NOTES TO FINANCIAL STATEMENTS
AUGUST 31, 1995
Delaware Group Tax-Free Fund, Inc. ("The Company") is registered as a non-diversified open-end investment
company under the Investment Company Act of 1940. The Company is organized as a Maryland Corporation
and offers three portfolios, the Tax-Free USA Intermediate Fund (the "Fund"), the Tax-Free USA Fund and the
Tax-Free Insured Fund. Each portfolio offers two classes of shares.
1. SIGNIFICANT ACCOUNTING POLICIES
The following accounting policies are in accordance with generally accepted accounting principles and are
consistently followed by the Fund for financial statement preparation:
SECURITY VALUATION - Long term debt securities are valued by an independent pricing service and are
believed to reflect the fair value of such securities. Money market instruments having less than 60 days to maturity
are valued at amortized cost.
FEDERAL INCOME TAXES - The Fund intends to continue to qualify as a regulated investment company and
make the requisite distributions to shareholders. Accordingly, no provision for federal income taxes is required in
the financial statements.
CLASS ACCOUNTING - Expenses directly attributable to a class are charged to that class. Other common
expenses are prorated between all classes of the Fund.
OTHER - Expenses common to all Funds within the Delaware Group of Funds are allocated amongst the funds
on the basis of average net assets. Security transactions are recorded on the date the securities are purchased or
sold (trade date). Costs used in calculating realized gains and losses on the sale of investment securities are those
of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is
recorded on an accrual basis. Original issue discounts are accreted and premiums are amortized to interest
income over the lives of the respective securities. The Fund declares dividends daily from net investment income
and pays such dividends monthly.
NOTES TO FINANCIAL STATEME