<PAGE>
Delaware
Pooled
Trust
========
1997
Semiannual Report
Page 3 Defensive Equity:
Profiting from the Best-of-Possible Worlds
Page 4 Aggressive Growth:
A Hard Time for Small Growth Stocks
Page 5 Real Estate Investment Trust:
Robust Results in a Robust Market
Page 6 Fixed Income:
Performing Through Thick and Thin
Page 7 High-Yield Bond:
B-Rated Holdings Pace Strong Start
Page 8 International Equity:
Market Weightings Enhance Returns
Page 9 Labor Select International Equity:
Initial Strong Results Continue
Page 10 Emerging Markets:
Finding Undervalued Opportunities Worldwide
Page 11 Global Fixed Income:
Holding Up Against Weakening Foreign Currencies
Page 12 International Fixed Income:
Positive Returns in a Negative Market
<PAGE>
Contents
1 Total Returns
2 Portfolio Objectives
3 The Defensive Equity Portfolio Review
4 The Aggressive Growth Portfolio Review
5 The Real Estate Investment Trust
Portfolio Review
6 The Fixed Income Portfolio Review
7 The High-Yield Bond Portfolio Review
8 The International Equity Portfolio Review
9 The Labor Select International Equity
Portfolio Review
10 The Emerging Markets Portfolio Review
11 The Global Fixed Income Portfolio Review
12 The International Fixed Income Portfolio Review
13 Financial Statements
Delaware Pooled Trust, Inc.
Delaware Pooled Trust, Inc., based in Philadelphia, is
a mutual fund that offers no-load, open-end equity and fixed-income
portfolios to institutional and affluent individual investors. Delaware
Pooled Trust is part of Delaware Management Company, a full-service
investment-management organization that invests more than $36 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.
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, The Fixed Income, and The
High-Yield Bond 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, The Emerging
Markets, The Global Fixed Income, and The International 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 Client Services, Delaware Pooled Trust, Inc., One Commerce Square,
Philadelphia, Pennsylvania 19103.
<PAGE>
Total Returns
Periods ending April 30, 1997
<TABLE>
<CAPTION>
Six One Three Five Since
Total Return* Months Year Years Years Inception
(annualized) (annualized) (annualized)
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Defensive Equity 10.87% 20.44% 20.83% 17.86% 18.24%
S&P 500-Stock Index 14.72 25.14 24.09 17.06 16.72
- ---------------------------------------------------------------------------------------------------------------------------
Aggressive Growth (8.60) (9.04) 9.26 10.16 7.68
Russell 2000-Stock Index 1.61 0.05 12.57 13.65 11.66
- ---------------------------------------------------------------------------------------------------------------------------
Real Estate Investment Trust 18.57 40.24 - - 33.25
NAREIT Equity REIT Index 13.05 28.88 - - 26.63
- ---------------------------------------------------------------------------------------------------------------------------
Fixed Income 1.64 6.23 - - 5.07
Lehman Brothers Government/Corporate
Intermediate Bond Index 1.74 6.41 - - 4.69
- ---------------------------------------------------------------------------------------------------------------------------
High-Yield Bond** - - - - 5.29
Salomon Brothers
High-Yield Cash Pay Index - - - - 3.17
- ---------------------------------------------------------------------------------------------------------------------------
International Equity 9.23 13.93 11.38 12.97 12.71
Morgan Stanley Capital International
EAFE Stock Index 1.72 (0.60) 5.56 10.92 9.21
- ---------------------------------------------------------------------------------------------------------------------------
Labor Select International Equity 9.81 17.11 - - 20.86
Morgan Stanley Capital International
EAFE Stock Index 1.72 (0.60) - - 3.99
- ---------------------------------------------------------------------------------------------------------------------------
Emerging Markets** - - - - 1.10
Morgan Stanley Capital International
Emerging Markets Free Equity Index - - - - 0.18
- ---------------------------------------------------------------------------------------------------------------------------
Global Fixed Income (0.47) 9.34 10.76 - 11.68
Salomon Brothers
World Government Bond Index (4.50) 0.75 6.21 - 7.34
- ---------------------------------------------------------------------------------------------------------------------------
International Fixed Income** - - - - 0.20
Salomon Brothers Non-U.S.
World Government Bond Index - - - - (2.03)
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Past performance cannot guarantee 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 or Delaware International Advisors Ltd. 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
absence of those waivers, 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:
Defensive Equity, February 3, 1992; Aggressive Growth, February 3, 1992; Real
Estate Investment Trust, December 6, 1995; Fixed Income, March 12, 1996;
High-Yield Bond, December 2, 1996; International Equity, February 3, 1992;
Labor Select International Equity, December 19, 1995; Emerging Markets, April
14, 1997; Global Fixed Income, November 30, 1992; and International Fixed
Income, April 11, 1997. The returns for each index have been calculated from
the start of the month closest to the corresponding portfolio's inception
date.
1997 semiannual report o delaware pooled trust 1
<PAGE>
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 High-Yield Bond Portfolio seeks high total return relative to other fixed-
income investments. The portfolio will be invested primarily in bonds rated B
or higher by Standard & Poor's Rating Group or B3 or higher by Moody's Investors
Service, Inc.
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 Emerging Markets Portfolio seeks to achieve long-term capital
appreciation by investing primarily in stocks of issuers located or operating
in emerging countries.
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.
The International 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 of
international (non-U.S.) markets.
2 delaware pooled trust o 1997 semiannual report
<PAGE>
===============================================================================
Defensive Equity:
Profiting from the Best-of-Possible Worlds
- -------------------------------------------------------------------------------
Total Return
Six months ending April 30, 1997
- -------------------------------------------------------------------------------
Defensive Equity 10.87%
S&P 500-Stock Index 14.72
A Panglossian combination of sustained growth in corporate earnings, a smoothly
humming economy, and subdued inflation provided the backdrop for the 14.72%
advance of the stock market, as represented by the S&P 500-Stock Index, during
the six-month period ending April 30. About the only negative element to sully
this best-of-possible investment worlds was the Federal Reserve raising
interest rates in March to head off any incipient inflation threat; the market
responded by falling more than nine percentage points before rebounding to
near-record levels. Overall, the market extended its bullish streak to 79
consecutive months without at least a 10% correction.
For its part, The Defensive Equity Portfolio profited from such a beneficent
environment, with a six-month total return of 10.87%. Defensive Equity
especially profited from outperforming investments in these sectors: banking,
consumer staples, and capital goods. Less successful were investments in the
telecommunications, consumer-cyclical, raw-material, and energy sectors, which
depressed the portfolio's overall results; in general, investors were
pessimistic about those sectors' pricing and earnings power, due to intensified
global competition, moderating demand, government deregulation, and an economic
cycle that's getting long in the tooth.
We continue to keep the portfolio broadly diversified, since we see few stocks
or sectors with bargain prices that would justify conspicuous concentrations in
them. Our holdings compare favorably with the S&P 500 on such traditional
measures of value as price/earnings ratio (17.1 versus the S&P 500's 19.8) and
dividend yield (2.90% versus the S&P 500's 1.99%). In addition, we are
emphasizing stocks in sectors with low betas, such as pharmaceuticals. We think
substantial dividend yields and low betas offer a measure of defensive
protection in an increasingly volatile market that, in our estimation, offers
limited upside potential; we anticipate that returns, which have been
above-average since 1982, will likely moderate for the rest of the decade.
<PAGE>
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Portfolio Profile
April 30, 1997
Total net assets $76.6 million
Asset composition (based on total net assets)
Common stocks 91.4%
Cash equivalents and other assets 8.6%
Number of holdings 60
Top 10 holdings
1. Baxter International
2. Ford Motor
3. Pitney Bowes
4. SmithKline Beecham
5. Xerox
6. Texaco
7. Bristol-Myers Squibb
8. DuPont
9. BCE
10. Mobil
Industry composition
Banking/finance/insurance 21.3%
Health care/pharmaceuticals 14.6%
Energy 9.4%
Food/beverage/tobacco 7.7%
Telecommunications 6.2%
Automobiles/automotive parts 5.8%
Electronics/electrical 5.5%
Chemicals 3.4%
Paper/forest products 2.7%
Transportation/shipping 2.3%
Retail 2.1%
Packaging/containers 1.7%
Cable/media/publishing 1.6%
Aerospace/defense 1.2%
Metal/mining 1.1%
Enrivonmental services 0.9%
Industrial machinery 0.9%
Miscellaneous 3.0%
Cash and other 8.6%
================================================================================
1997 semiannual report o delaware pooled trust 3
<PAGE>
================================================================================
Aggressive Growth:
A Hard Time for Small Growth Stocks
- --------------------------------------------------------------------------------
Total Return
Six months ending April 30, 1997
- --------------------------------------------------------------------------------
Aggressive Growth (8.60)%
Russell 2000-Stock Index 1.61
- --------------------------------------------------------------------------------
In a trend extending four years, small-capitalization stocks continued to lag
their larger siblings in the six-month period ending April 30. Indeed, the
market for small-cap stocks since last summer has been the worst in more than
a decade; by April more than half of all over-the-counter equities - the growth
stocks in particular - had declined at least 20% from their 1996-97 highs.
Good-quality growth shares suffered as much as inferior-quality ones did in
many cases.
The small-cap growth market's woes were visited on The Aggressive Growth
Portfolio as well. Losses in business-services, consumer-services, financial,
and technology shares led to the portfolio recording a negative return and
sharply underperforming the Russell 2000-Stock Index. It was an atypical
performance for a portfolio that has been less volatile than the overall
market over the past five years. We think the damage wrought to many of our
holdings was unwarranted based on their long-term fundamentals; the earnings
growth rates of the issuing companies generally exceed the price/earnings
ratios of the stocks that we own.
Currently we are maintaining overweightings in business services, consumer
services, and health care, which account for more than 40% of the portfolio's
investments; our analysis suggests that the best-managed companies in these
sectors, such as Health Management Associates and HFS, should continue to
grow, and their stocks should do notably well if an overdue small-cap rally
materializes.
Over the past six months, we have trimmed the number of holdings by 17%, to
80. Our intent is to avoid diluting results by owning too many stocks, so
that when we latch onto a winner, its positive contribution to the
portfolio's overall return won't prove negligible. By emphasizing selectivity
and quality, we believe individual positions will have the potential to exert
a greater proportional impact on performance than they did before.
<PAGE>
================================================================================
Portfolio Profile
April 30, 1997
Total net assets $12.1 million
Asset composition (based on total net assets)
Common stocks 95.9%
Cash equivalents and other assets 4.1%
Number of holdings 80
Top 10 holdings
1. Cal Energy
2. HFS
3. AES
4. BISYS Group
5. LSI Logic
6. Adobe Systems
7. CUC International
8. Health Management Associates, Class A
9. BMC Software
10. Phycor
Industry composition
Computers/technology 23.7%
Health care/pharmaceuticals 16.2%
Retail 9.1%
Energy 7.6%
Leisure/lodging/entertainment 6.8%
Banking/finance/insurance 5.6%
Environmental services 4.4%
Textiles/apparel/furniture 4.1%
Electronics/electrical 3.8%
Utilities 2.9%
Food/beverage/tobacco 2.6%
Transportation/shipping 1.3%
Automobiles/automotive parts 1.2%
Telecommunications 1.2%
Miscellaneous 5.4%
Cash and other 4.1%
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4 delaware pooled trust o 1997 semiannual report
<PAGE>
================================================================================
Real Estate Investment Trust:
Robust Results in a Robust Market
- --------------------------------------------------------------------------------
Total Return
Six months ending April 30, 1997
- --------------------------------------------------------------------------------
Real Estate Investment Trust 18.57%
NAREIT Equity REIT Index 13.05
- --------------------------------------------------------------------------------
In its second year of operation, The Real Estate Investment Trust Portfolio
continued to soundly outperform real-estate investment trust stocks in
general. For the six-month period ending April 30, the portfolio returned
18.57% - 5.5 percentage points more than the NAREIT Equity REIT Index did.
Most of the gains came early in the period, in November and December, when REIT
prices were pushed upward to the point where valuations were outdistancing
fundamentals, in our analysis. However, REITs subsequently cooled down, with
values regressing to what we believe are more sustainable levels - levels more
in line with earnings growth. According to our research, REITs' earnings in
aggregate have recently increased an average of 8-9% annually, while the average
REIT's price/funds-from-operations multiple has recently been a reasonable 12.
Overall, we think REITs currently offer a distinct value advantage over other
stocks, especially for income-oriented investors: REITs altogether are yielding
an average of more than 6%, versus only 2% for S&P 500 stocks. And
fundamentally, many REITs still appear promising, in our estimation. To use a
baseball analogy, we believe the real-estate market's recovery is still in the
middle innings: rents and occupancy rates generally continue to climb.
We anticipate that REITs by and large may generate respectable - but not
spectacular - returns in the near future. To be sure, the NAREIT index's
eye-popping return of 24.86% over the past two years (more than nine
percentage points above the long-term norm) is unlikely to be sustained.
Instead, a more plausible outcome, in our view, is that most REITs will earn
their dividend yield and perhaps a few percentage points of return from
capital appreciation in 1997.
<PAGE>
In seeking to exploit any market advance, we have only modestly altered the
portfolio's weightings recently. About 30% of our investments are in the
office/industrial sector, which still affords good return potential, in our
judgment. We have added judiciously to our holdings in the mall and
retail-strip center sectors, where we believe some share prices have been
unduly depressed.
================================================================================
Portfolio Profile
April 30, 1997
Total net assets $47.2 million
Asset composition (based on total net assets)
Common stocks 98.9%
Cash equivalents and other assets 1.1%
Number of holdings 39
Top 10 holdings
1. Patriot American Hospitality
2. Simon DeBartolo Group
3. Apartment Investment Management
4. Starwood Lodging Trust
5. Vornado Realty Trust
6. Prentiss Properties Trust
7. Equity Residential Properties
8. Camden Property Trust
9. Excel Realty Trust
10. Crescent Real Estate Equities
Industry composition
Office/industrial REITs 29.3%
Hotel/diversified REITs 17.8%
Multifamily/apartment REITs 17.5%
Retail-strip center REITs 15.2%
Self-storage REITs 6.2%
Mall REITs 6.1%
Manufactured-housing REITs 4.9%
Health-care REITs 1.9%
Cash and other 1.1%
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1997 semiannual report o delaware pooled trust 5
<PAGE>
================================================================================
Fixed Income:
Performing Through Thick and Thin
- --------------------------------------------------------------------------------
Total Return
Six months ending April 30, 1997
- --------------------------------------------------------------------------------
Fixed Income 1.64%
Lehman Brothers Government/
Corporate Intermediate Bond Index 1.74
- --------------------------------------------------------------------------------
Little more than a year after its inception, The Fixed Income Portfolio has
weathered the gyrating bond market well. For the six months ending April 30,
the portfolio returned 1.64%, just 0.10 percentage points shy of the Lehman
Brothers Government/Corporate Intermediate Bond Index.
Although bond prices rallied slightly in the waning months of 1996,
increasing business-cycle pressures and the Federal Reserve's quarter-point
bump in interest rates kept the performance of the bond market in the
basement early in 1997; the Lehman index was down 0.11% for the first
quarter, which dampened the gains of November and December and the
portfolio's returns.
The Fixed Income Portfolio's substantial weightings in mortgage and corporate
bonds paid off; those securities' above-average yields and return potential
helped the portfolio keep pace with the index in an environment dominated by
falling bond prices. In particular, we more than doubled our allocation to
collateralized mortgage obligations over the past six months, to 23.5% - the
largest weighting in the portfolio. Altogether, mortgage
securities - collateralized mortgage obligations and mortgage-backed bonds -
account for 40.9% of our holdings. In bulking up our mortgage holdings, we
have sought to buy securities that, in our analysis, offer attractive yield
premiums in relation to their credit risk.
We expect interest rates to rise moderately over the next 12 months as the
economy continues to expand. In our opinion, the portfolio's
characteristically heavy positions in corporates and mortgages, an
underweighting versus the index in Treasuries (which yield less than
corporates and mortgages do and thus have less of a cushion when rates
increase), high credit quality, and conservative
average duration should bode well for return potential in the months to come;
such a defensive strategy should foster only moderate price volatility in our
holdings and should help ward off any growing emergence by the interest-rate
demon, as reflected in either market forces or the Federal Reserve.
<PAGE>
================================================================================
Portfolio Profile
April 30, 1997
Total net assets $21.0 million
Number of holdings 62
Top 10 holdings
1. U.S. Treasury Notes, 5.875%, 11/15/99
2. Federal Home Loan Mortgage, 7.00%, 07/01/11
3. U.S. Treasury Notes, 6.375%, 06/30/97
4. U.S. Treasury Notes, 5.875%, 04/30/98
5. Asset Securitization Corporation Series
97-D4 A1, 7.35%, 04/14/29
6. Residential Accredit Loans Series 97-QS1 A5, 6.75%, 02/25/27
7. U.S. Treasury Notes, 6.25%, 07/31/98
8. Government National Mortgage Association,7.00%, 12/15/22
9. News America Holdings, 9.125%, 10/15/99
10. U.S. West Capital Funding, 6.20%, 11/30/00
Asset composition (based on total net assets)
Collateralized mortgage obligations 23.5%
Treasury bonds 22.7%
Corporate bonds 20.6%
Mortgage-backed bonds 17.4%
Asset-backed bonds 11.8%
Municipal bonds 1.7%
Cash equivalents and other assets 2.3%
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6 delaware pooled trust o 1997 semiannual report
<PAGE>
================================================================================
High-Yield Bond:
B-Rated Holdings Pace Strong Start
- --------------------------------------------------------------------------------
Total Return
For the period December 2, 1996-April 30, 1997
- --------------------------------------------------------------------------------
High-Yield Bond 5.29%
Salomon Brothers High-Yield
Cash Pay Index 3.17
- --------------------------------------------------------------------------------
From its inception last December 2 through April 30, The High-Yield Bond
Portfolio has come screaming out of the gate: it returned 5.29%, beating the
performance of the Salomon Brothers High-Yield Cash Pay Index by 2.1
percentage points. We are pleased with this initial performance but hasten to
note that results for such a short period may not be representative over a
longer term.
In recent months, spreads of high-yield bonds versus Treasuries have been
tighter than at any time in the past 10 years. Credit risk has been nominal due
to a strongly growing economy, and The High-Yield Bond Portfolio was able to
capitalize on the outperformance of B-rated securities, which typically perform
well in such circumstances. In contrast to the portfolio's usual quality bias
toward BBs, about 55% of holdings were B-rated bonds at the end of April; that
weighting was largely responsible for the portfolio besting the index. In such
a strong credit environment, we believed we were being paid adequately to take
on greater credit risk in our investments.
Interest-rate risk, on the other hand, mounted early in 1997 to temper the
returns of our holdings in BB securities, which are more sensitive to movements
in rates than B securities are. As a result our BB position underperformed.
We anticipate slower economic growth in the coming months, particularly in
the fourth quarter, when the Federal Reserve's first-quarter hike in interest
rates should take significant effect. For our part, as long as the economy
and credit quality remain robust, we plan to increase our weighting in
B-rated bonds modestly. At the same time, we will likely reduce our holdings
in cyclical issues (because their return potential tends to diminish in an
economic slowdown) and increase our exposure to consumer non-durable sectors
such as health care, cable television, and gaming, which we believe have good
defensive qualities.
<PAGE>
================================================================================
Portfolio Profile
April 30, 1997
Total net assets $8.6 million
Number of holdings 30
Top 10 holdings
1. Core-Mark, 11.375%, 09/15/03
2. CFP Holdings, 11.625%, 01/15/04
3. Atrium, 10.50%, 11/15/06
4. Fleming, 10.625%, 12/15/01
5. MBW Foods, 9.875%, 02/15/07
6. Penn-Tab Industries, 10.875%, 02/01/07
7. Motors & Gears, 10.75%, 11/15/06
8. Portola Packaging, 10.75%, 10/01/05
9. Packard Bioscience, 9.375%, 03/01/07
10. Collins & Aikman, 10.00%, 01/15/07
Asset composition (based on total net assets)
Capital goods 21.2%
Consumer cyclicals 18.5%
Consumer growth 14.4%
Defensive consumer staples 14.3%
Consumer products 13.1%
Credit sensitive 10.0%
Basic industry 3.8%
Miscellaneous 1.8%
Cash equivalents and other assets 2.9%
================================================================================
1997 semiannual report o delaware pooled trust 7
<PAGE>
================================================================================
International Equity:
Market Weightings Enhance Returns
- --------------------------------------------------------------------------------
Total Return
Six months ending April 30, 1997
- --------------------------------------------------------------------------------
International Equity 9.23%
Morgan Stanley Capital
International EAFE-Stock Index* 1.72
- --------------------------------------------------------------------------------
* Net of withholding taxes
Over the six-month period ending April 30,
The International Equity Portfolio performed strongly, outpacing the return
of the Morgan Stanley Capital International EAFE-Stock Index by 7.5
percentage points.
Contributing to the portfolio's outperformance were the following: an
underweighting of the poorly-performing Japanese market, which continued to
falter; low exposure to the Japanese yen early in the period, an underweighting
that protected the portfolio's U.S.-dollar-denominated returns, in light of the
yen's decline in value versus the dollar; an overweighting in selected European
markets, such as Belgium, the Netherlands, and Spain, which performed well; a
generally low exposure to the smaller Pacific markets, which were mired in
negative territory; and deft stock selection, with notably strong returns coming
from National Australia Bank, Bank Dagang Nasional Indonesia, Alcatel Alsthom in
France, Glaxo Wellcome in the United Kingdom, Siemens in Germany, and Canon in
Japan. Detracting from results were our underweighted positions in several
rising European markets, such as Denmark, Finland, and Switzerland.
Looking ahead, we remain relatively optimistic about the prospects of the
international equity markets, which should benefit from global economic
growth that we think may approach 4% this year (in contrast to a 3.2% rate
over the past 20 years). However, with many markets near the high end of their
historic ranges in terms of both valuations and all-time index levels, we
believe the greatest investment rewards may be generated by careful stock
selection across a range of markets. In our estimation, our own holdings are
composed of meticulously chosen stocks with relatively attractive valuations, as
attested by their higher-than-average yields and lower-than-average price/
earnings ratios versus those of the index.
<PAGE>
================================================================================
Portfolio Profile
April 30, 1997
Total net assets $401.7 million
Asset composition (based on total net assets)
Common stocks 94.4%
Cash equivalents and other assets 5.5%
Warrants 0.1%
Number of holdings 54
Top 10 holdings
1. National Australia Bank (Australia)
2. Siemens (Germany)
3. CSR Limited (Australia)
4. Glaxo Wellcome (U.K.)
5. Powergen plc (U.K.)
6. Cable & Wireless plc (U.K.)
7. Boots plc (U.K.)
8. RTZ plc (U.K.)
9. Elf Aquitaine (France)
10. Great Universal Stores plc (U.K.)
Geographic composition
United Kingdom 26.9%
Japan 13.7%
Australia 11.3%
Germany 8.6%
France 8.0%
Netherlands 5.9%
Spain 5.1%
New Zealand 3.8%
Hong Kong 3.2%
Belgium 2.6%
Indonesia 2.5%
Philippines 0.9%
Malaysia 0.7%
South Korea 0.7%
Singapore 0.6%
Cash and other 5.5%
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8 delaware pooled trust o 1997 semiannual report
<PAGE>
================================================================================
Labor Select International Equity:
Initial Strong Results Continue
- --------------------------------------------------------------------------------
Total Return
Six months ending April 30, 1997
- --------------------------------------------------------------------------------
Labor Select International Equity 9.81%
Morgan Stanley Capital
International EAFE-Stock Index* 1.72
- --------------------------------------------------------------------------------
* Net of withholding taxes
Over the six-month period ending April 30, The Labor Select International Equity
Portfolio generated a hardy relative return: it outperformed the Morgan Stanley
Capital International EAFE-Stock Index by more than eight percentage points.
Labor Select International Equity - managed with the same value-investment
process used in The International Equity Portfolio - emphasizes stocks of
foreign companies whose practices are in accord with those of organized labor
organizations.
Contributing to the portfolio's outperformance were the following: an
underweighting of the poorly-performing Japanese market, which continued to
falter; low exposure to the Japanese yen early in the period, an underweighting
that protected the portfolio's U.S.-dollar-denominated returns, in light of the
yen's decline in value versus the dollar; an overweighting in selected
European markets, such as Belgium, the Netherlands, and Spain, which
performed well; and deft stock selection, with notably strong returns coming
from National Australia Bank, Acerinox in Spain, Alcatel Alsthom in France,
Glaxo Wellcome in the United Kingdom, Siemens in Germany, and Canon in Japan.
Detracting from results were our underweighted positions in several rising
European markets, Denmark, Finland, and Switzerland.
Looking ahead, we remain relatively optimistic about the prospects of the
international equity markets, which should benefit from global economic growth
that we think may approach 4% this year. However, with many markets near the
high end of their historic ranges in terms of both valuations and all-time index
levels, we believe the greatest investment rewards may be generated by careful
stock selection across a range of markets. In our estimation, our own holdings
are composed of meticulously chosen stocks with relatively attractive
valuations, as attested by their higher-than-average yields and
lower-than-average price/earnings ratios versus those of the index.
<PAGE>
We anticipate that Britain's relinquishment of Hong Kong to the Chinese in June
1997 may necessitate a sale of our Hong Kong holdings, since China, due to
economic and human-rights issues, remains ineligible for investment
consideration under AFL-CIO guidelines.
================================================================================
Portfolio Profile
April 30, 1997
Total net assets $39.3 million
Asset composition (based on total net assets)
Common stocks 87.7%
Cash equivalents and other assets 12.3%
Number of holdings 46
Top 10 holdings
1. National Australia Bank (Australia)
2. Elf Aquitaine (France)
3. Royal Dutch Petroleum (Netherlands)
4. British Airways (U.K.)
5. Bass plc (U.K.)
6. Boots plc (U.K.)
7. Telecom Corporation of New Zealand
(New Zealand)
8. Television Francaise (France)
9. Electrabel S.A. (Belgium)
10. Amcor Limited (Australia)
Geographic composition
United Kingdom 26.2%
Australia 11.2%
Japan 11.2%
France 8.6%
Germany 8.1%
Netherlands 6.1%
Spain 6.0%
New Zealand 3.8%
Hong Kong 3.1%
Belgium 2.6%
Singapore 0.8%
Cash and other 12.3%
================================================================================
1997 semiannual report o delaware pooled trust 9
<PAGE>
================================================================================
Emerging Markets:
Finding Undervalued Opportunities Worldwide
- --------------------------------------------------------------------------------
Total Return
For the period April 14-April 30, 1997
- --------------------------------------------------------------------------------
Emerging Markets 1.10%
Morgan Stanley Capital International
Emerging Markets Free Equity Index 0.18
- --------------------------------------------------------------------------------
Despite the initial trading costs associated with a start-up phase, The
Emerging Markets Portfolio made an encouraging debut in its first two weeks,
from the April 14 inception through April 30: the portfolio outperformed the
Morgan Stanley Capital International Emerging Markets Free Equity Index by
0.9 percentage points. Of course, in light of the extremely short reporting
period, such performance may not be representative of longer-term results.
The portfolio's outperformance was due mainly to the following: an
overweighting in Latin American markets in aggregate, which rose 2.6% during
the period, and in Argentina in particular, which climbed 8.4%; an
underweighting in Asian markets in aggregate, which fell 1.1%, with Korea,
Malaysia, the Philippines, and Taiwan recording negative returns; within
Asia, an overweighting in China, which advanced 3%; overweightings in Greece
(up 3.7%) and Hungary (up 10%) in Europe; and a profitable position in Russia,
which isn't included in the index, and in individual stocks such as Banque
Libanaise pour la Commerce, a Lebanese bank, which gained 14.6%. Less
successful during this short period were our overweighted holdings in the
Czech Republic; the market fell 5.9% and our stocks fell even further, by
10%.
Looking ahead, we are mindful that emerging markets worldwide are coming out
of a period of relative underperformance in comparison with developed markets
such as the United States. Accordingly, we are reconsidering our allocation
to Asian markets, many of which have fallen to much more attractive levels of
valuation over the past 12 months. Elsewhere, we continue to carefully
explore opportunities outside the index, in markets in Eastern Europe, the
Middle East, and Africa. We do not expect significant changes in the
portfolio, as we think it contains undervalued stocks that are likely to
benefit over the long term from positive developments in their industries and
markets.
<PAGE>
================================================================================
Portfolio Profile
April 30, 1997
Total net assets $5.4 million
Asset composition (based on total net assets)
Common stocks 89.6%
Cash equivalents and other assets 10.4%
Number of holdings 70
Top 10 holdings
1. Yageo GDR (Taiwan)
2. Telecommunicacoes Brasileiras S.A. ADR (Brazil)
3. Compania Anonima Nacional Telefonas de Venezuela
ADR (Venezuela)
4. Portugal Telecom S.A. (Portugal)
5. YPF Sociedad Anonima ADR (Argentina)
6. Usinas Siderunzicas de Minas Gerais S.A. (Brazil)
7. Aracruz Celulose S.A. ADR (Brazil)
8. Transportadora de Gas del Sur S.A. Class B (Argentina)
9. Quilmes Industrial S.A. ADR (Argentina)
10. PT United Tractors (Indonesia)
Geographic composition
Brazil 8.9%
Mexico 7.3%
Hong Kong 6.1%
Argentina 5.5%
India 5.4%
South Africa 5.4%
Indonesia 5.1%
Chile 5.0%
Malaysia 4.3%
Greece 4.0%
Thailand 3.6%
Czech Republic 3.1%
Egypt 2.4%
Peru 2.4%
Russia 2.4%
Other countries 18.7%
Cash and other 10.4%
================================================================================
10 delaware pooled trust o 1997 semiannual report
<PAGE>
================================================================================
Global Fixed Income:
Holding Up Against Weakening Foreign Currencies
- --------------------------------------------------------------------------------
Total Return
Six months ending April 30, 1997
- --------------------------------------------------------------------------------
Global Fixed Income (0.47)%
Salomon Brothers World
Government Bond Index (4.50)
- --------------------------------------------------------------------------------
The six-month period ending April 30 was a difficult time for the U.S.-based
global bond investor. Most markets did well in local terms, but not well enough
to offset the impact on foreign currencies of a strong U.S. dollar; foreign
currencies fell on average around 7% and pushed the Salomon Brothers World
Government Bond Index into a negative return of 4.50%. In this climate The
Global Fixed Income Portfolio did well to almost stay above water and in fact
lost 4.2 percentage points less than the index did.
The portfolio's strong relative performance was due both to currency strategy
and choice of markets.
We believe the dollar has been undervalued in relative purchasing power,
particularly versus Europe. Consequently a number of market positions during
this period were held on a currency-hedged basis.
In combination with the holdings in Canada, Australia, and New Zealand, this
meant the portfolio had very substantial exposure to the dollar-bloc
currencies, which mitigated the negative effect of falling foreign
currencies.
In terms of market exposures, our investment strategy has been fairly stable
over the past six months; the main changes have been a gradual withdrawal from
Europe and a reduction in our weightings in New Zealand. The bulk of the money
that had been invested in those markets was placed in dollar and yen bonds. In
the past six months we have again seen narrowing differentials of prospective
real returns offered by the major bond markets. With the large U.S. and Japanese
markets now much less unattractive than before, our strategy no longer excludes
these markets but merely underweights them.
We expect no sharp changes to our investment strategy in the months ahead.
Italy has fallen as sentiment about its chances of making the cut for
Europe's Economic and Monetary Union (EMU) has waned. Moreover, Italy's
inflation record is still improving, and fiscal policy remains tight, so we
conceivably could increase our position there. In all, the world investment
climate remains benign, especially on inflation, but the coming months may well
bring large market swings in Europe as opinions about EMU change.
<PAGE>
================================================================================
Portfolio Profile
April 30, 1997
Total net assets $326.6 million
Asset composition (based on total net assets)
Government bonds 63.2%
Corporate bonds 29.5%
Cash equivalents and other assets 7.3%
Number of holdings 59
Top 10 holdings
1. U.S. Treasury Notes, 6.125%, 07/31/00
2. Government of New Zealand, 8.00%, 04/15/04
3. U.S. Treasury Notes, 7.50%, 11/15/01
4. U.S. Treasury Notes, 6.25%, 02/15/03
5. Japan Government, 4.80%, 06/21/99
6. Government of Canada, 9.00%, 12/01/04
7. Italian Government, 9.50%, 02/01/01
8. Kingdom of Denmark, 9.00%, 11/15/00
9. Queensland Treasury, 8.00%, 05/14/03
10. Japan Government, 6.40%, 03/20/00
Geographic composition
United States 16.7%
Australia 13.0%
Germany 12.3%
United Kingdom 12.3%
New Zealand 9.7%
Canada 8.9%
Japan 7.2%
Italy 4.8%
Denmark 4.2%
Sweden 3.6%
Cash and other 7.3%
================================================================================
1997 semiannual report o delaware pooled trust 11
<PAGE>
================================================================================
International Fixed Income:
Positive Returns in a Negative Market
- --------------------------------------------------------------------------------
Total Return
For the period April 11-April 30, 1997
- --------------------------------------------------------------------------------
International Fixed Income 0.20%
Salomon Brothers Non-U.S.
World Government Bond Index (2.03)
- --------------------------------------------------------------------------------
From its inception April 11 through April 30, The International Fixed Income
Portfolio recorded a slight gain, in decided contrast to the international bond
markets in aggregate, which fell. The portfolio's strong relative performance -
an advantage of 2.2 percentage points over the index - was due both to currency
strategy and choice of markets. Of course, in light of the extremely short
reporting period, such performance may not be representative of longer-term
results.
Most of the index's fall reflected the sharp weakening of foreign currencies.
However, International Fixed Income was protected from this weakness by having a
number of market positions with currency hedges. In combination with the
holdings in Canada, Australia, and New Zealand, this meant the portfolio has
very substantial exposure to the dollar-bloc currencies.
The portfolio has above-index weightings in markets that offer relatively high
"real" (inflation-adjusted) returns: Germany, the United Kingdom, Australia, New
Zealand, and Canada. Japan remains less attractive, so our strategy underweights
this market.
We expect no sharp changes to our investment strategy in the months ahead. Italy
has fallen as sentiment about its chances of making the cut for Europe's
Economic and Monetary Union (EMU) has waned. Moreover, Italy's inflation record
is still improving, and fiscal policy remains tight, so we conceivably could
increase our position there. In all, the world investment climate remains
benign, especially on inflation, but the coming months may well bring large
market swings in Europe as opinions about EMU change.
<PAGE>
================================================================================
Portfolio Profile
April 30, 1997
Total net assets $13.4 million
Asset composition (based on total net assets)
Government bonds 56.4%
Corporate bonds 37.2%
Cash equivalents and other assets 6.4%
Number of holdings 27
Top 10 holdings
1. Bundesrepblik Deutscheland, 8.375%, 05/21/01
2. Canada Government, 7.50%, 12/01/03
3. Japan Government, 5.00%, 09/21/98
4. Swedish Government, 13.00%, 06/15/01
5. U.K. Treasury, 8.50%, 12/07/05
6. Australian Government, 9.50%, 08/15/03
7. Queensland Treasury-Global, 8.00%, 05/14/03
8. Baden Wurt-Finance NV, 6.625%, 08/20/03
9. Kingdom of Denmark, 8.00%, 05/15/03
10. Italian Government, 9.50%, 02/01/01
Geographic composition
Germany 16.3%
United Kingdom 14.0%
Australia 12.8%
Canada 12.2%
Japan 11.5%
New Zealand 9.5%
Italy 7.5%
Sweden 5.4%
Denmark 4.4%
Cash and other 6.4%
================================================================================
12 delaware pooled trust o 1997 semiannual report
<PAGE>
================================================================================
Delaware Pooled Trust, Inc.: The Defensive Equity Portfolio
Statement of Net Assets
April 30, 1997
(Unaudited)
Number Market
of Shares Value
- --------------------------------------------------------------------------------
COMMON STOCK: 91.44%
- --------------------------------------------------------------------------------
Aerospace and Defense: 1.21%
- --------------------------------------------------------------------------------
General Dynamics 13,000 $ 926,250
-----------
926,250
-----------
- --------------------------------------------------------------------------------
Automobiles and Automotive Parts: 5.80%
- --------------------------------------------------------------------------------
Ford Motor 69,900 2,429,025
General Motors 22,200 1,284,825
ITT 28,800 727,200
-----------
4,441,050
-----------
- --------------------------------------------------------------------------------
Banking, Finance, and Insurance: 21.32%
- --------------------------------------------------------------------------------
American General 18,100 789,613
AON 20,700 1,376,550
Banc One 28,500 1,207,688
Bank of Boston 21,600 1,571,400
Chase Manhattan 11,900 1,102,238
CIGNA 10,100 1,518,788
Crestar Financial 29,600 1,095,200
Fleet Financial Group 20,700 1,262,700
ITT Hartford Group 18,600 1,385,700
Mellon Bank 15,600 1,296,750
Mercantile Bancorp 17,100 991,800
Signet Banking 16,800 518,700
Summit Bancorp 31,100 1,446,150
U.S.Bancorp 13,500 769,500
-----------
16,332,777
-----------
- --------------------------------------------------------------------------------
Cable, Media, and Publishing: 1.56%
- --------------------------------------------------------------------------------
Knight-Ridder 200 7,775
McGraw-Hill 23,400 1,190,475
-----------
1,198,250
-----------
- --------------------------------------------------------------------------------
Chemicals: 3.40%
- --------------------------------------------------------------------------------
duPont (E.I.) deNemours 17,939 1,903,776
Rhone-Poulenc S.A. ADR 20,700 701,213
-----------
2,604,989
-----------
- --------------------------------------------------------------------------------
Electronics and Electrical: 5.50%
- --------------------------------------------------------------------------------
Eaton 13,300 995,838
Thomas & Betts 23,400 1,061,775
Xerox 35,100 2,158,650
-----------
4,216,263
-----------
<PAGE>
Number Market
of Shares Value
- --------------------------------------------------------------------------------
Energy: 9.44%
- --------------------------------------------------------------------------------
Atlantic Richfield 700 $ 95,285
British Petroleum ADR 9,981 1,373,633
Consolidated Natural Gas 18,400 926,900
Mobil 13,300 1,729,000
Texaco 19,200 2,025,600
Williams 24,750 1,085,905
-----------
7,236,323
-----------
- --------------------------------------------------------------------------------
Environmental Services: 0.89%
- --------------------------------------------------------------------------------
Browning-Ferris 24,100 683,835
-----------
683,835
-----------
- --------------------------------------------------------------------------------
Food, Beverage, and Tobacco: 7.69%
- --------------------------------------------------------------------------------
American Brands 3,000 161,250
Anheuser-Busch Companies 37,200 1,594,950
Heinz (H.J.) 31,850 1,321,775
Philip Morris 30,300 1,193,063
Quaker Oats 21,500 860,000
RJR Nabisco Holdings 25,640 762,790
-----------
5,893,828
-----------
- --------------------------------------------------------------------------------
Health Care and Pharmaceuticals: 14.57%
- --------------------------------------------------------------------------------
American Home Products 15,274 1,011,903
Bausch & Lomb 5,900 238,213
Baxter International 59,100 2,829,413
BOC Group 1,100 33,825
Bristol-Myers Squibb 30,400 1,991,200
Glaxo Wellcome ADR 29,900 1,177,313
Pharmacia & Upjohn 54,100 1,602,713
SmithKline Beecham 28,300 2,281,688
-----------
11,166,268
-----------
- --------------------------------------------------------------------------------
Industrial Machinery: 0.87%
- --------------------------------------------------------------------------------
Pall 28,900 668,313
-----------
668,313
-----------
- --------------------------------------------------------------------------------
Metals and Mining: 1.15%
- --------------------------------------------------------------------------------
Freeport-McMoRan Copper
& Gold Class B 30,200 879,575
-----------
879,575
-----------
1997 SEMIANNUAL REPORT o DELAWARE POOLED TRUST 13
<PAGE>
Number Market
of Shares Value
- --------------------------------------------------------------------------------
Packaging and Containers: 1.73%
- --------------------------------------------------------------------------------
Minnesota Mining &
Manufacturing 15,212 $ 1,323,444
-----------
1,323,444
-----------
- --------------------------------------------------------------------------------
Paper and Forest Products: 2.73%
- --------------------------------------------------------------------------------
Georgia-Pacific 13,300 1,037,400
Temple-Inland 8,200 455,100
Union Camp 12,300 598,088
-----------
2,090,588
-----------
- --------------------------------------------------------------------------------
Retail: 2.12%
- --------------------------------------------------------------------------------
May Department Stores 35,100 1,623,375
-----------
1,623,375
-----------
- --------------------------------------------------------------------------------
Telecommunications: 6.20%
- --------------------------------------------------------------------------------
ALLTEL 25,382 799,533
BCE 39,900 1,860,338
BellSouth 24,800 1,103,600
Frontier 61,900 982,663
-----------
4,746,134
-----------
- --------------------------------------------------------------------------------
Transportation and Shipping: 2.27%
- --------------------------------------------------------------------------------
Norfolk Southern 7,500 674,063
Union Pacific 16,700 1,064,625
-----------
1,738,688
-----------
- --------------------------------------------------------------------------------
Miscellaneous: 2.99%
- --------------------------------------------------------------------------------
Pitney Bowes 35,800 2,291,200
-----------
2,291,200
-----------
- --------------------------------------------------------------------------------
Total Common Stock
(cost $57,774,559) 70,061,150
================================================================================
<PAGE>
Principal Market
Amount Value
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 6.70%
With J.P. Morgan Securities
5.40% 5/1/97 (dated
4/30/97, collateralized
by $1,790,000 U.S.
Treasury Notes 5.875%
due 4/30/98, market
value $1,787,261) $1,743,000 $ 1,743,000
With PaineWebber
5.40% 5/1/97 (dated
4/30/97, collateralized
by $1,781,000 U.S.
Treasury Notes 6.375%
due 3/31/01, market
value $1,780,781) 1,743,000 1,743,000
With Prudential Securites
5.40% 5/1/97 (dated
4/30/97, collateralized
by $1,642,000 U.S.
Treasury Notes 6.125%
due 5/31/97, market
value $1,684,482) 1,649,000 1,649,000
- --------------------------------------------------------------------------------
Total Repurchase Agreements
(cost $5,135,000) 5,135,000
================================================================================
TOTAL MARKET VALUE OF SECURITIES: 98.14%
(cost $62,909,559) $75,196,150
================================================================================
RECEIVABLES AND OTHER ASSETS
NET OF LIABILITIES: 1.86% 1,426,430
================================================================================
NET ASSETS APPLICABLE TO
4,708,119 SHARES ($.01 PAR VALUE)
OUTSTANDING; EQUIVALENT
TO $16.27 PER SHARE: 100.00% $76,622,580
================================================================================
- --------------------------------------------------------------------------------
COMPONENTS OF NET ASSETS
AT APRIL 30, 1997:
- --------------------------------------------------------------------------------
Common stock, $.01 par value,
500,000,000 shares authorized
to the Fund with 50,000,000
shares allocated to this Portfolio $60,238,889
Accumulated undistributed:
Net investment income 447,847
Net realized gain on investments 3,649,253
Net unrealized appreciation
of investments 12,286,591
- --------------------------------------------------------------------------------
Total Net Assets $76,622,580
================================================================================
ADR = American Depository Receipt
See accompanying notes
14 DELAWARE POOLED TRUST o 1997 SEMIANNUAL REPORT
<PAGE>
================================================================================
Delaware Pooled Trust, Inc.: The Aggressive Growth Portfolio
Statement of Net Assets
April 30, 1997
(Unaudited)
Number Market
of Shares Value
- --------------------------------------------------------------------------------
COMMON STOCK: 95.88%
- --------------------------------------------------------------------------------
Automobiles and Automotive Parts: 1.18%
- --------------------------------------------------------------------------------
* Hertz Class A 1,200 $ 34,800
Pep Boys-Manny, Moe & Jack 3,300 107,663
----------
142,463
----------
- --------------------------------------------------------------------------------
Banking, Finance, and Insurance: 5.53%
- --------------------------------------------------------------------------------
Ambac 1,000 64,750
Blanch (E.W.) Holdings 5,600 124,600
CMAC Investment 5,700 216,600
* FirstPlus Financial Group 5,000 110,938
MBIA 700 68,163
The Money Store 3,900 84,094
----------
669,145
----------
- --------------------------------------------------------------------------------
Cable, Media, and Publishing: 0.19%
- --------------------------------------------------------------------------------
Reynolds & Reynolds Class A 1,100 22,825
----------
22,825
----------
- --------------------------------------------------------------------------------
Computers and Technology: 23.67%
- --------------------------------------------------------------------------------
Adobe Systems 7,300 284,700
* Affiliated Computer Services
Class A 9,100 236,600
* BA Merchant Services Class A 2,600 36,400
* Bisys Group 10,000 321,875
* BMC Software 6,200 267,763
* Cascade Communications 6,000 188,625
Cognizant 3,200 104,400
* Compuware 6,200 234,050
Dallas Semiconductor 2,400 87,600
* DST Systems 1,400 39,725
First Data 6,868 236,946
HBO 1,188 63,484
* HNC Software 4,400 117,150
* Micron Technology 2,200 77,550
* Pure Atria 21,900 214,894
* Rational Software 6,700 92,544
* Sterling Commerce 4,174 108,002
* StorMedia Class A 11,800 149,713
----------
2,862,021
----------
<PAGE>
Number Market
of Shares Value
- --------------------------------------------------------------------------------
Electronics and Electrical Equipment: 3.79%
- --------------------------------------------------------------------------------
* LSI Logic 7,900 $ 302,175
* Xilinx 3,200 156,600
----------
458,775
----------
- --------------------------------------------------------------------------------
Energy: 7.58%
- --------------------------------------------------------------------------------
* CalEnergy 13,600 532,100
* Global Industries 5,700 118,988
* Newpark Resources 3,100 139,113
* Noble Drilling 7,300 126,835
----------
917,036
----------
- --------------------------------------------------------------------------------
Environmental Services: 4.41%
- --------------------------------------------------------------------------------
* Philip Environmental 14,300 225,225
* United Waste Systems 4,700 158,330
* USA Waste Services 4,570 149,665
----------
533,220
----------
- --------------------------------------------------------------------------------
Food, Beverage, and Tobacco: 2.62%
- --------------------------------------------------------------------------------
* Foodmaker 12,300 133,763
* General Cigar Class A 5,600 132,300
* Swisher International Group
Class A 3,200 50,400
----------
316,463
----------
- --------------------------------------------------------------------------------
Health Care and Pharmaceuticals: 16.18%
- --------------------------------------------------------------------------------
* Centocor 3,600 101,475
* Dura Pharmaceuticals 7,800 226,688
* HealthSouth 6,800 134,300
* Health Care and Retirement 2,200 69,575
* Health Management Associates
Class A 10,538 281,878
* INCYTE Pharmaceuticals 1,100 47,575
* Interim Services 3,300 127,875
* MedPartners 11,600 211,700
* Orthodontic Centers
of America 10,600 126,538
* Phycor 9,600 255,000
* Quorum Health Group 4,400 136,400
Teva Pharmaceutical
Industries ADR 1,400 70,700
* Vencor 4,000 166,500
----------
1,956,204
----------
1997 SEMIANNUAL REPORT o DELAWARE POOLED TRUST 15
<PAGE>
Number Market
of Shares Value
- --------------------------------------------------------------------------------
Leisure, Lodging, and Entertainment: 6.82%
- --------------------------------------------------------------------------------
Callaway Golf 2,300 $ 68,713
* HFS 5,900 349,575
* Interstate Hotels 3,000 75,375
La Quinta Inns 6,800 148,750
* Mirage Resorts 5,700 114,713
* Prime Hospitality 4,100 68,163
----------
825,289
----------
- --------------------------------------------------------------------------------
Retail: 9.11%
- --------------------------------------------------------------------------------
* Bed Bath & Beyond 2,700 74,081
* CompUSA 6,600 127,050
Fastenal 700 27,169
* General Nutrition 11,400 244,388
* Guitar Center 2,800 39,550
* Kohl's 4,500 219,938
* Saks Holdings 1,600 30,600
St. John Knits 2,100 80,588
* Staples 10,413 188,076
Value City Department Stores 8,200 69,700
----------
1,101,140
----------
- --------------------------------------------------------------------------------
Telecommunications: 1.15%
- --------------------------------------------------------------------------------
* Premiere Technologies 5,800 138,838
----------
138,838
----------
- --------------------------------------------------------------------------------
Textiles, Apparel, and Furniture: 4.12%
- --------------------------------------------------------------------------------
* Nine West Group 2,600 103,025
Reebok International Limited 4,000 153,000
* Tommy Hilfiger 6,100 242,475
----------
498,500
----------
- --------------------------------------------------------------------------------
Transportation and Shipping: 1.28%
- --------------------------------------------------------------------------------
Illinois Central 4,650 154,613
----------
154,613
----------
- --------------------------------------------------------------------------------
Utilities: 2.89%
- --------------------------------------------------------------------------------
* AES 5,348 348,957
----------
348,957
----------
- --------------------------------------------------------------------------------
Miscellaneous: 5.36%
- --------------------------------------------------------------------------------
* Apollo Group Class A 5,100 137,380
* CUC International 13,400 283,075
* Personnel Group of America 3,200 76,800
* Prime Service 4,200 93,975
* SITEL 5,700 56,285
----------
647,515
----------
- --------------------------------------------------------------------------------
Total Common Stock
(cost $10,796,976) 11,593,004
================================================================================
<PAGE>
Number Market
of Shares Value
- --------------------------------------------------------------------------------
WARRANTS: 0.00%
- --------------------------------------------------------------------------------
AES Warrants 16 $584
- --------------------------------------------------------------------------------
Total Warrants
(cost $0) 584
================================================================================
Principal
Amount
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 3.31%
With J.P. Morgan Securities
5.40% 5/1/97 (dated
4/30/97, collateralized
by $139,000 U.S.
Treasury Notes 5.875%
due 4/30/98, market
value $139,222) $136,000 136,000
With PaineWebber
5.40% 5/1/97 (dated
4/30/97, collateralized
by $139,000 U.S.
Treasury Notes 6.375%
due 3/31/01, market
value $138,717) 136,000 136,000
With Prudential Securities
5.40% 5/1/97 (dated
4/30/97, collateralized
by $128,000 U.S.
Treasury Notes 6.125%
due 5/31/97, market
value $131,216) 128,000 128,000
- --------------------------------------------------------------------------------
Total Repurchase Agreements
(cost $400,000) 400,000
================================================================================
- --------------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES: 99.19%
(cost $11,196,976) $11,993,588
================================================================================
- --------------------------------------------------------------------------------
RECEIVABLES AND OTHER ASSETS
NET OF LIABILITIES: 0.81% 98,193
================================================================================
- --------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
1,083,667 SHARES ($.01 PAR VALUE)
OUTSTANDING; EQUIVALENT
TO $11.16 PER SHARE: 100.00% $12,091,781
================================================================================
16 DELAWARE POOLED TRUST o 1997 SEMIANNUAL REPORT
<PAGE>
- --------------------------------------------------------------------------------
COMPONENTS OF NET ASSETS
AT APRIL 30, 1997:
- --------------------------------------------------------------------------------
Common stock $.01 par value,
500,000,000 shares authorized
to the Fund with 50,000,000
shares allocated to this Portfolio $ 8,472,897
Accumulated undistributed:
Net investment loss (89,328)
Net realized gain on investments 2,911,600
Net unrealized appreciation
of investments 796,612
- --------------------------------------------------------------------------------
Total Net Assets $12,091,781
================================================================================
* Non-income producing security.
ADR = American Depository Receipt
See accompanying notes
<PAGE>
================================================================================
Delaware Pooled Trust, Inc.:
The Real Estate Investment Trust Portfolio
Statement of Net Assets
April 30, 1997
(Unaudited)
Number Market
of Shares Value
- --------------------------------------------------------------------------------
COMMON STOCK: 98.89%
- --------------------------------------------------------------------------------
Health Care REITs: 1.87%
- --------------------------------------------------------------------------------
Nationwide Health Properties 44,100 $ 882,000
----------
882,000
----------
- --------------------------------------------------------------------------------
Hotels/Diversified REITs: 17.81%
- --------------------------------------------------------------------------------
Felcor Suite Hotels 32,000 1,148,000
Glenborough Realty Trust 42,100 831,475
Liberty Property Trust 35,000 844,375
National Golf Properties 40,000 1,235,000
Newhall Land & Farming 66,200 1,257,800
Patriot American Hospitality 72,200 1,552,300
Starwood Lodging Trust 40,000 1,540,000
----------
8,408,950
----------
- --------------------------------------------------------------------------------
Mall REITs: 6.12%
- --------------------------------------------------------------------------------
General Growth Properties 42,000 1,338,750
Simon DeBartolo Group 54,100 1,548,613
----------
2,887,363
----------
- --------------------------------------------------------------------------------
Manufactured Housing REITs: 4.92%
- --------------------------------------------------------------------------------
Chateau Properties 45,848 1,197,779
Sun Communities 35,100 1,123,200
----------
2,320,979
----------
- --------------------------------------------------------------------------------
Multifamily REITs: 17.45%
- --------------------------------------------------------------------------------
Ambassador Apartments 52,000 1,267,500
Apartment Investment &
Management 55,600 1,542,900
Camden Property Trust 53,000 1,450,875
Equity Residential Properties 33,400 1,461,250
Essex Property Trust 45,000 1,316,250
Security Capital Pacific Trust 52,800 1,201,200
----------
8,239,975
----------
1997 SEMIANNUAL REPORT o DELAWARE POOLED TRUST 17
<PAGE>
Number Market
of Shares Value
- --------------------------------------------------------------------------------
Office/Industrial REITs: 29.30%
- --------------------------------------------------------------------------------
Brandywine Realty Trust 60,100 $ 1,134,388
Cali Realty 36,600 1,079,700
CarrAmerica Realty 47,000 1,310,125
Crescent Real Estate 53,200 1,396,500
Duke Realty Investments 32,500 1,194,375
First Industrial Realty 40,800 1,203,600
Parkway (Private Placement) 29,500 660,062
Prentiss PropertiesTrust 62,000 1,464,750
Reckson Associates Realty 47,200 1,091,500
Spieker Properties 38,600 1,346,175
Trinet Coporate Realty Trust 25,000 834,375
Trizec Hahn Corporation 51,000 1,115,625
-----------
13,831,175
-----------
- --------------------------------------------------------------------------------
Retail Strip Center REITs: 15.17%
- --------------------------------------------------------------------------------
Burnham Pacific Properties 85,000 1,062,500
Developers Diversified Realty 29,000 1,069,375
Excel Realty Trust 59,700 1,447,725
JDN Realty 41,500 1,162,000
Kimco Realty 30,200 939,975
Vornado Realty Trust 23,300 1,482,462
-----------
7,164,037
-----------
- --------------------------------------------------------------------------------
Self-Storage REITs: 6.25%
- --------------------------------------------------------------------------------
Public Storage 50,500 1,357,188
Sovran Self Storage 33,000 932,250
Storage USA 17,600 662,200
-----------
2,951,638
-----------
- --------------------------------------------------------------------------------
Total Common Stock
(cost $41,633,979) 46,686,117
================================================================================
Principal
Amount
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 2.42%
- --------------------------------------------------------------------------------
With JP Morgan Securities
5.40% 5/1/97 (dated
4/30/97, collateralized
by $279,000 U.S.
Treasury Notes 8.625%
due 8/15/97, market
value $286,423 and
$133,000 U.S. Treasury
Notes 5.125% due
4/30/98, market
value $131,511) $407,000 407,000
- --------------------------------------------------------------------------------
<PAGE>
Principal Market
Amount Value
- --------------------------------------------------------------------------------
With PaineWebber
5.40% 5/1/97 (dated
4/30/97, collateralized
by $140,000 U.S.
Treasury Notes 6.875%
due 3/31/00, market
value $142,560 and
$127,000 U.S. Treasury
Notes 6.00% due
11/30/97, market
value $130,693) $268,000 $ 268,000
With Prudential Securities
5.40% 5/1/97 (dated
4/30/97, collateralized
by $468,000 U.S.
Treasury Notes 6.125%
due 3/31/00, market
value $479,994 ) 470,000 470,000
- --------------------------------------------------------------------------------
Total Repurchase Agreements
(cost $1,145,000) 1,145,000
================================================================================
- --------------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES: 101.31%
(cost $42,778,979) $47,831,117
================================================================================
- --------------------------------------------------------------------------------
LIABILITIES NET OF RECEIVABLES
AND OTHER ASSETS: (1.31%) (619,886)
================================================================================
- --------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
3,586,248 SHARES ($0.01 PAR VALUE)
OUTSTANDING; EQUIVALENT TO
$13.16 PER SHARE: 100.00% $47,211,231
================================================================================
- --------------------------------------------------------------------------------
COMPONENTS OF NET ASSETS
AT APRIL 30, 1997:
- --------------------------------------------------------------------------------
Common Stock $0.01 par value,
500,000,000 shares authorized
to the Fund with 50,000,000
shares allocated to this Portfolio $40,309,960
Accumulated undistributed:
Net investment income 722,620
Net realized gain on investments 1,126,513
Net unrealized appreciation
of investments 5,052,138
- --------------------------------------------------------------------------------
Total Net Assets $47,211,231
================================================================================
REIT: Real Estate Investment Trust
See accompanying notes
18 DELAWARE POOLED TRUST o 1997 SEMIANNUAL REPORT
<PAGE>
================================================================================
Delaware Pooled Trust, Inc.: The Fixed Income Portfolio
Statement of Net Assets
April 30, 1997
(Unaudited)
Principal Market
Amount Value
- --------------------------------------------------------------------------------
CORPORATE BONDS: 20.66%
- --------------------------------------------------------------------------------
Ahmanson (H.F.),
6.35%, 09/01/98 $100,000 $100,126
Barrick Gold,
7.50%, 05/01/07 365,000 365,000
Chrysler Financial,
6.35%, 03/15/99 150,000 149,813
CNA Financial,
6.25%, 11/15/03 425,000 405,344
Continental,
7.25%, 03/01/03 400,000 399,500
Credit Foncier de France,
8.00%, 01/14/02 335,000 343,375
Ford Motor Credit,
7.00%, 09/25/01 300,000 301,875
General Motors Acceptance
Corporation,
8.50%, 01/01/03 100,000 106,375
Greyhound Financial
Medium-Term Note,
8.79%, 11/15/01 100,000 106,500
Kohl's,
6.70%, 02/01/06 300,000 286,875
Lehman Brothers Holdings,
6.84%, 09/25/98 150,000 150,790
News America Holdings,
9.125%, 10/15/99 430,000 454,188
Norwest,
6.125%, 10/15/00 150,000 147,188
Summit Bancorp Capital
Trust,
8.40%, 03/15/27 250,000 247,813
Summit Bank,
6.75%, 06/15/03 80,000 78,400
U.S. Bancorp,
8.125%, 05/15/02 125,000 130,781
U.S. West Capital Funding,
6.20%, 11/30/00 450,000 439,875
Wal-Mart Stores,
5.875%, 10/15/05 125,000 115,625
- --------------------------------------------------------------------------------
Total Corporate Bonds
(cost $4,346,925) 4,329,443
================================================================================
<PAGE>
Principal Market
Amount Value
- --------------------------------------------------------------------------------
ASSET-BACKED SECURITIES: 11.85%
- --------------------------------------------------------------------------------
Advanta Series 93-1 A2,
5.95%, 05/25/09 $ 71,712 $ 69,067
American Finance Home
Equity Series 92-5 A,
7.20%, 02/15/08 66,965 66,872
Case Equipment Loan Trust
Series 95-B A3,
6.15%, 09/15/02 94,292 94,222
Countrywide Asset-Backed
Certificates Series 97-1 A4,
6.95%, 05/25/21 350,000 342,508
First Union Residential
Securitization Trust
Series 96-2 A2,
6.46%, 09/25/11 440,000 433,744
Green Tree Home
Improvement Loan Trust
Series 96-F HEA3,
6.90%, 01/15/28 170,000 168,114
IMC Home Equity Loan
Trust Series 95-3A2,
6.50%, 11/25/10 140,000 139,482
Nations Credit Grantor Trust
Series 96-1 A,
5.85%, 09/15/11 227,840 221,912
Series 96-1 A,
7.25%, 02/25/12 198,150 196,726
Neiman-Marcus Group
Credit Card Master Trust
Series 95-1 A,
7.60%, 06/15/03 150,000 153,821
The Money Store Home
Equity Trust Series 97-A A9,
7.235%, 04/15/27 260,000 260,488
UCFC Home Equity Loan
Series 96-D A3,
6.541%, 11/15/13 130,000 128,737
Series 96-B1 A3,
7.30%, 04/15/14 125,000 125,875
World Omni Automobile
Lease Securitization Trust
Series 95-A,
6.05%, 11/25/01 82,430 81,705
- --------------------------------------------------------------------------------
Total Asset-Backed Securities
(cost $2,503,006) 2,483,273
================================================================================
1997 SEMIANNUAL REPORT o DELAWARE POOLED TRUST 19
<PAGE>
- --------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE Principal Market
OBLIGATIONS: 23.46% Amount Value
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Asset Securitization
Corporation Series 96-D2
A1, 6.92%, 02/14/29 $343,178 $337,816
Series 96-D3 A1,
7.21%, 10/13/26 130,000 130,548
Series 97-D4 A1,
7.35%, 04/14/29 516,289 524,679
Series 97-MD7 A3,
7.5756%, 01/13/30 400,000 406,000
Morgan Stanley Capital
Trust Series 97-C1 A1A,
6.85%, 02/15/20 381,563 381,802
Series 97-C1 A1B,
7.46%, 02/15/20 385,000 391,617
Mortgage Capital Funding
Series 96-MC2 A1,
6.758%, 12/21/26 256,736 253,728
Series 96-MC2 C,
7.224%, 09/20/06 155,000 152,887
Nomura Asset Securities
Series 95-MD3,
8.17%, 03/04/20 182,493 189,194
Prudential Home Mortgage
Securities Series 93-61 A3,
6.50%, 12/25/08 355,000 348,211
Residential Accredit Loans
Series 97-QS1 A5,
6.75%, 02/25/27 500,000 493,594
Series 97-QS1 A8,
6.75%, 02/25/27 400,000 383,625
Series 96-QS2 A3,
7.05%, 03/25/19 150,000 149,695
Series 96-QS3 AI3,
7.29%, 06/25/26 70,000 70,131
Series 96-QS2 A6,
7.45%, 04/25/23 135,000 133,819
Series 97-QS3 A3,
7.50%, 04/25/27 135,000 134,198
Residential Funding
Mortgage Securities
Series 96-S9 A10,
7.25%, 04/25/26 444,326 434,813
- --------------------------------------------------------------------------------
Total Collateralized Mortgage Obligations
(cost $4,933,249) 4,916,357
================================================================================
<PAGE>
Principal Market
Amount Value
- --------------------------------------------------------------------------------
MORTGAGE-BACKED SECURITIES: 17.39%
- --------------------------------------------------------------------------------
Federal Home Loan
Mortgage Corporation-Gold,
6.00%, 04/01/11 $ 280,805 $ 267,993
Federal Home Loan Mortgage,
6.15%, 01/15/17 385,000 381,629
Federal Home Loan
Mortgage,
7.00%, 07/01/11 1,547,164 1,534,110
Government National
Mortgage Association,
7.00%, 12/15/22 485,470 472,423
Government National
Mortgage Association,
7.00%, 06/15/23 270,370 263,019
Government National
Mortgage Association,
7.00%, 07/15/23 157,089 152,818
Government National
Mortgage Association,
9.00%, 02/15/17 328,097 350,141
Government National
Mortgage Association,
9.50%, 09/15/19 205,299 222,749
- --------------------------------------------------------------------------------
Total Mortgage-Backed Securities
(cost $3,647,913) 3,644,882
================================================================================
- --------------------------------------------------------------------------------
MUNICIPAL BONDS: 1.67%
- --------------------------------------------------------------------------------
New York State Dorm
Authority Revenue (Taxable
Pension Obligations),
6.23%, 10/01/98 350,000 350,000
- --------------------------------------------------------------------------------
Total Municipal Bonds
(cost $350,000) 350,000
================================================================================
- --------------------------------------------------------------------------------
U.S. TREASURY OBLIGATIONS: 22.70%
- --------------------------------------------------------------------------------
U.S. Treasury Notes,
5.875%, 04/30/98 845,000 844,468
U.S. Treasury Notes,
5.875%, 11/15/99 2,500,000 2,471,300
U.S. Treasury Notes,
6.25%, 07/31/98 475,000 476,126
U.S. Treasury Notes,
6.375%, 06/30/97 965,000 966,853
- --------------------------------------------------------------------------------
Total U.S. Treasury Obligations
(cost $4,791,553) 4,758,747
================================================================================
20 DELAWARE POOLED TRUST o 1997 SEMIANNUAL REPORT
<PAGE>
Principal Market
Amount Value
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 1.68%
- --------------------------------------------------------------------------------
With J.P. Morgan Securites
5.40% 5/1/97 (dated
4/30/97, collateralized
by $123,000 U.S.
Treasury Notes 5.875%
due 4/30/98, market
value $122,515 $120,000 $ 120,000
With PaineWebber
5.40% 5/1/97 (dated
4/30/97, collateralized
by $122,000 U.S.
Treasury Notes 6.375%
due 3/31/01, market
value $122,071) 119,000 119,000
With Prudential Securities
5.40% 5/1/97 (dated
4/30/97, collateralized
by $113,000 U.S.
Treasury Notes 6.125%
due 5/31/97, market
value $115,470) 113,000 113,000
- --------------------------------------------------------------------------------
Total Repurchase Agreements
(cost $352,000) 352,000
================================================================================
- --------------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES: 99.41%
(cost $20,924,646) $20,834,702
================================================================================
- --------------------------------------------------------------------------------
RECEIVABLES AND OTHER ASSETS
NET OF LIABILITIES: 0.59% 124,384
================================================================================
- --------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
2,124,076 SHARES ($.01 PAR VALUE)
OUTSTANDING; EQUIVALENT TO
$9.87 PER SHARE: 100.00% $20,959,086
================================================================================
- --------------------------------------------------------------------------------
COMPONENTS OF NET ASSETS
AT APRIL 30, 1997:
- --------------------------------------------------------------------------------
Common stock, $.01 par value,
500,000,000 shares authorized
to the Fund with 50,000,000
shares allocated to this Portfolio $21,110,188
Accumulated undistributed:
Net realized loss on investments (61,158)
Net unrealized depreciation of investments (89,944)
- --------------------------------------------------------------------------------
Total Net Assets $20,959,086
================================================================================
See accompanying notes
<PAGE>
================================================================================
Delaware Pooled Trust, Inc.:
The High-Yield Bond Portfolio
Statement of Net Assets
April 30, 1997
(Unaudited)
Principal Market
Amount Value
- --------------------------------------------------------------------------------
CORPORATE BONDS: 93.65%
- --------------------------------------------------------------------------------
Aerospace and Defense: 5.55%
- --------------------------------------------------------------------------------
Derlan Manufacturing,
10.00%, 01/15/07 $400,000 $394,000
Dyncorp,
9.50%, 03/01/07 85,000 83,619
--------
477,619
--------
- --------------------------------------------------------------------------------
Automobiles and Automotive Parts: 9.21%
- --------------------------------------------------------------------------------
Collins & Aikman,
10.00%, 01/15/07 400,000 394,000
Motors & Gears,
10.75%, 11/15/06 400,000 398,500
--------
792,500
--------
- --------------------------------------------------------------------------------
Banking, Finance, and Insurance: 4.44%
- --------------------------------------------------------------------------------
Olympic Financial,
11.50%, 03/15/07 400,000 382,000
--------
382,000
--------
- --------------------------------------------------------------------------------
Buildings and Materials: 5.55%
- --------------------------------------------------------------------------------
Atrium,
10.50%, 11/15/06 400,000 409,500
Nortek,
9.25%, 03/15/07 70,000 68,425
--------
477,925
--------
- --------------------------------------------------------------------------------
Cable, Media, and Publishing: 5.26%
- --------------------------------------------------------------------------------
Albritton Communications,
9.75%, 11/30/07 400,000 382,500
Hollinger International
Publishing, 9.25%, 03/15/07 70,000 69,650
--------
452,150
--------
- --------------------------------------------------------------------------------
Chemicals: 2.37%
- --------------------------------------------------------------------------------
Key Plastics,
10.25%, 03/15/07 200,000 203,500
--------
203,500
--------
1997 SEMIANNUAL REPORT o DELAWARE POOLED TRUST 21
<PAGE>
Principal Market
Amount Value
- --------------------------------------------------------------------------------
Consumer Products: 13.05%
- --------------------------------------------------------------------------------
Consumers International,
10.25%, 04/01/05 $ 200,000 $ 205,000
Pen-Tab Industries,
10.875%, 02/01/07 400,000 401,000
Rayovac Notes,
10.25%, 11/01/06 375,000 390,469
William Carter Notes,
10.375%, 12/01/06 125,000 126,094
----------
1,122,563
----------
- --------------------------------------------------------------------------------
Electronics and Electrical Equipment: 2.93%
- --------------------------------------------------------------------------------
Fairchild Semiconductor,
10.125%, 03/15/07 250,000 252,500
----------
252,500
----------
- --------------------------------------------------------------------------------
Energy/Environmental Services: 1.47%
- --------------------------------------------------------------------------------
Petro Stopping Centers,
10.50%, 02/01/07 125,000 126,563
----------
126,563
----------
- --------------------------------------------------------------------------------
Food, Beverage, and Tobacco: 14.28%
- --------------------------------------------------------------------------------
CFP Holdings,
11.625%, 01/15/04 400,000 413,000
Core-Mark,
11.375%, 09/15/03 400,000 413,500
MBW Foods,
9.875%, 02/15/07 400,000 402,000
----------
1,228,500
----------
- --------------------------------------------------------------------------------
Industrial Machinery: 8.14%
- --------------------------------------------------------------------------------
Clark Materials Handling,
10.75%, 11/15/06 150,000 153,750
Hawk,
10.25%, 12/01/03 150,000 151,125
Packard Bioscience,
9.375%, 03/01/07 400,000 395,000
----------
699,875
----------
<PAGE>
Principal Market
Amount Value
- --------------------------------------------------------------------------------
Leisure, Lodging, and Entertainment: 4.53%
- --------------------------------------------------------------------------------
Trump-Atlantic City,
11.25%, 05/01/06 $ 400,000 $ 390,000
----------
390,000
----------
- --------------------------------------------------------------------------------
Packaging and Containers: 4.61%
- --------------------------------------------------------------------------------
Portola Packaging,
10.75%, 10/01/05 400,000 397,000
----------
397,000
----------
- --------------------------------------------------------------------------------
Retail: 4.71%
- --------------------------------------------------------------------------------
Fleming,
10.625%, 12/15/01 400,000 405,000
----------
405,000
----------
- --------------------------------------------------------------------------------
Textiles, Apparel, and Furniture: 4.56%
- --------------------------------------------------------------------------------
GFSI,
9.625%, 03/01/07 400,000 392,500
----------
392,500
----------
- --------------------------------------------------------------------------------
Transportation and Shipping: 1.19%
- --------------------------------------------------------------------------------
Atlantic Express,
10.75%, 02/01/04 100,000 102,750
----------
102,750
----------
- --------------------------------------------------------------------------------
Miscellaneous: 1.80%
- --------------------------------------------------------------------------------
LDM Technologies,
10.75%, 01/15/07 150,000 155,250
----------
155,250
----------
- --------------------------------------------------------------------------------
Total Corporate Bonds
(cost $8,177,363) 8,058,195
================================================================================
Number
of shares
- --------------------------------------------------------------------------------
PREFERRED STOCK: 3.47%
- --------------------------------------------------------------------------------
American Radio Systems 1,536 150,868
Chancellor Radio Broadcasting 1,500 147,375
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Total Preferred Stock
(cost $300,469) 298,243
================================================================================
22 DELAWARE POOLED TRUST o 1997 SEMIANNUAL REPORT
<PAGE>
Principal Market
Amount Value
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 0.33%
- --------------------------------------------------------------------------------
With JP Morgan Securities
5.40% 5/1/97 (dated
4/30/97, collateralized
by $7,000 U.S.
Treasury Notes 8.625%
due 8/15/97, market
value $7,004 and
$3,000 U.S. Treasury
Notes 5.125% due
4/30/98, market
value $3,216) $10,000 $ 10,000
With PaineWebber
5.40% 5/1/97 (dated
4/30/97, collateralized
by $3,000 U.S.
Treasury Notes 6.875%
due 3/31/00, market
value $3,486 and $3,000
U.S. Treasury Notes 6.00%
due 11/30/97, market
value $3,196) 6,000 6,000
With Prudential Securities
5.40% 5/1/97 (dated
4/30/97, collateralized
by $12,000 U.S.
Treasury Notes 6.125%
due 3/31/00, market
value $11,738 ) 12,000 12,000
- --------------------------------------------------------------------------------
Total Repurchase Agreements
(cost $28,000) 28,000
================================================================================
- --------------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES: 97.45%
(cost $8,505,832) $8,384,438
================================================================================
RECEIVABLES AND OTHER ASSETS
NET OF LIABILITIES: 2.55% 219,184
================================================================================
<PAGE>
- --------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
838,300 SHARES ($0.01 PAR VALUE)
OUTSTANDING; EQUIVALENT TO
$10.26 PER SHARE: 100.00% $8,603,622
================================================================================
- --------------------------------------------------------------------------------
COMPONENTS OF NET ASSETS
AT APRIL 30, 1997:
- --------------------------------------------------------------------------------
Common stock $0.01 par value,
500,000,000 shares authorized
to the Fund with 50,000,000
shares allocated to this Portfolio $8,632,997
Accumulated undistributed:
Net investment income 54,294
Net realized gain on investments 37,725
Net unrealized depreciation
of investments (121,394)
- --------------------------------------------------------------------------------
Total Net Assets $8,603,622
================================================================================
See accompanying notes
1997 SEMIANNUAL REPORT o DELAWARE POOLED TRUST 23
<PAGE>
================================================================================
Delaware Pooled Trust, Inc.: The International Equity Portfolio
Statement of Net Assets
April 30, 1997
(Unaudited)
Number Market Value
of Shares (U.S.$)
- --------------------------------------------------------------------------------
COMMON STOCK: 94.40%
- --------------------------------------------------------------------------------
Australia: 11.27%
- --------------------------------------------------------------------------------
Amcor Limited 1,326,000 $ 8,733,576
Brambles Industries 311,000 5,633,267
CSR Limited 3,474,003 12,856,434
National Australia Bank 989,017 13,551,672
Pacific Dunlop Limited 1,668,904 4,508,369
------------
45,283,318
------------
- --------------------------------------------------------------------------------
Belgium: 2.63%
- --------------------------------------------------------------------------------
Electrabel 46,405 10,557,819
------------
10,557,819
------------
- --------------------------------------------------------------------------------
Germany: 8.55%
- --------------------------------------------------------------------------------
Bayer 169,000 6,729,129
Continental 288,550 6,355,139
Rheinisch Westfaelisches Elek 191,500 7,948,263
Siemens 245,500 13,318,790
------------
34,351,321
------------
- --------------------------------------------------------------------------------
France: 8.01%
- --------------------------------------------------------------------------------
Alcatel Alsthom 72,199 8,037,937
Campagnie de Saint Gobain 52,176 6,999,165
Elf Aquitaine 115,752 11,238,637
Societe Television Francaise 61,200 5,910,558
------------
32,186,297
------------
- --------------------------------------------------------------------------------
Hong Kong: 3.23%
- --------------------------------------------------------------------------------
Hong Kong Electric 1,805,000 6,384,432
Wharf Holdings 1,744,000 6,596,424
------------
12,980,856
------------
- --------------------------------------------------------------------------------
Indonesia: 2.48%
- --------------------------------------------------------------------------------
PT Bank Dagang Nasional 6,679,532 6,665,745
PT Semen Gresik 1,355,000 3,303,837
------------
9,969,582
------------
<PAGE>
Number Market Value
of Shares (U.S.$)
- --------------------------------------------------------------------------------
Japan: 13.68%
- --------------------------------------------------------------------------------
Amano 331,000 $ 3,100,032
Canon Electronics 332,000 7,864,948
Chiyoda Fire and Marine 535,500 1,917,618
Eisai 359,500 6,224,620
Hitachi 914,000 8,272,472
Kinki Coca-Cola Bottling 75,000 861,798
Koito Manufacturing 441,000 2,672,518
Matsushita Electric 614,000 9,809,699
Nichido Fire & Marine 757,000 4,069,189
West Japan Railway 3,075 10,164,492
-----------
54,957,386
-----------
- --------------------------------------------------------------------------------
Malaysia: 0.65%
- --------------------------------------------------------------------------------
Sime Darby Berhad 840,000 2,593,832
-----------
2,593,832
-----------
- -------------------------------------------------------------------------------
Netherlands: 5.89%
- -------------------------------------------------------------------------------
Elsevier 618,000 9,906,798
Koninklijke Van Ommeren 123,000 4,796,640
Royal Dutch Petroleum 49,975 8,940,705
-----------
23,644,143
-----------
- -------------------------------------------------------------------------------
New Zealand: 3.83%
- -------------------------------------------------------------------------------
Carter Holt Harvey 2,868,400 6,359,587
Telecom Corporation of
New Zealand 2,010,000 9,010,306
-----------
15,369,893
-----------
- -------------------------------------------------------------------------------
Philippines: 0.93%
- -------------------------------------------------------------------------------
Philippine Long Distance
Telephone Company ADR 67,200 3,754,800
-----------
3,754,800
-----------
- -------------------------------------------------------------------------------
Singapore: 0.62%
- -------------------------------------------------------------------------------
Jardine Matheson Holdings
Limited 452,278 2,487,529
-----------
2,487,529
-----------
- -------------------------------------------------------------------------------
South Korea: 0.64%
- -------------------------------------------------------------------------------
Cho Hung Bank Limited
GDR 517,910 2,581,781
-----------
2,581,781
-----------
24 DELAWARE POOLED TRUST o 1997 SEMIANNUAL REPORT
<PAGE>
Number Market Value
of Shares (U.S.$)
- --------------------------------------------------------------------------------
Spain: 5.08%
- --------------------------------------------------------------------------------
Acerinox 22,822 $ 3,341,978
Banco Central
Hispanoamer S.A. 175,827 5,364,067
Iberdrola S.A. 517,000 5,848,212
Telefonica de Espana 227,350 5,837,077
-----------
20,391,334
-----------
- --------------------------------------------------------------------------------
United Kingdom: 26.91%
- --------------------------------------------------------------------------------
BG plc 961,300 2,794,633
Bass plc 693,000 8,964,618
Blue Circle Industries plc 1,253,000 8,526,639
Boots plc 1,063,100 11,947,938
British Airways plc 890,000 10,204,870
Cable & Wireless plc 1,557,240 12,025,934
Centrica plc 961,300 886,008
GKN plc 375,750 5,803,530
Glaxo Wellcome plc 618,711 12,188,813
Great Universal Stores plc 1,070,300 11,090,190
Powergen plc 1,145,000 12,031,576
RTZ plc 733,000 11,648,703
-----------
108,113,452
-----------
- --------------------------------------------------------------------------------
Total Common Stock
(cost $329,836,052) 379,223,343
================================================================================
- --------------------------------------------------------------------------------
WARRANTS: 0.08%
- --------------------------------------------------------------------------------
Indonesia: 0.08%
- --------------------------------------------------------------------------------
PT Bank Dagang Nasional
2/14/00 954,219 333,778
- --------------------------------------------------------------------------------
Total Warrants
(cost $0) 333,778
================================================================================
<PAGE>
Principal Market
Amount Value
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 4.95%
- --------------------------------------------------------------------------------
With J.P. Morgan Securities
5.40% 5/1/97 (dated
4/30/97, collateralized
by $4,316,000 U.S.
Treasury Notes 8.625%
due 8/15/97, market
value $4,428,969 and
$2,051,000 U.S.
Treasury Notes 5.125%
due 4/30/98, market
value $2,033,558) $ 6,301,000 $ 6,301,000
With PaineWebber
5.40% 5/1/97 (dated
4/30/97, collateralized
by $1,970,000 U.S.
Treasury Notes 6.00%
due 11/30/97, market
value $2,020,906 and
$4,333,000 U.S.
Treasury Notes 6.875%
due 3/31/00, market
value $4,408,809) 6,301,000 6,301,000
With Prudential Securities
5.40% 5/1/97 (dated
4/30/97, collateralized
by $7,237,000 U.S.
Treasury Notes 6.125%
due 5/31/97, market
value $7,422,160) 7,264,000 7,264,000
- --------------------------------------------------------------------------------
Total Repurchase Agreements
(cost $19,866,000) 19,866,000
================================================================================
1997 SEMIANNUAL REPORT o DELAWARE POOLED TRUST 25
<PAGE>
- --------------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES:99.43%
(Cost $349,702,052) $399,423,121
================================================================================
RECEIVABLES AND OTHER ASSETS
NET OF LIABILITIES: 0.57% 2,280,930
================================================================================
NET ASSETS APPLICABLE TO
25,655,106 SHARES ($.01 PAR VALUE)
OUTSTANDING; EQUIVALENT TO
$15.66 PER SHARE: 100.00% $401,704,051
================================================================================
COMPONENTS OF NET ASSETS
AT APRIL 30, 1997:
- --------------------------------------------------------------------------------
Common stock, $.01 par value,
500,000,000 shares authorized
to the Fund with 50,000,000
shares allocated to this Portfolio $344,180,911
Accumulated undistributed:
Net investment income* 6,192,894
Net realized gain on investments 991,017
Net unrealized appreciation on investments
and foreign currencies 50,339,229
- --------------------------------------------------------------------------------
Total Net Assets $401,704,051
================================================================================
* Accumulated net investment income includes net realized gain on foreign
currencies. Net realized gains on foreign currencies are distributed as net
investment income in accordance with provisions of the Internal Revenue Code.
ADR = American Depository Receipt
GDR = Global Depository Receipt
See accompanying notes
26 DELAWARE POOLED TRUST o 1997 SEMIANNUAL REPORT
<PAGE>
Delaware Pooled Trust, Inc.:
The Labor Select International Equity Portfolio
Statement of Net Assets
April 30, 1997
(Unaudited)
Number Market Value
of Shares (U.S.$)
- --------------------------------------------------------------------------------
COMMON STOCK: 87.69%
- --------------------------------------------------------------------------------
Australia: 11.19%
- --------------------------------------------------------------------------------
Amcor Limited 155,000 $1,020,893
Brambles Industries 37,200 673,819
CSR Limited 235,000 869,677
National Australia Bank 101,192 1,386,549
National Foods 350,334 445,843
----------
4,396,781
----------
- --------------------------------------------------------------------------------
Belgium: 2.61%
- --------------------------------------------------------------------------------
Electrabel S.A. 4,500 1,023,816
----------
1,023,816
----------
- --------------------------------------------------------------------------------
France: 8.55%
- --------------------------------------------------------------------------------
Alcatel Alsthom 8,826 982,601
Elf Aquitaine 13,700 1,330,166
Societe Television Francaise 10,840 1,046,903
----------
3,359,670
----------
- --------------------------------------------------------------------------------
Germany: 8.08%
- --------------------------------------------------------------------------------
Bayer 19,800 788,383
Continental 28,300 623,290
RWE 17,950 745,020
Siemens 18,750 1,017,219
----------
3,173,912
----------
- --------------------------------------------------------------------------------
Hong Kong: 3.11%
- --------------------------------------------------------------------------------
Hong Kong Electric Holdings 201,000 710,953
Wharf Holdings 135,000 510,618
----------
1,221,571
----------
- --------------------------------------------------------------------------------
Japan: 11.22%
- --------------------------------------------------------------------------------
Canon 34,000 805,447
Eisai 43,000 744,530
Japan Railway West 215 710,688
Kinki Coca-Cola Bottling 23,000 264,285
Koito Manufacturing Company 47,000 284,826
Matsushita Electric 55,000 878,719
Nichido Fire & Marine 68,000 365,528
Yokohama Reito 34,000 350,543
----------
4,404,566
----------
<PAGE>
Number Market
of Shares Value
- --------------------------------------------------------------------------------
Netherlands: 6.12%
- --------------------------------------------------------------------------------
Elsevier 34,400 $ 551,446
Koninklijke Van Ommeren 10,200 397,770
Royal Dutch Petroleum 7,340 1,313,152
Unilever 720 140,168
----------
2,402,536
----------
- --------------------------------------------------------------------------------
New Zealand: 3.79%
- --------------------------------------------------------------------------------
Carter Holt Harvey 198,000 438,990
Telecom Corp. of
New Zealand 234,000 1,048,961
----------
1,487,951
----------
- --------------------------------------------------------------------------------
Singapore: 0.77%,
- --------------------------------------------------------------------------------
Jardine Matheson Holdings 54,800 301,400
----------
301,400
----------
- --------------------------------------------------------------------------------
Spain: 6.00%
- --------------------------------------------------------------------------------
Acerinox S.A. 4,135 605,515
Banco Central Hispano-
americano S.A. 28,090 856,960
Iberdrola S.A. 79,000 893,634
----------
2,356,109
----------
- --------------------------------------------------------------------------------
United Kingdom: 26.25%
- --------------------------------------------------------------------------------
Associated British Food plc 89,000 770,424
Bass plc 87,500 1,131,896
BG plc 74,250 215,855
Blue Circle Industries plc 145,150 987,743
Boots plc 97,100 1,091,285
British Airways plc 110,800 1,270,448
Centrica plc 74,250 68,435
GKN plc 64,000 988,492
Glaxo Wellcome plc 45,260 891,637
Great Universal Stores plc 72,000 746,047
Powergen plc 88,250 927,325
RTZ plc 45,950 730,229
Taylor Woodrow plc 156,750 488,789
----------
10,308,605
----------
- --------------------------------------------------------------------------------
Total Common Stock
(cost $31,063,993) 34,436,917
================================================================================
<PAGE>
Principal Market
Amount Value
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 11.60%
- --------------------------------------------------------------------------------
With JP Morgan Securities
5.40% 5/1/97 (dated
4/30/97, collateralized
by $1,110,000 U.S.
Treasury Notes 8.625%
due 8/15/97, market
value $1,139,188 and
$528,000 U.S. Treasury
Notes 5.125% due
4/30/98, market
value $523,058) $1,621,000 $ 1,621,000
With PaineWebber
5.40% 5/1/97 (dated
4/30/97, collateralized
by $557,000 U.S.
Treasury Notes 6.875%
due 3/31/00, market
value $567,002 and
$507,000 U.S.
Treasury Notes 6.00%
due 11/30/97, market
value $519,803) 1,065,000 1,065,000
With Prudential Securities
5.40% 5/1/97 (dated
4/30/97, collateralized
by $1,862,000 U.S.
Treasury Notes 6.125%
due 3/31/00, market
value $1,909,076 ) 1,868,000 1,868,000
- --------------------------------------------------------------------------------
Total Repurchase Agreements
(cost $4,554,000) 4,554,000
================================================================================
TOTAL MARKET VALUE OF SECURITIES: 99.29%
(Cost $35,617,993) 38,990,917
================================================================================
RECEIVABLES AND OTHER ASSETS
NET OF LIABILITIES: 0.71% 280,942
================================================================================
NET ASSETS APPLICABLE TO
3,180,741 SHARES ($0.01 PAR VALUE)
OUTSTANDING; EQUIVALENT
TO $12.35 PER SHARE: 100.00% $39,271,859
================================================================================
1997 SEMIANNUAL REPORT o DELAWARE POOLED TRUST 27
<PAGE>
- --------------------------------------------------------------------------------
COMPONENTS OF NET ASSETS
AT APRIL 30, 1997:
- --------------------------------------------------------------------------------
Common stock $0.01 par value,
500,000,000 shares authorized
to the Fund with 50,000,000
shares allocated to this Portfolio $35,394,728
Accumulated undistributed:
Net investment income* 554,876
Net realized loss on investments (46,149)
Net unrealized appreciation of
investments and foreign currencies 3,368,404
- --------------------------------------------------------------------------------
Total Net Assets $39,271,859
================================================================================
* Accumulated net investment income includes net realized gains on foreign
currencies. Net realized gains on foreign currencies are distributed as net
investment income in accordance with provisions of the Internal Revenue Code.
See accompanying notes
<PAGE>
================================================================================
Delaware Pooled Trust, Inc.:
The Emerging Markets Portfolio
Statement of Net Assets
April 30, 1997
(Unaudited)
Number Market Value
of Shares (U.S.$)
- --------------------------------------------------------------------------------
COMMON STOCK: 89.57%
- --------------------------------------------------------------------------------
Argentina: 5.52%
- --------------------------------------------------------------------------------
Quilmes Industrial S.A. ADR 8,700 $ 96,788
Transportadora de Gas del sur,
S.A. Class B 39,000 98,879
YPF Sociedad Anonima ADR 3,750 105,015
---------
300,682
---------
- --------------------------------------------------------------------------------
Brazil: 8.94%
- --------------------------------------------------------------------------------
Aracruz Celulose S.A. ADR 5,400 101,925
*Centrais Electricas de Santa
Catarina S.A. GDR 620 85,250
Companhia Energetica de
Minas Gerais ADR 1,800 81,270
Telecommunicacoes Brasileiras
S.A. ADR 1,000 114,750
Usinas Siderurgicas de Minas
Gerais S.A. ADR 8,850 104,076
---------
487,271
---------
- --------------------------------------------------------------------------------
Chile: 5.01%
- --------------------------------------------------------------------------------
Administradora de Fondos de
Pensiones Provida S.A. ADR 3,400 61,200
Banco BHIF ADR 3,250 64,188
Cia de Telecomunicaciones de
Chile S.A. ADR 2,350 76,081
Empresa Nacional Electricidad
S.A. ADR 3,700 71,225
---------
272,694
---------
- --------------------------------------------------------------------------------
Czech Republic: 3.14%
- --------------------------------------------------------------------------------
*SPT Telecom 720 76,098
*Telekomunikacni Montaze Praha 440 30,406
---------
106,504
---------
- --------------------------------------------------------------------------------
Egypt: 2.40%
- --------------------------------------------------------------------------------
*Commercial International Bank
GDR 3,000 67,290
*Suez Cement GDR 3,500 63,350
---------
130,640
---------
28 DELAWARE POOLED TRUST o 1997 SEMIANNUAL REPORT
<PAGE>
Number Market Value
of Shares (U.S.$)
- --------------------------------------------------------------------------------
Greece: 4.01%
- --------------------------------------------------------------------------------
Attica Enterprises S.A. 9,600 $ 70,041
Ergo Bank S.A. 1,120 73,890
Helenic Bottling Company S.A. 2,300 74,781
---------
218,712
---------
- --------------------------------------------------------------------------------
Hong Kong: 6.13%
- --------------------------------------------------------------------------------
Guangdong Investments 92,000 86,103
Guangdong Kelon Electric
Holding 84,000 81,327
Northeast Electrical
Transmission & Transformation
Machinery Manufacturing
Limited 480,000 87,368
*Shenzhen Expressway H 240,000 79,003
---------
333,801
---------
- --------------------------------------------------------------------------------
Hungary: 1.80%
- --------------------------------------------------------------------------------
MOL Magyar Olaj-es Gazipari
Rt GDR 2,600 46,540
Richter Gedeon Rt GDR 680 51,340
---------
97,880
---------
- --------------------------------------------------------------------------------
India: 5.38%
- --------------------------------------------------------------------------------
*BSES Limited GDR 2,500 58,750
Gujarat Ambuja Cement GDR 6,000 57,000
India Fund, (The) 7,000 61,250
Larsen & Toubro GDR 4,200 59,850
Tata Engineering &
Locomotive Limited GDR 4,600 56,120
---------
292,970
---------
- --------------------------------------------------------------------------------
Indonesia: 5.06%
- --------------------------------------------------------------------------------
PT Bank Dagang Nasional 95,000 94,804
PT Semen Gresik 35,000 85,339
PT United Tractors 32,000 95,473
---------
275,616
---------
- --------------------------------------------------------------------------------
Israel: 2.28%
- --------------------------------------------------------------------------------
Bank Hapoalim 29,600 62,992
*Israel Chemicals Limited 50,400 60,951
---------
123,943
---------
<PAGE>
Number Market Value
of Shares (U.S.$)
- --------------------------------------------------------------------------------
Luxemburg: 1.66%
- --------------------------------------------------------------------------------
*Banque Libanaise GDR 5,100 $ 90,525
---------
90,525
---------
- --------------------------------------------------------------------------------
Malaysia: 4.29%
- --------------------------------------------------------------------------------
Leader Universal Holdings 17,000 33,867
Nestle Berhad 4,000 31,238
Petronas Dagangan Berhad 13,000 29,006
Public Finance Berhad 21,000 32,130
Resorts World Berhad 9,000 33,170
Sime Darby Berhad 24,000 74,109
---------
233,520
---------
- --------------------------------------------------------------------------------
Mexico: 7.34%
- --------------------------------------------------------------------------------
ALFA, S.A. de C.V. Class A 14,400 77,801
Cemex S.A. de C.V. Class B 20,800 76,926
*Grupo Minsa ADR 5,900 73,750
Telefonos de Mexico S.A. 2,025 83,531
Vitro S.A. ADR 10,800 87,750
---------
399,758
---------
- --------------------------------------------------------------------------------
Peru: 2.44%
- --------------------------------------------------------------------------------
Banco de Credito del Peru 25,000 43,707
Cementos Lima S.A. 2,500 45,489
Telefonica del Peru, S.A. ADR 1,820 43,680
---------
132,876
---------
- --------------------------------------------------------------------------------
Philippines: 1.74%
- --------------------------------------------------------------------------------
Philippine Long Distance
Telephone Company ADR 1,700 94,988
---------
94,988
---------
- --------------------------------------------------------------------------------
Portugal: 2.03%
- --------------------------------------------------------------------------------
Portugal Telecom S.A. 3,000 110,654
---------
110,654
---------
- --------------------------------------------------------------------------------
Russia: 2.44%
- --------------------------------------------------------------------------------
*Gazprom ADR Reg. S 2,600 39,052
Lukoil Holding ADR 820 46,592
Mosenergo ADR Reg. S 1,200 47,280
---------
132,924
---------
- --------------------------------------------------------------------------------
Slovenia: 1.28%
- --------------------------------------------------------------------------------
*SKB Banka GDR 2,100 69,825
---------
69,825
---------
1997 SEMIANNUAL REPORT o DELAWARE POOLED TRUST 29
<PAGE>
Number Market Value
of Shares (U.S.$)
- --------------------------------------------------------------------------------
South Africa: 5.44%
- --------------------------------------------------------------------------------
Amalgamated Banks of
South Africa 10,600 $ 69,825
Anglo American Corporation
of South Africa Limited 1,120 71,511
Sappi Limited 6,000 76,888
Sasol Limited 9,000 78,305
----------
296,529
----------
- --------------------------------------------------------------------------------
South Korea: 1.98%
- --------------------------------------------------------------------------------
Cho Hung Bank GDR 6,700 33,400
Korea Electric Power ADR 2,200 38,456
Pohang Iron & Steel ADR 1,500 36,188
----------
108,044
----------
- --------------------------------------------------------------------------------
Taiwan: 2.27%
- --------------------------------------------------------------------------------
*Yageo GDR 7,800 123,825
----------
123,825
----------
- --------------------------------------------------------------------------------
Thailand: 3.57%
- --------------------------------------------------------------------------------
Ayudhya Life Insurance 30,000 63,170
Hana MicroElectronics
Public Co. Limited 12,000 64,778
Ruang Khao 2 Fund 220,000 64,855
Thai Reinsurance Public
Co. Limited 22,000 66,539
----------
259,342
----------
- --------------------------------------------------------------------------------
Turkey: 1.37%
- --------------------------------------------------------------------------------
Netas-Northern Eleckrik
Telekomunikayson S.A. 270,000 74,723
----------
74,723
----------
- --------------------------------------------------------------------------------
Venezuela: 2.05%
- --------------------------------------------------------------------------------
*Compania Anonima Nacional
Telefonos de Venezuela ADR 3,720 111,600
----------
111,600
----------
- --------------------------------------------------------------------------------
Total Common Stock
(cost $4,870,804) 4,879,846
================================================================================
<PAGE>
Principal Market Value
Amount (U.S.$)
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 12.68%
- --------------------------------------------------------------------------------
With J.P. Morgan Securities
5.40% 5/1/97 (dated
4/30/97, collateralized
by $150,000 U.S.
Treasury Notes 8.625%
due 8/15/97, market
value $154,053 and
$71,000 U.S. Treasury
Notes 5.125% due
4/30/98, market
value $70,733) $ 219,000 $219,000
With PaineWebber
5.40% 5/1/97 (dated
4/30/97, collateralized
by $69,000 U.S.
Treasury Notes 6.00%
due 11/30/97, market
value $70,293 and
$151,000 U.S. Treasury
Notes 6.875% due
3/31/00, market
value $153,352) 219,000 219,000
With Prudential Securities
5.40% 5/1/97 (dated
4/30/97, collateralized
by $252,000 U.S.
Treasury Notes 6.125%
due 5/31/97, market
value $258,165) 253,000 253,000
- --------------------------------------------------------------------------------
Total Repurchase Agreements
(cost $691,000) 691,000
================================================================================
30 DELAWARE POOLED TRUST o 1997 SEMIANNUAL REPORT
<PAGE>
TOTAL MARKET VALUE OF SECURITIES: 102.25%
- --------------------------------------------------------------------------------
(COST $5,561,804) $5,570,846
================================================================================
LIABILITIES NET OF RECEIVABLES
AND OTHER ASSETS: (2.25%) (122,915)
================================================================================
NET ASSETS APPLICABLE TO
538,809 SHARES ($.01 PAR VALUE)
OUTSTANDING; EQUIVALENT
TO $10.11 PER SHARE: 100.00% $5,447,931
================================================================================
COMPONENTS OF NET ASSETS
AT APRIL 30, 1997:
- --------------------------------------------------------------------------------
Common stock, $.01 par value,
500,000,000 shares authorized
to the Fund with 50,000,000
shares allocated to this Portfolio $5,431,197
Accumulated undistributed:
Net investment income** 7,926
Net unrealized appreciation on
investments and foreign currencies 8,808
- --------------------------------------------------------------------------------
Total Net Assets $5,447,931
================================================================================
* Non-income producing security for the six months ended April 30, 1997.
** Accumulated net investment income includes net realized gain on foreign
currencies. Net realized gains on foreign currencies are distributed as net
investment income in accordance with provisions of the Internal Revenue Code.
ADR = American Depository Receipt
GDR = Global Depository Receipt
See accompanying notes
<PAGE>
================================================================================
Delaware Pooled Trust, Inc.:
The Global Fixed Income Portfolio
Statement of Net Assets
April 30, 1997
(Unaudited)
Principal Market Value
Amount (U.S.$)
- --------------------------------------------------------------------------------
BONDS: 92.67%
- --------------------------------------------------------------------------------
Australia: 12.96%
- --------------------------------------------------------------------------------
Australian Government,
6.250%, 03/15/99 A$8,000,000 $ 6,231,322
Australian Government,
9.500%, 08/15/03 4,000,000 3,426,337
Australian Government,
10.000%, 02/15/06 4,000,000 3,554,817
Australian Government,
13.000%, 07/15/00 7,000,000 6,418,608
Banque National de Paris,
9.000%, 08/13/02 3,000,000 2,454,971
DSL Finance NV Amsterdam,
10.250%, 04/07/00 3,000,000 2,523,774
New South Wales
International,
7.000%, 04/01/04 4,000,000 2,956,432
New South Wales Treasury,
6.500%, 05/01/06 4,000,000 2,827,189
Queensland Treasury,
8.000%, 08/14/01 3,000,000 2,406,990
Queensland Treasury,
8.000%, 05/14/03 12,000,000 9,533,707
-----------
42,334,147
-----------
- --------------------------------------------------------------------------------
Canada: 8.92%
- --------------------------------------------------------------------------------
Autobahn Schnell,
8.500%, 03/03/03 C$2,000,000 1,560,767
European Investment Bank,
8.875%, 03/27/02 2,000,000 1,580,444
Export-Import Bank of Japan,
7.750%, 10/08/02 2,000,000 1,507,102
General Electric Capital
of Canada,
7.125%, 02/12/04 4,000,000 2,924,761
Government of Canada,
9.000%, 12/01/04 14,000,000 11,549,712
Kansai International Airport,
8.000%, 07/02/03 4,000,000 3,049,980
KFW International Finance,
6.500%, 12/28/01 2,000,000 1,447,175
Kingdom of Norway,
8.375%, 01/27/03 5,000,000 3,877,321
Ontario Hydro,
10.000%, 03/19/01 2,000,000 1,626,060
-----------
29,123,322
-----------
1997 SEMIANNUAL REPORT o DELAWARE POOLED TRUST 31
<PAGE>
Principal Market Value
Amount (U.S.$)
- --------------------------------------------------------------------------------
Denmark: 4.23%
- --------------------------------------------------------------------------------
Kingdom of Denmark,
8.000%, 11/15/01 Dk 16,000,000 $ 2,692,670
Kingdom of Denmark,
8.000%, 03/15/06 5,000,000 832,726
Kingdom of Denmark,
9.000%, 11/15/00 60,000,000 10,301,650
-----------
13,827,046
-----------
- --------------------------------------------------------------------------------
Germany: 12.34%
- --------------------------------------------------------------------------------
Baden Wurt L-Finance NV,
6.625%, 08/20/03 Dem 8,000,000 4,925,140
Bundesrepblik Deutscheland,
5.750%, 08/22/00 8,000,000 4,843,286
Bundesrepblik Deutscheland,
6.500%, 07/15/03 14,000,000 8,639,228
Bundesrepblik Deutscheland,
8.375%, 05/21/01 7,000,000 4,617,435
Euro Bank Reconstruction
& Development,
4.875%, 02/28/01 15,000,000 8,809,758
International Bank
Reconstruction &
Development,
6.125%, 09/27/02 8,000,000 4,867,333
Republic of Finland,
5.500%, 02/09/01 6,000,000 3,585,641
-----------
40,287,821
-----------
- --------------------------------------------------------------------------------
Italy: 4.80%
- --------------------------------------------------------------------------------
Italian Government,
9.500%, 02/01/01 Itl 17,000,000,000 10,724,342
Italian Government,
12.000%, 01/01/03 7,000,000,000 4,954,540
-----------
15,678,882
-----------
- --------------------------------------------------------------------------------
Japan: 7.21%
- --------------------------------------------------------------------------------
Japan Government,
4.800%, 06/21/99 Jpy 1,700,000,000 14,516,768
Japan Government,
6.400%, 03/20/00 1,000,000,000 9,039,827
-----------
23,556,595
-----------
<PAGE>
Principal Market Value
Amount (U.S.$)
- --------------------------------------------------------------------------------
New Zealand: 9.68%
- --------------------------------------------------------------------------------
Government of New
Zealand, 6.500%,
02/15/00 NZ$ 8,000,000 $ 5,398,687
Government of New
Zealand, 8.000%,
02/15/01 12,500,000 8,771,481
Government of New
Zealand, 8.000%,
04/15/04 25,000,000 17,428,642
-----------
31,598,810
-----------
- --------------------------------------------------------------------------------
Sweden: 3.54%
- --------------------------------------------------------------------------------
Nordic Investment Bank,
10.250%, 01/07/99 Sk 8,000,000 1,100,821
Swedish Government,
9.000%, 04/20/09 9,000,000 1,284,701
Swedish Government,
10.250%, 05/05/03 40,000,000 5,999,490
Swedish Government,
13.000%, 06/15/01 20,000,000 3,184,219
-----------
11,569,231
-----------
- --------------------------------------------------------------------------------
United Kingdom: 12.34%
- --------------------------------------------------------------------------------
Abbey National Treasury,
8.000%, 04/02/03 Gbp 5,000,000 8,186,479
ARGYLL Group PLC,
8.125%, 03/10/00 1,000,000 1,642,371
Barclays Bank plc,
6.500%, 02/16/04 3,500,000 5,300,656
Depfa Finance,
7.125%, 11/11/03 500,000 780,076
Glaxo Wellcome plc,
8.750%, 12/01/05 2,500,000 4,227,735
Mutual Group,
7.250%, 01/12/04 200,000 309,594
Nationwide Anglia,
13.500%, 11/21/00 200,000 379,430
Powergen,
8.500%, 07/03/06 2,000,000 3,278,652
Redland Funding,
10.875%, 11/27/01 200,000 359,941
Tesco,
8.750%, 02/20/03 1,750,000 2,959,415
UK Conversion S47
Stock Guilt, 9.000%,
03/03/00 1,000,000 1,701,752
UK Treasury,
8.000%, 06/10/03 1,300,000 2,187,866
32 DELAWARE POOLED TRUST o 1997 SEMIANNUAL REPORT
<PAGE>
Principal Market Value
Amount (U.S.$)
- --------------------------------------------------------------------------------
UK Treasury,
8.500%, 12/07/05 Gbp 3,000,000 $ 5,198,135
UK Treasury,
11.750%, 01/22/07 1,000,000 1,949,935
Woolwich Building Society,
11.625%, 12/18/01 1,000,000 1,843,354
-----------
40,305,391
-----------
- --------------------------------------------------------------------------------
United States: 16.65%
- --------------------------------------------------------------------------------
U.S. Treasury Note,
6.125%, 07/31/00 $ 20,000,000 19,821,198
U.S. Treasury Note,
6.250%, 02/15/03 15,000,000 14,755,949
U.S. Treasury Note,
7.500%, 11/15/01 16,000,000 16,587,840
U.S. Treasury Note,
7.875%, 11/15/04 3,000,000 3,205,830
-----------
54,370,817
-----------
- --------------------------------------------------------------------------------
Total Bonds
(cost $307,223,458) 302,652,062
================================================================================
Principal
Amount
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 4.59%
- --------------------------------------------------------------------------------
With J.P. Morgan Securities
5.40% 5/1/97 (dated
4/30/97, collateralized
by $3,258,000 U.S.
Treasury Notes 8.625%
due 8/15/97, market
value $3,343,017 and
$1,548,000 U.S.
Treasury Notes 5.125%
due 4/30/98, market
value $1,534,944) 4,756,000 4,756,000
With PaineWebber
5.40% 5/1/97 (dated
4/30/97, collateralized
by $1,487,000 U.S.
Treasury Notes 6.00%
due 11/30/97, market
value $1,525,395 and
$3,271,000 U.S.
Treasury Notes 6.875%
due 3/31/00, market
value $3,327,801) 4,756,000 4,756,000
<PAGE>
Principal Market Value
Amount (U.S.$)
- --------------------------------------------------------------------------------
With Prudential Securities
5.40% 5/1/97 (dated
4/30/97, collateralized
by $5,463,000 U.S.
Treasury Notes 6.125%
due 5/31/97, market
value $5,602,300) $5,483,000 $ 5,483,000
- --------------------------------------------------------------------------------
Total Repurchase Agreements
(cost $14,995,000) 14,995,000
================================================================================
TOTAL MARKET VALUE OF SECURITIES: 97.26%
(COST $322,218,458) $317,647,062
================================================================================
RECEIVABLES AND OTHER ASSETS
NET OF LIABILITIES: 2.74% 8,943,911
================================================================================
NET ASSETS APPLICABLE TO
30,389,278 SHARES ($.01 PAR VALUE)
OUTSTANDING; EQUIVALENT TO
$10.75 PER SHARE: 100.00% $326,590,973
================================================================================
COMPONENTS OF NET ASSETS
AT APRIL 30, 1997:
- --------------------------------------------------------------------------------
Common stock, $.01 par value,
500,000,000 shares authorized
to the Fund with 50,000,000
shares allocated to this Portfolio $324,675,178
Accumulated undistributed:
Net investment income** 4,353,163
Net realized gain on investments 2,400,813
Net unrealized depreciation on
investments and foreign currencies (4,838,181)
- --------------------------------------------------------------------------------
Total Net Assets $326,590,973
================================================================================
* Principal amount is stated in the currency in which each security is
denominated:
A$ = Australian Dollars
C$ = Canadian Dollars
Dem = German Deutsche Marks
Dk = Danish Kroner
Gbp = British Pounds
Itl = Italian Lire
Jpy = Japanese Yen
NZ$ = New Zealand Dollars
Sk = Swedish Kroner
$ = U.S. Dollars
** Accumulated net investment income includes net realized gain on foreign
currencies. Net realized gains on foreign currencies are distributed as net
investment income in accordance with provisions of the Internal Revenue Code.
See accompanying notes
1997 SEMIANNUAL REPORT o DELAWARE POOLED TRUST 33
<PAGE>
================================================================================
Delaware Pooled Trust, Inc.: The International Fixed Income Portfolio
Statement of Net Assets
April 30, 1997
(Unaudited)
Principal Market Value
Amount* (U.S.$)
- --------------------------------------------------------------------------------
BONDS: 93.59%
- --------------------------------------------------------------------------------
Australia: 12.81%
- --------------------------------------------------------------------------------
Australian Government,
9.500%, 08/15/03 A$ 700,000 $ 599,609
Banque National de Paris,
9.000%, 08/13/02 350,000 286,413
Queensland Treasury-Global,
8.000%, 05/14/03 700,000 556,133
South Australia Government
Finance, 7.250%, 09/22/03 350,000 268,310
----------
1,710,465
----------
- --------------------------------------------------------------------------------
Canada: 12.17%
- --------------------------------------------------------------------------------
Canada Government,
7.500%, 12/01/03 C$ 1,100,000 836,915
Canada Government,
8.750%, 12/01/05 500,000 409,603
Toyota Credit Canada,
8.000%, 12/29/00 500,000 379,731
----------
1,626,249
----------
- --------------------------------------------------------------------------------
Denmark: 4.43%
- --------------------------------------------------------------------------------
Kingdom of Denmark,
8.000%, 05/15/03 Dk 3,000,000 505,422
Kingdom of Denmark,
9.000%, 11/15/00 500,000 85,847
----------
591,269
----------
- --------------------------------------------------------------------------------
Germany: 16.26%
- --------------------------------------------------------------------------------
Baden Wurt L-Finance NV,
6.625%, 08/20/03 Dem 900,000 554,078
Bundesrepblik Deutscheland,
8.375%, 05/21/01 2,000,000 1,319,267
Republic of Finland,
5.500%, 02/09/01 500,000 298,803
----------
2,172,148
----------
- --------------------------------------------------------------------------------
Italy: 7.49%
- --------------------------------------------------------------------------------
Italian Government,
9.500%, 02/01/01 Itl 800,000,000 504,675
Italian Government,
12.000%, 01/01/03 700,000,000 495,454
----------
1,000,129
----------
<PAGE>
Principal Market Value
Amount* (U.S.$)
- --------------------------------------------------------------------------------
Japan: 11.51%
- --------------------------------------------------------------------------------
Japan Government,
4.800%, 06/21/99 Jpy 50,000,000 $ 426,964
Japan Government,
5.000%, 09/21/98 90,000,000 748,914
Japan Government,
6.400%, 03/20/00 40,000,000 361,593
-------------
1,537,471
-------------
- --------------------------------------------------------------------------------
New Zealand: 9.56%
- --------------------------------------------------------------------------------
Government of
New Zealand,
6.500%, 02/15/00 NZ 700,000 472,385
Government of
New Zealand,
8.000%, 02/15/01 650,000 456,117
Government of
New Zealand,
8.000%, 04/15/04 500,000 348,573
-------------
1,277,075
-------------
- --------------------------------------------------------------------------------
Sweden: 5.36%
- --------------------------------------------------------------------------------
Swedish Government,
13.000%, 06/15/01 Swk 4,500,000 716,449
-------------
716,449
-------------
- --------------------------------------------------------------------------------
United Kingdom: 14.00%
- --------------------------------------------------------------------------------
Cadbury Schweppe,
8.000%, 12/29/00 Gbp 150,000 245,747
J. Sainsbury,
8.250%, 12/22/00 150,000 247,574
Midland Bank plc,
9.000%, 11/23/05 150,000 253,360
SmithKline Beecham Notes,
8.375%, 12/29/00 150,000 248,792
Thames Water Utilities,
10.500%, 11/21/01 150,000 267,977
UK Treasury,
8.500%, 12/07/05 350,000 606,449
-------------
1,869,899
-------------
- --------------------------------------------------------------------------------
Total Bonds
(cost $12,523,885) 12,501,154
================================================================================
34 DELAWARE POOLED TRUST o 1997 SEMIANNUAL REPORT
<PAGE>
Principal Market Value
Amount* (U.S.$)
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 3.43%
With J.P. Morgan Securities
5.40% 5/1/97 (dated
4/30/97, collateralized
by $99,000 U.S.
Treasury Notes 8.625%
due 8/15/97, market
value $102,108 and
$47,000 U.S. Treasury
Notes 5.125% due
4/30/98 market
value, $46,883) $ 145,000 $145,000
With PaineWebber
5.40% 5/1/97 (dated
4/30/97, collateralized
by $45,000 U.S.
Treasury Notes 6.00%
due 11/30/97, market
value $46,591 and
$100,000 U.S. Treasury
Notes 6.875% due
3/31/00, market
value $101,643) 145,000 145,000
With Prudential Securities
5.40% 5/1/97 (dated
4/30/97, collateralized
by $167,000 U.S.
Treasury Notes 6.125%
due 5/31/97, market
value $171,114) 168,000 168,000
- --------------------------------------------------------------------------------
Total Repurchase Agreements
(cost $458,000) 458,000
================================================================================
TOTAL MARKET VALUE OF SECURITIES: 97.02%
(Cost $12,981,885) $12,959,154
================================================================================
RECEIVABLES AND OTHER ASSETS
NET OF LIABILITIES: 2.98% 397,548
================================================================================
NET ASSETS APPLICABLE TO
1,333,235 SHARES ($.01 PAR VALUE)
OUTSTANDING; EQUIVALENT
TO $10.02 PER SHARE: 100.00% $13,356,702
================================================================================
COMPONENTS OF NET ASSETS
AT APRIL 30, 1997:
- --------------------------------------------------------------------------------
Common stock, $.01 par value,
500,000,000 shares authorized
to the Fund with 50,000,000
shares allocated to this Portfolio $13,332,798
Accumulated undistributed:
Net investment income** 45,958
Net realized gain on investments 8,660
Net unrealized depreciation on
investments and foreign currencies (30,714)
- --------------------------------------------------------------------------------
Total Net Assets $13,356,702
================================================================================
* Principal amount is stated in the currency in which each security is
denominated:
A$ = Australian Dollars
Dem = German Deutsche Marks
Dk = Danish Kroner
Gbp = British Pounds
Itl = Italian Lire
Jpy = Japanese Yen
NZ$ = New Zealand Dollars
Sk = Swedish Kroner
$ = U.S. Dollars
** Accumulated net investment income includes net realized gain on foreign
currencies. Net realized gains on foreign currencies are distributed as net
investment income in accordance with provisions of the Internal Revenue Code.
See accompanying notes
1997 SEMIANNUAL REPORT o DELAWARE POOLED TRUST 35
<PAGE>
===============================================================================
Delaware Pooled Trust, Inc.
Statements of Assets and Liabilities
April 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
The
The Real Estate The The
The Aggressive Investment The High-Yield International
Defensive Equity Growth Trust Fixed Income Bond Equity
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments at market $75,196,150 $11,993,588 $47,831,117 $20,834,702 $8,384,438 $399,423,121
Dividends and interest receivable 184,243 221 46,670 234,233 231,269 1,514,701
Receivable for Fund shares sold -- -- 319,922 -- -- 220,200
Receivable for investment securities sold 1,409,720 148,646 -- -- -- --
Cash and foreign currencies 7,490 21,150 57,415 -- 799 29,142
Other assets -- -- 7,982 60,854 6,453 664,067
--------------------------------------------------------------------------------
Total assets 76,797,603 12,163,605 48,263,106 21,129,789 8,622,959 401,851,231
--------------------------------------------------------------------------------
LIABILITIES:
Payable for investment securities purchased 137,056 12,723 1,051,875 -- -- --
Payable for Fund shares repurchased -- -- -- -- -- --
Distributions payable -- -- -- 16,791 -- --
Other accounts payable and accrued expenses 37,967 59,101 -- 153,912 19,337 147,180
--------------------------------------------------------------------------------
Total liabilities 175,023 71,824 1,051,875 170,703 19,337 147,180
--------------------------------------------------------------------------------
Total Net Assets $76,622,580 $12,091,781 $47,211,231 $20,959,086 $8,603,622 $401,704,051
================================================================================
Shares outstanding 4,708,119 1,083,667 3,586,248 2,124,076 838,300 25,655,106
================================================================================
Net asset value $ 16.27 $ 11.16 $ 13.16 $ 9.87 $ 10.26 $ 15.66
================================================================================
Cost of Investments $62,909,559 $11,196,976 $42,778,979 $20,924,646 $8,505,832 $349,702,052
================================================================================
</TABLE>
36 DELAWARE POOLED TRUST * 1997 SEMIANNUAL REPORT
<PAGE>
===============================================================================
<TABLE>
<CAPTION>
The The
Labor Select The Global The
International Emerging Fixed International
Equity Markets Income Fixed Income
Portfolio Portfolio Portfolio Portfolio
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS:
Investments at market $38,990,917 $5,570,846 $317,647,062 $12,959,154
Dividends and interest receivable 154,557 5,953 8,114,268 447,422
Receivable for Fund shares sold -- -- -- --
Receivable for investment securities sold -- -- -- 256,391
Cash and foreign currencies 124,114 85,480 1,434,106 5,596
Other assets 16,050 -- -- --
-----------------------------------------------------------
Total assets 39,285,638 5,662,279 327,195,436 13,668,563
-----------------------------------------------------------
LIABILITIES:
Payable for investment securities purchased -- 210,601 -- 302,341
Payable for Fund shares repurchased -- -- 175,000 --
Distributions payable -- -- -- --
Other accounts payable and accrued expenses 13,779 3,747 429,463 9,520
-----------------------------------------------------------
Total liabilities 13,779 214,348 604,463 311,861
-----------------------------------------------------------
Total Net Assets $39,271,859 $5,447,931 $326,590,973 $13,356,702
===========================================================
Shares outstanding 3,180,741 538,809 30,389,278 1,333,235
===========================================================
Net asset value $ 12.35 $ 10.11 $ 10.75 $ 10.02
===========================================================
Cost of Investments $35,671,993 $5,561,804 $322,218,458 $12,981,885
===========================================================
</TABLE>
1997 SEMIANNUAL REPORT * DELAWARE POOLED TRUST 37
<PAGE>
===============================================================================
Delaware Pooled Trust, Inc.
Statements of Operations
(Unaudited)
<TABLE>
<CAPTION>
Six Months Ended
4/30/97
----------------------------------------------------------
The
The Real Estate
The Aggressive Investment The
Defensive Equity Growth Trust Fixed Income
Portfolio Portfolio Portfolio Portfolio
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest $ 110,586 $ 57,200 $ 29,413 $ 559,189
Dividends 1,003,869 23,309 1,221,230 --
----------------------------------------------------------
1,114,455 80,509 1,250,643 559,189
----------------------------------------------------------
EXPENSES:
Management fees 209,455 104,054 150,574 33,323
Dividend disbursing and transfer agent
fees and expenses 2,975 2,003 1,886 10,604
Registration fees 1,600 2,400 9,042 2,132
Custodian fees 1,200 4,844 2,500 2,845
Reports and statements to shareholders 2,704 31,538 6,730 1,880
Professional fees 4,435 4,619 1,118 2,350
Accounting fees and salaries 12,232 5,334 6,930 3,144
Taxes (other than taxes on income) 2,400 1,250 951 305
Directors' fees 1,082 732 788 629
Amortization of organization expenses 402 426 -- 13,329
Other 3,232 5,575 202 255
----------------------------------------------------------
241,717 162,775 180,721 70,796
Less expenses absorbed by Delaware
Management Company, Inc. or
Delaware International Advisers Ltd. (123) (42,295) (8,640) (26,668)
----------------------------------------------------------
241,594 120,480 172,081 44,128
----------------------------------------------------------
NET INVESTMENT INCOME (LOSS)
BEFORE FOREIGN TAX WITHHELD: 872,861 (39,971) 1,078,562 515,061
FOREIGN TAX WITHHELD: -- -- -- --
----------------------------------------------------------
NET INVESTMENT INCOME (LOSS): 872,861 (39,971) 1,078,562 515,061
----------------------------------------------------------
NET REALIZED GAIN (LOSS) AND
UNREALIZED GAIN (LOSS)
ON INVESTMENTS AND FOREIGN
CURRENCIES:
Net realized gain (loss) on:
Investment transactions 3,620,568 2,981,682 1,143,554 (20,774)
Foreign currencies -- -- -- --
----------------------------------------------------------
Net realized gain (loss) 3,620,568 2,981,682 1,143,554 (20,774)
----------------------------------------------------------
Net unrealized appreciation
(depreciation) of investments and
foreign currencies during the period 3,012,835 (5,041,467) 2,788,623 (210,043)
----------------------------------------------------------
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCIES 6,633,403 (2,059,785) 3,932,177 (230,817)
----------------------------------------------------------
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM
OPERATIONS $7,506,264 $(2,099,756) $5,010,739 $ 284,244
==========================================================
</TABLE>
*Date of initial sale
See accompanying notes
38 DELAWARE POOLED TRUST * 1997 SEMIANNUAL REPORT
<PAGE>
===============================================================================
<TABLE>
<CAPTION>
12/2/96* 4/14/97* 4/11/97*
to Six Months Ended to Six Months Ended to
4/30/97 4/30/97 4/30/97 4/30/97 4/30/97
---------------------------------------------------------------------------------
The The
The The Labor Select The Global The
High-Yield International International Emerging Fixed International
Bond Equity Equity Markets Income Fixed Income
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest $ 199,637 $ 369,715 $ 55,726 $ 6,502 $ 9,908,010 $ 53,616
Dividends -- 4,432,148 369,386 5,863 -- --
------------------------------------------------------------------------------
199,637 4,801,863 425,112 12,365 9,908,010 53,616
------------------------------------------------------------------------------
EXPENSES:
Management fees 8,225 1,314,619 111,393 2,491 695,804 3,687
Dividend disbursing and transfer agent
fees and expenses 1,067 5,500 719 20 5,889 20
Registration fees 3,989 41,913 11,284 333 41,000 783
Custodian fees 830 110,977 2,500 3,635 48,698 1,660
Reports and statements to shareholders 1,001 28,000 8,838 10 33,616 50
Professional fees 1,868 7,038 5,001 850 3,414 125
Accounting fees and salaries 870 72,877 5,879 51 54,887 61
Taxes (other than taxes on income) 90 11,000 743 11 17,300 2
Directors' fees 261 3,047 720 50 2,531 --
Amortization of organization expenses -- 232 2,031 -- -- --
Other 938 23,644 1,120 32 19,110 70
------------------------------------------------------------------------------
19,139 1,618,847 150,228 7,483 922,249 6,458
Less expenses absorbed by Delaware
Management Company, Inc. or
Delaware International Advisers Ltd. (6,785) -- (11,380) (4,133) (94,573) (2,104)
------------------------------------------------------------------------------
12,354 1,618,847 138,848 3,350 827,676 4,354
------------------------------------------------------------------------------
NET INVESTMENT INCOME (LOSS)
BEFORE FOREIGN TAX WITHHELD: 187,283 3,183,016 286,264 9,015 9,080,334 49,262
FOREIGN TAX WITHHELD: -- (519,886) (41,677) -- -- --
------------------------------------------------------------------------------
NET INVESTMENT INCOME (LOSS): 187,283 2,663,130 244,587 9,015 9,080,334 49,262
------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) AND
UNREALIZED GAIN (LOSS)
ON INVESTMENTS AND FOREIGN
CURRENCIES:
Net realized gain (loss) on:
Investment transactions 37,725 2.676,736 59,024 -- 2,440,066 8,660
Foreign currencies -- 5,896,398 495,541 (1,089) 6,065,107 (3,304)
------------------------------------------------------------------------------
Net realized gain (loss) 37,725 8,573,134 554,565 (1,089) 8,505,173 5,356
------------------------------------------------------------------------------
Net unrealized appreciation
(depreciation) of investments and
foreign currencies during the period (121,394) 18,766,577 1,879,693 8,808 (19,450,642) (30,714)
------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCIES (83,669) 27,339,711 2,434,258 7,719 (10,945,469) (25,358)
------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM
OPERATIONS $ 103,614 $30,002,841 $2,678,845 $16,734 $(1,865,135) $ 23,904
==============================================================================
</TABLE>
1997 SEMIANNUAL REPORT * DELAWARE POOLED TRUST 39
<PAGE>
===============================================================================
Delaware Pooled Trust, Inc.
Statements of Changes in Net Assets
(Unaudited)
<TABLE>
<CAPTION>
Six Months Ended
4/30/97
----------------------------------------------------------
The
The Real Estate
The Aggressive Investment The
Defensive Equity Growth Trust Fixed Income
Portfolio Portfolio Portfolio Portfolio
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss) $ 872,861 $ (39,971) $ 1,078,562 $ 515,061
Net realized gain (loss) on investments
and foreign currencies 3,620,568 2,981,682 1,143,554 (20,774)
Net unrealized appreciation
(depreciation) of investments and
foreign currencies during the period 3,012,835 (5,041,467) 2,788,623 (210,043)
---------------------------------------------------------------
Net increase (decrease) in net assets
resulting from operations 7,506,264 (2,099,756) 5,010,739 284,244
---------------------------------------------------------------
DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Net investment income (1,421,349) -- (1,524,572) (515,061)
Net realized gain from security
transactions (6,352,621) (4,575,497) (1,672,794) --
---------------------------------------------------------------
(7,773,970) (4,575,497) (3,197,366) (515,061)
---------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold 10,179,659 549,433 16,535,973 10,312,344
Net asset value of shares issued upon
reinvestment of dividends from net
investment income and net realized gain
from security transactions 7,605,007 4,575,497 3,197,366 435,054
---------------------------------------------------------------
17,784,666 5,124,930 19,733,339 10,747,398
Cost of shares repurchased (8,073,264) (14,883,440) (803,119) (75,060)
---------------------------------------------------------------
Increase (decrease) in net assets derived
from capital share transactions 9,711,402 (9,758,510) 18,930,220 10,672,338
---------------------------------------------------------------
NET INCREASE (DECREASE) IN
NET ASSETS: 9,443,696 (16,433,763) 20,743,593 10,441,521
NET ASSETS:
Beginning of period 67,178,884 28,525,544 26,467,638 10,517,565
---------------------------------------------------------------
End of period $76,622,580 $12,091,781 $47,211,231 $20,959,086
===============================================================
</TABLE>
*Date of initial sale
See accompanying notes
40 DELAWARE POOLED TRUST * 1997 SEMIANNUAL REPORT
<PAGE>
<TABLE>
<CAPTION>
12/2/96* 4/14/97* 4/11/97*
to Six Months Ended to Six Months Ended to
4/30/97 4/30/97 4/30/97 4/30/97 4/30/97
------------------------------------------------------------------------------------------
The The
The The Labor Select The Global The
High-Yield International International Emerging Fixed International
Bond Equity Equity Markets Income Fixed Income
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss) $ 187,283 $ 2,663,130 $ 244,587 $ 9,015 $ 9,080,334 $ 49,262
Net realized gain (loss) on investments
and foreign currencies 37,725 8,573,134 554,565 (1,089) 8,505,173 5,356
Net unrealized appreciation
(depreciation) of investments and
foreign currencies during the period (121,394) 18,766,577 1,879,693 8,808 (19,450,642) (30,714)
----------------------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from operations 103,614 30,002,841 2,678,845 16,734 (1,865,135) 23,904
----------------------------------------------------------------------------------------
DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Net investment income (132,989) (9,568,176) (935,014) -- (15,124,328) --
Net realized gain from security
transactions -- -- -- -- (3,784,780) --
----------------------------------------------------------------------------------------
(132,989) (9,568,176) (935,014) -- (18,909,108) --
----------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold 8,500,008 74,475,495 15,602,516 5,431,197 82,235,006 13,332,788
Net asset value of shares issued upon
reinvestment of dividends from net
investment income and net realized gain
from security transactions 132,989 8,829,179 935,014 -- 15,539,378 --
----------------------------------------------------------------------------------------
8,632,997 83,304,674 16,537,530 5,431,197 97,774,384 13,332,788
Cost of shares repurchased -- (1,985,131) (2,163,117) -- (2,477,419) --
----------------------------------------------------------------------------------------
Increase (decrease) in net assets derived
from capital share transactions 8,632,997 81,319,543 14,374,413 5,431,197 95,296,965 13,332,788
----------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN
NET ASSETS: 8,603,622 101,754,208 16,118,244 5,447,931 74,522,722 13,356,692
NET ASSETS:
Beginning of period -- 299,949,843 23,153,615 -- 252,068,251 10
----------------------------------------------------------------------------------------
End of period $8,603,622 $401,704,051 $39,271,859 $5,447,931 $326,590,973 $13,356,702
========================================================================================
</TABLE>
1997 SEMIANNUAL REPORT * DELAWARE POOLED TRUST 41
<PAGE>
================================================================================
Delaware Pooled Trust, Inc.
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
12/6/95* 3/12/96* 12/19/95*
Year Ended to to Year Ended to Year Ended
10/31/96 10/31/96 10/31/96 10/31/96 10/31/96 10/31/96
---------------------------------------------------------------------------------------------
The Real The Labor The
The The Estate The The Select Global
Defensive Aggressive Investment Fixed International International Fixed
Equity Growth Trust Income Equity Equity Income
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss) $ 1,792,025 $ (49,150) $ 1,367,988 $ 310,760 $ 5,549,857 $ 383,778 $ 11,536,031
Net realized gain (loss) on
investments and foreign
currencies 6,423,225 4,554,847 1,655,753 (40,384) 2,291,454 399,170 5,273,549
Net unrealized appreciation of
investments and foreign
currencies during the period 5,345,676 154,982 2,263,515 120,099 26,883,462 1,488,711 9,570,431
-------------------------------------------------------------------------------------------------
Net increase in net assets
resulting from operations 13,560,926 4,660,679 5,287,256 390,475 34,724,773 2,271,659 26,380,011
-------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Net investment income (1,659,884) (81,854) (199,358) (310,760) (6,354,756) (138,359) (10,006,060)
Net realized gain from
security transactions (4,186,924) (1,194,103) -- -- (1,816,432) -- (1,840,321)
-------------------------------------------------------------------------------------------------
(5,846,808) (1,275,957) (199,358) (310,760) (8,171,188) (138,359) (11,846,381)
-------------------------------------------------------------------------------------------------
CAPITAL SHARE
TRANSACTIONS:
Proceeds from shares sold 13,087,899 2,730,729 21,180,890 10,119,174 118,583,942 24,581,956 133,893,172
Net asset value of shares issued
upon reinvestment of
dividends from net
investment income and
net realized gain from
security transactions 5,677,329 1,275,957 199,358 297,676 7,927,782 138,359 9,235,082
-------------------------------------------------------------------------------------------------
18,765,228 4,006,686 21,380,248 10,416,850 126,511,724 24,720,315 143,128,254
-------------------------------------------------------------------------------------------------
Cost of shares repurchased (11,247,559) (7,957,748) (508) -- (9,582,578) (3,700,000) (4,754,302)
-------------------------------------------------------------------------------------------------
Increase (decrease) in net
assets derived from capital
share transactions 7,517,669 (3,951,062) 21,379,740 10,416,850 116,929,146 21,020,315 138,373,952
-------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE)
IN NET ASSETS: 15,231,787 (566,340) 26,467,638 10,496,565 143,482,731 23,153,615 152,907,582
NET ASSETS:
Beginning of period 51,947,097 29,091,884 -- 21,000 156,467,112 -- 99,160,669
-------------------------------------------------------------------------------------------------
End of period $67,178,884 $28,525,544 $26,467,638 $10,517,565 $299,949,843 $23,153,615 $252,068,251
-------------------------------------------------------------------------------------------------
</TABLE>
*Date of initial sale
See accompanying notes
42 DELAWARE POOLED TRUST * 1997 SEMIANNUAL REPORT
<PAGE>
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 Year 2/3/92(1)
Ended Ended Ended Ended Ended to
4/30/97(4) 10/31/96 10/31/95 10/31/94 10/31/93 10/31/92
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $16.4600 $14.6600 $13.0800 $12.7300 $10.6600 $10.0000
Income from investment operations:
Net investment income 0.1809 0.4404 0.4303 0.3203 0.2841 0.2291
Net realized and unrealized gain
from security transactions 1.4591 2.9596 1.9797 0.6527 2.3159 0.5109
---------------------------------------------------------------------------------
Total from investment operations 1.6400 3.4000 2.4100 0.9730 2.6000 0.7400
---------------------------------------------------------------------------------
Less distributions:
Dividends from net investment income (0.3300) (0.4400) (0.3400) (0.2800) (0.3200) (0.0800)
Distributions from net realized gain
from security transactions (1.5000) (1.1600) (0.4900) (0.3430) (0.2100) --
---------------------------------------------------------------------------------
Total distributions (1.8300) (1.6000) (0.8300) (0.6230) (0.5300) (0.0800)
---------------------------------------------------------------------------------
Net asset value, end of period $16.2700 $16.4600 $14.6600 $13.0800 $12.7300 $10.6600
=================================================================================
Total return 10.87% 24.87% 19.77% 7.96% 25.17% 10.13%
Ratios/supplemental data:
Net assets, end of period (000 omitted) $ 76,623 $ 67,179 $ 51,947 $ 37,323 $ 13,418 $ 4,473
Ratio of expenses to average net assets 0.64%(2) 0.67%(2) 0.68%(2) 0.68%(2) 0.68%(2) 0.68%(2)
Ratio of net investment income to
average net assets 2.30%(3) 2.85%(3) 3.33%(3) 3.26%(3) 2.90%(3) 3.65%(3)
Portfolio turnover 72% 74% 88% 73% 37% 28%
Average commission rate paid $ 0.0600 $ 0.0600 N/A N/A N/A N/A
</TABLE>
- --------------------------------------------------------------------------------
(1) Date of initial sale; ratios and total return have been annualized.
(2) Ratio of expenses to average net assets prior to expense limitation was
0.64% for the six months ended 4/30/97, 0.70% for the year ended 10/31/96,
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.
(3) Ratio of net investment income to average net assets prior to expense
limitation was 2.30% for the six months ended 4/30/97, 2.83% for the year
ended 10/31/96, 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.
(4) Ratios have been annualized and total return has not been annualized.
1997 SEMIANNUAL REPORT o DELAWARE POOLED TRUST 43
<PAGE>
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 Year 2/3/92(1)
Ended Ended Ended Ended Ended to
4/30/97(4) 10/31/96 10/31/95 10/31/94 10/31/93 10/31/92
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $14.5700 $12.8600 $11.0100 $11.2000 $ 9.0400 $10.0000
Income (loss) from investment operations:
Net investment income (loss) (0.0572) (0.0188) 0.0428 0.0075 0.0181 0.0167
Net realized and unrealized gain (loss)
from security transactions (0.9728) 2.3913 2.0552 0.0325 2.1589 (0.9767)
---------------------------------------------------------------------------------
Total from investment operations (1.0300) 2.3725 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 (2.3800) (0.6200) (0.2360) (0.2100) none none
---------------------------------------------------------------------------------
Total distributions (2.3800) (0.6625) (0.2480) (0.2300) (0.0170) none
---------------------------------------------------------------------------------
Net asset value, end of period $11.1600 $14.5700 $12.8600 $11.0100 $ 11.2000 $9.0400
=================================================================================
Total return (8.60%) 19.19% 19.61% 0.34% 24.10% (13.89%)
Ratios/supplemental data:
Net assets, end of period (000 omitted) $ 12,092 $28,526 $ 29,092 $ 22,640 $ 20,478 $ 4,538
Ratio of expenses to average net assets 0.93%(2) 0.90% (2) 0.93%(2) 0.93%(2) 0.93%(2) 0.93%(2)
Ratio of net investment income (loss)
to average net assets (0.31%)(3) (0.18%)(3) 0.37%(3) 0.07%(3) 0.23%(3) 0.28%(3)
Portfolio turnover 120% 95% 64% 43% 81% 34%
Average commission rate paid $0.0599 $0.0600 N/A N/A N/A N/A
</TABLE>
- --------------------------------------------------------------------------------
(1) Date of initial sale; ratios and total return have been annualized.
(2) Ratio of expenses to average net assets prior to expense limitation was
1.25% for the six months ended 4/30/97, 1.01% for the year ended 10/31/96,
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.
(3) Ratio of net investment income to average net assets prior to expense
limitation was (0.63%) for the six months ended 4/30/97, (0.29%) for the
year ended 10/31/96, 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.
(4) Ratios have been annualized and total return has not been annualized.
44 1997 SEMIANNUAL REPORT o DELAWARE POOLED TRUST
<PAGE>
Financial Highlights (Continued)
Selected data for each share of the Portfolio outstanding throughout each
period were as follows:
The Real Estate Investment Trust Portfolio
- --------------------------------------------------------------------------------
Six Months 12/6/95(1)
Ended to
4/30/97(4) 10/31/96
Net asset value, beginning of period $ 12.4900 $ 10.0000
Income from investment operations:
Net investment income 0.3700 0.6515
Net realized and unrealized gain from
security transactions 1.8100 1.9385
--------------------------
Total from investment operations 2.1800 2.5900
--------------------------
Less distributions:
Dividends from net investment income (0.7200) (0.1000)
Distributions from net realized gain
from security transactions (0.7900) --
--------------------------
Total distributions (1.5100) (0.1000)
--------------------------
Net asset value, end of period $ 13.1600 $ 12.4900
==========================
Total return 18.57% 26.12%
Ratios/supplemental data:
Net assets, end of period (000 omitted) $ 47,211 $ 26,468
Ratio of expenses to average net assets 0.87%(2) 0.89%(2)
Ratio of net investment income to
average net assets 5.43%(3) 6.70%(3)
Portfolio turnover 68% 109%
Average commission rate paid $ 0.0568 $ 0.0600
- --------------------------------------------------------------------------------
(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
0.91% for the six months ended 4/30/97 and 1.02% for the period from
12/6/95 to 10/31/96.
(3) Ratio of net investment income to average net assets prior to expense
limitation was 5.39% for the six months ended 4/30/97 and 6.57% for the
period from 12/6/95 to 10/31/96.
(4) Ratios have been annualized and total return has not been annualized.
1997 SEMIANNUAL REPORT o DELAWARE POOLED TRUST 45
<PAGE>
Financial Highlights (Continued)
Selected data for each share of the Portfolio outstanding throughout each
period were as follows:
The Fixed Income Portfolio
- --------------------------------------------------------------------------------
Six Months 3/12/96/(1)
Ended to
4/30/97(4) 10/31/96
Net asset value, beginning of period $10.0100 $10.000
Income from investment operations:
Net investment income 0.3024 0.3856
Net realized and unrealized gain (loss)
from security transactions (0.1400) 0.0100
-----------------------
Total from investment operations 0.1624 0.3956
-----------------------
Less distributions:
Dividends from net investment income (0.3024) (0.3856)
Distributions from net realized gain
from security transactions -- --
-----------------------
Total distributions (0.3024) (0.3856)
-----------------------
Net asset value, end of period $9.8700 $10.0100
=======================
Total return 1.64% 4.08%
Ratios/supplemental data:
Net assets, end of period (000 omitted) $20,959 $10,518
Ratio of expenses to average net assets 0.52%(2) 0.53%(2)
Ratio of net investment income to
average net assets 6.13%(3) 6.14%(3)
Portfolio turnover 314% 232%
- --------------------------------------------------------------------------------
(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
0.84% for the six months ended 4/30/97 and 1.20% for the period from
3/12/96 to 10/31/96.
(3) Ratio of net investment income to average net assets prior to expense
limitation was 5.81% for the six months ended 4/30/97 and 5.47% for the
period from 3/12/96 to 10/31/96.
(4) Ratios have been annualized and total return has not been annualized.
46 1997 SEMIANNUAL REPORT o DELAWARE POOLED TRUST
<PAGE>
Financial Highlights (Continued)
Selected data for each share of the Portfolio outstanding throughout each
period were as follows:
The High-Yield Bond Portfolio
- --------------------------------------------------------------------------------
12/2/96(1)
to
4/30/97
Net asset value, beginning of period $10.0000
Income from investment operations:
Net investment income 0.3300
Net realized and unrealized gain from security transactions 0.1950
--------
Total from investment operations 0.5250
--------
Less distributions:
Dividends from net investment income (0.2650)
Distributions from net realized gain from security transactions --
--------
Total distributions (0.2650)
--------
Net asset value, end of period $10.2600
========
Total return 5.29%
Ratios/supplemental data:
Net assets, end of period (000 omitted) $8,604
Ratio of expenses to average net assets 0.59%
Ratio of net investment income (loss) to average net assets 8.86%
Portfolio turnover 125%
- -------------------------------------------------------------------------------
(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
0.91% for the period from 12/2/96 to 4/30/97.
(3) Ratio of net investment income to average net assets prior to expense
limitation was 8.54% for the period from 12/2/96 to 4/30/97.
1997 SEMIANNUAL REPORT o DELAWARE POOLED TRUST 47
<PAGE>
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 Year 2/3/92(1)
Ended Ended Ended Ended Ended to
4/30/97(4) 10/31/96 10/31/95 10/31/94 10/31/93 10/31/92
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $14.7800 $13.1200 $13.1100 $11.9900 $9.5000 $10.0000
Income (loss) from investment operations:
Net investment income 0.3466 0.5063 0.4749 0.1440 0.2414 0.2282
Net realized and unrealized gain (loss)
from investments and foreign currencies 0.9934 1.7937 0.0011 1.2360 2.5686 (0.6282)
----------------------------------------------------------------------------------
Total from investment operations 1.3400 2.3000 0.4760 1.3800 2.8100 (0.4000)
----------------------------------------------------------------------------------
Less distributions:
Dividends from net investment income (0.4600) (0.4900) (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 (0.4600) (0.6400) (0.4660) (0.2600) (0.3200) (0.1000)
----------------------------------------------------------------------------------
Net asset value, end of period $15.6600 $14.7800 $13.1200 $13.1100 $11.9900 $9.5000
===================================================================================
Total return 9.23% 18.12% 3.91% 11.66% 30.28% (5.44%)
Ratios/supplemental data:
Net assets, end of period (000 omitted) $401,704 $299,950 $156,467 $70,820 $24,288 $5,966
Ratio of expenses to average net assets 0.93% 0.89% 0.90% 0.94%(2) 0.96%(2) 0.96%(2)
Ratio of net investment income to average
net assets 4.92% 4.36% 4.81% 1.36%(3) 2.98%(3) 4.67%(3)
Portfolio turnover 9% 8% 20% 22% 28% 2%
Average commission rate paid $0.0295 $0.0198 N/A N/A N/A N/A
</TABLE>
- --------------------------------------------------------------------------------
(1) Date of initial sale; ratios and total return have been annualized.
(2) 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.
(3) 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.
(4) Ratios have been annualized and total return has not been annualized.
48 1997 SEMIANNUAL REPORT o DELAWARE POOLED TRUST
<PAGE>
Financial Highlights (Continued)
Selected data for each share of the Portfolio outstanding throughout each
period were as follows:
The Labor Select International Equity Portfolio
- --------------------------------------------------------------------------------
Six Months 12/19/95(1)
Ended to
4/30/97(4) 10/31/96
Net asset value, beginning of period $11.6900 $10.0000
Income from investment operations:
Net investment income 0.6344 0.4785
Net realized and unrealized gain from
investments and foreign currencies 0.4856 1.3115
--------------------------
Total from investment operations 1.1200 1.7900
--------------------------
Less distributions:
Dividends from net investment income (0.4600) (0.1000)
Distributions from net realized gain
from security transactions -- --
--------------------------
Total distributions (0.4600) (0.1000)
--------------------------
Net asset value, end of period $12.3500 $11.6900
==========================
Total return 9.81% 17.97%
Ratios/supplemental data:
Net assets, end of period (000 omitted) $39,272 $23,154
Ratio of expenses to average net assets 0.94%(2) 0.92%(2)
Ratio of net investment income to average net assets 5.03%(3) 6.64%(3)
Portfolio turnover 4% 7%
Average commission rate paid $0.0327 $0.0330
- --------------------------------------------------------------------------------
(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
1.02% for the six months ended 4/30/96 and 1.30% for the period from
12/19/95 to 10/31/96.
(3) Ratio of net investment income to average net assets prior to expense
limitation was 4.95% for the six months ended 4/30/96 and 6.26% for the
period from 12/19/95 to 10/31/96.
(4) Ratios have been annualized and total return has not been annualized.
1997 SEMIANNUAL REPORT o DELAWARE POOLED TRUST 49
<PAGE>
Financial Highlights (Continued)
Selected data for each share of the Portfolio outstanding throughout each
period were as follows:
The Emerging Markets Portfolio
- --------------------------------------------------------------------------------
4/14/97(1)
to
4/30/97
Net asset value, beginning of period $10.0000
Income from investment operations:
Net investment income 0.0147
Net realized and unrealized gain from investments
and foreign currencies 0.0953
--------
Total from investment operations 0.1100
--------
Less distributions:
Dividends from net investment income --
Distributions from net realized gain from security transactions --
--------
Total distributions --
--------
Net asset value, end of period $10.1100
========
Total return 1.10%
Ratios/supplemental data:
Net assets, end of period (000 omitted) $5,448
Ratio of expenses to average net assets 1.50%
Ratio of net investment income to average net assets 0.92%
Portfolio turnover 0%
Average commission rate paid $0.0093
- --------------------------------------------------------------------------------
(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
3.35% for the period from 4/14/97 to 4/30/97.
(3) Ratio of net investment income (loss) to average net assets prior to
expense limitation was (0.93%) for the period from 4/14/97 to 4/30/97.
50 1997 SEMIANNUAL REPORT o DELAWARE POOLED TRUST
<PAGE>
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 Year 11/30/92(1)
Ended Ended Ended Ended to
4/30/97(4) 10/31/96 10/31/95 10/31/94 10/31/93
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $11.6200 $11.0400 $9.7900 $11.0900 $10.000
Income (loss) from investment operations:
Net investment income 0.5985 0.7774 0.7357 0.4189 0.9547
Net realized and unrealized gain (loss) from
investments and foreign currencies (0.6435) 0.7246 0.9243 (0.1929) 0.7433
-----------------------------------------------------------------
Total from investment operations (0.0450) 1.5020 1.6600 0.2260 1.6980
-----------------------------------------------------------------
Less distributions:
Dividends from net investment income (0.6550) (0.7200) (0.4100) (0.9490) (0.6080)
Distributions from net realized gain from
security transactions (0.1700) (0.2020) -- (0.5770) --
-----------------------------------------------------------------
Total distributions (0.8250) (0.9220) (0.4100) (1.5260) (0.6080)
-----------------------------------------------------------------
Net asset value, end of period $10.7500 $11.6200 $11.0400 $9.7900 $11.0900
=================================================================
Total return (0.47%) 16.40% 17.38% 2.07% 18.96%
Ratios/supplemental data:
Net assets, end of period (000 omitted) $326,591 $252,068 $99,161 $42,266 $29,313
Ratio of expenses to average net assets 0.60%(2) 0.60%(2) 0.60%(2) 0.62%(2) 0.62%(2)
Ratio of net investment income (loss)
to average net assets 10.94%(3) 8.52%(3) 6.73%(3) 3.62%(3) 0.68%(3)
Portfolio turnover 118% 63% 77% 205% 198%
</TABLE>
- -------------------------------------------------------------------------------
(1) Date of initial sale; ratios and total return have been annualized.
(2) Ratio of expenses to average net assets prior to expense limitation was
0.67% for the six months ended 4/30/97 0.66% for the year ended
10/31/96, 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.
(3) Ratio of net investment income to average net assets prior to expense
limitation was 10.87% for the six months ended 4/30/97, 8.46% for the year
ended 10/31/96, 6.65% for the year ended 10/31/95, 3.48% for the year ended
10/31/94, 10.42% for the period from 11/30/92 to 10/31/93.
(4) Ratios have been annualized and total return has not been annualized.
1997 SEMIANNUAL REPORT o DELAWARE POOLED TRUST 51
<PAGE>
Financial Highlights (Continued)
Selected data for each share of the Portfolio outstanding throughout each
period were as follows:
The International Fixed Income Portfolio
- --------------------------------------------------------------------------------
4/11/97(1)
to
4/30/97
Net asset value, beginning of period $10.0000
Income from investment operations:
Net investment income 0.0345
Net realized and unrealized loss from investments and foreign
currencies (0.0145)
---------
Total from investment operations 0.0200
---------
Less distributions:
Dividends from net investment income --
Distributions from net realized gain from security transactions --
---------
Total distributions --
---------
Net asset value, end of period $ 10.0200
=========
Total return 0.20%
Ratios/supplemental data:
Net assets, end of period (000 omitted) $ 13,357
Ratio of expenses to average net assets 0.60%
Ratio of net investment income (loss) to average net assets 6.32%
Portfolio turnover 308%
- --------------------------------------------------------------------------------
(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
0.89% for the period from 4/11/97 to 4/30/97.
(3) Ratio of net investment income to average net assets prior to expense
limitation was 6.03% for the period from 4/11/97 to 4/30/97.
52 1997 SEMIANNUAL REPORT o DELAWARE POOLED TRUST
<PAGE>
Delaware Pooled Trust, Inc.
Notes to Financial Statements
April 30, 1997
(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
High-Yield Bond Portfolio, The International Equity Portfolio, The Labor Select
International Equity Portfolio, The Emerging Markets Portfolio, The Global Fixed
Income Portfolio, and The International Fixed Income Portfolio had commenced
operations prior to April 30, 1997. The Defensive Equity Small/Mid-Cap Portfolio
and The Limited-Term Maturity Portfolio had not commenced operations as of April
30, 1997.
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 pm 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 has been made.
Income and capital gain distributions are determined in accordance with federal
income tax regulations which may differ from generally accepted accounting
principles.
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 the
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 pm EST. Forward foreign currency
contracts are valued at the mean between the bid and asked prices of the
contracts. Interpolated values are derived when the settlement date of the
contract is an interim date for which quotations are not available.
The effects of changes in foreign currency exchange rates on investments in
securities are not segregated from the effects of changes in market prices of
those securities, but are included with the net realized and unrealized gain or
loss on investment in securities. Reported net realized gains and losses on
foreign currency transactions arise from sales and maturities of forward foreign
currency contracts, gain or loss on currency held, currency gains and losses
between the trade and settlement dates on securities transactions, and the
differences between the amounts of dividends, interest, and foreign withholding
taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts
actually received or paid. Net changes in unrealized appreciation or
depreciation on translation of assets and liabilities in foreign currencies
arise from changes in the value of other assets and liabilities at the end of
the period resulting from changes in exchange rates.
Use of Estimates-The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities at
the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.
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.
1997 SEMIANNUAL REPORT * DELAWARE POOLED TRUST 53
<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, The Fixed Income Portfolio, and The High-Yield Bond Portfolio, and
Delaware International Advisers Ltd. (DIAL), the investment manager of The
International Equity Portfolio, The Labor Select International Equity Portfolio,
The Emerging Markets Portfolio, The Global Fixed Income Portfolio, and The
International Fixed Income Portfolio, will receive an annual fee which is
calculated on the net assets of each Portfolio less fees paid to the independent
directors, except for The Labor Select International Equity Portfolio, The Real
Estate Investment Trust Portfolio, The High-Yield Bond Portfolio, The Emerging
Markets Portfolio, and The International Fixed Income Portfolio. The management
fees for The Labor Select International Equity Portfolio, The Real Estate
Investment Trust Portfolio, The High-Yield Bond Portfolio, The Emerging Markets
Portfolio, and The International Fixed Income Portfolio are calculated daily on
the net assets of each Portfolio without consideration of amounts paid to
unaffiliated 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 Real Estate
The Aggressive Investment The
Defensive Equity Growth Trust Fixed Income
Portfolio Portfolio Portfolio Portfolio
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Management fees as a percentage
of average daily net assets
(per annum) 0.55% 0.80% 0.75% 0.40%
============================================================================================
</TABLE>
At April 30, 1997, the Portfolios had liabilities for Investment Management fees
and other expenses payable to DMC or DIAL as follows:
<TABLE>
<CAPTION>
The
The Real Estate
The Aggressive Investment The
Defensive Equity Growth Trust Fixed Income
Portfolio Portfolio Portfolio Portfolio
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Investment management fees
and other expenses payable
to DMC or DIAL $38,380 $4,196 $28,008 $11,848
============================================================================================
</TABLE>
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%, 0.59%, 0.96%, 0.96%, 1.50%, 0.60%, and 0.60% for The Defensive
Equity Portfolio, The Aggressive Growth Portfolio, The Real Estate Investment
Trust Portfolio, The Fixed Income Portfolio, The High-Yield Bond Portfolio, The
Intenational Equity Portfolio, The Labor Select International Equity Portfolio,
The Emerging Markets Portfolio, The Global Fixed Income Portfolio, and The
International Fixed Income Portfolio, respectively through October 31, 1997.
Total expenses absorbed by DMC or DIAL are as follows:
<TABLE>
<CAPTION>
The
The Real Estate
The Aggressive Investment The
Defensive Equity Growth Trust Fixed Income
Portfolio Portfolio Portfolio Portfolio
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Total expenses absorbed by
DMC or DIAL $ 123 $42,295 $ 8,640 $26,668
============================================================================================
</TABLE>
54 DELAWARE POOLED TRUST * 1997 SEMIANNUAL REPORT
<PAGE>
<TABLE>
<CAPTION>
The The
The The Labor Select The Global The
High-Yield International International Emerging Fixed International
Bond Equity Equity Markets Income Fixed Income
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Management fees as a percentage
of average daily net assets
(per annum) 0.45% 0.75% 0.75% 1.10% 0.50% 0.50%
=======================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
The The
The The Labor Select The Global The
High-Yield International International Emerging Fixed International
Bond Equity Equity Markets Income Fixed Income
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Investment management fees
and other expenses payable
to DMC or DIAL $8,225 $92,361 $14,052 $ - $136,609 $1,584
=======================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
The The
The The Labor Select The Global The
High-Yield International International Emerging Fixed International
Bond Equity Equity Markets Income Fixed Income
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Total expenses absorbed by
DMC or DIAL $6,785 $ - $11,380 $4,133 $ 94,573 $2,104
=======================================================================================================================
</TABLE>
1997 SEMIANNUAL REPORT * DELAWARE POOLED TRUST 55
<PAGE>
2. Investment Management (Continued)
The Fund has engaged Delaware Service Company, Inc. (DSC), an affiliate of DMC,
to serve as dividend disbursing and transfer agent for the Portfolios. The Fund
also engaged DSC to provide accounting services for the funds. Previously, fund
personnel provided this service and the related costs were recorded in salaries
and other expense categories in the Statement of Operations. At April 30, 1997
the amount expensed by the Portfolios and the liability for such fees and other
expenses payable to DSC are as follows:
<TABLE>
<CAPTION>
The
The Real Estate
The Aggressive Investment The
Defensive Equity Growth Trust Fixed Income
Portfolio Portfolio Portfolio Portfolio
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Amount expensed for accounting
services $ 9,120 $ 4,211 $ 5,188 $ 2,404
Amount expensed for dividend
disbursing and transfer
agent services 2,975 2,003 1,886 10,604
Dividend disbursing, transfer
agent fees, accounting service
fees, and other expenses payable 2,040 982 1,764 4,328
===========================================================================================
</TABLE>
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.
3. Investments
During the six months ended April 30, 1997, 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 Real Estate
The Aggressive Investment The
Defensive Equity Growth Trust Fixed Income
Portfolio Portfolio Portfolio Portfolio
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Purchases $25,398,644 $14,149,542 $29,810,557 $16,397,323
Sales 25,692,238 27,028,914 13,163,214 7,993,812
=============================================================================================
</TABLE>
Investment securities based on cost for federal income tax purposes at April 30,
1997, are as follows:
<TABLE>
<CAPTION>
The
The Real Estate
The Aggressive Investment The
Defensive Equity Growth Trust Fixed Income
Portfolio Portfolio Portfolio Portfolio
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Cost of investments $62,910,384 $12,013,364 $42,778,979 $20,924,646
------------------------------------------------------------
Aggregate unrealized appreciation 13,477,917 1,401,961 5,143,407 33,442
Aggregate unrealized depreciation (1,192,151) (1,421,737) (91,269) (123,386)
Net unrealized appreciation ------------------------------------------------------------
(depreciation) $12,285,766 $ (19,776) $5,052,138 $ (89,944)
===============================================================================================
</TABLE>
56 DELAWARE POOLED TRUST * 1997 SEMIANNUAL REPORT
<PAGE>
<TABLE>
<CAPTION>
The The
The The Labor Select The Global The
High-Yield International International Emerging Fixed International
Bond Equity Equity Markets Income Fixed Income
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Amount expensed for accounting $ 609 $58,118 $ 4,611 $ 30 $ 43,644 $ 50
services
Amount expensed for dividend
disbursing and transfer 1,067 5,500 719 20 5,889 20
agent services
Dividend disbursing, transfer
agent fees, accounting service 3,192 7,823 1,348 - 5,402 403
fees, and other expenses payable
===========================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
The The
The The Labor Select The Global The
High-Yield International International Emerging Fixed International
Bond Equity Equity Markets Income Fixed Income
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Purchases $11,142,543 $ 80,297,094 $11,142,543 $4,870,804 $231,829,550 $14,627,945
Sales 2,702,436 15,018,372 2,702,436 - 150,621,484 2,112,719
==========================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
The The
The The Labor Select The Global The
High-Yield International International Emerging Fixed International
Bond Equity Equity Markets Income Fixed Income
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Cost of investments $ 8,505,832 $349,702,052 $35,617,993 $5,561,804 $322,218,458 $12,981,885
----------------------------------------------------------------------------------------
Aggregate unrealized appreciation 28,281 58,905,821 3,926,199 108,552 3,994,836 45,038
Aggregate unrealized depreciation (149,675) (9,184,752) (553,275) (99,510) (8,566,232) (67,769)
----------------------------------------------------------------------------------------
Net unrealized appreciation
(depreciation) $ (121,394) $49,721,069 $ 3,372,922 $ 9,042 $ (4,571,396) $ (22,731)
==========================================================================================================================
</TABLE>
1997 SEMIANNUAL REPORT * DELAWARE POOLED TRUST 57
<PAGE>
4. Capital Stock
Transactions in capital stock shares were as follows:
<TABLE>
<CAPTION>
The The
Defensive Equity Aggressive Growth
Portfolio Portfolio
- ---------------------------------------------------------------------------------
Six Months Year Six Months Year
Ended Ended Ended Ended
4/30/97 10/31/96 4/30/97 10/31/96
- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold 627,776 867,203 37,958 185,079
Shares issued upon
reinvestment of
dividends from
net investment
income and net
realized gains from
security transactions 501,318 394,721 367,510 100,154
- ---------------------------------------------------------------------------------
1,129,094 1,261,924 405,468 285,233
Shares repurchased (501,780) (725,191) (1,279,839) (588,835)
- ---------------------------------------------------------------------------------
Net increase
(decrease) 627,314 536,733 (874,371) (303,602)
=================================================================================
</TABLE>
*Date of initial sale
<TABLE>
<CAPTION>
The The Labor Select
International Equity International Equity
Portfolio Portfolio
- -----------------------------------------------------------------------------------------------------
Six Months Year Six Months 12/19/95*
Ended Ended Ended to
4/30/97 10/31/96 4/30/97 10/31/96
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold 4,897,312 8,473,181 1,304,070 2,288,206
Shares issued
upon reinvestment of
dividends from net investment
income and net realized gains
from security transactions 592,617 595,756 79,830 12,445
- -----------------------------------------------------------------------------------------------------
5,489,929 9,068,937 1,383,900 2,300,651
Shares repurchased (129,557) (697,650) (184,252) (319,558)
- -----------------------------------------------------------------------------------------------------
Net increase (decrease) 5,360,372 8,371,287 1,199,648 1,981,093
=====================================================================================================
</TABLE>
*Date of initial sale
58 DELAWARE POOLED TRUST * 1997 SEMIANNUAL REPORT
<PAGE>
<TABLE>
<CAPTION>
The Real Estate The The
Investment Trust Fixed Income High-Yield Bond
Portfolio Portfolio Portfolio
- ------------------------------------------------------------------------------------------------
Six Months 12/6/95* Six Months 3/12/96* 12/2/96*
Ended to Ended to to
4/30/97 10/31/96 4/30/97 10/30/96 4/30/97
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Shares sold 1,262,486 2,099,590 1,036,645 1,018,936 825,311
Shares issued upon
reinvestment of
dividends from
net investment
income and net
realized gains from
security transactions 265,341 19,488 43,832 30,141 12,989
- -----------------------------------------------------------------------------------------------
1,527,827 2,119,078 1,080,477 1,049,077 838,300
Shares repurchased (60,611) (46) (7,578) -- --
- -----------------------------------------------------------------------------------------------
Net increase
(decrease) 1,467,216 2,119,032 1,072,899 1,049,077 838,300
================================================================================================
</TABLE>
*Date of initial sale
<TABLE>
<CAPTION>
The Emerging The Global The International
Markets Fixed Income Fixed Income
Portfolio Portfolio Portfolio
- ---------------------------------------------------------------------------------------------------------
4/14/97* Six Months Year 4/11/97*
to Ended Ended to
4/30/97 4/30/97 10/31/96 4/30/97
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold 538,809 7,510,940 12,279,262 1,333,234
Shares issued
upon reinvestment of
dividends from net investment
income and net realized gains
from security transactions -- 1,411,949 860,639 --
- ---------------------------------------------------------------------------------------------------------
538,809 8,922,889 13,139,901 1,333,234
Shares repurchased -- (222,740) (433,916) --
- ---------------------------------------------------------------------------------------------------------
Net increase (decrease) 538,809 8,700,149 12,705,985 1,333,234
=========================================================================================================
</TABLE>
*Date of initial sale
1997 SEMIANNUAL REPORT * DELAWARE POOLED TRUST 59
<PAGE>
5. Foreign Currency Forward Contracts
The following foreign currency forward contracts were outstanding at April 30,
1997:
<TABLE>
<CAPTION>
The International Equity Portfolio
- ----------------------------------------------------------------------------------------
Unrealized
In Settlement Appreciation
Contract to Deliver Exchange For Date (Depreciation)
<S> <C> <C> <C> <C>
17,412,755 New Zealand Dollars $12,000,000 5/30/97 $ (53,457)
28,356,000 Dutch Guilders 15,000,000 6/30/97 367,617
85,051,500 French Francs 15,000,000 6/30/97 349,439
---------
$ 663,599
=========
The Global Fixed Income Portfolio
- ----------------------------------------------------------------------------------------
Unrealized
In Settlement Appreciation
Contract to Deliver Exchange For Date (Depreciation)
20,900,000 Canadian Dollars $15,057,637 7/31/97 $ 10,980
44,700,000 New Zealand Dollars 30,843,000 7/31/97 (42,912)
---------
$(31,932)
=========
The International Fixed Income Portfolio
- ----------------------------------------------------------------------------------------
Unrealized
In Settlement Appreciation
Contract to Receive Exchange For Date (Depreciation)
79,489 German Deutsche Marks $46,006 5/5/97 $ (46)
=========
Contract to Deliver
872,000 Canadian Dollars $625,718 7/31/97 $ (2,066)
1,812,000 New Zealand Dollars 1,248,965 7/31/97 (3,055)
---------
$ (5,121)
=========
The Labor Select International Equity Portfolio
- ----------------------------------------------------------------------------------------
Unrealized
In Settlement Appreciation
Contract to Deliver Exchange For Date (Depreciation)
2,880,000 Dutch Guilders $1,500,000 7/31/97 $ 10,142
8,647,500 French Francs 1,500,000 7/31/97 7,546
1,378,510 New Zealand Dollars 950,000 5/30/97 (4,232)
---------
$ 13,456
=========
</TABLE>
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.
The High-Yield Bond Portfolio invests in high-yield fixed income securities
which carry ratings of BB or lower by Standard & Poors and/or Ba or lower by
Moody's. Investments in these higher-yielding securities may be accompanied by a
greater degree of credit risk than higher-rated securities. Additionally, lower-
rated securities may be more susceptible to adverse economic and competitive
industry conditions than investment-grade securities.
60 DELAWARE POOLED TRUST * 1997 SEMIANNUAL REPORT
<PAGE>
Delaware Pooled Trust, Inc.
Fund Officers and Portfolio Managers
Wayne A. Stork
Chairman
David G. Tilles
Managing Director and Chief Investment Officer
Delaware International Advisers Ltd.
Robert Akester
Senior Portfolio Manager
Steven R. Brody
Senior Vice President and Director of Real Estate
Operations
Lincoln Investment Management, Inc. (subadviser to
The Real Estate Investment Trust Portfolio)
George E. Deming
Vice President and Senior Portfolio Manager
Gerald S. Frey
Vice President and Senior Portfolio Manager
Clive A. Frey
Vice President and Senior Portfolio Manager
Lawrence T. Kissko
Vice President, Real Estate Equity
Lincoln Investment Management, Inc. (subadviser to
The Real Estate Investment Trust Portfolio)
Paul A. Matlack
Vice President and Senior Portfolio Manager
Gerald T. Nichols
Vice President 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
Director and Senior Portfolio Manager
Ian G. Sims
Director and Senior Portfolio Manager
Babak Zenouzi
Vice President and Portfolio Manager
<PAGE>
Custodians
The Chase Manhattan Bank
4 Metrotech Center
Brooklyn, New York 11245
(custodian for The Real Estate Investment Trust, The High-Yield Bond, The
International Equity, The Labor Select International Equity, The Emerging
Markets, and The Global Fixed income Portfolios)
Bankers Trust Company
One Bankers Trust Plaza
New York, New York 10006
(custodian for The Defensive Equity, The Aggressive Growth, and The Fixed Income
Portfolios)
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 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.
Delaware
Pooled
Trust
========
One Commerce Square
Philadelphia, Pennsylvania 19103
Telephone 1-800-231-8002
Fax (215) 255-8864