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:            07/31          

Date of reporting period:          04/30/05         

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, 2005             
 
 
 
Principal        Optional Call        Market 
Amount (000)        Description(1)    Provisions*    Ratings**    Value 
 
            Consumer Staples - 1.5% (1.0% of Total Investments)             
$    940        Puerto Rico, The Children's Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series    5/12 at 100.00    BBB    $ 947,642 
            2002, 5.375%, 5/15/33             
 
            Education and Civic Organizations - 13.6% (9.5% of Total Investments)             
    1,000        Arizona State University, Certificates of Participation, Series 2002, 5.375%, 7/01/19 - MBIA    7/12 at 100.00    AAA    1,100,320 
            Insured             
    2,455        Arizona State University, System Revenue Bonds, Series 2005, 5.000%, 7/01/20 - AMBAC Insured    7/15 at 100.00    AAA    2,657,317 
    1,000        Arizona State University, System Revenue Bonds, Series 2002, 5.000%, 7/01/25 - FGIC Insured    7/12 at 100.00    AAA    1,053,410 
    1,250        Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University, Series    5/11 at 101.00    A-    1,345,138 
            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    1,090,887 
    1,500        Tempe Industrial Development Authority, Arizona, Lease Revenue Bonds, Arizona State University    7/13 at 100.00    AAA    1,568,985 
            Foundation Project, Series 2003, 5.000%, 7/01/34 - AMBAC Insured             
 
            Healthcare - 19.5% (13.5% of Total Investments)             
    2,000        Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children's Hospital,    11/09 at 100.00    Ba2    2,022,400 
            Series 1999A, 6.125%, 11/15/22             
    1,000        Arizona Health Facilities Authority, Hospital System Revenue Bonds, John C. Lincoln Health Network,    12/10 at 102.00    BBB    1,119,710 
            Series 2000, 7.000%, 12/01/25             
    800        Arizona Health Facilities Authority, Hospital Revenue Bonds, Catholic Healthcare West, Series    7/10 at 101.00    A-    893,176 
            1999A, 6.625%, 7/01/20             
    2,150        Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds, Catholic    7/14 at 100.00    A-    2,265,993 
            Healthcare West, Series 2004A, 5.375%, 7/01/23             
    3,000        Mesa Industrial Development Authority, Arizona, Revenue Bonds, Discovery Health System, Series    1/10 at 101.00    AAA    3,286,770 
            1999A, 5.750%, 1/01/25 - MBIA Insured             
    515        Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities    11/10 at 101.00    AA    588,928 
            Financing 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    1,611,210 
            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    812,002 
            Hospital, Series 1998, 5.500%, 6/01/22             
 
            Housing/Multifamily - 6.9% (4.8% of Total Investments)             
    400        Phoenix Industrial Development Authority, Arizona, GNMA Collateralized Multifamily Housing Revenue    6/11 at 102.00    Aaa    422,592 
            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 Revenue    4/15 at 100.00    Aaa    535,539 
            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, Christian    7/10 at 101.00    AA    3,474,322 
            Care Project, Series 2000A, 5.625%, 7/01/20 - RAAI Insured             
 
            Housing/Single Family - 0.1% (0.0% of Total Investments)             
    35        Phoenix Industrial Development Authority, Arizona, Statewide Single Family Mortgage Revenue Bonds,    5/05 at 100.00    AAA    35,755 
            Series 1995, 6.150%, 6/01/08 (Alternative Minimum Tax) (Pre-refunded to 5/13/05)             
 
            Industrials - 2.1% (1.5% of Total Investments)             
    1,345        Yavapai County Industrial Development Authority, Arizona, Solid Waste Disposal Revenue Bonds, Waste    No Opt. Call    BBB    1,360,373 
            Management Inc. Project, Series 2003B, 4.450%, 3/01/28 (Alternative Minimum Tax) (Mandatory put             
            3/01/08)             
 
            Long-Term Care - 0.6% (0.4% of Total Investments)             
    345        Mohave County Industrial Development Authority, Arizona, GNMA Collateralized Healthcare Revenue    5/06 at 103.00    AAA    361,871 
            Refunding Bonds, Chris Ridge and Silver Village Projects, Series 1996, 6.375%, 11/01/31             
 
            Tax Obligation/General - 6.2% (4.3% of Total Investments)             
    1,525        Maricopa County Union High School District 210, Phoenix, Arizona, General Obligation Bonds, Series    7/14 at 100.00    AAA    1,640,442 
            2004A, 5.000%, 7/01/21 - FSA Insured             
    500        Puerto Rico, General Obligation and Public Improvement Bonds, Series 2002A, 5.500%, 7/01/19 - FGIC    No Opt. Call    AAA    589,740 
            Insured             
    330        Puerto Rico, General Obligation and Public Improvement Bonds, Series 2001A, 5.375%, 7/01/28    7/11 at 100.00    A-    354,767 
    1,340        Tucson, Arizona, General Obligation Bonds, Series 2005, 5.000%, 7/01/20 - FGIC Insured    No Opt. Call    AAA    1,455,093 
 
            Tax Obligation/Limited - 51.0% (35.5% of Total Investments)             
    1,985        Arizona School Facilities Board, School Improvement Revenue Bonds, Series 2003, 5.000%, 7/01/21    7/13 at 100.00    AAA    2,146,103 
    2,000        Arizona School Facilities Board, School Improvement Revenue Bonds, Series 2004A, 5.750%, 7/01/18 -    7/14 at 100.00    AAA    2,292,860 
            AMBAC Insured             
    2,000        Arizona State Transportation Board, Subordinate Highway Revenue Bonds, Series 2004B, 5.000%,    7/14 at 100.00    AA    2,145,040 
            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    3,324,660 
    1,000        5.375%, 7/01/21 - MBIA Insured    7/13 at 100.00    Aaa    1,108,220 
            Bullhead City, Arizona, Special Assessment Bonds, Parkway District Improvements, Series 1993:             
    815        6.100%, 1/01/08    7/05 at 101.00    Baa2    827,421 
    875        6.100%, 1/01/09    7/05 at 101.00    Baa2    887,950 
    524        Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, Special Assessment Lien    7/10 at 102.00    N/R    579,968 
            Bonds, Series 2001A, 7.875%, 7/01/25             
    575        Marana Municipal Property Corporation, Arizona, Revenue Bonds, Series 2003, 5.000%, 7/01/28 -    7/13 at 100.00    AAA    601,646 
            AMBAC Insured             
    3,400        Maricopa County Stadium District, Arizona, Revenue Refunding Bonds, Series 2002, 5.375%, 6/01/18 -    6/12 at 100.00    Aaa    3,746,562 
            AMBAC Insured             
            Phoenix Industrial Development Authority, Arizona, Government Office Lease Revenue Bonds, Capitol             
            Mall LLC Project, Series 2000:             
    1,000        5.375%, 9/15/22 - AMBAC Insured    9/10 at 100.00    AAA    1,085,530 
    2,000        5.500%, 9/15/27 - AMBAC Insured    9/10 at 100.00    AAA    2,174,020 
    2,150        Phoenix Civic Plaza Building Corporation, Arizona, Senior Lien Excise Tax Revenue Bonds, Series    7/05 at 101.00    AAA    2,183,347 
            1994, 6.000%, 7/01/14             
    2,000        Phoenix Civic Improvement Corporation, Arizona, Subordinate Lien Excise Tax Revenue Bonds, Series    7/13 at 100.00    AAA    2,152,580 
            2003A, 5.000%, 7/01/21 - MBIA Insured             
    1,200        Prescott Valley Municipal Property Corporation, Arizona, Municipal Facilities Revenue Bonds, Series    1/13 at 100.00    AAA    1,252,332 
            2003, 5.000%, 1/01/27 - FGIC Insured             
    1,000        Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Refunding Bonds,    7/12 at 100.00    A-    1,052,920 
            Series 2002D, 5.125%, 7/01/24             
    805        Scottsdale Preserve Authority, Arizona, Excise Tax Revenue Bonds, Series 2004, 5.000%, 7/01/16 -    No Opt. Call    AAA    887,223 
            FGIC Insured             
    1,350        Tempe, Arizona, Excise Tax Revenue Bonds, Series 2004, 5.250%, 7/01/20 - AMBAC Insured    7/14 at 100.00    AAA    1,483,866 
    500        Tucson, Arizona, Certificates of Participation, Series 2000, 5.700%, 7/01/20 - MBIA Insured    7/08 at 100.00    AAA    535,215 
    1,100        Tucson, Arizona, Junior Lien Street and Highway User Revenue Bonds, Series 2000E, 5.000%,    7/10 at 100.00    AAA    1,175,515 
            7/01/18 - FGIC Insured             
    1,300        Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 2003, 5.000%,    10/14 at 100.00    AA    1,359,592 
            10/01/33 - RAAI Insured             
 
            U.S. Guaranteed *** - 11.3% (7.9% of Total Investments)             
    480        Puerto Rico, The Children's Trust Fund, Tobacco Settlement Asset-Backed Bonds, Series 2000,    7/10 at 100.00    AAA    510,154 
            5.750%, 7/01/20 (Pre-refunded to 7/01/10)             
    2,250        Maricopa County Industrial Development Authority, Arizona, Hospital Revenue Refunding Bonds,    No Opt. Call    AAA    2,813,603 
            Samaritan Health Services, Series 1990A, 7.000%, 12/01/16 - MBIA Insured             
    2,000        Phoenix Civic Improvement Corporation, Arizona, Junior Lien Wastewater System Revenue Bonds, Series    7/10 at 101.00    AAA    2,290,620 
            2000, 6.000%, 7/01/24 (Pre-refunded to 7/01/10) - FGIC Insured             
    1,000        Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2000B, 6.500%,    7/10 at 101.00    A***    1,163,290 
            7/01/27 (Pre-refunded to 7/01/10)             
    500        Surprise Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Series 2000, 5.700%,    7/09 at 101.00    AAA    556,655 
            7/01/20 (Pre-refunded to 7/01/09) - FGIC Insured             
 
            Utilities - 10.5% (7.3% of Total Investments)             
    1,000        Arizona Power Authority, Special Obligation Power Resource Revenue Refunding Crossover Bonds,    No Opt. Call    AA    1,123,340 
            Hoover Project, Series 2001, 5.250%, 10/01/15             
    1,000        Coconino County, Arizona, Pollution Control Revenue Bonds, Nevada Power Company Project, Series    10/06 at 102.00    B-    1,020,720 
            1996, 6.375%, 10/01/36 (Alternative Minimum Tax)             
    905        Pima County Industrial Development Authority, Arizona, Lease Obligation Revenue Refunding Bonds,    7/05 at 101.50    AAA    947,354 
            Tucson Electric Power Company, Series 1988A, 7.250%, 7/15/10 - FSA Insured             
            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    2,117,200 
    1,000        5.000%, 1/01/31    1/12 at 101.00    AA    1,045,610 
    530        Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue    1/13 at 100.00    AA    568,637 
            Bonds, Series 2002B, 5.000%, 1/01/22             
 
            Water and Sewer - 20.5% (14.3% 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    1,982,717 
    1,815        5.000%, 10/01/22    10/14 at 100.00    AAA    1,952,577 
    1,005        Cottonwood, Arizona, Senior Lien Water System Revenue Bonds, Municipal Property Corporation, Series    7/14 at 100.00    AAA    1,060,134 
            2004, 5.000%, 7/01/24 - XLCA Insured             
    3,500        Glendale, Arizona, Water and Sewer Revenue Bonds, Subordinate Lien, Series 2003, 5.000%, 7/01/28 -    7/13 at 100.00    AAA    3,675,735 
            AMBAC Insured             
    600        Oro Valley Municipal Property Corporation, Arizona, Senior Lien Water Revenue Bonds, Series 2003,    7/13 at 100.00    AAA    642,438 
            5.000%, 7/01/23 - MBIA Insured             
    875        Phoenix Civic Improvement Corporation, Arizona, Junior Lien Wastewater System Revenue Bonds, Series    7/14 at 100.00    AAA    929,836 
            2004, 5.000%, 7/01/24 - MBIA Insured             
    1,250        Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Refunding Bonds,    No Opt. Call    AAA    1,464,270 
            Series 2001, 5.500%, 7/01/21 - FGIC Insured             
    1,500        Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Bonds, Series    7/12 at 100.00    AAA    1,570,260 
            2002, 5.000%, 7/01/26 - FGIC Insured             
$    86,394        Total Long-Term Investments (cost $88,230,052) - 143.8%            93,032,102 
            Other Assets Less Liabilities - 2.6%            1,655,020 
            Preferred Shares, at Liquidation Value - (46.4)%            (30,000,000) 
            Net Assets Applicable to Common Shares - 100%            $64,687,122 
 
 
        (1)    All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares             
            unless otherwise noted.             
        *    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.             
        **    Ratings: Using the higher of Standard & Poor's or Moody's rating.             
        ***    Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency             
            securities which ensures the timely payment of principal and interest. Such securities are normally considered             
            to be equivalent to AAA rated securities.             
        N/R    Investment is not rated.             
            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 income on             
            taxable market discount securities and timing differences in recognizing certain gains and losses on             
            security transactions.             
            At April 30, 2005, the cost of investments was $88,212,568.             
            Gross unrealized appreciation and gross unrealized depreciation of investments at April 30, 2005,             
            were as follows:             
 
            Gross unrealized:             
               Appreciation            $5,089,606 
               Depreciation            (270,072) 
 
            Net unrealized appreciation of investments            $4,819,534 

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--Vice President and Secretary        

Date         06/29/05        

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--Chief Administrative Officer (principal executive officer)        

Date         06/29/05        

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

Date         06/29/05        

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