Notes to Financial Statements
For the Period Ended
May 31, 1997
Delaware Group Income Funds, Inc. - High Yield Opportunities Fund, Inc. (the "Fund") 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.
The objective of the Fund is to seek to provide investors with high current income and total return.
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 last quoted sales price as of 4:00 pm EST
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 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.
Money market instruments having less than 60 days to maturity are valued at amortized cost which approximates
Federal Income Taxes-The Series intends to continue to qualify as a regulated investment company and make the
requisite distributions to shareholders. Accordingly, no provision for federal income taxes has been made.
Repurchase Agreements-The Series may invest in a pooled cash account along with other members of the
Delaware Group of Funds. The aggregate daily balance of the pooled cash account is invested in repurchase
agreements secured by obligations of the U.S. government. The respective collateral is held by the Series'
custodian bank until the maturity of the respective repurchase agreements. Each repurchase agreement is at least
100% collateralized. Howe