SUPPLEMENT TO PROSPECTUS DATED OCTOBER 14, 1997
_________________________________________________________________
DELAWARE POOLED TRUST, INC. December 5, 1997
The following supplements the information in the section of
the Prospectus entitled Performance Information.
COMPARATIVE PERFORMANCE
_________________________________________________________________
The Emerging Markets Portfolio of Delaware Pooled Trust,
Inc. ("The Emerging Markets Portfolio of DPT") commenced
operations on April 14, 1997. Delaware International Advisers
Ltd. ("Delaware International"), the investment adviser to The
Emerging Markets Portfolio of DPT, also serves as investment
manager to Delaware Group's Emerging Markets Fund (the "G&I
Emerging Markets Fund"), which is an investment series of
Delaware Group Global & International Funds, Inc. Shares of the
G&I Emerging Markets Fund were initially offered to the public on
June 10, 1996. Except as set forth below, The Emerging Markets
Portfolio of DPT and the G&I Emerging Markets Fund are managed
with substantially similar investment objectives, policies and
strategies.
For the period from the commencement of its operations on
April 14, 1997 through October 31, 1997, The Emerging Markets
Portfolio of DPT has achieved the performance set forth below.
The Institutional Class of the G&I Emerging Markets Fund has
achieved the performance set forth below for the period from
April 14, 1997 through October 31, 1997, the one-year period
ended October 31, 1997, and the period from the commencement of
operations through October 31, 1997. Performance information for
the Morgan Stanley Capital International Emerging Markets Free
Index, an unmanaged index, has also been provided below.
The performance of the G&I Emerging Markets Fund is being
presented to provide investors with additional information on
which to base their investment decision. Emerging markets
investment performance can be volatile and should be evaluated
over a multi-year period. The performance of the G&I Emerging
Markets Fund is not the performance of The Emerging Markets
Portfolio of DPT and should not be considered as a substitute for
the performance of The Emerging Markets Portfolio of DPT. The
performance of the G&I Emerging Markets Fund should not be
considered indicative of the past or future performance of The
Emerging Markets Portfolio of DPT.
The charts on the following pages contain certain additional
performance information. For a description of the differences
between The Emerging Markets Portfolio of DPT and the G&I
Emerging Markets Fund, see Differences Between Funds, below.
The Emerging G &I MSCI
Markets Emerging Emerging
Portfolio Markets Markets
of DPT(1)(2) Fund(1)(3) Free Index(4)
4/14/97-10/31/97 4/14/97-10/31/97 4/30/97 -10/31/97
(8.00%) (5.57%) (17.54%)
Lifetime 5.66% One Year (8.48%)
One Year 9.07% 6/30/96-10/31/97
(10.81%)
1 Return and share value fluctuate so that shares, when
redeemed, may be worth more or less than their original
cost. Past performance is not a guarantee of future
results.
2 The performance presented is the aggregate total return for
The Emerging Markets Portfolio of DPT for the period from
the commencement of operations on April 14, 1997 through
October 31, 1997. During the period presented, Delaware
International voluntarily waived its investment management
fee and/or paid fund expenses to the extent necessary to
limit total fund operating expenses to no more than 1.55%.
3 The performance presented is the aggregate total return for
the period from April 14, 1997 through October 31, 1997, and
average annual total return for the one-year and lifetime
periods, for the G & I Emerging Markets Fund Institutional
Class, which is available only to certain eligible
investors. The G & I Emerging Markets Fund also offers an
A Class, B Class and C Class. The performance of the
A Class, B Class, and C Class varies from the performance of
the Institutional Class due to varying expense structures.
During the periods presented, Delaware International
voluntarily waived its management fee and/or paid fund
expenses to the extent necessary to limit total fund
operating expenses to no more than 1.70%.
4 The performance presented is for the Morgan Stanley
Capital International Emerging Markets Free Index, an
unmanaged index of emerging market stocks. Performance
of the index has not been adjusted to reflect fees or
expenses. One year performance is for the one-year period
ended October 31, 1997. Performance for the period from
4/30/97 through 10/31/97 is the aggregate total return.
MONTHLY RESULTS
G&I EMERGING MARKETS FUND JUNE 30, 1997 - OCTOBER 31, 1997
MONTHLY RETURN
G&I
The Emerging
Emerging G&I Markets MSCI
Markets Emerging Fund EMF
Portfolio Markets Relative Index
of DPT Fund Return* Return
7/96 (4.18%) 2.8% (6.53%)
8/96 4.36% 1.8% 2.56%
9/96 0.30% (0.6%) 0.87%
10/96 (1.79%) 0.9% (2.67%)
11/96 0.91% (0.8%) 1.68%
12/96 1.62% 1.2% 0.45%
1/97 9.55% 2.6% 6.82%
2/97 4.27% 0.0% 4.28%
3/07 (2.00%) 0.6% (2.63%)
4/97 2.84% 2.7% 0.18%
5/97 4.55% 4.06% 1.2% 2.86%
6/97 5.87% 6.15% 0.8% 5.35%
7/97 0.36% 1.17% (0.3%) 1.49%
8/97 (8.37%) (7.50%) 6.0% (12.72%)
9/97 4.86% 4.43% 1.6% 2.77%
10/97 (14.74%) (14.41%) 2.4% (16.41%)
7/96 8/96 9/96 10/96 11/96 12/96
DPT Portfolio
G&I Fund (4.18) 4.36 0.30 (1.79) 0.91 1.62
Index (6.53) 2.56 0.87 (2.67) 1.68 0.45
Relative 2.80 1.80 (0.60) 0.90 (0.80) 1.20
1/97 2/97 3/97 4/97 5/97 6/97
DPT Portfolio 4.55% 5.87%
G&I Fund 9.55 4.27 (2.00) 2.84 4.06 6.15
Index 6.82 4.28 (2.63) 0.18 2.86 5.35
Relative 2.60 0.00 0.60 2.70 1.20 0.80
7/97 8/97 9/97 10/97
DPT Portfolio 0.36 (8.37) 4.86 (14.74)
G&I Fund 1.17 (7.50) 4.43 (14.41)
Index 1.49 (12.72) 2.77 (16.41)
Relative (0.30) 6.00 1.60 2.40
*Fund relative return is the geometric difference between the
monthly performance of the Delaware Group Global and
International Funds, Inc. Emerging Markets Fund (the G&I Emerging
Markets Fund") Institutional Class, net of management fees and
expenses, and the Morgan Stanley Capital International Emerging
Markets Free Index, an unmanaged index of emerging markets
stocks. For example (1.000 - 0.0418) / (1.000 - 0.0653) = (1.000
+ 0.0280). Performance of the Index has not been adjusted to
reflect management fees or other expenses. Past performance may
not be indicative of future results.
DEFENSIVE CHARACTERISTICS(1)
JUNE 30, 1997 - OCTOBER 31, 1997
G&I
EMERGING MSCI US CONSUMER
MARKETS EMF PRICE
FUND(2) INDEX(3) INDEX(5)
BULL MARKET PERFORMANCE
(UNANNUALIZED)
11 MONTHS
G&I
EMERGING MSCI
MARKETS EMF
FUND INDEX
47.2% 33.3%
BEAR MARKET PERFORMANCE
(UNANNUALIZED)
5 MONTHS
G&I
EMERGING MSCI
MARKETS EMF
FUND INDEX
(27.0%) (35.6%)
TOTAL PERFORMANCE
(ANNUALIZED)(4)
16 MONTHS
G&I
EMERGING MSCI US CONSUMER
MARKETS EMF PRICE
FUND INDEX INDEX
5.5% (10.8%) 3.4%
1. A Bull Market month is defined as one in which the MSCI EMF
Index showed a positive US dollar return, and a Bear Market
month as one in which the MSCI EMF Index showed a
negative US dollar return. Bull Market months were August,
September, November and December, 1996 and January,
February, April, May, June, July and September, 1997. Bear
Market months were July and October, 1996 and March, August
and October, 1997. Past performance may not be indicative
of future results.
2. Performance of Delaware Group Global & International Funds,
Inc. Emerging Markets Fund (the "G&I Emerging Markets Fund)
Institutional Class, net of management fees and expenses.
3. Morgan Stanley Capital International Emerging Markets Free
Index is an unmanaged index of emerging markets stocks. The
performance of the Index has not been adjusted to reflect
management fees or other expenses.
4. Total performance is calculated as the compound product of
the Bull Market period and the Bear Market period. For
example, the G&I Emerging Markets Fund performance is
calculated as follows: (1.000 + 0.472) x (1.000 - 0.270) =
(1.000 + 0.074) or 5.5% annualized.
5. Source: United States Department of Labor.
GROWTH OF $10,000 INVESTMENT
DISTRIBUTIONS REINVESTED JUNE 10, 1996 - OCTOBER 31, 1997
LIPPER
G&I EMERGING
EMERGING MARKETS MSCI
MARKETS FUND EMF
FUND(1) AVERAGE(2) INDEX(3)
6/10/96 10,000 10,000 10,000
7/96 9,582 9,408 9,317
8/96 10,000 9,663 9,556
9/96 10,030 9,726 9,639
10/96 9,850 9,476 9,381
11/96 9,940 9,685 9,539
12/96 10,101 9,853 9,582
1/97 11,066 10,643 10,235
2/97 11,538 11,036 10,673
3/97 11,307 10,803 10,393
4/97 11,628 10,867 10,411
5/97 12,101 11,305 10,709
6/97 12,845 11,926 11,282
7/97 12,995 12,282 11,450
8/97 12,020 11,171 9,994
9/97 12,553 11,619 10,271
10/97 10,744 9,849 8,585
Charts assumes $10,000 invested on June 10, 1996 and includes the
effect of the reinvestment of all dividends and capital gains.
1. Performance of Delaware Group Global & International Funds,
Inc. Emerging Markets Fund (the "G&I Emerging Markets Fund)
Institutional Class, net of management fees and expenses.
Past performance may not be indicative of future results.
2. Performance of the Lipper Emerging Markets Equity Fund
Universe consisting of 112 funds during the measurement
period. Multiple share classes are combined and regional or
country funds are excluded.
3. Morgan Stanley Capital International Emerging Markets Free
Index, an unmanaged index of emerging markets stocks. The
performance of the Index has not been adjusted to reflect
management fees or other expenses.
DIFFERENCES BETWEEN FUNDS
_________________________________________________________________
The investment objective of The Emerging Markets Portfolio
of DPT is identical to the investment objective of the G&I
Emerging Markets Fund and the two funds invest in substantially
similar securities. Investment strategies for the two funds will
be substantially similar; however, because of the nature of
investors in The Emerging Markets Portfolio of DPT, cash flows
can be expected to be substantial and irregular, while cash flows
in the G&I Emerging Markets Fund tend to be more regular and in
smaller amounts. The differences in cash flows may affect the
timing of investment decisions, the relative speed with which
such decisions may be implemented, the investments held by each
Fund from time to time, and, consequently, performance. In
addition, investments may be made for each fund during varying
market conditions.
Shares of each of The Emerging Markets Portfolio of DPT and
the G&I Emerging Markets Fund Institutional Class may be
purchased and sold without the imposition of a sales charge;
however, investors in The Emerging Markets Portfolio of DPT are
subject to a purchase reimbursement fee and a redemption
reimbursement fee equal in each case to 0.75% (as a percentage of
the dollar amount purchased or redeemed). The reimbursement
fees, which are paid directly to The Emerging Markets Portfolio
of DPT, are designed to reflect an approximation of the brokerage
and related transaction costs associated with the investment of
an investor's purchase amount or the disposition of assets to
meet redemptions, and to limit the extent to which The Emerging
Markets Portfolio of DPT and its existing shareholders would have
to bear such costs. The G&I Emerging Markets Fund does not
assess reimbursement fees; therefore, all transaction costs
associated with purchases and redemptions are borne by the G&I
Emerging Markets Fund.
After giving effect to voluntary expense limitations
described in each fund's prospectus, the total operating expenses
of The Emerging Markets Portfolio of DPT during the current
fiscal year are not expected to exceed 1.55% of the average net
assets of the Portfolio, compared to 1.70% for the Institutional
Class of the G&I Emerging Markets Fund. A component of the total
operating expenses is the investment management fee payable to
Delaware International, which is currently subject to a limit of
1.00% for The Emerging Markets Portfolio of DPT compared to a
maximum fee of 1.25% for the G&I Emerging Markets Fund.
