<PAGE>
2000
semiannual report
Delaware Pooled Trust
U.S. Equities
The Large-Cap Value Equity Portfolio
The Equity Income Portfolio
The Core Equity Portfolio
The Select Equity Portfolio
The All-Cap Growth Equity Portfolio
The Mid-Cap Growth Equity Portfolio
The Small-Cap Value Equity Portfolio
The Small-Cap Growth 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
Balanced
The Balanced Portfolio
International Equities
The International Large-Cap Equity Portfolio
The Global Equity Portfolio
The International Equity Portfolio
The Labor Select International Equity Portfolio
The International Small-Cap Portfolio
The Emerging Markets Portfolio
International Fixed Income
The Global Fixed Income Portfolio
The International Fixed Income Portfolio
DELAWARE
POOLED
TRUST
--------
<PAGE>
Contents
Portfolio Returns .......................................................... 2-3
Portfolio Objectives ....................................................... 4-5
The Large-Cap Value Equity Portfolio Review ................................ 6
The Equity Income Portfolio Review ......................................... 7
The Core Equity Portfolio Review ........................................... 8
The Select Equity Portfolio Review ......................................... 9
The All-Cap Growth Equity Portfolio Review ................................. 10
The Mid-Cap Growth Equity Portfolio Review ................................. 11
The Small-Cap Value Equity Portfolio Review ................................ 12
The Small-Cap Growth Equity Portfolio Review ............................... 13
The Real Estate Investment Trust Portfolio II Review ....................... 14
The Intermediate Fixed Income Portfolio Review ............................. 15
The Aggregate Fixed Income Portfolio Review ................................ 16
The High-Yield Bond Portfolio Review ....................................... 17
The Diversified Core Fixed Income Portfolio Review ......................... 18
The Balanced Portfolio Review .............................................. 19
The International Large-Cap Equity Portfolio Review ........................ 20
The Global Equity Portfolio Review ......................................... 21
The International Equity Portfolio Review .................................. 22
The Labor Select International Equity Portfolio Review ..................... 23
The International Small-Cap Portfolio Review ............................... 24
The Emerging Markets Portfolio Review ...................................... 25
The Global Fixed Income Portfolio Review ................................... 26
The International Fixed Income Portfolio Review ............................ 27
Financial Statements ....................................................... 28
Delaware Pooled Trust
Delaware Pooled Trust, 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 $44 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 Equity Income, The Core Equity, The Select Equity, The All-Cap
Growth Equity, The Mid-Cap Growth Equity, The Small-Cap Value Equity, The
Small-Cap Growth Equity, The Real Estate Investment Trust II, The Intermediate
Fixed Income, The Aggregate Fixed Income, The High-Yield Bond, The Diversified
Core Fixed Income and The Balanced Portfolios. Delaware International Advisers
Ltd., a London-based affiliate of Delaware Management Company, serves as
investment adviser for The International Large-Cap Equity, The Global Equity,
The International Equity, The Labor Select International Equity, The
International Small-Cap, 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, One Commerce Square, Philadelphia,
Pennsylvania 19103.
2000 Semiannual Report o Delaware Pooled Trust 1
<PAGE>
Portfolio Returns
Periods ending April 30, 2000
<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 (6.85)% (14.70)% 8.41% 14.26% 14.56%
S&P 500 Composite Stock Price Index 7.20 10.10 23.77 25.34 19.25
------------------------------------------------------------------------------------------------------------------------------------
The Equity Income Portfolio (5.01) -- -- -- (11.60)
S&P 500 Composite Stock Price Index 7.20 -- -- -- 6.85
------------------------------------------------------------------------------------------------------------------------------------
The Core Equity Portfolio (2.17) (9.54) -- -- 2.91
Russell 1000 Index 9.72 12.45 -- -- 31.92
------------------------------------------------------------------------------------------------------------------------------------
The Select Equity Portfolio 4.07 -- -- -- 5.18
Russell 3000 Index 10.32 -- -- -- 9.52
------------------------------------------------------------------------------------------------------------------------------------
The All-Cap Growth Equity Portfolio** -- -- -- -- (0.24)
Russell 3000 Growth Index -- -- -- -- (5.14)
------------------------------------------------------------------------------------------------------------------------------------
The Mid-Cap Growth Equity Portfolio 44.59 66.71 38.73 27.07 18.17
Russell Midcap Growth Index 41.59 53.02 34.27 27.47 19.89
------------------------------------------------------------------------------------------------------------------------------------
The Small-Cap Value Equity Portfolio 1.85 (4.35) -- -- 3.31
Russell 2000 Value Index 8.20 4.40 -- -- 12.79
------------------------------------------------------------------------------------------------------------------------------------
The Small-Cap Growth Equity Portfolio 43.36 74.92 -- -- 71.21
Russell 2000 Growth Index 27.78 31.38 -- -- 47.64
------------------------------------------------------------------------------------------------------------------------------------
The Real Estate Investment Trust Portfolio II 13.43 3.40 -- -- (1.04)
NAREIT Equity REIT Index 10.91 0.02 -- -- (4.17)
------------------------------------------------------------------------------------------------------------------------------------
The Intermediate Fixed Income Portfolio 1.53 1.36 5.06 -- 5.06
Lehman Brothers Government/Corporate
Intermediate Bond Index 1.07 1.54 5.57 -- 5.32
------------------------------------------------------------------------------------------------------------------------------------
The Aggregate Fixed Income Portfolio 0.99 0.08 -- -- 3.11
Lehman Brothers Aggregate Bond Index 1.42 1.26 -- -- 4.11
------------------------------------------------------------------------------------------------------------------------------------
The High-Yield Bond Portfolio 5.80 (0.74) 5.56 -- 6.47
Salomon Smith Barney High-Yield Cash Pay Index (0.10) (4.16) 4.33 -- 4.74
------------------------------------------------------------------------------------------------------------------------------------
The Diversified Core Fixed Income Portfolio 1.46 1.58 -- -- 5.81
Lehman Brothers Aggregate Bond Index 1.42 1.26 -- -- 4.11
------------------------------------------------------------------------------------------------------------------------------------
The Balanced Portfolio (1.04) -- -- -- (7.79)
60% S&P 500 Index/
40% Lehman Brothers Aggregate Bond Index 5.03 -- -- -- 5.34
</TABLE>
2 Delaware Pooled Trust o 2000 Semiannual Report
<PAGE>
<TABLE>
<CAPTION>
Six One Three Five Since
Average Annual Total Return* Months Year Years Years Inception +
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
The International Large-Cap Equity Portfolio** -- -- -- -- (3.54)%
Morgan Stanley Capital International
EAFE Stock Index (net) -- -- -- -- 3.13
------------------------------------------------------------------------------------------------------------------------------------
The Global Equity Portfolio 0.23 (4.83) -- -- 4.22
Morgan Stanley Capital International
World Stock Index (net) 7.49 12.29 -- -- 19.08
------------------------------------------------------------------------------------------------------------------------------------
The International Equity Portfolio 3.11 0.24 7.36 10.77 10.73
Morgan Stanley Capital International
EAFE Stock Index (net) 6.72 13.89 14.04 10.37 10.14
------------------------------------------------------------------------------------------------------------------------------------
The Labor Select International Equity Portfolio 2.34 (0.64) 8.20 -- 12.01
Morgan Stanley Capital International
EAFE Stock Index (net) 6.72 13.89 14.04 -- 10.75
------------------------------------------------------------------------------------------------------------------------------------
The International Small-Cap Portfolio (7.78) -- -- -- (6.15)
Salomon Smith Barney
Extended Market Index (ex-U.S.) 5.63 -- -- -- 13.39
------------------------------------------------------------------------------------------------------------------------------------
The Emerging Markets Portfolio 12.61 20.74 (5.42) -- (5.00)
Morgan Stanley Capital International
Emerging Markets Free Equity Index 13.87 22.11 (2.14) -- (2.02)
------------------------------------------------------------------------------------------------------------------------------------
The Global Fixed Income Portfolio (5.77) (9.68) 1.24 6.03 7.33
Salomon Smith Barney World
Government Bond Index (4.35) (3.47) 4.11 3.20 6.02
------------------------------------------------------------------------------------------------------------------------------------
The International Fixed Income Portfolio (7.89) (11.85) 0.41 -- 0.47
Salomon Smith Barney Non-U.S.
World Government Bond Index (6.86) (5.57) 3.11 -- (4.76)
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Past performance cannot guarantee future results. The investment return and
share value will fluctuate so that an investor's shares, when redeemed, may be
worth more or less than the original investment. Since 1992, Delaware Management
Company or Delaware International Advisers, Ltd. has, as relevant, voluntarily
waived its fee and reimbursed the Delaware Pooled Trust Portfolios for certain
amounts that annual operating expenses (excluding taxes, interest, brokerage
commissions, and extraordinary expenses) exceeded average net assets. In the
absence of those waivers, the portfolios' total returns would have been lower.
** Portfolio has been active for less than six months. The return is calculated
from the inception date. Such short-term returns may not be meaningful, as they
do not represent a longer-term perspective on the portfolio's performance.
+ The inception dates for each Delaware Pooled Trust Portfolio are as follows:
Large-Cap Value Equity, February 3, 1992; Equity Income, June 30, 1999; Core
Equity, September 15, 1998; Select Equity, June 29, 1999; All-Cap Growth Equity,
March 31, 2000; Mid-Cap Growth Equity, February 27, 1992; Small-Cap Value
Equity, March 29, 1999; Small-Cap Growth Equity, September 15, 1998; 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; Balanced, June 30, 1999;
International Large-Cap Equity, December 14, 1999; Global Equity, October 15,
1997; International Equity, February 4, 1992; Labor Select International Equity,
December 19, 1995; International Small-Cap, July 20, 1999; 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.
2000 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 Equity Income Portfolio seeks to provide the highest possible current income
by investing primarily in common stocks that provide the potential for income
and capital appreciation without undue risk to principal.
The Core Equity 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 Select Equity Portfolio seeks to provide maximum long-term capital
appreciation by investing primarily in exchange-traded equity securities. The
20-30 stocks we select must pass three screens: stocks that have already been
selected by our portfolio managers for other Delaware funds, quantitative models
that help rank the stocks, and fundamental analysis on the top 25% in that
ranking.
The All-Cap Growth Equity Portfolio seeks to realize maximum long-term capital
growth by investing in stocks of small-, medium- and large-capitalization
companies that, in the opinion of Delaware Management Company, offer significant
long-term growth potential at the time of purchase.
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 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 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 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.
4 Delaware Pooled Trust o 2000 Semiannual Report
<PAGE>
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 Balanced Portfolio seeks a balance of capital appreciation, income, and
preservation of capital by investing primarily in common stocks of established
companies that we believe have the potential for long-term capital appreciation.
The Portfolio also invests at least 25% of its assets in various types of
fixed-income securities, such as U.S. government securities and corporate bonds.
The International Large-Cap Equity Portfolio seeks to realize long-term growth
of capital by investing in large-capitalization stocks of non-U.S. corporations
located in developed countries. The stocks of these companies may be undervalued
at the time of purchase based on our fundamental analysis.
The Global Equity Portfolio seeks long-term growth of capital without undue risk
to principal by investing in global equity securities that provide the potential
for capital appreciation and income.
The International Equity Portfolio seeks to achieve maximum long-term total
return by investing primarily in stocks of companies that are organized, have a
majority of their assets, or derive most of their operating income outside the
United States. The Portfolio seeks to invest in stocks that, in the opinion of
Delaware International, are undervalued at the time of purchase, based on
rigorous fundamental analysis conducted by the investment adviser.
The Labor Select International Equity Portfolio seeks to achieve maximum
long-term total return by investing primarily in stocks of companies that are
organized, have a majority of their assets, or derive most of their operating
income outside the United States. The Portfolio seeks to invest in stocks that,
in the opinion of Delaware International, are undervalued at the time of
purchase based on rigorous fundamental analysis conducted by the investment
adviser, and that are compatible with certain investment policies or
restrictions followed by organized labor.
The International Small-Cap Portfolio seeks long-term capital appreciation by
investing primarily in smaller non-U.S. companies, which may include companies
located or operating in established or emerging countries.
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.
2000 Semiannual Report o Delaware Pooled Trust 5
<PAGE>
Large-Cap Value Equity:
Low Tech Exposure Held Back Performance
Total Return
Six months ending April 30, 2000
--------------------------------------------------------------------------------
Large-Cap Value Equity (6.85)%
S&P 500 Index 7.20%
--------------------------------------------------------------------------------
Fiscal 2000 began on a familiar note of growth continuing to outperform value,
and technology leading other sectors of the market. This hit the Large-Cap Value
Equity Portfolio with a double whammy that made it difficult to compete with the
benchmark Standard & Poor's 500 Index. The Portfolio returned (6.85)% for the
six months ended April 30, finishing behind the 7.20% return of the Index.
Despite solid fundamentals in many of the industries we favor, investors seemed
to ignore most everything but technology stocks. Large-Cap Value Equity's focus
on companies with well-above average dividend yields translated into a gross
underweighted position in technology stocks relative to the benchmark.
Technology companies typically have no yield and therefore, do not meet our
investment criteria.
A substantially lower technology position, combined with negative results from
credit sensitive and basic industry holdings, detracted from the Portfolio's
return. Capital goods was another troublespot in the Portfolio. Defense-related
companies, which make up most of our exposure in that sector, came under
pressure due to a reduction in the number of defense contracts issued by the
government.
March 2000 ushered in a swift change in investor sentiment that favored our
value style. Interest rate sensitive issues (banks and insurance) performed
exceedingly well in this environment. We increased our exposure in this area
adding new positions in Marsh & McLennan, UnumProvident and Bank of New York.
These companies have high earnings visibility and are selling at a significant
discount to the market.
We will continue to overweight the Portfolio versus the S&P 500 Index in
financial services, pharmaceuticals, telecommunications and energy where
valuations are quite compelling.
Portfolio Profile
April 30, 2000
Total net assets ............................................. $ 91.1 million
Inception date ............................................... February 3, 1992
Asset Composition (based on total net assets)
Common Stocks ............................................. 98.70%
Cash Equivalents and Other Net Assets ..................... 1.30%
Number of holdings ........................................... 72
Top 10 holdings
1. Bank of New York
2. Cable and Wireless ADR
3. McGraw-Hill
4. FleetBoston Financial
5. Bank of America
6. El Paso Energy
7. Mellon Financial
8. Marsh & McLennan
9. SBC Communications
10. Exxon Mobil
Industry Composition
Banking, Finance & Insurance 23.60%
Energy 12.55%
Telecommunications 9.64%
Healthcare & Pharmaceuticals 9.24%
Food, Beverage & Tobacco 7.12%
Consumer Products 5.91%
Utilities 5.62%
Paper & Forest Products 3.42%
Cable, Media & Publishing 3.09%
Metals & Mining 2.96%
Automobiles & Automotive Parts 2.92%
Computers & Technology 2.60%
Industrial Machinery 2.38%
Chemicals 2.08%
Aerospace & Defense 1.65%
Electronics & Electrical Equipment 1.39%
Retail 1.06%
Leisure, Loding & Entertainment 0.78%
Transportation & Shipping 0.69%
Net Cash & Other Assets 1.30%
6 Delaware Pooled Trust o 2000 Semiannual Report
<PAGE>
Equity Income:
Positioned to Benefit from Technology Revolution
Total Return
Six months ending April 30, 2000
--------------------------------------------------------------------------------
Equity Income (5.01)%
S&P 500 Index 7.20%
--------------------------------------------------------------------------------
Tech stock mania propelled major market indexes higher in late 1999 and early
2000, continuing a two-year trend of very narrow market leadership by Internet
and high-tech company stocks. The tables turned in mid-March, however, as the
improving earnings fundamentals and low valuations of many non-technology
companies became too attractive for investors to ignore. Market performance then
began to broaden beyond the technology and Internet sectors.
True to its value style, The Equity Income Portfolio had a significant
underweighted position in technology stocks relative to the benchmark S&P 500
Index. Although the Portfolio benefited from the market's broadening in March
and April, this did little to make amends for poor performance related to our
low technology exposure. As a result, the Portfolio posted a six-month return of
(5.01)% versus the 7.20% return of the S&P 500 Index.
While the Portfolio did not own the market's hottest Internet stocks, it was
positioned to be an indirect beneficiary of the Internet and high tech
revolution. Holdings in General Motors, Chase Manhattan Bank and Dow Chemical
are examples of old economy companies that are applying new technologies to
their business models and, consequently, are delivering better than expected
earnings growth.
As investors ventured back into old economy industries, The Equity Income
Portfolio began to perform materially better. Our holdings in consumer products
companies Kimberly-Clark and American Home Products, and food and beverage
companies PepsiCo and Bestfoods delivered positive results. Elsewhere in the
Portfolio, higher interest rates had a negative impact on our financial services
stocks. We continue to be very selective in this area, with a focus on high
quality stocks in the insurance (property and casualty) area.
Portfolio Profile
April 30, 2000
Total net assets ............................................. $106.9 million
Inception date ............................................... June 30, 1999
Asset Composition (based on total net assets)
Common Stocks ............................................. 83.89%
Corporate Bonds ........................................... 12.45%
Cash Equivalents and Other Net Assets ..................... 3.66%
Number of holdings ........................................... 111
Top 10 holdings
1. McGraw-Hill
2. Kimberly-Clark
3. Pitney Bowes
4. Royal Dutch Petroleum
5. Chevron
6. Exxon Mobil
7. Marsh & McLennan
8. Anheuser-Busch
9. General Motors
10. El Paso Energy
Industry Composition
Banking, Finance & Insurance 16.73%
Energy 11.75%
Healthcare & Pharmaceuticals 8.13%
Telecommunications 6.98%
Food, Beverage & Tobacco 6.01%
Consumer Products 5.45%
Utilities 5.23%
Automobiles & Automotive Parts 3.64%
Chemicals 3.40%
Paper & Forest Products 3.15%
Computers & Technology 3.10%
Cable, Media & Publishing 2.72%
Metals & Mining 2.55%
Electronics & Electrical Equipment 2.28%
Industrial Machinery 2.05%
Aerospace & Defense 0.72%
Bonds 12.45%
Net Cash & Other Assets 3.66%
2000 Semiannual Report o Delaware Pooled Trust 7
<PAGE>
Core Equity:
Tech Correction Brings Opportunity
Total Return
Six months ending April 30, 2000
--------------------------------------------------------------------------------
Core Equity (2.17)%
Russell 1000 Index 9.72%
--------------------------------------------------------------------------------
For much of the first fiscal half, technology stocks continued to drive U.S.
equity returns. But during the last six weeks of our reporting period, investors
began to scrutinize the extreme valuations and sustainability of earnings of
many of the companies in this sector. A sharp correction in the technology
sector ensued as investors broadened their stock selection in search of new
leadership.
In spite of this welcome and, in our opinion, warranted turnaround in the
technology sector, it came too little, too late to have any marked impact on
performance for the six-month period. The Core Equity Portfolio posted a (2.17)%
return versus 9.72% for the Russell 1000 Index.
We continue to focus on companies with stable, visible earnings and a discounted
valuation to those earnings. This has traditionally steered us away from
investing heavily in technology companies. Those we do own are more mainstream
S&P 500 type technology companies like IBM, Intel and Compaq mixed in with some
smaller names that include Symbol Technologies, CGS Systems International and
Integrated Device Technologies.
In addition to the negative impact of the low relative technology weighting,
announced earnings shortfalls in the consumer products sector (Proctor & Gamble
and Dial) during the first calendar quarter further detracted from the
Portfolio's results. As a result of these shortfalls, we have removed both
positions from the Portfolio.
We continue to favor the financial services sector, which saw a healthy rebound
late in the reporting period. We also like the energy sector, which we feel has
been benefiting from worldwide economic recovery and strengthening demand for
oil and natural gas.
As many technology stocks have corrected and come back into our buying universe,
we've had an opportunity to selectively increase our technology weighting.
Portfolio Profile
April 30, 2000
Total net assets ........................................... $2.1 million
Inception date ............................................. September 15, 1998
Asset Composition (based on total net assets)
Common Stocks ........................................... 93.50%
Convertible Preferred Stocks ............................ 1.53%
Cash Equivalents and Other Net Assets ................... 4.97%
Number of holdings ......................................... 63
Top 10 holdings
1. FleetBoston Financial
2. Honeywell International
3. Federal Home Loan
4. Viad
5. MBNA
6. Intel
7. SBC Communications
8. Citigroup
9. ALLTEL
10. American Home Products
Industry Composition
Banking, Finance & Insurance 16.10%
Energy 11.86%
Electronics & Electrical Equipment 11.57%
Healthcare & Pharmaceuticals 10.88%
Telecommunications 10.09%
Computers & Technology 7.69%
Retail 5.60%
Cable, Media & Publishing 3.23%
Chemicals 2.70%
Food, Beverage & Tobacco 2.69%
Leisure, Lodging & Entertainment 2.54%
Aerospace & Defense 2.08%
Industrial Machinery 1.82%
Utilities 1.66%
Consumer Products 1.61%
Environmental Services 0.75%
Metals & Mining 0.63%
Convertible Preferred Stock 1.53%
Net Cash & Other Assets 4.97%
8 Delaware Pooled Trust o 2000 Semiannual Report
<PAGE>
Select Equity:
Solid Absolute Performance
Total Return
Six months ending April 30, 2000
--------------------------------------------------------------------------------
Select Equity 4.07%
Russell 3000 Index 10.32%
--------------------------------------------------------------------------------
The Select Equity Portfolio achieved solid absolute performance in the first
half of fiscal 2000, though on a relative basis the Portfolio had less
impressive results. For the six months ended April 30, Select Equity returned
4.07% trailing the 10.32% return of the Russell 3000 Index.
One reason for the Portfolio's underperformance was the lower relative return of
its technology holdings versus the Index. Our technology stocks returned 30% as
a group. This was no match for the 49% return of the technology stocks in the
benchmark. We attribute the benchmark's stronger technology results to good
performance by smaller capitalization, lower quality names. Our technology
positions were of larger size and, we felt, of better quality than those in the
Index.
Our position in Microsoft--down 33% for the period--hurt performance. We sold
Microsoft in mid-April when the company announced that first quarter earnings
fell short of expectations and predicted that sluggish business trends would
likely continue. We also sold At Home and Sara Lee, but not before they had
taken a toll on performance.
Conversely, Intel was a strong performer--up 84% for the period. Other positive
performers were General Electric, Time Warner and Circuit City. General Electric
rallied on reports that it would report above consensus earnings in 2000. Time
Warner benefited from its acquisition by America Online, and Circuit City
recouped some of its value as it began to recover from its steep decline in the
latter part of 1999.
Select Equity's investment strategy concentrates strictly on stock selection,
which means we give little consideration to macro-economic and other "top down"
considerations. We look for companies that are mispriced and try to capitalize
on those mispricings as we deem it appropriate. Most recently, this led to new
positions in Nextel Communications, Exxon Mobil and Chase Manhattan.
Portfolio Profile
April 30, 2000
Total net assets ................................................ $2.1 million
Inception date .................................................. June 29, 1999
Asset Composition (based on total net assets)
Common Stocks ................................................ 101.29%
Cash Equivalents and Other Net Assets ........................ (1.29)%
Number of holdings .............................................. 20
Top 10 holdings
1. Merrill Lynch
2. General Electric
3. Citrix Systems
4. AT&T-Liberty Media Class A
5. Nextel Communications
6. QUALCOMM
7. Chase Manhattan
8. Ingersoll-Rand
9. Time Warner
10. Citigroup
Industry Composition
Telecommunications 20.31%
Banking, Finance & Insurance 15.57%
Electronics & Electrical Equipment 14.92%
Cable, Media & Publishing 10.36%
Computers & Technology 10.19%
Healthcare & Pharmaceuticals 10.00%
Industrial Machinery 5.14%
Metals & Mining 5.06%
Consumer Products 4.94%
Energy 4.80%
2000 Semiannual Report o Delaware Pooled Trust 9
<PAGE>
All-Cap Growth Equity:
Off to an Excellent Relative Start
Total Return
For the period March 31-April 30, 2000
--------------------------------------------------------------------------------
All-Cap Growth Equity (0.24)%
Russell 3000 Growth Index (5.14)%
--------------------------------------------------------------------------------
The All-Cap Growth Equity Portfolio began operations on March 31, 2000, just
four short weeks before the close of our reporting period. During that brief
time, we began the process of building the Portfolio, investing in growth
companies that span the full range of market capitalizations.
It was a tough time period in the growth equity markets to be launching a new
growth stock portfolio, but All-Cap Growth Equity still managed to outperform
the Russell 3000 Growth Index by nearly five percentage points. Keeping in mind
the extremely short reporting period, such performance may not be representative
of longer-term results. The Russell 3000 Growth Index measures the performance
of those Russell 3000 Index (the 3,000 largest U.S. companies based on total
market capitalization) companies with higher price-to-book ratios and higher
forecasted growth values. We use the Russell 3000 Growth Index as our benchmark
because it tracks the performance of growth stocks within the Russell 3000,
which represents approximately 98% of the investable U.S. equity market.
The All-Cap Growth Equity Portfolio represents the "best ideas" from Delaware's
small- and mid-cap growth portfolios with the added option of owning many of the
large-cap growth companies that we are unable to include in our value-oriented
portfolios. Above all, we want to own companies that can successfully meet
earnings forecasts and offer the potential for high earnings growth.
As we continue building the Portfolio, we will focus on four core sectors:
technology, health care, consumer products, and business/financial services. We
employ a "bottom-up" approach of identifying companies that meet our investment
criteria, after which we take a "top-down" approach to ensure that the Portfolio
is not too aggressively weighted in any particular sector.
Portfolio Profile
April 30, 2000
Total net assets ............................................... $9.8 million
Inception date ................................................. March 31, 2000
Asset Composition (based on total net assets)
Common Stocks ............................................... 28.80%
Cash Equivalents and Other Net Assets ....................... 71.20%*
Number of holdings .......................................... 34
Top 10 holdings
1. Genentech
2. S1
3. Peregrine Systems
4. NEXTEL Communications
5. Clear Channel Communications
6. Globespan
7. Limited
8. Gemstar International Group Limited
9. Extreme Networks
10. JDS Uniphase
Industry Composition
Computers & Technology 5.64%
Electronics & Electrical Equipment 4.65%
Healthcare & Pharmaceuticals 3.58%
Business Services 3.41%
Retail 3.15%
Telecommunications 2.81%
Cable, Media & Publishing 2.03%
Consumer Products 1.79%
Banking, Finance & Insurance 1.36%
Leisure, Lodging & Entertainment 0.38%
Net Cash & Other Assets 71.20%
* The high cash position reflects a relatively large inflow of new money within
the first month of the Portfolio's operation. Since the Portfolio is new and the
reporting period is so short, the portfolio manager has not had adequate
opportunities to invest the new cash according to the Portfolio's investment
objectives. We anticipate our cash position to be back down to a normal level
within a few months of this report.
10 Delaware Pooled Trust o 2000 Semiannual Report
<PAGE>
Mid-Cap Growth Equity:
Technology Holdings Drove Performance
Total Return
Six months ending April 30, 2000
--------------------------------------------------------------------------------
Mid-Cap Growth Equity 44.59%
Russell Midcap Growth Index 41.59%
--------------------------------------------------------------------------------
The Mid-Cap Growth Equity Portfolio hit the ground running in the first half of
fiscal 2000. The Portfolio turned in an impressive 44.59% return for the six
months ended April 30, outperforming the Russell Midcap Growth Index's 41.59%
return by a narrow margin.
Even with a value rebound and growth slump in March and April, technology and
biotechnology stocks easily dominated the six-month period. The weighting of
technology stocks in the Russell Midcap Growth Index rose to more than 45% of
the index. This tech-heavy weighting accounted for most of the benchmark's
return.
Though Mid-Cap Growth Equity had nowhere near the technology weighting of the
Index, strong stock selection resulted in equally outstanding returns from that
sector. Explosive growth in our semiconductor/semiconductor equipment
holdings--including Citrix Systems, PMC-Sierra and Xilinx--contributed
generously to performance. Other solid performers were Network Appliance and
Aspect Development, both of which have benefited from the enormous growth
opportunities afforded by the Internet.
Poor performers in the Portfolio included InterNAP Network Services, a
telecommunications company; Spanish Broadcasting System, the nation's second
largest operator of Spanish radio stations; and Royal Caribbean, a popular
cruise line.
We believe mid-cap stock valuations remain at historically attractive levels
compared to large-cap stocks. As we continue to look for companies that we
believe will meet their earnings forecasts, we expect to remain overweighted
versus the index in technology, consumer and business services, while placing
less relative emphasis on healthcare and financial stocks.
Portfolio Profile
April 30, 2000
Total net assets ............................................ $6.6 million
Inception date .............................................. February 27, 1992
Asset Composition (based on total net assets)
Common Stocks ............................................ 100.21%
Cash Equivalents and Other Net Assets .................... (0.21)%
Number of holdings .......................................... 45
Top 10 holdings
1. Xilinx
2. PMC-Sierra
3. JDS Uniphase
4. VERITAS Software
5. EchoStar Communications Class A
6. Citrix Systems
7. Kohl's
8. American Tower Class A
9. Network Appliance
10. Altera
Industry Composition
Electronics & Electrical Equipment 22.25%
Telecommunications 15.02%
Computers & Technology 13.84%
Retail 12.14%
Cable, Media & Publishing 11.65%
Business Services 8.77%
Leisure, Lodging & Entertainment 7.28%
Banking, Finance & Insurance 5.26%
Healthcare & Pharmaceuticals 2.12%
Consumer Products 1.88%
2000 Semiannual Report o Delaware Pooled Trust 11
<PAGE>
Small-Cap Value Equity:
Broadening Market Impoves Outlook
Total Return
Six months ending April 30, 2000
--------------------------------------------------------------------------------
Small-Cap Value Equity 1.85%
Russell 2000 Value Index 8.20%
--------------------------------------------------------------------------------
For the better part of the last six months, small-cap value stocks remained the
underdogs in a market dominated by big-cap technology companies. As a result,
the Small-Cap Value Equity Portfolio finished the period with a modest return of
1.85% compared to 8.20% for the benchmark Russell 2000 Value Index.
The Portfolio underperformed its benchmark due primarily to a lower relative
weighting in technology stocks--roughly half that of the Index. This hurt
performance from November through mid-March as biotech stocks drove the market's
gains. The biotech craze peaked in February, resulting in the worst monthly
performance for Small-Cap Value Equity since it began operations in March 1999.
A sharp reversal of this trend and a broadening of market leadership in March
2000 led to a vastly improved environment for our value style. We feel that
investors have finally begun to pay serious attention to company earnings and
stock valuations, and we hope this continues.
For the six-month period, our energy holdings made the largest positive
contribution to performance. Within that sector, we had significant exposure to
oil and natural gas exploration and production companies. NICOR, a natural gas
distributor, and Helmerich & Payne, a drilling company--both top 10
holdings--performed well.
The Portfolio's basic industry, retail and healthcare holdings delivered mixed
performance. Within healthcare, we increased our position in Varian Medical
Systems, a manufacturer of x-ray and oncology products, and added new positions
in Invacare, a leading maker of wheelchairs, and MedQuist, a medical
transcription service provider.
For the remainder of fiscal 2000, we will maintain overweighted positions in the
healthcare and energy sectors, and may significantly increase our weighting in
the financial services area as we see signs that the Federal Reserve is finished
raising interest rates.
Portfolio Profile
April 30, 2000
Total net assets ............................................... $2.1 million
Inception date ................................................. March 29, 1999
Asset Composition (based on total net assets)
Common Stocks ............................................... 92.43%
Cash Equivalents and Other Net Assets ....................... 7.57%
Number of holdings ............................................. 71
Top 10 holdings
1. Varian Medical Systems
2. Zale
3. Brightpoint
4. NICOR
5. Jacobs Engineering Group
6. Suiza Foods
7. OM Group
8. Helmerich & Payne
9. Federal Signal
10. Synopsys
Industry Composition
Banking, Finance & Insurance 14.34%
Energy 13.81%
Healthcare & Pharmaceuticals 8.68%
Real Estate 7.07%
Chemicals 6.42%
Electronics & Electrical Equipment 4.57%
Retail 3.81%
Food, Beverage & Tobacco 3.73%
Textiles, Apparel & Furniture 3.72%
Transportation & Shipping 3.42%
Industrial Machinery 3.30%
Automobiles & Automotive Parts 2.94%
Computers & Technology 2.81%
Building & Materials 2.19%
Telecommunications 2.16%
Engineering & Construction 2.11%
Utilities 1.70%
Metals & Mining 1.11%
Miscellaneous 4.54%
Net Cash & Other Assets 7.57%
12 Delaware Pooled Trust o 2000 Semiannual Report
<PAGE>
Small-Cap Growth Equity:
Landslide Victory Against the Benchmark
Total Return
Six months ending April 30, 2000
--------------------------------------------------------------------------------
Small-Cap Growth Equity 43.36%
Russell 2000 Growth Index 27.78%
--------------------------------------------------------------------------------
The Small-Cap Growth Equity Portfolio had a phenomenal first fiscal half,
returning a whopping 43.36% versus 27.78% for the benchmark Russell 2000 Growth
Index. Even with the resurgence of value stocks in March and April, technology
and healthcare (biotech) stocks dominated the six-month period with strong
double-digit returns.
By and large, Small-Cap Growth Equity's technology holdings accounted for the
bulk of our outperformance. Specifically, semiconductor and semiconductor
equipment companies--including Applied Micro Circuits, PMC-Sierra and
Teradyne--had the most explosive growth. Other technology holdings that
performed well were Network Appliance and Aspect Development, both of which have
benefited from the enormous growth opportunities afforded by the Internet.
Poor performers in the Portfolio included G&K Services, a uniform rental company
(we subsequently sold the stock); Legato Systems, a storage management software
company, and New Era of Networks, a software networking company.
We continue to focus on companies that we believe will meet their earnings
forecasts. With that in mind, we will continue to overweight the Portfolio
versus the benchmark index in technology, consumer and business services, while
placing less relative emphasis on healthcare and financial stocks.
Portfolio Profile
April 30, 2000
Total net assets ........................................... $24.8 million
Inception date ............................................. September 15, 1998
Asset Composition (based on total net assets)
Common Stocks ........................................... 92.03%
Cash Equivalents and Other Net Assets ................... 7.97%
Number of holdings ......................................... 85
Top 10 holdings
1. PMC-Sierra
2. Applied Micro Circuits
3. Micrel
4. Network Appliance
5. Dollar Tree Stores
6. VERITAS Software
7. NEXTLINK Communications Class A
8. Dycom Industries
9. Pinnacle Holdings
10. Teradyne
Industry Composition
Computers & Technology 18.75%
Electronics & Electrical Equipment 17.58%
Telecommunications 13.76%
Retail 10.90%
Leisure, Lodging & Entertainment 6.69%
Healthcare & Pharmaceuticals 6.41%
Cable, Media & Publishing 3.25%
Banking, Finance & Insurance 3.08%
Business Services 2.99%
Real Estate 2.47%
Consumer Products 1.61%
Food, Beverage & Tobacco 1.29%
Industrial Machinery 0.84%
Consumer Services 0.45%
Miscellaneous 1.96%
Net Cash & Other Assets 7.97%
2000 Semiannual Report o Delaware Pooled Trust 13
<PAGE>
Real Estate Investment Trust II:
Industry Rebound, Stock Selection Boost Performance
Total Return
Six months ending April 30, 2000
--------------------------------------------------------------------------------
Real Estate Investment Trust II 13.43%
NAREIT Equity REIT Index 10.91%
--------------------------------------------------------------------------------
The Real Estate Investment Trust Portfolio II had a strong showing in the first
half of fiscal 2000, returning 13.43% versus 10.91% for the NAREIT Equity REIT
Index. Strong stock selection and an industry-wide rebound contributed to the
Portfolio's positive relative performance.
Shortly after the start of our fiscal period last November, REIT stocks began to
emerge from a 21-month long bear market. Finally, the sector was delivering the
defensive attributes for which it had long been touted--namely, moderate but
consistent earnings growth and generous dividend yields, all with much less
price volatility than other market sectors.
The Portfolio benefited from strong stock selection in the office/industrial,
retail strip center, and hotel sectors. Standout performers included Spieker
Properties, SL Green Realty, Meristar Hospitality and Kimco Realty. These
companies are benefiting from historically low vacancy levels. In fact,
occupancy rates in certain markets are as high as 95% which has made it easier
for companies to raise their rates on expiring leases.
Some of the weaker areas in the Portfolio were self-storage REITs, manufactured
housing, and diversified REITs, with real estate operating companies turning in
a decidedly mixed performance. Although we reduced our exposure to the real
estate operating company sector, attractive valuations and growth potential
dictate a continued presence there.
Looking forward, extreme price volatility may continue to plague the major stock
indices. We have seen investor interest in REITs pick up significantly and we
would expect that to continue against the backdrop of more volatility in other
markets. Our total return expectations for REITs remain optimistic.
Portfolio Profile
April 30, 2000
Total net assets ............................................ $1.9 million
Inception date .............................................. November 4, 1997
Asset Composition (based on total net assets)
Common Stocks ............................................ 96.43%
Cash Equivalents and Other Net Assets .................... 3.57%
Number of holdings .......................................... 29
Top 10 holdings
1. AvalonBay Communities
2. Duke Weeks Realty
3. Simon Property Group
4. Equity Office Properties Trust
5. Apartment Investment & Management Class A
6. Prentiss Properties Trust
7. SL Green Realty
8. Sun Communities
9. Starwood Hotels & Resorts Worldwide
10. Alexandria Real Estate Equities
Industry Composition
Office/Industrial REITs 40.09%
Multi-Family REITs 18.98%
Real Estate Operating Companies 8.53%
Mall REITs 7.59%
Manufactured Housing REITs 7.08%
Retail Strip Center REITs 6.18%
Self-Storage REITs 2.95%
Net Lease REITs 2.80%
Hotel REITs 2.23%
Net Cash & Other Assets 3.57%
14 Delaware Pooled Trust o 2000 Semiannual Report
<PAGE>
Intermediate Fixed Income:
Treasury Bonds Drive the Market
Total Return
Six months ending April 30, 2000
--------------------------------------------------------------------------------
Intermediate Fixed Income 1.53%
Lehman Brothers Government/Corporate
Intermediate Bond Index 1.07%
--------------------------------------------------------------------------------
Last year's trend of rising interest rates was broken during the first four
months of 2000. Rates on 30-year U.S. Treasury bonds declined from January
through April. The U.S. Treasury Department precipitated the sharp rally by
initiating a large repurchase program of long-term debt.
Ironically, the Federal Reserve, anxious over a strong economy and the threat of
inflation, moved to raise rates by increasing the Fed Funds target to 6.00% from
5.75% on March 21, 2000. Intermediate bonds suffered less than long maturities,
but both corporate and mortgaged-backed securities in the intermediate area
underperformed U.S. Treasury securities for the first quarter of fiscal 2000.
The Intermediate Fixed Income Portfolio returned 1.53% for the six months ended
April 30, 2000. This was 46 basis points better than the return of the
Portfolio's benchmark, the Lehman Brothers Government/Corporate Intermediate
Bond Index. While the Portfolio holds fewer Treasury bonds than the index, our
move to underweight corporate securities versus the weighting of our benchmark
index had a very positive effect during this period. Our holdings in
mortgage-backed securities had relatively little net effect on performance.
Given the persistence of the Treasury's buy-back of debt, we anticipate long
Treasury bonds will continue to be the driving force behind the performance of
the market. Going forward, The Intermediate Fixed Income Portfolio will try to
capitalize on this, while remaining more cautious toward the spread
sectors--corporate and mortgage-backed bonds. Despite our enthusiasm for
Treasury securities, overall, we remain cautious on the market given the
potential for subsequent increases in interest rates to slow the U.S. economy.
Portfolio Profile
April 30, 2000
Total net assets .............................................. $13.5 million
Inception date ................................................ March 12, 1996
Number of holdings ............................................ 44
Top 10 holdings
1. Federal National Mortgage Association,
6.50% 08/15/04
2. Federal National Mortgage Association,
7.50% 01/01/30
3. Government National Mortgage Association,
6.85% 12/20/25
4. Residential Accredit Loans Series 98-QS9,
A3 6.75% 07/25/28
5. Federal National Mortgage Association,
7.00% 10/01/29
6. Federal National Mortgage Association,
Whole Loan Series 98-W3 A2, 6.50% 07/25/28
7. PECO Series 99-A A4, 5.80% 03/01/07
8. MCI Worldcom, 7.55% 04/01/04
9. United News and Media, 7.75% 07/01/09
10. Morgan Stanley Dean Witter, 7.125% 01/15/03
Asset Composition
Corporate Bonds 26.43%
Agency Mortgage-Backed Securities 17.74%
Agency Obligations 13.98%
Asset-Backed Securities 12.26%
Collateralized Mortgage Obligations 10.49%
U.S. Treasury Obligations 6.37%
Commercial Mortgage-Backed Securities 6.09%
Net Cash & Other Assets 6.64%
2000 Semiannual Report o Delaware Pooled Trust 15
<PAGE>
Aggregate Fixed Income:
Returns Positive as Rates Increase, Then Decrease
Total Return
Six months ending April 30, 2000
--------------------------------------------------------------------------------
Aggregate Fixed Income 0.99%
Lehman Brothers Aggregate Bond Index 1.42%
--------------------------------------------------------------------------------
The Aggregate Fixed Income Portfolio produced a return of 0.99% for the six
months ending April 30, 2000. While this lagged the benchmark by more than 40
basis points, a positive return was welcomed during a turbulent period for
fixed-income markets.
Some of the positive results for the Portfolio can be attributed to a
representation in long Treasury securities and U.S. Treasury STRIPS. The Merrill
Lynch 15+ Year Treasury Index returned 5.30% for the period, as compared to
1.42% for the Lehman Brothers Aggregate Bond Index. Rates on 30-year U.S.
Treasuries declined during the first four months of 2000--reversing their upward
trend of the last two months of 1999. The U.S. Treasury Department precipitated
this rally by initiating a large repurchase program of long debt.
We also generated positive returns for the Portfolio by overweighting the
corporate sector versus the weighting of our benchmark index from the beginning
of November 1999 until the end of January 2000, when corporate yield premiums
were declining. The corporate sector, however, did give us some difficulties as
well. Weakness in retail and financial bonds dragged down the Portfolio's total
return, and was the key reason why we lagged our benchmark--the Lehman Brothers
Aggregate Bond Index.
The Federal Reserve, anxious over a strong economy and inflationary fears, moved
to raise rates recently by increasing the Fed Funds target to 6.00% from 5.75%
on March 21, 2000. We will be looking for further interest-rate increases from
the Fed in the coming months. In addition, we remain somewhat concerned that the
bond market rally may have gone too far, and that yields should be higher during
a period when the Fed is tightening credit. In the short term, we are again
looking for relative outperformance from longer Treasury securities and
continued weakness in the corporate and agency sectors in the months ahead.
Portfolio Profile
April 30, 2000
Total net assets ............................................ $7.1 million
Inception date .............................................. December 29, 1997
Number of holdings .......................................... 51
Top 10 holdings
1. Federal National Mortgage Association,
7.00% 02/01/30
2. Federal National Mortgage Association,
7.50% 9/01/29
3. U.S. Treasury Notes, 4.75% 11/15/08
4. U.S. Treasury Notes, 6.00% 08/15/09
5. U.S. Treasury Notes, 6.375% 08/15/27
6. Federal Home Loan Mortgage Corporation,
7.00% 04/01/29
7. Nomura Asset Securities Series 93-1 A1,
6.68% 12/15/01
8. Ford Motor Credit, 7.50% 03/15/05
9. Finova Capital, 7.25% 11/08/04
10. U.S. Treasury Inflation Index Notes,
3.625% 07/15/02
Asset Composition
Agency Mortgage-Backed Securities 30.06%
Corporate Bonds 21.76%
U.S. Treasury Obligations 15.57%
Asset-Backed Securities 9.23%
Commercial Mortgage-Backed Securities 7.51%
Agency Obligations 5.13%
Collateralized Mortgage Obligations 3.69%
Net Cash & Other Assets 7.05%
16 Delaware Pooled Trust o 2000 Semiannual Report
<PAGE>
High-Yield Bond:
Strong Returns Amid a Shaky Start to 2000
Total Return
Six months ending April 30, 2000
--------------------------------------------------------------------------------
High-Yield Bond 5.80%
Salomon Smith Barney High-Yield
Cash Pay Index (0.10)%
--------------------------------------------------------------------------------
Overall, high-yield bonds finished fiscal 1999 on a good note, but encountered
stormy market conditions during the first four months of 2000. Difficult
circumstances characterized the market since January 2000, as selling pressure
from mutual fund redemptions, poor market liquidity, and extreme stock market
volatility drove prices lower. The strong returns posted by the U.S. equity
markets also drove retail and institutional investors away from fixed-income
investments in general.
In a turbulent market environment, the High-Yield Bond Portfolio returned 5.80%
for the first six months of the fiscal year, outperforming the (0.10)% decline
turned in by the Salomon Smith Barney High-Yield Cash Pay Index. Due to the
Portfolio's yield focus, it is concentrated in single-B, cash-pay, "old-economy"
credits, which improved on their performance since January 2000. The better
performing sectors earlier in the period were typically BB, deferred interest,
"new-economy" credits in such industries as telecommunications and technology,
which suffered as the NASDAQ Composite tumbled in March and April. We held less
of these securities than our benchmark index, which helped to explain the
Portfolio's outperformance.
We believe the market remains in the grip of a technical downturn, as poor
investor sentiment continues to prevail over otherwise bullish economic
fundamentals. In our opinion the recent decline of "new economy" equities and
the rise in junk yields into the double digits may serve to reverse the outflow
of cash that has plagued the market and allow fundamentals to reassert
themselves. Going forward, we believe stronger institutional inflows and fewer
fund redemptions will buoy the high-yield market. Meantime, we expect high-yield
returns to remain volatile and centered around the income stream.
Portfolio Profile
April 30, 2000
Total net assets ............................................ $5.9 million
Inception date .............................................. December 2, 1996
Number of holdings .......................................... 22
Top 10 holdings
1. Atlas Air, 9.375% 11/15/06
2. Viatel, 12.50% 04/15/08
3. Tenet Healthcare, 8.625% 01/15/07
4. Allied Waste North America, 7.875% 01/01/09
5. Philipp Brothers Chemicals, 9.875% 06/01/08
6. Hollywood Casino, 11.25% 05/01/07
7. RCN
8. Carrols, 9.50% 12/01/08
9. Lyondell Chemical, 10.875% 05/01/09
10. Kaiser Aluminum & Chemical, 9.875% 02/15/02
Asset Composition
Food, Beverage & Tobacco 11.18%
Chemicals 10.44%
Telecommunications 8.56%
Metals & Mining 6.50%
Transportation & Shipping 6.42%
Healthcare & Pharmaceuticals 5.67%
Environmental Services 5.45%
Leisure, Lodging & Entertainment 5.15%
Cable, Media & Publishing 3.95%
Industrial Machinery 3.81%
Miscellaneous 3.71%
Energy 3.60%
Building & Materials 3.38%
Textiles, Apparel & Furniture 1.97%
Common Stocks 5.10%
Net Cash & Other Assets 15.11%
2000 Semiannual Report o Delaware Pooled Trust 17
<PAGE>
Diversified Core Fixed Income:
U.S. High-Grade Bonds Lead the Market Comeback
Total Return
Six months ending April 30, 2000
--------------------------------------------------------------------------------
Diversified Core Fixed Income 1.46%
Lehman Brothers Aggregate Bond Index 1.42%
--------------------------------------------------------------------------------
The Diversified Core Fixed Income Portfolio returned 1.46% for the last six
months, modestly outpacing the Lehman Brothers Aggregate Bond Index, which
returned 1.42%. The Portfolio's return was primarily aided by allocations to
U.S. Treasury securities, GNMA mortgage-backed securities and AAA asset-backed
securities.
The Portfolio is currently composed of 80% U.S. investment-grade bonds, 5% U.S.
high- yield bonds, and 15% international, non-U.S. dollar bonds. Overall,
Diversified Core Fixed Income has an average quality of AAA and a duration that
is shorter and more defensive than the Lehman Brothers Aggregate Bond Index.
The world financial markets experienced significant volatility during the first
four months of 2000, after a relatively stable and robust end to fiscal 1999.
Recent economic growth and inflation statistics, combined with the high price of
oil, have focused attention on signs of overheating and the potential for more
rate increases by the Federal Reserve. The beginning of long-term Treasury bond
repurchases has also added to market volatility. These developments have
resulted in significant upward pressure on short-term interest rates and an
inverted yield curve.
Most non-government sectors performed poorly during the last four months due to
the yield curve impact, the Fed tightening, and contracting market liquidity.
With these economic conditions likely to continue until the world economies show
signs of slowing, the Portfolio will maintain its emphasis on more liquid
government securities and higher-rated corporate securities. As a result, The
Diversified Core Fixed Income Portfolio, in our opinion, should be well
positioned to ride out any further bond market volatility while having the
liquidity to take advantage of market extremes should they develop in the
remainder of fiscal 2000.
Portfolio Profile
April 30, 2000
Total net assets ............................................ $3.4 million
Inception date .............................................. December 29, 1997
Number of holdings .......................................... 48
Top 10 holdings
1. Federal National Mortgage Association,
7.50% 09/01/29
2. Government National Mortgage Association,
6.50% 01/15/28
3. U.S. Treasury Notes, 5.50% 05/15/09
4. Federal National Mortgage Association,
7.00% 09/01/29
5. Federal National Mortgage Association,
7.125% 01/15/30
6. U.S. Treasury Notes, 5.625% 05/15/08
7. Federal National Mortgage Association,
7.00% 02/01/30
8. Deutschland Republic, 6.00% 01/04/07
9. Federal Home Loan Bank, 5.83% 06/02/00
10. Federal National Mortgage Association,
6.625% 01/15/02
Asset Composition (based on investments)
Agency Mortgage-Backed Securities 31.09%
U.S. Treasury Obligations 19.91%
Agency Obligations 15.36%
Foreign Bonds 15.07%
Corporate Bonds 10.87%
Asset-Backed Securities 4.91%
Collateralized Mortgage Obligations 2.79%
18 Delaware Pooled Trust o 2000 Semiannual Report
<PAGE>
Balanced:
Volatility Reigns Over Stock and Bond Markets
Total Return
Six months ending April 30, 2000
--------------------------------------------------------------------------------
Balanced (1.04)%
60% S&P 500 Index/40% Lehman Brothers
Aggregate Bond Index 5.03%
--------------------------------------------------------------------------------
Stock market performance the last six months continued the trend of late 1999--a
narrow market driven by technology and punctuated by volatility. During this
time period, the DJIA hit both a 52-week high in January and a 52-week low in
March 2000.
In the fixed-income arena, the U.S. Treasury Department precipitated a bond
rally in early 2000 by initiating a large repurchase program of long-term
maturity debt. Long Treasuries, GNMA mortgage-backed securities and AAA
asset-backed securities performed well during the recovery, as corporate,
high-yield and non-dollar bonds took a back seat.
The Balanced Portfolio declined by 1.04% over the last six months and
underperformed its benchmark. The Portfolio's conservative, underweighted
position in technology, combined with a number of disappointing earnings
pre-announcements, led to the slightly negative six-month return. The Portfolio
did see strong performances from several equity holdings during the last six
months, namely Integrated Device Technology, Intel and Schlumberger Limited.
Earnings disappointments, however, from Dial and UnionBanCal weighed down the
Portfolio and pulled it into negative territory.
Looking forward, we believe rising interest rates and high valuation levels are
likely to continue to contribute to stock and bond market volatility. In the
future, we plan to place more emphasis on earnings growth and less emphasis on
dividend yield in regard to the Portfolio's equity holdings. Dividends will
still play a role in security selection, but earnings growth will be primary. We
look for The Balanced Portfolio to rebound and provide positive returns in the
second half of fiscal 2000.
Portfolio Profile
April 30, 2000
Total net assets ............................................... $162.4 million
Inception date ................................................. June 30, 1999
Number of holdings ............................................. 125
Top 10 holdings
1. Federal National Mortgage Association,
7.50% 10/01/29
2. Federal National Mortgage Association,
7.00% 02/01/30
3. Federal National Mortgage Association,
7.125% 01/15/30
4. Intel
5. Honeywell International
6. ALLTEL
7. Federal National Mortgage Association,
7.50% 10/01/29
8. MBNA
9. FleetBoston Financial
10. Federal Home Loan
Asset Composition
Common Stock 61.19%
Agency Mortgage-Backed Securities 12.81%
Corporate Bonds 8.79%
Asset-Backed Securities 5.06%
Agency Obligations 2.69%
Commercial Mortgage-Backed Securities 2.61%
Collateralized Mortgage Obligations 2.35%
U.S. Treasury Obligations 2.16%
Convertible Preferred Stock 1.22%
Foreign Bonds 0.41%
Net Cash & Other Assets 0.71%
2000 Semiannual Report o Delaware Pooled Trust 19
<PAGE>
International Large-Cap Equity:
Large Stocks Run Stormy and Narrow Overseas
Total Return
For the period December 14, 1999 through April 30, 2000
--------------------------------------------------------------------------------
International Large-Cap Equity (3.54)%
Morgan Stanley Capital International
EAFE Stock Index (net) 3.13%
--------------------------------------------------------------------------------
For the six-month period ended April 30, 2000, The International Large-Cap
Equity Portfolio declined 3.54%. This was a difficult start for the Portfolio as
it had to bear the initial transaction costs of committing its money to the
market and to struggle through a market unwelcome to investors.
The positive returns for the MSCI EAFE Stock Index hide a picture of extreme
volatility seen since November 1999. As in much of 1999, the technology, media
and telecommunications stocks drove returns late in the year and the first four
months of 2000. However, in March, led by falls in the U.S., the sector has come
under U.S. pressure and we have seen a welcome broadening in the market.
In Europe, returns were mixed. The strongest performances over the period came
from the technology-driven indices of two countries: Finland and Sweden. Our
Portfolio benefited from exposure to some telecommunications stocks, but with
our strong value style we have invested in companies which, in our opinion, are
more reasonably priced such as Telefonica in Spain and Alcatel in France.
In the Pacific, the technology-sector theme dominated performance. The "old
economy" currencies of Australia and New Zealand fell significantly as compared
to the U.S. dollar. With continued strong economic growth, we believe that these
markets continue to offer attractive value.
The Japanese market returns were supported by a rally in the currency in late
March, but the yen has since given up all of these gains. We continue to believe
that Japanese equities as a whole are overvalued with only individual stocks
offering value. Against this background, we will continue to maintain an
underweighted position to the overvalued Japanese market versus the weighting of
our benchmark index.
Portfolio Profile
April 30, 2000
Total net assets ............................................. $2.9 million
Inception date ............................................... December 14, 1999
Asset composition (based on total net assets)
Common stocks ............................................. 95.86%
Cash equivalents and other net assets ..................... 4.14%
Number of holdings ........................................... 36
Top 10 holdings
1. Glaxo Wellcome
2. Matsushita Electric Industrial
3. Total Fina Class B ADR
4. BG Group
5. National Australia Bank
6. Cable & Wireless
7. Bass
8. Canon
9. GKN
10. Bayer
Geographic Composition
United Kingdom 25.52%
Japan 16.11%
Australia 10.76%
France 10.70%
Germany 9.90%
Netherlands 7.17%
Spain 7.05%
Hong Kong 3.02%
New Zealand 3.01%
Belgium 1.67%
Singapore 0.95%
Net Cash & Other Assets 4.14%
20 Delaware Pooled Trust o 2000 Semiannual Report
<PAGE>
Global Equity:
Seeking Value in Europe
Total Return
Six months ending April 30, 2000
--------------------------------------------------------------------------------
Global Equity 0.23%
Morgan Stanley Capital International
World Stock Index (net) 7.49%
--------------------------------------------------------------------------------
Over the last six months, investors continued to chase highly valued
telecommunication and technology companies, while interest-rate increases
further depressed valuations in a number of attractively valued sectors. During
this period of high market volatility around the world, the Global Equity
Portfolio rose 0.23%. However, due to its value-oriented investment strategy,
the Portfolio underperformed its benchmark in a climate where growth has
continued to outpace value.
Continental European markets, especially the markets of Germany and France,
offered strong returns. The United Kingdom, however, lagged European markets and
fell. Overall, the Portfolio benefited from an underweighted position in Japan
and our absence from Switzerland and Italy as these markets underperformed the
MSCI World Stock Index.
The feeding frenzy in the telecommunications, technology and media
sectors--already out of control--continued to accelerate over the first quarter
of the year. Our valuation analysis indicates investors are still paying heavily
as they are hoping for extremely strong growth from these sectors.
Looking forward we are maintaining an underweighted position in Japan as
compared to the weighting of our benchmark index. The government has now thrown
so much money at the economy in the form of fiscal stimulus packages that a
tentative economic recovery appears in place. However, substantial risks remain.
What we believe to be an overvaluation in the United States is exacerbated by
extreme valuations in technology and emerging telecom-munication stocks. The
dichotomy in valuing the "old" and "new" economies in the market enables us to
find what, in our opinion, are attractive investments in an otherwise
unattractive market. In Europe, we believe the weakness of the euro is enhancing
valuations and encouraging us to increase our exposure to euro-based companies.
Portfolio Profile
April 30, 2000
Total net assets ............................................. $3.3 million
Inception date ............................................... October 15, 1997
Asset composition (based on total net assets)
Common stocks ............................................. 96.52%
Cash equivalents and other net assets ..................... 3.48%
Number of holdings ........................................... 65
Top 10 holdings
1. Glaxo Wellcome
2. Total Fina Class B ADR
3. GKN
4. Bass
5. Cable & Wireless
6. Royal Dutch Petroleum
7. Telecom Corporation of New Zealand
8. Telefonica
9. Bayer
10. Bayerische Vereinsbank
Geographic Composition
United States 33.40%
United Kingdom 20.58%
Germany 7.95%
France 7.36%
Australia 6.22%
Netherlands 4.54%
Japan 4.09%
Hong Kong 3.02%
Spain 2.98%
New Zealand 2.54%
Belgium 1.49%
South Africa 1.29%
Malaysia 1.06%
Net Cash & Other Assets 3.48%
2000 Semiannual Report o Delaware Pooled Trust 21
<PAGE>
International Equity:
Extreme Volatility in Equities Overseas
Total Return
Six months ending April 30, 2000
--------------------------------------------------------------------------------
International Equity 3.11%
Morgan Stanley Capital International
EAFE Stock Index (net) 6.72%
--------------------------------------------------------------------------------
For the six-month period ended April 30, 2000, the International Equity
Portfolio rose 3.11%, while the Morgan Stanley Capital International EAFE Stock
Index returned 6.72%. The positive returns for both the Portfolio and its index
hide a picture of extreme volatility seen since November 1999. As in much of
fiscal 1999, the technology, media and telecommunications stocks drove returns.
However, led by falls in the U.S., these sectors came under increasing pressure
in the middle of March 2000. As a result, we have witnessed a much welcome
broadening of the market as investors re-visit the value theme.
In Europe, returns were mixed. The strongest performances over the period came
from the technology-driven indices of two countries: Finland, whose main
constituent is Nokia, and Sweden for whom Ericsson is a large part. Our
Portfolio benefited from exposure to some telecommunications stocks, but with
our strong value style we have invested in companies which in our opinion are
more reasonably priced such as Telefonica in Spain and Alcatel in France.
In the Pacific, like in other international markets, the technology sector
dominated performance. In the "old economies" of Australia and New Zealand,
returns were depressed by weak currencies. With continued strong economic
growth, we believe that these markets continue to offer attractive value.
The Japanese market returns were supported by a strong rally in the currency in
late March. The yen has since given up all of these gains. Against this
background, we will continue to maintain an underweighted position in the
Japanese market as compared to our benchmark index and an overweighted exposure
to the attractively valued United Kingdom and Australian markets.
Portfolio Profile
April 30, 2000
Total net assets ............................................. $856.6 million
Inception date ............................................... February 4, 1992
Asset composition (based on total net assets)
Common stocks ............................................. 96.49%
Cash equivalents and other net assets ..................... 3.51%
Number of holdings ........................................... 53
Top 10 holdings
1. Canon
2. National Australia Bank
3. BG Group
4. Glaxo Wellcome
5. Total Fina Class B ADR
6. Cable & Wireless
7. Blue Circle Industries
8. Matsushita Electric Industrial
9. Alcatel
10. Societe Generale
Geographic Composition
United Kingdom 28.46%
Japan 14.66%
Australia 10.43%
France 10.04%
Germany 8.97%
Netherlands 7.10%
Spain 6.31%
Hong Kong 4.35%
New Zealand 2.79%
South Africa 1.78%
Belgium 1.02%
Malaysia 0.58%
Net Cash & Other Assets 3.51%
22 Delaware Pooled Trust o 2000 Semiannual Report
<PAGE>
Labor Select International Equity:
Seeking Value in the United Kingdom and Australia
Total Return
Six months ending April 30, 2000
--------------------------------------------------------------------------------
Labor Select International Equity 2.34%
Morgan Stanley Capital International
EAFE Stock Index (net) 6.72%
--------------------------------------------------------------------------------
The Labor Select International Equity Portfolio provided a return of 2.34% as
compared to the 6.72% return of the Morgan Stanley Capital International EAFE
Index over the last six months. As in the last quarter of 1999, technology,
media and telecommunications stocks drove returns. In March, however, the sector
has come under pressure and we have seen a welcome broadening in the market as
investors re-visit the value theme.
In the European markets returns were mixed, with the strongest performances over
the quarter coming from the technology-driven indices of two countries: Finland,
whose main constituent is Nokia, and Sweden, for whom Ericsson is a large part.
The Portfolio benefited from exposure to some technology-related stocks.
However, our strong value style has led us to invest in companies which we
believe are priced fairly and have comparative business advantages, such as
Siemens in Germany. The markets in Europe that lagged the MSCI-EAFE Index were
those that had a higher relative exposure to "old economy" stocks such as
utilities, financials and pharmaceuticals.
In the Pacific, like in other international markets, the sector theme dominated
performance. Australia and New Zealand had returns that were depressed by weak
currencies, falling against the U.S. dollar. With continued strong economic
growth, we believe these markets will continue to offer attractive values for
the remainder of 2000.
Against this background, The Labor Select International Equity Portfolio will
seek to maintain an underweighted position in the overvalued Japanese market as
compared to our benchmark index, an overweighted exposure to the attractively
valued United Kingdom and Australian markets, and an underweighted position
overall in Continental Europe, with selected markets overweighted. We remained
concerned with the high valuations of many technology companies and will look to
be more cautious in that arena over the next six months.
Portfolio Profile
April 30, 2000
Total net assets ............................................. $115.9 million
Inception date ............................................... December 19, 1995
Asset composition (based on total net assets)
Common stocks ............................................. 97.17%
Cash equivalents and other net assets ..................... 2.83%
Number of holdings ........................................... 44
Top 10 holdings
1. Total Fina Class B ADR
2. Alcatel
3. Canon
4. National Australia Bank
5. Societe Generale
6. Eisai
7. Glaxo Wellcome
8. GKN
9. Siemens
10. Banco Central Hispanoamericano
Geographic Composition
United Kingdom 29.43%
Japan 14.61%
France 11.82%
Germany 11.43%
Australia 11.01%
Netherlands 7.25%
Spain 6.59%
New Zealand 3.76%
Belgium 1.27%
Net Cash & Other Assets 2.83%
2000 Semiannual Report o Delaware Pooled Trust 23
<PAGE>
International Small-Cap:
Seeking Opportunity in the United Kingdom
Total Return
Six months ending April 30, 2000
--------------------------------------------------------------------------------
International Small-Cap Portfolio (7.78)%
Salomon Smith Barney Extended
Market Index (ex-U.S.) 5.63%
--------------------------------------------------------------------------------
The International Small-Cap Portfolio fell by 7.78% the last six months, while
the Salomon Smith Barney Extended Market Index (ex-U.S.), which holds more
growth-oriented names than our portfolio, rose 5.63%. January and February
proved to be particularly trying months for The International Small-Cap
Portfolio as the market's desire for technology, media and telecommunications
stocks led to seemingly indiscriminate selling of value stocks. The Portfolio's
fortunes improved somewhat in March 2000, however, registering a performance of
+1.5% against the Index's rise of 0.4%.
We have made some small adjustments to the positioning of the Portfolio during
the last six months. Overweighted allocations have been retained in Germany,
France and the Netherlands. In Asia, the portfolio was more heavily invested in
the Hong Kong and Singapore equity markets. Market returns over the period were
varied, with Denmark, on the one hand, rising significantly, while Singapore, on
the other, fell sharply.
The International Small-Cap Portfolio's largest sector weightings for this time
period were "old economy" areas: Industrial Machinery, Food, Beverage & Tobacco
and Buildings & Materials. The Portfolio had previously benefited from
investment in media and technology stocks that met our strict valuation
criteria, but in today's markets we believe these opportunities have all but
disappeared.
Going forward, we continue our search for undervalued companies. We currently
consider the United Kingdom and Japan to offer among the most interesting
opportunities, which are being examined by our team. As of April 30th, these two
countries represented our largest portfolio weightings of 26.86% and 13.91%,
respectively.
Portfolio Profile
April 30, 2000
Total net assets ................................................ $2.8 million
Inception date .................................................. July 20, 1999
Asset composition (based on total net assets)
Common stocks ................................................ 93.30%
Cash equivalents and other net assets ........................ 6.70%
Number of holdings .............................................. 71
Top 10 holdings
1. Takara Printing
2. Lindt & Spruengli
3. Rexam
4. Northern Foods
5. Nera
6. Body Shop International
7. Ludwig Beck
8. FAG Kugelfischer Georg Schaefer
9. Manitou
10. Bang & Olufsen Holding Class B
Geographic Composition
United Kingdom 26.86%
Japan 13.91%
France 11.79%
Germany 11.40%
Netherlands 6.95%
Hong Kong 5.28%
Switzerland 2.72%
Singapore 2.66%
Norway 2.44%
Denmark 1.99%
Italy 1.57%
New Zealand 1.10%
Sweden 1.07%
Australia 1.03%
Canada 0.97%
Finland 0.94%
Spain 0.62%
Net Cash & Other Assets 6.70%
24 Delaware Pooled Trust o 2000 Semiannual Report
<PAGE>
Emerging Markets:
Finding Opportunities in Asia
Total Return
Six months ending April 30, 2000
--------------------------------------------------------------------------------
Emerging Markets 12.61%
Morgan Stanley Capital International
Emerging Markets Free (Equity) Index 13.87%
--------------------------------------------------------------------------------
The strength of the larger markets of Taiwan and India resulted in the Asian
region slightly out- performing Latin America and Europe over the last six
months. Currency played a bigger part in the cases of the weak markets than the
strong ones this quarter, with currency falls affecting about a third of the
markets in the MSCI Emerging Markets Free (Equity) Index, and contributing to
the poor performance of Greece, Turkey and South Africa.
For the six months ended April 30, 2000, The Emerging Markets Portfolio provided
a positive return of 12.61%. The stocks that had the greatest positive impact on
the Portfolio were typically those with a technology focus, but which were still
attractively valued. We found the majority of these in the Asian region,
including India, Taiwan and Thailand. Some of the biggest disappointments were
in resource stocks, especially in South Africa, where profit taking set in after
very good relative performance in fiscal 1999.
Morgan Stanley Capital International is likely to move Greece from its emerging
market index to the developed market index toward the end of the year. Egypt and
Morocco will probably enter the emerging market index, and the weightings of
China and Taiwan will be increased. In our opinion, these changes will encourage
Portfolio rebalancing by some investors and the resulting cash flows will have
an influence on market valuations.
In summary, we believe the next six months is likely to produce attractive
returns from emerging markets, based on the good outlook for economic growth in
the world at large. In our opinion the current valuation discount relative to
developed markets is also expected to lend support to these assets. We think
regional valuation differentials are narrower than a year ago, so country and
stock differentials will become relatively more important.
Portfolio Profile
April 30, 2000
Total net assets ............................................... $119.5 million
Inception date ................................................. April 14, 1997
Asset composition (based on total net assets)
Common stocks ............................................... 91.94%
Cash equivalents and other net assets ....................... 8.06%
Number of holdings ............................................. 75
Top 10 holdings
1. Gerdau Metalurgica
2. Petroleo Brasileiro ADR
3. Yageo GDR
4. Sasol
5. Electricity Generating Public
6. Sappi
7. India Fund
8. Telecomunicacoes do Parana
9. Iscor
10. Resorts World
Geographic Composition
Brazil 19.43%
South Africa 12.67%
Malaysia 7.02%
India 6.86%
Thailand 5.64%
Taiwan 4.85%
China 4.45%
Mexico 4.38%
Israel 3.83%
Peru 2.73%
Russia 2.65%
Chile 2.49%
United States 2.46%
South Korea 2.01%
Argentina 1.67%
Hungary 1.64%
Turkey 1.55%
Estonia 1.43%
Greece 1.31%
Other countries 2.87%
Net Cash & Other Assets 8.06%
2000 Semiannual Report o Delaware Pooled Trust 25
<PAGE>
Global Fixed Income:
The Market Tone Suffers Worldwide
Total Return
Six months ending April 30, 2000
--------------------------------------------------------------------------------
Global Fixed Income (5.77)%
Salomon Smith Barney World
Government Bond Index (4.35)%
--------------------------------------------------------------------------------
Interest rates around the world have been rising over the last six months and
international bond markets have generally suffered as a result. This was also
the case for the Global Fixed Income Portfolio, which declined 5.77% during this
time period. The Portfolio's benchmark index also provided a negative return,
losing 4.35% for the last six months.
In our opinion, interest rates will continue to rise. The Federal Reserve Board
has made no dent in demand and the longer it holds off, the higher rates will
need to go. The European Central Bank has again raised rates even though
Europe's upturn is relatively young; it sees the weak euro producing overly
lenient monetary conditions.
In the United Kingdom,we believe that higher rates reflect concern about house
prices. But, while monetary policies are being tightened, fiscal policies are
actually being eased. The U.S. debate centers on how to distribute the fiscal
surplus, while Canada, New Zealand, Australia, France and the United Kingdom
have all indicated that enough prudence is enough. Fiscal easing will put a
bigger burden on interest rates to control demand.
We see a bigger inflation risk in the United States than in most other
countries. We believe the modern U.S. record of over 4% gross national product
will top 5% this year. So far, the U.S. has been able to borrow easily, because
oil prices have generated petro-dollar surpluses which, short term, have gone to
the United States. However, dependence on foreign borrowing makes the dollar
unstable and fragile. As a result, we believe the dollar is likely to be weak
during the remainder of fiscal 2000, which should benefit U.S. holders of
non-dollar, international bonds.
Portfolio Profile
April 30, 2000
Total net assets ............................................. $585.6 million
Inception date ............................................... November 30, 1992
Asset composition (based on total net assets)
Common stocks ............................................. 96.43%
Cash equivalents and other net assets ..................... 3.57%
Number of holdings ........................................... 48
Top 10 holdings
1. Deutschland Republic, 6.00% 01/04/07
2. U.S. Treasury Notes, 6.00% 07/31/02
3. U.S. Treasury Inflation Index Notes, 3.625% 01/15/08
4. Portuguese Government, 5.375% 6/23/08
5. Kingdom of Belgium, 5.75% 09/28/10
6. Republic of Finland, 3.75% 11/12/03
7. Government of France, 4.00% 10/25/09
8. Deutschland Republic, 6.25% 01/04/24
9. Republic of Austria, 4.375% 02/28/02
10. New Zealand Government, 7.00% 07/15/09
Geographic Composition
United States 15.62%
Germany 12.23%
New Zealand 12.23%
Netherlands 8.67%
Canada 7.31%
Supranational 5.62%
Australia 5.29%
Austria 4.94%
Finland 4.50%
Portugal 4.47%
Belgium 4.24%
France 4.17%
Sweden 3.95%
Italy 1.41%
Norway 1.21%
Korea 0.57%
Net Cash & Other Assets 3.57%
26 Delaware Pooled Trust o 2000 Semiannual Report
<PAGE>
International Fixed Income:
Stormy Bond Market Overseas
Total Return
Six months ending April 30, 2000
--------------------------------------------------------------------------------
International Fixed Income (7.89)%
Salomon Smith Barney Non-U.S.
World Government Bond Index (6.86)%
--------------------------------------------------------------------------------
International bond markets finished the last two months of 1999 in a subdued
manner. Markets followed the United States for the most part, which stumbled
during the fourth quarter of 1999. January 2000 saw the U.S. bond markets rally,
while the trend downward overseas continued into 2000. For the six months ended
April 30, 2000, the International Fixed Income Portfolio declined 7.89%. Its
benchmark, the Salomon Smith Barney Non-U.S. World Government Bond Index, also
dropped for the period but not as far, falling 6.86%.
Interest rates overseas have been rising and higher oil and commodity prices
have started to affect consumer price indices, which have also moved higher. We
think demand pressure is strong in the majority of Europe, so inflation may soon
once again be the problem of the day. We believe, however, that the world
economy will improve over the remainder of 2000, probably enough to prevent much
of a fall in oil prices, especially as OPEC's production rise looks modest.
In the United Kingdom, we believe higher rates reflect concern about house
prices. But, while monetary policies are being tightened, fiscal policies are
actually being eased. The U.S. debate is concerned with how to distribute the
fiscal surplus, while Canada, New Zealand, Australia, France and the United
Kingdom have all indicated that enough prudence is enough. Fiscal easing will
put a bigger burden on interest rates to control demand.
Going forward, we will be looking to overweight better value markets, such as
New Zealand and Australia. We will also seek values in Europe to take advantage
of the depressed level of the euro, which has traded down since its debut in
January 1999. We plan to keep the Portfolio's duration somewhat shorter in order
to be defensive and underweight the Japanese markets, which we believe are
richly valued.
Portfolio Profile
April 30, 2000
Total net assets ............................................... $80.3 million
Inception date ................................................. April 11, 1997
Asset composition (based on total net assets)
Common stocks ............................................... 96.14%
Cash equivalents and other net assets ....................... 3.86%
Number of holdings ............................................. 39
Top 10 holdings
1. Deutschland Republic, 6.00% 01/04/07
2. Deutschland Republic, 4.00% 07/04/09
3. Kingdom of Belgium, 5.75% 09/28/10
4. Government of France, 4.50% 07/12/02
5. Japanese Government, 6.70% 06/20/00
6. Republic of Finland, 9.50% 03/15/04
7. Netherlands Government, 5.75% 02/15/07
8. Portugese Government, 5.375% 06/23/08
9. New Zealand Government, 7.00% 07/15/09
10. U.S. Treasury Inflation Index Notes, 3.625% 01/15/08
Geographic Composition
Germany 24.67%
New Zealand 11.14%
Netherlands 9.21%
United States 5.61%
Canada 4.68%
Australia 4.61%
Belgium 4.58%
Supranational 4.56%
France 4.51%
Japan 4.41%
Finland 4.31%
Sweden 3.95%
Portugal 3.37%
Austria 2.25%
United Kingdom 1.69%
Italy 1.57%
Spain 1.02%
Net Cash & Other Assets 3.86%
2000 Semiannual Report o Delaware Pooled Trust 27
<PAGE>
Delaware Pooled Trust: The Large-Cap Value Equity Portfolio
Statement of Net Assets
April 30, 2000
(Unaudited)
Number Market
of Shares Value
--------------------------------------------------------------------------------
COMMON STOCK: 98.70%
Aerospace and Defense: 1.65%
Boeing 19,400 $ 769,938
Textron 11,800 730,863
-----------
1,500,801
-----------
Automobiles and Automotive Parts: 2.92%
General Motors 18,300 1,713,338
TRW 16,200 947,700
-----------
2,661,038
-----------
Banking, Finance and Insurance: 23.60%
American General 25,000 1,400,000
Aon 55,375 1,498,576
Bank of America 38,961 1,909,089
Bank of New York 47,800 1,962,788
Block (H&R) 25,200 1,053,675
Chase Manhattan 19,000 1,369,188
Federal National Mortgage 24,600 1,483,688
First Union 27,200 867,000
FleetBoston Financial 54,100 1,917,169
Hartford Financial Services 14,400 751,500
Marsh & McLennan 18,700 1,843,119
MBNA 50,000 1,328,125
Mellon Financial 58,100 1,866,463
Morgan (J.P.) 12,000 1,540,500
UnumProvident 41,300 702,100
-----------
21,492,980
-----------
Cable, Media, and Publishing: 3.09%
Knight-Ridder 18,000 883,125
McGraw-Hill 36,800 1,932,000
-----------
2,815,125
-----------
Chemicals: 2.08%
Dow Chemical 8,200 926,600
PPG Industries 13,300 723,188
Praxair 5,600 248,850
-----------
1,898,638
-----------
Computers and Technology: 2.60%
Pitney Bowes 32,200 1,316,175
Xerox 39,700 1,049,569
-----------
2,365,744
-----------
<PAGE>
Number Market
of Shares Value
--------------------------------------------------------------------------------
Consumer Products: 5.91%
Avon Products 38,000 $ 1,577,000
Clorox 38,200 1,403,850
Kimberly-Clark 25,600 1,486,400
Minnesota Mining & Manufacturing
10,600 916,900
-----------
5,384,150
-----------
Electronics and Electrical Equipment: 1.39%
Eaton 8,700 730,800
Rockwell International 13,600 535,500
-----------
1,266,300
-----------
Energy: 12.55%
Baker Hughes 30,700 976,644
Chevron 20,400 1,736,550
Conoco Class B 59,685 1,484,664
El Paso Energy 44,300 1,882,750
Exxon Mobil 23,104 1,794,892
Royal Dutch Petroleum 30,500 1,749,938
Sunoco 24,000 727,500
Williams 29,000 1,082,063
-----------
11,435,001
-----------
Food, Beverage and Tobacco: 7.12%
Anheuser Busch 16,600 1,171,338
Bestfoods 31,000 1,557,750
General Mills 26,200 953,025
Heinz (H.J.) 20,950 712,300
Nabisco Group Holdings 47,700 614,138
PepsiCo 40,200 1,474,838
-----------
6,483,389
-----------
Healthcare and Pharmaceuticals: 9.24%
Abbott Laboratories 28,500 1,095,469
American Home Products 30,400 1,708,100
AstraZeneca ADR 23,300 981,513
Baxter International 27,200 1,771,400
Bristol-Myers Squibb 20,700 1,085,456
Glaxo Wellcome ADR 14,200 891,938
Pharmacia & Upjohn 17,731 885,442
-----------
8,419,318
-----------
Industrial Machinery: 2.38%
Caterpillar 21,200 836,075
Deere & Co. 33,000 1,332,375
-----------
2,168,450
-----------
28 Delaware Pooled Trust o 2000 Semiannual Report
<PAGE>
Number Market
of Shares Value
--------------------------------------------------------------------------------
Leisure, Lodging and Entertainment: 0.78%
Viad 28,000 $ 710,500
-----------
710,500
-----------
Metals and Mining: 2.96%
Alcan Aluminum 45,300 1,483,575
Alcoa 18,700 1,213,163
-----------
2,696,738
-----------
Paper and Forest Products: 3.42%
International Paper 37,375 1,373,531
Weyerhaeuser 32,500 1,736,719
-----------
3,110,250
-----------
Retail: 1.06%
Albertson's 29,600 963,850
-----------
963,850
-----------
Telecommunications: 9.64%
ALLTEL 26,400 1,758,900
A T & T 33,950 1,585,041
Cable & Wireless ADR 39,400 1,945,375
GTE 24,500 1,659,874
SBC Communications 41,752 1,829,260
-----------
8,778,450
-----------
Transportation and Shipping: 0.69%
CSX 30,100 630,219
-----------
630,219
-----------
Utilities: 5.62%
Columbia Energy Group 15,300 960,075
Dominion Resources 28,800 1,296,000
Duke Energy 17,800 1,023,500
PG&E 27,400 710,688
Texas Utilities 33,400 1,125,163
-----------
5,115,426
-----------
--------------------------------------------------------------------------------
Total Common Stock: 98.70%
(cost $89,992,834) 89,896,367
================================================================================
Principal
Amount
REPURCHASE AGREEMENTS: 1.26%
With Chase Manhattan
5.68% 5/1/00 (dated
4/28/00, collateralized
by $395,000 U.S.
Treasury Notes 4.75%
due 2/15/04, market
value $375,030) $366,000 366,000
<PAGE>
Principal Market
Amount Value
--------------------------------------------------------------------------------
With J.P. Morgan Securities
5.70% 5/1/00 (dated
4/28/00, collateralized
by $272,000 U.S.
Treasury Notes 5.875%
due 10/31/01, market
value $277,321 and
$118,000 U.S.
Treasury Notes 6.25%
due 10/31/01, market
value $121,321) $390,500 $390,500
With PaineWebber
5.70% 5/1/00 (dated
4/28/00, collateralized
by $19,000 U.S.
Treasury Notes 4.50%
due 1/31/01, market
value $18,698 and
$252,000 U.S.
Treasury Notes 5.50%
due 7/31/01, market
value $251,878 and
$123,000 U.S.
Treasury Notes 7.25%
due 8/15/01, market
value $128,224) 390,500 390,500
--------------------------------------------------------------------------------
Total Repurchase Agreements
(cost $1,147,000) 1,147,000
================================================================================
--------------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES: 99.96%
(COST $91,139,834) $91,043,367
================================================================================
--------------------------------------------------------------------------------
RECEIVABLES AND OTHER ASSETS
NET OF LIABILITIES: 0.04% 39,181
================================================================================
--------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
6,733,003 SHARES
OUTSTANDING; EQUIVALENT TO
$13.53 PER SHARE: 100.00% $ 91,082,548
================================================================================
COMPONENTS OF NET ASSETS
AT APRIL 30, 2000:
--------------------------------------------------------------------------------
Shares of beneficial interest
(unlimited authorization-no par) $102,256,387
Undistributed net investment income 446,829
Accumulated net realized loss on
investments (11,524,201)
Net unrealized depreciation of
investments (96,467)
--------------------------------------------------------------------------------
Total net assets $ 91,082,548
================================================================================
ADR = American Depository Receipt
See accompanying notes
2000 Semiannual Report o Delaware Pooled Trust 29
<PAGE>
Delaware Pooled Trust: The Equity Income Portfolio
Statement of Net Assets
April 30, 2000
(Unaudited)
Number of Market
Shares Value
--------------------------------------------------------------------------------
COMMON STOCK: 83.89%
Aerospace and Defense: 0.72%
Boeing 19,400 $ 769,938
-----------
769,938
-----------
Automobiles and Automotive Parts: 3.64%
General Motors 21,500 2,012,938
Textron 12,800 792,800
TRW 18,500 1,082,250
-----------
3,887,988
-----------
Banking, Finance and Insurance: 16.73%
American General 27,300 1,528,800
AON 53,300 1,442,431
Bank of America 35,000 1,715,000
Bank of New York 46,200 1,897,088
Chase Manhattan 17,600 1,268,300
Federal National Mortgage 23,700 1,429,406
First Union 36,200 1,153,875
FleetBoston Financial 53,500 1,895,906
Marsh and McLennan 20,600 2,030,388
MBNA 38,100 1,012,031
Mellon Financial 53,200 1,709,043
Morgan (J.P.) 6,200 795,925
-----------
17,878,193
-----------
Cable, Media and Publishing: 2.72%
Knight-Ridder 7,500 367,969
McGraw-Hill 48,300 2,535,750
-----------
2,903,719
-----------
Chemicals: 3.40%
Dow Chemical 9,200 1,039,600
duPont (E.I.) deNemours 12,198 578,643
Imperial Chemical ADR 50,800 1,765,300
Praxair 5,600 248,850
-----------
3,632,393
-----------
Computers and Technology: 3.10%
Pitney Bowes 55,100 2,252,213
Xerox 40,000 1,057,500
-----------
3,309,713
-----------
<PAGE>
Number of Market
Shares Value
--------------------------------------------------------------------------------
Consumer Products: 5.45%
Avon Products 29,200 $ 1,211,800
Clorox 35,900 1,319,325
Kimberly-Clark 39,000 2,264,438
Minnesota Mining &
Manufacturing 11,900 1,029,350
-----------
5,824,913
-----------
Electronics and Electrical Equipment: 2.28%
Eaton 22,400 1,881,600
Rockwell International 14,000 551,250
-----------
2,432,850
-----------
Energy: 11.75%
Baker Hughes 57,300 1,822,856
Chevron 25,100 2,136,638
Conoco Class B 59,020 1,468,123
El Paso Energy 45,500 1,933,750
Exxon Mobil 27,091 2,104,632
Royal Dutch Petroleum 38,000 2,180,250
Williams 24,300 906,694
-----------
12,552,943
-----------
Food, Beverage and Tobacco: 6.01%
Anheuser Busch 28,600 2,018,088
Bestfoods 26,200 1,316,550
General Mills 31,800 1,156,725
PepsiCo 52,600 1,929,763
-----------
6,421,126
-----------
Healthcare and Pharmaceuticals: 8.13%
Abbott Laboratories 17,500 672,656
American Home Products 32,100 1,803,619
AstraZeneca ADR 26,600 1,120,525
Baxter International 25,000 1,628,125
Bristol-Myers Squibb 26,500 1,389,594
Glaxo Wellcome ADR 16,200 1,017,563
Pharmacia 21,182 1,057,776
-----------
8,689,858
-----------
Industrial Machinery: 2.05%
Caterpillar 19,600 772,975
Deere & Co. 35,100 1,417,163
-----------
2,190,138
-----------
Metals and Mining: 2.55%
Alcan Aluminum 31,400 1,028,350
Alcoa 26,200 1,699,725
-----------
2,728,075
-----------
30 Delaware Pooled Trust o 2000 Semiannual Report
<PAGE>
Number of Market
Shares Value
--------------------------------------------------------------------------------
Paper and Forest Products: 3.15%
International Paper 44,700 $ 1,642,725
Weyerhaeuser 32,300 1,726,031
-----------
3,368,756
-----------
Telecommunications: 6.98%
ALLTEL 24,100 1,605,663
A T & T 30,500 1,423,969
Cable & Wireless ADR 19,300 952,938
GTE 24,900 1,686,975
SBC Communications 40,929 1,793,202
-----------
7,462,747
-----------
Utilities: 5.23%
Dominion Resources 29,900 1,345,500
Duke Energy 21,000 1,207,500
PG&E 44,100 1,143,844
Texas Utilities 56,300 1,896,606
-----------
5,593,450
-----------
--------------------------------------------------------------------------------
Total Common Stock
(cost $92,058,942 ) 89,646,800
================================================================================
WARRANTS: 0.00%
Worldwide Flight 400 400
--------------------------------------------------------------------------------
Total Warrants
(cost $3,901) 400
================================================================================
Principal
Amount
--------------------------------------------------------------------------------
CORPORATE BONDS: 12.45%
Automobiles and Automotive Parts: 0.38%
Gentek
11.00% 8/1/09 $ 400,000 407,000
-----------
407,000
-----------
Banking, Finance and Insurance: 0.36%
Loomis Fargo
10.00% 1/15/04 400,000 388,000
-----------
388,000
-----------
Buildings and Materials: 0.31%
Republic Group
9.50% 7/15/08 400,000 326,000
-----------
326,000
-----------
Cable, Media and Publishing: 2.07%
Adelphia Communications
9.375% 11/15/09 200,000 188,000
American Lawyer Media
9.75% 12/15/07 400,000 378,000
American Media Operation
<PAGE>
Principal Market
Amount Value
--------------------------------------------------------------------------------
10.25% 5/1/09 $ 125,000 $ 118,750
Century Communications
8.875% 1/15/07 200,000 186,000
Charter Communications
8.625% 4/1/09 200,000 175,750
Classic Cable
10.50% 3/1/10 400,000 396,000
Echostar
9.25% 2/1/06 200,000 195,000
Sinclair Broadcast Group
10.00% 9/30/05 400,000 383,500
Telewest Communications
9.625% 10/1/06 200,000 193,000
-----------
2,214,000
-----------
Chemicals: 0.73%
Avecia Group
11.00% 7/1/09 200,000 204,000
Huntsman
9.50% 7/1/07 200,000 183,000
Lyondell Chemical
9.625% 5/1/07 200,000 197,750
10.875% 5/1/09 200,000 198,500
-----------
783,250
-----------
Consumer Products: 0.39%
Avis Rent A Car
11.00% 5/1/09 200,000 209,500
Buhrmann
12.25% 11/1/09 200,000 206,000
-----------
415,500
-----------
Energy: 0.55%
HS Resources
9.25% 11/15/06 200,000 196,500
Plains Resources
10.25% 3/15/06 400,000 394,000
-----------
590,500
-----------
Environmental Services: 0.13%
Allied Waste North America
10.00% 8/1/09 200,000 136,500
-----------
136,500
-----------
Food, Beverage and Tobacco: 1.37%
AFC Enterprises
10.25% 5/15/07 400,000 392,000
Canandaigua Brands
8.50% 3/1/09 400,000 368,000
Chiquita Brands
10.00% 6/15/09 400,000 324,000
National Wine and Spirits
10.125% 1/15/09 400,000 384,000
-----------
1,468,000
-----------
2000 Semiannual Report o Delaware Pooled Trust 31
<PAGE>
Principal Market
Amount Value
--------------------------------------------------------------------------------
Healthcare and Pharmaceuticals: 0.36%
Tenet Healthcare
8.625% 1/15/07 $ 400,000 $ 385,500
-----------
385,500
-----------
Industrial Machinery: 0.99%
National Equipment
10.00% 11/30/04 400,000 362,000
Neff
10.25% 6/1/08 400,000 330,000
United Rentals
9.25% 1/15/09 400,000 363,000
-----------
1,055,000
-----------
Leisure, Lodging and Entertainment: 1.75%
Bally Total Fitness
9.875% 10/15/07 400,000 368,000
Cinemark USA Series C
9.625% 8/1/08 800,000 540,000
Hollywood Casino
11.25% 5/1/07 200,000 204,000
Hollywood Park
9.25% 2/15/07 200,000 200,000
Park Place Entertainment
7.875% 12/15/05 200,000 186,500
Town Sports International
9.75% 10/15/04 400,000 374,000
-----------
1,872,500
-----------
Metals and Mining: 0.54%
Kaiser Aluminum and Chemical
9.875% 2/15/02 400,000 390,000
P and L Coal Holdings
8.875% 5/15/08 200,000 183,500
-----------
573,500
-----------
Packaging and Containers: 0.33%
Portola Packaging
10.75% 10/1/05 400,000 350,000
-----------
350,000
-----------
Telecommunications: 1.18%
Global Crossing
9.625% 5/15/08 200,000 197,000
Intermedia Communications
9.50% 3/1/09 200,000 193,000
Level 3 Communications
9.125% 5/1/08 200,000 175,000
* Nextel Communications
10.65% 9/15/07 200,000 152,500
Psinet
11.00% 8/1/09 200,000 177,000
<PAGE>
Principal Market
Amount Value
-----------------------------------------------------------------
RCN
10.00% 10/15/07 $ 400,000 $ 361,000
-----------
1,255,500
-----------
Transportation and Shipping: 0.69%
Atlas Air
9.375% 11/15/06 400,000 382,000
Worldwide Flight
12.25% 8/15/07 400,000 358,000
-----------
740,000
-----------
Miscellaneous: 0.32%
Iron Mountain
8.125% 5/15/08 400,000 347,000
-----------
347,000
-----------
-----------------------------------------------------------------
Total Corporate Bonds
(cost $14,363,419) 13,307,750
=================================================================
REPURCHASE AGREEMENTS: 3.74%
With Chase Manhattan
5.68% 5/1/00 (dated
4/28/00, collateralized
by $1,377,000 U.S.
Treasury Notes 4.75%
due 2/15/04, market
value $1,306,882) 1,274,000 1,274,000
With J.P. Morgan Securities
5.70% 5/1/00 (dated
4/28/00, collateralized
by $949,000 U.S.
Treasury Notes 5.875%
due 10/31/01, market
value $966,391 and
$413,000 U.S.
Treasury Notes 6.25%
due 10/31/01, market
value $422,768) 1,361,000 1,361,000
With PaineWebber
5.70% 5/1/00 (dated
4/28/00, collateralized
by $65,000 U.S.
Treasury Notes 4.50%
due 1/31/01,
market value $65,158 and
$878,000 U.S. Treasury
Notes 5.50% due 7/31/01,
market value $877,732
and $430,000 U.S. Treasury
Notes 7.25% due 8/15/04,
market value $446,826) 1,362,000 1,362,000
-----------------------------------------------------------------
Total Repurchase Agreements
(cost $3,997,000) 3,997,000
=================================================================
32 Delaware Pooled Trust o 2000 Semiannual Report
<PAGE>
--------------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES: 100.08%
(cost $110,423,262) $106,951,950
================================================================================
--------------------------------------------------------------------------------
LIABILITIES NET OF RECEIVABLES
AND OTHER ASSETS: (0.08%) (86,397)
================================================================================
--------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
14,449,684 SHARES
OUTSTANDING; EQUIVALENT TO
$7.40 PER SHARE: 100.00% $106,865,553
================================================================================
--------------------------------------------------------------------------------
COMPONENTS OF NET ASSETS
AT APRIL 30, 2000:
--------------------------------------------------------------------------------
Shares of beneficial interest
(unlimited authorization-no par) $126,965,320
Undistributed net investment income 1,165,552
Accumulated net realized loss on
investments (17,794,007)
Net unrealized depreciation of
investments (3,471,312)
--------------------------------------------------------------------------------
Total net assets $106,865,553
================================================================================
ADR = American Depository Receipt
* Zero coupon security as of April 30, 2000. The coupon shown is the step-up
rate.
See accompanying notes
<PAGE>
Delaware Pooled Trust:
The Core Equity Portfolio
Statement of Net Assets
April 30, 2000
(Unaudited)
Number Market
of Shares Value
---------------------------------------------------------------------------
COMMON STOCK: 93.50%
Aerospace and Defense: 2.08%
United Technologies 700 $ 43,531
--------
43,531
--------
Banking, Finance and Insurance: 16.10%
American International Group 325 35,648
Bank of New York 800 32,850
Citigroup 800 47,550
Federal Home Loan 1,200 55,125
FleetBoston Financial 1,600 56,700
MBNA 2,000 53,125
UnionBanCal 700 19,381
Wells Fargo 900 36,956
--------
337,335
--------
Cable, Media and Publishing: 3.23%
Gannett 600 38,325
Knight-Ridder 600 29,438
--------
67,763
--------
Chemicals: 2.70%
Avery Dennison 500 32,812
Pharmacia 476 23,770
--------
56,582
--------
Computers and Technology: 7.69%
*CGS Systems International 700 32,288
Compaq Computer 800 23,400
Computer Associates International 500 27,906
*Gateway 300 16,575
International Business Machines 400 44,650
Pitney Bowes 400 16,350
--------
161,169
--------
Consumer Products: 1.61%
Black & Decker 800 33,650
--------
33,650
--------
Electronics and Electrical Equipment: 11.57%
*Atmel 300 14,681
General Electric 200 31,450
Honeywell International 1,012 56,672
*Integrated Device Technology 800 38,450
Intel 400 50,725
2000 Semiannual Report o Delaware Pooled Trust 33
<PAGE>
Number Market
of Shares Value
----------------------------------------------------------------------
*National Semiconductor 200 $ 12,150
Symbol Technologies 500 27,875
Teleflex 300 10,369
--------
242,372
--------
Energy: 11.86%
Amerada Hess 300 19,087
Anadarko Petroleum 700 30,406
Coastal 800 40,150
Halliburton 500 22,094
*Nabors Industries 500 19,719
Schlumberger Limited 500 38,281
Shell Transport & Trading 500 24,125
Tosco 1,100 35,269
Unocal 600 19,388
--------
248,519
--------
Environmental Services: 0.75%
Ecolab 400 15,625
--------
15,625
--------
Food, Beverage and Tobacco: 2.69%
Bestfoods 500 25,125
*Suiza Foods 800 31,150
--------
56,275
--------
Healthcare and Pharmaceuticals: 10.88%
American Home Products 800 44,950
Biomet 900 32,119
Bristol-Myers Squibb 700 36,706
Cardinal Health 400 22,025
Johnson & Johnson 500 41,250
*Sybron International 1,200 37,350
*Watson Pharmaceutical 300 13,481
--------
227,881
--------
Industrial Machinery: 1.82%
Pentair 1,000 38,250
--------
38,250
--------
Leisure, Lodging and Entertainment: 2.54%
Viad 2,100 53,288
--------
53,288
--------
Metals and Mining: 0.63%
Reynolds Metals 200 13,300
--------
13,300
--------
Retail: 5.60%
Circuit City Stores 600 35,288
*Kroger 1,900 35,269
<PAGE>
Number Market
of Shares Value
------------------------------------------------------------------------
Lowe's 500 $ 24,750
Wal-Mart Stores 400 22,150
----------
117,457
----------
Telecommunications: 10.09%
ALLTEL 700 46,637
AT&T 900 42,019
GTE 600 40,650
Motorola 100 11,906
SBC Communications 1,100 48,194
*Tellabs 400 21,925
----------
211,331
----------
Utilities: 1.66%
Columbia Energy Group 300 18,825
Unicom 400 15,900
----------
34,725
----------
------------------------------------------------------------------------
Total Common Stock
(cost $1,865,097) 1,959,053
========================================================================
Convertible Preferred Stock: 1.53%
Sealed Air 600 32,100
------------------------------------------------------------------------
Total Convertible Preferred Stock
(cost $25,811) 32,100
========================================================================
Principal
Amount
---------
Repurchase Agreements: 5.77%
With Chase Manhattan
5.68% 5/1/00 (dated
4/28/00, collateralized
by $42,000 U.S.
Treasury Notes 4.75%
due 2/15/04, market
value $39,562) $ 38,600 38,600
With J.P. Morgan Securities
5.70% 5/1/00 (dated
4/28/00, collateralized
by $29,000 U.S.
Treasury Notes 5.875%
due 10/31/01, market
value $29,255 and
$12,000 U.S.
Treasury Notes 6.25%
due 10/31/01, market
value $12,798) 41,200 41,200
34 Delaware Pooled Trust o 2000 Semiannual Report
<PAGE>
Principal Market
Amount Value
------------------------------------------------------------------------
With PaineWebber
5.70% 5/1/00 (dated
4/28/00, collateralized
by $2,000 U.S.
Treasury Notes 4.50%
due 1/31/01, market
value $1,973 and
$27,000 U.S.
Treasury Notes 5.50%
due 7/31/01, market
value $26,571 and
$13,000 U.S.
Treasury Notes 7.25%
due 8/15/01, market
value $13,527) $ 41,200 $ 41,200
------------------------------------------------------------------------
Total Repurchase Agreements
(cost $121,000) 121,000
========================================================================
------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES: 100.80%
(COST $2,011,908) $ 2,112,153
========================================================================
------------------------------------------------------------------------
LIABILITIES NET OF RECEIVABLES
AND OTHER ASSETS: (0.80%) (16,846)
========================================================================
------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
237,865 SHARES
OUTSTANDING; EQUIVALENT TO
$8.81 PER SHARE: 100.00% $ 2,095,307
========================================================================
------------------------------------------------------------------------
COMPONENTS OF NET ASSETS
AT APRIL 30, 2000:
------------------------------------------------------------------------
Shares of beneficial interest
(unlimited authorization-no par) $ 2,073,448
Undistributed net investment income 6,259
Accumulated net realized loss on
investments (84,645)
Net unrealized appreciation of
investments 100,245
------------------------------------------------------------------------
Total net assets $ 2,095,307
========================================================================
* Non-income producing security for the period ended April 30, 2000.
See accompanying notes
<PAGE>
Delaware Pooled Trust:
The Select Equity Portfolio
Statement of Net Assets
April 30, 2000
(Unaudited)
Number Market
of Shares Value
------------------------------------------------------------------------
COMMON STOCK: 101.29%
Banking, Finance, and Insurance: 15.57%
Chase Manhattan 1,500 $108,094
Citigroup 1,800 106,987
Merrill Lynch 1,100 112,131
--------
327,212
--------
Cable, Media, and Publishing: 10.36%
*AT & T Liberty Media Class A 2,200 109,863
Time Warner 1,200 107,925
--------
217,788
--------
Computers and Technology: 10.19%
*Citrix Systems 1,800 109,912
*Yahoo 800 104,200
--------
214,112
--------
Consumer Products: 4.94%
Minnesota Mining &
Manufacturing 1,200 103,800
--------
103,800
--------
Electronics and Electrical Equipment: 14.92%
General Electric 700 110,075
Symbol Technologies 1,900 105,925
Texas Instruments 600 97,725
--------
313,725
--------
Energy: 4.80%
Exxon Mobil 1,300 100,994
--------
100,994
--------
Healthcare and Pharmaceuticals: 10.00%
Bristol-Myers Squibb 2,000 104,875
Pfizer 2,500 105,313
--------
210,188
--------
Industrial Machinery: 5.14%
Ingersoll-Rand 2,300 107,956
--------
107,956
--------
Metals and Mining: 5.06%
Reynolds Metals 1,600 106,400
--------
106,400
--------
2000 Semiannual Report o Delaware Pooled Trust 35
<PAGE>
Number Market
of Shares Value
-----------------------------------------------------------------------------
Telecommunications: 20.31%
BCE 900 $103,275
Lucent Technologies 1,700 105,719
*Nextel Communications 1,000 109,437
*QUALCOMM 1,000 108,438
---------
426,869
---------
-----------------------------------------------------------------------------
Total Common Stock
(cost $2,080,457) 2,129,044
=============================================================================
Principal
Amount
-----------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 0.19%
With Chase Manhattan
5.68% 5/1/00 (dated
4/28/00, collateralized
by $1,400 U.S.
Treasury Notes 4.75%
due 2/15/04, market
value $1,308) $1,276 1,276
With J.P. Morgan Securities
5.70% 5/1/00 (dated
4/28/00, collateralized
by $1,000 U.S.
Treasury Notes 5.875%
due 10/31/01, market
value $967 and $400 U.S.
Treasury Notes 6.25%
due 10/31/01, market
value $423) 1,362 1,362
With PaineWebber
5.70% 5/1/00 (dated
4/28/00, collateralized
by $100 U.S.
Treasury Notes 4.50%
due 1/31/01, market
value $65 and $900 U.S.
Treasury Notes 5.50%
due 7/31/01, market
value $878 and $400 U.S.
Treasury Notes 7.25%
due 8/15/01, market
value $447) 1,362 1,362
-----------------------------------------------------------------------------
Total Repurchase Agreements
(cost $4,000) 4,000
=============================================================================
<PAGE>
-----------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES: 101.48%
(COST $2,084,457) $2,133,044
=============================================================================
-----------------------------------------------------------------------------
LIABILITIES NET OF RECEIVABLES
AND OTHER ASSETS: (1.48%) (31,030)
=============================================================================
-----------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
235,295 SHARES
OUTSTANDING; EQUIVALENT TO
$8.93 PER SHARE: 100.00% $2,102,014
=============================================================================
-----------------------------------------------------------------------------
COMPONENTS OF NET ASSETS
AT APRIL 30, 2000:
-----------------------------------------------------------------------------
Shares of beneficial interest
(unlimited authorization-no par) $1,804,806
Undistributed net investment loss (109)
Accumulated net realized gain on
investments 248,730
Net unrealized appreciation of
investments 48,587
-----------------------------------------------------------------------------
Total net assets $2,102,014
=============================================================================
* Non-income producing security for the period ended April 30, 2000.
See accompanying notes
36 Delaware Pooled Trust o 2000 Semiannual Report
<PAGE>
Delaware Pooled Trust: The All-Cap Growth Equity Portfolio
Statement of Net Assets
April 30, 2000
(Unaudited)
Number Market
of Shares Value
----------------------------------------------------------------------------
COMMON STOCK: 28.80%
Banking, Finance and Insurance: 1.36%
*FleetBoston Financial 800 $ 28,350
*Merrill Lynch & Company 500 50,969
*Zions Bancorp 1,300 53,950
--------
133,269
--------
Business Services: 3.41%
*First Data 1,300 63,294
*S1 5,000 271,563
--------
334,857
--------
Cable, Media and Publishing: 2.03%
*AT&T-Liberty Media Class A 100 4,994
*Clear Channel Communications 2,700 194,400
--------
199,394
--------
Computers and Technology: 5.64%
*Digital Island 600 20,925
*Extreme Networks 2,400 138,300
*InterNap Network Services 200 7,700
*NetIQ 600 22,050
*Peregrine Systems 9,200 221,375
*Sun Microsystems 600 55,163
*VeriSign 400 55,750
*VERITAS Software 300 32,180
--------
553,443
--------
Consumer Products: 1.79%
*Gemstar International Group
Limited 3,800 175,750
--------
175,750
--------
Electronics and Electrical Equipment: 4.65%
*Altera 300 30,675
*Applied Materials 300 30,544
*E-Tek Dynamics 200 40,950
*Globespan 2,000 190,000
*JDS Uniphase 700 72,625
*Maxim Integrated Products 400 25,925
*PMC-Sierra 300 57,563
*Sycamore Networks 100 7,850
--------
456,132
--------
Healthcare & Pharmaceuticals: 3.58%
*Genentech 3,000 351,000
--------
351,000
--------
<PAGE>
Number Market
of Shares Value
---------------------------------------------------------------------------
LEISURE, LODGING AND ENTERTAINMENT: 0.38%
*Brinker International 500 $15,938
*P.F. Chang's China Bistro 600 21,000
--------
36,938
--------
Retail: 3.15%
*Home Depot 600 33,638
*Limited 4,100 185,269
*Starbucks 1,300 39,305
*Walgreen 1,800 50,625
--------
308,837
--------
Telecommunications: 2.81%
*Amdocs Limited 700 47,381
*AT&T Wireless Group 1,000 31,813
*NEXTEL Communications 1,800 196,988
--------
276,182
--------
Total Common Stock
(cost $2,752,158) 2,825,802
=========
Principal
Amount
--------------------------------------------------------------------------------
Repurchase Agreements: 84.81%
With Chase Manhattan
5.68% 5/1/00 (dated
4/28/00, collateralized
by $2,867,000 U.S.
Treasury Notes 4.75%
due 2/15/04, market
value $2,720,355) $2,654,000 2,654,000
With J.P. Morgan Securities
5.70% 5/1/00 (dated
4/28/00, collateralized
by $1,976,000 U.S.
Treasury Notes 5.875%
due 10/31/01, market
value $2,011,602 and
$859,000 U.S.
Treasury Notes 6.25%
due 10/31/01, market
value $880,018) 2,833,000 2,833,000
2000 Semiannual Report o Delaware Pooled Trust 37
<PAGE>
Principal Market
Amount Value
--------------------------------------------------------------------------------
With PaineWebber 5.70%
5/1/00 (dated 4/28/00,
collateralized by
$136,000 U.S.
Treasury Notes 4.50%
due 1/31/01, market
value $135,631 and
$1,828,000 U.S.
Treasury Notes 5.50%
due 7/31/01, market
value $1,827,052 and
$895,000 U.S.
Treasury Notes 7.25%
due 8/15/01, market
value $930,096) $2,833,000 $ 2,833,000
--------------------------------------------------------------------------------
Total Repurchase Agreements
(cost $8,320,000) 8,320,000
================================================================================
--------------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES: 113.61%
(COST $11,072,158) $11,145,802
================================================================================
--------------------------------------------------------------------------------
LIABILITIES NET OF RECEIVABLES
AND OTHER ASSETS: (13.61%) (1,335,612)
================================================================================
--------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
1,154,859 SHARES
OUTSTANDING; EQUIVALENT TO
$8.49 PER SHARE: 100.00% $ 9,810,190
================================================================================
--------------------------------------------------------------------------------
COMPONENTS OF NET ASSETS
AT APRIL 30, 2000:
--------------------------------------------------------------------------------
Shares of beneficial interest
(unlimited authorization-no par) $ 9,721,620
Undistributed net investment income 18,116
Accumulated net realized loss on
investments (3,190)
Net unrealized appreciation of
investments 73,644
--------------------------------------------------------------------------------
Total net assets $ 9,810,190
================================================================================
* Non-income producing security for the period ended April 30, 2000.
See accompanying notes
<PAGE>
Delaware Pooled Trust:
The Mid-Cap Growth Equity Portfolio
Statement of Net Assets
April 30, 2000
(Unaudited)
Number Market
of Shares Value
-----------------------------------------------------------------------
COMMON STOCK: 100.21%
Banking, Finance and Insurance: 5.26%
*Compucredit 3,500 $ 114,844
Heller Financial 5,000 97,187
Zions Bancorp 3,300 136,950
----------
348,981
----------
Business Services: 8.77%
Cintas 3,350 132,744
*Convergys 3,500 154,000
*Fiserv 3,100 142,406
*S1 2,800 152,075
----------
581,225
----------
Cable, Media and Publishing: 11.65%
*AMFM 1,500 99,563
*Clear Channel Communications 2,920 210,240
*Echostar Communications
Class A 3,800 242,013
*Hispanic Broadcasting 1,400 141,487
*Lamar Advertising 1,800 79,312
----------
772,615
----------
Computers and Technology: 13.84%
*Aspect Development 1,400 96,775
*Citrix Systems 3,800 232,037
*Extreme Networks 2,300 132,538
*InterNAP Network Services 2,100 80,850
*Peregrine Systems 4,000 96,250
PerkinElmer 600 32,850
*Veritas Software 2,300 246,711
----------
918,011
----------
Consumer Products: 1.88%
*Gemstar International Group
Limited 2,700 124,875
----------
124,875
----------
Electronics and Electrical Equipment: 22.25%
*Altera 2,100 214,725
*Applied Materials 1,600 162,900
*Burr-Brown 1,100 74,938
*E-Tek Dynamics 700 143,325
*JDS Uniphase 2,600 269,750
*PMC-Sierra 1,500 287,813
*Xilinx 4,400 322,300
----------
1,475,751
----------
38 Delaware Pooled Trust o 2000 Semiannual Report
<PAGE>
Number Market
of Shares Value
---------------------------------------------------------------------------
Healthcare and Pharmaceuticals: 2.12%
*Genentech 1,200 $140,400
--------
140,400
--------
Leisure, Lodging and Entertainment: 7.28%
*Brinker International 5,700 181,687
*Jack in the Box 2,800 68,600
*Outback Steakhouse 4,000 131,000
*Premier Parks 4,700 101,344
--------
482,631
--------
Retail: 12.14%
*Bed Bath & Beyond 2,800 102,725
*Best Buy 2,100 169,575
*Dollar Tree Stores 800 46,300
Intimate Brands 3,000 115,500
*Kohl's 4,800 230,400
Nordstrom 3,000 83,438
*Staples 2,977 56,749
--------
804,687
--------
Telecommunications: 15.02%
*American Tower Class A 4,900 227,850
*Ciena 1,500 185,437
*McLeodUSA Class A 6,300 157,500
*Network Appliance 3,000 221,812
*NEXTLINK
Communications Class A 1,700 143,331
*Time Warner
Telecommunications Class A 1,100 60,225
--------
996,155
--------
---------------------------------------------------------------------------
Total Common Stock
(cost $4,149,859) 6,645,331
===========================================================================
---------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES: 100.21%
(COST $4,149,859) $6,645,331
===========================================================================
<PAGE>
---------------------------------------------------------------------------
LIABILITIES NET OF RECEIVABLES AND
OTHER ASSETS: (0.21%) $(13,936)
===========================================================================
---------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
566,081 SHARES
OUTSTANDING; EQUIVALENT TO
$11.71 PER SHARE: 100.00% $6,631,395
===========================================================================
---------------------------------------------------------------------------
COMPONENTS OF NET ASSETS
AT APRIL 30, 2000:
---------------------------------------------------------------------------
Shares of beneficial interest
(unlimited authorization-no par) $1,511,799
Accumulated net realized gain on
investments 2,624,124
Net unrealized appreciation of
investments 2,495,472
---------------------------------------------------------------------------
Total net assets $6,631,395
===========================================================================
* Non-income producing security for the period ended April 30, 2000.
See accompanying notes
2000 Semiannual Report o Delaware Pooled Trust 39
<PAGE>
Delaware Pooled Trust: The Small-Cap Value Equity Portfolio
Statement of Net Assets
April 30, 2000
(Unaudited)
Number Market
of Shares Value
------------------------------------------------------------------------------
COMMON STOCK: 92.43%
Automobiles and Automotive Parts: 2.94%
Borg-Warner Automotive 900 $ 37,631
CLARCOR 1,300 23,400
--------
61,031
--------
Banking, Finance and Insurance: 14.34%
Associated Banc-Corp 700 17,894
*Avis Rent-A-Car 1,600 32,400
Bank United 700 23,231
*Centura Banks 500 20,656
Colonial BancGroup 2,200 20,625
Commerical Federal 1,100 17,119
*Compass Bancshares 1,000 18,500
*Cullen Frost Bankers 800 19,750
Everest Re Group 1,100 32,175
*Financial Federal 1,600 29,800
Liberty Financial 1,100 20,625
North Fork Bancorporation 900 14,569
Westamerica Bancorporation 1,200 30,075
--------
297,419
--------
Buildings and Materials: 2.19%
D.R. Horton 2,100 27,169
*Griffon 2,700 18,225
--------
45,394
--------
Chemicals: 6.42%
CK Witco 1,700 19,975
Hanna (M.A.) 1,800 20,700
Minerals Technologies 400 18,500
OM Group 900 41,400
*Scotts 900 32,513
--------
133,088
--------
Computers and Technology: 2.81%
*Modis Professional Services 2,700 20,419
*Synopsys 900 37,800
--------
58,219
--------
Electronics and Electrical Equipment: 4.57%
*Applied Materials 189 19,243
*Burr-Brown 200 13,625
*Galileo Technology 1,100 19,319
*International Rectifier 400 19,650
*Plexus 300 22,988
--------
94,825
--------
<PAGE>
Number Market
of Shares Value
-----------------------------------------------------------------------------
Energy: 13.81%
Helmerich & Payne 1,300 $40,706
*Louis Dreyfus Natural Gas 800 22,400
NICOR 1,300 44,038
NUI 800 21,400
*Ocean Energy 2,000 25,875
*Oceaneering International 1,500 25,875
*Santa Fe Snyder 3,600 33,075
*Titan Exploration 2,900 14,500
*Tom Brown 1,100 20,900
Valero Energy 1,300 37,700
--------
286,469
--------
Engineering and Construction: 2.11%
*Jacobs Engineering Group 1,400 43,838
--------
43,838
--------
Food, Beverage and Tobacco: 3.73%
*Suiza Foods 1,100 42,831
Universal Foods 2,100 34,519
--------
77,350
--------
Healthcare and Pharmaceuticals: 8.68%
*AmeriSource Health Class A 1,100 22,000
*BioChem Pharma 800 18,400
*Conmed 1,000 26,125
Invacare 1,000 26,750
*Sybron International 600 18,675
*Varian Medical Systems 1,700 68,000
--------
179,950
--------
Industrial Machinery: 3.30%
*CIRCOR International 450 5,147
Milacron 2,000 36,500
Harsco 900 26,719
--------
68,366
--------
Metals and Mining: 1.11%
*Mueller Industries 700 23,056
--------
23,056
--------
Real Estate: 7.07%
Cabot Industrial Trust 1,800 34,650
Kilroy Realty 1,100 26,538
Pan Pacific Retail Properties 1,600 30,400
Prentiss Properties Trust 1,300 30,875
Reckson Associates Realty 1,200 24,075
--------
146,538
--------
40 Delaware Pooled Trust o 2000 Semiannual Report
<PAGE>
Number Market
of Shares Value
-----------------------------------------------------------------------------
Retail: 3.81%
*BJ's Wholesale Club 600 $21,263
*Zale 1,400 57,750
-------
79,013
-------
Telecommunications: 2.16%
*Brightpoint 3,800 44,888
-------
44,888
-------
Textiles, Apparel and Furniture: 3.72%
*Furniture Brands International 1,500 28,031
Kellwood 1,400 23,975
Wolverine World Wide 2,100 25,200
-------
77,206
-------
Transportation and Shipping: 3.42%
Alexander & Baldwin 1,200 25,200
*Mesaba Holdings 1,800 22,500
USFreightways 500 23,313
-------
71,013
-------
Utilities: 1.70%
California Water Service Group 600 13,988
Conectiv 1,200 21,300
-------
35,288
-------
Miscellaneous: 4.54%
Federal Signal 2,000 40,625
*MedQuist 700 24,806
Smith (A.O.) 1,400 28,788
-------
94,219
-------
-----------------------------------------------------------------------------
Total Common Stock
(cost $1,818,082) 1,917,170
=============================================================================
Principal
Amount
-----------------------------------------------------------------------------
Repurchase Agreements: 7.86%
With Chase Manhattan
5.68% 5/1/00 (dated
4/28/00, collateralized
by $56,000 U.S.
Treasury Notes 4.75%
due 2/15/04, market
value $53,295) $52,000 52,000
<PAGE>
Principal Market
Amount value
-----------------------------------------------------------------------------
With J.P. Morgan Securities
5.70% 5/1/00 (dated
4/28/00, collateralized
by $39,000 U.S.
Treasury Notes 5.875%
due 10/31/01, market
value $39,410 and
$17,000 U.S.
Treasury Notes 6.25%
due 10/31/01, market
value $17,241) $55,500 $55,500
With PaineWebber
5.70% 5/1/00 (dated
4/28/00, collateralized
by $3,000 U.S.
Treasury Notes 4.50%
due 1/31/01, market
value $2,657 and
$36,000 U.S.
Treasury Notes 5.50%
due 7/31/01, market
value $35,794 and
$17,000 U.S.
Treasury Notes 7.25%
due 8/15/01, market
value $18,222) 55,500 55,500
-----------------------------------------------------------------------------
Total Repurchase Agreements
(cost $163,000) 163,000
=============================================================================
-----------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES: 100.29%
(COST $1,981,082) $2,080,170
=============================================================================
-----------------------------------------------------------------------------
LIABILITIES NET OF RECEIVABLES AND
OTHER ASSETS: (0.29%) (6,117)
=============================================================================
-----------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
244,155 SHARES
OUTSTANDING; EQUIVALENT TO
$8.49 PER SHARE: 100.00% $2,074,053
=============================================================================
-----------------------------------------------------------------------------
COMPONENTS OF NET ASSETS
AT APRIL 30, 2000:
-----------------------------------------------------------------------------
Shares of beneficial interest
(unlimited authorization-no par) $2,071,775
Undistributed net investment income 8,339
Accumulated net realized loss on
investments (105,149)
Net unrealized appreciation of
investments 99,088
-----------------------------------------------------------------------------
Total net assets $2,074,053
=============================================================================
* Non-income producing security for the period ending April 30, 2000.
See accompanying notes
2000 Semiannual Report o Delaware Pooled Trust 41
<PAGE>
Delaware Pooled Trust: The Small-Cap Growth Equity Portfolio
Statement of Net Assets
April 30, 2000
(Unaudited)
Number Market
of Shares Value
-----------------------------------------------------------------------------
COMMON STOCK: 92.03%
Banking, Finance and Insurance: 3.08%
Doral Financial 9,600 $114,600
Metris 8,100 303,750
*Profit Recovery Group 10,250 180,016
Webster Financial 7,700 164,588
--------
762,954
--------
Business Services: 2.99%
*Corporate Executive Board 7,600 446,500
*Diamond Tech Partners 3,500 276,937
*Heidrick & Struggles 500 18,000
--------
741,437
--------
Cable, Media and Publishing: 3.25%
*Acme Communications 2,500 57,500
*Getty Images 6,300 191,363
*Insight Communications 7,600 154,850
*Radio One 6,900 400,200
--------
803,913
--------
Computers and Technology: 18.75%
*Aspect Development 8,100 559,912
*Bisys Group 5,300 331,580
*Bindview Development 3,800 30,638
*Broadbase Software 3,000 47,438
*Cysive 3,900 212,306
*Digital Insight 2,800 109,550
*ELoyalty 1,300 21,368
*ESpeed 5,000 236,250
*Exchange Applications 6,600 80,438
*Extensity 1,200 14,700
*Fargo Electronics 7,800 78,975
*Hall, Kinion & Associates 3,200 78,600
Henry (Jack) & Associates 13,400 529,300
*Network Access Solutions 1,000 15,000
*New Era of Networks 7,300 229,037
*Onyx Software 5,200 110,825
*Register.com 5,100 260,100
*RSA Security 3,000 176,063
*Sanchez Computer Associates 1,000 19,375
*Teradyne 5,400 594,000
*VERITAS Software 8,450 906,394
---------
4,641,849
---------
<PAGE>
Number Market
of Shares Value
-----------------------------------------------------------------------------
Consumer Products: 1.61%
*Gemstar International Group
Limited 8,600 $397,750
--------
397,750
--------
Consumer Services: 0.45%
*Bright Horizons Family Solutions 6,200 111,600
--------
111,600
--------
Electronics and Electrical Equipment: 17.58%
*Applied Micro Circuits 9,100 1,172,762
*Lam Research 6,700 307,362
*LTX 5,900 269,925
*Micrel 12,500 1,081,250
*Novellus Systems 4,700 313,431
*PMC-Sierra 6,300 1,208,812
---------
4,353,542
---------
Food, Beverage and Tobacco: 1.29%
*American Italian Pasta 6,900 170,775
CBRL Group 5,400 74,925
Morrison Management Special 2,640 73,095
---------
318,795
---------
Healthcare and Pharmaceuticals: 6.41%
*Aclara Biosciences 600 22,875
*Aspect Medical Systems 900 39,937
*CIMA Labs 2,700 37,800
*CIMA Labs Restricted 1,100 14,722
*Cubist Pharmaceuticals 4,200 134,925
*Cubist Pharmaceuticals
Restricted 800 25,700
*Exelixis 700 13,344
*Inhale Therapeutic Systems 2,100 129,937
*Intrabiotics Pharmaceuticals 6,800 79,050
*Neurocrine Biosciences 4,800 102,000
*Pharmacopeia 3,600 148,050
*Pharmacopeia Restricted 2,100 78,849
*Sequenom 700 16,975
*Trimeris 6,600 227,288
*Trimeris Restricted 400 13,363
*United Therapeutics 4,900 276,850
*Wesley Jessen VisionCare 5,700 224,438
---------
1,586,103
---------
Industrial Machinery: 0.84%
*Advanced Energy Industries 3,000 207,000
---------
207,000
---------
42 Delaware Pooled Trust o 2000 Semiannual Report
<PAGE>
Number Market
of Shares Value
-----------------------------------------------------------------------------
Leisure, Lodging and Entertainment: 6.69%
*CEC Entertainment 14,450 $433,500
*Extended Stay America 15,000 134,063
Ruby Tuesday 6,400 134,000
*Sonic 12,100 336,531
*The Cheesecake Factory 10,200 417,563
*Westwood One 5,700 201,638
---------
1,657,295
---------
Real Estate: 2.47%
*Pinnacle Holdings 10,900 612,444
---------
612,444
---------
Retail: 10.90%
*American Eagle Outfitters 1,600 27,200
*Cost Plus 12,275 375,155
*Dollar Tree Stores 16,700 966,513
*Duane Reade 11,100 333,000
*Hot Topic 3,200 98,400
*Linens `n Things 11,000 339,625
*TOO 4,500 134,719
*Tweeter Home
Entertainment Group 10,200 376,125
*West Marine 6,200 49,600
---------
2,700,337
---------
Telecommunications: 13.76%
*Concord Communications 4,400 123,200
*Ditech Communications 4,300 368,725
*Dycom Industries 13,300 691,600
*Network Appliance 14,300 1,057,306
*NEXTLINK Communications
Class A 9,500 800,969
*SBA Communications 4,400 178,750
*West Teleservices 8,900 188,013
---------
3,408,563
---------
Miscellaneous: 1.96%
*Mettler-Toledo International 14,100 486,450
---------
486,450
---------
---------------------------------------------------------------------------
Total Common Stock
(cost $20,263,628) 22,790,032
===========================================================================
Principal
Amount
---------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 15.35%
With Chase Manhattan
5.68% 5/1/00 (dated
4/28/00, collateralized
by $1,310,000 U.S.
Treasury Notes 4.75%
due 2/15/04, market
value $1,243,124) $1,212,000 1,212,000
<PAGE>
Principal Market
Amount Value
--------------------------------------------------------------------------------
With J.P. Morgan Securities
5.70% 5/1/00 (dated
4/28/00, collateralized
by $903,000 U.S.
Treasury Notes 5.875%
due 10/31/01, market
value $919,244 and
$393,000 U.S.
Treasury Notes 6.25%
due 10/31/01, market
value $402,143) $1,295,000 $1,295,000
With PaineWebber
5.70% 5/1/00 (dated
4/28/00, collateralized
by $63,000 U.S.
Treasury Notes 4.50%
due 1/31/01, market
value $61,980 and
$835,000 U.S.
Treasury Notes 5.50%
due 7/31/01, market
value $834,910 and
$409,000 U.S.
Treasury Notes 7.25%
due 8/15/01, market
value $425,027) 1,295,000 1,295,000
-----------------------------------------------------------------------------
Total Repurchase Agreements
(cost $3,802,000) 3,802,000
=============================================================================
-----------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES: 107.38%
(COST $24,065,628) $26,592,032
=============================================================================
-----------------------------------------------------------------------------
LIABILITIES NET OF RECEIVABLES
AND OTHER ASSETS: (7.38%) (1,828,836)
=============================================================================
-----------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
1,345,318 SHARES
OUTSTANDING; EQUIVALENT TO
$18.41 PER SHARE: 100.00% $24,763,196
=============================================================================
-----------------------------------------------------------------------------
COMPONENTS OF NET ASSETS
AT APRIL 30, 2000:
-----------------------------------------------------------------------------
Shares of beneficial interest
(unlimited authorization-no par) $21,634,912
Undistributed net investment income 2,773
Accumulated net realized gain on
investments 599,107
Net unrealized appreciation of
investments 2,526,404
-----------------------------------------------------------------------------
Total net assets $24,763,196
=============================================================================
* Non-income producing security for the period ended April 30, 2000.
See accompanying notes
2000 Semiannual Report o Delaware Pooled Trust 43
<PAGE>
Delaware Pooled Trust: The Real Estate Investment Trust Portfolio II
Statement of Net Assets
April 30, 2000
(Unaudited)
Number Market
of Shares Value
--------------------------------------------------------------------------------
COMMON STOCK: 96.43%
Hotel REITs: 2.23%
MeriStar Hospitality 2,200 $ 43,450
--------
43,450
--------
Mall REITs: 7.59%
Macerich 2,800 64,925
Simon Property Group 3,270 82,976
--------
147,901
--------
Manufactured Housing REITs: 7.08%
Chateau Communities 2,580 67,080
Sun Communities 2,140 70,888
--------
137,968
--------
Multifamily REITs: 18.98%
Apartment Investment &
Management Class A 1,990 79,102
AvalonBay Communities 2,251 88,070
Equity Residential Properties 1,500 68,250
Essex Property Trust 1,750 67,594
Grove Property Trust 4,855 66,756
--------
369,772
--------
Net Lease REITs: 2.80%
Franchise Finance 2,300 54,625
--------
54,625
--------
Office/Industrial REITs: 40.09%
AMB Property 2,580 56,921
Alexandria Real Estate Equities 2,200 70,400
Cabot Industrial Trust 2,220 42,735
CarrAmerica Realty 1,990 47,263
Duke-Weeks Realty 4,040 87,618
Equity Office Properties Trust 3,020 82,106
Liberty Property Trust 1,933 47,842
Prentiss Properties Trust 3,175 75,406
ProLogis 3,400 66,938
Reckson Associates Realty 3,430 68,814
SL Green Realty 2,780 71,411
Spieker Properties 1,440 63,810
--------
781,264
--------
<PAGE>
Number Market
of Shares Value
---------------------------------------------------------------------------
Real Estate Operating Companies: 8.53%
*Catellus Development 3,710 $48,230
Starwood Hotels &
Resorts Worldwide 2,490 70,809
Trizec Hahn 2,900 47,125
-------
166,164
-------
Retail Strip Centers REITs: 6.18%
Kimco Realty 1,500 59,719
Pan Pacific Retail Properties 3,190 60,610
-------
120,329
-------
Self Storage REITs: 2.95%
Public Storage 2,570 57,504
-------
57,504
-------
---------------------------------------------------------------------------
Total Common Stock
(cost $1,802,211) 1,878,977
===========================================================================
Principal
Amount
---------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 4.41%
With Chase Manhattan
5.68% 05/01/99 (dated
04/28/00, collateralized
by $30,000 U.S.
Treasury Notes 4.75%
due 02/15/04, market
value $28,118) $ 27,400 27,400
With J.P. Morgan Securities
5.70% 05/01/00 (dated
04/28/00, collateralized
by $20,000 U.S.
Treasury Notes 5.875%
due 10/31/01, market
value $20,793 and
$9,000 U.S.
Treasury Notes 6.25%
due 10/31/01, market
value $9,096) 29,300 29,300
44 Delaware Pooled Trust o 2000 Semiannual Report
<PAGE>
Principal Market
Amount Value
--------------------------------------------------------------------------------
With PaineWebber
5.70% 05/01/00 (dated
04/28/00, collateralized
by $1,000 U.S.
Treasury Notes 4.50%
due 01/31/01, market
value $1,402 and
$19,000 U.S.
Treasury Notes 5.50%
due 07/31/01, market
value $18,886 and
$9,000 U.S.
Treasury Notes 7.25%
due 08/15/01, market
value $9,614) $ 29,300 $29,300
------------------------------------------------------------------------
Total Repurchase Agreements
(cost $86,000) 86,000
========================================================================
------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES: 100.84%
(COST $1,888,211) $ 1,964,977
========================================================================
------------------------------------------------------------------------
LIABILITIES NET OF RECEIVABLES
AND OTHER ASSETS: (0.84)% (16,348)
========================================================================
------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
137,820 SHARES
OUTSTANDING; EQUIVALENT TO
$14.14 PER SHARE: 100.00% $ 1,948,629
========================================================================
------------------------------------------------------------------------
COMPONENTS OF NET ASSETS
AT APRIL 30, 2000:
------------------------------------------------------------------------
Shares of beneficial interest
(unlimited authorization-no par) $ 3,016,801
Undistributed net investment income 1,912
Accumulated net realized loss on
investments (1,146,850)
Net unrealized appreciation of
investments 76,766
------------------------------------------------------------------------
Total net assets $ 1,948,629
========================================================================
REITs = Real Estate Investment Trusts
* Non-income producing security for the period ended April 30, 2000.
See accompanying notes
<PAGE>
Delaware Pooled Trust:
The Intermediate Fixed Income Portfolio
Statement of Net Assets
April 30, 2000
(Unaudited)
Principal Market
Amount Value
-----------------------------------------------------------------------------
AGENCY MORTGAGE-BACKED SECURITIES: 17.74%
Federal Home Loan
Mortgage Corporation
7.00% 4/1/29 $162,428 $155,474
Federal National
Mortgage Association
7.00% 8/1/28 316,334 302,395
7.00% 11/1/28 245,860 235,027
7.00% 8/1/29 167,445 160,433
7.00% 10/1/29 495,596 474,688
7.50% 9/1/29 196,903 192,842
7.50% 1/1/30 77,270 75,677
7.50% 1/1/30 670,355 656,319
Government National
Mortgage Association
9.00% 2/15/17 132,073 137,934
-----------------------------------------------------------------------------
Total Agency Mortgage-Backed Securities
(cost $2,466,304) 2,390,789
=============================================================================
AGENCY OBLIGATIONS: 13.98%
Federal Home Loan
Mortgage Corporation
7.00% 2/15/03 280,000 278,522
Federal National
Mortgage Association
6.50% 8/15/04 1,650,000 1,604,574
-----------------------------------------------------------------------------
Total Agency Obligations
(cost $1,901,478) 1,883,096
=============================================================================
ASSET-BACKED SECURITIES: 12.26%
California Infrastructure
PG&E Series 97-1 A4
6.16% 6/25/03 70,000 69,581
Countrywide Home
Equity Loan Series 97-1 A4
6.95% 5/25/21 350,000 346,675
MBNA Master Credit
Card Trust
*Series 96-J A 6.28%
2/15/06 265,000 265,212
*Series 96-K A 6.26%
3/15/06 90,000 90,014
NationsCredit Grantor Trust
Series 97-1 A 6.75%
8/15/13 225,867 221,157
2000 Semiannual Report o Delaware Pooled Trust 45
<PAGE>
Principal Market
Amount Value
-----------------------------------------------------------------------------
Neiman Marcus Group
Credit Card Master Trust
Series 95-1 A 7.60%
6/15/03 $21,667 $21,687
Peco Energy Transition Trust
Series 99-A A4
5.80% 3/1/07 415,000 389,004
Philadelphia, Pennsylvania
Authority For Industrial
Development Series 97A
6.488% 6/15/04 (MBIA) 267,202 249,416
-----------------------------------------------------------------------------
Total Asset-Backed Securities
(cost $1,709,448) 1,652,746
=============================================================================
COLLATERALIZED MORTGAGE OBLIGATIONS: 10.49%
Federal National Mortgage
Association Whole Loan
Series 98-W3 A2
6.50% 7/25/28 414,416 404,056
Government National
Mortgage Associaton
Series 98-9B
6.85% 12/20/25 550,000 518,529
Residential Accredit Loans
Series 98-QS9 A3
6.75% 7/25/28 500,000 491,113
-----------------------------------------------------------------------------
Total Collateralized Mortgage Obligations
(cost $1,472,222) 1,413,698
=============================================================================
COMMERCIAL MORTGAGE-BACKED SECURITIES: 6.09%
DLJ Commerical Mortgage
Series 99-CG1 A1B
6.46% 1/10/09 300,000 276,375
Lehman Large Loan
Series 97-LLI A1
6.79% 6/12/04 315,079 309,762
Mortgage Capital Funding
Series 96-MC2-C
7.224% 9/20/06 245,000 234,128
-----------------------------------------------------------------------------
Total Commercial Mortgage-Backed Securities
(cost $852,135) 820,265
=============================================================================
CORPORATE BONDS: 26.43%
Automobiles and Automotive Parts: 2.49%
Meritor Automotive
6.80% 2/15/09 390,000 334,991
-------
334,991
-------
<PAGE>
Principal Market
Amount Value
-----------------------------------------------------------------------------
Banking, Finance and Insurance: 6.58%
American Financial Group
7.125% 4/15/09 $250,000 $223,136
Banco Santander-Chile
6.50% 11/1/05 250,000 238,455
Fairfax Financial Holdings
7.375% 3/15/06 85,000 74,413
Morgan Stanley Dean Witter
7.125% 1/15/03 355,000 351,150
--------
887,154
--------
Cable, Media and Publishing: 2.75%
United News and Media
7.75% 7/1/09 380,000 370,019
--------
370,019
--------
Computers and Technology: 1.17%
Sun Microsystems
7.65% 8/15/09 160,000 158,199
--------
158,199
--------
Energy: 4.22%
Consumers Energy
6.375% 2/1/08 360,000 319,606
Osprey Trust
8.31% 1/15/03 250,000 249,001
--------
568,607
--------
Environmental Services: 2.07%
USA Waste Services
6.125% 7/15/01 290,000 278,810
--------
278,810
--------
Retail: 2.18%
Safeway
7.00% 9/15/02 300,000 294,046
--------
294,046
--------
Telecommunications: 4.97%
Cox Communications
6.15% 8/1/03 310,000 294,436
MCI Worldcom
7.55% 4/1/04 375,000 374,587
--------
669,023
--------
-----------------------------------------------------------------------------
Total Corporate Bonds
(cost $3,767,153) 3,560,849
=============================================================================
46 Delaware Pooled Trust o 2000 Semiannual Report
<PAGE>
Principal Market
Amount Value
-----------------------------------------------------------------------------
U.S. TREASURY OBLIGATIONS: 6.37%
U.S. Treasury Inflation
Index Notes
3.625% 7/15/02 $329,487 $328,954
U.S. Treasury Notes
5.50% 8/31/01 50,000 49,286
6.25% 8/31/02 85,000 84,267
4.25% 11/15/03 140,000 130,014
4.50% 1/31/01 135,000 133,119
6.375% 8/15/27 130,000 132,961
-----------------------------------------------------------------------------
Total U.S. Treasury Obligations
(cost $859,040) 858,601
=============================================================================
REPURCHASE AGREEMENTS: 7.21%
With Chase Manhattan
5.68% 5/1/00 (dated
4/28/00, collateralized
by $335,000 U.S.
Treasury Notes 4.75%
due 2/15/04, market
value $317,484) 310,000 310,000
With J.P. Morgan Securities
5.70% 5/1/00 (dated
4/28/00, collateralized
by $230,000 U.S.
Treasury Notes 5.875%
due 10/31/01, market
value $234,767 and
$100,000 U.S.
Treasury Notes 6.25%
due 10/31/01, market
value $102,704) 331,000 331,000
With PaineWebber
5.70% 5/1/00 (dated
4/28/00, collateralized
by $16,000 U.S.
Treasury Notes 4.50%
due 1/31/01, market
value $15,829 and
$209,000 U.S.
Treasury Notes 5.50%
due 7/31/01, market
value $213,229 and
$106,000 U.S.
Treasury Notes 7.25%
due 8/15/01, market
value $108,548) 330,000 330,000
-----------------------------------------------------------------------------
Total Repurchase Agreements
(cost $971,000) 971,000
=============================================================================
<PAGE>
-----------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES: 100.57%
(COST $13,998,780) $13,551,044
=============================================================================
-----------------------------------------------------------------------------
LIABILITIES NET OF RECEIVABLES
AND OTHER ASSETS: (0.57%) (77,348)
=============================================================================
-----------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
1,435,734 SHARES
OUTSTANDING; EQUIVALENT TO
$9.38 PER SHARE: 100.00% $13,473,696
=============================================================================
-----------------------------------------------------------------------------
COMPONENTS OF NET ASSETS
AT APRIL 30, 2000:
-----------------------------------------------------------------------------
Shares of beneficial interest
(unlimited authorization-no par) $14,344,675
Undistributed net investment income 598
Accumulated net realized loss on
investments (423,841)
Net unrealized depreciation of
investments (447,736)
-----------------------------------------------------------------------------
Total net assets $13,473,696
=============================================================================
* Inverse floaters represent a security that pays interest at rates that
increase (decrease) with a decrease (increase) in a specific index. Interest
rates disclosed are in effect on April 30, 2000.
See accompanying notes
2000 Semiannual Report o Delaware Pooled Trust 47
<PAGE>
Delaware Pooled Trust: The Aggregate Fixed Income Portfolio
Statement of Net Assets
April 30, 2000
(Unaudited)
Principal Market
Amount Value
-----------------------------------------------------------------------------
AGENCY MORTGAGE-BACKED SECURITIES: 30.06%
Federal Home Loan
Mortgage Corporation
7.00% 4/1/29 $243,642 $233,211
Federal National
Mortgage Association
6.00% 4/1/13 161,721 153,079
7.00% 11/1/28 120,611 115,296
7.00% 8/1/29 124,388 119,179
7.00% 2/1/30 897,177 859,047
7.50% 9/1/29 319,967 313,368
7.50% 10/1/29 143,753 140,788
8.00% 3/1/30 129,784 129,662
Government National
Mortgage Association
8.00% 4/15/30 70,000 70,219
-----------------------------------------------------------------------------
Total Agency Mortgage-Backed Securities
(cost $2,175,695) 2,133,849
=============================================================================
AGENCY OBLIGATIONS: 5.13%
Federal Home Loan
Mortgage Corporation
7.00% 2/15/03 75,000 74,604
Federal National
Mortgage Association
6.50% 8/15/04 45,000 43,761
6.625% 4/15/02 110,000 109,011
6.625% 9/15/09 45,000 42,944
7.125% 1/15/30 95,000 94,065
-----------------------------------------------------------------------------
Total Agency Obligations
(cost $367,710) 364,385
=============================================================================
ASSET-BACKED SECURITIES: 9.23%
Citibank Credit Card
Master Trust I
Series 99-7 A
6.65% 11/15/06 135,000 130,694
Discover Card
Master Trust
Series 99-2 A
5.90% 10/15/04 110,000 107,008
Ford Credit Auto
Owner Trust
Series 00-A A4
7.09% 11/17/03 110,000 109,072
<PAGE>
Principal Market
Amount Value
-----------------------------------------------------------------------------
MBNA Master Credit
Card Trust
Series 96-J A
6.28% 2/15/06 $150,000 $150,120
Series 96-K A
6.26% 3/15/06 50,000 50,008
Peco Energy
Transition Trust
Series 99-A A4
5.80% 3/1/07 115,000 107,796
-----------------------------------------------------------------------------
Total Asset-Backed Securities
(cost $669,961) 654,698
=============================================================================
COLLATERALIZED MORTGAGE OBLIGATIONS: 3.69%
Federal Home Loan
Mortgage Corporation
Series T-11 A5
6.50% 1/25/15 60,000 57,853
Federal National Mortgage
Association Whole Loan
Series 98-W3 A2
6.50% 7/25/28 80,210 78,204
Government National
Mortage Association
Series 98-9 B
6.85% 12/20/25 40,000 37,711
Residential Accredit Loans
Series 98-QS9 A3
6.75% 7/25/28 90,000 88,400
-----------------------------------------------------------------------------
Total Collateralized Mortgage Obligations
(cost $266,658) 262,168
=============================================================================
COMMERCIAL MORTGAGE-BACKED SECURITIES: 7.51%
DLJ Commerical
Series 99-CG1 A1B
6.46% 1/10/09 115,000 105,944
Lehman Large Loan
Series 97-LLI A1
6.79% 6/12/04 122,269 120,206
Mortgage Capital Funding
Series 96-MC2 C
7.224% 9/20/06 105,000 100,340
Nomura Asset Securities
Series 93-1 A1
6.68% 12/15/01 211,413 206,821
-----------------------------------------------------------------------------
Total Commercial Mortgage-Backed Securities
(cost $549,644) 533,311
=============================================================================
48 Delaware Pooled Trust o 2000 Semiannual Report
<PAGE>
Principal Market
Amount Value
--------------------------------------------------------------------------------
CORPORATE BONDS: 21.76%
Automobiles and Automotive Parts: 2.72%
DaimlerChrysler
6.90% 9/1/04 $ 75,000 $ 73,125
Meritor Automotive
6.80% 2/15/09 140,000 120,253
--------
193,378
--------
Banking, Finance and Insurance: 9.66%
Banco Santander-Chile
6.50% 11/1/05 15,000 14,307
Fairfax Financial Holdings
7.375% 3/15/06 75,000 65,659
Finova Capital
7.25% 11/8/04 205,000 188,027
Ford Motor Credit
7.50% 3/15/05 200,000 197,501
PNC Funding
7.00% 9/1/04 160,000 156,038
U.S. Bank N.A.
6.50% 2/1/08 70,000 63,940
--------
685,472
--------
Buildings and Materials: 2.14%
Masco 6.125% 9/15/03 160,000 151,773
--------
151,773
--------
Cable, Media and Publishing: 1.03%
United News and Media
7.75% 7/1/09 75,000 73,030
--------
73,030
--------
Computers and Technology: 0.91%
Sun Microsystems
7.65% 8/15/09 65,000 64,269
--------
64,269
--------
Energy: 1.40%
Osprey Trust
8.31% 1/15/03 100,000 99,600
--------
99,600
--------
Environmental Services: 0.27%
Waste Management
6.125% 7/15/01 20,000 19,228
--------
19,228
--------
Telecomunications: 2.78%
Cox Communications
6.15% 8/1/03 35,000 33,243
MCI Communications
6.125% 4/15/02 35,000 34,091
<PAGE>
Principal Market
Amount Value
--------------------------------------------------------------------------------
MCI Worldcom
7.55% 4/1/04 $130,000 $129,857
--------
197,191
--------
Textiles, Apparel and Furniture: 0.85%
Tommy Hilfiger USA
6.85% 6/1/08 95,000 60,319
--------
60,319
--------
--------------------------------------------------------------------------------
Total Corporate Bonds
(cost $1,660,541) 1,544,260
================================================================================
U.S.TREASURY OBLIGATIONS: 15.57%
U.S. Treasury Inflation
Index Notes
3.625% 7/15/02 179,071 178,782
U.S. Treasury Notes
4.75% 11/15/08 290,000 259,417
6.00% 8/15/09 255,000 249,477
6.25% 8/31/02 80,000 79,310
6.375% 8/15/27 240,000 245,466
*U.S. Treasury Strips
6.625% 2/15/27 450,000 92,575
--------------------------------------------------------------------------------
Total U.S. Treasury Obligations
(cost $1,099,640) 1,105,027
================================================================================
REPURCHASE AGREEMENTS: 6.44%
With Chase Manhattan
5.68% 5/1/00 (dated
4/28/00, collateralized
by $157,000 U.S.
Treasury Notes 4.75%
due 2/15/04, market
value $149,423) 145,800 145,800
With J.P. Morgan Securities
5.70% 5/1/00 (dated
4/28/00, collateralized
by $109,000 U.S.
Treasury Notes 5.875%
due 10/31/01, market
value $110,493 and
$47,000 U.S.
Treasury Notes 6.25%
due 10/31/01, market
value $48,338) 155,600 155,600
With PaineWebber
5.70% 5/1/00 (dated
4/28/00, collateralized
by $7,000 U.S.
Treasury Notes 4.50%
due 1/31/01, market
value $7,450 and
$100,000 U.S.
Treasury Notes 5.50%
2000 Semiannual Report o Delaware Pooled Trust 49
<PAGE>
Principal Market
Amount Value
--------------------------------------------------------------------------------
due 7/31/01, market
value $100,356 and
$49,000 U.S.
Treasury Notes 7.25%
due 8/15/01, market
value $51,088) $155,600 $155,600
--------------------------------------------------------------------------------
Total Repurchase Agreements
(cost $457,000) 457,000
================================================================================
--------------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES: 99.39%
(COST $7,246,849) $7,054,698
================================================================================
--------------------------------------------------------------------------------
RECEIVABLES AND OTHER ASSETS
NET OF LIABILITIES: 0.61% 43,216
================================================================================
--------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
839,426 SHARES
OUTSTANDING; EQUIVALENT TO
$8.46 PER SHARE: 100.00% $7,097,914
================================================================================
--------------------------------------------------------------------------------
COMPONENTS OF NET ASSETS AT APRIL 30, 2000:
--------------------------------------------------------------------------------
Shares of beneficial interest
(unlimited authorization-no par) $7,530,726
Undistributed net investment income 154,383
Accumulated net realized loss on
investments (395,044)
Net unrealized depreciation of
investments (192,151)
--------------------------------------------------------------------------------
Total net assets $7,097,914
================================================================================
* Zero coupon security as of April 30, 2000. The coupon shown is the effective
rate.
See accompanying notes
<PAGE>
Delaware Pooled Trust:
The High Yield Bond Portfolio
Statement of Net Assets
April 30, 2000
(Unaudited)
Principal Market
Amount Value
--------------------------------------------------------------------------------
CORPORATE BONDS: 79.79%
Buildings and Materials: 3.38%
Webb sr sub nts
9.375% 5/1/09 $250,000 $201,250
---------
201,250
---------
Cable, Media and Publishing: 3.95%
Classic Cable sr sub nts
9.375% 8/1/09 250,000 235,000
---------
235,000
---------
Chemicals: 10.44%
Avecia Group PLC
11.00% 7/1/09 50,000 51,000
Lyondell Chemical
sr sub nts 10.875% 5/1/09 250,000 248,125
Phillip Brothers Chemicals
sr sub nts 9.875% 6/1/08 400,000 322,000
---------
621,125
---------
Energy: 3.60%
RBF Finance sr sec nts
11.375% 3/15/09 200,000 214,000
---------
214,000
---------
Environmental Services: 5.45%
Allied Waste North America
sr unsec nts
7.875% 1/1/09 450,000 324,000
---------
324,000
---------
Food, Beverage and Tobacco: 11.18%
Canadaigua Brands
sr sec nts
8.50% 3/1/09 200,000 184,000
Carrols sr sub nts
9.50% 12/1/08 350,000 298,375
Chiquita Brands sr nts
10.00% 6/15/09 225,000 182,250
---------
664,625
---------
Healthcare and Pharmaceuticals: 5.67%
Tenet Healthcare sr sub nts
8.625% 1/15/07 350,000 337,312
---------
337,312
---------
50 Delaware Pooled Trust o 2000 Semiannual Report
<PAGE>
Principal Market
Amount Value
--------------------------------------------------------------------------------
Industrial Machinery: 3.81%
United Crane Rentals
sr sec nts 9.25% 1/15/09 $250,000 $226,875
---------
226,875
---------
Leisure, Lodging and Entertainment: 5.15%
Hollywood Casino sr sec nts
11.25% 5/1/07 300,000 306,000
---------
306,000
---------
Metals and Mining: 6.50%
Kaiser Aluminum & Chemical
sr nts 9.875% 2/15/02 250,000 243,750
Republic Group sr sub nts
9.50% 7/15/08 175,000 142,625
---------
386,375
---------
Telecommunications: 8.56%
Intermedia Communications
sr nts 9.50% 3/1/09 150,000 144,750
*Viatel sr disc nts
12.50% 4/15/08 650,000 364,000
---------
508,750
---------
Textiles, Apparel and Furniture: 1.97%
Dyersburg unsec sr sub nts
9.75% 9/1/07 275,000 116,875
---------
116,875
---------
Transportation and Shipping: 6.42%
Atlas Air sr nts
9.375% 11/15/06 400,000 382,000
---------
382,000
---------
Miscellaneous: 3.71%
Caithness sec nts
9.05% 12/15/09 225,000 220,500
---------
220,500
---------
--------------------------------------------------------------------------------
Total Corporate Bonds
(cost $5,470,534) 4,744,687
================================================================================
Number
of Shares
--------------------------------------------------------------------------------
COMMON STOCK: 5.10%
Telecommunications: 5.10%
RCN 10,593 303,225
--------------------------------------------------------------------------------
Total Common Stock
(cost $281,492) 303,225
================================================================================
<PAGE>
Number Market
of Shares Value
--------------------------------------------------------------------------------
PREFERRED STOCK: 0.00%
Energy: 0.00%
TCR Holdings 4,793 $48
--------------------------------------------------------------------------------
Total Preferred Stock
(cost $286) 48
================================================================================
Principal
Amount
--------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 12.96%
With Chase Manhattan
5.68% 5/1/00 (dated
4/28/00, collateralized
by $266,000 U.S.
Treasury Notes 4.75%
due 2/15/04, market
value $252,091) $246,000 246,000
With J.P. Morgan Securities
5.70% 5/1/00 (dated
4/28/00, collateralized
by $183,000 U.S.
Treasury Notes 5.875%
due 10/31/01, market
value $186,412 and
$80,000 U.S.
Treasury Notes 6.25%
due 10/31/01, market
value $81,550) 263,000 263,000
With PaineWebber
5.70% 5/1/00 (dated
4/28/00, collateralized
by $13,000 U.S.
Treasury Notes 4.50%
due 1/31/01, market
value $12,569 and
$169,000 U.S.
Treasury Notes 5.50%
due 7/31/01, market
value $169,310 and
$83,000 U.S.
Treasury Notes 7.25%
due 8/15/01, market
value $86,190) 262,000 262,000
--------------------------------------------------------------------------------
Total Repurchase Agreements
(cost $771,000) 771,000
================================================================================
2000 Semiannual Report o Delaware Pooled Trust 51
<PAGE>
--------------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES: 97.85%
(COST $6,523,312) $5,818,960
================================================================================
--------------------------------------------------------------------------------
RECEIVABLES AND OTHER ASSETS
NET OF LIABILITIES: 2.15% 127,790
================================================================================
--------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
695,697 SHARES
OUTSTANDING; EQUIVALENT TO
$8.55 PER SHARE: 100.00% $5,946,750
================================================================================
--------------------------------------------------------------------------------
COMPONENTS OF NET ASSETS AT APRIL 30, 2000:
--------------------------------------------------------------------------------
Shares of beneficial interest
(unlimited authorization-no par) $9,672,203
Undistributed net investment income 84,061
Accumulated net realized loss on
investments (3,105,162)
Net unrealized depreciation of
investments (704,352)
--------------------------------------------------------------------------------
Total net assets $5,946,750
================================================================================
* Zero coupon security as of April 30, 2000. The coupon shown is the step-up
rate.
disc = discount
nts = notes
sec = secured
sr = senior
sub = subordinate
unsec = unsecured
See accompanying notes
<PAGE>
Delaware Pooled Trust:
The Diversified Core Fixed Income Portfolio
Statement of Net Assets
April 30, 2000
(Unaudited)
Principal Market Value
Amount* (U.S. $)
--------------------------------------------------------------------------------
AGENCY MORTGAGE-BACKED SECURITIES: 31.28%
Federal National
Mortgage Association
7.00% 9/1/29 $244,772 $ 234,523
7.00% 2/1/30 149,530 143,175
7.50% 9/1/29 354,425 347,115
Government National
Mortgage Association
6.50% 1/15/28 368,557 346,674
--------------------------------------------------------------------------------
Total Agency Mortgage-Backed Securities
(cost $1,101,707) 1,071,487
================================================================================
AGENCY OBLIGATIONS: 15.46%
Federal Home
Loan Bank
5.83% 6/2/00 100,000 99,482
Federal Home
Loan Mortgage
7.00% 2/15/03 75,000 74,604
Federal National
Mortgage Association
6.50% 8/15/04 50,000 48,623
6.625% 1/15/02 100,000 99,300
6.625% 4/15/02 35,000 34,685
6.625% 9/15/09 15,000 14,315
7.125% 1/15/30 160,000 158,426
--------------------------------------------------------------------------------
Total Agency Obligations
(cost $533,401) 529,435
================================================================================
ASSET-BACKED SECURITIES: 4.94%
Citibank Credit Card
Master Series 99-7 A
6.65% 11/15/06 50,000 48,405
Ikon Receivables
Series 99-1 A3
5.99% 5/15/05 60,000 58,924
MBNA Master Credit
Card Series 96-K A
6.26% 3/15/06 15,000 15,002
Peco Series 99-A A4
5.80% 3/1/07 50,000 46,868
--------------------------------------------------------------------------------
Total Asset-Backed Securities
(cost $174,889) 169,199
================================================================================
52 Delaware Pooled Trust o 2000 Semiannual Report
<PAGE>
Principal Market Value
Amount* (U.S. $)
--------------------------------------------------------------------------------
COLLATERALIZED MORTGAGE OBLIGATIONS: 2.81%
Government National
Mortgage Association
Series 98-9 B
6.85% 12/20/25 $50,000 $ 47,139
Residential Accredit
Loans Series 98-QS9 A3
6.75% 7/25/28 50,000 49,111
--------------------------------------------------------------------------------
Total Collateralized Mortgage Obligations
(cost $100,365) 96,250
================================================================================
CORPORATE BONDS: 10.93%
Banking, Finance, and Insurance: 4.35%
Bank of America
6.625% 6/15/04 50,000 48,299
Morgan Stanley Dean Witter
7.125% 1/15/03 50,000 49,458
Pemex Finance
9.69% 8/15/09 50,000 51,280
---------
149,037
---------
Chemicals: 5.15%
Conoco
5.90% 4/15/04 50,000 47,143
Equistar Chemicals
8.50% 2/15/04 50,000 48,813
Phillip Brothers Chemicals
9.875% 6/1/08 100,000 80,500
---------
176,456
---------
Utilities: 1.43%
Caithness Coso Fund
9.05% 12/15/09 50,000 49,000
---------
49,000
---------
--------------------------------------------------------------------------------
Total Corporate Bonds
(cost $398,146) 374,493
================================================================================
FOREIGN BONDS: 15.16%
Australia: 0.69%
New South Wales Treasury
6.50% 5/1/06 A$ 10,000 5,733
7.00% 4/1/04 10,000 5,876
Queensland Treasury Global
8.00% 8/14/01 20,000 11,898
---------
23,507
---------
<PAGE>
Principal Market Value
Amount* (U.S. $)
--------------------------------------------------------------------------------
Canada: 1.69%
Government of Canada
6.00% 6/1/08 C$ 17,000 $ 11,351
7.50% 3/1/01 60,000 41,100
10.25% 3/15/14 6,000 5,557
---------
58,008
---------
Finland: 1.67%
Republic Of Finland
5.00% 4/25/09 Eu 65,000 57,269
---------
57,269
---------
Germany: 5.31%
Deutschland Republic
6.00% 1/4/07 Eu 120,000 113,545
6.50% 7/4/27 10,000 10,051
8.00% 7/22/02 60,000 58,177
---------
181,773
---------
Japan: 1.20%
Japanese Government
4.80% 12/20/02 Jpy 4,000,000 41,071
---------
41,071
---------
New Zealand: 2.51%
New Zealand Government
6.00% 11/15/11 NZ$ 80,000 35,926
8.00% 4/15/04 100,000 50,183
---------
86,109
---------
Portugal: 1.32%
Portugese Government
5.375% 6/23/08 Eu 50,000 45,128
---------
45,128
---------
Sweden: 0.69%
Swedish Government
6.50% 10/25/06 Sk 200,000 23,611
---------
23,611
---------
United States: 0.08%
Federal National Mortgage Association
5.75% 9/5/00 A$ 5,000 2,914
---------
2,914
---------
--------------------------------------------------------------------------------
Total Foreign Bonds
(cost $579,721) 519,390
================================================================================
2000 Semiannual Report o Delaware Pooled Trust 53
<PAGE>
Principal Market Value
Amount* (U.S. $)
--------------------------------------------------------------------------------
U.S. TREASURY OBLIGATIONS: 20.03%
U.S. Treasury Inflation
Index Notes
3.625% 7/15/02 $ 52,668 $ 52,583
U.S. Treasury Notes
+ 4.75% 11/15/08 40,000 35,782
5.50% 2/28/03 50,000 48,545
+ 5.50% 5/15/09 300,000 282,853
+ 5.625% 5/15/08 155,000 147,444
6.00% 8/15/09 45,000 44,025
6.50% 2/28/02 50,000 49,824
50% 3/31/02 25,000 24,914
--------------------------------------------------------------------------------
Total U.S. Treasury Obligations
(cost $697,401) 685,970
================================================================================
REPURCHASE AGREEMENTS: 2.60%
With Chase Manhattan
5.68% 5/1/00 (dated
4/28/00, collateralized
by $31,000 U.S.
Treasury Notes 4.75%
due 2/15/04, market
value $29,100) $28,400 28,400
With J.P. Morgan Securities
5.70% 5/1/00 (dated
4/28/00, collateralized
by $21,000 U.S.
Treasury Notes 5.875%
due 10/31/01, market
value $21,519 and
$9,000 U.S.
Treasury Notes 6.25%
due 10/31/01, market
value $9,414) 30,300 30,300
With PaineWebber
5.70% 5/1/00 (dated
4/28/00, collateralized
by $1,000 U.S.
Treasury Notes 4.50%
due 1/31/01, market
value $1,451 and
$20,000 U.S.
Treasury Notes 5.50%
due 7/31/01, market
value $19,544 and
$10,000 U.S.
Treasury Notes 7.25%
due 8/15/01, market
value $9,949) 30,300 30,300
--------------------------------------------------------------------------------
Total Repurchase Agreements
(cost $89,000) 89,000
================================================================================
<PAGE>
--------------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES: 103.21%
(COST $3,674,630) $3,535,224
================================================================================
--------------------------------------------------------------------------------
LIABILITIES NET OF RECEIVABLES
AND OTHER ASSETS: (3.21%) (109,995)
================================================================================
--------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
422,280 SHARES
OUTSTANDING; EQUIVALENT TO
$8.11 PER SHARE: 100.00% $3,425,229
================================================================================
--------------------------------------------------------------------------------
COMPONENTS OF NET ASSETS AT APRIL 30, 2000:
--------------------------------------------------------------------------------
Shares of beneficial interest
(unlimited authorization-no par) $3,568,530
Undistributed net investment income** 69,549
Accumulated net realized loss on
investments (94,819)
Net unrealized depreciation of
investments, options and
foreign currencies (118,031)
--------------------------------------------------------------------------------
Total net assets $3,425,229
================================================================================
* Principal amount is stated in the currency in which each bond is denominated.
A$ = Australian Dollars
C$ = Canadian Dollars
Eu = European Monetary Units
Jpy = Japanese Yen
NZ$ = New Zealand Dollars
Sk = Swedish Kroner
$ = U.S. Dollars
** Undistributed net investment income includes 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 pledged as collateral for options written.
See accompanying notes
54 Delaware Pooled Trust o 2000 Semiannual Report
<PAGE>
Delaware Pooled Trust: The Balanced Portfolio
Statement of Net Assets
April 30, 2000
(Unaudited)
Number Market
of Shares Value
--------------------------------------------------------------------------------
COMMON STOCK: 61.19%
Aerospace and Defense: 1.04%
United Technologies 27,300 $ 1,697,719
------------
1,697,719
------------
Automobiles and Automotive Parts: 1.63%
Danaher 46,500 2,656,313
------------
2,656,313
------------
Banking, Finance and Insurance: 10.30%
American International Group 14,750 1,617,891
Bank of New York 38,900 1,597,331
Citigroup 39,100 2,324,006
Federal Home Loan 58,500 2,687,344
FleetBoston Financial 77,900 2,760,581
MBNA 105,900 2,812,969
UnionBanCal 42,300 1,171,181
*Wells Fargo 42,900 1,761,581
------------
16,732,884
------------
Cable, Media and Publishing: 2.37%
Gannett 37,700 2,408,087
Knight-Ridder 29,300 1,437,531
------------
3,845,618
------------
Chemicals: 2.05%
Avery Dennison 28,700 1,883,437
Pharmacia 28,917 1,444,043
------------
3,327,480
------------
Computers and Technology: 5.17%
*CGS Systems International 34,100 1,572,863
Compaq Computer 39,400 1,152,450
Computer Associates
International 25,500 1,423,218
*Gateway 16,100 889,525
International Business
Machines 21,500 2,399,937
Pitney Bowes 23,400 956,475
------------
8,394,468
------------
Consumer Products: 1.03%
Black and Decker 39,600 1,665,675
------------
1,665,675
------------
<PAGE>
Number Market
of Shares Value
--------------------------------------------------------------------------------
Electronics and Electrical Equipment: 7.85%
*ATMEL 13,600 $ 665,550
General Electric 7,900 1,242,275
Honeywell International 50,975 2,854,600
*Integrated Device Technology 39,400 1,893,663
Intel 22,900 2,904,006
Motorola 6,600 785,813
*National Semiconductor 7,900 479,925
Symbol Technologies 24,000 1,338,000
Teleflex 17,100 591,018
------------
12,754,850
------------
Energy: 7.87%
Amerada Hess 17,000 1,081,625
Anadarko Petroleum 35,700 1,550,718
Coastal 40,500 2,032,594
Halliburton 25,800 1,140,037
*Nabors Industries 25,800 1,017,488
Schlumberger Limited 24,600 1,883,438
Shell Transport and Trading 28,400 1,370,300
Tosco 58,200 1,866,038
Unocal 26,100 843,356
------------
12,785,594
------------
Environmental Services: 0.50%
Ecolab 20,600 804,688
------------
804,688
------------
Food, Beverage and Tobacco: 1.50%
Bestfoods 27,100 1,361,775
*Suiza Foods 27,700 1,078,569
------------
2,440,344
------------
Healthcare and Pharmaceuticals: 6.68%
American Home Products 34,300 1,927,231
Biomet 48,900 1,745,119
Bristol-Myers Squibb 28,200 1,478,738
Cardinal Health 20,900 1,150,806
Johnson & Johnson 24,000 1,980,000
Sybron International 58,700 1,827,038
*Watson Pharmaceutical 16,700 750,456
------------
10,859,388
------------
Industrial Machinery: 1.17%
Pentair 49,500 1,893,375
------------
1,893,375
------------
2000 Semiannual Report o Delaware Pooled Trust 55
<PAGE>
Number Market
of Shares Value
--------------------------------------------------------------------------------
Leisure, Lodging and Entertainment: 0.42%
Viad 26,600 $674,975
------------
674,975
------------
Metals and Mining: 0.50%
Reynolds Metals 12,200 811,300
------------
811,300
------------
Retail: 3.51%
Circuit City Stores 26,600 1,564,413
*Kroger 96,700 1,794,994
Lowe's Companies 27,000 1,336,500
Wal-Mart Stores 18,000 996,750
------------
5,692,657
------------
Telecommunications: 6.29%
ALLTEL 42,400 2,824,900
A T & T 47,000 2,194,313
GTE 34,000 2,303,500
SBC Communications 40,000 1,752,500
*Tellabs 20,700 1,134,619
------------
10,209,832
------------
Utilities: 1.31%
Columbia Energy Group 20,600 1,292,650
Unicom 20,800 826,800
------------
2,119,450
------------
--------------------------------------------------------------------------------
Total Common Stock
(cost $97,283,491) 99,366,610
================================================================================
CONVERTIBLE PREFERRED STOCK: 1.22%
Sealed Air 2.00% 37,000 1,979,500
--------------------------------------------------------------------------------
Total Convertible Preferred Stock
(cost $2,312,500) 1,979,500
================================================================================
Principal
Amount
AGENCY MORTGAGE-BACKED SECURITIES: 12.81%
Federal Home Loan
Mortgage Corporation
6.00% 2/1/11 $354,705 336,415
Federal Home Loan
Mortgage Corporation
Gold 7.00% 4/1/29 1,165,659 1,115,754
<PAGE>
Principal Market
Amount Value
--------------------------------------------------------------------------------
Federal National
Mortgage Association
6.00% 3/1/13 $ 585,780 $ 554,478
7.00% 7/1/17 253,356 244,963
7.00% 8/1/28 555,721 531,235
7.00% 2/1/30 4,984,316 4,772,482
7.50% 10/1/29 2,875,062 2,815,764
7.50% 10/1/29 6,905,345 6,765,080
8.00% 12/1/09 43,033 43,503
8.00% 3/1/30 1,307,821 1,306,595
8.50% 11/1/09 144,564 147,591
Government National
Mortgage Association
8.00% 4/15/30 2,160,000 2,166,750
--------------------------------------------------------------------------------
Total Agency Mortgage-Backed Securities
(cost $21,152,195) 20,800,610
================================================================================
AGENCY OBLIGATIONS: 2.69%
Federal National
Mortgage Association
6.625% 4/15/02 500,000 495,504
6.625% 9/15/09 430,000 410,353
7.125% 1/15/30 3,500,000 3,465,571
--------------------------------------------------------------------------------
Total Agency Obligations
(cost $4,429,019) 4,371,428
================================================================================
ASSET-BACKED SECURITIES: 5.06%
California Infrastructure
PG and E Series 97-1 A4
6.16% 6/25/03 360,000 357,847
Chase Credit Card Master
Trust Series 99-1 A
6.29% 9/15/06 675,000 675,594
Countrywide Home
Equity Loan Series 97-1 A4
6.95% 5/25/21 790,000 782,495
Discover Card Master
Trust Series 99-2 A
5.90% 10/15/04 1,130,000 1,099,264
First USA Credit
Card Master Trust
Series 98-3 A
6.19% 2/18/04 1,140,000 1,140,279
Series 99-1 A
6.28% 10/19/06 675,000 675,641
MBNA Master Credit
Card Trust Series 96-J A
6.28% 2/15/06 1,350,000 1,351,080
Series 96-K A
6.26% 3/15/06 505,000 505,076
56 Delaware Pooled Trust o 2000 Semiannual Report
<PAGE>
Principal Market
Amount Value
--------------------------------------------------------------------------------
Neiman Marcus Group
Credit Card Master Trust
Series 95-1 A
7.60% 6/15/03 $ 33,333 $ 33,365
Peco Series 99-A A4
5.80% 3/1/07 1,080,000 1,012,349
Philadelphia, Pennsylvania
Authority For Industrial
Development Series 97A
6.488% 6/15/04 623,471 581,972
--------------------------------------------------------------------------------
Total Asset-Backed Securities
(cost $8,323,009) 8,214,962
================================================================================
COLLATERALIZED MORTGAGE OBLIGATIONS: 2.35%
Federal Home Loan
Mortgage Corporation
Structured Pass Through
Securities Series T11 A5
6.50% 1/25/15 1,050,000 1,012,430
Federal National Mortgage
Association Whole Loan
Series 98-W3 A2
6.50% 7/25/28 695,149 677,771
Government National
Mortgage Association
Series 98-9 B
6.85% 12/20/25 1,450,000 1,367,031
Residential Accredit
Loans Series 98-QS9 A3
6.75% 7/25/28 770,000 756,314
--------------------------------------------------------------------------------
Total Collateralized Mortgage Obligations
(cost $3,910,942) 3,813,546
================================================================================
COMMERCIAL MORTGAGE-BACKED SECURITIES: 2.61%
Chase Commercial
Mortgage Securities
Series 96-2 C
6.90% 11/19/06 520,000 492,375
DLJ Commercial Mortgage
Series 99-CG
6.46% 1/10/09 1,120,000 1,031,800
Lehman Large Loan
Series 97-LLI A1
6.79% 6/12/04 705,401 693,497
Mortgage Capital Funding
Series 96-MC2-C
7.224% 9/20/06 630,000 602,042
Nomura Asset Securities
Series 93-1 A1
6.68% 12/15/01 690,616 675,617
Series 96-MD5 A3
7.9184% 4/13/36 750,000 738,984
--------------------------------------------------------------------------------
Total Commercial Mortgage-Backed Securities
(cost $4,371,516) 4,234,315
================================================================================
<PAGE>
Principal Market
Amount Value
--------------------------------------------------------------------------------
CORPORATE BONDS: 8.79%
Automobiles and Automotive Parts: 0.86%
Daimlerchrysler
6.90% 9/1/04 $ 750,000 $ 731,250
Meritor Automotive
6.80% 2/15/09 780,000 669,981
------------
1,401,231
------------
Banking, Finance and Insurance: 1.79%
Banco Santander-Chile
6.50% 11/1/05 530,000 505,525
Bank of America
6.63% 6/15/04 900,000 869,390
Fairfax Financial Holdings
7.375% 3/15/06 210,000 183,844
Pemex Finance
9.69% 8/15/09 885,000 907,656
Summit Capital Trust
8.40% 3/15/27 460,000 439,897
------------
2,906,312
------------
Cable, Media and Publishing: 0.49%
United News and Media
7.75% 7/1/09 810,000 788,724
------------
788,724
------------
Chemicals: 0.64%
duPont (E.I.) deNemours
6.75% 10/15/04 450,000 439,883
Equistar Chemicals
8.75% 2/15/09 620,000 600,625
------------
1,040,508
------------
Computers and Technology: 0.37%
Sun Microsystems
7.65% 8/15/09 610,000 603,135
------------
603,135
------------
Environmental Services: 0.30%
USA Waste Services
6.125% 7/15/01 510,000 490,321
------------
490,321
------------
Healthcare and Pharmaceuticals: 0.57%
United Healthcare
6.60% 12/1/03 980,000 926,934
------------
926,934
------------
Retail: 1.08%
Safeway
7.00% 9/15/02 820,000 803,725
2000 Semiannual Report o Delaware Pooled Trust 57
<PAGE>
Principal Market
Amount Value
--------------------------------------------------------------------------------
SAKS
8.25% 11/15/08 $1,020,000 $ 951,008
------------
1,754,733
------------
Telecommunications: 1.43%
Cox Communications
6.15% 8/1/03 780,000 740,840
MCI Communications
6.125% 4/15/02 570,000 555,195
MCI Worldcom
7.55% 4/1/04 1,030,000 1,028,865
------------
2,324,900
------------
Textiles, Apparel and Furniture: 0.19%
Tommy Hilfiger
6.85% 6/1/08 490,000 311,118
------------
311,118
------------
Transportation and Shipping: 0.47%
Stagecoach Holdings
8.625% 11/15/09 810,000 761,400
------------
761,400
------------
Miscellaneous: 0.60%
Osprey Trust
8.31% 1/15/03 975,000 971,102
------------
971,102
------------
--------------------------------------------------------------------------------
Total Corporate Bonds
(cost $14,894,108) 14,280,418
================================================================================
FOREIGN BONDS: 0.41%
South Africa: 0.41%
Republic of South Africa
9.125% 5/19/09 680,000 663,094
--------------------------------------------------------------------------------
Total Foreign Bonds
(cost $677,450) 663,094
================================================================================
U.S. TREASURY OBLIGATIONS: 2.16%
U.S. Treasury Inflation
Index Notes
3.625% 7/15/02 1,704,793 1,702,039
U.S. Treasury Notes
5.25% 2/15/29 1,225,000 1,078,446
U.S. Treasury Strips
6.625% 2/15/27 3,500,000 720,030
--------------------------------------------------------------------------------
Total U.S. Treasury Obligations
(cost $3,352,819) 3,500,515
================================================================================
REPURCHASE AGREEMENTS: 1.71%
With Chase Manhattan
5.68% 5/1/00 (dated
4/28/00, collateralized
<PAGE>
Principal Market
Amount Value
--------------------------------------------------------------------------------
by $960,000 U.S.
Treasury Notes 4.75%
due 2/15/04, market
value $909,945) $ 888,000 $ 888,000
With J.P. Morgan Securities
5.70% 5/1/00 (dated
4/28/00, collateralized
by $661,000 U.S.
Treasury Notes 5.875%
due 10/31/01, market
value $672,871 and
$287,000 U.S.
Treasury Notes 6.25%
due 10/31/01, market
value $294,362) 947,000 947,000
With PaineWebber
5.70% 5/1/00 (dated
4/28/00, collateralized
by $45,000 U.S.
Treasury Notes 4.50% due 1/31/01, market
value $45,368 and $612,000 U.S.
Treasury Notes 5.50%
due 7/31/01, market
value $611,140 and
$300,000 U.S.
Treasury Notes 7.25%
due 8/15/04, market
value $311,113) 948,000 948,000
--------------------------------------------------------------------------------
Total Repurchase Agreements
(cost $2,783,000) 2,783,000
================================================================================
--------------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES: 101.00%
(COST $163,490,049) $164,007,998
================================================================================
LIABILITIES NET OF RECEIVABLES
AND OTHER ASSETS: (1.00%) (1,617,803)
================================================================================
--------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
21,013,851 SHARES
OUTSTANDING; EQUIVALENT TO
$7.73 PER SHARE: 100.00% $162,390,195
================================================================================
--------------------------------------------------------------------------------
COMPONENTS OF NET ASSETS AT APRIL 30, 2000:
--------------------------------------------------------------------------------
Shares of beneficial interest
(unlimited authorization-no par) $184,454,446
Undistributed net investment income 1,574,617
Accumulated net realized loss on
investments (24,156,817)
Net unrealized apppreciation of
investments 517,949
--------------------------------------------------------------------------------
Total net assets $162,390,195
================================================================================
* Non-income producing security for the period ended April 30, 2000.
ADR = American Depository Receipt See accompanying notes
58 Delaware Pooled Trust o 2000 Semiannual Report
<PAGE>
Delaware Pooled Trust: The International Large-Cap Equity Portfolio
Statement of Net Assets
April 30, 2000
(Unaudited)
Number Market Value
of Shares (U.S. $)
--------------------------------------------------------------------------------
COMMON STOCK: 95.86%
Australia: 10.76%
AMP 7,444 $ 65,198
Foster's Brewing Group 34,000 85,882
National Australia Bank 7,300 99,998
Rio Tinto 4,060 60,302
--------
311,380
--------
Belgium: 1.67%
Electrabel 200 48,351
--------
48,351
--------
France: 10.70%
Alcatel 300 69,554
Compagnie de Saint Gobain 400 54,588
Societe Generale 400 82,846
Total Fina Class B ADR 678 102,883
--------
309,871
--------
Germany: 9.90%
Bayer 2,200 89,311
Bayerische Vereinsbank 1,400 87,065
RWE 1,600 51,934
Siemens 400 58,189
--------
286,499
--------
Hong Kong: 3.02%
Hong Kong Electric 28,000 87,352
--------
87,352
--------
Japan: 16.11%
Canon 2,000 91,507
Eisai 3,000 87,524
Hitachi 6,000 71,687
Matsushita Electric Industrial 4,000 105,955
Nichido Fire & Marine Insurance 9,000 40,845
West Japan Railway 20 68,908
--------
466,426
--------
Netherlands: 7.17%
Elsevier 6,300 61,289
ING Groep 1,200 65,484
Royal Dutch Petroleum 1,400 80,701
--------
207,474
--------
<PAGE>
Number Market Value
of Shares (U.S. $)
--------------------------------------------------------------------------------
New Zealand: 3.01%
Telecom Corporation of New
Zealand 20,600 $ 87,047
----------
87,047
----------
Singapore: 0.95%
Overseas Chinese Banking 4,000 27,421
----------
27,421
----------
Spain: 7.05%
Banco Central
Hispanoamericano 6,700 69,871
Iberdrola 4,400 56,447
Telefonica de Espana 3,500 77,900
----------
204,218
----------
United Kingdom: 25.52%
Bass 8,200 95,944
BG Group 16,900 102,092
Boots 10,500 80,473
British Airways 15,300 79,980
Cable & Wireless 5,800 96,173
GKN 6,600 91,250
Glaxo Wellcome 3,700 114,408
HSBC 7,060 78,318
----------
738,638
----------
--------------------------------------------------------------------------------
Total Common Stock
(cost $2,880,141) 2,774,677
================================================================================
Principal
Amount
REPURCHASE AGREEMENTS : 3.11%
With Chase Manhattan
5.68% 5/1/00 (dated
4/28/00, collateralized
by $30,000 U.S.
Treasury Notes 4.75%
due 2/15/04, market
value $29,754) $29,000 29,000
2000 Semiannual Report o Delaware Pooled Trust 59
<PAGE>
Principal Market Value
Amount (U.S. $)
--------------------------------------------------------------------------------
With J.P. Morgan Securities
5.70% 5/1/00 (dated
4/28/00, collateralized
by $22,000 U.S.
Treasury Notes 5.875%
due 10/31/01, market
value $22,002 and
$9,000 U.S.
Treasury Notes 6.25%
due 10/31/01, market
value $9,625) $31,000 $31,000
With PaineWebber
5.70% 5/1/00 (dated
4/28/00, collateralized
by $1,000 U.S.
Treasury Notes 4.50%
due 1/31/01, market
value $1,483 and
$19,000 U.S.
Treasury Notes 5.50%
due 7/31/01, market
value $19,984 and
$10,000 U.S.
Treasury Notes 7.25%
due 8/15/01, market
value $10,173) 30,000 30,000
--------------------------------------------------------------------------------
Total Repurchase Agreements
(cost $90,000) 90,000
================================================================================
--------------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES: 98.97%
(COST $2,970,141) $2,864,677
================================================================================
--------------------------------------------------------------------------------
RECEIVABLES AND OTHER
ASSETS NET OF LIABILITIES: 1.03% 29,791
================================================================================
NET ASSETS APPLICABLE TO
353,339 SHARES
OUTSTANDING; EQUIVALENT TO
$8.19 PER SHARE: 100.00% $2,894,468
================================================================================
--------------------------------------------------------------------------------
COMPONENTS OF NET ASSETS
AT APRIL 30, 2000:
--------------------------------------------------------------------------------
Shares of beneficial interest
(unlimited authorization-no par) $3,003,541
Undistributed net investment loss* (10,184)
Accumulated net realized gain on
investments 7,498
Net unrealized depreciation of
investments and foreign currencies (106,387)
--------------------------------------------------------------------------------
TOTAL NET ASSETS $2,894,468
================================================================================
ADR = American Depository Receipt
* 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.
<PAGE>
Delaware Pooled Trust:
The Global Equity Portfolio
Statement of Net Assets
April 30, 2000
(Unaudited)
Number Market Value
of Shares (U.S. $)
--------------------------------------------------------------------------------
COMMON STOCK: 96.52%
Australia: 6.22%
Amcor 8,700 $25,755
CSR 20,000 43,793
Foster's Brewing Group 21,500 54,308
National Australia Bank 3,100 42,465
Orica 8,800 34,786
Paperlinx 2,900 5,224
-------
206,331
-------
Belgium: 1.49%
Electrabel 205 49,560
-------
49,560
-------
France: 7.36%
Alcatel 210 48,688
Compagnie de Saint Gobain 250 34,118
Societe Generale 250 51,779
Total Fina Class B ADR 722 109,560
-------
244,145
-------
Germany: 7.95%
Bayer 1,700 69,013
Bayerische Vereinsbank 1,090 67,786
RWE 1,940 62,969
Siemens 440 64,008
-------
263,776
-------
Hong Kong: 3.02%
Hong Kong Electric 8,500 26,517
Jardine Matheson Holdings 8,800 35,200
Wharf Holdings 18,514 38,387
-------
100,104
-------
Japan: 4.09%
Canon 1,000 45,753
Eisai 1,000 29,175
Matsushita Electric Industrial 1,000 26,489
West Japan Railway 10 34,454
-------
135,871
-------
Malaysia: 1.06%
Sime Darby Berhad 30,000 35,210
-------
35,210
-------
60 Delaware Pooled Trust o 2000 Semiannual Report
<PAGE>
Number Market Value
of Shares (U.S. $)
--------------------------------------------------------------------------------
Netherlands: 4.54%
Elsevier 4,700 $ 45,724
ING Groep 613 33,451
Royal Dutch Petroleum 1,240 71,478
--------
150,653
--------
New Zealand: 2.54%
Carter Holt Harvey 17,500 14,790
Telecom Corporation of
New Zealand 16,461 69,557
--------
84,347
--------
South Africa: 1.29%
Sanlam 23,300 27,662
Sasol 2,600 15,261
--------
42,923
--------
Spain: 2.98%
Iberdrola 2,300 29,506
Telefonica 3,118 69,398
--------
98,904
--------
United Kingdom: 20.58%
Associated British Foods 3,784 22,506
Bass 8,042 94,095
Blue Circle Industry 9,800 65,724
Boots 7,950 60,929
Cable & Wireless 5,600 92,857
GKN 7,200 99,545
Glaxo Wellcome 3,600 111,316
Halifax Group 3,450 32,363
Powergen 8,100 50,887
Taylor Woodrow 21,500 52,722
--------
682,944
--------
United States: 33.40%
ALLTEL 600 39,975
Aon 1,500 40,594
A T & T 1,050 49,022
Avon Products 1,500 62,250
Bank of America 905 44,345
Bank of New York 1,100 45,169
Baxter International 900 58,612
Bestfoods 1,100 55,275
Block (H & R) 1,200 50,175
Bristol-Myers Squibb 1,100 57,681
Chase Manhattan 500 36,031
Chevron 550 46,819
Compaq Computer 1,800 52,650
Computer Associates
International 800 44,650
Exxon Mobil 700 54,381
Federal National Mortgage 800 48,250
Intel 400 50,725
<PAGE>
Number Market Value
of Shares (U.S. $)
--------------------------------------------------------------------------------
International Business Machines 500 $ 55,813
International Paper 1,040 38,207
McGraw-Hill 1,000 52,500
MCI Worldcom 900 40,894
Minnesota Mining & 600 51,900
Manufacturing
Pitney Bowes 800 32,700
----------
1,108,618
----------
--------------------------------------------------------------------------------
Total Common Stock
(cost $3,238,450) 3,203,386
================================================================================
Principal
Amount
--------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 2.41%
With Chase Manhattan
5.68% 5/01/00 (dated
4/28/00, collateralized by
$28,000 U.S.
Treasury Notes 4.75%
due 2/15/04, market
value $26,157) $25,600 25,600
With J.P. Morgan Securities
5.70% 5/01/00 (dated
4/28/00, collateralized
by $19,000 U.S.
Treasury Notes 5.875%
due 10/31/01, market
value $19,342 and
$8,000 U.S.
Treasury Notes 6.25%
due 10/31/01, market
value $8,462) 27,200 27,200
With PaineWebber
5.70% 5/01/00 (dated
4/28/00, collateralized
by $1,000 U.S.
Treasury Notes 4.50%
due 1/31/01, market
value $1,304 and
$18,000 U.S.
Treasury Notes 5.50%
due 7/31/01, market
value $17,568 and
$9,000 U.S.
Treasury Notes 7.25%
due 8/15/01, market
value $8,943) 27,200 27,200
--------------------------------------------------------------------------------
Total Repurchase Agreements
(cost $80,000) 80,000
================================================================================
--------------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES: 98.93%
(COST $3,318,450) $3,283,386
================================================================================
2000 Semiannual Report o Delaware Pooled Trust 61
<PAGE>
--------------------------------------------------------------------------------
RECEIVABLES AND OTHER ASSETS
NET OF LIABILITIES: 1.07% $35,453
================================================================================
--------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
383,923 SHARES
OUTSTANDING; EQUIVALENT TO
$8.64 PER SHARE: 100.00% $3,318,839
================================================================================
--------------------------------------------------------------------------------
COMPONENTS OF NET ASSETS
AT APRIL 30, 2000:
--------------------------------------------------------------------------------
Shares of beneficial interest
(unlimited authorization-no par) $3,280,746
Undistributed net investment income* 17,710
Accumulated net realized gain on
investments 58,823
Net unrealized depreciation of
investments and foreign currencies (38,440)
--------------------------------------------------------------------------------
Total net assets $3,318,839
================================================================================
ADR = American Depository Receipt
* 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
<PAGE>
Delaware Pooled Trust:
The International Equity Portfolio
Statement of Net Assets
April 30, 2000
(Unaudited)
Number Market Value
of Shares (U.S. $)
--------------------------------------------------------------------------------
COMMON STOCK: 96.49%
Australia: 10.43%
+Amcor 4,357,804 $ 12,900,725
CSR 8,676,603 18,998,507
Foster's Brewing Group 8,511,575 21,499,825
National Australia Bank 2,041,127 27,959,958
Orica 1,357,200 5,365,016
+Paperlinx 1,452,601 2,616,617
------------
89,340,648
------------
Belgium: 1.02%
+Electrabel 36,080 8,722,567
------------
8,722,567
------------
France: 10.04%
+Alcatel 100,809 23,372,163
+Compagnie de Saint Gobain 108,445 14,799,589
+Societe Generale 110,911 22,971,416
Total Fina Class B ADR 163,818 24,858,641
------------
86,001,809
------------
Germany: 8.97%
+Bayer 482,400 19,583,404
+Bayerische Vereinsbank 301,350 18,740,740
Continental 307,550 5,634,433
+Rheinisch Westfaelisches Elek 508,700 16,511,608
+Siemens 112,800 16,409,242
------------
76,879,427
------------
Hong Kong: 4.35%
Hong Kong Electric 5,429,000 16,936,874
Jardine Matheson Holdings 1,984,478 7,937,912
Wharf Holdings 5,959,171 12,355,648
------------
37,230,434
------------
Japan: 14.66%
Canon 700,000 32,027,408
Chiyoda Fire and Marine
Insurance 535,000 1,471,658
+Eisai 703,500 20,524,447
Hitachi 1,852,000 22,127,253
Matsushita Electric Industrial 892,000 23,628,040
Nichido Fire & Marine
Insurance 1,099,000 4,987,588
West Japan Railway 6,005 20,689,632
Yokohama Reito 28,000 140,298
------------
125,596,324
------------
62 Delaware Pooled Trust o 2000 Semiannual Report
<PAGE>
Number Market Value
of Shares (U.S. $)
--------------------------------------------------------------------------------
Malaysia: 0.58%
Sime Darby Berhad 4,225,000 $ 4,958,750
-----------
4,958,750
-----------
Netherlands: 7.10%
Elsevier 1,337,400 13,010,816
+ING Groep 325,035 17,737,220
Vopak 336,340 8,394,219
+Royal Dutch Petroleum 376,100 21,679,638
-----------
60,821,893
-----------
New Zealand: 2.79%
Carter Holt Harvey 7,165,400 6,055,609
+Telecom Corporation of
New Zealand 4,215,360 17,812,383
-----------
23,867,992
-----------
South Africa: 1.78%
Sanlam 7,309,400 8,677,925
Sasol 1,128,100 6,621,692
-----------
15,299,617
-----------
Spain: 6.31%
+Banco Santander Central
Hispano 1,723,366 17,972,164
Iberdrola 1,188,867 15,251,751
+Telefonica 936,649 20,847,199
-----------
54,071,114
-----------
United Kingdom: 28.46%
Associated British Foods 48,400 287,861
Bass 1,836,025 21,482,372
BG Group 4,316,773 26,077,482
Blue Circle Industries 3,553,970 23,834,921
Boots 2,662,691 20,407,094
British Airways 3,415,845 17,856,192
Cable & Wireless 1,488,437 24,680,544
GKN 1,485,000 20,531,188
Glaxo Wellcome 840,831 25,999,358
Great Universal Stores 3,412,200 20,612,984
Halifax 879,300 8,248,382
PowerGen 3,314,317 20,821,511
Rio Tinto 806,300 12,522,304
Taylor Woodrow 173,000 424,230
-----------
243,786,423
-----------
--------------------------------------------------------------------------------
Total Common Stock
(cost $755,445,062) 826,576,998
================================================================================
<PAGE>
Principal Market Value
Amount (U.S. $)
--------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 2.47%
With Chase Manhattan
5.68% 5/1/00 (dated
4/28/00, collateralized
by $7,275,000 U.S.
Treasury Notes 4.75%
due 2/15/04, market
value $6,903,555) $6,734,000 $ 6,734,000
With J.P. Morgan Securities
5.70% 5/1/00 (dated
4/28/00, collateralized
by $5,014,000 U.S.
Treasury Notes 5.875%
due 10/31/01, market
value $5,104,924 and
$2,180,000 U.S.
Treasury Notes 6.25%
due 10/31/01, market
value $2,233,257) 7,190,000 7,190,000
With PaineWebber
5.70% 5/1/00 (dated
4/28/00, collateralized
by $345,000 U.S.
Treasury Notes 4.50%
due 1/31/01, market
value $344,197 and
$4,639,000 U.S.
Treasury Notes 5.50%
due 7/31/01, market
value $4,636,583 and
$2,273,000 U.S.
Treasury Notes 7.25%
due 8/15/01, market
value $2,360,342) 7,190,000 7,190,000
--------------------------------------------------------------------------------
Total Repurchase Agreements
(cost $21,114,000) 21,114,000
================================================================================
2000 Semiannual Report o Delaware Pooled Trust 63
<PAGE>
--------------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES: 98.96%
(COST $776,559,062) $847,690,998
================================================================================
--------------------------------------------------------------------------------
RECEIVABLES AND OTHER ASSETS
NET OF LIABILITIES: 1.04% 8,904,914
================================================================================
NET ASSETS APPLICABLE TO
48,661,664 SHARES
OUTSTANDING; EQUIVALENT TO
$17.60 PER SHARE: 100.00% $856,595,912
================================================================================
--------------------------------------------------------------------------------
COMPONENTS OF NET ASSETS
AT APRIL 30, 2000:
--------------------------------------------------------------------------------
Shares of beneficial interest
(unlimited authorization-no par) $732,231,255
Undistributed net investment income* 9,062,071
Accumulated net realized gain on
investments 44,280,398
Net unrealized appreciation of
investments and foreign currencies 71,022,188
--------------------------------------------------------------------------------
Total net assets $856,595,912
================================================================================
* Undistributed net investment income includes net realized gains (losses) on
foreign currencies. Net realized gains (losses) on foreign currencies are
treated as net investment income in accordance with provisions of the Internal
Revenue Code.
+ Security is partially or fully on loan.
See accompanying notes
<PAGE>
Delaware Pooled Trust:
The Labor Select International Equity Portfolio
Statement of Net Assets
April 30, 2000
(Unaudited)
Number Market Value
of shares (U.S.$)
--------------------------------------------------------------------------------
COMMON STOCK: 97.17%
Australia: 11.01%
+Amcor 599,077 $ 1,773,491
CSR 872,600 1,910,667
Foster's Brewing Group 1,382,202 3,491,375
National Australia Bank 302,669 4,146,049
Orica 272,100 1,075,612
+Paperlinx 199,692 359,712
-----------
12,756,906
-----------
Belgium: 1.27%
+Electrabel 6,078 1,469,395
-----------
1,469,395
-----------
France: 11.82%
Alcatel 20,926 4,851,609
Societe Generale 19,259 3,988,842
Total Fina Class B ADR 32,055 4,864,201
-----------
13,704,652
-----------
Germany: 11.43%
+Bayer 65,850 2,673,232
+Bayerische Vereinsbank 42,700 2,655,482
Continental 75,900 1,390,517
+RWE 90,300 2,930,997
Siemens 24,750 3,600,432
-----------
13,250,660
-----------
Japan: 14.61%
Canon 101,000 4,621,097
Eisai 133,000 3,880,244
+Kinki Coca-Cola Bottling 22,000 282,208
Matsushita Electric 129,000 3,417,060
Nichido Fire & Marine
Insurance 285,000 1,293,414
West Japan Railway 900 3,100,861
Yokohama Reito 67,000 335,713
-----------
16,930,597
-----------
Netherlands: 7.25%
Elsevier 204,800 1,992,384
ING Groep 48,039 2,621,497
Royal Dutch Petroleum 55,960 3,225,718
Vopak 22,780 568,533
-----------
8,408,132
-----------
64 Delaware Pooled Trust o 2000 Semiannual Report
<PAGE>
Number Market Value
of shares (U.S.$)
--------------------------------------------------------------------------------
New Zealand: 3.76%
Carter Holt Harvey Limited 1,290,800 $ 1,090,878
+Telecom Corporation of
New Zealand 773,885 3,270,121
-----------
4,360,999
-----------
Spain: 6.59%
+Acerinox 20,675 823,340
Banco Central
Hispanoamericano 343,478 3,581,969
Iberdrola 252,000 3,232,861
-----------
7,638,170
-----------
United Kingdom: 29.43%
Associated British Food 208,560 1,240,421
Bass 270,633 3,166,536
BG 546,324 3,300,325
Blue Circle Industries 418,884 2,809,272
Boots 422,400 3,237,310
British Airways 573,643 2,998,696
GKN 264,500 3,656,902
Glaxo Wellcome 120,760 3,734,023
Great Universal Stores 540,400 3,264,538
Halifax Group 129,200 1,211,977
PowerGen 447,250 2,809,756
Rio Tinto 124,554 1,934,395
Taylor Woodrow 306,750 752,211
-----------
34,116,362
-----------
--------------------------------------------------------------------------------
Total Common Stock
(cost $106,253,275) 112,635,873
================================================================================
Principal
Amount
--------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 1.31%
With Chase Manhattan
5.68% 5/1/00 (dated
4/28/00, collateralized
by $524,000 U.S.
Treasury Notes 4.75%
due 2/15/04, market
value $497,315) $485,000 485,000
With J.P. Morgan Securities
5.70% 5/1/00 (dated
4/28/00, collateralized
by $361,000 U.S.
Treasury Notes 5.875%
due 10/31/01, market
value $367,746 and
$157,000 U.S.
Treasury Notes 6.25%
due 10/31/01, market
value $160,878) 518,000 518,000
<PAGE>
Principal Market Value
Amount (U.S.$)
--------------------------------------------------------------------------------
With PaineWebber
5.70% 5/1/00 (dated
4/28/00, collateralized
by $25,000 U.S.
Treasury Notes 4.50%
due 1/31/01, market
value $24,795 and
$334,000 U.S.
Treasury Notes 5.50%
due 7/31/01, market
value $334,008 and
$164,000 U.S.
Treasury Notes 7.25%
due 8/15/01, market
value $170,033) $518,000 $518,000
--------------------------------------------------------------------------------
Total Repurchase Agreements
(cost $1,521,000) 1,521,000
================================================================================
--------------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES: 98.48%
(COST $107,774,275) $114,156,873
--------------------------------------------------------------------------------
RECEIVABLES AND OTHER ASSETS
NET OF LIABILITIES: 1.52% 1,767,376
================================================================================
--------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
8,350,134 SHARES
OUTSTANDING; EQUIVALENT TO
$13.88 PER SHARE: 100.00% $115,924,249
================================================================================
--------------------------------------------------------------------------------
COMPONENTS OF NET ASSETS
AT APRIL 30, 2000:
--------------------------------------------------------------------------------
Shares of beneficial interest
(unlimited authorization-no par) 105,225,575
Undistributed net investment income* 561,557
Accumulated net realized gain on
investments 3,839,366
Net unrealized appreciation of
investments and foreign currencies 6,297,751
--------------------------------------------------------------------------------
Total net assets $115,924,249
================================================================================
ADR = American Depository Receipt
* 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
2000 Semiannual Report o Delaware Pooled Trust 65
<PAGE>
Delaware Pooled Trust:The International Small-Cap Portfolio
Statement of Net Assets
April 30, 2000
(Unaudited)
Number Market Value
of Shares (U.S. $)
--------------------------------------------------------------------------------
COMMON STOCK: 93.30%
Australia: 1.03%
*Simeon Wines 18,500 $ 29,166
--------
29,166
--------
Canada: 0.97%
Magellan Aerospace 6,950 27,231
--------
27,231
--------
Denmark: 1.99%
Bang & Olufsen Holding Class B 1,684 55,904
--------
55,904
--------
Finland: 0.94%
Huhtamaki Van Leer Oyj 400 11,820
Talentum 900 14,754
--------
26,574
--------
France: 11.79%
Boiron 465 23,189
Carbone Lorraine 520 22,694
*Financiere Marc de Lacharriere 235 32,605
*IMV Technologies 1,300 23,781
Manitou 770 61,607
Mecatherm 900 33,549
Norbert Dentressangle 1,225 20,438
*Remy Cointreau 1,640 32,938
Royal Canin 490 45,932
Walter 340 35,241
--------
331,974
--------
Germany: 11.40%
AGIV 1,900 34,722
Babcock Borsig 655 24,476
Boewe Systec 1,470 33,680
Cewe Color Holding 1,900 40,596
Escada 350 35,004
FAG Kugelfischer Georg Schaefer 7,601 61,852
KSB Vorzug 265 24,094
Ludwig Beck AM Rathauseck 4,819 66,598
--------
321,022
--------
<PAGE>
Number Market Value
of Shares (U.S. $)
--------------------------------------------------------------------------------
Hong Kong: 5.28%
Cafe De Coral Holdings 84,000 $ 30,196
Chen Hsong Holdings 220,000 37,847
Hung Hing Printing Group 82,000 31,845
South China Morning Post
(Holdings) 46,000 48,721
--------
148,609
--------
Italy: 1.57%
Carraro 6,200 17,813
La Doria 11,600 26,367
--------
44,180
--------
Japan: 13.91%
Arc Land Sakamoto Limited 3,000 36,677
Aronkasei 12,000 38,900
Daitec 2,000 24,822
Getz Brothers 8,000 42,234
Kayaba Industry Limited 23,000 38,557
Miyachi Technos 4,000 36,492
Nagawa 6,000 37,788
Takara Printing 5,000 78,262
Ube-Nitto Kasei 12,000 33,898
Zuiko 2,000 24,081
--------
391,711
--------
Netherlands: 6.95%
Ahrend 1,500 16,366
Draka Holding 800 51,170
*ICT Automatisering 1,100 44,355
Stork 1,700 21,021
Unique International 1,200 27,549
*Van Melle 1,400 35,386
--------
195,847
--------
New Zealand: 1.10%
The Warehouse Group 15,000 30,963
--------
30,963
--------
Norway: 2.44%
Nera 15,200 68,713
--------
68,713
--------
Singapore: 2.66%
Asia Pacific Breweries 10,000 22,617
Courts (Singapore) Limited 48,000 15,609
Overseas Union Bank 7,994 36,534
--------
74,760
--------
66 Delaware Pooled Trust o 2000 Semiannual Report
<PAGE>
Number Market Value
of Shares (U.S. $)
--------------------------------------------------------------------------------
Spain: 0.62%
Portland Valderrivas 900 $ 17,347
--------
17,347
--------
Sweden: 1.07%
IRO 2,900 30,094
--------
30,094
--------
Switzerland: 2.72%
Lindt & Spruengli 3 76,544
--------
76,544
--------
United Kingdom: 26.86%
Arriva 8,300 25,393
Body Shop International 34,564 68,613
Bovis Homes Group 8,375 40,813
*Bradstock Group 52,465 16,337
Bristol Water Holdings 2,000 24,911
Dairy Crest Group 23,910 51,745
Fuller Smith & Turner 4,795 32,848
Glynwed International 11,300 39,234
Harvey Nichols 21,100 45,500
Hewden Stuart 21,200 24,921
H.P. Bulmer Holdings 7,210 50,796
IMI 10,500 40,543
Laird Group 14,500 45,716
Northern Foods 43,900 69,546
Persimmon 11,100 34,478
Rexam 18,781 71,421
TT Group 19,000 34,907
Wilshaw 55,600 38,306
--------
756,028
--------
--------------------------------------------------------------------------------
Total Common Stock
(cost $2,992,860) 2,626,667
================================================================================
Principal
Amount
--------------------------------------------------------------------------------
Repurchase Agreements: 7.10%
With Chase Manhattan
5.68% 5/01/00 (dated
4/28/00, collateralized
by $64,000 U.S.
Treasury Notes 4.75%
due 2/15/04, market
value $65,400) $64,000 64,000
With J.P. Morgan Securities
5.70% 5/01/00 (dated
4/28/00, collateralized
by $47,000 U.S.
Treasury Notes 5.875%
<PAGE>
Principal Market Value
Amount (U.S. $)
--------------------------------------------------------------------------------
due 10/31/01, market
value $48,344 and
$21,000 U.S.
Treasury Notes 6.25%
due 10/31/01, market
value $21,149) $68,000 $68,000
With Paine Weber
5.70% 5/01/00 (dated
4/28/00, collateralized
by $3,000 U.S.
Treasury Notes 4.50%
due 1/31/01, market
value $3,260 and $44,000 U.S.
Treasury Notes 5.50%
due 7/31/01, market
value $43,908 and
$22,000 U.S.
Treasury Notes 7.25%
due 8/15/01, market
value $22,352) 68,000 68,000
--------------------------------------------------------------------------------
Total Repurchase Agreements
(cost $200,000) 200,000
================================================================================
--------------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES: 100.40%
(COST $3,192,860) $2,826,667
================================================================================
--------------------------------------------------------------------------------
LIABILITIES NET OF RECEIVABLES
AND OTHER ASSETS: (0.40%) (11,497)
================================================================================
--------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
358,218 SHARES
OUTSTANDING; EQUIVALENT TO
$7.86 PER SHARE: 100.00% $2,815,170
================================================================================
COMPONENTS OF NET ASSETS
AT APRIL 30, 2000:
--------------------------------------------------------------------------------
Shares of beneficial interest
(unlimited authorization-no par) $3,044,481
Undistributed net investment income** 19,502
Accumulated net realized gain on
investments 117,642
Net unrealized depreciation of
investments and foreign currencies (366,455)
--------------------------------------------------------------------------------
Total net assets $2,815,170
================================================================================
* Non-income producing security for the period ended April 30, 2000.
** Undistributed net investment income includes net realized gains (losses) on
foreign currencies. Net realized gains (losses) on foreign currencies are
treated as net investment income in accordance with provisions of the Internal
Revenue Code.
See accompanying notes
2000 Semiannual Report o Delaware Pooled Trust 67
<PAGE>
Delaware Pooled Trust : The Emerging Markets Portfolio
Statement of Net Assets
April 30, 2000
(Unaudited)
Number Market Value
of Shares (U.S.$)
--------------------------------------------------------------------------------
COMMON STOCK: 91.94%
Argentina: 1.67%
Central Puerto Class B 634,916 $ 1,029,269
Transportadora de Gas del
Sur, Class B 593,300 967,742
-----------
1,997,011
-----------
Brazil: 19.43%
Aracruz Celulose ADR 139,900 2,614,381
Centrais Electricas
de Santa Catrina 620 21,303
Centrais Electricas
de Santa Catrina GDR 5,350 183,823
Centrais Electricas
de Santa Catrina GDR 3,142,000 1,078,350
Companhia Energetica de
Minas Gerais 20,200,000 308,619
Companhia Energetica de
Minas Gerais GDR 63,897 977,337
Companhia Paranaense de
Energia Copel ADR 257,300 1,897,588
Gerdau Metalurgica 75,843,000 3,400,655
Petroleo Brasileiro-ADR 141,600 3,354,702
Petroleo Brasileiro-
Petrobras 2,900,000 686,272
Rossi Residential GDR 22,000 37,187
Telecomunicacoes de
Minas Gerais 76,266,000 2,575,270
Telecomunicacoes
do Parana 7,901,666 2,799,416
Uniao de Bancos
Brasileiros 105,210,000 2,329,588
Usinas Siderurgicas
de Minas Gerais 213,400 887,149
Usinas Siderurgicas
de Minas Gerais ADR 16,152 67,223
-----------
23,218,863
-----------
Chile: 2.49%
Administradora de
Fondos de Pensiones
Provida ADR 101,000 2,083,125
Empresa Nacional
Electricidad ADR 77,851 895,287
-----------
2,978,412
-----------
<PAGE>
Number Market Value
of Shares (U.S.$)
--------------------------------------------------------------------------------
China: 4.45%
*Beijing Capital
International Airport 5,852,000 $ 984,199
Guangdong Kelon
Electric Holding 2,351,500 1,464,178
Guangshen Railway 14,428,000 1,741,170
Shenzhen Expressway 10,078,800 1,125,733
----------
5,315,280
----------
Croatia: 1.23%
Zagrebacka Banka GDR 102,335 1,468,507
----------
1,468,507
----------
Egypt: 0.68%
Paints and Chemical
Industries GDR 191,975 811,094
----------
811,094
----------
Estonia: 1.43%
Eesti Telekom GDR 51,548 1,185,604
*Eesti Uhispank GDR 101,090 528,195
----------
1,713,799
----------
Greece: 1.31%
Hellenic
Telecommunications
Organization 133,619 1,561,672
----------
1,561,672
----------
Hong Kong: 0.91%
Hengan International Group 4,870,000 1,094,143
----------
1,094,143
----------
Hungary: 1.64%
Gedon Richter GDR 35,600 1,954,440
----------
1,954,440
----------
India: 6.86%
Gas Authority of India 237,347 1,513,087
ICICI ADR 99,779 2,531,892
Larsen & Toubro GDR 66,000 904,200
Mahanagar Telecom
Nigam GDR 133,700 1,738,100
Videsh Sanchar Nigam
GDR 26,008 491,551
Videsh Sanchar Nigam
GDR 53,903 1,018,767
----------
8,197,597
----------
68 Delaware Pooled Trust o 2000 Semiannual Report
<PAGE>
Number Market Value
of Shares (U.S.$)
--------------------------------------------------------------------------------
Indonesia: 0.05%
PT United Tractors 69,000 $ 57,208
-----------
57,208
-----------
Israel: 3.83%
Bank Hapoalim 735,478 2,259,033
ECI Telecom Limited 83,405 2,319,702
-----------
4,578,735
-----------
Malaysia: 7.02%
Leader Universal Holdings 3,517,000 1,314,230
Petronas Dagangan 1,998,000 2,166,224
Public Finance 95,000 122,498
Resorts World 822,000 2,660,649
Sime Darby 1,806,200 2,119,881
-----------
8,383,482
-----------
Mexico: 4.38%
ALFA Class A 337,400 1,066,474
Cemex de C.V 561,326 2,445,215
*Grupo Minsa de C.V 5,900 27,288
*Grupo Minsa Class C 969,054 514,797
Vitro ADR 310,400 1,183,400
-----------
5,237,174
-----------
Peru: 2.73%
Banco de Credito del Peru 272,723 172,634
Creditcorp Limited 117,300 1,238,981
Telefonica del Peru ADR 122,200 1,848,275
-----------
3,259,890
-----------
Russia: 2.65%
Gazprom ADR 8,200 54,735
Gazprom ADR 87,563 584,483
Lukoil Holding ADR 41,820 2,520,910
-----------
3,160,128
-----------
South Africa: 12.67%
ABSA Group 526,838 1,864,777
Iscor 1,230,068 2,721,189
Kersaf Investments 427,018 1,514,606
Network Healthcare
Holdings 8,989,852 1,193,255
Sanlam 1,569,000 1,862,761
Sappi 422,200 2,957,673
Sasol 514,900 3,022,346
-----------
15,136,607
-----------
South Korea: 2.01%
Pohang Iron & Steel 8,380 662,000
Pohang Iron & Steel ADR 82,600 1,734,600
-----------
2,396,600
-----------
<PAGE>
Number Market Value
of Shares (U.S.$)
--------------------------------------------------------------------------------
Taiwan: 4.85%
China Steel 179,669 $ 2,549,054
Yageo GDR 403,795 3,028,461
Yageo GDR 29,371 220,280
-----------
5,797,795
-----------
Thailand: 5.64%
Bangkok Bank 853,500 1,446,230
Electricity Generating Public 2,449,600 2,976,330
Hana Microelectronics 298,300 2,241,266
Thai Reinsurance 74,250 69,734
-----------
6,733,560
-----------
Turkey: 1.55%
Efes Sinai Yatirim Holding 93,046,130 1,602,254
*Efes Sinai Yatirim
Holding GDR 7,680 250,368
-----------
1,852,622
-----------
United States: 2.46%
*India Fund 205,300 2,938,356
-----------
2,938,356
-----------
--------------------------------------------------------------------------------
Total Common Stock
(cost $120,029,996) 109,842,975
================================================================================
Principal
Amount
--------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 7.57%
With Chase Manhattan
5.68% 5/1/00 (dated
4/28/00, collateralized
by $3,115,000 U.S.
Treasury Notes 4.75%
due 2/15/04, market
value $2,955,443) $ 2,883,000 2,883,000
With J.P. Morgan Securities
5.70% 5/1/00 (dated
4/28/00, collateralized
by $2,147,000 U.S.
Treasury Notes 5.875%
due 10/31/01, market
value $2,185,441 and
$933,000 U.S.
Treasury Notes 6.25%
due 10/31/01, market
value $956,068) 3,078,000 3,078,000
2000 Semiannual Report o Delaware Pooled Trust 69
<PAGE>
Principal Market Value
Amount (U.S.$)
--------------------------------------------------------------------------------
With PaineWebber
5.70% 5/1/00 (dated
4/28/00, collateralized
by $148,000 U.S.
Treasury Notes 4.50%
due 1/31/01, market
value $147,352 and
$1,986,000 U.S.
Treasury Notes 5.50%
due 7/31/01, market
value $1,984,943 and
$973,000 U.S.
Treasury Notes 7.25%
due 8/15/01, market
value $1,010,473) $3,078,000 $3,078,000
--------------------------------------------------------------------------------
Total Repurchase Agreements
(cost $9,039,000) 9,039,000
================================================================================
--------------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES: 99.51%
(COST $129,068,996) $118,881,975
================================================================================
--------------------------------------------------------------------------------
RECEIVABLES AND OTHER ASSETS
NET OF LIABILITIES: 0.49% 587,558
================================================================================
--------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
14,757,239 SHARES
OUTSTANDING; EQUIVALENT TO
$8.10 PER SHARE: 100.00% $119,469,533
================================================================================
--------------------------------------------------------------------------------
COMPONENTS OF NET ASSETS
AT APRIL 30, 2000:
================================================================================
Shares of beneficial interest
(unlimited authorization-no par) $131,277,625
Undistributed net investment income** 346,319
Accumulated net realized loss on
investments (1,966,138)
Net unrealized depreciation of
investments and foreign currencies (10,188,273)
--------------------------------------------------------------------------------
Total net assets $119,469,533
================================================================================
* Non-income producing security for the period ended April 30, 2000.
** Undistributed net investment income includes net realized gains (losses) on
foreign currencies. Net realized gains (losses) on foreign currencies are
treated as net investment income in accordance with provisions of the Internal
Revenue Code.
ADR = American Depository Receipt
GDR = Global Depository Receipt
See accompanying notes
<PAGE>
Delaware Pooled Trust:
The Global Fixed Income Portfolio
Statement of Net Assets
April 30, 2000
(Unaudited)
Principal Market Value
Amount * (U.S.$)
--------------------------------------------------------------------------------
BONDS: 96.43%
Australia: 5.29%
New South Wales Treasury
6.50% 5/1/06 A$ 34,000,000 $19,491,878
Queensland Treasury
8.00% 5/14/03 19,000,000 11,511,238
-----------
31,003,116
-----------
Austria: 4.94%
Oesterreich Kontrollbank
6.00% 5/19/09 $ 9,000,000 8,144,100
Republic of Austria
4.375% 02/28/02 Eu 23,000,000 20,786,130
-----------
28,930,230
-----------
Belgium: 4.24%
+Kingdom of Belgium
5.75% 09/28/10 Eu 27,000,000 24,825,797
-----------
24,825,797
-----------
Canada: 7.31%
British Columbia
7.75% 6/16/03 C$ 23,000,000 16,141,796
Government of Canada
10.25% 3/15/14 7,000,000 6,482,483
Ontario Hydro
10.00% 3/19/01 15,000,000 10,495,845
Ontario Province
6.25% 12/3/08 NZ$ 6,000,000 2,634,437
8.00% 3/11/03 C$ 10,000,000 7,043,302
-----------
42,797,863
-----------
Finland: 4.50%
Republic of Finland
3.75% 11/12/03 Eu 28,000,000 24,452,025
5.50% 02/09/01 Dem 4,000,000 1,873,040
-----------
26,325,065
-----------
France: 4.17%
Government of France
4.00% 10/25/09 Eu 30,000,000 24,439,296
-----------
24,439,296
-----------
70 Delaware Pooled Trust o 2000 Semiannual Report
<PAGE>
Principal Market Value
Amount * (U.S.$)
--------------------------------------------------------------------------------
Germany: 12.23%
Deutschland Republic
6.00% 1/4/07 Eu 36,000,000 $34,063,361
6.25% 1/4/24 24,000,000 23,359,166
Depfa Pfandbriefbank
5.625% 2/7/03 5,000,000 4,613,735
+Treuhandansstalt
6.875% 6/11/03 10,000,000 9,592,060
-----------
71,628,322
-----------
Italy: 1.41%
Republic of Italy
6.00% 5/29/08 $ 9,000,000 8,275,050
-----------
8,275,050
-----------
Korea: 0.57%
+Korea Electric Power
6.375% 12/1/03 $ 3,600,000 3,373,020
-----------
3,373,020
-----------
Netherlands: 8.67%
Baden Wurt L-Finance
5.25% 9/26/01 Dem 15,000,000 7,009,956
5.75% 2/25/08 $ 4,000,000 3,587,600
6.625% 8/20/03 Dem 26,000,000 12,605,043
Netherlands Government
5.75% 2/15/07 Eu 20,000,000 18,647,692
7.50% 1/15/23 8,000,000 8,917,434
-----------
50,767,725
-----------
New Zealand: 12.23%
New Zealand
Government
6.00% 11/15/11 NZ$ 40,000,000 17,963,129
+7.00% 7/15/09 42,000,000 20,358,601
8.00% 2/15/01 16,000,000 7,842,695
8.00% 4/15/04 40,500,000 20,323,922
+8.00% 11/15/06 10,000,000 5,102,279
-----------
71,590,626
-----------
Norway: 1.21%
Kingdom of Norway
8.375% 1/27/03 C$ 10,000,000 7,083,024
-----------
7,083,024
-----------
<PAGE>
Principal Market Value
Amount * (U.S.$)
--------------------------------------------------------------------------------
Portugal: 4.47%
+Portuguese Government
5.375% 6/23/08 Eu 29,000,000 $26,174,322
-----------
26,174,322
-----------
Supranational: 5.62%
European Investment Bank
5.375% 9/16/08 $ 9,000,000 7,889,400
International Bank
Reconstruction &
Development
+5.25% 1/12/09 9,000,000 7,785,180
5.50% 11/3/08 NZ$ 7,000,000 2,980,862
6.125% 9/27/02 Dem 8,000,000 3,817,112
7.00% 9/18/00 NZ$ 7,500,000 3,647,303
7.25% 5/27/03 14,000,000 6,765,801
-----------
32,885,658
-----------
Sweden: 3.95%
Swedish Export Credit
6.50% 6/5/01 Sk 25,000,000 2,836,560
Swedish Government
8.00% 8/15/07 60,000,000 7,709,746
9.00% 4/20/09 50,000,000 6,958,397
Sweden Kingdom
5.50% 04/12/02 50,000,000 5,624,978
-----------
23,129,681
-----------
United States: 15.62%
Federal National
Mortgage Association
5.75% 9/5/00 A$ 15,000,000 8,741,421
U.S. Treasury Inflation
Index Notes
3.375% 1/15/07 $10,647,900 10,265,483
3.625% 7/15/02 6,320,160 6,309,952
3.625% 1/15/08 29,238,440 28,497,246
U.S. Treasury Notes
6.00% 7/31/02 30,000,000 29,601,096
6.125% 7/31/00 6,000,000 6,002,741
6.375% 8/15/27 2,000,000 2,045,549
-----------
91,463,488
-----------
--------------------------------------------------------------------------------
Total Bonds
(cost $630,232,451) 564,692,283
================================================================================
2000 Semiannual Report o Delaware Pooled Trust 71
<PAGE>
Principal Market Value
Amount * (U.S.$)
--------------------------------------------------------------------------------
REPURCHASE AGREEMENTS: 0.97%
With Chase Manhattan
5.68% 5/01/00 (dated
4/28/00, collateralized
by $1,946,000 U.S.
Treasury Notes 4.75%
due 2/15/04, market
value $1,846,376) $1,801,000 $1,801,000
With J.P. Morgan Securities
5.70% 5/01/00 (dated
4/28/00, collateralized
by $1,341,000 U.S.
Treasury Notes 5.875%
due 10/31/01, market
value $1,365,327 and
$583,000 U.S.
Treasury Notes 6.25%
due 10/31/01, market
value $597,291) 1,923,000 1,923,000
With PaineWebber
5.70% 5/01/00 (dated
4/28/00, collateralized
by $92,000 U.S.
Treasury Notes 4.50%
due 1/31/01, market
value $92,056 and
$1,241,000 U.S.
Treasury Notes 5.50%
due 7/31/01, market
value $1,240,068 and
$608,000 U.S.
Treasury Notes 7.25%
due 8/15/01, market
value $631,280) 1,923,000 1,923,000
--------------------------------------------------------------------------------
Total Repurchase Agreements
(cost $5,647,000) 5,647,000
================================================================================
<PAGE>
--------------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES: 97.40%
(COST $635,879,451) $570,339,283
================================================================================
--------------------------------------------------------------------------------
RECEIVABLES AND OTHER ASSETS
NET OF LIABILITIES: 2.60% 15,242,739
================================================================================
--------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
62,617,078 SHARES
OUTSTANDING; EQUIVALENT TO
$9.35 PER SHARE: 100.00% $585,582,022
================================================================================
--------------------------------------------------------------------------------
COMPONENTS OF NET ASSETS
AT APRIL 30, 2000:
================================================================================
Shares of beneficial interest
(unlimited authorization-no par) $667,756,215
Undistributed net investment loss ** (7,316,650)
Accumulated net realized loss on
investments (8,632,525)
Net unrealized depreciation of
investments and foreign currencies (66,225,018)
--------------------------------------------------------------------------------
Total net assets $585,582,022
================================================================================
* Principal amount is stated in the currency in which each security is
denominated.
A$ = Australian Dollars
C$ = Canadian Dollars
Dem = German Deutsche Marks
Eu = European Monetary Units
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
72 Delaware Pooled Trust o 2000 Semiannual Report
<PAGE>
Delaware Pooled Trust: The International Fixed Income Portfolio
Statement of Net Assets
April 30, 2000
(Unaudited)
Principal Market Value
Amount* (U.S. $)
--------------------------------------------------------------------------------
BONDS: 96.14%
Australia: 4.61%
New South Wales Treasury
7.00% 4/1/04 A$ 1,700,000 $ 998,933
Queensland Treasury Global
8.00% 8/14/01 2,000,000 1,189,772
8.00% 5/14/03 2,500,000 1,514,637
-----------
3,703,342
-----------
Austria: 2.25%
Republic of Austria
4.375% 2/28/02 Eu 2,000,000 1,807,490
-----------
1,807,490
-----------
Belgium: 4.58%
Kingdom of Belgium
5.75% 9/28/10 Eu 4,000,000 3,677,896
-----------
3,677,896
-----------
Canada: 4.68%
British Columbia
7.75% 6/16/03 C$ 3,300,000 2,315,997
General Electric Capital
of Canada
7.125% 2/12/04 900,000 617,743
Ontario Hydro
5.60% 6/2/08 1,300,000 828,319
-----------
3,762,059
-----------
Finland: 4.31%
Republic of Finland
9.50% 3/15/04 Eu 3,300,000 3,460,015
-----------
3,460,015
-----------
France: 4.51%
Government of France
4.50% 7/12/02 Eu 4,000,000 3,620,122
-----------
3,620,122
-----------
Germany: 24.67%
Bayerische Vereinsbank
6.50% 6/6/05 Eu 1,000,000 953,114
Deutschland Republic
4.00% 7/4/09 9,000,000 7,413,617
6.00% 1/4/07 10,500,000 9,935,146
6.50% 7/4/27 1,500,000 1,507,681
-----------
19,809,558
-----------
<PAGE>
Principal Market Value
Amount* (U.S. $)
--------------------------------------------------------------------------------
Italy: 1.57%
Republic of Italy
3.75% 6/8/05 Jpy 120,000,000 $1,257,405
----------
1,257,405
----------
Japan: 4.41%
Japanese Government
6.70% 6/20/00 Jpy 380,000,000 3,540,260
----------
3,540,260
----------
Netherlands: 9.21%
Baden Wurt L-Finance
5.25% 9/26/01 Dem 4,700,000 2,196,453
DSL Finance
5.75% 3/19/09 1,500,000 695,103
6.00% 2/21/06 2,900,000 1,377,569
Netherlands Government
5.75% 2/15/07 Eu 3,000,000 2,797,154
7.50% 1/15/23 300,000 334,404
----------
7,400,683
----------
New Zealand: 11.14%
New Zealand Government
6.00% 11/15/11 NZ$ 5,000,000 2,245,391
7.00% 7/15/09 5,500,000 2,666,007
8.00% 2/15/01 100,000 49,017
8.00% 4/15/04 4,900,000 2,458,944
8.00% 11/15/06 3,000,000 1,530,683
----------
8,950,042
----------
Portugal: 3.37%
Portuguese Government
5.375% 6/23/08 Eu 3,000,000 2,707,689
----------
2,707,689
----------
Spain: 1.02%
Kingdom of Spain
3.10% 9/20/06 Jpy 80,000,000 821,302
----------
821,302
----------
Supranational: 4.56%
International Finance Corporation
6.75% 7/15/09 NZ$ 1,500,000 688,480
International Bank
Reconstruction &
Development
5.375% 11/6/03 1,500,000 683,380
5.50% 11/3/08 1,000,000 425,837
2000 Semiannual Report o Delaware Pooled Trust 73
<PAGE>
Principal Market Value
Amount* (U.S. $)
--------------------------------------------------------------------------------
Nordic Investment Bank
4.875% 3/1/01 Dem 4,000,000 $ 1,863,557
-----------
3,661,254
-----------
Sweden: 3.95%
Kingdom of Sweden
5.50% 4/12/02 Sk 8,000,000 899,996
Sweden Government
6.00% 2/9/05 3,000,000 343,383
8.00% 8/15/07 15,000,000 1,927,436
-----------
3,170,815
-----------
United Kingdom: 1.69%
Abbey National
Treasury Service
6.75% 2/25/04 C$ 2,000,000 1,356,887
-----------
1,356,887
-----------
United States 5.61%
Federal National
Mortgage Association
7.25% 6/20/02 NZ$ 3,000,000 1,452,146
KFW International
Finance
6.50% 12/28/01 C$ 600,000 405,648
US Treasury Inflation
Index Notes
3.625% 1/15/08 $2,714,998 2,646,173
-----------
4,503,967
-----------
--------------------------------------------------------------------------------
Total Bonds
(cost $86,811,113) 77,210,786
================================================================================
REPURCHASE AGREEMENTS: 1.48%
With Chase Manhattan
5.68% 5/1/00 (dated
04/28/00, collateralized
by $409,000 U.S.
Treasury Notes 4.75%
due 2/15/04, market
value $388,108) 379,000 379,000
With J.P. Morgan Securities
5.70% 5/1/00 (dated
4/28/00, collateralized
by $282,000 U.S.
Treasury Notes 5.875%
due 10/31/01, market
value $286,992 and
$123,000 U.S.
Treasury Notes 6.25%
due 10/31/01, market
value $125,551) 404,000 404,000
<PAGE>
Principal Market Value
Amount* (U.S. $)
--------------------------------------------------------------------------------
With PaineWebber
5.70% 5/1/00 (dated
4/28/00, collateralized
by $19,000 U.S.
Treasury Notes 4.50%
due 1/31/00, market
value $19,350 and
$261,000 U.S.
Treasury Notes 5.50%
due 7/31/01, market
value $260,662 and
$128,000 U.S.
Treasury Notes 7.25%
due 8/15/01, market
value $132,695) $404,000 $404,000
--------------------------------------------------------------------------------
Total Repurchase Agreements
(cost $1,187,000) 1,187,000
================================================================================
--------------------------------------------------------------------------------
TOTAL MARKET VALUE OF SECURITIES: 97.62%
(COST $87,998,113) $78,397,786
================================================================================
--------------------------------------------------------------------------------
RECEIVABLES AND OTHER ASSETS
NET OF LIABILITIES: 2.38% 1,914,364
================================================================================
--------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO
9,298,067 SHARES
OUTSTANDING; EQUIVALENT TO
$8.64 PER SHARE: 100.00% $80,312,150
================================================================================
--------------------------------------------------------------------------------
COMPONENTS OF NET ASSETS
AT APRIL 30, 2000:
================================================================================
Shares of beneficial interest
(unlimited authorization-no par) $ 93,114,461
Undistributed net investment loss ** (783,243)
Accumulated net realized loss on
investments (2,231,811)
Net unrealized depreciation of
investments and foreign currencies (9,787,257)
--------------------------------------------------------------------------------
Total net assets $80,312,150
================================================================================
* Principal amount is stated in the currency in which each security is
denominated:
A$ = Australian Dollars
C$ = Canadian Dollars
Dem = German Deutsche Marks
Eu = European Monetary Units
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
74 Delaware Pooled Trust o 2000 Semiannual Report
<PAGE>
Delaware Pooled Trust
Statements of Assets and Liabilities
April 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
The
The All-Cap The The
Select Growth Small-Cap High-Yield
Equity Equity Value Equity Bond
Portfolio Portfolio Portfolio Portfolio
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Assets:
Investments at market $ 2,133,044 $ 11,145,802 $ 2,080,170 $ 5,818,960
Cash 1,211 1,492 1,231 --
Dividends and interest receivable 824 3,948 3,054 164,139
Receivable for securities sold 277,894 14,436 164,020 281,492
Other assets -- 1,347 -- --
---------------------------------------------------------------
Total assets 2,412,973 11,167,025 2,248,475 6,264,591
---------------------------------------------------------------
Liabilities:
Payable for securities purchased 281,827 1,352,633 169,020 281,492
Other accounts payable and accrued expenses 29,132 4,202 5,402 36,349
---------------------------------------------------------------
Total liabilities 310,959 1,356,835 174,422 317,841
---------------------------------------------------------------
Total net assets $ 2,102,014 $9,810,190 $ 2,074,053 $ 5,946,750
===============================================================
Investments at cost $ 2,084,457 $ 11,072,158 $ 1,981,082 $ 6,523,312
===============================================================
</TABLE>
See accompanying notes
2000 Semiannual Report o Delaware Pooled Trust 75
<PAGE>
Delaware Pooled Trust
Statements of Operations
(Unaudited)
<TABLE>
<CAPTION>
Six Months Six Months Six Months Six Months 3/31/00* Six Months Six Months
Ended Ended Ended Ended to Ended Ended
4/30/00 4/30/00 4/30/00 4/30/00 4/30/00 4/30/00 4/30/00
--------------------------------------------------------------------------------------------
The
The The The The All-Cap The The
Large-Cap Equity Core Select Growth Mid-Cap Small-Cap
Value Equity Income Equity Equity Equity Growth Equity Value Equity
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Investment Income:
Interest $ 62,500 $ 1,053,766 $ 4,138 $ 214 $ 20,971 $ 6,466 $ 3,915
Dividends 1,503,800 1,260,175 14,269 17,784 -- 2,595 18,582
Foreign tax withheld -- -- -- -- -- -- --
--------------------------------------------------------------------------------------------
1,566,300 2,313,941 18,407 17,998 20,971 9,061 22,497
--------------------------------------------------------------------------------------------
Expenses:
Management fees 329,257 336,435 5,456 15,028 3,153 28,863 7,528
Accounting and administration 28,394 33,060 613 840 172 1,625 396
Reports and statements to shareholders 12,000 22,500 954 2,635 200 550 1,329
Registration fees 12,600 55,400 2,305 4,075 200 375 1,781
Professional fees 5,400 9,855 870 302 150 350 1,207
Taxes (other than taxes on income) 2,700 6,100 560 664 20 100 165
Dividend disbursing and transfer agent
fees and expenses 2,356 1,850 400 69 27 1,582 321
Custodian fees 5,061 4,567 1,007 404 80 624 604
Trustees' fees 884 570 17 110 5 225 --
Other 1,185 12,777 26 417 210 918 454
--------------------------------------------------------------------------------------------
399,837 483,114 12,208 24,544 4,217 35,212 13,785
Less expenses absorbed or waived (1,640) (67,940) (4,712) (6,402) (1,347) (56) (4,816)
Less expenses paid indirectly (2,506) (2,963) (113) (35) (15) (123) (33)
--------------------------------------------------------------------------------------------
Total expenses 395,691 412,211 7,383 18,107 2,855 35,033 8,936
--------------------------------------------------------------------------------------------
Net Investment Income (Loss) 1,170,609 1,901,730 11,024 (109) 18,116 (25,972) 13,561
--------------------------------------------------------------------------------------------
Net Realized and Unrealized Gain (Loss)
On Investments and Foreign Currencies:
Net realized gain (loss) on:
Investments (11,103,567) (16,374,058) (57,039) 364,675 (3,190) 2,670,264 (104,881)
Options written -- -- -- -- -- -- --
Foreign currencies -- -- -- -- -- -- --
--------------------------------------------------------------------------------------------
Net realized gain (loss) (11,103,567) (16,374,058) (57,039) 364,675 (3,190) 2,670,264 (104,881)
Net change in unrealized appreciation/
depreciation of investments and
foreign currencies (552,709) 7,200,427 (3,465) (229,149) 73,644 342,054 130,808
--------------------------------------------------------------------------------------------
Net Realized and Unrealized Gain (Loss)
On Investments and Foreign
Currencies (11,656,276) (9,173,631) (60,504) 135,526 70,454 3,012,318 25,927
--------------------------------------------------------------------------------------------
Net Increase (Decrease) In Net Assets
Resulting from Operations $(10,485,667) $(7,271,901) $ (49,480) $ 135,417 $ 88,570 $2,986,346 $ 39,488
============================================================================================
</TABLE>
* Date of commencement of operations.
See accompanying notes
76 Delaware Pooled Trust o 2000 Semmiannual Report
<PAGE>
Delaware Pooled Trust
Statements of Operations
(Unaudited)
<TABLE>
<CAPTION>
Six Months Six Months Six Months Six Months Six Months Six Months Six Months
Ended Ended Ended Ended Ended Ended Ended
4/30/00 4/30/00 4/30/00 4/30/00 4/30/00 4/30/00 4/30/00
--------------------------------------------------------------------------------------------
The The
The Real Estate The The The Diversified
Small-Cap Investment Intermediate Aggregate High-Yield Core The
Growth Equity Trust Fixed Income Fixed Income Bond Fixed Income Balanced
Portfolio Portfolio II Portfolio Portfolio Portfolio Portfolio Portfolio
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Investment Income:
Interest $ 47,374 $ 3,148 $516,241 $244,843 $ 386,586 $118,785 $ 2,405,640
Dividends 3,699 67,235 -- -- 20,428 -- 761,377
Foreign tax withheld -- -- -- -- -- -- --
------------------------------------------------------------------------------------------
51,073 70,383 516,241 244,843 407,014 118,785 3,167,017
------------------------------------------------------------------------------------------
Expenses:
Management fees 43,074 12,104 29,626 14,508 16,986 7,213 500,781
Accounting and administration 2,060 -- 3,003 1,473 1,532 815 49,200
Reports and statements to shareholders 830 2,490 1,200 850 82 625 31,172
Registration fees 1,700 9,857 700 800 100 1,150 67,516
Professional fees 300 1,075 1,900 300 540 385 12,672
Taxes (other than taxes on income) 664 800 400 42 1,100 1,160 17,150
Dividend disbursing and transfer agent
fees and expenses 110 50 1,327 150 520 18 2,500
Custodian fees 659 300 2,884 727 17,405 475 11,258
Trustees' fees 330 -- 313 192 278 265 600
Amortization of organization expenses -- -- 2,568 -- -- -- --
Other 135 72 1,491 246 855 373 25,086
------------------------------------------------------------------------------------------
49,862 26,748 45,412 19,288 39,398 12,479 717,935
Less expenses absorbed or waived (1,278) (12,713) (5,918) (679) (16,839) (2,879) (97,097)
Less expenses paid indirectly (284) (37) (171) (277) (115) (39) (7,338)
------------------------------------------------------------------------------------------
Total expenses 48,300 13,998 39,323 18,332 22,444 9,561 613,500
------------------------------------------------------------------------------------------
Net Investment Income 2,773 56,385 476,918 226,511 384,570 109,224 2,553,517
------------------------------------------------------------------------------------------
Net Realized and Unrealized Gain (Loss)
On Investments and Foreign Currencies:
Net realized gain (loss) on:
Investments 600,621 (480,466) (327,541) (188,887) (1,037,333) (48,418) (12,559,848)
Options written -- -- -- -- -- 62,684 --
Foreign currencies -- -- -- -- -- 1,114 --
------------------------------------------------------------------------------------------
Net realized gain (loss) 600,621 (480,466) (327,541) (188,887) (1,037,333) 15,380 (12,559,848)
Net change in unrealized appreciation/
depreciation of investments and foreign
currencies 983,510 718,669 50,646 27,302 1,212,696 (76,417) 6,904,857
------------------------------------------------------------------------------------------
Net Realized and Unrealized Gain (Loss)
On Investments and Foreign Currencies 1,584,131 238,203 (276,895) (161,585) 175,363 (61,037) (5,654,991)
------------------------------------------------------------------------------------------
Net Increase (Decrease) In Net Assets
Resulting from Operations $1,586,904 $294,588 $200,023 $ 64,926 $ 559,933 $ 48,187 $(3,101,474)
==========================================================================================
</TABLE>
See accompanying notes
2000 Semiannual Report o Delaware Pooled Trust 77
<PAGE>
Delaware Pooled Trust
Statements of Operations continued
(Unaudited)
<TABLE>
<CAPTION>
12/14/99* Six Months Six Months Six Months Six Months Six Months
to Ended Ended Ended Ended Ended
4/30/00 4/30/00 4/30/00 4/30/00 4/30/00 4/30/00
-------------------------------------------------------------------------------------------
The The
International The The Labor Select The The
Large-Cap Global International International International Emerging
Equity Equity Equity Equity Small-Cap Markets
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Investment Income:
Interest $ 4,281 $ 2,775 $ 968,075 $ 158,643 $ 6,468 $ 250,215
Dividends 21,106 40,919 14,366,675 1,923,452 36,780 1,464,929
Foreign tax withheld (1,780) (2,475) (1,108,869) (165,907) (4,429) (89,294)
------------------------------------------------------------------------------------------
23,607 41,219 14,225,881 1,916,188 38,819 1,625,850
------------------------------------------------------------------------------------------
Expenses:
Management fees 8,236 12,469 3,264,706 444,125 15,084 524,405
Accounting and administration 1,533 674 176,759 25,366 738 21,323
Reports and statements to shareholders 840 450 143,220 13,000 360 500
Registration fees 810 5,200 16,500 6,000 321 1,000
Professional fees 900 870 17,700 12,380 80 1,300
Taxes (other than taxes on income) 900 850 20,800 10,050 20 1,410
Dividend disbursing and transfer
agent fees and expenses 450 519 4,800 1,400 95 --
Custodian fees 450 501 188,500 49,871 1,853 26,791
Trustees' fees 450 169 9,155 665 28 --
Other 611 1,093 10,578 1,537 90 1,348
------------------------------------------------------------------------------------------
15,180 22,795 3,852,718 564,394 18,669 578,077
Less expenses absorbed or waived (4,612) (6,754) -- (28) (676) --
Less expenses paid indirectly (25) (105) (10,058) (1,438) (72) (16,153)
------------------------------------------------------------------------------------------
Total expenses 10,543 15,936 3,842,660 562,928 17,921 561,924
------------------------------------------------------------------------------------------
Net Investment Income 13,064 25,283 10,383,221 1,353,260 20,898 1,063,926
------------------------------------------------------------------------------------------
Net Realized and Unrealized Gain (Loss)
On Investments and Foreign Currencies:
Net realized gain (loss) on:
Investments 7,498 59,822 45,943,277 3,837,967 117,751 514,940
Options written -- -- -- -- -- --
Foreign currencies (19,719) (81) (609,539) 161,323 941 (120,985)
------------------------------------------------------------------------------------------
Net realized gain (loss) (12,221) 59,741 45,333,738 3,999,290 118,692 393,955
Net change in unrealized appreciation/
depreciation of investments and foreign
currencies (106,387) (75,502) (29,399,026) (2,398,160) (377,649) 152,114
------------------------------------------------------------------------------------------
Net Realized and Unrealized Gain (Loss)
On Investments and Foreign Currencies (118,608) (15,761) 15,934,712 1,601,130 (258,957) 546,069
------------------------------------------------------------------------------------------
Net Increase (Decrease) In Net Assets
Resulting from Operations $(105,544) $ 9,522 $26,317,933 $2,954,390 $(238,059) $1,609,995
==========================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Six Months Six Months
Ended Ended
4/30/00 4/30/00
--------------------------------
The
Global The
Fixed International
Income Fixed Income
Portfolio Portfolio
--------------------------------
<S> <C> <C>
Investment Income:
Interest $ 19,162,942 $ 2,362,793
Dividends -- --
Foreign tax withheld -- --
----------------------------
19,162,942 2,362,793
----------------------------
Expenses:
Management fees 1,508,168 202,961
Accounting and administration 122,505 16,490
Reports and statements to shareholders 71,967 3,400
Registration fees 5,300 2,000
Professional fees 48,637 247
Taxes (other than taxes on income) 84,887 3,226
Dividend disbursing and transfer
agent fees and expenses 7,509 1,408
Custodian fees 92,122 26,538
Trustees' fees 7,207 1,019
Other 23,862 1,503
----------------------------
1,972,164 258,792
Less expenses absorbed or waived (152,074) (14,065)
Less expenses paid indirectly (8,371) (1,025)
----------------------------
Total expenses 1,811,719 243,702
----------------------------
Net Investment Income 17,351,223 2,119,091
----------------------------
Net Realized and Unrealized Gain (Loss)
On Investments and Foreign Currencies:
Net realized gain (loss) on:
Investments (4,182,786) (985,911)
Options written -- --
Foreign currencies (11,342,109) (1,924,605)
----------------------------
Net realized gain (loss) (15,524,895) (2,910,516)
Net change in unrealized appreciation/
depreciation of investments and foreign
currencies (37,272,102) (5,622,070)
----------------------------
Net Realized and Unrealized Gain (Loss)
On Investments and Foreign Currencies (52,796,997) (8,532,586)
----------------------------
Net Increase (Decrease) In Net Assets
Resulting from Operations $(35,445,774) $(6,413,495)
============================
</TABLE>
* Date of commencement of operations.
See accompanying notes
78 Delaware Pooled Trust o 2000 Semmiannual Report
<PAGE>
Delaware Pooled Trust
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Six Months Six Months Six Months Six Months
Ended Year Ended 6/30/99* Ended Year Ended
4/30/00 Ended 4/30/00 to 4/30/00 Ended 4/30/00
(Unaudited) 10/31/99 (Unaudited) 10/31/99 (Unaudited) 10/31/99 (Unaudited)
------------------------------------------------------------------------------------------------
The The The The The The The
Large-Cap Large-Cap Equity Equity Core Core Select
Value Equity Value Equity Income Income Equity Equity Equity
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Increase (Decrease) In Net Assets
From Operations:
Net investment income (loss) $ 1,170,609 $ 2,585,180 $ 1,901,730 $ 1,268,932 $ 11,024 $ 19,089 $ (109)
Net realized gain (loss) on
investments and foreign
currencies (11,103,567) 12,073,054 (16,374,058) (1,419,949) (57,039) (22,035) 364,675
Net change in unrealized
appreciation/depreciation of
investments and foreign
currencies (552,709) (8,426,888) 7,200,427 (10,671,739) (3,465) (10,745) (229,149)
----------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets resulting from operations (10,485,667) 6,231,346 (7,271,901) (10,822,756) (49,480) (13,691) 135,417
----------------------------------------------------------------------------------------------
Distributions to Shareholders From:
Net investment income (1,961,715) (2,367,724) (2,005,110) -- (20,850) (5,882) --
Net realized gain on investments (12,273,060) (14,283,816) -- -- -- -- --
----------------------------------------------------------------------------------------------
(14,234,775) (16,651,540) (2,005,110) -- (20,850) (5,882) --
----------------------------------------------------------------------------------------------
Capital Share Transactions:
Proceeds from shares sold 10,110,084 34,597,297 8,268,676 164,382,571 -- 496,163 --
Net asset value of shares issued
upon reinvestment of distributions
from net investment income and net
realized gain on investments 11,846,631 16,181,574 2,005,110 -- 20,850 5,882 --
----------------------------------------------------------------------------------------------
21,956,715 50,778,871 10,273,786 164,382,571 20,850 502,045 --
Cost of shares repurchased (47,564,049) (16,806,683) (38,412,483) (9,278,554) (448,236) (1,220) (2,742,523)
----------------------------------------------------------------------------------------------
Increase (decrease) in net assets
derived from capital share
transactions (25,607,334) 33,972,188 (28,138,697) 155,104,017 (427,386) 500,825 (2,742,523)
----------------------------------------------------------------------------------------------
Net Increase (Decrease) In Net
Assets (50,327,776) 23,551,994 (37,415,708) 144,281,261 (497,716) 481,252 (2,607,106)
Net Assets:
Beginning of period 141,410,324 117,858,330 144,281,261 -- 2,593,023 2,111,771 4,709,120
----------------------------------------------------------------------------------------------
End of period $91,082,548 $141,410,324 $106,865,553 $144,281,261 $2,095,307 $2,593,023 $2,102,014
==============================================================================================
</TABLE>
* Date of commencement of operations.
See accompanying notes
Delaware Pooled Trust o 2000 Semmiannual Report 79
<PAGE>
Delaware Pooled Trust
Statements of Changes in Net Assets continued
<TABLE>
<CAPTION>
3/31/00* Six Months Six Months Six Months
6/29/99* to Ended Year Ended 3/29/99* Ended
to 4/30/00 4/30/00 Ended 4/30/00 to 4/30/00
10/31/99 (Unaudited) (Unaudited) 10/31/99 (Unaudited) 10/31/99 (Unaudited)
--------------------------------------------------------------------------------------------
The
The All-Cap The The The The The
Select Growth Mid-Cap Mid-Cap Small-Cap Small-Cap Small-Cap
Equity Equity Growth Equity Growth Equity Value Equity Value Equity Growth Equity
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Increase (Decrease) In Net Assets
From Operations:
Net investment income (loss) $ (1,680) $ 18,116 $ (25,972) $ (21,716) $ 13,561 $ 14,778 $ 2,773
Net realized gain (loss) on
investments and foreign
currencies (115,945) (3,190) 2,670,264 705,411 (104,881) 51,499 600,621
Net change in unrealized
appreciation/depreciation of
investments and foreign
currencies 277,736 73,644 342,054 1,722,130 130,808 (31,720) 983,510
-------------------------------------------------------------------------------------------
Net increase in net assets
resulting from operations 160,111 88,570 2,986,346 2,405,825 39,488 34,557 1,586,904
-------------------------------------------------------------------------------------------
Distributions to Shareholders From:
Net investment income -- -- -- (7,009) (20,000) -- --
Net realized gain on investments -- -- (642,789) (1,233,663) (51,767) -- (683,868)
-------------------------------------------------------------------------------------------
-- -- (642,789) (1,240,672) (71,767) -- (683,868)
-------------------------------------------------------------------------------------------
Capital Share Transactions:
Proceeds from shares sold 4,549,009 9,721,620 43,907 597,175 -- 2,000,008 16,994,870
Net asset value of shares issued
upon reinvestment of distributions
from net investment income and net
realized gain on investments -- -- 642,789 1,237,733 71,767 -- 683,868
-------------------------------------------------------------------------------------------
4,549,009 9,721,620 686,696 1,834,908 71,767 2,000,008 17,678,738
Cost of shares repurchased -- -- (3,347,828) (930,589) -- -- --
-------------------------------------------------------------------------------------------
Increase (decrease) in net assets
derived from capital share
transactions 4,549,009 9,721,620 (2,661,132) 904,319 71,767 2,000,008 17,678,738
-------------------------------------------------------------------------------------------
Net Increase (Decrease) In Net
Assets 4,709,120 9,810,190 (317,575) 2,069,472 39,488 2,034,565 18,581,774
Net Assets:
Beginning of period -- -- 6,948,970 4,879,498 2,034,565 -- 6,181,422
-------------------------------------------------------------------------------------------
End of period $4,709,120 $9,810,190 $6,631,395 $6,948,970 $2,074,053 $2,034,565 $24,763,196
===========================================================================================
</TABLE>
* Date of commencement of operations.
See accompanying notes
80 Delaware Pooled Trust o 2000 Semmiannual Report
<PAGE>
Delaware Pooled Trust
Statements of Changes in Net Assets continued
<TABLE>
<CAPTION>
Six Months Six Months Six Months
Year Ended Year Ended Year Ended Year
Ended 4/30/00 Ended 4/30/00 Ended 4/30/00 Ended
10/31/99 (Unaudited) 10/31/99 (Unaudited) 10/31/99 (Unaudited) 10/31/99
-----------------------------------------------------------------------------------------------
The The
The Real Estate Real Estate The The The The
Small-Cap Investment Investment Intermediate Intermediate Aggregate Aggregate
Growth Equity Trust Trust Fixed Income Fixed Income Fixed Income Fixed Income
Portfolio Portfolio II Portfolio II Portfolio Portfolio Portfolio Portfolio
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Increase (Decrease) In Net Assets
From Operations:
Net investment income $ 1,248 $ 56,385 $ 241,438 $ 476,918 $ 1,263,026 $ 226,511 $ 339,444
Net realized gain (loss) on
investments and foreign
currencies 728,478 (480,466) (389,990) (327,541) (89,023) (188,887) (206,157)
Net change in unrealized
appreciation/depreciation of
investments and foreign
currencies 1,186,549 718,669 143,073 50,646 (791,314) 27,302 (242,577)
----------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets resulting from operations 1,916,275 294,588 (5,479) 200,023 382,689 64,926 (109,290)
----------------------------------------------------------------------------------------------
Distributions to Shareholders From:
Net investment income (8,824) (238,966) (311,766) (476,320) (1,266,395) (376,125) (133,460)
Net realized gain on investments -- -- -- -- (416,649) -- (28,097)
----------------------------------------------------------------------------------------------
(8,824) (238,966) (311,766) (476,320) (1,683,044) (376,125) (161,557)
----------------------------------------------------------------------------------------------
Capital Share Transactions:
Proceeds from shares sold 947,342 -- -- 402,329 419,171 117,337 5,628,319
Net asset value of shares issued
upon reinvestment of distributions
from net investment income and net
realized gain on investments 8,824 238,966 311,766 303,861 1,371,364 376,125 161,831
----------------------------------------------------------------------------------------------
956,166 238,966 311,766 706,190 1,790,535 493,462 5,790,150
Cost of shares repurchased -- (2,798,017) (1,305,009) (4,126,032) (13,531,074) (551,735) (201,160)
----------------------------------------------------------------------------------------------
Increase (decrease) in net assets
derived from capital share
transactions 956,166 (2,559,051) (993,243) (3,419,842) (11,740,539) (58,273) 5,588,990
----------------------------------------------------------------------------------------------
Net Increase (Decrease) In Net
Assets 2,863,617 (2,503,429) (1,310,488) (3,696,139) (13,040,894) (369,472) 5,318,143
Net Assets:
Beginning of period 3,317,805 4,452,058 5,762,546 17,169,835 30,210,729 7,467,386 2,149,243
----------------------------------------------------------------------------------------------
End of period $6,181,422 $1,948,629 $4,452,058 $13,473,696 $17,169,835 $7,097,914 $7,467,386
==============================================================================================
</TABLE>
See accompanying notes
Delaware Pooled Trust o 2000 Semmiannual Report 81
<PAGE>
Delaware Pooled Trust
Statements of Changes in Net Assets continued
<TABLE>
<CAPTION>
Six Months Six Months Six Months 12/14/99*
Ended Year Ended Year Ended 6/30/99* to
4/30/00 Ended 4/30/00 Ended 4/30/00 to 4/30/00
(Unaudited) 10/31/99 (Unaudited) 10/31/99 (Unaudited) 10/31/99 (Unaudited)
-------------------------------------------------------------------------------------------------
The The The
The The Diversified Diversified International
High-Yield High-Yield Core Core The The Large-Cap
Bond Bond Fixed Income Fixed Income Balanced Balanced Equity
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Increase (Decrease) In Net Assets
From Operations:
Net investment income $ 384,570 $ 1,837,010 $ 109,224 $ 217,400 $ 2,553,517 $ 1,728,607 $ 13,064
Net realized gain (loss) on
investments and foreign
currencies (1,037,333) (2,067,829) 15,380 (110,961) (12,559,848) (11,596,969) (12,221)
Net change in unrealized
appreciation/depreciation of
investments and foreign
currencies 1,212,696 389,595 (76,417) 54,734 6,904,857 (6,386,908) (106,387)
------------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets resulting from operations 559,933 158,776 48,187 161,173 (3,101,474) (16,255,270) (105,544)
------------------------------------------------------------------------------------------------
Distributions to Shareholders From:
Net investment income (744,077) (2,059,368) (219,109) (229,412) (2,707,507) -- (3,529)
Net realized gain on investments -- (376,171) -- (120,000) -- -- --
------------------------------------------------------------------------------------------------
(744,077) (2,435,539) (219,109) (349,412) (2,707,507) -- (3,529)
------------------------------------------------------------------------------------------------
Capital Share Transactions:
Proceeds from shares sold -- 2,550,000 -- -- 6,275,644 249,370,080 3,000,012
Net asset value of shares issued
upon reinvestment of distributions
from net investment income and net
realized gain on investments 654,030 2,381,430 219,109 349,412 2,707,507 -- 3,529
------------------------------------------------------------------------------------------------
654,030 4,931,430 219,109 349,412 8,983,151 249,370,080 3,003,541
Cost of shares repurchased (4,242,944) (13,640,426) -- -- (52,902,583) (20,996,202) --
------------------------------------------------------------------------------------------------
Increase (decrease) in net assets
derived from capital share
transactions (3,588,914) (8,708,996) 219,109 349,412 (43,919,432) 228,373,878 3,003,541
------------------------------------------------------------------------------------------------
Net Increase (Decrease) In Net
Assets (3,773,058) (10,985,759) 48,187 161,173 (49,728,413) 212,118,608 2,894,468
Net Assets:
Beginning of period 9,719,808 20,705,567 3,377,042 3,215,869 212,118,608 -- --
------------------------------------------------------------------------------------------------
End of period $5,946,750 $ 9,719,808 $3,425,229 $3,377,042 $162,390,195 $212,118,608 $2,894,468
================================================================================================
</TABLE>
* Date of commencement of operations.
See accompanying notes
82 Delaware Pooled Trust o 2000 Semmiannual Report
<PAGE>
Delaware Pooled Trust
Statements of Changes in Net Assets continued
<TABLE>
<CAPTION>
Six Months Six Months Six Months Six Months
Ended Year Ended Year Ended Year Ended
4/30/00 Ended 4/30/00 Ended 4/30/00 Ended 4/30/00
(Unaudited) 10/31/99 (Unaudited) 10/31/99 (Unaudited) 10/31/99 (Unaudited)
-----------------------------------------------------------------------------------------------
The The
The The The The Labor Select Labor Select The
Global Global International International International International International
Equity Equity Equity Equity Equity Equity Small-Cap
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Increase (Decrease) In Net Assets
From Operations:
Net investment income $ 25,283 $ 60,805 $ 10,383,221 $ 13,990,210 $ 1,353,260 $ 2,410,112 $ 20,898
Net realized gain on
investments and foreign
currencies 59,741 93,020 45,333,738 13,944,668 3,999,290 4,343,511 118,692
Net change in unrealized
appreciation/depreciation of
investments and foreign
currencies (75,502) 62,938 (29,399,026) 48,653,905 (2,398,160) 3,614,010 (377,649)
----------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets resulting from operations 9,522 216,763 26,317,933 76,588,783 2,954,390 10,367,633 (238,059)
----------------------------------------------------------------------------------------------
Distributions to Shareholders From:
Net investment income (71,183) (67,397) (11,639,781) (15,610,745) (2,738,355) (2,374,430) (10,590)
Net realized gain on investments (78,519) (39,019) (6,439,028) -- (3,829,012) (297,145) (33,883)
----------------------------------------------------------------------------------------------
(149,702) (106,416) (18,078,809) (15,610,745) (6,567,367) (2,671,575) (44,473)
----------------------------------------------------------------------------------------------
Capital Share Transactions:
Proceeds from shares sold -- -- 121,224,437 216,051,402 15,944,802 11,616,986 --
Net asset value of shares issued
upon reinvestment of distributions
from net investment income and net
realized gain on investments 149,702 106,416 16,895,439 14,126,837 6,567,367 2,658,603 44,473
----------------------------------------------------------------------------------------------
149,702 106,416 138,119,876 230,178,239 22,512,169 14,275,589 44,473
Cost of shares repurchased -- -- (110,406,688) (86,741,658) (16,239,485) (12,057,432) --
----------------------------------------------------------------------------------------------
Increase in net assets derived
from capital share transactions 149,702 106,416 27,713,188 143,436,581 6,272,684 2,218,157 44,473
----------------------------------------------------------------------------------------------
Net Increase (Decrease) In Net
Assets 9,522 216,763 35,952,312 204,414,619 2,659,707 9,914,215 (238,059)
Net Assets:
Beginning of period 3,309,317 3,092,554 820,643,600 616,228,981 113,264,542 103,350,327 3,053,229
----------------------------------------------------------------------------------------------
End of period $3,318,839 $3,309,317 $856,595,912 $820,643,600 $115,924,249 $113,264,542 $2,815,170
==============================================================================================
</TABLE>
See accompanying notes
Delaware Pooled Trust o 2000 Semmiannual Report 83
<PAGE>
Delaware Pooled Trust
Statements of Changes in Net Assets continued
<TABLE>
<CAPTION>
Six Months Six Months Six Months
7/20/99* Ended Year Ended Year Ended Year
to 4/30/00 Ended 4/30/00 Ended 4/30/00 Ended
10/31/99 (Unaudited) 10/31/99 (Unaudited) 10/31/99 (Unaudited) 10/31/99
------------------------------------------------------------------------------------------------
The The
The The The Global Global The The
International Emerging Emerging Fixed Fixed International International
Small--Cap Markets Markets Income Income Fixed Income Fixed Income
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Increase (Decrease) In Net Assets
From Operations:
Net investment income $ 13,490 $ 1,063,926 $ 818,456 $ 17,351,223 $ 36,911,453 $ 2,119,091 $ 5,130,951
Net realized gain (loss) on
investments and foreign
currencies 28,537 393,955 (1,079,017) (15,524,895) (10,036,848) (2,910,516) (1,029,635)
Net change in unrealized
appreciation/depreciation of
investments and foreign
currencies 11,194 152,114 9,629,090 (37,272,102) (42,187,937) (5,622,070) (7,028,113)
----------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets resulting from operations 53,221 1,609,995 9,368,529 (35,445,774) (15,313,332) (6,413,495) (2,926,797)
----------------------------------------------------------------------------------------------
Distributions to Shareholders From:
Net investment income -- (1,235,526) (757,599) (20,235,689) (26,277,531) (4,070,541) (3,852,952)
Net realized gain on investments -- -- -- -- (7,312,894) -- (630,553)
----------------------------------------------------------------------------------------------
-- (1,235,526) (757,599) (20,235,689) (33,590,425) (4,070,541) (4,483,505)
----------------------------------------------------------------------------------------------
Capital Share Transactions:
Proceeds from shares sold 3,000,008 79,459,209 -- 29,446,709 47,949,132 20,376,506 14,381,982
Net asset value of shares issued
upon reinvestment of distributions
from net investment income and net
realized gain on investments -- 1,235,526 746,842 16,073,691 29,109,337 4,035,382 4,476,704
----------------------------------------------------------------------------------------------
3,000,008 80,694,735 746,842 45,520,400 77,058,469 24,411,888 18,858,686
Cost of shares repurchased -- (4,393,694) (594,092) (24,052,225) (69,100,110) (22,966,509) (10,094,116)
----------------------------------------------------------------------------------------------
Increase in net assets derived
from capital share transactions 3,000,008 76,301,041 152,750 21,468,175 7,958,359 1,445,379 8,764,570
----------------------------------------------------------------------------------------------
Net Increase (Decrease) In Net
Assets 3,053,229 76,675,510 8,763,680 (34,213,288) (40,945,398) (9,038,657) 1,354,268
Net Assets:
Beginning of period -- 42,794,023 34,030,343 619,795,310 660,740,708 89,350,807 87,996,539
----------------------------------------------------------------------------------------------
End of period $3,053,229 $119,469,533 $42,794,023 $585,582,022 $619,795,310 $80,312,150 $89,350,807
==============================================================================================
</TABLE>
* Date of commencement of operations.
See accompanying notes
84 Delaware Pooled Trust o 2000 Semmiannual Report
<PAGE>
Delaware Pooled Trust
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
04/30/00 (1) Ended Ended Ended Ended Ended
(Unaudited) 10/31/99 10/31/98 10/31/97 10/31/96 10/31/95
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $16.260 $17.780 $18.530 $16.460 $14.660 $13.080
Income (loss) from investment operations:
Net investment income 0.154 0.311 0.308 0.381 0.440 0.430
Net realized and unrealized gain (loss)
on investments (1.215) 0.629 2.022 3.599 2.960 1.980
------- ------- ------- ------- ------- -------
Total from investment operations (1.061) 0.940 2.330 3.980 3.400 2.410
------- ------- ------- ------- ------- -------
Less dividends and distributions:
Dividends from net investment income (0.230) (0.320) (0.380) (0.410) (0.440) (0.340)
Distributions from net realized gain
on investments (1.439) (2.140) (2.700) (1.500) (1.160) (0.490)
------- ------- ------- ------- ------- -------
Total dividends and distributions (1.669) (2.460) (3.080) (1.910) (1.600) (0.830)
------- ------- ------- ------- ------- -------
Net asset value, end of period $13.530 $16.260 $17.780 $18.530 $16.460 $14.660
======= ======= ======= ======= ======= =======
Total return (6.85%) 5.43% 13.50% 26.73% 24.87% 19.77%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $91,083 $141,410 $117,858 $81,102 $67,179 $51,947
Ratio of expenses to average net assets 0.67% 0.64% 0.68% 0.66% 0.67% 0.68%
Ratio of expenses to average net assets
prior to expense limitation and
expenses paid indirectly 0.67% 0.64% 0.71% 0.67% 0.70% 0.71%
Ratio of net investment income to average
net assets 1.96% 1.84% 1.91% 2.15% 2.85% 3.33%
Ratio of net investment income to average
net assets prior to expense limitation and
expenses paid indirectly 1.96% 1.84% 1.88% 2.14% 2.83% 3.30%
Portfolio turnover 57% 96% 85% 73% 74% 88%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Ratios have been annualized and total return has not been annualized.
See accompanying notes
Delaware Pooled Trust o 2000 Semiannual Report 85
<PAGE>
Delaware Pooled Trust
Financial Highlights
Selected data for each share of the Portfolio outstanding throughout each period
were as follows:
The Equity Income Portfolio
Six Months
Ended 6/30/99 (2)
4/30/00 (1) to
(Unaudited) 10/31/99
--------------------------------------------------------------------------------
Net asset value, beginning of period $7.910 $8.500
Income (loss) from investment operations:
Net investment income 0.128 0.069
Net realized and unrealized loss
on investments (0.521) (0.659)
------ ------
Total from investment operations (0.393) (0.590)
------ ------
Less dividends and distributions:
Dividends from net investment income (0.117) none
Distributions from net realized gain
on investments none none
------ ------
Total dividends and distributions (0.117) none
------ ------
Net asset value, end of period $7.400 $7.910
====== ======
Total return (5.01%) (6.94%)
Ratios and supplemental data:
Net assets, end of period (000 omitted) $106,866 $144,281
Ratio of expenses to average net assets 0.69% 0.71%
Ratio of expenses to average net assets
prior to expense limitation and
expenses paid indirectly 0.80% 0.76%
Ratio of net investment income to average
net assets 3.15% 2.54%
Ratio of net investment income to average
net assets prior to expense limitation and
expenses paid indirectly 3.03% 2.46%
Portfolio turnover 32% 87%
--------------------------------------------------------------------------------
(1) Ratios have been annulized 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
86 2000 Semiannual Report o Delaware Pooled Trust
<PAGE>
Delaware Pooled Trust
Financial Highlights
Selected data for each share of the Portfolio outstanding throughout each period
were as follows:
The Core Equity Portfolio
<TABLE>
<CAPTION>
Six Months
Ended Year 9/15/98 (2)
4/30/00 (1) Ended to
(Unaudited) 10/31/99 10/31/98
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $9.070 $8.970 $8.500
Income (loss) from investment operations:
Net investment income 0.043 0.069 0.012
Net realized and unrealized gain (loss)
on investments (0.230) 0.056 0.458
------ ------ ------
Total from investment operations (0.187) 0.125 0.470
------ ------ ------
Less dividends and distributions:
Dividends from net investment income (0.073) (0.025) none
Distributions from net realized gain
on investments none none none
------ ------ ------
Total dividends and distributions (0.073) (0.025) none
------ ------ ------
Net asset value, end of period $8.810 $9.070 $8.970
====== ====== ======
Total return (2.17%) 1.49% 5.53%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $2,095 $2,593 $2,112
Ratio of expenses to average net assets 0.67% 0.68% 0.68%
Ratio of expenses to average net assets
prior to expense limitation and
expenses paid indirectly 1.10% 1.29% 1.74%
Ratio of net investment income to average
net assets 0.99% 0.78% 1.15%
Ratio of net investment income to average
net assets prior to expense limitation and
expenses paid indirectly 0.55% 0.17% 0.09%
Portfolio turnover 61% 92% 53%
-------------------------------------------------------------------------------------------------
</TABLE>
(1) Ratios have been annulized 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
Delaware Pooled Trust o 2000 Semiannual Report 87
<PAGE>
Delaware Pooled Trust
Financial Highlights
Selected data for each share of the Portfolio outstanding throughout each period
were as follows:
The Select Equity Portfolio
Six Months
Ended 6/29/99 (2)
4/30/00 (1) to
(Unaudited) 10/31/99
--------------------------------------------------------------------------------
Net asset value, beginning of period $8.590 $8.500
Income (loss) from investment operations:
Net investment loss (3) 0.000 (0.005)
Net realized and unrealized gain
on investments 0.340 0.095
------ ------
Total from investment operations 0.340 0.090
------ ------
Less dividends and distributions:
Dividends from net investment income none none
Distributions from net realized gain
on investments none none
------ ------
Total dividends and distributions none none
------ ------
Net asset value, end of period $8.930 $8.590
====== ======
Total return 4.07% 1.06%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $2,102 $4,709
Ratio of expenses to average net assets 1.21% 1.20%
Ratio of expenses to average net assets
prior to expense limitation and
expenses paid indirectly 1.64% 1.66%
Ratio of net investment loss to average
net assets (0.01%) (0.18%)
Ratio of net investment loss to average
net assets prior to expense limitation and
expenses paid indirectly (0.44%) (0.66%)
Portfolio turnover 183% 235%
--------------------------------------------------------------------------------
(1) Ratios have been annulized 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 was based on the average share outstanding method for
the period ended October 31, 1999.
See accompanying notes
88 2000 Semiannual Report o Delaware Pooled Trust
<PAGE>
Delaware Pooled Trust
Financial Highlights
Selected data for each share of the Portfolio outstanding throughout the period
was as follows:
The All-Cap Growth Equity Portfolio
3/31/00 (1)
to
4/30/00
------------------------------------------------------------------------
Net asset value, beginning of period $8.500
Income (loss) from investment operations:
Net investment income 0.016
Net realized and unrealized loss
on investments (0.026)
------
Total from investment operations (0.010)
------
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 $8.490
======
Total return (0.24%)
Ratios and supplemental data:
Net assets, end of period (000 omitted) $9,810
Ratio of expenses to average
net assets 0.89%
Ratio of expenses to average
net assets prior to expense limitation
and expenses paid indirectly 1.31%
Ratio of net investment income to average
net assets 5.65%
Ratio of net investment income to average
net assets prior to expense limitation and
expenses paid indirectly 5.23%
Portfolio turnover 38%
------------------------------------------------------------------------
(1) Date of commencement of operations; ratios have been annualized and
total return has not been annualized.
See accompanying notes
Delaware Pooled Trust o 2000 Semiannual Report 89
<PAGE>
Delaware Pooled Trust
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
4/30/00 (1) Ended Ended Ended Ended Ended
(Unaudited) 10/31/99 10/31/98 10/31/97 10/31/96 10/31/95
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 8.740 $7.460 $13.680 $14.570 $12.860 $11.010
Income (loss) from investment operations:
Net investment income (loss) (2) (0.111) (0.026) 0.011 (0.117) (0.019) 0.043
Net realized and unrealized gain
on investments 3.893 3.076 0.009 1.607 2.392 2.055
------- ------ ------- ------- ------- -------
Total from investment operations 3.782 3.050 0.020 1.490 2.373 2.098
------- ------ ------- ------- ------- -------
Less dividends and distributions:
Dividends from net investment income none (0.010) none none (0.043) (0.012)
Distributions from net realized gain
on investments (0.812) (1.760) (6.240) (2.380) (0.620) (0.236)
------- ------ ------- ------- ------- -------
Total dividends and distributions (0.812) (1.770) (6.240) (2.380) (0.663) (0.248)
------- ------ ------- ------- ------- -------
Net asset value, end of period $11.710 $8.740 $ 7.460 $13.680 $14.570 $12.860
======= ====== ======= ======= ======= =======
Total return 44.59% 48.72% 1.47% 11.84% 19.19% 19.61%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $ 6,631 $6,949 $ 4,879 $10,317 $28,526 $29,092
Ratio of expenses to average net assets 0.91% 0.93% 0.59% 0.93% 0.90% 0.93%
Ratio of expenses to average net assets
prior to expense limitation and
expenses paid indirectly 0.91% 1.04% 1.71% 1.40% 1.01% 1.08%
Ratio of net investment income (loss) to
average net assets (0.68%) (0.34%) 0.13% (0.29%) (0.18%) 0.37%
Ratio of net investment income (loss) to
average net assets prior to expense
limitation and expenses paid indirectly (0.68%) (0.46%) (0.99%) (0.76%) (0.29%) 0.22%
Portfolio turnover 148% 129% 154% 117% 95% 64%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Ratios have been annulized and total return has not been annualized.
(2) Per share information for the year ended October 31, 1999 was based on the
average shares outstanding method.
See accompanying notes
90 2000 Semiannual Report o Delaware Pooled Trust
<PAGE>
Delaware Pooled Trust
Financial Highlights
Selected data for each share of the Portfolio outstanding throughout each period
were as follows:
The Small-Cap Value Equity Portfolio
Six Months
Ended 3/29/99 (2)
4/30/00 (1) to
(Unaudited) 10/31/99
--------------------------------------------------------------------------------
Net asset value, beginning of period $8.650 $8.500
Income from investment operations:
Net investment income 0.056 0.063
Net realized and unrealized gain
on investments 0.089 0.087
------ ------
Total from investment operations 0.145 0.150
------ ------
Less dividends and distributions:
Dividends from net investment income (0.085) none
Distributions from net realized gain
on investments (0.220) none
------ ------
Total dividends and distributions (0.305) none
------ ------
Net asset value, end of period $8.490 $8.650
====== ======
Total return 1.85% 1.77%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $2,074 $2,035
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 1.37% 1.24%
Ratio of net investment income to average
net assets 1.35% 1.16%
Ratio of net investment income to average
net assets prior to expense limitation and
expenses paid indirectly 0.87% 0.80%
Portfolio turnover 88% 37%
--------------------------------------------------------------------------------
(1) Ratios have been annualized and total return has not been annulized.
(2) Date of commencement of operations; ratios have been annualized and total
return has not been annualized.
See accompanying notes
Delaware Pooled Trust o 2000 Semiannual Report 91
<PAGE>
Delaware Pooled Trust
Financial Highlights
Selected data for each share of the Portfolio outstanding throughout each period
were as follows:
The Small-Cap Growth Equity Portfolio
<TABLE>
<CAPTION>
Six Months
Ended Year 9/15/98 (2)
4/30/00 (1) Ended to
(Unaudited) 10/31/99 10/31/98
--------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $14.190 $9.400 $8.500
Income from investment operations:
Net investment income 0.002 0.004 0.019
Net realized and unrealized gain
on investments 5.788 4.811 0.881
------- ------- -------
Total from investment operations 5.790 4.815 0.900
------- ------- -------
Less dividends and distributions:
Dividends from net investment income none (0.025) none
Distributions from net realized gain
on investments (1.570) none none
------- ------- -------
Total dividends and distributions (1.570) (0.025) none
------- ------- -------
Net asset value, end of period $18.410 $14.190 $9.400
======= ======= =======
Total return 43.36% 51.31% 10.59%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $24,763 $6,181 $3,318
Ratio of expenses to average net assets 0.83% 0.89% 0.89%
Ratio of expenses to average net assets
prior to expense limitation and
expenses paid indirectly 0.86% 1.19% 1.78%
Ratio of net investment income to average
net assets 0.05% 0.03% 1.72%
Ratio of net investment income to average
net assets prior to expense limitation and
expenses paid indirectly 0.02% (0.28%) 0.83%
Portfolio turnover 56% 92% 98%
--------------------------------------------------------------------------------------------------
</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
92 2000 Semiannual Report o Delaware Pooled Trust
<PAGE>
Delaware Pooled Trust
Financial Highlights
Selected data for each share of the Portfolio outstanding throughout each period
were as follows:
The Real Estate Investment Trust Portfolio II
<TABLE>
<CAPTION>
Six Months
Ended Year 11/4/97 (2)
4/30/00 (1) Ended to
(Unaudited) 10/31/99 10/31/98
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $13.190 $14.230 $16.340
Income (loss) from investment operations:
Net investment income 0.175 0.687 0.749
Net realized and unrealized gain (loss)
on investments 1.483 (0.957) (2.739)
------- ------- -------
Total from investment operations 1.658 (0.270) (1.990)
------- ------- -------
Less dividends and distributions:
Dividends from net investment income (0.708) (0.770) (0.120)
Distributions from net realized gain
on investments none none none
------- ------- -------
Total dividends and distributions (0.708) (0.770) (0.120)
------- ------- -------
Net asset value, end of period $14.140 $13.190 $14.230
======= ======= =======
Total return 13.43% (2.08%) (12.27%)
Ratios and supplemental data:
Net assets, end of period (000 omitted) $1,949 $4,452 $5,763
Ratio of expenses to average net assets 0.86% 0.86% 0.86%
Ratio of expenses to average net assets
prior to expense limitation and
expenses paid indirectly 1.65% 1.48% 1.43%
Ratio of net investment income to average
net assets 3.49% 4.52% 5.34%
Ratio of net investment income to average
net assets prior to expense limitation and
expenses paid indirectly 2.70% 3.90% 4.77%
Portfolio turnover 26% 39% 54%
-------------------------------------------------------------------------------------------------
</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
Delaware Pooled Trust o 2000 Semiannual Report 93
<PAGE>
Delaware Pooled Trust
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 Year 3/12/96 (2)
4/30/00 (1) Ended Ended Ended to
(Unaudited) 10/31/99 10/31/98 10/31/97 10/31/96
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $9.540 $10.180 $10.090 $10.010 $10.000
Income (loss) from investment operations:
Net investment income 0.304 0.604 0.593 0.605 0.386
Net realized and unrealized gain (loss)
on investments (0.160) (0.480) 0.100 0.080 0.010
------- ------- ------- ------- -------
Total from investment operations 0.144 0.124 0.693 0.685 0.396
------- ------- ------- ------- -------
Less dividends and distributions:
Dividends from net investment income (0.304) (0.604) (0.593) (0.605) (0.386)
Distributions from net realized gain
on investments none (0.160) (0.010) none none
------- ------- ------- ------- -------
Total dividends and distributions (0.304) (0.764) (0.603) (0.605) (0.386)
------- ------- ------- ------- -------
Net asset value, end of period $ 9.380 $ 9.540 $10.180 $10.090 $10.010
======= ======= ======= ======= =======
Total return 1.53% 1.26% 7.06% 7.09% 4.08%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $13,474 $17,170 $30,211 $30,366 $10,518
Ratio of expenses to average
net assets 0.53% 0.54% 0.53% 0.53% 0.53%
Ratio of expenses to average
net assets prior to expense limitation and
expenses paid indirectly 0.61% 0.77% 1.01% 0.84% 1.20%
Ratio of net investment income to average
net assets 6.44% 6.10% 5.86% 6.05% 6.14%
Ratio of net investment income to average
net assets prior to expense limitation and
expenses paid indirectly 6.36% 5.86% 5.38% 5.74% 5.47%
Portfolio turnover 129% 148% 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
94 2000 Semiannual Report o Delaware Pooled Trust
<PAGE>
Delaware Pooled Trust
Financial Highlights
Selected data for each share of the Portfolio outstanding throughout each period
were as follows:
The Aggregate Fixed Income Portfolio
<TABLE>
<CAPTION>
Six Months
Ended Year 12/29/97 (2)
4/30/00 (1) Ended to
(Unaudited) 10/31/99 10/31/98
--------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $8.820 $9.130 $8.500
Income (loss) from investment operations:
Net investment income 0.267 0.134 0.415
Net realized and unrealized gain (loss)
on investments (0.185) (0.214) 0.215
------ ------ ------
Total from investment operations 0.082 (0.080) 0.630
------ ------ ------
Less dividends and distributions:
Dividends from net investment income (0.442) (0.190) none
Distributions from net realized gain
on investments none (0.040) none
------ ------ ------
Total dividends and distributions (0.442) (0.230) none
------ ------ ------
Net asset value, end of period $8.460 $8.820 $9.130
====== ====== ======
Total return 0.99% (0.94%) 7.41%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $7,098 $7,467 $2,149
Ratio of expenses to average
net assets 0.51% 0.59% 0.53%
Ratio of expenses to average
net assets prior to expense limitation and
expenses paid indirectly 0.53% 0.67% 2.07%
Ratio of net investment income to average
net assets 6.25% 5.48% 5.62%
Ratio of net investment income to average
net assets prior to expense limitation and
expenses paid indirectly 6.22% 5.33% 4.08%
Portfolio turnover 87% 275% 438%
--------------------------------------------------------------------------------------------------
</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
Delaware Pooled Trust o 2000 Semiannual Report 95
<PAGE>
Delaware Pooled Trust
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 Year 12/2/96 (2)
4/30/00 (1) Ended Ended to
(Unaudited) 10/31/99 10/31/98 10/31/97
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $8.830 $10.070 $11.180 $10.000
Income (loss) from investment operations:
Net investment income 0.508 1.080 0.993 0.788
Net realized and unrealized gain (loss)
on investments 0.002 (1.140) (0.925) 0.957
------ ------ ------- -------
Total from investment operations 0.510 (0.060) 0.068 1.745
------ ------ ------- -------
Less dividends and distributions:
Dividends from net investment income (0.790) (1.000) (0.890) (0.565)
Distributions from net realized gain
on investments none (0.180) (0.288) none
------ ------ ------- -------
Total dividends and distributions (0.790) (1.180) (1.178) (0.565)
------ ------ ------- -------
Net asset value, end of period $8.550 $8.830 $10.070 $11.180
====== ====== ======= =======
Total return 5.80% (1.05%) 0.30% 17.92%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $5,947 $9,720 $20,706 $11,348
Ratio of expenses to average net assets 0.60% 0.59% 0.59% 0.59%
Ratio of expenses to average net assets
prior to expense limitation and
expenses paid indirectly 1.05% 0.78% 0.75% 0.79%
Ratio of net investment income to average
net assets 10.20% 9.25% 9.53% 9.05%
Ratio of net investment income to average
net assets prior to expense limitation and
expenses paid indirectly 9.75% 9.06% 9.37% 8.85%
Portfolio turnover 55% 455% 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
96 2000 Semiannual Report o Delaware Pooled Trust
<PAGE>
Delaware Pooled Trust
Financial Highlights
Selected data for each share of the Portfolio outstanding throughout each period
were as follows:
The Diversified Core Fixed Income Portfolio
<TABLE>
<CAPTION>
Six Months
Ended Year 12/29/97 (2)
4/30/00 (1) Ended to
(Unaudited) 10/31/99 10/31/98
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $8.550 $9.110 $8.500
Income (loss) from investment operations:
Net investment income (3) 0.263 0.560 0.533
Net realized and unrealized gain (loss)
on investments and foreign currencies (0.148) (0.130) 0.077
------ ------ ------
Total from investment operations 0.115 0.430 0.610
------ ------ ------
Less dividends and distributions:
Dividends from net investment income (0.555) (0.650) none
Distributions from net realized gain
on investments none (0.340) none
------ ------ ------
Total dividends and distributions (0.555) (0.990) none
------ ------ ------
Net asset value, end of period $8.110 $8.550 $9.110
====== ====== ======
Total return 1.46% 4.98% 7.18%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $3,425 $3,377 $3,216
Ratio of expenses to average net assets 0.57% 0.57% 0.57%
Ratio of expenses to average net assets
prior to expense limitation and
expenses paid indirectly 0.75% 0.84% 1.74%
Ratio of net investment income to average
net assets 6.52% 6.56% 7.12%
Ratio of net investment income to average
net assets prior to expense limitation and
expenses paid indirectly 6.34% 6.29% 5.95%
Portfolio turnover 196% 216% 312%
-------------------------------------------------------------------------------------------------
</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 was based on the average shares outstanding method.
See accompanying notes
Delaware Pooled Trust o 2000 Semiannual Report 97
<PAGE>
Delaware Pooled Trust
Financial Highlights
Selected data for each share of the Portfolio outstanding throughout each period
were as follows:
The Balanced Portfolio
Six Months
Ended 6/30/99 (2)
4/30/00 (1) to
(Unaudited) 10/31/99
--------------------------------------------------------------------------------
Net asset value, beginning of period $ 7.910 $ 8.500
Income (loss) from investment operations:
Net investment income 0.117 0.063
Net realized and unrealized loss
on investments (0.190) (0.653)
-------- --------
Total from investment operations (0.073) (0.590)
-------- --------
Less dividends and distributions:
Dividends from net investment income (0.107) none
Distributions from net realized gain
on investments none none
-------- --------
Total dividends and distributions (0.107) none
-------- --------
Net asset value, end of period $ 7.730 $ 7.910
======== ========
Total return (1.04%) (6.82%)
Ratios and supplemental data:
Net assets, end of period (000 omitted) $162,390 $212,119
Ratio of expenses to average net assets 0.69% 0.72%
Ratio of expenses to average net assets
prior to expense limitation and
expenses paid indirectly 0.80% 0.78%
Ratio of net investment income to average
net assets 2.84% 2.30%
Ratio of net investment income to average
net assets prior to expense limitation and
expenses paid indirectly 2.72% 2.20%
Portfolio turnover 61% 145%
--------------------------------------------------------------------------------
(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
98 2000 Semiannual Report o Delaware Pooled Trust
<PAGE>
Delaware Pooled Trust
Financial Highlights
Selected data for each share of the Portfolio outstanding throughout the period
was as follows:
The International Large-Cap Equity Portfolio
12/14/99 (1)
to
4/30/00
-----------------------------------------------------------------------
Net asset value, beginning of period $8.500
Income (loss) from investment operations:
Net investment income (2) 0.037
Net realized and unrealized loss
on investments and foreign currencies (0.337)
------
Total from investment operations (0.300)
------
Less dividends and distributions:
Dividends from net investment income (0.010)
Distributions from net realized gain
on investments none
------
Total dividends and distributions (0.010)
------
Net asset value, end of period $8.190
======
Total return (3.54%)
Ratios and supplemental data:
Net assets, end of period (000 omitted) $2,894
Ratio of expenses to average
net assets 0.96%
Ratio of expenses to average net assets
prior to expense limitation and
expenses paid indirectly 1.38%
Ratio of net investment income to average
net assets 1.18%
Ratio of net investment income to average
net assets prior to expense limitation and
expenses paid indirectly 0.76%
Portfolio turnover 1%
-----------------------------------------------------------------------
(1) Date of commencement of operations; ratios have been annualized and total
return has not been annualized.
(2) Per share information was based on the average shares outstanding method.
See accompanying notes
Delaware Pooled Trust o 2000 Semiannual Report 99
<PAGE>
Delaware Pooled Trust
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 Year 10/15/97 (2)
4/30/00 (1) Ended Ended to
(Unaudited) 10/31/99 10/31/98 10/31/97
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $9.020 $8.720 $8.120 $8.500
Income (loss) from investment operations:
Net investment income (3) 0.067 0.167 0.184 0.009
Net realized and unrealized gain (loss)
on investments and foreign currencies (0.039) 0.433 0.486 (0.389)
------ ------ ------ ------
Total from investment operations 0.028 0.600 0.670 (0.380)
------ ------ ------ ------
Less dividends and distributions:
Dividends from net investment income (0.194) (0.190) (0.070) none
Distributions from net realized gain
on investments (0.214) (0.110) none none
------ ------ ------ ------
Total dividends and distributions (0.408) (0.300) (0.070) none
------ ------ ------ ------
Net asset value, end of period $8.640 $9.020 $8.720 $8.120
====== ====== ====== ======
Total return 0.23% 7.11% 8.31% (4.47%)
Ratios and supplemental data:
Net assets, end of period (000 omitted) $3,319 $3,309 $3,093 $2,855
Ratio of expenses to average net assets 0.97% 0.96% 0.96% 0.96%
Ratio of expenses to average net assets
prior to expense limitation and
expenses paid indirectly 1.38% 1.89% 2.31% 2.95%
Ratio of net investment income to average
net assets 1.53% 1.82% 2.10% 2.54%
Ratio of net investment income to average
net assets prior to expense limitation and
expenses paid indirectly 1.11% 0.89% 0.75% 0.55%
Portfolio turnover 44% 31% 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, 2000 and the years
ended October 31, 1998 and 1999 was based on the average shares outstanding
method.
See accompanying notes
100 2000 Semiannual Report o Delaware Pooled Trust
<PAGE>
Delaware Pooled Trust
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
4/30/00 (1) Ended Ended Ended Ended Ended
(Unaudited) 10/31/99 10/31/98 10/31/97 10/31/96 10/31/95
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 17.410 $ 15.870 $ 15.860 $ 14.780 $ 13.120 $ 13.110
Income from investment operations:
Net investment income (2) 0.212 0.329 0.400 0.329 0.506 0.475
Net realized and unrealized gain
on investments and foreign currencies 0.343 1.596 0.370 1.271 1.794 0.001
-------- -------- --------- -------- -------- --------
Total from investment operations 0.555 1.925 0.770 1.600 2.300 0.476
-------- -------- --------- -------- -------- --------
Less dividends and distributions:
Dividends from net investment income (0.235) (0.385) (0.610) (0.520) (0.490) (0.170)
Distributions from net realized gain
on investments (0.130) none (0.150) none (0.150) (0.296)
-------- -------- --------- -------- -------- --------
Total dividends and distributions (0.365) (0.385) (0.760) (0.520) (0.640) (0.466)
-------- -------- --------- -------- -------- --------
Net asset value, end of period $ 17.600 $ 17.410 $ 15.870 $ 15.860 $ 14.780 $ 13.120
======== ======== ========= ======== ======== ========
Total return 3.11% 12.31% 4.96% 11.01% 18.12% 3.91%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $856,596 $820,644 $616,229 $500,196 $299,950 $156,467
Ratio of expenses to average net assets 0.89% 0.89% 0.91% 0.93% 0.89% 0.90%
Ratio of net investment income to average
net assets 2.39% 1.91% 2.50% 2.21% 4.36% 4.81%
Portfolio turnover 24% 6% 5% 8% 8% 20%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Ratios have been annualized and total return has not been annualized.
(2) Per share information for the period ended April 30, 2000 and the years
ended October 31, 1998 and 1999 was based on the average shares outstanding
method.
See accompanying notes
Delaware Pooled Trust o 2000 Semiannual Report 101
<PAGE>
Delaware Pooled Trust
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 Year 12/19/95 (2)
4/30/00 (1) Ended Ended Ended to
(Unaudited) 10/31/99 10/31/98 10/31/97 10/31/96
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 14.330 $ 13.320 $ 12.990 $11.690 $10.000
Income from investment operations:
Net investment income (3) 0.159 0.305 0.334 0.474 0.479
Net realized and unrealized gain
on investments and foreign currencies 0.193 1.057 0.444 1.346 1.311
-------- -------- -------- ------- -------
Total from investment operations 0.352 1.362 0.778 1.820 1.790
-------- -------- -------- ------- -------
Less dividends and distributions:
Dividends from net investment income (0.332) (0.312) (0.448) (0.520) (0.100)
Distributions from net realized gain
on investments (0.470) (0.040) none none none
-------- -------- -------- ------- -------
Total dividends and distributions (0.802) (0.352) (0.448) (0.520) (0.100)
-------- -------- -------- ------- -------
Net asset value, end of period $ 13.880 $ 14.330 $ 13.320 $12.990 $11.690
======== ======== ======== ======= =======
Total return 2.34% 10.34% 6.18% 16.01% 17.97%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $115,924 $113,265 $103,350 $50,896 $23,154
Ratio of expenses to average net assets 0.95% 0.83% 0.88% 0.89% 0.92%
Ratio of expenses to average net assets
prior to expense limitation and
expenses paid indirectly 0.95% 0.83% 0.93% 1.06% 1.30%
Ratio of net investment income to average
net assets 2.29% 2.13% 2.46% 2.37% 6.64%
Ratio of net investment income to average
net assets prior to expense limitation and
expenses paid indirectly 2.29% 2.13% 2.41% 2.20% 6.26%
Portfolio turnover 27% 12% 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, 2000 and the years
ended October 31, 1998 and 1999 was based on the average shares outstanding
method.
See accompanying notes
102 2000 Semiannual Report o Delaware Pooled Trust
<PAGE>
Delaware Pooled Trust
Financial Highlights
Selected data for each share of the Portfolio outstanding throughout each period
were as follows:
The International Small-Cap Portfolio
Six Months
Ended 7/20/99 (2)
4/30/00 (1) to
(Unaudited) 10/31/99
-------------------------------------------------------------------------------
Net asset value, beginning of period $8.650 $8.500
Income (loss) from investment operations:
Net investment income (3) 0.059 0.039
Net realized and unrealized gain (loss)
on investments and foreign currencies (0.723) 0.111
------ ------
Total from investment operations (0.664) 0.150
------ ------
Less dividends and distributions:
Dividends from net investment income (0.030) none
Distributions from net realized gain
on investments (0.096) none
------ ------
Total dividends and distributions (0.126) none
------ ------
Net asset value, end of period $7.860 $8.650
====== ======
Total return (7.78%) 1.77%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $2,815 $3,053
Ratio of expenses to average net assets 1.20% 1.25%
Ratio of expenses to average net assets
prior to expense limitation and
expenses paid indirectly 1.25% 1.28%
Ratio of net investment income to average
net assets 1.40% 1.55%
Ratio of net investment income to average
net assets prior to expense limitation and
expenses paid indirectly 1.35% 1.45%
Portfolio turnover 22% 15%
-------------------------------------------------------------------------------
(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 was based on the average shares outstanding method.
See accompanying notes
Delaware Pooled Trust o 2000 Semiannual Report 103
<PAGE>
Delaware Pooled Trust
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 Year 4/14/97 (2)
4/30/00 (1) Ended Ended to
(Unaudited) 10/31/99 10/31/98 10/31/97
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 7.280 $ 5.840 $ 9.200 $10.000
Income (loss) from investment operations:
Net investment income (3) 0.089 0.138 0.153 0.028
Net realized and unrealized gain (loss)
on investments and foreign currencies 0.835 1.432 (3.348) (0.828)
-------- ------- ------- -------
Total from investment operations 0.924 1.570 (3.195) (0.800)
-------- ------- ------- -------
Less dividends and distributions:
Dividends from net investment income (0.104) (0.130) (0.025) none
Distributions from net realized gain
on investments none none (0.140) none
-------- ------- ------- -------
Total dividends and distributions (0.104) (0.130) (0.165) none
-------- ------- ------- -------
Net asset value, end of period $ 8.100 $ 7.280 $5.840 $ 9.200
======== ======= ======= =======
Total return 12.61% 27.63% (35.30%) (8.00%)
Ratios and supplemental data:
Net assets, end of period (000 omitted) $119,470 $42,794 $34,030 $18,565
Ratio of expenses to average net assets 1.10% 1.31% 1.55% 1.55%
Ratio of expenses to average net assets
prior to expense limitation and
expenses paid indirectly 1.10% 1.35% 1.69% 2.02%
Ratio of net investment income to average
net assets 2.03% 2.13% 1.98% 0.74%
Ratio of net investment income to average
net assets prior to expense limitation and
expenses paid indirectly 2.00% 2.08% 1.84% 0.27%
Portfolio turnover 17% 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, 2000 and the years
ended October 31, 1998 and 1999 was based on the average shares outstanding
method.
See accompanying notes
104 2000 Semiannual Report o Delaware Pooled Trust
<PAGE>
Delaware Pooled Trust
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
4/30/00 (1) Ended Ended Ended Ended Ended
(Unaudited) 10/31/99 10/31/98 10/31/97 10/31/96 10/31/95
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $10.260 $11.060 $11.220 $11.620 $11.040 $9.790
Income (loss) from investment operations:
Net investment income (2) 0.281 0.606 0.610 0.721 0.777 0.736
Net realized and unrealized gain (loss)
on investments and foreign currencies (0.861) (0.851) 0.037 (0.116) 0.725 0.924
-------- -------- -------- -------- -------- ------
Total from investment operations (0.580) (0.245) 0.647 0.605 1.502 1.660
-------- -------- -------- -------- -------- ------
Less dividends and distributions:
Dividends from net investment income (0.330) (0.433) (0.630) (0.835) (0.720) (0.410)
Distributions from net realized gain
on investments none (0.122) (0.177) (0.170) (0.202) none
-------- -------- -------- -------- -------- ------
Total dividends and distributions (0.330) (0.555) (0.807) (1.005) (0.922) (0.410)
-------- -------- -------- -------- -------- ------
Net asset value, end of period $9.350 $10.260 $11.060 $11.220 $11.620 $11.040
======== ======== ======== ======== ======== ======
Total return (5.77%) (2.33%) 6.28% 5.59% 16.40% 17.38%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $585,582 $619,795 $660,741 $431,076 $252,068 $99,161
Ratio of expenses to average net assets 0.60% 0.60% 0.60% 0.60% 0.60% 0.60%
Ratio of expenses to average net assets
prior to expense limitation and
expenses paid indirectly 0.65% 0.62% 0.62% 0.65% 0.66% 0.68%
Ratio of net investment income to average
net assets 5.76% 5.68% 5.71% 6.28% 8.52% 6.73%
Ratio of net investment income to average
net assets prior to expense limitation and
expenses paid indirectly 5.71% 5.66% 5.69% 6.23% 8.46% 6.65%
Portfolio turnover 60% 101% 131% 114% 63% 77%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Ratios have been annualized and total return has not been annualized.
(2) Per share information for the period ended April 30, 2000 and the years
ended October 31, 1998 and 1999 was based on the average shares outstanding
method.
See accompanying notes
Delaware Pooled Trust o 2000 Semiannual Report 105
<PAGE>
Delaware Pooled Trust
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 Year 4/11/97 (2)
4/30/00 (1) Ended Ended to
(Unaudited) 10/31/99 10/31/98 10/31/97
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $9.910 $10.750 $10.660 $10.000
Income (loss) from investment operations:
Net investment income (3) 0.240 0.564 0.558 0.236
Net realized and unrealized gain (loss)
on investments and foreign currencies (0.993) (0.877) 0.045 0.474
-------- -------- -------- --------
Total from investment operations (0.753) (0.313) 0.603 0.710
-------- -------- -------- --------
Less dividends and distributions:
Dividends from net investment income (0.517) (0.450) (0.492) (0.050)
Distributions from net realized gain
on investments none (0.077) (0.021) none
-------- -------- -------- --------
Total dividends and distributions (0.517) (0.527) (0.513) (0.050)
-------- -------- -------- --------
Net asset value, end of period $8.640 $ 9.910 $10.750 $10.660
======== ======== ======== ========
Total return (7.89%) (2.96%) 5.96% 7.11%
Ratios and supplemental data:
Net assets, end of period (000 omitted) $80,312 $89,351 $87,997 $33,734
Ratio of expenses to average net assets 0.60% 0.60% 0.60% 0.60%
Ratio of expenses to average net assets
prior to expense limitation and
expenses paid indirectly 0.64% 0.64% 0.67% 0.86%
Ratio of net investment income to average
net assets 5.23% 5.48% 5.47% 6.05%
Ratio of net investment income to average
net assets prior to expense limitation and
expenses paid indirectly 5.19% 5.44% 5.40% 5.79%
Portfolio turnover 105% 127% 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, 2000 and the years
ended October 31, 1998 and 1999 was based on the average shares outstanding
method.
See accompanying notes
106 Delaware Pooled Trust o 2000 Semiannual Report
<PAGE>
Delaware Pooled Trust
Notes to Financial Statements
April 30, 2000
(Unaudited)
Delaware Pooled Trust (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 Delaware Business Trust and offers 24 separate Portfolios
(collectively, the "Portfolios" and individually a "Portfolio"). The Large-Cap
Value Equity Portfolio, The Equity Income Portfolio, The Core Equity Portfolio,
The Select Equity Portfolio, The All-Cap Growth Equity Portfolio, The Mid-Cap
Growth Equity Portfolio, The Small-Cap Value Equity Portfolio, The Small-Cap
Growth Equity Portfolio, The Real Estate Investment Trust Portfolio, The Real
Estate Investment Trust Portfolio II, The Intermediate Fixed Income Portfolio,
The Aggregate Fixed Income Portfolio, The High-Yield Bond Portfolio, The
Diversified Core Fixed Income Portfolio, The Balanced Portfolio, The
International Large-Cap Equity Portfolio, The Global Equity Portfolio, The
International Equity Portfolio, The Labor Select International Equity Portfolio,
The International Small-Cap Portfolio, The Emerging Markets Portfolio, The
Global Fixed Income Portfolio and The International Fixed Income Portfolio had
commenced operations prior to April 30, 2000. The Asset Allocation Portfolio had
not commenced operations as of April 30, 2000. 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 accounting principles
generally accepted in the United States and are consistently followed by the
Fund.
Security Valuation--All equity securities are valued at the last quoted sales
price as of the close of the New York Stock Exchange (NYSE) on the valuation
date. If on a particular day an equity security does not trade, then the mean
between the bid and asked prices will be used. 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
Trustees.
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 102% 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 daily. 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 that result from fluctuations in
foreign currency exchange rates in the Statement of Operations. The Portfolios
do isolate that portion of gains and losses on investments in debt securities
which are due to changes in the foreign exchange rates 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.
Delaware Pooled Trust o 2000 Semiannual Report 107
<PAGE>
Use of Estimates--The preparation of financial statements in conformity with
accounting principles generally accepted in the United States 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.
<PAGE>
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 Labor Select International Equity and The
International Fixed Income Portfolios expect to declare and distribute dividends
quarterly. The Equity Income, The Core Equity, The Select Equity, The All-Cap
Growth Equity, The Mid-Cap Growth Equity, The Small-Cap Value Equity, The
Small-Cap Growth Equity, The Real Estate Investment Trust II, The Aggregate
Fixed Income, The Diversified Core Fixed Income, The Balanced, The International
Large-Cap Equity, The Global Equity, The International Equity, The International
Small-Cap and The Emerging Markets Portfolios expect to declare and distribute
dividends, if any, annually. Net capital gains for all Portfolios, if any, will
be distributed annually.
Certain expenses of the Fund are paid through commission arrangements with
brokers. These transactions are done subject to best execution. Each Portfolio
may receive earnings credits from its custodian when positive cash balances are
maintained, which are used to offset custody fees. The expenses paid under the
above arrangements are included in their respective expense captions on the
Statements of Operations with the corresponding offset shown as "expenses paid
indirectly". The amount of these expenses and credits for the periods ended
April 30, 2000 are as follows:
Commission Earnings
Reimbursements Credits
--------------------------------------------------------------------------------
The Large-Cap Value Equity Portfolio $1,376 $1,130
The Equity Income Portfolio 1,396 1,567
The Core Equity Portfolio 26 87
The Select Equity Portfolio 35 --
The All-Cap Growth Equity Portfolio 10 5
The Mid-Cap Growth Equity Portfolio 89 34
The Small-Cap Value Equity Portfolio 23 10
The Small-Cap Growth Equity Portfolio 135 149
The Real Estate Investment Trust Portfolio II 37 --
The Intermediate Fixed Income Portfolio 171 --
The Aggregate Fixed Income Portfolio 84 193
The High-Yield Bond Portfolio 87 28
The Diversified Core Fixed Income Portfolio 39 --
The Balanced Portfolio 2,080 5,258
The International Large-Cap Equity Portfolio 25 --
The Global Equity Portfolio 38 67
The International Equity Portfolio 10,058 --
The Labor Select International Equity Portfolio 1,367 71
The International Small-Cap Portfolio 35 37
The Emerging Markets Portfolio 1,212 14,941
The Global Fixed Income Portfolio 6,969 1,402
The International Fixed Income Portfolio 937 88
================================================================================
108 Delaware Pooled Trust o 2000 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 Equity Income Portfolio, The Core Equity Portfolio, The Select
Equity Portfolio, The All-Cap Growth Equity Portfolio, The Mid-Cap Growth Equity
Portfolio, The Small-Cap Value Equity Portfolio, The Small-Cap Growth Equity
Portfolio, The Real Estate Investment Trust Portfolio II, The Intermediate Fixed
Income Portfolio, The Aggregate Fixed Income Portfolio, The High-Yield Bond
Portfolio, The Diversified Core Fixed Income Portfolio and The Balanced
Portfolio and Delaware International Advisers Ltd. ("DIAL"), the Investment
Manager of The International Large-Cap Equity Portfolio, The Global Equity
Portfolio, The International Equity Portfolio, The Labor Select International
Equity Portfolio, The International Small-Cap 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.
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. DIAL furnishes sub-advisory services to the
Diversified Core Fixed Income Portfolio related to the foreign securities
portion of the portfolio. 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 their fees and reimburse each Portfolio to
the extent necessary to ensure 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, 2000.
The management fee rates and the operating expense limitation rates for the
periods ended April 30, 2000 are as follows:
<TABLE>
<CAPTION>
Operating Expense
Management Limitation as
fee as a percentage a percentage
of average daily of average daily
net assets (per annum) net assets (per annum)
---------------------------------------------------------------------------------------------------------
<S> <C> <C>
The Large-Cap Value Equity Portfolio 0.55% 0.68%
The Equity Income Portfolio 0.55% 0.68%
The Core Equity Portfolio 0.55% 0.68%
The Select Equity Portfolio 1.00% 1.20%
The All-Cap Growth Equity Portfolio 0.75% 0.89%
The Mid-Cap Growth Equity Portfolio 0.75% 0.93%
The Small-Cap Value Equity Portfolio 0.75% 0.89%
The Small-Cap Growth Equity Portfolio 0.75% 0.89%
The Real Estate Investment Trust Portfolio II 0.75% 0.86%
The Intermediate Fixed Income Portfolio 0.40% 0.53%
The Aggregate Fixed Income Portfolio 0.40% 0.53%
The High-Yield Bond Portfolio 0.45% 0.59%
The Diversified Core Fixed Income Portfolio 0.43% 0.57%
The Balanced Portfolio 0.55% 0.68%
The International Large-Cap Equity Portfolio 0.75% 0.96%
The Global Equity Portfolio 0.75% 0.96%
The International Equity Portfolio 0.75% 0.96%
The Labor Select International Equity Portfolio 0.75% 0.96%
The International Small-Cap Portfolio 1.00% 1.20%
The Emerging Markets Portfolio 1.00% 1.55%
The Global Fixed Income Portfolio 0.50% 0.60%
The International Fixed Income Portfolio 0.50% 0.60%
========================================================================================================
</TABLE>
2000 Semiannual Report o Delaware Pooled Trust 109
<PAGE>
The Fund has engaged Delaware Service Company, Inc. ("DSC"), an affiliate of
DMC, to provide dividend disbursing, transfer agent, 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, 2000, 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 $ 39,996 $ 4,221 $ 15,149
The Equity Income Portfolio 36,838 4,069 9,976
The Core Equity Portfolio 939 148 2,229
The Select Equity Portfolio 13,554 2,979 10,167
The All-Cap Growth Equity Portfolio 1,806 172 --
The Mid-Cap Growth Equity Portfolio 3,976 951 4,801
The Small-Cap Value Equity Portfolio 508 99 1,355
The Small-Cap Growth Equity Portfolio 13,889 870 16,788
The Real Estate Investment Trust Portfolio II -- -- 569
The Intermediate Fixed Income Portfolio 4,454 144 2,352
The Aggregate Fixed Income Portfolio 2,375 91 2,684
The High-Yield Bond Portfolio 2,213 301 1,839
The Diversified Core Fixed Income Portfolio 1,193 197 2,311
The Balanced Portfolio 56,768 6,378 16,743
The International Large-Cap Equity Portfolio 8,298 275 2,584
The Global Equity Portfolio 2,061 226 292
The International Equity Portfolio 528,913 3,106 78,767
The Labor Select International Equity Portfolio 71,604 4,398 12,044
The International Small-Cap Portfolio 22,696 2,774 4,689
The Emerging Markets Portfolio 100,994 412 8,254
The Global Fixed Income Portfolio 246,534 18,576 50,980
The International Fixed Income Portfolio 33,972 3,168 7,999
================================================================================================================
</TABLE>
Certain officers of DMC, DSC and DIAL are officers, trustees and/or employees of
the Fund. These officers, trustees and employees are paid no compensation by the
Fund.
110 Delaware Pooled Trust o 2000 Semiannual Report
<PAGE>
3. Investments
During the periods ended April 30, 2000, each Portfolio made purchases and sales
of investment securities other than U.S. government securities and temporary
cash investments as follows:
Purchases Sales
--------------------------------------------------------------------------------
The Large-Cap Value Equity Portfolio $ 32,974,520 $ 70,821,061
The Equity Income Portfolio 38,168,169 67,490,827
The Core Equity Portfolio 1,302,776 1,722,838
The Select Equity Portfolio 5,352,264 8,008,208
The All-Cap Growth Equity Portfolio 2,833,340 78,011
The Mid-Cap Growth Equity Portfolio 5,450,413 8,219,036
The Small-Cap Value Equity Portfolio 834,210 881,330
The Small-Cap Growth Equity Portfolio 21,591,806 6,031,426
The Real Estate Investment Trust Portfolio II 408,974 3,067,798
The Intermediate Fixed Income Portfolio 9,319,845 13,471,940
The Aggregate Fixed Income Portfolio 6,150,667 6,796,901
The High-Yield Bond Portfolio 1,899,320 6,173,066
The Diversified Core Fixed Income Portfolio 1,133,605 804,712
The Balanced Portfolio 109,144,898 151,649,742
The International Large-Cap Equity Portfolio 2,902,552 29,909
The Global Equity Portfolio 747,356 710,108
The International Equity Portfolio 119,575,873 101,315,365
The Labor Select International Equity Portfolio 19,336,070 15,526,652
The International Small-Cap Portfolio 368,032 261,992
The Emerging Markets Portfolio 77,519,637 7,735,716
The Global Fixed Income Portfolio 164,236,074 165,639,832
The International Fixed Income Portfolio 39,878,887 37,308,340
================================================================================
2000 Semiannual Report o Delaware Pooled Trust 111
<PAGE>
The cost of investments for federal income tax purposes approximates cost for
book purposes. At April 30, 2000, 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 $ 91,139,834 $ 6,237,235 $ (6,333,702) $ (96,467)
The Equity Income Portfolio 110,423,262 4,851,468 (8,322,780) (3,471,312)
The Core Equity Portfolio 2,011,908 171,928 (71,683) 100,245
The Select Equity Portfolio 2,084,457 161,634 (113,047) 48,587
The All-Cap Growth Equity Portfolio 11,072,158 127,708 (54,064) 73,644
The Mid-Cap Growth Equity Portfolio 4,149,859 2,770,655 (275,183) 2,495,472
The Small-Cap Value Equity Portfolio 1,981,082 210,005 (110,917) 99,088
The Small-Cap Growth Equity Portfolio 24,065,628 4,762,584 (2,236,180) 2,526,404
The Real Estate Investment Trust Portfolio II 1,888,211 120,721 (43,955) 76,766
The Intermediate Fixed Income Portfolio 13,998,780 3,271 (451,007) (447,736)
The Aggregate Fixed Income Portfolio 7,246,849 26,697 (218,848) (192,151)
The High-Yield Bond Portfolio 6,523,312 27,483 (731,835) (704,352)
The Diversified Core Fixed Income Portfolio 3,674,630 5,090 (144,496) (139,406)
The Balanced Portfolio 163,490,049 8,325,059 (7,807,110) 517,949
The International Large-Cap Equity Portfolio 2,970,141 103,897 (209,361) (105,464)
The Global Equity Portfolio 3,318,450 390,017 (425,081) (35,064)
The International Equity Portfolio 776,559,062 156,452,504 (85,320,568) 71,131,936
The Labor Select International Equity Portfolio 107,774,275 20,647,035 (14,264,437) 6,382,598
The International Small-Cap Portfolio 3,192,860 188,922 (555,115) (366,193)
The Emerging Markets Portfolio 129,068,996 8,550,540 (18,737,561) ( 10,187,021)
The Global Fixed Income Portfolio 635,879,451 -- (65,540,168) ( 65,540,168)
The International Fixed Income Portfolio 87,998,113 189,426 (9,789,753) (9,600,327)
======================================================================================================================
</TABLE>
For federal income tax purposes, the Fund had accumulated capital losses at
April 30, 2000 for each Portfolio as follows:
<TABLE>
<CAPTION>
Year of Year of
Expiration Expiration
2006 2007 Total
--------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
The Equity Income Portfolio $ -- $ 843,355 $ 843,355
The Core Equity Portfolio 5,571 20,363 25,934
The Select Equity Portfolio -- 110,525 110,525
The Real Estate Investment Trust Portfolio II 205,482 454,027 659,509
The Intermediate Fixed Income Portfolio -- 88,867 88,867
The Aggregate Fixed Income Portfolio -- 172,214 172,214
The High Yield Bond Portfolio -- 2,067,829 2,067,829
The Diversified Core Fixed Income Portfolio -- 71,672 71,672
The Balanced Portfolio -- 11,463,551 11,463,551
The Emerging Markets Portfolio 1,460,816 1,018,350 2,479,166
The Global Fixed Income Portfolio -- 4,384,786 4,384,786
The International Fixed Income Portfolio -- 836,557 836,557
==================================================================================================
</TABLE>
112 Delaware Pooled Trust o 2000 Semiannual Report
<PAGE>
4. Capital Shares
Transactions in capital 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
Periods ended April 30, 2000*: sold investments repurchased (decrease)
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
The Large-Cap Value Equity Portfolio 734,606 844,966 (3,545,523) (1,965,951)
The Equity Income Portfolio 1,107,867 263,830 (5,168,836) (3,797,139)
The Core Equity Portfolio -- 2,367 (50,253) (47,886)
The Select Equity Portfolio -- -- (312,854) (312,854)
The All-Cap Growth Equity Portfolio 1,154,859 -- -- 1,154,859
The Mid-Cap Growth Equity Portfolio 3,808 63,391 (295,792) (228,593)
The Small-Cap Value Equity Portfolio -- 8,860 -- 8,860
The Small-Cap Growth Equity Portfolio 863,989 45,744 -- 909,733
The Real Estate Investment Trust Portfolio II -- 19,604 (219,306) (199,702)
The Intermediate Fixed Income Portfolio 42,801 32,133 (438,247) (363,313)
The Aggregate Fixed Income Portfolio 13,710 44,991 (66,221) (7,520)
The High-Yield Bond Portfolio -- 73,905 (478,759) (404,854)
The Diversified Core Fixed Income Portfolio -- 27,492 -- 27,492
The Balanced Portfolio 825,158 352,082 (6,963,604) (5,786,364)
The International Large-Cap Equity Portfolio 352,943 396 -- 353,339
The Global Equity Portfolio -- 17,012 -- 17,012
The International Equity Portfolio 6,726,295 925,270 (6,139,449) 1,512,116
The Labor Select International Equity Portfolio 1,162,803 462,227 (1,179,657) 445,373
The International Small-Cap Portfolio -- 5,276 -- 5,276
The Emerging Markets Portfolio 9,250,144 144,001 (518,632) 8,875,513
The Global Fixed Income Portfolio 3,000,085 1,636,481 (2,445,673) 2,190,893
The International Fixed Income Portfolio 2,185,838 439,239 (2,342,905) 282,172
=====================================================================================================================
</TABLE>
2000 Semiannual Report o Delaware Pooled Trust 113
<PAGE>
<TABLE>
<CAPTION>
Shares issued
upon reinvestment
of distributions from
net investment
income and net Net
Shares realized gain on Shares Increase
Periods ended October 31, 1999**: sold investments repurchased (decrease)
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
The Large-Cap Value Equity Portfolio 2,060,910 998,390 (988,742) 2,070,558
The Equity Income Portfolio 19,392,311 -- (1,145,488) 18,246,823
The Core Equity Portfolio 49,966 615 (125) 50,456
The Select Equity Portfolio 548,149 -- -- 548,149
The Mid-Cap Growth Equity Portfolio 73,038 188,392 (121,166) 140,264
The Small-Cap Value Equity Portfolio 235,295 -- -- 235,295
The Small-Cap Growth Equity Portfolio 81,809 834 -- 82,643
The Real Estate Investment Trust Portfolio II -- 22,823 (90,192) (67,369)
The Intermediate Fixed Income Portfolio 41,444 138,576 (1,348,122) (1,168,102)
The Aggregate Fixed Income Portfolio 616,362 17,921 (22,632) 611,651
The High-Yield Bond Portfolio 261,289 247,603 (1,463,703) (954,811)
The Diversified Core Fixed Income Portfolio -- 41,846 -- 41,846
The Balanced Portfolio 29,390,669 -- (2,590,454) 26,800,215
The Global Equity Portfolio -- 12,189 -- 12,189
The International Equity Portfolio 12,404,247 865,759 (4,960,935) 8,309,071
The Labor Select International Equity Portfolio 820,282 192,603 (864,637) 148,248
The International Small-Cap Portfolio 352,942 -- -- 352,942
The Emerging Markets Portfolio -- 136,784 (82,742) 54,042
The Global Fixed Income Portfolio 4,473,109 2,709,548 (6,523,752) 658,905
The International Fixed Income Portfolio 1,397,912 433,707 (1,004,754) 826,865
=======================================================================================================================
</TABLE>
* The All-Cap Growth Equity Portfolio commenced operations on 3/31/00 and The
International Large-Cap Equity Portfolio commenced operations on 12/14/99.
** The Small-Cap Value Equity Portfolio commenced operations on 3/29/99, The
Select Equity Portfolio commenced operations on 6/29/99, The Equity Income
Portfolio and The Balanced Portfolio commenced operations on 6/30/99 and The
International Small-Cap Portfolio commenced operations on 7/20/99.
5. Lines of Credit
The Fund, along with certain other funds in the Delaware Investments Family of
Funds (the "Participants"), participate in a $683,500,000 revolving line of
credit facility to be used for temporary or emergency purposes as an additional
source of liquidity to fund redemptions of investor shares. The Participants are
charged an annual commitment fee, which is allocated across the Participants on
the basis of each Fund's allocation of the entire facility. The Participants may
borrow up to a maximum of one third of their net assets under the agreement. No
amounts were outstanding at April 30, 2000, or at any time during the period.
6. Foreign Exchange Contracts
The International Large-Cap Equity, The Global Equity, The International Equity,
The Labor Select International Equity, The International Small-Cap, 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 in
denominated 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.
114 Delaware Pooled Trust o 2000 Semiannual Report
<PAGE>
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.
The following forward foreign currency contracts were outstanding at April 30,
2000:
The International Equity Portfolio
<TABLE>
<CAPTION>
In Value of Unrealized
Exchange contract at Settlement Appreciation
For 4/30/00 Date (Depreciation)
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Contracts to Receive
256,297,098 Japanese Yen $2,377,524 $2,374,687 5/2/00 (2,837)
============================================================================================
Contracts to Deliver
256,297,098 Japanese Yen 2,400,910 2,374,687 5/2/00 26,223
============================================================================================
</TABLE>
7. Options Written
During the period ended April 30, 2000, the Diversified Core Fixed Income
Portfolio entered into options contracts in accordance with its investment
objectives. When the Portfolio writes an option, a premium is received and a
liability is recorded and adjusted on a daily basis to reflect the current
market value of the option written. Premiums received from writing options that
expire unexercised are treated by the Portfolio on the expiration date as
realized gains from investments. The difference between the premium and the
amount paid on effecting a closing purchase transaction, including brokerage
commissions, is also treated as a realized gain or loss. If a call option is
exercised, the premium is added to the proceeds from the sale of the underlying
security in determining whether the Portfolio has realized a gain or loss. If a
put option is exercised, the premium reduces the cost basis of the securities
purchased by the Portfolio. The Portfolio as writer of an option bears the
market risk of an unfavorable change in the price of the security underlying the
written option.
Transactions in options written during the period ended April 30, 2000 for the
Diversified Core Fixed Income Portfolio, were as follows:
Number Premiums
of Contracts Received
--------------------------------------------------------------------------------
Options outstanding at October 31, 1999 25 $39,968
Options written 175 115,357
Options terminated in closing purchase transaction (125) (109,639)
-----------------------
Options written outstanding at April 30, 2000 75 45,686
================================================================================
At April 30, 2000, The Diversified Core Fixed Income Portfolio had the following
options written outstanding:
<TABLE>
<CAPTION>
Number of Exercise Expiration Net
Description Contracts Price Date Appreciation
------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
20 Year Treasury Bond Put Option 75 $98 May 2000 $22,249
==========================================================================================
</TABLE>
2000 Semiannual Report o Delaware Pooled Trust 115
<PAGE>
8. Swap Agreements
During the period ended April 30, 2000, The Balanced Portfolio entered into
total return swap agreements in accordance with its investment objectives. A
swap is an agreement to exchange the return generated by one instrument for the
return generated by another instrument. Total return swaps involve commitments
to pay interest in exchange for a market linked return based on a notional
amount. To the extent the total return of the security, instrument or basket of
instruments underlying the transaction exceeds the offsetting interest
obligation, the Portfolio will receive a payment from the counterparty. To the
extent the total return of the security, instrument or basket of instruments
underlying the transaction falls short of the offsetting interest obligation,
the Portfolio will make a payment to the counterparty. Total return swaps are
marked-to-market daily based upon the fair valuation methodology established by
the Fund's Board of Trustees. The change, if any, is recorded as unrealized
appreciation or depreciation in the Statement of Operations. Realized gains or
losses on maturity or termination of swap agreements are presented in the
Statement of Operations.
At April 30, 2000, The Balanced Portfolio had the following total return swap
agreements outstanding:
<TABLE>
<CAPTION>
Notional Expiration Net Unrealized
Amount Date Description Depreciation
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
$2,000,000 10/1/2000 Agreement with Goldman Sachs, dated $(29,601)
4/15/00, (1) to receive (pay) the notional
amount multiplied by the return on
the Lehman Brothers Corporate Bond
Index and (2) to pay the notional amount
multiplied by an interpolated rate between
the 1 week and 1 month LIBOR rate reduced
by 30 basis points until 4/30/00 and to pay
the notional amount multiplied by the 5
month LIBOR rate reduced by 30 basis
points from 5/1/00 until expiration. All
payments are made at expiration of the
agreement.
</TABLE>
Risks may arise from these agreements due to the potential inability of the
counterparties to meet the terms of the agreements. Risks may also arise from
potential losses due to adverse market movements.
9. Credit and Market Risk
Some countries in which The International Large-Cap Equity, The Global Equity,
The International Equity, The Labor Select International Equity, The
International Small-Cap, 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 by the
Portfolios.
116 Delaware Pooled Trust o 2000 Semiannual Report
<PAGE>
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.
The Intermediate Fixed Income, The Aggregate Fixed Income, The Diversified Core
Fixed Income and The Balanced 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.
The Large-Cap Value Equity, The Mid-Cap Growth Equity, The International Equity,
The Intermediate Fixed Income and The Global Fixed Income Portfolios may invest
no more than 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 Equity Income, The
Core Equity, The Select Equity, The All-Cap Growth Equity, The Small-Cap Value
Equity, The Small-Cap Growth Equity, The Real Estate Investment Trust II, The
Aggregate Fixed Income, The High-Yield Bond, The Diversified Core Fixed Income,
The International Large-Cap Equity, The Global Equity, The Labor Select
International Equity, The International Small-Cap, The Emerging Markets, and The
International Fixed Income 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.
10. 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 Portfolio, 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, 2000 were as follows:
<TABLE>
<CAPTION>
Market value Income earned
of securities Market value for the period
on loan of collateral ended 4/30/00*
-------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
The International Equity Portfolio $173,512,870 $179,400,010 $163,822
The Labor Select International Equity Portfolio 14,561,367 15,336,146 12,662
The Global Fixed Income Portfolio 76,217,718 83,306,500 620,507
=======================================================================================================
</TABLE>
* Included in interest income on the Statements of Operations.
2000 Semiannual Report o Delaware Pooled Trust 117
<PAGE>
Fund Officers and Portfolio Managers
<TABLE>
<S> <C>
Charles E. Haldeman, Jr. Clive A. Gillmore
President and Chief Executive Officer Director and Senior Portfolio Manager
Delaware Management Holdings, Inc. Delaware International Advisers Ltd.
Wayne A. Stork Paul C. Grillo, Jr
Chairman Vice President and Portfolio Manager
Delaware Investments Family of Funds
Gavin A. Hall
David K. Downes Senior Portfolio Manager
President and Chief Executive Officer Delaware International Advisers Ltd.
Delaware Investments Family of Funds
John Jares
David A. Tilles Vice President and Senior Portfolio Manager
Managing Director and Chief Investment Officer
Delaware International Advisers Ltd. John Kirk
Director and Senior Portfolio Manager
Robert Akester Delaware International Advisers Ltd.
Senior Portfolio Manager
Delaware International Advisers Ltd. Paul A. Matlack
Vice President and Senior Portfolio Manager
Damon J. Andres
Vice President and Portfolio Manager Nigel G. May
Director and Senior Portfolio Manager
Robert L. Arnold Delaware International Advisers Ltd.
Vice President and Senior Portfolio Manager
Francis X. Morris
Fiona Barwick Vice President and Senior Portfolio Manager
Senior Portfolio Manager
Delaware International Advisers Ltd. Christopher A. Moth
Director and Senior Portfolio Manager
Joanna Bates Delaware International Advisers Ltd.
Senior Portfolio Manager
Delaware International Advisers Ltd. Gerald T. Nichols
Vice President and Senior Portfolio Manager
Christopher S. Beck
Vice President and Senior Portfolio Manager Thomas J. Trotman
Vice President and Portfolio Manager
Stephen R. Cianci
Vice President and Portfolio Manager Custodian
The Chase Manhattan Bank
Timothy G. Connors 4 Metrotech Center
Vice President and Senior Portfolio Manager Brooklyn, NY 11245
George E. Deming Independent Auditors
Vice President and Senior Portfolio Manager Ernst & Young LLP
Two Commerce Square
Elizabeth A. Desmond Philadelphia, PA 19103
Director and Senior Portfolio Manager
Delaware International Advisers Ltd. Investment Advisers
Delaware Management Company
J. Paul Dokas One Commerce Square
Vice President and Senior Portfolio Manager Philadelphia, PA 19103
Roger A. Early Delaware International Advisers Ltd.
Vice President and Senior Portfolio Manager Third Floor
80 Cheapside
John B. Fields London, England EC2V6EE
Senior Vice President and Senior Portfolio Manager
Gerald S. Frey
Senior Vice President and Senior Portfolio Manager
</TABLE>
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 prospectus, which contains detailed information. All
Delaware Pooled Trust Portfolios are offered by prospectus only.
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One Commerce Square
Philadelphia, Pennsylvania 19103
Telephone 1-800-231-8002
Fax (215) 255-1162
