Unassociated Document



 
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:            2/28          
 
Date of reporting period:         11/30/11         
 
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) 
     
   
November 30, 2011 
     
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Consumer Staples – 1.1% (0.8% of Total Investments) 
     
$    745 
 
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, 
5/12 at 100.00 
BBB 
$   697,290 
   
Series 2002, 5.375%, 5/15/33 
     
   
Education and Civic Organizations – 16.1% (11.3% of Total Investments) 
     
2,500 
 
Arizona Higher Education Loan Authority, Student Loan Revenue Bonds, Series 2007B, Auction 
3/12 at 100.00 
A
1,739,925 
   
Rate Securities, 0.508%, 11/01/41 (Alternative Minimum Tax) (4) 
     
1,000 
 
Arizona State University, System Revenue Bonds, Series 2002, 5.000%, 7/01/25 – FGIC Insured 
7/12 at 100.00 
AA 
1,021,850 
   
Arizona State University, System Revenue Bonds, Series 2005: 
     
1,455 
 
5.000%, 7/01/20 – AMBAC Insured 
7/15 at 100.00 
Aa3 
1,549,124 
750 
 
5.000%, 7/01/21 – AMBAC Insured 
7/15 at 100.00 
Aa3 
793,155 
755 
 
Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University, 
5/22 at 100.00 
A– 
770,085 
   
Refunding Series 2007, 5.000%, 5/15/31 
     
1,600 
 
Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University, 
5/20 at 100.00 
A– 
1,604,320 
   
Refunding Series 2010, 5.125%, 5/15/40 
     
   
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise 
     
   
Education Center Project, Series 2010: 
     
170 
 
6.000%, 6/01/40 
6/19 at 100.00 
BBB– 
147,268 
200 
 
6.100%, 6/01/45 
6/19 at 100.00 
BBB– 
172,970 
1,500 
 
Tempe Industrial Development Authority, Arizona, Lease Revenue Bonds, Arizona State University 
7/13 at 100.00 
N/R 
1,430,640 
   
Foundation Project, Series 2003, 5.000%, 7/01/34 – AMBAC Insured 
     
825 
 
Yavapai County Industrial Development Authority, Arizona, Charter School Revenue Bonds, 
3/21 at 100.00 
BB+ 
859,914 
   
Arizona Agribusiness and Equine Center Charter School, Series 2011, 7.875%, 3/01/42 
     
10,755 
 
Total Education and Civic Organizations 
   
10,089,251 
   
Health Care – 21.8% (15.3% of Total Investments) 
     
1,430 
 
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 
1/17 at 100.00 
AA– 
1,494,565 
   
2007A, 5.000%, 1/01/25 
     
885 
 
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 
1/17 at 100.00 
AA– 
579,126 
   
2007B, 1.059%, 1/02/37 
     
3,470 
 
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 
1/18 at 100.00 
AA– 
3,603,212 
   
2008D, 5.500%, 1/01/38 
     
675 
 
Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health 
12/15 at 100.00 
BBB 
581,540 
   
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 
936,185 
   
Network, Series 2007, 5.000%, 12/01/42 
     
2,150 
 
Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds, 
7/14 at 100.00 
A
2,255,565 
   
Catholic Healthcare West, Series 2004A, 5.375%, 7/01/23 
     
2,900 
 
Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds, 
7/17 at 100.00 
A
2,911,687 
   
Catholic Healthcare West, Series 2007A, 5.250%, 7/01/32 
     
425 
 
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities 
5/12 at 100.00 
AA+ 
426,696 
   
Financing Authority, Hospital Revenue Bonds, Hospital de la Concepcion, Series 2000A, 
     
   
6.375%, 11/15/15 
     
   
Show Low Industrial Development Authority, Arizona, Hospital Revenue Bonds, Navapache Regional 
     
   
Medical Center, Series 2005: 
     
525 
 
5.000%, 12/01/25 – RAAI Insured 
12/15 at 100.00 
BBB+ 
499,548 
435 
 
5.000%, 12/01/30 – RAAI Insured 
12/15 at 100.00 
BBB+ 
398,756 
14,005 
 
Total Health Care 
   
13,686,880 
   
Tax Obligation/General – 11.6% (8.2% of Total Investments) 
     
1,265 
 
Gila County Unified School District 10 Payson, Arizona, School Improvement Bonds, Project 
7/18 at 100.00 
Aa3 
1,386,263 
   
2006, Series 2008B, 5.750%, 7/01/28 
     
1,200 
 
Maricopa County Unified School District 95 Queen Creek, Arizona, General Obligation Bonds, 
7/18 at 100.00 
Aa3 
1,270,620 
   
Series 2008, 5.000%, 7/01/27 – AGM Insured 
     
515 
 
Pima County Continental Elementary School District 39, Arizona, General Obligation Bonds, 
7/21 at 100.00 
AA– 
566,449 
   
Series 2011A, 2.000%, 7/01/30 – AGM Insured 
     
3,530 
 
Pinal County Unified School District 1, Florence, Arizona, General Obligation Bonds, Series 
7/18 at 100.00 
A
3,767,356 
   
2008C, 5.250%, 7/01/28 
     
330 
 
Puerto Rico, General Obligation and Public Improvement Bonds, Series 2002A, 5.375%, 7/01/28 
2/12 at 100.00 
Baa1 
330,083 
6,840 
 
Total Tax Obligation/General 
   
7,320,771 
   
Tax Obligation/Limited – 37.4% (26.2% of Total Investments) 
     
321 
 
Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, Special Assessment 
7/12 at 100.00 
N/R 
323,623 
   
Lien Bonds, Series 2001A, 7.875%, 7/01/25 
     
3,000 
 
Glendale Western Loop 101 Public Facilities Corporation, Arizona, Third Lien Excise Tax 
1/14 at 100.00 
AA 
3,094,530 
   
Revenue Bonds, Series 2008B, 6.250%, 7/01/38 
     
1,280 
 
Greater Arizona Development Authority, Infrastructure Revenue Bonds, Series 2006-1, 5.000%, 
8/16 at 100.00 
AA– 
1,355,648 
   
8/01/22 – NPFG Insured 
     
740 
 
Greater Arizona Development Authority, Infrastructure Revenue Bonds, Series 2006A, 5.000%, 
8/16 at 100.00 
AA– 
779,183 
   
8/01/23 – NPFG Insured 
     
1,125 
 
Marana Municipal Property Corporation, Arizona, Municipal Facilities Revenue Bonds, Series 
7/12 at 100.00 
AA 
1,125,765 
   
2008B, 5.125%, 7/01/28 
     
575 
 
Marana Municipal Property Corporation, Arizona, Revenue Bonds, Series 2003, 5.000%, 7/01/28 – 
7/13 at 100.00 
AA 
585,195 
   
AMBAC Insured 
     
1,350 
 
Marana, Arizona, Tangerine Farms Road Improvement District Revenue Bonds, Series 2006, 
7/16 at 100.00 
A2 
1,354,766 
   
4.600%, 1/01/26 
     
3,400 
 
Maricopa County Stadium District, Arizona, Revenue Refunding Bonds, Series 2002, 5.375%, 
6/12 at 100.00 
N/R 
3,183,998 
   
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 
AA 
3,572,141 
   
AGM Insured 
     
1,140 
 
Pinetop Fire District of Navajo County, Arizona, Certificates of Participation, Series 2008, 
6/16 at 102.00 
A3 
1,177,107 
   
7.750%, 6/15/29 
     
265 
 
Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Refunding 
7/12 at 100.00 
Baa1 
265,223 
   
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+ 
1,665,690 
   
Bonds, Series 2005, 5.000%, 7/01/25 – SYNCORA GTY Insured 
     
1,000 
 
Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Refunding Series 
No Opt. Call 
AAA 
1,218,330 
   
2006, 5.000%, 7/01/24 
     
2,000 
 
Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Water & Sewer 
No Opt. Call 
AAA 
2,126,860 
   
Improvements Project, Series 2010, 5.000%, 7/01/36 
     
1,000 
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien 
10/20 at 100.00 
BBB 
994,680 
   
Series 2010A, 5.000%, 10/01/29 
     
645 
 
Vistancia Community Facilities District, Arizona, Restricted General Obligation Bonds, Series 
7/15 at 100.00 
A1 
677,263 
   
2005, 5.750%, 7/15/24 
     
22,851 
 
Total Tax Obligation/Limited 
   
23,500,002 
   
U.S. Guaranteed – 11.2% (7.9% of Total Investments) (5) 
     
1,250 
 
Maricopa County Industrial Development Authority, Arizona, Hospital Revenue Refunding Bonds, 
No Opt. Call 
N/R (5) 
1,497,238 
   
Samaritan Health Services, Series 1990A, 7.000%, 12/01/16 – NPFG Insured (ETM) 
     
385 
 
Maricopa County, Arizona, Hospital Revenue Bonds, Sun Health Corporation, Series 2005, 5.000%, 
4/15 at 100.00 
N/R (5) 
436,417 
   
4/01/16 (Pre-refunded 4/01/15) 
     
1,500 
 
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Bonds, Series 
7/12 at 100.00 
AAA 
1,540,755 
   
2002, 5.000%, 7/01/26 (Pre-refunded 7/01/12) – FGIC Insured 
     
1,200 
 
Prescott Valley Municipal Property Corporation, Arizona, Municipal Facilities Revenue Bonds, 
1/13 at 100.00 
AA– (5) 
1,260,504 
   
Series 2003, 5.000%, 1/01/27 (Pre-refunded 1/01/13) – FGIC Insured 
     
735 
 
Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Refunding 
7/12 at 100.00 
Baa1 (5) 
755,815 
   
Bonds, Series 2002D, 5.125%, 7/01/24 (Pre-refunded 7/01/12) 
     
530 
 
Salt River Project Agricultural Improvement and Power District, Arizona, Electric System 
1/13 at 100.00 
Aa1 (5) 
556,961 
   
Revenue Bonds, Series 2002B, 5.000%, 1/01/22 (Pre-refunded 1/01/13) 
     
   
Salt River Project Agricultural Improvement and Power District, Arizona, Electric System 
     
   
Revenue Refunding Bonds, Series 2002A: 
     
310 
 
5.125%, 1/01/27 (Pre-refunded 1/01/12) 
1/12 at 101.00 
N/R (5) 
314,421 
660 
 
5.125%, 1/01/27 (Pre-refunded 1/01/12) 
1/12 at 101.00 
Aa1 (5) 
669,412 
6,570 
 
Total U.S. Guaranteed 
   
7,031,523 
   
Utilities – 24.9% (17.4% of Total Investments) 
     
1,000 
 
Arizona Power Authority, Special Obligation Power Resource Revenue Refunding Crossover Bonds, 
No Opt. Call 
AA 
1,148,940 
   
Hoover Project, Series 2001, 5.250%, 10/01/15 
     
1,600 
 
Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue Refunding 
6/20 at 100.00 
A1 
1,674,992 
   
Bonds, Southern California Edison Company, Series 2000A, 5.000%, 6/01/35 
     
1,340 
 
Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power 
1/15 at 100.00 
BBB– 
1,366,733 
   
Company, Refunding Series 2008, 5.750%, 9/01/29 
     
650 
 
Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding Series 
7/21 at 100.00 
A
664,963 
   
2011, 5.250%, 7/01/36 
     
2,170 
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/27 – 
7/15 at 100.00 
A3 
2,196,517 
   
SYNCORA GTY Insured 
     
715 
 
Salt River Project Agricultural Improvement and Power District, Arizona, Electric System 
1/18 at 100.00 
Aa1 
845,244 
   
Revenue Bonds, Tender Option Bond Trust 09-9W, 18.060%, 1/01/38 (IF) (6) 
     
   
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc 
     
   
Prepay Contract Obligations, Series 2007: 
     
4,500 
 
5.500%, 12/01/29 
No Opt. Call 
A
4,506,748 
3,500 
 
5.000%, 12/01/37 
No Opt. Call 
A
3,219,440 
15,475 
 
Total Utilities 
   
15,623,577 
   
Water and Sewer – 18.4% (12.9% of Total Investments) 
     
1,005 
 
Cottonwood, Arizona, Senior Lien Water System Revenue Bonds, Municipal Property Corporation, 
7/14 at 100.00 
A
1,018,568 
   
Series 2004, 5.000%, 7/01/24 – SYNCORA GTY Insured 
     
3,500 
 
Glendale, Arizona, Water and Sewer Revenue Bonds, Subordinate Lien, Series 2003, 5.000%, 
7/13 at 100.00 
AA 
3,629,079 
   
7/01/28 – AMBAC Insured 
     
1,425 
 
Goodyear, Arizona, Water and Sewer Revenue Obligations, Series 2010, 5.625%, 7/01/39 
7/20 at 100.00 
A+ 
1,466,938 
575 
 
Oro Valley Municipal Property Corporation, Arizona, Senior Lien Water Revenue Bonds, Series 
7/13 at 100.00 
AA– 
589,835 
   
2003, 5.000%, 7/01/23 – NPFG Insured 
     
1,000 
 
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Wastewater System Revenue Bonds, 
7/14 at 100.00 
AA+ 
1,079,830 
   
Series 2004, 5.000%, 7/01/24 – NPFG Insured 
     
1,250 
 
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Refunding 
No Opt. Call 
AAA 
1,578,213 
   
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 
603,708 
810 
 
4.900%, 4/01/32 
4/17 at 100.00 
N/R 
767,305 
905 
 
Yuma County Industrial Development Authority, Arizona, Exempt Revenue Bonds, Far West Water & 
12/17 at 100.00 
N/R 
820,618 
   
Sewer Inc. Refunding, Series 2007A, 6.375%, 12/01/37 (Alternative Minimum Tax) 
     
11,070 
 
Total Water and Sewer 
   
11,554,094 
$ 88,311 
 
Total Investments (cost $85,205,805) – 142.5% 
   
89,503,388 
   
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (44.6)% (7) 
   
(28,000,000)
   
Other Assets Less Liabilities – 2.1% 
   
1,315,829 
   
Net Assets Applicable to Common Shares – 100% 
   
$ 62,819,217 
 
 

 
 

 
 
Fair Value Measurements
 
Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:
 
Level 1 – Quoted prices in active markets for identical securities.
 
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
Level 3 – Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
 
The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of November 30, 2011:
         
 
Level 1 
Level 2 
Level 3 
Total 
Investments: 
       
Municipal Bonds 
$ — 
$87,763,463 
$1,739,925 
$89,503,388 
 
 
 
The following is a reconciliation of the Fund’s Level 3 investments held at the beginning and end of the measurement period:
   
 
Level 3 
 
Municipal Bonds 
Balance at the beginning of period 
$1,867,750 
Gains (losses): 
 
Net realized gains (losses) 
Net change in unrealized appreciation (depreciation) 
(127,825)
Purchases at cost 
Sales at proceeds 
Net discounts (premiums) 
Transfers in to 
Transfers out of 
Balance at the end of period 
$1,739,925 
 
During the period ended November 30, 2011, the Fund recognized no significant transfers to or from Level 1, Level 2 or Level 3.
 
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 securities reflected as financing transactions, if any. 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 November 30, 2011, the cost of investments was 87,320,639.
 
Gross unrealized appreciation and gross unrealized depreciation of investments at November 30, 2011, were as follows:
   
Gross unrealized: 
 
Appreciation 
$ 5,839,797 
Depreciation 
(3,657,048)
Net unrealized appreciation (depreciation) of investments 
$ 2,182,749 
 
 
     
(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 highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, 
   
Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or 
   
BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by 
   
any of these national rating agencies. 
(4) 
 
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board 
   
of Directors. For fair value measurement disclosure purposes, investment categorized as Level 3. 
(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. Certain bonds backed by U.S. Government or 
   
agency securities are regarded as having an implied rating equal to the rating of such securities. 
(6) 
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for 
   
investments in inverse floating rate transactions. 
(7) 
 
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments 
   
is 31.3%. 
N/R 
 
Not rated. 
(ETM) 
 
Escrowed to maturity. 
(IF) 
 
Inverse floating rate investment. 
 
 
 
 

 
Item 2. Controls and Procedures.

a.  
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)).
 
 
b.  
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         January 27, 2012        
 
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         January 27, 2012        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date         January 27, 2012