NOTES TO FINANCIAL STATEMENTS
July 31, 1997
Delaware Group Income Fund, Inc. - High-Yield Opportunities Fund (The "Fund") is registered as a diversified
open-end investment company under the Investment Company Act of 1940, as amended. The Fund is organized
as a Maryland Corporation and offers four classes of shares. As of July 31, 1997, the B Class and C Class had
not commenced operations. The Fund's objective is to provide investors with high current income and total
1. Significant Accounting Policies
The following accounting policies are in accordance with generally accepted accounting principles and are
consistently followed by the Fund.
Security Valuation - Securities listed on an exchange are valued at the lasted quoted sales price as of the close of
the NYSE on the valuation date. Securities not traded or securities not listed on an exchange are valued at the
mean of the last quoted bid and asked prices. Long-term debt securities are valued by an independent pricing
service and such prices are believed to reflect the fair value of such securities. Other securities and assets for
which market quotations are not readily available are valued at fair value as determined in good faith by or under
the direction of the Fund's Board of Directors.
Federal Income Taxes - The Fund intends to qualify as a regulated investment company and make the requisite
distributions to shareholders. Accordingly, no provision for federal income taxes has been made in the financial
statements. Income and capital gain distributions are determined in accordance with federal income tax
regulations which may differ from generally accepted accounting principles.
Class Accounting - Investment income, common expenses and realized and unrealized gain (loss) on investments
are allocated to the various classes of the Fund on the basis of daily net assets of each class. Distribution
expenses relating to a specific class are charged directly to that class.
Repurchase Agreements - The Fund may invest in a po