Delaware Investments Arizona Municipal Income Fund, Inc.

Holdings as of 12/31/2009 (all share classes)

Portfolio holdings are as of the date noted above and are subject to change at any time. Holdings may not be representative of current or future investments and may not include the entire investment portfolio. Holdings information is made available to the public 30 calendar days after the most recent quarter-end.

Holdings data is for informational purposes only, and is not intended as a recommendation, offer, or solicitation for the purchase or sale of any specific security. By accessing the portfolio holdings, you agree not to reproduce, distribute or disseminate the portfolio holdings, in whole or part. In no event shall the Delaware Family of Funds or its affiliates have any liability relating to the use of the portfolio holdings.

Unlike the Fund's regulatory filings, the portfolio data and its presentation in this document is not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and Exchange Commission (SEC) presentation requirements. Therefore, it may differ from that provided in the complete portfolio of investments in the annual and semiannual report to shareholders filed with the SEC on Form N-CSR, and the complete portfolio of investments filed in the first and third quarter on Form N-Q.

SEC description	# Holdings	Portfolio %	Market value	Income rate	Maturity date	Nasdaq symbol
ARIZONA BRD REGENTS UNIV ARIZ	200,000.00	0.55	$226,106.00	5.00	06/01/2018	AZSHGR
ARIZONA BRD REGENTS UNIV ARIZ	375,000.00	1.02	$418,848.75	5.00	06/01/2019	AZSHGR
ARIZONA BRD REGENTS UNIV ARIZ	500,000.00	1.25	$512,820.00	5.00	06/01/2039	AZSHGR
ARIZONA GAME & FISH DEPT &	640,000.00	1.59	$650,291.20	5.00	07/01/2026	AZSCTF
ARIZONA HEALTH FACS AUTH REV	400,000.00	0.98	$400,000.00	0.22	07/01/2035	AZSMED
ARIZONA HEALTH FACS AUTH REV	500,000.00	1.21	$495,830.00	5.00	07/01/2028	AZSMED
ARIZONA HEALTH FACS AUTH REV	500,000.00	1.30	$531,555.00	5.50	01/01/2021	AZSMED
CASH	397,733.75	0.97	$397,733.75	0.00	12/15/2038	US-CASH
FLAGSTAFF ARIZ	385,000.00	0.94	$385,042.35	5.00	01/01/2032	FLA
GILA CNTY ARIZ UNI SCH DIST NO	500,000.00	1.26	$514,350.00	5.25	07/01/2027	GILSCD
GILBERT ARIZ PUB FACS MUN PPTY	500,000.00	1.29	$528,260.00	5.00	07/01/2025	GBTFAC
GLENDALE ARIZ INDL DEV AUTH	350,000.00	0.81	$330,235.50	5.00	05/15/2031	GLEDEV
GLENDALE ARIZ INDL DEV AUTH	1,500,000.00	3.16	$1,295,190.00	5.00	12/01/2042	GLEMED
GLENDALE ARIZ MUN PPTY CORP EX	2,000,000.00	4.96	$2,028,180.00	5.00	07/01/2033	GLEDEV
LONG TERM RECEIVABLES	-44,791.01	-0.11	-$44,791.01	0.00	N/A	SECNCAHUS
MARANA ARIZ TANGERINE FARMS RD	924,000.00	2.01	$820,909.32	4.60	01/01/2026	MRAGEN
MARICOPA CNTY ARIZ INDL DEV AU	400,000.00	0.97	$396,352.00	5.25	07/01/2032	MARMED
MARICOPA CNTY ARIZ INDL DEV AU	500,000.00	1.28	$522,825.00	6.00	07/01/2039	MARMED
MARICOPA CNTY ARIZ SCH DIST NO	1,250,000.00	3.46	$1,417,300.00	5.38	07/01/2013	MARSCD
NAVAJO CNTY ARIZ POLLUTN CTL	500,000.00	1.26	$516,965.00	5.75	06/01/2034	NVAPOL
NOGALES ARIZ MUN DEV AUTH INC	500,000.00	1.11	$453,585.00	5.00	06/01/2030	NOGDEV
NORTHERN ARIZ UNIV CTFS PARTN	1,000,000.00	2.42	$992,290.00	5.00	09/01/2030	NAUCTF
ORO VALLEY ARIZ MUN PPTY CORP	1,000,000.00	2.63	$1,076,850.00	5.00	07/01/2020	ORVGEN
PEORIA ARIZ MUN DEV AUTH INC	1,085,000.00	3.00	$1,228,426.15	5.00	01/01/2018	PEODEV
PHOENIX ARIZ CIVIC IMPT CORP	900,000.00	2.28	$933,417.00	5.00	07/01/2039	PHOWTR
PHOENIX ARIZ CIVIC IMPT CORP	2,000,000.00	4.91	$2,007,880.00	5.25	07/01/2027	PHOAPT
PHOENIX ARIZ CIVIC IMPT CORP W	850,000.00	2.28	$935,229.50	5.00	07/01/2019	PHOUTL
PHOENIX ARIZ CIVIC IMPT CORP W	1,000,000.00	2.50	$1,021,160.00	5.00	07/01/2024	PHOUTL
PHOENIX ARIZ INDL DEV AUTH	340,000.00	0.83	$340,200.60	5.35	06/01/2020	PHOSFH
PIMA CNTY ARIZ INDL DEV AUTH	500,000.00	0.90	$367,285.00	5.00	06/01/2037	PIMDEV
PIMA CNTY ARIZ INDL DEV AUTH	500,000.00	1.22	$500,185.00	5.38	07/01/2039	PIMDEV
PIMA CNTY ARIZ INDL DEV AUTH	500,000.00	1.23	$503,345.00	5.25	07/01/2031	PIMDEV
PIMA CNTY ARIZ INDL DEV AUTH	500,000.00	1.24	$508,305.00	4.95	10/01/2020	PIMPOL
PIMA CNTY ARIZ INDL DEV AUTH S	30,000.00	0.07	$30,056.40	6.12	11/01/2033	PIMSFH
PUERTO RICO COMWLTH	250,000.00	0.65	$267,472.50	5.12	07/01/2031	PRC
PUERTO RICO COMWLTH	335,000.00	0.82	$336,443.85	6.00	07/01/2039	PRC
PUERTO RICO ELEC PWR AUTH PWR	100,000.00	0.23	$94,304.00	5.00	07/01/2037	74526QKX9
PUERTO RICO ELEC PWR AUTH PWR	200,000.00	0.49	$201,214.00	5.50	07/01/2038	PRCPWR
PUERTO RICO HSG FIN AUTH	175,000.00	0.47	$191,142.00	5.50	12/01/2018	PRCHSG
QUEEN CREEK ARIZ IMPT DIST NO	1,000,000.00	2.17	$887,650.00	5.00	01/01/2032	QUEGEN
SALT RIVER PROJ ARIZ AGRIC IMP	1,000,000.00	2.50	$1,022,470.00	5.00	01/01/2031	SALPWR
SALT RIVER PROJ ARIZ AGRIC IMP	1,000,000.00	2.56	$1,046,840.00	5.00	01/01/2039	SALPWR
SALT RIVER PROJ ARIZ AGRIC IMP	1,250,000.00	3.23	$1,320,150.00	5.00	01/01/2025	SALPWR
SALT VERDE FINL CORP GAS REV A	400,000.00	0.84	$342,276.00	5.00	12/01/2037	SLTPWR
SCOTTSDALE ARIZ INDL DEV AUTH	500,000.00	1.13	$464,250.00	5.25	09/01/2030	SCOMED
SCOTTSDALE ARIZ WTR & SWR REV	600,000.00	1.72	$705,882.00	5.00	07/01/2019	SCOUTL
SECURITIZED NET CASH - ACR1	749,249.08	1.83	$749,249.08	0.00	N/A	SECCASHAC
SHOW LOW ARIZ INDL DEV AUTH HO	1,600,000.00	3.91	$1,600,480.00	5.50	12/01/2017	SHODEV
SOUTH CAMPUS GROUP LLC ARIZ	1,000,000.00	2.45	$1,002,370.00	5.62	09/01/2035	SCMHSG
SOUTHERN ARIZ CAP FACS FIN	1,000,000.00	2.71	$1,109,880.00	5.00	09/01/2023	STHEDU
UNIVERSITY ARIZ CTFS PARTN	500,000.00	1.34	$549,980.00	5.12	06/01/2022	UNICTF
UNIVERSITY MED CTR CORP ARIZ	500,000.00	1.13	$461,440.00	5.00	07/01/2035	UMCMED
UNIVERSITY MED CTR CORP ARIZ	500,000.00	1.30	$530,915.00	6.50	07/01/2039	UMCMED
UNIVERSITY MED CTR CORP ARIZ	1,000,000.00	2.22	$909,970.00	5.00	07/01/2033	UMCMED
UNIVERSITY P R UNIV REVS	1,000,000.00	2.11	$864,690.00	5.00	06/01/2036	UNIHGR
VIRGIN ISLANDS PUB FIN AUTH RE	1,000,000.00	2.58	$1,053,770.00	6.12	10/01/2029	VITGEN
YAVAPAI CNTY ARIZ INDL DEV AUT	2,000,000.00	4.80	$1,962,520.00	5.25	08/01/2021	YAVMED