Delaware Pooled Trust, Inc.- The Limited-Term Maturity
Portfolio
Statement of Assets and Liabilities
October 31, 1998
ASSETS:
Cash $ 21,000
Deferred organization and
registration expenses 2,750
_______
23,750
_______
LIABILITIES:
Accounts payable
and other accrued expenses 2,750
______
2,750
______
NET ASSETS APPLICABLE TO 2,100
($0.01 PAR VALUE)
SHARES OUTSTANDING; EQUIVALENT
TO $10.00 PER SHARE $ 21,000
_________
_________
See accompanying notes
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Delaware Pooled Trust, Inc.- The Limited-Term Maturity
Portfolio
Notes to Financial Statements
October 31, 1998
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 18 separate Portfolios (the
Portfolios ). The Large-Cap Value Equity Portfolio (formerly
The Defensive Equity Portfolio), The Growth and Income
Portfolio, The Mid-Cap Growth Equity Portfolio (formerly The
Aggressive Growth Portfolio), The Small/Mid-Cap Value Equity
Portfolio, The Small-Cap Growth Equity Portfolio, The Real
Estate Investment Trust Portfolio, The Real Estate Investment
Trust Portfolio II, The Intermediate Fixed Income Portfolio
(formerly The Fixed Income Portfolio), The Aggregate Fixed
Income Portfolio, The High-Yield Bond Portfolio, The
Diversified Core Fixed Income Portfolio, The Global Equity
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 October 31, 1998. The Limited-Term Maturity
Portfolio had not commenced operations as of October 31, 1998.
1. Significant Accounting Policies
The following accounting policies are in accordance with
generally accepted accounting principles and are consistently
followed by the Portfolio:
Security Valuation-Securities listed on an exchange will be
valued at the last quoted sales price as of the close of the
NYSE on the valuation date. Securities not traded or
securities not listed on an exchange will be valued at the mean
of the last quoted bid and asked prices. Long-term debt
securities will be valued by an independent pricing service
when such prices are believed to reflect the fair value of such
securities. Money market instruments having less than 60 days
to maturity will be valued at amortized cost, which
approximates market value.
Federal Income Taxes-The Portfolio intends to continue to
qualify as a regulated investment company and make the
requisite distributions to shareholders. Accordingly, no
provision for federal income taxes 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-The Portfolio may invest in a pooled cash
account along with other members of the Delaware Investments
Family of Funds. The aggregate daily balance of the pooled
cash account will be invested in repurchase agreements secured
by obligations of the U.S. government. The respective
collateral will be held by the Portfolio s custodian bank until
the maturity of the respective repurchase agreements. Each
repurchase agreement is at least 100% collateralized. However,
in the event of default or bankruptcy by the counterparty to
the agreement, realization of the collateral may be subject to
legal proceedings.
<PAGE>
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
Investments Family of Funds will be allocated amongst the funds
on the basis of average net assets. Security transactions will
be recorded on the date the securities are purchased or sold
(trade date). Costs used in calculating realized gains and
losses on the sale of investment securities will be those of
the specific securities sold. Dividend income will be recorded
on the ex- dividend date and interest income will be recorded
on an accrual basis. Original issue discounts will be accreted
to interest income over the lives of the respective securities.
Organization and registration expenses will be amortized over a
five and two year period, respectively, beginning on the date
of commencement of operations. No amortization expense has
been recognized as of October 31, 1998.
2. Investment Management and Distribution Agreement
In accordance with the terms of the Investment Management
Agreement, the Portfolio will pay Delaware Management Company
(DMC), the Investment Manager of the Portfolio, an annual fee
which will be calculated daily at the rate of 0.30% of average
daily net assets.
DMC has elected to waive its fee and reimburse the Portfolio to
the extent that annual operating expenses, exclusive of taxes,
interest, brokerage commissions and extraordinary expenses,
exceed 0.43% of average net assets through April 30, 1999.
3. Components of Net Assets
2,000,000,000 shares, $0.01 par value, have been authorized to
the Fund with 50,000,000 shares allocated to the Portfolio.
<PAGE>
Report of Independent Auditors
To the Shareholders and Board of Directors
Delaware Pooled Trust, Inc. - The Limited-Term Maturity
Portfolio
We have audited the accompanying statement of assets and
liabilities of Delaware Pooled Trust, Inc. - The Limited-Term
Maturity Portfolio as of October 31, 1998. This statement of
assets and liabilities is the responsibility of the Fund s
management. Our responsibility is to express an opinion on this
statement of assets and liabilities based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the statement of assets and liabilities is free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the
statement of assets and liabilities. An audit also includes
assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the statement of assets and liabilities
referred to above presents fairly, in all material respects,
the financial position of Delaware Pooled Trust, Inc. - The
Limited-Term Maturity Portfolio at October 31, 1998, in
conformity with generally accepted accounting principles.
/s/Ernst & Young LLP
________________________
Ernst & Young LLP
Philadelphia, Pennsylvania
December 4, 1998
