Nuveen Arizona Premium Income Municipal Fund, Inc. (the Fund) is a non-diversified, closed-end management investment company. The Fund's primary investment objective is current income. Its secondary investment objective is the enhancement of portfolio value. The Fund invests substantially all of its assets in investment-grade Arizona municipal obligations rated in the four highest grades (Baa/BBB or better). Up to 20% of the Fund's assets may be invested in unrated Arizona municipal obligations. The Fund seeks to provide monthly tax-free income, portfolio diversification and after tax total returns. The Fund invests in various sectors, such as tax obligation/limited, utilities, healthcare, water and sewer, and education and civic organizations. The Fund is authorized to invest in inverse floating rate securities. The Funds' adviser is Nuveen Asset Management, a wholly owned subsidiary of Nuveen Investments, Inc.