Supplement Dated April 15, 1995
                   to the Current Prospectuses
              of the Following Delaware Group Funds

          Delaware Group Delaware Fund, Inc., Delaware
          Group Trend Fund, Inc., Delaware Group Value
          Fund, Inc., Delaware Group Decatur Fund, Inc.,
          Delaware Group DelCap Fund, Inc., Delaware
          Group Delchester High-Yield Bond Fund, Inc.,
          Delaware Group Government Fund, Inc.,
          Delaware Group Tax-Free Fund, Inc., Delaware
          Group Treasury Reserves, Inc.,  Delaware Group
          Tax-Free Money, Inc., Delaware Group Cash
          Reserve, Inc.


     On March 29, 1995, shareholders of each of the above
referenced Funds or, as relevant, the series thereof, approved a new
Investment Management Agreement with Delaware Management
Company, Inc. ("DMC"), an indirect wholly-owned subsidiary of
Delaware Management Holdings, Inc. ("DMH").  The approval of
new Investment Management Agreements was subject to the
completion of the merger (the "Merger") between DMH and a wholly-
owned subsidiary of Lincoln National Corporation ("Lincoln
National") which occurred on April 3, 1995. Accordingly, the
previous Investment Management Agreements terminated and the new
Investment Management Agreements became effective on that date.

     As a result of the Merger, DMC and its two affiliates,
Delaware Service Company, Inc., the Funds' shareholder servicing,
dividend disbursing and transfer agent and Delaware Distributors,
L.P., the Funds' national distributor became indirect wholly-owned
subsidiaries of Lincoln National.  Lincoln National, with headquarters
in Fort Wayne, Indiana, is a diversified organization with operations
in many aspects of the financial services industry, including insurance
and investment management.  

     Under the new Investment Management Agreements, DMC
will be paid at the same annual fee rates and on the same terms as it
was under the previous Investment Management Agreements.  In
addition, the investment approach and operation of each Fund and, as
relevant, each series of a Fund, will remain substantially unchanged.

                                                                     PS-OTH-4/95
 1

U.S. GOVERNMENT MONEY FUND                                        PROSPECTUS
A CLASS SHARES                                             February 28, 1995
              --------------------------------------------------
                 1818 Market Street, Philadelphia, PA 19103
     For Prospectus and Performance: Nationwide 800-523-4640 Philadelphia
                              215-988-1333
    Information on Existing Accounts: Nationwide 800-523-1918 Philadelphia
                              215-988-1241
  This Prospectus describes the U.S. Government Money Fund A Class (the "Class")
of shares of the U.S. Government Money Series of Delaware Group Treasury
Reserves, Inc. (the "Fund"). The Fund is an investment company offering shares
of two Series, the U.S. Government Money Series (the "Series"), and the Treasury
Reserves Intermediate Series, a prospectus for which may be obtained by calling
the numbers listed above.
  The Series is a professionally-managed mutual fund seeking maximum current
income while preserving principal and maintaining liquidity. The Series intends
to achieve its objective by investing its assets only in short-term securities
issued or guaranteed as to principal and interest by the U.S. government, its
agencies or instrumentalities, and repurchase agreements secured by the same.
  The Series is a money market fund. The minimum initial investment is $1,000;
subsequent investments must be at least $25. There is no front-end or contingent
deferred sales charge.
  This Prospectus sets forth information that you should read and consider
before you invest. Please retain it for future reference. Part B of the
registration statement, dated February 28, 1995, as it may be amended from time
to time, contains additional information about the Series and has been filed
with the Securities and Exchange Commission. Part B is incorporated by reference
into this Prospectus and is available, without charge, by writing to Delaware
Distributors, L.P. at the above address or by calling the above numbers. The
Series' financial statements appear in its Annual Report, which will accompany
any response to requests for Part B.
  The Series also offers the U.S. Government Money Fund Consultant Class of
shares. Shares of that class are offered for sale through brokers, financial
institutions and other entities which have a dealer agreement with the Fund's
Distributor or a service agreement with the Fund's Distributor or a service
agreement with the Fund, and shares of that class are subject to ongoing 12b-1
Plan distribution expenses. At the present time, no distribution fees are being
paid under the 12b-1 Plan for the U.S. Government Money Fund Consultant Class. A
prospectus for the U.S. Government Money Fund Consultant Class can be obtained
by writing to Delaware Distributors, L.P. at the above address or by calling the
above numbers. See U.S. Government Money Fund Consultant Class.

TABLE OF CONTENTS
Cover Page...........................        1
Synopsis.............................        2
Summary of Expenses..................        3
Financial Highlights.................        4
Investment Objective and Policies
 Suitability..........................       5
 Investment Strategy..................       5
The Delaware Difference
 Plans and Services...................       6
Retirement Planning..................        7
Buying Shares........................        8
Redemption and Exchange..............       10
Dividends and Distributions..........       13
Taxes................................       13
Net Asset Value Per Share............       14
Management of the Fund...............       14

THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION, NOR HAS THE SECURITIES
AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE
ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE.

- -------------------------------------------------------------------------------
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 SERIES ARE
NOT FDIC OR NCUSIF INSURED, ARE NOT GUARANTEED BY ANY CREDIT UNION OR ANY BANK,
ARE NOT OBLIGATIONS OF ANY CREDIT UNION OR ANY BANK, AND INVOLVE INVESTMENT
RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL. SHARES OF THE SERIES ARE NOT 
CREDIT UNION OR BANK DEPOSITS.
- -------------------------------------------------------------------------------

                                      1
 2


SYNOPSIS

Capitalization
  The Series offers the U.S. Government Money Fund A Class and the U.S.
Government Money Fund Consultant Class. The Fund has a present authorized
capitalization of three billion shares of common stock with a $.001 par value
per share. Five hundred million shares of the Fund have been allocated to each
class of shares. See Shares under Management of the Fund.

Investment Manager, Distributor and Service Agent
  Delaware Management Company, Inc. (the "Manager") is the investment manager
for the Series. The Manager or its affiliate, Delaware International Advisers
Ltd., manages the other funds in the Delaware Group. Delaware Distributors,
L.P. (the "Distributor") is the national distributor for the Series and for
all of the other mutual funds in the Delaware Group. Delaware Service
Company, Inc. (the "Transfer Agent") is the shareholder servicing, dividend
disbursing and transfer agent for the Series and for all of the other mutual
funds in the Delaware Group. See Management of the Fund.

Purchase Price
  Shares of the Class offered by this Prospectus are available at net asset
value, without a sales charge and are not subject to distribution fees under a
Rule 12b-1 distribution plan. See Buying Shares.

Minimum Investment
  The minimum initial investment is $1,000 and all subsequent investments
must be at least $25. See Buying Shares.

Investment Objective
  The objective of the Series is to seek maximum current income while preserving
principal and maintaining liquidity. The Series intends to achieve its objective
by investing its assets only in short-term securities issued or guaranteed as to
principal and interest by the U.S. government, its agencies or
instrumentalities, and repurchase agreements secured by the same. See 
Investment Objective and Policies.

Open-End Investment Company
  The Fund, which was organized as a Pennsylvania business trust in 1981 and
reorganized as a Maryland corporation in 1990, is a diversified, open-end
management investment company, commonly known as a mutual fund. The Series
portfolio of assets is diversified for purposes of the Investment Company Act of
1940. See Shares under Management of the Fund.

Investment Management Fees
  The Manager furnishes investment management services to the Series, subject to
the supervision and direction of the Fund's Board of Directors. Under the
Investment Management Agreement, the annual compensation paid to the Manager is
equal to 1\2 of 1% of average daily net assets of the Series, less all
directors' fees paid to the unaffiliated directors by the Fund. See Management
of the Fund.

Redemption and Exchange
  Shares of the Series are redeemed or exchanged at the net asset value
calculated after receipt of the redemption or exchange request. See Redemption
and Exchange.

                                       2
 3


SUMMARY OF EXPENSES


                                                                                       Annual Operating Expenses
                Shareholder Transaction Expenses                               (as a percentage of average daily net assets)
- ----------------------------------------------------------------------------  -------------------------------------------------
                                                                                                              
Maximum Sales Charge Imposed on Purchases                             Management Fees............................      0.46%
  (as a percentage of offering price)..................    None       12b-1 Fees.................................      None
Maximum Sales Charge Imposed on Reinvested Dividends                  Other Operating Expenses...................      0.80%
  (as a percentage of offering price)..................    None                                                        -----
Redemption Fees........................................    None*         Total Operating Expenses................      1.26%
Exchange Fees..........................................    None**                                                      =====


  The purpose of this table is to assist the investor in understanding the
various costs and expenses that an investor in the Class will bear directly or
indirectly. *CoreStates Bank, N.A. currently charges $7.50 per redemption for
redemptions payable by wire. **Exchanges are subject to the requirements of each
fund and a sales charge may apply. Also, see U.S. Government Money Fund
Consultant Class for expense information about that class.
  The following example illustrates the expenses that an investor would pay on a
$1,000 investment over various time periods assuming (1) a 5% annual rate of
return and (2) redemption at the end of each time period. As noted in the table
above, the Fund charges no redemption fees.

  1 year              3 years              5 years               10 years
  ------              -------              -------               --------
   $13                  $40                  $69                   $152

This example should not be considered a representation of past or future
expenses or performance. Actual expenses may be greater or less than those
shown.

                                       3
 4

FINANCIAL HIGHLIGHTS

The following financial highlights are derived from the financial statements of
Delaware Group Treasury Reserves, Inc.-U.S. Government Money Series and have
been audited by Ernst & Young LLP, independent auditors. The data should be read
in conjunction with the financial statements, related notes, and the report of
Ernst & Young LLP covering such financial information and highlights, all of
which are incorporated by reference into Part B. Further information about the
Series' performance is contained in its Annual Report to shareholders. A copy of
the Series' Annual Report (including the report of Ernst & Young LLP) may be
obtained from the Fund upon request at no charge.




- --------------------------------------------------------------------------------------------------------------

                                                                           Year Ended
                                                 12/31/94     12/31/93     12/31/92     12/31/91     12/31/90
                                                                                           
Net Asset Value, Beginning of Period(1).....     $1.0000      $1.0000      $1.0000      $1.0000      $1.0000 

Income From Investment Operations
- ---------------------------------
Net Investment Income.......................      0.0289       0.0200       0.0308       0.0519       0.0711 
Net Gains or Losses on Securities
(both realized and unrealized)..............        none         none         none         none         none  
                                                  ------      -------      -------      -------      ------- 
  Total From Investment Operations..........      0.0289       0.0200       0.0308       0.0519       0.0711 
                                                  ------      -------      -------      -------      ------- 
Less Distributions
- ------------------
Dividends (from net investment income)......     (0.0289)     (0.0200)     (0.0308)     (0.0519)     (0.0711)
Distributions (from capital gains)..........        none         none         none         none         none  
Returns of Capital..........................        none         none         none         none         none  
                                                  ------      -------      -------      -------      ------- 
  Total Distributions.......................     (0.0289)     (0.0200)     (0.0308)     (0.0519)     (0.0711)
                                                  ------      -------      -------      -------      ------- 
Net Asset Value, End of Period..............      1.0000      $1.0000      $1.0000      $1.0000      $1.0000 
                                                  ======      =======      =======      =======      ======= 
- -------------------------------------------------------------------------------------------------------------
Total Return................................       2.93%        2.01%        3.13%        5.32%        7.35% 
- ------------
- -------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
- ------------------------
Net Assets, End of Period (000's omitted)...     $17,119      $20,919      $41,049      $45,933      $49,907 
Ratio of Expenses to Average Daily Net Assets      1.26%        1.04%        0.91%        0.85%        0.82% 
Ratio of Net Investment Income to
  Average Daily Net Assets..................       2.91%        2.06%        3.11%        5.23%        7.11% 



 5





- --------------------------------------------------------------------------------------------------------------

                                                                           Year Ended
                                                 12/28/89      12/29/88     12/31/87     12/25/86     12/26/85
                                                                                            
Net Asset Value, Beginning of Period(1).....     $1.0000      $1.0000      $1.0000      $1.0000      $1.0000

Income From Investment Operations
- ---------------------------------
Net Investment Income.......................      0.0768       0.0608       0.0525       0.0575       0.0724
Net Gains or Losses on Securities
(both realized and unrealized)..............        none         none         none         none         none
                                                 -------      -------      -------      -------      -------
  Total From Investment Operations..........      0.0768       0.0608       0.0525       0.0575       0.0724
                                                 -------      -------      -------      -------      -------
Less Distributions
- ------------------
Dividends (from net investment income)......     (0.0768)     (0.0608)     (0.0525)     (0.0575)     (0.0724)
Distributions (from capital gains)..........        none         none         none         none         none
Returns of Capital..........................        none         none         none         none         none
                                                 -------      -------      -------      -------      -------
  Total Distributions.......................     (0.0768)     (0.0608)     (0.0525)     (0.0575)     (0.0724)
                                                 -------      -------      -------      -------      -------
Net Asset Value, End of Period..............     $1.0000      $1.0000      $1.0000      $1.0000      $1.0000
                                                 =======      =======      =======      =======      =======
- --------------------------------------------------------------------------------------------------------------
Total Return................................       7.96%        6.26%        5.38%        5.90%        7.48%
- ------------
- --------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
- ------------------------
Net Assets, End of Period (000's omitted)...     $34,572      $35,013      $34,292      $56,464      $54,371
Ratio of Expenses to Average Daily Net Assets      1.21%        1.20%        1.21%        0.93%        0.90%
Ratio of Net Investment Income to
  Average Daily Net Assets..................       7.69%        6.11%        5.25%        5.73%        7.24%




- ----------------
(1)Effective January 1, 1991, the Fund will attempt to maintain a constant net
   asset value of $1.00 per share. The Fund accomplished this change by
   effecting a ten-to-one stock split for shareholders of record on that date.
   All figures prior to January 1, 1991 have been restated to reflect this stock
   split.

                                       4
 6

INVESTMENT OBJECTIVE  AND POLICIES

  As a money market fund, the Series' objective is to provide maximum current
income, while preserving principal and maintaining liquidity. The Series seeks
to do this by investing only in short-term securities issued or guaranteed as to
principal and interest by the U.S. government, its agencies or
instrumentalities, and repurchase agreements secured by such permitted
investments. All securities purchased by the Series mature within 13 months from
the date of purchase, although repurchase agreements may be collateralized by
securities maturing in more than 13 months. The Series attempts to manage the
portfolio to maintain a constant net asset value of $1.00 per share. While the
Series will make every effort to maintain a fixed net asset value of $1.00 per
share, there can be no assurance that this objective will be achieved.

SUITABILITY
  The Series is suited for investors who seek high yields along with easy access
to their money and stable principal value. Ownership of Series shares also
reduces the bookkeeping and administrative inconveniences of directly purchasing
money market securities.

INVESTMENT STRATEGY
  The Series invests principally in short-term U.S. government securities in
order to achieve its objective. While there is no assurance this objective can
be achieved, the Series must follow certain policies that can only be changed by
shareholder approval.

Quality Restrictions
  The Series limits its investments to those which the Board of Directors has
determined present minimal credit risks and are of high quality and which are
otherwise in accordance with the maturity, quality and diversification
conditions with which taxable money market funds must comply.
  The Series' investments include direct obligations issued by the U.S. Treasury
which include bills, notes and bonds which differ from each other principally in
interest rates, maturities and dates of issuance. These issues, plus some
federal agency obligations, are guaranteed by the full faith and credit of the
U.S. government. Examples include Federal Housing Administration, Farmers Home
Administration, Government National Mortgage Association and Export-Import Bank
of the United States. Other federal agency obligations only have the guarantee
of the agency. Examples include Federal Home Loan Banks, Federal Land Banks,
Federal Home Loan Mortgage Corporation, The Tennessee Valley Authority and the
International Bank for Reconstruction and Development. Although obligations of
agencies and instrumentalities are not direct obligations of the U.S. Treasury,
payment of the interest and principal on such obligations is generally backed
directly or indirectly by the U.S. government. This support can range from the
backing of the full faith and credit of the United States, to U.S. Treasury
guarantees, or to the backing solely of the issuing agency or instrumentality
itself.

Maturity Restrictions
  The Series maintains an average maturity of not more than 90 days. Also, it
does not purchase any instruments with an effective remaining maturity of more
than 13 months.

Investment Techniques
  The Series intends to hold its investments until maturity, but may sell them
prior to maturity for a number of reasons. These reasons include: to shorten or
lengthen the average maturity, to increase the yield, to maintain the quality of
the portfolio or to maintain a stable share value.
  The Series may invest up to 10% of its assets, together with any illiquid
investments, in fully-insured deposits maturing in 60 days or less from members
of the FDIC.
  The Series may also use repurchase agreements which are at least 100%
collateralized by securities in which the Series can invest directly. Repurchase
agreements help the Series to invest cash on a short-term basis. Under a
repurchase agreement, the Series acquires ownership and possession of a
security, and the seller agrees to buy the security back at a specified time and
higher price. If the seller is unable to repurchase the security, the Series
could experience delays and losses in liquidating the securities. To minimize
this possibility, the Series considers the creditworthiness of banks and dealers
when entering into repurchase agreements.
  The Series may borrow money as a temporary measure for extraordinary purposes
or to facilitate redemptions, but it does not presently intend to do so.
  Part B provides more information on the Series' investment policies and
restrictions.

                                       5
 7

THE DELAWARE DIFFERENCE

PLANS AND SERVICES
  The Delaware Difference is our commitment to provide you with superior
information and quality service on your investments in the Delaware Group of
funds.

SHAREHOLDER PHONE DIRECTORY

Investor Information Center
  800-523-4640
  (Philadelphia 215-988-1333)
    Fund Information; Literature;
    Price, Yield and Performance Figures

Shareholder Service Center
  800-523-1918
  (Philadelphia 215-988-1241)
    Information on Existing Regular Investment
    Accounts and Retirement Plan Accounts;
    Wire Investments; Wire Liquidations;
    Telephone Liquidations; Telephone Exchanges

Delaphone
  800-362-FUND (800-362-3863)

Performance Information
  You can call the Investor Information Center anytime to get current yield
information. Yield information is updated each weekday and is based on the
annualized yield over the past seven-day or longer period.

Shareholder Services
  During business hours, you can call the Fund's Shareholder Service Center. The
representatives can answer any of your questions about your account, the Series,
the various service features and other funds in the Delaware Group.

Delaphone Service
  Delaphone is an account inquiry service for investors with Touch-Tone (R)
phone service. It enables you to get information on your account faster than the
mailed statements and confirmations seven days a week, 24 hours a day.

Account Statements
  A statement of account will be mailed each quarter summarizing all
transactions during the period. Accounts in which there has been activity will
receive a monthly statement confirming transactions for the period. You should
examine statements and confirmations immediately and promptly report any
discrepancy by calling the Shareholder Service Center.

Duplicate Confirmations
  If your investment dealer is noted on your investment application, we will
send your dealer a duplicate confirmation. This makes it easier for your
investment dealer to help you manage your investments.

Tax Information
  Each year, the Fund will mail you information on the tax status of your
dividends and distributions.

Dividend Reinvestment Plan
  You can elect to have your distributions (capital gains and/or dividend
income) paid to you by check or reinvested in your account without a sales
charge or you may be permitted to reinvest your distributions in other funds in
the Delaware Group without a sales charge, subject to eligibility and minimum
purchase requirements set forth in each fund's prospectus. Dividends on shares
of the Class may not be invested in the Class B Shares that are offered by
certain other funds in the Delaware Group ("Class B Funds"). For more
information about reinvestment in shares of other funds in the Delaware Group,
call the Shareholder Service Center.

Exchange Privilege
  The Exchange Privilege permits shareholders to exchange all or part of their
Class shares into shares of the other funds in the Delaware Group, subject to
the eligibility and minimum purchase requirements set forth in each fund's
prospectus, including any applicable front-end sales charge. Exchanges are not
permitted between Class shares and the Class B Shares of the Class B Funds. See
Redemption and Exchange.
  See Redemption and Exchange for additional information on exchanges.


 8


Wealth Builder Option
  You may be permitted to elect to have amounts in your account automatically
invested in other funds in the Delaware Group. Investments under this feature
are exchanges and are therefore subject to the same conditions and limitations
as other exchanges of Class shares. See Redemption and Exchange.

Financial Information about the Series
  Each fiscal year, you will receive an audited annual report and an unaudited
semi-annual report. These reports provide detailed information about the Series'
investments and performance. The Fund's fiscal year ends on December 31.

The Delaware Digest
  You will receive newsletters covering topics of interest about your investment
alternatives and services from the Delaware Group.

                                      6
 9

RETIREMENT PLANNING

 The Class is also suitable for tax-deferred Retirement Plans. Prototype Profit
Sharing and Money Purchase Pension Plans are each subject to a one-time fee of
$200 per plan, or $300 for paired plans. No such fee is charged for owner-only
plans. All Prototype Profit Sharing and Money Purchase Pension Plans are subject
to an annual maintenance fee of $30 per participant account. Each of the other
Retirement Plans described below (other than 401(k) Defined Contribution Plans)
is subject to an annual maintenance fee of $15 for each participant's account,
regardless of the number of funds selected. Annual maintenance fees for 401(k)
Defined Contribution Plans are based on the number of participants in the Plan
and the services selected by the employer. Fees are quoted upon request. All of
the fees noted above are subject to change. Additional information about fees is
contained in Part B. The minimum initial investment for each Plan is $250;
subsequent investments must be at least $25.
  Certain shareholder investment services available to non-retirement plan
shareholders may not be available to Retirement Plan shareholders. For
additional information on any of the Plans and Delaware's retirement services,
call the Shareholder Service Center or see Part B.

Individual Retirement Account ("IRA")
  Individuals, even if they participate in an employer-sponsored retirement
plan, may establish their own retirement program. Contributions to an IRA may be
tax-deductible and earnings are tax-deferred. Under the Tax Reform Act of 1986,
the tax deductibility of IRA contributions is restricted, and in some cases
eliminated, for individuals who participate in certain employer-sponsored
retirement plans and whose annual income exceeds certain limits. Existing IRAs
and future contributions up to the IRA maximums, whether deductible or not,
still earn on a tax-deferred basis.

Simplified Employee Pension Plan ("SEP/IRA")
  A SEP/IRA may be established by an employer who wishes to sponsor a
tax-sheltered retirement program by making contributions on behalf of all
eligible employees.

Salary Reduction Simplified Employee Pension Plan ("SAR/SEP")
  Offers employers with 25 or fewer eligible employees the ability to establish
a SEP/IRA that permits salary deferral contributions. An employer may also elect
to make additional contributions to this Plan.

403(b)(7) Deferred Compensation Plan
  Permits employees of public school systems or of certain types of non-profit
organizations to enter into a deferred compensation arrangement for the purchase
of Class shares.

457 Deferred Compensation Plan
  Permits employees of state and local governments and certain other entities to
enter into a deferred compensation arrangement for the purchase of Class shares.

Prototype Profit Sharing or Money Purchase Pension Plan
  Offers self-employed individuals, partnerships and corporations a
tax-qualified plan which provides for the investment of contributions in
Class shares.

Prototype 401(k) Defined Contribution Plan
  Permits employers to establish a tax-qualified plan based on salary deferral
contributions. An employer may elect to make profit sharing contributions and/or
matching contributions into the Plan.

                                       7
 10


BUYING SHARES

 The Distributor serves as the national distributor for the Series.
  The minimum for initial investments is $1,000 and all subsequent
investments must be at least $25. All purchases are at net asset value. There
is no sales charge.
  Retirement Plans have other minimums. Refer to Part B or call the Shareholder
Service Center for more information on these Plans.
  The Series makes it easy to invest by mail, by wire, by exchange and by
arrangement with your investment dealer.

Investing through Your Investment Dealer
  You can make a purchase through most investment dealers who, as part of the
service they provide, must transmit orders promptly. They may charge for this
service. If you want a dealer but do not have one, we can refer you to one.

Investing by Mail
1. Initial Purchases--An Investment Application must be completed, signed and
sent with a check payable to U.S. Government Money Fund A Class, to P.O. Box
7977, Philadelphia, PA 19101.

2. Subsequent Purchases--Additional purchases may be made at any time by mailing
a check payable to U.S. Government Money Fund A Class. Your check should be
identified with your name(s) and account number. An investment slip (similar to
a deposit slip) is provided at the bottom of transaction confirmations and
dividend statements that you will receive from the Fund, and should be used when
you are making additional purchases. You can expedite processing by including an
investment slip with your check when making additional purchases. Your
investment may be delayed if you send additional purchases by certified mail.

Investing by Wire
  You may purchase shares by requesting your bank to transmit funds by wire to
CoreStates Bank, N.A., ABA #031000011, account number 0114-2596 (include your
name(s) and your account number for the Series and class in which you are
investing).

1. Initial Purchases--Before you invest, telephone the Fund's Shareholder
Service Center to get an account number. If you do not call first, it may delay
processing your investment. In addition, you must promptly send your Investment
Application to U.S. Government Money Fund A Class, to P.O. Box 7977,
Philadelphia, PA 19101.

2. Subsequent Purchases--You may make additional investments anytime by wiring
funds to CoreStates Bank, N.A., as described above. You should advise the Fund's
Shareholder Service Center by telephone of each wire you send.
  If you want to wire investments to a Retirement Plan Account, call the
Shareholder Service Center for special wiring instructions.

Investing by Exchange
  If you have an investment in another mutual fund in the Delaware Group, you
may write and authorize an exchange of part or all of your investment into the
Class. The Class B Shares of the Class B Funds may not be exchanged into the
Class. If you wish to open an account by exchange, call the Shareholder Service
Center for more information.

Additional Methods of Adding to Your Investment
  Call the Shareholder Service Center for more information if you wish to use
the following services:

1. Direct Deposit
  You may wish your employer or bank to make regular investments directly to
your account for you (for example: payroll deduction, pay by phone, annuity
payments). The Series also accepts preauthorized recurring government and
private payments by Electronic Fund Transfer, which avoids mail time and check
clearing holds on payments such as social security, federal salaries, Railroad
Retirement benefits, etc.

                                       8
 11

2. Automatic Investing Plan
  The Automatic Investing Plan enables you to make regular monthly investments
without writing or mailing checks. You may authorize the Fund to transfer a
designated amount monthly from your checking account to your Class account. Many
shareholders use this as an automatic savings plan for IRAs and other purposes.
Shareholders should allow a reasonable amount of time for initial purchases and
changes to these plans to become effective.
  This option is not available to participants in the following plans: SAR/SEP,
SEP/IRA, Profit Sharing and Money Purchase Pension Plans, 401(k) Defined
Contribution Plans, 403(b)(7) Deferred Compensation Plans or 457 Deferred
Compensation Plans.

                                     * * *
  Should investments by these two methods be reclaimed or returned for some
reason, the Fund has the right to liquidate your shares to reimburse the
government or transmitting bank. If there are insufficient funds in your Class
account, you are obligated to reimburse the Series.

Dividend Orders
  Some shareholders want the dividends earned in one fund automatically invested
in another Delaware Group fund with a different investment objective. For more
information on the requirements of the other funds, please call the Shareholder
Service Center.

Purchase Price and Effective Date
  The offering price (net asset value) of the Class is determined as of the
close of regular trading on the New York Stock Exchange (ordinarily, 4 p.m.,
Eastern time) on days when such exchange is open.
  Investments by Federal Funds wire will be effective upon receipt. If the wire
is received after the time the offering price of shares is determined, as noted
above, it will be effective the next business day. If the investment is made by
check, the check must be converted to Federal Funds before your purchase can be
effective (normally one business day after receipt).
  Your purchase begins earning dividends the next business day after becoming
effective. See Dividends and Distributions for additional information.

 The Conditions of Your Purchase
  The Fund reserves the right to reject any purchase or exchange. If a purchase
is cancelled because your check is returned unpaid, you are responsible for any
loss incurred. The Fund can redeem shares from your account(s) to reimburse
itself for any loss, and you may be restricted from making future purchases in
any of the funds in the Delaware Group. The Fund reserves the right, upon 60
days' written notice, to redeem accounts that remain under $1,000 as a result of
redemptions. An investor making the minimum initial investment will be subject
to involuntary redemption if he or she redeems any portion of his or her
account.

U.S. Government Money Fund Consultant Class
  In addition to offering the U.S. Government Money Fund A Class shares, the
Series offers U.S. Government Money Fund Consultant Class shares, which are
described in a separate prospectus. The U.S. Government Money Fund Consultant
Class shares are available for sale through brokers, financial institutions and
other entities which have a dealer agreement with the Fund's Distributor or a
service agreement with the Fund. The U.S. Government Money Fund Consultant Class
shares have no front-end or contingent deferred sales charge; such class has a
12b-1 Plan whereby the Fund is permitted to pay the Distributor annual fees
payable monthly up to a maximum of .30% of the average daily net assets of such
shares in order to compensate the Distributor for providing distribution and
related services and bearing certain distribution-related expenses. There are no
payments under the 12b-1 Plan being made at this time. However, in the event
such payments are reinstituted, sales or service compensation available in
respect of such class may differ from that available to the U.S. Government
Money Fund A Class shares. Both classes of the Series' shares have a
proportionate interest in the underlying portfolio of securities of the Series.
For the fiscal year ended December 31, 1994, the Total Operating Expenses
incurred by the U.S. Government Money Fund Consultant Class shares, as a
percentage of average daily net assets, were 1.26%. See Part B for performance
information about U.S. Government Money Fund Consultant Class. To obtain a
prospectus which describes the U.S. Government Money Fund Consultant Class,
contact the Distributor.

                                       9
 12

REDEMPTION AND EXCHANGE

 You can redeem or exchange your shares in a number of different ways. The
exchange service is useful if your investment requirements change and you want
an easy way to invest in tax-advantaged funds, equity funds or more aggressive
bond funds. All exchanges are subject to the eligibility and minimum purchase
requirements set forth in each fund's prospectus. Any applicable front-end sales
charge will apply to exchanges from money market funds, like the Series, to
other funds, except for exchanges from money market funds involving assets that
were previously invested in a fund with a front-end sales charge and exchanges
from money market funds involving the reinvestment of dividends. Class shares
may not be exchanged for the Class B Shares of the Class B Funds. Shares
acquired in an exchange must be registered in the state where they are so
purchased. You may want to call us for more information or consult your
financial adviser or investment dealer to discuss which funds in the Delaware
Group will best meet your changing objectives and the consequences of any
exchange transaction.
  Your shares will be redeemed or exchanged out of the Class based on the net
asset value next determined after we receive your request in good order.
Redemption or exchange requests received in good order after the time the
offering price of shares is determined, as noted above, will be processed on the
next business day. See Purchase Price and Effective Date under Buying Shares.
Except as otherwise noted below, for a redemption request to be in "good order,"
you must provide your Class account number, account registration, and the total
number of shares or dollar amount of the transaction. Exchange instructions and
redemption requests must be signed by the record owner(s) exactly as the shares
are registered. With regard to exchanges, you must also provide the name of the
fund you want to receive the proceeds. You may request a redemption or an
exchange by calling the Fund at 800-523-1918 (in Philadelphia, 215-988-1241).
The Fund reserves the right to reject exchange requests at any time. The Fund
may suspend or terminate, or amend the terms of, the exchange privilege upon 60
days' written notice to shareholders.
  The Fund will not honor check, telephone or wire redemptions for Class shares
recently purchased by check unless it is reasonably satisfied that the purchase
check has cleared, which may take up to 15 days from the purchase date. The Fund
may honor written redemption requests, but will not mail the proceeds until it
is reasonably satisfied the purchase check has cleared. You can avoid this
potential delay if you purchase shares by wiring Federal Funds. You may call the
Shareholder Service Center to determine if your funds are available for
redemption. The Fund reserves the right to reject a written or telephone
redemption request or delay payment of redemption proceeds if there has been a
recent change to the shareholder's address of record.
  Different redemption and exchange methods are outlined below. There is no fee
charged by the Fund or the Distributor for redeeming or exchanging your shares,
but such fees could be charged in the future. You may also have your investment
dealer arrange to have your shares redeemed or exchanged. Your investment dealer
may charge for this service.
  All authorizations given by shareholders with respect to an account, including
selection of any of the features described below, shall continue in effect until
revoked or modified in writing and until such time as such written revocation or
modification has been received by the Fund or its agent.
  All exchanges involve a purchase of shares of the fund into which the exchange
is made. As with any purchase, an investor should obtain and carefully read that
fund's prospectus before buying shares in an exchange. The prospectus contains
more complete information about the fund, including charges and expenses.
  The Class A Shares of the Delaware Group funds that carry a front-end sales
charge will be subject to a contingent deferred sales charge ("Limited CDSC")
upon redemption if the shares were purchased at net asset value without payment
of a front-end sales charge and if a dealer's commission was paid to a financial
adviser, except in certain limited instances. Such shares may be exchanged for
shares of the Class without the imposition of the Limited CDSC at the time of
the exchange. However, upon subsequent redemption from the Class or after a
subsequent exchange into a fund that is subject to the Limited CDSC, such shares
will be subject to the Limited CDSC imposed by the original fund whose shares
were initially exchanged into the Class. Shareholders will be given credit for
the period during which the Class shares were held.

                                       10
 13

Checkwriting Feature
  Checkwriting is a convenient access feature that allows you to earn dividends
until your check is presented to the Fund.
  You can request special checks by marking the box on the Investment
Application. There is a one-time $5 charge for this service.
  Checks must be drawn for $500 or more and, unless otherwise indicated on the
Investment Application or your checkwriting authorization form, must be signed
by all owners of the account.
  You will be subject to CoreStates Bank, N.A.'s rules and regulations governing
similar accounts. If the amount of the check is greater than the value of the
shares in your account, the check will be returned and you may be subject to a
charge.
  You may request a stop payment on checks by providing the Fund with a written
authorization (oral requests will be accepted only if followed promptly with a
written authorization). Such requests will remain in effect for six months
unless renewed or cancelled. There will be a $5 charge per check for each
six-month period.
  Checks paid will be returned to you semi-annually (January and July). If you
need a copy of a check prior to the regular mailing you may call the Shareholder
Service Center.
  Since dividends are declared daily, you may not use the Checkwriting Feature
to close your account. (See Part B for additional information.)

Written Redemption
  You can write to the Fund at 1818 Market Street, Philadelphia, PA 19103 to
redeem some or all of your Class shares. The request must be signed by all
owners of the account or your investment dealer of record. For redemptions of
more than $50,000, or when the proceeds are not sent to the shareholder(s) at
the address of record, the Fund requires a signature by all owners of the
account and a signature guarantee for each owner. Each signature guarantee must
be supplied by an eligible guarantor institution. The Fund reserves the right to
reject a signature guarantee supplied by an eligible institution based on its
creditworthiness. The Fund may require further documentation from corporations,
executors, retirement plans, administrators, trustees or guardians.
  The redemption request is effective when it is received in good order. Payment
is normally mailed the next business day, but no later than seven days, after
receipt of the request. The Fund does not issue certificates for shares unless
you submit a specific request. If your shares are in certificate form, the
certificate must accompany your request and also be in good order.

 Written Exchange
  You can also write to the Fund (at 1818 Market Street, Philadelphia, PA 19103)
to request an exchange of any or all of your Class shares into another mutual
fund in the Delaware Group. Written exchanges are subject to the same conditions
and limitations as other exchanges noted above.

Telephone Redemption and Exchange
  To get the added convenience of the telephone redemption and exchange methods,
you must have the Transfer Agent hold your shares (without charge) for you. If
you choose to have your shares in certificate form, you can only redeem or
exchange by written request and you must return your certificates.
  The Telephone Redemption service enabling you to have redemption proceeds
mailed to your address of record and the Telephone Exchange service, both of
which are described below, are automatically provided unless the Fund receives
written notice from the shareholder to the contrary. The Fund reserves the right
to modify, terminate or suspend these procedures upon 60 days' written notice to
shareholders. It may be difficult to reach the Fund by telephone during periods
when market or economic conditions lead to an unusually large volume of
telephone requests.
  Neither the Fund nor the Transfer Agent is responsible for any shareholder
loss incurred in acting upon written or telephone instructions for redemption or
exchange of Class shares which are reasonably believed to be genuine. With
respect to such telephone transactions, the Fund will follow reasonable
procedures to confirm that instructions communicated by telephone are genuine
(including verification of a form of personal identification) as, if it does
not, the Fund or the Transfer Agent may be liable for any losses due to
unauthorized or fraudulent transactions. Instructions received by telephone are
generally tape recorded, and a written confirmation will be provided for all
purchase, exchange and redemption transactions initiated by telephone. By
exchanging shares by telephone, the shareholder is acknowledging prior receipt
of a prospectus for the fund into which shares are being exchanged.

Telephone Redemption--Check to Your Address of Record
  The Telephone Redemption feature is a quick and easy method to redeem shares.
You or your investment dealer of record can have redemption proceeds of $50,000
or less mailed to you at your record address. Checks will be payable to the
shareholder(s) of record, and will normally be sent the next business day, but
no later than seven days, after receipt of the request. This service is only
available to individual, joint and individual fiduciary-type accounts.

                                       11
 14

Telephone Redemption--Proceeds to Your Bank
  Redemption proceeds of $1,000 or more can be transferred to your predesignated
bank account by wire or by check. You should authorize this service when you
open your account. If you change your predesignated bank account, the Fund
requires an Authorization Form with your signature guaranteed. For your
protection, your authorization must be on file. If you request a wire, your
funds will normally be sent the next business day. CoreStates Bank, N.A.'s fee
(currently $7.50) will be deducted from your redemption. If you ask for a
check, it will normally be mailed the next business day, but no later than seven
days, after receipt of your request to your predesignated bank account. There
are no fees for this method, but the mail time may delay getting funds into your
bank account. Simply call the Fund's Shareholder Service Center prior to the
time the offering price and net asset value are determined, as noted above.

Telephone Exchange
  The Telephone Exchange feature is a convenient and efficient way to adjust
your investment holdings as your liquidity requirements and investment
objectives change.
  You or your investment dealer of record can exchange shares into any fund in
the Delaware Group under the same registration. Any such exchange is subject to
the same conditions and limitations as other exchanges noted above. Telephone
exchanges may be subject to limitations as to amounts or frequency.

Systematic Withdrawal Plan
1. Regular Plans
  This plan provides shareholders with a consistent monthly (or quarterly)
payment. This is particularly useful to shareholders living on fixed incomes,
since it provides them with a stable supplemental amount. With accounts of at
least $5,000, you may elect monthly withdrawals of $25 (quarterly $75) or more.
The Fund does not recommend any particular monthly amount, as each shareholder's
situation and needs vary. Payments are normally made by check. In the
alternative, you may elect to have your payments transferred from your Series
account to your predesignated bank account through the Delaware Group's
MoneyLine service. Your funds will normally be credited to your bank account
after two business days. There are no fees for this method. You can initiate
this service by completing an Authorization Agreement. If the name and address
on your bank account are not identical to the name and address on your Series
account, you must have your signature guaranteed. Please call the Shareholder
Service Center for additional information.

2. Retirement Plans
  For shareholders eligible under the applicable Retirement Plan to receive
benefits in periodic payments, the Series' Systematic Withdrawal Plan provides
you with maximum flexibility. A number of formulas are available for calculating
your withdrawals, depending upon whether the distributions are required or
optional. Withdrawals must be for $25 or more; however, no minimum account
balance is required. The MoneyLine service described above is not available with
respect to Retirement Plans.
  For more information on both of these plans, please call the Shareholder
Service Center.

Wealth Builder Option
  Shareholders may elect to invest in other mutual funds in the Delaware Group
through our Wealth Builder Option. Under this automatic exchange program,
shareholders can authorize regular monthly amounts (minimum of $100 per fund) to
be liquidated from their Class account and invested automatically into one or
more funds in the Delaware Group, subject to the same conditions and limitations
as other exchanges noted above. Shareholders can also use the Wealth Builder
Option to invest in the Class through regular liquidations of shares in their
accounts in other funds in the Delaware Group, subject to the same conditions
and limitations as other exchanges noted above. See Investing by Exchange under
Buying Shares. Shareholders can terminate their participation at any time by
written notice to the Fund.
  This option is not available to participants in the following plans: SAR/SEP,
SEP/IRA, Profit Sharing and Money Purchase Pension Plans, 401(k) Defined
Contribution Plans, 403(b)(7) Deferred Compensation Plans or 457 Deferred
Compensation Plans.

                                       12
 15

DIVIDENDS AND DISTRIBUTIONS

 The Fund declares a dividend to all Class shareholders of record at the time
the offering price of shares is determined. See Purchase Price and Effective
Date under Buying Shares. Thus, when redeeming shares, dividends continue to
accrue up to and including the date of redemption.
  Purchases of Series shares by wire begin earning dividends when converted into
Federal Funds and available for investment, normally the next business day after
receipt. However, if the Fund is given prior notice of Federal Funds wire and an
acceptable written guarantee of timely receipt from an investor satisfying the
Fund's credit policies, the purchase will start earning dividends on the date
the wire is received. Purchases by check earn dividends upon conversion to
Federal Funds, normally one business day after receipt.
  Each class of shares of the Series will share proportionately in the
investment income and expenses of the Series, except that the Class will not
incur any distribution fee under the 12b-1 Plan for the U.S. Government Money
Fund Consultant Class. No distribution fee under the 12b-1 Plan for the U.S.
Government Money Fund Consultant Class is currently being paid. For the
seven-day period ended December 31, 1994, the annualized current yield of the
Class was 4.36% and the compounded effective yield was 4.45%.
  The Series' dividends are declared daily and paid monthly on the last day of
each month. Payment by check of cash dividends will ordinarily be mailed within
three business days after the payable date. Short-term capital gains
distributions, if any, may be paid with the daily dividend; otherwise, they will
be distributed annually during the first quarter following the close of the
fiscal year.
  Both dividends and distributions will be automatically reinvested in your
account unless you elect otherwise. Any check in payment of dividends or other
distributions which cannot be delivered by the Post Office or which remains
uncashed for a period of more than one year may be reinvested in the
shareholder's account at the then-current net asset value and the dividend
option may be changed from cash to reinvest. If you elect to take your dividends
and distributions in cash and such dividends and distributions are in an amount
of $25 or more, you may elect the Delaware Group's MoneyLine service to enable
such payments to be transferred from your Series account to your predesignated
bank account. Your funds will normally be credited to your bank account two
business days after the payment date. There are no fees for this method. See
Systematic Withdrawal Plan under Redemption and Exchange for information
regarding authorization of this service. This service is not available with
respect to Retirement Plans. (See The Delaware Difference section for additional
information.)
  During the fiscal year ended December 31, 1994, dividends totaling $0.0289 per
share of the Class were paid from net investment income.

TAXES

 The Fund has qualified as a regulated investment company under Subchapter M of
the Internal Revenue Code (the "Code"). As such, the Fund will not be subject to
federal income tax, or to any excise tax, to the extent its earnings are
distributed as provided in the Code. Each Series of the Fund is treated as a
single tax entity for federal income tax purposes.
  The Series intends to distribute substantially all of its net investment
income and net capital gains. Dividends from net investment income or net
short-term capital gains, if any, will be taxable to you as ordinary income,
whether received in cash or in additional shares. No portion of the Series'
distributions will be eligible for the dividends-received deduction for
corporations.
  In addition to federal taxes, shareholders may be subject to state and local
taxes on distributions. Distributions of interest income and capital gains
realized from certain types of U.S. government securities may be exempt from
state and local personal income tax. You should consult your tax adviser with
respect to the tax status of distributions from the Series in your state and
locality. Shares of the Series are exempt from Pennsylvania county personal
property taxes.
  Each year, the Fund will mail you information on the tax status of dividends
and distributions. Shareholders will receive each year information as to the
portion of distributions that came from U.S. government securities. Of course,
shareholders who are not subject to tax on their income would not be required to
pay tax on amounts distributed to them by the Series.

                                       13
 16

NET ASSET VALUE PER SHARE

 The purchase and redemption price of the Series' shares is equal to the Series'
net asset value ("NAV") per share that is next computed after the order is
received. The NAV is computed as of the close of regular trading on the New York
Stock Exchange (ordinarily, 4 p.m., Eastern time) on days when such exchange is
open.
  The NAV per share is computed by adding the value of all securities and other
assets in the portfolio, deducting any liabilities (expenses and fees are
accrued daily) and dividing by the number of shares outstanding.
  The Series' total net assets are determined by valuing the portfolio
securities at amortized cost. Under the direction of the Board of Directors,
certain procedures have been adopted to monitor the value of the Series'
securities and stabilize the price per share at $1.00. Prior to January 1, 1991,
the portfolio of the Series was managed to maintain a fixed net asset value of
$10 per share. The Fund accomplished this change by effecting a ten-to-one stock
split for shareholders of record on that date.
  See Part B for additional information.

MANAGEMENT OF THE FUND

Directors
  The business and affairs of the Fund are managed under the direction of its
Board of Directors. Part B contains additional information regarding the
directors and officers.

Investment Manager
  The Manager furnishes investment management services to the Fund.
  The Manager and its predecessors have been managing the funds in the
Delaware Group since 1938. On December 31, 1994, the Manager and its affiliate,
Delaware International Advisers Ltd., were supervising in the aggregate more
than $24 billion in assets in the various institutional (approximately
$15,456,416,000) and investment company (approximately $9,253,901,000) accounts.
  The Manager is an indirect, wholly-owned subsidiary of Delaware Management
Holdings, Inc. ("DMH"). By reason of its percentage ownership of DMH common
stock and through Voting Trust Agreements with certain other DMH shareholders,
Legend Capital Group, L.P. ("Legend") controls DMH and the Manager. As General
Partners of Legend, Leonard M. Harlan and John K. Castle have the ability to
direct the voting of more than a majority of the shares of DMH common stock and
thereby control the Manager.
  On December 12, 1994, DMH entered into a merger agreement with Lincoln
National Corporation ("Lincoln National") and a newly-formed subsidiary of
Lincoln National. Pursuant to that agreement, the new subsidiary will be merged
with and into DMH. This merger will result in DMH becoming a wholly-owned
subsidiary of Lincoln National. The transaction is expected to close in the
early spring of 1995, subject to the receipt of all regulatory approvals and
satisfaction of conditions precedent to closing, including the approval
described below. Lincoln National, with headquarters in Fort Wayne, Indiana, is
a diversified organization with operations in many aspects of the financial
services industry, including insurance and investment management.
  The Manager manages the Series' portfolio, makes investment decisions and
implements them. The Manager also pays the salaries of all the directors,
officers and employees of the Fund who are affiliated with the Manager. The
annual compensation paid by the Series for investment management services is
equal to 1/2 of 1% of average daily net assets of the Series, less a
proportionate share of all directors' fees paid to the unaffiliated directors by
the Series. Investment management fees paid by the Series were 0.46% of average
daily net assets for the fiscal year ended December 31, 1994.
  Completion of the above-described merger transaction will result in an
assignment, and consequently a termination, of the existing investment
management agreement between the Manager and the Fund. Series shareholders will
be asked to vote on a new investment management agreement with the Manager, to
become effective at or about the time the transaction is to be completed. It
is not anticipated that there will be any changes in the compensation or other
material terms of the existing investment management agreement, or in the
personnel responsible for managing the Series, as a result of the transaction.
Details of the transaction are included in the proxy materials furnished to
shareholders entitled to vote at the shareholder meeting called to consider the
matter.

Portfolio Trading Practices
  Portfolio trades are generally made on a net basis without brokerage
commissions. However, the price may include a mark-up or mark-down.
  Banks, brokers or dealers are selected to execute the Series' portfolio
transactions.

                                       14
 17

 The Manager uses its best efforts to obtain the best available price and most
favorable execution for portfolio transactions. Orders may be placed with
brokers or dealers who provide brokerage and research services to the Manager or
its advisory clients. These services may be used by the Manager in servicing any
of its accounts. Subject to best price and execution, the Manager may consider
a broker/dealer's sales of Series shares in placing portfolio orders, and may
place orders with broker/dealers that have agreed to defray certain Series
expenses such as custodian fees.

Performance Information
  From time to time, the Fund may publish the "yield" and "effective yield" for
the Class. Both yield figures are based on historical earnings and are not
intended to indicate future performance. The "yield" of the Class refers to the
income generated by an investment in the Class over a specified seven-day
period. This income is then "annualized," which means the amount of income
generated by the investment during that week is assumed to be generated each
week over a 52-week period and is shown as a percentage of the investment. The
"effective yield" is calculated in a similar manner but, when annualized, the
income earned by an investment in the Class is assumed to be reinvested. The
"effective yield" will be slightly higher than the "yield" because of the
compounding effect of this assumed reinvestment. The Fund may also publish
aggregate and average annual total return information concerning the Class which
will reflect the compounded rate of return of an investment in the Class over a
specified period of time and will assume the investment of all distributions at
net asset value. Yield fluctuates and is not guaranteed. Past performance is not
an indication of future results.

Distribution and Service
  The Distributor, Delaware Distributors, L.P. (which formerly conducted
business as Delaware Distributors, Inc.), serves as the national distributor for
the Fund under a Distribution Agreement dated June 1, 1992.
  The Transfer Agent, Delaware Service Company, Inc., serves as the shareholder
servicing, dividend disbursing and transfer agent for the Series under an
Agreement dated December 20, 1990. The directors annually review service fees
paid to the Transfer Agent. Certain recordkeeping and other shareholder services
that otherwise would be performed by the Transfer Agent may be performed by
certain other entities and the Transfer Agent may elect to enter into an
agreement to pay such other entities for those services.
  The Distributor and the Transfer Agent are also indirect, wholly-owned
subsidiaries of DMH.

Expenses
  The Series is responsible for all of its own expenses other than those borne
by the Manager under the Investment Management Agreement and those borne by the
Distributor under the Distribution Agreement. The ratio of expenses to average
daily net assets of the Class for the fiscal year ended December 31, 1994 was
1.26%.

Shares
  The U.S. Government Money Series is the original series of the Fund, which is
an open-end management investment company. The Series' portfolio of assets is
diversified for purposes of the Investment Company Act of 1940. Commonly known
as a mutual fund, the Fund was organized as a Pennsylvania business trust in
1981 and was reorganized as a Maryland corporation in 1990. The Fund currently
has authorized capital of three billion shares of common stock. The Series
consists of one billion shares of common stock, with a $.001 par value per
share. The Series' shares have equal voting rights, except as noted below, and
are equal in all other respects.
  Shares of each Series of the Fund will vote separately on any matter which
affects only that Series. Shares of the Series will have a priority over shares
of the Fund's other series in the assets and income of the U.S. Government Money
Series and will vote separately on any matter that affects only this Series.
  The Series also offers the U.S. Government Money Fund Consultant Class which
represents a proportionate interest in the assets of the Series and has the same
voting and other rights and preferences as the Class, except that shares of the
Class are not subject to, and may not vote on matters affecting, the
Distribution Plan under Rule 12b-1 relating to the U.S. Government Money Fund
Consultant Class.
  All Fund shares have noncumulative voting rights which means that the holders
of more than 50% of the Fund's shares voting for the election of directors can
elect 100% of the directors if they choose to do so. Under Maryland law, the
Fund is not required, and does not intend, to hold annual meetings of
shareholders unless, under certain circumstances, it is required to do so under
the Investment Company Act of 1940. Shareholders of 10% or more of the Fund's
shares may request that a special meeting be called to consider the removal of a
director.
  Prior to March 1994, the Class was known as the U.S. Government Money Fund
class.

                                       15
 18



  THE DELAWARE GROUP INCLUDES 22 DIFFERENT                  U.S.
FUNDS WITH A WIDE RANGE OF INVESTMENT                    Government
OBJECTIVES. STOCK FUNDS, INCOME FUNDS,                   Money Fund
TAX-FREE FUNDS, MONEY MARKET FUNDS AND                  ------------    
CLOSED-END EQUITY FUNDS GIVE INVESTORS THE               
ABILITY TO CREATE A PORTFOLIO THAT FITS THEIR             A CLASS
PERSONAL FINANCIAL GOALS. FOR MORE INFORMATION
CONTACT YOUR FINANCIAL ADVISER OR CALL THE
DELAWARE GROUP AT 800-523-4640, IN                    NO SALES CHARGE
PHILADELPHIA 215-988-1333.
                                                        PROSPECTUS

Investment Manager                                   FEBRUARY 28, 1995
Delaware Management Company, Inc.
One Commerce Square
Philadelphia, PA 19103
                                                  (Photo of George Washington
National Distributor                              Crossing the Delaware River)
Delaware Distributors, L.P.
1818 Market Street
Philadelphia, PA 19103
                                              WHILE THE SERIES WILL MAKE
Shareholder Servicing,                        EVERY EFFORT TO MAINTAIN A
Dividend Disbursing                           STABLE NET ASSET VALUE OF
and Transfer Agent                            $1 PER SHARE, THERE IS NO
Delaware Service Company, Inc.                ASSURANCE THAT THE SERIES
1818 Market Street                            WILL BE ABLE TO DO SO. THE
Philadelphia, PA 19103                        SERIES INVESTS PRIMARILY IN
                                              SECURITIES THAT ARE ISSUED
Legal Counsel                                 OR GUARANTEED AS TO THE
Stradley, Ronon, Stevens & Young              PROMPT PAYMENT OF PRINCIPAL
One Commerce Square                           AND INTEREST BY THE U.S.
Philadelphia, PA 19103                        GOVERNMENT, ITS AGENCIES
                                              AND INSTRUMENTALITIES. THE
Independent Auditors                          SHARES OF THE SERIES, HOWEVER,
Ernst & Young LLP                             ARE NEITHER INSURED NOR  
Two Commerce Square                           GUARANTEED BY THE U.S.
Philadelphia, PA 19103                        GOVERNMENT.

Custodian
Morgan Guaranty Trust Company of New York
60 Wall Street
New York, NY 10260
                                                                    DELAWARE
P-005-2/95-ALG                                                      GROUP
Printed in the U.S.A.                                               ========