Delaware Pooled Trust, Inc.- The International Fixed Income
Portfolio
Statement of Assets and Liabilities
October 31, 1996
ASSETS:
Cash $ 10
Deferred organization and
registration expenses 31,808
--------
31,818
--------
LIABILITIES:
Accounts payable
and other accrued expenses 31,808
------
31,808
------
NET ASSETS APPLICABLE TO 1
($.01 PAR VALUE) SHARE
OUTSTANDING; EQUIVALENT TO
$10.00 PER SHARE $ 10
---------
---------
See accompanying notes
Delaware Pooled Trust, Inc.- The International Fixed Income
Portfolio
Notes to Financial Statements
October 31, 1996
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 October 31,
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 Agreements-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
October 31, 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.
Delaware Pooled Trust, Inc. - The International Fixed Income
Portfolio
Report of Independent Auditors
To the Shareholders and Board of Directors
Delaware Pooled Trust, Inc. - The International Fixed Income
Portfolio
We have audited the accompanying statement of assets and
liabilities of Delaware Pooled Trust, Inc. - The International
Fixed Income Portfolio as of October 31, 1996. This financial
statement is the responsibility of the Fund s management. Our
responsibility is to express an opinion on this financial
statement based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statement referred to above
presents fairly, in all material respects, the financial position
of Delaware Pooled Trust, Inc. - The International Fixed Income
Portfolio at October 31, 1996, in conformity with general
accepted accounting principles.
ERNST & YOUNG LLP
Philadelphia, Pennsylvania
December 12, 1996
Delaware Pooled Trust, Inc.- The Limited-Term Maturity Portfolio
Statement of Assets and Liabilities
October 31, 1996
ASSETS:
Cash $ 21,000
Deferred organization and
registration expenses 49,043
------
70,043
------
LIABILITIES:
Accounts payable
and other accrued expenses 49,043
------
49,043
------
NET ASSETS APPLICABLE TO 2,100
($.01 PAR VALUE)
SHARES OUTSTANDING; EQUIVALENT
TO $10.00 PER SHARE $ 21,000
---------
---------
See accompanying notes
Delaware Pooled Trust, Inc.- The Limited-Term Maturity Portfolio
Notes to Financial Statements
October 31, 1996
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 October 31,
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 Agreements-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
October 31, 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.
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.
Delaware Pooled Trust, Inc. - The Limited-Term Maturity Portfolio
Report of Independent Auditors
To the Shareholders and Board of Directors
Delaware Pooled Trust, Inc. - The Limited-Term Maturity Portfolio
We have audited the accompanying statement of assets and
liabilities of Delaware Pooled Trust, Inc. - The Limited-Term
Maturity Portfolio as of October 31, 1996. This financial
statement is the responsibility of the Fund s management. Our
responsibility is to express an opinion on this financial
statement based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statement referred to above
presents fairly, in all material respects, the financial position
of Delaware Pooled Trust, Inc. - The Limited-Term Maturity
Portfolio at October 31, 1996, in conformity with general
accepted accounting principles.
ERNST & YOUNG LLP
Philadelphia, Pennsylvania
December 12, 1996
