healthcare    5/06 at 103.00    AAA    355,816 
     Revenue Refunding Bonds, Chris Ridge and Silver Village Projects, Series 1996, 6.375%, 11/01/31             
    Tax Obligation/General – 5.2% (3.5% of Total Investments)             
1,525    Maricopa County Union High School District 210, Phoenix, Arizona, General Obligation Bonds,    7/14 at 100.00    AAA    1,591,963 
     Series 2004A, 5.000%, 7/01/21 – FSA Insured             
465    Maricopa County Union High School District 210, Phoenix, Arizona, General Obligation Bonds,    7/15 at 100.00    AAA    485,669 
     Series 2005B, 5.000%, 7/01/23 – MBIA Insured             
330    Puerto Rico, General Obligation and Public Improvement Bonds, Series 2001A, 5.375%, 7/01/28    7/11 at 100.00    BBB    345,814 
750    Puerto Rico, General Obligation and Public Improvement Bonds, Series 2002A, 5.500%, 7/01/19 –    No Opt. Call    AAA    836,152 
     FGIC Insured             
3,070    Total Tax Obligation/General            3,259,598 
    Tax Obligation/Limited – 38.5% (26.3% of Total Investments)             
2,000    Arizona School Facilities Board, School Improvement Revenue Bonds, Series 2004A, 5.750%,    7/14 at 100.00    AAA    2,212,500 
     7/01/18 – AMBAC Insured             
2,000    Arizona State Transportation Board, Subordinate Highway Revenue Bonds, Series 2004B, 5.000%,    7/14 at 100.00    AA    2,085,020 
     7/01/22             
    Arizona Tourism and Sports Authority, Tax Revenue Bonds, Multipurpose Stadium Facility             
    Project, Series 2003A:             
3,000     5.375%, 7/01/20 – MBIA Insured    7/13 at 100.00    Aaa    3,209,130 
1,000     5.375%, 7/01/21 – MBIA Insured    7/13 at 100.00    Aaa    1,067,290 
    Bullhead City, Arizona, Special Assessment Bonds, Parkway District Improvements, Series 1993:             
730     6.100%, 1/01/08    7/06 at 100.00    Baa2    733,008 
785     6.100%, 1/01/09    7/06 at 100.00    Baa2    788,062 
499    Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, Special Assessment    7/10 at 102.00    N/R    543,446 
     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    772,871 
875     5.000%, 8/01/25 – MBIA Insured    8/16 at 100.00    AAA    911,671 
1,280    Greater Arizona Development Authority, Infrastructure Revenue Bonds, Series 2006, 5.000%,    8/16 at 100.00    AAA    1,340,083 
     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    590,123 
     AMBAC Insured             
3,400    Maricopa County Stadium District, Arizona, Revenue Refunding Bonds, Series 2002, 5.375%,    6/12 at 100.00    Aaa    3,632,014 
     6/01/18 – AMBAC Insured             
2,000    Phoenix Civic Improvement Corporation, Arizona, Subordinate Lien Excise Tax Revenue Bonds,    7/13 at 100.00    AAA    2,078,020 
     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    1,231,056 
     Series 2003, 5.000%, 1/01/27 – FGIC Insured             
1,000    Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Refunding    7/12 at 100.00    BBB    1,020,870 
     Bonds, Series 2002D, 5.125%, 7/01/24             
1,350    Tempe, Arizona, Excise Tax Revenue Bonds, Series 2004, 5.250%, 7/01/20 – AMBAC Insured    7/14 at 100.00    AAA    1,439,451 
500    Tucson, Arizona, Certificates of Participation, Series 2000, 5.700%, 7/01/20 – MBIA Insured    7/08 at 100.00    AAA    518,805 
22,934    Total Tax Obligation/Limited            24,173,420 
    U.S. Guaranteed – 22.8% (15.6% of Total Investments) (4)             
1,000    Arizona Health Facilities Authority, Hospital System Revenue Bonds, John C. Lincoln Health    12/10 at 102.00    BBB (4)    1,147,610 
     Network, Series 2000, 7.000%, 12/01/25 (Pre-refunded 12/01/10)             
700    Arizona School Facilities Board, School Improvement Revenue Bonds, Series 2003, 5.000%,    7/13 at 100.00    AAA    745,269 
     7/01/21 (Pre-refunded 7/01/13)             
1,250    Maricopa County Industrial Development Authority, Arizona, Hospital Revenue Refunding Bonds,    No Opt. Call    AAA    1,512,213 
     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    3,223,230 
     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    AAA    2,189,820 
     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:             
1,000     5.375%, 9/15/22 (Pre-refunded 9/15/10) – AMBAC Insured    9/10 at 100.00    AAA    1,064,000 
2,000     5.500%, 9/15/27 (Pre-refunded 9/15/10) – AMBAC Insured    9/10 at 100.00    AAA    2,138,000 
1,000    Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2000B, 6.500%,    7/10 at 101.00    BBB+ (4)    1,110,790 
     7/01/27 (Pre-refunded 7/01/10)             
500    Surprise Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Series 2000,    7/09 at 101.00    AAA    533,575 
     5.700%, 7/01/20 (Pre-refunded 7/01/09) – FGIC Insured             
600    Tucson, Arizona, Junior Lien Street and Highway User Revenue Bonds, Series 2000E, 5.000%,    7/10 at 100.00    AAA    629,058 
     7/01/18 (Pre-refunded 7/01/10) – FGIC Insured             
13,050    Total U.S. Guaranteed            14,293,565 
    Utilities – 10.4% (7.1% of Total Investments)             
1,000    Arizona Power Authority, Special Obligation Power Resource Revenue Refunding Crossover Bonds,    No Opt. Call    AA    1,080,590 
     Hoover Project, Series 2001, 5.250%, 10/01/15             
1,000    Coconino County, Arizona, Pollution Control Revenue Bonds, Nevada Power Company Project,    10/06 at 102.00    B–    1,018,020 
     Series 1996, 6.375%, 10/01/36 (Alternative Minimum Tax)             
765    Pima County Industrial Development Authority, Arizona, Lease Obligation Revenue Refunding    7/06 at 101.00    AAA    769,789 
     Bonds, Tucson Electric Power Company, Series 1988A, 7.250%, 7/15/10 – FSA Insured             
530    Salt River Project Agricultural Improvement and Power District, Arizona, Electric System    1/13 at 100.00    AA    549,864 
     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    AA    2,075,820 
1,000     5.000%, 1/01/31    1/12 at 101.00    AA    1,027,040 
6,295    Total Utilities            6,521,123 
    Water and Sewer – 25.5% (17.4% of Total Investments)             
    Arizona Water Infrastructure Finance Authority, Water Quality Revenue Bonds, Series 2004A:             
1,825     5.000%, 10/01/19    10/14 at 100.00    AAA    1,916,414 
1,815     5.000%, 10/01/22    10/14 at 100.00    AAA    1,896,766 
1,070    Arizona Water Infrastructure Finance Authority, Water Quality Revenue Bonds, Series 2006A,    10/16 at 100.00    AAA    1,123,639 
     5.000%, 10/01/24             
1,005    Cottonwood, Arizona, Senior Lien Water System Revenue Bonds, Municipal Property Corporation,    7/14 at 100.00    AAA    1,039,341 
     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    3,605,000 
     7/01/28 – AMBAC Insured             
600    Oro Valley Municipal Property Corporation, Arizona, Senior Lien Water Revenue Bonds, Series    7/13 at 100.00    AAA    621,756 
     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    1,471,204 
     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    1,546,890 
     2002, 5.000%, 7/01/26 – FGIC Insured             
1,325    Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Bonds, Series    7/15 at 100.00    AAA    1,372,753 
     2005, 5.000%, 7/01/29 – MBIA Insured             
1,250    Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Refunding    No Opt. Call    AAA    1,409,125 
     Bonds, Series 2001, 5.500%, 7/01/21 – FGIC Insured             
15,305    Total Water and Sewer            16,002,888 
$     87,244    Total Investments (cost $89,159,012) – 146.2%            91,840,615 
    Other Assets Less Liabilities – 1.6%            970,176 
    Preferred Shares, at Liquidation Value – (47.8)%            (30,000,000) 
    Net Assets Applicable to Common Shares – 100%           $   62,810,791 

(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 April 30, 2006, the cost of investments was $89,137,146.

Gross unrealized appreciation and gross unrealized depreciation of investments at April 30, 2006, were as follows:

Gross unrealized:     
  Appreciation    $3,028,049 
  Depreciation    (324,580) 
Net unrealized appreciation (depreciation) of investments    $2,703,469 

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/ Jessica R. Droeger                     
                                                    Jessica R. Droeger
                                                    Vice President and Secretary

Date         June 28, 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.

By (Signature and Title)*         /s/ Gifford R. Zimmerman                    
                                                   Gifford R. Zimmerman
                                                   Chief Administrative Officer (principal executive officer) 

Date         June 28, 2006        

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

Date        June 28, 2006        

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