|
|
|
|
|
|
|
|
|
|
Previous: LIQUID INSTITUTIONAL RESERVES, N-30D, 1995-07-07 |
Next: DELAWARE GROUP GLOBAL & INTERNATIONAL FUNDS INC, 497, 1995-07-07 |
<PAGE>
DELAWARE POOLED TRUST, INC.-THE INTERNATIONAL EQUITY PORTFOLIO
STATEMENT OF NET ASSETS
April 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
MARKET
NUMBER VALUE
OF SHARES (U.S. $)
<S> <C> <C>
COMMON STOCK-87.77%
AUSTRALIA-9.22%
Brambles Industries 185,000 $ 1,825,631
National Australia Bank 326,467 2,827,274
National Foods 287,794 351,862
Pacific Dunlop 859,904 2,115,185
Santos 631,008 1,735,835
-----------
8,855,787
-----------
BELGIUM-5.42%
Cimenterics CBR Cementbedrij 1,650 671,610
* Cimenterics CBR Cementbedrij Put Warrants 1,650 17,369
Electrabel NPV 14,780 3,184,328
G.I.B. Holdings 27,000 1,318,797
G.I.B. Holding-VVPR 372 18,092
-----------
5,210,196
-----------
CANADA-1.55%
British Columbia Telephone 86,000 1,485,265
-----------
1,485,265
-----------
FRANCE-5.91%
Alcatel Alsthom 22,032 2,047,066
Compagnie de Saint Gobain 7,379 956,242
Elf Aquitaine 33,489 2,679,639
-----------
5,682,947
-----------
GERMANY-5.31%
Bayer AG 4,800 1,185,935
Continental AG 9,805 1,457,768
Siemens AG 5,030 2,454,954
-----------
5,098,657
-----------
HONG KONG-1.91%
Hong Kong Electric 360,000 1,104,822
Wharf Holdings 243,000 728,485
-----------
1,833,307
-----------
INDONESIA-0.90%
PT Bank Dagang Nasional 700,000 869,933
-----------
869,933
-----------
ITALY-0.02%
Istituto Mobiliare Italiano 3,031 18,470
-----------
18,470
-----------
JAPAN-14.33%
Amano 161,000 2,127,059
Chiyoda Fire and Marine Insurance 146,000 921,000
Eisai 195,000 3,481,422
Hitachi 286,000 2,910,469
Kinki Coca-Cola Bottling Y50 63,000 907,312
Matsushita Electric 164,000 2,752,287
Sanoh Industrial Y50 70,000 669,861
-----------
13,769,410
-----------
MALAYSIA-1.73%
Sime Darby Berhad 650,000 1,658,499
-----------
1,658,499
-----------
NETHERLANDS-6.54%
Elsevier 130,000 1,426,543
Nutricia 41,000 2,508,908
Royal Dutch Petroleum 19,025 2,351,722
-----------
6,287,173
-----------
NEW ZEALAND-3.16%
Carter Holt Harvey-ORD 366,400 932,278
Telecom Corp. of New Zealand 500,000 2,103,527
-----------
3,035,805
-----------
PHILIPPINES-0.92%
Philippine Long Distance Telephone Company ADR 13,900 886,125
-----------
886,125
-----------
SINGAPORE-1.80%
Jardine Matheson Holdings 217,800 1,731,510
-----------
1,731,510
-----------
</TABLE>
<PAGE>
STATEMENT OF NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
MARKET
NUMBER VALUE
OF SHARES (U.S. $)
<S> <C> <C>
COMMON STOCK-(CONTINUED)
SPAIN-2.76%
Acerinox SAR 4,384 $ 502,163
Banco Central Hispanoamer SA 19,827 453,410
Telefonica de Espana 138,850 1,697,609
-----------
2,653,182
-----------
UNITED KINGDOM-26.29%
Bass plc 305,000 2,694,641
Blue Circle Industries 129,000 599,952
British Airways plc 285,000 1,836,860
British Gas plc 469,300 2,277,019
Cable & Wireless plc 280,000 1,809,141
* Costain Group plc 1,227,096 246,841
Dalgety plc 366,375 2,541,159
Dawson International plc 279,250 528,031
GKN plc 235,750 2,450,829
Great Universal Stores 248,300 2,357,531
Powergen plc 269,500 2,096,930
RTZ 218,000 2,771,484
Sears plc 1,361,650 2,289,868
Taylor Woodrow plc 388,700 763,138
-----------
25,263,424
-----------
TOTAL COMMON STOCK (COST $77,411,714) 84,339,690
-----------
PRINCIPAL
AMOUNT**
GOVERNMENT OBLIGATIONS-4.48%
Government of Canada 10.25% 3/15/14 C$ 5,053,000 4,305,838
-----------
TOTAL GOVERNMENT OBLIGATIONS (COST $4,299,640) 4,305,838
-----------
REPURCHASE AGREEMENTS-7.19%
With PaineWebber 5.85% 5/1/95
(dated 4/28/95, collateralized by
$6,752,000 U.S. Treasury Notes 7.375% due
11/15/97, market value $7,077,952) $6,906,000 6,906,000
-----------
TOTAL REPURCHASE AGREEMENTS (COST $6,906,000) 6,906,000
-----------
TOTAL MARKET VALUE OF SECURITIES-99.44%
(COST $88,617,354) 95,551,528
RECEIVABLES AND OTHER ASSETS
NET OF LIABILITIES-0.56% 534,242
-----------
NET ASSETS APPLICABLE TO 7,611,462 SHARES
($.01 PAR VALUE) OUTSTANDING; EQUIVALENT TO
$12.62 PER SHARE - 100.00% $96,085,770
===========
COMPONENTS OF NET ASSETS AT APRIL 30, 1995:
Common stock, $.01 par value, 500,000,000
shares authorized to the Fund with
50,000,000 shares allocated to this Series $89,909,824
Accumulated undistributed income:
Net investment income 1,296,231
Net realized loss on investments and
foreign currencies (1,387,948)
Net unrealized appreciation of investments
and foreign currencies 6,267,663
-----------
Total net assets $96,085,770
===========
</TABLE>
_____________________________________
* Non-income producing security for the six months ended April 30, 1995.
** Principal amount is stated in the currency in which each security is
denominated.
See accompanying notes
<PAGE>
DELAWARE GROUP POOLED TRUST, INC.-THE INTERNATIONAL EQUITY PORTFOLIO
STATEMENT OF OPERATIONS
Six Months ended April 30, 1995
(Unaudited)
<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
Dividends (net of foreign tax withheld) $ 1,153,237
Interest 318,468 $ 1,471,705
-----------
EXPENSES:
Management fees ($289,154) and directors'
fees ($2,005) 291,159
Custodian fees 25,160
Registration fees 10,224
Salaries 9,655
Professional fees 4,854
Dividend disbursing and transfer
agent fees and expenses 4,847
Taxes, other than taxes on income 2,834
Reports to shareholders 975
Amortization of organization expenses 720
Other 6,446
-----------
356,874
-----------
NET INVESTMENT INCOME 1,114,831
-----------
NET REALIZED LOSS AND UNREALIZED GAIN
ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investment transactions 596,275
Foreign currency (1,348,883)
-----------
Net realized loss (752,608)
Net unrealized appreciation of
investments and foreign currencies 409,556
-----------
NET REALIZED AND UNREALIZED LOSS ON
INVESTMENTS AND FOREIGN CURRENCIES (343,052)
-----------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $ 771,779
===========
</TABLE>
See accompanying notes
<PAGE>
DELAWARE GROUP POOLED TRUST, INC.-THE INTERNATIONAL EQUITY PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS YEAR
ENDED ENDED
4/30/95 10/31/94
(UNAUDITED)
<S> <C> <C>
OPERATIONS:
Net investment income $ 1,114,831 $ 1,397,055
Net realized gain (loss) on security transactions
and foreign currencies (752,608) 894,100
Net unrealized appreciation of investments and
foreign currencies during the period 409,556 3,228,171
------------ ------------
Net increase in net assets
resulting from operations 771,779 5,519,326
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (642,409) (632,551)
Net realized gain from security transactions (1,571,582) (279,065)
------------ ------------
(2,213,991) (911,616)
------------ ------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold 26,593,989 42,817,824
Net asset value of shares issued upon reinvestment
of dividends from net investment income and
net realized gain from security transactions 2,213,258 911,616
------------ ------------
28,807,247 43,729,440
Cost of shares repurchased (2,099,269) (1,805,000)
------------ ------------
Increase in net assets derived from
capital share transactions 26,707,978 41,924,440
------------ ------------
NET INCREASE IN NET ASSETS 25,265,766 46,532,150
NET ASSETS:
Beginning of period 70,820,004 24,287,854
------------ ------------
End of period (including undistributed net investment $ 96,085,770 $ 70,820,004
income of $1,296,231 and $823,809, respectively) ============ ============
</TABLE>
See accompanying notes
<PAGE>
DELAWARE GROUP POOLED TRUST, INC.-THE INTERNATIONAL EQUITY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
April 30, 1995
(Unaudited)
Delaware Pooled Trust, 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 seven separate Portfolios
("Series").
1. SIGNIFICANT ACCOUNTING POLICIES
The following accounting policies are in accordance with generally accepted
accounting principles and are consistently followed by the Series for financial
statement preparation:
Security Valuation-Securities listed on an exchange are valued at the last
- ------------------
quoted sales price as of 4:00 pm on the valuation date. Securities not traded
are valued at the last quoted bid price. Securities not listed on an exchange
are valued at the mean of the last quoted bid and asked prices. Securities
listed on a foreign exchange are valued at the last quoted sale price before the
time when the Fund is valued. Long-term debt securities are valued by an
independent pricing service when such prices are believed to reflect the fair
value of such securities. Money market instruments having less than 60 days to
maturity are valued at amortized cost.
Federal Income Taxes-The Series 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.
Repurchase Agreements-The Series may invest in a pooled cash account along with
- ---------------------
other members of the Delaware Group Family of Funds. The aggregate daily
balance of the pooled cash account is invested in repurchase agreements secured
by obligations of the U.S. Government. The respective collateral is held by the
Series' custodian bank until the maturity of the respective repurchase
agreements. Each repurchase agreement is 102% collateralized. However, in the
event of default or bankruptcy by the counterparty to the agreement, realization
of the collateral may be subject to legal proceedings.
Foreign Currencies-The value of all assets and liabilities denominated in
- ------------------
foreign currencies are translated into the U.S. dollars at the exchange rate of
such currencies against the U.S. dollar as of 3:00 pm EST. Forward foreign
currency contracts are valued at the mean between the bid and asked prices of
the contracts. Interpolated values are derived when the settlement date of the
contract is an interim date for which quotations are not available.
Other-Expenses common to all funds within the Delaware Group Family of Funds are
- -----
allocated amongst the funds on the basis of average net assets. Security
transactions are recorded on the date the securities are purchased or sold
(trade date). Costs used in calculating realized gains and losses on the sale
of investment securities are those of the specific securities sold. Dividend
income is recorded on the ex-dividend date and interest income is recorded on an
accrual basis. Original issue discounts are accreted to interest income over
the lives of the respective securities.
2. INVESTMENT MANAGEMENT AND DISTRIBUTION AGREEMENT
In accordance with the terms of the Investment Management Agreement, the Series
pays Delaware International Advisers, Ltd., (DIAL) the investment manager of the
Series an annual fee which is calculated daily at the rate of 0.75% of average
daily net assets less fees paid to the independent directors. At April 30,
1995, the Series had a liability for Investment Management fees and other
expenses payable to DIAL for $112,187.
The Series has engaged Delaware Service Company, Inc. (DSC), an affiliate of
DIAL to serve as dividend disbursing and transfer agent for the Series. For the
six months ended April 30, 1995, DSC the Series expensed $4,847 for these
services. At April 30, 1995 the Series had a liability for such fees and other
expenses payable to DSC for $652.
Certain officers of the Investment Manager are officers, directors, and or
employees of the Series. These officers, directors, and employees are paid no
compensation by the Series.
On April 3, 1995, Delaware Management Holdings, Inc., the indirect parent of
DIAL and DSC, through a merger transaction (the "Merger") became a wholly-owned
subsidiary of Lincoln National Corporation. Other than the resulting change in
ownership, the Merger will not materially change the manner in which DIAL has
heretofore conducted its relationship with the Fund. The same personnel who
managed the operation and affairs of the Fund before the acquisition have
continued to manage its operations and affairs since the Merger.
3. INVESTMENTS
During the six months ended April 30, 1995, the Series made purchases of
$23,114,448 and sales of $4,290,961 of investment securities other than U.S.
Government securities and temporary cash investments.
At April 30, 1995, unrealized appreciation for financial reporting and federal
income tax purposes aggregated $6,934,174 of which $9,391,396 related to
unrealized appreciation of securities and $2,457,222 related to unrealized
depreciation of securities.
The realized gain for federal income purposes was $596,275 for the six months
ended April 30, 1995.
<PAGE>
NOTES TO FINANCIAL STATEMENT (CONTINUED)
4. CAPITAL STOCK
Transactions in capital stock shares were as follows:
<TABLE>
<CAPTION>
SIX MONTHS YEAR
ENDED ENDED
4/30/95 10/31/94
<S> <C> <C>
Share sold 2,193,679 3,445,243
Share issued upon reinvestment
of dividends from net
investment income and net
realized gains from
security transactions 182,180 73,798
---------- ----------
2,375,859 3,519,041
Shares repurchased (166,872) (142,554)
---------- ----------
Net increase in shares 2,208,987 3,376,487
========== ==========
</TABLE>
5. FOREIGN EXCHANGE
The following foreign currency forward contracts were outstanding at
April 30, 1995.
<TABLE>
<CAPTION>
CONTRACT IN EXCHANGE SETTLEMENT UNREALIZED
TO DELIVER FOR DATE DEPRECIATION
---------- ----------- ---------- ------------
<S> <C> <C> <C>
3,298,563 British pounds $5,281,000 6/30/95 $ (19,758)
5,511,616 Dutch guilders 3,520,000 6/30/95 (68,643)
4,913,908 Deutsche marks 3,521,000 6/30/95 (35,551)
779,768,600 Japanese yen 8,801,000 6/30/95 (550,214)
---------
$(674,166)
=========
</TABLE>
6. FINANCIAL HIGHLIGHTS
Selected data for each share of the Series outstanding throughout the
period were as follows:
<TABLE>
<CAPTION>
SIX MONTHS YEAR YEAR 2/4/92/*/
ENDED ENDED ENDED TO
4/30/95** 10/31/94 10/31/93 10/31/92
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 13.1100 $ 11.9900 $ 9.5000 $ 10.0000
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (0.0149) 0.1440 0.2414 0.2282
Net realized and unrealized
gain (loss) from security transactions (0.0691) 1.2360 2.5686 (0.6282)
---------- ---------- ---------- ---------
Total from investment operations (0.0840) 1.3800 2.8100 (0.4000)
LESS DISTRIBUTIONS:
Dividends from net investment income (0.1100) (0.1600) (0.3200) (0.1000)
Distributions from net realized gain
from security transactions (0.2960) (0.1000) none none
---------- ---------- ---------- ---------
Total distributions (0.4060) (0.2600) (0.3200) (0.1000)
Net asset value, end of period $ 12.6200 $ 13.1100 $ 11.9900 $ 9.5000
========== ========== ========== =========
Total return (0.51%) 11.66% 30.28% (5.44%)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000 omitted) $ 96,086 $ 70,820 $ 24,288 $ 5,966
Ratio of expenses to average net assets 0.93% 0.94%+ 0.96%+ 0.96%+
Ratio of net investment income to average net assets (0.61%) 1.36%++ 2.98%++ 4.67%++
Portfolio turnover 12% 22% 28% 2%
</TABLE>
____________________
* Date of initial sale; ratios and total return have been annualized.
** Ratios have been annualized and total return has not been annualized.
+ Ratio of expenses to average net assets prior to expense limitation was
0.97% for the year ended 10/31/94, 1.38% for the year ended 10/31/93 and
2.94% for the period from 2/4/92 to 10/31/92.
++ Ratio of net investment income to average net assets prior to expense
limitation was 1.33% for the year ended 10/31/94, 2.56% for the year ended
10/31/93 and 2.69% for the period from 2/4/92 to 10/31/92.
<PAGE>
DELAWARE POOLED TRUST, INC.-THE DEFENSIVE EQUITY PORTFOLIO
STATEMENT OF NET ASSETS
April 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<S> <C> <C>
COMMON STOCK-90.95%
CAPITAL GOODS-2.67%
Ford Motor 28,400 $ 766,800
Lockheed Martin 11,780 680,295
-----------
1,447,095
-----------
CHEMICALS-11.76%
Dow Chemical 24,003 1,668,209
duPont (EI) de Nemours 26,939 1,774,607
Freeport McMoRan Copper & Gold 18 376
Grace (W.R.) 6,050 324,431
Imperial Chemical Industries ADR 15,300 743,963
Monsanto 14,200 1,182,150
Upjohn 13,400 485,750
Witco 6,400 183,200
-----------
6,362,686
-----------
COMMERCIAL BANKS-6.05%
BankAmerica 13,100 648,450
Chase Manhattan 21,800 953,750
Comerica 500 14,375
Integra Financial 400 17,500
KeyCorp 29,460 788,055
Meridian Bancorp 3,300 104,363
National Australia Bank ADR 7 300
NationsBank 14,384 719,200
Shawmut National 500 13,250
U.S. Bancorp 500 13,781
-----------
3,273,024
-----------
COMMUNICATIONS-8.13%
ALLTEL 28,682 709,880
Ameritech 17,400 783,000
BellSouth 8,400 514,500
* Cox Communications Class A 17,550 267,638
Frontier 36,400 732,550
Pacific Telesis Group 24,100 744,088
Southwestern Bell 14,400 635,400
U.S. West 400 16,550
-----------
4,403,606
-----------
CONSUMER GROUP-20.19%
American Home Products 9,237 712,404
BAT Industries plc-ADR 300 4,500
Chrysler 200 8,625
Dun & Bradstreet 13,553 706,450
Eastman Kodak 21,913 1,259,998
General Electric 21,400 1,198,400
General Mills 100 6,100
Heinz (H.J.) 15,400 646,800
K Mart 9,922 137,668
Kimberly-Clark 16,700 945,638
McGraw-Hill 12,300 917,888
Penney (J.C.) 23,000 1,006,250
Philip Morris 100 6,775
Reader's Digest Association Class A 6,000 236,250
RJR Nabisco Holdings 20,340 556,808
Sears, Roebuck 18,650 1,011,763
Times Mirror Class A 19,428 352,133
Warner-Lambert 15,150 1,208,213
Woolworth 400 6,400
-----------
10,929,063
-----------
ELECTRIC-0.85%
Public Service Enterprise 16,800 462,000
-----------
462,000
-----------
ENERGY-19.61%
Amoco 30,000 1,968,750
Atlantic Richfield 9,182 1,051,339
Dresser Industries 45,500 995,313
Exxon 16,400 1,141,850
Imperial Oil Ltd. 400 14,300
McDermott International 30,200 830,500
Mobil 12,200 1,157,475
National Fuel Gas 500 14,438
Occidental Petroleum 33,000 765,900
Phillips Petroleum 300 10,500
Questar 300 8,888
Sonat 300 9,113
Tenneco 13,980 641,333
Texaco 12,050 823,919
</TABLE>
<PAGE>
STATEMENT OF NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<S> <C> <C>
COMMON STOCK (CONTINUED)
ENERGY-(CONTINUED)-
TransCanada Pipelines 1,000 $ 13,375
Union Pacific 8,500 466,438
USX-Marathon Group 37,300 699,375
-----------
10,612,806
-----------
FINANCIAL-9.48%
Aetna Life & Casualty 14,400 820,800
American Express 6.25% "FDC" 8,200 398,725
AON 22,700 837,063
CoreStates Financial 26,000 848,250
EXEL Limited 18,000 819,000
Marsh & McLennan 10,319 808,752
St. Paul Companies 12,400 596,750
-----------
5,129,340
-----------
HEALTH CARE/PHARMACEUTICALS-0.41%
Bristol-Myers Squibb 3,200 208,400
SmithKline Beecham ADR 300 11,663
-----------
220,063
-----------
MANUFACTURING-11.02%
Cooper Industries 17,200 670,800
Dana 30,700 790,525
General Dynamics 8,600 398,825
Hanson plc ADR 28,700 545,300
Harsco 300 14,288
Minnesota Mining & Manufacturing 23,812 1,419,791
Thomas & Betts 10,400 663,000
Union Camp 10,500 526,313
United Technologies 12,813 936,951
-----------
5,965,793
-----------
TRANSPORTATION-0.78%
Illinois Central 12,000 421,500
-----------
421,500
-----------
TOTAL COMMON STOCK (COST $46,316,693) 49,226,976
-----------
CONVERTIBLE PREFERRED STOCK-3.48%
Ford Motor 4.20% pfd cv 7,500 660,938
General Motors $3.25 pfd cv "C" 11,400 713,925
RJR Nabisco Holdings $0.6012 pfd cv "C" 60,100 360,600
Times Mirror $1.374 pfd cv "B" 7,272 146,349
-----------
TOTAL CONVERTIBLE PREFERRED STOCK (COST $1,929,484) 1,881,812
-----------
PRINCIPAL
AMOUNT
REPURCHASE AGREEMENTS-5.13%
With PaineWebber 5.875% 5/1/95
(dated 4/28/95, collateralized by $2,175,000
U.S. Treasury Notes 7.375% due 11/15/97, market value
$2,846,144) $2,777,000 2,777,000
-----------
TOTAL REPURCHASE AGREEMENTS
(COST $2,777,000) 2,777,000
-----------
TOTAL MARKET VALUE OF SECURITIES-99.56%
(COST $51,023,177) 53,885,788
RECEIVABLES AND OTHER ASSETS NET OF LIABILITIES-0.44% 237,311
-----------
NET ASSETS APPLICABLE TO 4,054,160 SHARES ($.01 PAR VALUE)
OUTSTANDING; EQUIVALENT TO $13.35 PER SHARE-100.00% $54,123,099
===========
__________________________________________________
*Non-income producing security for the six months ended April 30, 1995.
COMPONENTS OF NET ASSETS AT APRIL 30, 1995
Common stock, $.01 par value, 500,000,000
shares authorized to the Fund with
50,000,000 shares allocated to this Series $50,003,765
Accumulated undistributed income:
Net investment income 323,718
Net realized gain on investments 933,005
Net unrealized appreciation of investments 2,862,611
-----------
Total net assets $54,123,099
===========
</TABLE>
See accompanying notes
<PAGE>
DELAWARE POOLED TRUST, INC.-THE DEFENSIVE EQUITY PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended April 30, 1995
(Unaudited)
<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
Dividends $ 780,247
Interest 102,174 $ 882,421
-----------
EXPENSES:
Management fees ($115,277) and directors'
fees ($1,965) 117,242
Registration fees 8,252
Custodian fees 7,735
Salaries 5,243
Professional fees 3,042
Dividend disbursing and transfer
agent fees and expenses 2,718
Reports to shareholders 1,500
Taxes (other than income) 1,411
Amortization of organization expenses 702
Other 5,008
-----------
152,853
Less expenses absorbed by Delaware
Management Company, Inc. (10,152) 142,701
----------- -----------
NET INVESTMENT INCOME 739,720
-----------
NET REALIZED AND UNREALIZED
GAIN ON INVESTMENTS:
Net realized gain from
security transactions 945,227
Net unrealized appreciation of
investments during the period 2,250,339
-----------
NET REALIZED AND UNREALIZED
GAIN ON INVESTMENTS 3,195,566
-----------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $ 3,935,286
===========
</TABLE>
See accompanying notes
<PAGE>
DELAWARE POOLED TRUST, INC.-THE DEFENSIVE EQUITY PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS YEAR
ENDED ENDED
4/30/95 10/31/94
(UNAUDITED)
<S> <C> <C>
OPERATIONS:
Net investment income $ 739,720 $ 738,676
Net realized gain on investments 945,227 1,535,246
Net unrealized appreciation (depreciation) during the period 2,250,339 (461,803)
------------ ------------
Net increase in net assets resulting from operations 3,935,286 1,812,119
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (854,021) (419,984)
Net realized gain from security transactions (1,546,708) (422,183)
------------ ------------
(2,400,729) (842,167)
------------ ------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold 14,740,130 25,095,763
Net asset value of shares issued upon reinvestment
of dividends from net investment income and net
realized gains from security transactions 2,359,200 838,997
------------ ------------
17,099,330 25,934,760
Cost of shares repurchased (1,833,946) (3,000,000)
------------ ------------
INCREASE IN NET ASSETS DERIVED FROM
CAPITAL SHARE TRANSACTIONS 15,265,384 22,934,760
------------ ------------
NET INCREASE IN NET ASSETS 16,799,941 23,904,712
NET ASSETS:
Beginning of period 37,323,158 13,418,446
------------ ------------
End of period (including undistributed net investment
income of $323,718 and $438,019, respectively) $54,123,099 $37,323,158
============ ============
</TABLE>
See accompanying notes
<PAGE>
DELAWARE POOLED TRUST, INC.-THE DEFENSIVE EQUITY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
April 30, 1995
(Unaudited)
Delaware Pooled Trust, 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 seven separate Portfolios
("Series").
1. SIGNIFICANT ACCOUNTING POLICIES
The following accounting policies are in accordance with generally accepted
accounting principles and are consistently followed by the Series for financial
statement preparation:
Security Valuation-Securities listed on an exchange are valued at the last
- ------------------
quoted sales price as of 4:00 pm on the valuation date. Securities not traded
are valued at the last quoted bid price. Securities not listed on an exchange
are valued at the mean of the last quoted bid and asked prices. Long-term debt
securities are valued by an independent pricing service when such prices are
believed to reflect the fair value of such securities. Money market instruments
having less than 60 days to maturity are valued at amortized cost.
Federal Income Taxes-The Series 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.
Repurchase Agreements-The Series may invest in a pooled cash account along with
- ---------------------
other members of the Delaware Group Family of Funds. The aggregate daily balance
of the pooled cash account is invested in repurchase agreements secured by
obligations of the U.S. Government. The respective collateral is held by the
Series' custodian bank until the maturity of the respective repurchase
agreements. Each repurchase agreement is 102% collateralized. However, in the
event of default or bankruptcy by the counterparty to the agreement, realization
of the collateral may be subject to legal proceedings.
Other-Expenses common to all funds within the Delaware Group Family of Funds are
- -----
allocated amongst the funds on the basis of average net assets. Security
transactions are recorded on the date the securities are purchased or sold
(trade date). Costs used in calculating realized gains and losses on the sale of
investment securities are those of the specific securities sold. Dividend income
is recorded on the ex-dividend date and interest income is recorded on an
accrual basis. Original issue discounts are accreted to interest income over the
lives of the respective securities.
2. INVESTMENT MANAGEMENT AND DISTRIBUTION AGREEMENTS
In accordance with the terms of the Investment Management Agreement, the Series
pays Delaware Management Company, Inc. (DMC), the investment manager of the
Series an annual fee which is calculated daily at the rate of 0.55% of average
daily net assets less fees paid to the independent directors. DMC has undertaken
voluntarily to waive its fee and reimburse the Defensive Equity Portfolio to the
extent that annual operating expenses, exclusive of taxes, interest, brokerage
commissions and extraordinary expenses exceed 0.68% of average net assets
through October 31, 1995. Total expenses absorbed by DMC for the six months
ended April 30, 1995 were $10,152. At April 30, 1995, the Series had a liability
for Investment Management fees and other expenses payable to DMC for $40,947
after the fee waiver.
The Series has engaged Delaware Service Company, Inc. (DSC), an affiliate of
DMC, to serve as dividend disbursing and transfer agent for the Series. For the
six months ended April 30, 1995, the Series expensed $2,718 for these services.
At April 30, 1995, the Series had a liability for such fees and other expenses
payable to DSC for $642.
Certain officers of the Investment Manager are officers, directors, and/or
employees of the Series. These officers, directors, and employees are paid no
compensation by the Series .
On April 3, 1995, Delaware Management Holdings, Inc., the indirect parent of DMC
and DSC, through a merger transaction (the "Merger") became a wholly-owned
subsidiary of Lincoln National Corporation. Other than the resulting change in
ownership, the Merger will not materially change the manner in which DMC has
heretofore conducted its relationship with the Series. The same personnel who
managed the operation and affairs of the Series before the Merger have continued
to manage its operations and affairs since the merger.
3. INVESTMENTS
During the six months ended April 30, 1995, the Series made purchases of
$22,852,947 and sales of $11,095,930 of investments securities other than U.S.
Government securities and temporary cash investments.
At April 30, 1995, unrealized appreciation for federal income tax purposes
aggregated $2,854,851 of which $3,824,426 related to unrealized appreciation of
securities and $969,575 related to unrealized depreciation of securities.
The realized gain for federal income tax purposes was $941,966 for the six
months ended April 30, 1995.
4. CAPITAL STOCK
Transactions in capital stock shares were as follows:
<TABLE>
<CAPTION>
SIX MONTHS YEAR
ENDED ENDED
4/30/95 10/31/94
<S> <C> <C>
Shares sold 1,151,084 1,965,280
Shares issued upon reinvestment of dividends from net
investment income and net realized gains from
security transactions 196,676 67,602
---------- ----------
1,347,760 2,032,882
Shares repurchased (146,615) (234,132)
---------- ----------
Net increase 1,201,145 1,798,750
========== ==========
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
5. FINANCIAL HIGHLIGHTS
Selected data for each share of the Series outstanding throughout each period
were as follows:
<TABLE>
<CAPTION>
SIX MONTHS/1/ YEAR YEAR 2/3/92/2/
ENDED ENDED ENDED TO
4/30/95 10/31/94 10/31/93 10/31/92
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 13.0800 $ 12.7300 $ 10.6600 $ 10.0000
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.1863 0.3203 0.2841 0.2291
Net realized and unrealized
gain from security transactions 0.8337 0.6527 2.3159 0.5109
---------- ---------- ---------- -----------
Total from investment operations 1.0200 0.9730 2.6000 0.7400
---------- ---------- ---------- -----------
LESS DISTRIBUTIONS:
Dividends from net investment income (0.2600) (0.2800) (0.3200) (0.0800)
Distributions from net realized gain on
security transactions (0.4900) (0.3430) (0.2100) none
---------- ---------- ---------- -----------
Total distributions (0.7500) (0.6230) (0.5300) (0.0800)
---------- ---------- ---------- -----------
Net asset value, end of period $ 13.3500 13.0800 12.7300 10.6600
========== ========== ========== ===========
TOTAL RETURN 8.47% 7.96% 25.17% 10.13%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000 omitted) $ 54,123 $ 37,323 $ 13,418 $ 4,473
Ratio of expenses to average net assets 0.68%/3/ 0.68%/3/ 0.68%/3/ 0.68%/3/
Ratio of net investment income to average net assets 3.50%/4/ 3.26%/4/ 2.90%/4/ 3.65%/4/
Portfolio turnover 56% 73% 37% 28%
</TABLE>
____________________
/1/ Ratios have been annualized and total return has not been annualized.
/2/ Date of initial sale; ratios and total return have been annualized.
/3/ Ratio of expenses to average net assets prior to expense limitation was
0.73% for the six months ended 4/30/95, 0.82% for the year ended 10/31/94,
1.38% for the year ended 10/31/93 and 2.38% for the period from 2/3/92 to
10/31/92.
/4/ Ratio of net investment income to average net assets prior to expense
limitation was 3.45% for the six months ended 4/30/95, 3.12% for the year
ended 10/31/94, 2.20% for the year ended 10/31/93 and 1.95% for the period
from 2/3/92 to 10/31/92.
<PAGE>
DELAWARE POOLED TRUST, INC.-THE AGGRESSIVE GROWTH PORTFOLIO
STATEMENT OF NET ASSETS
April 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<S> <C> <C>
COMMON STOCK-80.05%
BASIC INDUSTRY/CAPITAL GOODS-2.51%
TriMas 18,600 $ 406,875
Wabash National 8,100 252,113
----------
TOTAL BASIC INDUSTRY/CAPITAL GOODS 658,988
----------
BUSINESS SERVICES-12.23%
DISTRIBUTORS-0.29%
Intelligent Electronics 8,000 77,500
----------
77,500
----------
ENVIRONMENTAL-1.08%
Dames & Moore 22,400 282,800
----------
282,800
----------
MEDIA & PUBLISHING-3.83%
* International Family Entertainment Class B 13,400 202,675
* King World Productions 9,800 394,450
* Multimedia 9,900 371,250
Reynolds & Reynolds Class A 1,400 37,100
----------
1,005,475
----------
OTHER BUSINESS SERVICES-7.03%
* ADT Limited 27,100 321,813
* BISYS Group 19,100 398,713
* Cyrk 12,400 178,250
First Financial Management 7,800 570,375
* Gartner Group 3,600 149,175
* Isomedix 15,200 226,100
----------
1,844,426
----------
TOTAL BUSINESS SERVICES 3,210,201
----------
CONSUMER DURABLES/CYCLICAL-0.29%
Polaris Industries 1,700 76,925
----------
TOTAL CONSUMER DURABLES/CYCLICAL 76,925
----------
CONSUMER NON-DURABLES-8.46%
RETAIL-6.35%
* General Nutrition 5,700 141,788
* Gymboree 9,700 226,738
* Kohl's 5,100 228,225
* Musicland Stores 21,500 209,625
* Neostar Retail Group 5,000 54,375
* Price/Costco 17,900 260,669
* Sports Authority 1,500 26,625
* Staples 16,350 391,378
* Value City Department Stores 14,100 126,900
----------
1,666,323
----------
TEXTILES AND APPAREL-0.87%
* Tommy Hilfiger 9,900 227,700
----------
227,700
----------
OTHER CONSUMER NON-DURABLES-1.24%
* Canandaigua Wine Class A 6,100 264,588
* Nature's Bounty 10,800 61,763
----------
326,351
----------
TOTAL CONSUMER NON-DURABLES 2,220,374
----------
CONSUMER SERVICES-12.03%
RESTAURANTS-3.51%
* Bertucci's 8,600 73,100
* Brinker International 10,100 172,963
* Foodmaker 20,000 82,500
* Lone Star Steakhouse/Saloon 10,500 322,875
* Papa John's International 3,300 114,675
Sbarro 6,000 154,500
----------
920,613
----------
</TABLE>
<PAGE>
STATEMENT OF NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<S> <C> <C>
COMMON STOCK (CONTINUED)
ENTERTAINMENT & LEISURE-5.23%
* Circus Circus Enterprises 3,850 $ 127,531
* Hospitality Franchise Systems 2,000 60,750
* MGM Grand 2,300 69,863
* Mirage Resorts 14,100 423,000
TCA Cable TV 2,100 51,844
* Viacom Class A 1,688 79,125
Viacom Class B 5,089 233,458
* WMS Industries 17,400 328,425
----------
1,373,996
----------
OTHER CONSUMER SERVICES-3.29%
Barefoot 18,300 204,731
Cash America Investments 29,600 225,700
* CUC International 10,600 431,950
----------
862,381
----------
TOTAL CONSUMER SERVICES 3,156,990
----------
ENERGY-1.44%
* AES 13,848 240,609
Snyder Oil 9,500 136,563
----------
TOTAL ENERGY 377,172
----------
FINANCIAL-6.24%
INSURANCE-5.31%
AMBAC 9,800 399,350
Blanch (E.W.) Holdings 18,200 341,250
CMAC Investment 8,500 314,500
MBIA 5,400 338,850
----------
1,393,950
----------
OTHER-0.93%
* Olympic Financial Limited 11,100 133,894
SEI 5,700 109,013
----------
242,907
----------
TOTAL FINANCIAL 1,636,857
----------
HEALTH CARE-17.56%
DEVICES-0.98%
* Sunrise Medical 8,500 257,125
----------
257,125
----------
SERVICES-14.33%
* Amerisource Health Class A 2,200 49,088
Columbia/HCA Healthcare 14,857 623,994
* Health Management Class A 18,750 543,750
* HEALTHSOUTH 24,400 481,900
* Homedco Group 6,900 394,163
* NovaCare 6,400 55,200
* Quantum Health Resources 19,200 313,200
* Quorum Health Group 15,300 313,650
* Value Health 15,864 547,308
* Vivra 13,700 440,113
----------
3,762,366
----------
HEALTH CARE OTHER-2.25%
* FHP International 8,700 207,713
* Oxford Health Plans 2,200 91,575
United Healthcare 8,000 290,000
----------
589,288
----------
TOTAL HEALTH CARE 4,608,779
----------
TECHNOLOGY-18.47%
COMMUNICATIONS-1.98%
* Cabletron Systems 6,700 318,250
* Chipcom 1,200 39,150
* Diamond Multimedia Systems 4,400 87,450
* InterVoice 4,900 74,113
----------
518,963
----------
</TABLE>
<PAGE>
STATEMENT OF NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
NUMBER MARKET
OF SHARES VALUE
<S> <C> <C>
COMMON STOCK (CONTINUED)
TECHNOLOGY (CONTINUED)
HARDWARE-9.27%
* Altera 3,100 $ 250,519
* Bay Networks 6,200 225,138
* Clinicom 5,500 110,000
Dallas Semiconductor 13,600 272,000
* Microchip Technology 5,900 164,831
* Silicon Graphics 7,100 266,250
* Stratus Computer 10,900 324,275
* Xilinx 8,000 612,000
* Zilog 5,900 207,975
----------
2,432,988
----------
SOFTWARE-7.22%
Adobe Systems 5,100 296,438
* Compuware 12,400 322,400
HBO & Co. 1,934 87,997
* Informix 6,400 251,600
* Novell 25,700 557,369
Shared Medical Systems 7,400 278,425
* Vmark Software 7,000 102,375
----------
1,896,604
----------
TOTAL TECHNOLOGY 4,848,555
----------
TRANSPORTATION-0.82%
Illinois Central 6,100 214,263
----------
TOTAL TRANSPORTATION 214,263
----------
TOTAL COMMON STOCK (COST $17,975,549) 21,009,104
----------
STOCK RIGHTS-0.10%
* Viacom 21,100 27,694
----------
TOTAL STOCK RIGHTS (COST $24,925) 27,694
----------
<CAPTION>
PRINCIPAL
AMOUNT
SHORT-TERM INVESTMENTS-11.38%
Federal National Mortgage Association
Discount Note 5/30/95 $ 3,000,000 2,985,718
------------
TOTAL SHORT-TERM INVESTMENTS (COST $2,985,717) 2,985,718
------------
REPURCHASE AGREEMENTS-11.48%
With PaineWebber 5.875% 5/1/95
(dated 4/28/95, collateralized by
$2,946,000 U.S. Treasury Notes 7.375%
due 11/15/97, market value $3,088,020) 3,013,000 3,013,000
------------
TOTAL REPURCHASE AGREEMENTS (COST $3,013,000) 3,013,000
------------
TOTAL MARKET VALUE OF SECURITIES-103.01% (COST $23,999,191) 27,035,516
LIABILITIES NET OF RECEIVABLES AND OTHER ASSETS-(3.01%) (790,176)
-------------
NET ASSETS APPLICABLE TO SHARES 2,324,197 ($.01 PAR VALUE)
OUTSTANDING; EQUIVALENT TO $11.29 PER SHARE-100.00% $ 26,245,340
=============
- ----------------------------
*Non-income producing security for the six months ended April 30, 1995.
COMPONENTS OF NET ASSETS AT APRIL 30, 1995:
Common stock, $.01 par value, 500,000,000 shares
authorized to the Fund with 50,000,000 shares
allocated to this Series $ 22,984,57
Accumulated undistributed income:
Net investment income 44,311
Net realized gain on investments 180,126
Net unrealized appreciation of investments 3,036,325
-------------
Total net assets $ 26,245,340
=============
</TABLE>
See accompanying notes
<PAGE>
DELAWARE POOLED TRUST, INC.-THE AGGRESSIVE GROWTH PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended April 30, 1995
(Unaudited)
<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
Interest $ 135,779
Dividends 28,860 $ 164,639
-----------
EXPENSES:
Management fees ($90,760) and Directors' fees ($2,005) 92,765
Custodian fees 21,930
Professional fees 3,312
Registration fees 3,025
Salaries 2,873
Dividend disbursing and transfer agent fees and expenses 1,433
Taxes, other than taxes on income 935
Reports to shareholders 900
Amortization of organization expenses 718
Other 4,783
----------
132,674
Less expenses absorbed by Delaware
Management Company, Inc. (26,411) 106,263
----------- -----------
NET INVESTMENT INCOME 58,376
-----------
NET REALIZED AND UNREALIZED
GAIN ON INVESTMENTS:
Net realized gain from
security transactions 203,838
Net unrealized appreciation of
investments during the period 885,444
-----------
NET REALIZED AND UNREALIZED
GAIN ON INVESTMENTS 1,089,282
-----------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $1,147,658
===========
</TABLE>
See accompanying notes
<PAGE>
DELAWARE POOLED TRUST, INC.-THE AGGRESSIVE GROWTH PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS YEAR
ENDED ENDED
4/30/95 10/31/94
(UNAUDITED)
<S> <C> <C>
OPERATIONS:
Net investment income $ 58,376 $ 16,113
Net realized gain on investments 203,838 505,673
Net unrealized appreciation (depreciation)
during the period 885,444 (387,251)
------------ ------------
Net increase in net assets
resulting from operations 1,147,658 134,535
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (24,860) (37,888)
Net realized gain from security transactions (488,918) (397,820)
------------ ------------
(513,778) (435,708)
------------ ------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold 2,457,959 2,687,551
Net asset value of shares issued upon reinvestment
of dividends from net investment income and
net realized gain from security transactions 513,778 435,708
------------ ------------
2,971,737 3,123,259
Cost of shares repurchased --- (660,012)
------------ ------------
Increase in net assets derived from
capital share transactions 2,971,737 2,463,247
------------ ------------
NET INCREASE IN NET ASSETS 3,605,617 2,162,074
NET ASSETS:
Beginning of period 22,639,723 20,477,649
------------ ------------
End of period (including undistributed
net investment income of $44,311 and $10,795,
respectively) $26,245,340 $22,639,723
============ ============
</TABLE>
See accompanying notes
<PAGE>
DELAWARE POOLED TRUST, INC.- THE AGGRESSIVE GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
April 30, 1995
(Unaudited)
Delaware Pooled Trust, 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 seven separate Portfolios
("Series").
1. SIGNIFICANT ACCOUNTING POLICIES
The following accounting policies are in accordance with generally accepted
accounting principles and are consistently followed by the Series for financial
statement preparation:
Security Valuation-Securities listed on an exchange are valued at the last
- ------------------
quoted sales price as of 4:00 pm on the valuation date. Securities not traded
are valued at the last quoted bid price. Securities not listed on an exchange
are valued at the mean of the last quoted bid and asked prices. Long-term debt
securities are valued by an independent pricing service when such prices are
believed to reflect the fair value of such securities. Money market instruments
having less than 60 days to maturity are valued at amortized cost.
Federal Income Taxes-The Series 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.
Repurchase Agreements-The Series may invest in a pooled cash account along with
- ---------------------
other members of the Delaware Group Family of Funds. The aggregated daily
balance of the pooled cash account is invested in repurchase agreements secured
by obligations of the U.S. Government. The respective collateral is held by the
Fund's custodial bank until the maturity of the respective repurchase
agreements. Each repurchase agreement is 102% collateralized. However, in the
event of default or bankruptcy by the counterparty to the agreement, realization
of the collateral may be subject to legal proceedings.
Other-Expenses common to all funds within the Delaware Group Family of Funds are
- -----
allocated amongst the funds on the basis of average net assets. Security
transactions are recorded on the date the securities are purchased or sold
(trade date). Costs used in calculating realized gains and losses on the sale
of investment securities are those of the specific securities sold. Dividend
income is recorded on the ex-dividend date and interest income is recorded on an
accrual basis. Original issue discounts are accreted to interest income over
the lives of the respective securities.
2. INVESTMENT MANAGEMENT AND DISTRIBUTION AGREEMENTS
In accordance with the terms of the Investment Management Agreement, the Series
pays Delaware Management Company, Inc.(DMC), the investment manager of the
Series an annual fee which is calculated daily at the rate of 0.80% of average
daily net assets less fees paid to the independent directors. DMC has
undertaken voluntarily to waive its fee and reimburse the Aggressive Growth
Portfolio to the extent that annual operating expenses, exclusive of taxes,
interest, brokerage commissions and extraordinary expenses exceed 0.93% of
average net assets through October 31, 1995. Total expenses absorbed by DMC for
the six months ended April 30, 1995 were $26,411. At April 30, 1995, the Series
had a liability for Investment Management fees and other expenses payable to DMC
for $27,617 after the fee waiver.
The Series has engaged Delaware Service Company, Inc. (DSC), an affiliate of
DMC, to serve as dividend disbursing and transfer agent for the Series. For the
six months ended April 30, 1995, the Series expensed $1,433 for these services.
At April 30, 1995, the Fund had a liability for such fees and other expenses
payable to DSC for $443.
Certain officers of the Investment Manager are officers, directors and or
employees of the Series. These officers, directors, and employees are paid no
compensation by the Series.
On April 3, 1995, Delaware Management Holdings, Inc., the indirect parent of DMC
and DSC, through a merger transaction (the "Merger") became a wholly-owned
subsidiary of Lincoln National Corporation. Other than the resulting change in
ownership, the Merger will not materially change the manner in which DMC has
heretofore conducted its relationship with the Series. The same personnel who
managed the operation and affairs of the Series before the Merger have continued
to manage its operations and affairs since the Merger.
3. INVESTMENTS
During the six months ended April 30, 1995, the Series made purchases of
$6,317,588 and sales of $5,069,975 of investment securities other than U.S.
Government securities and temporary cash investments.
At April 30, 1995, unrealized appreciation for federal income tax purposes
aggregated $3,007,705 of which $4,251,368 related to unrealized appreciation of
securities and $1,243,663 related to unrealized depreciation of securities.
The realized gain for federal income tax purposes was $212,409 for the six
months ended April 30, 1995.
4. CAPITAL STOCK
Transactions in capital stock shares were as follows:
<TABLE>
<CAPTION>
SIX MONTHS YEAR
ENDED ENDED
4/30/95 10/31/94
------- --------
<S> <C> <C>
Shares sold 218,714 247,591
Shares issued upon reinvestment of dividends
from net investment income and net realized
gain from security transactions 49,736 39,147
------------ ------------
268,450 286,738
Share repurchased --- (58,824)
------------ ------------
Net increase in shares 268,450 227,914
============ ============
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
5. FINANCIAL HIGHLIGHTS
Selected data for each share of the Series outstanding throughout each period
were as follows:
<TABLE>
<CAPTION>
SIX MONTHS YEAR YEAR 2/27/92*
ENDED ENDED ENDED TO
4/30/95** 10/31/94 10/31/93 10/31/92
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 11.0100 $ 11.2000 $ 9.0400 $ 10.0000
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income 0.0258 0.0075 0.0181 0.0167
Net realized and unrealized gain
(loss) from security transactions 0.5022 0.0325 2.1589 (0.9767)
----------- ---------- ---------- ----------
Total from investment operations 0.5280 0.0400 2.1770 (0.9600)
----------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
Dividends from net investment income (0.0120) (0.0200) (0.0170) none
Distributions from net realized gain
on security transactions (0.2360) (0.2100) none none
----------- ---------- ---------- ----------
Total distributions (0.2480) (0.2300) (0.0170) none
----------- ---------- ---------- ----------
Net asset value, end of period $ 11.2900 $ 11.0100 $ 11.2000 $ 9.0400
=========== ========== ========== ==========
TOTAL RETURN 5.01% 0.34% 24.10% (13.89%)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000 omitted) $ 26,245 $ 22,640 $ 20,478 $ 4,538
Ratio of expenses to average net assets 0.93%+ 0.93%+ 0.93%+ 0.93%+
Ratio of net investment income to average net assets 0.51%++ 0.07%++ 0.23%++ 0.28%++
Portfolio turnover 54% 43% 81% 34%
</TABLE>
______________________________
* Date of initial sale; ratios and total return have been annualized.
** Ratios have been annualized and total return has not been annualized.
+ Ratio of expenses to average net assets prior to expense limitation was
1.16% for the six months ended 4/30/95, 1.17% for the year ended 10/31/94,
1.40% for the year ended 10/31/93 and 2.56% for the period from 2/27/92 to
10/31/92.
++ Ratio of net investment income (loss) to average net assets prior to expense
limitation was 0.28% for the six months ended 4/30/95, (0.17%) for the year
ended 10/31/94, (0.24%) for the year ended 10/31/93 and (1.35%) for the
period from 2/27/92 to 10/31/92.
<PAGE>
DELAWARE POOLED TRUST, INC.-THE FIXED INCOME PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
April 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
<S> <C>
ASSETS:
Cash $ 21,000
Deferred organization and
registration expenses 36,968
--------
57,968
--------
LIABILITIES:
Accounts payable
and other accrued expenses 36,968
--------
36,968
--------
NET ASSETS APPLICABLE TO 2,100
SHARES OUTSTANDING; EQUIVALENT
TO $10.00 PER SHARE $ 21,000
========
</TABLE>
<PAGE>
DELAWARE POOLED TRUST,INC.-THE FIXED INCOME PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
April 30, 1995
(Unaudited)
Delaware Pooled Trust, 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 seven separate Portfolios
("Series").
1. SIGNIFICANT ACCOUNTING POLICIES
The following accounting policies are in accordance with generally accepted
accounting principles and are consistently followed by the Series for financial
statement preparation:
Security Valuation-Securities listed on an exchange are valued at the last
- ------------------
quoted sales price as of 4:00 pm on the valuation date. Securities not traded
are valued at the last quoted bid price. Securities not listed on an exchange
are valued at the mean of the last quoted bid and asked prices. Long-term debt
securities are valued by an independent pricing service when such prices are
believed to reflect the fair value of such securities. Money market instruments
having less than 60 days to maturity are valued at amortized cost.
Federal Income-The Series 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.
Repurchase Agreement-The Series may invest in a pooled cash account along with
- --------------------
other members of the Delaware Group Family of Funds. The aggregated daily
balance of the pooled cash account is invested in repurchase agreements secured
by obligations of the U.S. Government. The respective collateral is held by the
Series custodian bank until the maturity of the respective repurchase
agreements. Each repurchase agreement is 102% collateralized. However, in the
event of default or bankruptcy by the counterparty to the agreement, realization
of the collateral may be subject to legal proceedings.
Other-Expenses common to all funds within the Delaware Group Family of Funds are
- -----
allocated amongst the funds on the basis of average net assets. Security
transactions are recorded on the date the securities are purchased or sold
(trade date). Costs used in calculating realized gains and losses on the sale of
investment securities are those of the specific securities sold. Dividend income
is recorded on the ex-dividend date and interest income is recorded on an
accrual basis. Original issue discounts are accreted to interest income over the
lives of the respective securities.
2. INVESTMENT MANAGEMENT AND DISTRIBUTION AGREEMENT
In accordance with the terms of the Investment Management Agreement, the Series
will pay Delaware Management Company, Inc. (DMC), the investment manager of the
Series an annual fee which is calculated daily at the rate of 0.40% of average
daily net assets less fees paid to the independent directors.
DMC has undertaken voluntarily to waive its fee and reimburse the Series to the
extent that annual operating expenses exclusive of taxes, interest, brokerage
commission and extraordinary expense, exceed 0.53% of average net assets through
October 31, 1995.
On April 3, 1995, Delaware Management Holdings, Inc., the indirect parent of
DMC, through a merger transaction (the "Merger") became a wholly-owned
subsidiary of Lincoln National Corporation. Other than the resulting change in
ownership, the Merger will not materially change the manner in which DMC has
heretofore conducted its relationship with the Fund. The same personnel who
managed the operation and affairs of the Fund before the acquisition have
continued to managed its operations and affairs since the merger.
3. COMPONENTS OF NET ASSETS
500,000,000 shares, $.01 par value, have been authorized to the Fund with
50,000,000 shares allocated to the Series. Total net assets applicable to 2,100
shares of common stock outstanding were $21,000, which is equivalent to $10.00
per share.
4. FINANCIAL HIGHLIGHTS
Selected data for each share of the Series outstanding throughout the period has
been omitted since the Series has not commenced operations.
<PAGE>
DELAWARE POOLED TRUST,INC.-THE LIMITED-TERM MATURITY PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
April 30, 1995
(Unaudited)
<TABLE>
<S> <C>
ASSETS:
Cash $ 21,000
Deferred organization and
registration expenses 35,526
---------
56,526
---------
LIABILITIES:
Accounts payable
and other accrued expenses 35,526
---------
35,526
---------
NET ASSETS APPLICABLE TO 2,100
SHARES OUTSTANDING; EQUIVALENT
TO $10.00 PER SHARE $ 21,000
=========
</TABLE>
See accompanying notes
<PAGE>
DELAWARE POOLED TRUST,INC.-THE LIMITED-TERM MATURITY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
April 30, 1995
(Unaudited)
Delaware Pooled Trust, 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 seven separate Portfolios
("Series").
1. SIGNIFICANT ACCOUNTING POLICIES
The following accounting policies are in accordance with generally accepted
accounting principles and are consistently followed by the Series for financial
statement preparation:
Security Valuation-Securities listed on an exchange are valued at the last
- ------------------
quoted sales price as of 4:00 pm on the valuation date. Securities not traded
are valued at the last quoted bid price. Securities not listed on an exchange
are valued at the mean of the last quoted bid and asked prices. Long-term debt
securities are valued by an independent pricing service when such prices are
believed to reflect the fair value of such securities. Money market instruments
having less than 60 days to maturity are valued at amortized cost.
Federal Income Taxes-The Series intends to continue to qualify as a regulated
- --------------------
investment company and make the requisite distributions to shareholders.
Accordingly, no provisions for federal income taxes is required in the financial
statements.
Repurchase Agreements-The Series may invest in a pooled cash account along with
- ---------------------
other members of the Delaware Group Family of Funds. The aggregated daily
balance of the pooled cash account is invested in repurchase agreements secured
by obligations of the U.S. Government. The respective collateral is held by the
Series' custodian bank until maturity of the respective repurchase agreements.
Each repurchase agreement is 102% collateralized. However, in the event of
default or bankruptcy by the counterparty to the agreement, realization of the
collateral may be subject to legal proceedings.
Other-Expenses common to all funds within the Delaware Group Family of Funds are
- -----
allocated amongst the funds on the basis of average net assets. Security
transactions are recorded on the date the securities are purchased or sold
(trade date). Costs used in calculating realized gains and losses on the sale of
investment securities are those of the specific securities sold. Dividend income
is recorded on the ex-dividend date and interest income is recorded on an
accrual basis. Original issue discounts are accreted to interest income over the
lives of the respective securities.
2. INVESTMENT MANAGEMENT AND DISTRIBUTION AGREEMENTS
In accordance with the terms of the Investment Management Agreement, the Series
will pay Delaware Management Company, Inc.(DMC), the investment manager of the
Series an annual fee which is calculated daily at the rate of 0.30% of average
daily net assets less fees paid to the independent directors.
DMC has undertaken voluntarily to waive its fee and reimburse the Series to the
extent that annual operating expenses, exclusive of taxes, interest, brokerage
commissions and extraordinary expenses exceed 0.43% of average net assets
through October 31, 1995.
On April 3, 1995, Delaware Management Holdings, Inc., the indirect parent of
DMC, through a merger transaction (the "Merger") became a wholly-owned
subsidiary of Lincoln National Corporation. Other than the resulting change in
ownership, the Merger will not materially change the manner in which DMC has
heretofore conducted its relationship with the Fund. The same personnel who
managed the operation and affairs of the Fund before the acquisition have
continued to managed its operations and affairs since the Merger.
3. COMPONENTS OF NET ASSETS
500,000,000 shares $.01 par value, have been authorized to the Fund with
50,000,000 shares allocated to the Series. Total net assets applicable to 2,100
shares of common stock outstanding were $21,000, which is equivalent to $10.00
per share.
4. FINANCIAL HIGHLIGHTS
Selected data for each share of the Series outstanding throughout the period has
been omitted since the Series has not commenced operations.
<PAGE>
DELAWARE POOLED TRUST,INC.-THE GLOBAL FIXED INCOME PORTFOLIO
STATEMENT OF INVESTMENTS
April 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
AMOUNT* (U.S.$)
<S> <C> <C>
BONDS-99.48%
AUSTRALIA-24.11%
Australian Government 9.00% 2004 2,000,000 $1,396,812
Bank Austria AG 10.875% 2004 2,500,000 1,880,777
Cadbury Schweppes, Australia 8.50% 1999 1,500,000 1,041,136
Commerzbank 10.50% 2000 2,000,000 1,503,712
Commonwealth Bank of Australia 13.75% 1999 1,750,000 1,451,063
Queensland Treasury-Global 8.00% 2003 4,500,000 2,838,789
New South Wales Treasury 6.50% 2006 5,000,000 2,774,543
South Australia Government Finance 9.00% 2002 1,750,000 1,202,719
South Australia Government Finance 7.25% 2003 2,000,000 1,221,709
State Bank of New South Wales 9.00% 2002 1,750,000 1,211,475
Treasury Corp. Victoria 7.125% 2005 2,000,000 1,161,669
----------
17,684,404
----------
CANADA-12.98%
Banque National de Paris 8.75% 2002 1,000,000 731,701
Banque National de Paris 7.75% 2003 1,000,000 687,606
Bell Canada 10.875% 2004 700,000 570,387
BP America 10.875% 2001 300,000 241,558
BP America 9.50% 2002 1,000,000 756,504
Government of Canada 9.00% 2004 1,000,000 767,142
Government of Canada 10.25% 2014 1,300,000 1,107,775
Deutsche Bank 10.25% 1999 400,000 314,177
Electricity Power Development 10.375% 2001 700,000 555,918
KFW International Finance 9.50% 2002 1,500,000 1,151,292
Nippon Telephone & Telegraph 10.25% 1999 800,000 626,883
Ontario Hydro 10.00% 2001 650,000 511,433
Rabobank Nederland 9.75% 2004 1,500,000 1,167,827
Treasury Corp. Victoria 7.25% 2003 500,000 329,334
----------
9,519,537
----------
FRANCE-1.55%
Guinness Finance 9.75% 1996 3,500,000 726,076
Saint-Gobain Nederland 10.50% 1995 2,000,000 409,807
----------
1,135,883
----------
GREECE-3.54%
Abbey National Treasury 15.75% 1997 200,000,000 860,146
International Bank of Reconstruction
and Development 15.50% 1997 325,000,000 1,419,352
International Finance 15.25% 1999 75,000,000 316,736
----------
2,596,234
----------
ITALY-16.58%
ABB International Finance BV 10.00% 2003 5,000,000,000 2,646,899
Eurofima 7.70% 2004 5,800,000,000 2,643,479
Italian Government 10.50% 2003 3,000,000,000 1,738,031
Italian Government 7.875% 2023 7,500,000,000 3,167,356
Nordic Investment Bank 11.30% 2002 1,500,000,000 857,640
Nordic Investment Bank 10.80% 2003 2,000,000,000 1,107,831
----------
12,161,236
----------
NEW ZEALAND-11.81%
New Zealand Government 6.50% 2000 6,000,000 3,803,312
New Zealand Government 10.00% 2002 3,300,000 2,465,004
New Zealand Government 8.00% 2006 3,500,000 2,398,358
----------
8,666,674
----------
SPAIN-13.02%
Bayerische Landesanstalt 7.80% 2004 200,000,000 1,249,023
DSL Finance NV Amsterdam 7.875% 2004 200,000,000 1,257,147
European Investment Bank 13.90% 2000 120,000,000 1,042,477
Spanish Government 10.30% 2002 300,000,000 2,231,182
Spanish Government 10.50% 2003 150,000,000 1,112,545
Spanish Government 8.20% 2009 230,000,000 1,394,803
World Bank 10.625% 1998 160,000,000 1,261,615
----------
9,548,792
----------
SWEDEN-11.86%
Nordic Investment Bank 10.25% 1999 8,000,000 1,081,691
Swedish Government 13.00% 2001 17,000,000 2,547,988
Swedish Government 9.00% 2009 44,000,000 5,068,865
----------
8,698,544
----------
UNITED KINGDOM-1.36%
Mutual Group 7.25% 2004 200,000 268,346
Nationwide Anglia 13.50% 2000 200,000 378,581
Redland Funding 10.875% 2001 200,000 349,211
----------
996,138
----------
</TABLE>
<PAGE>
STATEMENT OF INVESTMENTS (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
MARKET
PRINCIPAL VALUE
AMOUNT* (U.S. $)
<S> <C> <C>
BONDS (CONTINUED)-
UNITED STATES-2.67%
Republic of Argentina 4.00% 2023 2,000,000 $ 892,500
United Mexican States 6.25% 2019 2,000,000 1,063,126
-----------
1,955,626
-----------
TOTAL BONDS (COST $72,030,378 ) 72,963,068
-----------
REPURCHASE AGREEMENTS-0.52%
With PaineWebber 5.875% 5/1/95
(dated 4/30/94, collateralized by
$373,000 U.S. Treasury Notes 7.375%
due 11/15/97, market value $391,511) $ 382,000 $ 382,000
-----------
TOTAL REPURCHASE AGREEMENTS (COST $382,000) 382,000
-----------
TOTAL MARKET VALUE OF SECURITIES-100.00%
(COST $72,412,378) $73,345,068
===========
COMPONENTS OF NET ASSETS AT APRIL 30, 1995:
Common stock, $.01 par value, 500,000,000
shares authorized to the Fund with
50,000,000 shares allocated to this Series $75,820,213
Accumulated undistributed income:
Net investment income 1,651,032
Net realized loss on investments and
foreign currencies (2,108,659)
Net unrealized appreciation of investments
and foreign currencies 905,331
-----------
Total net assets $76,267,917
===========
</TABLE>
______________________________________________________
*Principal amount is stated in the currency of the country in which each
security is denominated.
See accompanying notes
<PAGE>
DELAWARE POOLED TRUST,INC.-THE GLOBAL FIXED INCOME PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
April 30, 1995
(Unaudited)
<TABLE>
<S> <C>
ASSETS:
Investments at market (cost $72,412,378) $73,345,068
Interest receivable 3,285,400
Cash and foreign currencies 1,388,908
Other assets 386
-----------
78,019,762
-----------
LIABILITIES:
Payable for investment securities purchased 1,385,354
Dividend payable 227,319
Accounts payable and other accrued expenses 139,172
-----------
1,751,845
-----------
NET ASSETS $76,267,917
===========
Shares outstanding 7,577,284
===========
Net asset value $ 10.07
===========
</TABLE>
See accompanying notes
<PAGE>
DELAWARE POOLED TRUST,INC.-THE GLOBAL FIXED INCOME PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended April 30, 1995
(Unaudited)
<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
Interest $ 2,742,322
EXPENSES:
Management fees ($136,917) and directors'
fees ($2,005) 138,922
Custodian fees 9,910
Registration fees 8,515
Salaries 6,786
Professional fees 4,264
Dividend disbursing and transfer
agent fees and expenses 3,524
Taxes, other than taxes on income 2,012
Reports to shareholders 400
Amortization of organization expenses 506
Other 4,523
------------
179,362
Less expenses absorbed by Delaware International Advisers, Ltd. (15,252) 164,110
-------------- ------------
NET INVESTMENT INCOME 2,578,212
------------
NET REALIZED LOSS AND UNREALIZED GAIN ON
INVESTMENTS AND FOREIGN CURRENCIES:
Net realized loss on:
Security transactions (10,622)
Foreign currency (574,567)
---------------
Net realized loss (585,189)
Net unrealized appreciation of
investments and foreign currencies during the period 1,022,503
------------
NET REALIZED AND UNREALIZED GAIN ON
INVESTMENTS AND FOREIGN CURRENCIES 437,314
------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $ 3,015,526
============
</TABLE>
See accompanying notes
<PAGE>
DELAWARE POOLED TRUST,INC.-THE GLOBAL FIXED INCOME PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS YEAR
ENDED ENDED
4/30/95 10/31/94
(UNAUDITED)
<S> <C> <C>
OPERATIONS:
Net investment income $ 2,578,212 $ 3,065,983
Net realized loss on foreign currencies
and security transactions (585,189) (2,201,136)
Net unrealized appreciation (depreciation) of investments
and foreign currencies during the period 1,022,503 (134,425)
------------ ------------
Net increase in net assets
resulting from operations 3,015,526 730,422
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (1,231,319) (3,001,453)
Net realized gain from security transactions --- (1,523,836)
------------ ------------
(1,231,319) (4,525,289)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold 32,100,000 13,502,167
Net asset value of shares issued upon reinvestment
of dividends from net investment income and net
realized gain from security transactions 958,120 4,525,289
------------ ------------
33,058,120 18,027,456
Cost of shares repurchased (840,000) (1,280,000)
------------ ------------
Increase in net assets derived from
capital share transactions 32,218,120 16,747,456
------------ ------------
NET INCREASE IN NET ASSETS 34,002,327 12,952,589
NET ASSETS:
Beginning of period 42,265,590 29,313,001
------------ ------------
End of period (including undistributed net
investment income of $1,651,032 and $304,139,
respectively) $76,267,917 $42,265,590
============ ============
</TABLE>
See accompanying notes
<PAGE>
DELAWARE POOLED TRUST,INC.-THE GLOBAL FIXED INCOME PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
April 30, 1995
(Unaudited)
Delaware Pooled Trust, 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 seven separate Portfolios
("Series").
1. SIGNIFICANT ACCOUNTING POLICIES
The following accounting policies are in accordance with generally accepted
accounting principles and are consistently followed by the Series for financial
statement preparation:
Security Valuation-Securities listed on an exchange are valued at the last
- ------------------
quoted sales price as of 4:00 pm on the valuation date. Securities not traded
are valued at the last quoted bid price. Securities not listed on an exchange
are valued at the mean of the last quoted bid and asked prices. Securities
listed on a foreign exchange are valued at the last quoted sale price before the
time when the Fund is valued. Long-term debt securities are valued by an
independent pricing service when such prices are believed to reflect the fair
value of such securities. Money market instruments having less than 60 days to
maturity are valued at amortized cost.
Federal Income Taxes-The Series 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.
Repurchase Agreements-The Series may invest in a pooled cash account along with
- ---------------------
other members of the Delaware Group Family of Funds. The aggregate daily
balance of the pooled cash account is invested in repurchase agreements secured
by obligations of the U.S. Government. The respective collateral is held by the
Series' custodian bank until the maturity of the respective repurchase
agreements. Each repurchase agreement is 102% collateralized. However, in the
event of default or bankruptcy by the counterparty to the agreement, realization
of the collateral may be subject to legal proceedings.
Foreign Currencies-The value of all assets and liabilities denominated in
- ------------------
foreign currencies are translated into the U.S. dollars at the exchange rate of
such currencies against the U.S. dollar as of 3:00 pm EST. Forward foreign
currency contracts are valued at the mean between the bid and asked prices of
the contracts. Interpolated values are derived when the settlement date of the
contract is an interim date for which quotations are not available.
Other-Expenses common to all funds within the Delaware Group Family of Funds are
- -----
allocated amongst the funds on the basis of average net assets. Security
transactions are recorded on the date the securities are purchased or sold
(trade date). Costs used in calculating realized gains and losses on the sale
of investment securities are those of the specific securities sold. Dividend
income is recorded on the ex-dividend date and interest income is recorded on an
accrual basis. Original issue discounts are accreted to interest income over
the lives of the respective securities.
2. INVESTMENT MANAGEMENT AND DISTRIBUTION AGREEMENT
In accordance with the terms of the Investment Management Agreement, the Series
pays Delaware International Advisers, Ltd. (DIAL) the investment manager of the
Series an annual fee which is calculated daily at the rate of 0.50% of average
daily net assets less fees paid to the independent directors.
DIAL has undertaken voluntarily to waive its fee and reimburse the Series to the
extent that annual operating expenses, exclusive of taxes, brokerage commissions
and extraordinary expenses, exceed 0.60% of average net assets through October
31, 1995. Total expenses absorbed by DIAL for the six months ended April 30,
1995 were $15,252. At April 30, 1995, the Series had a liability for Investment
Management fees and other expenses payable to DIAL for $34,844.
The Series has engaged Delaware Service Company, Inc. (DSC), an affiliate of
DIAL to serve as dividend disbursing and transfer agent for the Series. For the
six months ended April 30, 1995, the Series expensed $3,524 for these services.
At April 30, 1995 the Series had a liability for such fees and other expenses
payable to DSC for $561.
Certain officers of the Investment Manager are officers, directors, and or
employees of the Series. These officers, directors, and employees are paid no
compensation by the Series.
On April 3, 1995, Delaware Management Holdings, Inc., the indirect parent of
DIAL and DSC, through a merger transaction (the "Merger") became a wholly-owned
subsidiary of Lincoln National Corporation. Other than the resulting change in
ownership, the Merger will not materially change the manner in which DIAL has
heretofore conducted its relationship with the Fund. The same personnel who
managed the operation and affairs of the Fund before the acquisition have
continued to managed its operations and affairs since the Merger.
3. INVESTMENTS
During the six months ended April 30, 1995, the Series made purchases of
$47,218,465 and sales of $15,356,936 of investment securities other than U.S.
Government securities and temporary cash investments.
At April 30, 1995, unrealized appreciation for financial reporting and federal
income tax purposes aggregated $932,690 of which $2,551,132 related to
unrealized appreciation of securities and $1,618,442 related to unrealized
depreciation of securities.
The realized loss for federal income purposes was $67,076 for the six months
ended April 30, 1995.
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
4. CAPITAL STOCK
<TABLE>
<CAPTION>
SIX MONTHS YEAR
ENDED ENDED
4/30/95 10/31/94
<S> <C> <C>
Shares sold 3,250,318 1,356,353
Share issued upon reinvestment
of dividends from net investment income and
net realized gains from security transactions 97,150 443,778
--------- ---------
3,347,468 1,800,131
Shares repurchase (85,427) (127,578)
--------- ---------
Net increase 3,262,041 1,672,553
========= =========
</TABLE>
5. FOREIGN EXCHANGE CONTRACTS
The following foreign currency forward contracts were outstanding at April 30,
1995.
<TABLE>
<CAPTION>
Unrealized
Contract In Exchange Settlement Appreciation
to Deliver for Date (Depreciation)
---------- ----------- ---------- --------------
<S> <C> <C> <C>
5,700,000 French Francs $1,178,416 7/31/95 $ 22,082
12,680,000,000 Italian Lira 7,427,366 7/31/95 6,391
1,176,000,000 Spanish Pesetas 9,547,779 7/31/95 44,717
66,300,000 Swedish Kronas 8,977,050 7/31/95 (131,655)
--------
$(58,465)
========
</TABLE>
6. FINANCIAL HIGHLIGHTS
Selected data for each share of the Series outstanding throughout the
period were as follows:
<TABLE>
<CAPTION>
SIX MONTHS YEAR 11/30/92*
ENDED ENDED TO
4/30/95** 10/31/94 10/31/93
<S> <C> <C> <C>
Net asset value, beginning of period $ 9.7900 $ 11.0900 $10.0000
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.4109 0.4189 0.9547
Net realized and unrealized
gain (loss) from security transactions 0.0991 (0.1929) 0.7433
--------- ---------- --------
Total from investment operations 0.5100 0.2260 1.6980
--------- ---------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income (0.2300) (0.9490) (0.6080)
Distributions from net realized gain
on security transactions none (0.5770) none
--------- ---------- --------
Total distributions (0.2300) (1.5260) (0.6080)
--------- ---------- --------
Net asset value, end of period $ 10.0700 $ 9.7900 $11.0900
========= ========== ========
Total return 5.28% 2.07% 18.96%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000 omitted) $ 76,268 $ 42,266 $ 29,313
Ratio of expenses to average net assets 0.60%+ 0.62%+ 0.62%+
Ratio of net investment income to average net assets 7.28%++ 3.62%++ 10.68%++
Portfolio turnover 61% 205% 198%
</TABLE>
__________________________________
* Date of initial sale; ratios and total return have been annualized.
** Ratios have been annualized and total return has not been annualized.
+ Ratio of expenses to average net assets prior to expense limitation was 0.65%
for the six months ended 4/30/95, 0.76% for the year ended 10/31/94 and 0.88%
for the period 11/30/92 to 10/31/93.
++ Ratio of net investment income to average net assets prior to expense
limitation was 7.23% for the six months ended 4/30/95, 3.48% for the year
ended 10/31/94 and 10.42% for the period 11/30/92 to 10/31/93.
<PAGE>
DELAWARE POOLED TRUST,INC.-THE INTERNATIONAL FIXED INCOME PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
April 30, 1995
(Unaudited)
<TABLE>
<S> <C>
ASSETS:
Deferred organization and
registration expenses $ 18,488
---------
18,488
---------
LIABILITIES:
Accounts payable
and other accrued expenses 18,488
---------
18,488
---------
NET ASSETS $ -0-
=========
</TABLE>
See accompanying notes
<PAGE>
DELAWARE POOLED TRUST,INC.-THE INTERNATIONAL FIXED INCOME PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
April 30, 1995
(Unaudited)
Delaware Pooled Trust, 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 seven separate Portfolios
("Series").
1. SIGNIFICANT ACCOUNTING POLICIES
The following accounting policies are in accordance with generally accepted
accounting principles and are consistently followed by the Series for financial
statement preparation:
Security Valuation-Securities listed on an exchange are valued at the last
- ------------------
quoted sales price as of 4:00 pm on the valuation date. Securities not traded
are valued at the last quoted bid price. Securities not listed on an exchange
are valued at the mean of the last quoted bid and asked prices. Securities
listed on a foreign exchange are valued at the last quoted sale price before the
time when the Fund is valued. Long-term debt securities are valued by an
independent pricing service when such prices are believed to reflect the fair
value of such securities. Money market instruments having less than 60 days to
maturity are valued at amortized cost.
Federal Income Taxes-The Series 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.
Repurchase Agreements-The Series may invest in a pooled cash account along with
- ---------------------
other members of the Delaware Group Family of Funds. The aggregate daily balance
of the pooled cash account is invested in repurchase agreements secured by
obligations of the U.S. Government. The respective collateral is held by the
Series' custodian bank until the maturity of the respective repurchase
agreement. Each repurchase agreement is 102% collateralized. However, in the
event of default or bankruptcy by the counterparty to the agreement, realization
of the collateral may be subject to legal proceedings.
Foreign Currencies-The value of assets and liabilities denominated in foreign
- ------------------
currencies are translated into the U.S. dollars at the exchange rate of such
currencies against the U.S. dollar as of 3:00 pm EST. Forward foreign currency
contracts are valued at the mean between the bid and asked prices of the
contracts. Interpolated values are derived when the settlement date of the
contract is an interim date for which quotations are not available.
Other-Expenses common to all funds within the Delaware Group Family of Funds are
- -----
allocated amongst the funds on the basis of average net assets. Security
transactions are recorded on the date the securities are purchased or sold
(trade date). Costs used in calculating realized gains and losses on the sale of
investment securities are those of the specific securities sold. Dividend income
is recorded on the ex-dividend date and interest income is recorded on an
accrual basis. Original issue discounts are accreted to interest income over the
lives of the respective securities.
2. INVESTMENT MANAGEMENT AND DISTRIBUTION AGREEMENT
In accordance with the terms of the Investment Management Agreement, the Series
will pay Delaware International Advisers, Ltd., (DIAL), the investment manager
of the Series an annual fee which is calculated daily at the rate of 0.50% of
average daily net assets.
DIAL has undertaken voluntarily to waive its fee and reimburse the Series to the
extent that annual operating expenses, exclusive of taxes, interest, brokerage
commissions and extraordinary expenses exceed 0.60% of average net assets
through October 31, 1995.
On April 3, 1995, Delaware Management Holdings, Inc., the indirect parent of
DIAL, through a merger transaction (the "Merger") became a wholly-owned
subsidiary of Lincoln National Corporation. Other than the resulting change in
ownership, the Merger will not materially change the manner in which DIAL has
heretofore conducted its relationship with the Fund. The same personnel who
managed the operation and affairs of the Fund before the acquisition have
continued to managed its operations and affairs since the Merger.
3. CAPITAL STOCK
500,000,000 shares, $.01 par value, have been authorized to the Fund with
50,000,000 shares allocated to the Series. As of April 30, 1995, the
International Fixed Income Portfolio did not have any shares of common stock
outstanding.
4. FINANCIAL HIGHLIGHTS
Selected data for each share of the Series outstanding throughout the period has
been omitted since the Series has not commenced operations.
|
|