<PAGE>
Supplement to the Current Prospectus
- -----------------------------------------------------------------------------
Delaware Pooled Trust January 31, 2000
The following supplements the information in the Prospectus regarding The
Emerging Markets Portfolio.
Comparative Performance
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The Emerging Markets Portfolio of Delaware Pooled Trust ("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
the Delaware Emerging Markets Fund (the "G&I Emerging Markets Fund"), which is
an investment series of Delaware Group Global & International Funds. 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.
The Emerging Markets Portfolio of DPT has achieved the performance set forth
below for the one-year period and two-year period ended December 31, 1999, and
for the period from the commencement of its operations on April 14, 1997 through
December 31, 1999. The Institutional Class of the G&I Emerging Markets Fund has
achieved the performance set forth below for the one-year period, two-year
period and three-year period ended December 31, 1999, for the period from April
14, 1997 through December 31, 1999, and for the period from the commencement of
its operations on June 10, 1996 through December 31, 1999. Performance
information for the Morgan Stanley Capital International Emerging Markets Free
Index, an unmanaged index, has also been provided.
<TABLE>
<CAPTION>
The Emerging Markets G&I Emerging MSCI Emerging
Portfolio of DPT(1),(2) Markets Fund(1),(3) Markets Free Index(1),(4)
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
One Year .......... 62.01% One Year ............... 55.16% One Year ............... 66.41%
Two Year .......... 2.71% Two Year ............... (0.50%) Two Year ............... 11.47%
Lifetime .......... (1.93%) 4/14/97-12/31/99 ....... (3.90%) 4/30/97-12/31/99 ....... 0.41%
Three Year ............. 0.19% Three Year ............. 3.18%
Lifetime ............... 0.58% 6/30/96-12/31/99 ....... 1.47%
</TABLE>
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 average annual total return for the
one-year period and two-year period ended December 31, 1999, and for the
lifetime period from the commencement of operations on April 14, 1997
through December 31, 1999 for The Emerging Markets Portfolio of DPT. 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%. In the
absence of such waivers, performance would have been reduced.
3. The performance presented is the average annual total return for the
one-year period, two-year period and three-year period ended December 31,
1999, for the period from April 14, 1997 through December 31, 1999, and for
the life time period from the commencement of operations on June 10, 1996
through December 31, 1999 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 expenses. 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 1.70%. In the absence of such
waiver, performance would have been reduced.
4. The performance presented is the average annual total return for the
one-year period, two-year period and three-year period ended December 31,
1999, for the period from April 30, 1997 through December 31, 1999, and for
the period from June 30, 1996 through December 31, 1999 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.
<PAGE>
SUPPLEMENT TO THE CURRENT PROSPECTUS
- --------------------------------------------------------------------------------
Delaware Pooled Trust January 31, 2000
The performance of the G&I Emerging Markets Fund has been 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.
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 tend 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 1.00% for The Emerging Markets Portfolio of DPT compared to a maximum
fee of 1.25% for the G&I Emerging Markets Fund.
<PAGE>
Growth of $10,000 Investment
- --------------------------------------------------------------------------------
Distributions Reinvested June 10, 1996 - December 31, 1999
<TABLE>
<CAPTION>
G & I Emerging Lipper Emerging MSCI Emerging
Markets Fund(1) Markets Fund Average(2) Markets Free Index(3)
--------------- ----------------------- ---------------------
<S> <C> <C> <C>
Jun-96 10,000 10,000 10,000
Jul-96 9,582 9,418 9,317
Aug-96 10,000 9,681 9,556
Sep-96 10,030 9,750 9,639
Oct-96 9,850 9,496 9,381
Nov-96 9,940 9,708 9,539
Dec-96 10,101 9,877 9,582
Jan-97 11,066 10,620 10,235
Feb-97 11,538 10,991 10,673
Mar-97 11,327 10,738 10,393
Apr-97 11,628 10,770 10,411
May-97 12,100 11,207 10,709
Jun-97 12,844 11,783 11,282
Jul-97 12,995 12,111 11,450
Aug-97 12,020 10,918 9,994
Sep-97 12,553 11,350 10,271
Oct-97 10,744 9,561 8,585
Nov-97 10,301 9,206 8,272
Dec-97 10,259 9,309 8,471
Jan-98 9,462 8,629 7,807
Feb-98 10,775 9,413 8,622
Mar-98 10,980 9,772 8,996
Apr-98 10,991 9,836 8,898
May-98 9,548 8,581 7,679
Jun-98 8,127 7,800 6,873
Jul-98 8,277 8,060 7,091
Aug-98 5,834 5,798 5,041
Sep-98 6,178 6,011 5,361
Oct-98 6,544 6,542 5,925
Nov-98 7,050 6,953 6,418
Dec-98 6,545 6,893 6,325
Jan-99 5,966 6,862 6,223
Feb-99 6,163 7,112 6,284
Mar-99 6,862 7,448 6,723
Apr-99 7,856 8,457 7,992
May-99 7,801 8,374 7,945
Jun-99 8,610 9,375 8,847
Jul-99 8,391 9,176 8,607
Aug-99 8,260 9,107 8,685
Sep-99 8,195 8,800 8,391
Oct-99 8,260 9,162 8,570
Nov-99 8,829 10,212 9,338
Dec-99 10,155 12,010 10,526
</TABLE>
Chart assumes $10,000 invested on June 10, 1996 and includes the effect of the
reinvestment of all dividends and capital gains.
1. Performance of 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 between 55 and 85 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.
<PAGE>
Quarterly Results
- --------------------------------------------------------------------------------
June 30, 1996 - December 31, 1999
<TABLE>
<CAPTION>
PERCENT
----------------------------------------------------------------------------------------------
The Emerging Markets G&I Emerging MSCI Emerging G&I Emerging Markets
Portfolio of DPT Markets Fund Markets Free Index Fund Relative Return
-------------------- ------------- ------------------ --------------------
<S> <C> <C> <C> <C>
3RD QUARTER 1996 0.3% -3.6% 4.0%
4TH QUARTER 1996 0.7% -0.6% 1.3%
1ST QUARTER 1997 12.1% 8.5% 3.3%
2ND QUARTER 1997 11.9% 13.4% 8.6% 4.4%
3RD QUARTER 1997 -3.6% -2.3% -9.0% 7.4%
4TH QUARTER 1997 -16.7% -18.3% -17.5% -1.0%
1ST QUARTER 1998 7.0% 7.0% 6.2% 0.8%
2ND QUARTER 1998 -24.3% -26.0% -23.6% -3.1%
3RD QUARTER 1998 -22.4% -24.0% -22.0% -2.6%
4TH QUARTER 1998 3.5% 6.0% 18.0% -10.2%
1ST QUARTER 1999 5.4% 4.8% 12.4% -6.8%
2ND QUARTER 1999 26.6% 25.5% 24.4% 0.9%
3RD QUARTER 1999 -4.2% -4.8% -5.2% 0.4%
4TH QUARTER 1999 26.7% 23.9% 25.4% -1.2%
</TABLE>
* G & I Emerging Markets Fund Relative Return is the geometric difference
between the quarterly performance of 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 + 0.003} / {1 - 0.036}) - 1 = 4.0%. Performance of the Index has not
been adjusted to reflect management fees or other expenses. Past performance
may not be indicative of future results.
<PAGE>
Defensive Characteristic(1)
- --------------------------------------------------------------------------------
June 30, 1996 - December 31, 1999
<TABLE>
<CAPTION>
G&I Emerging MSCI Emerging US Consumer
Markets Fund(2) Markets Free Index(3) Price Index(4)
--------------- --------------------- --------------
<S> <C> <C> <C>
Bull Market Performance 135.0% 158.9%
Bear Market Performance -56.8% -59.3%
Total Performance (Annualized)(5) 0.4% 1.5% 2.1%
Bull Market Bear Market Total Performance
Performance Performance (Annualized)(5)
Number of Quarters
- -------------------------------------------------------------------------------------------------------------------
7 7 14
</TABLE>
1. A Bull Market quarter is defined as one in which the MSCI EMF Index showed
a positive US dollar return, and a Bear Market quarter as one in which the
MSCI EMF Index showed a negative US dollar return. Bull Market Performance
and Bear Market Performance have not been annualized. Past performance may
not be indicative of future results.
2. Compound total return of 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 compound total return of
the Index has not been adjusted to reflect management fees or other
expenses.
4. Source: United States Bureau of Labor Statistics. Data is for Consumer
Price Index - All Urban Consumers.
5. 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 + 1.350) x (1 - 0.568) =
1.0152 or 0.4% annualized.
<PAGE>
Comparative Annualized Performance
Against Competitors(1)
- --------------------------------------------------------------------------------
June 30, 1996 - December 31, 1999
Maximum 14.8%
25th Percentile 7.1%
Median 4.2%
MSCI Emerging Markets Free Index(3) 1.5%
75th Percentile 1.4%
G&I Emerging Markets Fund(2) 0.4%
Minimum -9.2%
1. Percentile, Maximum, Median and Minimum data are from Lipper Emerging
Markets Equity Fund universe, consisting of 54 funds during the measurement
period. Multiple share classes are combined and regional or country funds
are excluded.
2. Performance represents the compound total return of the G & I Emerging
Markets Fund Institutional Class for the period June 30, 1996 to December
31, 1999 and is net of management fees and fund expenses. The average
annual total return for the lifetime period from the commencement of
operations on June 10, 1996 through December 31, 1999 is 0.58%, for the
one-year period ended December 31, 1999 is 55.16%, for the two-year period
ended December 31, 1999 is (0.50%) and for the three-year period ended
December 31, 1999 is 0.19%. Past performance may not be indicative of
future results.
3. Morgan Stanley Capital International Emerging Markets Free Index is an
unmanaged index of emerging markets stocks. Performance represents the
compound total return of the Index and has not been adjusted to reflect
management fees or other expenses.
