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:         10/31/07         

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)             
    October 31, 2007             
Principal        Optional Call         
Amount (000)    Description (1)    Provisions (2)    Ratings (3)    Value 
    Consumer Staples – 1.5% (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   $   869,974 
     Series 2002, 5.375%, 5/15/33             
    Education and Civic Organizations – 7.9% (5.2% 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    1,038,980 
    Arizona State University, System Revenue Bonds, Series 2005:             
1,455     5.000%, 7/01/20 – AMBAC Insured    7/15 at 100.00    AAA    1,540,918 
750     5.000%, 7/01/21 – AMBAC Insured    7/15 at 100.00    AAA    791,453 
1,500    Tempe Industrial Development Authority, Arizona, Lease Revenue Bonds, Arizona State University    7/13 at 100.00    AAA    1,537,050 
     Foundation Project, Series 2003, 5.000%, 7/01/34 – AMBAC Insured             
4,705    Total Education and Civic Organizations            4,908,401 
    Health Care – 17.2% (11.4% of Total Investments)             
1,430    Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series    1/17 at 100.00    AA–    1,463,162 
     2007A, 5.000%, 1/01/25             
675    Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health    12/15 at 100.00    BBB    639,347 
     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    1,035,297 
     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    558,971 
     Mayo Clinic, Series 2006, 5.000%, 11/15/36             
2,150    Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue    7/17 at 100.00    A    2,230,217 
     Bonds, Catholic Healthcare West, Series 2004A, 5.375%, 7/01/23 (UB)             
2,800    Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue    7/14 at 100.00    A    2,859,416 
     Bonds, Catholic Healthcare West, Series 2007A, 5.250%, 7/01/32 (UB)             
385    Maricopa County, Arizona, Hospital Revenue Bonds, Sun Health Corporation, Series 2005,    4/15 at 100.00    Baa1    393,235 
     5.000%, 4/01/16             
515    Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities    11/10 at 101.00    AA    556,226 
     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    1,013,053 
     Hospital, Series 1998, 5.500%, 6/01/22             
10,670    Total Health Care            10,748,924 
    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    413,280 
     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    519,124 
     Revenue Bonds, Park Lee Apartments, Series 2004A, 5.050%, 10/20/44 (Alternative Minimum Tax)             
930    Total Housing/Multifamily            932,404 
    Housing/Single Family – 7.8% (5.2% 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    1,733,974 
     Mortgage Revenue Bonds, Series 2007A-1, 5.100%, 7/01/38             
3,010    Tucson and Pima County Industrial Development Authority, Arizona, Single Family Mortgage    6/17 at 101.00    Aaa    3,164,353 
     Revenue Bonds, Series 2007B, 5.350%, 6/01/47 (Alternative Minimum Tax)             
4,700    Total Housing/Single Family            4,898,327 
    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–    338,125 
    Tax Obligation/Limited – 31.6% (21.0% of Total Investments)             
    Bullhead City, Arizona, Special Assessment Bonds, Parkway District Improvements, Series 1993:             
720     6.100%, 1/01/08    No Opt. Call    Baa2    721,591 
775     6.100%, 1/01/09    1/08 at 100.00    Baa2    776,651 
454    Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, Special Assessment    7/10 at 102.00    N/R    486,338 
     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    779,324 
875     5.000%, 8/01/25 – MBIA Insured    8/16 at 100.00    AAA    918,243 
1,280    Greater Arizona Development Authority, Infrastructure Revenue Bonds, Series 2006, 5.000%,    8/16 at 100.00    AAA    1,351,859 
     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    590,215 
     AMBAC Insured             
1,110    Marana, Arizona, Tangerine Farms Road Improvement District Revenue Bonds, Series 2006,    7/16 at 100.00    Baa1    1,061,171 
     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    3,628,343 
     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    3,561,771 
     FSA Insured             
1,200    Prescott Valley Municipal Property Corporation, Arizona, Municipal Facilities Revenue Bonds,    1/13 at 100.00    AAA    1,230,372 
     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–    1,024,080 
     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    1,678,039 
     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    1,446,188 
500    Tucson, Arizona, Certificates of Participation, Series 2000, 5.700%, 7/01/20 – MBIA Insured    7/08 at 100.00    AAA    506,580 
18,989    Total Tax Obligation/Limited            19,760,765 
    U.S. Guaranteed – 43.9% (29.2% of Total Investments) (4)             
800    Arizona Health Facilities Authority, Hospital Revenue Bonds, Catholic Healthcare West, Series    7/10 at 101.00    A (4)    870,472 
     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)    1,119,540 
     Network, Series 2000, 7.000%, 12/01/25 (Pre-refunded 12/01/10)             
1,000    Arizona State University, Certificates of Participation, Series 2002, 5.375%, 7/01/19    7/12 at 100.00    AAA    1,078,020 
     (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    546,040 
1,000     5.375%, 7/01/21 (Pre-refunded 7/01/13) – MBIA Insured    7/13 at 100.00    Aaa    1,092,080 
1,250    Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University,    5/11 at 101.00    A– (4)    1,356,650 
     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    1,511,150 
     Samaritan Health Services, Series 1990A, 7.000%, 12/01/16 – MBIA Insured (ETM)             
1,525    Maricopa County Union High School District 210, Phoenix, Arizona, General Obligation Bonds,    7/14 at 100.00    AAA    1,649,059 
     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    3,167,640 
     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    1,114,985 
     6/01/12) – FGIC Insured             
2,000    Phoenix Civic Improvement Corporation, Arizona, Junior Lien Wastewater System Revenue Bonds,    7/10 at 101.00    AAA    2,148,340 
     Series 2000, 6.000%, 7/01/24 (Pre-refunded 7/01/10) – FGIC Insured             
2,000    Phoenix Civic Improvement Corporation, Arizona, Subordinate Lien Excise Tax Revenue Bonds,    7/13 at 100.00    AAA    2,148,120 
     Series 2003A, 5.000%, 7/01/21 (Pre-refunded 7/01/13) – MBIA 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    736,848 
2,000     5.500%, 9/15/27 (Pre-refunded 9/15/10) – AMBAC Insured    9/10 at 100.00    AAA    2,112,060 
1,000    Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2000B, 6.500%,    7/10 at 101.00    BBB+ (4)    1,088,410 
     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)    1,639,890 
     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)    3,421,306 
     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    623,862 
     7/01/18 (Pre-refunded 7/01/10) – FGIC Insured             
25,390    Total U.S. Guaranteed            27,424,472 
    Utilities – 16.2% (10.8% of Total Investments)             
1,000    Arizona Power Authority, Special Obligation Power Resource Revenue Refunding Crossover Bonds,    No Opt. Call    AA    1,098,300 
     Hoover Project, Series 2001, 5.250%, 10/01/15             
620    Pima County Industrial Development Authority, Arizona, Lease Obligation Revenue Refunding    1/08 at 100.00    Aaa    637,831 
     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    2,263,158 
     XLCA Insured             
530    Salt River Project Agricultural Improvement and Power District, Arizona, Electric System    1/13 at 100.00    Aa1    553,230 
     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    2,094,460 
1,000     5.000%, 1/01/31    1/12 at 101.00    Aa1    1,025,820 
2,645    Salt Verde Financial Corporation, Arizona, Senior GAs Revenue Drivers Trust 2267, Series 2007,    No Opt. Call    Aaa    2,453,793 
     3.500%, 12/01/32 (IF)             
9,965    Total Utilities            10,126,592 
    Water and Sewer – 22.4% (14.9% of Total Investments)             
1,005    Cottonwood, Arizona, Senior Lien Water System Revenue Bonds, Municipal Property Corporation,    7/14 at 100.00    AAA    1,044,456 
     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    3,612,979 
     7/01/28 – AMBAC Insured             
600    Oro Valley Municipal Property Corporation, Arizona, Senior Lien Water Revenue Bonds, Series    7/13 at 100.00    AAA    626,472 
     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    1,042,200 
     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    1,556,730 
     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    3,445,185 
     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    1,419,688 
     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    4/14 at 100.00    N/R    590,106 
695     4.900%, 4/01/32    4/17 at 100.00    N/R    671,919 
13,445    Total Water and Sewer            14,009,735 
$         89,994    Total Investments (cost $91,180,009) – 150.6%            94,017,719 
    Floating Rate Obligations – (5.3)%            (3,300,000) 
    Other Assets Less Liabilities – 2.7%            1,721,150 
    Preferred Shares, at Liquidation Value – (48.0)%            (30,000,000) 
    Net Assets Applicable to Common Shares – 100%           $   62,438,869 

    All of the bonds in the Portfolio of Investments are either covered by Original Issue Insurance, Secondary 
    Market Insurance or Portfolio Insurance, or are backed by an escrow or trust containing sufficient U.S. 
    Government or U.S. Government agency securities, any of which ensure the timely payment of principal 
    and interest. 
(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. 
N/R    Not rated. 
(ETM)    Escrowed to maturity. 
(IF)    Inverse floating rate investment. 
(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 October 31, 2007, the cost of investments was $87,853,504.

Gross unrealized appreciation and gross unrealized depreciation of investments at October 31, 2007, were as follows:

Gross unrealized:     
  Appreciation    $3,339,200 
  Depreciation    (475,052) 
Net unrealized appreciation (depreciation) of investments    $2,864,148 

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         December 28, 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         December 28, 2007        

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

Date        December 28, 2007        

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