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SIGNATURE KENNETH E. CROCKETT, SR.
TITLE BLUE SKY ADMIN.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000895577
<NAME> VOYAGEUR ARIZONA MUNICIPAL INCOME FUND, INC.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 65,494,059
<INVESTMENTS-AT-VALUE> 65,862,378
<RECEIVABLES> 1,015,969
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 73,102
<TOTAL-ASSETS> 66,951,449
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 193,337
<TOTAL-LIABILITIES> 193,337
<SENIOR-EQUITY> 25,000,000
<PAID-IN-CAPITAL-COMMON> 40,838,893
<SHARES-COMMON-STOCK> 2,982,200
<SHARES-COMMON-PRIOR> 2,982,200
<ACCUMULATED-NII-CURRENT> 692,289
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (141,389)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 368,319
<NET-ASSETS> 66,758,112
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,836,926
<OTHER-INCOME> 0
<EXPENSES-NET> 512,833
<NET-INVESTMENT-INCOME> 3,324,093
<REALIZED-GAINS-CURRENT> (71,401)
<APPREC-INCREASE-CURRENT> (3,885,205)
<NET-CHANGE-FROM-OPS> (632,513)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,195,600)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (3,828,113)
<ACCUMULATED-NII-PRIOR> 563,796
<ACCUMULATED-GAINS-PRIOR> (69,988)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 268,773
<INTEREST-EXPENSE> 1,297
<GROSS-EXPENSE> 512,833
<AVERAGE-NET-ASSETS> 42,393,960
<PER-SHARE-NAV-BEGIN> 15.290
<PER-SHARE-NII> 1.115
<PER-SHARE-GAIN-APPREC> (1.333)
<PER-SHARE-DIVIDEND> 1.072
<PER-SHARE-DISTRIBUTIONS> 0.000
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<PER-SHARE-NAV-END> 14.000
<EXPENSE-RATIO> 0.760
</TABLE>
Report of Independent Auditors
To the Shareholders and Board of Directors / Trustees
Voyageur Minnesota Municipal Income Fund, Inc.
Voyageur Minnesota Municipal Income Fund II, Inc.
Voyageur Minnesota Municipal Income Fund III, Inc.
Voyageur Arizona Municipal Income Fund, Inc.
Voyageur Florida Insured Municipal Income Fund
Voyageur Colorado Insured Municipal Income Fund, Inc.
In planning and performing our audits of the financial
statements of Voyageur Minnesota Municipal Income Fund, Inc.,
Voyageur Minnesota Municipal Income Fund II, Inc., Voyageur
Minnesota Municipal Income Fund III, Inc., Voyageur Arizona
Municipal Income Fund, Inc., Voyageur Florida Insured Municipal
Income Fund, and Voyageur Colorado Insured Municipal Income
Fund, Inc. (the "Funds") for the year ended March 31, 2000, we
considered their internal control, including control activities
for safeguarding securities, to determine our auditing
procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of
Form N-SAR, and not to provide assurance on internal control.
The management of the Funds is responsible for establishing and
maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
internal control. Generally, internal controls that are
relevant to an audit pertain to the fund's objective of
preparing financial statements for external purposes that are
fairly presented in conformity with generally accepted
accounting principles. Those internal controls include the
safeguarding of assets against unauthorized acquisition, use,
or disposition.
Because of inherent limitations in any internal control,
misstatements due to errors or fraud may occur and not be
detected. Also, projections of any evaluation of internal
control to future periods are subject to the risk that internal
control may become inadequate because of changes in conditions,
or that the degree of compliance with policies or procedures
may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American
Institute of Certified Public Accountants. A material weakness
is a condition in which the design or operation of one or more
of the specific internal control components does not reduce to
a relatively low level the risk that misstatements caused by
errors or fraud in amounts that would be material in relation
to the financial statements being audited may occur and not be
detected within a timely period by employees in the normal
course of performing their assigned functions. However, we
noted no matters involving internal control, including control
activities for safeguarding securities, and its operation that
we consider to be material weaknesses as defined above as of
March 31, 2000.
This report is intended solely for the information and use of
the board of directors / trustees and management of the Funds
and the Securities and Exchange Commission and is not intended
to be and should not be used by anyone other than these
specified parties.
Philadelphia, Pennsylvania
May 5, 2000
