<PAGE>
SUPPLEMENT TO THE CURRENT PROSPECTUS
- --------------------------------------------------------------------------------
DELAWARE POOLED TRUST May 4, 2000
The following supplements the information in the Prospectus regarding The
Emerging Markets Portfolio.
COMPARATIVE PERFORMANCE
- --------------------------------------------------------------------------------
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 March 31, 2000, and for
the period from the commencement of its operations on April 14, 1997 through
March 31, 2000. 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 March 31, 2000, for the period from April 14,
1997 through March 31, 2000, and for the period from the commencement of its
operations on June 10, 1996 through March 31, 2000. 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>
One Year ...................... 50.71% One Year ...................... 46.38% One Year ...................... 51.61%
Two Year ...................... (1.72%) Two Year ...................... (4.35%) Two Year ...................... 9.48%
Lifetime ...................... (2.44%) 4/14/97-3/31/00................ (3.94%) 4/30/97-3/31/00 ............... 1.21%
Three Year .................... (3.92%) Three Year .................... 1.23%
Lifetime ...................... 0.26% 6/30/96-3/31/00 ............... 2.03%
</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 March 31, 2000, and for the lifetime period
from the commencement of operations on April 14, 1997 through March 31, 2000 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 March 31, 2000, for the
period from April 14, 1997 through March 31, 2000, and for the lifetime period
from the commencement of operations on June 10, 1996 through March 31, 2000 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 March 31, 2000, for the
period from April 30, 1997 through March 31, 2000, and for the period from June
30, 1996 through March 31, 2000 for the Morgan Stanley Capital International
Emerging Markets Free Index, an unmanaged index of emerging markets stocks.
Performance of the index has not been adjusted to reflect fees or expenses.
1
<PAGE>
SUPPLEMENT TO THE CURRENT PROSPECTUS
- --------------------------------------------------------------------------------
DELAWARE POOLED TRUST May 4, 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.
2
<PAGE>
GROWTH OF $10,000 INVESTMENT
- --------------------------------------------------------------------------------
DISTRIBUTIONS REINVESTED JUNE 10, 1996 - MARCH 31, 2000
Lipper MSCI
G&I Emerging Emerging Markets Emerging Markets
Markets Fund(1) Fund Average(2) Free Index(3)
6/96 10,000 10,000 10,000
7/96 9,582 9,418 9,317
8/96 10,000 9,681 9,556
9/96 10,030 9,750 9,639
10/96 9,850 9,496 9,381
11/96 9,940 9,708 9,539
12/96 10,101 9,877 9,582
1/97 11,066 10,620 10,235
2/97 11,538 10,991 10,673
3/97 11,327 10,738 10,393
4/97 11,628 10,770 10,411
5/97 12,100 11,207 10,709
6/97 12,844 11,783 11,282
7/97 12,995 12,111 11,450
8/97 12,020 10,918 9,994
9/97 12,553 11,350 10,271
10/97 10,744 9,561 8,585
11/97 10,301 9,206 8,272
12/97 10,259 9,309 8,471
1/98 9,462 8,629 7,807
2/98 10,775 9,413 8,622
3/98 10,980 9,772 8,996
4/98 10,991 9,836 8,898
5/98 9,548 8,581 7,679
6/98 8,127 7,800 6,873
7/98 8,277 8,060 7,091
8/98 5,834 5,798 5,041
9/98 6,178 6,011 5,361
10/98 6,544 6,542 5,925
11/98 7,050 6,953 6,418
12/98 6,545 6,893 6,325
1/99 5,966 6,862 6,223
2/99 6,163 7,112 6,284
3/99 6,862 7,448 6,723
4/99 7,856 8,457 7,992
5/99 7,801 8,374 7,945
6/99 8,610 9,375 8,847
7/99 8,391 9,176 8,607
8/99 8,260 9,107 8,685
9/99 8,195 8,800 8,391
10/99 8,260 9,162 8,570
11/99 8,829 10,212 9,338
12/99 10,155 12,010 10,526
1/00 10,100 11,099 10,590
2/00 10,444 11,561 10,730
3/00 10,044 11,581 10,782
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.
3
<PAGE>
QUARTERLY RESULTS
- --------------------------------------------------------------------------------
JUNE 30, 1996 - MARCH 31, 2000
The Emerging MSCI Emerging G&I Emerging
Markets Portfolio G&I Emerging Markets Free Markets Fund
of DPT Markets Fund Index Relative Return*
Q396 0.3% -3.6% 4.0%
Q496 0.7% -0.6% 1.3%
Q197 12.1% 8.5% 3.3%
Q297 11.9% 13.4% 8.6% 4.4%
Q397 -3.6% -2.3% -9.0% 7.4%
Q497 -16.7% -18.3% -17.5% -1.0%
Q198 7.0% 7.0% 6.2% 0.8%
Q298 -24.3% -26.0% -23.6% -3.1%
Q398 -22.4% -24.0% -22.0% -2.6%
Q498 3.5% 6.0% 18.0% -10.2%
Q199 5.4% 4.8% 12.4% -6.8%
Q299 26.6% 25.5% 24.4% 0.9%
Q399 -4.2% -4.8% -5.2% 0.4%
Q499 26.7% 23.9% 25.4% -1.2%
Q100 -2.0% -1.1% 2.4% -3.4%
*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.
4
<PAGE>
DEFENSIVE CHARACTERISTICS(1)
- --------------------------------------------------------------------------------
JUNE 30, 1996 - MARCH 31, 2000
MSCI Emerging
G&I Emerging Markets Free US Consumer
Markets Fund(2) Index(3) Price Index(4)
Bull Market Performance 132.5 165.2
Bear Market Performance -56.8 -59.3
Total Performance (Annualized)(5) 0.1 2.0 2.4
BULL MARKET BEAR MARKET TOTAL PERFORMANCE
PERFORMANCE PERFORMANCE (ANNUALIZED)(5)
Number of Quarters
- --------------------------------------------------------------------------------
8 7 15
1. A Bull Market quarter is defined as one in which the MSCI Emerging Markets
Free Index showed a positive US dollar return, and a Bear Market quarter as one
in which the MSCI Emerging Markets Free 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 + 1.325) x (1 - 0.568) = 1.0044 or 0.1%
annualized.
5
<PAGE>
COMPARATIVE ANNUALIZED PERFORMANCE
AGAINST COMPETITORS(1)
- --------------------------------------------------------------------------------
JUNE 30, 1996 - MARCH 31, 2000
MSCI
G&I Emerging
Emerging Markets
75th 25th Markets Free
Minimum Percentile Median Percentile Maximum Fund (2) Index (3)
-8.3% 1.8% 2.8% 7.7% 15.5% 0.1% 2.0%
1. Percentile, Maximum, Median and Minimum data are from Lipper Emerging Markets
Equity Fund universe, consisting of 53 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 March 31, 2000
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 March 31, 2000 is 0.26%, for the one-year period ended March 31, 2000 is
46.38%, for the two-year period ended March 31, 2000 is (4.35%) and for the
three-year period ended March 31, 2000 is (3.92%). 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.
6
