SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549SCHEDULE 13D
Under the Securities Exchange Act of 1934Delaware Investments Arizona Municipal Income Fund (VAZ)
(Name of Issuer)Common Stock
(Title of Class of Securities)246100101
(CUSIP Number)George W. Karpus, President
Karpus Management, Inc.,
d/b/a Karpus Investment Management
183 Sully's Trail
Pittsford, New York 14534
(585) 586-4680
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)November 22, 2010
(Date of Event which Requires Filing of this Statement)If the filing person has previously filed a statement on Schedule 13G
to report the acquisition that is the subject of this Schedule 13D,
and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or
240.13d-1(g), check the following box.
CUSIP No.: 246100101
1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only).Karpus Management, Inc., d/b/a Karpus Investment Management
I.D. #16-1290558
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a)
(b) X
3. SEC Use Only
4. Source of Funds (See Instructions)AF
5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)N/A
6. Citizenship or Place of OrganizationNew York
Number of Shares Beneficially Owned by Each reporting Person With:
- 7. Sole Voting Power380,9268. Shared Voting PowerN/A9. Sole Dispositive Power380,92610. Shared Dispositive PowerN/A
11. Aggregate Amount Beneficially Owned by Each Reporting Person380,926
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)N/A
13. Percent of Class Represented by Amount in Row (11)12.77%
14. Type of Reporting Person (See Instructions)IA
Item 1. Security and Issuer.
Delaware Investments205 Market Street, 6th Floor
Philadelphia, PA 19103-7094Item 2. Identity and Background.(a) Karpus Management, Inc., d/b/a Karpus Investment Management (“KIM”), George W. Karpus, President, Director and controlling stockholder, Jo Ann Van Degriff, Partner Emeritus.(b) The address of KIM’s principal place of business and principal office is: 183 Sully’s Trail, Pittsford, New York 14534.(c) Principal business and occupation - Investment management for individuals, pension plans, profit sharing plans, corporations, endowments, trusts and others.(d) None of the Principals, George W. Karpus, Jo Ann Van Degriff (the “Principals”) or KIM has been convicted in the past 5 years of any criminal proceeding (excluding traffic violations).(e) During the last 5 years none of the Principals or KIM has been a party to a civil proceeding as a result of which any of them is subject to a judgment, decree, or final order enjoining future violations of or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.(f) Each of the Principals is a United States citizen. KIM is a New York corporation.Item 3. Source and Amount of Funds or Other Considerations.KIM, an independent investment advisor, has accumulated 380,926 shares of Delaware Investments Arizona Municipal Income Fund on behalf of accounts that are managed by KIM (the “Accounts”) under limited powers of attorney, which represents 12.77% of the outstanding shares. All funds that have been utilized in making such purchases are from such Accounts.Item 4. Purpose of Transaction.KIM has purchased Shares for the Accounts for investment purposes. However, KIM reserves the right to contact management with regard to concerns that they have with respect to the Fund. This may include letters to the Board and/or other communications with Fund management. Being an independent registered investment advisor, with a specialty focus in closed end funds, the profile of the Delaware Investments Arizona Municipal Income Fund fits the investment guidelines for various Accounts. Shares have been acquired since July 18, 2007.Item 5. Interest in Securities of the Issuer.(a) As of the date of this Report, KIM represents beneficial ownership of 380,926 shares or 12.77% of the outstanding shares. George W. Karpus presently owns 11,641 shares. Mr. Karpus purchased shares on August 19, 2010 at $12.82 (1,800 shares), August 20, 2010 at $12.82 (200 shares), and on November 16, 2010 at $12.54 (9,641 shares). JoAnn Van Degriff presently owns 4,899 shares. Mrs. Van Degriff Purchase shares on November 9, 2010 at $13.12 (899 shares), November 10, 2010 at $13.04 (2,200 shares), November 11, 2010 at $12.95 (800 shares), November 12, 2010 at $12.80 (400 shares), November 15, 2010 at $12.66 (400 shares), and on November 16, 2010 at $12.54 (200 shares). Karpus Investment Management Profit Sharing Plan presently owns 2,257 shares. The plan purchased shares on August 23, 2010 at $12.82 (1,847 shares), August 24, 2010 at $12.82 (310 shares), and on August 26, 2010 at $12.87 (100 shares). None of the other principals of KIM presently own shares of VAZ.(b) KIM has the sole power to dispose of and to vote all of such Shares under limited powers of attorney.(c) Open market purchases for the last 60 days for the Accounts. There have been no dispositions and no acquisitions, other than by such open market purchases: