<PAGE>
---------
TAX-FREE
MONEY
FUND
---------
1995
SEMI-ANNUAL
REPORT
A Tradition of Sound Investing Since 1929
DELAWARE
GROUP
========
Philadelphia * London
<PAGE>
NOVEMBER 27, 1995
DEAR
============================================
SHAREHOLDER:
============================================
During the first half of the current fiscal year, Tax-Free Money Fund
continued to achieve its goals of providing shareholders with share price
stability, liquidity and tax-exempt income.
Tax-Free Money Fund provided a total return of +1.55% for the six
months ended October 31. The seven-day annualized yield for both Class A and
the Consultant Class was 3.09% as of October 31.
As interest rates have declined since April, the yields available on
short-term, fixed-income investments such as money market funds have fallen.
The decline has resulted, to a large degree, from a slowing economy and a
shift in the Federal Reserve Board's interest rate policy in July.
Yields on short-term, tax-free securities have generally fallen more
than yields on taxable short-term securities because of speculation generated by
pending "flat tax" proposals in Congress.
With the change in leadership in Congress, legislators are proposing
to eliminate Federal income taxes on investment income. We do not believe
this issue will be resolved any time soon, especially considering that 1996
is a Presidential election year. Whether a consensus can eventually be
achieved -- and whether that consensus has any lasting impact on municipal
securities -- remains to be seen.
<PAGE>
However, the uncertainty raised by this tax debate in Washington has
prompted some investors who seek tax-exempt income to turn to short-term
securities rather than long-term bonds. This has helped keep prices of
short-term municipal debt high (and yields low) relative to short-term U.S.
Treasury and corporate securities, which are subject to federal income taxes.
Unlike stock and bond funds, a money market fund like Tax-Free Money
Fund seeks to derive 100% of its total return from income and does not offer
any opportunities for capital gains. Nevertheless, it can be a sensible place
to hold money to meet short-term goals or for money you plan to move to other
investments in the future. Delaware Group offers a complete family of stock
and bond funds, which you and your financial adviser can use to develop a
long-term investment program.
We appreciate the opportunity you've given us to serve your
investing needs.
Sincerely,
/s/ Wayne A. Stork
Wayne A. Stork
Chairman
1
<PAGE>
FINANCIAL
============================================
STATEMENTS
============================================
Delaware Group Tax-Free Money Fund, Inc.
Statement of Net Assets
October 31, 1995
(Unaudited)
<TABLE>
<CAPTION>
Principal Maturity
Amount Security Yield Date Value
<S> <C> <C> <C> <C>
+VARIABLE RATE DEMAND NOTES - 67.56%
2,000,000 Florida Housing Finance Agency Multifamily Housing Revenue
(Hampton Lakes Project, Letter of Credit, CG Life) ...................................... 4.15% 11/01/95 $2,000,000
1,500,000 Florida Housing Finance Agency Multifamily Housing Revenue
(Northdale Lakes Project, Letter of Credit, Bankers Trust Company, MBIA) ................ 3.90% 11/01/95 1,500,000
1,700,000 Florida Housing Finance Agency Multifamily Housing Revenue
(Town Colony II Project, Letter of Credit, CG Life) ..................................... 4.15% 11/01/95 1,700,000
1,000,000 Louisiana Public Facilities Authority
(Louisiana Water Company, Letter of Credit, Bank One) ................................... 4.00% 11/01/95 1,000,000
1,000,000 Lynchburg, Virginia Industrial Development Authority (VHA Mid Atlantic-Series C, AMBAC) .. 3.85% 11/01/95 1,000,000
1,000,000 Lynchburg, Virginia Industrial Development Authority (VHA Mid Atlantic-Series F, AMBAC) .. 3.85% 11/01/95 1,000,000
1,100,000 Maine Health and Higher Educational Facilities Authority Revenue
(VHA New England Inc.-Series C, AMBAC) .................................................. 3.85% 11/01/95 1,100,000
2,100,000 Montgomery County, Maryland Housing Opportunities Community Multifamily Housing Revenue
(Falkland Apartments, Letter of Credit, CG Life) ........................................ 4.00% 11/01/95 2,100,000
2,200,000 Montgomery, Alabama BMC Special Care Facilities Funding Authority Revenue
(VHA Hospital-Series B, AMBAC) .......................................................... 3.85% 11/01/95 2,200,000
1,400,000 Montgomery County, Pennsylvania Industrial Development Authority Revenue
(Ikea Property Project, Letter of Credit, Morgan Guaranty Trust Company) ................ 4.00% 11/01/95 1,400,000
600,000 New Hampshire Higher Educational and Health Facilities Authority Revenue
(VHA New England Inc.-Series A, AMBAC) .................................................. 3.80% 11/01/95 600,000
1,400,000 New Hampshire Higher Educational and Health Facilities Authority Revenue
(VHA New England Inc.-Series G, AMBAC) .................................................. 3.85% 11/01/95 1,400,000
1,000,000 Ohio Housing Finance Agency Multifamily Housing Revenue
(Kenwood Congregate Retirement, Letter of Credit, Swiss Bank) ........................... 3.90% 11/01/95 1,000,000
1,000,000 Pittsburgh, Pennsylvania Urban Redevelopment Authority (Wood Street Commons) ............. 4.50% 11/01/95 1,000,000
2,100,000 Saint Louis Park, Minnesota Industrial Development Revenue
(Unicare Home Project, Letter of Credit, Banque Paribas) ................................ 3.80% 11/01/95 2,100,000
400,000 Sayre, Pennsylvania Health Care Facilities Authority Revenue
(Pennsylvania Capital Funding Project-Series B, AMBAC) .................................. 3.85% 11/01/95 400,000
200,000 Sayre, Pennsylvania Health Care Facilities Authority Revenue
(Pennsylvania Capital Funding Project-Series J, AMBAC) .................................. 3.85% 11/01/95 200,000
400,000 Vermont Educational & Health Buildings Financing Agency Revenue
(VHA New England Inc.-Series A, AMBAC) .................................................. 3.85% 11/01/95 400,000
300,000 Vermont Educational & Health Buildings Financing Agency Revenue
(VHA New England Inc.-Series D, AMBAC) .................................................. 3.85% 11/01/95 300,000
200,000 Vermont Educational & Health Buildings Financing Agency Revenue
(VHA New England Inc.-Series E, AMBAC) .................................................. 3.85% 11/01/95 200,000
</TABLE>
2
<PAGE>
Statement of Net Assets (Continued)
<TABLE>
<CAPTION>
Principal Maturity
Amount Security Yield Date Value
<S> <C> <C> <C> <C>
1,300,000 West Virginia State Hospital Finance Authority (VHA Mid Atlantic-Series C, AMBAC) ........... 3.85% 11/01/95 1,300,000
1,000,000 West Virginia State Hospital Finance Authority (VHA Mid Atlantic-Series G, AMBAC) ........... 3.85% 11/01/95 1,000,000
400,000 Allegheny County, Pennsylvania Hospital Development Authority Revenue
(Presbyterian University Hospital-Series B3, Letter of Credit, PNC Bank) ................... 3.85% 11/02/95 400,000
400,000 Allegheny County, Pennsylvania Hospital Development Authority Revenue
(Presbyterian University Health Center-Series 1988B) ....................................... 3.85% 11/02/95 400,000
100,000 Allegheny County, Pennsylvania Hospital Development Authority Revenue
(Presbyterian University Health Center-Series 1990B, MBIA) ................................. 3.85% 11/02/95 100,000
1,300,000 Allegheny County, Pennsylvania Industrial Development Authority Revenue
(Eye & Ear Properties Corp, Letter of Credit, PNC Bank) .................................... 3.85% 11/02/95 1,300,000
100,000 Allegheny County, Pennsylvania-Series C-41 .................................................. 3.85% 11/02/95 100,000
100,000 Washington County, Pennsylvania Authority Lease Revenue
(Eye & Ear Properties Corp.-Series B-1, Subseries C) ....................................... 3.85% 11/02/95 100,000
400,000 Washington County, Pennsylvania Authority Lease Revenue
(Eye & Ear Properties Corp.-Series B-1, Subseries D) ....................................... 3.85% 11/02/95 400,000
1,750,000 Winston Salem (North Carolina Certificates of Participation, Letter of Credit, Credit Suisse) 3.95% 11/02/95 1,750,000
1,000,000 Gary, Indiana Environmental Improvement Revenue
(U.S. Steel Corp., Letter of Credit, Bank of Nova Scotia) .................................. 3.90% 11/15/95 1,000,000
-----------
Total Variable Rate Demand Notes .................................................................. 30,450,000
-----------
REVENUE ANTICIPATION NOTES - 8.89%
2,000,000 Allegheny County, Pennsylvania Port Authority (Grant Anticipation Notes) .................... 3.88% 06/28/96 1,998,418
2,000,000 Iowa School Corp. Warrant Certificates (Iowa School Cash Anticipation Program-Series A,
Capital Guaranty) .......................................................................... 4.75% 06/28/96 2,011,329
-----------
Total Revenue Anticipation Notes ................................................................. 4,009,747
-----------
SHORT-TERM BONDS - 4.44%
2,000,000 Pennsylvania State University Project Notes-Series A ........................................ 5.50% 12/21/95 2,001,041
-----------
Total Short-Term Bonds ............................................................................ 2,001,041
-----------
PRE-REFUNDED BONDS - 5.72%
2,000,000 Hillsborough County, Florida Capital Improvement Program Revenue
(Water & Waste-Series A, Subseries 2) ...................................................... 8.30% 02/01/96 2,061,847
500,000 Pennsylvania State University ............................................................... 7.75% 03/01/96 514,959
-----------
Total Pre-Refunded Bonds .......................................................................... 2,576,806
-----------
PUT BONDS - 12.23%
1,000,000 New Hampshire Higher Educational & Health Facilities Authority Revenue
(Dartmouth Educational) .................................................................... 4.00% 12/01/95 1,000,000
2,000,000 Upper Allegheny, Pennsylvania Joint Sanitation Authority .................................... 4.50% 01/15/96 2,012,182
1,000,000 City of Klamath Falls, Oregon Electric Revenue (Salt Caves Hydroelectric-Series A) .......... 4.40% 05/01/96 1,000,000
1,000,000 *New Hampshire Higher Educational & Health Facilities Authority Revenue
(Dartmouth Educational) .................................................................... 4.10% 06/01/96 1,000,000
500,000 Pendleton County, Kentucky Revenue (Self-Insured, Letter of Credit, PNC Bank) ............... 3.75% 07/01/96 500,000
-----------
Total Put Bonds ................................................................................... 5,512,182
-----------
TOTAL MARKET VALUE OF SECURITIES OWNED - 98.84% (WHICH APPROXIMATES
COST FOR FINANCIAL REPORTING AND INCOME TAX PURPOSES) ....................................................... 44,549,776
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES - 1.16% ...................................................... 521,984
-----------
NET ASSETS APPLICABLE TO 43,154,859 TAX-FREE FUND A CLASS SHARES AND
1,916,901 CONSULTANT CLASS SHARES OUTSTANDING; EQUIVALENT TO $1.00 PER SHARE - 100.00% ..................... $45,071,760
===========
</TABLE>
- -------------
+ For Variable Rate Demand Notes, the maturity date shown is the next interest
reset date.
* This security is subject to the federal alternative minimum tax. See
accompanying notes.
3
<PAGE>
Delaware Group Tax-Free Money Fund, Inc.
Statement of Operations
Six Months Ended October 31, 1995
(Unaudited)
INVESTMENT INCOME:
Interest ........................................ $1,009,357
EXPENSES:
Management fees ($119,562) and
directors' fees ($6,525) ...................... 126,087
Dividend disbursing, transfer agent
and shareholder servicing fees ................ 36,033
Registration fees ............................... 22,794
Custodian fees .................................. 14,220
Professional fees ............................... 10,355
Reports and statements to shareholders .......... 6,949
Salaries ........................................ 6,519
Taxes (other than income) ....................... 6,121
Other ........................................... 8,443 237,521
------- ----------
NET INVESTMENT INCOME ........................... $ 771,836
==========
See accompanying notes
<PAGE>
Delaware Group Tax-Free Money Fund, Inc.
Statement of Changes in Net Assets
Six Months Ended Year Ended
10/31/95 4/30/95
(Unaudited)
OPERATIONS:
Net investment income ........................... $ 771,836 $ 1,204,740
----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM
NET INVESTMENT INCOME:
Tax-Free Money Fund A Class .................... (742,409) (1,163,369)
Tax-Free Money Fund Consultant Class ........... (29,427) (41,371)
----------- -----------
(771,836) (1,204,740)
----------- -----------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Tax-Free Money Fund A Class .................... 18,495,597 65,973,649
Tax-Free Money Fund Consultant Class ........... 1,489,413 2,590,523
Net asset value of shares issued upon
reinvestment of dividends from net
investment income:
Tax-Free Money Fund A Class .................... 712,886 1,110,199
Tax-Free Money Fund Consultant Class ........... 29,405 41,519
----------- -----------
20,727,301 69,715,890
----------- -----------
Cost of shares repurchased:
Tax-Free Money Fund A Class .................... (30,497,290) (57,346,983)
Tax-Free Money Fund Consultant Class ........... (1,216,461) (2,424,808)
----------- -----------
(31,713,751) (59,771,791)
----------- -----------
Increase (decrease) in net assets derived
from capital share transactions ............... (10,986,450) 9,944,099
----------- -----------
NET INCREASE (DECREASE)
IN NET ASSETS .................................. (10,986,450) 9,944,099
NET ASSETS:
Beginning of period ............................. 56,058,210 46,114,111
----------- -----------
End of period ................................... $45,071,760 $56,058,210
=========== ===========
See accompanying notes
4
<PAGE>
Delaware Group Tax-Free Money Fund, Inc.
Notes to Financial Statements
October 31, 1995
(Unaudited)
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. 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 are included in interest income.
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.
Distribution expenses relating to a specific class are charged directly to
that class.
OTHER - Expenses common to all Funds within the Delaware Group of Funds are
allocated amongst the funds on the basis of average net assets. 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, a fee which is calculated daily at the annual rate of
0.50% of the net assets of the Fund, less fees paid to the unaffiliated
directors. At October 31, 1995, the Fund had a liability for Investment
Management fees and other expenses payable to DMC for $9,627.
Pursuant to the Distribution Agreement, the Fund may pay Delaware Distributors
L.P. (DDLP), the Distributor and an affiliate of DMC, an annual 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
six months ended October 31, 1995, DSC received $28,710 for these services.
At October 31, 1995, the Fund had a liability for such fees and other
expenses payable to DSC for $1,266.
<PAGE>
Certain officers of DMC 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, DDLP and DSC have heretofore conducted their
relationships with the Fund.
At an annual meeting of shareholders held on March 29, 1995, the following
matters were submitted for shareholder vote: the election of directors, the
ratification of the selection of Ernst & Young LLP as independent auditors of
the Fund and the approval of a new investment management agreement. The new
investment management agreement was proposed in connection with the
Merger. Whenever there is a change in control of an investment manager,
the Investment Company Act of 1940 requires shareholders to vote on a new
investment management agreement.
Below are the names of each director elected at the meeting as well as the
results of the other matters voted on by shareholders.
<TABLE>
<CAPTION>
Number of Votes
--------------------------------------------
For Against/Withheld Abstentions
<S> <C> <C> <C>
Election of Directors:
Wayne A. Stork ........................ 26,921,761 501,109 -
Walter P. Babich ...................... 26,921,761 501,109 -
Anthony D. Knerr ...................... 26,893,047 529,824 -
Ann R. Leven .......................... 26,921,761 501,109 -
W. Thacher Longstreth ................. 26,921,761 501,109 -
Charles E. Peck ....................... 26,921,761 501,109 -
Approval of the New Investment
Management Agreement .................. 25,335,191 963,658 1,124,021
Selection of Ernst & Young LLP as
Independent Auditors .................. 26,752,232 68,453 602,186
</TABLE>
5
<PAGE>
Notes to Financial Statements (Continued)
3. Capital Stock Shares
Transactions in Capital Stock Shares were as follows:
Six Months
Ended Year Ended
10/31/95 4/30/95
Shares sold
Tax-Free Money Fund A Class .................... 18,495,597 65,973,649
Tax-Free Money Fund Consultant Class ........... 1,489,413 2,590,523
Shares issued upon reinvestment of
dividends from net investment income:
Tax-Free Money Fund A Class .................... 712,886 1,110,199
Tax-Free Money Fund Consultant Class ........... 29,405 41,519
----------- -----------
20,727,301 69,715,890
----------- -----------
Shares repurchased:
Tax-Free Money Fund A Class .................... (30,497,290) (57,346,983)
Tax-Free Money Fund Consultant Class ........... (1,216,461) (2,424,808)
----------- -----------
(31,713,751) (59,771,791)
----------- -----------
Net increase (decrease) ........................ (10,986,450) 9,944,099
=========== ===========
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.
<PAGE>
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
----------------------------------------------------------------
Six Months(1)
Ended Year Ended
10/31/95 4/30/95 4/30/94 4/30/93 4/30/92 4/25/91
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period ................................ $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000
Income from investment operations:
Net investment income .............................................. 0.0158 0.0255 0.0158 0.0201 0.0347 0.0476
Net realized and unrealized gain (loss) from security transactions . none none none none none none
------- ------- ------- ------- ------- -------
Total from investment operations ................................... 0.0158 0.0255 0.0158 0.0201 0.0347 0.0476
Less distributions:
Dividends from net investment income ............................... (0.0158) (0.0255) (0.0158) (0.0201) (0.0347) (0.0476)
Distributions from net realized gain on security transactions ...... none none none none none none
------- ------- ------- ------- ------- -------
Total distributions ................................................ (0.0158) (0.0255) (0.0158) (0.0201) (0.0347) (0.0476)
------- ------- ------- ------- ------- -------
Net asset value, end of period ...................................... $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000
======= ======= ======= ======= ======= =======
Total return ........................................................ 1.55% 2.59% 1.59% 2.03% 3.52% 4.87%
Ratios/supplemental data:
Net assets, end of period (000 omitted) ............................ $43,155 $54,444 $44,707 $43,886 $53,210 $56,766
Ratio of expenses to average net assets ............................ 0.94% 0.96% 0.99% 0.94% 0.84% 0.83%
Ratio of net investment income to average net assets ............... 3.06% 2.57% 1.58% 2.03% 3.43% 4.77%
</TABLE>
- ------------
All share and per share figures have been restated to reflect the 10-to-1
stock split on January 1, 1991.
(1) Ratios have been annualized and total return has not been annualized.
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>
<CAPTION>
Tax-Free Money Fund Consultant Class
---------------------------------------------------------------
Six Months(1)
Ended Year Ended
10/31/95 4/30/95 4/30/94 4/30/93 4/30/92 4/25/91
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period ................................ $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000
Income from investment operations:
Net investment income .............................................. 0.0158 0.0255 0.0158 0.0201 0.0347 0.0473
Net realized and unrealized gain (loss)
from security transactions ........................................ none none none none none none
------- ------- ------- ------- ------- -------
Total from investment operations ................................... 0.0158 0.0255 0.0158 0.0201 0.0347 0.0473
Less distributions:
Dividends from net investment income ............................... (0.0158) (0.0255) (0.0158) (0.0201) (0.0347) (0.0473)
Distributions from net realized gain on security transactions ...... none none none none none none
------- ------- ------- ------- ------- -------
Total distributions ................................................ (0.0158) (0.0255) (0.0158) (0.0201) (0.0347) (0.0473)
------- ------- ------- ------- ------- -------
Net asset value, end of period ...................................... $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000
======= ======= ======= ======= ======= =======
Total return ........................................................ 1.55% 2.59% 1.59% 2.03% 3.52% 4.84%
Ratios/supplemental data:
Net assets, end of period (000 omitted) ............................ $1,917 $1,614 $1,407 $1,846 $1,920 $3,517
Ratio of expenses to average net assets ............................ 0.94% 0.96% 0.99% 0.94% 0.84% 0.86%
Ratio of net investment income to average net assets ............... 3.06% 2.57% 1.58% 2.03% 3.43% 4.74%
</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.
(1) Ratios have been annualized and total return has not been annualized.
===============================================================================
This semi-annual report is for the information of Delaware Group Tax-Free
Money Fund shareholders, but it may be used with prospective investors when
preceded or accompanied by a current PROSPECTUS, which gives details about
charges, expenses, investment objectives and operating policies of the Fund.
Summary investment results are documented in the current STATEMENT OF
ADDITIONAL INFORMATION. If used with prospective investors after December 31,
1995, this report must be accompanied by a Delaware Group Tax-Free Money Fund
Performance Update for the most recently completed calendar quarter. The
figures in this report represent past results.
7
<PAGE>
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 the possible loss of principal. Shares of the Fund are not bank
or credit union deposits.
THE GOAL OF A MONEY MARKET FUND IS TO MAINTAIN A CONSTANT SHARE PRICE OF $1.
HOWEVER, THERE CAN BE NO GUARANTEE THAT THIS GOAL WILL BE MET. THE FUND'S
YIELD AND RETURN FLUCTUATE AND ARE NOT GUARANTEED. AN INVESTMENT IN A MONEY
MARKET FUND IS NEITHER INSURED NOR GUARANTEED BY THE U.S. GOVERNMENT.
This report must be preceded or accompanied by a current Delaware Group Cash
Reserve Fund prospectus.
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
1818 Market Street
Philadelphia, PA 19103-3682
Nationwide (800) 523-4640
SECURITIES DEALERS ONLY
Nationwide (800) 362-7500
Copy Rights Delaware Distributors, L.P.
LOGO Printed in the U.S.A. on recycled paper.
SA - 006 [10/95] PP12/95
