<PAGE>
June 1, 1995
Dear Shareholder,
Tax-Free Money Fund's lifetime has included a wide variety of economic and
interest rate cycles, and through each one, your Fund has achieved the goals
it originally set out to accomplish--providing shareholders with share price
stability, liquidity and tax-free income.
The current economic situation, heavily influenced by the Federal
Reserve Board's actions over our 1995 fiscal year ended April 30, has enabled
Tax-Free Money Fund to provide significantly higher yields for shareholders
than a year ago. Reversing course after nearly a five-year decline in
interest rates, the Federal Reserve Board (the "Fed"), our nation's central
bank, boosted short-term interest rates sharply during 1994 and into 1995 in
an effort to control the growth of the economy and keep the pace of inflation
in check. At the start of 1994, the influential Federal Funds rate, the
interest rate banks use to make short-term loans to each other, was 3.00%. On
June 1, 1995, it stood at 6.00%, double what it was just a little over a year
ago.
We are pleased at the effects the market climate, interest rate
increases and the economic environment have had on the level of income paid by
Tax-Free Money Fund. The seven-day yield for both Class A and the Consultant
Class was 3.54% as of April 30, 1995, nearly twice the April 30, 1994 yield of
1.87%. No matter what the future interest rate environment holds in store,
Tax-Free Money Fund will aim to offer the highest quality holdings consistent
with its objectives; a diversified portfolio and full-service management by a
professional investment staff; prompt liquidity; and high tax-free current
income consistent with maintaining a net asset value of $1.00 per share.
Please keep in mind that all money markets funds, like Tax-Free Money
Fund, are designed for short-term needs where price stability is extremely
important and yield variability over time is relatively less important.
Unlike stock and bond funds, a money market fund derives 100% of its total
return from income and does not offer you any opportunity for capital return.
However, Delaware Group does offer a complete family of stock and bond funds,
which you and your financial adviser can use to develop a long-term
investment program.
Once again, thank you for choosing Delaware Group to invest your
money. We appreciate the opportunity you've given us to help you meet your
short-term investing needs, and we look forward to serving your other
investment needs throughout fiscal 1996 and in the years to come.
Sincerely,
/s/ Wayne A. Stork /s/ Brian F. Wruble
- - ---------------------------------------- ---------------------------------
Wayne A. Stork Brian F. Wruble
Chairman, Board of Directors President and Chief Executive Officer
Delaware Group Tax-Free Delaware Group Tax-Free
Money Fund, Inc. Money Fund, Inc.
*The SEC average annual rates of return for the 10-, five- and one-year
periods ended April 30, 1995, for Tax-Free Money Fund Class A are +3.80%,
+2.91% and +2.59%, respectively, and the returns for the Consultant Class are
+3.74%, +2.91% and +2.59%, respectively. These returns reflect the
reinvestment of all distributions. Money market funds strive to maintain a
stable share value of $1; however, there is no guarantee that this goal will
be met. Shares of money market funds are not insured or guaranteed by the
U.S. Government. Yields fluctuate with market conditions.
1
<PAGE>
Financial Statements
Delaware Group Tax-Free Money Fund, Inc.
Statement of Net Assets
April 30, 1995
<TABLE>
<CAPTION>
Principal Maturity
Amount Security Yield Date Value
<S> <C> <C> <C> <C>
+VARIABLE RATE DEMAND NOTES-70.84%
$1,000,000 Daviess County, Kentucky Solid Waste Disposal Facilities Revenue
(Scott Paper Co. Project) .......................................... 5.05% 5/1/95 $ 1,000,000
1,500,000 Florida Housing Finance Agency (Northdale Project).................... 4.00 5/1/95 1,500,000
200,000 Lincoln County, Wyoming Pollution Control Revenue (Exxon Project)..... 5.20 5/1/95 200,000
100,000 New York City, New York Series B...................................... 5.30 5/1/95 100,000
200,000 New York City, New York Series B-2.................................... 5.30 5/1/95 200,000
200,000 New York City, New York Series B-4.................................... 5.25 5/1/95 200,000
1,000,000 Ohio Health Facilities Authority (Kenwood Retirement)................. 4.00 5/1/95 1,000,000
2,300,000 Port Morrow, Oregon (Portland General Electric)....................... 5.00 5/1/95 2,300,000
2,100,000 Saint Louis Park, Minnesota (Unicare Home Project).................... 4.10 5/1/95 2,100,000
800,000 Clarksville, Tennessee Public Building Authority...................... 4.55 5/3/95 800,000
1,700,000 Florida Housing Finance Agency Multifamily Housing
(Town Colony II Project, Letter of Credit, Connecticut General) .... 4.75 5/3/95 1,700,000
700,000 Florida Housing Finance Agency (Carlton, Letter of Credit, Sumitomo).. 4.95 5/3/95 700,000
2,000,000 Florida Housing Finance Agency (Hampton Lakes Project)................ 4.75 5/3/95 2,000,000
1,560,000 Fulton County, Georgia Housing Authority
(Series 86A, Letter of Credit, Sumitomo) ........................... 4.95 5/3/95 1,560,000
1,000,000 Louisiana Public Finance Authority (Louisiana Water Company,
Letter of Credit, Bank One) ........................................ 4.70 5/3/95 1,000,000
400,000 Lynchburg, Virginia Industrial Development Authority
(VHA Mid Atlantic-Series B) ........................................ 4.75 5/3/95 400,000
1,400,000 Lynchburg, Virginia Industrial Development Authority
(VHA Mid Atlantic-Series C) ........................................ 4.75 5/3/95 1,400,000
1,100,000 Lynchburg, Virginia Industrial Development Authority
(VHA Mid Atlantic-Series F) ........................................ 4.75 5/3/95 1,100,000
800,000 Maine Health and Higher Education Facilities
(VHA New England Inc.-Series C) .................................... 4.75 5/3/95 800,000
2,200,000 Montgomery, Alabama BMC Special Care Facilities Funding
Authority Revenue (VHA Hospital-Series B) .......................... 4.75 5/3/95 2,200,000
2,100,000 Montgomery County, Maryland Multifamily Housing Revenue
(Falkland Apartments, Letter of Credit, Connecticut General) ....... 4.75 5/3/95 2,100,000
600,000 New Hampshire Higher Education and Health
(VHA New England Inc.-Series A) .................................... 4.75 5/3/95 600,000
1,400,000 New Hampshire Higher Education and Health
(VHA New England Inc.-Series G) .................................... 4.75 5/3/95 1,400,000
1,000,000 Pittsburgh, Pennsylvania Urban Redevelopment Authority
(Wood Str Commons Project) ......................................... 4.50 5/3/95 1,000,000
200,000 Sayre, Pennsylvania Health Care Facilities Authority Revenue
(Pennsylvania Capital Funding Project-Series B) .................... 4.75 5/3/95 200,000
200,000 Sayre, Pennsylvania Health Care Facilities Authority Revenue
(Pennsylvania Capital Funding Project-Series J) .................... 4.75 5/3/95 200,000
1,300,000 West Virginia State Hospital Finance Authority (VHA Mid
Atlantic-Series C) ................................................. 4.75 5/3/95 1,300,000
1,000,000 West Virginia State Hospital Finance Authority
(VHA Mid Atlantic-Series G) ........................................ 4.75 5/3/95 1,000,000
400,000 Allegheny County, Pennsylvania........................................ 4.75 5/4/95 400,000
400,000 Allegheny County, Pennsylvania Hospital Development Authority Revenue
(Presbyterian University Health Center) ............................ 4.70 5/4/95 400,000
700,000 Allegheny County, Pennsylvania Hospital Development Authority Revenue
(Presbyterian University Health Center) ............................ 4.70 5/4/95 700,000
1,300,000 Allegheny County, Pennsylvania Industrial Development Authority
Revenue (Eye & Ear Properties Corp.) ............................... 4.70 5/4/95 1,300,000
1,000,000 California Educational Facilities Authority Revenue
(California Institute of Technology) ............................... 4.20 5/4/95 1,000,000
1,400,000 Montgomery County, Pennsylvania Industrial Development Authority
Revenue (Ikea Property Project) .................................... 4.75 5/4/95 1,400,000
1,700,000 Washington County, Pennsylvania Authority Lease Revenue (Eye & Ear
Properties Corp.) .................................................. 4.70 5/4/95 1,700,000
1,750,000 Winston Salem, North Carolina Certificates of Participation........... 4.60 5/4/95 1,750,000
1,000,000 Gary, Indiana Industrial Revenue (U.S. Steel Corp., Letter of Credit,
Bank of Nova Scotia) .............................................. 4.15 5/15/95 1,000,000
----------
TOTAL VARIABLE RATE DEMAND NOTES...................................... 39,710,000
----------
</TABLE>
-2-
<PAGE>
Statement of Net Assets (Continued)
<TABLE>
<CAPTION>
Principal Maturity
Amount Security Yield Date Value
<S> <C> <C> <C> <C>
TAX AND REVENUE ANTICIPATION NOTES-7.14%
$1,000,000 Philadelphia, Pennsylvania Tax and Revenue Anticipation Notes Series B. 4.21% 6/15/95 $ 1,000,106
1,000,000 Philadelphia, Pennsylvania Tax and Revenue Anticipation Notes Series C. 3.47 6/15/95 1,001,070
2,000,000 Texas State Tax and Revenue Anticipation Notes......................... 3.88 8/31/95 2,002,822
-----------
TOTAL TAX AND REVENUE ANTICIPATION NOTES .............................. 4,003,998
-----------
SHORT-TERM BONDS-3.57%
2,000,000 Pennsylvania State University Project Notes............................ 5.39 12/21/95 2,004,873
-----------
TOTAL SHORT-TERM BONDS 2,004,873
-----------
PUT BONDS-14.26%
1,000,000 *New Hampshire Higher Education Authority.............................. 4.50 6/1/95 1,000,000
340,000 *California Housing Finance Agency Revenue (Home Mortgage II-Series 2). 4.16 5/1/95 340,000
1,625,000 *California Higher Education Authority................................. 3.85 6/1/95 1,625,000
1,000,000 *Greater East Texas Higher Education................................... 4.00 7/1/95 1,000,000
500,000 Pendleton, Kentucky Revenue (Self-Insured)............................ 3.75 7/1/95 500,000
1,800,000 Pulaski County Kentucky Solid Waste Disposal Revenue (East Kentucky
Power) ............................................................. 4.64 8/15/95 1,802,228
1,725,000 Montgomery County, Maryland Housing Opportunity Commission
Single Family Mortgage Revenue Series A ............................ 4.34 10/25/95 1,725,000
-----------
TOTAL PUT BONDS....................................................... 7,992,228
-----------
TOTAL MARKET VALUE OF SECURITIES OWNED-95.81%
(WHICH APPROXIMATES COST FOR INCOME TAX PURPOSES).................... 53,711,099
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES-4.19%................. 2,347,111
-----------
NET ASSETS APPLICABLE TO 54,443,666 TAX-FREE MONEY FUND A CLASS
SHARES AND 1,614,544 TAX-FREE MONEY FUND CONSULTANT CLASS
SHARES OUTSTANDING; EQUIVALENT TO $1.00 PER SHARE-100.00%........... $56,058,210
===========
</TABLE>
- - -----------
+ For Variable Rate Demand Notes, the maturity date shown is the next interest
reset date.
* These securities are subject to the federal alternative minimum tax.
See accompanying notes
-3-
<PAGE>
Delaware Group Tax-Free Money Fund, Inc.
Statement of Operations
Year Ended April 30, 1995
INVESTMENT INCOME:
Interest................................................. $1,655,074
EXPENSES:
Management fees ($220,704) and directors' fees ($13,831). $234,535
Dividend disbursing, transfer agent and shareholder
servicing fees ........................................ 96,920
Registration fees......... .............................. 32,025
Reports and statements to shareholders .................. 19,381
Professional fees ....................................... 17,721
Taxes (other than income) ............................... 13,844
Salaries ................................................ 12,288
Custodian fees........................................... 10,339
Other.................................................... 13,281 450,334
------ ----------
NET INVESTMENT INCOME.................................... $1,204,740
==========
See accompanying notes
Delaware Group Tax-Free Money Fund, Inc.
Statement of Changes in Net Assets
Year Year
Ended Ended
4/30/95 4/30/94
OPERATIONS:
Net investment income............................ $ 1,204,740 $ 743,232
----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS
FROM NET INVESTMENT INCOME:
Tax-Free Money Fund A Class.................... (1,163,369) (716,843)
Tax-Free Money Fund Consultant Class........... (41,371) (26,389)
----------- -----------
(1,204,740) (743,232)
----------- -----------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Tax-Free Money Fund A Class.................... 65,973,649 53,920,781
Tax-Free Money Fund Consultant Class........... 2,590,523 2,365,079
Net asset value of shares issued upon
reinvestment of dividends from net
investment income:
Tax-Free Money Fund A Class.................... 1,110,199 686,670
Tax-Free Money Fund Consultant Class........... 41,519 26,225
----------- -----------
69,715,890 56,998,755
----------- -----------
Cost of shares repurchased:
Tax-Free Money Fund A Class.................... (57,346,983) (53,787,127)
Tax-Free Money Fund Consultant Class........... (2,424,808) (2,829,763)
----------- -----------
(59,771,791) (56,616,890)
----------- -----------
Increase in net assets derived
from capital share transactions................ 9,944,099 381,865
----------- -----------
NET INCREASE IN NET ASSETS....................... 9,944,099 381,865
NET ASSETS:
Beginning of period.............................. 46,114,111 45,732,246
----------- -----------
End of period.................................... $56,058,210 $46,114,111
=========== ===========
See accompanying notes
-4-
<PAGE>
Delaware Group Tax-Free Money Fund, Inc.
Notes to Financial Statements
April 30, 1995
Delaware Group Tax-Free Money Fund, Inc. (the "Fund") is registered as a
diversified open-end investment company under the Investment Company Act of
1940. The Fund is organized as a Maryland corporation and 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--Securities are valued at amortized cost which approximates
market value.
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--Investment income and common expenses are allocated to the
various classes of the Fund on the basis of daily net assets of each class.
OTHER--Expenses common to all funds within the Delaware Group Family 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). Premiums and discounts are amortized on a pro-rata basis and
included in interest income. The Fund declares dividends daily from net
investment income and pays such dividends monthly.
2. INVESTMENT MANAGEMENT FEE AND DISTRIBUTION AGREEMENTS
In accordance with the terms of the Investment Management Agreement, the Fund
pays Delaware Management Company, Inc. (DMC), the investment manager of the
Fund, an annual fee which is calculated daily at 0.50% of the average daily
net assets of the Fund, less fees paid to the independent directors. At April
30, 1995, the Fund had a liability for Investment Management fees and other
expenses payable to DMC for $9,843.
Pursuant to the Distribution Agreement, the Fund may pay Delaware
Distributors L.P. (DDLP), the Distributor and an affiliate of DMC, an annual
12b-1 fee not to exceed 0.25% of the average daily net assets of the
Consultant Class. Effective June 1, 1990, 12b-1 Plan payments from the
Consultant Class to DDLP were suspended but may be reinstated in the future.
The Fund has engaged Delaware Service Company, Inc. (DSC), an affiliate of
DMC, to serve as dividend disbursing and transfer agent for the Fund. For the
year ended April 30, 1995, DSC received $65,338 for these services. At April
30, 1995, the Fund had a liability for such fees and other expenses payable
to DSC for $1,378.
Certain officers of the Investment Manager are officers, directors, and/or
employees of the Fund. These officers, directors, and employees are paid no
compensation by the Fund.
On April 3, 1995, Delaware Management Holdings, Inc., the indirect parent of
DMC, DDLP and DSC, through a merger transaction (the "Merger") became a
wholly-owned subsidiary of Lincoln National Corporation. Other than the
resulting change in ownership, the Merger will not materially change the manner
in which DMC has heretofore conducted its relationship with the Fund. The same
personnel who managed the operation and affairs of the Fund before the Merger
have continued to manage its operations and affairs since the Merger.
3. CAPITAL STOCK
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED
4/30/95 4/30/94
<S> <C> <C>
Shares sold:
Tax-Free Money Fund A Class.................................................. 65,973,649 53,920,781
Tax-Free Money Fund Consultant Class......................................... 2,590,523 2,365,079
Shares issued upon reinvestment of dividends from net investment income:
Tax-Free Money Fund A Class.................................................. 1,110,199 686,670
Tax-Free Money Fund Consultant Class......................................... 41,519 26,225
----------- -----------
69,715,890 56,998,755
----------- -----------
Shares repurchased:
Tax-Free Money Fund A Class.................................................. (57,346,983) (53,787,127)
Tax-Free Money Fund Consultant Class......................................... (2,424,808) (2,829,763)
----------- -----------
(59,771,791) (56,616,890)
----------- -----------
Net increase................................................................. 9,944,099 381,865
=========== ===========
</TABLE>
-5-
<PAGE>
Notes to Financial Statements (Continued)
4. CONCENTRATION OF CREDIT RISK
The Fund concentrates its investments in securities issued by municipalities.
The value of these investments may be adversely affected by new legislation
within the states, regional or local economic conditions, and differing levels
of supply and demand for municipal bonds. Many municipalities insure repayment
of their obligations. Although bond insurance reduces the risk of loss due to
default by an issuer, such bonds remain subject to the risk that market value
may fluctuate for other reasons and there is no assurance that the insurance
company will meet its obligations.
5. FINANCIAL HIGHLIGHTS
Selected data for each share of the Fund outstanding throughout each period
were as follows:
<TABLE>
<CAPTION>
TAX-FREE MONEY FUND A CLASS
--------------------------------------------------------------------------------------------------------
YEAR ENDED
4/30/95 4/30/94 4/30/93 4/30/92 4/25/91 4/26/90 4/27/89 4/28/88 4/30/87 4/24/86
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period.... $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000
Income from investment
operations:
Net investment income . 0.0255 0.0158 0.0201 0.0347 0.0476 0.0530 0.0503 0.0407 0.0390 0.0470
Net realized and
unrealized gain (loss)
from security
transactions.......... none none none none none none none none none none
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Total from investment
operations............. 0.0255 0.0158 0.0201 0.0347 0.0476 0.0530 0.0503 0.0407 0.0390 0.0470
Less distributions:
Dividends from net
investment income..... (0.0255) (0.0158) (0.0201) (0.0347) (0.0476) (0.0530) (0.0503) (0.0407) (0.0390) (0.0470)
Distributions from net
realized gain on
security transactions. none none none none none none none none none none
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Total distributions ... (0.0255) (0.0158) (0.0201) (0.0347) (0.0476) (0.0530) (0.0503) (0.0407) (0.0390) (0.0470)
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Net asset value,
end of period ......... $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000
======= ======= ======= ======= ======= ======= ======= ======= ======= =======
Total return............ 2.59% 1.59% 2.03% 3.52% 4.87% 5.43% 5.14% 4.15% 3.97% 4.80%
Ratios/supplemental data:
Net assets, end of
period (000 omitted).. $54,444 $44,707 $43,886 $53,210 $56,766 $61,860 $60,827 $79,662 $62,782 $66,762
Ratio of expenses to
average net assets ... 0.96% 0.99% 0.94% 0.84% 0.83% 0.83% 0.79% 0.72% 0.76% 0.79%
Ratio of net investment
income to average net
assets ............... 2.57% 1.58% 2.03% 3.43% 4.77% 5.30% 5.04% 4.05% 3.89% 4.71%
</TABLE>
- - ----------------
All share and per share figures have been restated to reflect the 10-to-1
stock split on January 1, 1991.
6
<PAGE>
Notes to Financial Statements (Continued)
5. FINANCIAL HIGHLIGHTS
Selected data for each share of the Fund outstanding throughout each period
were as follows:
<TABLE>
TAX-FREE MONEY FUND CONSULTANT CLASS
------------------------------------------------------------------------------------------
PERIOD
YEAR ENDED 3/15/88* TO
4/30/95 4/30/94 4/30/93 4/30/92 4/25/91 4/26/90 4/27/89 4/28/88
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000
Income from investment operations:
Net investment income.............. 0.0255 0.0158 0.0201 0.0347 0.0473 0.0505 0.0478 0.0044
Net realized and unrealized
gain (loss) from security
transactions...................... none none none none none none none none
------- ------- ------- ------- ------- ------- ------- -------
Total from investment operations 0.0255 0.0158 0.0201 0.0347 0.0473 0.0505 0.0478 0.0044
Less distributions:
Dividends from net investment income (0.0255) (0.0158) (0.0201) (0.0347) (0.0473) (0.0505) (0.0478) (0.0044)
Distributions from net realized gain
on security transactions........... none none none none none none none none
------- ------- ------- ------- ------- ------- ------- -------
Total distributions................. (0.0255) (0.0158) (0.0201) (0.0347) (0.0473) (0.0505) (0.0478) (0.0044)
------- ------- ------- ------- ------- ------- ------- -------
Net asset value, end of period....... $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000
======= ======= ======= ======= ======= ======= ======= =======
Total return......................... 2.59% 1.59% 2.03% 3.52% 4.84% 5.17% 4.88% *
Ratios/supplemental data:
Net assets, end of period (000 omitted) $1,614 $1,407 $1,846 $1,920 $3,517 $3,556 $3,100 $39
Ratio of expenses to average net assets 0.96% 0.99% 0.94% 0.84% 0.86% 1.08% 1.04% *
Ratio of net investment income
to average net assets............... 2.57% 1.58% 2.03% 3.43% 4.74% 5.05% 4.79% *
</TABLE>
- - ----------
All share and per share figures have been restated to reflect the 10-to-1
stock split on January 1, 1991. Effective June 1, 1990, 12b-1 Plan payments
from the Consultant Class to the Distributor were suspended.
* March 15, 1988 was the date of the initial public sale of the Tax-Free
Money Fund Consultant Class shares; total return and the ratios of expenses
and net investment income to average net assets have been omitted as
management believes that such ratios for this relatively short period are not
meaningful.
- - --------------------------------------------------------------------------------
REPORT OF INDEPENDENT AUDITORS
To the Shareholders and Board of Directors
Delaware Group Tax-Free Money Fund, Inc.
We have audited the accompanying statement of net assets of Delaware Group
Tax-Free Money Fund, Inc. as of April 30, 1995, and the related statement of
operations for the year then ended, the statement of changes in net assets
for each of the two years in the period then ended, and the financial
highlights for each of the ten years in the period then ended. These
financial statements and financial highlights are the responsibility of the
Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of April 30, 1995, by correspondence with the custodian
and brokers. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Delaware Group Tax-Free Money Fund, Inc. at April 30, 1995, the results of
its operations for the year then ended, the changes in its net assets for
each of the two years in the period then ended, and the financial highlights
for each of the ten years in the period then ended, in conformity with
generally accepted accounting principles.
ERNST & YOUNG LLP
Philadelphia, Pennsylvania
June 1, 1995
7
<PAGE>
The Delaware Group includes funds with
a wide range of investment objectives. Stock funds,
income funds, tax-free funds, money market funds,
closed-end equity/income funds and global funds
give investors the ability to create a portfolio that
fits their personal financial goals.
For more information, including a prospectus of
any Delaware Group fund, contact your financial
adviser or call Delaware Group at 800-523-4640 or
215-988-1333 in Philadelphia. Read the prospectus
carefully before investing.
BE SURE TO CONSULT YOUR FINANCIAL ADVISER WHEN MAKING INVESTMENTS.
MUTUAL FUNDS CAN BE A VALUABLE PART OF YOUR FINANCIAL PLAN;
HOWEVER, SHARES OF THE FUND ARE NOT FDIC OR NCUSIF INSURED, ARE NOT GUARANTEED
BY ANY BANK OR ANY CREDIT UNION, ARE NOT OBLIGATIONS
OF ANY BANK OR ANY CREDIT UNION, AND INVOLVE INVESTMENT RISK, INCLUDING
POSSIBLE LOSS OF PRINCIPAL. SHARES OF THE FUND ARE NOT BANK
OR CREDIT UNION DEPOSITS.
INVESTMENT MANAGER
Delaware Management Company, Inc.
Philadelphia
INTERNATIONAL AFFILIATE
Delaware International Advisers Ltd.
London
NATIONAL DISTRIBUTOR
Delaware Distributors, L.P.
Philadelphia
SHAREHOLDER SERVICING,
DIVIDEND DISBURSING
AND TRANSFER AGENT
Delaware Service Company, Inc.
Philadelphia
AR-006 [4/95] PP 6/95
DELAWARE GROUP
A TRADITION OF SOUND INVESTING SINCE 1929
(Photo of various col
onial objects)
|
|
|
|
1995 |
|
ANNUAL |
|
REPORT | DELAWARE
| GROUP
| ========
| Tax-Free
| Money Fund
|
|
