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000 B000000 03/31/2000
000 C000000 0000230173
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001 A000000 DELAWARE GROUP CASH RESERVE
001 B000000 811-2806
001 C000000 2152552127
002 A000000 2005 MARKET STREET
002 B000000 PHILADELPHIA
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022 A000001 LUMMIS AND CO.
022 C000001 8104161
022 D000001 0
022 A000002 LEHMAN BROTHERS, INC.
022 B000002 13-2518466
022 C000002 4491037
022 D000002 0
022 A000003 MORGAN GUARANTY
022 C000003 4105649
022 D000003 0
022 A000004 GOLDMAN SACHS AND CO.
022 B000004 13-5108880
022 C000004 2735455
022 D000004 24583
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<PAGE> PAGE 2
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SIGNATURE KENNETH E. CROCKETT, SR.
TITLE BLUE SKY ADMIN.
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<ACCUMULATED-NII-PRIOR> 0
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</TABLE>
Report of Independent Auditors
To the Shareholders and Board of Trustees
Delaware Cash Reserve Fund
In planning and performing our audit of the financial
statements of Delaware Cash Reserve Fund (the "Fund") for the
year ended March 31, 2000, we considered its 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 Fund 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 the 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 trustees and management of Delaware Cash Reserve
Fund 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
