N-Q 1 nq1.htm NNJ 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         811-7118         

        Nuveen New Jersey 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:            4/30          

Date of reporting period:         7/31/07         

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 New Jersey Premium Income Municipal Fund, Inc. (NNJ)             
    July 31, 2007             
Principal        Optional Call         
Amount (000)    Description (1)    Provisions (2)    Ratings (3)    Value 
    Consumer Discretionary – 0.5% (0.3% of Total Investments)             
    Middlesex County Improvement Authority, New Jersey, Senior Revenue Bonds, Heldrich Center             
    Hotel/Conference Center Project, Series 2005A:             
$             480     5.000%, 1/01/32    1/15 at 100.00    Baa3   $   472,330 
415     5.125%, 1/01/37    1/15 at 100.00    Baa3    413,730 
895    Total Consumer Discretionary            886,060 
    Consumer Staples – 4.0% (2.6% of Total Investments)             
    Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,             
    Series 2007-1A:             
2,520     4.750%, 6/01/34    6/17 at 100.00    BBB    2,257,945 
5,300     5.000%, 6/01/41    6/17 at 100.00    BBB    4,890,840 
7,820    Total Consumer Staples            7,148,785 
    Education and Civic Organizations – 17.7% (11.8% of Total Investments)             
1,125    New Jersey Economic Development Authority, Revenue Bonds, The Seeing Eye Inc., Series 2005,    6/15 at 100.00    AAA    1,175,693 
     5.000%, 12/01/24 – AMBAC Insured             
2,705    New Jersey Economic Development Authority, Revenue Bonds, Yeshiva Ktana of Passaic, Series    No Opt. Call    N/R    3,153,570 
     1993, 8.000%, 9/15/18             
500    New Jersey Educational Facilities Authority, Revenue Bonds, Fairleigh Dickinson University,    7/13 at 100.00    A    507,590 
     Series 2002D, 5.250%, 7/01/32 – ACA Insured             
300    New Jersey Educational Facilities Authority, Revenue Bonds, Fairleigh Dickinson University,    7/14 at 100.00    N/R    316,647 
     Series 2004C, 5.500%, 7/01/23             
600    New Jersey Educational Facilities Authority, Revenue Bonds, Georgian Court University, Series    7/17 at 100.00    BBB+    601,836 
     2007D, 5.000%, 7/01/33             
    New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Series 2007D:             
2,090     5.000%, 7/01/32 – FGIC Insured    7/17 at 100.00    AAA    2,193,246 
2,000     5.000%, 7/01/39 – FGIC Insured    7/17 at 100.00    AAA    2,094,060 
1,245    New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series    7/14 at 100.00    AAA    1,318,829 
     2004L, 5.125%, 7/01/19 – MBIA Insured             
970    New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series    7/16 at 100.00    Aaa    1,013,602 
     2006, 5.000%, 7/01/36 – AMBAC Insured             
    New Jersey Educational Facilities Authority, Revenue Bonds, New Jersey Institute of             
    Technology, Series 2004B:             
1,375     5.000%, 7/01/18 – AMBAC Insured    1/14 at 100.00    AAA    1,440,986 
725     5.000%, 7/01/19 – AMBAC Insured    1/14 at 100.00    AAA    758,966 
1,530     4.750%, 7/01/20 – AMBAC Insured    1/14 at 100.00    AAA    1,574,676 
1,125     4.250%, 7/01/24 – AMBAC Insured    1/14 at 100.00    AAA    1,093,849 
    New Jersey Educational Facilities Authority, Revenue Bonds, Ramapo College, Series 2004H:             
1,640     5.000%, 7/01/18 – FGIC Insured    7/14 at 100.00    AAA    1,724,017 
1,040     5.000%, 7/01/23 – FGIC Insured    7/14 at 100.00    AAA    1,085,334 
300    New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2004A,    7/14 at 100.00    AA    316,101 
     5.500%, 7/01/23 – RAAI Insured             
405    New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2007C,    7/12 at 100.00    AA    405,421 
     5.000%, 7/01/37 – RAAI Insured             
650    New Jersey Educational Facilities Authority, Revenue Bonds, Rowan University, Series 2006G,    7/16 at 100.00    AAA    645,736 
     4.500%, 7/01/31 – MBIA Insured             
115    New Jersey Educational Facilities Authority, Revenue Bonds, Trenton State College Issue,    1/08 at 100.00    A–    115,222 
     Series 1976D, 6.750%, 7/01/08             
1,595    New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 1999A,    6/09 at 101.00    AAA    1,601,571 
     5.250%, 6/01/18 – MBIA Insured (Alternative Minimum Tax)             
    New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2000A:             
1,570     5.700%, 6/01/08 – MBIA Insured (Alternative Minimum Tax)    No Opt. Call    AAA    1,589,044 
1,050     6.000%, 6/01/15 – MBIA Insured (Alternative Minimum Tax)    6/10 at 101.00    AAA    1,078,140 
2,025    University of Medicine and Dentistry of New Jersey, Certificates of Participation, Child    4/13 at 100.00    AAA    2,109,969 
     Health Institute, LLC, Series 2003, 5.000%, 4/15/21 – AMBAC Insured             
1,000    University of Medicine and Dentistry of New Jersey, Certificates of Participation, University    6/14 at 100.00    AAA    1,035,500 
     Housing Associates, LLC, Series 2004, 5.000%, 6/15/29 – MBIA Insured             
2,750    University of Medicine and Dentistry of New Jersey, Revenue Bonds, Series 2002A, 5.000%,    12/12 at 100.00    AAA    2,842,043 
     12/01/31 – AMBAC Insured             
30,430    Total Education and Civic Organizations            31,791,648 
    Financials – 0.9% (0.6% of Total Investments)             
1,500    New Jersey Economic Development Authority, Revenue Refunding Bonds, Kapkowski Road Landfill    No Opt. Call    Baa3    1,621,845 
     Project, Series 2002, 5.750%, 10/01/21             
    Health Care – 15.1% (10.0% of Total Investments)             
    Camden County Improvement Authority, New Jersey, Revenue Bonds, Cooper Health System,             
    Series 2004A:             
185     5.000%, 2/15/25    2/15 at 100.00    BBB    182,763 
620     5.750%, 2/15/34    8/14 at 100.00    BBB    649,351 
1,615    New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Atlanticare Regional    7/17 at 100.00    A+    1,621,202 
     Medical Center, Series 2007, 5.000%, 7/01/37             
240    New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Children’s Specialized    7/15 at 100.00    Baa3    246,886 
     Hospital, Series 2005A, 5.500%, 7/01/36             
2,900    New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hackensack University    1/10 at 101.00    A3    3,010,954 
     Medical Center, Series 2000, 6.000%, 1/01/34             
700    New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical    7/16 at 100.00    A–    702,968 
     Center, Series 2006B, 5.000%, 7/01/36             
375    New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical    7/16 at 100.00    A–    380,479 
     Center, Series 2006, 5.125%, 7/01/35             
3,500    New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Kennedy Health System    7/11 at 100.00    A2    3,608,115 
     Obligated Group, Series 2001, 5.625%, 7/01/31             
1,700    New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health System    7/09 at 101.00    AAA    1,771,944 
     Obligated Group, Series 1999, 5.625%, 7/01/12 – FSA Insured             
465    New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Palisades Medical Center    7/12 at 101.00    BBB–    503,735 
     of New York Presbyterian Healthcare System, Series 2002, 6.625%, 7/01/31             
1,500    New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Health Care    7/15 at 100.00    AA    1,502,370 
     Corporation, Series 2005B, 5.000%, 7/01/35 – RAAI Insured             
1,160    New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health    1/17 at 100.00    BBB    1,151,555 
     Care System, Series 2006A, 5.000%, 7/01/29             
2,000    New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Society of the Valley    7/10 at 100.00    AAA    2,089,500 
     Hospital Obligated Group, Series 2000, 5.750%, 7/01/15 – AMBAC Insured             
1,875    New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Somerset Medical Center,    7/13 at 100.00    Ba1    1,913,288 
     Series 2003, 5.500%, 7/01/33             
1,245    New Jersey Health Care Facilities Financing Authority, Revenue Bonds, South Jersey Hospital    7/16 at 100.00    Baa1    1,227,147 
     System, Series 2006, 5.000%, 7/01/36             
1,270    New Jersey Health Care Facilities Financing Authority, Revenue Bonds, St. Clare’s Hospital,    7/14 at 100.00    AA    1,315,720 
     Series 2004A, 5.250%, 7/01/20 – RAAI Insured             
630    New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds, Atlantic City    7/12 at 100.00    A+    659,837 
     Medical Center, Series 2002, 5.750%, 7/01/25             
1,710    New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds, Bayshore    1/12 at 100.00    AA    1,744,183 
     Community Hospital, Series 2002, 5.000%, 7/01/22 – RAAI Insured             
2,650    Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities    12/07 at 101.00    A3    2,757,855 
     Financing Authority, Adjustable Rate Industrial Revenue Bonds, American Home Products             
     Corporation, Series 1983A, 5.100%, 12/01/18             
26,340    Total Health Care            27,039,852 
    Housing/Multifamily – 4.4% (2.9% of Total Investments)             
340    Essex County Improvement Authority, New Jersey, FNMA Enhanced Multifamily Revenue Bonds, Mount    11/12 at 100.00    Aaa    334,363 
     Carmel Towers, Series 2002, 4.750%, 11/01/22 (Alternative Minimum Tax)             
460    Long Branch Housing Finance Corporation New Jersey, Housing Revenue Bonds, Washington Manor    10/07 at 100.00    N/R    462,843 
     Associates Ltd. Section 8 Assisted Elderly Project, Series 1980, 10.000%, 10/01/11             
7,000    New Jersey Housing and Mortgage Finance Agency, Multifamily Housing Revenue Bonds, Series    11/07 at 101.50    AAA    7,127,608 
     1997A, 5.550%, 5/01/27 – AMBAC Insured (Alternative Minimum Tax)             
7,800    Total Housing/Multifamily            7,924,814 
    Housing/Single Family – 1.6% (1.1% of Total Investments)             
    New Jersey Housing and Mortgage Finance Agency, Home Buyer Program Revenue Bonds, Series 1997U:             
1,515     5.700%, 10/01/14 – MBIA Insured (Alternative Minimum Tax)    10/07 at 101.50    AAA    1,539,770 
400     5.850%, 4/01/29 – MBIA Insured (Alternative Minimum Tax)    10/07 at 101.50    AAA    406,268 
430    New Jersey Housing and Mortgage Finance Agency, Home Buyer Program Revenue Bonds, Series    No Opt. Call    AAA    436,532 
     2000CC, 4.600%, 10/01/09 – MBIA Insured             
605    New Jersey Housing and Mortgage Finance Agency, Single Family Housing Revenue Bonds, Series    4/17 at 100.00    AA    570,824 
     2007T, 4.700%, 10/01/37 (Alternative Minimum Tax)             
2,950    Total Housing/Single Family            2,953,394 
    Industrials – 0.4% (0.2% of Total Investments)             
575    Gloucester County Improvement Authority, New Jersey, Solid Waste Resource Recovery Revenue    No Opt. Call    BBB    605,481 
     Refunding Bonds, Waste Management Inc. Project, Series 1999B, 6.850%, 12/01/29             
     (Mandatory put 12/01/09)             
    Long-Term Care – 1.0% (0.7% of Total Investments)             
750    New Jersey Economic Development Authority, First Mortgage Revenue Bonds, Winchester Gardens at    11/14 at 100.00    N/R    777,968 
     Wards Homestead, Series 2004A, 5.800%, 11/01/31             
1,000    New Jersey Economic Development Authority, Revenue Bonds, Masonic Charity Foundation of New    6/11 at 102.00    A–    1,057,280 
     Jersey, Series 2001, 5.500%, 6/01/21             
1,750    Total Long-Term Care            1,835,248 
    Tax Obligation/General – 11.4% (7.6% of Total Investments)             
2,460    Freehold Regional High School District, Monmouth County Board of Education, New Jersey, School    No Opt. Call    AAA    2,660,859 
     District Refunding Bonds, Series 2001, 5.000%, 3/01/17 – FGIC Insured             
2,500    Jersey City, New Jersey, General Obligation Bonds, Series 2006A, 5.000%, 9/01/22 –    9/16 at 100.00    AAA    2,637,100 
     AMBAC Insured             
2,000    Manalapan-Englishtown Regional Board of Education, New Jersey, General Obligation Bonds,    10/13 at 100.00    AAA    2,072,820 
     Series 2003, 5.000%, 10/01/27 – MBIA Insured             
    New Jersey, General Obligation Bonds, Series 1992D:             
2,580     6.000%, 2/15/11    No Opt. Call    AA    2,766,689 
1,560     6.000%, 2/15/13    No Opt. Call    AA    1,722,817 
4,000    Passaic County, New Jersey, General Improvement Refunding Bonds, Series 1993, 5.125%,    No Opt. Call    AAA    4,175,840 
     9/01/12 – FGIC Insured             
    Stafford Township Board of Education, Ocean County, New Jersey, General Obligation Bonds,             
    Series 2003:             
1,350     5.250%, 1/15/18 – FSA Insured    1/12 at 100.00    Aaa    1,413,450 
1,100     5.250%, 1/15/19 – FSA Insured    1/12 at 100.00    Aaa    1,151,700 
1,780    West Deptford Township, New Jersey, General Obligation Bonds, Series 2004, 4.750%, 9/01/17 -    9/14 at 100.00    Aaa    1,862,930 
     AMBAC Insured             
19,330    Total Tax Obligation/General            20,464,205 
    Tax Obligation/Limited – 34.3% (22.8% of Total Investments)             
    Bergen County Improvement Authority, New Jersey, Guaranteed Lease Revenue Bonds, County             
    Administration Complex Project, Series 2003:             
1,200     5.000%, 11/15/17    11/13 at 100.00    Aaa    1,273,668 
1,145     5.000%, 11/15/18    11/13 at 100.00    Aaa    1,206,338 
1,000    Bergen County Improvement Authority, New Jersey, Guaranteed Lease Revenue Bonds, County    No Opt. Call    Aaa    1,083,520 
     Administration Complex Project, Series 2005, 5.000%, 11/15/26             
5,515    Essex County Improvement Authority, New Jersey, Lease Revenue Bonds, Series 2003, 5.125%,    12/13 at 100.00    Aaa    5,814,685 
     12/15/19 – FSA Insured             
1,155    Essex County Improvement Authority, New Jersey, Project Consolidation Revenue Bonds, Series    No Opt. Call    Aaa    1,280,872 
     2007, 5.250%, 12/15/22 – AMBAC Insured             
1,225    Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds,    No Opt. Call    AAA    1,334,295 
     Series 2005C, 5.125%, 11/01/18 – FSA Insured             
    Hudson County Improvement Authority, New Jersey, County Secured Lease Revenue Bonds, County             
    Services Building Project, Series 2005:             
1,185     5.000%, 4/01/25 – AMBAC Insured    4/15 at 100.00    AAA    1,233,514 
2,755     5.000%, 4/01/35 – AMBAC Insured    4/15 at 100.00    AAA    2,855,062 
    Middlesex County Improvement Authority, New Jersey, County Guaranteed Open Space Trust Fund             
    Revenue Bonds, Series 2003:             
1,000     5.250%, 9/15/16    9/13 at 100.00    AAA    1,068,530 
1,705     5.250%, 9/15/17    9/13 at 100.00    AAA    1,817,070 
1,000     5.250%, 9/15/21    9/13 at 100.00    AAA    1,058,880 
2,540    New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004,    6/14 at 100.00    BBB    2,694,635 
     5.750%, 6/15/34             
    New Jersey Economic Development Authority, Newark Downtown District Management Corporation             
    Project Bonds, Series 2007:             
120     5.125%, 6/15/27    6/17 at 100.00    Baa3    120,918 
205     5.125%, 6/15/37    6/17 at 100.00    Baa3    204,676 
3,200    New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series    7/14 at 100.00    AAA    3,446,528 
     2004A, 5.250%, 7/01/15 – MBIA Insured             
2,720    New Jersey Health Care Facilities Financing Authority, Lease Revenue Bonds, Department of    9/13 at 100.00    AA-    2,789,741 
     Human Services – Greystone Park Psychiatric Hospital, Series 2003, 5.000%, 9/15/25             
    New Jersey Health Care Facilities Financing Authority, Lease Revenue Bonds, Department of             
    Human Services – Greystone Park Psychiatric Hospital, Series 2005:             
2,615     5.000%, 9/15/24 – AMBAC Insured    9/15 at 100.00    AAA    2,721,954 
4,000     5.000%, 9/15/28 – AMBAC Insured    9/15 at 100.00    AAA    4,155,280 
1,500    New Jersey Sports and Exposition Authority, Convention Center Luxury Tax Bonds, Series 2004,    No Opt. Call    AAA    1,690,845 
     5.500%, 3/01/22 – MBIA Insured             
3,000    New Jersey Transit Corporation, Certificates of Participation, Federal Transit Administration    No Opt. Call    AAA    3,277,320 
     Grants, Series 2002A, 5.500%, 9/15/14 – AMBAC Insured             
1,875    New Jersey Transit Corporation, Lease Appropriation Bonds, Series 2005A, 5.000%, 9/15/18 –    9/15 at 100.00    AAA    1,979,625 
     FGIC Insured             
    New Jersey Transportation Trust Fund Authority, Federal Highway Aid Grant Anticipation Bonds,             
    Series 2006:             
400     5.000%, 6/15/17 – FGIC Insured    6/16 at 100.00    AAA    426,716 
715     5.000%, 6/15/18 – FGIC Insured    6/16 at 100.00    AAA    760,238 
2,600    New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2004B,    No Opt. Call    AAA    2,894,684 
     5.500%, 12/15/16 – MBIA Insured             
2,000    New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2005B,    12/15 at 100.00    AAA    2,157,820 
     5.250%, 12/15/18 – FGIC Insured             
1,110    New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2005D,    6/15 at 100.00    AAA    1,169,707 
     5.000%, 6/15/19 – FSA Insured             
1,700    New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006A,    No Opt. Call    AA–    1,896,112 
     5.500%, 12/15/22             
    New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:             
6,000     0.000%, 12/15/32 – FSA Insured    No Opt. Call    AAA    1,809,840 
4,000     0.000%, 12/15/34 – FSA Insured    No Opt. Call    AAA    1,094,840 
780    Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Revenue Bonds, Series    7/16 at 100.00    AAA    782,535 
     2006A, 4.500%, 7/01/36 – CIFG Insured             
2,745    Union County Improvement Authority, New Jersey, General Obligation Lease Revenue Bonds,    3/13 at 100.00    Aaa    2,829,628 
     Plainfield Park Madison Redevelopment Project, Series 2003, 5.000%, 3/01/34 – FSA Insured             
2,445    Union County Improvement Authority, New Jersey, General Obligation Lease Revenue Bonds, Series    6/13 at 100.00    Aa1    2,539,304 
     2003, 5.000%, 6/15/23             
65,155    Total Tax Obligation/Limited            61,469,380 
    Transportation – 20.9% (13.9% of Total Investments)             
2,750    Casino Reinvestment Development Authority, New Jersey, Parking Revenue Bonds, Series 2005A,    6/15 at 100.00    AAA    2,951,328 
     5.250%, 6/01/20 – MBIA Insured             
    Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2005:             
2,500     5.000%, 1/01/27 – MBIA Insured    1/15 at 100.00    AAA    2,602,775 
4,000     5.000%, 1/01/28 – MBIA Insured    1/15 at 100.00    AAA    4,156,760 
    New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:             
1,365     6.500%, 1/01/16    No Opt. Call    A    1,546,272 
565     6.500%, 1/01/16 – MBIA Insured    No Opt. Call    AAA    642,868 
345     6.500%, 1/01/16 – AMBAC Insured    No Opt. Call    AAA    392,548 
5,750    New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 5.000%, 1/01/19 – FGIC Insured    7/13 at 100.00    AAA    5,999,261 
2,750    Passaic County Improvement Authority, New Jersey, Revenue Bonds, Paterson Parking Deck    4/15 at 100.00    Aaa    2,841,218 
     Facility, Series 2005, 5.000%, 4/15/35 – FSA Insured             
4,000    Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fortieth    6/15 at 101.00    AAA    4,181,720 
     Series 2005, 5.000%, 12/01/28 – XLCA Insured             
1,000    Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred    1/14 at 101.00    AA–    1,033,040 
     Thirty-Fourth Series 2004, 5.000%, 7/15/34             
2,000    Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred    4/12 at 101.00    AAA    2,064,940 
     Twenty-Fifth Series 2002, 5.000%, 4/15/32 – FSA Insured             
8,000    Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air    12/07 at 102.00    AAA    8,201,435 
     Terminal LLC, Sixth Series 1997, 5.750%, 12/01/22 – MBIA Insured (Alternative Minimum Tax)             
850    Trenton Parking Authority, Mercer County, New Jersey, Guaranteed Parking System Revenue Bonds,    10/13 at 100.00    Aaa    881,697 
     Series 2003, 5.000%, 10/01/24 – FGIC Insured             
35,875    Total Transportation            37,495,862 
    U.S. Guaranteed – 24.7% (16.4% of Total Investments) (4)             
2,075    Egg Harbor Township School District, Atlantic County, New Jersey, General Obligation Bonds,    4/15 at 100.00    Aaa    2,217,802 
     Series 2005, 5.000%, 4/01/27 (Pre-refunded 4/01/15) – MBIA Insured             
2,225    Essex County Improvement Authority, New Jersey, General Obligation Lease Revenue Bonds,    10/13 at 100.00    Aaa    2,363,529 
     Correctional Facilities Project, Series 2003A, 5.000%, 10/01/28 (Pre-refunded 10/01/13) –             
     FGIC Insured             
3,425    New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2003F,    6/13 at 100.00    AAA    3,673,963 
     5.250%, 6/15/21 (Pre-refunded 6/15/13) – FGIC Insured             
595    New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Series 2005B,    7/16 at 100.00    AAA    639,470 
     5.000%, 7/01/30 (Pre-refunded 7/01/16) – MBIA Insured             
2,080    New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series    7/15 at 100.00    AAA    2,226,432 
     2005F, 5.000%, 7/01/32 (Pre-refunded 7/01/15) – FGIC Insured             
1,000    New Jersey Educational Facilities Authority, Revenue Bonds, Rowan University, Series 2003I,    7/13 at 100.00    AAA    1,066,580 
     5.125%, 7/01/21 (Pre-refunded 7/01/13) – FGIC Insured             
400    New Jersey Educational Facilities Authority, Revenue Bonds, Rowan University, Series 2004C,    7/14 at 100.00    AAA    426,812 
     5.000%, 7/01/20 (Pre-refunded 7/01/14) – MBIA Insured             
3,000    New Jersey Health Care Facilities Financing Authority, Revenue Bonds, South Jersey Hospital    7/12 at 100.00    Baa1 (4)    3,252,180 
     System, Series 2002, 5.875%, 7/01/21 (Pre-refunded 7/01/12)             
545    New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Trinitas Hospital    7/10 at 101.00    BBB– (4)    602,726 
     Obligated Group, Series 2000, 7.500%, 7/01/30 (Pre-refunded 7/01/10)             
500    New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds, Atlantic City    7/12 at 100.00    A2 (4)    541,350 
     Medical Center, Series 2002, 5.750%, 7/01/25 (Pre-refunded 7/01/12)             
890    New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2005D,    6/15 at 100.00    Aaa    952,407 
     5.000%, 6/15/19 (Pre-refunded 6/15/15) – FSA Insured             
    New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:             
465     6.500%, 1/01/16 (ETM)    No Opt. Call    AAA    530,835 
195     6.500%, 1/01/16 – MBIA Insured (ETM)    No Opt. Call    AAA    222,608 
120     6.500%, 1/01/16 – AMBAC Insured (ETM)    No Opt. Call    AAA    136,990 
6,590     6.500%, 1/01/16 (ETM)    No Opt. Call    AAA    7,523,010 
1,760     6.500%, 1/01/16 – AMBAC Insured (ETM)    No Opt. Call    AAA    2,009,181 
2,745     6.500%, 1/01/16 – MBIA Insured (ETM)    No Opt. Call    AAA    3,133,637 
750    Newark Housing Authority, New Jersey, Port Authority Terminal Revenue Bonds, Series 2004,    1/14 at 100.00    AAA    807,623 
     5.250%, 1/01/21 (Pre-refunded 1/01/14) – MBIA Insured             
2,125    Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/35    7/15 at 100.00    AAA    2,283,589 
     (Pre-refunded 7/01/15) – FGIC Insured             
2,795    Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,    6/12 at 100.00    AAA    2,992,020 
     Series 2002, 5.750%, 6/01/32 (Pre-refunded 6/01/12)             
    Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,             
    Series 2003:             
3,520     6.125%, 6/01/24 (Pre-refunded 6/01/12)    6/12 at 100.00    AAA    3,727,328 
2,250     6.375%, 6/01/32 (Pre-refunded 6/01/13)    6/13 at 100.00    AAA    2,532,533 
350    Trenton Parking Authority, Mercer County, New Jersey, Guaranteed Parking System Revenue Bonds,    10/13 at 100.00    Aaa    371,791 
     Series 2003, 5.000%, 10/01/24 (Pre-refunded 10/01/13) – FGIC Insured             
40,400    Total U.S. Guaranteed            44,234,396 
    Utilities – 0.7% (0.5% of Total Investments)             
1,250    New Jersey Economic Development Authority, Pollution Control Revenue Refunding Bonds, Public    No Opt. Call    Baa1    1,261,913 
     Service Electric and Gas Company, Series 2001A, 5.000%, 3/01/12             
    Water and Sewer – 13.0% (8.6% of Total Investments)             
    Bayonne Municipal Utilities Authority, New Jersey, Water System Revenue Refunding Bonds,             
    Series 2003A:             
1,450     5.000%, 4/01/19 – XLCA Insured    4/13 at 100.00    Aaa    1,508,841 
1,250     5.000%, 4/01/24 – XLCA Insured    4/13 at 100.00    Aaa    1,290,663 
1,000    Hudson County Improvement Authority, New Jersey, Utility System Revenue Bonds, Harrison    1/08 at 101.50    AAA    1,020,200 
     Franchise Acquisition Project, Series 1997, 5.350%, 1/01/27 – FSA Insured             
1,000    Jersey City Sewer Authority, Hudson County, New Jersey, Sewer Revenue Refunding Bonds, Series    No Opt. Call    AAA    1,099,240 
     1993, 6.250%, 1/01/14 – AMBAC Insured             
3,100    New Jersey Economic Development Authority, Water Facilities Revenue Refunding Bonds,    9/07 at 100.00    AAA    3,104,898 
     Hackensack Water Company, Series 1994B, 5.900%, 3/01/24 – MBIA Insured (Alternative             
     Minimum Tax)             
6,950    New Jersey Environmental Infrastructure Trust, Environmental Infrastructure Bonds, Series    9/11 at 101.00    AAA    7,151,826 
     2001A, 4.750%, 9/01/20             
1,650    New Jersey Water Supply Authority, Water Supply Authority Bonds, Manasquan Reservoir, Series    8/15 at 100.00    AAA    1,718,987 
     2005, 5.000%, 8/01/31 – MBIA Insured             
3,500    North Hudson Sewerage Authority, New Jersey, Sewerage Revenue Refunding Bonds, Series 2002A,    8/12 at 100.00    Aaa    3,682,735 
     5.250%, 8/01/19 – FGIC Insured             
1,000    Stony Brook Regional Sewer Authority, Princeton, New Jersey, Revenue Refunding Bonds, Series    No Opt. Call    Aa2    1,044,440 
     1993B, 5.450%, 12/01/12             
1,500    Wanaque Valley Regional Sewer Authority, Passaic County, New Jersey, Sewer Revenue Refunding    No Opt. Call    AAA    1,659,675 
     Bonds, Series 1993B, 5.750%, 9/01/18 – AMBAC Insured             
22,400    Total Water and Sewer            23,281,505 
$      264,470    Total Investments (cost $263,268,029) – 150.6%            270,014,388 
    Other Assets Less Liabilities – 0.5%            838,980 
    Preferred Shares, at Liquidation Value – (51.1)%            (91,600,000) 
    Net Assets Applicable to Common Shares – 100%           $   179,253,368 

Forward Swaps outstanding at July 31, 2007:                         
        Fund            Fixed Rate            Unrealized 
    Notional    Pay/Receive    Floating Rate    Fixed Rate    Payment    Effective    Termination    Appreciation 
Counterparty    Amount    Floating Rate    Index    (Annualized)    Frequency    Date (5)    Date    (Depreciation) 
JPMorgan    $2,500,000    Pay    3-Month USD-LIBOR    5.388%    Semi-Annually    4/25/08    4/25/35    $(104,626) 
USD-LIBOR (United States Dollar-London Inter-Bank Offered Rate)                     

    The Fund may invest in “zero coupon” securities. A zero coupon security does not pay a regular interest 
    coupon to its holders during the life of the security. Tax-exempt income to the holder of the security comes 
    from accretion of the difference between the original purchase price of the security at issuance and the 
    par value of the security at maturity and is effectively paid at maturity. Such securities are included in the 
    portfolio with a 0.00% coupon rate in their description. The market prices of zero coupon securities generally 
    are more volatile than the market prices of securities that pay interest periodically. 
(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. 
(5)    Effective date represents the date on which both the Fund and counterparty commence interest payment 
    accruals on each forward swap contract. 
N/R    Not rated. 
(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 July 31, 2007, the cost of investments was $263,116,351.

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

Gross unrealized:     
  Appreciation    $ 8,333,781 
  Depreciation    (1,435,744) 
Net unrealized appreciation (depreciation) of investments    $ 6,898,037 

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 New Jersey Premium Income Municipal Fund, Inc.        

By (Signature and Title)*          /s/ Kevin J. McCarthy                    
                                                    Kevin J. McCarthy
                                                    Vice President and Secretary

Date         September 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         September 28, 2007        

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

Date        September 28, 2007        

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