<PAGE>
DELAWARE
POOLED
TRUST
========
1996
Semiannual Report
Defensive Equity:
Going Successfully with the Flow
Page 2
Aggressive Growth:
Big Returns in Small Stocks
Page 3
Real Estate Investment Trust:
Income Is the Name of the Game
Page 4
Fixed Income:
An Emphasis on the Best Bonds for the Long Haul
Page 5
International Equity:
Strong Returns Match the Market's
Page 6
Labor Select International Equity:
Getting Off to an Impressive Start
Page 7
Global Fixed Income:
Robust Gains in a Listless Market
Page 8
<PAGE>
CONTENTS
Contents
1 Portfolio Returns and Objectives
2 The Defensive Equity Portfolio Review
3 The Aggressive Growth Portfolio Review
4 The Real Estate Investment Trust Portfolio Review
5 The Fixed Income Portfolio Review
6 The International Equity Portfolio Review
7 The Labor Select International Equity Portfolio Review
8 The Global Fixed Income Portfolio Review
9 Financial Charts
10 Financial Statements
Delaware Pooled Trust, Inc.
Delaware Pooled Trust, Inc., based in Philadelphia, is an investment-management
company that offers a series of no-load, open-end equity and fixed-income
portfolios to institutional investors. The unit is part of Delaware Management
Company, a full-service investment-management organization that invests more
than $29 billion on behalf of individuals and institutions. The breadth and
sophistication of Delaware's services enable clients to gain the degree of
administrative convenience and simplicity in investment-management matters they
want; Delaware provides not only equity and fixed-income portfolios but balanced
portfolios and investment-advisory, retirement-plan, and trust services.
The minimum initial investment in a Delaware Pooled-Trust Portfolio is $1
million. Subsequent investments are subject to no minimum-amount requirements.
Delaware Investment Advisers, a Philadelphia-based division of Delaware
Management Company, serves as investment adviser for The Defensive Equity, The
Aggressive Growth, The Real Estate Investment Trust, and The Fixed Income
Portfolios. Delaware International Advisers Ltd., a London-based affiliate of
Delaware Management Company, serves as investment adviser for The International
Equity, The Labor Select International Equity, and The Global Fixed Income
Portfolios.
Client Services
Delaware provides clients with annual and semiannual reports, monthly account
reports, in-person reviews of account developments, and other communications.
Clients who have questions about their accounts or want to learn the net asset
values of the Delaware Pooled-Trust Portfolios may call a toll-free telephone
number, 1-800-231-8002, during normal business hours. Or they may write to Maria
E. Pollack, Assistant Vice President and Administrative Manager, Delaware Pooled
Trust, Inc., One Commerce Square, Philadelphia, Pennsylvania 19103.
<PAGE>
Portfolio Returns
Periods ending April 30, 1996
Six One Three Since
Total Return* Months Year Years Inception+
(annualized) (annualized)
- --------------------------------------------------------------------------------
Defense Equity 14.95% 26.92% 17.80% 17.73%
- --------------------------------------------------------------------------------
Aggressive Growth 19.76 36.42 19.38 12.12
- --------------------------------------------------------------------------------
Real Estate Investment Trust** 6.63 -- -- --
- --------------------------------------------------------------------------------
Fixed Income** (0.42) -- -- --
- --------------------------------------------------------------------------------
International Equity 13.25 18.28 12.92 12.43
- --------------------------------------------------------------------------------
Labor Select International
Equity** 10.62 -- -- --
- --------------------------------------------------------------------------------
Global Fixed Income 5.95 18.14 10.96 12.37
- --------------------------------------------------------------------------------
* Past performance is not necessarily indicative of future results. The
investment return and share value will fluctuate so that an investor's shares,
when redeemed, may be worth more or less than the original investment. Since
1992 Delaware Management Company has voluntarily agreed to waive its fee and
reimburse the Delaware Pooled-Trust Portfolios for certain amounts that annual
operating expenses (excluding taxes, interest, brokerage commissions, and
extraordinary expenses) exceeded average net assets. In the absense of that
waiver, the portfolios' total returns would have been lower.
** Portfolio has been active for less than six months. The return is calculated
from the inception date.
+ The inception dates for each Delaware Pooled-Trust Portfolio are as follows:
Defense Equity, February 3, 1992; Aggressive Growth, February 27, 1992;
Real Estate Investment Trust, December 6, 1995; Fixed Income, March 12, 1996;
International Equity, February 4, 1992; Labor Select International Equity,
December 19, 1995; and Global Fixed Income, November 30, 1992.
- --------------------------------------------------------------------------------
Portfolio Objectives
The Defensive Equity Portfolio seeks a maximum long-term total return,
consistent with reasonable risk, through investments in stocks that, at the time
of purchase, have dividend yields above the yield of the Standard & Poor's
500-Stock Index and that offer the potential for capital gains as well.
The Aggressive Growth Portfolio seeks maximum long-term capital growth by
investing in stocks of smaller and medium-sized companies that offer, at the
time of purchase, superior long-term growth potential.
The Real Estate Investment Trust Portfolio seeks to achieve a maximum long-term
total return, with capital appreciation a secondary objective. The portfolio
will invest at least 65% of its assets in stocks of real-estate investment
trusts.
The Fixed Income Portfolio seeks to achieve a maximum long-term total return,
consistent with reasonable risk, by investing in diversified investment-grade
bonds, including U.S. government, mortgage-backed, corporate, and other
fixed-income securities.
The International Equity Portfolio seeks to achieve a maximum long-term total
return by investing primarily in stocks of companies that are organized, have a
majority of their assets, or derive most of their operating income outside the
United States. The portfolio will be invested in stocks that are considered
undervalued, based on fundamental research.
The Labor Select International Equity Portfolio seeks to achieve a maximum
long-term total return by investing primarily in stocks of companies that are
organized, have a majority of their assets, or derive most of their operating
income outside the United States. The portfolio will be invested in stocks that
are considered undervalued, based on fundamental research, and that are
compatible with certain investment policies or restrictions followed by
organized labor.
The Global Fixed Income Portfolio seeks to achieve current income and the
potential for capital appreciation, consistent with the preservation of
investors' principal, by investing primarily in fixed-income securities. Issuers
of these securities will be organized, have a majority of their assets, or
derive most of their operating income in at least three countries, one of which
may be the United States.
<PAGE>
Defensive Equity:
Going Successfully with the Flow
- ------------------------------------------------------------
Total Return
Six months ending April 30, 1996
- ------------------------------------------------------------
Defensive Equity 14.95%
S&P 500-Stock Index 13.75
- ------------------------------------------------------------
In the six-month period ending April 30, the rally in large-cap stocks continued
to roll along with Old-Man-River-like constancy: the S&P 500-Stock Index has now
gone 67 consecutive months without at least a 10% correction, a record. The
Defensive Equity Portfolio continued to roll along well with the market; indeed,
the portfolio's six-month return surpassed that of the index by 1.2 percentage
points.
Defensive Equity benefited from investments in these sectors, among others:
cyclicals (forest-products companies like Union Camp and automakers like Ford
and Chrysler), which won investor favor when they reported good earnings and the
economy strengthened; chemicals (DuPont, Imperial Chemical, and PPG Industries),
which tend to do well late in the economic cycle; and retailing (JCPenney and
May Department Stores), which rebounded after lagging the overall market.
A few sectors disappointed--notably, financial services, as investors
anticipated that rising interest rates would erode earnings, and consumer
growth/staples, as tobacco and drug stocks slumped due to a combination of
litigation issues, the threat of new government controls, and the market's
gravitation to cyclical stocks.
We note with some apprehension two possible Red Storms Rising: market volatility
is escalating notably after reaching a 24-year low in the fourth quarter of
1995, and investors showed a dubious willingness to assume increased risk by
bidding up some richly priced technology stocks again. Both point up the
vulnerability of the market's above-average valuations to a correction at some
point.
In such a vulnerable market, we are responding with three defensive strategies:
1) remain broadly diversified, 2) hold significant weightings in industries with
historically low betas, such as telecommunications and pharmaceuticals, and 3)
keep the portfolio's dividend yield relatively high (at 3.33%, it represents a
premium of 50.7% to the index yield).
Defensive Equity: Portfolio Profile
April 30, 1996
Price/earnings ratio 15.9
Annual equity dividend yield at
market value 3.33%
Four-year beta 0.90
Annual turnover 70.6%
Total net assets $66.9 million
<PAGE>
Asset composition (based on total net assets)
Common stocks 91.2%
Cash equivalents and other assets 8.1%
Convertible preferred stocks 0.7%
Industry composition
15.0% Banking/finance/insurance
12.6% Energy
8.4% Health care/pharmaceuticals
8.3% Food/beverage/tobacco
7.8% Automobiles/auto parts
6.8% Telecommunications
4.9% Chemicals
4.7% Paper/forest products
4.5% Electronics/electrical
3.2% Utilities
2.6% Retail
2.4% Transportation/shipping
1.6% Cable/media/publishing
1.4% Packaging/containers
1.3% Metals/mining
1.2% Aerospace/defense
1.0% Buildings/materials
4.0% Miscellaneous
8.3% Cash and other
Number of holdings 74
Top 10 holdings
1. Amoco
2. DuPont
3. American Home Products
4. Philip Morris
5. Warner-Lambert
6. General Electric
7. Chrysler
8. Frontier
9. BellSouth
10. Mobil
<PAGE>
Aggressive Growth:
Big Returns in Small Stocks
- ------------------------------------------------------------
Total Return
Six months ending April 30, 1996
- ------------------------------------------------------------
Aggressive Growth 19.76%
Russell 2000-Stock Index 18.46
- ------------------------------------------------------------
Small-cap stocks, after underperforming against large-cap stocks since 1994,
caught fire in the six-month period ending April 30. The small-cap Russell
2000-Stock Index blazed ahead 18.46%, and The Aggressive Growth Portfolio did
even better, with a return of 19.76%.
Helping fuel these outsized gains was small-cap companies' impressive earnings
growth, which was three times higher than that of larger companies in the first
quarter. Other catalysts: small-cap stocks' average price/earnings ratio
compared favorably with that of larger stocks, the U.S. dollar strengthened, and
the economy picked up.
With evidence of a stronger economy, consumer-cyclical stocks especially those
of retailers--gained new life. We had acquired a considerable cache of what we
believed were underpriced retail stocks over the past 18 months, a move that
paid off handsomely. As Wall Street anticipated big earnings gains from
retailers like Value City and Kohls in light of reports of sharp increases in
consumer purchases this year, their shares soared more than 50%. Other sectors
performing well included health care, with stocks like Access Health Marketing,
Shared Medical Systems, and HCIA posting returns of 60% or more, and financial
services, with The Money Store and Aames Financial rising about 50%.
In April, technology stocks resumed their leadership role following a selloff
that began late last year. To our chagrin, we were underweighted in technology
stocks, and some of the ones we did own underperformed. Nevertheless, we are
selectively buying some technology stocks that are sensibly priced and still
offer attractive return potential, in our analysis.
The portfolio's price/earnings multiple of 24.7 represents a moderate premium
(about 29%) to that of the large-cap market. Accordingly, if the economy remains
in a growth mode, we believe our reasonably valued holdings can perform
admirably for the rest of 1996, at least.
Aggressive Growth: Portfolio Profile
April 30, 1996
Price/earnings ratio 24.7
Annual equity dividend yield at
market value 0.21%
Four-year beta 0.93
Annual turnover 73%
Total net assets $26.2 million
Asset composition (based on total net assets)
Common stocks 90%
Cash equivalents 10%
Industry composition
22.1% Health care
16.9% Business services
14.0% Consumer nondurables
12.9% Technology
12.4% Consumer services
7.7% Financial services
1.8% Basic industry/capital goods
1.0% Energy
1.0% Transportation
0.4% Consumer durables/cyclicals
9.8% Cash and other
Number of holdings 128
Top 10 holdings
1. HEALTHSOUTH
2. Health Management Associates
3. Bisys Group
4. First Data
5. HFS
6. HBO & Company
7. Mirage Resorts
8. United Healthcare
9. Staples
10. Apria Healthcare Group
<PAGE>
Real Estate Investment Trust:
Income Is the Name of the Game
- ------------------------------------------------------------
Total Return
For the period December 6, 1995-April 30, 1996
- ------------------------------------------------------------
Real Estate Investment Trust 6.63%
NAREIT Equity REIT Index 8.41
- ------------------------------------------------------------
From its inception last December 6 through April 30, The Real Estate Investment
Trust Portfolio got off to a credible start: it advanced 6.63%, versus 8.41%
for the NAREIT Equity REIT Index.
The portfolio's best-performing investments were in the hotel, shopping mall,
and apartment sectors. Hotels were, and are, attractive because of their
distinct undervaluations; for instance, they are typically being acquired for
just 70-75% of their replacement cost. Shopping malls benefited from a technical
rebound in their share prices. Apartments profited from growth in rentals, which
is generating hefty development yields (net operating income, minus the cost of
the property) of about 10%.
Less successful was our investment in two health-care stocks, Health Care
Property Investors and Nationwide Health Properties, which suffered from
investor perceptions that recent interest-rate increases would make future
acquisitions more expensive and thus dampen their potential for growth. However,
we plan to hold onto both stocks because we believe their prices have been
driven down too severely and the companies' prospects are still fundamentally
solid.
In general, we seek REITs that are well managed and able to produce a stable,
growing stream of dividend income over the years (historically, income has
accounted for about two-thirds of REITs' total return). We are overweighted in
companies in the health-care, manufactured-housing, storage, and hotel sectors
that we believe have excellent managements and the ability to increase income.
Among our holdings that we believe offer notable return potential: Equity
Residential, the only REIT specializing in apartments nationwide; Felcor Suites,
the owner of the Embassy Suites hotel chain that's pursuing a shrewd acquisition
strategy; and Vornado Realty Trust, a superbly run retail REIT.
We believe the portfolio's prospects are abetted by a yield exceeding that of a
30-year Treasury bond and a real-estate recovery that appears to be only at a
midpoint.
Real Estate Investment Trust:
Portfolio Profile
April 30, 1996
Price/funds-from-operations ratio 10.7
Annual equity dividend yield at
market value 7.33%
Total net assets $21.8 million
Asset composition (based on total net assets)
Common stocks 95%
Cash equivalents 3%
Bonds 2%
Industry composition
22.9% Multifamily (apartment) REITs
19.1% Office/industrial REITs
14.2% Retail strip center REITs
12.5% Hotel REITs
8.5% Self-storage REITs
7.4% Health care REITs
6.4% Manufactured housing REITs
3.6% Mall REITs
2.3% Factory outlet center REITs
3.1% Cash and other
Number of holdings 33
Top 10 holdings
1. Camden Property Trust
2. Health Care Property Investors
3. Reckson Associates Realty
4. Equity Residential Properties
5. Security Capital Pacific Trust
6. Sun Communities
7. Colonial Properties Trust
8. Developers Diversified Realty
9. Patriot American Hospitality
10. Sovran Self Storage
<PAGE>
Fixed Income: An Emphasis on
the Best Bonds for the Long Haul
- ------------------------------------------------------------
Total Return
For the period March 12, 1996-April 30, 1996
- ------------------------------------------------------------
Fixed Income (0.42)%
Lehman Brothers Government/Corporate
Intermediate Bond Index (1.26)
- ------------------------------------------------------------
From its inception March 12 through April 30, a time when rising interest rates
depressed bond prices, The Fixed Income Portfolio was down only slightly and
outperformed its index.
Helping to soften the loss was our large position (about 49% of the portfolio)
in mortgage and corporate bonds. We ordinarily favor corporates and mortgages
for their above-average yields and return potential; corporates and mortgages
have earned the highest returns of any fixed-income securities over the long
term.
In initially constructing the portfolio, we invested more heavily than we
normally would in Treasury securities because of their liquidity--their quantity
is such that they can be traded without substantially affecting their prices. We
anticipate reducing our position in Treasuries and replacing them with more
corporates and mortgages. At this time we prefer corporates with high credit
quality (lower-quality bonds don't offer enough extra yield to compensate for
their increased credit risk now, in our opinion) and maturities of seven years
or less (they carry less interest-rate risk than longer maturities do). And in
mortgage bonds, we like discount mortgages for two reasons: 1) they have less
prepayment risk than par or premium mortgages do, and 2) they perform relatively
well when interest rates climb moderately.
We think the economy will grow temperately in the months ahead, which suggests
that cuts in interest rates will probably be unnecessary to stimulate business
activity; indeed, in the near term, rates may rise modestly (but not enough to
significantly affect bond prices). In our analysis, bonds offer decent but not
extraordinary return potential at this juncture: they will likely return their
current yields with little in the way of capital gains or losses for the
remainder of 1996. In all, we think this is a time for a conservative strategy:
seek a yield premium to the index, keep credit quality high, and maintain a
neutral duration, all of which should enhance the portfolio's prospects for
outperformance for the year.
Fixed Income: Portfolio Profile
April 30, 1996
Average yield to maturity 6.78%
Effective duration 3.2 years
Average credit quality AA+
Total net assets $6.8 million
Asset composition (based on total net assets)
Corporate bonds 28.6%
Treasury bonds 22.2%
Mortgage-backed bonds 20.5%
Asset-backed bonds 15.3%
Collateralized mortgage obligations 8.7%
Cash and other 4.7%
Number of holdings 37
Top 10 holdings
1. U.S. Treasury Notes, 6.38%, 06/30/97
2. Government National Mortgage Association, 9.00%, 02/15/17
3. Federal National Mortgage Association, 5.50%, 03/01/11
4. Federal National Mortgage Association, 6.00%, 04/01/11
5. Federal National Mortgage Association, 6.50%, 12/01/23
6. U.S. Treasury Notes, 6.38%, 01/15/00
7. Nomura Asset Securities, Series 95 MD3, 8.17%, 03/04/20
8. Nomura Asset Securities, Series 95-2 2A2, 6.25%, 01/25/26
9. Asset Securitization Corporation, Series 95-MD4 A1, 7.10%, 08/13/29
10. Asset Securitization Corporation, Series 96-D2 A1, 6.92%, 02/14/29
<PAGE>
International Equity:
Strong Returns Match the Market's
- ------------------------------------------------------------
Total Return
Six months ending April 30, 1996
- ------------------------------------------------------------
International Equity 13.25%
Morgan Stanley Capital
International EAFE-Stock Index* 13.21
- ------------------------------------------------------------
* Net of withholding taxes
With a return of 13.25%, The International Equity Portfolio matched the strong
performance of the foreign stock markets in aggregate during the six months
ending April 30. Two elements enhanced International Equity's performance:
One, our currency-management strategies boosted the dollar-denominated returns
of U.S. investors. We were hedged against the Japanese yen and European
currencies, which weakened versus the dollar.
And two, we picked some winning stocks, including Germany's Bayer and
Continental (two diversified industrial companies); Eisai (a Japanese
pharmaceutical firm); Koninklijke Van Ommeren (a Dutch shipper); Telefonica de
Espana (a Spanish telecommunications giant); and the United Kingdom's RTZ (the
world's largest mining company), GKN (a diversified manufacturer), and British
Airways. Also enhancing performance was our position in Spanish government
bonds.
Detracting from our results was an underweighting in the Japanese market;
following a dismal fiscal 1995, Japan outperformed the index by about five
percentage points over the last six months.
We remain cautiously optimistic about the prospects in 1996 for the foreign
stock markets in aggregate and International Equity. For one thing, many
investors are gaining confidence that economic growth in the OECD nations can be
sustained at a fairly uniform 2-3% rate over the next three years, which bodes
well for foreign stocks. And the portfolio's above-average yield (a premium of
more than 70% to the index) and below-average price/earnings ratio should
provide sound underpinnings for future returns.
International Equity:
Portfolio Profile
April 30, 1996
Price/earnings ratio 16.2
Annual equity dividend yield at
market value 3.7%
Four-year beta 0.63
Annual turnover 20%
Total net assets $204.4 million
<PAGE>
Asset composition (based on total net assets)
Common stocks 93.0%
Bonds 1.9%
Cash equivalents 5.1%
Geographic composition
25.9% United Kingdom
14.8% Japan
10.1% Australia
7.9% France
6.7% Netherlands
5.8% Germany
5.7% Spain
4.9% Belgium
3.8% New Zealand
2.8% Hong Kong
1.7% Canada
1.5% Indonesia
1.2% Singapore
1.1% Malaysia
0.9% Philippines
5.2% Cash and other
Number of holdings 51
Top 10 holdings
1. CSR Limited (Australia)
2. Electrabel (Belgium)
3. Hitachi (Japan)
4. Powergen plc (U.K.)
5. Telefonica de Espana (Spain)
6. Royal Dutch Petroleum (Netherlands)
7. Dalgety plc (U.K.)
8. Blue Circle Industries plc (U.K.)
9. British Airways plc (U.K.)
10. Great Universal Stores plc (U.K.)
<PAGE>
Labor Select International Equity:
Getting Off to an Impressive Start
- ------------------------------------------------------------
Total Return
For the period December 19, 1995-April 30, 1996
- ------------------------------------------------------------
Labor Select International Equity 10.62%
Morgan Stanley Capital
International EAFE-Stock Index* 5.88
- ------------------------------------------------------------
* Net of withholding taxes
From its inception last December 19 through April 30, The Labor Select
International Equity Portfolio recorded a return of 10.62%, which outperformed
the EAFE index by 4.7 percentage points. Labor Select International Equity is
managed with the same value-investment process used in managing The
International Equity Portfolio and differs from the companion portfolio in two
respects: 1) it doesn't invest in emerging markets, only in the major markets of
Europe, Japan, and Canada, and 2) it places special emphasis on stocks of
foreign companies whose policies and practices are in accord with those of
America's organized labor organizations.
Contributing to Labor Select International Equity's outperformance were our
currency-management activities, which helped protect returns from erosion due to
foreign currencies' recent decline against the dollar; positions in France and
the Netherlands, which outperformed in local terms; and generally positive stock
selection in a range of markets.
The portfolio is markedly overweighted in the Anglo-Saxon markets (the United
Kingdom, Australia, and New Zealand) and in certain continental European markets
(Belgium, France, Germany, the Netherlands, and Spain), where select stocks are
selling cheaply in relation to the companies' likely future dividend-income
flows.
We continue to believe some core European currencies and the Japanese yen are
overvalued versus the dollar; accordingly, we are still hedging our exposure to
these currencies back to the U.S. dollar for defensive purposes. Conversely, we
are unhedged in the Anglo-Saxon currencies, which offer reasonable long-term
value versus the dollar.
In our judgment, the portfolio is well positioned to capture growth in dividends
from diverse markets and stocks. Also, its long-term return potential is
enhanced by strong values--a high yield and low price/earnings, price/book, and
price/cash-flow multiples.
Labor Select International Equity:
Portfolio Profile
April 30, 1996
Price/earnings ratio 16.1
Annual equity dividend yield at
market value 3.8%
Total net assets $16.7 million
<PAGE>
Asset composition (based on total net assets)
Common stocks 90%
Bonds 0.7%
Cash equivalents 9.3%
Geographic composition
26.6% United Kingdom
14.6% Japan
8.4% Australia
8.1% France
7.0% Netherlands
5.6% Germany
4.9% Spain
4.6% Belgium
4.4% New Zealand
2.8% Hong Kong
2.1% Singapore
1.9% Canada
9.0% Cash and other
Number of holdings 44
Top 10 holdings
1. Electrabel (Belgium)
2. Blue Circle Industries plc (U.K.)
3. Matsushita Electric Industrial (Japan)
4. Brambles Industries Limited (Australia)
5. Elf Aquitaine (France)
6. Alcatel Alsthom (France)
7. Bass plc (U.K.)
8. Powergen plc (U.K.)
9. Canon (U.K.)
10. National Australia Bank (Australia)
<PAGE>
Global Fixed Income:
Robust Gains in a Listless Market
- -------------------------------------------------------------
Total Return
Six months ending April 30, 1996
- -------------------------------------------------------------
Global Fixed Income 5.95%
Salomon Brothers
World Government Bond Index (0.12)
- -------------------------------------------------------------
Generally lackluster global bond markets didn't deter The Global Fixed Income
Portfolio from continuing its winning ways in the six-month period ending April
30. After beating the Salomon Brothers World Government Bond Index by more than
two percentage points in fiscal 1995, the portfolio proceeded to return 5.95% in
the past six months--an edge of more than six percentage points over the index.
Global Fixed Income's admirable performance was due to currency management and
discerning selection of markets.
Beginning in the second half of 1995, currencies moved to more rational relative
values after being priced at inexplicably divergent levels, based on
purchasing-power parity--the theoretical equilibrium in what currencies can buy.
For instance, the undervalued dollar advanced about 6% versus European
currencies. For our part, our defensive hedging of the weakening European
currencies and our exposure to the rising Australian and New Zealand dollars
enhanced the portfolio return in U.S. dollar terms.
About 40% of the portfolio was invested in a select few European markets that
made money: Italy, Spain, and Sweden. Moreover, the markets we weren't investe d
in were almost as important to our performance; we refrained from taking
positions in the United States and Japan, which did poorly.
Over the past six months, the range in prospective real yields of bond markets
around the world has generally narrowed. So we are reducing our overweighted
positions in non-core European markets like Italy, Spain, and Sweden to bring
them more into line with the index weightings. Recent market reverses have made
U.S. fixed-income real yields more appealing, so we plan to invest in the U.S.
market for the first time in more than two years. We also like the Canadian
market, which we believe offers good return potential, and continue to shun the
Japanese market, whose real yields remain skimpy.
Global Fixed Income: Portfolio Profile
April 30, 1996
Average yield to maturity 7.70%
Effective duration 4.3 years
Average credit quality AA1
Annual turnover 63%
Total net assets $145.4 million
Asset composition (based on total net assets)
Government bonds 73%
Corporate bonds 22%
Cash equivalents 5%
Geographic composition
17.2% Spain
14.5% New Zealand
11.4% Denmark
10.4% United Kingdom
10.3% Sweden
9.3% Italy
7.7% Australia
3.8% Germany
3.6% Austria
3.0% Netherlands
2.8% Belgium
1.2% Greece
4.8% Cash and other
Number of holdings 52
Top 10 holdings
1. Kingdom of Denmark, 9.00%, 11/15/00
2. Spanish Government, 10.50%, 10/30/03
3. New Zealand Government, 8.00%, 02/15/01
4. Swedish Government, 13.00%, 06/15/01
5. Spanish Government, 12.25%, 03/25/00
6. New Zealand Government, 8.00%, 04/15/04
7. Republic of Austria, 5.63%, 12/14/00
8. New Zealand Government, 6.50%, 02/15/00
9. Netherlands Government, 9.00%, 05/15/00
10. Kingdom of Belgium, 10.00%, 08/02/00
<PAGE>
Financial Charts
Our portfolios generally offer ample yields that exceed a still-modest
inflation rate
Yields: April 30, 1996
Annualized Inflation Rate (CPI) 2.90%
Defensive Equity 3.33%
Aggressive Growth 0.21%
Real Estate Investment Trust 7.33%
Fixed Income 6.78%
International Equity 3.70%
Labor Select International Equity 3.80%
Global Fixed Income 7.70%
Source: Delaware and Bloomberg, L.P.
Assets under management in Delaware Pooled-Trust Portfolios have grown
dramatically since 1992
Delaware Pooled-Trust Assets: March 1992-April 1996
$ Million
3/92 10.1
6/92 10.5
9/92 11.9
12/92 31.9
3/93 58.1
6/93 70.6
9/93 82.8
12/93 102.0
3/94 117.8
6/94 146.4
9/94 162.7
12/94 189.0
3/95 224.4
6/95 281.9
9/95 316.3
12/95 377.3
3/96 442.7
4/96 487.4
Source: Delaware
<PAGE>
Delaware Pooled Trust, Inc.: The Defensive Equity Portfolio
Statement of Net Assets
April 30, 1996
(Unaudited)
Number Market
of Shares Value
- --------------------------------------------------------------------------------
COMMON STOCK: 91.19%
- --------------------------------------------------------------------------------
Aerospace and Defense: 1.23%
- --------------------------------------------------------------------------------
General Dynamics 13,000 $ 820,625
----------
820,625
----------
- --------------------------------------------------------------------------------
Automobiles and Auto Parts: 7.75%
- --------------------------------------------------------------------------------
Chrysler 22,000 1,380,500
Dana 27,000 897,750
Ford Motor 28,200 1,011,675
General Motors 13,000 705,250
Genuine Parts 11,800 522,150
*Scania Class A ADR 12,200 333,975
*Scania Class B ADR 12,200 332,450
----------
5,183,750
----------
- --------------------------------------------------------------------------------
Banking, Finance, and Insurance: 14.31%
- --------------------------------------------------------------------------------
Ahmanson (H.F.) & Co. 30,000 712,500
American General 18,000 632,250
AON 19,300 1,034,963
Bank of Boston 17,700 856,238
BankAmerica 8,900 674,175
Chase Manhattan 2,808 193,401
CIGNA 10,000 1,133,750
CoreStates Financial 2,423 94,478
Crestar Financial 12,800 721,600
First Chicago NBD 23,253 959,186
ITT Hartford Group 10,300 503,413
Marsh & McLennan 1,719 161,586
Mercantile Bancorp 3,700 164,650
St. Paul 15,900 844,688
U.S.Bancorp 27,400 883,650
----------
9,570,528
----------
- --------------------------------------------------------------------------------
Buildings and Materials: 0.99%
- --------------------------------------------------------------------------------
Armstrong World Industries 11,600 661,200
----------
661,200
----------
- --------------------------------------------------------------------------------
Cable, Media, and Publishing: 1.61%
- --------------------------------------------------------------------------------
McGraw-Hill 24,400 1,076,650
----------
1,076,650
----------
- --------------------------------------------------------------------------------
Chemicals: 4.92%
- --------------------------------------------------------------------------------
DuPont (E.I.) deNemours 20,439 1,642,785
Imperial Chemical ADR 18,500 1,017,500
PPG Industries 12,400 627,750
----------
3,288,035
----------
<PAGE>
Number Market
of Shares Value
- --------------------------------------------------------------------------------
Electronics and Electrical: 4.52%
- --------------------------------------------------------------------------------
Eaton 10,000 $ 605,000
General Electric 18,800 1,457,000
Thomas & Betts 18,400 724,500
Xerox 1,600 234,400
----------
3,020,900
----------
- --------------------------------------------------------------------------------
Energy: 12.61%
- --------------------------------------------------------------------------------
Amoco 26,400 1,927,200
British Petroleum ADR 7,700 841,225
Exxon 11,700 994,500
Mobil 10,700 1,230,500
Occidental Petroleum 27,500 708,125
Phillips Petroleum 17,000 705,500
Royal PTT Nederland ADR 20,000 755,000
Sonat 10,000 436,250
Williams 16,400 838,450
----------
8,436,750
----------
- --------------------------------------------------------------------------------
Food, Beverage, and Tobacco: 8.31%
- --------------------------------------------------------------------------------
General Mills 19,800 1,098,900
Heinz (H.J.) 31,750 1,075,531
Philip Morris 17,600 1,586,200
RJR Nabisco Holdings 32,140 960,183
UST 26,100 835,200
----------
5,556,014
----------
- --------------------------------------------------------------------------------
Health Care and Pharmaceuticals: 8.43%
- --------------------------------------------------------------------------------
American Home Products 15,137 1,596,954
Bristol-Myers Squibb 13,300 1,093,925
Glaxo Wellcome plc ADR 24,000 579,000
Pharmacia & Upjohn 22,900 875,925
Warner-Lambert 13,350 1,491,863
----------
5,637,667
----------
- --------------------------------------------------------------------------------
Metals and Mining: 1.29%
- --------------------------------------------------------------------------------
Freeport McMoRan Copper
& Gold Class B 26,200 861,325
----------
861,325
----------
- --------------------------------------------------------------------------------
Packaging and Containers: 1.44%
- --------------------------------------------------------------------------------
Minnesota Mining &
Manufacturing 14,612 960,739
----------
960,739
----------
<PAGE>
Number Market
of Shares Value
- --------------------------------------------------------------------------------
Paper and Forest Products: 4.73%
- --------------------------------------------------------------------------------
Georgia-Pacific 5,500 $ 427,625
Kimberly-Clark 10,000 726,250
Temple-Inland 8,200 397,700
Union Camp 21,200 1,152,750
Weyerhaeuser 9,300 460,350
----------
3,164,675
----------
- --------------------------------------------------------------------------------
Retail: 2.64%
- --------------------------------------------------------------------------------
May Department Stores 15,000 765,000
Penney (J.C.) 20,200 999,900
----------
1,764,900
----------
- --------------------------------------------------------------------------------
Telecommunications: 6.78%
- --------------------------------------------------------------------------------
ALLTEL 25,282 831,146
BellSouth 31,800 1,272,000
Frontier 42,000 1,328,250
GTE 25,500 1,106,063
----------
4,537,459
----------
- --------------------------------------------------------------------------------
Transportation and Shipping: 2.42%
- --------------------------------------------------------------------------------
Conrail 200 13,950
Illinois Central 15,900 477,000
Union Pacific 16,600 1,130,875
----------
1,621,825
----------
- --------------------------------------------------------------------------------
Utilities: 3.22%
- --------------------------------------------------------------------------------
American Electric Power 17,500 710,938
BCE 29,800 1,173,375
Texas Utilities 6,800 273,700
----------
2,158,013
----------
- --------------------------------------------------------------------------------
Miscellaneous: 3.99%
- --------------------------------------------------------------------------------
Block (H&R) 23,100 811,388
Hanson plc ADR 49,900 754,738
Pitney Bowes 22,600 1,101,750
----------
2,667,876
----------
- --------------------------------------------------------------------------------
Total Common Stock
(cost $52,909,623) 60,988,931
================================================================================
- --------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCK: 0.67%
- --------------------------------------------------------------------------------
Banking, Finance, and Insurance:
American Express 6.25% DECS 7,200 449,100
- --------------------------------------------------------------------------------
Total Convertible Preferred Stock
(cost $302,995) 449,100
================================================================================
<PAGE>
Principal Market
Amount Value
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENT: 7.69%
- --------------------------------------------------------------------------------
With Chase Manhattan
5.30% 5/1/96 (dated
4/30/96, collateralized
by $5,104,000 U.S
Treasury Notes 6.125%
due 5/31/97, market
value $5,251,786) $5,145,000 $ 5,145,000
- --------------------------------------------------------------------------------
Total Repurchase Agreement
(cost $5,145,000) 5,145,000
================================================================================
- --------------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES: 99.55%
(cost $58,357,618) 66,583,031
================================================================================
- --------------------------------------------------------------------------------
RECEIVABLES AND OTHER ASSETS
NET OF LIABILITIES: 0.45% 301,181
================================================================================
NET ASSETS APPLICABLE TO
4,392,030 SHARES ($.01 PAR VALUE)
OUTSTANDING; EQUIVALENT
TO $15.23 PER SHARE: 100.00% $66,884,212
================================================================================
- --------------------------------------------------------------------------------
COMPONENTS OF NET ASSETS
AT APRIL 30, 1996:
- --------------------------------------------------------------------------------
Common stock, $.01 par value,
500,000,000 shares authorized
to the Fund with 50,000,000
shares allocated to this Portfolio $55,438,542
Accumulated undistributed income:
Net investment income 365,985
Net realized gain on investments 2,854,272
Net unrealized appreciation
of investments 8,225,413
- --------------------------------------------------------------------------------
Total Net Assets $66,884,212
================================================================================
* Non-income producing security for the six months ended April 30, 1996.
See accompanying notes
<PAGE>
Delaware Pooled Trust, Inc.: The Aggressive Growth Portfolio
Statement of Net Assets
April 30, 1996
(Unaudited)
Number Market
of Shares Value
-------------------------------------------------------------------------------
COMMON STOCK: 90.20%
-------------------------------------------------------------------------------
Basic Industry/Capital Goods: 1.78%
-------------------------------------------------------------------------------
*UCAR International 5,300 $ 217,300
*Wolverine Tube 6,800 249,900
----------
467,200
----------
-------------------------------------------------------------------------------
Business Services: 16.89%
-------------------------------------------------------------------------------
Distributors: 2.42%
*Compucom Systems 10,900 106,275
Intelligent Electronics 21,300 133,125
*Micro Warehouse 6,300 271,688
*Peak Technologies Group 600 14,400
*Performance Food Group 3,900 110,662
----------
636,150
----------
Environmental: 2.65%
*Philp Environmental 10,900 88,563
*Sanifill 6,100 264,588
*United Waste Systems 4,900 271,338
*U.S.A. Waste Services 2,700 70,200
----------
694,689
----------
Media and Publishing: 1.41%
*International Family Entertainment
Class B 13,075 199,394
Reynolds & Reynolds Class A 3,700 171,125
----------
370,519
----------
Other Business Services: 10.41%
*American Portable Telecom 3,700 56,194
*Bisys Group 14,900 566,200
*Corporate Express 5,500 205,906
*Cyrk 6,300 86,625
*DST Systems 2,500 91,875
First Data 7,084 538,384
*First USA Paymentech 700 30,450
*Gartner Group Class A 11,000 378,125
*Interim Services 6,800 293,675
*Isomedix 9,900 158,400
*Manpower 3,300 122,100
Petroleum Geo-Services ADR 5,200 164,775
*PIA Merchandising Services 700 18,113
*World Color Press 900 21,600
----------
2,732,422
----------
4,433,780
----------
<PAGE>
Number Market
of Shares Value
-------------------------------------------------------------------------------
Consumer Durables/Cyclicals: 0.42%
-------------------------------------------------------------------------------
*Polaris Industries 3,150 $ 109,856
----------
109,856
----------
-------------------------------------------------------------------------------
Consumer Nondurables: 14.02%
-------------------------------------------------------------------------------
Retail: 7.63%:
*CompUSA 6,000 207,750
*General Nutrition 19,800 391,050
*Kohl's 8,400 288,750
*Neostar Retail Group 5,700 37,763
*Office Depot 3,500 78,313
*Revlon-Class A 2,600 70,200
Staples 22,613 428,224
*Sunglass Hut International 5,100 150,450
Talbots 4,100 117,875
*Tractor Supply 5,200 121,550
*Value City Department Stores 12,400 111,600
----------
2,003,525
----------
Textiles and Apparel: 3.67%
*Adidas 144A 3,900 147,225
*Gucci Group 6,300 342,562
*Tommy Hilfiger 8,500 386,750
Warnaco Group Class A 3,300 86,625
----------
963,162
----------
Other Consumer Nondurables: 2.72%
Callaway Golf 13,400 358,450
Dole Food 6,000 240,000
*Nature's Bounty 11,800 115,050
----------
713,500
----------
3,680,187
----------
-------------------------------------------------------------------------------
Consumer Services: 12.38%
-------------------------------------------------------------------------------
Entertainment and Leisure: 6.73%
*Anchor Gaming 1,600 70,800
*Circus Circus Enterprises 3,050 112,087
*HFS 10,300 529,162
La Quinta Inns 2,700 78,975
*MGM Grand 1,700 74,162
*Mirage Resorts 9,700 508,038
*Penske Motorsports 200 6,000
*Station Casinos 7,600 99,750
TCA Cable TV 1,700 49,938
*WMS Industries 13,100 237,437
----------
1,766,349
----------
<PAGE>
Number Market
of Shares Value
-------------------------------------------------------------------------------
Restaurants: 2.13%
*Daka International 4,200 $ 126,787
*Foodmaker 21,600 175,500
*Lone Star Steakhouse/Saloon 6,200 256,912
----------
559,199
----------
Other Consumer Services: 3.52%
*ADT Limited 21,400 363,800
Barefoot 8,200 101,987
Cash America International 8,400 48,300
*CUC International 12,500 410,938
----------
925,025
----------
3,250,573
----------
-------------------------------------------------------------------------------
Energy: 0.97%
-------------------------------------------------------------------------------
AES 11,148 255,010
----------
255,010
----------
-------------------------------------------------------------------------------
Financial: 7.71%
-------------------------------------------------------------------------------
Insurance: 4.09%
Ambac 5,200 252,850
Blanch(E.W.)Holdings 12,100 249,562
CMAC Investment 5,100 285,600
MBIA 4,000 285,500
----------
1,073,512
----------
Other Financial: 3.62%
Aames Financial 3,600 158,850
Advanta Class B 4,100 206,025
*Olympic Financial Limited 9,000 200,250
The Money Store 5,800 147,175
SEI 7,700 181,913
*WFS Financial 2,800 55,825
----------
950,038
----------
2,023,550
----------
-------------------------------------------------------------------------------
Health Care: 22.12%
-------------------------------------------------------------------------------
Devices: 1.16%
*Arterial Vascular Engineering 1,900 82,650
Dentsply International 5,300 222,600
----------
305,250
----------
Pharmaceuticals: 3.25%
*Alza 3,500 99,750
*Biochem Pharma 3,100 140,856
*Centocor 200 8,012
*Dura Pharmaceuticals 1,800 96,975
*Elan ADR 2,900 191,762
*Noven Pharmaceuticals 2,200 26,813
Teva Pharmaceutical ADR 4,500 201,938
*Watson Pharmaceutical 1,800 85,950
----------
852,056
----------
<PAGE>
Number Market
of Shares Value
-------------------------------------------------------------------------------
Services: 14.84%
*Access Health 3,750 $ 208,125
*Apria Healthcare Group 12,100 412,156
Columbia/HCA Healthcare 6,357 337,716
*Community Health Systems 1,800 78,075
*Health Management Class A 19,725 631,200
*HEALTHSOUTH 17,600 653,400
*HCIA 4,500 239,625
*Living Centers of America 3,500 129,500
*Mariner Health Group 2,200 37,262
*MedPartners/Mullikin 2,700 77,963
*Physician Reliance Network 3,500 152,688
*Quantum Health Resources 15,700 224,706
*Quorum Health Group 8,500 216,750
*Summit Care 1,200 25,800
*Value Health 6,764 197,001
*Vivra 8,650 273,556
----------
3,895,523
----------
Other Health Care: 2.87%
*Oxford Health Plans 6,200 314,262
United Healthcare 7,500 438,750
----------
753,012
----------
5,805,841
----------
-------------------------------------------------------------------------------
Technology: 12.94%
-------------------------------------------------------------------------------
Communications: 2.83%
*Cabletron Systems 3,200 241,200
*Glenayre Technologies 3,700 172,050
*InterVoice 6,900 193,631
*Newbridge Networks 1,800 115,875
*Premiere Technologies 500 19,063
----------
741,819
----------
Hardware: 5.31%
*Altera 1,600 84,500
*Bay Networks 6,200 195,300
Dallas Semiconductor 5,800 113,100
*Maxim Integrated Products 700 24,106
*Microchip Technology 3,700 94,581
*Proxima 3,900 55,331
*Silicon Valley Group 2,200 58,575
*StorMedia Class A 1,700 72,038
*Symbol Technologies 5,300 245,125
*Trimble Navigation Limited 3,400 82,238
*Xilinx 4,100 151,444
*Zilog 5,800 218,225
----------
1,394,563
----------
<PAGE>
Number Market
of Shares Value
-------------------------------------------------------------------------------
Software: 4.80%
-------------------------------------------------------------------------------
Adobe Systems 1,500 $ 64,219
*Informix 6,700 176,294
HBO & Co. 4,294 510,986
*Novell 4,700 68,444
*Prism Solutions 300 9,825
Shared Medical Systems 2,800 192,850
*Sterling Commerce 800 28,000
*Sterling Software 2,700 209,925
----------
1,260,543
----------
3,396,925
----------
-------------------------------------------------------------------------------
Transportation: 0.97%
-------------------------------------------------------------------------------
Illinois Central 8,450 253,500
----------
253,500
----------
-------------------------------------------------------------------------------
Total Common Stock
(cost $16,813,975) 23,676,422
===============================================================================
Principal
Amount
-------------------------------------------------------------------------------
REPURCHASE AGREEMENT: 10.12%
-------------------------------------------------------------------------------
With Chase Manhattan
5.30%, 5/01/96 (dated
4/30/96, collateralized
by $2,636,000 U.S.
Treasury Notes 6.125%
due 5/31/97, market
value $2,712,147) $2,657,000 2,657,000
----------
-------------------------------------------------------------------------------
Total Repurchase Agreement
(cost $2,657,000) 2,657,000
===============================================================================
<PAGE>
-------------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES: 100.32%
(COST $19,470,975) $26,333,422
===============================================================================
-------------------------------------------------------------------------------
LIABILITIES NET OF RECEIVABLES AND
OTHER ASSETS: (0.32%) (85,551)
===============================================================================
-------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
1,792,964 SHARES ($.01 PAR VALUE)
OUTSTANDING; EQUIVALENT
TO $14.64 PER SHARE: 100.00% $26,247,871
===============================================================================
-------------------------------------------------------------------------------
COMPONENTS OF NET ASSETS
AT APRIL 30, 1996:
-------------------------------------------------------------------------------
Common stock $.01 par value,
500,000,000 shares authorized
to the Fund with 50,000,000
shares allocated to this Portfolio $15,783,776
Accumulated undistributed income
Net investment income (36,172)
Net realized gain on investments 3,637,820
Net unrealized appreciation of
investments 6,862,447
-------------------------------------------------------------------------------
Total Net Assets $26,247,871
===============================================================================
* Non-income producing security for the period ended April 30, 1996.
See accompanying notes
<PAGE>
Delaware Pooled Trust, Inc.: The Real Estate Investment Trust
Statement of Net Assets
April 30, 1996
(Unaudited)
Number Market
of Shares Value
- --------------------------------------------------------------------------------
COMMON STOCK: 94.96%
- --------------------------------------------------------------------------------
Factory Outlet Center REITs: 2.28%
- --------------------------------------------------------------------------------
Chelsea Gca Realty 17,500 $ 498,750
- --------------------------------------------------------------------------------
Health Care REITs: 7.37%
- --------------------------------------------------------------------------------
Health Care Property Investors 29,000 913,500
Nationwide Health Properties 35,000 695,625
----------
1,609,125
----------
- --------------------------------------------------------------------------------
Hotels/Diversified REITs: 12.53%
- --------------------------------------------------------------------------------
Colonial Properties Trust 32,500 780,000
Felcor Suite Hotels 23,000 669,875
Patriot American Hospitality 26,000 724,750
Starwood Lodging Trust 17,000 563,125
----------
2,737,750
----------
- --------------------------------------------------------------------------------
Mall REITs: 3.63%
- --------------------------------------------------------------------------------
DeBartolo Realty 20,000 310,000
Simon Property Group 21,000 483,000
----------
793,000
----------
- --------------------------------------------------------------------------------
Manufactured Housing REITs: 6.40%
- --------------------------------------------------------------------------------
ROC Communities 26,000 614,250
Sun Communities 30,000 783,750
----------
1,398,000
----------
- --------------------------------------------------------------------------------
Multifamily REITs: 22.85%
- --------------------------------------------------------------------------------
Associated Estates Realty 27,000 543,375
Camden Property Trust 41,000 973,750
Equity Residential Properties 26,300 848,175
Evans Withycombe Residential 22,500 486,563
Oasis Residential 31,200 702,000
Prime Residential 35,000 634,375
Security Capital Pacific Trust 38,500 803,688
----------
4,991,926
----------
- --------------------------------------------------------------------------------
Office/Industrial REITs: 17.27%
- --------------------------------------------------------------------------------
Cali Realty 31,000 709,125
Duke Realty Investments 23,000 681,375
First Industrial Realty 27,000 644,625
Glenborough Realty Trust 28,500 427,500
Reckson Associates Realty 29,000 862,750
Weeks 18,400 448,500
----------
3,773,875
----------
<PAGE>
Number Market
of Shares Value
- --------------------------------------------------------------------------------
Retail Strip Center REITs: 14.17%
- --------------------------------------------------------------------------------
Developers Diversified Realty 26,000 $ 757,250
Excel Realty Trust 27,000 513,000
JDN Realty 29,000 609,000
Kimco Realty Corp 25,000 650,000
Vornado Realty Trust 15,000 566,250
----------
3,095,500
----------
- --------------------------------------------------------------------------------
Self-Storage REITs: 8.46%
- --------------------------------------------------------------------------------
Sovran Self Storage 28,000 717,500
Storage Trust Realty 29,000 634,375
Storage USA 15,000 496,875
----------
1,848,750
----------
- --------------------------------------------------------------------------------
Total Common Stock
(cost of $ 20,466,404) 20,746,676
================================================================================
Principal
Amount
- --------------------------------------------------------------------------------
CONVERTIBLE BONDS: 1.86%
- --------------------------------------------------------------------------------
Office/Industrial REITs: 1.86%
- --------------------------------------------------------------------------------
Liberty Property Trust,
8.0%, 7/1/01 $ 389,000 408,450
- --------------------------------------------------------------------------------
Total Convertible Bonds
(cost of $397,168) $ 408,450
================================================================================
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENT: 5.38%
- --------------------------------------------------------------------------------
With Chase Manhattan
5.30% 5/1/96 (dated
4/30/96, collateralized
by $1,166,000 U.S.
Treasury Notes 6.125%
due 5/31/97, market
value $1,199,387) 1,175,000 1,175,000
- --------------------------------------------------------------------------------
Total Repurchase Agreement
(cost of $1,175,000 ) 1,175,000
================================================================================
<PAGE>
- --------------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES: 102.20%
(COST $22,038,572) $ 22,330,126
================================================================================
- --------------------------------------------------------------------------------
LIABILITIES NET OF RECEIVABLES AND
OTHER ASSETS: (2.20%) (481,436)
================================================================================
- --------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
2,068,789 SHARES ($ .01 PAR VALUE)
OUTSTANDING; EQUIVALENT TO
$10.56 PER SHARE: 100.00% $ 21,848,690
================================================================================
- --------------------------------------------------------------------------------
COMPONENTS OF NET ASSETS
AT APRIL 30, 1996
- --------------------------------------------------------------------------------
Common stock $ .01 par value,
500,000,000 shares authorized
to the Fund with 50,000,000
shares allocated to this Portfolio $20,774,369
Accumulated undistributed income:
Net investment income 389,293
Net realized gain on investments 393,474
Net unrealized appreciation
of investments 291,554
- --------------------------------------------------------------------------------
Total Net Assets $ 21,848,690
================================================================================
REIT: Real Estate Investment Trust
See accompanying notes
<PAGE>
Delaware Pooled Trust, Inc.:
The Fixed Income Portfolio
Statement of Net Assets
April 30, 1996
(Unaudited)
Principal Market
Amount Value
- --------------------------------------------------------------------------------
CORPORATE BONDS: 28.62%
- --------------------------------------------------------------------------------
Ahmanson (H.F.)
6.35%, 09/01/98 $ 100,000 $ 99,750
AVCO Financial,
5.50%, 05/01/98 90,000 88,538
BankAmerica,
9.70%, 08/01/00 145,000 160,225
Cardinal Health,
6.00%, 01/15/06 100,000 91,750
Chrysler Financial,
6.35%, 03/15/99 150,000 149,063
CNA Financial,
6.25%, 11/15/03 100,000 94,375
Ford Motor Credit Global,
6.25%, 11/08/00 140,000 137,025
GMAC,
8.50%, 01/01/03 100,000 107,750
Greyhound Financial Medium-
Term Note,
8.79%, 11/15/01 100,000 108,375
International Lease Finance,
6.50%, 08/15/99 100,000 99,750
Kohl's, 6.70%, 02/01/06 100,000 94,125
News America Holdings,
9.125%, 10/15/99 80,000 85,100
Norwest, 6.125%, 10/15/00 150,000 146,063
PNC Bank,
7.875%, 04/15/05 100,000 103,500
Sears Acceptance Medium-
Term Note,
6.392%, 03/28/01 150,000 146,625
Travelers/Aetna Property
& Casualty,
6.75%, 04/15/01 100,000 99,625
U.S. Bancorp,
8.125%, 05/15/02 125,000 131,500
- --------------------------------------------------------------------------------
Total Corporate Bonds
(cost $1,959,540) 1,943,139
================================================================================
- --------------------------------------------------------------------------------
ASSET-BACKED SECURITIES: 15.29%
- --------------------------------------------------------------------------------
Advanta Series 93-1A2,
5.95%, 05/25/09 96,117 91,993
American Finance Home
Equity Series 92-5 A,
7.20%, 02/15/08 93,644 93,403
Case Equipment Loan
Trust Series 95-B A3,
6.15%, 09/15/02 100,000 99,473
<PAGE>
Principal Market
Amount Value
- --------------------------------------------------------------------------------
Dayton Hudson Credit Card
Master Trust Series 95-1A,
6.10%, 02/25/02 $ 100,000 $ 99,410
First Bank Auto Receivables
Grantor Trust Series 95-B A,
6.40%, 07/17/00 104,362 104,648
Ford Credit Auto Loan
Master Trust Series 95-1 A,
6.50%, 08/15/02 100,000 98,824
Neiman-Marcus Group
Credit Card Master Trust
Series 95-1 A,
7.60%, 06/15/03 150,000 154,164
Nomura Asset Securities
Series 95-2 2A2,
6.25%, 01/25/26 200,000 196,850
World Omni Automobile
Lease Securitization Trust
Series 95-A,
6.05%, 11/25/01 100,000 99,425
- --------------------------------------------------------------------------------
Total Asset-Backed Securities
(cost $1,045,132) 1,038,190
================================================================================
- --------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE
OBLIGATIONS: 8.67%
- --------------------------------------------------------------------------------
Asset Securitization Corporation
Series 96-D2 A1,
6.92%, 02/14/29 199,446 193,431
Series 95-MD4 A1,
7.10%, 08/13/29 198,740 195,635
Nomura Asset Securities
Series 95-MD3,
8.17%, 03/04/20 191,732 199,401
- --------------------------------------------------------------------------------
Total Collateralized Mortgage Obligations
(cost $596,274) 588,467
================================================================================
- --------------------------------------------------------------------------------
MORTGAGE-BACKED SECURITIES: 20.47%
- --------------------------------------------------------------------------------
Federal Home Loan
Mortgage Corporation,
5.50%, 03/01/11 333,837 310,260
Federal Home Loan
Mortgage Corporation,
6.00%, 04/01/11 300,000 284,438
Federal Home Loan
Mortgage Corporation,
7.00%, 05/01/24 144,898 140,189
Federal National
Mortgage Association,
6.50%, 12/01/23 236,984 222,099
Government National
Mortgage Association,
9.00%, 02/15/17 408,000 432,735
<PAGE>
Principal Market
Amount Value
- --------------------------------------------------------------------------------
Total Mortgage-Backed Securities
(cost $1,408,710) $1,389,721
================================================================================
- --------------------------------------------------------------------------------
U.S. Treasury Obligations: 22.22%
- --------------------------------------------------------------------------------
U.S. Treasury Notes,
5.875%, 03/31/99 $ 20,000 19,833
U.S. Treasury Notes,
6.375%, 06/30/97 1,260,000 1,268,467
U.S. Treasury Notes,
6.375%, 01/15/00 220,000 220,367
- --------------------------------------------------------------------------------
Total U.S. Treasury Obligations
(cost $1,512,272) 1,508,667
================================================================================
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENT: 0.96%
- --------------------------------------------------------------------------------
With Chase Manhattan
5.30% (dated 4/30/96,
collateralized by $64,000
U.S. Treasury Notes 6.125%
due 5/31/97, market
value $66,349) 65,000 65,000
- --------------------------------------------------------------------------------
Total Repurchase Agreement
(cost $65,000) 65,000
================================================================================
- --------------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES: 96.23%
(Cost $6,586,928) 6,533,184
================================================================================
- --------------------------------------------------------------------------------
RECEIVABLES AND OTHER ASSETS
NET OF LIABILITIES: 3.77% 255,776
================================================================================
- --------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
687,514 SHARES ($.01 PAR VALUE)
OUTSTANDING; EQUIVALENT TO
$9.87 PER SHARE: 100.00% $ 6,788,960
================================================================================
- --------------------------------------------------------------------------------
COMPONENTS OF NET ASSETS
AT APRIL 30, 1996:
- --------------------------------------------------------------------------------
Common stock, $.01 par value,
500,000,000 shares authorized
to the Fund with 50,000,000
shares allocated to this Portfolio $ 6,855,525
Accumulated undistributed loss:
Net realized loss on investments (12,821)
Net unrealized depreciation of investments (53,744)
- --------------------------------------------------------------------------------
Total Net Assets $ 6,788,960
================================================================================
See accompanying notes
<PAGE>
Delaware Pooled Trust, Inc.: The International Equity Portfolio
Statement of Net Assets
April 30, 1996
(Unaudited)
Number Market
of Shares Value
- --------------------------------------------------------------------------------
COMMON STOCK: 92.98%
- --------------------------------------------------------------------------------
Australia: 10.08%
- --------------------------------------------------------------------------------
Brambles Industries 311,000 $ 4,267,141
CSR Limited 2,008,003 7,246,999
National Australia Bank 519,923 4,668,596
National Foods 287,794 364,325
Pacific Dunlop 1,668,904 4,067,937
----------
20,614,998
----------
- --------------------------------------------------------------------------------
Belgium: 4.89%
- --------------------------------------------------------------------------------
Electrabel 31,405 7,035,581
G.I.B. Holdings 67,000 2,963,699
----------
9,999,280
----------
- --------------------------------------------------------------------------------
Canada: 1.65%
- --------------------------------------------------------------------------------
BC Telecom 173,000 3,379,949
----------
3,379,949
----------
- --------------------------------------------------------------------------------
France: 7.93%
- --------------------------------------------------------------------------------
Alcatel Alsthom 54,411 5,107,830
Campagnie de Saint Gobain 29,006 3,468,103
Elf Aquitaine 64,752 4,806,589
Societe Television Francaise 26,200 2,834,019
----------
16,216,541
----------
- --------------------------------------------------------------------------------
Germany: 5.83%
- --------------------------------------------------------------------------------
Bayer 12,200 3,918,957
Continental 216,550 3,675,772
Siemens 7,910 4,314,780
----------
11,909,509
----------
- --------------------------------------------------------------------------------
Hong Kong: 2.84%
- --------------------------------------------------------------------------------
Hong Kong Electric Holdings 870,000 2,766,832
Wharf Holdings 821,000 3,040,859
----------
5,807,691
----------
- --------------------------------------------------------------------------------
Indonesia: 1.51%
- --------------------------------------------------------------------------------
PT Bank Dagang Nasional 1,916,875 1,913,236
PT Semen Gresik 340,000 1,178,618
----------
3,091,854
----------
<PAGE>
Number Market
of Shares Value
- --------------------------------------------------------------------------------
Japan: 14.84%
- --------------------------------------------------------------------------------
Amano 348,000 $ 4,950,001
Canon 194,000 3,852,164
Chiyoda Fire and
Marine Insurance 510,000 3,422,672
Eisai 280,350 5,540,011
Hitachi 618,000 6,666,635
Kinki Coca-Cola Bottling 75,000 1,109,769
Matsushita Electric 226,000 3,991,351
Sanoh Industrial 90,000 799,034
----------
30,331,637
----------
- --------------------------------------------------------------------------------
Malaysia: 1.14%
- --------------------------------------------------------------------------------
Sime Darby Berhad 840,000 2,324,257
----------
2,324,257
----------
- --------------------------------------------------------------------------------
Netherlands: 6.69%
- --------------------------------------------------------------------------------
Elsevier 210,000 3,157,711
Koninklijke Van Ommeren 123,000 4,587,947
Royal Dutch Petroleum 41,675 5,928,935
----------
13,674,593
----------
- --------------------------------------------------------------------------------
New Zealand: 3.81%
- --------------------------------------------------------------------------------
Carter Holt Harvey 1,536,400 3,640,258
Telecom Corp. of
New Zealand 979,000 4,155,085
----------
7,795,343
----------
- --------------------------------------------------------------------------------
Philippines: 0.88%
- --------------------------------------------------------------------------------
Philippine Long Distance Telephone
Company ADR 35,700 1,793,925
----------
1,793,925
----------
- --------------------------------------------------------------------------------
Singapore: 1.22%
- --------------------------------------------------------------------------------
Jardine Matheson Holdings 312,278 2,498,224
----------
2,498,224
----------
- --------------------------------------------------------------------------------
Spain: 3.77%
- --------------------------------------------------------------------------------
Acerinox S.A 4,822 544,419
Banco Central
Hispanoamer S.A 52,827 1,105,351
Telefonica de Espana 340,350 6,052,588
----------
7,702,358
----------
<PAGE>
Number Market
of Shares Value
- --------------------------------------------------------------------------------
United Kingdom: 25.90%
- --------------------------------------------------------------------------------
Bass plc 384,000 $ 4,517,647
Blue Circle Industries plc 1,003,000 5,636,607
Boots plc 166,497 1,584,020
British Airways plc 720,000 5,607,443
British Gas plc 961,300 3,404,364
Cable & Wireless plc 702,240 5,495,471
Dalgety plc 969,375 5,687,659
GKN plc 235,750 3,477,525
Great Universal Stores plc 510,300 5,551,733
Powergen plc 735,000 6,154,412
RTZ plc 346,000 5,425,720
Sears plc 262,682 396,152
----------
52,938,753
----------
- --------------------------------------------------------------------------------
Total Common Stock
(cost $167,985,585) 190,078,912
================================================================================
Principal
Amount*
- --------------------------------------------------------------------------------
BONDS: 1.89%
- --------------------------------------------------------------------------------
Spain: 1.89%
- --------------------------------------------------------------------------------
Spanish Government,
8.20% 2/28/09 Sp 527,000,000 3,853,015
- --------------------------------------------------------------------------------
Total Bonds
(cost $3,416,366) 3,853,015
================================================================================
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENT: 4.79%
- --------------------------------------------------------------------------------
With Chase Manhattan
5.30% 5/1/96 (dated
4/30/96, collateralized
by $9,714,000 U.S.
Treasury Notes 6.125%
due 5/31/97, market
value $9,996,256) $9,793,000 9,793,000
- --------------------------------------------------------------------------------
Total Repurchase Agreement
(cost $9,793,000) 9,793,000
================================================================================
<PAGE>
- --------------------------------------------------------------------------------
TOTAL MARKET VALUE OF
SECURITIES: 99.66%
(Cost $181,194,951) $203,724,927
================================================================================
- --------------------------------------------------------------------------------
RECEIVABLES AND OTHER ASSETS
NET OF LIABILITIES: 0.34% 699,191
================================================================================
- --------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
14,370,080 SHARES ($.01 PAR VALUE)
OUTSTANDING; EQUIVALENT TO
$14.23 PER SHARE: 100.00% $204,424,118
================================================================================
- --------------------------------------------------------------------------------
COMPONENTS OF NET ASSETS
AT APRIL 30, 1996:
- --------------------------------------------------------------------------------
Common stock, $.01 par value,
500,000,000 shares authorized
to the Fund with 50,000,000
shares allocated to this Portfolio $179,058,938
Accumulated undistributed income:
Net investment income** 2,887,721
Net realized loss on investments** (597,493)
Net unrealized appreciation on investments
and foreign currencies 23,074,952
- --------------------------------------------------------------------------------
Total Net Assets $204,424,118
================================================================================
* Principal amount is stated in the currency in which each security is
denominated.
** Accumulated net investment income includes net realized gains on
foreign currencies. During the current fiscal year, the Portfolio reclassified
$750,814 of permanent book and tax basis differences, from accumulated net
realized gains on investments and foreign currencies to accumulated net
investment income. Net realized gains on foreign currencies are distributed as
net investment income in accordance with provisions of the Internal Revenue
Code. The prior year undistributed net investment income noted in the Statements
of Changes in Net Assets has been adjusted to reflect this reclassification.
Sp: Spanish peseta
See accompanying notes
<PAGE>
Delaware Pooled Trust, Inc.: The Labor Select International Equity Portfolio
Statement of Net Assets
April 30, 1996
(Unaudited)
Number Market
of Shares Value
- --------------------------------------------------------------------------------
COMMON STOCK: 90.33%
- --------------------------------------------------------------------------------
Australia: 8.41%
- --------------------------------------------------------------------------------
Brambles Industries 37,200 $ 510,410
National Australia Bank 52,500 471,418
National Foods 337,000 426,616
----------
1,408,444
----------
- --------------------------------------------------------------------------------
Belgium: 4.57%
- --------------------------------------------------------------------------------
Electrabel 2,725 610,475
G.I.B. Holdings 2,500 154,820
----------
765,295
----------
- --------------------------------------------------------------------------------
Canada: 1.95%
- --------------------------------------------------------------------------------
BC Telecom 16,650 325,296
----------
325,296
----------
- --------------------------------------------------------------------------------
France: 8.05%
- --------------------------------------------------------------------------------
Alcatel Alsthom 5,250 492,843
Elf Aquitaine 6,800 504,769
Societe Television Francaise 3,240 350,466
----------
1,348,078
----------
- --------------------------------------------------------------------------------
Germany: 5.59%
- --------------------------------------------------------------------------------
Bayer 1,030 330,863
Continental 9,100 154,466
RWE 2,700 104,584
Siemens 635 346,382
----------
936,295
----------
- --------------------------------------------------------------------------------
Hong Kong: 2.78%
- --------------------------------------------------------------------------------
Hong Kong Electric Holdings 80,000 254,421
Wharf Holdings 57,000 211,119
----------
465,540
----------
- --------------------------------------------------------------------------------
Japan: 14.61%
- --------------------------------------------------------------------------------
Canon 24,000 476,556
Eisai 18,300 361,627
Kinki Coca-Cola Bottling 23,000 340,329
Matsushita Electric 29,000 512,164
Nichido Fire & Marine 43,600 366,276
Yokohma Reito 27,000 389,207
----------
2,446,159
----------
<PAGE>
Number Market
of Shares Value
- --------------------------------------------------------------------------------
Netherlands: 7.03%
- --------------------------------------------------------------------------------
Elsevier 23,400 $ 351,859
Koninklijke Van Ommeren 10,200 380,464
Royal Dutch Petroleum 2,440 347,129
Unilever 720 98,109
----------
1,177,561
----------
- --------------------------------------------------------------------------------
New Zealand: 4.41%
- --------------------------------------------------------------------------------
Carter Holt Harvey 122,000 289,060
Telecom Corp. of
New Zealand 106,000 449,887
----------
738,947
----------
- --------------------------------------------------------------------------------
Singapore: 2.14%
- --------------------------------------------------------------------------------
Jardine Matheson Holdings 44,800 358,400
----------
358,400
----------
- --------------------------------------------------------------------------------
Spain: 4.16%
- --------------------------------------------------------------------------------
Acerinox SA 3,150 355,645
Banco Central
Hispanoamer SA 16,300 341,061
----------
696,706
----------
- --------------------------------------------------------------------------------
United Kingdom: 26.63%
- --------------------------------------------------------------------------------
Associated British Food plc 52,000 310,564
Bass plc 41,500 488,235
Blue Circle Industries plc 91,150 512,240
Boots plc 11,875 112,976
British Airways plc 38,800 302,179
British Gas plc 74,250 262,950
Dalgety plc 76,000 445,918
GKN plc 29,000 427,776
Great Universal Stores plc 30,000 326,381
Powergen plc 58,250 487,748
RTZ plc 21,950 344,204
Sears plc 18,780 28,322
Taylor Woodrow plc 156,750 409,281
----------
4,458,774
----------
- --------------------------------------------------------------------------------
Total Common Stock
(cost $14,548,485) 15,125,495
================================================================================
<PAGE>
Principal Market
Amount* Value
- --------------------------------------------------------------------------------
BONDS: 0.70%
- --------------------------------------------------------------------------------
Spain: 0.70%
- --------------------------------------------------------------------------------
Spanish Government,
8.20%, 2/28/09 Sp 16,000,000 $ 116,980
- --------------------------------------------------------------------------------
Total Bonds
(cost $114,154) 116,980
================================================================================
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENT: 7.68%
- --------------------------------------------------------------------------------
With Chase Manhattan
5.30%5/1/96 (dated
4/30/96, collateralized
by $1,276,000 U.S.
Treasury Notes 6.125%
due 5/31/97, market
value $1,312,691) $1,286,000 1,286,000
- --------------------------------------------------------------------------------
Total Repurchase Agreement
(cost $1,286,000) 1,286,000
================================================================================
- --------------------------------------------------------------------------------
TOTAL MARKET VALUE OF
SECURITIES: 98.71%
(cost $15,948,639) 16,528,475
================================================================================
- --------------------------------------------------------------------------------
RECEIVABLES AND OTHER ASSETS
NET OF LIABILITIES: 1.29% 216,729
================================================================================
- --------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
1,519,639 SHARES ($0.01 PAR VALUE)
OUTSTANDING; EQUIVALENT TO
$11.02 PER SHARE: 100.00% $16,745,204
================================================================================
- --------------------------------------------------------------------------------
COMPONENTS OF NET ASSETS
AT APRIL 30, 1996:
- --------------------------------------------------------------------------------
Common Stock, $0.01 par value,
500,000,000 shares authorized
to the Fund with 50,000,000
shares allocated to this Portfolio $16,012,407
Accumulated undistributed income:
Net investment income** 100,818
Net realized loss on investments (8,543)
Net unrealized appreciation of
investments and foreign currencies 640,522
- --------------------------------------------------------------------------------
Total Net Assets $16,745,204
================================================================================
* Principal amount is stated in the currency in which each security is
denominated.
** Accumulated net investment income includes net realized gains on foreign
currencies. Net realized gains on foreign currencies are distributed as net
investment income in accordance with provisions of the Internal Revenue Code.
Sp: Spanish Peseta
See accompanying notes
<PAGE>
Delaware Pooled Trust, Inc.:
Global Fixed Income Portfolio
Statement of Net Assets
April 30, 1996
(Unaudited)
Principal Market
Amount* Value
- --------------------------------------------------------------------------------
BONDS: 95.02%
- --------------------------------------------------------------------------------
Australia: 7.67%
- --------------------------------------------------------------------------------
Australian Government,
13.000%, 07/15/00 4,000,000 $ 3,657,305
Bank of Austria,
10.875%, 11/17/04 2,000,000 1,717,055
Commerzbank Overseas
Finance, 10.500%,
01/19/00 2,000,000 1,660,049
DSL Finance NV
Amsterdam,10.250%,
04/07/00 500,000 413,046
Queensland Treasury-
Global, 8.000%, 05/14/03 3,000,000 2,260,662
South Australia
Government Finance,
7.250%, 09/22/03 2,000,000 1,439,888
----------
11,148,005
----------
- --------------------------------------------------------------------------------
Austria: 3.58%
- --------------------------------------------------------------------------------
Republic of Austria,
5.625%, 12/14/00 55,000,000 5,210,033
----------
5,210,033
----------
- --------------------------------------------------------------------------------
Belgium: 2.84%
- --------------------------------------------------------------------------------
Kingdom of Belgium,
10.000%, 08/02/00 110,000,000 4,128,578
----------
4,128,578
----------
- --------------------------------------------------------------------------------
Denmark: 11.35%
- --------------------------------------------------------------------------------
Kingdom of Denmark,
8.000%, 11/15/01 8,000,000 1,461,360
Kingdom of Denmark,
8.000%, 05/15/03 10,000,000 1,807,926
Kingdom of Denmark,
9.000%, 11/15/00 70,000,000 13,234,443
----------
16,503,729
----------
<PAGE>
Principal Market
Amount* Value
- --------------------------------------------------------------------------------
Germany: 3.79%
- --------------------------------------------------------------------------------
Bundesrepblik Deutscheland,
5.750%, 08/22/00 6,000,000 $ 4,031,562
Bundesrepblik Deutscheland,
8.375%, 05/21/01 2,000,000 1,479,883
----------
5,511,445
----------
- --------------------------------------------------------------------------------
Greece: 1.16%
- --------------------------------------------------------------------------------
International Bank of
Reconstruction and
Development, 15.500%,
04/14/97 325,000,000 1,359,153
International Finance,
15.250%, 05/11/99 75,000,000 324,413
----------
1,683,566
----------
- --------------------------------------------------------------------------------
Italy: 9.26%
- --------------------------------------------------------------------------------
American International
Group, 11.700%,
12/04/01 3,000,000,000 2,116,406
Eurofima,
7.700%, 02/02/04 5,800,000,000 3,412,854
Italian Government,
9.500%, 12/01/99 6,000,000,000 3,888,626
Italian Government,
10.500%, 07/15/00 4,000,000,000 2,678,831
Nordic Investment
Bank, 10.800%,
05/24/03 2,000,000,000 1,367,794
----------
13,464,511
----------
- --------------------------------------------------------------------------------
Netherlands: 2.99%
- --------------------------------------------------------------------------------
Netherlands Government,
9.000%, 05/15/00 6,500,000 4,345,203
----------
4,345,203
----------
- --------------------------------------------------------------------------------
New Zealand: 14.51%
- --------------------------------------------------------------------------------
Government of New
Zealand, 6.500%,
02/15/00 8,000,000 5,090,859
Government of New
Zealand, 8.000%,
02/15/01 12,500,000 8,340,773
Government of New
Zealand, 8.000%,
04/15/04 8,000,000 5,324,909
Government of New
Zealand, 8.000%,
11/15/06 3,500,000 2,335,417
----------
21,091,958
----------
<PAGE>
Principal Market
Amount* Value
- --------------------------------------------------------------------------------
Spain: 17.19%
- --------------------------------------------------------------------------------
Bayerische Landesanstalt,
7.800%, 02/11/04 200,000,000 $ 1,478,026
DSL Finance NV
Amsterdam, 7.875%,
02/10/04 200,000,000 1,485,878
European Investment
Bank, 11.250%,
03/15/00 100,000,000 861,691
European Investment
Bank, 13.900%,
03/22/00 120,000,000 1,114,114
International Bank of
Reconstruction &
Development, 10.625%,
09/08/98 160,000,000 1,339,449
Spanish Government,
8.200%, 02/28/09 230,000,000 1,681,582
Spanish Government,
10.300%, 06/15/02 300,000,000 2,526,212
Spanish Government,
10.500%, 10/30/03 1,030,000,000 8,753,388
Spanish Government,
12.250%, 03/25/00 650,000,000 5,752,565
----------
24,992,905
----------
- --------------------------------------------------------------------------------
Sweden: 10.28%
- --------------------------------------------------------------------------------
Nordic Investment Bank,
10.250%, 01/07/99 8,000,000 1,265,245
Oesterreichische
Kontrollbank, 9.250%,
07/15/99 20,000,000 3,111,621
Swedish Government,
9.000%, 04/20/09 9,000,000 1,384,208
Swedish Government,
10.250%, 05/05/00 10,000,000 1,617,969
Swedish Government,
13.000%, 06/15/01 42,000,000 7,562,978
----------
14,942,021
----------
<PAGE>
Principal Market
Amount* Value
- --------------------------------------------------------------------------------
United Kingdom: 10.40%
- --------------------------------------------------------------------------------
Abbey National Treasury
Services plc,
8.000%, 04/02/03 500,000 $ 743,266
ARGYLL Group plc,
8.125%, 03/10/00 1,000,000 1,514,668
Barclays Bank plc,
6.500%, 02/16/04 500,000 673,394
Depfa Finance,
7.120%, 11/11/03 500,000 702,468
Glaxco Wellcome plc,
8.750%, 12/01/05 500,000 757,334
Mutual Group (The),
7.250%, 01/12/04 200,000 271,609
Nationwide Anglia
Building Society,
13.500%, 11/21/00 200,000 359,394
Redland Sterling Funding plc,
10.875%, 11/27/01 200,000 335,009
Tesco,
8.750%, 02/20/03 1,750,000 2,691,702
UK Conversion S47
Stock Guilt,
9.000%, 03/03/00 1,000,000 1,585,009
UK Treasury S47 Guilt,
8.000%, 06/10/03 1,300,000 1,973,031
UK Treasury Stock,
11.750%, 01/22/07 2,500,000 1,800,720
Woolwich Building Society,
11.625%, 12/18/01 1,000,000 1,717,249
----------
15,124,853
----------
- --------------------------------------------------------------------------------
Total Bonds
(cost $135,252,789) 138,146,807
================================================================================
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENT: 0.15%
- --------------------------------------------------------------------------------
With Chase Manhattan
5.30% 5/1/96 (dated
4/30/96, collateralized
by $218,000 U.S.
Treasury Notes 6.125%
due 5/31/97, market
value $224,566) 220,000 220,000
- --------------------------------------------------------------------------------
Total Repurchase Agreement
(cost $220,000) 220,000
================================================================================
<PAGE>
- --------------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES: 95.17%
(Cost $135,472,789) $ 138,366,807
================================================================================
- --------------------------------------------------------------------------------
RECEIVABLES AND OTHER ASSETS
NET OF LIABILITIES: 4.83% 7,021,765
================================================================================
- --------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
13,527,286 SHARES ($.01 PAR VALUE)
OUTSTANDING; EQUIVALENT TO
$10.75 PER SHARE: 100.00% $ 145,388,572
================================================================================
- --------------------------------------------------------------------------------
COMPONENTS OF NET ASSETS
AT APRIL 30, 1996:
- --------------------------------------------------------------------------------
Common stock, $.01 par value,
500,000,000 shares authorized
to the Fund with 50,000,000
shares allocated to this Portfolio $139,394,306
Accumulated undistributed income:
Net investment gain** 2,019,959
Net realized loss on investments** (483,579)
Net unrealized appreciation on
investments and foreign currencies 4,457,886
- --------------------------------------------------------------------------------
Total Net Assets $ 145,388,572
================================================================================
* Principal amount is stated in the currency in which each security is
denominated.
** Accumulated net investment income includes net realized gains on
foreign currencies. During the current fiscal year, the Portfolio reclassified
$215,902 of permanent book and tax basis differences from accumulated net
realized gain on investments and foreign currencies to accumulated net
investment income. Net realized gains on foreign currencies are distributed as
net investment income in accordance with provisions of the Internal Revenue
Code. The prior year undistributed net investment income noted in the Statements
of Changes in Net Assets has been adjusted to reflect this reclassification.
See accompanying notes
<PAGE>
Delaware Pooled Trust, Inc.
Statements of Assets and Liabilities
April 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
The The The Real Estate The The The Labor Select
Defensive Aggressive Investment Fixed International International The Global
Equity Growth Trust Income Equity Equity Fixed Income
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments at market $66,583,031 $26,333,422 $22,330,126 $6,533,184 $203,724,927 $16,528,475 $138,366,807
Cash and foreign currencies 64,168 110,022 421 192,313 2,353,845 105,582 543,261
Dividends and interest receivable 119,124 1,858 42,368 77,104 776,574 60,443 5,272,084
Receivable for investment
securities sold 942,739 92,706 -- 127,464 1,450,556 103,592 2,766,880
Other assets 8,266 11,660 6,450 72,757 571,124 68,394 1,725,060
- -----------------------------------------------------------------------------------------------------------------------------------
Total assets 67,717,328 26,549,668 22,379,365 7,002,822 208,877,026 16,866,486 148,674,092
- -----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES:
Payable for investment securities
purchased 666,338 185,169 445,429 136,496 4,379,154 84,183 2,898,968
Other accounts payable and accrued
expenses 166,778 116,628 85,246 77,366 73,754 37,099 386,552
- -----------------------------------------------------------------------------------------------------------------------------------
Total liabilities 833,116 301,797 530,675 213,862 4,452,908 121,282 3,285,520
- -----------------------------------------------------------------------------------------------------------------------------------
Total Net Assets $66,884,212 $26,247,871 $21,848,690 $6,788,960 $204,424,118 $16,745,204 $145,388,572
===================================================================================================================================
</TABLE>
See accompanying notes
<PAGE>
Delaware Pooled Trust, Inc.
Statements of Operations
(Unaudited)
<TABLE>
<CAPTION>
12/6/95* 3/12/96* Six Months 12/19/95* Six Months
Six Months Ended to to Ended to Ended
4/30/96 4/30/96 4/30/96 4/30/96 4/30/96 4/30/96
- ------------------------------------------------------------------------------------------------------------------------------------
The The The Real Estate The The The Labor Select
Defensive Aggressive Investment Fixed International International The Global
Equity Growth Trust Income Equity Equity Fixed Income
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
INTEREST INCOME:
Interest $ 101,823 $ 49,544 $37,049 $ 51,248 $ 440,146 $ 29,542 $5,125,195
Dividends 908,570 30,470 627,376 -- 2,103,086 82,643 --
- ------------------------------------------------------------------------------------------------------------------------------------
1,010,393 80,014 664,425 51,248 2,543,232 112,185 5,125,190
- ------------------------------------------------------------------------------------------------------------------------------------
EXPENSES:
Management fees 160,839 104,617 63,834 3,062 657,773 20,819 294,571
Dividend disbursing and transfer
agent fees and expenses 1,872 777 1,931 150 5,774 2,888 3,744
Registration fees 8,041 7,100 1,524 1,027 28,606 12,440 19,460
Custodian fees 12,235 -- 6,449 1,770 38,651 6,819 46,380
Reports and statements to
shareholders 389 700 1,728 628 750 9,140 155
Professional fees 4,304 3,805 8,546 469 7,638 16,598 15,122
Salaries 8,264 3,620 2,579 373 20,075 1,083 16,914
Taxes (other than taxes on income) 2,480 2,660 975 -- 7,323 362 3,576
Directors' fees 855 855 573 163 855 573 855
Amortization of organization expenses 706 718 -- 3,682 724 -- --
Other 6,206 3,986 1,604 65 10,682 1,293 8,544
- ------------------------------------------------------------------------------------------------------------------------------------
206,191 128,838 89,743 11,389 778,851 72,015 409,321
Less expenses absorbed by Delaware
Management Company, Inc. and
Delaware International Advisers Ltd. 9,597 12,857 13,969 7,146 -- 45,139 57,440
- ------------------------------------------------------------------------------------------------------------------------------------
196,594 115,981 75,774 4,243 778,851 26,876 351,881
- ------------------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME BEFORE FOREIGN
TAX WITHHELD: 813,799 (35,967) 588,651 47,005 1,764,381 85,309 4,773,314
FOREIGN TAX WITHHELD: -- -- -- -- (236,401) -- (34,151)
- ------------------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME: 813,799 (35,967) 588,651 47,005 1,527,980 85,309 4,739,163
- ------------------------------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) AND
UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investment transactions 2,896,191 3,687,252 393,474 (12,821) (591,260) (8,543) 2,438,189
Foreign currencies -- -- -- -- 2,571,809 35,493 (17,611)
- ------------------------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) 2,896,191 3,687,252 393,474 (12,821) 1,980,549 26,950 2,420,578
- ------------------------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation
(depreciation) of investments
and foreign currencies during
the period 4,297,333 1,179,350 291,554 (53,744) 18,385,762 640,522 (584,144)
- ------------------------------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS AND
FOREIGN CURRENCIES 7,193,524 4,866,602 685,028 (66,565) 20,366,311 667,472 1,836,434
- ------------------------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE)IN NET
ASSETS RESULTING FROM
OPERATIONS $8,007,323 $4,830,635 $1,273,679 $ (19,560) $21,894,291 $752,781 $6,575,597
===================================================================================================================================
</TABLE>
* Date of initial sale
See accompanying notes
<PAGE>
Delaware Pooled Trust, Inc.
Statements of Changes in Net Assets
(Unaudited)
<TABLE>
<CAPTION>
12/6/95* 3/12/96* Six Months 12/19/95* Six Months
Six Months Ended to to Ended to Ended
4/30/96 4/30/96 4/30/96 4/30/96 4/30/96 4/30/96
- ------------------------------------------------------------------------------------------------------------------------------------
The The The Real Estate The The The Labor Select
Defensive Aggressive Investment Fixed International International The Global
Equity Growth Trust Income Equity Equity Fixed Income
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income $ 813,799 $ (35,967) $588,651 $ 47,005 $ 1,527,980 $ 85,309 $ 4,739,163
Net realized gain (loss) on
investments and foreign
currencies 2,896,191 3,687,252 393,474 (12,821) 1,980,549 26,950 2,420,578
Net unrealized appreciation
(depreciation) of investments
and foreign currencies 4,297,333 1,179,350 291,554 (53,744) 18,385,762 640,522 (584,144)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets resulting from operations 8,007,323 4,830,635 1,273,679 (19,560) 21,894,291 752,781 6,575,597
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (1,312,008) (81,854) (199,358) (47,005) (5,247,569) (19,984) (6,897,418)
Net realized gain from
security transactions (4,186,924) (1,194,103) -- -- (1,816,432) -- (1,840,321)
- ------------------------------------------------------------------------------------------------------------------------------------
(5,498,932) (1,275,957) (199,358) (47,005) (7,064,001) (19,984) (8,737,739)
- ------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold 9,858,167 218,100 20,575,011 6,787,886 32,041,778 15,992,423 43,216,303
Net asset value of shares issued
upon reinvestment of dividends
from net investment income and
net realized gain from security
transactions 5,375,880 1,275,956 199,358 46,639 6,907,724 19,984 6,875,938
- ------------------------------------------------------------------------------------------------------------------------------------
15,234,047 1,494,056 20,774,369 6,834,525 38,949,502 16,012,407 50,092,241
- ------------------------------------------------------------------------------------------------------------------------------------
Cost of shares repurchased (2,805,323) (7,892,747) -- -- (5,822,786) -- (1,702,196)
- ------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets
derived from capital share
transactions 12,428,724 (6,398,691) 20,774,369 6,834,525 33,126,716 16,012,407 48,390,045
- ------------------------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN
NET ASSETS: 14,937,115 (2,844,013) 21,848,690 6,767,960 47,957,006 16,745,204 46,227,903
NET ASSETS:
Beginning of period 51,947,097 29,091,884 -- 21,000 156,467,112 -- 99,160,669
- ------------------------------------------------------------------------------------------------------------------------------------
End of period $66,884,212 $26,247,871 $21,848,690 $6,788,960 $204,424,118 $16,745,204 $145,388,572
- ------------------------------------------------------------------------------------------------------------------------------------
Undistributed net investment
income (loss) $ 365,985 $ (36,172) $ 389,293 $ -0- $2,887,721 $ 100,818 $ 2,019,959
====================================================================================================================================
</TABLE>
* Date of initial sale.
See accompanying notes
<PAGE>
Delaware Pooled Trust, Inc.
Statements of Changes in Net Assets
Year Ended October 31, 1995
(Unaudited)
<TABLE>
<CAPTION>
The The The The
Defensive Aggressive International Global
Equity Growth Equity Fixed Income
Portfolio Portfolio Portfolio Portfolio
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income $ 1,567,180 $ 95,712 $ 3,727,071 $ 6,359,538
Net realized gain on investments and
foreign currencies 4,157,227 1,168,383 3,196,353 657,925
Net unrealized appreciation (depreciation) of
investments and foreign currencies
during the period 3,315,808 3,532,216 (1,168,917) 5,159,202
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from
operations 9,040,215 4,796,311 5,754,507 12,176,665
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (1,141,005) (24,860) (1,266,193) (2,683,754)
Net realized gain from security transactions (1,546,708) (488,918) (1,571,582) --
- ------------------------------------------------------------------------------------------------------------------------------------
(2,687,713) (513,778) (2,837,775) (2,683,754)
- ------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold 21,438,035 2,798,650 83,241,161 46,848,360
Net asset value of shares issued upon reinvestment
of dividends from net investment income and net
realized gain from security transactions 2,618,040 513,778 2,826,102 2,273,808
- ------------------------------------------------------------------------------------------------------------------------------------
24,056,075 3,312,428 86,067,263 49,122,168
- ------------------------------------------------------------------------------------------------------------------------------------
Cost of shares repurchased (15,784,638) (1,142,800) (3,336,887) (1,720,000)
- ------------------------------------------------------------------------------------------------------------------------------------
Increase in net assets derived from
capital share transactions 8,271,437 2,169,628 82,730,376 47,402,168
- ------------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS: 14,623,939 6,452,161 85,647,108 56,895,079
NET ASSETS:
Beginning of period 37,323,158 22,639,723 70,820,004 42,265,590
- ------------------------------------------------------------------------------------------------------------------------------------
End of period $ 51,947,097 $ 29,091,884 $ 156,467,112 $ 99,160,669
====================================================================================================================================
Undistributed net investment income $ 864,194 $ 81,647 $ 4,035,501 $ 4,195,825
====================================================================================================================================
</TABLE>
See accompanying notes
<PAGE>
Delaware Pooled Trust, Inc.
Notes to Financial Statements
April 30, 1996
(Unaudited)
Delaware Pooled Trust, Inc. (The "Fund") is registered as a diversified open-end
investment company under the Investment Company Act of 1940, as amended. The
Fund is organized as a Maryland Corporation and offers 12 separate Portfolios
("Portfolios"). The Defensive Equity Portfolio, The Aggressive Growth Portfolio,
The Real Estate Investment Trust Portfolio, The Fixed Income Portfolio, The In
ternational Equity Portfolio, The Labor Select International Equity Portfolio,
and The Global Fixed Income Portfolio had commenced operations prior to April
30, 1996.
1. Significant Accounting Policies
The following accounting policies are in accordance with generally accepted
accounting principles and are consistently followed by the Portfolios:
Security Valuation--Securities listed on an exchange are valued at the last
quoted sales price as of 4:00 p.m. EST on the valuation date. Securities not
traded or 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 each Portfolio is valued. Long-term
debt securities are valued by an independent pricing service and 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 which
approximates market value.
Federal Income Taxes--Each Portfolio 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--Each Portfolio may invest in a pooled cash account along
with other members of the Delaware Group 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 each
Portfolio's custodian bank until the maturity of the respective repurchase
agreements. Each repurchase agreement is at least 100% 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 U.S. dollars at the exchange rate of such
currencies against the U.S. dollar as of 3:00 p.m. 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 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.
Certain fund expenses are paid directly by brokers. The amount of these expenses
was less than 0.01% of each Portfolio's average net assets.
<PAGE>
2. Investment Management
In accordance with the terms of the Investment Management Agreement, Delaware
Management Company, Inc. (DMC), the Investment Manager of The Defensive Equity
Portfolio, The Aggressive Growth Portfolio, The Real Estate Investment Trust
Portfolio, and The Fixed Income Portfolio, and Delaware International Advisers
Ltd. (DIAL), the Investment Manager of The International Equity Portfolio, The
Labor Select International Equity Portfolio, and The Global Fixed Income
Portfolio, will receive an annual fee, which is calculated daily on the net
assets of each Portfolio less fees paid to the independent directors, except for
The Labor Select International Equity Portfolio and The Real Estate Investment
Trust Portfolio. The management fees for The Labor Select International Equity
Portfolio and The Real Estate Investment Trust Portfolio are calculated daily on
the net assets of each Portfolio without consideration of amounts paid to
independent directors.
Lincoln Investment Manager, Inc., an affiliate of DMC, receives 30% of the
advisory fee paid to DMC for acting as a sub-advisor to The Real Estate
Investment Trust Portfolio.
<TABLE>
<CAPTION>
The The The Real Estate The The The Labor Select
Defensive Aggressive Investment Fixed International International The Global
Equity Growth Trust Income Equity Equity Fixed Income
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Management fees as a percentage
of average daily net assets
(per annum) 0.55% 0.80% 0.75% 0.40% 0.75% 0.75% 0.50%
===================================================================================================================================
At April 30, 1996, the Portfolios had liabilities for Investment Management fees and other expenses payable to DMC or
DIAL as follows:
The The The Real Estate The The The Labor Select
Defensive Aggressive Investment Fixed International International The Global
Equity Growth Trust Income Equity Equity Fixed Income
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
- ------------------------------------------------------------------------------------------------------------------------------------
Investment management fees
and other expenses payable
to DMC or DIAL $129,715 $85,131 $52,709 $9,200 $42,233 $ -- $207,682
====================================================================================================================================
DMC and DIAL have elected voluntarily to waive that portion, if any, of the annual management fees payable by each Portfolio to
the extent necessary to insure that the annual operating expenses exclusive of taxes, interest, brokerage commissions, and
extraordinary expenses do not exceed 0.68%, 0.93%, 0.89%, 0.53%, 0.96%, 0.53%, and 0.60% for The Defensive Equity Portfolio, The
Aggressive Growth Portfolio, The Real Estate Investment Trust Portfolio, The Fixed Income Portfolio, The International Equity
Portfolio, The Labor Select International Equity Portfolio, and The Global Fixed Income Portfolio, respectively through
October 31, 1996. Total expenses absorbed by DMC or DIAL are as follows:
The The The Real Estate The The The Labor Select
Defensive Aggressive Investment Fixed International International The Global
Equity Growth Trust Income Equity Equity Fixed Income
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
- ------------------------------------------------------------------------------------------------------------------------------------
Total expenses absorbed by DMC
or DIAL $ 9,597 $12,857 $13,969 $7,146 $ -0- $45,139 $34,151
====================================================================================================================================
The Fund has engaged Delaware Service Company, Inc. (DSC), an affiliate of DMC, to serve as dividend disbursing and transfer
agent for the Portfolios. At April 30, 1996 the amount expensed by the Portfolios and the liability for such fees
and other expenses payable to DSC are as follows:
The The The Real Estate The The The Labor Select
Defensive Aggressive Investment Fixed International International The Global
Equity Growth Trust Income Equity Equity Fixed Income
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
- ------------------------------------------------------------------------------------------------------------------------------------
Amount expensed for dividend
disbursing and transfer
agent services $1,872 $ 777 $ 1,174 $ 150 $ 5,774 $ 2,888 $ 3,744
Dividend disbursing and
transfer agent fees and other
expenses payable $ 971 $ 820 $ -- $ 3,950 $ 1,238 $ -- $ 1,048
====================================================================================================================================
Certain officers of DMC are officers, directors, and/or employees of the Fund. These officers, directors, and employees are paid
no compensation by each Portfolio.
</TABLE>
<PAGE>
3. Investments
During the six months or period ended April 30, 1996, each Portfolio made
purchases and sales of investment securities other than U.S. Government
securities and temporary cash investments as follows:
<TABLE>
<CAPTION>
The The The Real Estate The The The Labor Select
Defensive Aggressive Investment Fixed International International The Global
Equity Growth Trust Income Equity Equity Fixed Income
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Purchases $27,488,969 $ 9,025,389 $29,351,914 $5,266,193 $ 36,450,132 $14,896,011 $ 78,464,072
Sales $19,244,434 $16,793,250 $ 9,003,545 $ 256,259 $ 5,325,873 $ 224,892 $ 34,258,509
====================================================================================================================================
Investment securities based on cost for federal income tax purposes at April 30, 1996, are as follows:
The The The Real Estate The The The Labor Select
Defensive Aggressive Investment Fixed International International The Global
Equity Growth Trust Income Equity Equity Fixed Income
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
- ------------------------------------------------------------------------------------------------------------------------------------
Cost of investments $58,382,587 $19,583,253 $22,038,572 $6,586,928 $181,194,951 $15,948,639 $135,472,789
Aggregate unrealized appreciation 8,661,208 7,521,684 618,423 678 25,711,664 687,208 5,133,059
Aggregate unrealized depreciation (460,764) (771,515) (326,869) (54,422) (3,181,688) (107,372) (2,239,041)
-----------------------------------------------------------------------------------------------
Market value of investments $66,583,031 $26,333,422 $22,330,126 $6,533,184 $203,724,927 $16,528,475 $138,366,807
====================================================================================================================================
The net realized gain (loss) for federal income tax purposes for the six months or period ended April 30, 1996, was $2,882,588,
$3,759,200, $393,474, ($12,821), ($591,260), ($8,543) and $2,438,189 for The Defensive Equity Portfolio, The
Aggressive Growth Portfolio, The Real Estate Investment Trust Portfolio, The Fixed Income Portfolio, The International
Equity Portfolio, The Labor Select International Equity Portfolio, and The Global Fixed Income Portfolio, respectively.
</TABLE>
<PAGE>
4. Capital Stock
Transactions in capital stock shares were as follows:
<TABLE>
<CAPTION>
The The
Defensive Aggressive
Equity Growth
Portfolio Portfolio
- -------------------------------------------------------------------------------
Six Months Year Six Months Year
Ended Ended Ended Ended
4/30/96 10/31/95 4/30/96 10/31/95
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold 660,965 1,606,822 15,437 245,861
Shares issued upon reinvestment of
dividends from net investment
income and net realized gains
from security transactions 375,414 214,632 100,154 49,736
----------------------------------------------
1,036,379 1,821,454 115,591 295,597
Shares repurchased (188,421) (1,130,397) 584,267 (89,704)
----------------------------------------------
Net increase (decrease) 847,958 691,057 (468,676) 205,893
</TABLE>
<TABLE>
<CAPTION>
The Real Estate The The The Labor Select
Investment Fixed International International The Global
Trust Income Equity Equity Fixed Income
Portfolio Portfolio Portfolio Portfolio Portfolio
- ------------------------------------------------------------------------------------------------------------------------------------
12/6/95* 3/12/96* Six Months Year 12/19/95* Six Months Year
to to Ended Ended to Ended Ended
4/30/96 4/30/96 4/30/96 10/31/95 4/30/96 4/30/96 10/31/96
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Shares sold 2,049,301 680,709 2,350,873 6,552,314 1,517,761 4,054,095 4,614,586
Shares issued upon reinvestment of
dividends from net investment
income and net realized gains
from security transactions 19,488 4,705 524,635 229,401 1,878 648,770 221,439
------------------------------------------------------------------------------------------------
2,068,789 685,414 2,875,508 6,781,715 1,519,639 4,702,865 4,836,025
Shares repurchased -- -- (428,875) (260,743) -- (158,723) (168,124)
------------------------------------------------------------------------------------------------
Net increase (decrease) 2,068,789 685,414 2,446,633 6,520,972 1,519,639 4,544,142 4,667,901
================================================================================================
</TABLE>
* Date of initial sale
<PAGE>
5. Foreign Currency Forward Contracts
The following currency forward contracts were outstanding at April 30, 1996:
The International Equity Portfolio
- -------------------------------------------------------------------------------
Unrealized
In Settlement Appreciation
Contract to Deliver Exchange For Date (Depreciation)
197,405,000 Belgian Francs $6,500,000 6/28/96 $ 203,363
10,925,360 Deutsche Marks 7,400,000 6/28/96 237,684
12,224,800 Dutch Guilders 7,400,000 6/28/96 232,228
37,414,400 French Francs 7,400,000 6/28/96 115,312
1,949,900,000 Japanese Yen 18,500,000 6/28/96 (218,749)
----------
$ 569,838
==========
Unrealized
In Settlement Appreciation
Contract to Receive Exchange For Date (Depreciation)
7,301,320 Hong Kong Dollars $ 944,055 5/2/96 $ (147)
===============================================================================
The Labor Select International Equity Portfolio
- --------------------------------------------------------------------------------
Unrealized
In Settlement Appreciation
Contract to Deliver Exchange For Date (Depreciation)
19,829,763 Belgian Francs $ 655,700 6/28/96 $ 23,189
965,161 Deutsche Marks 655,700 6/28/96 22,971
1,078,680 Dutch Guilders 655,700 6/28/96 23,237
3,299,751 French Francs 655,700 6/28/96 13,229
172,931,970 Japanese Yen 1,639,200 6/28/96 (20,921)
--------
$ 61,705
========
<PAGE>
5. Foreign Currency Forward Contracts (Continued)
The following currency forward contracts were outstanding at April 30, 1996:
The Global Fixed Income Portfolio
- --------------------------------------------------------------------------------
Unrealized
In Settlement Appreciation
Contract to Deliver Exchange For Date (Depreciation)
14,556,333 Australian Dollars $11,057,400 6/28/96 $ (337,904)
56,400,000 Austrian Schillings 5,516,004 6/28/96 253,672
134,200,000 Belgian Francs 4,496,559 6/28/96 215,975
98,900,000 Danish Kroner 17,509,831 6/28/96 635,749
8,600,000 Deutsche Marks 5,920,343 6/28/96 282,458
7,800,000 Dutch Guilders 4,819,873 6/28/96 246,496
19,430,000,000 Italian Lira 12,232,271 6/28/96 (110,602)
3,135,500,000 Spanish Peseta 25,192,368 6/28/96 529,218
104,870,000 Swedish Kroner 15,381,483 6/28/96 (37,443)
----------
$1,677,619
==========
6. Concentration of Credit Risk
The Fixed Income Portfolio invests in securities whose value is derived from an
underlying pool of mortgages or consumer loans. Prepayment of these loans may
shorten the stated maturity of the respective obligation and may result in a
loss of premium, if it has been paid.
<PAGE>
7. Financial Highlights
Selected data for each share of the Portfolio outstanding throughout each period
were as follows:
The Defensive Equity Portfolio
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months Year Year Year 2/3/92(2)
Ended Ended Ended Ended to
4/30/96(1) 10/31/95 10/31/94 10/31/93 10/31/92
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $14.6600 $13.0800 $12.7300 $10.6600 $10.0000
Income from investment operations:
Net investment income 0.1995 0.4303 0.3203 0.2841 0.2291
Net realized and unrealized
gain from security transactions 1.8905 1.9797 0.6527 2.3159 0.5109
-----------------------------------------------------------------------
Total from investment operations 2.0900 2.4100 0.9730 2.6000 0.7400
-----------------------------------------------------------------------
Less distributions:
Dividends from net investment income (0.3600) (0.3400) (0.2800) (0.3200) (0.0800)
Distributions from net realized gain
from security transactions (1.1600) (0.4900) (0.3430) (0.2100) none
-----------------------------------------------------------------------
Total distributions (1.5200) (0.8300) (0.6230) (0.5300) (0.0800)
-----------------------------------------------------------------------
Net asset value, end of period $15.2300 $14.6600 $13.0800 $12.7300 $10.6600
========================================================================
Total return 14.95% 19.77% 7.96% 25.17% 10.13%
Ratios/supplemental data:
Net assets, end of period (000 omitted) $ 66,884 $ 51,947 $ 37,323 $ 13,418 $ 4,473
Ratio of expenses to average net assets 0.67%(3) 0.68%(3) 0.68%(3) 0.68%(3) 0.68%(3)
Ratio of net investment income to average net assets 2.79%(4) 3.33%(4) 3.26%(4) 2.90%(4) 3.65%(4)
Portfolio turnover 71% 88% 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 0.71%
for the six months ended 4/30/96, 0.71% for the year ended 10/31/95, 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 2.75% for the six months ended 4/30/96, 3.30% for the year
ended 10/31/95, 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>
7. Financial Highlights (Continued)
Selected data for each share of the Portfolio outstanding throughout each period
were as follows:
The Aggressive Growth Portfolio
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months Year Year Year 2/27/92(2)
Ended Ended Ended Ended to
4/30/96 10/31/95 10/31/94 10/31/93 10/31/92
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $12.8600 $11.0100 $11.2000 $ 9.0400 $ 10.0000
Income (loss) from investment operations:
Net investment income (loss) (0.0138) 0.0428 0.0075 0.0181 0.0167
Net realized and unrealized
gain (loss) from security transactions 2.4563 2.0552 0.0325 2.1589 (0.9767)
-------------------------------------------------------------------------
Total from investment operations 2.4425 2.0980 0.0400 2.1770 (0.9600)
-------------------------------------------------------------------------
Less distributions:
Dividends from net investment income (0.0425) (0.0120) (0.0200) (0.0170) none
Distributions from net realized gain
from security transactions (0.6200) (0.2360) (0.2100) none none
-------------------------------------------------------------------------
Total distributions (0.6625) (0.2480) (0.2300) (0.0170) none
-------------------------------------------------------------------------
Net asset value, end of period $14.6400 $12.8600 $11.0100 $11.2000 $ 9.0400
=========================================================================
Total return 19.76% 19.61% 0.34% 24.10% $ (13.89%)
Ratios/supplemental data:
Net assets, end of period (000 omitted) $ 26,248 $ 29,092 $ 22,640 $ 20,478 $ 4,538
Ratio of expenses to average net assets 0.92%(3) 0.93%(3) 0.93%(3) 0.93%(3) 0.93%(3)
Ratio of net investment income to average net assets (0.29%)(4) 0.37%(4) 0.07%(4) 0.23%(4) 0.28%(4)
Portfolio turnover 72.95% 64% 43% 81% 34%
</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
1.02% for the six months ended 4/30/96, 1.08% for the year ended 10/31/95,
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.
4 Ratio of net investment income to average net assets prior to expense
limitation was (0.39%) for the six months ended 4/30/96, 0.22% for the year
ended 10/31/95, (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>
7. Financial Highlights (Continued)
Selected data for each share of the Portfolio outstanding throughout each period
were as follows:
The Real Estate Investment Trust Portfolio
- --------------------------------------------------------------------------------
12/6/95(1)
to
4/30/96
Net asset value, beginning of period $10.0000
Income from investment operations:
Net investment income 0.2882
Net realized and unrealized
gain from security transactions 0.3718
------
Total from investment operations 0.6600
Less distributions:
Dividends from net investment income (0.1000)
Distributions from net realized gain
from security transactions --
------
Total distributions (0.1000)
------
Net asset value, end of period $10.5600
========
Total return 6.63%
Ratios/supplemental data:
Net assets, end of period (000 omitted) $ 21,849
Ratio of expenses to average net assets 0.89%(2)
Ratio of net investment income to average net assets 6.88%(3)
Portfolio turnover 106%
- --------------------------------------------------------------------------------
1 Date of initial sale; ratios and total return have been annualized and
total return has not been annualized.
2 Ratio of expenses to average net assets prior to expense limitation was
1.05% for the period ended 4/30/96.
3 Ratio of net investment income to average net assets prior to expense
limitation was 6.72% for the period ended 4/30/96.
<PAGE>
7. Financial Highlights (Continued)
Selected data for each share of the Portfolio outstanding throughout the period
were as follows:
The Fixed Income Portfolio
- --------------------------------------------------------------------------------
3/12/96(1)
to
4/30/96
Net asset value, beginning of period $10.0000
Income (loss) from investment operations:
Net investment income 0.0782
Net realized and unrealized
loss from security transactions (0.1300)
-------
Total from investment operations (0.0518)
-------
Less distributions:
Dividends from net investment income (0.0782)
Distributions from net realized gain
from security transactions --
-------
Total distributions (0.0782)
-------
Net asset value, end of period $ 9.8700
========
Total return (0.42%)
Ratios/supplemental data:
Net assets, end of period (000 omitted) $ 6,789
Ratio of expenses to average net assets 0.53%(2)
Ratio of net investment income to average net assets 5.86%(3)
Portfolio turnover 738%
- --------------------------------------------------------------------------------
1 Date of initial sale; ratios have been annualized and total return has
not been annualized.
2 Ratio of expenses to average net assets prior to expense limitation was
1.42% for the period ended 4/30/96.
3 Ratio of net investment income to average net assets prior to expense
limitation was 4.97% for the period ended 4/30/96.
<PAGE>
7. Financial Highlights (Continued)
Selected data for each share of the Portfolio outstanding throughout each period
were as follows:
The International Equity Portfolio
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months Year Year Year 2/4/92(2)
Ended Ended Ended Ended to
4/30/96(1) 10/31/95 10/31/94 10/31/93 10/31/92
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $13.1200 $13.1100 $11.9900 $ 9.5000 $10.0000
Income (loss) from investment operations:
Net investment income 0.2925 0.4749 0.1440 0.2414 0.2282
Net realized and unrealized
gain (loss) from security transactions 1.3975 0.0011 1.2360 2.5686 (0.6282)
-----------------------------------------------------------------------
Total from investment operations 1.6900 0.4760 1.3800 2.8100 (0.4000)
-----------------------------------------------------------------------
Less distributions:
Dividends from net investment income (0.4300) (0.1700) (0.1600) (0.3200) (0.1000)
Distributions from net realized gain
from security transactions (0.1500) (0.2960) (0.1000) none none
-----------------------------------------------------------------------
Total distributions (0.5800) (0.4660) (0.2600) (0.3200) (0.1000)
-----------------------------------------------------------------------
Net asset value, end of period $14.2300 $13.1200 $13.1100 $11.9900 $ 9.5000
=======================================================================
Total return 13.25% 3.91% 11.66% 30.28% (5.44%)
Ratios/supplemental data:
Net assets, end of period (000 omitted) $204,424 $156,467 $ 70,820 $ 24,288 $ 5,966
Ratio of expenses to average net assets 0.89% 0.90% 0.94%(3) 0.96%(3) 0.96%(3)
Ratio of net investment income to average net assets 4.70% 4.81% 1.36%(4) 2.98%(4) 4.67%(4)
Portfolio turnover 6% 20% 22% 28% 2%
</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 0.97%
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.
4 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>
7. Financial Highlights (Continued)
Selected data for each share of the Portfolio outstanding throughout the period
were as follows:
The Labor Select International Equity Portfolio
- --------------------------------------------------------------------------------
12/19/95(1)
to
4/30/96
Net asset value, beginning of period $10.0000
Income from investment operations:
Net investment income 0.1063
Net realized and unrealized
gain from security transactions 0.9537
------
Total from investment operations 1.0600
Less distributions:
Dividends from net investment income (0.0400)
Distributions from net realized gain
from security transactions --
------
Total distributions (0.0400)
Net asset value, end of period $11.0200
========
Total return 10.62%
Ratios/supplemental data:
Net assets, end of period (000 omitted) $ 16,745
Ratio of expenses to average net assets 0.96%(2)
Ratio of net investment income to average net assets 4.28%(3)
Portfolio turnover 9%
- --------------------------------------------------------------------------------
1 Date of initial sale; ratios have been annualized and total return has not
been annualized.
2 Ratio of expenses to average net assets prior to expense limitation was
2.56% for the period ended 4/30/96.
3 Ratio of net investment income to average net assets prior to expense
limitation was 2.68% for the period ended 4/30/96.
<PAGE>
7. Financial Highlights (Continued)
Selected data for each share of the Portfolio outstanding throughout each period
were as follows:
The Global Fixed Income Portfolio
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months Year Year 11/30/92(2)
Ended Ended Ended to
4/30/96(1) 10/31/95 10/31/94 10/31/93
<S> <C> <C> <C> <C>
Net asset value, beginning of period $11.0400 $ 9.7900 $11.0900 $10.0000
Income (loss) from investment operations:
Net investment income 0.5113 0.7357 0.4189 0.9547
Net realized and unrealized
gain (loss) from security transactions 0.1207 0.9243 (0.1929) 0.7433
------------------------------------------------------
Total from investment operations 0.6320 1.6600 0.2260 1.6980
------------------------------------------------------
Less distributions:
Dividends from net investment income (0.7200) (0.4100) (0.9490) (0.6080)
Distributions from net realized gain
from security transactions (0.2020) none (0.5770) none
------------------------------------------------------
Total distributions (0.9220) (0.4100) (1.5260) (0.6080)
------------------------------------------------------
Net asset value, end of period $10.7500 $11.0400 $ 9.7900 $11.0900
=======================================================
Total return 5.95% 17.38% 2.07% 18.96%
Ratios/supplemental data:
Net assets, end of period (000 omitted) $145,389 $ 99,161 $ 42,266 $ 29,313
Ratio of expenses to average net assets 0.60%(3) 0.60%(3) 0.62%(3) 0.62%(3)
Ratio of net investment income to average net assets 8.03%(4) 6.73%(4) 3.62%(4) 10.68%(4)
Portfolio turnover 63% 77% 205% 198%
</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
0.70% for the six months ended 4/30/96, 0.68% for the year ended 10/31/95,
0.76% for the year ended 10/31/94, and 0.88% for the period from 11/30/92
to 10/31/93.
4 Ratio of net investment income to average net assets prior to expense
limitation was 7.93% for the six months ended 4/30/96, 6.65% for the year
ended 10/31/95, 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.
Fund Officers and Portfolio Managers
Wayne A. Stork
Chairman
Winthrop S. Jessup
President and Chief Executive Officer
David G. Tilles
Managing Director and Chief Investment Officer
Delaware International Advisers Ltd.
Edward N. Antoian
Vice President and Senior Portfolio Manager
Dennis Blume
Senior Vice President and Director of Real
Estate Operations
Lincoln Investment Management, Inc. (subadviser to
The Real Estate Investment Trust Portfolio)
George H. Burwell
Vice President and Senior Portfolio Manager
George E. Deming
Vice President and Senior Portfolio Manager
Clive A. Gillmore
Director and Senior Portfolio Manager
Gary A. Reed
Vice President and Senior Portfolio Manager
John F. Robertson
Assistant Vice President, Real Estate Investments
Lincoln Investment Management, Inc. (subadviser to
The Real Estate Investment Trust Portfolio)
Timothy W. Sanderson
Portfolio Manager
Ian G. Sims
Portfolio Manager
Babak Zenouzi
Vice President and Portfolio Manager
Maria E. Pollack
Assistant Vice President and Administrative Manager
Custodian
The Morgan Guaranty Trust Company of New York
60 Wall Street
New York, New York 10260
Independent Auditors
Ernst & Young LLP
Two Commerce Square
Philadelphia, Pennsylvania 19103
Legal Counsel
Stradley, Ronon, Stevens & Young
One Commerce Square
Philadelphia, Pennsylvania 19103
Investment Advisers
Delaware Investment Advisers
One Commerce Square
Philadelphia, Pennsylvania 19103
Delaware International Advisers Ltd.
Veritas House
125 Finsbury Pavement
London, England EC2A 1NQ
This report was prepared for institutional investors in the Delaware
Pooled-Trust Portfolios. It may be distributed to others only if preceded or
accompanied by a current Delaware Pooled Trust, Inc. Prospectus, which contains
detailed information. All Delaware Pooled-Trust Portfolios are offered by
prospectus only.
<PAGE>
DELAWARE
POOLED
TRUST
========
One Commerce Square
Philadelphia, Pennsylvania 19103
Telephone 1-800-231-8002
Fax (215) 255-8864
<PAGE>
Delaware Pooled Trust, Inc.- The International Fixed Income Portfolio
Statement of Assets and Liabilities
April 30, 1996
(Unaudited)
ASSETS:
Cash $ 10
Deferred organization and
registration expenses 19,413
--------
19,423
--------
LIABILITIES:
Accounts payable
and other accrued expenses 19,413
-------
19,413
-------
NET ASSETS APPLICABLE TO 1
($.01 PAR VALUE) SHARE
OUTSTANDING; EQUIVALENT TO
$10.00 PER SHARE $ 10
=======
See accompanying notes
<PAGE>
Delaware Pooled Trust, Inc.- The International Fixed Income Portfolio
Notes to Financial Statements
April 30, 1996
(Unaudited)
Delaware Pooled Trust, Inc. (the "Fund") is registered as a diversified open-end
investment company under the Investment Company Act of 1940, as amended. The
Fund is organized as a Maryland Corporation and offers twelve separate
Portfolios ("Portfolios"). The Defensive Equity Portfolio, The Aggressive Growth
Portfolio, The Real Estate Investment Trust Portfolio, The Fixed Income
Portfolio, The International Equity Portfolio, The Labor Select International
Equity Portfolio and The Global Fixed Income Portfolio had commenced operations
prior to April 30, 1996.
1. Significant Accounting Policies
The following accounting policies are in accordance with generally accepted
accounting principles and are consistently followed by the Portfolio:
Security Valuation-Securities listed on an exchange will be valued at the last
quoted sales price as of 4:00 pm EST on the valuation date. Securities not
traded or securities not listed on an exchange will be valued at the mean of the
last quoted bid and asked prices. Long-term debt securities will be 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 will be valued at amortized cost.
Federal Income Taxes-The Portfolio 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 Portfolio may invest in a pooled cash account along
with other members of the Delaware Group of Funds. The aggregate daily balance
of the pooled cash account will be invested in repurchase agreements secured by
obligations of the U.S. government. The respective collateral will be held by
the Portfolio's custodian bank until the maturity of the respective repurchase
agreements. Each repurchase agreement is at least 100% 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 of Funds will be
allocated amongst the funds on the basis of average net assets. Security
transactions will be 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 will be those of the specific securities sold. Dividend
income will be recorded on the ex-dividend date and interest income will be
recorded on an accrual basis. Original issue discounts will be accreted to
interest income over the lives of the respective securities. Organization and
registration expenses will be amortized over a five and two year period
respectively, beginning on the date of commencement of operations. No
amortization expense has been recognized as of April 30, 1996.
2. Investment Management and Distribution Agreement
In accordance with the terms of the Investment Management Agreement, the
Portfolio will pay Delaware International Advisors Limited (DIAL), the
Investment Manager of the Portfolio an annual fee which will be 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 Portfolio 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, 1996.
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 Portfolio. All outstanding shares are owned
by DMC.
4. Financial Highlights
Selected data for each share of the Portfolio outstanding throughout the period
has been omitted since the Portfolio has not commenced operations.
<PAGE>
Delaware Pooled Trust, Inc.- The Defensive Equity Utility Portfolio
Statement of Assets and Liabilities
April 30, 1996
(Unaudited)
ASSETS:
Deferred organization and
registration expenses $ 7,225
-------
7,225
-------
LIABILITIES:
Accounts payable
and other accrued expenses 7,225
-------
7,225
-------
NET ASSETS $ -0-
=======
See accompanying notes
<PAGE>
Delaware Pooled Trust, Inc.- The Defensive Equity Utility Income Portfolio
Notes to Financial Statements
April 30, 1996
(Unaudited)
Delaware Pooled Trust, Inc. (the "Fund") is registered as a diversified open-end
investment company under the Investment Company Act of 1940, as amended. The
Fund is organized as a Maryland Corporation and offers twelve separate
Portfolios ("Portfolios"). The Defensive Equity Portfolio, The Aggressive Growth
Portfolio, The Real Estate Investment Trust Portfolio, The Fixed Income
Portfolio, The International Equity Portfolio, The Labor Select International
Equity Portfolio and The Global Fixed Income Portfolio had commenced operations
prior to April 30, 1996
1. Significant Accounting Policies
The following accounting policies are in accordance with generally accepted
accounting principles and are consistently followed by the Portfolio:
Security Valuation-Securities listed on an exchange will be valued at the last
quoted sales price as of 4:00 pm EST on the valuation date. Securities not
traded or securities not listed on an exchange will be valued at the mean of the
last quoted bid and asked prices. Long-term debt securities will be 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 will be valued at amortized cost.
Federal Income Taxes-The Portfolio 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 Portfolio may invest in a pooled cash account along
with other members of the Delaware Group of Funds. The aggregate daily balance
of the pooled cash account will be invested in repurchase agreements secured by
obligations of the U.S. government. The respective collateral will be held by
the Portfolio's custodian bank until the maturity of the respective repurchase
agreements. Each repurchase agreement is at least 100% 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 of Funds will be
allocated amongst the funds on the basis of average net assets. Security
transactions will be 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 will be those of the specific securities sold. Dividend
income will be recorded on the ex-dividend date and interest income will be
recorded on an accrual basis. Original issue discounts will be accreted to
interest income over the lives of the respective securities. Organization and
registration expenses will be amortized over a five and two year period
respectively, beginning on the date of commencement of operations. No
amortization expense has been recognized as of April 30, 1996.
2. Investment Management and Distribution Agreement
In accordance with the terms of the Investment Management Agreement, the
Portfolio will pay Delaware Management Company, Inc. (DMC), the Investment
Manager of the Portfolio an annual fee which will be calculated daily at the
rate of 0.35% of average daily net assets.
DMC has undertaken voluntarily to waive its fee and reimburse the Portfolio to
the extent that annual operating expenses exclusive of taxes, interest,
brokerage commissions and extraordinary expenses, exceed 0.49% of average net
assets through October 31, 1996.
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 Portfolio.
4. Financial Highlights
Selected data for each share of the Portfolio outstanding throughout the period
has been omitted since the Portfolio has not commenced operations.
<PAGE>
Delaware Pooled Trust, Inc.- The Defensive Equity Small/Mid-Cap Portfolio
Statement of Assets and Liabilities
April 30, 1996
(Unaudited)
ASSETS:
Deferred organization and
registration expenses $ 7,225
--------
7,225
--------
LIABILITIES:
Accounts payable
and other accrued expenses 7,225
--------
7,225
--------
NET ASSETS $ -0-
========
See accompanying notes
<PAGE>
Delaware Pooled Trust, Inc.- The Defensive Equity Small/Mid-Cap Portfolio
Notes to Financial Statements
April 30, 1996
(Unaudited)
Delaware Pooled Trust, Inc. (the "Fund") is registered as a diversified open-end
investment company under the Investment Company Act of 1940, as amended. The
Fund is organized as a Maryland Corporation and offers twelve separate
Portfolios ("Portfolios"). The Defensive Equity Portfolio, The Aggressive Growth
Portfolio, The Real Estate Investment Trust Portfolio, The Fixed Income
Portfolio, The International Equity Portfolio, The Labor Select International
Equity Portfolio and The Global Fixed Income Portfolio had commenced operations
prior to April 30, 1996
1. Significant Accounting Policies
The following accounting policies are in accordance with generally accepted
accounting principles and are consistently followed by the Portfolio:
Security Valuation-Securities listed on an exchange will be valued at the last
quoted sales price as of 4:00 pm EST on the valuation date. Securities not
traded or securities not listed on an exchange will be valued at the mean of the
last quoted bid and asked prices. Long-term debt securities will be 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 will be valued at amortized cost.
Federal Income Taxes-The Portfolio 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 Portfolio may invest in a pooled cash account along
with other members of the Delaware Group of Funds. The aggregate daily balance
of the pooled cash account will be invested in repurchase agreements secured by
obligations of the U.S. government. The respective collateral will be held by
the Portfolio's custodian bank until the maturity of the respective repurchase
agreements. Each repurchase agreement is at least 100% 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 of Funds will be
allocated amongst the funds on the basis of average net assets. Security
transactions will be 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 will be those of the specific securities sold. Dividend
income will be recorded on the ex-dividend date and interest income will be
recorded on an accrual basis. Original issue discounts will be accreted to
interest income over the lives of the respective securities. Organization and
registration expenses will be amortized over a five and two year period
respectively, beginning on the date of commencement of operations. No
amortization expense has been recognized as of April 30, 1996.
2. Investment Management and Distribution Agreement
In accordance with the terms of the Investment Management Agreement, the
Portfolio will pay Delaware Management Company, Inc. (DMC), the Investment
Manager of the Portfolio an annual fee which will be calculated daily at the
rate of 0.65% of average daily net assets.
DMC has undertaken voluntarily to waive its fee and reimburse the Portfolio to
the extent that annual operating expenses exclusive of taxes, interest,
brokerage commissions and extraordinary expenses, exceed 0.79% of average net
assets through October 31, 1996.
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 Portfolio.
4. Financial Highlights
Selected data for each share of the Portfolio outstanding throughout the period
has been omitted since the Portfolio has not commenced operations.
<PAGE>
Delaware Pooled Trust, Inc.- The High-Yield Bond Portfolio
Statement of Assets and Liabilities
April 30, 1996
(Unaudited)
ASSETS:
Deferred organization and
registration expenses $ 7,225
-------
7,225
-------
LIABILITIES:
Accounts payable
and other accrued expenses 7,225
-------
7,225
-------
NET ASSETS $ -0-
=======
See accompanying notes
<PAGE>
Delaware Pooled Trust, Inc.- The High-Yield Bond Portfolio
Notes to Financial Statements
April 30, 1996
(Unaudited)
Delaware Pooled Trust, Inc. (the "Fund") is registered as a diversified open-end
investment company under the Investment Company Act of 1940, as amended. The
Fund is organized as a Maryland Corporation and offers twelve separate
Portfolios ("Portfolios"). The Defensive Equity Portfolio, The Aggressive Growth
Portfolio, The Real Estate Investment Trust Portfolio, The Fixed Income
Portfolio, The International Equity Portfolio, The Labor Select International
Equity Portfolio and The Global Fixed Income Portfolio had commenced operations
prior to April 30, 1996
1. Significant Accounting Policies
The following accounting policies are in accordance with generally accepted
accounting principles and are consistently followed by the Portfolio:
Security Valuation-Securities listed on an exchange will be valued at the last
quoted sales price as of 4:00 pm EST on the valuation date. Securities not
traded or securities not listed on an exchange will be valued at the mean of the
last quoted bid and asked prices. Long-term debt securities will be 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 will be valued at amortized cost.
Federal Income Taxes-The Portfolio 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 Portfolio may invest in a pooled cash account along
with other members of the Delaware Group of Funds. The aggregate daily balance
of the pooled cash account will be invested in repurchase agreements secured by
obligations of the U.S. government. The respective collateral will be held by
the Portfolio's custodian bank until the maturity of the respective repurchase
agreements. Each repurchase agreement is at least 100% 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 of Funds will be
allocated amongst the funds on the basis of average net assets. Security
transactions will be 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 will be those of the specific securities sold. Dividend
income will be recorded on the ex-dividend date and interest income will be
recorded on an accrual basis. Original issue discounts will be accreted to
interest income over the lives of the respective securities. Organization and
registration expenses will be amortized over a five and two year period
respectively, beginning on the date of commencement of operations. No
amortization expense has been recognized as of April 30, 1996.
2. Investment Management and Distribution Agreement
In accordance with the terms of the Investment Management Agreement, the
Portfolio will pay Delaware Management Company, Inc. (DMC), the Investment
Manager of the Portfolio an annual fee which will be calculated daily at the
rate of 0.45% of average daily net assets.
DMC has undertaken voluntarily to waive its fee and reimburse the Portfolio to
the extent that annual operating expenses exclusive of taxes, interest,
brokerage commissions and extraordinary expenses, exceed 0.59% of average net
assets through October 31, 1996.
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 Portfolio.
4. Financial Highlights
Selected data for each share of the Portfolio outstanding throughout the period
has been omitted since the Portfolio has not commenced operations.
<PAGE>
Delaware Pooled Trust, Inc.- The Limited-Term Maturity Portfolio
Statement of Assets and Liabilities
April 30, 1996
(Unaudited)
ASSETS:
Cash $ 21,000
Deferred organization and
registration expenses 38,929
--------
59,929
--------
LIABILITIES:
Accounts payable
and other accrued expenses 38,929
--------
38,929
--------
NET ASSETS APPLICABLE TO 2,100
($.01 PAR VALUE)
SHARES OUTSTANDING; EQUIVALENT
TO $10.00 PER SHARE $ 21,000
========
See accompanying notes
<PAGE>
Delaware Pooled Trust, Inc.- The Limited-Term Maturity Portfolio
Notes to Financial Statements
April 30, 1996
(Unaudited)
Delaware Pooled Trust, Inc. (the "Fund") is registered as a diversified open-end
investment company under the Investment Company Act of 1940, as amended. The
Fund is organized as a Maryland Corporation and offers twelve separate
Portfolios ("Portfolios"). The Defensive Equity Portfolio, The Aggressive Growth
Portfolio, The Real Estate Investment Trust Portfolio, The Fixed Income
Portfolio, The International Equity Portfolio, The Labor Select International
Equity Portfolio and The Global Fixed Income Portfolio had commenced operations
prior to April 30, 1996
1. Significant Accounting Policies
The following accounting policies are in accordance with generally accepted
accounting principles and are consistently followed by the Portfolio:
Security Valuation-Securities listed on an exchange will be valued at the last
quoted sales price as of 4:00 pm EST on the valuation date. Securities not
traded or securities not listed on an exchange will be valued at the mean of the
last quoted bid and asked prices. Long-term debt securities will be 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 will be valued at amortized cost.
Federal Income Taxes-The Portfolio 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 Portfolio may invest in a pooled cash account along
with other members of the Delaware Group of Funds. The aggregate daily balance
of the pooled cash account will be invested in repurchase agreements secured by
obligations of the U.S. government. The respective collateral will be held by
the Portfolio's custodian bank until the maturity of the respective repurchase
agreements. Each repurchase agreement is at least 100% 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 of Funds will be
allocated amongst the funds on the basis of average net assets. Security
transactions will be 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 will be those of the specific securities sold. Dividend
income will be recorded on the ex-dividend date and interest income will be
recorded on an accrual basis. Original issue discounts will be accreted to
interest income over the lives of the respective securities. Organization and
registration expenses will be amortized over a five and two year period
respectively, beginning on the date of commencement of operations. No
amortization expense has been recognized as of April 30, 1996.
2. Investment Management and Distribution Agreement
In accordance with the terms of the Investment Management Agreement, the
Portfolio will pay Delaware Management Company, Inc. (DMC), the Investment
Manager of the Portfolio an annual fee which will be calculated daily at the
rate of 0.30% of average daily net assets.
DMC has undertaken voluntarily to waive its fee and reimburse the Portfolio 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, 1996.
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 Portfolio. All outstanding shares are owned
by DMC.
4. Financial Highlights
Selected data for each share of the Portfolio outstanding throughout the period
has been omitted since the Portfolio has not commenced operations.
