NOVEMBER 18, 1996
DEAR
- --------------------------------
SHAREHOLDER:
- --------------------------------
We are pleased to report that on September 17, 1996, Tax-Free Money Fund marked
its 15th anniversary of providing shareholders with share price stability,
liquidity and tax-exempt income.
For the first six months ended October 31, 1996, - the first half of
your Fund's fiscal year - Tax-Free Money Fund Class A and Consultant Class
provided a total return of +1.37%. The seven-day annualized yield for both
classes was 2.74% as of October 31.
While interest rates on long-term fixed income securities have been
volatile since the spring, the yields available on money market funds have
remained within a relatively narrow range. During the period, the U.S. economy
grew more slowly than was expected at the start of the year while the Federal
Reserve Board's monetary policy effectively kept inflation in check.
We believe that voters' endorsement of the status quo in Washington on
November 5 is a positive development for tax-exempt securities. The prospect of
four more years of divided government suggests that: a) the threat of a "flat
tax" has passed, b) there will be no substantial changes in government
operations; that is, no new major spending and no major reduction in the
government's cash flow from tax cuts.
This probable climate of fiscal stability could help lift prices of
long-term tax-exempt bonds and generally lead to lower interest rates. In such
an environment, we believe yields on short-term tax-free securities may decline.
Unlike stock and bond funds, a money market fund like Tax-Free Money
Fund derives 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.
Delaware Group offers a complete family of domestic and international
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 and we look forward to helping you reach your goals.
Sincerely,
/s/ Wayne A. Stork
Wayne A. Stork
CHAIRMAN, PRESIDENT AND CHIEF EXECUTIVE OFFICER
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
PERIODS ENDED OCTOBER 31, 1996
Six Months* One Year Five Years 10 years Lifetime
<S> <C> <C> <C> <C> <C>
Tax-Free Money Fund A +1.37% +2.80% +2.42% +3.54% +4.18%
U.S. Consumer Price Index +1.40% +3.00% +2.87% +3.67% +3.57%
- ----------------------------------------------------------------------------------------------------------------
</TABLE>
*Aggregate Return. Average annual total return for Tax-Free Money Fund's
Consultant Class was the same as A Class for the six month, one-year and five
year periods ended October 31, 1996. Consultant Class's average annual returns
for the lifetime and 10-year periods were +4.15% and +3.49%, respectively. The
Fund began operating on September 17, 1981. Source of inflation data: Bloomberg
Business News.
- -------------------------------------------------------------------------------
1
<PAGE>
FINANCIAL
- ----------------------
STATEMENTS
- ----------------------
DELAWARE GROUP TAX-FREE MONEY FUND, INC.
STATEMENT OF NET ASSETS
OCTOBER 31, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
Principal Maturity
Amount Security Yield Date Value
<S> <C> <C> <C> <C>
+VARIABLE RATE DEMAND NOTES - 62.73%
1,500,000 Allegheny County, Pennsylvania Hospital Development Authority Revenue
(Presbyterian University Hospital) Series A. . . . . . . . . . . . . . . . . 3.35% 11/01/96 $ 1,500,000
1,000,000 Allegheny County, Pennsylvania Hospital Development Authority Revenue
(Variable Health Facility For Central Blood Bank). . . . . . . . . . . . . . 3.55% 11/01/96 1,000,000
100,000 Allegheny County, Pennsylvania-Series C-41 (Letter of Credit, Nat West). . . . 3.35% 06/01/03 100,000
1,200,000 Emmaus,Pennsylvania General Authority Revenue 89H-6 (Letter of Credit, Midland) 3.60% 03/01/24 1,200,000
900,000 Florida Housing Finance Authority Multifamily Housing Revenue
(Broward County Project, Letter of Credit, PNC Bank). . . . . . . . . . . . 3.50% 11/07/96 900,000
1,700,000 Florida Housing Finance Agency Multifamily Housing Revenue
(Town Colony II Project, Letter of Credit, CG Life). . . . . . . . . . . . 3.50% 11/01/96 1,700,000
1,000,000 Gary, Indiana Environmental Improvement Revenue
(U.S. Steel Corp., Letter of Credit, Bank of Nova Scotia). . . . . . . . .. 3.60% 11/01/96 1,000,000
1,000,000 Jackson County, Mississippi Port Facility Revenue (Chevron USA Project) 3.70% 09/01/30 1,000,000
1,000,000 Louisiana Public Facilities Authority
(Louisiana Water Company, Letter of Credit, Bank One). . . . . . . . . . . . 3.55% 11/01/96 1,000,000
1,000,000 Lynchburg, Virginia Industrial Development Authority (VHA Mid Atlantic, AMBAC) 3.40% 11/01/96 1,000,000
500,000 Missouri State Health & Education Facilities (Washington University-Series B) 3.75% 11/01/96 500,000
1,600,000 Montgomery County, Maryland Housing Opportunities Community Multifamily
Housing Revenue
(Falkland Apartments, Letter of Credit, CG Life) . . . . . . . . . . . . . 3.50% 11/01/96 1,600,000
1,400,000 Montgomery County, Pennsylvania Industrial Development Authority Revenue
(Ikea project, Letter of Credit, Morgan Guaranty Trust Company). . . . . . . 3.55% 11/01/96 1,400,000
400,000 Montgomery, Alabama BMC Special Care Facilities-Series C (AMBAC). . . . . . . 3.40% 11/01/96 400,000
300,000 New York, New York, Series 92 B (FGIC). . . . . . . . . . . . . . . . . . . . 3.80% 11/01/96 300,000
500,000 New York, New York, Series 93 B-2 (Letter of Credit, Morgan
Guaranty Trust Company). . . . . . . . . . . . . . . . . . . . . . . . . . . 3.80% 11/01/96 500,000
1,000,000 Ohio Housing Finance Agency Multifamily Housing Revenue
(Kenwood Congregate Retirement, Letter of Credit, Swiss Bank). . . . . . . . 3.50% 11/01/96 1,000,000
1,205,000 *Pittsburgh,Pennsylvania Urban Development Authority (Wood Street Commons) 4.13% 11/07/96 1,205,000
1,000,000 Salt Lake County, Utah Pollution Control Revenue
(Service Station Holdings Project). . . . . . . . . . . . . . . . . . . . . . 3.75% 11/01/96 1,000,000
400,000 Vermont Educational & Health Buildings Financing Agency Revenue
(VHA New England Inc.-Series A, AMBAC). . . . . . . . . . . . . . . . . . . . 3.45% 11/01/96 400,000
500,000 Vermont Educational & Health Buildings Financing Agency Revenue
(VHA New England Inc.-Series B, AMBAC). . . . . . . . . . . . . . . . . . . . 3.45% 11/01/96 500,000
600,000 Vermont Educational & Health Buildings Financing Agency Revenue
(VHA New England Inc.-Series D, AMBAC). . . . . . . . . . . . . . . . . . . . 3.45% 11/01/96 600,000
1,750,000 Winston Salem (North Carolina Certificates of Participation, Letter of Credit,
Credit Suisse). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.50% 11/01/96 1,750,000
----------
Total Variable Rate Demand Notes. . . . . . . . . . . . . . . . . . . . . . . . . . . 21,555,000
----------
</TABLE>
2
<PAGE>
Statement of Net Assets (Continued)
<TABLE>
<CAPTION>
Principal Maturity
Amount Security Yield Date Value
<S> <C> <C> <C> <C>
GENERAL OBLIGATION NOTES - 7.30%
700,000 Burlington KS-KCP&L-CP Deutsch. . . . . . . . . . . . . . . . . . . . . . . . 3.45% 11/04/96 $ 700,000
1,800,000 Temple University of the Commonwealth System of Higher Education, Pennsylvania 4.63% 05/20/97 1,808,793
----------
Total General Obligation Notes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,508,793
----------
TAX REVENUE AND GRANT ANTICIPATION NOTES - 7.15%
1,200,000 Maricopa County, Arizona School District (Tax Anticipation Notes-Series B). . 4.55% 07/31/97 1,203,891
1,250,000 Salt Lake County, Utah Tax & Revenue Anticipation Notes. . . . . . . . . . . . 4.50% 12/31/96 1,251,508
----------
Total Revenue Anticipations Notes. . . . . . . . . . . . . . . . . . . . . . . . . . . 2,455,399
----------
OTHER BONDS - 5.70%
1,000,000 Indiana Bank. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.50% 01/30/97 1,001,433
955,000 Tulsa, Oklahoma Industrial Authority Hospital Revenue
(Hillcrest Medical Center Project). . . . . . . . . . . . . . . . . . . . . . 5.25% 06/01/97 960,619
----------
Total Other Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,962,052
----------
PUT BONDS - 5.24%
1,000,000 New Hampshire Higher Educational & Health Facilities Authority Revenue
(Dartmouth Educational). . . . . . . . . . . . . . . . . . . . . . . . . . . 3.75% 12/01/96 1,000,000
800,000 New Hampshire Higher Educational & Health Facilities Authority Revenue
(Dartmouth Educational). . . . . . . . . . . . . . . . . . . . . . . . . . . 4.10% 11/01/96 800,000
----------
Total Put Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,800,000
----------
Bond Anticipation Notes - 4.38%
1,500,000 Burlington County, New Jersey Bank Anticipation Notes - 96. . . . . . . . . . . 4.25% 6/13/97 1,503,988
----------
Total Bond Anticipation Notes. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,503,988
----------
Commercial Paper - 4.37%
1,500,000 Georgia Municipal - 85C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.55% 11/01/96 1,500,000
----------
Total Commercial Paper. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500,000
----------
PROJECT NOTES - 2.62%
900,000 Pennsylvania State University Project Notes-Series 9SA. . . . . . . . . . . . . .4.00% 12/18/96 900,557
----------
Total Project Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 900,557
----------
TOTAL MARKET VALUE OF SECURITIES OWNED - 99.49%
(WHICH APPROXIMATES COST FOR FINANCIAL
REPORTING AND INCOME TAX PURPOSES). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,185,789
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES - 0.51%. . . . . . . . . . . . . . . . . . . . . 176,127
----------
NET ASSETS APPLICABLE TO 32,740,319
TAX-FREE MONEY FUND A CLASS SHARES AND
1,621,597 CONSULTANT CLASS SHARES OUTSTANDING;
EQUIVALENT TO $1.00 PER SHARE - 100.00%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $34,361,916
===========
</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.
AMBAC - Insured by AMBAC Indemnity Corporation.
FGIC - Insured by the Financial Guaranty Insurance Company.
See accompanying notes
3
<PAGE>
DELAWARE GROUP TAX-FREE MONEY FUND, INC.
STATEMENT OF OPERATIONS
SIX MONTHS ENDED OCTOBER 31, 1996
(UNAUDITED)
INVESTMENT INCOME:
Interest. . . . . . . . . . . . . . . . . $645,984
EXPENSES:
Management fees ($87,469) and
directors' fees ($3,808) . . . . . . . . . $91,277
Registration fees . . . . . . . . . . . . 20,745
Dividend disbursing, transfer agent
and shareholder servicing fees. . . . . . 12,428
Professional fees. . . . . . . . . . . . . 10,465
Reports and statements to shareholders. . . 4,588
Accounting fees and salaries. . . . . . . . 4,108
Custodian fees. . . . . . . . . . . . . . . 675
Taxes (other than income). . . . . . . . . 156
Other. . . . . . . . . . . . . . . . . . . 5,252 149,694
------- --------
NET INVESTMENT INCOME. . . . $496,290
========
See accompanying notes
DELAWARE GROUP TAX-FREE MONEY FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended Year Ended
10/31/96 4/30/96
(Unaudited)
OPERATIONS:
Net investment income. . . . $ 496,290 $ 1,377,972
---------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM
NET INVESTMENT INCOME:
Tax-Free Money Fund A Class (474,954) (1,324,068)
Tax-Free Money Fund
Consultant Class. . . . . . (21,336) (53,904)
---------- ----------
(496,290) (1,377,972)
---------- ----------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold:
Tax-Free Money Fund A Class 15,008,699 45,058,526
Tax-Free Money Fund
Consultant Class. . . . . . 1,055,314 2,587,979
Net asset value of shares
issued upon reinvestment of
dividends from net
investment income:
Tax-Free Money Fund A Class 381,441 1,272,749
Tax-Free Money Fund
Consultant Class. . . . . . 17,387 53,808
---------- ----------
16,462,841 48,973,062
---------- ----------
Cost of shares repurchased:
Tax-Free Money Fund A Class (18,128,826) (65,295,936)
Tax-Free Money Fund
Consultant Class. . . . . . (903,300) (2,804,135)
---------- ----------
(19,032,126) (68,100,071)
---------- ----------
Decrease in net assets
derived from capital
share transactions (2,569,285) (19,127,009)
---------- ----------
DECREASE
IN NET ASSETS. . . . . . . . (2,569,285) (19,127,009)
NET ASSETS:
Beginning of period. . . . . 36,931,201 56,058,210
---------- ----------
End of period. . . . . . . . $34,361,916 $36,931,201
=========== ===========
See accompanying notes
4
<PAGE>
DELAWARE GROUP TAX-FREE MONEY FUND, INC.
NOTES TO FINANCIAL STATEMENTS
OCTOBER 31, 1996
(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.
The investment objective of the Tax-Free Money Fund is to seek a high level of
current income, exempt from federal income tax, while preserving principal and
maintaining liquidity consistent with prudent investment management. Though
there is no guarantee this goal will be met, the Fund strives to maintain a
stable net asset value of $1.00 per share.
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 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 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. 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.
Certain Fund expenses may be paid directly to brokers. The amount of these
expenses was less than 0.01 percent of the Fund's average net assets.
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 October 31,
1996, the Fund had a liability for Investment Management fees payable to DMC for
$4,594.
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 0.30% 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. Effective
August 19, 1996, the Fund also engaged DSC to provide accounting services for
the Fund. Previously, Fund personnel provided this service and the related costs
were recorded in salaries and other expense categories in the Statement of
Operations. For the six months ended October 31, 1996, the Fund expensed $13,511
for these services. At October 31, 1996, the Fund had a liability for such fees
and other expenses payable to DSC for $1,163.
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.
<PAGE>
3. Capital Stock
Transactions in capital stock shares of the Fund were as follows:
Six
Months
Ended Year Ended
10/31/96 4/30/96
Shares sold
Tax-Free Money Fund A Class 15,008,699 45,058,526
Tax-Free Money Fund Consultant Class 1,055,314 2,587,979
Shares issued upon reinvestment of
dividends from net investment income:
Tax-Free Money Fund A Class 381,441 1,272,749
Tax-Free Money Fund Consultant Class 17,387 53,808
---------- ----------
16,462,841 48,973,062
---------- ----------
Shares repurchased:
Tax-Free Money Fund A Class (18,128,826) (65,295,936)
Tax-Free Money Fund Consultant Class (903,300) (2,804,135)
---------- ----------
(19,032,126) (68,100,071)
---------- ----------
Net decrease. . . . . . . . . . . . . (2,569,285) (19,127,009)
========== ==========
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. These securities have been identified in the
Statement of Net Assets.
5
<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 A Class
----------------------------------------------------------------------
Six Months
Ended Year Ended
10/31/96(1) 4/30/96 4/30/95 4/30/94 4/30/93 4/30/92
<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. . . . . . . . . . . . . . 0.0137 0.0293 0.0255 0.0158 0.0201 0.0347
Net realized and unrealized gain on security
transactions. . . . . . . . . . . . . . . . . . none none none none none none
------- ------- ------- ------- ------- -------
Total from investment operations. . . . . . . . . 0.0137 0.0293 0.0255 0.0158 0.0201 0.0347
------- ------- ------- ------- ------- -------
Less distributions:
Dividends from net investment income. . . . . . . (0.0137) (0.0293) (0.0255) (0.0158) (0.0201) (0.0347)
Distributions from net realized gain on security
transactions. . . . . . . . . . . . . . . . . . . none none none none none none
------- ------- ------- ------- ------- -------
Total distributions. . . . . . . . . . . . . . . . (0.0137) (0.0293) (0.0255) (0.0158) (0.0201) (0.0347)
------- ------- ------- ------- ------- -------
Net asset value, end of period. . . . . . . . . . . $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000
======= ======= ======= ======= ======= =======
Total Return. . . . . . . . . . . . . . . . . . . . 1.37% 2.97% 2.59% 1.59% 2.03% 3.52%
Ratios/supplemental data:
Net assets, end of period (000 omitted). . . . . . . $32,740 $35,479 $54,444 $44,707 $43,886 $53,210
Ratio of expenses to average net assets. . . . . . . 0.82% 0.90% 0.96% 0.99% 0.94% 0.84%
Ratio of net investment income to average
net assets. . . . . . . . . . . . . . . . . . . . . 2.71% 2.95% 2.57% 1.58% 2.03% 3.43%
</TABLE>
- -----------
(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
Ended Year Ended
10/31/96(1) 4/30/96 4/30/95 4/30/94 4/30/93 4/30/92
<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. . . . . . . . . . . . . . . 0.0137 0.0293 0.0255 0.0158 0.0201 0.0347
Net realized and unrealized gain on security
transactions. . . . . . . . . . . . . . . . . . . none none none none none none
------- ------- ------- ------- ------- -------
Total from investment operations. . . . . . . . . . 0.0137 0.0293 0.0255 0.0158 0.0201 0.0347
------- ------- ------- ------- ------- -------
Less distributions:
Dividends from net investment income. . . . . . . . (0.0137) (0.0293) (0.0255) (0.0158) (0.0201) (0.0347)
Distributions from net realized gain on
security transactions. . . . . . . . . . . . . . . none none none none none none
------- ------- ------- ------- ------- -------
Total distributions. . . . . . . . . . . . . . . . (0.0137) (0.0293) (0.0255) (0.0158) (0.0201) (0.0347)
------- ------- ------- ------- ------- -------
Net asset value, end of period. . . . . . . . . . . . $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000
======= ======= ======= ======= ======= =======
Total Return. . . . . . . . . . . . . . . . . . . . . 1.37% 2.97% 2.59% 1.59% 2.03% 3.52%
Ratios/supplemental data:
Net assets, end of period (000 omitted). . . . . . . $1,622 $1,452 $1,614 $1,407 $1,846 $1,920
Ratio of expenses to average net assets. . . . . . . 0.82% 0.90% 0.96% 0.99% 0.94% 0.84%
Ratio of net investment income to average
net assets. . . . . . . . . . . . . . . . . . . . . 2.71% 2.95% 2.57% 1.58% 2.03% 3.43%
</TABLE>
- ---------
(1) Ratios have been annualized and total return has not been annualized.
<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 Tax-Free
Money 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.
Printed in the U.S.A. on recycled paper.
SA - 006 [10/96] PP12/96
===================
DELAWARE
GROUP
TAX-FREE
MONEY FUND
===================
1996
SEMI-ANNUAL
REPORT
A Tradition of Sound Investing Since 1929
DELAWARE
GROUP
======================
Philadelphia o London
