<PAGE>
FEBRUARY 24, 2000
DELAWARE POOLED TRUST
THE BALANCED PORTFOLIO
SUPPLEMENT TO THE PROSPECTUS
The Prospectus is hereby amended and supplemented to reflect the following
changes to the investment strategy and portfolio management of The Balanced
Portfolio of Delaware Pooled Trust.
Delete the second sentence under "What are the Portfolio's main
investment strategies?" in the section entitled "Profile: The Balanced
Portfolio" on page 1 of the Prospectus.
The following is inserted as the second paragraph under "What are the
Portfolio's main investment strategies?" in the section entitled "Profile: The
Balanced Portfolio" on page 1 of the Prospectus:
"We seek capital appreciation by investing primarily in common stocks of
companies we believe have:
o Reasonably priced equity securities with strong, consistent and
predictable earnings growth rates.
o Strong, capable management teams and competitive products or
services.
o An attractive debt to capitalization ratio or strong cash flow."
The following replaces the description of "Convertible Securities"
under the section entitled "Additional Investment Information" on page 3 of the
Prospectus:
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
Securities How we use them
- ------------------------------------------------------- ---------------------------------------------------------------------
<S> <C>
Convertible Securities: Usually preferred The Portfolio may invest a portion of its assets in convertible
stocks or corporate bonds that can be securities in any industry. The Portfolio may invest up to 10%
exchanged for a set number of shares of in convertible securities that are rated below investment grade
common stock at a predetermined price. or, if unrated, considered to be of equivalent quality.
These securities offer higher appreciation
potential than nonconvertible bonds and
greater income potential than nonconvertible
preferred stocks.
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
The following supplements the section entitled "Risk Factors" on page 5
of the Prospectus:
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
Risks How we strive to manage them
- ------------------------------------------------------- ---------------------------------------------------------------------
<S> <C>
Portfolio Turnover rates reflect the amount of The change in the equity investment strategy for the Portfolio as set
securities that are replaced from the beginning forth in this supplement to the Prospectus is effective as of the date
of the year to the end of the year by the of this supplement. We expect that the new strategy will begin to be
Portfolio. The higher the amount of portfolio fully implemented during April 2000. The implementation of this change
activity, the higher the brokerage costs and in strategy may result in an annual portfolio turnover rate for the
other transaction costs of the Portfolio are likely Portfolio that is greater than 100%.
to be. The amount of portfolio activity will also
affect the amount of taxes payable by the
Portfolio's shareholders that are subject to
federal income tax, as well as the character
(ordinary income vs. capital gains) of such tax
obligations.
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Frank X. Morris no longer serves as Portfolio Manager to The Balanced
Portfolio. Delete the biography of "Frank X. Morris" under the section entitled
"Management of the Fund" on page 7 of the Prospectus.
The following paragraph supplements the description of "Portfolio
Managers" under the section entitled "Management of the Fund" on page 7 of the
Prospectus:
"John Jares
Vice President/Senior Portfolio Manager - The Balanced Portfolio
Mr. Jares holds a BS degree in finance and an MBA from the University of
Colorado. He will join Delaware Investments in March 2000. Mr. Jares comes to
Delaware from Berger Funds, where he served as a portfolio manager and
securities analyst specializing in the consumer and technology sectors. Prior to
joining Berger, Mr. Jares was a senior equity analyst at Founders Asset
Management, with responsibility for large capitalization companies. He began his
career at Lipper Analytical Services, Inc. in 1992. Mr. Jares is a CFA
Charterholder."
<PAGE>
FEBRUARY 24, 2000
DELAWARE POOLED TRUST
THE BALANCED PORTFOLIO
SUPPLEMENT TO THE PROSPECTUS
The Prospectus is hereby amended and supplemented to reflect the following
changes to the investment strategy and portfolio management of The Balanced
Portfolio of Delaware Pooled Trust.
Delete the second sentence under "What are the Portfolio's main
investment strategies?" in the section entitled "Profile: The Balanced
Portfolio" on page 5 of the Prospectus.
The following is inserted as the second paragraph under "What are the
Portfolio's main investment strategies?" in the section entitled "Profile: The
Balanced Portfolio" on page 5 of the Prospectus:
"We seek capital appreciation by investing primarily in common stocks of
companies we believe have:
o Reasonably priced equity securities with strong, consistent and
predictable earnings growth rates.
o Strong, capable management teams and competitive products or
services.
o An attractive debt to capitalization ratio or strong cash flow."
The following replaces the description of "Convertible Securities"
under the section entitled "Additional Investment Information" on page 60 of the
Prospectus:
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
Securities How we use them
- ------------------------------------------------------- ---------------------------------------------------------------------
<S> <C>
Convertible Securities: Usually preferred The Balanced, The Equity Income, The Select Equity, The Mid-Cap Value
stocks or corporate bonds that can be Equity, The Small-Cap Value Equity, The Small-Cap Growth Equity, The
exchanged for a set number of shares of Core Equity, The All-Cap Growth Equity, The High-Yield Bond, The
common stock at a predetermined price. These International Small-Cap, The International Equity, The International
securities offer higher appreciation Large-Cap Equity and The Asset Allocation Portfolios may invest a
potential than nonconvertible bonds and portion of their assets in convertible securities in any industry,
greater income potential than nonconvertible and The Real Estate Investment Trust Portfolios' assets may be
preferred stocks. invested in convertible securities of issuers in the real estate
industry. Convertible securities acquired by The Mid-Cap Value
Equity, The Small-Cap Value Equity, The Real Estate Investment Trust,
The High-Yield Bond, The International Small-Cap and The Asset
Allocation Portfolios may be rated below investment grade or
unrated. In the case of The Core Equity and The Balanced Portfolios,
investments in securities rated below investment grade or, if
unrated, considered to be of equivalent quality, will be limited to
no more than 5% and 10% of net assets, respectively. The Mid-Cap
Value Equity, The Real Estate Investment Trust, The High-Yield Bond,
The Emerging Markets, The International Small-Cap and The Asset
Allocation Portfolios may invest in convertible preferred stocks that
offer various yield, dividend or other enhancements. Such enhanced
convertible preferred securities include instruments like PERCS
(Preferred Equity Redemption Cumulation Stock), PRIDES (Preferred
Redeemable Increased Dividend Equity Securities) and DECS (Dividend
Enhanced Convertible Securities).
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
The following supplements the description of "Portfolio Turnover"
under the section entitled "Risk Factors" on page 67 of the Prospectus:
"The change in the equity investment strategy for The Balanced Portfolio as set
forth in this supplement to the Prospectus is effective as of the date of this
supplement. We expect that the new strategy will begin to be fully implemented
during April 2000. The implementation of this change in strategy may result in
an annual portfolio turnover rate for The Balanced Portfolio that is greater
than 100%."
Frank X. Morris no longer serves as Portfolio Manager to The Balanced
Portfolio. All references to The Balanced Portfolio are deleted from the
biography of "Frank X. Morris" under the section entitled "Management of the
Fund" on page 72 of the Prospectus.
The following paragraph supplements the description of "Fund Officers
and Portfolio Managers" under the section entitled "Management of the Fund" on
page 69 of the Prospectus:
"John Jares
Vice President/Senior Portfolio Manager - The Balanced Portfolio
Mr. Jares holds a BS degree in finance and an MBA from the University of
Colorado. He will join Delaware Investments in March 2000. Mr. Jares comes to
Delaware from Berger Funds, where he served as a portfolio manager and
securities analyst specializing in the consumer and technology sectors. Prior to
joining Berger, Mr. Jares was a senior equity analyst at Founders Asset
Management, with responsibility for large capitalization companies. He began his
career at Lipper Analytical Services, Inc. in 1992. Mr. Jares is a CFA
Charterholder."
