<PAGE>
1999
semiannual report
Delaware Pooled Trust
[photo of globe]
U.S. Equities
The Large-Cap Value Equity Portfolio
The Core Equity Portfolio
The Mid-Cap Growth Equity Portfolio
The Mid-Cap Value Equity Portfolio
The Small-Cap Growth Equity Portfolio
The Small-Cap Value Equity Portfolio
The Real Estate Investment Trust Portfolio II
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
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
DELAWARE
POOLED
TRUST
========
<PAGE>
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
Investments, 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 Management Company, a Philadelphia-based division of Delaware
Management Business Trust, serves as investment adviser for The Large-Cap Value
Equity, The Core Equity (formerly known as Growth and Income), The Mid-Cap
Growth Equity, The Mid-Cap Value Equity (formerly known as Small/Mid-Cap Value
Equity), The Small-Cap Growth Equity, The Small-Cap Value Equity, 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.
Contents
Portfolio Returns ............................................. 2-3
Portfolio Objectives .......................................... 4-5
The Large-Cap Value Equity Portfolio Review ................... 6
The Core Equity Portfolio Review .............................. 7
The Mid-Cap Growth Equity Portfolio Review .................... 8
The Mid-Cap Value Equity Portfolio Review ..................... 9
The Small-Cap Growth Equity Portfolio Review .................. 10
The Small-Cap Value Equity Portfolio Review ................... 11
The Real Estate Investment Trust Portfolio II Review .......... 12
The Intermediate Fixed Income Portfolio Review ................ 13
The Aggregate Fixed Income Portfolio Review ................... 14
The High-Yield Bond Portfolio Review .......................... 15
The Diversified Core Fixed Income Portfolio Review ............ 16
The Global Equity Portfolio Review ............................ 17
The International Equity Portfolio Review ..................... 18
The Labor Select International Equity Portfolio Review ........ 19
The Emerging Markets Portfolio Review ......................... 20
The Global Fixed Income Portfolio Review ...................... 21
The International Fixed Income Portfolio Review ............... 22
Financial Statements .......................................... 23
1999 Semiannual Report o Delaware Pooled Trust 1
<PAGE>
Portfolio Returns
Periods ending April 30, 1999
<TABLE>
<CAPTION>
Six One Three Five Since
Average Annual Total Return* Months Year Years Years Inception +
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------
The Large-Cap Value Equity Portfolio 15.12% 10.20% 21.62% 21.38% 19.33%
S&P 500 Composite Stock Price Index 22.31 21.81 29.06 26.84 20.48
- ---------------------------------------------------------------------------------------------------------------------------
The Core Equity Portfolio 9.76 -- -- -- 15.83
(formerly known as The Growth and Income Portfolio)
Lipper Growth & Income Fund Average 18.39 -- -- -- 33.80
- ---------------------------------------------------------------------------------------------------------------------------
The Mid-Cap Growth Equity Portfolio 28.98 14.69 13.36 15.87 12.64
Russell 2000 Index 15.16 (9.25) 8.94 13.01 12.22
- ---------------------------------------------------------------------------------------------------------------------------
The Mid-Cap Value Equity Portfolio 6.83 (11.70) -- -- (2.21)
(formerly known as The Small/Mid-Cap Value Equity Portfolio)
Russell Midcap Value Index 13.13 1.90 -- -- 8.47
- ---------------------------------------------------------------------------------------------------------------------------
The Small-Cap Growth Equity Portfolio 24.02 -- -- -- 37.15
Russell 2000 Growth Index 25.74 -- -- -- 25.74
- ---------------------------------------------------------------------------------------------------------------------------
The Small-Cap Value Equity Portfolio** -- -- -- -- 8.35
Russell 2000 Value Index -- -- -- -- 9.13
- ---------------------------------------------------------------------------------------------------------------------------
The Real Estate Investment Trust Portfolio II 7.42 (6.40) -- -- (3.91)
NAREIT Equity REIT Index 2.60 (10.43) -- -- (9.70)
- ---------------------------------------------------------------------------------------------------------------------------
The Intermediate Fixed Income Portfolio 1.43 5.56 6.72 -- 6.27
Lehman Brothers Government/Corporate
Intermediate Bond Index 0.51 6.37 7.23 -- 6.55
- ---------------------------------------------------------------------------------------------------------------------------
The Aggregate Fixed Income Portfolio (0.04) 5.15 -- -- 5.41
Lehman Brothers Aggregate Bond Index 0.69 6.27 -- -- 6.30
- ---------------------------------------------------------------------------------------------------------------------------
The High-Yield Bond Portfolio 5.47 (2.26) -- -- 9.61
Salomon Smith Barney High-Yield Cash Pay Index 7.48 2.47 -- -- 8.67
- ---------------------------------------------------------------------------------------------------------------------------
The Diversified Core Fixed Income Portfolio 4.86 7.33 -- -- 9.03
Lehman Brothers Aggregate Bond Index 0.69 6.27 -- -- 6.30
- ---------------------------------------------------------------------------------------------------------------------------
The Global Equity Portfolio 12.81 7.15 -- -- 10.52
Morgan Stanley Capital International
World Stock Index (net) 19.57 15.95 -- -- 23.84
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
2 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
<TABLE>
<CAPTION>
Six One Three Five Since
Months Year Years Years Inception +
<S> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------
The International Equity Portfolio 15.53% 8.91% 12.04% 11.27% 12.27%
Morgan Stanley Capital International
World Stock Index (net) 15.28 9.50 8.87 8.71 9.64
- ---------------------------------------------------------------------------------------------------------------------------
The Labor Select International Equity Portfolio 13.64 5.89 14.29 -- 16.07
Morgan Stanley Capital International
EAFE Stock Index (net) 15.28 9.50 8.87 -- 9.82
- ---------------------------------------------------------------------------------------------------------------------------
The Emerging Markets Portfolio 19.04 (26.59) -- -- (15.53)
Morgan Stanley Capital International
Emerging Markets Free Equity Index 34.87 (10.19) -- -- (11.85)
- ---------------------------------------------------------------------------------------------------------------------------
The Global Fixed Income Portfolio 1.89 8.34 7.90 9.31 10.26
Salomon Smith Barney World
Government Bond Index (3.35) 8.21 5.60 6.97 7.58
- ---------------------------------------------------------------------------------------------------------------------------
The International Fixed Income Portfolio 1.40 8.78 -- -- 7.07
Salomon Smith Barney Non-U.S.
World Government Bond Index (4.30) 9.06 -- -- 6.37
- ---------------------------------------------------------------------------------------------------------------------------
</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 Advisers Ltd. has, as relevant, voluntarily
waived its fees 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 dates for each Delaware Pooled Trust Portfolio are as follows:
Large-Cap Value Equity, February 3, 1992; Core Equity, September 15, 1998;
Mid-Cap Growth Equity, February 27, 1992; Mid-Cap Value Equity, December 29,
1997; Small-Cap Growth Equity, September 15, 1998; Small-Cap Value Equity, March
29, 1999; 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 4, 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.
1999 Semiannual Report o Delaware Pooled Trust 3
<PAGE>
Portfolio Objectives
The Large-Cap Value 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 Management Company,
offer capital gains potential as well.
The Core Equity Portfolio (formerly known as "The Growth and Income Portfolio")
seeks to realize capital appreciation and income. The Portfolio seeks to achieve
these objectives by investing primarily in income-producing common stocks, with
a focus on common stocks that Delaware believes have potential for above-average
dividend increases over time.
The Mid-Cap Growth Equity Portfolio seeks maximum long-term capital growth by
investing in stocks of smaller and medium-sized companies that, in the opinion
of Delaware Management Company, offer, at the time of purchase, significant
long-term growth potential.
The Mid-Cap Value Equity Portfolio (formerly known as "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 30% in terms of market capitalization of U.S. stocks
listed on a national exchange or NASDAQ and that, in the opinion of Delaware
Management Company, offer the potential for capital gains as well.
The Small-Cap Growth Equity Portfolio seeks to realize long-term capital growth.
The Portfolio seeks to achieve its objective by investing primarily in equity
securities of companies which Delaware believes have potential for high earnings
growth and which generally represent the smallest 25% in terms of market
capitalization of U.S. equity securities listed on a national securities
exchange or NASDAQ.
The Small-Cap Value Equity Portfolio seeks long-term capital appreciation by
investing primarily in equity securities of small-capitalization companies that
Delaware believes to be undervalued relative to the long-term earning power of
the companies concerned, and which, at the time of purchase, generally have
market capitalizations between $500 million and $1.5 billion and are listed on a
national securities exchange or NASDAQ.
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 trusts.
The Intermediate 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.
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.
4 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
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 different 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. Issuers 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.
1999 Semiannual Report o Delaware Pooled Trust 5
<PAGE>
Large-Cap Value Equity:
Value Stocks Rally In April
Total Return
Six months ending April 30, 1999
- ----------------------------------------------------------------------
Large-Cap Value Equity 15.12%
S&P 500 Index 22.31%
- ----------------------------------------------------------------------
In familiar fashion, growth stocks outperformed value stocks for the six-month
period ending April 30. This meant that, once again, value funds underperformed
against general market benchmarks. The Large-Cap Value Equity Portfolio was no
exception, returning 15.12%--trailing the S&P 500 Index by seven percentage
points.
In the most obvious sign of the volatility and narrow breadth of the market's
ascent, all eyes were focused in the first few months of the year on the Dow
Jones Industrial Average, which crossed the 10,000 mark on March 30. Internet
mania, which began last year and has been the driving force behind the growth
sector, finally began petering out, signaling what we believe may be an end to
the narrow breadth and volatility of the stock market.
Economically, equities were supported by the Federal Reserve's decision to
remain neutral in an attempt to avert a worldwide economic
slowdown--particularly in Japan and the emerging-market nations. With inflation
remaining under control, U.S. industries should begin to benefit again from the
strong economy, which we believe will expand the breadth of the market rally.
The Portfolio's style of value investing is likely to benefit from this rebound,
as the majority of our stocks are trading at a substantial discount to the
market. We believe that oil and capital goods stocks--which had been the
laggards last year--are poised to demonstrate a solid recovery. There have
already been signs that a value comeback is in the works.
Looking ahead, Delaware believes value stocks will perform well for the rest of
the fiscal year--especially since, in our opinion, the financial,
telecommunications, consumer cyclical, and basic industries are still trading at
a steep discount to the market. We expect to continue overweighting the banking,
auto and telecommunications sectors for the remainder of the year.
Portfolio Profile
April 30, 1999
Total net assets ...................................... $161.8 million
Inception date ...................................... February 3, 1992
Asset composition (based on total net assets)
Common stocks .............................................. 98.90%
Cash equivalents and other net assets ....................... 1.10%
Number of holdings ............................................... 49
Top 10 holdings
1. GTE
2. AT&T
3. Ameritech
4. McGraw-Hill
5. Bank of America
6. Alcoa
7. Kimberly-Clark
8. Enron
9. Xerox
10. U.S. Bancorp
Industry Composition
Banking, Finance & Insurance 20.85%
Energy 15.63%
Telecommunications 10.81%
Healthcare & Pharmaceuticals 6.83%
Food, Beverage & Tobacco 5.57%
Automobiles & Automotive Parts 5.23%
Computers & Technology 5.17%
Paper & Forest Products 4.32%
Consumer products 3.97%
Chemicals 3.63%
Electronics & Electrical Equipment 3.28%
Cable, Media & Publishing 2.93%
Metals & Mining 2.90%
Aerospace & Defense 2.20%
Retail 2.14%
Industrial Machinery 1.72%
Transportation & Shipping 1.72%
Cash & Other Net Assets 1.10%
6 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
Core Equity:
Smaller Holdings Hinder Performance
Total Return
Six months ending April 30, 1999
- ---------------------------------------------------------------------
Core Equity 9.76%
Lipper Growth & Income Average 18.39%
- ---------------------------------------------------------------------
The Core Equity Portfolio, formerly known as the Growth and Income Portfolio,
managed to post modest gains, but pulled back significantly in the second part
of the reporting period. The Portfolio gained 9.76% for the six-month period
ending April 30, as compared with the 18.39% return posted by its benchmark
index, the Lipper Growth & Income Average.
Core Equity faced two decidedly negative factors this year. For one, the
Portfolio underweights technology stocks, mainly because many technologies do
not meet the Portfolio's philosophy of investing in companies whose growth rates
exhibit a high degree of certainty yet remain undervalued. Secondly, the Core
Equity Portfolio saw sharp declines in three of its largest holdings: Rite Aid
and Service Corporation, which both reported earnings below expectations, and
Stewart Enterprises, which fell in sympathy with Service Corporation. As a
result of these earnings disappointments, we have eliminated our position in
Service Corporation and reduced our position in Rite Aid, while increasing our
holdings in Stewart Enterprises.
In addition to the above problems, our risk analysis has shown that smaller
companies have hindered performance. To that end, we are looking to increase our
exposure to larger capitalization companies that meet our investment philosophy.
Moving forward, we will continue to emphasize the use of quality research to
discover companies whose growth rates exhibit a high degree of certainty--yet
remained undervalued--due to a lack of coverage or a misperception of the
underlying fundamentals.
Portfolio Profile
April 30, 1999
Total net assets ........................................ $2.3 million
Inception date ................................... September 15, 1998
Asset composition (based on total net assets)
Common stocks .............................................. 98.03%
Convertible preferred stock ................................ 1.65%
Cash equivalents and other net assets.........................0.32%
Number of holdings .................................................59
Top 10 holdings
1. Tyco International
2. American Home Products
3. Ecolab
4. Masco
5. Stewart Enterprises
6. SBC Communications
7. Mylan Laboratories
8. Dial
9. Symbol Technologies
10. Equifax
Industry Composition
Banking, Finance & Insurance 16.03%
Healthcare & Pharmaceuticals 12.78%
Electronics & Electrical Equipment 7.01%
Computers & Technology 6.85%
Telecommunications 6.58%
Automobiles & Automotive Parts 4.93%
Buildings & Materials 4.91%
Energy 4.89%
Retail 4.63%
Textiles, Apparel & Furniture 4.57%
Environmental Services 3.98%
Consumer Products 3.23%
Food, Beverage & Tobacco 2.66%
Real Estate 2.29%
Chemicals 2.24%
Industrial Machinery 1.22%
Miscellaneous 9.23%
Convertible Preferred Stock 1.65%
Cash & Other Net Assets 0.32%
1999 Semiannual Report o Delaware Pooled Trust 7
<PAGE>
Mid-Cap Growth Equity:
Stellar Outperformance Fueled By Consumer, Tech Holdings
Total Return
Six months ending April 30, 1999
- ---------------------------------------------------------------------
Mid-Cap Growth Equity 28.98%
Russell 2000 Index 15.16%
- ---------------------------------------------------------------------
The Mid-Cap Growth Equity Portfolio had reason to celebrate in the latest
six-month period. The Portfolio turned in a stellar performance with the help of
rallies in consumer and technology stocks.
Mid-Cap Growth Equity benefited from strong performances in a number of key
holdings, including Staples and CIT Group in the first half of the period and
Gemstar International and Clear Channel Communications in the second half. This
enabled the Portfolio to return a robust 28.98% for the six-month period ending
April 30--nearly 14 percentage points higher than its benchmark, the Russell
2000 Index.
This strong showing was even more impressive when considering the fund is
precluded from holding equities of larger-cap companies that outperformed in the
period (such as Schwab and Yahoo!).
Looking ahead, the Mid-Cap Growth Equity Portfolio's investment-management team
continues to search for companies that we believe will not disappoint on the
earnings front. The Portfolio has median expected earnings growth of more than
20%, significantly ahead of the median for the S&P 500 Index.
Portfolio Profile
April 30, 1999
Total net assets..........................................$6.7 million
Inception date ......................................February 27, 1992
Asset composition (based on total net assets)
Common stocks ...............................................90.54%
Cash equivalents and other net assets.........................9.46%
Number of holdings .................................................55
Top 10 holdings
1. Gemstar International Group Limited
2. PMC-Sierra
3. Staples
4. Paine Webber Group
5. Outback Steakhouse
6. Clear Channel Communications
7. CIT Group Class A
8. CBS
9. Network Appliance
10. Bed Bath & Beyond
Industry Composition
Banking, Finance & Insurance 16.74%
Computers & Technology 12.46%
Cable, Media & Publishing 11.35%
Retail 10.67%
Telecommunications 10.58%
Leisure, Lodging & Entertainment 9.47%
Electronics & Electrical Equipment 7.56%
Consumer Products 4.68%
Textiles, Apparel & Furniture 1.79%
Industrial Machinery 1.27%
Healthcare & Pharmaceuticals 1.24%
Transportation & Shipping 0.99%
Miscellaneous 1.74%
Cash & Other Net Assets 9.46%
8 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
Mid-Cap Value Equity:
Narrow Market Advance Tempers Gains
Total Return
Six months ending April 30, 1999
- ---------------------------------------------------------------------
Mid-Cap Value Equity 6.83%
Russell Midcap Value Index 13.13%
- ---------------------------------------------------------------------
Mid-cap value stocks notched meager gains compared to their large-cap and growth
counterparts. The Mid-Cap Value Equity Portfolio (formerly known as The
Small/Mid-Cap Value Equity Portfolio) gained 6.83% for the six-month period
ending April 30, as compared with the Russell Midcap Value Index, which returned
13.13%.
During much of the reporting period, the Portfolio faced negative performances
in the basic industries, financial services, and technology sectors. Consumer
cyclicals were another area of disappointment. It was the consumer services and
energy sectors that fueled a rebound to bring the Portfolio out of negative
territory for a solid six-month advance by the end of April.
Moving forward, we believe mid-cap equities are attractively priced when
compared to their large-cap counterparts. Continued U.S. economic growth,
coupled with a global economic rebound, will develop renewed interest in mid-cap
stocks in our view. This, in turn, could portend a widening in the equity market
advance to include the Portfolio's neglected area of value stocks.
Portfolio Profile
April 30, 1999
Total net assets......................................... $2.9 million
Inception date ..................................... December 29, 1997
Asset composition (based on total net assets)
Common stocks .............................................. 97.51%
Cash equivalents and other net assets ....................... 2.49%
Number of holdings ................................................ 58
Top 10 holdings
1. Ingersoll-Rand
2. Viad
3. Borg-Warner Automotive
4. Furniture Brands International
5. Pentair
6. Weatherford International
7. Wendy's International
8. HON Industries
9. D.R. Horton
10. Ross Stores
Industry Composition
Banking, Finance & Insurance 18.36%
Retail 7.12%
Industrial Machinery 7.08%
Energy 6.12%
Electronics & Electrical Equipment 5.87%
Buildings & Materials 5.57%
Cable, Media & Publishing 5.41%
Leisure, Lodging & Entertainment 4.75%
Utilities 4.58%
Food, Beverage & Tobacco 4.55%
Textiles, Apparel & Furniture 4.44%
Automobiles & Automotive Parts 4.22%
Computers & Technology 3.57%
Transportation & Shipping 3.28%
Healthcare & Pharmaceuticals 2.39%
Real Estate 1.96%
Consumer Products 1.79%
Chemicals 1.74%
Aerospace & Defense 1.72%
Miscellaneous 2.99%
Cash & Other Net Assets 2.49%
1999 Semiannual Report o Delaware Pooled Trust 9
<PAGE>
Small-Cap Growth Equity:
Technologies Fuel Growth-Sector Rally
Total Return
Six months ending April 30, 1999
- ---------------------------------------------------------------------
Small-Cap Growth Equity 24.02%
Russell 2000 Growth Index 25.74%
- ---------------------------------------------------------------------
The Small-Cap Growth Equity Portfolio posted a double-digit return for the
period, thanks mainly to its significant holdings in high-tech stocks. The
Portfolio returned 24.02% for the six months ending April 30, trailing the
Russell 2000 Growth Index by less than two percentage points.
Technology stocks, particularly Internet-related companies, were strong; this
sector is one of the Portfolio's largest industry weightings.
We expect earnings growth of more than 20% in the small-cap growth sector for
1999, which may easily surpass the large-cap growth sector in our estimation.
Small-cap stocks in general continue to hover near historic lows in relative
valuation to larger-cap stocks, which we believe is a good environment for a
rebound in small caps.
Portfolio Profile
April 30, 1999
Total net assets ........................................ $4.1 million
Inception date .................................... September 15, 1998
Asset composition (based on total net assets)
Common stocks............................................... 79.88%
Cash equivalents and other net assets....................... 20.12%
Number of holdings .................................................59
Top 10 holdings
1. Gemstar International Group Limited
2. Applied Micro Circuits
3. Bindview Development
4. Network Appliance
5. GeoTel Communications
6. Consolidated Graphics
7. Micrel
8. Mettler-Toledo International
9. Ambac Financial Group
10. Linens 'n' Things
Industry Composition
Retail 11.23%
Computers & Technology 11.21%
Telecommunications 11.05%
Banking, Finance & Insurance 10.66%
Electronics & Electrical Equipment 9.09%
Cable, Media & Publishing 7.89%
Leisure, Lodging & Entertainment 6.11%
Consumer Products 4.60%
Healthcare & Pharmaceuticals 2.93%
Environmental Services 1.16%
Automobiles & Automotive Parts 0.46%
Transportation & Shipping 0.43%
Food, Beverage & Tobacco 0.20%
Miscellaneous 2.86%
Cash & Other Net Assets 20.12%
10 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
Small-Cap Value Equity:
New Fund Opens on Positive Note
Total Return
For the period March 29 to April 30, 1999
- ---------------------------------------------------------------------
Small-Cap Value Equity 8.35%
Russell 2000 Value Index 9.13%
- ---------------------------------------------------------------------
The newly created Small-Cap Value Equity Portfolio opened for trading at the
right time. The Portfolio gained 8.35% in its first month of operation, taking
advantage of a rebound in value stocks. (A one-month return should not, however,
be considered representative of future longer-term returns in the Portfolio.) By
comparison, the Russell 2000 Value Index returned 9.13% for the month of April.
Value stocks overall began outperforming growth in April, as evidenced by the
Russell 2000 Growth Index's 8.83% return.
Capital spending, consumer cyclicals, business services and REITs added positive
performance to the Portfolio's benchmark, the Russell 2000 Value Index, while
basic industries and utilities were negative contributors.
We believe The Small-Cap Value Equity Portfolio is positioned to do well as the
global economic recovery takes hold and forecasts for earnings estimates remain
steady. If interest rates continue to rise, the Portfolio's exposure to consumer
cyclicals (one of the sectors that performed quite well in April) may be
actively decreased. At this point, with the Portfolio only in existence for one
month, only modest changes in sector weightings are likely.
Portfolio Profile
April 30, 1999
Total net assets ........................................ $2.2 million
Inception date ........................................ March 29, 1999
Asset composition (based on total net assets)
Common stocks............................................... 94.69%
Cash equivalents and other net assets ....................... 5.31%
Number of holdings................................................. 81
Top 10 holdings
1. Zale
2. Viad
3. BJ's Wholesaler Club
4. Borg-Warner Automotive
5. Scott's Class A
6. Universal Foods
7. Trigon Healthcare
8. Jacobs Engineering Group
9. People's Heritage Financial Group
10. Synopsys
Industry Composition
Banking, Finance & Insurance 12.90%
Automobiles & Automotive Parts 10.07%
Real Estate 9.22%
Retail 7.49%
Energy 7.13%
Textiles, Apparel & Furniture 6.25%
Chemicals 5.36%
Buildings & Materials 5.09%
Industrial Machinery 4.53%
Transportation & Shipping 4.11%
Healthcare & Pharmaceuticals 3.77%
Computers & Technology 3.72%
Food, Beverage & Tobacco 3.56%
Leisure, Lodging & Entertainment 2.75%
Paper & Forest Products 2.48%
Metals & Mining 2.32%
Consumer Products 1.78%
Utilities 1.41%
Cable, Media & Publishing 1.18%
Electronics & Electrical Equipment 0.71%
Aerospace & Defense 0.64%
Cash & Other Net Assets 5.31%
1999 Semiannual Report o Delaware Pooled Trust 11
<PAGE>
Real Estate Investment Trust II:
Portfolio Strategy Yields Solid Outperformance
Total Return
Six months ending April 30, 1999
- ----------------------------------------------------------------------
Real Estate Investment Trust Portfolio II 7.42%
NAREIT Equity REIT Index 2.60%
- ----------------------------------------------------------------------
The self-correction in the REIT market finally appears to be over. The Real
Estate Investment Trust Portfolio II earned solid gains for the six-month period
ending April 30. The Portfolio returned 7.42%--a solid performance that was
nearly five percentage points better than its benchmark, the NAREIT Equity REIT
Index.
At first, it appeared that the negative returns from last year would continue
this year, as the REIT asset class continued to witness investor apathy and a
flight to Internet stocks. During the first three months of this year, REITs
were trading at the largest discount to real estate values since 1990. In April,
the REIT sector finally had some positive news for a change. Insider buying at
many REITs and a handful of buyout attempts to take certain REITs private
because of their perceived value were noteworthy events. In addition, it was
reported that Warren Buffett held significant stakes in Tanger Factory Outlet
Centers and Town and Country Trust. Buffett was also rumored to be eyeing a
number of other REITs.
Our strategy remains centered on income orientation--investing in companies that
have longer leases, less percentage rents, are less economically cyclical, and
have holdings in areas where land remains expensive and in limited supply.
Although our managers have a slight overweight in community shopping centers,
our focus is on grocery-anchored centers. We are avoiding certain REITs that
appear vulnerable to the Internet. Office and industrial REITs are also
overweighted, as the credit crunch of this past fall has all but assured that a
repeat of the 1980s overbuilding boom will not occur, in our opinion.
Looking ahead, we believe that REITs are very cheap compared to stocks, bonds
and underlying real estate values. We plan to continue applying our long-tested
discipline of buying good quality REITs and believe that the market is poised
for a possible high single-digit total return for 1999.
Portfolio Profile
April 30, 1999
Total net assets ........................................ $5.9 million
Inception date ...................................... November 4, 1997
Asset composition (based on total net assets)
Common stocks............................................... 97.18%
Cash equivalents and other net assets ....................... 2.82%
Number of holdings................................................. 30
Top 10 holdings
1. Starwood Hotels & Resorts Worldwide
2. Equity Office Properties Trust
3. AvalonBay Communities
4. TrizecHahn
5. Simon Property Group
6. SL Green Realty
7. Reckson Associates Realty
8. JDN Realty
9. Catellus Development
10. Chateau Communities
Industry Composition
Office/Industrial REITs 37.83%
Multi-Family REITs 16.62%
Operating Companies/Other 12.62%
Retail Strip Center REITs 11.25%
Manufactured Housing REITs 7.28%
Mall REITs 5.86%
Self-Storage REITs 3.22%
Net Lease REITs 2.50%
Cash & Other Net Assets 2.82%
12 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
Intermediate Fixed Income:
Spread Product Regains Investor Appeal
Total Return
Six months ending April 30, 1999
- ----------------------------------------------------------------------
Intermediate Fixed Income 1.43%
Lehman Brothers Government/Corporate
Intermediate Bond Index 0.51%
- ----------------------------------------------------------------------
The rally in U.S. Treasury bonds peaked in late 1998 when the yield on the
30-year U.S. Treasury fell to an historic low of 4.72%. From there, it was back
to business as usual as investor sentiment shifted back in favor of spread
product (non-Treasury bond sectors) in early 1999. As Treasury prices fell, the
yield on the bellwether Treasury rose to 5.62% by April 30, its highest level
since August 1998.
The Intermediate Fixed Income Portfolio returned 1.43% for the six months ended
April 30. This was nearly triple the 0.51% return for the Lehman Brothers
Government/ Corporate Intermediate Bond Index. The Portfolio's yield-based
strategy, which typically leads us to emphasize corporate bonds and mortgage
securities over U.S. Treasuries, served us well during this transitory period.
Rising Treasury rates afforded us the opportunity to sell some of our positions
in corporate and mortgage securities for a rich premium. Although the
longer-term fundamentals for corporate bonds appear very healthy, we believe
some lingering risks associated with the Asian financial crisis could once again
improve the bid for U.S. Treasuries. For this reason, we have temporarily
shifted our emphasis to increasing the Portfolio's Treasury holdings.
We expect the U.S. economy to slow from its current brisk pace in the second
half of our fiscal year. We also think there will be a recurrence of uncertainty
overseas. In such an environment, we would anticipate a short-term move to
somewhat lower Treasury rates, which we believe would provide an attractive
buying opportunity for non-Treasury debt.
Portfolio Profile
April 30, 1999
Total net assets........................................ $19.7 million
Inception date......................................... March 12, 1996
Number of holdings ................................................ 60
Top 10 holdings
1. Federal National Mortgage Association,
7.00%, 7/1/28
2. Government National Mortgage Association,
6.50%, 12/15/23
3. Tommy Hilfiger, 6.85%, 6/1/08
4. U.S. Treasury Note, 4.50%, 1/31/01
5. Government National Mortgage Association,
6.50%, 1/15/24
6. Metlife Capital Equipment Loan, 6.85%, 5/20/08
7. Federal Home Loan Mortgage Corporation, Series
2091 PD, 6.00%, 4/15/21
8. Continental, 7.25%, 3/1/03
9. Residential Accredit Loans Series 98-QS9 A3,
6.75%, 7/25/28
10. FannieMae Whole Loan Series 98-W3 A2,
6.50%, 7/25/28
Asset composition (based on total net assets)
Corporate Bonds 30.03%
CMOs 25.28%
Asset-Backed Securities 19.09%
Mortgage-Backed Securities 18.40%
U.S. Treasuries 5.26%
Net Cash and Other Assets 1.94%
1999 Semiannual Report o Delaware Pooled Trust 13
<PAGE>
Aggregate Fixed Income:
Weak Results Amid Rising Rates
Total Return
Six months ending April 30, 1999
- -----------------------------------------------------------------------
Aggregate Fixed Income (0.04)%
Lehman Brothers Aggregate Bond Index 0.69%
- -----------------------------------------------------------------------
The Aggregate Fixed Income Portfolio posted a flat return of (0.04)% for the six
months ended April 30, while the Lehman Brothers Aggregate Bond Index had only a
modestly better return of 0.69%. Rising long-term interest rates during the
first few months of 1999 resulted in weak performance for the Portfolio and its
benchmark.
Just six months ago, U.S. Treasuries led fixed income performance as
recession-ridden investors bailed out of riskier investments in stocks and
non-government bonds for the safety and liquidity of U.S. government securities.
As Treasury prices rose, the yield on the 30-Year U.S. Treasury fell below 5%
for the first time in recent history.
Circumstances changed in 1999 as investor confidence improved and appetite for
higher yields returned. This caused interest rates on long-term U.S. Treasuries
to rise. While we invest in securities that cover the full maturity range of the
fixed income market, the longer average maturity of the Portfolio did not work
to our advantage as rates increased.
We believe the Portfolio did not underperform disproportionately since the shape
of the yield curve remained relatively stable between two-, 10- and 30-year U.S.
Treasury securities. In addition, The Aggregate Fixed Income Portfolio has
recently offered a current yield nearly 50 basis points higher than shorter
maturity portfolios. Over three- and five-year performance periods, a yield
advantage of this magnitude could potentially boost our performance.
Portfolio Profile
April 30, 1999
Total net assets......................................... $6.4 million
Inception date ..................................... December 29, 1997
Number of holdings ................................................ 47
Top 10 holdings
1. U.S. Treasury Note, 4.75%, 11/15/08
2. U.S. Treasury Note, 5.50%, 2/15/08
3. Federal Home Loan Mortgage Corporation,
7.00%, 4/1/29
4. Normura Asset Securities Series 93-1 A1,
6.68%, 12/15/01
5. Federal National Mortgage Association,
6.50%, 4/1/29
6. AT&T Capital, 6.75%, 2/4/02
7. Ford Motor Credit, 5.75%, 2/23/04
8. CIT Group Holdings, 5.625%, 10/15/03
9. General Electric Capital, 5.89%, 5/11/01
10. Federal National Mortgage Association,
6.00%, 4/1/13
Asset composition (based on total net assets)
U.S. Treasuries 35.75%
Corporate Bonds 29.95%
Mortgage-Backed Securities 15.69%
CMOs 9.53%
Asset-Backed Securities 8.68%
Net Cash and Other Assets 0.40%
14 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
High-Yield Bond:
Mixed Performance As Liquidity Returns
Total Return
Six months ending April 30, 1999
- ----------------------------------------------------------------------
High-Yield Bond 5.47%
Salomon Smith Barney High-Yield
Cash Pay Index 7.48%
- ----------------------------------------------------------------------
The Federal Reserve's three interest rate cuts in autumn 1998 restored liquidity
and improved trade in the high-yield bond market. For the six months ended April
30, high-yield bonds outperformed all higher-rated credit tiers of the bond
market. The High-Yield Bond Portfolio turned in a strong six-month return of
5.47%. Still, our performance fell short of the Salomon Smith Barney High-Yield
Cash Pay Index, which returned 7.48%.
We attribute the Portfolio's lower relative return to inferior performance in
the fourth quarter of 1998 when our holdings in the energy and
telecommunications sectors significantly underperformed the Index. Another
obstacle for the Portfolio in the fourth quarter was its heavier concentration
in B-rated issues at a time when BB-rated securities posted the best absolute
returns.
The first quarter of 1999 yielded more favorable results for the High-Yield Bond
Portfolio, as B-rated issues bounced back to outperform higher-rated bonds by
virtue of their greater sensitivity to economic growth and lower sensitivity to
rising interest rates.
Against a backdrop of moderate, non-inflationary economic growth, low interest
rates, robust equity valuations and higher mergers/acquisitions activity, the
high-yield market should, in our opinion, continue to deliver strong results. In
particular, we think the opportunity for above-average market performance is
greatest in the sectors that underperformed during the second half of 1998,
especially in industrial cyclicals and telecommunication credits.
Portfolio Profile
April 30, 1999
Total net assets ....................................... $24.4 million
Inception date ...................................... December 2, 1996
Number of holdings ................................................ 54
Top 10 holdings
1. Integrated Electric Services, 9.375%, 2/1/09
2. Carmike Cinemas, 9.375%, 2/1/09
3. Safety Kleen Services, 9.25%, 6/1/08
4. Republic Group, 9.50%, 7/15/08
5. RBF Finance, 11.375%, 3/15/09
6. CEX Holdings, 9.625%, 6/1/08
7. National Wine & Spirit, 10.125%, 1/15/09
8. Philipp Brothers Chemicals, 9.875%, 6/1/08
9. Schuff Steel, 10.50%, 6/1/08
10. Armco, 8.875%, 12/1/08
Asset composition (based on total net assets)
Leisure, Lodging & Entertainment 12.84%
Buildings & Materials 11.67%
Telecommunications 8.43%
Food, Beverage & Tobacco 6.34%
Environmental Services 5.56%
Chemicals 4.89%
Metals & Mining 4.33%
Cable, Media & Publishing 4.04%
Industrial Machinery 3.94%
Healthcare & Pharmaceuticals 2.88%
Paper & Forest Products 2.41%
Banking, Finance & Insurance 2.38%
Consumer Products 2.01%
Transportation & Shipping 1.66%
Energy 1.47%
Retail 1.08%
Textiles, Apparel & Furniture 0.62%
Miscellaneous 4.06%
Preferred Stock/Warrants 1.97%
Net Cash & Other Assets 17.42%
1999 Semiannual Report o Delaware Pooled Trust 15
<PAGE>
Diversified Core Fixed Income:
High-Yield Bonds Lead Advances
Total Return
Six months ending April 30, 1999
- ----------------------------------------------------------------------
Diversified Core Fixed Income 4.86%
Lehman Brothers Aggregate Bond Index 0.69%
- ----------------------------------------------------------------------
The Diversified Core Fixed Income Portfolio made a solid start into its second
year of operations, returning 4.86% for the six months ending April 30. By
comparison, the Lehman Brothers Aggregate Bond Index eked out a modest 0.69%
return. The Portfolio's performance was enhanced primarily by its maximum
exposure to U.S. high-yield bonds, currently 30% of total assets.
The U.S. investment-grade corporate bond component--comprising half of the
Portfolio--also contributed positively to performance, specifically in the early
months of 1999. Our heavy exposure in this market segment lagged during the last
quarter of 1998 as a result of rising interest rates across all maturities.
International bonds--roughly 20% of the Portfolio--rebounded late last year but
lost ground early in 1999 due to a rise in the value of the U.S. dollar.
World financial markets have stabilized considerably since the U.S. Federal
Reserve Board and the central banks of more than a dozen countries lowered
short-term interest rates in 1998. This recovery has created new concerns for
investors about the potential for the U.S. economy to overheat, thus requiring
Fed tightening.
For certain, we feel these positive developments are helping to sustain a
reversal of the flight-to-quality movement that befell fixed-income markets last
August. Although U.S. corporate and international bonds have triumphed over U.S.
government securities during the past six months, we believe they still offer
historically attractive levels of value. In our opinion, the Diversified Core
Fixed Income Portfolio is positioned to benefit from the higher expected returns
likely to be earned in these sectors in the near term.
Portfolio Profile
April 30, 1999
Total net assets ........................................ $3.4 million
Inception date ..................................... December 29, 1997
Number of holdings................................................. 52
Top 10 holdings
1. Government National Mortgage Association,
6.50%, 1/15/28
2. U.S. Treasury Note, 4.75%, 11/15/08
3. Schuff Steel, 10.50%, 6/1/08
4. Federal National Mortgage Association,
6.00%, 5/15/08
5. U.S. Treasury Note, 4.625%, 11/30/00
6. Classic Cable, 9.875%, 8/1/08
7. American Commercial Lines, 10.25%, 6/30/08
8. Republic Group, 9.50%, 7/15/08
9. Anthony Crane, 10.375%, 8/1/08
10. Henry, 10.00%, 4/15/08
Asset composition (based on investments)
Corporate Bonds 35.82%
Foreign Bonds 18.58%
Mortgage-Backed Securities 17.77%
U.S. Treasuries 14.52%
CMOs 5.15%
Asset-Backed Securities 4.45%
Net Cash and Other Assets 3.71%
16 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
Global Equity:
Japan Soars As World Markets Recover
Total Return
Six months ending April 30, 1999
- ----------------------------------------------------------------------
Global Equity 12.81%
Morgan Stanley Capital International
World Stock Index (net) 19.57%
- ----------------------------------------------------------------------
Last summer, it would have been difficult to imagine that Japan could deliver
the strongest performance of the world's equity markets any time soon. But
that's exactly what happened in the first quarter of 1999, as Japan recouped
1998's losses to post a 12.18% return in U.S. dollar terms. By comparison,
markets in the U.S. and Europe rose 5.53% and 4.31% in local terms,
respectively.
Japan's strength was a primary source of underperformance for The Global Equity
Portfolio, which returned 12.81% for the six months ended April 30 compared to
the 19.57% return of the Morgan Stanley Capital International World Stock Index
(net). For some time, we have underweighted the Portfolio in Japanese equities
because we believe the market is overvalued. Though we have identified selected
stocks that do offer good value, Japan continues to account for less than 4% of
portfolio assets as of April 30.
Among the dozen or so countries represented in the Portfolio, the U.S. and the
U.K. were the Fund's largest country allocations (34.6% and 21.2%, respectively)
at the end of April. We slightly reduced our U.S. holdings during the period as
our research showed that the U.S. equity market is currently 10-15% overvalued
relative to the U.S. bond market and therefore, offers one of the lowest
expected returns versus the world's other equity markets.
Consistent with our valuation-based strategy, we believe the best stock values
are currently in the U.K., Australia and New Zealand. For this reason, the
portfolio is overweighted in these markets relative to the MSCI World Stock
Index. We are, however, defensively hedging some sterling exposure since we
believe it is currently overvalued against the U.S. dollar.
Portfolio Profile
April 30, 1999
Total net assets ........................................ $3.5 million
Inception date....................................... October 15, 1997
Asset composition (based on total net assets)
Common stocks............................................... 97.60%
Rights & warrants ........................................... 0.04%
Cash equivalents and other assets............................ 2.36%
Number of holdings ................................................ 61
Top 10 holdings
1. GKN
2. Cable & Wireless
3. Glaxo Wellcome
4. Siemens
5. Telecom Corporation of New Zealand
6. Aon
7. Boots
8. Bayerische Hypo-Und Vereinsbank
9. USX-Marathon Group
10. Elf Aquitaine
Geographic Composition
United States 34.62%
United Kingdom 21.16%
Germany 8.50%
Australia 7.13%
France 5.48%
Netherlands 5.15%
Japan 3.77%
New Zealand 3.19%
Spain 2.57%
Hong Kong 2.04%
Belgium 1.94%
Singapore 1.07%
Malaysia 0.98%
Rights & warrants 0.04%
Net Cash & Other Assets 2.36%
1999 Semiannual Report o Delaware Pooled Trust 17
<PAGE>
International Equity:
Global Interest Rate Cuts Restore Outlook
Total Return
Six months ending April 30, 1999
- ----------------------------------------------------------------------
International Equity 15.53%
Morgan Stanley Capital International
EAFE Stock Index (net) 15.28%
- ----------------------------------------------------------------------
The International Equity Portfolio posted a hearty 15.53% return for the six
months ended April 30, marginally outpacing the Morgan Stanley Capital
International EAFE Stock Index's 15.28% return. After last summer's economic and
financial weakness in Russia, Latin America and along the Pacific Rim,
international markets rebounded strongly, spurred by a concerted round of global
interest rate cuts.
The Pacific markets showed marked improvement, as financial backing by the
International Monetary Fund, lower interest rates worldwide and corporate
restructuring in Asia contributed to a more positive investing environment. In
the first quarter of 1999, Japan gained more than 12% as investor confidence
returned. While Japan's progress appears promising, we continue to believe its
market as a whole is expensive; only selected stocks offer good relative value,
in our opinion. Japanese holdings currently comprise only 11.3% of portfolio
assets (the MSCI-EAFE Index's weighting in Japan is double that).
Currency weakness offset performance in European markets. After a promising
launch in January, the euro fell sharply against the U.S. dollar in the months
thereafter. We believe this has been caused by worries over slowing growth of
some core European economies and the resulting probability of the European
Central Bank cutting interest rates.
The Australasian markets have performed quite strongly recently as Australia's
economic growth continued to surprise and New Zealand's recession ended.
Australian stocks represent 12.1% of the Portfolio. In the rest of the Far East,
there are signs that the economies are starting to recover, aided by lower
interest rates and improved trade performance.
Against this backdrop, we intend to continue underweighting Japanese stocks and
lowering positions overall in Continental Europe, while emphasizing selected
European markets we believe offer long-term potential.
Portfolio Profile
April 30, 1999
Total net assets....................................... $746.8 million
Inception date....................................... February 4, 1992
Asset composition (based on total net assets)
Common stocks .............................................. 96.75%
Rights & warrants ........................................... 0.06%
Cash equivalents and other assets ........................... 3.19%
Number of holdings ................................................ 51
Top 10 holdings
1. Cable & Wireless
2. Rio Tinto
3. Bass
4. British Airways
5. Blue Circle Industries
6. National Australia Bank
7. Royal Dutch Petroleum
8. GKN
9. Bayer
10. Boots
Geographic Composition
United Kingdom 30.25%
Australia 12.13%
Japan 11.26%
Germany 10.77%
France 8.86%
Netherlands 6.80%
Spain 6.53%
Hong Kong 3.88%
New Zealand 3.61%
Belgium 1.53%
Malaysia 0.63%
Singapore 0.50%
Rights & warrants 0.06%
Net cash & other assets 3.19%
18 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
Labor Select International Equity:
Japan's Restructuring Bears Watching
Total Return
Six months ending April 30, 1999
- ----------------------------------------------------------------------
Labor Select International Equity 13.64%
Morgan Stanley Capital International
EAFE Stock Index (net) 15.28%
- ----------------------------------------------------------------------
For the six months ended April 30, the Labor Select International Equity
Portfolio returned 13.64%, lagging the 15.28% return of the Morgan Stanley
Capital International EAFE Stock Index. World markets experienced a significant
recovery during the period, as more than a dozen countries followed the U.S.
Federal Reserve Board's actions last fall by reducing interest rates to ward off
recession.
Amid this environment, the Labor Select International Equity Portfolio's
defensive value-oriented investment style did not keep pace with the Index.
Consistent with our style, we continue to position the Portfolio with a bias
toward attractively valued markets in the U.K. and Australasia, and less
exposure in overpriced markets such as Japan. The Portfolio is currently
invested in nine countries, including a 27% position in the U.K., 13% in Japan
(underweighted versus the MSCI EAFE Index) and 12% in Australia.
Since the failure of Japan's banking system in 1997, Japan has demonstrated its
commitment to restructuring. Japan's parliament agreed to infuse money into the
banking system in exchange for banks agreeing to restructure by cutting costs
and improving lending standards. While structural change is very necessary in
Japan, the time it will take to complete this enormous task should not be
underestimated. We believe that overall corporate profits will remain inadequate
until more genuine restructuring gets underway.
In Europe, the long awaited rationalization of companies appears to be gathering
pace with announcements of mergers in both the French and Italian banking
sectors as well as in the Italian telecom sector. This marks an important step
forward for Continental Europe to enhance its competitiveness. We continue to
invest selectively in this region as we believe valuations are, in general,
becoming stretched.
Portfolio Profile
April 30, 1999
Total net assets....................................... $118.8 million
Inception date ..................................... December 19, 1995
Asset composition (based on total net assets)
Common stocks............................................... 91.99%
Cash equivalents and other assets............................ 8.01%
Number of holdings ................................................ 44
Top 10 holdings
1. GKN
2. National Australia Bank
3. Eisai Limited
4. Rio Tinto
5. Elf Aquitaine
6. Societe Generale
7. Royal Dutch Petroleum
8. Telecom Corporation of New Zealand
9. Matsushita Electric Industrial
10. Banco Santander Central Hispanoamericano
Geographic Composition
United Kingdom 27.26%
Japan 13.02%
Australia 12.21%
Germany 10.13%
France 9.52%
Netherlands 8.47%
Spain 5.52%
New Zealand 4.25%
Belgium 1.61%
Net cash & other assets 8.01%
1999 Semiannual Report o Delaware Pooled Trust 19
<PAGE>
Emerging Markets:
Economic Recovery Suspends Capital Outflows
Total Return
Six months ending April 30, 1999
- ----------------------------------------------------------------------
Emerging Markets 19.04%
Morgan Stanley Capital International
Emerging Markets Free Equity Index 34.87%
- ----------------------------------------------------------------------
Emerging markets reported strong gains during the first half of our fiscal year
as the financial turmoil that shook foreign equity markets for much of 1998
subsided. Almost all emerging markets had positive performance during this
period, but the strongest showings were from some of last year's worst
performing stock markets. Indonesia, Korea, Russia, and Malaysia led performance
through April 30 with rises of around 100%, albeit from low bases.
For the six-month period, the Emerging Markets Portfolio returned 19.04%, a
little more than half the 34.87% return of the Morgan Stanley Capital
International Emerging Markets Free Equity Index. The Portfolio, which employs a
value-oriented investment strategy, underperformed due to the fact that
investors seemed to concentrate on growth rather than value stocks and markets.
Russia's 107% rise, most of which occurred in the later part of the period, was
helped by further progress in debt restructuring and rising oil prices. Though
Russia's gains over the past six months have been immense, the market is still
68% below its level of one year ago.
Brazil performed poorly until it was forced to float (and effectively devalue)
its currency in January. The subsequent sharp rebound still left the market a
laggard overall in the period under review, with a net return of only about 11%.
Inflation has so far been held in check by the weak economy and high interest
rates. We believe the regional fallout has been modest, mainly affecting
neighboring Argentina whose relative competitiveness has therefore suffered.
Adjustments to the Portfolio during the period included adding holdings in
Brazil, China, South Africa and Thailand where we think there are value stocks
with particularly good opportunities for positive reappraisal. We also made a
few sales, including our entire positions in the Czech Republic and Greece after
good relative performance.
Portfolio Profile
April 30, 1999
Total net assets ....................................... $40.5 million
Inception date......................................... April 14, 1997
Asset composition (based on total net assets)
Common stocks .............................................. 93.94%
Rights & warrants ........................................... 0.08%
Cash equivalents and other assets ........................... 5.98%
Number of holdings ................................................ 77
Top 10 holdings
1. Anglo American Corporation of South Africa Limited
2. Sasol Limited
3. Iscor Limited
4. Aracruz Celulose ADR
5. Petronas Dagangan Berhad
6. Gerdau Metalurgica
7. India Fund
8. Uniao de Bancos Brasileiros
9. Sappi Limited
10. Bangkok Bank
Geographic Composition
Brazil 19.97%
South Africa 14.43%
Malaysia 8.43%
China 6.13%
Mexico 6.11%
Argentina 4.34%
Turkey 3.96%
Thailand 3.74%
Chile 3.62%
India 2.78%
United States 2.44%
South Korea 2.40%
Peru 2.30%
Israel 2.22%
Estonia 2.03%
Russia 1.91%
Hungary 1.62%
Miscellaneous 5.51%
Rights & warrants 0.08%
Net cash & other assets 5.98%
20 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
Global Fixed Income:
World Bonds Deliver Flat Results
Total Return
Six months ending April 30, 1999
- -----------------------------------------------------------------------
Global Fixed Income 1.89%
Salomon Smith Barney World
Government Bond Index (3.35)%
- -----------------------------------------------------------------------
World bonds delivered a flat performance during the first fiscal half. In
general, markets seemed to lack a clear sense of direction partially as a result
of a greater awareness of risk in the wake of last year's financial crises in
Asia, Russia and South America, and more recently, as a result of growing
concerns about inflation.
The Global Fixed Income Portfolio returned 1.89% in U.S. dollar terms for the
six-month period. That was well ahead of the Salomon Smith Barney World
Government Bond Index, which fell 3.35% in the period.
During the past six months, performance in world bond markets was broadly based
in U.S. dollar terms. Australia, New Zealand, and Canada led the pack with
returns of 6.6%, 8.2%, and 8.5%, respectively, while bond markets in France, the
Netherlands, Italy, Spain, Portugal, Ireland, Finland and Austria each fell 6%
or more in U.S. dollar terms. Save Japan and the U.S., most major bond markets
posted positive local returns.
Early in 1999, dollar-based investors lost an average of 5% in world bond funds,
due mostly to slowing economic growth and currency weakness in Europe. The
continent's new unified currency, the euro, lost 8% of its value against the
dollar in the three months following its January 1999 launch. The U.S. bond
market, which fell 1.5% in the first quarter, also contributed to early year
losses.
While we feel the U.S. economy remains on track, we believe the level of savings
is too low. This is reflected in the growing balance of payment deficit which,
in itself, indicates to us that the recent rise in the dollar will probably not
continue. In contrast, growth in Europe is showing signs of a slowdown. These
imbalances may be hints of possible trouble ahead.
Our investment policy supports continuing to overweight better value markets,
such as New Zealand, Canada, and Australia, and underweight what we believe are
the poorer value markets of Japan and the U.S.
Portfolio Profile
April 30, 1999
Total net assets ...................................... $650.0 million
Inception date...................................... November 30, 1992
Asset composition (based on total net assets)
Bonds .......................................................96.12%
Cash equivalents and other assets.............................3.88%
Number of holdings ................................................ 47
Top 10 holdings
1. Swedish Government, 9.00%, 4/20/09
2. Ontario Province, 8.00%, 3/11/03
3. British Columbia, 7.75%, 6/16/03
4. Swedish Government, 6.00%, 2/09/05
5. Government of Canada, 4.75%, 9/15/99
6. Bundesrepublic Deutschland, 6.00%, 1/4/07
7. Netherlands Government, 8.25%, 9/15/07
8. Government of Canada, 10.25%, 3/15/14
9. Queensland Treasury, 8.00%, 7/14/99
10. Government of New Zealand, 7.00%, 7/15/09
Geographic Composition
Canada 23.46%
Sweden 13.54%
Australia 13.04%
New Zealand 12.70%
Germany 10.11%
Japan 9.85%
United States 7.95%
Netherlands 5.47%
Net cash & other assets 3.88%
1999 Semiannual Report o Delaware Pooled Trust 21
<PAGE>
International Fixed Income:
Inflation Fears Take Hold
Total Return
Six months ending April 30, 1999
- -----------------------------------------------------------------------
International Fixed Income 1.40%
Salomon Smith Barney Non-U.S.
World Government Bond Index (4.30)%
- -----------------------------------------------------------------------
The International Fixed Income Portfolio returned 1.40% for the six months ended
April 30 as lopsided performance in world bond markets made for lackluster
returns. Still, the Portfolio remained far ahead of the Salomon Smith Barney
Non-U.S. World Government Bond Index, which fell 4.30% during the period.
As many investors took the view that the world financial crisis was unlikely to
get any worse, many of last year's most ill-fated economies--particularly those
of Asia--have emerged healthier. However, now we are seeing a growing concern
about inflation which, until recently, was only a flickering point of interest.
We believe such inflation fears are partially responsible for the struggle that
world bond markets have recently faced to hold their own. This comes as an
unwelcome development in the wake of last year's crises in Asia, Russia and
South America, which caused many sectors of the world's bond markets to cave
under the pressure of increased sensitivity to country and credit risk.
We continue to witness an uneven pattern in the performance of world bonds. In
Europe, where core markets have been falling, slowing economic growth is a
significant source of concern. This, in addition to a poor start for the
euro--the continent's new unified currency--has contributed to rather wobbly
performance.
Returns from Australia, New Zealand and Canada showed significant improvement
during our reporting period. Canada and New Zealand each posted U.S. dollar
returns of more than 8% for the period, and Australia's return bested 6 1/2% as
their currencies recovered in response to rising commodity prices.
We expect to maintain the Portfolio's overweighted positions in better value
markets, such as New Zealand, Canada, and Australia, and underweight what we
believe are the poorer value markets of Japan and the U.S.
Portfolio Profile
April 30, 1999
Total net assets .................................. $102.4 million
Inception date..................................... April 11, 1997
Asset composition (based on total net assets)
Bonds .................................................. 95.89%
Cash equivalents and other assets ....................... 4.11%
Number of holdings ............................................ 44
Top 10 holdings
1. Bundesrepublic Deutschland, 8.00%, 7/22/02
2. Government of Canada, 5.25%, 9/01/03
3. Queensland Treasury Global, 8.00%, 5/14/03
4. Kingdom of Spain, 3.10%, 9/20/06
5. New South Wales Treasury, 7.00%, 2/1/00
6. International Bank of Reconstruction & Development, 4.75%, 12/20/04
7. Bayerische Vereinsbank, 6.50%, 6/6/05
8. Government of New Zealand, 7.00%, 7/15/09
9. Swedish Government, 9.00%, 4/20/09
10. Swedish Government, 13.00%, 6/15/01
Geographic Composition
Germany 19.22%
Canada 15.89%
Japan 14.51%
Sweden 14.05%
New Zealand 12.32%
Australia 10.94%
United States 7.15%
Netherlands 1.81%
Net cash & other assets 4.11%
22 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
Delaware Pooled Trust, Inc.: The Large-Cap Value Equity Portfolio
Statement of Net Assets
April 30, 1999
(Unaudited)
Number Market
of Shares Value
- --------------------------------------------------------------------------------
COMMON STOCK: 98.90%
Aerospace and Defense: 2.20%
Lockheed Martin 82,700 $ 3,561,269
------------
3,561,269
------------
Automobiles and Automotive Parts: 5.23%
Ford Motor 55,800 3,567,713
General Motors 41,400 3,682,013
Tenneco 45,100 1,217,700
------------
8,467,426
------------
Banking, Finance, and Insurance: 20.85%
American General 54,800 4,055,200
Aon 35,850 2,455,725
Bank of America 65,761 4,734,792
Bank One 54,230 3,199,570
Chase Manhattan 35,100 2,904,525
Chubb 4,300 254,775
Federal National Mortgage 47,300 3,355,344
Mellon Bank 43,800 3,254,888
Summit Bancorp 49,950 2,116,631
U.S. Bancorp 112,100 4,154,705
Wells Fargo 75,200 3,247,700
------------
33,733,855
------------
Cable, Media, and Publishing: 2.93%
McGraw-Hill 85,800 4,740,450
------------
4,740,450
------------
Chemicals: 3.63%
duPont(E.I.)deNemours 52,478 3,706,259
Imperial Chemical ADR 50,400 2,170,350
------------
5,876,609
------------
Computers and Technology: 5.17%
Pitney Bowes 59,400 4,154,288
Xerox 71,700 4,212,375
------------
8,366,663
------------
Consumer Products: 3.97%
Avon Products 38,900 2,112,756
Kimberly-Clark 70,300 4,310,269
------------
6,423,025
------------
<PAGE>
Number Market
of Shares Value
- --------------------------------------------------------------------------------
Electronics and Electrical Equipment: 3.28%
Emerson Electric 41,200 $ 2,657,400
Thomas & Betts 63,000 2,646,000
------------
5,303,400
------------
Energy: 15.63%
BP Amoco ADR 22,429 2,538,682
Chevron 32,900 3,281,775
Enron 56,900 4,281,725
Mobil 31,900 3,341,525
Royal Dutch Petroleum 66,900 3,926,193
Sonat 82,300 2,942,225
Unocal 51,400 2,136,313
Williams 60,200 2,844,450
------------
25,292,888
------------
Food, Beverage, and Tobacco: 5.57%
Bestfoods 72,000 3,613,500
Heinz (H.J.) 63,750 2,976,328
Philip Morris 69,200 2,426,325
------------
9,016,153
------------
Healthcare and Pharmaceuticals: 6.83%
American Home Products 17,748 1,082,628
AstraZeneca ADR 59,500 2,335,375
Baxter International 43,300 2,727,900
Glaxo Wellcome ADR 45,300 2,638,725
Pharmacia & Upjohn 40,500 2,268,000
------------
11,052,628
------------
Industrial Machinery: 1.72%
Deere & Co. 64,800 2,786,400
------------
2,786,400
------------
Metals and Mining: 2.90%
Alcoa 75,400 4,693,650
------------
4,693,650
------------
Paper and Forest Products: 4.32%
Union Camp 42,200 3,349,625
Weyerhaeuser 54,200 3,638,175
------------
6,987,800
------------
Retail: 2.14%
May Department Stores 86,950 3,461,697
------------
3,461,697
------------
1999 Semiannual Report o Delaware Pooled Trust 23
<PAGE>
Number Market
of Shares Value
- --------------------------------------------------------------------------------
Telecommunications: 10.81%
A T & T 100,050 $ 5,052,525
Ameritech 72,500 4,961,718
Cable & Wireless ADR 54,700 2,297,400
GTE 77,400 5,180,963
------------
17,492,606
------------
Transportation and Shipping: 1.72%
British Airways ADR 35,100 2,781,675
------------
2,781,675
------------
- -----------------------------------------------------------------------------
TOTAL COMMON STOCK
(cost $133,671,542) 160,038,194
=============================================================================
Principal
Amount
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 3.52%
With Chase Manhattan
4.85% 05/03/99 (dated
04/30/99, collateralized
by $1,549,000 U.S.
Treasury Notes 5.50%
due 12/31/00, market
value $1,588,549 and
$350,000 U.S.
Treasury Notes 5.75%
due 08/15/03, market
value $361,667) $1,911,000 1,911,000
With J.P. Morgan Securities
4.85% 05/03/99 (dated
04/30/99, collateralized
by $861,000 U.S.
Treasury Notes 5.75%
due 10/31/02, market
value $876,114 and
$534,000 U.S.
Treasury Notes 5.50%
due 05/31/03, market
value $551,280 and
$406,000 U.S.
Treasury Notes 11.125%
due 08/15/03, market
value $504,891) 1,893,000 1,893,000
<PAGE>
Principal Market
Amount Value
- ----------------------------------------------------------------------------
With PaineWebber
4.85% 05/03/99 (dated
04/30/99, collateralized
by $485,000 U.S.
Treasury Notes 6.375%
due 07/15/99, market
value $496,051 and
$723,000 U.S.
Treasury Notes 4.00%
due 10/31/00, market
value $712,440 and
$706,000 U.S.
Treasury Notes 6.25%
due 10/31/01, market
value $724,479) $1,894,000 $1,894,000
- -----------------------------------------------------------------------------
Total Repurchase Agreements
(cost $5,698,000) 5,698,000
=============================================================================
- -----------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES: 102.42%
(COST $139,369,542) $165,736,194
=============================================================================
- -----------------------------------------------------------------------------
LIABILITIES NET OF RECEIVABLES
AND OTHER ASSETS: (2.42%) (3,910,801)
=============================================================================
- -----------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
9,068,176 SHARES ($0.01 PAR VALUE)
OUSTANDING; EQUIVALENT TO
$17.85 PER SHARE: 100.00% $161,825,393
=============================================================================
- -----------------------------------------------------------------------------
COMPONENTS OF NET ASSETS
AT APRIL 30, 1999:
- -----------------------------------------------------------------------------
Common Stock, $0.01 par value,
2,000,000,000 shares authorized
to the Fund with 50,000,000
shares allocated to this Portfolio $134,168,838
Undistributed net investment income 507,715
Accumulated net realized gain on
investments 782,188
Net unrealized appreciation of
investments 26,366,652
- -----------------------------------------------------------------------------
Total Net Assets $161,825,393
=============================================================================
ADR = American Depository Receipt
See accompanying notes
24 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
Delaware Pooled Trust, Inc.: The Core Equity Portfolio (formerly the Growth
and Income Portfolio)
Statement of Net Assets
April 30, 1999
(Unaudited)
Number Market
of Shares Value
- --------------------------------------------------------------------------------
COMMON STOCK: 98.03%
Automobiles and Automotive Parts: 4.93%
Danaher 900 $ 59,794
Federal Signal 2,200 54,450
-----------
114,244
-----------
Banking, Finance, and Insurance: 16.03%
AFLAC 900 48,825
American International Group 400 46,975
Banc One 600 35,400
Chubb 100 5,925
Equifax 1,800 64,688
Federal Home Loan 1,000 62,750
Nationwide Financial Services
Class A 800 37,100
Protective Life 700 27,431
UnionBanCal 600 20,588
Unum 400 21,850
-----------
371,532
-----------
Buildings and Materials: 4.91%
Masco 3,000 88,125
Premark International 700 25,769
-----------
113,894
-----------
Cable, Media and Publishing: 0.50%
Wallace Computer Services 500 11,531
-----------
11,531
-----------
Chemicals: 2.24%
Crompton & Knowles 1,200 24,300
Valspar 800 27,700
-----------
52,000
-----------
Computers and Technology: 6.85%
Computer Associates
International 1,000 42,687
Hewlett-Packard 800 63,100
International Business Machines 100 20,919
*SunGard Data Systems 1,000 31,938
-----------
158,644
-----------
Consumer Products: 3.23%
Dial 2,200 74,800
-----------
74,800
-----------
<PAGE>
Number Market
of Shares Value
- --------------------------------------------------------------------------------
Electronics and Electrical Equipment: 7.01%
Honeywell 300 $ 28,425
Intel 600 36,694
Symbol Technologies 1,400 66,850
Teleflex 700 30,494
-----------
162,463
-----------
Energy: 4.89%
BP Amoco ADR 296 33,503
Schlumberger Limited 400 25,550
Total ADR 800 54,400
-----------
113,453
-----------
Environmental Services: 3.98%
Ecolab 2,200 92,263
-----------
92,263
-----------
Food, Beverage and Tobacco: 2.66%
Suiza Foods 800 30,050
Universal Foods 1,500 31,500
-----------
61,550
-----------
Healthcare and Pharmaceuticals: 12.78%
American Home Products 1,600 97,600
AstraZeneca Group ADR 500 19,625
Biomet 800 32,800
Johnson & Johnson 500 48,750
Mylan Laboratories 3,400 77,137
Watson Pharmaceuticals 500 20,250
-----------
296,162
-----------
Industrial Machinery: 1.22%
Pentair 600 28,200
-----------
28,200
-----------
Real Estate: 2.29%
CarrAmerica Realty 300 7,425
Developers Diversified Realty 1,100 17,394
Nationwide Health Properties 400 8,125
Storage USA 300 9,637
Sun Communities 300 10,500
-----------
53,081
-----------
Retail: 4.63%
Food Lion Class A 2,200 22,619
Intimate Brands 900 45,000
Rite Aid 1,700 39,631
-----------
107,250
-----------
1999 Semiannual Report o Delaware Pooled Trust 25
<PAGE>
Number Market
of Shares Value
- --------------------------------------------------------------------------------
Telecommunications: 6.58%
ALLTEL 500 $ 33,719
GTE 400 26,775
Nortel Networks 200 13,637
SBC Communications 1,400 78,400
-----------
152,531
-----------
Textiles, Apparel and Furniture: 4.57%
Hillenbrand Industries 500 23,469
HON Industries 1,300 35,100
Newell 1,000 47,437
-----------
106,006
-----------
Utilities: 0.76%
CMS Energy 400 17,600
-----------
17,600
-----------
Miscellaneous: 7.97%
Stewart Enterprises 4,000 79,000
Tyco International 1,300 105,625
-----------
184,625
-----------
- ------------------------------------------------------------------------------
Total Common Stock
(cost $1,981,259) 2,271,829
==============================================================================
Convertible Preferred Stock: 1.65%
Freeport-McMoRan Copper & Gold 500 8,812
Sealed Air 500 29,375
- ------------------------------------------------------------------------------
Total Convertible Preferred Stock
(cost $28,078) 38,187
==============================================================================
Principal
Amount
- ------------------------------------------------------------------------------
Repurchase Agreements: 0.60%
With Chase Manhattan
4.85% 05/03/99 (dated
04/30/99, collateralized
by $4,000 U.S.
Treasury Notes 5.50%
due 12/31/00, market
value $3,903 and
$1,000 U.S.
Treasury Notes 5.75%
due 08/15/03, market
value $890) $4,696 4,696
With J.P. Morgan Securities
4.85% 05/03/99 (dated
04/30/99, collateralized
by $2,000 U.S.
Treasury Notes 5.75%
due 10/31/02, market
value $2,153 and
<PAGE>
Principal Market
Amount Value
- ------------------------------------------------------------------------------
$1,000 U.S.
Treasury Notes 5.50%
due 05/31/03, market
value $1,354 and
$1,000 U.S.
Treasury Notes 11.125%
due 08/15/03, market
value $1,241) $4,652 $ 4,652
With PaineWebber
4.85% 05/03/99 (dated
04/30/99, collateralized
by $1,000 U.S.
Treasury Notes 6.375%
due 07/15/99, market
value $1,219 and
$2,000 U.S.
Treasury Notes 4.00%
due 10/31/00, market
value $1,750 and
$2,000 U.S.
Treasury Notes 6.25%
due 10/31/01, market
value $1,780) 4,652 4,652
- --------------------------------------------------------------------------------
Total Repurchase Agreements
(cost $14,000) 14,000
================================================================================
- --------------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES
(COST $2,023,337): 100.28% $2,324,016
================================================================================
- --------------------------------------------------------------------------------
LIABILITIES NET OF RECEIVABLES
AND OTHER ASSETS: (0.28%) (6,528)
================================================================================
- --------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
235,910 SHARES ($0.01 PAR VALUE)
OUTSTANDING; EQUIVALENT TO
$9.82 PER SHARE: 100.00% $2,317,488
================================================================================
- --------------------------------------------------------------------------------
COMPONENTS OF NET ASSETS
AT APRIL 30, 1999:
- --------------------------------------------------------------------------------
Common Stock, $0.01 par value,
2,000,000,000 shares authorized
to the Fund with 50,000,000 shares
allocated to this Portfolio $2,005,891
Undistributed net investment income 4,905
Accumulated net realized gain on
investments 6,013
Net unrealized appreciation of
investments 300,679
- --------------------------------------------------------------------------------
Total net assets $2,317,488
================================================================================
ADR = American Depository Receipt
* Non-income producing security.
See accompanying notes
26 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
Delaware Pooled Trust, Inc.: The Mid-Cap Growth Equity Portfolio
Statement of Net Assets
April 30, 1999
(Unaudited)
Number Market
of shares Value
- --------------------------------------------------------------------------------
COMMON STOCK: 90.54%
Banking, Finance and Insurance: 16.74%
Ambac Financial Group 2,900 $ 175,088
Capital One Financial 900 156,319
CIT Group 6,500 211,250
Countrywide Credit Industries 3,100 140,469
Mellon Bank 900 66,881
Paine Webber Group 4,900 229,994
Toronto Dominion Bank 2,800 149,625
-----------
1,129,626
-----------
Cable, Media and Publishing: 11.35%
*Adelphia Communications Class A 200 13,638
*CBS 4,600 209,588
*Chancellor Media Class A 2,000 109,688
*Clear Channel Communications 3,100 215,450
*Lamar Advertising 2,000 67,500
*Jacor Communications 1,400 112,263
*Snyder Communications 1,300 38,188
-----------
766,315
-----------
Computers and Technology: 12.46%
*Abovenet 100 8,562
*Acxiom 4,100 103,269
*Beyond.com 2,400 70,725
*Citrix Systems 3,300 140,353
*Gateway 2000 900 59,569
*Ivillage 500 39,625
*Legato Systems 3,200 129,700
*New Era of Networks 1,400 52,631
*SunGard Data Systems 2,300 73,456
*Teradyne 2,100 99,094
*Veritas Software 900 64,125
-----------
841,109
-----------
Consumer Products: 4.68%
*Gemstar International Group
Limited 3,000 315,656
-----------
315,656
-----------
Electronics and Electrical Equipment: 7.56%
*Altera 1,300 94,088
*PMC-Sierra 3,000 287,813
*Xilinx 2,800 128,100
-----------
510,001
-----------
<PAGE>
Number Market
of shares Value
- --------------------------------------------------------------------------------
Healthcare & Pharmaceuticals: 1.24%
*AmeriSource Health Class A 1,200 $ 33,225
*Genetech 400 33,850
*Health Management Associates
Class A 1,052 16,438
-----------
83,513
-----------
Industrial Machinery: 1.27%
*Applied Materials 1,600 85,750
-----------
85,750
-----------
Leisure, Lodging and Entertainment: 9.47%
*Foodmaker 3,600 86,850
*Outback Steakhouse 6,000 215,624
*Papa John's International 3,100 124,581
*Prime Hospitality 6,800 82,875
Royal Caribbean Cruises 1,200 44,325
*Sun International Hotels 2,000 84,625
-----------
638,880
-----------
Retail: 10.67%
*Bed Bath & Beyond 5,200 185,900
Intimate Brands 2,300 115,000
*Kohl's 2,300 152,806
*Staples 8,877 266,587
-----------
720,293
-----------
Telecommunications: 10.58%
American Tower Class A 6,000 127,125
*Exodus Communications 800 72,074
*Global Crossing Limited 3,400 184,450
*Heftel Broadcasting 1,500 81,187
*Network Appliance 4,000 201,375
*Pacific Gateway Exchange 700 28,022
*Star Telecommunications 2,000 19,500
-----------
713,733
-----------
Textiles, Apparel and Furniture: 1.79%
*Jones Apparel Group 700 23,100
*Tommy Hilfiger 1,400 97,825
-----------
120,925
-----------
Transportation: 0.99%
*Expeditors International 1,100 66,755
-----------
66,755
-----------
1999 Semiannual Report o Delaware Pooled Trust 27
<PAGE>
Number Market
of shares Value
- --------------------------------------------------------------------------------
Miscellaneous: 1.74%
*Cintas 800 $ 54,875
*Waters 600 63,075
-----------
117,950
-----------
- --------------------------------------------------------------------------------
Total Common Stock
(cost $4,466,820) 6,110,506
================================================================================
Principal
Amount
- --------------------------------------------------------------------------------
Repurchase Agreements: 6.62%
With Chase Manhattan
4.85% 05/03/99 (dated
04/30/99, collateralized
by $122,000 U.S.
Treasury Notes 5.50%
due 12/31/00, market
value $124,619 and
$27,000 U.S.
Treasury Notes 5.75%
due 08/15/03, market
value $28,372) $150,000 150,000
With J.P. Morgan Securities
4.85% 05/03/99 (dated
04/30/99, collateralized
by $68,000 U.S.
Treasury Notes 5.75%
due 10/31/02, market
value $68,730 and
$42,000 U.S.
Treasury Notes 5.50%
due 05/31/03, market
value $43,247 and
$32,000 U.S.
Treasury Notes 11.125%
due 08/15/03, market
value $39,608) 148,000 148,000
With PaineWebber
4.85% 05/03/99 (dated
04/30/99, collateralized
by $38,000 U.S.
Treasury Notes 6.375%
due 07/15/99, market
value $38,914 and
$57,000 U.S.
Treasury Notes 4.00%
due 10/31/00, market
value $55,890 and
<PAGE>
Principal Market
Amount Value
- --------------------------------------------------------------------------------
$55,000 U.S.
Treasury Notes 6.25%
due 10/31/01, market
value $56,834) $149,000 $ 149,000
- --------------------------------------------------------------------------------
Total Repurchase Agreements
(cost $447,000) 447,000
================================================================================
- --------------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES: 97.16%
(COST $4,913,820) $6,557,506
================================================================================
- --------------------------------------------------------------------------------
RECEIVABLES AND OTHER ASSETS
NET OF LIABILITIES: 2.84% 191,351
================================================================================
- --------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
890,152 SHARES ($0.01 PAR VALUE)
OUTSTANDING; EQUIVALENT TO
$7.58 PER SHARE: 100.00% $6,748,857
================================================================================
- --------------------------------------------------------------------------------
COMPONENTS OF NET ASSETS
AT APRIL 30, 1999:
- --------------------------------------------------------------------------------
Common Stock, $.01 par value,
2,000,000,000 shares authorized
to the Fund with 50,000,000
shares allocated to this Portfolio $4,857,144
Undistributed net investment loss (9,424)
Accumulated net realized gain on
investments 257,451
Net unrealized appreciation of
investments 1,643,686
- --------------------------------------------------------------------------------
Total Net Assets $6,748,857
================================================================================
* Non-Income producing security.
See accompanying notes
28 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
Delaware Pooled Trust, Inc.: The Mid-Cap Value Equity Portfolio
(formerly the Small/Mid-Cap
Value Equity Portfolio)
Statement of Net Assets, April 30, 1999
(Unaudited)
Number of Market
Shares Value
- --------------------------------------------------------------------------------
COMMON STOCK: 97.51%
Aerospace and Defense: 1.72%
*Litton Industries 800 $50,100
---------
50,100
---------
Automobiles and Automotive Parts: 4.22%
*Avis Rent-A-Car 1,600 50,200
Borg-Wagner Automotive 1,280 72,640
---------
122,840
---------
Banking, Finance and Insurance: 18.36%
Compass Bancshares 1,950 53,320
Dime Bancorp 1,900 43,819
Edwards (A.G.) 1,188 41,580
Everest Re Holdings 1,545 46,833
Horace Mann Educators 2,200 50,050
North Fork Bancorporation 2,437 54,833
Peoples Heritage Financial Group 2,600 50,538
Protective Life 1,100 43,106
SouthTrust 1,100 43,828
Summit Bancorp 1,300 55,087
UnionBanCal Corporation 1,500 51,469
---------
534,463
---------
Buildings and Materials: 5.57%
D.R. Horton 3,153 60,892
Masco 1,700 49,937
Southdown 800 51,250
---------
162,079
---------
Cable, Media and Publishing: 5.41%
Knight-Ridder 1,000 53,813
Reynolds & Reynolds 2,300 52,469
*World Color Press 2,000 51,125
---------
157,407
---------
Chemicals: 1.74%
Crompton & Knowles 2,500 50,625
---------
50,625
---------
Computers and Technology: 3.57%
Computer Sciences 300 17,869
*Sterling Software 2,100 43,444
*Synopsys 900 42,694
---------
104,007
---------
<PAGE>
Number of Market
Shares Value
- --------------------------------------------------------------------------------
Consumer Products: 1.79%
U.S. Industries 2,800 $51,975
---------
51,975
---------
Electronics and Electrical Equipment: 5.87%
Honeywell 500 47,375
Symbol Technologies 700 33,425
Teleflex 1,300 56,631
Thomas & Betts 800 33,600
---------
171,031
---------
Energy: 6.12%
*Cooper Cameron 1,000 38,625
Nicor 1,100 40,012
Noble Affliates 1,709 54,795
Valero Energy 2,000 44,625
---------
178,057
---------
Food, Beverage and Tobacco: 4.55%
Corn Products 1,700 49,087
Interstate Bakeries 1,950 43,388
Universal Foods 1,900 39,900
---------
132,375
---------
Healthcare and Pharmaceuticals: 2.39%
*Steris 1,600 28,400
*Trigon Healthcare 1,300 41,275
---------
69,675
---------
Industrial Machinery: 7.08%
Ingersoll-Rand 1,100 76,106
Pentair 1,400 65,800
*Weatherford Interntional 1,900 64,362
---------
206,268
---------
Leisure, Lodging, and Entertainment: 4.75%
Viad 2,300 76,044
Wendy's International 2,300 62,244
---------
138,288
---------
Metals and Mining: 1.45%
USX-U.S. Steel Group 1,400 42,350
---------
42,350
---------
1999 Semiannual Report o Delaware Pooled Trust 29
<PAGE>
Number of Market
Shares Value
- --------------------------------------------------------------------------------
Paper and Forest Products: 1.54%
Westvaco 1,500 $ 44,812
----------
44,812
----------
Real Estate: 1.96%
Equity Office Properties Trust 2,072 57,110
----------
57,110
----------
Retail: 7.12%
*BJ's Wholesale Club 2,200 58,438
Pier 1 Imports 5,620 41,448
Ross Stores 1,300 59,597
Tiffany 570 47,880
----------
207,363
----------
Textiles, Apparel, and Furniture: 4.44%
*Furniture Brands International 2,681 67,192
HON Industries 2,300 62,100
----------
129,292
----------
Transportation and Shipping: 3.28%
CNF Transportation 700 30,581
CSX 800 39,400
Southwest Airlines 781 25,431
----------
95,412
----------
Utilities: 4.58%
DQE 1,100 45,306
Rochester Gas & Electric 1,500 38,250
Sierra Pacific Resources 1,400 49,875
----------
133,431
----------
- --------------------------------------------------------------------------------
Total Common Stock
(cost $2,718,431) 2,838,960
================================================================================
Principal
Amount
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 2.78%
With Chase Manhattan
4.85% 05/03/99 (dated
04/30/99, collateralized
by $22,000 U.S.
Treasury Notes 5.50%
due 12/31/00, market
value $22,582 and
$5,000 U.S.
Treasury Notes 5.75%
due 08/15/03, market
value $5,141) $27,169 27,169
With J.P. Morgan Securities
4.85% 05/03/99 (dated
04/30/99, collateralized
<PAGE>
Principal Market
Amount Value
- --------------------------------------------------------------------------------
by $12,000 U.S.
Treasury Notes 5.75%
due 10/31/02, market
value $12,454 and
$8,000 U.S.
Treasury Notes 5.50%
due 05/31/03, market
value $7,837 and
$6,000 U.S.
Treasury Notes 11.125%
due 08/15/03, market
value $7,177) $26,915 $ 26,915
With PaineWebber
4.85% 05/03/99 (dated
04/30/99, collateralized by
$7,000 U.S.
Treasury Notes 6.375%
due 07/15/99, market
value $7,052 and
$10,000 U.S.
Treasury Notes 4.00%
due 10/31/00, market
value $10,128 and
$10,000 U.S.
Treasury Notes 6.25%
due 10/31/01, market
value $10,299) 26,916 26,916
- --------------------------------------------------------------------------------
Total Repurchase Agreements
(cost $81,000) 81,000
================================================================================
- --------------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES: 100.29%
(COST $2,799,431) $2,919,960
================================================================================
- --------------------------------------------------------------------------------
LIABILITIES NET OF RECEIVABLES
AND OTHER ASSETS: (0.29%) (8,335)
================================================================================
- --------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
358,457 SHARES ($0.01 PAR VALUE)
OUTSTANDING; EQUIVALENT TO
$8.12 PER SHARE: 100.00% $2,911,625
================================================================================
- --------------------------------------------------------------------------------
COMPONENTS OF NET ASSETS
AT APRIL 30, 1999:
- --------------------------------------------------------------------------------
Common stock, $0.01 par value,
2,000,000,000 shares authorized
to the Fund with 50,000,000 shares
allocated to this Portfolio $3,042,361
Undistributed net investment income 6,947
Accumulated net realized loss on
investments (258,212)
Net unrealized appreciation of
investments 120,529
- --------------------------------------------------------------------------------
Total Net Assets $2,911,625
================================================================================
*Non-income producing security.
See Accompanying Notes
30 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
Delaware Pooled Trust, Inc.: The Small Cap Growth Equity Portfolio
Statement of Net Assets
April 30, 1999
(Unaudited)
Number of Market
Shares Value
- --------------------------------------------------------------------------------
COMMON STOCK: 79.88%
Automobiles and Automotive Parts: 0.46%
*National Equipment Services 1,700 $18,913
----------
18,913
----------
Banking, Finance and Insurance: 10.66%
Ambac Financial Group 1,800 108,675
*Corporate Executive Board 300 8,381
Doral Financial 1,800 31,725
First American (Tennesse) 2,000 77,625
Freedom Securities 200 3,638
*Metris 600 36,825
*Profit Recovery Group 2,300 84,094
*TeleBanc Financial 400 41,400
Webster Financial 1,500 46,172
----------
438,535
----------
Cable, Media and Publishing: 7.89%
*Consolidated Graphics 3,000 127,875
*Emmis Broadcasting 700 31,544
*Snyder Communications 700 20,563
TCA Cable TV 1,100 54,794
*USA Networks 2,400 89,700
----------
324,476
----------
Computers and Technology: 11.21%
*Bindview Development 7,300 157,863
*Clarify 500 11,781
*Extreme Networks 200 11,106
*Fore Systems 1,100 37,056
Henry (Jack) & Associates 1,700 56,259
*Neon Systems 300 12,544
*NOVA 2,200 57,200
*Onyx Software 500 11,844
*Softworks 1,000 12,344
*SunGard Data Systems 1,300 41,519
*Teradyne 1,100 51,906
----------
461,422
----------
Consumer Products: 4.60%
*Gemstar International Group
Limited 1,800 189,394
----------
189,394
----------
<PAGE>
Number of Market
Shares Value
- --------------------------------------------------------------------------------
Electronics and Electrical Equipment: 9.09%
*Applied Micro Circuits 3,100 $165,366
*hi/fn 500 27,047
*Micrel 2,100 123,900
*PMC-Sierra 600 57,563
----------
373,876
----------
Environmental Services: 1.16%
*Waste Connections 1,800 47,588
----------
47,588
----------
Food, Beverage and Tobacco: 0.20%
*Packaged Ice 1,400 8,444
----------
8,444
----------
Healthcare and Pharmaceuticals: 2.93%
*Brookdale Living Communities 3,700 55,731
*QLT PhotoTheraputics 200 9,137
*Trigon Healthcare 1,100 34,925
*Xomed Surgical Products 500 20,828
----------
120,621
----------
Leisure, Lodging and Entertainment: 6.11%
*CEC Entertainment 1,200 45,000
*Extended Stay America 2,700 28,350
*Papa John's International 2,500 100,469
Ruby Tuesday 1,000 18,250
*Sonic 2,100 59,194
----------
251,263
----------
Retail: 11.23%
*American Eagle Outfitters 900 67,359
*Cost Plus 2,250 79,172
*Dollar Tree Stores 1,400 50,750
*Duane Reade 900 24,131
*Guitar Center 800 12,550
*Hibbett Sporting Goods 700 19,425
*Linens'n Things 2,200 100,650
*O'Reilly Automotive 900 41,625
Talbots 700 22,050
*Tweeter Home Entertainment
Group 1,500 44,344
----------
462,056
----------
1999 Semiannual Report o Delaware Pooled Trust 31
<PAGE>
Number of Market
Shares Value
- --------------------------------------------------------------------------------
Telecommunications: 11.05%
American Tower Class A 4,000 $ 84,750
*Concord Communications 1,000 44,875
*GeoTel Communications 2,400 135,225
*Network Appliance 3,000 151,031
*Pinnacle Holdings 1,900 38,891
----------
454,772
----------
Transportation: 0.43%
*Forward Air Corp 800 17,750
----------
17,750
----------
Miscellaneous: 2.86%
*Mettler-Toledo International 4,500 117,563
----------
117,563
----------
- --------------------------------------------------------------------------------
Total Common Stock
(cost $2,448,669) $3,286,673
================================================================================
Principal
Amount
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 20.61%
With Chase Manhattan
4.85% 05/03/99
(dated 04/30/99, collateralized
by $231,000 U.S.
Treasury Notes 5.50%
due 12/31/00, market
value $236,414 and $52,000
U.S. Treasury Notes 5.75%
due 08/15/03, market
value $53,825) $284,424 284,424
With J.P. Morgan Securities
4.85% 05/03/99 (dated
04/30/99, collateralized
by $128,000 U.S.
Treasury Notes 5.75%
due 10/31/02, market
value $130,387 and $79,000
U.S. Treasury Notes 5.50%
due 05/31/03, market
value $82,044 and $60,000
U.S. Treasury Notes 11.125%
due 08/15/03, market
value $75,140) 281,788 281,788
<PAGE>
Principal Market
Amount Value
- --------------------------------------------------------------------------------
With PaineWebber
4.85% 05/03/99 (dated
04/30/99, collateralized
by $72,000 U.S.
Treasury Notes 6.375%
due 07/15/99, market
value $73,824 and $108,000
U.S. Treasury Notes 4.00%
due 10/31/00, market
value $106,028 and $105,000
U.S. Treasury Notes 6.25%
due 10/31/01, market
value $107,820) $281,788 $ 281,788
- --------------------------------------------------------------------------------
Total Repurchase Aggreements
(cost $848,000) 848,000
================================================================================
- --------------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITES
(COST $3,296,669): 100.49% $4,134,673
================================================================================
- --------------------------------------------------------------------------------
LIABILITIES NET OF RECEIVABLES
AND OTHER ASSETS: (0.49%) (20,239)
================================================================================
- --------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
353,776 SHARES ($0.01 PAR VALUE)
OUTSTANDING; EQUIVALENT TO
$11.63 PER SHARE: 100,00% $4,114,434
================================================================================
- --------------------------------------------------------------------------------
COMPONENTS OF NET ASSETS
AT APRIL 30, 1999:
- --------------------------------------------------------------------------------
Common stock, $0.01 par value,
2,000,000,000 shares authorized
to the Fund with 50,000,000
shares allocated to this Portfolio $3,008,832
Undistributed net investment income 258
Accumulated net realized gain on
investments 267,340
Net unrealized appreciation of
investments 838,004
- --------------------------------------------------------------------------------
Total Net Assets $4,114,434
================================================================================
* Non-income producing security.
See accompanying notes.
32 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
Delaware Pooled Trust, Inc.: The Small-Cap Value Equity Portfolio
Statement of Net Assets
April 30, 1999
(Unaudited)
Number of Market
Shares Value
- --------------------------------------------------------------------------------
COMMON STOCK: 94.69%
Aerospace and Defense: 0.64%
Cordant Technologies 300 $ 13,838
----------
13,838
----------
Automobiles and Automotive Parts: 10.07%
Arvin Industries 800 29,300
*Avis Rent-A-Car 1,300 40,788
Borg-Warner Automotive 900 51,066
Clarcor 1,100 20,625
Federal Signal 1,500 37,125
Harsco 500 16,406
Smith (A.O.) 900 22,725
----------
218,035
----------
Banking, Finance and Insurance: 12.90%
CMAC Investment 400 18,350
Enhance Financial Services
Group 1,400 28,963
Everest Reinsurance Holdings 700 21,219
*Farm Family Holdings 600 19,500
*Financial Federal 1,000 20,875
Horace Mann Educators 1,600 36,400
Liberty Financial Companies 600 13,463
North Fork Bancorporation 1,800 40,500
Peoples Heritage Financial
Group 2,200 42,763
SCPIE Holdings 300 7,200
Westamerica Bancorporation 900 30,066
----------
279,299
----------
Buildings and Materials: 5.09%
D.R. Horton 1,900 36,694
*Griffon 1,800 13,163
*Jacobs Engineering Group 1,100 43,381
*Toll Brothers 800 17,100
----------
110,338
----------
Cable, Media and Publishing: 1.18%
*World Color Press 1,000 25,563
----------
25,563
----------
Chemicals: 5.36%
Crompton & Knowles 1,000 20,250
Hanna (M.A.) 1,300 21,044
OM Group 700 25,463
<PAGE>
Number of Market
Shares Value
- --------------------------------------------------------------------------------
*Scotts 1,200 $ 49,350
----------
116,107
----------
Computers and Technology: 3.72%
*Quantum 700 12,534
Scientific-Atlanta 800 25,400
*Synopsys 900 42,694
----------
80,628
----------
Electronics and Electrical Equipment: 0.71%
*Etec Systems 500 15,469
----------
15,469
----------
Energy: 7.13%
*BJ Services 500 13,375
Nicor 1,000 36,375
NUI 600 13,013
*Oceaneering International 1,500 24,750
*Ocean Energy 1,700 15,831
*Santa Fe Energy Resources 1,800 16,200
Valero Energy 800 17,850
*Weatherford International 500 16,938
----------
154,332
----------
Food, Beverage and Tobacco: 3.56%
Corn Products 1,000 28,875
Universal Foods 2,300 48,300
----------
77,175
----------
Healthcare and Pharmaceuticals: 3.77%
Arrow International 800 18,200
*Trigon Healthcare 1,400 44,450
Varian Medical Systems 1,100 18,906
----------
81,556
----------
Industrial Machinery: 4.53%
Columbus McKinnon 800 16,600
IDEX 800 21,350
Milacron 1,300 29,900
Regal-Beloit 900 19,463
Watts Industries 700 10,763
----------
98,076
----------
Leisure, Lodging and Entertainment: 2.75%
Viad 1,800 59,513
----------
59,513
----------
1999 Semiannual Report o Delaware Pooled Trust 33
<PAGE>
Number of Market
Shares Value
- --------------------------------------------------------------------------------
Metals and Mining: 2.32%
*Bethlehem Steel 1,700 $ 15,513
LTV 2,000 12,750
*Mueller Industries 700 22,050
----------
50,313
----------
Paper and Forest Products: 2.48%
Caraustar Industries 700 17,872
Chesapeake 400 13,000
Rayonier 500 22,813
----------
53,685
----------
Retail: 7.49%
*BJ's Wholesale Club 2,200 58,438
Casey's General Stores 1,700 22,684
Pier 1 Imports 2,800 20,650
*Zale 1,600 60,500
----------
162,272
----------
Real Estate: 9.22%
Cabot Industrial Trust 1,300 26,488
Chateau Communities 500 14,531
Duke Realty Investments 1,000 23,500
Kilroy Realty 800 18,850
Reckson Associates Realty 1,300 29,250
MeriStar Hospitality 1,000 23,000
New Plan Excel Realty Trust 1,000 18,563
Pan Pacific Retail Properties 1,200 21,600
Prentiss Properties Trust 1,100 23,788
----------
199,570
----------
Textiles, Apparel and Furniture: 6.25%
*Furniture Brands International 1,300 32,581
HON Industries 1,400 37,800
Kellwood 1,200 30,900
Springs Industries Class A 400 14,950
Wolverine World Wide 1,600 19,200
----------
135,431
----------
Transportation and Shipping: 4.11%
Alexander & Baldwin 700 15,313
*M.S. Carriers 900 28,575
*Mesaba Holdings 1,300 18,931
USFreightways 700 26,272
----------
89,091
----------
Utilities: 1.41%
California Water Service Group 400 9,175
Sierra Pacific Resources 600 21,375
----------
30,550
----------
- --------------------------------------------------------------------------------
Total Common Stock
(cost $1,892,911) 2,050,841
================================================================================
<PAGE>
Principal Market
Amount Value
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 4.62%
With Chase Manhattan
4.85% 5/03/99 (dated
4/30/99, collateralized
by $27,000 U.S.
Treasury Notes 5.50%
due 12/31/00, market
value $27,879 and
$6,000 U.S.
Treasury Notes 5.75%
due 08/15/03, market
value $6,347) $33,540 $33,540
With J.P. Morgan Securities
4.85% 5/03/99 (dated
4/30/99 collateralized
by $15,000 U.S.
Treasury Notes 5.75%
due 10/31/02, market
value $15,376 and
$9,000 U.S.
Treasury Notes 5.50%
due 05/31/03, market
value $9,675 and
$7,000 U.S.
Treasury Notes 11.125%
due 8/15/03, market
value $8,861) 33,230 33,230
With PaineWebber
4.85% 05/03/99 (dated
04/30/99, collateralized
by $9,000 U.S.
Treasury Notes 6.375%
due 07/15/99, market
value $8,706 and
$13,000 U.S.
Treasury Notes 4.00%
due 10/31/00, market
value $12,503 and
$12,000 U.S.
Treasury Notes 6.25%
due 10/31/01, market
value $12,715) 33,230 33,230
- --------------------------------------------------------------------------------
Total Repurchase Agreements
(cost $100,000) 100,000
================================================================================
34 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
- --------------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES: 99.31%
(COST $1,992,911) $2,150,841
================================================================================
- --------------------------------------------------------------------------------
RECEIVABLES AND OTHER ASSETS
NET OF LIABILITIES: 0.69% 14,992
================================================================================
- --------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
235,295 SHARES ($0.01 PAR VALUE)
OUTSTANDING; EQUIVALENT TO
$9.20 PER SHARE: 100.00% $ 2,165,833
================================================================================
- --------------------------------------------------------------------------------
COMPONENTS OF NET ASSETS
AT APRIL 30, 1999:
- --------------------------------------------------------------------------------
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 3,014
Accumulated net realized gain on
investments 4,881
Net unrealized appreciation of
investments 157,930
- --------------------------------------------------------------------------------
Total Net Assets $2,165,833
================================================================================
* 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, 1999
(Unaudited)
Number Market
of Shares Value
- --------------------------------------------------------------------------------
COMMON STOCK: 97.18%
Mall REITS: 5.86%
General Growth Properties 3,260 $ 120,009
Simon Property Group 7,770 222,902
----------
342,911
----------
Manufactured Housing REITS: 7.28%
Chateau Communities 7,380 214,481
Sun Communities 6,040 211,400
----------
425,881
----------
Multifamily REITS: 16.62%
Apartment Investment &
Management 5,190 207,924
AvalonBay Communities 6,651 232,785
Equity Residential Proper ties 4,160 192,400
Essex Property Trust 5,850 184,641
Grove Property Trust 13,655 155,326
----------
973,076
----------
Net Lease REITs: 2.50%
Franchise Finance 6,300 146,081
----------
146,081
----------
Office/Industrial REITS: 37.83%
AMB Property 6,980 153,560
Alexandria R.E.Equities 7,600 214,225
Cabot Industrial Trust 9,720 198,045
CarrAmerica Realty 6,690 165,578
Duke Realty Investments 8,740 205,390
Equity Office Properties Trust 8,720 240,343
Liberty Property Trust 5,533 133,484
Mack-Cali Realty 3,100 95,906
Prentiss Properties Trust 8,075 174,622
Reckson Associates Realty 9,830 221,175
SL Green Realty 11,180 222,203
Spieker Properties 4,840 189,970
----------
2,214,501
----------
1999 Semiannual Report o Delaware Pooled Trust 35
<PAGE>
Number Market
of Shares Value
- --------------------------------------------------------------------------------
Retail Strip Center REITS: 11.25%
First Washington 6,600 $ 141,488
JDN Realty 9,875 218,484
Kimco Realty 4,300 168,775
Pan Pacific Retail Properties 7,190 129,420
----------
658,167
----------
Self Storage REITS: 3.22%
Public Storage 6,770 188,714
----------
188,714
----------
Other/Operating Companies: 12.62%
*Catellus Development 14,010 215,404
Starwood Hotels & Resorts
Worldwide 8,190 300,471
Trizec Hahn 10,500 223,125
----------
739,000
----------
- --------------------------------------------------------------------------------
Total Common Stock
(cost $5,848,801) 5,688,331
================================================================================
Principal
Amount
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 2.34%
With Chase Manhattan
4.85% 05/03/99 (dated
04/30/99, collateralized
by $37,000 U.S.
Treasury Notes 5.50%
due 12/31/00, market
value $38,194 and
$8,000 U.S.
Treasury Notes 5.75%
due 08/15/03, market
value $8,696) $45,950 45,950
With J.P. Morgan Securities
4.85% 5/03/99 (dated
4/30/99 collateralized
by $21,000 U.S.
Treasury Notes 5.75%
due 10/31/02, market
value $21,065 and
$13,000 U.S.
Treasury Notes 5.50%
due 05/31/03, market
value $13,255 and
$10,000 U.S.
Treasury Notes 11.125%
due 8/15/03, market
value $12,139) 45,525 45,525
<PAGE>
Principal Market
Amount Value
- --------------------------------------------------------------------------------
With PaineWebber
4.85% 05/03/99 (dated
04/30/99, collateralized
by $12,000 U.S.
Treasury Notes 6.375%
due 07/15/99, market
value $11,927 and
$17,000 U.S.
Treasury Notes 4.00%
due 10/31/00, market
value $17,130 and
$17,000 U.S.
Treasury Notes 6.25%
due 10/31/01, market
value $17,419) $45,525 $45,525
- --------------------------------------------------------------------------------
Total Repurchase Agreements
(cost $137,000) 137,000
================================================================================
- --------------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES: 99.52%
(COST $5,985,801) $5,825,331
================================================================================
- --------------------------------------------------------------------------------
RECEIVABLES AND OTHER ASSETS
NET OF LIABILITIES: 0.48% 28,260
================================================================================
- --------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
404,576 SHARES ($0.01 PAR VALUE)
OUTSTANDING; EQUIVALENT TO
$14.47 PER SHARE: 100.00% $5,853,591
================================================================================
- --------------------------------------------------------------------------------
COMPONENTS OF NET ASSETS
AT APRIL 30, 1999:
- --------------------------------------------------------------------------------
Common Stock $0.01 par value,
2,000,000,000 shares authorized
to the Fund with 50,000,000
shares allocated to this Portfolio $6,580,980
Undistributed net investment income 95,235
Accumulated net realized loss on
investments (662,154)
Net unrealized depreciation of
investments (160,470)
- --------------------------------------------------------------------------------
Total Net Assets $5,853,591
- --------------------------------------------------------------------------------
REIT = Real Estate Investment Trust
* Non-income producing security.
See accompanying notes
36 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
Delaware Pooled Trust, Inc.: The Intermediate Fixed Income Portfolio
Statement of Net Assets
April 30, 1999
(Unaudited)
Principal Market
Amount Value
- ------------------------------------------------------------------------------
ASSET-BACKED SECURITIES: 19.09%
CITRV Series 98-A A5
6.12% 7/15/14 $435,000 $435,261
Countrywide Home Equity Loan
Series 97-1 A4
6.95% 5/25/21 350,000 352,695
Discover Card Master Trust
Series 99-2 A
5.90% 10/15/04 425,000 425,647
EQCC Home equity
Loan Trust Series 96-4 A6
6.88% 7/15/14 415,000 422,304
EQCC Home equity
Loan Trust Series 98-2 A3F
6.229% 3/15/13 400,000 401,625
MetLife Capital Equipment
Loan Trust Series 97-A A
6.85% 5/20/08 540,000 553,716
NationsCredit Grantor Trust
Series 96-1 A
5.85% 9/15/11 117,048 116,544
NationsCredit Grantor Trust
Series Series 97-1 A
6.75% 8/15/13 301,718 306,847
Neiman Marcus Group
Credit Card Master Trust
Series 95-1 A 7.60% 6/15/03 65,000 66,463
PECO Series 99-A A4
5.80% 3/1/07 415,000 411,888
Philadelphia, Pennsylvania
Authority For Industrial
Development Series 97 A
6.488% 6/15/04 270,901 268,192
- ------------------------------------------------------------------------------
Total Asset-Backed Securities
(cost $3,752,395) 3,761,182
==============================================================================
COLLATERALIZED MORTGAGE OBLIGATIONS: 25.28%
Asset Securization Corporation
Series 96-D3 A1B
7.21% 10/13/26 130,000 135,687
Asset Securitization Corporation
Series 97-D4 A1A
7.35% 4/14/29 159,831 164,700
Asset Securitization Corporation
Series 97-D5 A2
7.069% 2/14/41 450,000 441,773
<PAGE>
Principal Market
Amount Value
- ------------------------------------------------------------------------------
Asset Securitization Corporation
Series 97-D5 A3
7.119% 2/14/41 $385,000 $370,502
Asset Securitization Corporation
Series 97-MD7 A3
7.8419% 1/13/30 400,000 411,875
Capco America Securitization
Series 98-D7 A1B
6.26% 9/16/30 410,000 402,441
Fanniemae Whole Loan
Series 98-W3 A2
6.50% 7/25/28 465,000 468,270
Federal Home Loan
Mortgage Corporation
Series 2091 PD
6.00% 4/15/21 550,000 548,460
GE Capital Mortgage Services
Series 98-6 1A6
6.75% 4/25/28 365,000 359,867
Lehman Large Loan
Series 97-LLI A1
6.79% 6/12/04 323,521 331,407
Mortgage Capital Funding
Series 96-MC2-C
7.224% 9/20/06 245,000 252,312
Nomura Asset Securities
Series 95-MD3 A1A
8.17% 3/4/20 161,009 166,443
Residential Accredit Loans
Series 97-QS3 A3
7.50% 4/25/27 103,538 103,518
Residential Accredit Loans
Series 98-QS9 A3
6.75% 7/25/28 500,000 501,582
Residential Funding Mortgage
Security Series 98-S6 A6
6.75% 3/25/28 325,000 320,633
- ------------------------------------------------------------------------------
Total Collateralized Mortgage Obligations
(cost $4,471,287) 4,979,470
==============================================================================
CORPORATE BONDS: 30.03%
American Financial Group
7.125% 4/15/09 265,000 258,044
Associates Corporation NA
6.25% 11/1/08 300,000 297,375
Banco Santander-Chile nts
6.50% 11/1/05 250,000 249,375
1999 Semiannual Report o Delaware Pooled Trust 37
<PAGE>
Principal Market
Amount Value
- ------------------------------------------------------------------------------
Banco Santiago S.A.
7.00% 7/18/07 $210,000 $193,987
Consumers Energy
6.375% 2/1/08 360,000 356,850
Continental
7.25% 3/1/03 500,000 507,500
Cox Communications
6.15% 8/1/03 310,000 309,225
Credit Foncier de France
8.00% 1/14/02 335,000 350,075
Fairfax Financial
7.375% 3/15/06 85,000 84,894
Greyhound Financial
Medium Term Note
8.79% 11/15/01 100,000 106,625
Lehman Brothers
6.625% 2/5/06 420,000 418,425
MCI Worldcom
7.55% 4/1/04 375,000 397,031
Meritor Auto
6.80% 2/15/09 390,000 384,150
Raychem 7.20% 10/15/08 380,000 378,575
Raytheon 5.95% 3/15/01 400,000 401,000
Southern Investments UK
6.375% 11/15/01 100,000 100,625
Summit Bank
6.75% 6/15/03 80,000 81,800
Tommy Hilfiger
6.85% 6/1/08 630,000 617,400
USA Waste Services
6.125% 7/15/01 290,000 291,450
U.S. Bancorp
8.125% 5/15/02 125,000 132,344
- ------------------------------------------------------------------------------
Total Corporate Bonds
(cost $5,952,753 ) 5,916,750
==============================================================================
MORTGAGE-BACKED SECURITIES: 18.40%
Federal Home Loan
Mortgage Corporation
7.00% 4/1/29 170,000 172,603
Federal Home Loan
Mortgage Corporation Gold
6.00% 4/1/11 215,030 214,560
Federal National
Mortgage Association
6.00% 5/1/13 207,251 205,502
Federal National
Mortgage Association
6.50% 4/1/29 240,000 238,500
Federal National
Mortgage Association
7.00% 7/1/28 732,121 743,102
Federal National
Mortgage Association
<PAGE>
Principal Market
Amount Value
- ------------------------------------------------------------------------------
7.00% 8/1/28 $353,356 $358,657
Federal National
Mortgage Association
7.00% 11/1/28 263,484 267,271
Government National
Mortgage Association
6.50% 12/15/23 648,671 646,644
Goverment National
Mortgage Association
6.50% 1/15/24 584,461 582,635
Government National
Mortgage Association
9.00% 2/15/17 180,613 194,667
- ------------------------------------------------------------------------------
Total Mortgage Backed Securities
(cost $4,161,948) 3,624,141
==============================================================================
US TREASURY OBLIGATIONS: 5.26%
U.S. Treasury Notes
4.50% 1/31/01 600,000 594,410
U.S. Treasury Notes
5.50% 2/15/08 145,000 145,991
U.S. Treasury Notes
5.875% 9/30/02 250,000 254,885
U.S. Treasury Notes
6.375% 1/15/00 40,000 40,407
- ------------------------------------------------------------------------------
Total U.S. Treasury Obligations
(cost $1,039,207) 1,035,693
==============================================================================
REPURCHASE AGREEMENTS: 3.23%
With Chase Manhattan
4.85% 05/03/99 (dated
04/30/99, collateralized
by $173,000 U.S.
Treasury Notes 5.50%
due 12/31/00, market
value $177,311 and
$39,000 U.S.
Treasury Notes 5.75%
due 08/15/03, market
value $40,369) 214,000 214,000
With J.P. Morgan Securities
4.85% 05/03/99 (dated
04/30/99, collateralized
by $96,000 U.S.
Treasury Notes 5.75%
due 10/31/02, market
value $97,790 and
$60,000 U.S.
Treasury Notes 5.50%
due 05/31/03, market
value $61,533 and
$45,000 U.S.
Treasury Notes 11.125%
38 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
Principal Market
Amount Value
- ------------------------------------------------------------------------------
due 08/15/03, market
value $56,355) $211,000 $211,000
With PaineWebber
4.85% 05/03/99 (dated
04/30/99, collateralized
by $54,000 U.S.
Treasury Notes 6.375%
due 07/15/99, market
value $55,368 and
$81,000 U.S.
Treasury Notes 4.00%
due 10/31/00, market
value $79,521 and
$79,000 U.S.
Treasury Notes 6.25%
due 10/31/01, market
value $80,865) 211,000 211,000
- ------------------------------------------------------------------------------
Total Repurchase Agreements
(cost $636,000) 636,000
==============================================================================
- ------------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES: 101.29%
(COST $20,013,590) $19,953,236
==============================================================================
- ------------------------------------------------------------------------------
LIABILITIES NET OF RECEIVABLES
AND OTHER ASSETS: (1.29%) (253,463)
==============================================================================
- ------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
1,997,837 SHARES ($0.01 PAR VALUE)
OUTSTANDING; EQUIVALENT TO
$9.86 PER SHARE: 100.00% $19,699,773
==============================================================================
- ------------------------------------------------------------------------------
COMPONENTS OF NET ASSETS
AT APRIL 30, 1999:
- ------------------------------------------------------------------------------
Common stock, $0.01 par value,
2,000,000,000 shares authorized
to the Fund with 50,000,000
shares allocated to this Portfolio $19,707,291
Net realized gain on investments 52,836
Net unrealized depreciation of
investments (60,354)
- ------------------------------------------------------------------------------
Total Net Assets $19,699,773
==============================================================================
See accompanying notes
<PAGE>
Delaware Pooled Trust, Inc.:
The Aggregate Fixed Income Portfolio
Statement of Net Assets
April 30, 1999
(Unaudited)
Principal Market
Amount Value
- ------------------------------------------------------------------------------
AGENCY MORTGAGE-BACKED SECURITIES: 15.69%
Federal Home Loan
Mortgage Corporation
7.00% 04/01/29 $255,000 $258,905
Federal Home Loan
Mortgage Corportion Gold
7.50% 03/01/28 64,784 66,687
Federal National
Mortgage Association
6.00% 04/01/13 180,314 179,018
Federal National
Mortgage Association
6.00% 05/01/13 51,812 51,375
Federal National
Mortgage Association
6.50% 04/01/29 225,000 223,594
Federal National
Mortgage Association
7.00% 07/01/28 48,808 49,540
Federal National
Mortgage Association
7.00% 11/01/28 129,256 131,114
Government National
Mortgage Association
6.50% 03/15/29 39,996 39,772
- ------------------------------------------------------------------------------
Total Agency Mortgage-Backed Securities
(cost $1,001,169) 1,000,005
==============================================================================
ASSET-BACKED SECURITIES: 8.68%
CITRV Series 98-A A5
6.12% 07/15/14 30,000 30,018
Discover Card Master
Trust Series 99-2 A
5.90% 10/15/04 110,000 110,168
EQCC Home Equity
Loan Trust Series
96-4 AG
6.88% 03/15/13 100,000 100,406
EQCC Home Equity
Loan Trust Series
98-2 A3 F
6.229% 07/15/14 30,000 30,528
Federal Home Loan
Mortgage Corporation
1999 Semiannual Report o Delaware Pooled Trust 39
<PAGE>
Principal Market
Amount Value
- ------------------------------------------------------------------------------
Series T-11 A5
6.50% 01/25/15 $60,000 $ 60,075
MetLife Capital Equipment
Loan Trust Series
97-A A
6.85% 05/20/08 50,000 51,270
NationsCredit Grantor
Trust Series 96-1 A
5.85% 09/15/11 56,636 56,392
Peco Energy Transition
Trust Series 99-A-A4
5.80% 03/01/07 115,000 114,138
- ------------------------------------------------------------------------------
Total Asset-Backed Securities
(cost $553,113) 552,995
==============================================================================
COLLATERALIZED MORTGAGE OBLIGATIONS: 9.53%
Asset Securitization
Series 97-D5 A2
7.069% 02/14/41 30,000 29,452
Capco America
Securitization Series
98-D7 A1B
6.26% 09/16/30 50,000 49,078
Fanniemae Whole
Loan Series
98-W3 A2
6.50% 07/25/28 30,000 30,211
Federal Home Loan
Mortgage Corporation
Series 2091PD
6.00% 04/15/21 40,000 39,888
General Electric Capital
Mortgage Services
Series 98-6 1A6
6.75% 04/25/28 50,000 49,297
Lehman Large Loan
Series 97-LLI A1
6.79% 06/12/04 28,972 29,678
Mortgage Capital Funding
Series 96-MC2-C
7.224% 09/20/06 105,000 108,134
Nomura Asset Securities
Corporation Series 93-1 A1
6.68% 12/15/01 228,311 231,094
Residential Accredit
Loans Series 98-QS9 A3
6.75% 07/25/28 40,000 40,127
- ------------------------------------------------------------------------------
Total Collateralized Mortgage Obligations
(cost $607,478) 606,959
==============================================================================
<PAGE>
Principal Market
Amount Value
- ------------------------------------------------------------------------------
CORPORATE BONDS: 29.95%
Automobiles and Automotive Parts: 2.17%
Meritor Automotive nts
6.80% 02/15/09 $140,000 $ 137,900
----------
137,900
----------
Banking, Finance and Insurance: 19.08%
Associates Corporation NA sr nts
6.25% 11/01/08 125,000 123,906
Banco Santander-Chile nts
6.50% 11/01/05 15,000 14,963
CIT Group Holdings nts
5.625% 10/15/03 190,000 187,150
Fairfax Financial Holdings nts
7.375% 03/15/06 75,000 74,906
Ford Motor Credit sr nts
5.750% 02/23/04 200,000 198,000
General Electric Capital
medium term notes
5.89% 05/11/01 180,000 181,350
Lehman Brothers Holdings nts
6.625% 02/05/06 100,000 99,625
Southern Investments
United Kingdom unsec sr nts
6.375% 11/15/01 70,000 70,438
Summit Bancorp sub nts
8.625% 12/10/02 115,000 123,769
Travelers Property Casualty
unsec nts
6.75% 04/15/01 70,000 71,138
U.S. Bank N.A. sub nts
6.50% 02/01/08 70,000 70,438
----------
1,215,683
----------
Electronics and Electrical Equipment: 0.39%
Raychem unsec nts
7.20% 10/15/08 25,000 24,906
----------
24,906
----------
Environmental Services: 0.32%
USA Waste Services sr unsec nts
6.125% 07/15/01 20,000 20,100
----------
20,100
----------
Telecommunications: 6.53%
AT&T Capital unsec nts
6.75% 02/04/02 205,000 208,588
Cox Communications nts
6.15% 08/01/03 35,000 34,913
MCI Worldcom nts
6.125% 04/15/02 35,000 35,175
40 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
Principal Market
Amount Value
- ------------------------------------------------------------------------------
MCI Worldcom sr nts
7.55% 04/01/04 $130,000 $ 137,638
-----------
416,314
-----------
Textiles, Apparel and Furniture: 1.46%
Tommy Hilfiger USA
6.85% 06/01/08 95,000 93,100
-----------
93,100
-----------
- ------------------------------------------------------------------------------
Total Corporate Bonds
(cost $1,926,916) 1,908,003
==============================================================================
U.S. Treasury Obligations: 35.75%
U.S. Treasury Notes
4.750% 11/15/08 2,000,000 1,911,255
U.S. Treasury Notes
5.500% 02/15/08 290,000 291,982
U.S. Treasury Notes
6.375% 08/15/27 70,000 74,741
- ------------------------------------------------------------------------------
Total U.S. Treasury Obligations
(cost $2,328,479) 2,277,978
==============================================================================
REPURCHASE AGREEMENTS: 32.90%
With Chase Manhattan
4.85% 05/03/99 (dated
04/30/99, collateralized
by $570,000 U.S.
Treasury Notes 5.50%
due 12/31/00, market
value $584,345 and
$129,000 U.S.
Treasury Notes 5.75%
due 08/15/03, market
value $133,039) 703,000 703,000
With J.P. Morgan Securities
4.85% 05/03/99 (dated
04/30/99, collateralized
by $317,000 U.S.
Treasury Notes 5.75%
due 10/31/02, market
value $322,277 and
$196,000 U.S.
Treasury Notes 5.50%
due 05/31/03, market
value $202,788 and
$149,000 U.S.
Treasury Notes 11.125%
due 08/15/03, market
value $185,723) 696,000 696,000
<PAGE>
Principal Market
Amount Value
- ------------------------------------------------------------------------------
With PaineWebber
4.85% 05/03/99 (dated
04/30/99, collateralized
by $179,000 U.S.
Treasury Notes 6.375%
due 07/15/99, market
value $182,471 and
$266,000 U.S.
Treasury Notes 4.00%
due 10/31/00, market
value $262,070 and
$260,000 U.S.
Treasury Notes 6.25%
due 10/31/01, market
value $266,498) $697,000 $ 697,000
- --------------------------------------------------------------------------------
Total Repurchase Agreements
(cost $2,096,000) 2,096,000
================================================================================
- --------------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES: 132.50%
(COST $8,513,155) $8,441,940
================================================================================
- --------------------------------------------------------------------------------
LIABILITIES NET OF RECEIVABLES
AND OTHER ASSETS: (32.50%) (2,070,735)
================================================================================
- --------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
716,096 SHARES ($0.01 PAR VALUE)
OUTSTANDING; EQUIVALENT TO
$8.90 PER SHARE: 100.00% $6,371,205
================================================================================
- --------------------------------------------------------------------------------
COMPONENTS OF NET ASSETS AT APRIL 30, 1999:
- --------------------------------------------------------------------------------
Common stock, $0.01 par value,
2,000,000,000 shares authorized
to the Fund with 50,000,000
shares allocated to this Portfolio $6,440,378
Undistributed net investment income 107,217
Accumulated net realized loss on
investments (105,175)
Net unrealized depreciation of
investments (71,215)
- --------------------------------------------------------------------------------
Total net assets $6,371,205
================================================================================
nts = notes
sr = senior
sub = subordinate
unsec = unsecured
See accompanying notes
1999 Semiannual Report o Delaware Pooled Trust 41
<PAGE>
Delaware Pooled Trust, Inc.: The High-Yield Bond Portfolio
Statement of Net Assets
April 30, 1999
(Unaudited)
Principal Market
Amount Value
- --------------------------------------------------------------------------------
CORPORATE BONDS: 80.61%
Banking, Finance and Insurance: 2.38%
RBF Finance sr sec nts
11.375% 3/15/09 $550,000 $580,250
----------
580,250
----------
Buildings and Materials: 11.67%
Engle Homes sr sec nts
9.25% 2/1/08 500,000 497,500
Formica sr sub nts
10.875% 3/1/09 400,000 404,000
Group Maintenance sr sub nts
9.75% 1/15/09 450,000 460,125
Henry sr nts 10.00% 4/15/08 375,000 378,281
Integrated Electric Services
sr sub nts 9.375% 2/1/09 650,000 659,750
Kaufman & Broad Home
sr unsec nts
7.75% 10/15/04 450,000 447,188
----------
2,846,844
----------
Cable, Media and Publishing: 4.04%
Adelphia Communications
sr nts 7.875% 5/1/09 450,000 452,250
Muzac sr sub nts
9.875% 3/15/09 200,000 204,000
Pathnet sr nts
12.25% 4/15/08 600,000 330,000
----------
986,250
----------
Chemicals: 4.89%
Philipp Brothers Chemicals
sr sub nts 9.875% 6/1/08 550,000 539,000
Precise Technology unsec
sr sub nts 11.125% 6/15/07 250,000 238,750
Scotts Company sr sub nts
8.625% 1/15/09 400,000 416,000
----------
1,193,750
----------
Consumer Products: 2.01%
Doskocil Manufacturing
sr sub nts 10.125% 9/15/07 275,000 258,500
Riddell Sports sr unsec
sub nts 10.50% 7/15/07 250,000 232,500
----------
491,000
----------
<PAGE>
Principal Market
Amount Value
- --------------------------------------------------------------------------------
Energy: 1.47%
Comstock Resources sr nts
11.25% 5/1/07 $350,000 $ 359,625
----------
359,625
----------
Environmental Services: 5.56%
Allied Waste North America
sr unsec nts
7.875% 1/1/09 450,000 442,125
Hydrochem Industrial Services
sr sub nts 10.375% 8/1/07 350,000 309,750
Safety Kleen Service unsec
sr sub nts 9.25% 6/1/08 575,000 603,750
----------
1,355,625
----------
Food, Beverage and Tobacco: 6.34%
Carrols sr sub nts
9.50% 12/1/08 350,000 358,750
Community Distributors sr nts
10.25% 10/15/04 275,000 239,250
DiGiorgio sr nts
10.00% 6/15/07 400,000 402,000
National Wine & Spirit sr nts
10.125% 1/15/09 525,000 546,000
----------
1,546,000
----------
Healthcare and Pharmaceuticals: 2.88%
Biovail sr nts
10.875% 11/15/05 300,000 309,750
Pueblo Xtra International
sr nts 9.50% 8/1/03 400,000 394,000
----------
703,750
----------
Industrial Machinery: 3.94%
Anthony Crane Rental sr nts
10.375% 8/1/08 350,000 355,250
Burke Industries unsec sr nts
10.00% 8/15/07 275,000 231,000
Jackson Products sr sub nts
9.50% 4/15/05 375,000 375,468
----------
961,718
----------
Leisure, Lodging and Entertaiment: 12.84%
Carmike Cinemas sr sub nts
9.375% 2/1/09 650,000 654,875
Harrahs Operating Company
unsec sr sub nts
7.875% 12/15/05 450,000 455,625
42 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
Principal Market
Amount Value
- --------------------------------------------------------------------------------
Park Place Entertainment
sr sub nts
7.875% 12/15/005 $500,000 $ 493,750
Silver Cinemas sr sub nts
10.50% 4/15/05 525,000 262,500
True Temper Sports sr sub nts
10.875% 12/1/08 400,000 372,000
Town Sports International
unsec sr nts 9.75% 10/15/04 475,000 465,500
United Artists sr sub nts
9.75% 4/15/08 500,000 430,000
----------
3,134,250
----------
Metals and Mining: 4.33%
Armco sr nts
8.875% 12/1/08 500,000 521,250
Schuff Steel sr nts
10.50% 6/1/08 575,000 534,750
----------
1,056,000
----------
Paper and Forest Products: 2.41%
Republic Group sr sub nts
9.50% 7/15/08 575,000 587,938
----------
587,938
----------
Retail: 1.08%
Leslie's Poolmart sr nts
10.375% 7/15/04 250,000 262,500
----------
262,500
----------
Telecommunications: 8.43%
Emmis Communications
sr sub nts 8.125% 3/15/09 250,000 251,250
Intermedia Communications
sr nts 9.50% 3/1/09 250,000 260,000
Level 3 Communications
sr nts
9.125% 5/1/08 400,000 409,000
McLeodusa sr nts
8.125% 2/15/09 250,000 248,750
**NEXTEL Communications
sr disc nts
10.65% 9/15/07 600,000 472,500
**Viatel units
12.50% 4/15/08 650,000 414,375
----------
2,055,875
----------
Textiles, Apparel and Furniture: 0.62%
Dyersburg unsec sr sub nts
9.75% 9/1/07 275,000 151,250
----------
151,250
----------
<PAGE>
Principal Market
Amount Value
- --------------------------------------------------------------------------------
Transportation and Shipping: 1.66%
Atlas Air sr nts
9.375% 11/15/06 $400,000 $ 404,000
----------
404,000
----------
Miscellaneous: 4.06%
CEX Holdings sr sub nts
9.625% 6/1/08 575,000 546,250
Mark IV sr sub nts
7.75% 4/1/06 450,000 445,500
----------
991,750
----------
- --------------------------------------------------------------------------------
Total Corporate Bonds
(cost $20,342,445) 19,668,375
================================================================================
Number
of Shares
- --------------------------------------------------------------------------------
PREFERRED STOCKS: 1.90%
Energy: 0.00%
TCR Holdings 4,793 285
----------
285
----------
Telecommunications: 1.90%
21st Century Telecommunications 688 378,596
Viatel 351 84,259
----------
462,855
----------
- --------------------------------------------------------------------------------
Total Preferred Stocks
(cost $691,727) 463,140
================================================================================
WARRANTS: 0.07%
*21st Century
Telecommunications 5,266 12,000
*Pathnet 600 6,000
- --------------------------------------------------------------------------------
Total Warrants
(cost $34,500) 18,000
================================================================================
1999 Semiannual Report o Delaware Pooled Trust 43
<PAGE>
Principal Market
Amount Value
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 15.66%
With Chase Manhattan
4.85% 05/03/99 (dated
04/30/99, collateralized
by $1,039,000 U.S.
Treasury Notes 5.50%
due 12/31/00, market
value $1,065,538 and
$235,000 U.S.
Treasury Notes 5.75%
due 08/15/03, market
value $242,593) $1,282,000 $1,282,000
With J.P. Morgan Securities
4.85% 05/03/99 (dated
04/30/99, collateralized
by $577,000 U.S.
Treasury Notes 5.75%
due 10/31/02, market
value $587,664 and
$358,000 U.S.
Treasury Notes 5.50%
due 05/31/03, market
value $369,778 and
$272,000 U.S.
Treasury Notes 11.125%
due 08/15/03, market
value $338,662) 1,270,000 1,270,000
With PaineWebber
4.85% 05/03/99 (dated
04/30/99, collateralized
by $326,000 U.S.
Treasury Notes 6.375%
due 07/15/99, market
value $332,732 and
$485,000 U.S.
Treasury Notes 4.00%
due 10/31/00, market
value $477,878 and
$473,000 U.S.
Treasury Notes 6.25%
due 10/31/01, market
value $485,953) 1,270,000 1,270,000
- --------------------------------------------------------------------------------
Total Repurchase Agreements
(cost $3,822,000) 3,822,000
================================================================================
<PAGE>
- --------------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES: 98.24%
(COST $24,890,672) $23,971,515
================================================================================
- --------------------------------------------------------------------------------
RECEIVABLES AND OTHER ASSETS
NET OF LIABILITIES: 1.76% 428,798
================================================================================
- --------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
2,509,381 SHARES ($0.01 PAR VALUE)
OUTSTANDING; EQUIVALENT TO
$9.72 PER SHARE: 100.00% $24,400,313
================================================================================
- --------------------------------------------------------------------------------
COMPONENTS OF NET ASSETS
AT APRIL 30, 1999:
Common stock, $0.01 par value,
2,000,000,000 shares authorized
to the Fund with 50,000,000
shares allocated to this Portfolio $26,388,937
Undistributed net investment income 188,882
Accumulated net realized loss on
investments (1,258,349)
Net unrealized depreciation of
investments (919,157)
- --------------------------------------------------------------------------------
Total Net Assets $24,400,313
================================================================================
* Non-income producing security.
** Zero coupon security as of April 30, 1999. The coupon shown is the step-up
rate.
disc = discount
nts = notes
sec = secured
sr = senior
sub = subordinate
unsec = unsecured
See accompanying notes
44 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
Delaware Pooled Trust, Inc.: Diversified Core Fixed Income Portfolio
Statement of Net Assets
April 30, 1999
(Unaudited)
Principal Market Value
Amount* (U.S. $)
- --------------------------------------------------------------------------------
ASSET-BACKED SECURITIES: 4.45%
MetLife Capital Equipment
Loan Trust Series 97-A A
6.85% 05/20/08 $50,000 $ 51,270
Peco Series 99-A
5.80% 03/01/07 50,000 49,625
PeMex Series 1A B1 sub nts
8.02% 05/15/07 50,000 49,250
- --------------------------------------------------------------------------------
Total Asset-Backed Securities
(cost $150,932) 150,145
================================================================================
COLLATERALIZED MORTGAGE OBLIGATIONS: 5.15%
Asset Securitization
Series 97-D5 A2
7.069% 02/14/41 50,000 49,086
Capco America
Securitization
Series 98-D7 A1B
6.26% 09/16/30 25,000 24,539
Federal Home Loan
Mortgage Corporation
6.00% 04/15/21 50,000 49,860
Residential Accredit Loans
Series 98-QS9 A3
6.75% 07/25/28 50,000 50,158
- --------------------------------------------------------------------------------
Total Collateralized Mortgage Obligations
(cost $176,717) 173,643
================================================================================
CORPORATE BONDS: 35.82%
Banking, Finance and Insurance: 7.57%
Continental nts
7.25% 03/01/03 50,000 50,750
Popular North America nts
6.625% 01/15/04 50,000 49,750
Southern Investments
United Kingdom unsec sr nts
6.375% 11/15/01 50,000 50,312
Summit Bancorp sub nts
8.625% 12/10/02 50,000 53,812
Travelers Property Casualty
unsec nts
6.75% 04/15/01 50,000 50,812
---------
255,436
---------
<PAGE>
Principal Market Value
Amount* (U.S. $)
- --------------------------------------------------------------------------------
Building and Materials: 2.99%
Henry sr nts 10.00% 04/15/08 100,000 100,875
----------
100,875
----------
Cable, Media and Publishing: 3.17%
Classic Cable sr sub nts
9.875% 08/01/08 100,000 106,750
----------
106,750
----------
Chemicals: 6.00%
Equistar Chemical
8.50% 02/15/04 50,000 52,000
Octel Developments sr nts
10.00% 05/01/06 50,000 52,438
Philipp Brothers sr sub nts
9.875% 06/01/08 100,000 98,000
----------
202,438
----------
Energy: 1.48%
Conoco sr nts
5.90% 4/15/04 50,000 49,750
----------
49,750
----------
Industrial Machinery: 3.01%
Anthony Crane sr nts
10.375% 08/01/08 100,000 101,500
----------
101,500
----------
Metals and Mining: 5.51%
Schuff Steel unsec sr nts
10.50% 06/01/08 200,000 186,000
----------
186,000
----------
Paper and Forest Products: 3.03%
Republic Group sr sub nts
9.50% 07/15/08 100,000 102,250
----------
102,250
----------
Transportation and Shipping: 3.06%
American Commercial Lines nts
10.25% 06/30/08 100,000 103,250
----------
103,250
----------
- --------------------------------------------------------------------------------
Total Corporate Bonds
(cost $1,207,633) 1,208,249
================================================================================
1999 Semiannual Report o Delaware Pooled Trust 45
<PAGE>
Principal Market Value
Amount* (U.S. $)
- --------------------------------------------------------------------------------
FOREIGN BONDS: 18.58%
Australia: 2.18%
Australian Government
6.75% 11/15/06 A$ 20,000 $ 14,329
Queensland Treasury Global
8.00% 08/14/01 53,000 37,211
Queensland Treasury
Government Agency
8.00% 07/14/99 33,000 21,969
----------
73,509
----------
Canada: 4.30%
Government of Canada
4.25% 12/01/21 C$ 43,000 30,371
Government of Canada
4.75% 09/15/99 15,000 10,305
Government of Canada
6.00% 06/1/08 30,000 21,847
Government of Canada
7.25% 06/01/03 25,000 18,571
Government of Canada
7.50% 09/1/00 20,000 14,213
Government of Canada
7.50% 03/1/01 55,000 39,514
Government of Canada
10.25% 03/15/14 10,000 10,336
----------
145,157
----------
Germany: 3.71%
Bundersrepblik Deutschland
8.00% 07/22/02 Eu 56,000 68,376
Germany (Federal Republic of)
6.00% 01/4/07 46,581 56,826
----------
125,202
----------
Japan: 2.76%
Japan Government
1.60% 06/20/08 Jpy 5,000,000 42,941
Japan Government
4.50% 12/20/04 5,000,000 50,088
----------
93,029
----------
Netherlands: 0.61%
Netherlands Government
9.00% 05/15/00 Nlg 18,152 20,440
----------
20,440
----------
New Zealand: 2.40%
Government of New Zealand
8.00% 04/15/04 NZ$ 85,000 52,806
Government of New Zealand
10.00% 03/15/02 44,500 28,134
----------
80,940
----------
<PAGE>
Principal Market Value
Amount* (U.S. $)
- --------------------------------------------------------------------------------
Sweden: 2.62%
Sweden (Kingdom of)
5.50% 04/12/02 Sk 100,000 $ 12,637
Swedish Government
8.00% 08/15/07 100,000 15,160
Swedish Government
9.00% 04/20/09 200,000 33,088
Swedish Government
10.25% 05/05/00 100,000 12,709
Swedish Government
10.25% 05/05/03 100,000 14,899
----------
88,493
----------
- --------------------------------------------------------------------------------
Total Foreign Bonds
(cost $631,025) 626,770
================================================================================
MORTGAGE-BACKED SECURITIES: 17.77%
Federal National
Mortgage Association
4.625% 10/15/01 $ 50,000 49,199
Federal National
Mortgage Association
6.00% 05/15/08 155,000 156,177
Government National
Mortgage Association
6.50% 01/15/28 396,402 394,173
- --------------------------------------------------------------------------------
Total Mortgage-Backed Securities
(cost $604,216) 599,549
================================================================================
U.S. TREASURY OBLIGATIONS: 14.52%
U.S. Treasury Strip
0.00% 05/15/10 100,000 53,330
U.S. Treasury Note
4.625% 11/30/00 145,000 144,072
U.S. Treasury Note
4.75% 11/15/08 200,000 191,126
U.S. Treasury Note
5.50% 03/31/03 50,000 50,434
U.S. Treasury Note
5.875% 11/30/01 50,000 50,886
- --------------------------------------------------------------------------------
Total U.S. Treasury Obligations
(cost $493,631) 489,848
================================================================================
REPURCHASE AGREEMENTS: 6.29%
With Chase Manhattan
4.85% 05/03/99 (dated
04/30/99, collateralized
by $58,000 U.S.
Treasury Notes 5.50%
due 12/31/00, market
value $59,104 and
$13,000 U.S.
Treasury Notes 5.75%
due 08/15/03, market
value $13,456) 71,106 71,106
46 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
Principal Market Value
Amount* (U.S. $)
- --------------------------------------------------------------------------------
With J.P. Morgan Securities
4.85% 05/03/99 (dated
04/30/99, collateralized
by $32,000 U.S.
Treasury Notes 5.75%
due 10/31/02, market
value $32,597 and
$20,000 U.S.
Treasury Notes 5.50%
due 05/31/03, market
value $20,511 and
$18,000 U.S.
Treasury Notes 11.125%
due 08/15/03, market
value $18,785) $ 70,447 $ 70,447
With PaineWebber
4.85% 05/03/99 (dated
04/30/99, collateralized
by $18,000 U.S.
Treasury Notes 6.375%
due 07/15/99, market
value $18,456 and
$26,000 U.S.
Treasury Notes 4.00%
due 10/31/00, market
value $26,507 and
$27,000 U.S.
Treasury Notes 6.25%
due 10/31/01, market
value $26,955) 70,447 70,447
- --------------------------------------------------------------------------------
Total Repurchase Agreements
(cost $212,000) 212,000
================================================================================
<PAGE>
- --------------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITES: 102.58%
(COST $3,476,154) $3,460,204
================================================================================
- --------------------------------------------------------------------------------
LIABILITES NET OF RECEIVABLES
AND OTHER ASSETS: (2.58%) (87,117)
================================================================================
- --------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
394,788 SHARES ($0.01 PAR VALUE)
OUTSTANDING; EQUIVALENT TO
$8.54 PER SHARE: 100.00% $3,373,087
================================================================================
- --------------------------------------------------------------------------------
COMPONENTS OF NET ASSETS
AT APRIL 30, 1999:
- --------------------------------------------------------------------------------
Common stock, $0.01 par value,
2,000,000,000 shares authorized
to the Fund with 50,000,000
shares allocated to this Portfolio $3,349,422
Undistributed net investment income** 76,363
Accumulated net realized loss on
investments (36,444)
Net unrealized depreciation of
investments and foreign currencies (16,254)
- --------------------------------------------------------------------------------
Total Net Assets $3,373,087
================================================================================
* Principal amount is stated in the currency in which each bond is denominated.
A$ = Australian Dollars
C$ = Canadian Dollars
EU = Euro
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
See accompanying notes
1999 Semiannual Report o Delaware Pooled Trust 47
<PAGE>
Delaware Pooled Trust, Inc.: The Global Equity Portfolio
Statement of Net Assets
April 30, 1999
(Unaudited)
Number Market Value
of Shares (U.S. $)
- --------------------------------------------------------------------------------
COMMON STOCK: 97.60%
Australia: 7.13%
Amcor limited 8,700 $46,844
CSR Limited 20,000 53,453
Foster's Brewing Group 21,500 62,696
National Australia Bank 3,100 60,335
Orica Limited 4,400 25,603
----------
248,931
----------
Belgium: 1.94%
Electrabel 205 67,736
----------
67,736
----------
France: 5.48%
Alcatel Alsthom 210 25,834
Compagnie de Saint Gobain 250 43,010
Elf Aquitaine 500 77,814
Societe Generale 250 44,836
----------
191,494
----------
Germany: 8.50%
Bayer 1,700 71,992
Bayerische Vereinsbank 1,200 79,403
RWE 1,150 52,961
Siemens 1,250 92,239
----------
296,595
----------
Hong Kong: 2.04%
Hong Kong Electric 8,500 27,088
Wharf Holdings 18,000 44,125
----------
71,213
----------
Japan: 3.77%
Canon Electronics 1,000 24,466
Eisai Limited 1,000 18,726
Koito Manufacturing 6,000 27,951
Matsushita Electric Industrial 1,000 19,020
West Japan Railway 10 41,475
----------
131,638
----------
Malaysia: 0.98%
Sime Darby Berhad 30,000 34,263
----------
34,263
----------
Netherlands: 5.15%
Elsevier 4,700 70,409
<PAGE>
Number Market Value
of Shares (U.S. $)
- --------------------------------------------------------------------------------
ING Groep 600 $37,033
Royal Dutch Petroleum 1,240 72,335
----------
179,777
----------
New Zealand: 3.19%
Carter Holt Harvey 17,500 25,642
Telecom Corporation of New Zealand 16,461 85,614
----------
111,256
----------
Singapore: 1.07%
Jardine Matheson Holdings
Limited 8,800 37,488
----------
37,488
----------
Spain: 2.57%
Iberdrola 2,300 32,264
Telefonica de Espana 1,224 57,471
----------
89,735
----------
United Kingdom: 21.16%
Associated British Food 4,300 31,307
Bass 4,642 73,457
Blue Circle Industry 9,800 66,542
Boots 6,100 80,679
Cable & Wireless 8,200 116,369
GKN 7,200 122,973
Glaxo Wellcome 3,600 106,233
PowerGen 6,800 74,181
Taylor Woodrow 21,500 67,111
----------
738,852
----------
United States: 34.62%
A T & T 1,050 53,025
Aon 1,200 82,200
Atlantic Richfield 700 58,756
BankAmerica 905 65,160
Baxter International 900 56,700
Federal National Mortgage 900 63,844
Ford Motor 800 51,150
GTE 1,000 66,938
Heinz (H. J.) 1,100 51,356
Hewlett-Packard 700 55,213
Lockheed Martin 1,600 68,900
McGraw-Hill 1,100 60,775
Pharmacia & Upjohn 1,000 56,000
Philip Morris 1,400 49,088
48 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
Number Market Value
of Shares (U.S. $)
- --------------------------------------------------------------------------------
Pitney Bowes 800 $ 55,950
Summit Bancorp 1,500 63,563
Tyco International 700 56,875
U. S. Bancorp 1,600 59,300
Union Camp 700 55,563
USX-Marathon Group 2,500 78,125
----------
1,208,481
----------
- --------------------------------------------------------------------------------
Total Common Stock
(cost $3,165,280) 3,407,459
================================================================================
RIGHTS: 0.03%
Spain: 0.03%
*Telefonica de Espana 1,224 1,140
- --------------------------------------------------------------------------------
Total Rights
(cost $0) 1,140
================================================================================
WARRANTS: 0.01%
Hong Kong: 0.01%
*Wharf Holdings 900 456
- --------------------------------------------------------------------------------
Total Warrants
(cost $0) 456
================================================================================
Principal
Amount
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 5.13%
With Chase Manhattan
4.85% 05/03/99 (dated
04/30/99, collateralized
by $49,000 U.S.
Treasury Notes 5.50%
due 12/31/00, market
value $49,904 and
$11,000 U.S.
Treasury Notes 5.75%
due 08/15/03, market
value $11,362) $60,000 60,000
With J.P. Morgan Securities
4.85% 05/03/99 (dated
04/30/99, collateralized
by $27,000 U.S.
Treasury Notes 5.75%
due 10/31/02, market
value $27,123 and
$17,000 U.S.
Treasury Notes 5.50%
due 05/31/03, market
value $17,318 and
$13,000 U.S.
Treasury Notes 11.125%
due 08/15/03, market
value $15,861) 59,000 59,000
<PAGE>
Principal Market Value
Amount (U.S. $)
- --------------------------------------------------------------------------------
With PaineWebber
4.85% 05/03/99 (dated
04/30/99, collateralized
by $15,000 U.S.
Treasury Notes 6.375%
due 07/15/99, market
value $15,583 and
$23,000 U.S.
Treasury Notes 4.00%
due 10/31/00, market
value $22,781 and
$22,000 U.S.
Treasury Notes 6.25%
due 10/31/01, market
value $22,759) $60,000 $ 60,000
- --------------------------------------------------------------------------------
Total Repurchase Agreements
(cost $179,000) 179,000
================================================================================
- --------------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES: 102.77%
(COST $3,344,280) $3,588,055
================================================================================
- --------------------------------------------------------------------------------
LIABILITIES NET OF RECEIVABLES AND
OTHER ASSETS: (2.77%) (96,899)
================================================================================
- --------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
366,911 SHARES ($0.01 PAR VALUE)
OUTSTANDING; EQUIVALENT TO
$9.51 PER SHARE: 100.00% $3,491,156
================================================================================
- --------------------------------------------------------------------------------
COMPONENTS OF NET ASSETS AT APRIL 30, 1999:
- --------------------------------------------------------------------------------
Common stock, $0.01 par value,
2,000,000,000 shares authorized
to the Fund with 50,000,000
shares allocated to this Portfolio $3,131,044
Undistributed net investment income** 18,010
Accumulated net realized gain on
investments 97,194
Net unrealized appreciation of
investments and foreign currencies 244,908
- --------------------------------------------------------------------------------
Total Net Assets $3,491,156
================================================================================
* 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
1999 Semiannual Report o Delaware Pooled Trust 49
<PAGE>
Delaware Pooled Trust, Inc.: The International Equity Portfolio
Statement of Net Assets
April 30, 1999
(Unaudited)
Number Market Value
of Shares (U.S. $)
- --------------------------------------------------------------------------------
COMMON STOCK: 96.75%
Australia: 12.13%
Amcor Limited 3,393,000 $18,269,118
Brambles Industries 311,000 9,135,976
CSR Limited 5,558,003 14,854,663
Foster's Brewing Group 6,423,232 18,730,867
+National Australia Bank 1,177,017 22,908,048
Orica Limited 1,148,600 6,683,696
-----------
90,582,368
-----------
Belgium: 1.53%
Electrabel 34,613 11,436,837
-----------
11,436,837
-----------
France: 8.86%
Alcatel Alsthom 131,509 16,178,361
+Compagnie de Saint Gobain 105,145 18,089,014
Elf Aquitaine 105,295 16,386,945
+Societe Generale 86,411 15,497,275
-----------
66,151,595
-----------
Germany: 10.77%
+Bayer 508,000 21,512,784
+Bayerische Vereinsbank 277,800 18,381,679
Continental 288,550 7,224,788
Rheinisch Westfaelisches Elek 330,500 15,220,665
Siemens 245,500 18,115,786
-----------
80,455,702
-----------
Hong Kong: 3.88%
Hong Kong Electric 3,170,000 10,102,250
Wharf Holdings 7,689,000 18,848,871
-----------
28,951,121
-----------
Japan: 11.26%
Canon Electronics 550,000 13,456,224
Chiyoda Fire and Marine 535,000 1,909,594
Eisai Limited 703,500 13,174,050
Hitachi Limited 1,867,000 13,640,757
Koito Manufacturing 630,000 2,934,898
+Matsushita Electric 940,000 17,878,513
Nichido Fire & Marine 757,000 4,344,743
West Japan Railway 4,045 16,776,502
-----------
84,115,281
-----------
<PAGE>
Number Market Value
of Shares (U.S. $)
- --------------------------------------------------------------------------------
Malaysia: 0.63%
Sime Darby Berhad 4,100,000 $ 4,682,632
-----------
4,682,632
-----------
Netherlands: 6.80%
+Elsevier 1,397,000 20,927,905
Koninklijke Van Ommeren 242,000 7,096,890
+Royal Dutch Petroleum 389,900 22,744,571
-----------
50,769,366
-----------
New Zealand: 3.61%
Carter Holt Harvey Limited 6,368,400 9,331,203
+Telecom Corporation of
New Zealand 3,391,670 17,640,160
-----------
26,971,363
-----------
Singapore: 0.50%
Jardine Matheson Holdings
Limited 876,278 3,732,944
-----------
3,732,944
-----------
Spain: 6.53%
Acerinox 114,110 3,451,492
+Banco Santander Central
Hispano 697,509 15,182,589
+Iberdrola 977,000 13,705,136
+Telefonica de Espana 349,785 16,423,576
-----------
48,762,793
-----------
United Kingdom: 30.25%
Bass 1,547,857 24,494,086
BG 1,378,205 7,705,923
Blue Circle Industries 3,423,970 23,248,688
Boots 1,593,100 21,070,309
British Airways 3,007,549 23,675,524
Cable & Wireless 1,897,837 26,932,926
*Centrica 961,300 1,952,749
GKN 1,277,500 21,819,106
Glaxo Wellcome 618,711 18,257,580
Great Universal Stores 1,629,300 18,573,637
Powergen 1,145,000 12,490,828
Rio Tinto 1,465,000 25,669,745
-----------
225,891,101
-----------
- --------------------------------------------------------------------------------
Total Common Stock
(cost $582,535,493) 722,503,103
================================================================================
50 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
Number Market Value
of Shares (U.S. $)
- --------------------------------------------------------------------------------
RIGHTS: 0.04%
Spain: 0.04%
*Telefonica de Espana 349,785 $ 325,879
- --------------------------------------------------------------------------------
Total Rights
(cost $0) 325,879
================================================================================
WARRANTS: 0.02%
Hong Kong: 0.02%
*Wharf Holdings 12/31/99 244,450 123,792
- --------------------------------------------------------------------------------
Total Warrants
(cost $0) 123,792
================================================================================
Principal
Amount
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 2.91%
With Chase Manhattan
4.85% 05/03/99 (dated
04/30/99, collateralized
by $5,905,000 U.S.
Treasury Notes 5.50%
due 12/31/00, market
value $6,055,331 and
$1,335,000 U.S.
Treasury Notes 5.75%
due 08/15/03, market
value $1,378,627) $ 7,285,000 7,285,000
With J.P. Morgan Securities
4.85% 05/03/99 (dated
04/30/99, collateralized
by $3,281,000 U.S.
Treasury Notes 5.75%
due 10/31/02, market
value $3,339,629 and
$2,034,000 U.S.
Treasury Notes 5.50%
due 05/31/03, market
value $2,101,405 and
$1,547,000 U.S.
Treasury Notes 11.125%
due 08/15/03, market
value $1,924,577) 7,218,000 7,218,000
<PAGE>
Principal Market Value
Amount (U.S. $)
- --------------------------------------------------------------------------------
With PaineWebber
4.85% 05/03/99 (dated
04/30/99, collateralized
by $1,850,000 U.S.
Treasury Notes 6.375%
due 07/15/99, market
value $1,890,878 and
$2,756,000 U.S.
Treasury Notes 4.00%
due 10/31/00, market
value $2,715,726 and
$2,690,000 U.S.
Treasury Notes 6.25%
due 10/31/01, market
value $2,761,614) $7,217,000 $ 7,217,000
- --------------------------------------------------------------------------------
Total Repurchase Agreements
(cost $21,720,000) 21,720,000
================================================================================
- --------------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES: 99.72%
(COST $604,255,493) $744,672,774
================================================================================
- --------------------------------------------------------------------------------
RECEIVABLES AND OTHER ASSETS
NET OF LIABILITIES--0.28% 2,081,736
================================================================================
- --------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
41,553,031 SHARES ($0.01 PAR VALUE)
OUTSTANDING; EQUIVALENT TO
$17.97 PER SHARE: 100.00% $746,754,510
================================================================================
- --------------------------------------------------------------------------------
COMPONENTS OF NET ASSETS
AT APRIL 30, 1999:
- --------------------------------------------------------------------------------
Common stock, $0.01 par value,
2,000,000,000 shares authorized
to the Fund with 50,000,000
shares allocated to this Portfolio $604,617,472
Undistributed net investment income** 3,434,517
Accumulated net realized loss on
investments (1,999,924)
Net unrealized appreciation of
investments and foreign currencies 140,702,445
- --------------------------------------------------------------------------------
Total Net Assets $ 746,754,510
================================================================================
* 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.
See accompanying notes
1999 Semiannual Report o Delaware Pooled Trust 51
<PAGE>
Delaware Pooled Trust, Inc.: The Labor Select International Equity Portfolio
Statement of Net Assets
April 30, 1999
(Unaudited)
Number Market Value
of Shares (U.S. $)
- --------------------------------------------------------------------------------
COMMON STOCK: 91.99%
Australia: 12.21%
Amcor Limited 599,077 $3,225,644
+CSR Limited 1,142,800 3,054,318
Foster's Brewing Group 1,047,402 3,054,342
+National Australia Bank 216,072 4,205,366
Orica 166,700 970,026
----------
14,509,696
----------
Belgium: 1.61%
Electrabel 5,798 1,915,777
----------
1,915,777
----------
Germany: 10.13%
+Bayer 84,450 3,576,289
Bayerische Vereinsbank 42,000 2,779,087
Continental 43,300 1,084,156
RWE 39,900 1,837,533
Siemens 37,450 2,763,487
----------
12,040,552
----------
France: 9.52%
Alcatel 28,026 3,447,785
Elf Aquitaine 25,299 3,937,255
+Societe Generale 21,859 3,920,276
----------
11,305,316
----------
Japan: 13.02%
Canon 138,000 3,376,289
Eisai Limited 221,000 4,138,543
Kinki Coca-Cola Bottling 23,000 325,681
Koito Manufacturing 157,000 731,395
Matsushita Electric Industrial 192,000 3,651,781
Nichido Fire & Marine 118,000 677,252
West Japan Railway 500 2,073,733
Yokohama Reito 67,000 488,396
----------
15,463,070
----------
Netherlands: 8.47%
Elsevier-CVA 204,800 3,068,028
+ING Groep N.V. 43,425 2,680,287
Koninklijke Van Ommeren 17,000 498,542
+Royal Dutch Petroleum 65,460 3,818,568
----------
10,065,425
----------
<PAGE>
Number Market Value
of Shares (U.S. $)
- --------------------------------------------------------------------------------
New Zealand: 4.25%
Carter Holt Harvey Limited 952,000 $1,394,904
+Telecom Corporation of
New Zealand 702,285 3,652,602
----------
5,047,506
----------
Spain: 5.52%
Acerinox 20,675 625,358
Banco Santander Central
Hispanoamericano 167,037 3,635,873
Iberdrola 164,000 2,300,555
----------
6,561,786
----------
United Kingdom: 27.26%
Associated British Food 237,000 1,725,532
Bass 164,375 2,601,155
BG 435,808 2,436,722
Blue Circle Industry 418,884 2,844,214
Boots 185,100 2,448,129
British Airways 283,743 2,233,634
*Centrica 674,250 1,369,646
GKN 264,500 4,517,537
Glaxo Wellcome 100,460 2,964,480
Great Universal Stores 239,800 2,733,664
PowerGen 146,250 1,595,444
Rio Tinto 225,950 3,959,098
Taylor Woodrow 306,750 957,508
----------
32,386,763
----------
- --------------------------------------------------------------------------------
Total Common Stock
(cost $92,500,154) 109,295,891
================================================================================
52 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
Principal Market Value
Amount (U.S. $)
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 0.69%
With Chase Manhattan
4.85% 05/03/99 (dated
04/30/99, collateralized
by $223,000 U.S.
Treasury Notes 5.50%
due 12/31/00, market
value $228,329 and
$50,000 U.S.
Treasury Notes 5.75%
due 08/15/03, market
value $51,984) $275,000 $275,000
With J.P. Morgan Securities
4.85% 05/03/99 (dated
04/30/99, collateralized
by $124,000 U.S.
Treasury Notes 5.75%
due 10/31/02, market
value $125,928 and
$77,000 U.S.
Treasury Notes 5.50%
due 05/31/03, market
value $79,238 and
$58,000 U.S.
Treasury Notes 11.125%
due 08/15/03, market
value $72,570) 272,000 272,000
With PaineWebber
4.85% 05/03/99 (dated
04/30/99, collateralized
by $70,000 U.S.
Treasury Notes 6.375%
due 07/15/99, market
value $71,300 and
$104,000 U.S.
Treasury Notes 4.00%
due 10/31/00, market
value $102,402 and
$101,000 U.S.
Treasury Notes 6.25%
due 10/31/01, market
value $104,133) 272,000 272,000
- --------------------------------------------------------------------------------
Total Repurchase Agreements
(cost $ 819,000) 819,000
================================================================================
<PAGE>
- --------------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES: 92.68%
(COST $93,319,154) $110,114,891
================================================================================
- --------------------------------------------------------------------------------
RECEIVABLES AND OTHER ASSETS
NET OF LIABILITIES: 7.32% 8,694,819
================================================================================
- --------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
8,017,150 SHARES ($0.01 PAR VALUE)
OUTSTANDING; EQUIVALENT TO
$14.82 PER SHARE: 100.00% $118,809,710
================================================================================
- --------------------------------------------------------------------------------
COMPONENTS OF NET ASSETS
AT APRIL 30, 1999:
- --------------------------------------------------------------------------------
Common stock, $0.01 par value,
2,000,000,000 shares authorized
to the Fund with 50,000,000
shares allocated to this Portfolio $100,548,250
Undistributed net investment income** 525,345
Accumulated net realized gain on
investments 899,389
Net unrealized appreciation of
investments and foreign currencies 16,836,726
- --------------------------------------------------------------------------------
Total Net Assets $118,809,710
================================================================================
* Non-income producing security.
** Undistributed net investment income includes net realized gains (losses) on
foreign currencies. Net realized gains (losses) on foreign currencies are
treated as net investment income in accordance with provisions of the Internal
Revenue Code.
+ Security is partially or fully on loan.
See accompanying notes
1999 Semiannual Report o Delaware Pooled Trust 53
<PAGE>
Delaware Pooled Trust, Inc. :The Emerging Markets Portfolio
Statement of Net Assets
April 30, 1999
(Unaudited)
Number Market Value
of Shares (U.S.$)
- --------------------------------------------------------------------------------
COMMON STOCK: 93.94%
Argentina: 4.34%
Central Puerto Class B 160,000 $ 400,164
Transportadora de Gas del sur,
Class B 291,900 557,758
YPF Sociedad Anonima 2,800 117,228
YPF Sociedad Anonima ADR 16,200 680,400
----------
1,755,550
----------
Brazil: 19.97%
Aracruz Celulose ADR 53,600 1,072,000
Brasmotor--Preferred 4,549,000 314,762
Centrais Electricas de
Santa Catrina 987,000 457,274
Centrais Electricas de
Santa Catrina GDR 620 28,777
Centrais Electricas de
Santa Catrina GDR 5,350 248,318
Companhia Energetica de
Minas Gerais 20,200,000 483,730
Companhia Paranaense de
Energia Copel ADR 105,479 863,609
Companhia Energetica de
Minas Gerais GDR 24,597 590,102
Elvadores Atlas 26,800 277,352
Gerdau Metalurgica 42,100,000 1,010,704
*Rossi Residential GDR 22,000 29,174
Telecomunicacoes de
Minas Gerais 28,000,000 692,419
Telecomunicacoes do
Parana 5,200,000 741,516
Uniao de Bancos
Brasileiros 45,000,000 961,191
Usinas Siderurgicas de
Minas Gerais 94,300 266,105
Usinas Siderurgicas de
Minas Gerais ADR 16,152 45,663
----------
8,082,696
----------
Chile: 3.62%
Administradora de Fondos de
Pensiones Provida ADR 45,000 905,625
Empresa Nacional Electricidad
ADR 40,000 560,000
----------
1,465,625
----------
<PAGE>
Number Market Value
of Shares (U.S.$)
- --------------------------------------------------------------------------------
China: 6.13%
First Tractor 2,052,000 $ 410,366
Guangdong Kelon Electric
Holding 796,000 718,907
Guangshen Railway 5,018,000 660,378
Shenzhen Expressway 3,370,800 691,500
----------
2,481,151
----------
Croatia: 1.36%
*Zagrebacka Banka GDR 62,765 550,763
----------
550,763
----------
Egypt: 1.22%
Paints and Chemical GDR 71,275 493,579
----------
493,579
----------
Estonia: 2.03%
*Eesti Telekom GDR 13,219 279,582
*Eesti Uhispank GDR 101,090 543,359
----------
822,941
----------
Hong Kong: 0.99%
*Henegan International
Group 1,188,000 398,521
----------
398,521
----------
Hungary: 1.62%
Gedon Richter GDR 17,500 654,500
----------
654,500
----------
India: 2.78%
Larsen & Toubro GDR 74,500 689,125
Mahanagar Telecom Nigam
GDR 42,000 436,800
----------
1,125,925
----------
Indonesia: 0.01%
*PT United Tractors 69,000 4,092
----------
4,092
----------
Israel: 2.22%
Bank Hapoalim 376,000 897,843
----------
897,843
----------
54 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
Number Market Value
of Shares (U.S.$)
- --------------------------------------------------------------------------------
Malaysia: 8.43%
*Leader Universal Holdings 1,700,000 $ 527,895
Petronas Dagangan Berhad 1,021,000 1,021,000
Public Finance Berhad 95,000 81,000
Resorts World Berhad 547,000 899,671
Sime Darby Berhad 771,000 880,563
----------
3,410,129
----------
Mexico: 6.11%
ALFA de C.V. Class A 108,000 423,290
Cemex de C.V. Class B 186,000 860,000
*Grupo Minsa ADR 5,900 25,075
*Grupo Minsa Class C 969,054 406,377
Vitro ADR 120,900 755,625
----------
2,470,367
----------
Peru: 2.30%
Banco de Credito del Peru 256,078 163,503
Creditcorp Limited 36,740 371,993
Telefonica del Peru ADR 26,300 396,144
----------
931,640
----------
Romania: 0.66%
Banca Turco Romana GDR 49,500 268,538
----------
268,538
----------
Russia: 1.91%
Gazprom ADR 11,000 116,875
Gazprom ADR Reg. S 8,200 87,125
Lukoil Holding ADR 11,620 430,870
Mosenergo ADR 58,200 136,770
----------
771,640
----------
Slovenia: 0.17%
*Blagovno Trgovinski Center GDR 3,460 22,923
SKB Banka GDR 3,600 47,520
----------
70,443
----------
South Africa: 14.43%
Amalgamated Banks of South
Africa 60,000 316,310
Anglo American Corporation
of South Africa Limited 29,500 1,527,974
Edgars Stores Limited 28,186 143,948
Iscor Limited 3,928,300 1,229,616
*Sanlam Limited 351,000 345,217
Sappi Limited 132,400 959,736
Sasol Limited 185,000 1,316,919
----------
5,839,720
----------
<PAGE>
Number Market Value
of Shares (U.S.$)
- --------------------------------------------------------------------------------
South Korea: 2.40%
Pohang Iron & Steel 8,380 $ 713,590
Pohang Iron & Steel ADR 10,000 257,500
------------
971,090
------------
Taiwan: 1.10%
Yageo GDR 24,460 128,993
Yageo GDR 64,680 315,315
------------
444,308
------------
Thailand: 3.74%
*Bangkok Bank 309,400 927,073
*Hana Microelectronics Public
Co. Limited 268,000 506,411
Thai Reinsurance Public
Co. Limited 49,500 79,278
------------
1,512,762
------------
Turkey: 3.96%
*Efes Sinai Yatirim Holding 34,678,100 428,881
*Efes Sinai Yatirim ADR 118,160 150,654
Koc Holding 4,282,800 775,401
Netas-Northern Eleckrik
Telekomunikayson 10,636,600 249,535
------------
1,604,471
------------
United States: 2.44%
*India Fund, (The) 118,000 988,250
------------
988,250
------------
- --------------------------------------------------------------------------------
Total Common Stock
(cost $50,406,072) 38,016,544
==============================================================================
RIGHTS: 0.08%
Thailand: 0.08%
*Thai Reinsurance 24,750 32,958
------------------------------------------------------------------------------
Total Rights
(cost $0) 32,958
==============================================================================
WARRANTS: 0.00%
Hong Kong: 0.00%
*Guangdong Investment 7/99 9,200 12
------------------------------------------------------------------------------
Total Warrants
(cost $0) 12
==============================================================================
1999 Semiannual Report o Delaware Pooled Trust 55
<PAGE>
Principal Market Value
Amount (U.S.$)
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 5.92%
With Chase Manhattan
4.85% 05/03/99 (dated
04/30/99, collateralized
by $651,000 U.S.
Treasury Notes 5.50%
due 12/31/00, market
value $667,982 and
$147,000 U.S.
Treasury Notes 5.75%
due 08/15/03, market
value $152,081) $803,800 $ 803,800
With J.P. Morgan Securities
4.85% 05/03/99 (dated
04/30/99, collateralized
by $362,000 U.S.
Treasury Notes 5.75%
due 10/31/02, market
value $368,405 and
$224,000 U.S.
Treasury Notes 5.50%
due 5/31/03, market
value $231,812 and
$171,000 U.S.
Treasury Notes 11.125%
due 08/15/03, market
value $212,306) 796,500 796,500
With PaineWebber
4.85% 05/03/99 (dated
04/30/99, collateralized
by $204,000 U.S.
Treasury Notes 6.375%
due 7/15/99, market
value $208,589 and
$304,000 U.S.
Treasury Notes 4.00%
due 10/31/00, market
value $299,580 and
$297,000 U.S.
Treasury Notes 6.25%
due 10/31/01, market
value $304,642) 795,700 795,700
- --------------------------------------------------------------------------------
Total Repurchase Agreements
(cost $2,396,000) 2,396,000
================================================================================
<PAGE>
- --------------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES: 99.94%
(COST $52,802,072) $40,445,514
================================================================================
- --------------------------------------------------------------------------------
RECEIVABLES AND OTHER ASSETS
NET OF LIABILITIES: 0.06% 24,333
================================================================================
- --------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
5,964,469 SHARES ($0.01 PAR VALUE)
OUTSTANDING; EQUIVALENT TO
$6.79 PER SHARE: 100.00% $40,469,847
================================================================================
- --------------------------------------------------------------------------------
COMPONENTS OF NET ASSETS
AT APRIL 30, 1999:
- --------------------------------------------------------------------------------
Common stock, $0.01 par value,
2,000,000,000 shares authorized
to the Fund with 50,000,000
shares allocated to this Portfolio $55,570,677
Undistributed net investment loss** (109,002)
Accumulated net realized loss on
investments (2,634,392)
Net unrealized depreciation of
investments and foreign currencies (12,357,436)
- --------------------------------------------------------------------------------
Total Net Assets $40,469,847
================================================================================
* Non-income producing security.
** Undistributed net investment income includes net realized gains (losses) on
foreign currencies. Net realized gains (losses) on foreign currencies are
treated as net investment income in accordance with provisions of the Internal
Revenue Code.
ADR = American Depository Receipt
GDR = Global Depository Receipt
See accompanying notes
56 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
`
Delaware Pooled Trust, Inc.: The Global Fixed Income Portfolio
Statement of Net Assets
April 30, 1999
(Unaudited)
Principal Market Value
Amount* (U.S.$)
- --------------------------------------------------------------------------------
BONDS: 96.12%
Australia: 13.04%
Australian Government
6.75% 11/15/06 A$ 20,000,000 $ 14,329,438
Australian Government
10.00% 2/15/06 15,000,000 12,512,226
New South Wales Treasury
6.50% 5/1/06 25,000,000 17,211,050
New South Wales Treasury
7.00% 2/1/00 20,000,000 13,449,444
Queensland Treasury
8.00% 7/14/99 30,000,000 19,971,573
Queensland Treasury
8.00% 5/14/03 10,000,000 7,263,356
------------
84,737,087
------------
Canada: 23.46%
British Columbia
7.75% 6/16/03 C$ 40,000,000 30,045,236
Government of Canada
4.75% 9/15/99 40,000,000 27,480,466
Government of Canada
10.25% 3/15/14 20,000,000 20,671,145
KFW International Finance
6.50% 12/28/01 6,000,000 4,242,358
Kingdom of Norway
8.375% 1/27/03 10,000,000 7,538,040
Ontario Hydro
5.60% 6/2/08 25,000,000 17,429,232
Ontario Hydro
10.00% 3/19/01 20,000,000 14,912,269
Ontario Province
8.00% 3/11/03 40,000,000 30,162,029
------------
152,480,775
------------
Germany: 10.11%
Baden Wurt L-Finance NV
5.25% 9/26/01 Eu 15,000,000 8,538,947
Baden Wurt L-Finance NV
6.625% 8/20/03 26,000,000 15,885,236
Bundesrepublic Deutschland
6.00% 1/4/07 20,000,000 24,398,800
Bundesrepublic Deutschland
6.25% 1/4/24 2,895,216 3,700,267
<PAGE>
Principal Market Value
Amount* (U.S.$)
- --------------------------------------------------------------------------------
International Bank
Reconstruction &
Development
6.125% 9/27/02 EU 8,000,000 $ 4,746,160
Republic of Finland
5.50% 2/9/01 4,000,000 2,264,386
Treuhandansstalt
6.875% 6/11/03 5,112,919 6,197,939
-----------
65,731,735
-----------
Japan: 9.85%
International Bank
Reconstruction &
Development
4.75% 12/20/04 Jpy 1,000,000,000 10,231,672
Japan Government
4.50% 12/20/04 1,500,000,000 15,026,396
+ Kingdom of Spain
3.10% 9/20/06 2,000,000,000 19,162,133
Republic of Italy
3.75% 6/8/05 2,000,000,000 19,560,960
-----------
63,981,161
-----------
Netherlands: 5.47%
Netherlands Government
8.25% 9/15/07 Eu 17,016,760 23,546,446
Netherlands Government
9.00% 5/15/00 10,663,836 12,007,835
-----------
35,554,281
-----------
New Zealand: 12.70%
Government of
New Zealand
7.00% 7/15/09 NZ$ 32,000,000 19,565,876
Government of
New Zealand
8.00% 2/15/01 28,500,000 16,806,165
+ Government of
New Zealand
8.00% 4/15/04 30,500,000 18,947,907
+ Government of
New Zealand
8.00% 11/15/06 6,000,000 3,834,733
Government of
New Zealand
10.00% 3/15/02 12,000,000 7,586,718
1999 Semiannual Report o Delaware Pooled Trust 57
<PAGE>
Principal Market Value
Amount* (U.S.$)
- --------------------------------------------------------------------------------
International Bank
Reconstruction &
Development
7.00% 9/18/00 NZ$ 7,500,000 $ 4,298,186
International Bank
Reconstruction &
Development
7.25% 5/27/03 14,000,000 8,233,111
Ontario Province
6.25% 12/03/08 6,000,000 3,278,743
-----------
82,551,439
-----------
Sweden: 13.54%
Swedish Export Credit
6.50% 6/5/01 Sk 25,000,000 3,145,807
Swedish Government
6.00% 2/9/05 210,000,000 27,966,228
Swedish Government
8.00% 8/15/07 80,000,000 12,128,059
Swedish Government
9.00% 4/20/09 198,000,000 32,757,527
Swedish Government
10.25% 5/5/00 40,000,000 5,083,710
Swedish Government
10.25% 5/5/03 30,000,000 4,469,571
Swedish Government
13.00% 6/15/01 17,000,000 2,421,237
-----------
87,972,139
-----------
United States: 7.95%
+ Baden Wurt L-Finance NV
5.75% 2/25/08 $ 4,000,000 3,947,200
Korea Electric Power
6.38% 12/1/03 3,600,000 3,466,800
U.S. Treasury Inflation
Index Notes
3.375% 1/15/07 14,518,280 14,001,066
U.S. Treasury Inflation
Index Notes
3.625% 7/15/02 14,362,320 14,312,950
U.S. Treasury Inflation
Index Notes
3.625% 1/15/08 16,271,840 15,920,978
-----------
51,648,994
-----------
------------------------------------------------------------------------------
Total Bonds
(cost $621,300,087) 624,657,611
==============================================================================
<PAGE>
Principal Market Value
Amount* (U.S.$)
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 1.86%
With Chase Manhattan
4.85% 05/03/99 (dated
04/30/99, collateralized
by $3,291,000 U.S.
Treasury Notes 5.50%
due 12/31/00, market
value $3,374,760 and
$744,000 U.S.
Treasury Notes 5.75%
due 08/15/03, market
value $768,337) $4,060,000 $ 4,060,000
With J.P. Morgan Securities
4.85% 05/03/99 (dated
04/30/99, collateralized
by $1,828,000 U.S.
Treasury Notes 5.75%
due 10/31/02, market
value $1,861,244 and
$1,134,000 U.S.
Treasury Notes 5.50%
due 05/31/03, market
value $1,171,156 and
$862,000 U.S.
Treasury Notes 11.125%
due 08/15/03, market
value $1,072,606) 4,023,000 4,023,000
With PaineWebber
4.85% 05/03/99 (dated
04/30/99, collateralized
by $1,031,000 U.S.
Treasury Notes 6.375%
due 07/15/99, market
value $1,053,825 and
$1,536,000 U.S. Treasury
Notes 4.00% due 10/31/00,
market value $1,513,530
and $1,499,000 U.S.
Treasury Notes 6.25%
due 10/31/01, market value $1,539,104) 4,022,000 4,022,000
- --------------------------------------------------------------------------------
Total Repurchase Agreements
(cost $12,105,000) 12,105,000
================================================================================
58 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
- --------------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES: 97.98%
(COST $633,405,087) $636,762,611
================================================================================
- --------------------------------------------------------------------------------
RECEIVABLES AND OTHER ASSETS
NET OF LIABILITIES: 2.02% 13,099,588
================================================================================
- --------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
59,695,351 SHARES ($0.01 PAR VALUE)
OUTSTANDING; EQUIVALENT TO
$10.89 PER SHARE: 100.00% $649,862,199
================================================================================
- --------------------------------------------------------------------------------
COMPONENTS OF NET ASSETS
AT APRIL 30, 1999:
- --------------------------------------------------------------------------------
Common Stock, $0.01 par value,
2,000,000,000 shares authorized
to the Fund with 50,000,000
shares allocated to this Portfolio $637,835,215
Undistributed net investment income ** 5,477,674
Accumulated net realized gain on
investments 3,402,271
Net unrealized appreciation of
investments and foreign currencies 3,147,039
- --------------------------------------------------------------------------------
Total Net Assets $649,862,199
================================================================================
* Principal amount is stated in the currency in which each security is
denominated:
A$ = Australian Dollars
C$ = Canadian Dollars
Esp = Spanish Pesetas
Eu = Euro
Itl = Italian Lira
Jpy = Japanese Yen
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.
+ Security is partially or fully on loan.
See accompanying notes
1999 Semiannual Report o Delaware Pooled Trust 59
<PAGE>
Delaware Pooled Trust, Inc.: The International Fixed Income Portfolio
Statement of Net Assets
April 30,1999
(Unaudited)
Principal Market Value
Amount* (U.S. $)
- --------------------------------------------------------------------------------
BONDS: 95.89%
Australia: 10.94%
Australian Government
6.75% 11/15/06 A$ 1,000,000 $ 716,472
Federal National
Mortgage Association
5.75% 9/5/00 2,500,000 1,671,075
New South Wales Treasury
7.00% 2/1/00 6,100,000 4,102,080
Queensland Treasury
8.00% 5/14/03 6,500,000 4,721,181
----------
11,210,808
----------
Canada: 15.89%
Abbey National Treasury
Service 6.75% 2/25/04 C$ 900,000 648,506
British Columbia
7.75% 6/16/03 4,000,000 3,004,524
CHUBU Electric Power
7.375% 3/30/01 700,000 497,748
General Electric Capital
of Canada
7.13% 2/12/04 900,000 659,301
Government of Canada
5.25% 9/1/03 8,500,000 5,899,315
Government of Canada
5.50% 6/1/09 1,000,000 704,572
Government of Canada
6.00% 6/1/08 1,000,000 728,239
Government of Canada
7.50% 9/1/00 500,000 355,322
KFW International Finance
6.50% 12/28/01 1,400,000 989,883
Ontario Hydro
5.60% 6/2/08 4,000,000 2,788,677
----------
16,276,087
----------
Germany: 19.22%
Baden Wurt L-Finance NV
5.250% 9/26/01 Eu 2,000,000 1,138,526
Bayerische Vereinsbank
6.50% 6/6/05 3,000,000 3,670,936
Bundesrepublik Deutschland
6.00% 1/4/07 1,000,000 1,219,940
Bundesrepublik Deutschland
6.25% 1/4/24 1,022,584 1,306,926
<PAGE>
Principal Market Value
Amount* (U.S. $)
- --------------------------------------------------------------------------------
Bundesrepublik Deutschland
6.50% 7/4/27 Eu 766,938 $ 1,016,327
Bundesrepublik Deutschland
8.00% 7/22/02 6,000,000 7,325,992
DSL Finance NV
6.00% 2/21/06 2,900,000 1,770,951
Nordic Investment Bank
4.88% 3/1/01 4,000,000 2,239,594
----------
19,689,192
----------
Japan: 14.51%
International Bank
Reconstruction &
Development
4.75% 12/20/04 Jpy 400,000,000 4,092,670
Japan Government
6.70% 6/20/00 370,000,000 3,324,576
Kingdom of Spain
3.10% 9/20/06 450,000,000 4,311,480
Republic of Italy
3.75% 6/8/05 320,000,000 3,129,754
----------
14,858,480
----------
Netherlands: 1.81%
DSL Finance NV
5.75% 3/19/09 Nlg 1,500,000 907,849
Netherlands Government
8.25% 9/15/07 310,912 430,215
Netherlands Government
9.00% 5/15/00 453,780 510,971
----------
1,849,035
----------
New Zealand: 12.32%
Federal National
Mortgage Association
7.25% 6/20/02 NZ$ 3,000,000 1,754,759
Government of
New Zealand
7.00% 7/15/09 6,000,000 3,668,602
Government of
New Zealand
8.00% 2/15/01 1,500,000 884,535
Government of
New Zealand
8.00% 4/15/04 3,000,000 1,863,729
Government of
New Zealand
8.00% 11/15/06 2,950,000 1,885,410
60 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
Principal Market Value
Amount* (U.S. $)
- --------------------------------------------------------------------------------
Government of
New Zealand
10.00% 3/15/02 NZ$ 2,750,000 $ 1,738,623
International Bank
Reconstruction &
Development
5.38% 11/6/03 1,500,000 822,970
----------
12,618,628
----------
Sweden: 14.05%
Swedish Government
6.00% 2/9/05 Sk 15,000,000 1,997,588
Swedish Government
8.00% 8/15/07 21,500,000 3,259,416
Swedish Government
9.00% 4/20/09 21,500,000 3,557,004
Swedish Government
10.25% 5/5/03 15,000,000 2,234,786
Swedish Government
13.00% 6/15/01 23,500,000 3,347,005
----------
14,395,799
----------
United States: 7.15%
U.S.Treasury Inflation
Index Notes
3.375% 1/15/07 $3,111,060 3,000,228
US Treasury Inflation
Index Notes
3.625% 7/15/02 1,743,996 1,738,001
US Treasury Inflation
Index Notes
3.625% 1/15/08 2,644,174 2,587,159
----------
7,325,388
----------
- --------------------------------------------------------------------------------
Total Bonds
(cost $98,096,311) 98,223,417
================================================================================
<PAGE>
Principal Market Value
Amount* (U.S. $)
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 1.64%
With Chase Manhattan
4.85% 05/03/99 (dated
04/30/99, collateralized
by $458,000 U.S.
Treasury Notes 5.50%
due 12/31/00, market
value $469,393 and
$104,000 U.S.
Treasury Notes 5.75%
due 08/15/03, market
value $107,159) $565,000 $ 565,000
With J.P. Morgan Securities
4.85% 05/03/99 (dated
04/30/99, collateralized
by $255,000 U.S.
Treasury Notes 5.75%
due 10/31/02, market
value $259,202 and
$158,000 U.S.
Treasury Notes 5.50%
due 05/31/03, market
value $163,304 and
$120,000 U.S.
Treasury Notes 11.125%
due 08/15/03, market
value $148,987) 560,000 560,000
With PaineWebber
4.85% 05/03/99 (dated
04/30/99, collateralized
by $144,000 U.S.
Treasury Notes 6.375%
due 07/15/99, market
value $147,033 and
$213,000 U.S.
Treasury Notes 4.00%
due 10/31/00, market
value $210,369 and
$209,000 U.S.
Treasury Notes 6.25%
due 10/31/01, market
value $214,292) 560,000 560,000
- --------------------------------------------------------------------------------
Total Repurchase Agreements
(cost $1,685,000) 1,685,000
================================================================================
1999 Semiannual Report o Delaware Pooled Trust 61
<PAGE>
- --------------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES: 97.53%
(COST $99,781,311) $99,908,417
================================================================================
- --------------------------------------------------------------------------------
RECEIVABLES AND OTHER ASSETS
NET OF LIABILITIES: 2.47% 2,529,675
================================================================================
- --------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
9,797,415 SHARES ($0.01 PAR VALUE)
OUTSTANDING; EQUIVALENT TO
$10.46 PER SHARE: 100.00% $102,438,092
================================================================================
- --------------------------------------------------------------------------------
COMPONENTS OF NET ASSETS
AT APRIL 30, 1999:
- --------------------------------------------------------------------------------
Common Stock, $0.01 par value,
2,000,000,000 shares authorized
to the Fund with 50,000,000
shares allocated to this Portfolio $99,536,784
Undistributed net investment income ** 1,285,871
Accumulated net realized gain on
investments 1,554,020
Net unrealized appreciation of
investments and foreign currencies 61,417
- --------------------------------------------------------------------------------
Total Net Assets $102,438,092
================================================================================
* Principal amount is stated in the currency in which each security is
denominated:
A$ = Australian Dollars
C$ = Canadian Dollars
Esp = Spanish Pesetas
Eu = Euro
Itl = Italian Lira
Jpy = Japanese Yen
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
62 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
Delaware Pooled Trust, Inc.
Statements of Assets and Liabilities
April 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
The
The The The Labor Select
Aggregate High-Yield Global International
Fixed Income Bond Equity Equity
Portfolio Portfolio Portfolio Portfolio
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Assets:
Investments at market $ 8,441,940 $ 23,971,515 $ 3,588,055 $110,114,891
Cash and Foreign Currencies 52,466 12,109 1,548 63,752
Dividends and interest receivable 44,685 457,724 9,826 376,445
Receivable for securities sold -- 1,811,250 235,509 9,111,323
Other assets -- -- 22,740 --
------------------------------------------------------------------------------
Total assets 8,539,091 26,252,598 3,857,678 119,666,411
------------------------------------------------------------------------------
Liabilities:
Payable for securities purchased 2,134,798 1,800,000 314,387 819,000
Other accounts payable and accrued expenses 33,088 52,285 52,135 37,701
------------------------------------------------------------------------------
Total liabilities 2,167,886 1,852,285 366,522 856,701
------------------------------------------------------------------------------
Total Net Assets $ 6,371,205 $ 24,400,313 $ 3,491,156 $118,809,710
==============================================================================
Investments at cost $ 8,513,155 $ 24,890,672 $ 3,344,280 $ 93,319,154
==============================================================================
</TABLE>
See accompanying notes
1999 Semiannual Report o Delaware Pooled Trust 63
<PAGE>
Delaware Pooled Trust, Inc.
Statements of Operations
(Unaudited)
<TABLE>
<CAPTION>
Six Months Six Months Six Months Six Months
Ended Ended Ended Ended
4/30/99 4/30/99 4/30/99 4/30/99
----------------------------------------------------------------
The The The The
Large-Cap Core Mid-cap Mid-Cap
Value Equity Equity Growth Equity Value Equity
Portfolio Portfolio Portfolio Portfolio
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Investment Income:
Interest $ 112,380 $ 494 $ 10,514 $ 1,474
Dividends 1,521,671 14,992 6,721 26,212
----------------------------------------------------------------
1,634,051 15,486 17,235 27,686
----------------------------------------------------------------
Expenses:
Management fees 354,345 6,179 23,398 10,196
Accounting and administration 35,300 574 1,500 873
Reports and statements to shareholders 6,200 2,600 600 200
Registration fees 12,314 4,410 2,341 2,873
Professional fees 4,000 500 1,200 730
Taxes (other than taxes on income) 2,962 10 1,200 450
Dividend disbursing and transfer agent fees and expenses 2,014 93 1,100 460
Custodian fees 1,376 374 215 120
Directors' fees 1,250 93 1,100 180
Amortization of organization expenses -- -- -- --
Other 2,780 370 1,057 390
----------------------------------------------------------------
422,541 15,203 33,711 16,472
Less expenses absorbed or waived (2,509) (7,600) (6,149) (4,338)
Less expenses paid indirectly (2,876) (26) (152) (47)
----------------------------------------------------------------
Total expenses 417,156 7,577 27,410 12,087
----------------------------------------------------------------
Net Investment Income (Loss) 1,216,895 7,909 (10,175) 15,599
----------------------------------------------------------------
Net Realized and Unrealized Gain (Loss)
On Investments:
Net realized gain (loss) on investments 931,786 11,584 274,521 (110,514)
Net change in unrealized appreciation/depreciation
of investments 17,483,522 186,224 1,212,398 282,456
----------------------------------------------------------------
Net Realized and Unrealized Gain (Loss)
On Investments 18,415,308 197,808 1,486,919 171,942
----------------------------------------------------------------
Net Increase In Net Assets Resulting
from Operations $19,632,203 $205,717 $1,476,744 $187,541
================================================================
</TABLE>
* Date of commencement of operations.
See accompanying notes
64 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
- ---------
RESTUBBED
- ---------
<TABLE>
<CAPTION>
Six Months 3/29/99* Six Months Six Months
Ended to Ended Ended
4/30/99 4/30/99 4/30/99 4/30/99
----------------------------------------------------------------
The
The The Real Estate The
Small-Cap Small-Cap Investment Intermediate
Growth Equity Value Equity Trust Fixed Income
Portfolio Portfolio Portfolio II Portfolio
----------------------------------------------------------------
<S> <C> <C> <C> <C>
Investment Income:
Interest $ 17,167 $ 941 $ 4,317 $ 782,428
Dividends 2,448 3,457 172,457 --
----------------------------------------------------------------
19,615 4,398 176,774 782,428
----------------------------------------------------------------
Expenses:
Management fees 14,541 1,320 21,605 47,496
Accounting and administration 767 5 1,283 4,671
Reports and statements to shareholders 1,100 5 900 4,000
Registration fees 4,910 5 5,648 19,000
Professional fees 1,700 7 7,847 5,000
Taxes (other than taxes on income) 180 -- 1,951 2,400
Dividend disbursing and transfer agent fees and expenses 160 9 47 8,898
Custodian fees 1,041 314 650 --
Directors' fees -- 15 273 401
Amortization of organization expenses -- -- -- 2,526
Other 1,239 31 656 4,030
----------------------------------------------------------------
25,638 1,711 40,860 98,422
Less expenses absorbed or waived (8,411) (4) (16,200) (35,004)
Less expenses paid indirectly (137) (323) (66) (276)
----------------------------------------------------------------
Total expenses 17,090 1,384 24,594 63,142
----------------------------------------------------------------
Net Investment Income (Loss) 2,525 3,014 152,180 719,286
----------------------------------------------------------------
Net Realized and Unrealized Gain (Loss)
On Investments:
Net realized gain (loss) on investments 312,445 4,881 (385,760) 60,113
Net change in unrealized appreciation/depreciation
of investments 481,659 157,930 624,506 (353,286)
----------------------------------------------------------------
Net Realized and Unrealized Gain (Loss)
On Investments 794,104 162,811 238,746 (293,173)
----------------------------------------------------------------
Net Increase In Net Assets Resulting
from Operations $796,629 $165,825 $390,926 $ 426,113
================================================================
</TABLE>
1999 Semiannual Report o Delaware Pooled Trust 65
<PAGE>
Delaware Pooled Trust, Inc.
Statements of Operations continued
(Unaudited)
<TABLE>
<CAPTION>
Six Months Six Months Six Months Six Months
Ended Ended Ended Ended
4/30/99 4/30/99 4/30/99 4/30/99
----------------------------------------------------------------
The The The The
Aggregate High-Yield Diversified Core Global
Fixed Income Bond Fixed Income Equity
Portfolio Portfolio Portfolio Portfolio
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Investment Income:
Interest $157,460 $1,062,587 $121,916 $ 2,542
Dividends -- 25,374 -- 39,686
Foreign tax withheld -- -- (41) (2,401)
----------------------------------------------------------------
157,460 1,087,961 121,875 39,827
----------------------------------------------------------------
Expenses:
Management fees 10,986 49,772 7,114 14,297
Accounting and administration 1,073 4,795 646 546
Reports and statements to shareholders 1,305 1,500 2,150 4,800
Registration fees 1,800 12,000 2,790 5,200
Professional fees 450 9,852 400 6,900
Taxes (other than taxes on income) 286 2,100 294 1,200
Dividend disbursing and transfer agent fees and expenses 451 2,938 281 580
Custodian fees 1,039 800 -- 1,557
Directors' fees 209 317 159 201
Amortization of organization expenses -- -- -- --
Other 905 971 93 1,276
----------------------------------------------------------------
18,504 85,045 13,927 36,557
----------------------------------------------------------------
Less expenses absorbed or waived (4,125) (21,029) (4,533) (21,031)
Less expenses paid indirectly (63) (254) (38) (78)
----------------------------------------------------------------
Total expenses 14,316 63,762 9,356 15,448
----------------------------------------------------------------
Net Investment Income 143,144 1,024,199 112,519 24,379
----------------------------------------------------------------
Net Realized and Unrealized Gain (Loss)
On Investments and Foreign Currencies:
Net realized gain (loss) on:
Investments (105,655) (1,255,095) (35,649) 96,198
Foreign currencies -- -- 254 7,241
----------------------------------------------------------------
Net realized gain (loss) (105,655) (1,255,095) (35,395) 103,439
Net change in unrealized appreciation/depreciation
of investments and foreign currencies (94,339) 1,387,486 80,094 270,784
----------------------------------------------------------------
Net Realized and Unrealized Gain (Loss) On
Investments and Foreign Currencies (199,994) 132,391 44,699 374,223
----------------------------------------------------------------
Net Increase (Decrease) In Net Assets
Resulting from Operations ($56,850) $1,156,590 $157,218 $398,602
================================================================
</TABLE>
* Date of commencement of operations.
See accompanying notes
66 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
- ---------
RESTUBBED
- ---------
<TABLE>
<CAPTION>
Six Months Six Months Six Months Six Months Six Months
Ended Ended Ended Ended Ended
4/30/99 4/30/99 4/30/99 4/30/99 4/30/99
-------------------------------------------------------------------------
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 $ 1,059,296 $ 92,840 $ 59,327 $19,841,454 $2,790,584
Dividends 8,521,715 1,369,821 575,401 -- --
Foreign tax withheld (788,558) (138,779) (19,181) -- (19,210)
-------------------------------------------------------------------------
8,792,453 1,323,882 615,547 19,841,454 2,771,374
-------------------------------------------------------------------------
Expenses:
Management fees 2,500,937 338,976 199,967 1,634,425 231,477
Accounting and administration 139,484 19,495 6,619 131,953 18,086
Reports and statements to shareholders 41,200 1,200 9,918 73,061 20,906
Registration fees 16,500 700 3,200 1,375 --
Professional fees 27,744 665 2,666 20,200 7,900
Taxes (other than taxes on income) 29,724 2,600 2,049 16,792 2,100
Dividend disbursing and transfer agent fees and expenses 7,050 800 950 5,294 928
Custodian fees 114,879 1,947 30,763 70,999 7,154
Directors' fees 5,224 200 413 5,732 840
Amortization of organization expenses -- -- -- -- --
Other 83,603 1,222 13,522 79,738 12,486
-------------------------------------------------------------------------
2,966,345 367,805 270,067 2,039,569 301,877
Less expenses absorbed or waived -- -- (14,518) (63,062) (27,087)
Less expenses paid indirectly (9,055) (3,169) (508) (26,035) (2,219)
-------------------------------------------------------------------------
Total expenses 2,957,290 364,636 255,041 1,950,472 272,571
-------------------------------------------------------------------------
Net Investment Income 5,835,163 959,246 360,506 17,890,982 2,498,803
-------------------------------------------------------------------------
Net Realized and Unrealized Gain (Loss)
On Investments and Foreign Currencies:
Net realized gain (loss) on:
Investments 3,696,671 894,311 (1,166,803) 3,424,030 1,576,816
Foreign currencies 1,427,707 210,942 (355,484) 899,643 104,072
-------------------------------------------------------------------------
Net realized gain (loss) 5,124,378 1,105,253 (1,522,287) 4,323,673 1,680,888
Net change in unrealized appreciation/depreciation
of investments and foreign currencies 88,935,136 11,754,825 7,612,041 (10,087,982) (2,801,509)
-------------------------------------------------------------------------
Net Realized and Unrealized Gain (Loss) On
Investments and Foreign Currencies 94,059,514 12,860,078 6,089,754 (5,764,309) (1,120,621)
-------------------------------------------------------------------------
Net Increase (Decrease) In Net Assets
Resulting from Operations $99,894,677 $13,819,324 $6,450,260 $12,126,673 $1,378,182
=========================================================================
</TABLE>
1999 Semiannual Report o Delaware Pooled Trust 67
<PAGE>
Delaware Pooled Trust, Inc.
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Six Months
Ended Year
4/30/99 Ended
(Unaudited) 10/31/98
------------------------------------------------------
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) $ 1,216,895 $ 1,846,628
Net realized gain (loss) on investments 931,786 14,115,039
Net change in unrealized appreciation/
depreciation of investments 17,483,522 (5,247,826)
------------------------------------------------------
Net increase (decrease) in net assets
resulting from operations 19,632,203 10,713,841
------------------------------------------------------
Distributions to Shareholders From:
Net investment income (1,658,629) (1,837,808)
Net realized gain on investments (14,283,816) (12,031,890)
------------------------------------------------------
(15,942,445) (13,869,698)
------------------------------------------------------
Capital Share Transactions:
Proceeds from shares sold 32,207,413 36,847,413
Net asset value of shares issued upon reinvestment
of distributions from net investment income and
net realized gain on investments 15,621,199 13,671,296
------------------------------------------------------
47,828,612 50,518,709
Cost of shares repurchased (7,551,307) (10,606,420)
------------------------------------------------------
Increase (decrease) in net assets derived from
capital share transactions 40,277,305 39,912,289
------------------------------------------------------
Net Increase (Decrease) In Net Assets 43,967,063 36,756,432
Net Assets:
Beginning of period 117,858,330 81,101,898
------------------------------------------------------
End of period $ 161,825,393 $ 117,858,330
======================================================
</TABLE>
68 1999 Semiannual Report o Delaware Pooled Trust
<PAGE>
- ---------
RESTUBBED
- ---------
<TABLE>
<CAPTION>
Six Months Six Months Six Months
Ended 9/15/98* Ended Year Ended 12/29/97*
4/30/99 to 4/30/99 Ended 4/30/99 to
(Unaudited) 10/31/98 (Unaudited) 10/31/98 (Unaudited) 10/31/98
- ------------------------------------------------------------------------------------------------------------------------------------
The The The The The The
Core Core Mid-Cap Mid-Cap Mid-Cap Mid-Cap
Equity Equity Growth Equity Growth Equity Value Equity Value Equity
Portfoio Portfolio Portfolio Portfolio Portfolio Portfolio
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Increase (Decrease) In Net Assets From Operations:
Net investment income (loss) $ 7,909 $ 2,878 $ (10,175) $ 7,760 $ 15,599 $ 33,701
Net realized gain (loss) on investments 11,584 (5,571) 274,521 1,308,614 (110,514) (147,698)
Net change in unrealized appreciation/
depreciation of investments 186,224 114,455 1,212,398 (1,292,306) 282,456 (161,927)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from operations 205,717 111,762 1,476,744 24,068 187,541 (275,924)
- ------------------------------------------------------------------------------------------------------------------------------------
Distributions to Shareholders From:
Net investment income (5,882) -- (7,009) -- (42,353) --
Net realized gain on investments -- -- (1,233,662) (4,706,261) -- --
- ------------------------------------------------------------------------------------------------------------------------------------
(5,882) -- (1,240,671) (4,706,261) (42,353) --
- ------------------------------------------------------------------------------------------------------------------------------------
Capital Share Transactions:
Proceeds from shares sold -- 2,000,009 545,339 60,373 -- 3,000,008
Net asset value of shares issued upon reinvestment
of distributions from net investment income and
net realized gain on investments 5,882 -- 1,237,733 4,706,261 42,353 --
- ------------------------------------------------------------------------------------------------------------------------------------
5,882 2,000,009 1,783,072 4,766,634 42,353 3,000,008
Cost of shares repurchased -- -- (149,786) (5,522,390) -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets derived from
capital share transactions 5,882 2,000,009 1,633,286 (755,756) 42,353 3,000,008
- ------------------------------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) In Net Assets 205,717 2,111,771 1,869,359 (5,437,949) 187,541 2,724,084
Net Assets:
Beginning of period 2,111,771 -- 4,879,498 10,317,447 2,724,084 --
- ------------------------------------------------------------------------------------------------------------------------------------
End of period $2,317,488 $2,111,771 $6,748,857 $ 4,879,498 $2,911,625 $2,724,084
====================================================================================================================================
</TABLE>
* Date of commencement of operations.
See accompanying notes
1999 Semiannual Report o Delaware Pooled Trust 69
<PAGE>
Delaware Pooled Trust, Inc.
Statements of Changes in Net Assets continued
<TABLE>
<CAPTION>
Six Months 3/29/99* Six Months
Ended 9/15/98* to Ended
4/30/99 to 4/30/99 4/30/99
(Unaudited) 10/31/98 (Unaudited) (Unaudited)
---------------------------------------------------------------------------
The
The The The Real Estate
Small-Cap Small-Cap Small-Cap Investment
Growth Equity Growth Equity Value Equity Trust
Portfolio Portfolio Portfolio Portfolio II
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Increase (Decrease) In Net Assets From Operations:
Net investment income $ 2,525 $ 6,558 $ 3,014 $ 152,180
Net realized gain (loss) on investments 312,445 (45,106) 4,881 (385,760)
Net change in unrealized appreciation/
depreciation of investments 481,659 356,345 157,930 624,506
---------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from operations 796,629 317,797 165,825 390,926
---------------------------------------------------------------------------
Distributions to Shareholders From:
Net investment income (8,824) -- -- (311,766)
Net realized gain on investments -- -- -- --
---------------------------------------------------------------------------
(8,824) -- -- (311,766)
---------------------------------------------------------------------------
Capital Share Transactions:
Proceeds from shares sold -- 3,000,008 2,000,008 --
Net asset value of shares issued upon reinvestment
of distributions from net investment income and
net realized gain on investments 8,824 -- -- 311,766
---------------------------------------------------------------------------
8,824 3,000,008 2,000,008 311,766
Cost of shares repurchased -- -- -- (299,881)
---------------------------------------------------------------------------
Increase (decrease) in net assets derived from
capital share transactions 8,824 3,000,008 2,000,008 11,885
---------------------------------------------------------------------------
Net Increase (Decrease) In Net Assets 796,629 3,317,805 2,165,833 91,045
Net Assets:
Beginning of period 3,317,805 -- -- 5,762,546
---------------------------------------------------------------------------
End of period $4,114,434 $3,317,805 $2,165,833 $5,853,591
=================================================================================================================================
</TABLE>
70 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
- ---------
RESTUBBED
- ---------
<TABLE>
<CAPTION>
Six Months Six Months
11/4/97* Ended Year Ended 12/29/97*
to 4/30/99 Ended 4/30/99 to
10/31/98 (Unaudited) 10/31/98 (Unaudited) 10/31/98
- ------------------------------------------------------------------------------------------------------------------------------------
The
Real Estate The The The The
Investment Intermediate Intermediate Aggregate Aggregate
Trust Fixed Income Fixed Income Fixed Income Fixed Income
Portfolio II Portfolio Portfolio Portfolio Portfolio
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Increase (Decrease) In Net Assets From Operations:
Net investment income $ 294,291 $ 719,286 $ 1,767,782 $ 143,144 $ 97,533
Net realized gain (loss) on investments (276,394) 60,113 420,336 (105,655) 28,577
Net change in unrealized appreciation/
depreciation of investments (784,976) (353,286) (113,061) (94,339) 23,124
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from operations (767,079) 426,113 2,075,057 (56,850) 149,234
- ------------------------------------------------------------------------------------------------------------------------------------
Distributions to Shareholders From:
Net investment income (39,470) (722,656) (1,764,413) (133,460) --
Net realized gain on investments -- (416,649) (30,150) (28,097) --
- ------------------------------------------------------------------------------------------------------------------------------------
(39,470) (1,139,305) (1,794,563) (161,557) --
- ------------------------------------------------------------------------------------------------------------------------------------
Capital Share Transactions:
Proceeds from shares sold 6,529,625 409,737 2,698,180 4,399,612 2,000,009
Net asset value of shares issued upon reinvestment
of distributions from net investment income and
net realized gain on investments 39,470 984,576 1,444,379 161,557 --
- ------------------------------------------------------------------------------------------------------------------------------------
6,569,095 1,394,313 4,142,559 4,561,169 2,000,009
- ------------------------------------------------------------------------------------------------------------------------------------
Cost of shares repurchased -- (11,192,077) (4,578,520) (120,800) --
- ------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets derived from
capital share transactions 6,569,095 (9,797,764) (435,961) 4,440,369 2,000,009
- ------------------------------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) In Net Assets 5,762,546 (10,510,956) (155,467) 4,221,962 2,149,243
Net Assets:
Beginning of period -- 30,210,729 30,366,196 2,149,243 --
- ------------------------------------------------------------------------------------------------------------------------------------
End of period $5,762,546 $19,699,773 $30,210,729 $6,371,205 $2,149,243
====================================================================================================================================
</TABLE>
* Date of commencement of operations.
See accompanying notes
1999 Semiannual Report o Delaware Pooled Trust 71
<PAGE>
Delaware Pooled Trust, Inc.
Statements of Changes in Net Assets continued
<TABLE>
<CAPTION>
Six Months
Ended Year
4/30/99 Ended
(Unaudited) 10/31/98
---------------------------
The The
High-Yield High-Yield
Bond Bond
Portfolio Portfolio
- ---------------------------------------------------------------------------------
<S> <C> <C>
Increase (Decrease) In Net Assets From Operations:
Net investment income $ 1,024,199 $ 1,740,024
Net realized gain (loss) on investments
and foreign currencies (1,255,095) 373,305
Net change in unrealized appreciation/
depreciation of investments and foreign currencies 1,387,486 (2,555,347)
---------------------------
Net increase (decrease) in net assets
resulting from operations 1,156,590 (442,018)
---------------------------
Distributions to Shareholders From:
Net investment income (1,504,497) (1,296,634)
Net realized gain on investments (376,171) (293,568)
---------------------------
(1,880,668) (1,590,202)
---------------------------
Capital Share Transactions:
Proceeds from shares sold 2,550,000 9,800,000
Net asset value of shares issued upon reinvestment
of distributions from net investment income and
net realized gain on investments 1,868,824 1,590,201
---------------------------
4,418,824 11,390,201
Cost of shares repurchased -- --
---------------------------
Increase in net assets derived from capital
share transactions 4,418,824 11,390,201
---------------------------
Net Increase In Net Assets 3,694,746 9,357,981
Net Assets:
Beginning of period 20,705,567 11,347,586
---------------------------
End of period $24,400,313 $20,705,567
===========================
</TABLE>
* Date of commencement of operations.
See accompanying notes
72 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
[RESTUBBED TABLE]
<TABLE>
<CAPTION>
Six Months Six Months Six Months
Ended 12/29/97* Ended Year Ended Year
4/30/99 to 4/30/99 Ended 4/30/99 Ended
(Unaudited) 10/31/98 (Unaudited) 10/31/98 (Unaudited) 10/31/98
- ------------------------------------------------------------------------------------------------------------------------------------
The The
Diversified Diversified The The The The
Core Core Global Global International International
Fixed Income Fixed Income Equity Equity Equity Equity
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Increase (Decrease) In Net Assets From Operations:
Net investment income $ 112,519 $ 188,265 $ 24,379 $ 65,022 $ 5,835,163 $ 14,055,619
Net realized gain (loss) on investments
and foreign currencies (35,395) 123,943 103,439 39,056 5,124,378 (4,344,418)
Net change in unrealized appreciation/
depreciation of investments and foreign currencies 80,094 (96,348) 270,784 133,591 88,935,136 13,796,645
------------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from operations 157,218 215,860 398,602 237,669 99,894,677 23,507,846
------------------------------------------------------------------------------
Distributions to Shareholders From:
Net investment income (229,413) -- (67,397) (24,619) (12,905,134) (19,730,232)
Net realized gain on investments (120,000) -- (39,019) -- -- (4,749,754)
------------------------------------------------------------------------------
(349,413) -- (106,416) (24,619) (12,905,134) (24,479,986)
------------------------------------------------------------------------------
Capital Share Transactions:
Proceeds from shares sold -- 3,000,009 -- -- 86,943,349 134,421,186
Net asset value of shares issued upon reinvestment
of distributions from net investment income and
net realized gain on investments 349,413 -- 106,416 24,619 11,718,053 22,579,574
------------------------------------------------------------------------------
349,413 3,000,009 106,416 24,619 98,661,402 157,000,760
Cost of shares repurchased -- -- -- -- (55,125,416) (39,995,300)
------------------------------------------------------------------------------
Increase in net assets derived from capital
share transactions 349,413 3,000,009 106,416 24,619 43,535,986 117,005,460
------------------------------------------------------------------------------
Net Increase In Net Assets 157,218 3,215,869 398,602 237,669 130,525,529 116,033,320
Net Assets:
Beginning of period 3,215,869 -- 3,092,554 2,854,885 616,228,981 500,195,661
------------------------------------------------------------------------------
End of period $3,373,087 $3,215,869 $3,491,156 $3,092,554 $746,754,510 $616,228,981
==============================================================================
</TABLE>
1999 Semiannual Report o Delaware Pooled Trust 73
<PAGE>
Delaware Pooled Trust, Inc.
Statements of Changes in Net Assets continued
<TABLE>
<CAPTION>
Six Months
Ended Year
4/30/99 Ended
(Unaudited) 10/31/98
-----------------------------
The The
Labor Select Labor Select
International International
Equity Equity
Portfolio Portfolio
- ---------------------------------------------------------------------------------
<S> <C> <C>
Increase (Decrease) In Net Assets From Operations:
Net investment income $ 959,246 $ 2,106,516
Net realized gain (loss) on investments
and foreign currencies 1,105,253 387,244
Net change in unrealized appreciation/
depreciation of investments and foreign currencies 11,754,825 452,819
----------------------------
Net increase (decrease) in net assets
resulting from operations 13,819,324 2,946,579
----------------------------
Distributions to Shareholders From:
Net investment income (1,876,312) (2,016,614)
Net realized gain on investments (297,145) --
----------------------------
(2,173,457) (2,016,614)
----------------------------
Capital Share Transactions:
Proceeds from shares sold 7,479,673 53,796,761
Net asset value of shares issued upon reinvestment
of distributions from net investment income and
net realized gain on investments 2,173,457 2,016,614
----------------------------
9,653,130 55,813,375
Cost of shares repurchased (5,839,614) (4,288,718)
----------------------------
Increase (decrease) in net assets derived from
capital share transactions 3,813,516 51,524,657
----------------------------
Net Increase (Decrease) In Net Assets 15,459,383 52,454,622
Net Assets:
Beginning of period 103,350,327 50,895,705
----------------------------
End of period $118,809,710 $103,350,327
============================
</TABLE>
See accompanying notes
74 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
[RESTUBBED TABLE]
<TABLE>
<CAPTION>
Six Months Six Months Six Months
Ended Year Ended Year Ended Year
4/30/99 Ended 4/30/99 Ended 4/30/99 Ended
(Unaudited) 10/31/98 (Unaudited) 10/31/98 (Unaudited) 10/31/98
- ------------------------------------------------------------------------------------------------------------------------------------
The The The The The The
Emerging Emerging Global Global International International
Markets Markets Fixed Income Fixed Income Fixed Income Fixed Income
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Increase (Decrease) In Net Assets From Operations:
Net investment income $ 360,506 $ 712,965 $ 17,890,982 $ 30,359,557 $ 2,498,803 $ 3,218,808
Net realized gain (loss) on investments
and foreign currencies (1,522,287) (1,514,007) 4,323,673 277,629 1,680,888 347,757
Net change in unrealized appreciation/
depreciation of investments and foreign currencies 7,612,041 (16,312,722) (10,087,982) 9,179,450 (2,801,509) 2,144,683
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from operations 6,450,260 (17,113,764) 12,126,673 39,816,636 1,378,182 5,711,248
- ------------------------------------------------------------------------------------------------------------------------------------
Distributions to Shareholders From:
Net investment income (757,599) (50,474) (15,197,823) (28,369,109) (2,938,348) (2,259,498)
Net realized gain on investments -- (282,657) (7,312,893) (6,852,402) (630,553) (78,262)
- ------------------------------------------------------------------------------------------------------------------------------------
(757,599) (333,131) (22,510,716) (35,221,511) (3,568,901) (2,337,760)
- ------------------------------------------------------------------------------------------------------------------------------------
Capital Share Transactions:
Proceeds from shares sold -- 32,579,507 17,551,119 254,190,844 13,381,982 51,119,928
Net asset value of shares issued upon reinvestment
of distributions from net investment income and
net realized gain on investments 746,843 333,131 20,193,271 30,870,291 3,568,901 2,337,760
- ------------------------------------------------------------------------------------------------------------------------------------
746,843 32,912,638 37,744,390 285,061,135 16,950,883 53,457,688
Cost of shares repurchased -- -- (38,238,856) (59,991,155) (318,611) (2,568,493)
- ------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets derived from
capital share transactions 746,843 32,912,638 (494,466) 225,069,980 16,632,272 50,889,195
- ------------------------------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) In Net Assets 6,439,504 15,465,743 (10,878,509) 229,665,105 14,441,553 54,262,683
Net Assets:
Beginning of period 34,030,343 18,564,600 660,740,708 431,075,603 87,996,539 33,733,856
- ------------------------------------------------------------------------------------------------------------------------------------
End of period $40,469,847 $34,030,343 $649,862,199 $660,740,708 $102,438,092 $87,996,539
====================================================================================================================================
</TABLE>
1999 Semiannual Report o Delaware Pooled Trust 75
<PAGE>
Delaware Pooled Trust, Inc.
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
4/30/99(1) Ended Ended Ended Ended Ended
(Unaudited) 10/31/98 10/31/97 10/31/96 10/31/95 10/31/94
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 17.780 $ 18.530 $ 16.460 $14.660 $ 13.080 $12.730
Income from investment operations:
Net investment income 0.153 0.308 0.381 0.440 0.430 0.320
Net realized and unrealized gain
on investments 2.297 2.022 3.599 2.960 1.980 0.653
------------------------------------------------------------------------
Total from investment operations 2.450 2.330 3.980 3.400 2.410 0.973
------------------------------------------------------------------------
Less dividends and distributions:
Dividends from net investment income (0.240) (0.380) (0.410) (0.440) (0.340) (0.280)
Distributions from net realized gain
on investments (2.140) (2.700) (1.500) (1.160) (0.490) (0.343)
------------------------------------------------------------------------
Total dividends and distributions (2.380) (3.080) (1.910) (1.600) (0.830) (0.623)
------------------------------------------------------------------------
Net asset value, end of period $ 17.850 $ 17.780 $ 18.530 $16.460 $14.660 $13.080
========================================================================
Total return 15.12% 13.50% 26.73% 24.87% 19.77% 7.96%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $161,825 $117,858 $ 81,102 $67,179 $51,947 $37,323
Ratio of expenses to average net assets 0.64% 0.68% 0.66% 0.67% 0.68% 0.68%
Ratio of expenses to average net assets
prior to expense limitation and expenses
paid indirectly 0.65% 0.71% 0.67% 0.70% 0.71% 0.82%
Ratio of net investment income to average
net assets 1.87% 1.91% 2.15% 2.85% 3.33% 3.26%
Ratio of net investment income to average
net assets prior to expense limitation and
expenses paid indirectly 1.86% 1.88% 2.14% 2.83% 3.30% 3.12%
Portfolio turnover 46% 85% 73% 74% 88% 73%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Ratios have been annualized and total return has not been annualized.
See accompanying notes
76 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
Delaware Pooled Trust, Inc.
Financial Highlights
Selected data for each share of the Portfolio outstanding throughout each period
were as follows:
The Core Equity Portfolio
Six Months
Ended 9/15/98 (2)
4/30/99(1) to
(Unaudited) 10/31/98
- --------------------------------------------------------------------------------
Net asset value, beginning of period $8.970 $8.500
Income from investment operations:
Net investment income 0.009 0.012
Net realized and unrealized gain on investments 0.866 0.458
-----------------------
Total from investment operations 0.875 0.470
-----------------------
Less dividends and distributions:
Dividends from net investment income (0.025) none
Distributions from net realized gain
on investments none none
-----------------------
Total dividends and distributions (0.025) none
-----------------------
Net asset value, end of period $9.820 $8.970
=======================
Total return 9.76% 5.53%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $2,317 $ 2,112
Ratio of expenses to average net assets 0.68% 0.68%
Ratio of expenses to average net assets
prior to expense limitation and expenses
paid indirectly 1.36% 1.74%
Ratio of net investment income to average
net assets 0.71% 1.15%
Ratio of net investment income to average
net assets prior to expense limitation and
expenses paid indirectly 0.03% 0.09%
Portfolio turnover 71% 53%
- --------------------------------------------------------------------------------
(1) Ratios have been annualized and total return has not been annualized.
(2) Date of commencement of operations; ratios have been annualized and total
return has not been annualized.
See accompanying notes
1999 Semiannual Report o Delaware Pooled Trust 77
<PAGE>
Delaware Pooled Trust, Inc.
Financial Highlights
Selected data for each share of the Portfolio outstanding throughout each period
were as follows:
The Mid-Cap Growth Equity Portfolio
<TABLE>
<CAPTION>
Six Months
Ended Year Year Year Year Year
4/30/99(1) Ended Ended Ended Ended Ended
(Unaudited) 10/31/98 10/31/97 10/31/96 10/31/95 10/31/94
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $7.460 $13.680 $14.570 $12.860 $11.010 $ 11.200
Income from investment operations:
Net investment income (loss) 0.021 0.011 (0.117) (0.019) 0.043 0.008
Net realized and unrealized gain
on investments 1.869 0.009 1.607 2.392 2.055 0.032
-------------------------------------------------------------------
Total from investment operations 1.890 0.020 1.490 2.373 2.098 0.040
-------------------------------------------------------------------
Less dividends and distributions:
Dividends from net investment income (0.010) none none (0.043) (0.012) (0.020)
Distributions from net realized gain
on investments (1.760) (6.240) (2.380) (0.620) (0.236) (0.210)
-------------------------------------------------------------------
Total dividends and distributions (1.770) (6.240) (2.380) (0.663) (0.248) (0.230)
-------------------------------------------------------------------
Net asset value, end of period $7.580 $ 7.460 $13.680 $14.570 $12.860 $ 11.010
===================================================================
Total return 28.98% 1.47% 11.84% 19.19% 19.61% 0.34%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $6,749 $ 4,879 $10,317 $28,526 $29,092 $22,640
Ratio of expenses to average net assets 0.92% 0.59% 0.93% 0.90% 0.93% 0.93%
Ratio of expenses to average net assets
prior to expense limitation and expenses
paid indirectly 1.13% 1.71% 1.40% 1.01% 1.08% 1.17%
Ratio of net investment income (loss)
to average net assets (0.34%) 0.13% (0.29%) (0.18%) 0.37% 0.07%
Ratio of net investment income (loss)
to average net assets prior to
expense limitation and expenses
paid indirectly (0.55%) (0.99%) (0.76%) (0.29%) 0.22% (0.17%)
Portfolio turnover 66% 154% 117% 95% 64% 43%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Ratios have been annualized and total return has not been annualized.
See accompanying notes
78 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
Delaware Pooled Trust, Inc.
Financial Highlights
Selected data for each share of the Portfolio outstanding throughout each period
were as follows:
The Mid-Cap Value Equity Portfolio
Six Months
Ended 12/29/97 (2)
4/30/99(1) to
(Unaudited) 10/31/98
- --------------------------------------------------------------------------------
Net asset value, beginning of period $7.720 $8.500
Income from investment operations:
Net investment income 0.044 0.096
Net realized and unrealized gain (loss)
on investments 0.476 (0.876)
-----------------------
Total from investment operations 0.520 (0.780)
-----------------------
Less dividends and distributions:
Dividends from net investment income (0.120) none
Distributions from net realized
gain on investments none none
-----------------------
Total dividends and distributions (0.120) none
-----------------------
Net asset value, end of period $8.120 $7.720
=======================
Total return 6.83% (9.18%)
Ratios and supplemental data:
Net assets, end of period (000 omitted) $2,912 $2,724
Ratio of expenses to average net assets 0.88% 0.87%
Ratio of expenses to average net assets
prior to expense limitation and expenses
paid indirectly 1.21% 1.37%
Ratio of net investment income to average
net assets 1.14% 1.34%
Ratio of net investment income to average
net assets prior to expense limitation and
expenses paid indirectly 0.81% 0.84%
Portfolio turnover 113% 155%
- --------------------------------------------------------------------------------
(1) Ratios have been annualized and total return has not been annualized.
(2) Date of commencement of operations; ratios have been annualized and total
return has not been annualized.
See accompanying notes
1999 Semiannual Report o Delaware Pooled Trust 79
<PAGE>
Delaware Pooled Trust, Inc.
Financial Highlights
Selected data for each share of the Portfolio outstanding throughout each period
were as follows:
The Small-Cap Growth Equity Portfolio
Six Months
Ended 9/15/98 (2)
4/30/99(1) to
(Unaudited) 10/31/98
- --------------------------------------------------------------------------------
Net asset value, beginning of period $ 9.400 $8.500
Income from investment operations:
Net investment income 0.007 0.019
Net realized and unrealized gain
on investments 2.248 0.881
-----------------------
Total from investment operations 2.255 0.900
-----------------------
Less dividends and distributions:
Dividends from net investment income (0.025) none
Distributions from net realized gain
on investments none none
-----------------------
Total dividends and distributions (0.025) none
-----------------------
Net asset value, end of period $11.630 $9.400
=======================
Total return 24.02% 10.59%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $ 4,114 $ 3,318
Ratio of expenses to average net assets 0.89% 0.89%
Ratio of expenses to average net assets
prior to expense limitation and expenses
paid indirectly 1.33% 1.78%
Ratio of net investment income to average
net assets 0.13% 1.72%
Ratio of net investment income (loss) to average
net assets prior to expense limitation and
expenses paid indirectly (0.31%) 0.83%
Portfolio turnover 116% 98%
- --------------------------------------------------------------------------------
(1) Ratios have been annualized and total return has not been annualized.
(2) Date of commencement of operations; ratios have been annualized and total
return has not been annualized.
See accompanying notes
80 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
Delaware Pooled Trust, Inc.
Financial Highlights
Selected data for each share of the Portfolio outstanding throughout the period
was as follows:
The Small-Cap Value Equity Portfolio
3/29/99 (1)
to
4/30/99
(Unaudited)
- --------------------------------------------------------------------------------
Net asset value, beginning of period $8.500
Income from investment operations:
Net investment income 0.013
Net realized and unrealized gain
on investments 0.687
-------
Total from investment operations 0.700
-------
Less dividends and distributions:
Dividends from net investment income none
Distributions from net realized gain
on investments none
-------
Total dividends and distributions none
-------
Net asset value, end of period $ 9.20
=======
Total return 8.35%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $2,166
Ratio of expenses to average net assets 0.77%
Ratio of expenses to average net assets
prior to expense limitation and expenses
paid indirectly 0.95%
Ratio of net investment income to average
net assets 1.68%
Ratio of net investment income to average
net assets prior to expense limitation and
expenses paid indirectly 1.50%
Portfolio turnover 43%
- --------------------------------------------------------------------------------
(1) Date of commencement of operations; ratios have been annualized and total
return has not been annualized.
See accompanying notes
1999 Semiannual Report o Delaware Pooled Trust 81
<PAGE>
Delaware Pooled Trust, Inc.
Financial Highlights
Selected data for each share of the Portfolio outstanding throughout each period
were as follows:
The Real Estate Investment Trust Portfolio II
Six Months
Ended 11/4/97 (2)
4/30/99 (1) to
(Unaudited) 10/31/98
- --------------------------------------------------------------------------------
Net asset value, beginning of period $14.230 $16.340
Income from investment operations:
Net investment income 0.376 0.749
Net realized and unrealized gain (loss)
on investments 0.634 (2.739)
------------------------
Total from investment operations 1.010 (1.990)
------------------------
Less dividends and distributions:
Dividends from net investment income (0.770) (0.120)
Distributions from net realized gain
on investments none none
------------------------
Total dividends and distributions (0.770) (0.120)
------------------------
Net asset value, end of period $14.470 $14.230
========================
Total return 7.42% (12.27%)
Ratios and supplemental data:
Net assets, end of period (000 omitted) $ 5,854 $ 5,763
Ratio of expenses to average net assets 0.86% 0.86%
Ratio of expenses to average net assets
prior to expense limitation and expenses
paid indirectly 1.43% 1.43%
Ratio of net investment income to average
net assets 5.33% 5.34%
Ratio of net investment income to average
net assets prior to expense limitation and
expenses paid indirectly 4.76% 4.77%
Portfolio turnover 56% 54%
- --------------------------------------------------------------------------------
(1) Ratios have been annualized and total return has not been annualized.
(2) Date of commencement of operations; ratios have been annualized and total
return has not been annualized.
See accompanying notes
82 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
Delaware Pooled Trust, Inc.
Financial Highlights
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 Year 3/12/96(2)
4/30/99(1) Ended Ended to
(Unaudited) 10/31/98 10/31/97 10/31/96
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $10.180 $10.090 $ 10.010 $10.000
Income from investment operations:
Net investment income 0.302 0.593 0.605 0.386
Net realized and unrealized gain (loss)
on investments (0.160) 0.100 0.080 0.010
-------------------------------------------------
Total from investment operations 0.142 0.693 0.685 0.396
-------------------------------------------------
Less dividends and distributions:
Dividends from net investment income (0.302) (0.593) (0.605) (0.386)
Distributions from net realized gain
on investments (0.160) (0.010) none none
-------------------------------------------------
Total dividends and distributions (0.462) (0.603) (0.605) (0.386)
-------------------------------------------------
Net asset value, end of period $ 9.860 $10.180 $ 10.090 $10.010
=================================================
Total return 1.43% 7.06% 7.09% 4.08%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $19,700 $30,211 $30,366 $10,518
Ratio of expenses to average net assets 0.53% 0.53% 0.53% 0.53%
Ratio of expenses to average net assets
prior to expense limitation and expenses
paid indirectly 0.83% 1.01% 0.84% 1.20%
Ratio of net investment income to average
net assets 6.05% 5.86% 6.05% 6.14%
Ratio of net investment income to average
net assets prior to expense limitation and
expenses paid indirectly 5.75% 5.38% 5.74% 5.47%
Portfolio turnover 166% 181% 205% 232%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Ratios have been annualized and total return has not been annualized.
(2) Date of commencement of operations; ratios have been annualized and total
return has not been annualized.
See accompanying notes
1999 Semiannual Report o Delaware Pooled Trust 83
<PAGE>
Delaware Pooled Trust, Inc.
Financial Highlights
Selected data for each share of the Portfolio outstanding throughout each period
were as follows:
The Aggregate Fixed Income Portfolio
Six Months
Ended 12/29/97 (2)
4/30/99(1) to
(Unaudited) 10/31/98
- --------------------------------------------------------------------------------
Net asset value, beginning of period $9.130 $8.500
Income from investment operations:
Net investment income 0.234 0.415
Net realized and unrealized gain (loss)
on investments (0.234) 0.215
------------------------
Total from investment operations 0.000 0.630
------------------------
Less dividends and distributions:
Dividends from net investment income (0.190) none
Distributions from net realized gain
on investments (0.040) none
------------------------
Total dividends and distributions (0.230) none
------------------------
Net asset value, end of period $8.900 $9.130
========================
Total return (0.04%) 7.41%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $ 6,371 $ 2,149
Ratio of expenses to average net assets 0.53% 0.53%
Ratio of expenses to average net assets
prior to expense limitation and expenses
paid indirectly 0.68% 2.07%
Ratio of net investment income to average
net assets 5.26% 5.62%
Ratio of net investment income to average
net assets prior to expense limitation and
expenses paid indirectly 5.11% 4.08%
Portfolio turnover 460% 438%
- --------------------------------------------------------------------------------
(1) Ratios have been annualized and total return has not been annualized.
(2) Date of commencement of operations; ratios have been annualized and total
return has not been annualized.
See accompanying notes
84 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
Delaware Pooled Trust, Inc.
Financial Highlights
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 Year 12/2/96(2)
4/30/99(1) Ended to
(Unaudited) 10/31/98 10/31/97
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $ 10.070 $ 11.180 $ 10.000
Income from investment operations:
Net investment income 0.450 0.993 0.788
Net realized and unrealized gain (loss)
on investments 0.080 (0.925) 0.957
----------------------------------
Total from investment operations 0.530 0.068 1.745
----------------------------------
Less dividends and distributions:
Dividends from net investment income (0.700) (0.890) (0.565)
Distributions from net realized gain
on investments (0.180) (0.288) none
----------------------------------
Total dividends and distributions (0.880) (1.178) (0.565)
----------------------------------
Net asset value, end of period $ 9.720 $ 10.070 $ 11.180
==================================
Total return 5.47% 0.30% 17.92%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $24,400 $20,706 $11,348
Ratio of expenses to average net assets 0.58% 0.59% 0.59%
Ratio of expenses to average net assets
prior to expense limitation and expenses
paid indirectly 0.78% 0.75% 0.79%
Ratio of net investment income to average
net assets 9.34% 9.53% 9.05%
Ratio of net investment income to average
net assets prior to expense limitation and
expenses paid indirectly 9.14% 9.37% 8.85%
Portfolio turnover 517% 211% 281%
- ----------------------------------------------------------------------------------------------
</TABLE>
(1) Ratios have been annualized and total return has not been annualized.
(2) Date of commencement of operations; ratios have been annualized and total
return has not been annualized.
See accompanying notes
1999 Semiannual Report o Delaware Pooled Trust 85
<PAGE>
Delaware Pooled Trust, Inc.
Financial Highlights
Selected data for each share of the Portfolio outstanding throughout each period
were as follows:
The Diversified Core Fixed Income Portfolio
Six Months
Ended 12/29/97(2)
4/30/99(1) to
(Unaudited) 10/31/98
- --------------------------------------------------------------------------------
Net asset value, beginning of period $9.110 $8.500
Income from investment operations:
Net investment income (3) 0.297 0.533
Net realized and unrealized gain
on investments and foreign currencies 0.123 0.077
------------------
Total from investment operations 0.420 0.610
------------------
Less dividends and distributions:
Dividends from net investment income (0.650) none
Distributions from net realized gain
on investments (0.340) none
------------------
Total dividends and distributions (0.990) none
------------------
Net asset value, end of period $8.540 $9.110
==================
Total return 4.86% 7.18%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $3,373 $3,216
Ratio of expenses to average net assets 0.57% 0.57%
Ratio of expenses to average net assets
prior to expense limitation and expenses
paid indirectly 0.85% 1.74%
Ratio of net investment income to average
net assets 6.86% 7.12%
Ratio of net investment income to average
net assets prior to expense limitation and
expenses paid indirectly 6.58% 5.95%
Portfolio turnover 165% 312%
- --------------------------------------------------------------------------------
(1) Ratios have been annualized and total return has not been annualized.
(2) Date of commencement of operations; ratios have been annualized and total
return has not been annualized.
(3) Per share information for the period ended October 31, 1998 was based on the
average shares outstanding method.
See accompanying notes
86 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
Delaware Pooled Trust, Inc.
Financial Highlights
Selected data for each share of the Portfolio outstanding throughout each period
were as follows:
The Global Equity Portfolio
<TABLE>
<CAPTION>
Six Months
Ended Year 10/15/97(2)
4/30/99(1) Ended to
(Unaudited) 10/31/98 10/31/97
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $8.720 $8.120 $8.500
Income from investment operations:
Net investment income (3) 0.069 0.184 0.009
Net realized and unrealized gain (loss)
on investments and foreign currencies 1.021 0.486 (0.389)
--------------------------------
Total from investment operations 1.090 0.670 (0.380)
--------------------------------
Less dividends and distributions:
Dividends from net investment income (0.190) (0.070) none
Distributions from net realized gain
on investments (0.110) none none
--------------------------------
Total dividends and distributions (0.300) (0.070) none
--------------------------------
Net asset value, end of period $9.510 $8.720 $8.120
================================
Total return 12.81% 8.31% (4.47%)
Ratios and supplemental data:
Net assets, end of period (000 omitted) $3,491 $3,093 $2,855
Ratio of expenses to average net assets 0.95% 0.96% 0.96%
Ratio of expenses to average net assets
prior to expense limitation and expenses
paid indirectly 2.26% 2.31% 2.95%
Ratio of net investment income to average
net assets 1.51% 2.10% 2.54%
Ratio of net investment income to average
net assets prior to expense limitation and
expenses paid indirectly 0.20% 0.75% 0.55%
Portfolio turnover 49% 47% 0%
- ------------------------------------------------------------------------------------------------
</TABLE>
(1) Ratios have been annualized and total return has not been annualized.
(2) Date of commencement of operations; ratios have been annualized and total
return has not been annualized.
(3) Per share information for the period ended April 30, 1999 and the year ended
October 31, 1998 was based on the average shares outstanding method.
See accompanying notes
1999 Semiannual Report o Delaware Pooled Trust 87
<PAGE>
Delaware Pooled Trust, Inc.
Financial Highlights
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
4/30/99(1) Ended Ended Ended Ended Ended
(Unaudited) 10/31/98 10/31/97 10/31/96 10/31/95 10/31/94
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $15.870 $15.860 $14.780 $13.120 $13.110 $11.990
Income from investment operations:
Net investment income (2) 0.145 0.400 0.329 0.506 0.475 0.144
Net realized and unrealized gain
on investments and foreign currencies 2.280 0.370 1.271 1.794 0.001 1.236
------------------------------------------------------------------
Total from investment operations 2.425 0.770 1.600 2.300 0.476 1.380
------------------------------------------------------------------
Less dividends and distributions:
Dividends from net investment income (0.325) (0.610) (0.520) (0.490) (0.170) (0.160)
Distributions from net realized gain
on investments none (0.150) none (0.150) (0.296) (0.100)
------------------------------------------------------------------
Total dividends and distributions (0.325) (0.760) (0.520) (0.640) (0.466) (0.260)
------------------------------------------------------------------
Net asset value, end of period $17.970 $15.870 $15.860 $14.780 $13.120 $13.110
==================================================================
Total return 15.53% 4.96% 11.01% 18.12% 3.91% 11.66%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $746,755 $616,229 $500,196 $299,950 $156,467 $70,820
Ratio of expenses to average net assets 0.89% 0.91% 0.93% 0.89% 0.90% 0.94%
Ratio of expenses to average net assets
prior to expense limitation and expenses
paid indirectly 0.90% 0.91% 0.93% 0.89% 0.90% 0.97%
Ratio of net investment income to
average net assets 1.76% 2.50% 2.21% 4.36% 4.81% 1.36%
Ratio of net investment income to average
net assets prior to expense limitation and
expenses paid indirectly 1.75% 2.50% 2.21% 4.36% 4.81% 1.33%
Portfolio turnover 4% 5% 8% 8% 20% 22%
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Ratios have been annualized and total return has not been annualized.
(2) Per share information for the period ended April 30, 1999 and the year ended
October 31, 1998 was based on the average shares outstanding method.
See accompanying notes
88 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
Delaware Pooled Trust, Inc.
Financial Highlights
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 Year 12/19/95(2)
4/30/99(1) Ended Ended to
(Unaudited) 10/31/98 10/31/97 10/31/96
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $13.320 $12.990 $11.690 $10.000
Income from investment operations:
Net investment income (3) 0.126 0.334 0.474 0.479
Net realized and unrealized gain
on investments and foreign currencies 1.666 0.444 1.346 1.311
--------------------------------------------
Total from investment operations 1.792 0.778 1.820 1.790
--------------------------------------------
Less dividends and distributions:
Dividends from net investment income (0.252) (0.448) (0.520) (0.100)
Distributions from net realized gain
on investments (0.040) none none none
--------------------------------------------
Total dividends and distributions (0.292) (0.448) (0.520) (0.100)
--------------------------------------------
Net asset value, end of period $14.820 $13.320 $12.990 $11.690
============================================
Total return 13.64% 6.18% 16.01% 17.97%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $118,810 $103,350 $50,896 $23,154
Ratio of expenses to average net assets 0.69% 0.88% 0.89% 0.92%
Ratio of expenses to average net assets
prior to expense limitation and expenses
paid indirectly 0.70% 0.93% 1.06% 1.30%
Ratio of net investment income to average
net assets 1.82% 2.46% 2.37% 6.64%
Ratio of net investment income to average
net assets prior to expense limitation and
expenses paid indirectly 1.81% 2.41% 2.20% 6.26%
Portfolio turnover 3% 2% 11% 7%
- -------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Ratios have been annualized and total return has not been annualized.
(2) Date of commencement of operations; ratios have been annualized and total
return has not been annualized.
(3) Per share information for the period ended April 30, 1999 and the year ended
October 31, 1998 was based on the average shares outstanding method.
See accompanying notes
1999 Semiannual Report o Delaware Pooled Trust 89
<PAGE>
Delaware Pooled Trust, Inc.
Financial Highlights
Selected data for each share of the Portfolio outstanding throughout each period
were as follows:
The Emerging Markets Portfolio
<TABLE>
<CAPTION>
Six Months
Ended Year 4/14/97(2)
4/30/99(1) Ended to
(Unaudited) 10/31/98 10/31/97
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $ 5.840 $ 9.200 $10.000
Income from investment operations:
Net investment income (3) 0.061 0.153 0.028
Net realized and unrealized gain (loss)
on investments and foreign currencies 1.019 (3.348) (0.828)
------- ------- -------
Total from investment operations 1.080 (3.195) (0.800)
------- ------- -------
Less dividends and distributions:
Dividends from net investment income (0.130) (0.025) none
Distributions from net realized gain
on investments none (0.140) none
------- ------- -------
Total dividends and distributions (0.130) (0.165) none
------- ------- -------
Net asset value, end of period $ 6.790 $ 5.840 $ 9.200
======= ======= =======
Total return 19.04% (35.30%) (8.00%)
Ratios and supplemental data:
Net assets, end of period (000 omitted) $40,470 $34,030 $18,565
Ratio of expenses to average net assets 1.52% 1.55% 1.55%
Ratio of expenses to average net assets
prior to expense limitation and expenses
paid indirectly 1.61% 1.69% 2.02%
Ratio of net investment income to average
net assets 2.14% 1.98% 0.74%
Ratio of net investment income to average
net assets prior to expense limitation and
expenses paid indirectly 2.05% 1.84% 0.27%
Portfolio turnover 23% 39% 46%
- ---------------------------------------------------------------------------------------------
</TABLE>
(1) Ratios have been annualized and total return has not been annualized.
(2) Date of commencement of operations; ratios have been annualized and total
return has not been annualized.
(3) Per share information for the period ended April 30, 1999 and the year ended
October 31, 1998 was based on the average shares outstanding method.
See accompanying notes
90 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
Delaware Pooled Trust, Inc.
Financial Highlights
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 Year
4/30/99(1) Ended Ended Ended Ended Ended
(Unaudited) 10/31/98 10/31/97 10/31/96 10/31/95 10/31/94
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $11.060 $11.220 $11.620 $11.040 $9.790 $11.090
Income from investment operations:
Net investment income (2) 0.297 0.610 0.721 0.777 0.736 0.419
Net realized and unrealized gain (loss)
on investments and foreign currencies (0.092) 0.037 (0.116) 0.725 0.924 (0.193)
------- ------- ------- ------- ------- -------
Total from investment operations 0.205 0.647 0.605 1.502 1.660 0.226
------- ------- ------- ------- ------- -------
Less dividends and distributions:
Dividends from net investment income (0.253) (0.630) (0.835) (0.720) (0.410) (0.949)
Distributions from net realized gain
on investments (0.122) (0.177) (0.170) (0.202) none (0.577)
------- ------- ------- ------- ------- -------
Total dividends and distributions (0.375) (0.807) (1.005) (0.922) (0.410) (1.526)
------- ------- ------- ------- ------- -------
Net asset value, end of period $10.890 $11.060 $11.220 $11.620 $11.040 $9.790
======= ======= ======= ======= ======= =======
Total return 1.89% 6.28% 5.59% 16.40% 17.38% 2.07%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $649,862 $660,741 $431,076 $252,068 $99,161 $42,266
Ratio of expenses to average net assets 0.60% 0.60% 0.60% 0.60% 0.60% 0.62%
Ratio of expenses to average net assets
prior to expense limitation and expenses
paid indirectly 0.63% 0.62% 0.65% 0.66% 0.68% 0.76%
Ratio of net investment income to
average net assets 5.51% 5.71% 6.28% 8.52% 6.73% 3.62%
Ratio of net investment income to average
net assets prior to expense limitation and
expenses paid indirectly 5.48% 5.69% 6.23% 8.46% 6.65% 3.48%
Portfolio turnover 34% 131% 114% 63% 77% 205%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Ratios have been annualized and total return has not been annualized.
(2) Per share information for the period ended April 30, 1999 and the year ended
October 31, 1998 was based on the average shares outstanding method.
See accompanying notes
1999 Semiannual Report o Delaware Pooled Trust 91
<PAGE>
Delaware Pooled Trust, Inc.
Financial Highlights
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 Year 4/11/97(2)
4/30/99(1) Ended to
(Unaudited) 10/31/98 10/31/97
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $ 10.750 $ 10.660 $ 10.000
Income from investment operations:
Net investment income (3) 0.282 0.558 0.236
Net realized and unrealized gain (loss)
on investments and foreign currencies (0.145) 0.045 0.474
--------------------------------
Total from investment operations 0.137 0.603 0.710
--------------------------------
Less dividends and distributions:
Dividends from net investment income (0.350) (0.492) (0.050)
Distributions from net realized gain
on investments (0.077) (0.021) none
--------------------------------
Total dividends and distributions (0.427) (0.513) (0.050)
--------------------------------
Net asset value, end of period $ 10.460 $ 10.750 $ 10.660
================================
Total return 1.40% 5.96% 7.11%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $102,438 $ 87,997 $ 33,734
Ratio of expenses to average net assets 0.60% 0.60% 0.60%
Ratio of expenses to average net assets
prior to expense limitation and expenses
paid indirectly 0.66% 0.67% 0.86%
Ratio of net investment income to average
net assets 5.44% 5.47% 6.05%
Ratio of net investment income to average
net assets prior to expense limitation and
expenses paid indirectly 5.38% 5.40% 5.79%
Portfolio turnover 82% 104% 145%
- -------------------------------------------------------------------------------------------
</TABLE>
(1) Ratios have been annualized and total return has not been annualized.
(2) Date of commencement of operations; ratios have been annualized and total
return has not been annualized.
(3) Per share information for the period ended April 30, 1999 and the year ended
October 31, 1998 was based on the average shares outstanding method.
See accompanying notes
92 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
Delaware Pooled Trust, Inc.
Notes to Financial Statements
April 30, 1999
(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 19 separate
Portfolios (collectively, the "Portfolios" and individually the "Portfolio").
The Large-Cap Value Equity Portfolio, The Core Equity Portfolio (formerly The
Growth and Income Portfolio), The Mid-Cap Growth Equity Portfolio, The Mid-Cap
Value Equity Portfolio (formerly The Small/Mid-Cap Value Equity Portfolio), The
Small-Cap Growth Equity Portfolio, The Small-Cap Value Equity Portfolio, The
Real Estate Investment Trust 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, 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, 1999. The Asset Allocation
Portfolio had not commenced operations as of April 30, 1999. 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.
1. 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 each Portfolio is valued. Long-term
debt securities are valued by an independent pricing service and such prices are
believed to reflect the fair value of such securities. Money market instruments
having less than 60 days to maturity are valued at amortized cost, which
approximates market value. 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 qualify or 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.
Repurchase Agreements--Each Portfolio may invest in a pooled cash account along
with other members of the Delaware Investments Family of Funds. The aggregate
daily balance of the pooled cash account 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 prevailing exchange rates on the valuation date. 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 unrealized 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 (losses)
for financial reporting purposes, whereas such components are treated as
ordinary income (loss) for federal income tax purposes.
1999 Semiannual Report o Delaware Pooled Trust 93
<PAGE>
Use of Estimates--The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities at
the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.
Other--Expenses common to all funds within the Delaware Investments Family of
Funds 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 Portfolio is
aware of such dividends, net of all non-rebatable tax withholdings. Withholding
taxes on foreign dividends have been provided for in accordance with the
Portfolio's understanding of the applicable country's tax rules and rates.
Original issue discounts are accreted to interest income over the lives of the
respective securities.
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 Core
Equity, The Mid-Cap Growth Equity, The Mid-Cap Value Equity, The Small-Cap
Growth Equity, The Small-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 expenses of the Fund are paid through "soft dollar" arrangements with
brokers. These transactions are done subject to best price execution. The Fund
may receive earnings credit used to offset custody fees when positive balances
are maintained at the custodian. The "soft dollar" reimbursement and the
earnings credit are combined as expenses paid indirectly in the Statement of
Operations. The amount of these expenses and credits for the period ended April
30,1999 are as follows:
"Soft Dollar" Earnings
Expenses Credits
- --------------------------------------------------------------------------------
The Large-Cap Value Equity Portfolio $1,500 $ 1,376
The Core Equity Portfolio 26 --
The Mid-Cap Growth Equity Portfolio 69 83
The Mid-Cap Value Equity Portfolio 32 15
The Small-Cap Growth Equity Portfolio 45 92
The Small-Cap Value Equity Portfolio 24 299
The Real Estate Investment Trust Portfolio II 66 --
The Intermediate Fixed Income Portfolio 276 --
The Aggregrate Fixed Income Portfolio 63 --
The High-Yield Bond Portfolio 254 --
The Diversified Core Fixed Income Portfolio 38 --
The Global Equity Portfolio 38 40
The International Equtiy Portfolio 7,682 1,373
The Labor Select International Equtiy Portfolio 1,222 1,947
The Emerging Markets Portfolio 390 118
The Global Fixed Income Portfolio 7,536 18,499
The International Fixed Income Portfolio 1,065 1,154
================================================================================
94 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
2. Investment Management and Other Transactions with Affiliates
In accordance with the terms of the Investment Management Agreement, Delaware
Management Company ("DMC"), the Investment Manager of The Large-Cap Value Equity
Portfolio, The Core Equity Portfolio, The Mid-Cap Growth Equity Portfolio, The
Mid-Cap Value Equity Portfolio, The Small-Cap Growth Equity Portfolio, The
Small-Cap Value Equity Portfolio, The Real Estate Investment Trust Portfolio II,
The Intermediate Fixed Income Portfolio, The Aggregate Fixed Income Portfolio,
The High-Yield Bond Portfolio and The Diversified Core Fixed Income Portfolio
and Delaware International Advisers Ltd. ("DIAL"), the Investment Manager 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. The
management fee rates changed effective April 15, 1999. The old and new rates are
shown below.
Lincoln Investment Management, 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 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, 1999.
The old and new management fee rates and the operating expense limitation rates
for the period ended April 30, 1999 are as follows:
<TABLE>
<CAPTION>
Old New Operating Expense
Management Management Limitation as
fee as a percentage fee as a percentage a percentage
of average daily of average daily of average daily
net assets net assets net assets
(per annum) (per annum) (per annum)
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
The Large-Cap Value Equity Portfolio 0.55%* 0.55% 0.68%
The Core Equity Portfolio 0.55% 0.55% 0.68%
The Mid-Cap Growth Equity Portfolio 0.80% 0.75% 0.93%
The Mid-Cap Value Equity Portfolio 0.75% 0.75% 0.89%
The Small-Cap Growth Equity Portfolio 0.75% 0.75% 0.89%
The Small-Cap Value Equity Portfolio 0.75% 0.75% 0.89%
The Real Estate Investment Trust Portfolio II 0.75% 0.75% 0.86%
The Intermediate Fixed Income Portfolio 0.40%* 0.40% 0.53%
The Aggregate Fixed Income Portfolio 0.40% 0.40% 0.53%
The High-Yield Bond Portfolio 0.45% 0.45% 0.59%
The Diversified Core Fixed Income Portfolio 0.43% 0.43% 0.57%
The Global Equity Portfolio 0.75% 0.75% 0.96%
The International Equity Portfolio 0.75%* 0.75% 0.96%
The Labor Select International Equity Portfolio 0.75% 0.75% 0.96%
The Emerging Markets Portfolio 1.20% 1.00% 1.55%
The Global Fixed Income Portfolio 0.50%* 0.50% 0.60%
The International Fixed Income Portfolio 0.50% 0.50% 0.60%
========================================================================================================================
</TABLE>
*The management fee was calculated daily on the net assets of each Portfolio,
less fees paid to the independent directors.
1999 Semiannual Report o Delaware Pooled Trust 95
<PAGE>
The Fund has engaged Delaware Service Company, Inc. ("DSC"), an affiliate of
DMC, to provide dividend disbursing, transfer agent and accounting and
administrative services. Each Portfolio pays DSC a monthly fee based on the
number of shareholder accounts, shareholder transactions and average net assets,
subject to certain minimums.
On April 30, 1999, the Fund had liabilities payable to affiliates as follows:
<TABLE>
<CAPTION>
Dividend
disbursing,
transfer agent,
accounting
Investment Management fees and Other expenses
fee payable to other expenses payable to DMC
DMC or DIAL payable to DSC and affiliates
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
The Large-Cap Value Equity Portfolio $70,109 $7,340 $9,517
The Core Equity Portfolio -- 796 852
The Mid-Cap Growth Equity Portfolio 11,864 420 504
The Mid-Cap Value Equity Portfolio 1,638 134 250
The Small-Cap Growth Equity Portfolio 5,547 1,171 1,134
The Small-Cap Value Equity Portfolio 1,316 66 1,263
The Real Estate Investment Trust Portfolio II 733 275 4,782
The Intermediate Fixed Income Portfolio -- -- --
The Aggregate Fixed Income Portfolio 1,702 313 517
The High-Yield Bond Portfolio 6,772 1,248 1,681
The Diversified Core Fixed Income Portfolio -- 164 290
The Global Equity Portfolio -- -- --
The International Equity Portfolio 213,176 29,470 49,529
The Labor Select International Equity Portfolio 60,571 5,612 7,894
The Emerging Markets Portfolio 34,657 1,865 2,497
The Global Fixed Income Portfolio 268,146 27,231 48,456
The International Fixed Income Portfolio 40,445 4,977 7,277
=================================================================================================================
</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, 1999, 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 $88,640,809 $59,313,199
The Core Equity Portfolio 802,956 784,357
The Mid-Cap Growth Equity Portfolio 3,724,164 3,772,490
The Mid-Cap Value Equity Portfolio 3,081,560 3,052,270
The Small-Cap Growth Equity Portfolio 1,831,793 2,010,040
The Small-Cap Value Equity Portfolio 1,965,317 77,288
The Real Estate Investment Trust Portfolio II 1,552,366 1,805,152
The Intermediate Fixed Income Portfolio 9,133,929 19,351,253
The Aggregate Fixed Income Portfolio 3,493,617 1,853,554
The High-Yield Bond Portfolio 53,530,192 53,504,161
The Diversified Core Fixed Income Portfolio 1,826,118 2,157,622
The Global Equity Portfolio 808,873 766,009
The International Equity Portfolio 62,146,286 12,700,206
The Labor Select International Equity Portfolio 5,263,075 3,053,876
The Emerging Markets Portfolio 6,782,246 3,541,349
The Global Fixed Income Portfolio 117,947,338 93,716,288
The International Fixed Income Portfolio 48,991,408 34,373,196
==================================================================================
</TABLE>
96 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
During the period ended April 30, 1999, the Fund made purchases and sales of
U.S. government securities for each Portfolio as follows:
Purchases Sales
- --------------------------------------------------------------------------------
The Intermediate Fixed Income Portfolio $ 11,179,018 $11,530,277
The Aggregate Fixed Income Portfolio 12,577,429 9,795,743
The Diversified Core Fixed Income Portfolio 893,025 453,696
The Global Fixed Income Portfolio -- 6,592,500
The International Fixed Income Portfolio 1,509,109 3,643
The cost of investments for Federal income tax purposes approximates cost for
book purposes. At April 30, 1999, the aggregate cost of securities and
unrealized appreciation (depreciation) for each Portfolio were as follows:
<TABLE>
<CAPTION>
Cost Aggregate Aggregate Net unrealized
of unrealized unrealized appreciation
Investments appreciation depreciation (depreciation)
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
The Large-Cap Value Equity Portfolio $139,369,542 $28,408,389 ($2,041,737) $26,366,652
The Core Equity Portfolio 2,023,337 375,343 (74,664) 300,679
The Mid-Cap Growth Equity Portfolio 4,913,820 1,751,134 (107,448) 1,643,686
The Mid-Cap Value Equity Portfolio 2,799,431 272,301 (151,772) 120,529
The Small-Cap Growth Equity Portfolio 3,296,669 885,810 (47,806) 838,004
The Small-Cap Value Equity Portfolio 1,992,911 188,091 (30,161) 157,930
The Real Estate Investment Trust Portfolio II 5,985,801 95,324 (255,794) (160,470)
The Intermediate Fixed Income Portfolio 20,013,590 71,412 (131,766) (60,354)
The Aggregate Fixed Income Portfolio 8,513,155 9,650 (80,865) (71,215)
The High-Yield Bond Portfolio 24,890,672 422,444 (1,341,601) (919,157)
The Diversified Core Fixed Income Portfolio 3,476,154 37,361 (53,311) (15,950)
The Global Equity Portfolio 3,344,280 418,927 (175,152) 243,775
The International Equity Portfolio 604,255,493 165,862,138 (25,444,857) 140,417,281
The Labor Select International Equity Portfolio 93,319,154 19,704,478 (2,908,741) 16,795,737
The Emerging Markets Portfolio 52,802,072 1,937,410 (14,293,968) (12,356,558)
The Global Fixed Income Portfolio 633,405,087 17,715,434 (14,357,910) 3,357,524
The International Fixed Income Portfolio 99,781,311 2,082,837 (1,955,731) 127,106
========================================================================================================================
</TABLE>
For federal income tax purposes, the Fund had accumulated capital losses at
October 31,1998 for each Portfolio as follows:
Year of
Expiration
2006
- ------------------------------------------------------------------
The Core Equity Portfolio $ 5,571
The Mid-Cap Value Equity Portfolio 129,445
The Small-Cap Growth Equity Portfolio 43,856
The Real Estate Investment Trust Portfolio II 205,482
The International Equity Portfolio 4,025,939
The Emerging Markets Portfolio 1,460,816
==================================================================
1999 Semiannual Report o Delaware Pooled Trust 97
<PAGE>
4. Capital Stock
Transactions in capital stock shares were as follows:
<TABLE>
<CAPTION>
Shares issued
upon reinvestment
of distributions from
net investment
income and net Net
Shares realized gain on Shares Increase
Period ended April 30, 1999*: sold investments repurchased (decrease)
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
The Large-Cap Value Equity Portfolio 1,922,562 964,815 (447,597) 2,439,780
The Core Equity Portfolio -- 615 -- 615
The Mid-Cap Growth Equity Portfolio 66,499 188,391 (19,148) 235,742
The Mid-Cap Value Equity Portfolio -- 5,515 -- 5,515
The Small-Cap Growth Equity Portfolio -- 834 -- 834
The Small-Cap Value Equity Portfolio 235,295 -- -- 235,295
The Real Estate Investment Trust Portfolio II -- 22,823 (23,138) (315)
The Intermediate Fixed Income Portfolio 40,473 98,352 (1,108,137) (969,312)
The Aggregate Fixed Income Portfolio 476,360 17,922 (13,481) 480,801
The High-Yield Bond Portfolio 261,289 192,730 -- 454,019
The Diversified Core Fixed Income Portfolio -- 41,846 -- 41,846
The Global Equity Portfolio -- 12,189 -- 12,189
The International Equity Portfolio 5,149,093 729,122 (3,165,661) 2,712,554
The Labor Select International Equity Portfolio 533,697 159,184 (432,244) 260,637
The Emerging Markets Portfolio -- 136,785 -- 136,785
The Global Fixed Income Portfolio 1,602,523 1,855,819 (3,530,271) (71,929)
The International Fixed Income Portfolio 1,296,594 342,567 (30,776) 1,608,385
===========================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Period ended October 31, 1998**:
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
The Large-Cap Value Equity Portfolio 2,047,119 806,189 (601,948) 2,251,360
The Core Equity Portfolio 235,295 -- -- 235,295
The Mid-Cap Growth Equity Portfolio 7,360 649,139 (756,255) (99,756)
The Mid-Cap Value Equity Portfolio 352,942 -- -- 352,942
The Small-Cap Growth Equity Portfolio 352,942 -- -- 352,942
The Real Estate Investment Trust Portfolio II 402,461 2,430 -- 404,891
The Intermediate Fixed Income Portfolio 267,057 142,619 (452,109) (42,433)
The Aggregate Fixed Income Portfolio 235,295 -- -- 235,295
The High-Yield Bond Portfolio 893,420 147,157 -- 1,040,577
The Diversified Core Fixed Income Portfolio 352,942 -- -- 352,942
The Global Equity Portfolio -- 3,021 -- 3,021
The International Equity Portfolio 8,333,867 1,502,294 (2,527,187) 7,308,974
The Labor Select International Equity Portfolio 3,993,613 157,733 (313,618) 3,837,728
The Emerging Markets Portfolio 3,769,833 38,872 -- 3,808,705
The Global Fixed Income Portfolio 24,585,699 2,917,091 (6,170,271) 21,332,519
The International Fixed Income Portfolio 5,046,957 232,266 (255,532) 5,023,691
===========================================================================================================================
</TABLE>
*The Small-Cap Value Equity Portfolio commenced operations on 3/29/99.
**The Real Estate Investment Trust Portfolio II commenced operations on 11/4/97,
The Mid-Cap Value Equity Portfolio, The Aggregate Fixed Income Portfolio, and
The Diversified Core Fixed Income Portfolio commenced operations on 12/29/97,
and The Core Equity Portfolio and The Small-Cap Growth Equity Portfolio
commenced operations on 9/15/98.
98 Delaware Pooled Trust o 1999 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 Mid-Cap Growth Equity 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, 1999, 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 will generally enter
into forward foreign currency contracts as a way of managing foreign exchange
rate risk. These contracts may be entered into to fix the U.S. dollar value of a
security that they have 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.
They may also be used to hedge the U.S. dollar value of securities they already
own 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
as an unrealized gain or loss. When the contract is closed, a realized gain or
loss is recorded 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 portfolios' 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 portfolios could be exposed to
risks if the counterparties to the contracts are unable to meet the terms of
their contracts.
1999 Semiannual Report o Delaware Pooled Trust 99
<PAGE>
The following forward currency contracts were outstanding at April 30, 1999:
<TABLE>
<CAPTION>
The Global Equity Portfolio
In Value of Unrealized
Exchange contract at Settlement Appreciation
Contracts to Deliver For 4/30/99 Date (Depreciation)
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
150,995 British Pounds $ 244,000 $ 242,777 7/30/99 $ 1,233
The International Equity Portfolio
Contracts to Deliver
- ------------------------------------------------------------------------------------------------------------------------------
37,329,125 British Pounds 60,322,000 60,019,572 7/30/99 302,428
The Labor Select International Equity Portfolio
Contracts to Deliver
- ------------------------------------------------------------------------------------------------------------------------------
5,786,070 British Pounds 9,350,000 9,303,123 7/30/99 46,877
The Emerging Markets Portfolio
Contracts to Deliver
- ------------------------------------------------------------------------------------------------------------------------------
1,887,376 Thailand Baht 50,668 50,950 5/04/99 (282)
</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 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.
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 and The Diversified Core Fixed Income Portfolios 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.
100 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
The Intermediate Fixed Income, The Aggregate Fixed Income and The Diversified
Core Fixed Income Portfolios 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 Mid-Cap Value Equity, The Small-Cap Value Equity, The Labor
Select International Equity, The High-Yield Bond, The International Fixed
Income, The Global Equity, The Emerging Markets, The Small-Cap Growth Equity and
The Core Equity Portfolios may invest up to 10% of their 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
Mid-Cap Value Equity, The Labor Select International Equity, The High-Yield
Bond, The International Fixed Income, The Small-Cap Growth Equity and The Core
Equity 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
The Portfolios may participate, along with other funds in the Delaware
Investments Family of Funds, in a Securities Lending Agreement ("Lending
Agreement"). Security loans made pursuant to the Lending Agreement are required
at all times to be secured by U.S. Treasury obligations and/or cash collateral
at least equal to 100% 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. Cash
collateral received is invested in fixed income securities, with a weighted
average maturity not to exceed 90 days, rated in one of the top two tiers by
Standard & Poor's Ratings Group or Moody's Investors Service, Inc. or repurchase
agreements collateralized by such securities. However, in the event of default
or bankruptcy by the lending agent, 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 the collateral received is insufficient to
cover the value of the loaned securities and provided such collateral is not the
result of investment losses, the lending agent has agreed to pay the amount of
the shortfall to the Series, or at the discretion of the lending agent, replace
the loaned securities. The market value of the securities on loan and the
related collateral received at April 30, 1999 were as follows:
<TABLE>
<CAPTION>
Market value of Market value of
securities on loan collateral
- -------------------------------------------------------------------------------------------
<S> <C> <C>
The International Equity Portfolio $139,037,035 $145,850,787
The Labor Select International Equity Portfolio 19,114,156 19,810,341
The Global Fixed Income Portfolio 36,000,286 37,248,500
===========================================================================================
</TABLE>
1999 Semiannual Report o Delaware Pooled Trust 101
<PAGE>
Delaware Pooled Trust, Inc.
Proxy Results
(Unaudited)
For the six months ended April 30, 1999, Delaware Pooled Trust, Inc.
shareholders voted on the following proposals at the annual meeting of
shareholders on March 17, 1999 or as adjourned. The description of each proposal
and number of shares voted are as follows:
1. To elect the Delaware Pooled Trust, Inc. Board of Directors.
<TABLE>
<CAPTION>
Shares Shares Voted
Voted Withheld
For Authority Abstain
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Jeffrey J. Nick 102,295,074 -- 6,628,125
Walter P. Babich 102,295,236 -- 6,627,963
John H. Durham 106,286,130 -- 2,637,069
Anthony D. Knerr 106,286,130 -- 2,637,069
Ann R. Leven 106,286,130 -- 2,637,069
Thomas F. Madison 106,286,130 -- 2,637,069
Charles E. Peck 106,286,130 -- 2,637,069
Wayne A. Stork 106,286,130 -- 2,637,069
Jan R. Yeomans 106,286,130 -- 2,637,069
</TABLE>
2. To approve the reclassification of the investment objective from fundamental
to non-fundamental.
<TABLE>
<CAPTION>
For Against Abstain
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
The Large-Cap Value Equity Portfolio 4,230,757 559,029 --
The Mid-Cap Growth Equity Portfolio 696,569 -- --
The Mid-Cap Value Equity Portfolio 358,456 -- --
The Real Estate Investment Trust Portfolio II 427,714 -- --
The Intermediate Fixed Income Portfolio 1,777,304 -- --
The Aggregate Fixed Income Portfolio 720,312 -- --
The High-Yield Bond Portfolio 1,582,782 354,067 --
The Diversified Core Fixed Income Portfolio 394,788 -- --
The Global Equity Portfolio 366,911 -- --
The International Equity Portfolio 27,269,783 1,358,088 --
The Emerging Markets Portfolio 3,533,839 1,597,658 --
The Global Fixed Income Portfolio 45,385,512 1,028,609 603,501
The International Fixed Income Portfolio 6,249,054 -- --
</TABLE>
3. To approve standardized fundamental investment restrictions (proposal
involves separate votes on seven sub-proposals 3A-3G).
3A. To adopt a new fundamental investment restriction concerning concentration
of the investments in the same industry.
<TABLE>
<CAPTION>
For Against Abstain
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
The Large-Cap Value Equity Portfolio 4,345,775 444,011 --
The Mid-Cap Growth Equity Portfolio 696,569 -- --
The Mid-Cap Value Equity Portfolio 358,456 -- --
The Real Estate Investment Trust Portfolio II 427,714 -- --
The Intermediate Fixed Income Portfolio 1,777,304 -- --
The Aggregate Fixed Income Portfolio 720,312 -- --
The High-Yield Bond Portfolio 1,936,849 -- --
The Diversified Core Fixed Income Portfolio 394,788 -- --
The Global Equity Portfolio 366,911 -- --
The International Equity Portfolio 27,822,964 804,907 --
The Emerging Markets Portfolio 5,131,497 -- --
The Global Fixed Income Portfolio 46,414,121 -- 603,501
The International Fixed Income Portfolio 6,249,054 -- --
</TABLE>
102 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
3B. To adopt a new fundamental investment restriction concerning borrowing money
and issuing senior securities.
<TABLE>
<CAPTION>
For Against Abstain
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Large-Cap Value Equity Portfolio 4,345,775 444,011 --
The Mid-Cap Growth Equity Portfolio 696,569 -- --
The Mid-Cap Value Equity Portfolio 358,456 -- --
The Real Estate Investment Trust Portfolio II 427,714 -- --
The Intermediate Fixed Income Portfolio 1,777,304 -- --
The Aggregate Fixed Income Portfolio 720,312 -- --
The High-Yield Bond Portfolio 1,936,849 -- --
The Diversified Core Fixed Income Portfolio 394,788 -- --
The Global Equity Portfolio 366,911 -- --
The International Equity Portfolio 27,822,964 804,907 --
The Emerging Markets Portfolio 5,131,497 -- --
The Global Fixed Income Portfolio 46,414,121 -- 603,501
The International Fixed Income Portfolio 6,249,054 -- --
</TABLE>
3C. To adopt a new fundamental investment restriction concerning underwriting.
<TABLE>
<CAPTION>
For Against Abstain
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
The Large-Cap Value Equity Portfolio 4,345,775 444,011 --
The Mid-Cap Growth Equity Portfolio 696,569 -- --
The Mid-Cap Value Equity Portfolio 358,456 -- --
The Real Estate Investment Trust Portfolio II 427,714 -- --
The Intermediate Fixed Income Portfolio 1,777,304 -- --
The Aggregate Fixed Income Portfolio 720,312 -- --
The High-Yield Bond Portfolio 1,936,849 -- --
The Diversified Core Fixed Income Portfolio 394,788 -- --
The Global Equity Portfolio 366,911 -- --
The International Equity Portfolio 27,822,964 804,907 --
The Emerging Markets Portfolio 5,131,497 -- --
The Global Fixed Income Portfolio 46,414,121 -- 603,501
The International Fixed Income Portfolio 6,249,054 -- --
</TABLE>
3D. To adopt a new fundamental investment restriction concerning investments in
real estate.
<TABLE>
<CAPTION>
For Against Abstain
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
The Large-Cap Value Equity Portfolio 4,345,775 444,011 --
The Mid-Cap Growth Equity Portfolio 696,569 -- --
The Mid-Cap Value Equity Portfolio 358,456 -- --
The Real Estate Investment Trust Portfolio II 427,714 -- --
The Intermediate Fixed Income Portfolio 1,777,304 -- --
The Aggregate Fixed Income Portfolio 720,312 -- --
The High-Yield Bond Portfolio 1,936,849 -- --
The Diversified Core Fixed Income Portfolio 394,788 -- --
The Global Equity Portfolio 366,911 -- --
The International Equity Portfolio 27,822,964 804,907 --
The Emerging Markets Portfolio 5,131,497 -- --
The Global Fixed Income Portfolio 46,414,121 -- 603,501
The International Fixed Income Portfolio 6,249,054 -- --
</TABLE>
1999 Semiannual Report o Delaware Pooled Trust 103
<PAGE>
3E. To adopt a new fundamental investment restriction concerning investments in
commodities.
<TABLE>
<CAPTION>
For Against Abstain
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
The Large-Cap Value Equity Portfolio 4,345,775 444,011 --
The Mid-Cap Growth Equity Portfolio 696,569 -- --
The Mid-Cap Value Equity Portfolio 358,456 -- --
The Real Estate Investment Trust Portfolio II 427,714 -- --
The Intermediate Fixed Income Portfolio 1,777,304 -- --
The Aggregate Fixed Income Portfolio 720,312 -- --
The High-Yield Bond Portfolio 1,936,849 -- --
The Diversified Core Fixed Income Portfolio 394,788 -- --
The Global Equity Portfolio 366,911 -- --
The International Equity Portfolio 27,822,964 804,907 --
The Emerging Markets Portfolio 5,131,497 -- --
The Global Fixed Income Portfolio 46,414,121 -- 603,501
The International Fixed Income Portfolio 6,249,054 -- --
</TABLE>
3F.To adopt a new fundamental investment restriction concerning lending by the
Fund.
<TABLE>
<CAPTION>
For Against Abstain
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
The Large-Cap Value Equity Portfolio 4,345,775 444,011 --
The Mid-Cap Growth Equity Portfolio 696,569 -- --
The Mid-Cap Value Equity Portfolio 358,456 -- --
The Real Estate Investment Trust Portfolio II 427,714 -- --
The Intermediate Fixed Income Portfolio 1,777,304 -- --
The Aggregate Fixed Income Portfolio 720,312 -- --
The High-Yield Bond Portfolio 1,936,849 -- --
The Diversified Core Fixed Income Portfolio 394,788 -- --
The Global Equity Portfolio 366,911 -- --
The International Equity Portfolio 27,822,964 804,907 --
The Emerging Markets Portfolio 5,131,497 -- --
The Global Fixed Income Portfolio 46,414,121 -- 603,501
The International Fixed Income Portfolio 6,249,054 -- --
</TABLE>
3G. To reclassify all current fundamental investment restrictions as
non-fundamental.
<TABLE>
<CAPTION>
For Against Abstain
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
The Large-Cap Value Equity Portfolio 3,908,838 880,948 --
The Mid-Cap Growth Equity Portfolio 696,569 -- --
The Mid-Cap Value Equity Portfolio 358,456 -- --
The Real Estate Investment Trust Portfolio II 427,714 -- --
The Intermediate Fixed Income Portfolio 1,777,304 -- --
The Aggregate Fixed Income Portfolio 720,312 -- --
The High-Yield Bond Portfolio 1,936,849 -- --
The Diversified Core Fixed Income Portfolio 394,788 -- --
The Global Equity Portfolio 366,911 -- --
The International Equity Portfolio 27,390,527 804,907 432,436
The Emerging Markets Portfolio 5,131,497 -- --
The Global Fixed Income Portfolio 45,385,512 1,028,609 603,501
The International Fixed Income Portfolio 4,988,540 -- 1,260,514
</TABLE>
104 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
4. To approve a new investment management agreement with Delaware Management
Company.
<TABLE>
<CAPTION>
For Against Abstain
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
The Large-Cap Value Equity Portfolio 4,345,775 444,011 --
The Core Equity Portfolio 235,910 -- --
The Mid-Cap Growth Equity Portfolio 696,569 -- --
The Mid-Cap Value Equity Portfolio 358,456 -- --
The Small-Cap Growth Equity Portfolio 353,776 -- --
The Real Estate Investment Trust Portfolio II 427,714 -- --
The Intermediate Fixed Income Portfolio 1,777,304 -- --
The Aggregate Fixed Income Portfolio 720,312 -- --
The High-Yield Bond Portfolio 1,936,849 -- --
The Diversified Core Fixed Income Portfolio 394,788 -- --
The Global Equity Portfolio 366,911 -- --
The International Equity Portfolio 24,743,198 3,884,672 --
The Labor Select International Equity Portfolio 5,417,354 -- 98,499
The Emerging Markets Portfolio 5,131,497 -- --
The Global Fixed Income Portfolio 45,585,566 828,555 603,501
The International Fixed Income Portfolio 6,249,054 -- --
</TABLE>
5. To approve a new Sub-Advisory Agreement.
<TABLE>
<CAPTION>
For Against Abstain
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
The Diversified Core Fixed Income Portfolio 394,788 -- --
The Global Equity Portfolio 366,911 -- --
The Real Estate Investment Trust Portfolio II 427,714 -- --
</TABLE>
6. To ratify the selection of Ernst & Young LLP, as the independent auditors for
Delaware Pooled Trust, Inc.
<TABLE>
<CAPTION>
For Against Abstain
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
107,327,488 689,087 906,623
</TABLE>
7. To approve the restructuring of Delware Pooled Trust, Inc. from a Maryland
Corporation into a Delaware Business Trust.
<TABLE>
<CAPTION>
For Against Abstain
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
103,120,509 4,307,760 1,217,677
</TABLE>
1999 Semiannual Report o Delaware Pooled Trust 105
<PAGE>
Delaware Pooled Trust, Inc.
Fund Officers and Portfolio Managers
Wayne A. Stork
Director
David G. Tilles
Managing Director and Chief Investment Officer
Delaware International Advisers Ltd.
Robert Akester
Senior Portfolio Manager
Vice President and Senior Portfolio Manager
Damon J. Andres
Vice President and Portfolio Manager
Robert L. Arnold
Vice President and Senior Portfolio Manager
Christopher S. Beck
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
Paul A. Matlack
Vice President and Senior Portfolio Manager
Francis X. Morris
Vice President and Senior Portfolio Manager
<PAGE>
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
Thomas J. Trotman
Vice President and Portfolio Manager
Custodian
The Chase Manhattan Bank
4 Metrotech Center
Brooklyn, New York 11245
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 Business Trust
One Commerce Square
Philadelphia, Pennsylvania 19103
Investment Advisers
Delaware Management Company
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
106 Delaware Pooled Trust o 1999 Semiannual Report
<PAGE>
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.
One Commerce Square
Philadelphia, Pennsylvania 19103
Telephone 1-800-231-8002
Fax (215) 255-1162
