<PAGE>
DELAWARE
POOLED
TRUST
---------
1998
Semiannual Report
------------------------------------------------------------------------------
U.S. EQUITIES THE LARGE-CAP VALUE EQUITY PORTFOLIO
THE SMALL/MID-CAP VALUE EQUITY PORTFOLIO
THE AGGRESSIVE GROWTH PORTFOLIO
THE REAL ESTATE INVESTMENT TRUST PORTFOLIO II
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U.S. FIXED INCOME THE INTERMEDIATE FIXED INCOME PORTFOLIO
THE AGGREGATE FIXED INCOME PORTFOLIO
THE HIGH-YIELD BOND PORTFOLIO
THE DIVERSIFIED CORE FIXED INCOME PORTFOLIO
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INTERNATIONAL EQUITIES THE GLOBAL EQUITY PORTFOLIO
THE INTERNATIONAL EQUITY PORTFOLIO
THE LABOR SELECT INTERNATIONAL EQUITY PORTFOLIO
THE EMERGING MARKETS PORTFOLIO
------------------------------------------------------------------------------
INTERNATIONAL FIXED INCOME THE GLOBAL FIXED INCOME PORTFOLIO
THE INTERNATIONAL FIXED INCOME PORTFOLIO
<PAGE>
CONTENTS
1-2 Total Returns
3 Portfolio Objectives
4 The Large-Cap Value Equity Portfolio Review
5 The Small/Mid-Cap Value Equity Portfolio Review
6 The Aggressive Growth Portfolio Review
7 The Real Estate Investment Trust Portfolio II Review
8 The Intermediate Fixed Income Portfolio Review
9 The Aggregate Fixed Income Portfolio Review
10 The High-Yield Bond Portfolio Review
11 The Diversified Core Fixed Income Portfolio Review
12 The Global Equity Portfolio Review
13 The International Equity Portfolio Review
14 The Labor Select International Equity
Portfolio Review
15 The Emerging Markets Portfolio Review
16 The Global Fixed Income Portfolio Review
17 The International Fixed Income Portfolio Review
18 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 $42 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 Large-Cap Value Equity,
The Small/Mid-Cap Value Equity, The Aggressive Growth, The Real Estate
Investment Trust II, The Intermediate Fixed Income, The Aggregate Fixed Income,
The High-Yield Bond and The Diversified Core Fixed Income Portfolios. Delaware
International Advisers Ltd., a London-based affiliate of Delaware Management
Company, serves as investment adviser for The Global Equity, 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, 1998
<TABLE>
<CAPTION>
Six One Three Five Since
Average Annual Total Return* Months Year Years Years Inception+
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
LARGE-CAP VALUE EQUITY
(formerly known as Defensive Equity) 18.57% 35.54% 27.48% 21.69% 20.86%
S&P 500 Composite Stock Price Index 22.50% 41.04% 31.92% 23.20% 20.27%
- -------------------------------------------------------------------------------------------------------------------------------
SMALL/MID-CAP VALUE EQUITY** -- -- -- -- 9.88%
Russell 2500 Value Index -- -- -- -- 9.48%
- -------------------------------------------------------------------------------------------------------------------------------
AGGRESSIVE GROWTH 14.12% 39.63% 20.11% 16.67% 12.31%
Russell 2000 Stock Index 11.88% 42.40% 23.74% 18.46% 16.15%
- -------------------------------------------------------------------------------------------------------------------------------
REAL ESTATE INVESTMENT TRUST II** -- -- -- -- 1.17%
NAREIT Equity REIT Index -- -- -- -- 0.69%
- -------------------------------------------------------------------------------------------------------------------------------
INTERMEDIATE FIXED INCOME
(formerly known as Fixed Income) 2.87% 8.39% -- -- 6.61%
Lehman Brothers Government/
Corporate Intermediate Bond Index 3.11% 8.94% -- -- 6.63%
- -------------------------------------------------------------------------------------------------------------------------------
AGGREGATE FIXED INCOME** -- -- -- -- 2.12%
Lehman Brothers Aggregate Bond Index -- -- -- -- 2.09%
- -------------------------------------------------------------------------------------------------------------------------------
HIGH-YIELD BOND 8.23% 21.22% -- -- 18.88%
Salomon Brothers High-Yield
Cash Pay Index 6.55% 15.63% -- -- 13.26%
- -------------------------------------------------------------------------------------------------------------------------------
DIVERSIFIED CORE FIXED INCOME** -- -- -- -- 4.71%
Lehman Brothers Aggregate Bond Index -- -- -- -- 2.09%
- -------------------------------------------------------------------------------------------------------------------------------
GLOBAL EQUITY 14.03% -- -- -- 8.93%
Morgan Stanley Capital
International World Stock Index 18.86% -- -- -- 12.58%
- -------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL EQUITY 11.33% 13.36% 15.17% 13.21% 12.82%
Morgan Stanley Capital
International EAFE Stock Index 15.44% 18.92% 9.50% 10.09% 9.66%
- -------------------------------------------------------------------------------------------------------------------------------
LABOR SELECT INTERNATIONAL EQUITY 13.95% 20.38% -- -- 20.66%
Morgan Stanley Capital
International EAFE Stock Index 15.44% 18.92% -- -- 9.96%
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1998 SEMIANNUAL REPORT o DELAWARE POOLED TRUST 1
<PAGE>
<TABLE>
<CAPTION>
Six One Three Five Since
Average Annual Total Return* Months Year Years Years Inception+
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
EMERGING MARKETS 4.92% (4.53)% -- -- (3.34)%
Morgan Stanley Capital
International Emerging Markets
Free Equity Index 3.64% (14.53)% -- -- (13.35)%
- -------------------------------------------------------------------------------------------------------------------------------
GLOBAL FIXED INCOME (0.04)% 6.05% 11.06% 9.64% 10.61%
Salomon Brothers World
Government Bond Index 0.52% 8.02% 3.87% 6.41% 7.46%
- -------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL FIXED INCOME (1.23)% 5.58% -- -- 5.48%
Salomon Brothers Non-U.S. World
Government Bond Index (1.01)% 6.44% -- -- 3.95%
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Past performance does not 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, as relevant, voluntarily
waived its fee and reimbursed 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. Such short-term returns may not be meaningful as they
do not represent a longer-term perspective on the portfolio's performance.
+ The inception date for each Delaware Pooled Trust Portfolio are as follows:
Large-Cap Value Equity, February 3, 1992; Small/Mid-Cap Value Equity, December
29, 1997; Aggressive Growth, February 3, 1992; Real Estate Investment Trust II,
November 4, 1997; Intermediate Fixed Income, March 12, 1996; Aggregate Fixed
Income, December 29, 1997; High-Yield Bond, December 2, 1996; Diversified Core
Fixed Income, December 29, 1997; Global Equity, October 15, 1997; 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.
2 DELAWARE POOLED TRUST o 1998 SEMIANNUAL REPORT
<PAGE>
PORTFOLIO OBJECTIVES
THE LARGE-CAP VALUE EQUITY PORTFOLIO (FORMERLY KNOWN AS "THE DEFENSIVE EQUITY
PORTFOLIO") seeks maximum long-term total return, consistent with reasonable
risk, through investments in stocks that, at the time of purchase, have dividend
yields above the current yield of the Standard & Poor's 500 Stock Index and
that, in the opinion of Delaware Investment Advisers, offer capital gains
potential as well.
THE SMALL/MID-CAP VALUE EQUITY PORTFOLIO seeks maximum long-term total return
through investments in stocks that, at the time of purchase, are dividend paying
and generally represent the smallest (market capitalization) 30% of U.S. stocks
listed on a national exchange or NASDAQ and that, in the opinion of Delaware
Investment Advisers, 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, in the opinion
of Delaware Investment Advisers, offer, at the time of purchase, significant
long-term growth potential.
THE REAL ESTATE INVESTMENT TRUST PORTFOLIO II seeks to achieve maximum long-term
total return, with capital appreciation as a secondary objective. The portfolio
seeks to invest primarily in stocks of real-estate investment trust companies.
THE INTERMEDIATE FIXED INCOME PORTFOLIO (FORMERLY KNOWN AS "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 AGGREGATE FIXED INCOME PORTFOLIO seeks to achieve maximum long-term total
return, consistent with reasonable risk, by investing in high-quality debt
securities, including U.S. government securities, mortgage-backed securities,
corporate bonds, and other fixed-income securities.
THE HIGH-YIELD BOND PORTFOLIO seeks high total return relative to other
fixed-income investments. The portfolio seeks to invest primarily in bonds rated
B- or higher by Standard & Poor's Rating Group or B3 or higher by Moody's
Investors Service, Inc.
THE DIVERSIFIED CORE FIXED INCOME PORTFOLIO seeks maximum long-term total return
by using a multi-sector investment approach, investing assets principally in
investment-grade, high-yield, and foreign bonds.
<PAGE>
THE GLOBAL EQUITY PORTFOLIO seeks long-term growth of capital without undue risk
to principal by investing in global equity securities that provide the potential
for capital appreciation and income.
THE INTERNATIONAL EQUITY PORTFOLIO seeks to achieve 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 seeks to invest in stocks that, in the opinion of
Delaware International, are undervalued at the time of purchase, based on
rigorous fundamental analysis conducted by the investment adviser.
THE LABOR SELECT INTERNATIONAL EQUITY PORTFOLIO seeks to achieve 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 seeks to invest in stocks that,
in the opinion of Delaware International, are undervalued at the time of
purchase based on rigorous fundamental analysis conducted by the investment
adviser, 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. Issues of these securities will be organized,
have a majority of their assets, or derive most of their operating income in at
least three different countries outside the U.S.
1998 SEMIANNUAL REPORT o DELAWARE POOLED TRUST 3
<PAGE>
- --------------------------------------------------------------------------------
LARGE-CAP VALUE EQUITY:
CONSUMERS CONFIDENT, MARKET RALLIES
- --------------------------------------------------------------------------------
TOTAL RETURN
Six months ending April 30, 1998
- --------------------------------------------------------------------------------
LARGE-CAP VALUE EQUITY 18.57%
S&P 500 Composite Stock Price Index 22.50%
- --------------------------------------------------------------------------------
The stock market surprised even the most bullish forecasters as positive
economic conditions caused jubilant investors to stage an all-out party on Wall
Street. Continued strength in the economy, combined with low inflation and high
consumer confidence, fueled a 22.5% rally in the stock market for the six months
ending April 30. All-out euphoria among investors more than offset worries about
the Asian debt crisis as it became clear that import problems would have only a
marginal impact on domestic company earnings. For now, it appears that
semiconductor and capital-goods industries are the only sectors experiencing any
real impact from the Asian tumult.
For its part, The Large-Cap Value Equity Portfolio, formerly known as The
Defensive Equity Portfolio, soared 18.57% in the period, profiting from
outstanding returns in the telecommunications and consumer cyclical sectors. Oil
and tobacco stocks lagged behind, with oil hurt by the collapse in crude-oil
prices and oversupply and tobacco stocks under pressure from congressional
debate over liability costs. The growth-stock driven rally sent the S&P 500
Index across the 1000- and 1100-point milestones during the period--and was the
reason the benchmark was able to outperform our value-based portfolio by nearly
four percentage points.
With the Dow Jones Industrial Average passing the important 9000 hurdle during
the period, the question remains whether U.S. stocks can sustain their recent
advances. We believe that as long as consumer confidence remains robust and
corporate earnings continue to grow at a high single-digit rate, the environment
for equities will remain intact. We intend to continue overweighting the
financial, consumer cyclical, and telephone-utility sectors, as we believe
above-average earnings and revenue growth should translate into higher P/E
ratios for companies in these groups. While stock-market valuations of the S&P
500 are stretched, we plan to continue our strategy of buying only undervalued
stocks.
<PAGE>
- --------------------------------------------------------------------------------
PORTFOLIO PROFILE
April 30, 1998
TOTAL NET ASSETS $94.0 million
ASSET COMPOSITION (BASED ON TOTAL NET ASSETS)
Common stocks 98.66%
Cash equivalents and other assets 1.34%
NUMBER OF HOLDINGS 65
Top 10 holdings
1. McGraw-Hill
2. Baxter International
3. Chevron
4. Pitney Bowes
5. Aon
6. American General
7. ConAgra
8. Hoechst ADR
9. American Home Products
10. British Petroleum ADR
INDUSTRY COMPOSITION
Banking/finance/insurance 26.0%
Energy 11.3%
Food/beverage/tobacco 8.8%
Healthcare/pharmaceuticals 7.7%
Telecommunications 7.6%
Chemicals 6.1%
Automobiles/auto parts 5.3%
Electronics/electrical 4.9%
Retail 3.5%
Paper/forest products 3.4%
Cable/media/publishing 3.0%
Transportation/shipping 2.6%
Consumer products 1.8%
Environmental services 1.7%
Metals/mining 1.3%
Utilities 0.5%
Miscellaneous 3.2%
Cash and other 1.3%
4 DELAWARE POOLED TRUST o 1998 SEMIANNUAL REPORT
<PAGE>
- --------------------------------------------------------------------------------
SMALL/MID-CAP VALUE EQUITY:
SOLID GAINS IN SHADOW OF LARGE-CAP COUNTERPARTS
- --------------------------------------------------------------------------------
TOTAL RETURN
For the period December 29, 1997-April 30, 1998
- --------------------------------------------------------------------------------
SMALL/MID-CAP VALUE EQUITY 9.88%
Russell 2500 Value Index 9.48%
- --------------------------------------------------------------------------------
The nascent Small/Mid-Cap Value Equity Portfolio recorded solid gains in its
first four months of operation, although gains looked mild in comparison to
large-cap counterparts. Our decision to overweight mid-cap equities at the
expense of smaller-cap stocks contributed positively to the portfolio's return
of 9.88% since its inception--and enabled our portfolio to top the benchmark
Russell 2500 Value Index's return of 9.48% for the period.
The Small/Mid-Cap Value Equity Portfolio was broadly diversified, with our
largest concentrations in the capital spending, health-care, and the basic
industry sectors. Within the financial-services sector, we have been able to
capitalize on higher capitalization takeover opportunities. In the utility
sector, we have adopted a strategy of combining high-quality electric utilities
with natural-gas pipelines.
We continue to utilize a combination of quantitative and fundamental research to
construct our portfolio. Going forward, we expect to add to our position in the
basic industry sector and anticipate increasing our emphasis on REITs.
Additionally, we intend to reposition the financial-services sector away from
the overpriced brokerage industry and bank-takeover plays toward those equities
with more attractive valuations.
<PAGE>
- --------------------------------------------------------------------------------
PORTFOLIO PROFILE
April 30, 1998
TOTAL NET ASSETS $3.3 million
ASSET COMPOSITION (BASED ON TOTAL NET ASSETS)
Common stocks 99.19%
Cash equivalents and other assets 0.81%
NUMBER OF HOLDINGS 87
TOP 10 HOLDINGS
1. IKON Office Solutions
2. Hillenbrand Industries
3. Cambrex Corp.
4. ARCO Chemical
5. Raychem
6. Canadian National Railway
7. Noble Affiliates Inc.
8. Engelhard
9. Thiokol
10. Bowater Inc.
INDUSTRY COMPOSITION
Banking/finance/insurance 19.8%
Real Estate 9.3%
Chemicals 8.2%
Healthcare/pharmaceuticals 6.4%
Buildings/materials 6.4%
Electronics/electrical 6.2%
Utilities 5.8%
Food/beverage/tobacco 5.5%
Energy 5.4%
Retail 3.6%
Textiles/apparel/furniture 3.6%
Industrial machinery 3.4%
Transportation/shipping 3.4%
Leisure/lodging/entertainment 3.4%
Aerospace/defense 1.7%
Paper/forest products 1.6%
Automobiles/auto parts 1.5%
Metals/mining 1.5%
Other 2.5%
Cash and other 0.8%
1998 SEMIANNUAL REPORT o DELAWARE POOLED TRUST 5
<PAGE>
- --------------------------------------------------------------------------------
AGGRESSIVE GROWTH:
TECHNOLOGIES LEAD STRONG ADVANCE
- --------------------------------------------------------------------------------
TOTAL RETURN
Six months ending April 30, 1998
- --------------------------------------------------------------------------------
AGGRESSIVE GROWTH 14.12%
Russell 2000 Stock Index 11.88%
- --------------------------------------------------------------------------------
Small-cap growth portfolios earned solid returns in the six months ending April
30, as a rally in the technology sector offset earnings worries and the Asian
financial crisis.
The Aggressive Growth Portfolio returned an impressive 14.12% for the six months
ending April 30, surpassing the benchmark Russell 2000 by more than two
percentage points. The surge in technologies came despite some negative earnings
news/forecasts. Our portfolio benefited from holdings in Compuware and Excel
Switching, which earned high returns. Consumer and financial stocks were strong
performers, with notable gains recorded by Outback Steakhouse, Cendant,
Beneficial and Ambac.
Because it is our policy to maintain focus on company fundamentals, we believe
that selecting quality stocks will be our best defense against future earnings
disappointments and a slowing economy. As a result, we continue to emphasize
companies that we believe will match or exceed earnings estimates. The portfolio
has a median expected earnings growth rate in the low 20% range (as compared to
the 1998 expected EPS growth of 0.7% for the S&P 500). With regard to sector
weightings, we expect to continue favoring technology, consumer services and
business-services stocks, which have good recurring revenue streams and
diversified customer bases. We also plan to concentrate on non-apparel retail
and financial companies, which are benefiting from a strong housing market.
<PAGE>
- --------------------------------------------------------------------------------
PORTFOLIO PROFILE
April 30, 1998
TOTAL NET ASSETS $5.6 million
ASSET COMPOSITION (BASED ON TOTAL NET ASSETS)
Common stocks 97.44%
Cash equivalents and other assets 2.56%
NUMBER OF HOLDINGS 74
TOP 10 HOLDINGS
1. Snyder Communications
2. Gemstar International Group Ltd.
3. Outback Steakhouse
4. AES Corp.
5. Ascend Communications
6. Linear Technology
7. Health Management Association
8. First American-Tennessee
9. Bed, Bath & Beyond
10. Compuware
INDUSTRY COMPOSITION
Computers/technology 18.2%
Banking/finance/insurance 14.8%
Retail 9.7%
Telecommunications 8.2%
Leisure/lodging/entertainment 7.2%
Healthcare/pharmaceuticals 6.6%
Cable/media/publishing 6.1%
Consumer products 4.6%
Electronics/electrical 4.2%
Environmental services 3.5%
Transportation/shipping 3.4%
Utilities 2.9%
Textiles/apparel/furniture 2.3%
Food/beverage/tobacco 2.0%
Buildings/materials 0.8%
Real Estate 0.6%
Energy 0.4%
Miscellaneous 1.9%
Cash and other 2.6%
6 DELAWARE POOLED TRUST o 1998 SEMIANNUAL REPORT
<PAGE>
REAL ESTATE INVESTMENT TRUST II:
INVESTORS TAKE DEFENSIVE STANCE
- --------------------------------------------------------------------------------
TOTAL RETURN
For the period November 4, 1997-April 30, 1998
- --------------------------------------------------------------------------------
REAL ESTATE INVESTMENT TRUST II 1.17%
NAREIT Equity REIT Index 0.69%
- --------------------------------------------------------------------------------
The Real Estate Investment Trust Portfolio II reported marginal gains since its
inception, as legislation to regulate paired-share REITs loomed over the market.
Our portfolio returned just 1.17% for the period of November 4, 1997 through
April 30, 1998, though it fared better than the NAREIT Equity REIT Index, which
returned 0.69%. Retail REITs performed well, while all other sectors held
steady.
On Capitol Hill, Congress is working on legislation that is likely to curb
further use of the special tax advantage enjoyed by paired-share REITs. However,
we believe that such a change would cause only a minor reduction in growth rates
for our two paired-share REIT holdings: Patriot and Starwood.
We feel the market has correctly factored in the belief that the acquisition
environment is not as profitable as it has been in the past. It is our opinion
that the real-estate market has made it through the recovery stage and into the
expansion stage. However, we plan to continue overweighting the
office/industrial sector, which is still benefiting from limited supply and
strong demand for space. In addition, we plan to overweight diversified REITs,
which we believe offer excellent return potential due to innovative management
teams. We also expect our portfolio to be underweighted in retail,
mortgage-backed and outlet-center REITs, while matching market weights for all
other sectors. In conclusion, our annualized total return expectations for the
REIT market over the next two to three years are in the 12-13% range.
<PAGE>
- --------------------------------------------------------------------------------
PORTFOLIO PROFILE
April 30, 1998
TOTAL NET ASSETS $5.4 million
ASSET COMPOSITION (BASED ON TOTAL NET ASSETS)
Common stocks 99.32%
Cash equivalents and other assets 0.68%
NUMBER OF HOLDINGS 39
TOP 10 HOLDINGS
1. Apartment Investment & Management
2. Starwood Hotels & Resorts Trust
3. Cabot Industrial Trust
4. Crescent Real Estate Equities
5. Patriot American Hospitality
6. JDN Realty
7. Simon DeBartolo Group
8. CarrAmerica Realty
9. Prentiss Properties Trust
10. Essex Property Trust
INDUSTRY COMPOSITION
Office/industrial REITs 35.4%
Hotels/diversified REITs 21.2%
Multi-family REITs 17.2%
Retail strip-center REITs 12.8%
Mall REITs 5.5%
Manufactured-housing REITs 4.6%
Self-storage REITs 2.6%
Cash and other 0.7%
1998 SEMIANNUAL REPORT o DELAWARE POOLED TRUST 7
<PAGE>
- --------------------------------------------------------------------------------
INTERMEDIATE FIXED INCOME:
ASIAN WORRIES KEEP LID ON MARKET
- --------------------------------------------------------------------------------
TOTAL RETURN
Six months ending April 30, 1998
- --------------------------------------------------------------------------------
INTERMEDIATE FIXED INCOME 2.87%
Lehman Brothers Government/
Corporate Intermediate Bond Index 3.11%
- --------------------------------------------------------------------------------
The Intermediate Fixed Income Portfolio, formerly known as The Fixed Income
Portfolio, reported small gains for the six-month period ending April 30, as
interest-rate uncertainty held sway over the market. The portfolio returned
2.87% in the period compared to the 3.11% earned by its benchmark, the Lehman
Brothers Government/Corporate Intermediate Bond Index. U.S. economic data
pointed to the need for the Federal Reserve to raise interest rates; however,
concern about the effects of higher U.S. rates on Asian economies, as well as
positive inflation data, caused the central bank to hold off for the time being.
Similar to the benchmark, the average duration of assets held in Intermediate
Fixed Income is 3.3 years, suggesting that the portfolio will tend to experience
only moderate performance risk (relative to the index) if the Fed decides to
make any policy changes. Although we forego some liquidity by holding a modest
Treasury component, the overall liquidity and credit quality of the portfolio is
high. Corporate securities and government-agency mortgage securities together
make up 36% of the portfolio, while AAA-rated asset-backed securities make up
approximately 20% of assets. U.S. Treasuries represent 18% of assets.
Wide spreads in non-Treasury sectors suggest they will be a source of future
performance. This is particularly evident in the corporate-bond market, which
stands to benefit from range-bound interest rates and a solid economy. Mortgage
products also look attractive, particularly commercial mortgages and
collateralized mortgage obligations, but it is not yet clear whether agency
collateral will suffer as severely as it has in past low-rate environments. We
plan to focus on these undervalued sectors, anticipating reduced volatility
while keeping a close watch on any rate movement from the Fed.
<PAGE>
- --------------------------------------------------------------------------------
PORTFOLIO PROFILE
April 30, 1998
TOTAL NET ASSETS $27.8 million
NUMBER OF HOLDINGS 73
TOP 10 HOLDINGS
1. U.S. Treasury Bills, 5.03%, 6/18/98
2. Federal National Mortgage Association, 6.00%, 5/1/28
3. Federal National Mortgage Association, 6.00%, 4/1/13
4. Residential Funding Mortgage Securities Series 96-S9
A10, 7.25%, 4/25/26
5. Government National Mortgage Association,
6.50%, 12/15/23
6. Government National Mortgage Association,
6.50%, 1/15/24
7. U.S. Treasury Notes, 5.875%, 3/31/99
8. U.S. Treasury Notes, 5.875%, 2/15/00
9. U.S. Treasury Notes, 6.375%, 1/15/00
10. California Infrastructure PG&E Series 97-1 A4,
6.16%, 6/25/03
ASSET COMPOSITION (BASED ON TOTAL NET ASSETS)
Collateralized mortgage obligations 23.4%
Asset-backed securities 20.7%
Corporate bonds 19.7%
Treasuries 18.4%
Agency mortgage-backed securities 13.9%
Municipal bonds 1.0%
Cash and other 2.9%
8 DELAWARE POOLED TRUST o 1998 SEMIANNUAL REPORT
<PAGE>
- --------------------------------------------------------------------------------
AGGREGATE FIXED INCOME:
FED UNCERTAINTY STYMIES MARKET
- --------------------------------------------------------------------------------
TOTAL RETURN
For the period December 29, 1997-April 30, 1998
- --------------------------------------------------------------------------------
AGGREGATE FIXED INCOME 2.12%
Lehman Brothers Aggregate Bond Index 2.09%
- --------------------------------------------------------------------------------
The modest performance among fixed-income products was tied to investor
uncertainty over whether the Fed would raise interest rates to slow down a
robust domestic economy. Instead, the central bank adopted a wait-and-see stance
while monitoring Southeast Asia recovery from its financial crisis. The newly
incepted Aggregate Fixed Income Portfolio returned 2.12% since the beginning of
the year, a slight advantage over the 2.09% return for the Lehman Brothers
Aggregate Bond Index.
The Aggregate Fixed Income Portfolio has an average duration similar to the
Lehman Brothers Aggregate Bond Index. Consequently, the portfolio holds
securities with intermediate maturities of one to 10 years. Beyond 10 years, the
portfolio will tend to hold securities represented in the Aggregate Index. The
fund is fully invested at this time with an average duration of approximately
4.5 years (which is similar to the Lehman index). The high percentage of assets
in the Treasury sector, representing 15% of assets, reflects the fund's recent
inception. As new opportunities become available, we expect to reduce the
holdings in the Treasury component.
<PAGE>
- --------------------------------------------------------------------------------
PORTFOLIO PROFILE
April 30, 1998
TOTAL NET ASSETS $2.0 million
NUMBER OF HOLDINGS 28
TOP 10 HOLDINGS
1. U.S. Treasury Notes, 6.375%, 1/15/00
2. Federal National Mortgage Association, 6.00%, 4/1/13
3. Federal National Mortgage Association, 6.00%, 5/1/28
4. Asset Securitization Corp., 6.92%, 2/14/29
5. Federal Home Loan Mortgage Corporation, 7.50%, 3/1/28
6. Federal National Mortgage Association, 6.50%, 5/1/12
7. Chase Manhattan, 7.25%, 6/1/07
8. Travelers Property Casualty, 6.75%, 4/15/01
9. U.S. Bank N.A., 6.50%, 2/1/08
10. Southern Investments UK, 6.375%, 11/15/01
ASSET COMPOSITION (BASED ON TOTAL NET ASSETS)
Agency mortgage-backed securities 26.7%
Collateralized mortgage obligations 23.8%
Corporate bonds 21.8%
Treasuries 15.3%
Asset-backed securities 10.5%
Cash and other 1.9%
1998 SEMIANNUAL REPORT o DELAWARE POOLED TRUST 9
<PAGE>
- --------------------------------------------------------------------------------
HIGH-YIELD BOND:
STRONG RETURNS UNDER NEAR-PERFECT CONDITIONS
- --------------------------------------------------------------------------------
TOTAL RETURN
Six months ending April 30, 1998
- --------------------------------------------------------------------------------
HIGH-YIELD BOND 8.23%
Salomon Brothers High-Yield
Cash Pay Index 6.55%
- --------------------------------------------------------------------------------
The high-yield fixed-income market continued to take advantage of falling
interest rates, a strong economy, and heavy new-issue demand. This combination
of factors enabled The High-Yield Bond Portfolio to earn a solid 8.23% return
for the six months ending April 30.
The portfolio, heavily concentrated in B-rated issues and having an
above-average duration, outperformed the Salomon Brothers High-Yield Cash Pay
Index by more than 1 1/2 percentage points. B-rated issues make up 90% of the
portfolio's assets, which represents an overweighting relative to the market. In
addition, the portfolio is heavily exposed to new issues, which by definition
carry a longer average duration as compared to the market. New supply was heavy,
but strong economic growth, falling interest rates, and insatiable demand--among
retail and institutional investors--created near-perfect market conditions
during the period.
We remain bullish on the outlook for the high-yield market, particularly in the
context of the low rates earned in fixed-income alternatives. We intend to keep
our portfolio strategy centered on high-quality single-B issues, which offer
ample credit protection and tend to provide reduced sensitivity to changes in
interest rates.
<PAGE>
- --------------------------------------------------------------------------------
PORTFOLIO PROFILE
April 30, 1998
TOTAL NET ASSETS $19.3 million
NUMBER OF HOLDINGS 54
TOP 10 HOLDINGS
1. 21st Century Telecom P.I.K. Unit, 3.37%, 1/1/00
2. Pathnet, 12.25%, 4/15/08
3. JTM Industries, 10.00%, 4/15/08
4. Daily International Inc., 9.50%, 2/15/08
5. Morris Materials, 9.50%, 4/1/08
6. Talon Automotive, 9.625%, 5/1/08
7. Octel Developments, 10.00%, 5/1/06
8. Silver Cinemas, 10.50%, 4/15/05
9. United Artists, 9.75%, 4/15/08
10. Diamond Brand Operating, 10.125%, 4/15/08
ASSET COMPOSITION (BASED ON TOTAL NET ASSETS)
Industrial machinery 11.3%
Energy 10.8%
Consumer products 9.6%
Leisure/lodging/entertainment 8.3%
Buildings/materials 7.6%
Telecommunications 7.5%
Automobiles/auto parts 6.7%
Metals/mining 5.6%
Food/beverage/tobacco 4.9%
Chemicals 4.3%
Aerospace/defense 3.3%
Cable/media/publishing 3.2%
Electronics/electrical equipment 2.9%
Textiles/apparel/furniture 2.8%
Transportation/shipping 2.7%
Environmental services 1.9%
Retail 1.4%
Computers/technology 0.5%
Miscellaneous 1.9%
Cash and other 2.8%
10 DELAWARE POOLED TRUST o 1998 SEMIANNUAL REPORT
<PAGE>
- --------------------------------------------------------------------------------
DIVERSIFIED CORE FIXED INCOME:
HIGH-YIELD BONDS FUEL SOLID ADVANCE
- --------------------------------------------------------------------------------
TOTAL RETURN
For the period December 29, 1997-April 30, 1998
- --------------------------------------------------------------------------------
Diversified Core Fixed Income 4.71%
Lehman Brothers Aggregate Bond Index 2.09%
- --------------------------------------------------------------------------------
The Diversified Core Fixed Income Portfolio outperformed its benchmark by more
than 2 1/2 percentage points since beginning operations on December 29, 1997,
returning 4.71% for the period ending April 30. A maximum weighting in the U.S.
high-yield bond component--as well as an emphasis on mortgage-backed securities
and A-rated corporate bonds in the investment-grade component--enabled the newly
incepted portfolio to easily top the Lehman Brothers Aggregate Bond Index's
return of just 2.09%.
The Diversified Core Fixed Income Portfolio is currently composed of 55% U.S.
investment-grade bonds, 30% U.S. high-yield bonds, and 15% international bonds.
Overall, the portfolio has an average quality of AA and a duration approximately
in line with the Lehman Brothers Aggregate Bond Index.
The first reporting period for the portfolio was an excellent time to be
invested in a majority of U.S. bond holdings. Solid economic growth, low
inflation, and stable Federal Reserve policy created a supportive environment
for all major sectors of the domestic market. Improving credit conditions,
strong investor demand, and a rally in the stock market enabled high-yield bonds
to be the lead performers, while relatively stable interest rates allowed
investment-grade bonds to earn their coupon. Although international bonds
performed well in local currency terms during the quarter, the strength of the
dollar offset most of those gains.
Looking forward, we expect to maintain a conservative posture in light of an
expected continuation in the U.S. of range-bound interest rates and a solid
economy. For the U.S. investment-grade component, we plan to overweight
corporate bonds and mortgage products. On the high-yield bond side, our strategy
is to emphasize credit over interest-rate risk, maintain an overweighting in
high Bs relative to low Bs and BBs, and maintain a portfolio duration at or
below market average. On the international side, we expect to underweight
lower-value
<PAGE>
markets (such as Japan), overweight better value markets (such as New Zealand
and Canada), and market weight Europe.
- --------------------------------------------------------------------------------
PORTFOLIO PROFILE
April 30, 1998
TOTAL NET ASSETS $3.1 million
NUMBER OF HOLDINGS 48
TOP 10 HOLDINGS
1. Government National Mortgage Association,
6.50%, 1/15/28
2. JTM Industries, 10.00%, 4/15/08
3. United Artists, 9.75%, 4/15/08
4. Diamond Brand Operating, 10.125%, 4/15/08
5. Octel Developments, 10.00%, 5/1/06
6. Government National Mortgage Association,
9.00%, 7/15/21
7. U.S. Treasury Notes, 6.25%, 2/15/03
8. Burke Industries, 10.00%, 5/15/07
9. Chemical Leaman, 10.375%, 6/15/05
10. Henry, 10.00%, 4/15/08
ASSET COMPOSITION (BASED ON INVESTMENTS)
Corporate bonds 51.2%
Agency mortgage-backed securities 21.5%
Foreign bonds 12.2%
Asset-backed securities 7.2%
Treasuries 4.2%
Collateralized mortgage obligations 3.7%
1998 SEMIANNUAL REPORT o DELAWARE POOLED TRUST 11
<PAGE>
- --------------------------------------------------------------------------------
GLOBAL EQUITY:
TURBULENT WORLD MARKETS REBOUND
- --------------------------------------------------------------------------------
TOTAL RETURN
Six months ending April 30, 1998
- --------------------------------------------------------------------------------
GLOBAL EQUITY 14.03%
Morgan Stanley Capital International
World Stock Index 18.86%
- --------------------------------------------------------------------------------
Since its inception last October, The Global Equity Portfolio has posted solid
returns amidst volatile equity markets worldwide. For the six-month period
ending April 30, Global Equity returned 14.03%, as compared with the Morgan
Stanley Capital International World Index's return of 18.86% during the same
period.
While the U.S. stock market outperformed world markets in November and December
of last year, the tables turned in 1998 as the S&P 500 began to trail the MSCI
World Index, with European bourses leading the charge. The main equity markets
in Europe rose an average of 22% in the first four months of the year, while
smaller markets such as Italy and Spain rose considerably more (36% and 38%,
respectively). However, European gains leveled off a bit in the last month of
the reporting period (April) as worries over Asia resurfaced more visibly in
non-U.S. markets. A humming economy and continued low interest rates fueled the
fire.
The first four months of the year have seen considerable volatility in the
Pacific region as the sentiment of the investment community has swung wildly.
Early in the year, currencies in the Pacific region began to stabilize and
investors exhibited greater confidence about the situation there. Certain
countries, such as Korea and Thailand, have made solid progress on economic
reforms despite the long road that lays ahead of them.
Our current investment strategy is focused on holding significant positions in
the undervalued markets of Australasia and the United Kingdom. This has been
funded by maintaining an underweighted position in the U.S. and Japanese
markets. Elsewhere in the world, we have identified a number of attractive
undervalued companies in both Europe and the Pacific.
<PAGE>
- --------------------------------------------------------------------------------
PORTFOLIO PROFILE
April 30, 1998
TOTAL NET ASSETS $3.3 million
ASSET COMPOSITION (BASED ON TOTAL NET ASSETS)
Common stocks 98.42%
Rights 0.03%
Cash equivalents and other assets 1.55%
NUMBER OF HOLDINGS 60
TOP 10 HOLDINGS
1. GKN plc (U.K.)
2. Glaxo Wellcome (U.K.)
3. Cable and Wireless (U.K.)
4. Boots Company plc (U.K.)
5. Electrabel (Belgium)
6. Powergen plc (U.K.)
7. Bass plc (U.K.)
8. Taylor Woodrow plc (U.K.)
9. Bayer (Germany)
10. Siemens AG (Germany)
GEOGRAPHIC COMPOSITION
United States 36.7%
United Kingdom 23.1%
Germany 8.4%
Australia 7.5%
France 6.1%
Japan 3.2%
New Zealand 2.9%
Belgium 2.9%
Spain 2.6%
Hong Kong 1.7%
Netherlands 1.4%
Singapore 1.1%
Malaysia 0.8%
Cash and other 1.6%
12 DELAWARE POOLED TRUST o 1998 SEMIANNUAL REPORT
<PAGE>
- --------------------------------------------------------------------------------
INTERNATIONAL EQUITY:
EUROPEAN MARKETS DRIVE GAINS
- --------------------------------------------------------------------------------
TOTAL RETURN
Six months ending April 30, 1998
- --------------------------------------------------------------------------------
INTERNATIONAL EQUITY 11.33%
Morgan Stanley Capital International
EAFE Stock Index 15.44%
- --------------------------------------------------------------------------------
The International Equity Portfolio earned a solid 11.33% return for the
six-month period ending April 30, about 4 percentage points below the MSCI EAFE
Stock Index. Gains were driven by the European bourses, which rallied on news
that Europe's Economic and Monetary Union (EMU) is progressing smoothly. In
particular, the financial sector was aided by the beginning stages of
integration.
Performance in the Pacific Rim markets was much more subdued, as the region
begins to rebuild confidence in countries with troubled economies. Focus during
this period was centered on Japan and its efforts to jump-start its sluggish
economy. Elsewhere, Indonesia, Korea and Thailand began making some progress on
financial reforms.
Looking ahead, we plan to continue overweighting the attractive markets in the
United Kingdom and Continental Europe. We expect to continue favoring the more
developed markets within the Far East region--such as Hong Kong, Singapore, and
Australasia--where market valuations still appear to remain attractive. We feel
the risk in the smaller markets are still considerable in the short- to
medium-term as market reforms are put in place. We expect to maintain a low
exposure to the Japanese equity market, which we still consider to be relatively
overvalued despite its underperformance.
<PAGE>
- --------------------------------------------------------------------------------
PORTFOLIO PROFILE
April 30, 1998
TOTAL NET ASSETS $600.4 million
ASSET COMPOSITION (BASED ON TOTAL NET ASSETS)
Common stocks 95.31%
Rights 0.04%
Cash equivalents and other assets 4.65%
Number of holdings 54
Top 10 holdings
1. Great Universal Stores (U.K.)
2. Bass (U.K.)
3. Electrabel (Belgium)
4. Societe Generale (France)
5. Cable and Wireless (U.K.)
6. Glaxo Wellcome (U.K.)
7. GKN (U.K.)
8. Rio Tinto (U.K.)
9. Boots Company (U.K.)
10. Telecom Corp. of New Zealand (New Zealand)
GEOGRAPHIC COMPOSITION
United Kingdom 29.5%
Japan 13.1%
Australia 10.1%
Germany 9.6%
France 9.5%
Spain 6.4%
Netherlands 6.2%
New Zealand 3.6%
Belgium 3.2%
Hong Kong 2.9%
Singapore 0.6%
Malaysia 0.6%
Cash and other 4.7%
1998 SEMIANNUAL REPORT o DELAWARE POOLED TRUST 13
<PAGE>
- --------------------------------------------------------------------------------
LABOR SELECT INTERNATIONAL EQUITY:
U.K. LEADS MARKET GAINS
- --------------------------------------------------------------------------------
TOTAL RETURN
Six months ending April 30, 1998
- --------------------------------------------------------------------------------
LABOR SELECT INTERNATIONAL EQUITY 13.95%
Morgan Stanley Capital International
EAFE Stock Index 15.44%
- --------------------------------------------------------------------------------
The Labor Select International Equity Portfolio benefited from a rally in the
European markets. The portfolio returned 13.95% for the six-month period ending
April 30, 1 1/2 percentage points below the benchmark MSCI EAFE Stock Index. The
U.K., which comprises about 30% of the holdings in the Labor Select portfolio,
extended its impressive advance as the Labor Party continued to take a centrist
role in addressing income disparity and unemployment problems. Other European
markets cheered news the progress made toward the Economic and Monetary Union
(EMU).
In the Pacific, performance was generally more modest. Focus has shifted to
Japan, where the Japanese market remains overvalued, particularly after the
government introduced two weak fiscal packages during the period. We fear the
approach the government has taken may not be aggressive enough to finally
produce a reasonable return to growth.
With regard to other Pacific markets, confidence is finally returning after
selling in the early part of the period as progress is made on fiscal reforms.
While The Labor Select International Equity Portfolio does not invest in
emerging markets, stabilization in those nations has a lasting effect on the
rest of the Far East and the world. We continue to favor the more developed
markets in the Far East region, such as Australia and New Zealand. However,
those markets haven't been fully protected from the crisis as currency weakness
in particular has led to dampened U.S.-dollar returns.
Looking ahead, we plan to continue overweighting selected attractive markets in
Continental Europe, the United Kingdom and Australasia. In addition, we expect
to maintain a low exposure to the Japanese market, which we believe remains
overvalued.
<PAGE>
- --------------------------------------------------------------------------------
PORTFOLIO PROFILE
April 30, 1998
TOTAL NET ASSETS $85.6 million
ASSET COMPOSITION (BASED ON TOTAL NET ASSETS)
Common stocks 96.63%
Cash equivalents and other assets 3.37%
NUMBER OF HOLDINGS 48
TOP 10 HOLDINGS
1. Societe Generale (France)
2. Alcatel Alshthom (France)
3. GKN plc (U.K.)
4. ING Groep (Netherlands)
5. Elf Aquitaine (France)
6. Bayer (Germany)
7. Matsushita Electrical Industrial (Japan)
8. Banco Central Hispanoamer (Spain)
9. British Airways plc (U.K.)
10. Great Universal Stores (U.K.)
GEOGRAPHIC COMPOSITION
United Kingdom 30.6%
Japan 13.0%
Australia 11.1%
France 11.0%
Germany 10.4%
Netherlands 8.7%
Spain 5.6%
New Zealand 3.9%
Belgium 2.3%
Cash and other 3.4%
14 DELAWARE POOLED TRUST o 1998 SEMIANNUAL REPORT
<PAGE>
- --------------------------------------------------------------------------------
EMERGING MARKETS:
AN OBSTACLE-DODGING PERFORMANCE
- --------------------------------------------------------------------------------
TOTAL RETURN
Six months ending April 30, 1998
- --------------------------------------------------------------------------------
EMERGING MARKETS 4.92%
Morgan Stanley Capital International
Emerging Markets Free Equity Index 3.64%
- --------------------------------------------------------------------------------
Emerging markets witnessed a partial recovery from October lows in the six
months ending April 30, 1998, as the Morgan Stanley Capital International
Emerging Markets Free Index posted a 3.64% return. The Emerging Markets
Portfolio outperformed that index with a 4.92% return for the same period.
Asia's problems loomed the largest in the fourth quarter as currency crises
plagued South Korea, Thailand, Indonesia, and Malaysia. The combined drop of
South Korea's market and currency was 64.5% in U.S dollar terms in the fourth
quarter, and the other previously mentioned markets witnessed similar drops of
at least 40% each in U.S.$. In Latin America in the fourth quarter, Mexico
proved relatively resilient while the markets of Brazil, Chile, and Venezuela
each lost at least 15% of their value in U.S. dollars. The only positive markets
during the last part of 1997 were those in Turkey and Hungary, with returns of
24.5% and 12.6%, respectively.
In the first four months of 1998, returns in Asia rebounded with a nearly 16%
performance in the first quarter alone. A large portion of strength in those
markets came from currencies returning from the dead. The Thai baht and Korean
won rose over 20% each in the first quarter alone; this helped propel the stock
markets in Korea and Thailand by 58% and 43%, respectively.
With that market backdrop in mind, we pursued a relatively active investment
policy throughout the reporting period. In the first quarter of 1998, we reduced
our exposure to India and the Philippines in order to focus more on long-term
value opportunities in Malaysia and Thailand. In the first quarter we also
altered our full weighting in Latin America by reducing our position in Mexico
and Peru to buy cheaply-valued stocks in Brazil. In all regions, we expect to
continue to maintain vigor and care in selecting countries and companies that
stand to recover from the crisis in Asia; we believe there exist pockets of
opportunities for a careful long-term value investment approach.
<PAGE>
- --------------------------------------------------------------------------------
PORTFOLIO PROFILE
April 30, 1998
TOTAL NET ASSETS $51.2 million
ASSET COMPOSITION (BASED ON TOTAL NET ASSETS)
Common stocks 92.73%
Rights 0.06%
Cash equivalents and other assets 7.21%
NUMBER OF HOLDINGS 86
TOP 10 HOLDINGS
1. Telebras (Brazil)
2. Anglo-American (South Africa)
3. Hana Microelectronics (Thailand)
4. Petronas Dagangan Berhad (Malaysia)
5. Metalurgica Gerdau (Argentina)
6. Shenzhen Expressway Co. Ltd. (Hong Kong)
7. Cemex SA, Class B (Mexico)
8. YPF S.A. Sponsored ADRs (Argentina)
9. Resorts World Berhad (Malaysia)
10. Bank Hapoalim Ltd. (Israel)
GEOGRAPHIC COMPOSITION
Brazil 13.6%
South Africa 10.4%
India 8.3%
Malaysia 8.1%
Hong Kong 6.9%
Mexico 5.7%
Thailand 5.2%
Chile 4.7%
Argentina 4.3%
Israel 3.7%
Russia 3.5%
Taiwan 3.1%
Peru 2.8%
Turkey 2.7%
Greece 2.1%
Poland 1.8%
Czech Republic 1.7%
Indonesia 0.2%
Other 4.0%
Cash and other 7.2%
1998 SEMIANNUAL REPORT o DELAWARE POOLED TRUST 15
<PAGE>
- --------------------------------------------------------------------------------
GLOBAL FIXED INCOME:
DOLLAR'S STRENGTH WIPES AWAY GAINS
- --------------------------------------------------------------------------------
TOTAL RETURN
Six months ending April 30, 1998
- --------------------------------------------------------------------------------
GLOBAL FIXED INCOME (0.04)%
Salomon Brothers World
Government Bond Index 0.52%
- --------------------------------------------------------------------------------
The strong dollar wiped away all mild gains in world bonds during the latest
reporting period. The Salomon Brothers World Government Bond Index returned
0.52% for the six months ending April 30, about one-half percentage point above
The Global Fixed Income Portfolio's return of (0.04)%.
In the U.S., interest rates were held in check by expectations that the Federal
Reserve's next move may be a tightening. Inflation is currently low, thanks
mainly to low oil and commodity prices and the strong dollar.
Overall, markets benefited from a reverse flow of funds after the Asian crisis
and from the view that its effect on the major economies will be deflationary.
However, we believe that, because of the magnitude of the Japanese economy,
increased growth will more than offset near-term deflationary pressures on the
western economies. In Europe, countries such as Italy may want to relax after
becoming part of the EMU.
Against such a backdrop, we believe world bond markets are likely to pull back
in the months ahead. As a result, we plan to maintain a defensive portfolio
duration with levels falling slightly short of the benchmark. We expect to
market weight Europe (with exposure to Germany, Netherlands, Britain, Italy and
Sweden) and North America. We also plan to overweight better value markets such
as New Zealand and Canada, while underweighting lower value markets such as
Japan.
<PAGE>
- --------------------------------------------------------------------------------
PORTFOLIO PROFILE
April 30, 1998
TOTAL NET ASSETS $534.4 million
Asset composition (based on total net assets)
Government bonds 50.39%
Corporate bonds 43.06%
Cash equivalents and other assets 6.55%
NUMBER OF HOLDINGS 67
TOP 10 HOLDINGS
1. Canadian Government, 4.75%, 9/15/99
2. U.S. Treasury Notes, 6.125%, 7/31/00
3. Netherlands Government, 8.25%, 9/15/07
4. Baden Wurt L-Finance NV, 6.625%, 8/20/03
5. New Zealand Government, 8.00%, 4/15/04
6. Netherlands Government, 9.00%, 5/15/00
7. Bundesrepublik Deutschland, 5.75%, 8/22/00
8. U.S. Treasury Notes, 6.375%, 8/15/27
9. Bundesrepublik Deutschland, 6.50%, 10/14/05
10. New South Wales Treasury, 7.00%, 2/1/00
GEOGRAPHIC COMPOSITION
United States 22.3%
Germany 17.7%
Japan 10.3%
Netherlands 9.2%
Canada 8.0%
Australia 7.0%
New Zealand 6.3%
United Kingdom 5.9%
Sweden 2.5%
Spain 2.5%
Denmark 1.7%
Cash and other 6.6%
16 DELAWARE POOLED TRUST o 1998 SEMIANNUAL REPORT
<PAGE>
- --------------------------------------------------------------------------------
INTERNATIONAL FIXED INCOME:
JAPAN, STRONG DOLLAR WEIGH ON MARKET
- --------------------------------------------------------------------------------
TOTAL RETURN
Six months ending April 30, 1998
- --------------------------------------------------------------------------------
INTERNATIONAL FIXED INCOME (1.23)%
Salomon Brothers Non-U.S. World
Government Bond Index (1.01)%
- --------------------------------------------------------------------------------
International fixed-income products were in the red in the latest reporting
period, with much of the pressure coming from weakness in Japan and a continued
rise in the dollar. The International Fixed Income Portfolio ended the six-month
period ending April 30 with a return of (1.23)%, slightly below the (1.00)%
return for the benchmark Salomon Brothers Non-U.S. World Government Bond Index.
The dollar eliminated any modest gains reported overseas.
European markets in general performed well, benefiting from the move toward an
Economic and Monetary Union (EMU). A drag internationally came from the Japanese
market, which continued to face a stagnant economy and large deficits. The
Japanese government attempted to appease the markets by introducing fiscal
packages in December and March, but the offers were not enough to calm jittery
investors. The yen has weakened to levels which now appear cheap on a long-term
valuation basis; however, future bond market performance is likely to be
restrained by record-low interest rates and yields.
In the near future, we expect international bond markets to remain stagnant,
prompting us to likely maintain a portfolio duration slightly short of the
Salomon Brothers Non-U.S. World Government Bond Index. We plan to underweight
Japan and other lower value markets and slightly overweight the better markets,
such as New Zealand and Canada. In addition, we expect to market weight the
European markets we hold: Germany, the Netherlands, Britain, Italy, and Sweden.
<PAGE>
- --------------------------------------------------------------------------------
PORTFOLIO PROFILE
April 30, 1998
TOTAL NET ASSETS $46.1 million
ASSET COMPOSITION (BASED ON TOTAL NET ASSETS)
Government bonds 49.04%
Corporate bonds 46.25%
Cash equivalents and other assets 4.71%
NUMBER OF HOLDINGS 50
TOP 10 HOLDINGS
1. Netherlands Government, 8.25%, 9/15/07
2. Bundesrepublik Deutschland, 6.50%, 7/15/03
3. Netherlands Government, 9.00%, 5/15/00
4. Federal National Mortgage Association, 5.75%, 9/5/05
5. New Zealand Government, 8.00%, 11/15/06
6. Japan Development Bank, 5.00%, 10/1/99
7. Bonos Y Oblig.-Spanish Government, 5.00%, 1/31/01
8. Republic of Finland, 5.50%, 2/9/01
9. Kingdom of Spain, 5.75%, 3/23/02
10. U.S. Treasury Inflation Index Notes, 3.625%, 1/15/08
GEOGRAPHIC COMPOSITION
Germany 20.9%
Japan 14.5%
Netherlands 12.8%
Canada 9.2%
United Kingdom 7.8%
Australia 7.2%
New Zealand 6.7%
United States 6.5%
Spain 3.8%
Denmark 3.0%
Sweden 2.9%
Cash and other 4.7%
1998 SEMINANNUAL REPORT o DELAWARE POOLED TRUST 17
<PAGE>
DELAWARE POOLED TRUST, INC.: THE LARGE-CAP VALUE EQUITY FUND
(FORMERLY THE DEFENSIVE EQUITY PORTFOLIO)
STATEMENT OF NET ASSETS
APRIL 30, 1998
(Unaudited)
NUMBER MARKET
OF SHARES VALUE
------------ ----------
COMMON STOCK: 98.66%
AUTOMOBILES AND AUTOMOTIVE PARTS: 5.31%
Ford Motor 30,100 $ 1,378,956
General Motors 27,100 1,825,863
Tenneco 41,600 1,791,400
------------
4,996,219
------------
BANKING, FINANCE, AND INSURANCE: 25.99%
American General 31,000 2,065,375
Aon 32,350 2,086,575
Bank of Boston 15,300 1,651,444
Bankers Trust New York 12,000 1,549,500
Crestar Financial 29,600 1,770,450
First Chicago NBD 16,600 1,541,725
First Union 31,590 1,907,246
Fleet Financial Group 13,600 1,174,700
Mellon Bank 23,500 1,692,000
Mercantile Bancorporation 25,650 1,420,369
National City 15,900 1,101,075
PNC Financial Group 22,900 1,384,019
SAFECO 27,700 1,382,403
St. Paul 18,000 1,525,500
Summit Bancorp 25,950 1,300,744
U S Bancorp 7,000 889,000
------------
24,442,125
------------
CABLE, MEDIA AND PUBLISHING: 3.00%
McGraw-Hill 36,400 2,818,720
------------
2,818,720
------------
CHEMICALS: 6.06%
Hercules 21,800 1,042,313
Hoechst ADR 48,800 1,964,200
Imperial Chemical ADR 21,100 1,533,706
duPont(E.I.)deNemours 15,878 1,156,117
------------
5,696,336
------------
CONSUMER PRODUCTS: 1.84%
Minnesota Mining
& Manufacturing 18,312 1,728,195
------------
1,728,195
------------
<PAGE>
NUMBER MARKET
OF SHARES VALUE
------------ ----------
ELECTRONICS AND ELECTRICAL EQUIPMENT: 4.86%
Eaton 13,100 $ 1,210,113
Emerson Electric 20,700 1,317,038
Thomas & Betts 23,400 1,365,975
Whirlpool 9,400 676,800
------------
4,569,926
------------
ENERGY: 11.33%
Atlantic Richfield 22,400 1,747,200
British Petroleum ADR 20,491 1,936,399
Chevron 28,200 2,331,788
Consolidated Natural Gas 24,200 1,391,500
USX-Marathon Group 47,000 1,683,188
Williams 49,500 1,565,438
------------
10,655,513
------------
ENVIRONMENTAL SERVICES: 1.71%
Browning Ferris 47,000 1,603,875
------------
1,603,875
------------
FOOD, BEVERAGE, AND TOBACCO: 8.81%
Bestfoods 29,200 1,602,350
ConAgra 67,900 1,981,831
Fortune Brands 34,800 1,283,250
General Mills 7,500 506,719
Heinz (H.J.) 18,950 1,032,775
Philip Morris 31,100 1,160,419
RJR Nabisco Holdings 25,640 713,113
------------
8,280,457
------------
HEALTHCARE AND PHARMACEUTICALS: 7.72%
American Home Products 21,074 1,962,516
Bausch & Lomb 15,200 751,450
Baxter International 44,100 2,444,794
Glaxo Wellcome ADR 15,700 888,031
Pharmacia & Upjohn 28,900 1,215,606
------------
7,262,397
------------
METALS AND MINING: 1.33%
Allegheny Teledyne 49,400 1,253,525
------------
1,253,525
------------
PAPER AND FOREST PRODUCTS: 3.39%
Kimberly-Clark 13,400 680,050
Temple-Inland 8,200 529,413
Union Camp 19,800 1,195,425
Weyerhaeuser 13,600 783,700
------------
3,188,588
------------
18 DELAWARE POOLED TRUST * 1998 SEMIANNUAL REPORT
<PAGE>
NUMBER MARKET
OF SHARES VALUE
------------ ----------
RETAIL: 3.48%
May Department Stores 27,100 $1,671,731
Penney (J.C.) 22,500 1,598,906
------------
3,270,637
------------
TELECOMMUNICATIONS: 7.61%
Bell Atlantic 10,300 963,694
Cable & Wireless 39,000 1,369,875
Frontier 59,800 1,790,263
GTE 31,800 1,858,313
SBC Communications 28,400 1,176,825
------------
7,158,970
------------
TRANSPORTATION AND SHIPPING: 2.57%
British Airways ADR 11,300 1,183,675
Norfolk Southern 36,900 1,233,844
------------
2,417,519
------------
UTILITIES: 0.47%
Southern 16,700 442,550
------------
442,550
------------
MISCELLANEOUS: 3.18%
Aluminum Company
of America 9,000 697,500
Pitney Bowes 47,800 2,294,400
------------
2,991,900
------------
TOTAL COMMON STOCK
(COST $74,495,079) 92,777,452
============
PRINCIPAL
AMOUNT
-----------
REPURCHASE AGREEMENTS: 1.24%
With J.P. Morgan Securities
5.50% 5/1/98 (dated
4/30/98, collateralized
by $543,000 U.S.
Treasury Notes 9.125%
due 5/15/99, market
value $585,012) $573,000 $ 573,000
With PaineWebber
5.50% 5/1/98 (dated
4/30/98, collateralized
by $586,000 U.S.
Treasury Notes 6.375%
due 1/15/00, market
value $604,244) 592,000 592,000
------------
TOTAL REPURCHASE AGREEMENTS
(COST $1,165,000) 1,165,000
============
TOTAL MARKET VALUE OF SECURITIES: 99.90%
(COST $75,660,079) $93,942,452
============
RECEIVABLES AND OTHER ASSETS
NET OF LIABILITIES: 0.10% 99,642
============
NET ASSETS APPLICABLE TO
5,038,924 SHARES ($0.01 PAR VALUE)
OUTSTANDING; EQUIVALENT TO
$18.66 PER SHARE: 100.00% $94,042,094
============
COMPONENTS OF NET ASSETS AT APRIL 30, 1998:
Common Stock, $0.01 par value,
2,000,000,000 shares authorized
to the Fund with 50,000,000
allocated to this Portfolio $65,540,911
Undistributed net investment income 392,167
Accumulated net realized gain on
investments 9,826,643
Net unrealized appreciation of
investments 18,282,373
------------
Total Net Assets $94,042,094
============
ADR = American Depository Receipt
See accompanying notes
1998 SEMIANNUAL REPORT * DELAWARE POOLED TRUST 19
<PAGE>
DELAWARE POOLED TRUST, INC.: THE SMALL/MID-CAP VALUE EQUITY PORTFOLIO
STATEMENT OF NET ASSETS
APRIL 30, 1998
(Unaudited)
NUMBER MARKET
OF SHARES VALUE
------------ ----------
COMMON STOCK: 99.19%
AEROSPACE AND DEFENSE: 1.66%
Thiokol 1,018 $ 54,845
------------
54,845
------------
AUTOMOBILES AND AUTOMOTIVE PARTS: 1.54%
Mark IV Industries 1,360 28,645
Pep Boys 1,017 22,120
------------
50,765
------------
BANKING, FINANCE AND INSURANCE: 19.79%
Alfa 1,846 33,228
AmSouth Bancorporation 566 35,304
Bear Stearns 650 37,091
CNB Bancshares 636 31,164
Countrywide Credit Industries 716 34,637
Cullen Frost Bankers 484 28,314
Edwards (A.G.) 788 35,460
Everest Re Holdings 745 30,731
First American (Tennessee) 555 27,316
First Tennessee National 788 27,112
GreenPoint Financial 632 25,083
Harleysville Group 1,311 35,479
Hibernia Class A 1,500 30,656
North Fork Bancorporation 925 34,341
Old Kent Financial 741 28,899
Paine Webber Group 874 39,166
PartnerRe Limited 659 32,991
Sovereign Bancorp 1,341 25,353
Star Banc 523 33,047
TIG Holdings 936 22,523
Union Planters 392 24,108
------------
652,003
------------
BUILDINGS AND MATERIALS: 6.40%
Armstrong World Industries 597 51,193
Fluor 828 39,123
Kaufman & Broad Home 1,156 33,596
Owens Corning 1,212 50,374
Pulte 716 36,650
------------
210,936
------------
<PAGE>
NUMBER MARKET
OF SHARES VALUE
------------ ----------
CABLE, MEDIA, AND PUBLISHING: 1.00%
Bowne & Company 800 $ 33,050
------------
33,050
------------
CHEMICALS: 8.16%
ARCO Chemical 1,123 59,659
Beckman Coulter 601 33,468
Englehard 2,642 55,812
Flowserve 1,121 33,490
Lyondell Petrochemicals 1,044 34,322
Solutia 1,833 52,011
------------
268,762
------------
ELECTRONICS AND ELECTRICAL EQUIPMENT: 6.25%
Avnet 458 28,253
AVX 1,254 25,785
Raychem 1,466 58,915
Symbol Technologies 1,183 45,546
Thomas & Betts 812 47,401
------------
205,900
------------
ENERGY: 5.37%
Kerr-McGee 583 38,478
Nicor 889 36,393
Noble Affiliates 1,309 56,451
Tosco 400 14,250
Valero Energy 968 31,339
------------
176,911
------------
FOOD, BEVERAGE AND TOBACCO: 5.47%
Adolph Coors Company 500 17,938
Cracker Barrel Old
Country Store 1,132 41,530
Flowers Industries 2,209 47,217
Interstate Bakeries 1,250 39,609
Universal 904 33,844
------------
180,138
------------
HEALTHCARE AND PHARMACEUTICALS: 6.41%
Cambrex 1,128 62,604
ICN Pharmaceuticals 769 37,873
Integrated Health Services 858 33,087
Teva Pharmaceutical ADR 940 40,068
U.S. Surgical 1,188 37,422
------------
211,054
------------
20 DELAWARE POOLED TRUST * 1998 SEMIANNUAL REPORT
<PAGE>
NUMBER MARKET
OF SHARES VALUE
------------ ----------
INDUSTRIAL MACHINERY: 3.45%
Cincinnati Milacron 1,191 $ 36,995
Kennametal 578 30,815
McDermott International 400 16,550
Parker Hannifin 655 29,229
------------
113,589
------------
LEISURE, LODGING, AND ENTERTAINMENT: 3.39%
Callaway Golf 1,147 31,256
Gaylord Entertainment 1,157 39,338
Viad 1,600 41,300
------------
111,894
------------
METALS AND MINING: 1.53%
Reynolds Metals 762 50,292
------------
50,292
------------
PACKAGING AND CONTAINERS: 0.68%
Bemis 500 22,250
------------
22,250
------------
PAPER AND FOREST PRODUCTS: 1.61%
Bowater 951 53,197
------------
53,197
------------
REAL ESTATE: 9.32%
AMB Property 1,575 36,225
Crescent Real Estate Equities 1,252 42,725
Equity Office Properties Trust 1,172 33,329
Excel Realty Trust 1,210 32,368
Koger Equity 1,709 36,637
Patriot American Hospitality 1,539 38,860
Prentiss Properties Trust 1,636 41,514
Public Storage 1,477 45,418
------------
307,076
------------
RETAIL: 3.60%
*Burlington Coat Factory 2,410 46,694
Ikon Office Solutions 2,978 72,025
------------
118,719
------------
TELECOMMUNICATIONS: 0.81%
Cincinnati Bell 700 26,775
------------
26,775
------------
TEXTILES, APPAREL, AND FURNITURE: 3.57%
Hillenbrand Industries 1,046 65,244
Warnaco Group Class A 1,240 52,390
------------
117,634
------------
<PAGE>
NUMBER MARKET
OF SHARES VALUE
------------ ----------
TRANSPORTATION AND SHIPPING: 3.35%
CNF Transportation 484 $ 18,695
Canadian National Railway 884 57,515
Tidewater 865 34,276
------------
110,486
------------
UTILITIES: 5.83%
Boston Edison 988 40,261
CMS Energy 867 37,877
DPL 1,974 35,902
Ipalco Enterprises 896 39,032
Pinnacle West Capital 882 39,029
------------
192,101
------------
TOTAL COMMON STOCK
(cost $3,067,186 ) 3,268,377
============
PRINCIPAL
AMOUNT
-----------
REPURCHASE AGREEMENTS: 0.97%
With Chase Manhattan
5.48% 05/01/98 (dated
04/30/98, collateralized
by $10,000 U.S.
Treasury Notes 6.625%
due 06/30/01, market
value $10,931) $11,000 11,000
With J.P. Morgan Securities
5.50% 05/01/98 (dated
04/30/98, collateralized
by $11,000 U.S.
Treasury Notes 6.375%
due 04/30/99, market
value $10,877) 10,000 10,000
With PaineWebber
5.50% 05/01/98 (dated
04/30/98, collateralized
by $5,000 U.S.
Treasury Notes 5.125%
due 12/31/98, market
value $5,467 and $5,000
U.S. Treasury Notes 6.75%
due 06/30/99, market
value $5,411) 11,000 11,000
----------
TOTAL REPURCHASE AGREEMENTS
(cost $32,000) 32,000
==========
1998 SEMIANNUAL REPORT * DELAWARE POOLED TRUST 21
<PAGE>
TOTAL MARKET VALUE OF SECURITIES: 100.16%
(Cost $3,099,186) $3,300,377
==========
LIABILITIES NET OF RECEIVABLES
and other assets: (0.16%) (5,276)
==========
NET ASSETS APPLICABLE TO
352,942 SHARES ($0.01 PAR VALUE)
OUTSTANDING; EQUIVALENT
TO $9.34 PER SHARE: 100.00% $3,295,101
==========
COMPONENTS OF NET ASSETS
AT APRIL 30, 1998:
Common Stock, $0.01 par value,
2,000,000,000 shares authorized
to the Fund with 50,000,000
allocated to this Portfolio $3,000,009
Undistributed net investment income 16,277
Accumulated net realized gain
on investments 77,624
Net unrealized appreciation
of investments 201,191
----------
TOTAL NET ASSETS $3,295,101
==========
* Non-income producing security.
ADR = American Depositary Receipt
See accompanying notes
<PAGE>
DELAWARE POOLED TRUST, INC.:
THE AGGRESSIVE GROWTH PORTFOLIO
STATEMENT OF NET ASSETS
APRIL 30, 1998
(Unaudited)
NUMBER MARKET
OF SHARES VALUE
------------ ----------
COMMON STOCK: 97.44%
BANKING, FINANCE AND INSURANCE: 14.79%
ACE Limited 1,800 $ 68,175
Ambac Financial Group 2,000 113,375
Bank United 1,000 52,125
Blanch(E.W.)Holdings 2,000 70,000
FINOVA Group 900 52,706
First American (Tennessee) 3,000 147,656
*Heller Financial 1,000 27,000
PMI Group 800 65,000
PartnerRe Limited 700 35,044
Peoples Heritage Financial Group 1,200 58,050
*Security Capital Group Class B 2,300 69,575
Wells Fargo 200 73,700
----------
832,406
----------
BUILDINGS AND MATERIALS: 0.79%
*J. Ray McDermott 1,000 44,375
----------
44,375
----------
CABLE, MEDIA, AND PUBLISHING: 6.15%
*Jacor Communications 1,200 68,212
*Snyder Communications 4,900 208,248
*World Color Press 1,500 48,000
*Ziff Davis 1,200 21,600
----------
346,060
----------
COMPUTERS AND TECHNOLOGY: 18.16%
*12 Technologies 900 60,300
*Acxiom 2,300 55,559
*Artisan Components 100 1,763
*BISYS Group 1,500 59,203
*BMC Software 1,400 130,944
*Compuware 2,900 141,647
*DST Systems 400 22,050
*Fore Systems 2,800 64,050
*Gateway 2000 500 29,344
*J.D. Edwards 2,100 75,075
Linear Technology 2,000 160,870
*Network Associates 800 54,850
*Platinum Technology 3,600 91,350
*Sterling Commerce 1,774 75,506
----------
1,022,511
----------
22 DELAWARE POOLED TRUST * 1998 SEMIANNUAL REPORT
<PAGE>
NUMBER MARKET
OF SHARES VALUE
------------ ----------
CONSUMER PRODUCTS: 4.61%
*Gemstar International
Group Limited 5,200 $201,175
*Henry Schein 1,500 58,641
----------
259,816
----------
ELECTRONICS AND ELECTRICAL EQUIPMENT: 4.15%
*Analog Devices 2,000 77,875
*Broadcom Class A 100 4,775
*MMC Networks 4,100 91,738
*Xilinx 1,300 59,434
----------
233,822
----------
ENERGY: 0.42%
Santa Fe International 600 23,513
----------
23,513
----------
ENVIRONMENTAL SERVICES: 3.53%
Halliburton 600 33,000
*Philip Services 7,500 56,719
*USA Waste Services 2,222 109,017
----------
198,736
----------
FOOD, BEVERAGE AND TOBACCO: 1.98%
Food Lion 2,100 21,197
Food Lion Class A 3,200 32,500
*Starbucks 1,200 57,713
----------
111,410
----------
HEALTHCARE AND PHARMACEUTICALS: 6.60%
*Health Management
Associates Class A 4,755 149,783
*Healthsouth 2,000 60,375
*Phycor 4,300 97,422
*Quorum Health Group 2,000 64,000
----------
371,580
----------
LEISURE, LODGING, AND ENTERTAINMENT: 7.19%
*Outback Steakhouse 4,500 171,281
*Papa John's International 3,000 124,875
*Prime Hospitality 2,600 53,788
Royal Caribbean Cruises 800 54,700
----------
404,644
----------
REAL ESTATE: 0.63%
*Catellus Development 2,000 35,625
----------
35,625
----------
<PAGE>
NUMBER MARKET
OF SHARES VALUE
------------ ----------
RETAIL: 9.72%
*Bed Bath & Beyond 3,000 $ 147,188
Fastenal 1,100 61,359
*General Nutrition 1,300 46,597
*Kohl's 2,600 107,413
St. John Knits 500 22,313
*Staples 4,619 114,170
*Viking Office Products 2,000 48,312
----------
547,352
----------
TELECOMMUNICATIONS: 8.17%
*Ascend Communications 3,700 161,066
*Clear Channel Communications 800 75,400
*Heftel Broadcasting 600 26,100
*Pacific Gateway Exchange 800 45,650
*Star Telecommunications 2,200 59,469
*Tellabs 1,300 92,097
----------
459,782
----------
TEXTILES, APPAREL, AND FURNITURE: 2.34%
*Jones Apparel Group 2,200 131,588
----------
131,588
----------
TRANSPORTATION AND SHIPPING: 3.41%
Gatx 1,000 82,875
*Knight Transportation 1,800 57,713
Laidlaw 3,700 51,569
----------
192,157
----------
UTILITIES: 2.94%
*AES 2,996 165,342
----------
165,342
----------
MISCELLANEOUS: 1.86%
*Cendant 2,541 63,525
*Cornell Corrections 1,300 29,413
*Personnel Group of America 600 11,925
----------
104,863
----------
TOTAL COMMON STOCK
(cost $4,448,145) 5,485,582
==========
1998 SEMIANNUAL REPORT * DELAWARE POOLED TRUST 23
<PAGE>
PRINCIPAL MARKET
AMOUNT VALUE
----------- ----------
REPURCHASE AGREEMENTS: 7.71%
With J.P. Morgan Securities
5.50% 5/1/98 (dated
4/30/98, collateralized
by $202,000 U.S.
Treasury Notes 9.125%
due 5/15/99, market
value $217,936) $214,000 $ 214,000
With PaineWebber
5.50% 5/1/98 (dated
4/30/98, collateralized
by $218,000 U.S.
Treasury Notes 6.375%
due 1/15/00, market
value $225,100) 220,000 220,000
----------
TOTAL REPURCHASE AGREEMENTS
(cost $434,000) 434,000
==========
TOTAL MARKET VALUE OF SECURITIES: 105.15%
(cost $4,882,145) $5,919,582
==========
LIABILITIES NET OF RECEIVABLES
AND OTHER ASSETS: (5.15%) (290,134)
==========
NET ASSETS APPLICABLE TO
670,707 SHARES ($0.01 PAR VALUE)
OUTSTANDING; EQUIVALENT TO
$8.39 PER SHARE: 100.00% $5,629,448
==========
COMPONENTS OF NET ASSETS
AT APRIL 30, 1998:
Common Stock, $0.01 par value,
2,000,000,000 shares authorized
to the Fund with 50,000,000
allocated to this Portfolio $3,359,228
Undistributed net investment loss (4,223)
Accumulated net realized gain on
investments 1,237,006
Net unrealized appreciation of
investments 1,037,437
----------
TOTAL NET ASSETS $5,629,448
==========
*Non-income producing security.
See accompanying notes
<PAGE>
DELAWARE POOLED TRUST, INC.:
THE REAL ESTATE INVESTMENT TRUST PORTFOLIO II
STATEMENT OF NET ASSETS
APRIL 30, 1998
(Unaudited)
NUMBER MARKET
OF SHARES VALUE
------------ ----------
COMMON STOCK: 99.32%
HOTELS/DIVERSIFIED REITS: 21.15%
Capital Automotive 9,300 $ 144,441
Catellus Development 6,980 124,331
Glenborough Realty Trust 5,620 150,686
Golf Trust of America 3,650 119,081
Innkeepers USA Trust 9,210 139,301
Newhall Land & Farming 4,230 120,555
Patriot American Hospitality 6,590 166,398
Starwood Hotels and
Resorts Trust 3,700 185,694
----------
1,150,487
----------
MALL REITS: 5.52%
General Growth Properties 3,790 135,966
Simon DeBartolo Group 4,990 164,358
----------
300,324
----------
MANUFACTURED HOUSING REITS: 4.60%
Chateau Communities 4,220 124,754
Sun Communities 3,590 125,650
----------
250,404
----------
MULTIFAMILY REITS: 17.17%
Avalon Properties 5,300 149,063
Apartment Investment
& Management 5,140 192,108
Camden Property Trust 5,130 150,373
Equity Residential Properties 3,100 152,288
Essex Property Trust 4,660 153,780
Grove Property Trust 12,715 136,686
----------
934,298
----------
OFFICE/INDUSTRIAL REITS: 35.40%
AMB Property 5,300 121,900
Cabot Industrial Trust 7,700 174,213
CarrAmerica Realty 5,600 163,800
Crescent Real Estate Equities 5,030 171,649
Duke Realty Investments 5,620 133,826
Equity Office Properties Trust 4,710 133,941
First Industrial Realty 4,270 138,775
Koger Equity 7,100 152,206
Liberty Property Trust 4,163 106,417
Parkway Properties 1,600 52,600
Prentiss Properties Trust 6,065 153,899
Reckson Associates Realty 5,620 137,690
SL Green Realty 5,960 143,040
Spieker Properties 3,580 141,858
----------
1,925,814
----------
24 DELAWARE POOLED TRUST * 1998 SEMIANNUAL REPORT
<PAGE>
NUMBER MARKET
OF SHARES VALUE
------------ ----------
RETAIL STRIP CENTER REITS: 12.84%
Developers Diversified Realty 3,125 $ 124,023
Excel Legacy 5,010 26,453
Excel Realty Trust 5,010 134,018
JDN Realty 5,230 166,379
Pan Pacific Retail Properties 5,400 114,412
Pennsylvania Real Estate
Investment Trust 5,600 133,000
----------
698,285
----------
SELF-STORAGE REITS: 2.64%
Public Storage 4,670 143,601
----------
143,601
----------
TOTAL COMMON STOCK
(cost $5,487,088) 5,403,213
==========
PRINCIPAL
AMOUNT
-----------
REPURCHASE AGREEMENTS: 3.86%
With Chase Manhattan
5.48% 05/01/98 (dated
04/30/98, collateralized
by $68,000 U.S.
Treasury Notes 6.625%
due 06/30/01, market
value $71,737) $70,000 70,000
WithJP Morgan Securities
5.50% 05/01/98 (dated
04/30/98, collateralized
by $71,000 U.S.
Treasury Notes 6.375%
due 04/30/99, market
value $71,379) 70,000 70,000
With PaineWebber
5.50% 05/01/98 (dated
04/30/98, collateralized
by $35,000 U.S.
Treasury Notes 5.125%
due 12/31/98, market
value $35,874 and $34,000
U.S. Treasury Notes 6.75%
due 06/30/99, market
value $35,507) 70,000 70,000
----------
TOTAL REPURCHASE AGREEMENTS
(cost $210,000) 210,000
==========
TOTAL MARKET VALUE OF SECURITIES: 103.18%
(cost $5,697,088) $5,613,213
==========
LIABILITIES NET OF RECEIVABLES
AND OTHER ASSETS: (3.18%) (172,760)
==========
NET ASSETS APPLICABLE TO
333,106 SHARES ($.01 PAR VALUE)
OUTSTANDING; EQUIVALENT
TO $16.33 PER SHARE: 100.00% $5,440,453
==========
COMPONENTS OF NET ASSETS AT APRIL 30, 1998:
Common Stock $0.01 par value,
2,000,000,000 shares authorized
to the Fund with 50,000,000
shares allocated to this Portfolio $5,404,729
Undistributed net investment income 102,963
Accumulated net realized gain
on investments 16,636
Net unrealized depreciation
of investments (83,875)
----------
TOTAL NET ASSETS $5,440,453
==========
REIT: Real Estate Investment Trust
See accompanying notes
1998 SEMIANNUAL REPORT * DELAWARE POOLED TRUST 25
<PAGE>
DELAWARE POOLED TRUST, INC: THE INTERMEDIATE FIXED INCOME PORTFOLIO
(FORMERLY THE FIXED INCOME PORTFOLIO)
STATEMENT OF NET ASSETS
APRIL 30, 1998
(Unaudited)
PRINCIPAL MARKET
AMOUNT VALUE
------------ ----------
ASSET-BACKED SECURITIES: 20.73%
ADVANTA Series 93-1 A2
5.95% 5/25/09 $ 54,133 $ 53,082
American Finance Home
Equity Series 92-5 A
7.20% 2/15/08 46,286 46,925
CIT Group Securitization
Series 95-2 A2
6.00% 5/15/26 417,175 416,897
CIT RV Trust
Series 97-A A5
6.25% 11/17/08 535,000 537,461
California Infrastructure
PG and E
Series 97-1 A4
6.16% 6/25/03 600,000 603,540
Chase Manhattan RV
Owner Trust
Series 97-A A9
6.32% 12/15/08 90,000 90,585
Countrywide Home
Equity Loan
Series 97-1 A4
6.95% 5/25/21 350,000 353,500
First Union Residential
Securitization Trust
Series 96-2 A2
6.46% 9/25/11 440,000 440,220
MetLife Capital Equipment
Loan Trust
Series 97-A A
6.85% 5/20/08 540,000 555,552
NationsCredit Grantor Trust
Series 96-1 A
5.85% 9/15/11 167,231 165,810
Series 97-2 A
6.35% 4/15/14 523,165 526,108
Neiman Marcus
Group Credit Card
Master Trust
Series 95-1A
7.60% 6/15/03 150,000 155,040
Oakwood Mortgage Investors
Series 97-C A3
6.65% 11/15/27 525,000 528,308
The Money Store Home
Equity Trust
Series 97-C AH5
6.59% 2/15/15 425,000 427,423
<PAGE>
PRINCIPAL MARKET
AMOUNT VALUE
------------ ----------
Series 97-A A9
7.235% 4/15/27 260,000 $ 266,957
UCFC Home Equity Loan
Series 96-B1 A3
7.30% 4/15/14 125,000 126,075
World Omni Automobile
Lease Securitization
Series 97-B A4
6.20% 11/25/03 465,000 466,814
----------
TOTAL ASSET-BACKED SECURITIES
(cost $5,711,563) 5,760,297
==========
COLLATERALIZED MORTGAGE
OBLIGATIONS: 23.43%
Asset Securitization Corporation
Series 97-D5 A2
6.321% 2/14/41 450,000 454,781
Series 97-D5 A3
6.371% 2/14/41 385,000 387,406
Series 96-D2 A1
6.92% 2/14/29 336,790 347,578
Series 96-D3 A1B
7.21% 10/13/26 130,000 135,911
Series 97-MD7 A3
7.305% 1/13/30 400,000 427,063
Series 97-D4 A1A
7.35% 4/14/29 187,865 193,765
First USA Credit Card
Master Trust
Series 97-10 A
5.778% 9/17/03 95,000 95,048
GE Capital Mortgage Services
Series 94-2 A3
5.40% 1/25/09 160,711 160,145
Series 98-6 1A6
6.75% 4/25/28 365,000 357,586
LBCMT Series 98-C1 C
6.68% 9/18/08 440,000 436,288
Lehman Large Loan
Series 97-LLI
6.79% 6/12/04 331,323 339,502
Mortgage Capital Funding
Series 96-MC2 C
7.224% 9/20/06 155,000 159,529
Nomura Asset Securities
Series 95-MD3 A1A
8.17% 3/4/20 172,286 178,935
26 DELAWARE POOLED TRUST * 1998 SEMIANNUAL REPORT
<PAGE>
PRINCIPAL MARKET
AMOUNT VALUE
------------ ----------
Residential Accredit Loans
Series 97-QS1 A5
6.75% 2/25/27 $500,000 $ 500,313
Series 97-QS1 A8
6.75% 2/25/27 400,000 395,938
Series 97-QS4 A3
7.25% 5/25/27 450,000 454,078
Series 96-QS3 A13
7.29% 6/25/26 70,000 70,252
Series 96-QS2 A6
7.45% 4/25/23 135,000 137,341
Series 97-QS3 A3
7.50% 4/25/27 135,000 136,920
Series 97-QS6 A5
7.50% 6/25/12 164,853 170,411
Residential Funding
Mortgage Securities
Series 98-S6 A6
6.75% 3/25/28 225,000 222,715
Series 96-S9 A10
7.25% 4/25/26 728,768 750,206
----------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(cost $6,429,551) 6,511,711
==========
CORPORATE BONDS: 19.65%
Banco Santiago S.A.
7.00% 7/18/07 210,000 206,325
Chrysler Financial
6.35% 3/15/99 150,000 150,469
Consumers Energy
6.375% 2/1/08 360,000 354,600
Continental Airlines
6.80% 1/2/09 475,000 479,156
Continental Airlines
7.25% 3/1/03 500,000 513,750
Credit Foncier de France
8.00% 1/14/02 335,000 354,263
Greyhound Financial
8.79% 11/15/01 100,000 108,125
Health and Retirement
Properties
6.75% 12/18/02 380,000 380,000
International Lease Finance
6.15% 8/1/00 420,000 421,575
Kohls
6.70% 2/1/06 300,000 302,625
Norwest
6.125% 10/15/00 150,000 150,938
Raytheon
5.95% 3/15/01 400,000 399,000
Sony
6.125% 3/4/03 350,000 350,437
<PAGE>
PRINCIPAL MARKET
AMOUNT VALUE
------------ ----------
Southern Investments U.K.
6.375% 11/15/01 $100,000 $ 100,125
Summit Bancorp
8.625% 12/10/02 520,000 565,500
Summit Bank
6.75% 6/15/03 80,000 81,200
Transwestern Pipeline
7.55% 1/15/00 400,000 410,000
U.S. Bancorp
8.125% 5/15/02 125,000 132,813
----------
TOTAL CORPORATE BONDS
(cost $5,427,141) 5,460,901
==========
MORTGAGE-BACKED SECURITIES: 13.86%
Federal Home Loan
Mortgage Corporation-Gold
6.00% 4/1/11 250,555 248,675
Federal National
Mortgage Association
6.00% 4/1/13 848,400 836,469
Federal National
Mortgage Association
6.00% 5/1/28 950,000 916,750
Government National
Mortgage Association
6.50% 12/15/23 742,427 742,659
Goverment National
Mortgage Association
6.50% 1/15/24 674,426 674,636
Government National
Mortgage Association
9.00% 2/15/17 271,808 295,761
Government National
Mortgage Association
9.50% 9/15/19 126,777 138,385
----------
TOTAL MORTGAGE-BACKED SECURITIES
(cost $3,830,755) 3,853,335
==========
MUNICIPAL BONDS: 1.00%
Philadelphia, Pennsylvania Authority
For Industrial Development
Series 97 A 6.488% 6/15/04 280,824 278,016
----------
TOTAL MUNICIPAL BONDS
(cost $280,824) 278,016
==========
1998 SEMIANNUAL REPORT * DELAWARE POOLED TRUST 27
<PAGE>
PRINCIPAL MARKET
AMOUNT VALUE
------------ ----------
U.S. Treasury Obligations: 18.45%
U.S. Treasury Bill
5.03% 6/18/98 $1,990,000 $ 1,976,654
U.S. Treasury Notes
5.375% 2/15/01 200,000 198,834
U.S. Treasury Notes
5.50% 2/15/08 190,000 187,579
U.S. Treasury Notes
5.75% 8/15/03 345,000 346,366
U.S. Treasury Notes
5.875% 11/30/01 525,000 528,747
U.S. Treasury Notes
5.875% 2/15/00 605,000 608,037
U.S. Treasury Notes
5.875% 3/31/99 670,000 672,298
U.S. Treasury Notes
6.375% 1/15/00 600,000 607,884
-----------
TOTAL U.S. TREASURY OBLIGATIONS
(cost $5,115,975) 5,126,399
===========
REPURCHASE AGREEMENTS: 6.27%
With J.P. Morgan Securities
5.50% 5/1/98 (dated
4/30/98, collateralized
by $877,000 U.S.
Treasury Notes 9.125%
due 5/15/99, market
value $904,032) 885,000 885,000
With PaineWebber
5.50% 5/1/98 (dated
4/30/98, collateralized
by $813,000 U.S.
Treasury Notes 6.375%
due 1/15/00, market
value $875,258) 858,000 858,000
-----------
TOTAL REPURCHASE AGREEMENTS
(cost $1,743,000) 1,743,000
===========
TOTAL MARKET VALUE OF SECURITIES: 103.39%
(cost $28,538,809) $28,733,659
===========
LIABILITIES NET OF RECEIVABLES
AND OTHER ASSETS: (3.39%) (941,797)
===========
NET ASSETS APPLICABLE TO
2,759,491 SHARES ($0.01 PAR VALUE)
OUTSTANDING; EQUIVALENT
TO $10.07 PER SHARE: 100.00% $27,791,862
===========
COMPONENTS OF NET ASSETS
AT APRIL 30, 1998:
Common stock, $0.01 par value,
2,000,000,000 shares authorized
to the Fund with 50,000,000
shares allocated to this Portfolio $27,416,724
Undistributed net investment income 300
Accumulated net realized gain
on investments 179,988
Net unrealized appreciation
of investments 194,850
-----------
TOTAL NET ASSETS $27,791,862
===========
See accompanying notes
28 DELAWARE POOLED TRUST * 1998 SEMIANNUAL REPORT
<PAGE>
DELAWARE POOLED TRUST, INC.: THE AGGREGATE FIXED INCOME PORTFOLIO
STATEMENT OF NET ASSETS
APRIL 30, 1998
(Unaudited)
PRINCIPAL MARKET
AMOUNT VALUE
------------ ----------
CORPORATE BONDS: 21.80%
BANKING, FINANCE AND INSURANCE: 10.50%
Chase Manhattan sub nts
7.25% 06/01/07 $70,000 $ 73,763
Southern Investments
United Kingdom sr nts
6.375% 11/15/01 70,000 70,088
U.S. Bank N.A. sub nts
6.50% 02/01/08 70,000 70,700
-----------
214,551
-----------
RETAIL: 3.40%
Wal-Mart Stores nts
5.875% 10/15/05 70,000 69,388
-----------
69,388
-----------
TELECOMMUNICATIONS: 1.71%
MCI Communications sr nts
6.125% 04/15/02 35,000 34,869
-----------
34,869
-----------
MISCELLANEOUS: 6.19%
Sony unsub nts
6.125% 03/04/03 55,000 55,069
Travelers Property Casualty nts
6.75% 04/15/01 70,000 71,313
-----------
126,382
-----------
TOTAL CORPORATE BONDS
(cost $447,737) 445,190
===========
ASSET-BACKED SECURITES: 10.46%
Chase Manhattan RV
Owner Trust Series 97-A A9
6.32% 12/15/08 55,000 55,358
MetLife Capital Equipment
Loan Trust Series 97-A A
6.85% 05/20/08 50,000 51,440
NationsCredit Grantor
Trust Series 96-1 A
5.85% 09/15/11 53,946 53,487
Standard Credit Card Master
Trust Series 94-4 A
8.25% 11/07/03 50,000 53,290
-----------
TOTAL ASSET-BACKED SECURITIES
(cost $213,745) 213,575
===========
<PAGE>
COLLATERALIZED MORTGAGE OBLIGATIONS: 23.82%
Asset Securitization
Series 97-D5 A2
6.3206% 02/14/41 $30,000 $ 30,319
Series 96-D2 A1
6.92% 02/14/29 76,981 79,446
CIT RV Trust
Series 97-A A5
6.25% 11/17/08 55,000 55,253
Federal Home Loan
Mortgage Corporation
Series T-11 A5
6.50% 01/25/15 60,000 60,375
First USA Credit Card
Master Trust
5.7775% 09/17/03 20,000 20,010
General Electric Capital
Mortgage Services
Series 98-6 1A 6
6.75% 04/25/28 50,000 48,984
LB Commercial Conduit
Mortgage Trust
Series 98-C1 C
6.68% 09/18/08 30,000 29,747
Mortgage Capital Funding
Series 96-MC2-C
7.224% 09/20/06 55,000 56,607
Residential Accredit Loans
Series 97-QS6 A5
7.50% 06/25/12 53,335 55,133
Series 97-QS4 A3
7.25% 05/25/27 50,000 50,453
-----------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(cost $486,858) 486,327
===========
AGENCY MORTGAGE-BACKED SECURITES: 26.66%
Federal Home Loan
Mortgage Gold
7.50% 03/01/28 75,000 76,945
Federal National
Mortgage Association
6.00% 04/01/13 202,000 199,159
Federal National
Mortgage Association
6.00% 05/01/28 200,000 193,000
Federal National
Mortgage Association
6.50% 05/01/12 75,000 75,305
-----------
TOTAL AGENCY MORTGAGE-BACKED SECURITES
(cost $546,112) 544,409
===========
1998 SEMIANNUAL REPORT * DELAWARE POOLED TRUST 29
<PAGE>
PRINCIPAL MARKET
AMOUNT VALUE
------------ ----------
U.S. TREASURY OBLIGATIONS: 15.36%
U.S. Treasury Notes
5.50% 02/15/08 $ 60,000 $ 59,236
U.S. Treasury Notes
6.375% 01/15/00 225,000 227,957
U.S. Treasury Notes
6.375% 08/15/27 25,000 26,390
-----------
TOTAL U.S. TREASURY OBLIGATIONS
(cost $313,466) 313,583
===========
REPURCHASE AGREEMENTS: 19.84%
With Chase Manhattan
5.48% 05/01/98 (dated
04/30/98, collateralized
by $132,000 U.S.
Treasury Notes 6.625%
due 06/30/01, market
value $138,349) 135,000 135,000
With J.P. Morgan Securities
5.50% 05/01/98 (dated
04/30/98, collateralized
by $137,000 U.S.
Treasury Notes 6.375%
due 04/30/99, market
value $137,659) 135,000 135,000
With PaineWebber
5.50% 05/01/98 (dated
04/30/98, collateralized
by $68,000 U.S.
Treasury Notes 5.125%
due 12/31/98, market
value $69,186 and
$66,000 U.S.
Treasury Notes 6.75%
due 06/30/99, market
value $68,478) 135,000 135,000
-----------
TOTAL REPURCHASE AGREEMENTS
(cost $405,000) 405,000
===========
TOTAL MARKET VALUE OF SECURITIES: 117.94%
(cost $2,412,918) $2,408,084
===========
LIABILITIES NET OF RECEIVABLES
AND OTHER ASSETS: (17.94%) (366,215)
===========
NET ASSETS APPLICABLE TO
235,295 SHARES ($0.01 PAR VALUE)
OUTSTANDING; EQUIVALENT TO
$8.68 PER SHARE: 100.00% $2,041,869
===========
COMPONENTS OF NET ASSETS
AT APRIL 30, 1998:
Common stock, $0.01 par value,
2,000,000,000 shares authorized
to the Fund with 50,000,000
shares allocated to this Portfolio $2,000,008
Undistributed net investment income 37,186
Accumulated net realized gain on investments 9,509
Net unrealized depreciation of investments (4,834)
-----------
TOTAL NET ASSETS $2,041,869
===========
nts-notes
sr-senior
sub-subordinate
unsec-unsecured
See accompanying notes
30 DELAWARE POOLED TRUST * 1998 SEMIANNUAL REPORT
<PAGE>
DELAWARE POOLED TRUST, INC: THE HIGH-YIELD BOND PORTFOLIO
STATEMENT OF NET ASSETS
APRIL 30, 1998
(Unaudited)
PRINCIPAL MARKET
AMOUNT VALUE
------------ ----------
CORPORATE BONDS: 93.81%
Aerospace and Defense: 3.29%
Compass Aerospace
10.125% 4/15/05 $375,000 $ 376,875
Roller Bearing
9.625% 6/15/07 250,000 257,500
-----------
634,375
-----------
AUTOMOBILES AND AUTOMOTIVE PARTS: 6.69%
Numatics
9.625% 4/1/08 275,000 279,125
Prestolite Electric
9.625% 2/1/08 425,000 434,563
Talon Automotive
9.625% 5/1/08 575,000 575,000
-----------
1,288,688
-----------
BUILDINGS AND MATERIALS: 7.59%
American Builders and
Contractors
10.625% 5/15/07 125,000 131,094
Atrium
10.50% 11/15/06 400,000 425,000
Collins & Aikman
10.00% 1/15/07 400,000 420,000
Henry
10.00% 4/15/08 375,000 383,438
Reliant Building
10.875% 5/1/04 100,000 103,000
-----------
1,462,532
-----------
CABLE, MEDIA AND PUBLISHING: 3.19%
Pathnet
12.25% 4/15/08 600,000 615,000
-----------
615,000
-----------
CHEMICALS: 4.32%
Octel Developments
10.00% 5/1/06 575,000 575,000
Precise Technology
11.125% 6/15/07 250,000 256,874
-----------
831,874
-----------
COMPUTERS AND TECHNOLOGY: 0.54%
DecisionOne Holdings
0.00%/11.50% 8/1/08 175,000 104,125
-----------
104,125
-----------
<PAGE>
PRINCIPAL MARKET
AMOUNT VALUE
------------ ----------
CONSUMER PRODUCTS: 9.63%
Anchor Lamina
9.875% 2/1/08 $375,000 $ 376,875
Diamond Brand Operating
10.125% 4/15/08 500,000 506,250
Doskocil Manufacturing
10.125% 9/15/07 275,000 292,875
Fedders North America
9.375% 8/15/07 275,000 280,844
Riddell Sports
10.50% 7/15/07 250,000 264,687
William Carter
10.375% 12/1/06 125,000 134,218
-----------
1,855,749
-----------
ELECTRONICS AND ELECTRICAL EQUIPTMENT: 2.85%
Fairchild Semiconductor
10.125% 3/15/07 250,000 259,374
Insilco
10.25% 8/18/07 275,000 289,094
-----------
548,468
-----------
ENERGY: 10.82%
Dailey International
9.50% 2/15/08 600,000 604,500
Panaco
10.625% 10/1/04 275,000 278,437
Rutherford-Moran Oil
10.75% 10/1/04 275,000 294,250
Southwest Royalties
10.50% 10/15/04 275,000 247,844
TransAmerican Energy
11.50% 6/15/02 455,000 448,174
United Refining
10.75% 6/15/07 200,000 210,000
-----------
2,083,205
-----------
ENVIROMENTAL SERVICES: 1.91%
Hydrochem Industrial Services
10.375% 8/1/07 350,000 367,500
-----------
367,500
-----------
FOOD, BEVERAGE AND TOBACCO: 4.89%
Community Distributors
10.25% 10/15/04 275,000 286,000
DiGiorgio
10.00% 6/15/07 400,000 402,000
Duane Reade
9.25% 2/15/08 250,000 254,687
-----------
942,687
-----------
1998 SEMIANNUAL REPORT * DELAWARE POOLED TRUST 31
<PAGE>
PRINCIPAL MARKET
AMOUNT VALUE
------------ ----------
INDUSTRIAL MACHINERY: 11.33%
Brand Scaffold Services
10.25% 2/15/08 $300,000 $ 310,125
Burke Industries
10.00% 5/15/07 275,000 290,125
Jackson Products
9.50% 4/15/05 375,000 378,750
JTM Industries
10.00% 4/15/08 600,000 612,000
Morris Materials Handling
9.50% 4/1/08 600,000 591,000
-----------
2,182,000
-----------
LEISURE, LODGING AND ENTERTAINMENT: 8.34%
AFC Enterprises
10.25% 5/15/07 75,000 79,875
Silver Cinemas
10.50% 4/15/05 525,000 536,813
Town Sports International
9.75% 10/15/04 475,000 483,313
United Artists
9.75% 4/15/08 500,000 506,875
-----------
1,606,876
-----------
METALS AND MINING: 5.56%
Keystone Consolidated Industries
9.25% 8/1/07 425,000 435,625
Simcala
9.625% 4/15/06 375,000 379,688
WHX
10.50% 4/15/05 250,000 255,625
-----------
1,070,938
-----------
RETAIL: 1.37%
Leslie's Poolmart
10.375% 7/15/04 250,000 263,750
-----------
263,750
-----------
TELECOMMUNICATIONS: 4.15%
NEXTEL Communications
0.00%/10.65% 9/15/07 600,000 405,000
Viatel
0.00%/12.50% 4/15/08 650,000 394,063
-----------
799,063
-----------
TEXTILES, APPAREL AND FURNITURE: 2.79%
Dyersburg
9.75% 9/1/07 275,000 285,313
Galey & Lord
9.125% 3/1/08 250,000 251,250
-----------
536,563
-----------
<PAGE>
PRINCIPAL MARKET
AMOUNT VALUE
------------ ----------
TRANSPORTATION AND SHIPPING: 2.70%
American Reefer
10.25% 3/1/08 $200,000 $ 201,500
Chemical Leaman
10.375% 6/15/05 300,000 318,000
-----------
519,500
-----------
MISCELLANEOUS: 1.85%
ATC Group Services
12.00% 1/15/08 350,000 355,688
-----------
355,688
-----------
TOTAL CORPORATE BONDS
(cost $17,736,316) 18,068,581
===========
PREFERRED STOCK: 3.38%
TELECOMMUNICATIONS: 3.36%
Twenty-first Century Telecom 600 648,000
-----------
648,000
-----------
CABLE, MEDIA, AND PUBLISHING: 0.02%
American Radio Systems 36 4,356
-----------
4,356
-----------
TOTAL PREFERRED STOCK
(cost $603,419) 652,356
===========
REPURCHASE AGREEMENTS: 2.04%
With Chase Manhattan
5.48% 5/1/98 (dated
4/30/98, collateralized
by $128,000 U.S.
Treasury Notes 6.625%
due 6/30/01, market
value $134,250) 131,000 131,000
With J.P. Morgan Securities
5.50% 5/1/98 (dated
4/30/98, collateralized
by $133,000 U.S.
Treasury Notes 6.375%
due 4/30/99, market
value $133,580) 131,000 131,000
With PaineWebber
5.50% 5/1/98 (dated
4/30/98, collateralized
by $64,000 U.S.
Treasury Notes 6.75%
due 6/30/99, market
value $66,449 and
$66,000 U.S.
Treasury Notes 5.125%
due 12/31/98, market
value $67,136) 131,000 131,000
-----------
TOTAL REPURCHASE AGREEMENTS
(cost $393,000) 393,000
===========
32 DELAWARE POOLED TRUST * 1998 SEMIANNUAL REPORT
<PAGE>
TOTAL MARKET VALUE OF SECURITIES: 99.23%
(cost $18,732,735) $19,113,937
===========
RECEIVABLES AND OTHER ASSETS
NET OF LIABILITIES: 0.77% 147,479
===========
NET ASSETS APPLICABLE TO
1,722,870 SHARES ($0.01 PAR VALUE)
OUTSTANDING; EQUIVALENT TO
$11.18 PER SHARE: 100.00% $19,261,416
===========
COMPONENTS OF NET ASSETS
AT APRIL 30, 1998:
Common stock, $0.01 par value,
2,000,000,000 shares authorized
to the Fund with 50,000,000
shares allocated to this Portfolio $18,281,834
Undistributed net investment income 197,339
Accumulated net realized gain on
investments 401,041
Net unrealized appreciation of
investments 381,202
-----------
TOTAL NET ASSETS $19,261,416
===========
See accompanying notes
<PAGE>
DELAWARE POOLED TRUST, INC.:
DIVERSIFIED CORE FIXED INCOME PORTFOLIO
STATEMENT OF NET ASSETS
APRIL 30, 1998
(Unaudited)
PRINCIPAL MARKET VALUE
AMOUNT* (U.S.$)
------------ ------------
CORPORATE BONDS: 57.56%
AEROSPACE AND DEFENSE: 3.20%
Compass Aerospace
10.125% 04/15/05 $100,000 $100,500
-----------
100,500
-----------
AUTOMOBILES AND AUTOMOTIVE PARTS: 3.23%
Numatics sr sub nts
9.625% 04/01/08 100,000 101,500
-----------
101,500
-----------
BANKING, FINANCE AND INSURANCE: 8.21%
CNA Financial
6.25% 11/15/03 50,000 49,625
Chase Manhattan sub nts
7.25% 06/01/07 50,000 52,688
Continental 7.25% 03/01/03 50,000 51,375
Southern Investments
United Kingdom sr nts
6.375% 11/15/01 50,000 50,063
Summit Bancorp sub nts
8.625% 12/10/02 50,000 54,375
-----------
258,126
-----------
BUILDINGS AND MATERIALS: 7.45%
Burke Industries unsec sr nts
10.00% 05/15/07 125,000 131,875
Henry 10.00% 04/15/08 100,000 102,250
-----------
234,125
-----------
CHEMICALS: 6.36%
Octel Developments
10.00% 05/01/06 200,000 200,000
-----------
200,000
-----------
INDUSTRIAL MACHINERY: 3.14%
Morris Materials
Handling sr nts
9.50% 04/01/08 100,000 98,500
-----------
98,500
-----------
LEISURE, LODGING AND ENTERTAINMENT: 6.45%
United Artists
9.75% 04/15/08 200,000 202,750
-----------
202,750
1998 SEMIANNUAL REPORT * DELAWARE POOLED TRUST 33
<PAGE>
PRINCIPAL MARKET VALUE
AMOUNT* (U.S.$)
------------ ------------
METALS AND MINING: 6.49%
JTM Industries
10.00% 04/15/08 $200,000 $ 204,000
-----------
204,000
-----------
TRANSPORTATION AND SHIPPING: 3.37%
Chemical Leaman sr nts
10.375 06/15/05 100,000 106,000
-----------
106,000
-----------
MISCELLANEOUS: 9.66%
Diamond Brand Operating
10.125% 04/15/08 200,000 202,500
Sony unsub nts
6.125% 03/04/03 50,000 50,063
Travelers Property Casualty nts
6.75% 04/15/01 50,000 50,938
-----------
303,501
-----------
TOTAL CORPORATE BONDS
(cost $1,795,668) 1,809,002
===========
FOREIGN BONDS: 13.78%
Australia: 1.11%
Queensland Treasury Global
8.00% 08/14/01 A$ 18,000 12,594
Queensland Treasury
Government Agency
8.00% 07/14/99 33,000 22,205
-----------
34,799
-----------
CANADA: 1.48%
Government of Canada
4.25% 12/01/21 C$ 23,000 16,897
Government of Canada
7.25% 06/01/03 25,000 19,036
Government of Canada
10.25% 03/15/14 10,000 10,432
-----------
46,365
-----------
DENMARK: 0.43%
Kingdom of Denmark
7.00% 12/15/04 Dk 83,000 13,376
-----------
13,376
-----------
GERMANY: 3.46%
Bundesrepublik
Deutscheland
8.375% 05/21/01 Dem 85,000 52,506
Germany (Federal
Republic of)
6.00% 01/04/07 95,000 56,319
-----------
108,825
-----------
<PAGE>
PRINCIPAL MARKET VALUE
AMOUNT* (U.S.$)
------------ ------------
ITALY: 0.60%
Italian Government 9.50%
02/01/01 Itl 30,000,000 $ 18,994
-----------
18,994
-----------
JAPAN: 2.09%
International Bank
Reconstruction
& Development
4.50% 06/20/00 Jpy 2,600,000 21,233
International Bank of
Reconstruction
& Development
5.25% 03/20/02 2,000,000 17,557
Kingdom of Spain 5.75%
03/23/02 3,000,000 26,745
-----------
65,535
-----------
NETHERLANDS: 1.61%
Netherland Government
7.50% 01/15/23 Nlg 30,000 18,747
Netherland Government
9.00% 05/15/00 59,000 31,836
-----------
50,583
-----------
NEW ZEALAND: 0.92%
Government of
New Zealand
8.00% 04/15/04 NZ$ 50,000 28,837
-----------
28,837
-----------
SPAIN: 0.57%
Spanish Government
0.00% 01/31/08 Esp 860,000 6,002
Spanish Government
5.25% 01/31/03 1,800,000 12,067
-----------
18,069
-----------
SWEDEN: 0.42%
Swedish Government
5.50% 04/12/02 Sk 100,000 13,236
-----------
13,236
-----------
UNITED KINGDOM: 1.09%
UK Treasury
8.00% 12/07/00 Gbp 7,000 12,161
UK Treasury
8.50% 12/07/05 11,500 22,245
-----------
34,406
-----------
TOTAL FOREIGN BONDS
(cost $436,059) 433,025
===========
34 DELAWARE POOLED TRUST * 1998 SEMIANNUAL REPORT
<PAGE>
PRINCIPAL MARKET VALUE
AMOUNT* (U.S.$)
------------ ------------
ASSET-BACKED SECURITES: 8.05%
Chase Manhattan RV
Owner Trust
Series 97-A A9
6.32% 12/15/08 $50,000 $ 50,325
CIT RV Trust
Series 97-A A5
6.25% 11/17/08 50,000 50,230
Citibank Credit Card
Master Trust
5.75% 01/15/03 50,000 49,750
MetLife Capital Equipment
Loan Trust
Series 97-A A
6.85% 05/20/08 50,000 51,440
The Money Store Home
Equity Trust
7.235% 04/15/27 50,000 51,338
-----------
TOTAL ASSET-BACKED SECURITES
(cost $253,135) 253,083
===========
COLLATERALIZED MORTGAGE
OBLIGATIONS: 4.16%
Asset Securitization
Series 97-D5 A2
6.3206% 02/14/41 50,000 50,531
LB Commercial Conduit
Mortgage Trust
Series 98-C1 C 6.68%
09/18/08 30,000 29,747
Residential Accredit Loans
Series 97-QS4 A3
7.25% 05/25/27 50,000 50,453
-----------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(cost $132,141) 130,731
===========
AGENCY MORTGAGE-BACKED
SECURITIES: 24.13%
Government National
Mortgage Association
6.50% 01/15/28 567,802 563,011
Government National
Mortgage Association
9.00% 07/15/21 179,633 195,294
-----------
TOTAL AGENCY MORTGAGE-BACKED SECURITIES
(cost $756,410) 758,305
===========
U.S. TREASURY OBLIGATIONS: 4.72 %
U.S. Treasury Note
6.25% 02/15/03 145,000 148,529
-----------
TOTAL U.S. TREASURY OBLIGATIONS
(cost $148,025) 148,529
===========
<PAGE>
TOTAL MARKET VALUE OF SECURITIES: 112.40%
(cost $3,521,438) $3,532,675
===========
LIABILITIES NET OF RECEIVABLES
AND OTHER ASSETS: (12.40%) (389,798)
===========
NET ASSETS APPLICABLE TO
352,942 SHARES ($0.01 PAR VALUE)
OUTSTANDING; EQUIVALENT
TO $8.90 PER SHARE: 100.00% $3,142,877
===========
COMPONENTS OF NET ASSETS
AT APRIL 30, 1998:
Common stock, $0.01 par value,
2,000,000,000 shares authorized
to the Fund with 50,000,000
shares allocated to this Portfolio $3,000,008
Undistributed net investment income** 72,604
Accumulated net realized gain on
investments 59,048
Net unrealized apppreciation on
investments and foreign currencies 11,217
-----------
TOTAL NET ASSETS $3,142,877
===========
* Principal amount is stated in the currency in which each bond is denominated.
A$ = Australian Dollars
C$ = Canadian Dollars
Dem = German Deutsche Marks
Dk = Danish Kroner
Esp = Spanish Pesetas
Gbp = British Pounds
Itl = Italian Lire
Jpy = Japanese Yen
Nlg = Dutch Guilders
NZ$ = New Zealand Dollars
Sk = Swedish Kroner
$ = U.S. Dollars
** Accumulated net investment income includes net realized gains (losses) on
foreign currencies. Net realized gains (losses) on foreign currencies are
treated as net investment income in accordance with provisions of the Internal
Revenue Code.
nts = notes
sr = senior
sub = subordinated
unsec = unsecured
unsub = unsubordinated
See accompanying notes
1998 SEMIANNUAL REPORT * DELAWARE POOLED TRUST 35
<PAGE>
DELAWARE POOLED TRUST, INC.: THE GLOBAL EQUITY PORTFOLIO
STATEMENT OF NET ASSETS
APRIL 30, 1998
(Unaudited)
NUMBER OF MARKET VALUE
OF SHARES (U.S.$)
----------- ------------
COMMON STOCK: 98.42%
AUSTRALIA: 7.52%
Amcor Limited 11,300 $ 51,062
CSR Limited 20,000 63,645
Foster's Brewing Group 32,500 70,497
National Australia Bank 3,900 55,216
Orica Limited 624 4,616
-----------
245,036
-----------
BELGIUM: 2.85%
Electrabel 350 92,860
-----------
92,860
-----------
FRANCE: 6.08%
Alcatel Alsthom 210 38,912
Compagnie de Saint Gobain 250 41,628
Elf Aquitaine 500 65,558
Societe Generale 250 52,015
-----------
198,113
-----------
GERMANY: 8.45%
Bayer 1,700 75,725
Bayerische Vereinsbank 900 67,150
Rheinisch Westfaelisches Elek 1,150 58,781
Siemens 1,250 73,533
-----------
275,189
-----------
HONG KONG: 1.69%
Hong Kong Electric 8,500 26,107
Wharf Holdings 18,000 28,806
-----------
54,913
-----------
JAPAN: 3.19%
Canon Electronics 1,000 23,573
Eisai Limited 1,000 14,308
Koito Manufacturing 6,000 30,728
West Japan Railway 10 35,396
-----------
104,005
-----------
<PAGE>
NUMBER OF MARKET VALUE
OF SHARES (U.S.$)
----------- ------------
MALAYSIA: 0.81%
Sime Darby Berhad 30,000 $ 26,524
-----------
26,524
-----------
NETHERLANDS: 1.37%
Royal Dutch Petroleum 810 44,668
-----------
44,668
-----------
NEW ZEALAND: 2.91%
Carter Holt Harvey Limited 17,500 23,161
*Telecom Corporation of
New Zealand 3,161 8,454
Telecom Corporation of
New Zealand 13,300 62,970
-----------
94,585
-----------
SINGAPORE: 1.14%
Jardine Matheson Holdings
Limited 8,800 37,136
-----------
37,136
SPAIN: 2.54%
Iberdrola S.A. 2,300 36,963
Telefonica de Espana 1,100 45,890
-----------
82,853
UNITED KINGDOM: 23.15%
Associated British Food 4,300 41,065
Bass 4,643 89,300
Blue Circle Industry 9,800 58,309
Boots 6,100 93,759
Cable & Wireless 8,200 94,287
GKN 3,600 103,983
Glaxo Wellcome 3,600 101,874
PowerGen 6,800 92,633
Taylor Woodrow 21,500 78,929
-----------
754,139
-----------
36 DELAWARE POOLED TRUST * 1998 SEMIANNUAL REPORT
<PAGE>
NUMBER OF MARKET VALUE
OF SHARES (U.S.$)
----------- ------------
UNITED STATES: 36.72%
American Home Products 700 $ 65,187
AON 800 51,600
Atlantic Richfield 600 46,800
Bankers Trust New York 500 64,563
Bausch & Lomb 1,000 49,437
Baxter International 900 49,893
Browning Ferris 1,500 51,187
ConAgra 1,400 40,863
First Union 972 58,685
General Motors 700 47,162
GTE 1,000 58,437
Hercules 1,000 47,813
May Department Stores 1,000 61,687
McGraw-Hill 800 61,950
Mellon Bank 800 57,600
National City 1,000 69,250
Philip Morris 1,400 52,237
Pitney Bowes 1,400 67,200
St. Paul 600 50,850
Tenneco 1,200 51,675
Union Pacific 900 49,275
USX-Marathon Group 1,200 42,975
-----------
1,196,326
-----------
TOTAL COMMON STOCK
(cost $3,037,147) 3,206,347
===========
RIGHTS: 0.03%
*Telefonica de Espana rights 1,100 851
-----------
TOTAL RIGHTS (cost $0) 851
===========
PRINCIPAL
AMOUNT
-----------
REPURCHASE AGREEMENTS: 0.61%
With Chase Manhattan
5.48% 5/1/98 (dated
4/30/98, collateralized
by $7,000 U.S.
Treasury Notes 6.625%
due 6/30/01, market
value $6,832) $7,000 $ 7,000
With J.P. Morgan Securities
5.50% 5/1/98 (dated
4/30/98, collateralized
by $7,000 U.S.
Treasury Notes 6.375%
due 4/30/99, market
value $6,798) 7,000 7,000
-----------
<PAGE>
PRINCIPAL MARKET
AMOUNT VALUE
----------- ----------
WithPaineWebber
5.50% 5/1/98 (dated
4/30/98, collateralized
by $3,000 U.S.
Treasury Notes 5.125%
due 12/31/98, market
value $3,417 and $3,000
U.S. Treasury Notes
6.75% due 6/30/99, market
value $3,382) 6,000 6,000
-----------
TOTAL REPURCHASE AGREEMENTS
(cost $20,000) 20,000
===========
TOTAL MARKET VALUE OF SECURITIES: 99.06%
(cost $3,057,147) $ 3,227,198
===========
RECEIVABLES AND OTHER ASSETS
NET OF LIABILITIES: 0.94% 30,488
===========
NET ASSETS APPLICABLE TO
354,722 SHARES ($0.01 PAR VALUE)
OUTSTANDING; EQUIVALENT TO
$9.18 PER SHARE: 100.00% $ 3,257,686
===========
COMPONENTS OF NET ASSETS
AT APRIL 30, 1998:
Common stock, $0.01 par value,
2,000,000,000 shares authorized
to the Fund with 50,000,000
shares allocated to this Portfolio $3,024,628
Undistributed net investment income** 15,384
Accumulated net realized gain on
investments 47,819
Net unrealized appreciation on
investments and foreign currencies 169,855
-----------
TOTAL NET ASSETS $ 3,257,686
===========
* Non-income producing security.
** Undistributed net investment income includes net realized gains (losses) on
foreign currencies. Net realized gains (losses) on foreign currencies are
treated as net investment income in accordance with provisions of the Internal
Revenue Code.
See accompanying notes
1998 SEMIANNUAL REPORT * DELAWARE POOLED TRUST 37
<PAGE>
DELAWARE POOLED TRUST, INC.: THE INTERNATIONAL EQUITY PORTFOLIO
STATEMENT OF NET ASSETS
APRIL 30, 1998
(Unaudited)
NUMBER OF MARKET VALUE
OF SHARES (U.S.$)
----------- ------------
COMMON STOCK: 95.31%
AUSTRALIA: 10.07%
Amcor Limited 2,508,000 $11,333,334
Brambles Industries 311,000 6,384,555
CSR Limited 4,224,003 13,442,066
Foster's Brewing Group 6,521,930 14,147,129
+National Australia Bank 989,017 14,002,512
Orica Limited 158,243 1,160,284
-----------
60,469,880
-----------
BELGIUM: 3.20%
+Electrabel 72,405 19,210,285
-----------
19,210,285
-----------
FRANCE: 9.52%
Alcatel Alsthom 77,009 14,269,221
Campagnie de Saint Gobain 66,645 11,097,348
Elf Aquitaine 105,295 13,806,025
+Societe Generale 86,411 17,978,658
-----------
57,151,252
-----------
GERMANY: 9.61%
Bayer 234,000 10,423,453
Bayerische Vereinsbank 157,800 11,773,824
+Continental 288,550 8,226,153
Rheinisch Westfaelisches Elek 251,500 12,855,425
Siemens 245,500 14,441,980
-----------
57,720,835
-----------
HONG KONG: 2.93%
Hong Kong Electric 3,170,000 9,736,852
Wharf Holdings 4,889,000 7,823,914
-----------
17,560,766
-----------
JAPAN: 13.10%
Amano 331,000 3,011,355
Canon Electronics 536,000 12,635,027
+Chiyoda Fire and Marine 535,000 2,083,106
Eisai Limited 703,500 10,066,645
Hitachi Limited 1,867,000 13,343,741
+Kinki Coca-Cola Bottling 75,000 881,156
Koito Manufacturing 630,000 3,226,388
Matsushita Electric 940,000 15,008,275
Nichido Fire & Marine 757,000 4,042,120
West Japan Railway 4,045 14,318,036
-----------
78,615,849
-----------
<PAGE>
NUMBER OF MARKET VALUE
OF SHARES (U.S.$)
----------- ------------
MALAYSIA: 0.60%
Sime Darby Berhad 4,100,000 $ 3,624,916
-----------
3,624,916
-----------
NETHERLANDS: 6.25%
+Elsevier 920,000 13,878,035
Koninklijke Van Ommeren 242,000 10,412,978
+Royal Dutch Petroleum 239,900 13,229,561
-----------
37,520,574
-----------
NEW ZEALAND: 3.62%
Carter Holt Harvey Limited 4,368,400 5,781,414
+Telecom Corporation of
New Zealand 3,340,000 15,813,439
Telecom Corporation of
New Zealand IR 51,670 138,197
-----------
21,733,050
-----------
SINGAPORE: 0.62%
Jardine Matheson Holdings
Limited 876,278 3,697,893
-----------
3,697,893
-----------
SPAIN: 6.33%
Acerinox 22,822 3,697,629
+Banco Central
Hispanoamericano 387,506 12,887,220
Iberdrola 517,000 8,308,629
Telefonica de Espana 314,350 13,114,245
-----------
38,007,723
-----------
UNITED KINGDOM: 29.46%
Bass 1,017,857 19,577,210
BG 1,378,206 7,341,582
Blue Circle Industries 2,179,970 12,970,644
Boots 1,063,100 16,340,139
British Airways 1,367,550 14,363,786
Cable & Wireless 1,557,240 17,905,827
Centrica 961,300 1,664,046
GKN 575,750 16,630,006
Glaxo Wellcome 618,711 17,508,717
Great Universal Stores 1,349,300 20,592,426
Powergen 1,145,000 15,597,777
Rio Tinto 1,140,000 16,378,123
-----------
176,870,283
-----------
TOTAL COMMON STOCK
(cost $470,567,824) 572,183,306
===========
38 DELAWARE POOLED TRUST * 1998 SEMIANNUAL REPORT
<PAGE>
NUMBER OF MARKET VALUE
OF SHARES (U.S.$)
----------- ------------
WARRANTS: 0.00%
INDONESIA: 0.00%
*PT Bank Dagang Nasional
2/14/00 1,908,437 $ 7,068
-----------
TOTAL WARRANTS
(cost $0) 7,068
===========
RIGHTS: 0.04%
SPAIN: 0.04%
*Telefonica De Espana 314,350 243,315
-----------
TOTAL RIGHTS
(cost $0) 243,315
===========
PRINCIPAL
AMOUNT
----------
REPURCHASE AGREEMENTS: 4.15%
With Chase Manhattan
5.48% 05/01/98 (dated
04/30/98, collateralized
by $8,125,000 U.S.
Treasury Notes 6.625%
due 06/30/01, market
value $8,521,960) $8,344,000 8,344,000
With JP Morgan Securities
5.50% 05/01/98 (dated
04/30/98, collateralized
by $8,415,000 U.S.
Treasury Notes 6.375%
due 04/30/99, market
value $8,479,451) 8,302,000 8,302,000
With PaineWebber
5.50% 05/01/98 (dated
04/30/98, collateralized
by $4,200,000 U.S.
Treasury Notes 5.125%
due 12/31/98, market
value $4,261,712 and
$4,074,000 U.S.
Treasury Notes 6.75%
due 06/30/99, market
value $4,218,049) 8,301,000 8,301,000
-----------
TOTAL REPURCHASE AGREEMENTS
(cost $24,947,000) 24,947,000
===========
<PAGE>
TOTAL MARKET VALUE OF SECURITIES: 99.50%
(cost $495,514,824) $597,380,689
============
RECEIVABLES AND OTHER ASSETS
NET OF LIABILITIES: 0.50% 2,981,761
============
NET ASSETS APPLICABLE TO
35,529,753 SHARES ($0.01 PAR VALUE)
OUTSTANDING; EQUIVALENT
TO $16.90 PER SHARE: 100.00% $600,362,450
============
COMPONENTS OF NET ASSETS
AT APRIL 30, 1998:
Common stock, $0.01 par value,
2,000,000,000 shares authorized
to the Fund with 50,000,000
shares allocated to this Portfolio $507,318,243
Undistributed net investment income** 1,784,621
Accumulated net realized loss on
investments (10,567,256)
Net unrealized appreciation on
investments and foreign currencies 101,826,842
------------
TOTAL NET ASSETS $600,362,450
============
* Non-income producing security.
** Undistributed net investment income includes net realized gains (losses) on
foreign currencies. Net realized gains (losses) on foreign currencies are
treated as net investment income in accordance with provisions of the Internal
Revenue Code.
+ Security is partially or fully on loan.
ADR = American Depository Receipt
GDR = Global Depository Receipt
See accompanying notes
1998 SEMIANNUAL REPORT * DELAWARE POOLED TRUST 39
<PAGE>
DELAWARE POOLED TRUST, INC.: THE LABOR SELECT INTERNATIONAL EQUITY PORTFOLIO
STATEMENT OF NET ASSETS
APRIL 30, 1998
(Unaudited)
NUMBER OF MARKET VALUE
OF SHARES (U.S.$)
----------- ------------
COMMON STOCK: 96.63%
AUSTRALIA: 11.14%
Amcor Limited 445,000 $ 2,010,899
Brambles Industries 37,200 763,683
CSR Limited 690,000 2,195,790
Foster's Brewing Group 801,572 1,738,740
National Australia Bank 144,072 2,039,773
National Foods 350,334 625,692
Orica Limited 22,114 162,146
------------
9,536,723
------------
BELGIUM: 2.29%
Electrabel 7,400 1,963,347
------------
1,963,347
------------
GERMANY: 10.35%
Bayer 58,650 2,612,545
Bayerische Vereinsbank 22,300 1,663,855
Continental 28,300 806,793
Rheinisch Westfaelisches Elek 30,900 1,579,454
Siemens 37,450 2,203,064
------------
8,865,711
------------
FRANCE: 11.04%
Alcatel Alsthom 17,526 3,247,443
Elf Aquitaine 20,099 2,635,332
Societe Generale 17,159 3,570,099
------------
9,452,874
------------
JAPAN: 13.04%
Canon 99,000 2,333,709
Eisai Co. Limited 130,000 1,860,219
Kinki Coca-Cola Bottling Y50 23,000 270,221
Koito Manufacturing 157,000 804,036
Matsushita Elecric Industrial 162,000 2,586,533
Nichido Fire & Marine 118,000 630,079
West Japan Railway 610 2,159,209
Yokohama Reito 67,000 519,227
------------
11,163,233
------------
NETHERLANDS: 8.66%
Elsevier-CVA 85,900 1,295,786
ING Groep N.V. 43,000 2,792,374
Koninklijke Van Ommeren 17,000 731,490
Royal Dutch Petroleum 43,360 2,391,137
Unilever NV-CVA 2,880 204,829
------------
7,415,616
------------
<PAGE>
NEW ZEALAND: 3.87%
Carter Holt Harvey Limited 952,000 $ 1,259,936
Telecom Corporation of
New Zealand IR 43,285 115,771
Telecom Corporation of
New Zealand 409,000 1,936,436
------------
3,312,143
------------
SPAIN: 5.64%
Acerinox SAR 4,135 669,954
Banco Central
Hispanoamericano 76,233 2,535,271
Iberdrola 101,000 1,623,156
------------
4,828,381
------------
UNITED KINGDOM: 30.60%
Associated British Food 237,000 2,263,344
BG 435,809 2,321,515
Bass 109,375 2,103,691
Blue Circle Industry 346,884 2,063,933
Boots 136,100 2,091,894
British Airways 236,744 2,486,591
*Centrica 74,250 128,530
GKN 110,000 3,177,248
Glaxo Wellcome 66,260 1,875,072
Great Universal Stores 162,000 2,472,373
PowerGen 146,250 1,992,292
Rio Tinto 145,950 2,096,831
Taylor Woodrow 306,750 1,126,121
------------
26,199,435
------------
TOTAL COMMON STOCK
(cost $68,517,477) 82,737,463
============
40 DELAWARE POOLED TRUST * 1998 SEMIANNUAL REPORT
<PAGE>
PRINCIPAL MARKET
AMOUNT VALUE
----------- ----------
REPURCHASE AGREEMENTS: 2.63%
With Chase Manhattan
5.48% 05/01/98 (dated
04/30/98, collateralized
by $734,000 U.S.
Treasury Notes 6.625%
due 06/30/01, market
value $769,972) $754,000 $ 754,000
With J.P. Morgan Securities
5.50% 05/01/98 (dated
04/30/98, collateralized
by $760,000 U.S.
Treasury Notes 6.375%
due 04/30/99, market
value $766,132) 750,000 750,000
With PaineWebber
5.50% 05/01/98 (dated
04/30/98, collateralized
by $379,000 U.S.
Treasury Notes 5.125%
due 12/31/98, market
value $385,052 and
$368,000 U.S.
Treasury Notes 6.75%
due 06/30/99, market
value $381,107) 750,000 750,000
------------
TOTAL REPURCHASE AGREEMENTS
(cost $2,254,000) 2,254,000
============
TOTAL MARKET VALUE OF SECURITIES: 99.26%
(cost $70,771,477) $ 84,991,463
============
RECEIVABLES AND OTHER ASSETS
NET OF LIABILITIES: 0.74% 631,871
============
NET ASSETS APPLICABLE TO
5,963,670 SHARES ($.01 PAR VALUE)
OUTSTANDING; EQUIVALENT
TO $14.36 PER SHARE: 100.00% $ 85,623,334
============
COMPONENTS OF NET ASSETS
AT APRIL 30, 1998:
Common stock $0.01 par value,
2,000,000,000 shares authorized
to the Fund with 50,000,000
shares allocated to this Portfolio $ 71,190,126
Undistributed net investment income** 218,160
Accumulated net realized loss on
investments (7,499)
Net unrealized appreciation of
investments and foreign currencies 14,222,547
------------
Total Net Assets $ 85,623,334
============
* Non-income producing security.
** Undistributed net investment income includes net realized gains(losses) on
foreign currencies. Net realized gains(losses) on foreign currencies are treated
as net investment income in accordance with provisions of the Internal Revenue
Code.
See accompanying notes
1998 SEMIANNUAL REPORT * DELAWARE POOLED TRUST 41
<PAGE>
DELAWARE POOLED TRUST, INC.: THE EMERGING MARKETS PORTFOLIO
STATEMENT OF NET ASSETS
APRIL 30, 1998
(Unaudited)
NUMBER OF MARKET VALUE
OF SHARES (U.S.$)
----------- ------------
COMMON STOCK: 92.73%
ARGENTINA: 4.31%
Central Puerto S.A. Class B 160,000 $ 497,662
Transportadora de Gas
del sur, S.A. Class B 225,000 531,066
YPF Sociedad Anonima 2,800 97,116
YPF Sociedad Anonima ADR 31,000 1,081,125
------------
2,206,969
------------
BRAZIL: 13.57%
Aracruz Celulose S.A. ADR 61,100 962,325
Brasmotor S.A.-Preferred 4,549,000 624,595
Centrais Electricas de Santa
Catrina S.A. GDR 620 71,537
Centrais Electricas de Santa
Catrina S.A. GDR 5,350 617,297
Companhia Energetica de
Minas Gerais S.A. GDR 20,100 947,916
Companhia Paranaense de
Energia Copel S.A. ADR 34,179 487,051
Elvadores Atlas S.A. 26,800 419,537
Metalurgica Gerdau 26,600,000 1,139,884
*Rossi Residential GDR 22,000 161,535
*Telecommunicacoes
Brasileiras S.A. ADR 11,500 1,400,844
Usinas Siderurgicas de
Minas Gerais S.A. ADR 16,152 111,536
------------
6,944,057
------------
CHILE: 4.66%
Administradora de Fondos de
Pensiones Provida S.A. ADR 45,000 804,375
Banco BHIF ADR 54,200 674,112
Cia del Telecomunicaciones de
Chile S.A. ADR 8,300 208,019
Empresa Nacional Electricidad
S.A. ADR 40,000 697,500
------------
2,384,006
------------
CZECH REPUBLIC: 1.67%
Komercni Banka I.F. 15,500 281,852
Restitucni Investment Fund 18,700 575,455
------------
857,307
------------
<PAGE>
NUMBER OF MARKET VALUE
OF SHARES (U.S.$)
----------- ------------
EGYPT: 1.61%
Paints and Chemical GDR 71,275 $ 821,444
------------
821,444
------------
ESTONIA: 0.88%
Eesti Uhispank-GDR 33,190 451,384
------------
451,384
------------
GREECE: 2.14%
Attica Enterprises S.A. 32,500 542,872
Hellenic Bottling
Company S.A. 14,900 554,661
------------
1,097,533
------------
HONG KONG: 6.86%
*First Tractor 1,606,000 896,425
Guangdong Kelon Electric
Holding 796,000 816,700
Guangshen Railway 3,650,000 683,035
*Shenzhen Expressway 4,074,000 1,117,281
------------
3,513,441
------------
INDIA: 8.33%
Gujarat Ambuja
Cement GDR 13,100 97,923
Gujarat Ambuja
Cement GDR 24,000 179,400
India Fund, (The) 118,000 973,500
Larsen & Toubro GDR 74,500 966,638
Mahanagar Telecom
Nigam-GDR 24,000 387,000
Tata Engineering &
Locomotive Limited GDR 122,500 891,188
Videsh Sanchar Nigam
Limited GDR 62,600 766,850
------------
4,262,499
------------
INDONESIA: 0.20%
PT Bank Dagang National 570,000 10,556
PT Semen Gresik 122,000 81,335
PT United Tractors 69,000 10,648
------------
102,539
------------
42 DELAWARE POOLED TRUST * 1998 SEMIANNUAL REPORT
<PAGE>
NUMBER OF MARKET VALUE
OF SHARES (U.S.$)
----------- ------------
ISRAEL: 3.66%
Bank Hapoalim 377,800 $ 1,012,538
Israel Chemicals Limited 717,000 863,086
------------
1,875,624
------------
MALAYSIA: 8.13%
Leader Universal Holdings 1,700,000 546,551
Petronas Dagangan Berhad 1,021,000 1,165,294
Public Finance Berhad 95,000 35,633
Resorts World Berhad 547,000 1,055,164
Rothmans of Pall Mall
Berhad 82,000 675,553
Sime Darby Berhad 771,000 681,661
------------
4,159,856
------------
MEXICO: 5.70%
ALFA, S.A. de C.V. Class A 108,000 586,431
Cemex S.A. de C.V. Class B 186,000 1,104,170
Grupo Minsa ADR 5,900 34,663
Grupo Minsa S.A. Class C 506,054 321,872
Vitro S.A. ADR 78,000 872,625
------------
2,919,761
------------
PERU: 2.80%
Banco de Credito del Peru 232,798 235,391
Creditcorp Limited 36,740 615,395
Telefonica del Peru, S.A. ADR 26,300 581,888
------------
1,432,674
------------
POLAND: 1.84%
Elektrim Spolka Akcyjna 66,000 942,441
------------
942,441
------------
RUSSIA: 3.54%
Gazprom ADR 11,000 202,813
*Gazprom ADR Reg. S 8,200 151,290
Lukoil Holding ADR 11,620 768,198
Mosenergo ADR 16,000 567,360
Mosenergo ADR Reg. S 3,400 120,564
------------
1,810,225
------------
SLOVENIA: 0.15%
Blagovno Trgovinski
Center GDR 3,460 21,625
*SKB Banka GDR 3,600 54,540
------------
76,165
------------
<PAGE>
NUMBER OF MARKET VALUE
OF SHARES (U.S.$)
----------- ------------
SOUTH AFRICA: 10.42%
Amalgamated Banks of
South Africa 60,000 $ 519,236
Anglo American Corporation
of South Africa Limited 22,000 1,301,157
Edgars Stores Limited 17,298 302,813
Ingwe Coal Limited 123,000 440,372
Iscor Limited 3,081,800 993,637
Sappi Limited 132,400 769,965
Sasol Limited 99,600 1,004,767
------------
5,331,947
------------
SOUTH KOREA: 1.22%
Pohang Iron & Steel 8,380 447,057
Pohang Iron & Steel ADR 10,000 178,125
------------
625,182
------------
TAIWAN: 3.08%
*Asia Cement GDR 74,100 787,313
Yageo GDR 33,100 401,503
*Yageo GDR 32,000 388,160
------------
1,576,976
------------
THAILAND: 5.23%
Hana Microelectronics
Public Co. Limited 268,000 1,174,890
K.R. Precision (Foreign) 127,000 336,031
K.R. Precision 99,000 259,377
Ruang Khao 2 Fund 5,394,000 797,556
Thai Reinsurance Public
Co. Limited 49,500 111,712
------------
2,679,566
------------
TURKEY: 2.73%
Efes Sinai Yatirim Holdings 1,700,000 326,400
Efes Sinai Yatirim
Holdings-ADR 16,880 310,170
Netas-Northern Eleckrik
Telekomunikayson A.S. 2,045,500 760,926
------------
1,397,496
------------
TOTAL COMMON STOCK
(cost $48,395,500) 47,469,092
============
RIGHTS: 0.06%
GREECE: 0.06%
*Attica Enterprises 32,500 29,780
------------
TOTAL RIGHTS
(cost $0) 29,780
============
1998 SEMIANNUAL REPORT * DELAWARE POOLED TRUST 43
<PAGE>
NUMBER OF MARKET VALUE
OF SHARES (U.S.$)
----------- ------------
WARRANTS: 0.00%
HONG KONG: 0.00%
*Guangdong Investment 7/99 9,200 $ 356
------------
TOTAL WARRANTS
(cost $0) 356
============
PRINCIPAL
AMOUNT
-----------
REPURCHASE AGREEMENTS: 7.46%
With Chase Manhattan
5.48% 05/1/98 (dated
04/30/98, collateralized
by $1,244,000 U.S.
Treasury Notes 6.625%
due 06/30/01, market
value $1,304,922) $1,278,000 1,278,000
With JP Morgan Securities
5.50% 05/01/98 (dated
04/30/97, collateralized
by $1,289,000 U.S.
Treasury Notes 6.375%
due 04/30/99, market
value $1,298,413) 1,271,000 1,271,000
With PaineWebber
5.50% 05/01/98 (dated
04/30/98, collateralized
by $643,000 U.S.
Treasury Notes 5.125%
due 12/31/98, market
value $652,573 and
$624,000 U.S.
Treasury Notes 6.75%
due 06/30/99, market
value $645,887) 1,271,000 1,271,000
------------
TOTAL REPURCHASE AGREEMENTS
(cost $3,820,000) 3,820,000
============
TOTAL MARKET VALUE OF SECURITIES: 100.25%
(cost $52,215,500) $ 51,319,228
============
LIABILITIES NET OF RECEIVABLES
AND OTHER ASSETS: (0.25%) (128,158)
============
NET ASSETS APPLICABLE TO
5,404,155 SHARES ($0.01 PAR VALUE)
OUTSTANDING; EQUIVALENT
TO $9.47 PER SHARE: 100.00% $ 51,191,070
============
COMPONENTS OF NET ASSETS
AT APRIL 30, 1998:
Common stock, $0.01 par value,
2,000,000,000 shares authorized
to the Fund with 50,000,000
shares allocated to this Portfolio $ 51,863,834
Undistributed net investment income** 217,730
Accumulated net realized gain on
investments 5,795
Net unrealized depreciation on
investments and foreign currencies (896,289)
------------
TOTAL NET ASSETS $ 51,191,070
============
* Non-income producing security.
** Undistributed net investment income includes net realized gains (losses) on
foreign currencies. Net realized gains (losses) on foreign currencies are
treated as net investment income in accordance with provisions of the Internal
Revenue Code.
ADR = American Depository Receipt
GDR = Global Depository Receipt
See accompanying notes
44 DELAWARE POOLED TRUST * 1998 SEMIANNUAL REPORT
<PAGE>
DELAWARE POOLED TRUST INC.: THE GLOBAL FIXED INCOME PORTFOLIO
STATEMENT OF NET ASSETS
APRIL 30, 1998
(Unaudited)
PRINCIPAL MARKET VALUE
AMOUNT* (U.S.$)
----------- ------------
BONDS: 93.45%
AUSTRALIA: 6.97%
New South Wales
Treasury
7.00% 2/1/00 A$ 20,000,000 $ 13,389,581
New South Wales
Treasury
8.00% 12/1/01 7,000,000 4,911,433
Queensland Treasury
8.00% 7/14/99 10,000,000 6,728,757
Queensland Treasury
8.00% 8/14/01 17,500,000 12,244,600
------------
37,274,371
------------
CANADA: 8.00%
Government of Canada
4.75% 9/15/99 C$ 45,000,000 31,388,856
Government of Canada
10.25% 3/15/14 6,000,000 6,259,074
KFW International Finance
6.50% 12/28/01 7,000,000 5,040,611
------------
42,688,541
------------
DENMARK: 1.70%
Kingdom of Denmark
7.00% 12/15/04 Dk 10,000,000 1,611,625
Kingdom of Denmark
8.00% 11/15/01 46,500,000 7,473,014
------------
9,084,639
------------
GERMANY: 17.72%
Baden Wurt
L-Finance NV
5.25% 9/26/01 Dem 15,000,000 8,513,948
Baden Wurt
L-Finance NV
6.625% 8/20/03 33,000,000 19,810,198
Bundesrepublik
Deutscheland
5.75% 8/22/00 28,000,000 16,075,503
Bundesrepublik
Deutschland
6.25% 1/4/24 10,000,000 6,069,211
Bundesrepublik
Deutschland
6.50% 7/15/03 14,000,000 8,413,486
Bundesrepublik
Deutschland
6.50% 10/14/05 25,000,000 15,218,965
<PAGE>
PRINCIPAL MARKET VALUE
AMOUNT* (U.S.$)
----------- ------------
Bundesrepublik
Deutschland
6.50% 7/4/27 Dem 13,000,000 $ 8,157,799
Bundesrepublik
Deutscheland
8.375% 5/21/01 7,000,000 4,324,062
International Bank
Reconstruction
& Development
6.125% 9/27/02 8,000,000 4,696,679
Republic of Finland
5.50% 2/9/01 6,000,000 3,434,812
------------
94,714,663
------------
JAPAN: 10.32%
European Investment
Bank
5.875% 11/26/99 Jpy 400,000,000 3,264,797
European Investment
Bank
6.625% 3/15/00 1,000,000,000 8,387,930
Federal National
Mortgage Association
2.00% 12/20/99 350,000,000 2,700,188
International Bank
Reconstruction &
Development
4.50% 6/20/00 870,000,000 7,105,028
International Bank
Reconstruction &
Development
5.25% 3/20/02 1,000,000,000 8,778,613
Japan Development
Bank
6.50% 9/20/01 400,000,000 3,579,227
Kingdom of Belgium
5.00% 12/17/99 250,000,000 2,019,316
Kingdom of Spain
5.75% 3/23/02 360,000,000 3,209,442
Republic of Austria
5.00% 1/22/01 400,000,000 3,362,703
Republic of Italy
3.50% 6/20/01 1,560,000,000 12,740,051
------------
55,147,295
------------
1998 SEMIANNUAL REPORT * DELAWARE POOLED TRUST 45
<PAGE>
PRINCIPAL MARKET VALUE
AMOUNT* (U.S.$)
----------- ------------
NETHERLANDS: 9.18%
Netherlands Government
7.50% 1/15/23 Nlg 11,000,000 $ 6,873,980
Netherlands Government
8.25% 9/15/07 39,500,000 24,107,523
Netherlands Government
9.00% 5/15/00 33,500,000 18,076,314
------------
49,057,817
------------
NEW ZEALAND: 6.33%
Government of
New Zealand
8.00% 2/15/01 NZ$ 6,500,000 3,639,688
Government of
New Zealand
8.00% 4/15/04 33,000,000 19,032,111
Government of
New Zealand
8.00% 11/15/06 12,000,000 7,101,511
International Bank
Reconstruction &
Development
7.00% 9/18/00 7,500,000 4,059,680
------------
33,832,990
------------
SPAIN: 2.53%
Spanish Government
5.00% 1/31/01 Esp 1,300,000,000 8,636,540
Spanish Government
6.00% 1/31/08 700,000,000 4,885,079
------------
13,521,619
------------
SWEDEN: 2.55%
Nordic Investment Bank
10.25% 1/7/99 Sk 8,000,000 1,068,925
Swedish Government
9.00% 4/20/09 28,000,000 4,666,498
Swedish Government
10.25% 5/5/03 30,000,000 4,730,264
Swedish Government
13.00% 6/15/01 20,000,000 3,162,934
------------
13,628,621
------------
UNITED KINGDOM: 5.85%
Abbey National Treasury
8.00% 4/2/03 Gbp 2,500,000 4,424,285
Anglian Water
12.00% 1/7/14 800,000 2,031,251
Barclays Bank
6.50% 2/16/04 3,500,000 5,893,995
Glaxo Wellcome
8.75% 12/01/05 2,500,000 4,735,266
<PAGE>
PRINCIPAL MARKET VALUE
AMOUNT* (U.S.$)
----------- ------------
Southern Electric
10.25% 3/27/02 Gbp 1,000,000 1,862,747
Tesco
8.75% 2/20/03 1,750,000 3,168,342
UK Treasury
8.00% 6/10/03 1,300,000 2,361,100
UK Treasury
8.00% 12/07/15 1,200,000 2,489,934
Vodafone Group
7.875% 11/6/01 2,500,000 4,309,301
------------
31,276,221
------------
United States: 22.30%
Baden Wurt L-Finance NV
5.75% 2/25/08 $4,000,000 3,890,800
Caisse D'Amort Dette
6.50% 3/11/02 8,000,000 8,115,000
Interamerican Development
Bank
6.375% 10/22/07 7,000,000 7,122,500
J. Sainsbury
6.25% 3/27/02 1,600,000 1,597,000
Korea Electric Power
6.375% 12/01/03 3,600,000 3,118,500
Matsushita Electric
7.25% 8/01/02 7,200,000 7,452,000
Republic of Finland
7.875% 7/28/04 8,200,000 8,958,500
U.S. Treasury Bill
5.75% 9/30/99 2,000,000 2,005,240
U.S. Treasury Inflation
Index Note
3.375% 1/15/07 11,729,655 11,359,349
U.S. Treasury Inflation
Index Note
3.625% 1/15/02 5,001,400 4,943,533
U.S. Treasury Inflation
Index Note
3.625% 7/15/02 10,090,200 9,976,685
U.S. Treasury Note
6.125% 7/31/00 25,000,000 25,276,250
U.S. Treasury Note
6.25% 2/15/07 5,000,000 5,170,050
U.S. Treasury Note
6.375% 8/15/27 15,000,000 15,834,149
U.S. Treasury Note
7.50% 11/15/01 2,000,000 2,117,760
U.S. Treasury Note
7.875% 11/15/04 2,000,000 2,231,140
------------
119,168,456
------------
TOTAL BONDS
(cost $509,700,858) 499,395,233
============
46 DELAWARE POOLED TRUST * 1998 SEMIANNUAL REPORT
<PAGE>
PRINCIPAL MARKET VALUE
AMOUNT* (U.S.$)
----------- ------------
Repurchase Agreements: 4.09%
With Chase Manhattan
5.48% 5/1/98 (dated
4/30/98, collateralized
by $7,124,000 U.S.
Treasury Notes 6.625%
due 6/30/01, market
value $7,471,532) $7,316,000 $ 7,316,000
With J.P. Morgan Securities
5.50% 5/1/98 (dated
4/30/98, collateralized
by $7,378,000 U.S.
Treasury Notes 6.375%
due 4/30/99, market
value $7,434,263) 7,278,000 7,278,000
With PaineWebber
5.50% 5/1/98 (dated
4/30/98, collateralized
by $3,572,000 U.S.
Treasury Notes 6.75%
due 6/30/99, market
value $3,698,127 and
$3,682,000 U.S.
Treasury Notes 5.125%
due 12/31/98, market
value $3,736,407) 7,278,000 7,278,000
------------
TOTAL REPURCHASE AGREEMENTS
(cost $21,872,000) 21,872,000
============
TOTAL MARKET VALUE OF SECURITIES: 97.54%
(Cost $531,572,858) $521,267,233
============
RECEIVABLES AND OTHER ASSETS
NET OF LIABILITIES: 2.46% 13,150,938
============
NET ASSETS APPLICABLE TO
50,488,733 SHARES ($0.01 PAR VALUE)
OUTSTANDING; EQUIVALENT TO
$10.58 PER SHARE: 100.00% $534,418,171
============
COMPONENTS OF NET ASSETS AT APRIL 30, 1998:
Common Stock, $0.01 par value,
2,000,000,000 shares authorized
to the Fund with 50,000,000
shares allocated to this Portfolio $540,943,531
Undistributed net investment income ** 4,177,646
Accumulated net realized loss on
investments (361,539)
Net unrealized depreciation of
investments and foreign currencies (10,341,467)
------------
TOTAL NET ASSETS $534,418,171
============
* Principal amount is stated in the currency in which each security is
denominated:
A$ = Australian Dollars
C$ = Canadian Dollars
Dem = German Deutsche Marks
Dk = Danish Kroner
Esp = Spanish Pesetas
Gbp = British Pounds
Jpy = Japanese Yen
Nlg = Dutch Guilders
NZ$ = New Zealand Dollars
Sk = Swedish Kroner
$ = U.S. Dollar
** Undistributed net investment income includes net realized gains (losses) on
foreign currencies. Net realized gains (losses) on foreign currencies are
treated as net investment income in accordance with provisions of the Internal
Revenue Code.
See accompanying notes
1998 SEMIANNUAL REPORT * DELAWARE POOLED TRUST 47
<PAGE>
DELAWARE POOLED TRUST, INC.: THE INTERNATIONAL FIXED INCOME PORTFOLIO
STATEMENT OF NET ASSETS
APRIL 30, 1998
(Unaudited)
PRINCIPAL MARKET VALUE
AMOUNT* (U.S.$)
----------- ------------
BONDS: 95.29%
AUSTRALIA: 7.23%
Federal National
Mortgage Association
5.75% 9/5/05 A$ 2,500,000 $1,641,323
New South Wales Treasury
7.00% 02/01/00 700,000 468,635
Queensland Treasury
8.00% 08/14/01 1,750,000 1,224,460
------------
3,334,418
------------
CANADA: 9.21%
Abbey National
Treasury Service
6.75% 2/25/04 C$ 900,000 660,262
CHUBU Electric Power
7.375% 3/30/01 700,000 510,786
General Electric
Capital of Canada
7.125% 02/12/04 900,000 671,659
Government of Canada
7.50% 12/01/03 1,000,000 774,358
Government of Canada
8.75% 12/01/05 950,000 804,996
Government of Canada
10.25% 3/15/14 300,000 312,954
Ontario Hydro
10.875% 3/29/99 700,000 512,926
------------
4,247,941
------------
DENMARK: 2.96%
Kingdom of Denmark
7.00% 12/15/04 Dk 5,500,000 886,394
Kingdom of Denmark
8.00% 11/15/01 3,000,000 482,130
------------
1,368,524
------------
GERMANY: 20.90%
Baden Wurt L-Finance NV
5.25% 9/26/03 Dem 2,000,000 1,135,193
Baden Wurt L-Finance NV
6.625% 8/20/03 900,000 540,278
Bayerische Vereinsbank
6.50% 6/6/05 1,900,000 1,145,745
Bundesrepublik Deutschland
6.50% 7/15/03 4,000,000 2,403,853
Bundesrepublik Deutschland
6.50% 7/4/27 1,200,000 753,028
<PAGE>
PRINCIPAL MARKET VALUE
AMOUNT* (U.S.$)
----------- ------------
Bundesrepublik Deutscheland
8.375% 5/21/01 2,000,000 $ 1,235,446
DSL Finance NV
6.00% 2/21/06 1,900,000 1,115,461
Republic of Finland
5.50% 2/9/01 2,300,000 1,316,678
------------
9,645,682
------------
JAPAN: 14.53%
European Investment Bank
5.875% 11/26/99 Jpy 30,000,000 244,860
International Bank
Reconstruction &
Development
4.50% 6/20/00 90,000,000 735,003
International Bank
Reconstruction &
Development
5.25% 3/20/02 100,000,000 877,861
Japan Development Bank
5.00% 10/01/99 180,000,000 1,441,199
Japan Development Bank
6.50% 9/20/01 50,000,000 447,403
Kingdom of Belgium
5.00% 12/17/99 130,000,000 1,050,045
Kingdom of Spain
5.75% 3/23/02 140,000,000 1,248,116
Republic of Austria
5.00% 1/22/01 30,000,000 252,203
Republic of Italy
3.50% 6/20/01 50,000,000 408,335
------------
6,705,025
------------
NETHERLANDS: 12.79%
Netherlands Government
7.50% 1/15/23 Nlg 1,600,000 999,852
Netherlands Government
8.25% 9/15/07 4,500,000 2,746,427
Netherlands Government
9.00% 5/15/00 4,000,000 2,158,366
------------
5,904,645
------------
48 DELAWARE POOLED TRUST * 1998 SEMIANNUAL REPORT
<PAGE>
PRINCIPAL MARKET VALUE
AMOUNT* (U.S.$)
----------- ------------
NEW ZEALAND: 6.69%
Government of
New Zealand
8.00% 04/15/04 NZ$ 500,000 $ 295,896
Government of
New Zealand
8.00% 11/15/06 500,000 288,365
Government of
New Zealand
8.00% 11/15/06 2,450,000 1,449,892
Government of
New Zealand
10.00% 03/15/02 1,750,000 1,052,402
------------
3,086,555
------------
SPAIN: 3.78%
Spanish Government
5.00% 1/31/01 Esp 210,000,000 1,395,133
Spanish Government
6.00% 1/31/08 50,000,000 348,934
------------
1,744,067
------------
SWEDEN: 2.90%
Swedish Government
8.00% 8/15/07 Sk 4,500,000 691,931
Swedish Government
9.00% 4/20/09 1,500,000 249,991
Swedish Government
13.00% 6/15/01 2,500,000 395,367
------------
1,337,289
------------
UNITED KINGDOM: 7.75%
Abbey National Treasury
8.00% 4/2/03 Gbp 450,000 796,371
Anglian Water
12.00% 1/7/14 100,000 253,906
Midland Bank
9.00% 11/23/05 400,000 749,280
SmithKline Beecham Notes
8.375% 12/29/00 150,000 259,969
Thames Water Utilities
10.50% 11/21/01 400,000 744,681
UK Treasury
8.50% 12/07/05 400,000 773,740
------------
3,577,947
------------
<PAGE>
PRINCIPAL MARKET VALUE
AMOUNT* (U.S.$)
----------- ------------
UNITED STATES: 6.55%
U.S. Treasury Inflation
Index Note
3.375% 1/15/07 $917,973 $ 888,993
U.S. Treasury Inflation
Index Note
3.625% 7/15/02 908,118 897,902
U.S. Treasury Inflation
Index Note
3.625% 1/15/08 1,251,558 1,237,077
------------
3,023,972
------------
TOTAL BONDS
(cost $44,725,771) 43,976,065
============
REPURCHASE AGREEMENTS: 2.26%
With Chase Manhattan
5.48% 5/1/98 (dated
4/30/98, collateralized
by $339,000 U.S.
Treasury Notes 6.625%
due 6/30/01, market
value $355,608) $348,000 348,000
With J.P. Morgan Securities
5.50% 5/1/98 (dated
4/30/98, collateralized
by $351,000 U.S.
Treasury Notes 6.375%
due 4/30/99, market
value $353,834) 346,000 346,000
With PaineWebber
5.50% 5/1/98 (dated
4/30/98, collateralized
by $170,000 U.S.
Treasury Notes 6.75%
due 6/30/99, market
value $176,013 and
$175,000 U.S.
Treasury Notes 5.125%
due 12/31/98, market
value $177,835) 347,000 347,000
------------
TOTAL REPURCHASE AGREEMENTS
(cost $1,041,000) 1,041,000
============
1998 SEMIANNUAL REPORT * DELAWARE POOLED TRUST 49
<PAGE>
TOTAL MARKET VALUE OF SECURITIES: 97.55%
(Cost $45,766,771) $ 45,017,065
============
RECEIVABLES AND OTHER ASSETS
NET OF LIABILITIES: 2.45% 1,131,068
============
NET ASSETS APPLICABLE TO
4,563,868 SHARES ($0.01 PAR VALUE)
OUTSTANDING; EQUIVALENT
TO $10.11 PER SHARE: 100.00% $46,148,133
============
COMPONENTS OF NET ASSETS AT APRIL 30, 1998:
Common Stock, $0.01 par value,
2,000,000,000 shares authorized
to the Fund with 50,000,000
shares allocated to this Portfolio $46,276,048
Undistributed net investment income ** 811,769
Accumulated net realized loss on
investments (183,629)
Net unrealized depreciation of
investments and foreign currencies (756,055)
------------
TOTAL NET ASSETS $ 46,148,133
============
* 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
Esp = Spanish Pesetas
Gbp = British Pounds
Jpy = Japanese Yen
Nlg = Dutch Guilders
NZ$ = New Zealand Dollars
Sk = Swedish Kroner
$ = U.S. Dollar
** Undistributed net investment income includes net realized gains (losses) on
foreign currencies. Net realized gains (losses) on foreign currencies are
treated as net investment income in accordance with provisions of the Internal
Revenue Code.
See accompanying notes
50 DELAWARE POOLED TRUST * 1998 SEMIANNUAL REPORT
<PAGE>
- --------------------------------------------------------------------------------
DELAWARE POOLED TRUST, INC.
STATEMENTS OF ASSETS AND LIABILITIES
APRIL 30, 1998
(Unaudited)
<TABLE>
<CAPTION>
THE THE
HIGH-YIELD DIVERSIFIED CORE
BOND FIXED INCOME
PORTFOLIO PORTFOLIO
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C>
ASSETS:
Investments at market $19,113,937 $ 3,532,675
Cash and Foreign Currencies -- 148
Dividends and interest receivable 284,182 39,692
Subscriptions receivable -- --
Receivable for securities sold 2,065,674 399,500
Other assets 2,262 --
-------------------------------------
Total assets 21,466,055 3,972,015
-------------------------------------
LIABILITIES:
Liquidations payable -- --
Payable for securities purchased 2,133,444 596,815
Other accounts payable and accrued expenses 71,195 232,323
-------------------------------------
Total liabilities 2,204,639 829,138
-------------------------------------
TOTAL NET ASSETS $19,261,416 $ 3,142,877
=====================================
Investments at cost $18,732,735 $ 3,521,438
=====================================
</TABLE>
See accompanying notes
1998 SEMIANNUAL REPORT o DELAWARE POOLED TRUST 51
<PAGE>
- --------------------------------------------------------------------------------
DELAWARE POOLED TRUST, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
SIX MONTHS 12/29/97*
ENDED TO
4/30/98 4/30/98
------------------------------
THE THE
LARGE-CAP SMALL/MID-CAP
VALUE EQUITY VALUE EQUITY
PORTFOLIO PORTFOLIO
------------------------------
<S> <C> <C>
INVESTMENT INCOME:
Interest $ 59,109 $ 2,265
Dividends 1,047,641 23,266
Foreign tax withheld -- --
------------------------------
1,106,750 25,531
------------------------------
EXPENSES:
Management fees 237,219 8,272
Accounting and administration 18,200 440
Reports and statements to
shareholders 15,440 800
Registration fees 13,975 480
Professional fees 6,000 420
Taxes (other than taxes on
income) 5,700 200
Dividend disbursing and transfer
agent fees and expenses 3,138 367
Custodian fees 3,120 2,770
Directors' fees 900 176
Amortization of organization
expenses -- --
Other 153 732
------------------------------
303,845 14,657
Less expenses absorbed by
Delaware Management Company,
Inc. or Delaware
International Advisers Ltd. (8,051) (5,403)
------------------------------
Total Expenses 295,794 9,254
------------------------------
NET INVESTMENT INCOME (LOSS) 810,956 16,277
------------------------------
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investment transactions 9,807,464 77,624
Foreign currencies -- --
------------------------------
Net realized gain (loss) 9,807,464 77,624
Net change in unrealized
appreciation/depreciation
on investments and foreign
currencies 4,151,419 201,191
------------------------------
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCIES 13,958,883 278,815
------------------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $14,769,839 $295,092
==============================
</TABLE>
* Date of commencement of operations.
See accompanying notes
52 DELAWARE POOLED TRUST O 1998 SEMIANNUAL REPORT
<PAGE>
<TABLE>
<CAPTION>
SIX MONTHS 11/04/97* SIX MONTHS 12/29/97* SIX MONTHS
ENDED TO ENDED TO ENDED
4/30/98 4/30/98 4/30/98 4/30/98 4/30/98
------------------------------------------------------------------------
THE
THE REAL ESTATE THE THE THE
AGGRESSIVE INVESTMENT INTERMEDIATE AGGREGATE HIGH-YIELD
GROWTH TRUST FIXED INCOME FIXED INCOME BOND
PORTFOLIO PORTFOLIO II PORTFOLIO PORTFOLIO PORTFOLIO
------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest $ 18,820 $ 4,377 $975,269 $ 40,750 $ 772,295
Dividends 7,156 160,171 -- -- 343
Foreign tax withheld -- -- -- -- --
------------------------------------------------------------------------
25,976 164,548 975,269 40,750 722,638
------------------------------------------------------------------------
EXPENSES:
Management fees 26,069 19,684 60,518 2,708 33,246
Accounting and administration 1,650 1,341 8,435 338 4,048
Reports and statements to
shareholders 8,128 3,316 11,837 4,131 1,466
Registration fees 7,072 2,929 23,000 4,390 2,589
Professional fees 5,120 5,368 12,525 1,119 1,184
Taxes (other than taxes on
income) 7,380 800 1,200 68 --
Dividend disbursing and transfer
agent fees and expenses 2,150 207 8,918 100 1,169
Custodian fees 7,875 2,662 16,300 1,468 250
Directors' fees 211 110 443 88 292
Amortization of organization
expenses -- -- 10,528 -- 2,127
Other 3,323 681 3,746 422 115
------------------------------------------------------------------------
68,978 37,098 157,450 14,832 46,486
Less expenses absorbed by
Delaware Management Company,
Inc. or Delaware
International Advisers Ltd. (38,779) (14,983) (77,435) (11,268) (3,752)
------------------------------------------------------------------------
Total Expenses 30,199 22,115 80,015 3,564 42,734
------------------------------------------------------------------------
NET INVESTMENT INCOME (LOSS) (4,223) 142,433 895,254 37,186 679,904
------------------------------------------------------------------------
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investment transactions 1,329,028 16,636 190,952 9,509 401,428
Foreign currencies -- -- -- -- --
------------------------------------------------------------------------
Net realized gain (loss) 1,329,028 16,636 190,952 9,509 401,428
Net change in unrealized
appreciation/depreciation
on investments and foreign
currencies (686,156) (83,875) (211,143) (4,834) 132,498
------------------------------------------------------------------------
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCIES 642,872 (67,239) (20,191) 4,675 533,926
------------------------------------------------------------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $ 638,649 $ 75,194 $ 875,063 $ 41,861 $1,213,830
========================================================================
</TABLE>
1998 SEMIANNUAL REPORT o DELAWARE POOLED TRUST 53
<PAGE>
- --------------------------------------------------------------------------------
DELAWARE POOLED TRUST, INC.
STATEMENTS OF OPERATIONS CONTINUED
(Unaudited)
<TABLE>
<CAPTION>
12/29/97*
TO
4/30/98
------------------------------
THE THE
DIVERSIFIED CORE GLOBAL
FIXED INCOME EQUITY
PORTFOLIO PORTFOLIO
------------------------------
<S> <C> <C>
INVESTMENT INCOME:
Interest $ 77,597 $ 2,641
Dividends -- 39,889
Foreign tax withheld (20) (2,214)
-----------------------------
77,577 40,316
-----------------------------
EXPENSES:
Management fees 4,411 11,444
Accounting and administration 478 747
Reports and statements to shareholders 4,600 720
Registration fees 6,775 11,775
Professional fees 3,000 5,289
Taxes (other than taxes on income) 113 117
Dividend disbursing and transfer agent fees and expenses 80 340
Custodian fees 1,493 2,340
Directors' fees 92 156
Amortization of organization expenses -- --
Other 764 497
-----------------------------
21,806 33,425
Less expenses absorbed by Delaware Management Company, Inc.
or Delaware International Advisers Ltd. (15,993) (18,920)
-----------------------------
Total Expenses 5,813 14,505
-----------------------------
NET INVESTMENT INCOME 71,764 25,811
-----------------------------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investment transactions 59,048 47,819
Foreign currencies 840 (151)
-----------------------------
Net realized gain (loss) 59,888 47,668
Net change in unrealized appreciation/depreciation on
investments and foreign currencies 11,217 329,322
-----------------------------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS AND FOREIGN CURRENCIES 71,105 376,990
-----------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS $142,869 $402,801
=============================
</TABLE>
* Date of commencement of operations.
See accompanying notes
54 DELAWARE POOLED TRUST o 1998 SEMIANNUAL REPORT
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED 4/30/98
- -----------------------------------------------------------------------------------------------------------------------------------
THE THE
THE LABOR SELECT THE GLOBAL THE
INTERNATIONAL INTERNATIONAL EMERGING FIXED INTERNATIONAL
EQUITY EQUITY MARKETS INCOME FIXED INCOME
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
---------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest $ 1,006,318 $ 209,159 $ 126,385 $14,997,784 $ 1,285,637
Dividends 6,642,512 825,905 385,622 -- --
Foreign tax withheld (579,954) (71,967) (25,224) -- --
---------------------------------------------------------------------------
7,068,876 963,097 486,783 14,997,784 1,285,637
---------------------------------------------------------------------------
EXPENSES:
Management fees 2,010,785 267,166 199,623 1,198,625 102,400
Accounting and administration 147,831 13,557 8,547 123,943 11,018
Reports and statements to shareholders 70,452 10,163 6,900 34,706 4,100
Registration fees 15,044 13,396 13,932 36,031 13,472
Professional fees 20,000 9,792 6,131 9,050 3,140
Taxes (other than taxes on income) 10,500 6,600 1,250 12,674 1,743
Dividend disbursing and transfer agent fees and expenses 16,420 4,599 2,500 20,720 3,580
Custodian fees 105,920 35,981 37,979 47,840 9,511
Directors' fees 4,301 781 375 3,761 389
Amortization of organization expenses -- 753 -- -- --
Other 13,907 19,000 1,967 3,493 4,021
---------------------------------------------------------------------------
2,415,160 381,788 279,204 1,490,843 153,374
Less expenses absorbed by Delaware Management Company, Inc.
or Delaware International Advisers Ltd. -- (35,978) (25,117) (64,967) (32,292)
---------------------------------------------------------------------------
Total Expenses 2,415,160 345,810 254,087 1,425,876 121,082
---------------------------------------------------------------------------
NET INVESTMENT INCOME 4,653,716 617,287 232,696 13,571,908 1,164,555
---------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investment transactions (8,896,600) 238,802 12,568 (100,219) (178,522)
Foreign currencies (418,221) (119,605) 1,233 1,945,745 221,693
---------------------------------------------------------------------------
Net realized gain (loss) (9,314,821) 119,197 13,801 1,845,526 43,171
Net change in unrealized appreciation/depreciation on
investments and foreign currencies 63,856,178 9,593,465 2,760,466 (14,397,038) (1,474,298)
---------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS AND FOREIGN CURRENCIES 54,541,357 9,712,662 2,774,267 (12,551,512) (1,431,127)
---------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS $59,195,073 $10,329,949 $3,006,963 $ 1,020,396 $ (266,572)
===========================================================================
</TABLE>
1998 SEMIANNUAL REPORT o DELAWARE POOLED TRUST 55
<PAGE>
- --------------------------------------------------------------------------------
DELAWARE POOLED TRUST, INC.
STATEMENTS OF CHANGES IN NET ASSETS
(Unaudited)
<TABLE>
<CAPTION>
SIX MONTHS YEAR
ENDED ENDED
4/30/98 10/31/97
-------------------------------------
THE THE
LARGE-CAP LARGE-CAP
VALUE EQUITY VALUE EQUITY
PORTFOLIO PORTFOLIO
--------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) $ 810,956 $ 1,733,343
Net realized gain (loss) on investments and foreign currencies 9,807,464 12,022,384
Net change in unrealized appreciation/depreciation on
investments and foreign currencies 4,151,419 4,857,200
-------------------------------------
Net increase (decrease) in net assets resulting from operations 14,769,839 18,612,927
-------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (1,359,418) (1,789,049)
Net realized gain on investment transactions (12,031,890) (6,352,621)
-------------------------------------
(13,391,308) (8,141,670)
-------------------------------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold 4,433,530 17,492,313
Net asset value of shares issued upon reinvestment of dividends from net
investment income and net realized gain on
investment transactions 13,235,098 7,929,503
-------------------------------------
17,668,628 25,421,816
Cost of shares repurchased (6,106,963) (21,970,059)
-------------------------------------
Increase (decrease) in net assets derived from capital share transactions 11,561,665 3,451,757
-------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS: 12,940,196 13,923,014
NET ASSETS:
Beginning of period 81,101,898 67,178,884
-------------------------------------
End of period $ 94,042,094 $ 81,101,898
=====================================
</TABLE>
* Date of commencement of operations.
See accompanying notes
56 DELAWARE POOLED TRUST o 1998 SEMIANNUAL REPORT
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
12/29/97* SIX MONTHS YEAR 11/04/97* SIX MONTHS
TO ENDED ENDED TO ENDED
4/30/98 4/30/98 10/31/97 4/30/98 4/30/98
-----------------------------------------------------------------------------
THE
THE THE THE REAL ESTATE THE
SMALL/MID-CAP AGGRESSIVE AGGRESSIVE INVESTMENT INTERMEDIATE
VALUE EQUITY GROWTH GROWTH TRUST FIXED INCOME
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO II PORTFOLIO
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) $ 16,277 $ (4,223) $ (57,532) $ 142,433 $ 895,254
Net realized gain (loss) on investments and foreign
currencies 77,624 1,329,028 4,684,321 16,636 190,952
Net change in unrealized appreciation/depreciation on
investments and foreign currencies 201,191 (686,156) (4,114,485) (83,875) (211,143)
-----------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
operations 295,092 638,649 512,304 75,194 875,063
-----------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income -- -- -- (39,470) (894,954)
Net realized gain on investment transactions -- (4,706,261) (4,575,497) -- (30,150)
-----------------------------------------------------------------------------
-- (4,706,261) (4,575,497) (39,470) (925,104)
-----------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold 3,000,009 32,541 1,889,723 5,365,259 404,927
Net asset value of shares issued upon reinvestment
of dividends from net investment income and net
realized gain on investment transactions -- 4,706,261 4,575,497 39,470 735,985
-----------------------------------------------------------------------------
3,000,009 4,738,802 6,465,220 5,404,729 1,140,912
Cost of shares repurchased -- (5,359,189) (20,610,124) -- (3,665,205)
-----------------------------------------------------------------------------
Increase (decrease) in net assets derived from capital
share transactions 3,000,009 (620,387) (14,144,904) 5,404,729 (2,524,293)
-----------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS: 3,295,101 (4,687,999) (18,208,097) 5,440,453 (2,574,334)
NET ASSETS:
Beginning of period -- 10,317,447 28,525,544 -- 30,366,196
-----------------------------------------------------------------------------
End of period $3,295,101 $ 5,629,448 $ 10,317,447 $ 5,440,453 $ 27,791,862
=============================================================================
</TABLE>
1998 SEMIANNUAL REPORT o DELAWARE POOLED TRUST 57
<PAGE>
- --------------------------------------------------------------------------------
DELAWARE POOLED TRUST, INC.
STATEMENTS OF CHANGES IN NET ASSETS CONTINUED
(Unaudited)
<TABLE>
<CAPTION>
YEAR 12/29/97*
ENDED TO
10/31/97 4/30/98
------------------------------------
THE THE
INTERMEDIATE AGGREGATE
FIXED INCOME FIXED INCOME
PORTFOLIO PORTFOLIO
------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income $ 1,301,361 $ 37,186
Net realized gain on investments and foreign currencies 59,570 9,509
Net change in unrealized appreciation/depreciation on
investments and foreign currencies 285,894 (4,834)
--------------------------------
Net increase (decrease) in net assets resulting from
operations 1,646,825 41,861
--------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (1,301,361) --
Net realized gain on investment transactions -- --
--------------------------------
(1,301,361) --
--------------------------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold 18,629,497 2,000,008
Net asset value of shares issued upon reinvestment of
dividends from net investment income and net realized
gain on investment transactions 1,108,729 --
--------------------------------
19,738,226 2,000,008
Cost of shares repurchased (235,059) --
--------------------------------
Increase in net assets derived from capital share
transactions 19,503,167 2,000,008
--------------------------------
NET INCREASE IN NET ASSETS: 19,848,631 2,041,869
NET ASSETS:
Beginning of period 10,517,565 --
--------------------------------
End of period $30,366,196 $2,041,869
================================
</TABLE>
* Date of commencement of operations.
See accompanying notes
58 DELAWARE POOLED TRUST o 1998 SEMIANNUAL REPORT
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
SIX MONTHS 12/02/96* 12/29/97* SIX MONTHS 10/15/97*
ENDED TO TO ENDED TO
4/30/98 10/31/97 4/30/98 4/30/98 10/31/97
------------------------------------------------------------------------
THE THE THE THE THE
HIGH-YIELD HIGH-YIELD DIVERSIFIED CORE GLOBAL GLOBAL
BOND BOND FIXED INCOME EQUITY EQUITY
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income $ 679,904 $ 629,692 $ 71,764 $ 25,811 $ 3,243
Net realized gain on investments and foreign currencies 401,428 293,180 59,888 47,668 11,100
Net change in unrealized appreciation/depreciation on
investments and foreign currencies 132,498 248,704 11,217 329,322 (159,467)
------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
operations 1,213,830 1,171,576 142,869 402,801 (145,124)
------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (708,355) (403,902) -- (24,619) --
Net realized gain on investment transactions (293,567) -- -- -- --
------------------------------------------------------------------------
(1,001,922) (403,902) -- (24,619) --
------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold 6,700,000 10,176,010 3,000,008 -- 3,000,009
Net asset value of shares issued upon reinvestment of
dividends from net investment income and net realized
gain on investment transactions 1,001,922 403,902 -- 24,619 --
------------------------------------------------------------------------
7,701,922 10,579,912 3,000,008 24,619 3,000,009
Cost of shares repurchased -- -- -- -- --
------------------------------------------------------------------------
Increase in net assets derived from capital share
transactions 7,701,922 10,579,912 3,000,008 24,619 3,000,009
------------------------------------------------------------------------
NET INCREASE IN NET ASSETS: 7,913,830 11,347,586 3,142,877 402,801 2,854,885
NET ASSETS:
Beginning of period 11,347,586 -- -- 2,854,885 --
------------------------------------------------------------------------
End of period $19,261,416 $ 11,347,586 $3,142,877 $3,257,686 $2,854,885
========================================================================
</TABLE>
1998 SEMIANNUAL REPORT o DELAWARE POOLED TRUST 59
<PAGE>
- --------------------------------------------------------------------------------
DELAWARE POOLED TRUST, INC.
STATEMENTS OF CHANGES IN NET ASSETS CONTINUED
(Unaudited)
<TABLE>
<CAPTION>
SIX MONTHS YEAR
ENDED ENDED
4/30/98 10/31/97
-------------------------------------
THE THE
INTERNATIONAL INTERNATIONAL
EQUITY EQUITY
PORTFOLIO PORTFOLIO
-------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income $ 4,653,716 $ 9,221,522
Net realized gain (loss) on investments and foreign
currencies (9,314,821) 14,680,399
Net change in unrealized appreciation/depreciation on
investments and foreign currencies 63,856,178 6,398,012
-------------------------------------
Net increase (decrease) in net assets resulting from
operations 59,195,073 30,299,933
-------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (17,520,747) (11,268,773)
Net realized gain on investment transactions (4,749,754) --
-------------------------------------
(22,270,501) (11,268,773)
-------------------------------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold 56,685,539 182,110,042
Net asset value of shares issued upon reinvestment
of dividends from net investment income and net
realized gain on investment transactions 20,581,801 10,374,375
-------------------------------------
77,267,340 192,484,417
Cost of shares repurchased (14,025,123) (11,269,759)
-------------------------------------
Increase in net assets derived from capital share
transactions 63,242,217 181,214,658
-------------------------------------
NET INCREASE IN NET ASSETS 100,166,789 200,245,818
NET ASSETS:
Beginning of period 500,195,661 299,949,843
-------------------------------------
End of period $600,362,450 $500,195,661
=====================================
</TABLE>
* Date of commencement of operations.
See accompanying notes
60 DELAWARE POOLED TRUST o 1998 SEMIANNUAL REPORT
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
SIX MONTHS YEAR SIX MONTHS 4/14/97*
ENDED ENDED ENDED TO
4/30/98 10/31/97 4/30/98 10/31/97
--------------------------------------------------------------------
THE THE
LABOR SELECT LABOR SELECT THE THE
INTERNATIONAL INTERNATIONAL EMERGING EMERGING
EQUITY EQUITY MARKETS MARKETS
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income $ 617,287 $ 926,460 $ 232,696 $ 56,347
Net realized gain (loss) on investments and foreign
currencies 119,197 639,018 13,801 253,812
Net change in unrealized appreciation/depreciation on
investments and foreign currencies 9,593,465 3,140,371 2,760,466 (3,656,755)
--------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
operations 10,329,949 4,705,849 3,006,963 (3,346,596)
--------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (1,582,369) (1,153,521) (50,474) --
Net realized gain on investment transactions -- -- (282,657) --
--------------------------------------------------------------------
(1,582,369) (1,153,521) (333,131) --
--------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold 27,786,398 25,199,358 29,619,506 21,911,196
Net asset value of shares issued upon reinvestment
of dividends from net investment income and net
realized gain on investment transactions 1,582,369 1,153,521 333,132 --
--------------------------------------------------------------------
29,368,767 26,352,879 29,952,638 21,911,196
Cost of shares repurchased (3,388,718) (2,163,117) -- --
--------------------------------------------------------------------
Increase in net assets derived from capital share
transactions 25,980,049 24,189,762 29,952,638 21,911,196
--------------------------------------------------------------------
NET INCREASE IN NET ASSETS 34,727,629 27,742,090 32,626,470 18,564,600
NET ASSETS:
Beginning of period 50,895,705 23,153,615 18,564,600 --
--------------------------------------------------------------------
End of period $ 85,623,334 $ 50,895,705 $ 51,191,070 $18,564,600
====================================================================
</TABLE>
1998 SEMIANNUAL REPORT o DELAWARE POOLED TRUST 61
<PAGE>
- --------------------------------------------------------------------------------
DELAWARE POOLED TRUST, INC.
STATEMENTS OF CHANGES IN NET ASSETS CONTINUED
(Unaudited)
<TABLE>
<CAPTION>
SIX MONTHS YEAR SIX MONTHS 4/11/97*
ENDED ENDED ENDED TO
4/30/98 10/31/97 4/30/98 10/31/97
----------------------------------------------------------------
THE THE
GLOBAL GLOBAL THE THE
FIXED FIXED INTERNATIONAL INTERNATIONAL
INCOME INCOME FIXED INCOME FIXED INCOME
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS:
Net investment income $ 13,571,908 $ 20,073,472 $ 1,164,555 $ 746,063
Net realized gain on investments
and foreign currencies 1,845,526 10,523,901 43,171 411,752
Net change in unrealized appreciation/
depreciation on investments and
foreign currencies (14,397,038) (10,556,890) (1,474,298) 718,243
----------------------------------------------------------------
Net increase (decrease) in net assets
resulting from operations 1,020,396 20,040,483 (266,572) 1,876,058
----------------------------------------------------------------
DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Net investment income (18,509,255) (21,129,839) (1,501,620) (157,519)
Net realized gain on investment
transactions (6,852,403) (3,784,780) (78,262) --
----------------------------------------------------------------
(25,361,658) (24,914,619) (1,579,882) (157,519)
----------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold 134,967,993 167,798,535 12,680,849 31,857,788
Net asset value of shares issued upon
reinvestment of dividends from net
investment income and net realized
gain on investment transactions 22,439,399 20,509,749 1,579,882 157,519
----------------------------------------------------------------
157,407,392 188,308,284 14,260,731 32,015,307
Cost of shares repurchased 29,723,562 (4,426,796) -- --
----------------------------------------------------------------
Increase in net assets derived from
capital share transactions 127,683,830 183,881,488 14,260,731 32,015,307
----------------------------------------------------------------
NET INCREASE IN NET ASSETS 103,342,568 179,007,352 12,414,277 33,733,846
NET ASSETS:
Beginning of period 431,075,603 252,068,251 33,733,856 10
----------------------------------------------------------------
End of period $534,418,171 $431,075,603 $46,148,133 $33,733,856
================================================================
</TABLE>
* Date of commencement of operations.
See accompanying notes
62 DELAWARE POOLED TRUST o 1998 SEMIANNUAL REPORT
<PAGE>
Financial Highlights
Selected data for each share of the Portfolio outstanding throughout each period
were as follows:
The Large-Cap Value Equity Portfolio
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months
Ended Year Year Year Year Year
4/30/98 Ended Ended Ended Ended Ended
(unaudited) 10/31/97 10/31/96 10/31/95 10/31/94 10/31/93
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $18.530 $16.460 $14.660 $13.080 $12.730 $10.660
Income from investment operations:
Net investment income 0.163 0.381 0.440 0.430 0.320 0.284
Net realized and unrealized gain
on investments 2.967 3.599 2.960 1.980 0.653 2.316
--------------------------------------------------------------------------------
Total from investment operations 3.130 3.980 3.400 2.410 0.973 2.600
--------------------------------------------------------------------------------
Less dividends and distributions:
Dividends from net investment income (0.300) (0.410) (0.440) (0.340) (0.280) (0.320)
Distributions from net realized gain
on investment transactions (2.700) (1.500) (1.160) (0.490) (0.343) (0.210)
--------------------------------------------------------------------------------
Total dividends and distributions (3.000) (1.910) (1.600) (0.830) (0.623) (0.530)
--------------------------------------------------------------------------------
Net asset value, end of period $18.660 $18.530 $16.460 $14.660 $13.080 $12.730
================================================================================
Total Return 18.57% 26.73% 24.87% 19.77% 7.96% 25.17%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $94,042 $81,102 $67,179 $51,947 $37,323 $13,418
Ratio of expenses to average net assets 0.67% 0.66% 0.67% 0.68% 0.68% 0.68%
Ratio of expenses to average net assets
prior to expense limitation 0.69% 0.67% 0.70% 0.71% 0.82% 1.38%
Ratio of net investment income to
average net assets 1.85% 2.15% 2.85% 3.33% 3.26% 2.90%
Ratio of net investment income to average
net assets prior to expense limitation 1.83% 2.14% 2.83% 3.30% 3.12% 2.20%
Portfolio turnover 92% 73% 74% 88% 73% 37%
Average commission rate paid(2) $0.0600 $0.0600 $0.0600 N/A N/A N/A
</TABLE>
- --------------------------------------------------------------------------------
(1) Ratios have been annualized and total return has not been annualized.
(2) Computed by dividing the total amount of commissions paid by the total
number of shares purchased and sold during the period for which there was a
commission charged.
See accompanying notes
1998 SEMIANNUAL REPORT * DELAWARE POOLED TRUST 63
<PAGE>
Financial Highlights continued
Selected data for each share of the Portfolio outstanding throughout the period
was as follows:
The Small/Mid-Cap Value Equity Portfolio
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
12/29/97(1)
to
4/30/98
(unaudited)
<S> <C>
Net asset value, beginning of period $ 8.500
Income from investment operations:
Net investment income 0.046
Net realized and unrealized gain on investments 0.794
-------
Total from investment operations 0.840
-------
Less dividends and distributions:
Dividends from net investment income none
Distributions from net realized gain on investment transactions none
-------
Total dividends and distributions none
-------
Net asset value, end of period $ 9.340
=======
Total Return 9.88%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $ 3,295
Ratio of expenses to average net assets 0.89%
Ratio of expenses to average net assets prior to expense limitation 1.41%
Ratio of net investment income to average net assets 1.56%
Ratio of net investment income to average net assets prior to expense limitation 1.04%
Portfolio turnover 98%
Average commission rate paid(2) $0.0600
</TABLE>
- --------------------------------------------------------------------------------
(1) Date of commencement of operations; ratios have been annualized and total
return has not been annualized.
(2) Computed by dividing the total amount of commissions paid by the total
number of shares purchased and sold during the period for which there was a
commission charged.
See accompanying notes
64 DELAWARE POOLED TRUST * 1998 SEMIANNUAL REPORT
<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
Ended Year Year Year Year Year
4/30/98 Ended Ended Ended Ended Ended
(unaudited) 10/31/97 10/31/96 10/31/95 10/31/94 10/31/93
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $13.680 $14.570 $12.860 $11.010 $11.200 $ 9.040
Income from investment operations:
Net investment income (loss) (0.024) (0.117) (0.019) 0.043 0.008 0.018
Net realized and unrealized gain
on investments 0.974 1.607 2.392 2.055 0.032 2.159
----------------------------------------------------------------------------------
Total from investment operations 0.950 1.490 2.373 2.098 0.040 2.177
----------------------------------------------------------------------------------
Less dividends and distributions:
Dividends from net investment income none none (0.043) (0.012) (0.020) (0.017)
Distributions from net realized gain on
investment transactions (6.240) (2.380) (0.620) (0.236) (0.210) none
----------------------------------------------------------------------------------
Total dividends and distributions (6.240) (2.380) (0.663) (0.248) (0.230) (0.017)
----------------------------------------------------------------------------------
Net asset value, end of period $ 8.390 $13.680 $14.570 $12.860 $11.010 $11.200
==================================================================================
Total Return 14.12% 11.84% 19.19% 19.61% 0.34% 24.10%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $ 5,629 $10,317 $28,526 $29,092 $22,640 $20,478
Ratio of expenses to average net assets 0.93% 0.93% 0.90% 0.93% 0.93% 0.93%
Ratio of expenses to average net assets
prior to expense limitation 2.13% 1.40% 1.01% 1.08% 1.17% 1.40%
Ratio of net investment income to
average net assets (0.13%) (0.29%) (0.18%) 0.37% 0.07% 0.23%
Ratio of net investment income to average
net assets prior to expense limitation (1.33%) (0.76%) (0.29%) 0.22% (0.17%) (0.24%)
Portfolio turnover 163% 117% 95% 64% 43% 81%
Average commission rate paid(2) $0.0600 $0.0600 $0.0600 N/A N/A N/A
</TABLE>
- --------------------------------------------------------------------------------
(1) Ratios have been annualized and total return has not been annualized.
(2) Computed by dividing the total amount of commissions paid by the total
number of shares purchased and sold during the period for which there was a
commission charged.
See accompanying notes
1998 SEMIANNUAL REPORT * DELAWARE POOLED TRUST 65
<PAGE>
Financial Highlights continued
Selected data for each share of the Portfolio outstanding throughout the period
was as follows:
The Real Estate Investment Trust Portfolio II
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
11/04/97(1)
to
4/30/98
(unaudited)
<S> <C>
Net asset value, beginning of period $16.340
Income from investment operations:
Net investment income 0.429
Net realized and unrealized loss on investments (0.319)
-------
Total from investment operations 0.110
-------
Less dividends and distributions:
Dividends from net investment income (0.120)
Distributions from net realized gain on investment transactions none
-------
Total dividends and distributions (0.120)
-------
Net asset value, end of period $16.330
=======
Total Return 1.17%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $ 5,440
Ratio of expenses to average net assets 0.84%
Ratio of expenses to average net assets prior to expense limitation 1.41%
Ratio of net investment income to average net assets 5.41%
Ratio of net investment income to average net assets prior to expense limitation 4.84%
Portfolio turnover 55%
Average commission rate paid(2) $0.0600
</TABLE>
- --------------------------------------------------------------------------------
(1) Date of commencement of operations; ratios have been annualized and total
return has not been annualized.
(2) Computed by dividing the total amount of commissions paid by the total
number of shares purchased and sold during the period for which there was a
commission charged.
See accompanying notes
66 DELAWARE POOLED TRUST * 1998 SEMIANNUAL REPORT
<PAGE>
Financial Highlights continued
Selected data for each share of the Portfolio outstanding throughout each period
were as follows:
The Intermediate Fixed Income Portfolio
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months
Ended Year 3/12/96(1)
4/30/98 (2) Ended to
(unaudited) 10/31/97 10/31/96
<S> <C> <C> <C>
Net asset value, beginning of period $10.090 $10.010 $10.000
Income from investment operations:
Net investment income 0.297 0.605 0.386
Net realized and unrealized gain (loss) on investments (0.010) 0.080 0.010
-------------------------------------
Total from investment operations 0.287 0.685 0.396
-------------------------------------
Less dividends and distributions:
Dividends from net investment income (0.297) (0.605) (0.386)
Distributions from net realized gain on investment transactions (0.010) none none
-------------------------------------
Total dividends and distributions (0.307) (0.605) (0.386)
-------------------------------------
Net asset value, end of period $10.070 $10.090 $10.010
=====================================
Total Return 2.87% 7.09% 4.08%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $27,792 $30,366 $10,518
Ratio of expenses to average net assets 0.53% 0.53% 0.53%
Ratio of expenses to average net assets prior to expense limitation 1.04% 0.84% 1.20%
Ratio of net investment income to average net assets 5.93% 6.05% 6.14%
Ratio of net investment income to average net assets prior to expense limitation 5.42% 5.74% 5.47%
Portfolio turnover 167% 205% 232%
</TABLE>
- --------------------------------------------------------------------------------
(1) Date of commencement of operations; ratios have been annualized and total
return has not been annualized.
(2) Ratios have been annualized and total return has not been annualized.
See accompanying notes
1998 SEMIANNUAL REPORT * DELAWARE POOLED TRUST 67
<PAGE>
Financial Highlights continued
Selected data for each share of the Portfolio outstanding throughout the period
was as follows:
The Aggregate Fixed Income Portfolio
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
12/29/97 (1)
to
4/30/98
(unaudited)
<S> <C>
Net asset value, beginning of period $8.500
Income from investment operations:
Net investment income 0.158
Net realized and unrealized gain on investments 0.022
------
Total from investment operations 0.180
------
Less dividends and distributions:
Dividends from net investment income none
Distributions from net realized gain on investment transactions none
------
Total dividends and distributions none
------
Net asset value, end of period $8.680
======
Total Return 2.12%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $2,042
Ratio of expenses to average net assets 0.53%
Ratio of expenses to average net assets prior to expense limitation 2.19%
Ratio of net investment income to average net assets 5.48%
Ratio of net investment income to average net assets prior to expense limitation 3.82%
Portfolio turnover 784%
</TABLE>
- --------------------------------------------------------------------------------
(1) Date of commencement of operations; ratios have been annualized and total
return has not been annualized.
See accompanying notes
68 DELAWARE POOLED TRUST * 1998 SEMIANNUAL REPORT
<PAGE>
Financial Highlights continued
Selected data for each share of the Portfolio outstanding throughout each period
were as follows:
The High-Yield Bond Portfolio
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months
Ended 12/2/96(1)
4/30/98 (2) to
(unaudited) 10/31/97
<S> <C> <C>
Net asset value, beginning of period $11.180 $10.000
Income from investment operations:
Net investment income 0.482 0.788
Net realized and unrealized gain on investments 0.396 0.957
-----------------------------
Total from investment operations 0.878 1.745
-----------------------------
Less dividends and distributions:
Dividends from net investment income (0.590) (0.565)
Distributions from net realized gain on investment transactions (0.288) none
-----------------------------
Total dividends and distributions (0.878) (0.565)
-----------------------------
Net asset value, end of period $11.180 $11.180
=============================
Total Return 8.23% 17.92%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $19,261 $11,348
Ratio of expenses to average net assets 0.59% 0.59%
Ratio of expenses to average net assets prior to expense limitation 0.64% 0.79%
Ratio of net investment income to average net assets 8.98% 9.05%
Ratio of net investment income to average net assets prior to expense limitation 8.93% 8.85%
Portfolio turnover 381% 281%
</TABLE>
- --------------------------------------------------------------------------------
(1) Date of commencement of operations; ratios have been annualized and total
return has not been annualized. (2) Ratios have been annualized and total
return has not been annualized.
See accompanying notes
1998 SEMIANNUAL REPORT * DELAWARE POOLED TRUST 69
<PAGE>
Financial Highlights continued
Selected data for each share of the Portfolio outstanding throughout the period
was as follows:
The Diversified Core Fixed Income Portfolio
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
12/29/97 (1)
to
4/30/98
(unaudited)
<S> <C>
Net asset value, beginning of period $8.500
Income from investment operations:
Net investment income(2) 0.302
Net realized and unrealized gain on investments and foreign currencies 0.098
------
Total from investment operations 0.400
------
Less dividends and distributions:
Dividends from net investment income none
Distributions from net realized gain on investment transactions none
------
Total dividends and distributions none
------
Net asset value, end of period $8.900
======
Total Return 4.71%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $3,143
Ratio of expenses to average net assets 0.57%
Ratio of expenses to average net assets prior to expense limitation 2.13%
Ratio of net investment income to average net assets 6.98%
Ratio of net investment income to average net assets prior to expense limitation 5.42%
Portfolio turnover 415%
</TABLE>
- --------------------------------------------------------------------------------
(1) Date of commencement of operations; ratios have been annualized and total
return has not been annualized.
(2) Per share information for the period ended April 30, 1998 was based on the
average shares outstanding method.
See accompanying notes
70 DELAWARE POOLED TRUST * 1998 SEMIANNUAL REPORT
<PAGE>
Financial Highlights continued
Selected data for each share of the Portfolio outstanding throughout each period
were as follows:
The Global Equity Portfolio
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months
Ended 10/15/97 (1)
4/30/98 (2) to
(unaudited) 10/31/97
<S> <C> <C>
Net asset value, beginning of period $ 8.120 $ 8.500
Income from investment operations:
Net investment income(3) 0.073 0.009
Net realized and unrealized gain (loss) on investments and foreign currencies 1.057 (0.389)
-----------------------------
Total from investment operations 1.130 (0.380)
-----------------------------
Less dividends and distributions:
Dividends from net investment income (0.070) none
Distributions from net realized gain on investment transactions none none
-----------------------------
Total dividends and distributions (0.070) none
-----------------------------
Net asset value, end of period $ 9.180 $ 8.120
=============================
Total Return 14.03% (4.47%)
Ratios and supplemental data:
Net assets, end of period (000 omitted) $ 3,258 $ 2,855
Ratio of expenses to average net assets 0.96% 0.96%
Ratio of expenses to average net assets prior to expense limitation 2.21% 2.95%
Ratio of net investment income to average net assets 1.71% 2.54%
Ratio of net investment income to average net assets prior to expense limitation 0.46% 0.55%
Portfolio turnover 49% 0%
Average commission rate paid(4) $0.0062 $0.0169
</TABLE>
- --------------------------------------------------------------------------------
(1) Date of commencement of operations; ratios have been annualized and total
return has not been annualized.
(2) Ratios have been annualized and total return has not been annualized.
(3) Per share information for the period ended April 30, 1998 was based on the
average shares outstanding method.
(4) Computed by dividing the total amount of commissions paid by the total
number of shares purchased and sold during the period for which there was a
commission charged.
See accompanying notes
1998 SEMIANNUAL REPORT * DELAWARE POOLED TRUST 71
<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
Ended Year Year Year Year Year
4/30/98 (1) Ended Ended Ended Ended Ended
(unaudited) 10/31/97 10/31/96 10/31/95 10/31/94 10/31/93
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 15.860 $ 14.780 $ 13.120 $ 13.110 $ 11.990 $ 9.500
Income from investment operations:
Net investment income(2) 0.135 0.329 0.506 0.475 0.144 0.241
Net realized and unrealized gain
on investments and foreign currencies 1.605 1.271 1.794 0.001 1.236 2.569
--------------------------------------------------------------------------------
Total from investment operations 1.740 1.600 2.300 0.476 1.380 2.810
--------------------------------------------------------------------------------
Less dividends and distributions:
Dividends from net investment income (0.550) (0.520) (0.490) (0.170) (0.160) (0.320)
Distributions from net realized gain on
investment transactions (0.150) none (0.150) (0.296) (0.100) none
--------------------------------------------------------------------------------
Total dividends and distributions (0.700) (0.520) (0.640) (0.466) (0.260) (0.320)
--------------------------------------------------------------------------------
Net asset value, end of period $ 16.900 $ 15.860 $ 14.780 $ 13.120 $ 13.110 $ 11.990
================================================================================
Total Return 11.33% 11.01% 18.12% 3.91% 11.66% 30.28%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $600,362 $500,196 $299,950 $156,467 $ 70,820 $ 24,288
Ratio of expenses to average net assets 0.91% 0.93% 0.89% 0.90% 0.94% 0.96%
Ratio of expenses to average net assets
prior to expense limitation 0.91% 0.93% 0.89% 0.90% 0.97% 1.38%
Ratio of net investment income to
average net assets 1.70% 2.21% 4.36% 4.81% 1.36% 2.98%
Ratio of net investment income to average
net assets prior to expense limitation 1.70% 2.21% 4.36% 4.81% 1.33% 2.56%
Portfolio turnover 5% 8% 8% 20% 22% 28%
Average commission rate paid(3) $ 0.0076 $ 0.0217 $ 0.0198 N/A N/A N/A
</TABLE>
- --------------------------------------------------------------------------------
(1) Ratios have been annualized and total return has not been annualized.
(2) Per share information for the period ended April 30, 1998 was based on the
average shares outstanding method.
(3) Computed by dividing the total amount of commissions paid by the total
number of shares purchased and sold during the period for which there was a
commission charged.
See accompanying notes
72 DELAWARE POOLED TRUST * 1998 SEMIANNUAL REPORT
<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
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months
Ended Year 12/19/95 (1)
4/30/98 (2) Ended to
(unaudited) 10/31/97 10/31/96
<S> <C> <C> <C>
Net asset value, beginning of period $ 12.990 $ 11.690 $ 10.000
Income from investment operations:
Net investment income(3) 0.225 0.474 0.479
Net realized and unrealized gain on investments and foreign currencies 1.533 1.346 1.311
---------------------------------------
Total from investment operations 1.758 1.820 1.790
---------------------------------------
Less dividends and distributions:
Dividends from net investment income (0.388) (0.520) (0.100)
Distributions from net realized gain on investment transactions none none none
---------------------------------------
Total dividends and distributions (0.388) (0.520) (0.100)
---------------------------------------
Net asset value, end of period $ 14.360 $ 12.990 $ 11.690
=======================================
Total Return 13.95% 16.01% 17.97%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $ 85,623 $ 50,896 $ 23,154
Ratio of expenses to average net assets 0.96% 0.89% 0.92%
Ratio of expenses to average net assets prior to expense limitation 1.05% 1.06% 1.30%
Ratio of net investment income to average net assets 1.70% 2.37% 6.64%
Ratio of net investment income to average net assets prior to expense limitation 1.61% 2.20% 6.26%
Portfolio turnover 2% 11% 7%
Average commission rate paid(4) $ 0.0181 $ 0.0263 $ 0.0330
</TABLE>
- --------------------------------------------------------------------------------
(1) Date of commencement of operations; ratios have been annualized and total
return has not been annualized.
(2) Ratios have been annualized and total return has not been annualized.
(3) Per share information for the period ended April 30, 1998 was based on the
average shares outstanding method.
(4) Computed by dividing the total amount of commissions paid by the total
number of shares purchased and sold during the period for which there was a
commission charged.
See accompanying notes
1998 SEMIANNUAL REPORT * DELAWARE POOLED TRUST 73
<PAGE>
Financial Highlights continued
Selected data for each share of the Portfolio outstanding throughout each period
were as follows:
The Emerging Markets Portfolio
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months
Ended 4/14/97 (1)
4/30/98 (2) to
(unaudited) 10/31/97
<S> <C> <C>
Net asset value, beginning of period $ 9.200 $10.000
Income from investment operations:
Net investment income(3) 0.064 0.028
Net realized and unrealized gain on investments and foreign currencies 0.371 (0.828)
---------------------------
Total from investment operations 0.435 (0.800)
---------------------------
Less dividends and distributions:
Dividends from net investment income (0.025) none
Distributions from net realized gain on investment transactions (0.140) none
---------------------------
Total dividends and distributions (0.165) none
---------------------------
Net asset value, end of period $ 9.470 $ 9.200
===========================
Total Return 4.92% (8.00%)
Ratios and supplemental data:
Net assets, end of period (000 omitted) $51,191 $18,565
Ratio of expenses to average net assets 1.55% 1.55%
Ratio of expenses to average net assets prior to expense limitation 1.70% 2.02%
Ratio of net investment income to average net assets 1.41% 0.74%
Ratio of net investment income to average net assets prior to expense limitation 1.26% 0.27%
Portfolio turnover 25% 46%
Average commission rate paid(4) $0.0020 $0.0049
</TABLE>
- --------------------------------------------------------------------------------
(1) Date of commencement of operations; ratios have been annualized and total
return has not been annualized.
(2) Ratios have been annualized and total return has not been annualized.
(3) Per share information for the period ended April 30, 1998 was based on the
average shares outstanding method.
(4) Computed by dividing the total amount of commissions paid by the total
number of shares purchased and sold during the period for which there was a
commission charged.
See accompanying notes
74 DELAWARE POOLED TRUST * 1998 SEMIANNUAL REPORT
<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
Ended Year Year Year Year 11/30/92 (1)
4/30/98 (2) Ended Ended Ended Ended to
(unaudited) 10/31/97 10/31/96 10/31/95 10/31/94 10/31/93
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 11.220 $ 11.620 $ 11.040 $ 9.790 $ 11.090 $ 10.000
Income from investment operations:
Net investment income(3) 0.303 0.721 0.777 0.736 0.419 0.955
Net realized and unrealized gain (loss)
on investments and foreign currencies (0.316) (0.116) 0.725 0.924 (0.193) 0.743
--------- -------- -------- -------- -------- --------
Total from investment operations (0.013) 0.605 1.502 1.660 0.226 1.698
--------- -------- -------- -------- -------- --------
Less dividends and distributions:
Dividends from net investment income (0.450) (0.835) (0.720) (0.410) (0.949) (0.608)
Distributions from net realized gain on
investment transactions (0.177) (0.170) (0.202) none (0.577) none
--------- -------- -------- -------- -------- --------
Total dividends and distributions (0.627) (1.005) (0.922) (0.410) (1.526) (0.608)
--------- -------- -------- -------- -------- --------
Net asset value, end of period $ 10.580 $ 11.220 $ 11.620 $ 11.040 $ 9.790 $ 11.090
========= ======== ======== ======== ======== ========
Total Return (0.04%) 5.59% 16.40% 17.38% 2.07% 18.96%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $534,418 $431,076 $252,068 $ 99,161 $ 42,266 $ 29,313
Ratio of expenses to average net assets 0.60% 0.60% 0.60% 0.60% 0.62% 0.62%
Ratio of expenses to average net assets
prior to expense limitation 0.63% 0.65% 0.66% 0.68% 0.76% 0.88%
Ratio of net investment income to
average net assets 5.69% 6.28% 8.52% 6.73% 3.62% 10.68%
Ratio of net investment income to average
net assets prior to expense limitation 5.66% 6.23% 8.46% 6.65% 3.48% 10.42%
Portfolio turnover 85% 114% 63% 77% 205% 198%
</TABLE>
- --------------------------------------------------------------------------------
(1) Date of commencement of operations; ratios and total return have been
annualized.
(2) Ratios have been annualized and total return has not been annualized.
(3) Per share information for the period ended April 30, 1998 was based on the
average shares outstanding method.
See accompanying notes
1998 SEMIANNUAL REPORT * DELAWARE POOLED TRUST 74
<PAGE>
Financial Highlights continued
Selected data for each share of the Portfolio outstanding throughout each period
were as follows:
The International Fixed Income Portfolio
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months
Ended 4/11/97 (1)
4/30/98 (2) to
(unaudited) 10/31/97
<S> <C> <C>
Net asset value, beginning of period $ 10.660 $ 10.000
Income from investment operations:
Net investment income(3) 0.289 0.236
Net realized and unrealized gain (loss) on investments and foreign currencies (0.426) 0.474
------------------------------
Total from investment operations (0.137) 0.710
------------------------------
Less dividends and distributions:
Dividends from net investment income (0.392) (0.050)
Distributions from net realized gain on investment transactions (0.021) none
------------------------------
Total dividends and distributions (0.413) (0.050)
------------------------------
Net asset value, end of period $ 10.110 $ 10.660
==============================
Total Return (1.23%) 7.11%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $ 46,148 $ 33,734
Ratio of expenses to average net assets 0.60% 0.60%
Ratio of expenses to average net assets prior to expense limitation 0.76% 0.86%
Ratio of net investment income to average net assets 5.71% 6.05%
Ratio of net investment income to average net assets prior to expense limitation 5.55% 5.79%
Portfolio turnover 43% 145%
</TABLE>
- --------------------------------------------------------------------------------
(1) Date of commencement of operations; ratios have been annualized and total
return has not been annualized.
(2) Ratios have been annualized and total return has not been annualized.
(3) Per share information for the period ended April 30, 1998 was based on the
average shares outstanding method.
See accompanying notes
76 DELAWARE POOLED TRUST * 1998 SEMIANNUAL REPORT
<PAGE>
Delaware Pooled Trust, Inc.
Notes to Financial Statements
April 30, 1998
(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 16 separate
Portfolios (The "Portfolios"). The Large- Cap Value Equity Portfolio (formerly
The Defensive Equity Portfolio), The Small/Mid-Cap Value Equity Portfolio
(formerly The Defensive Equity Small/Mid-Cap Portfolio), The Aggressive Growth
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 April 30, 1998. The Limited-Term Maturity Portfolio had not
commenced operations as of April 30, 1998. These financial statements and
related notes pertain to all the portfolios with the exception of the Real
Estate Investment Trust Portfolio which is included in a separate report.
Significant Accounting Policies
The following accounting policies are in accordance with generally accepted
accounting principles and are consistently followed by the Fund:
Security Valuation--Securities listed on an exchange are 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 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 sales price before the Fund 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. Other securities and assets for which market
quotations are not readily available are valued at fair value as determined in
good faith by or under the direction of the Fund's Board of Directors.
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
in the financial statements. Income and capital gain distributions are
determined in accordance with federal income tax regulations which may differ
from generally accepted accounting principles.
<PAGE>
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
Fund's custodian bank until the maturity of the respective repurchase
agreements. Each repurchase agreement is at least 100% collateralized. However,
in the event of default or bankruptcy by the counterparty to the agreement,
realization of the collateral may be subject to legal proceedings.
Foreign Currency Transactions--Transactions denominated in foreign currencies
are recorded at the current prevailing exchange rates. 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. Transaction gains or losses resulting from changes in exchange
rates during the reporting period or upon settlement of the foreign currency
transaction are reported in operations for the current period. It is not
practical to isolate that portion of both realized and unre alized gains and
losses on investments in equity securities in the statement of operations that
result from fluctuations in foreign currency exchange rates. The Portfolios do
isolate that portion of gains and losses on investments in debt securities which
are due to changes in the foreign exchange rate from that which are due to
changes in market prices of debt securities. The Portfolios report certain
foreign currency related transactions as components of realized gains for
financial reporting purposes, whereas such components are treated as ordinary
income (loss) for federal income tax purposes.
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 the
accrual basis. Foreign dividends are also recorded on the ex-dividend date or as
soon after the ex-dividend date that the Funds are aware of such dividends, net
of all non-rebatable tax withholdings. Original issue discounts are accreted to
1998 SEMIANNUAL REPORT * DELAWARE POOLED TRUST 77
<PAGE>
interest income over the lives of the respective securities. Withholding taxes
on foreign dividends have been provided for in accordance with the Fund's
understanding of the applicable country's tax rules and rates. The Intermediate
Fixed Income Portfolio expects to declare dividends daily and distribute them
monthly. The High-Yield Bond and The Global Fixed Income Portfolios expect to
declare dividends monthly and distribute them monthly. The Large-Cap Value
Equity, The Aggregate Fixed Income, The Diversified Core Fixed Income, The
International Equity, The Labor Select International Equity and The
International Fixed Income Portfolios expect to declare and distribute all of
their net investment income to shareholders as dividends quarterly. The
Aggressive Growth, The Small/Mid-Cap Value Equity, The Real Estate Investment
Trust II, The Global Equity and The Emerging Markets Portfolios expect to
declare and distribute all of their net investment income to shareholders as
dividends annually. Net capital gains, if any, will be distributed annually.
Certain Fund expenses are paid through "soft dollar" arrangements with brokers.
The amount of these expenses is less than 0.01% of the Fund's average daily net
assets.
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.
2. Investment Management and Other Transactions with Affiliates
In accordance with the terms of the Investment Management Agreement, Delaware
Management Company, Inc. ("DMC") the Investment Manager of The Large-Cap Value
Equity Portfolio, The Small/Mid-Cap Value Equity Portfolio, The Aggressive
Growth Portfolio, The Real Estate Investment Trust Portfolio II, The
Intermediate Fixed Income Portfolio, The Aggregate Fixed Income Portfolio, The
High-Yield Bond Portfolio, The Diversified Core Fixed Income Portfolio and
Delaware International Advisers Ltd. (DIAL), the investment advisor of 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 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 Small/Mid-Cap Value Equity
Portfolio, The Real Estate Investment Trust Portfolio II, The Aggregate Fixed
<PAGE>
Income Portfolio, The High-Yield Bond Portfolio, The Diversified Core Fixed
Income Portfolio, The Labor Select International Equity Portfolio, The Emerging
Markets Portfolio and The International Fixed Income Portfolio. The management
fees for The Small/Mid-Cap Value Equity Portfolio, The Real Estate Investment
Trust Portfolio II, The High-Yield Bond Portfolio, The Labor Select
International Equity 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 II. DMC receives 0.50% of the management fee paid to
DIAL for managing the U.S. securities portion of the Global Equity Portfolio.
DMC and DIAL have elected to waive that portion, if any, of the annual
management fees payable by each Portfolio to the extent necessary to insure that
annual operating expenses exclusive of taxes, interest, brokerage commissions
and extraordinary expenses do not exceed the following percentages of net assets
through October 31, 1998.
78 DELAWARE POOLED TRUST * 1998 SEMIANNUAL REPORT
<PAGE>
The management fee rates, waiver rates and total expenses absorbed by DMC and
DIAL for the period ended April 30, 1998 are as follows:
<TABLE>
<CAPTION>
Management Waiver as
fee as a percentage a percentage Expenses
of average daily of average daily absorbed
net assets net assets by DMC
(per annum) (per annum) or DIAL
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
The Large-Cap Value Equity Portfolio 0.55% 0.68% $ 8,051
The Small/Mid-Cap Value Equity Portfolio 0.75% 0.89% 5,403
The Aggressive Growth Portfolio 0.80% 0.93% 38,779
The Real Estate Investment Trust Portfolio II 0.75% 0.86% 14,983
The Intermediate Fixed Income Portfolio 0.40% 0.53% 77,435
The Aggregate Fixed Income Portfolio 0.40% 0.53% 11,268
The High-Yield Bond Portfolio 0.45% 0.59% 3,752
The Diversified Core Fixed Income Portfolio 0.43% 0.57% 15,993
The Global Equity Portfolio 0.75% 0.96% 18,920
The International Equity Portfolio 0.75% 0.96% --
The Labor Select International Equity Portfolio 0.75% 0.96% 35,978
The Emerging Markets Portfolio 1.20% 1.55% 25,117
The Global Fixed Income Portfolio 0.50% 0.60% 64,967
The International Fixed Income Portfolio 0.50% 0.60% 32,292
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
The Fund has engaged Delaware Service Company, Inc. ("DSC"), an affiliate of
DMC, to serve as dividend disbursing agent, transfer agent and accounting
services agent for the Fund.
The amounts expensed for each Portfolio were as follows:
<TABLE>
<CAPTION>
Dividend disbursing,
transfer agent fees Accounting
and other expenses fees
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
The Large-Cap Value Equity Portfolio $ 3,138 $ 18,200
The Small/Mid-Cap Value Equity Portfolio 367 440
The Aggressive Growth Portfolio 2,150 1,650
The Real Estate Investment Trust Portfolio II 207 1,341
The Intermediate Fixed Income Portfolio 8,918 5,990
The Aggregate Fixed Income Portfolio 100 269
The High-Yield Bond Portfolio 1,169 3,012
The Diversified Core Fixed Income Portfolio 80 406
The Global Equity Portfolio 340 544
The International Equity Portfolio 16,420 105,673
The Labor Select International Equity Portfolio 4,599 13,557
The Emerging Markets Portfolio 2,500 6,535
The Global Fixed Income Portfolio 20,720 94,635
The International Fixed Income Portfolio 3,580 8,099
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1998 SEMIANNUAL REPORT * DELAWARE POOLED TRUST 79
<PAGE>
On April 30, 1998, the Fund had payables to affiliates as follows:
<TABLE>
<CAPTION>
Dividend
disbursing,
transfer
agent fees, Other
Investment accounting expenses
Management fees and payable
fee payable to other expenses to DMC
DMC or DIAL payable to DSC and affiliates
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
The Large-Cap Value Equity Portfolio $124,328 $ 5,745 $ 6,251
The Small/Mid-Cap Value Equity Portfolio 2,869 153 159
The Aggressive Growth Portfolio -- 1,259 738
The Real Estate Investment Trust Portfolio II 9,403 260 19,510
The Intermediate Fixed Income Portfolio -- -- --
The Aggregate Fixed Income Portfolio -- -- --
The High-Yield Bond Portfolio 29,494 12,881 33,371
The Diversified Core Fixed Income Portfolio -- -- --
The Global Equity Portfolio -- 903 11,857
The International Equity Portfolio 153,059 36,691 34,144
The Labor Select International Equity Portfolio 122,038 4,224 4,538
The Emerging Markets Portfolio 114,585 13,046 37,597
The Global Fixed Income Portfolio 585,876 21,647 32,137
The International Fixed Income Portfolio 43,100 16,067 20,603
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Certain officers of DMC, DSC and DIAL are officers, directors and/or employees
of the Fund. These officers, directors and employees are paid no compensation by
the Fund.
3. Investments
During the period ended April 30, 1998, the Fund made purchases and sales of
investment securities other than U.S. government securities and temporary cash
investments for each Portfolio as follows:
<TABLE>
<CAPTION>
Purchases Sales
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
The Large-Cap Value Equity Portfolio $ 40,147,362 $38,920,054
The Small/Mid-Cap Value Equity Portfolio 4,037,224 1,053,939
The Aggressive Growth Portfolio 4,983,079 9,381,141
The Real Estate Investment Trust Portfolio II 6,907,020 1,462,744
The Intermediate Fixed Income Portfolio 14,150,633 17,512,744
The Aggregate Fixed Income Portfolio 3,340,281 1,643,463
The High-Yield Bond Portfolio 34,617,740 27,459,275
The Diversified Core Fixed Income Portfolio 7,132,989 3,810,661
The Global Equity Portfolio 792,741 716,044
The International Equity Portfolio 63,729,990 12,562,964
The Labor Select International Equity Portfolio 29,153,350 738,058
The Emerging Markets Portfolio 31,220,273 3,700,943
The Global Fixed Income Portfolio 212,096,847 76,428,725
The International Fixed Income Portfolio 18,695,133 8,157,387
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
80 DELAWARE POOLED TRUST * 1998 SEMIANNUAL REPORT
<PAGE>
During the period ended April 30, 1998, the Fund made purchases and sales of
U.S. government securities for each Portfolio as follows:
<TABLE>
<CAPTION>
Purchases Sales
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
The Intermediate Fixed Income Portfolio $10,067,872 $11,868,845
The Aggregate Fixed Income Portfolio 4,017,112 3,715,618
The Diversified Core Fixed Income Portfolio 689,080 548,845
The Global Fixed Income Portfolio 86,274,768 112,923,906
The International Fixed Income Portfolio 3,036,980 --
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
At April 30, 1998, the aggregate cost of securities and unrealized appreciation
(depreciation) for federal income tax purposes for each Portfolio were as
follows:
<TABLE>
<CAPTION>
Net
Cost Aggregate Aggregate unrealized
of unrealized unrealized appreciation
Investments appreciation depreciation (depreciation)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
The Large-Cap Value Equity Portfolio $ 75,660,079 $ 19,017,645 $ (735,272) $ 18,282,373
The Small/Mid-Cap Value Equity Portfolio 3,099,186 280,817 (79,626) 201,191
The Aggressive Growth Portfolio 4,930,464 1,088,562 (99,444) 989,118
The Real Estate Investment Trust Portfolio II 5,699,451 134,888 (221,126) (86,238)
The Intermediate Fixed Income Portfolio 28,538,809 242,199 (47,349) 194,850
The Aggregate Fixed Income Portfolio 2,413,362 3,851 (9,129) (5,278)
The High-Yield Bond Portfolio 18,732,735 432,410 (51,208) 381,202
The Diversified Core Fixed Income Portfolio 3,521,438 23,127 (11,890) 11,237
The Global Equity Portfolio 3,057,147 336,966 (166,915) 170,051
The International Equity Portfolio 495,514,824 136,809,331 (34,943,466) 101,865,865
The Labor Select International Equity Portfolio 70,771,477 16,189,624 (1,969,638) 14,219,986
The Emerging Markets Portfolio 52,215,500 3,873,795 (4,770,067) (896,272)
The Global Fixed Income Portfolio 532,409,148 5,760,474 (16,902,389) (11,141,915)
The International Fixed Income Portfolio 45,784,669 631,847 (1,399,452) (767,605)
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1998 SEMIANNUAL REPORT * DELAWARE POOLED TRUST 81
<PAGE>
4. Capital Stock
Transactions in capital stock shares were as follows:
<TABLE>
<CAPTION>
Shares issued
upon reinvestment
of dividends from
net investment
income and
distributions of Net
Shares realized gains from Shares Increase
For the period or six months ended April 30, 1998*: sold security transactions repurchased (decrease)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
The Large-Cap Value Equity Portfolio 231,670 781,075 (350,857) 661,888
The Small/Mid-Cap Value Equity Portfolio 352,942 -- -- 352,942
The Aggressive Growth Portfolio 3,682 649,139 (736,280) (83,459)
The Real Estate Investment Trust Portfolio II 330,675 2,431 -- 333,106
The Intermediate Fixed Income Portfolio 39,977 72,834 (362,902) (250,091)
The Aggregate Fixed Income Portfolio 235,295 -- -- 235,295
The High-Yield Bond Portfolio 615,145 92,940 -- 708,085
The Diversified Core Fixed Income Portfolio 352,942 -- -- 352,942
The Global Equity Portfolio -- 3,021 -- 3,021
The International Equity Portfolio 3,501,037 1,372,426 (875,213) 3,998,250
The Labor Select International Equity Portfolio 2,165,429 124,737 (245,281) 2,044,885
The Emerging Markets Portfolio 3,346,304 38,872 -- 3,385,176
The Global Fixed Income Portfolio 13,277,532 2,124,122 (3,347,682) 12,053,972
The International Fixed Income Portfolio 1,240,811 157,718 -- 1,398,529
- ------------------------------------------------------------------------------------------------------------------------------------
For the period or year ended October 31, 1997**:
- ------------------------------------------------------------------------------------------------------------------------------------
The Large-Cap Value Equity Portfolio 1,030,185 518,747 (1,252,701) 296,231
The Aggressive Growth Portfolio 141,433 367,510 (1,712,815) (1,203,872)
The Intermediate Fixed Income Portfolio 1,870,891 111,110 (23,596) 1,958,405
The High-Yield Bond Portfolio 976,942 37,843 -- 1,014,785
The Global Equity Portfolio 351,701 -- -- 351,701
The International Equity Portfolio 11,232,376 681,866 (677,473) 11,236,769
The Labor Select International Equity Portfolio 2,026,069 95,875 (184,252) 1,937,692
The Emerging Markets Portfolio 2,018,979 -- -- 2,018,979
The Global Fixed Income Portfolio 15,282,744 1,862,757 (399,869) 16,745,632
The International Fixed Income Portfolio 3,150,380 14,959 -- 3,165,339
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
*The Real Estate Investment Trust Portfolio II commenced operations on 11/4/97,
The Small/Mid-Cap Value Equity Portfolio, The Aggregate Fixed Income
Portfolio, and The Diversified Fixed Income Portfolio commenced operations on
12/29/97.
**The High-Yield Bond Portfolio commenced operations on 12/2/96, The Emerging
Markets Portfolio commenced operations on 4/14/97, The Global Equity Portfolio
commenced operations on 10/15/97 and The International Fixed Income Portfolio
commenced operations on 4/11/97.
82 DELAWARE POOLED TRUST * 1998 SEMIANNUAL REPORT
<PAGE>
5. Lines of Credit
The following Portfolios have a committed line of credit for the following
amounts:
The Large-Cap Value Equity Portfolio $ 4,000,000
The Aggressive Growth Portfolio 200,000
The Real Estate Investment Trust Portfolio II 200,000
The Intermediate Fixed Income Portfolio 1,200,000
The High-Yield Bond Portfolio 500,000
The Global Equity Portfolio 100,000
The International Equity Portfolio 20,800,000
The Labor Select International Equity Portfolio 3,000,000
The Emerging Markets Portfolio 1,000,000
The Global Fixed Income Portfolio 19,100,000
The International Fixed Income Portfolio 1,500,000
- --------------------------------------------------------------------------------
No amounts were outstanding at April 30, 1998, or at any time during the period.
6. Foreign Exchange Contracts
The International Equity, The Labor Select International Equity, The Global
Equity, The Emerging Markets, The Global Fixed Income, The International Fixed
Income and The Diversified Core Fixed Income Portfolios (the "Portfolios") will
generally enter into forward foreign currency contracts as a way of managing
foreign exchange rate risk. The Portfolios may enter into these contracts to fix
the U.S. dollar value of a security that it has agreed to buy or sell for the
period between the date the trade was entered into and the date the security is
delivered and paid for. The Portfolios may also use these contracts to hedge the
U.S. dollar value of securities it already owns denominated in foreign
currencies.
Forward foreign currency contracts are valued at the mean between
the bid and asked prices of the contracts and are marked-to-market daily.
Interpolated values are derived when the settlement date of the contract is an
interim date for which quotations are not available. The change in market value
is recorded by the Portfolios as an unrealized gain or loss. When the contract
is closed, the Portfolio records a realized gain or loss equal to the difference
between the value of the contract at the time it was opened and the value at the
time it was closed.
The use of forward foreign currency contracts does not eliminate fluctuations in
the underlying prices of the Portfolio's securities, but it does establish a
rate of exchange that can be achieved in the future. Although forward foreign
currency contracts limit the risk of loss due to a decline in the value of the
hedged currency, they also limit any potential gain that might result should the
value of the currency increase. In addition, the Portfolio could be exposed to
risks if the counterparties to the contracts are unable to meet the terms of
their contracts.
The following forward currency contracts were outstanding at April 30, 1998:
The International Equity Portfolio
<TABLE>
<CAPTION>
In Unrealized
Exchange Contract Settlement Appreciation
Contracts to Receive For Value Date (Depreciation)
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
2,216,154 New Zealand Dollars $1,231,295 $1,226,959 5/4/98 $(4,336)
</TABLE>
7. Credit and Market Risk
Some countries in which The International Equity, The Labor Select International
Equity, The Global Equity, The Emerging Markets, The Global Fixed Income, The
International Fixed Income and The Diversified Core Fixed Income Portfolios (the
"Portfolios") may invest require governmental approval for the repatriation of
investment income, capital or the proceeds of sales of securities by foreign
investors. In addition, if there is a deterioration in a country's balance of
payments or for other reasons, a country may impose temporary restrictions on
foreign capital remittances abroad.
1998 SEMIANNUAL REPORT * DELAWARE POOLED TRUST 83
<PAGE>
The securities exchanges of certain foreign markets are substantially smaller,
less liquid and more volatile than the major securities markets in the United
States. Consequently, acquisition and disposition of securities by the
Portfolios may be inhibited. In addition, a significant proportion of the
aggregate market value of equity securities listed on the major securities
exchanges in emerging markets are held by a smaller number of investors. This
may limit the number of shares available for acquisition or disposition of the
Portfolios.
The High-Yield Bond Portfolio and The Diversified Core Fixed Income Portfolio
may invest in high-yield fixed income securities which carry ratings of BB or
lower by S&P 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.
The Intermediate Fixed Income Portfolio, The Aggregate Fixed Income and The
Diversified Core Fixed Income Portfolio may invest 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 any has been paid.
Each Portfolio, other than The Diversified Core Fixed Income, The Aggregate
Fixed Income, The Small/Mid-Cap Value Equity, The Labor Select International
Equity, The High-Yield Bond, The International Fixed Income, The Global Equity
and The Emerging Markets Portfolios, may invest up to 10% of its total assets in
illiquid securities which may include securities with contractual restrictions
on resale, securities exempt from registration under Rule 144A of the Securities
Act of 1933, as amended, and other securities which may not be readily
marketable. The Diversified Core Fixed Income, The Aggregate Fixed Income, The
Small/Mid-Cap Value Equity, The Labor Select International Equity, The
High-Yield Bond, The International Fixed Income, The Global Equity and The
Emerging Markets Portfolios may each invest no more than 15% of total assets in
illiquid securities. The relative illiquidity of some of these securities may
adversely affect the Portfolio's ability to dispose of such securities in a
timely manner and at a fair price when it is necessary to liquidate such
securities.
8. Securities Lending
Securities on loan are required at all times to be secured by collateral at
least equal to 102% of the market value of securities issued in the U.S. and
105% of the market value of securities issued outside of the U.S. However, in
the event of default or bankruptcy by the other party to the agreement,
realization and/or retention of the collateral may be subject to legal
proceedings. In the event that the borrower fails to return loaned securities,
and cash collateral being maintained by the borrower is insufficient to cover
the value of loaned securities and provided such collateral insufficiency is not
the result of investment losses, the lending agent has agreed to pay the amount
of the shortfall to the Portfolio or, at the option of the lending agent,
replace the loaned securities. The market value of securities on loan to brokers
and the related cash collateral received at April 30, 1998 for the International
Equity Portfolio was as follows:
Market Value of Cash
Securities on Loan Collateral
- --------------------------------------------------------------------------------
The International Equity Portfolio $90,999,103 $100,109,670
84 DELAWARE POOLED TRUST * 1998 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
Vice President and Senior Portfolio Manager
Robert L. Arnold
Vice President and 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 II)
George E. Deming
Vice President and Senior Portfolio Manager
Elizabeth A. Desmond
Director and Senior Portfolio Manager
Roger A. Early
Vice President and Senior Portfolio Manager
Gerald S. Frey
Vice President and Senior Portfolio Manager
Kimberly T. Gilliam
Assistant Vice President, Real Estate Investments
Lincoln Investment Management, Inc. (subadviser to
The Real Estate Investment Trust Portfolio II)
Clive A. Gillmore
Director and Senior Portfolio Manager
Lawrence T. Kissko
Vice President, Real Estate Equity
Lincoln Investment Management, Inc. (subadviser to
The Real Estate Investment Trust Portfolio II)
Paul A. Matlack
Vice President and Senior Portfolio Manager
Francis X. Morris
Vice President and Senior Portfolio Manager
Gerald T. Nichols
Vice President and Senior Portfolio Manager
Gary A. Reed
Vice President and Senior Portfolio Manager
Timothy W. Sanderson
Director and Senior Portfolio Manager
Ian G. Sims
Director and Senior Portfolio Manager
<PAGE>
James F. Stanley
Vice President and Portfolio Manager
Babak Zenouzi
Vice President and Portfolio Manager
Custodians
The Chase Manhattan Bank
4 Metrotech Center
Brooklyn, New York 11245
(custodian for The Small/Mid-Cap Value Equity, The Real Estate Investment
Trust II, The Aggregate Fixed Income, The High-Yield Bond, The Diversified Core
Fixed Income, The International Equity, The Labor Select International Equity,
The Emerging Markets, The Global Equity, The Global Fixed Income, and
The International Fixed Income Portfolios)
Bankers Trust Company
One Bankers Trust Plaza
New York, New York 10006
(custodian for The Large-Cap Value Equity, The Aggressive Growth, and
The Intermediate 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 Manager
Delaware Management Company, Inc.
One Commerce Square
Philadelphia, Pennsylvania 19103
Investment Advisers
Delaware Investment Advisers
One Commerce Square
Philadelphia, Pennsylvania 19103
Delaware International Advisers Ltd.
Third Floor
80 Cheapside
London, England EC2V 6EE
Subadvisers
Lincoln Investment Management, Inc.
Fort Wayne, Indiana
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.
<PAGE>
DELAWARE
POOLED
TRUST
- ---------
One Commerce Square
Philadelphia, Pennsylvania 19103
Telephone 1-800-231-8002
Fax (215) 255-1162
