Delaware Pooled Trust N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-6322
Delaware Pooled Trust
(Exact name of registrant as specified in charter)
2005 Market Street Philadelphia, PA					19103
(Address of principal executive offices)					(Zip code)
David F. Connor, Esq. 2005 Market Street Philadelphia, PA 19103
(Name and address of agent for service)
Registrant’s telephone number, including area code:				(800) 523-1918
Date of fiscal year end:	October 31
Date of reporting period:		April 30, 2007

Item 1.  Reports to Stockholders

	Delaware Pooled Trust
Semiannual Report 2007	June 29, 2007
U.S. Equities	International Equities
The Large-Cap Value Equity Portfolio	The International Equity Portfolio
The All-Cap Growth Equity Portfolio	The Labor Select International Equity Portfolio
The Large-Cap Growth Equity Portfolio	The Emerging Markets Portfolio
The Mid-Cap Growth Equity Portfolio	The Global Real Estate Securities Portfolio
The Small-Cap Growth Equity Portfolio
The Focus Smid-Cap Growth Equity Portfolio	International Fixed income
The Smid-Cap Growth Equity Portfolio	The Global Fixed Income Portfolio
The Real Estate Investment Trust Portfolio II	The International Fixed Income Portfolio
U.S. Fixed Income
The Intermediate Fixed Income Portfolio
The Core Focus Fixed Income Portfolio
The High-Yield Bond Portfolio
The Core Plus Fixed Income Portfolio

Lincoln Financial Group Privacy Notice

Your Privacy Is Important to Us

We want you to know that protecting the privacy of your personal information is one of our top priorities. We value our relationship with you. The very nature of our relationship with you requires us to collect or share certain types of information about you. We want you to know what information we collect, how we protect it and how we may use it. This privacy notice explains how we use and protect potential, current and former customer information. Please read it carefully.

What Personal Information Do We Have?

We collect information, such as name, address, social security number, assets, income or employment status, that we need to provide the products or services you request and to administer your business with us. We may also collect health information as you authorize. The type of information we collect depends on the products or services you request and may include:

•Information we receive from you when you request product information or complete an application, a fact finder form for financial planning, or other form;

•Information we receive from your employer in connection with its sponsoring and administering your retirement plan;

•Information about your transactions and relationships with us and our family of companies;

•Information we receive from consumer-reporting agencies; and

•Information we receive from third parties in order to provide products to you (such as motor vehicle reports and medical information).

How Do We Use Your Personal Information?

We may use your personal information and may provide it to others such as your agent or broker, reinsurance companies and firms providing services to us (such as financial printers and information service vendors):

•To process your requests and transactions;

•To fulfill legal and regulatory requirements;

•To perform services for us or on our behalf or on your behalf; and

•For joint marketing of our products and services.

We do not disclose nonpublic personal information about our potential, current and former customers unless allowed or required by law. We may, as permitted by law, share your financial information with our affiliates and others to market products or services to you. Where required by law, we may need to give you the option to “opt-in” or “opt-out” before we can share your information for the purpose of marketing products and services to you.

We will not disclose any medical or health information we collect about you unless authorized by you to do so or permitted by law. We may share such information without authorization, to the extent permitted by law, with third parties or affiliates assisting us, such as those who assist us in underwriting insurance or investigating a claim for benefits.

Protecting the Confidentiality of Your Personal Information

We only allow access to your personal information to those individuals who need it in order to provide products or services to you or to perform services for us or on our behalf. Individuals who have access to your personal information are required to keep it strictly confidential. We provide training to our employees about the importance of protecting the privacy of your information. We maintain safeguards to protect your personal information.

Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates.

This Privacy Notice is being provided on behalf of the following entities:

Delaware Distributors, L.P.

Delaware Investments^® Family of Funds

Delaware Management Company

Delaware Management Trust Company

Delaware Service Company, Inc.

This page is not part of the semiannual report.

Contents

Portfolio objectives	2
Disclosure of Portfolio expenses	4
Sector allocations, country allocations, top 10 holdings, and credit quality breakdowns	6
Statements of net assets	24
Statements of assets and liabilities	82
Statements of operations	86
Statements of changes in net assets	90
Financial highlights	96
Notes to financial statements	114

Delaware Pooled Trust

Delaware Pooled Trust, based in Philadelphia, is a registered investment company that offers no-load, open-end equity and fixed income mutual funds to institutional and affluent individual investors. Delaware Pooled Trust is part of Delaware Investments, a full-service investment-management organization. As of Sept. 30, 2006, Delaware Investments managed more than $150 billion on behalf of individuals and institutions. The breadth and sophistication of services offered by Delaware Investments typically enable clients to gain the degree of administrative convenience and simplicity they want in investment-management matters.

Delaware Investments provides equity and fixed income portfolio management, as well as balanced portfolios, retirement plans, and related non-discretionary trust services. Delaware Management Company, a series of Philadelphia based Delaware Management Business Trust, serves as investment advisor for the Portfolios. Mondrian Investment Partners Limited serves as investment sub-advisor for International Equity, Labor Select International Equity, Emerging Markets, Global Fixed Income, and International Fixed Income Portfolios.*

Shareholder Services

Delaware Investments provides its Delaware Pooled Trust shareholders with annual and semiannual reports, monthly account reports, in-person reviews of account developments (as appropriate), and other communications.

Shareholders who have questions about their accounts or want to learn the net asset values of the Delaware Pooled Trust Portfolios may call the toll-free telephone number, 800 231-8002, during normal business hours. Or they may write to: Client Services, Delaware Pooled Trust, 2005 Market Street, Philadelphia, PA 19103.

The performance data quoted in this report represent past performance; past performance does not guarantee future results. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Please obtain the performance data for the most recent month end by calling 800 362-7500 or visiting our Web site at www.delawareinvestments.com/institutional/performance. You should consider the investment objectives, risks, charges, and expenses of the investment company carefully before investing. The Delaware Pooled Trust prospectus contains this and other important information about the investment company. Please request a prospectus by calling 800 231-8002. Read it carefully before you invest or send money. Performance includes reinvestment of all distributions. Funds are not FDIC insured and are not guaranteed. It is possible to lose the principal amount invested. Mutual fund advisory services are provided by Delaware Management Company, a series of Delaware Management Business Trust, which is a registered investment advisor.

*Closed to new investors.

©2007 Delaware Distributors, L. P. 2007 Semiannual Report • Delaware Pooled Trust

1

Portfolio objectives

The Large-Cap Value Equity Portfolio seeks long-term capital appreciation. The Portfolio invests primarily in securities of large-capitalization companies that we believe have long-term capital appreciation potential. The Portfolio currently defines large-capitalization stocks as those with market capitalizations of $5 billion or greater at the time of purchase. Typically, we seek to select securities that we believe are undervalued in relation to their intrinsic value as indicated by multiple factors.

The All-Cap Growth Equity Portfolio seeks long-term capital appreciation. The Portfolio primarily invests in common stocks of companies that we believe have long-term capital appreciation potential and are expected to grow faster than the U.S. economy.

The Large-Cap Growth Equity Portfolio seeks capital appreciation. The Portfolio invests primarily in common stocks of growth-oriented companies that we believe have long-term capital appreciation potential and expect to grow faster than the U.S. economy.

The Mid-Cap Growth Equity Portfolio seeks maximum long-term capital growth. Current income is expected to be incidental. The Portfolio invests primarily in the equity securities of medium-sized companies that we believe present, at the time of purchase, significant long-term growth potential.

The Small-Cap Growth Equity Portfolio seeks long-term capital appreciation. The Portfolio invests primarily in equity securities of companies we believe have potential for high earnings growth. For purposes of this Portfolio, we consider small-capitalization companies to be those that generally represent the smallest 25% in terms of market capitalization of U.S. equity securities listed on a national securities exchange or Nasdaq (at the time of purchase).

The Focus Smid-Cap Growth Equity Portfolio seeks long-term capital appreciation. The Portfolio invests primarily in common stocks of growth-oriented companies that we believe have long-term capital appreciation potential and expect to grow faster than the U.S. economy.

The Smid-Cap Growth Equity Portfolio seeks long-term capital appreciation. The Portfolio will invest primarily in equity securities of small- and mid-sized companies that we believe have the potential for high earnings growth at the time of purchase. For purposes of this Portfolio, we will generally consider small-capitalization companies to be those whose market capitalizations fall within the range represented in the Russell 2000 Growth Index at the time of the Portfolio’s investment and mid-cap companies to be those whose market capitalizations fall within the range represented in the Russell Midcap Growth Index at the time of the Portfolio’s investment.

The Real Estate Investment Trust Portfolio II seeks maximum long-term total return, with capital appreciation as a secondary objective. The Portfolio invests primarily in securities of companies principally engaged in the real estate industry. The Real Estate Investment Trust Portfolio shares the same investment objective and strategies and is closed to new investors.

The Intermediate Fixed Income Portfolio seeks maximum long-term total return, consistent with reasonable risk. The Portfolio invests primarily in a diversified portfolio of investment-grade fixed income obligations, including securities issued or guaranteed by the U.S. government, its agencies or instrumentalities (U.S. government securities), mortgage-backed securities, asset-backed securities, corporate bonds, and other fixed income securities.

The Core Focus Fixed Income Portfolio seeks maximum long-term total return, consistent with reasonable risk. The Portfolio will invest primarily in a diversified portfolio of investment-grade, fixed income obligations, including securities issued or guaranteed by the U.S. government, its agencies or instrumentalities, mortgage-backed securities, asset-backed securities, corporate bonds, and other fixed income securities.

The High-Yield Bond Portfolio seeks high total return. The Portfolio will primarily invest its assets at the time of purchase in: (1) corporate bonds that may be rated BB or lower by Standard & Poor’s Ratings Services (S&P) or similarly rated by another nationally recognized statistical ratings organization (NRSRO); (2) securities issued or guaranteed by the U.S. government, its agencies, or instrumentalities; or (3) commercial paper of companies rated A-1 or A-2 by S&P, or rated P-1 or P-2 by Moody’s, or that may be unrated but considered to be of comparable quality.

The Core Plus Fixed Income Portfolio seeks maximum long-term total return, consistent with reasonable risk. The Portfolio allocates its investments principally among three sectors of the fixed income securities markets: U.S. investment-grade securities, U.S. high yield securities, and international bonds.

The International Equity Portfolio seeks maximum long-term total return. The Portfolio invests primarily in equity securities of companies that are organized, have a majority of their assets, or derive most of their operating income from outside the United States, and that, in our

2

opinion, are undervalued at the time of purchase based on our fundamental analysis. Investments will be made mainly in marketable securities of companies in developed countries. The International Equity Portfolio is closed to new investors.

The Labor Select International Equity Portfolio seeks maximum long-term total return. The Portfolio invests primarily in equity securities of companies that are organized, have a majority of their assets, or derive most of their operating income from outside of the United States and which, in our opinion, are undervalued at the time of purchase based on the rigorous fundamental analysis that we employ. In addition to following these quantitative guidelines, we will select securities of issuers that present certain characteristics that are compatible or operate in accordance with certain investment policies or restrictions followed by organized labor.

The Emerging Markets Portfolio seeks long-term capital appreciation. The Portfolio, an international fund, generally invests in equity securities of companies organized in, having a majority of their assets in, or deriving a majority of their operating income from emerging countries. The Emerging Markets Portfolio is closed to new investors.

The Global Real Estate Securities Portfolio seeks maximum long-term total return through a combination of current income and capital appreciation. The Portfolio will invest at least 80% of its net assets in securities issued by U.S. and non-U.S. companies in the real estate and real estate–related sectors. The Portfolio may invest in companies across all market capitalizations and may invest its assets in securities of companies located in emerging market countries. Under normal circumstances, the Portfolio will invest at least 40% of its total assets in non-U.S. securities.

The Global Fixed Income Portfolio seeks current income consistent with the preservation of principal. The Portfolio invests primarily in fixed-income securities that may also provide the potential for capital appreciation. The Portfolio is a global fund that invests in issuers located throughout the world. The Global Fixed Income Portfolio is closed to new investors.

The International Fixed Income Portfolio seeks current income consistent with the preservation of principal. The Portfolio invests primarily in fixed-income securities that may also provide the potential for capital appreciation. The Portfolio is an international fund that invests primarily in issuers that are organized in, have a majority of their assets in, or derive most of their operating income from outside of the United States. The International Fixed Income Portfolio is closed to new investors.

Please see the Portfolios’ current prospectus, as supplemented, which contains important information regarding the portfolio managers for certain Portfolios. A copy of the prospectus may be obtained by calling 800 231-8002.

Investing in emerging markets can be riskier than investing in well-established foreign markets.

Foreign investments are subject to risks not ordinarily associated with domestic investments, such as currency, economic and political risks, and different accounting standards.

High-yielding, noninvestment grade bonds involve higher risk than investment-grade bonds. Adverse conditions may affect the issuer’s ability to pay interest and principal on these securities.

Portfolios that invest in REITs are subject to many of the risks associated with direct real estate ownership and, as such, may be adversely affected by declines in real estate values, and general and local economic conditions.

Portfolios that invest in small- and/or mid-size company stocks typically involve greater risk, particularly in the short term, than those investing in larger, more established companies.

A rise or fall in interest rates can have a significant impact on prices of bonds held by a portfolio. Portfolios that invest in bonds can lose their value as interest rates rise and an investor can lose principal.

3

Disclosure of Portfolio expenses

For the Period November 1, 2006 to April 30, 2007

As a shareholder of a Portfolio, you incur two types of costs: (1) transaction costs, including reimbursement fees on The Emerging Markets Portfolio; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees on The Global Real Estate Securities Portfolio and other Portfolio expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in a Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2006 to April 30, 2007.

Actual Expenses

The first section of the table shown, “Actual Portfolio Return,” provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second section of the table shown, “Hypothetical 5% Return”, provides information about hypothetical account values and hypothetical expenses based on a Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The Portfolios’ actual expenses shown in the table reflect fee waivers in effect. The expenses shown in the table assume reinvestment of all dividends and distributions.

In each case, “Expenses Paid During Period” are equal to a Portfolio’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

	Beginning Account Value 11/1/06		Ending Account Value 4/30/07		Annualized Expense Ratios		Expenses Paid During Period 11/1/06 to 4/30/07
Actual Portfolio Return
The Large-Cap Value Equity Portfolio	$	1,000.00	$	1,089.70	0.69	%	$	3.58
The All-Cap Growth Equity Portfolio	1,000.00		1,029.50		0.91	%	4.58
The Large-Cap Growth Equity Portfolio	1,000.00		1,039.20		0.66	%	3.34
The Mid-Cap Growth Equity Portfolio	1,000.00		1,113.10		0.95	%	4.98
The Small-Cap Growth Equity Portfolio	1,000.00		1,079.80		0.91	%	4.69
The Focus Smid-Cap Growth Equity Portfolio	1,000.00		1,017.00		0.96	%	4.80
The Smid-Cap Growth Equity Portfolio	1,000.00		1,095.20		0.97	%	5.04
The Real Estate Investment Trust Portfolio II	1,000.00		1,078.40		0.90	%	4.64
The Intermediate Fixed Income Portfolio	1,000.00		1,025.90		0.44	%	2.21
The Core Focus Fixed Income Portfolio	1,000.00		1,026.40		0.48	%	2.41
The High-Yield Bond Portfolio	1,000.00		1,070.30		0.59	%	3.03
The Core Plus Fixed Income Portfolio	1,000.00		1,032.40		0.48	%	2.42
The International Equity Portfolio	1,000.00		1,141.90		0.89	%	4.73
The Labor Select International Equity Portfolio	1,000.00		1,137.40		0.89	%	4.72
The Emerging Markets Portfolio	1,000.00		1,182.80		1.31	%	7.09
The Global Real Estate Securities Portfolio Original Class	1,000.00		1,035.30		1.17	%	5.90
The Global Real Estate Securities Portfolio Class P	1,000.00		1,034.10		1.42	%	7.16
The Global Fixed Income Portfolio	1,000.00		1,028.10		0.61	%	3.07
The International Fixed Income Portfolio	1,000.00		1,025.00		0.62	%	3.11

4

Disclosure of Portfolio expenses

	Beginning Account Value 11/1/06		Ending Account Value 4/30/07		Annualized Expense Ratios		Expenses Paid During Period 11/1/06 to 4/30/07
Hypothetical 5% Return (5% return before expenses)
The Large-Cap Value Equity Portfolio	$	1,000.00	$	1,021.37	0.69	%	$	3.46
The All-Cap Growth Equity Portfolio	1,000.00		1,020.28		0.91	%	4.56
The Large-Cap Growth Equity Portfolio	1,000.00		1,021.52		0.66	%	3.31
The Mid-Cap Growth Equity Portfolio	1,000.00		1,020.08		0.95	%	4.76
The Small-Cap Growth Equity Portfolio	1,000.00		1,020.28		0.91	%	4.56
The Focus Smid-Cap Growth Equity Portfolio	1,000.00		1,020.03		0.96	%	4.81
The Smid-Cap Growth Equity Portfolio	1,000.00		1,019.98		0.97	%	4.86
The Real Estate Investment Trust Portfolio II	1,000.00		1,020.33		0.90	%	4.51
The Intermediate Fixed Income Portfolio	1,000.00		1,022.61		0.44	%	2.21
The Core Focus Fixed Income Portfolio	1,000.00		1,022.41		0.48	%	2.41
The High-Yield Bond Portfolio	1,000.00		1,021.87		0.59	%	2.96
The Core Plus Fixed Income Portfolio	1,000.00		1,022.41		0.48	%	2.41
The International Equity Portfolio	1,000.00		1,020.38		0.89	%	4.46
The Labor Select International Equity Portfolio	1,000.00		1,020.38		0.89	%	4.46
The Emerging Markets Portfolio	1,000.00		1,018.30		1.31	%	6.56
The Global Real Estate Securities Portfolio Original Class	1,000.00		1,018.99		1.17	%	5.86
The Global Real Estate Securities Portfolio Class P	1,000.00		1,017.75		1.42	%	7.10
The Global Fixed Income Portfolio	1,000.00		1,021.77		0.61	%	3.06
The International Fixed Income Portfolio	1,000.00		1,021.72		0.62	%	3.11

5

Sector allocation and top 10 holdings

Delaware Pooled Trust – The Large-Cap Value Equity Portfolio

As of April 30, 2007

Sector designations may be different than the sector designations presented in other Portfolio materials.

Sector	Percentage of Net Assets
Common Stock	98.93	%
Consumer Discretionary	8.59	%
Consumer Staples	8.71	%
Energy	5.89	%
Financials	24.11	%
Health Care	18.33	%
Industrials	6.57	%
Information Technology	15.19	%
Materials	2.75	%
Telecommunications	5.93	%
Utilities	2.86	%
Repurchase Agreements	1.00	%
Total Value of Securities	99.93	%
Receivables and Other Assets Net of Liabilities	0.07	%
Total Net Assets	100.00	%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 Holdings	Percentage of Net Assets
Donnelley (R.R.) & Sons	3.36	%
Merck & Co	3.32	%
Hartford Financial Services Group	3.27	%
Waste Management	3.20	%
Intel	3.20	%
Baxter International	3.17	%
Xerox	3.14	%
Hewlett-Packard	3.14	%
Morgan Stanley	3.10	%
International Business Machines	3.10	%

6

Sector allocation and top 10 holdings

Delaware Pooled Trust – The All-Cap Growth Equity Portfolio

As of April 30, 2007

Sector designations may be different than the sector designations presented in other Portfolio materials.

Sector	Percentage of Net Assets
Common Stock	97.21	%
Basic Industry/Capital Goods	1.48	%
Business Services	10.94	%
Consumer Durables	2.14	%
Consumer Non-Durables	10.45	%
Consumer Services	20.94	%
Energy	0.38	%
Financials	11.22	%
Health Care	15.93	%
Technology	23.73	%
Repurchase Agreements	2.71	%
Total Value of Securities	99.92	%
Receivables and Other Assets Net of Liabilities	0.08	%
Total Net Assets	100.00	%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 Holdings	Percentage of Net Assets
UnitedHealth Group	6.49	%
QUALCOMM	6.08	%
IntercontinentalExchange	5.82	%
eBay	5.40	%
Weight Watchers International	5.29	%
NetFlix	5.06	%
Allergan	4.48	%
Intuit	4.31	%
Seagate Technology	3.89	%
Global Cash Access Holdings	3.71	%

7

Sector allocation and top 10 holdings

Delaware Pooled Trust – The Large-Cap Growth Equity Portfolio

As of April 30, 2007

Sector designations may be different than the sector designations presented in other Portfolio materials.

Sector	Percentage of Net Assets
Common Stock	99.76	%
Basic Industries/Capital Goods	3.80	%
Business Services	16.93	%
Consumer Non-Durables	16.04	%
Consumer Services	16.50	%
Financials	8.37	%
Health Care	17.87	%
Technology	20.25	%
Federal Agency (Discount Note)	0.28	%
Total Value of Securities	100.04	%
Liabilities Net of Receivables and Other Assets	(0.04	)%
Total Net Assets	100.00	%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 Holdings	Percentage of Net Assets
QUALCOMM	5.55	%
IntercontinentalExchange	4.86	%
eBay	4.80	%
Google Class A	4.72	%
Genentech	4.71	%
UnitedHealth Group	4.69	%
Allergan	4.46	%
Procter & Gamble	4.45	%
United Parcel Service Class B	4.25	%
Walgreen	4.07	%

8

Sector allocation and top 10 holdings

Delaware Pooled Trust – The Mid-Cap Growth Equity Portfolio

As of April 30, 2007

Sector designations may be different than the sector designations presented in other Portfolio materials.

Sector	Percentage of Net Assets
Common Stock	97.74	%
Basic Industry/Capital Goods	10.58	%
Business Services	6.72	%
Consumer Durables	2.01	%
Consumer Non-Durables	11.95	%
Consumer Services	8.80	%
Energy	6.46	%
Financials	8.91	%
Health Care	20.40	%
Technology	20.51	%
Transportation	1.40	%
Repurchase Agreements	2.43	%
Total Value of Securities	100.17	%
Liabilities Net of Receivables and Other Assets	(0.17	)%
Total Net Assets	100.00	%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 Holdings	Percentage of Net Assets
MedImmune	2.50	%
Urban Outfitters	2.48	%
Coach	2.45	%
National Oilwell Varco	2.21	%
Marriott International Class A	2.09	%
Activision	2.01	%
Nordstrom	1.98	%
Allegheny Technologies	1.98	%
Trinity Industries	1.96	%
Starwood Hotels & Resorts Worldwide	1.88	%

9

Sector allocation and top 10 holdings

Delaware Pooled Trust – The Small-Cap Growth Equity Portfolio

As of April 30, 2007

Sector designations may be different than the sector designations presented in other Portfolio materials.

Sector	Percentage of Net Assets
Common Stock²	95.65	%
Basic Industry/Capital Goods	10.32	%
Business Services	4.58	%
Consumer Durables	1.54	%
Consumer Non-Durables	13.85	%
Consumer Services	6.28	%
Energy	4.47	%
Financials	9.33	%
Health Care	18.73	%
Technology	25.20	%
Transportation	1.35	%
Repurchase Agreements	4.08	%
Total Value of Securities	99.73	%
Receivables and Other Assets Net of Liabilities	0.27	%
Total Net Assets	100.00	%

²Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 Holdings	Percentage of Net Assets
Coach	3.02	%
Dick’s Sporting Goods	2.12	%
Under Armour Class A	1.98	%
Polycom	1.93	%
United Therapeutics	1.90	%
Crocs	1.83	%
PDL BioPharma	1.80	%
Geo Group	1.76	%
Microsemi	1.73	%
Hologic	1.70	%

10

Sector allocation and top 10 holdings

Delaware Pooled Trust – The Focus Smid-Cap Growth Equity Portfolio

As of April 30, 2007

Sector designations may be different than the sector designations presented in other Portfolio materials.

Sector	Percentage of Net Assets
Common Stock	99.37	%
Basic Industry/Capital Goods	4.07	%
Business Services	11.38	%
Consumer Durables	8.78	%
Consumer Non-Durables	14.63	%
Consumer Services	18.57	%
Financials	15.89	%
Health Care	5.22	%
Technology	15.41	%
Transportation	5.42	%
Total Value of Securities	99.37	%
Receivables and Other Assets Net of Liabilities	0.63	%
Total Net Assets	100.00	%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 Holdings	Percentage of Net Assets
j2 Global Communications	5.98	%
C.H. Robinson Worldwide	5.43	%
Techne	5.22	%
Strayer Education	5.01	%
NetFlix	4.93	%
Blue Nile	4.93	%
IntercontinentalExchange	4.91	%
NAVTEQ	4.84	%
Weight Watchers International	4.84	%
Gentex	4.79	%

11

Sector allocation and top 10 holdings

Delaware Pooled Trust – The Smid-Cap Growth Equity Portfolio

As of April 30, 2007

Sector designations may be different than the sector designations presented in other Portfolio materials.

Sector	Percentage of Net Assets
Common Stock	99.97	%
Basic Industry/Capital Goods	9.62	%
Business Services	6.05	%
Consumer Durables	3.47	%
Consumer Non-Durables	10.04	%
Consumer Services	9.12	%
Energy	5.77	%
Financials	9.83	%
Health Care	20.45	%
Technology	24.05	%
Transportation	1.57	%
Total Value of Securities	99.97	%
Receivables and Other Assets Net of Liabilities	0.03	%
Total Net Assets	100.00	%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 Holdings	Percentage of Net Assets
Urban Outfitters	2.45	%
Dynamic Materials	2.10	%
Under Armour Class A	2.01	%
Activision	1.99	%
First Cash Financial Services	1.92	%
Affiliated Managers Group	1.87	%
Chipotle Mexican Grill Class A	1.81	%
Joy Global	1.81	%
United Therapeutics	1.78	%
Coach	1.75	%

12

Sector allocation and top 10 holdings

Delaware Pooled Trust – The Real Estate Investment Trust Portfolio II

As of April 30, 2007

Sector designations may be different than the sector designations presented in other Portfolio materials.

Sector	Percentage of Net Assets
Common Stock	96.05	%
Diversified REITs	6.86	%
Health Care REITs	4.85	%
Hotel REITs	6.91	%
Industrial REITs	6.92	%
Mall REITs	15.85	%
Manufactured Housing REITs	1.10	%
Multifamily REITs	16.10	%
Office REITs	13.26	%
Office/Industrial REITs	3.49	%
Real Estate Operating Companies	5.21	%
Self-Storage REITs	4.15	%
Shopping Center REITs	10.68	%
Specialty REITs	0.67	%
Repurchase Agreements	4.21	%
Total Value of Securities	100.26	%
Liabilities Net of Receivables and Other Assets	(0.26	)%
Total Net Assets	100.00	%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 Holdings	Percentage of Net Assets
Simon Property Group	8.02	%
Vornado Realty Trust	5.05	%
ProLogis	4.93	%
General Growth Properties	4.64	%
Boston Properties	4.43	%
Host Hotels & Resorts	4.37	%
Equity Residential	4.21	%
Public Storage	3.58	%
Kimco Realty	3.36	%
Macerich	3.19	%

13

Sector allocation and credit quality breakdown

Delaware Pooled Trust – The Intermediate Fixed Income Portfolio

As of April 30, 2007

Sector designations may be different than the sector designations presented in other Portfolio materials.

Sector	Percentage of Net Assets
Agency Asset-Backed Securities	0.24	%
Agency Collateralized Mortgage Obligations	5.36	%
Agency Mortgage-Backed Securities	6.66	%
Agency Obligations	3.69	%
Commercial Mortgage-Backed Securities	10.22	%
Corporate Bonds	32.04	%
Banking	4.31	%
Basic Industry	1.22	%
Brokerage	2.64	%
Capital Goods	0.85	%
Communications	5.01	%
Consumer Cyclical	2.46	%
Consumer Non-Cyclical	1.46	%
Electric	1.64	%
Energy	1.30	%
Financials	4.13	%
Insurance	4.38	%
Natural Gas	1.01	%
Real Estate	0.44	%
Transportation	1.19	%
Municipal Bonds	0.45	%
Non-Agency Asset-Backed Securities	11.32	%
Non-Agency Collateralized Mortgage Obligations	17.66	%
U.S. Treasury Obligations	10.46	%
Repurchase Agreements	3.49	%
Total Value of Securities	101.59	%
Liabilities Net of Receivables and Other Assets	(1.59	)%
Total Net Assets	100.00	%

Credit Quality Breakdown (as a % of fixed income investments)

AAA	66.73	%
AA	7.11	%
A	10.86	%
BBB	15.30	%
Total	100.00	%

14

Sector allocation and credit quality breakdown

Delaware Pooled Trust – The Core Focus Fixed Income Portfolio

As of April 30, 2007

Sector designations may be different than the sector designations presented in other Portfolio materials.

Sector	Percentage of Net Assets
Agency Asset-Backed Securities	0.09	%
Agency Collateralized Mortgage Obligations	2.53	%
Agency Mortgage-Backed Securities	23.40	%
Agency Obligations	0.55	%
Commercial Mortgage-Backed Securities	6.36	%
Corporate Bonds	30.60	%
Banking	5.78	%
Basic Industry	0.83	%
Brokerage	1.36	%
Capital Goods	0.81	%
Communications	4.11	%
Consumer Cyclical	1.82	%
Consumer Non-Cyclical	1.11	%
Electric	3.87	%
Energy	1.33	%
Finance Companies	1.94	%
Insurance	3.51	%
Natural Gas	1.84	%
Real Estate	0.77	%
Transportation	1.52	%
Foreign Agencies	0.35	%
Foreign Local Governments	0.08	%
Municipal Bonds	1.05	%
Non-Agency Asset-Backed Securities	5.39	%
Non-Agency Collateralized Mortgage Obligations	17.48	%
U.S. Treasury Obligations	9.78	%
Federal Agency (Discounted Notes)	20.53	%
Total Value of Securities	118.19	%
Liabilities Net of Receivables and Other Assets	(18.19	)%
Total Net Assets	100.00	%

Credit Quality Breakdown (as a % of fixed income investments)

AAA	61.00	%
AA	11.52	%
A	9.78	%
BBB	17.67	%
BB	0.03	%
Total	100.00	%

15

Sector allocation and credit quality breakdown

Delaware Pooled Trust – The High-Yield Bond Portfolio

As of April 30, 2007

Sector designations may be different than the sector designations presented in other Portfolio materials.

Sector	Percentage of Net Assets
Corporate Bonds	93.99	%
Basic Industry	12.18	%
Brokerage	2.13	%
Capital Goods	6.60	%
Consumer Cyclical	13.22	%
Consumer Non-Cyclical	4.57	%
Energy	11.50	%
Media	8.56	%
Real Estate	2.16	%
Services Cyclical	11.65	%
Services Non-Cyclical	6.40	%
Technology & Electronics	2.48	%
Telecommunications	10.13	%
Utilities	2.41	%
Senior Secured Loans	0.85	%
Common Stock	0.59	%
Warrant	0.00	%
Repurchase Agreements	4.02	%
Total Value of Securities	99.45	%
Receivables and Other Assets Net of Liabilities	0.55	%
Total Net Assets	100.00	%

Credit Quality Breakdown (as a % of fixed income investments)

AAA	4.57	%
BBB	1.10	%
BB	16.40	%
B	60.52	%
CCC	16.15	%
D	0.11	%
Not Rated	1.15	%
Total	100.00	%

16

Sector/country allocation and credit quality breakdown

Delaware Pooled Trust – The Core Plus Fixed Income Portfolio

As of April 30, 2007

Sector designations may be different than the sector designations presented in other Portfolio materials.

Sector	Percentage of Net Assets
Agency Asset-Backed Securities	0.11	%
Agency Collateralized Mortgage Obligations	2.32	%
Agency Mortgage-Backed Securities	22.91	%
Agency Obligations	0.99	%
Commercial Mortgage-Backed Securities	6.05	%
Corporate Bonds	34.78	%
Banking	3.45	%
Basic Industries	2.51	%
Brokerage	1.70	%
Capital Goods	0.26	%
Communications	5.38	%
Consumer Cyclical	4.82	%
Consumer Non-Cyclical	2.10	%
Electric	2.14	%
Energy	2.07	%
Finance Companies	2.10	%
Insurance	5.09	%
Natural Gas	1.27	%
Real Estate	0.65	%
Technology	0.32	%
Transportation	0.92	%
Federal Agencies (Discount Notes)	16.96	%
Foreign Agencies	0.10	%
Austria	0.03	%
United States	0.07	%
Municipal Bonds	0.98	%
Non-Agency Asset-Backed Securities	4.39	%
Non-Agency Collateralized Mortgage Obligations	15.61	%
Regional Agencies	0.25	%
Regional Authorities	0.37	%
Senior Secured Loans	3.74	%
Sovereign Debt	2.78	%
Brazil	0.59	%
Colombia	0.48	%
Indonesia	0.17	%
Mexico	0.35	%
Norway	0.61	%
United Kingdom	0.49	%
Venezuela	0.09	%
Supranational Banks	0.08	%
U.S. Treasury Obligations	8.92	%

Sector	Percentage of Net Assets
Preferred Stock	0.02	%
Warrant	0.00	%
Total Value of Securities	121.36	%
Liabilities Net of Receivables and Other Assets	(21.36	)%
Total Net Assets	100.00	%

Credit Quality Breakdown (as a % of fixed income investments)

AAA	49.92	%
AA	11.56	%
A	6.73	%
BBB	15.75	%
BB	8.53	%
B	5.44	%
CCC	1.44	%
Not Rated	0.63	%
Total	100.00	%

17

Country and sector allocations

Delaware Pooled Trust – The International Equity Portfolio

As of April 30, 2007

Country and sector designations may be different than the country and sector designations presented in other Portfolio materials.

Country	Percentage of Net Assets
Common Stock	98.22	%
Australia	9.96	%
Belgium	2.13	%
Finland	1.47	%
France	14.84	%
Germany	6.58	%
Hong Kong	2.26	%
Italy	5.75	%
Japan	13.86	%
Netherlands	4.70	%
New Zealand	1.02	%
Singapore	1.65	%
South Africa	1.00	%
Spain	7.61	%
Switzerland	1.01	%
Taiwan	1.67	%
United Kingdom	22.71	%
Repurchase Agreements	2.55	%
Securities Lending Collateral	21.72	%
Fixed Rate Notes	5.77	%
Variable Rate Notes	15.95	%
Total Value of Securities	122.49	%
Obligation to Return Securities Lending Collateral	(21.72	)%
Liabilities Net of Receivables and Other Assets	(0.77	)%
Total Net Assets	100.00	%

Sector²	Percentage of Net Assets
Consumer Discretionary	9.01	%
Consumer Staples	9.09	%
Energy	9.76	%
Financials	31.34	%
Health Care	7.34	%
Industrials	3.95	%
Information Technology	3.16	%
Materials	5.04	%
Telecommunication Services	13.39	%
Utilities	6.14	%
Total	98.22	%

² Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.

18

Country and sector allocations

Delaware Pooled Trust – The Labor Select International Equity Portfolio

As of April 30, 2007

Country and sector designations may be different than the country and sector designations presented in other Portfolio materials.

Country	Percentage of Net Assets
Common Stock	99.74	%
Australia	11.54	%
Belgium	2.12	%
Finland	1.57	%
France	13.32	%
Germany	5.53	%
Hong Kong	3.39	%
Italy	6.69	%
Japan	14.08	%
Netherlands	5.54	%
New Zealand	1.31	%
Spain	7.72	%
Switzerland	1.02	%
United Kingdom	25.91	%
Repurchase Agreements	2.08	%
Securities Lending Collateral	21.41	%
Fixed Rate Notes	5.66	%
Variable Rate Notes	15.75	%
Total Value of Securities	123.23	%
Obligation to Return Securities Lending Collateral	(21.41	)%
Liabilities Net of Receivables and Other Assets	(1.82	)%
Total Net Assets	100.00	%

Sector²	Percentage of Net Assets
Automobiles & Components	4.66	%
Banks	25.48	%
Capital Goods	1.30	%
Diversified Financials	3.10	%
Energy	8.60	%
Food, Beverage & Tobacco	5.65	%
Food & Staples Retailing	4.57	%
Household & Personal Products	1.68	%
Insurance	2.54	%
Materials	5.14	%
Media	2.43	%
Pharmaceuticals, Biotechnology & Life Sciences	8.70	%
Real Estate	1.51	%
Technology Hardware & Equipment	3.31	%
Telecommunication Services	12.33	%
Transportation	1.51	%
Utilities	7.23	%
Total	99.74	%

² Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.

19

Country and sector allocations

Delaware Pooled Trust – The Emerging Markets Portfolio

As of April 30, 2007

Country and sector designations may be different than the country and sector designations presented in other Portfolio materials.

Country	Percentage of Net Assets
Common Stock	90.33	%
Brazil	8.92	%
Chile	1.34	%
China	5.46	%
Czech Republic	1.48	%
Egypt	0.92	%
Hungary	0.99	%
India	1.32	%
Israel	5.66	%
Malaysia	7.30	%
Mexico	5.32	%
Panama	0.67	%
Philippines	0.85	%
Poland	1.63	%
Republic of Korea	10.04	%
Russia	2.61	%
South Africa	10.87	%
Taiwan	16.98	%
Thailand	5.12	%
Turkey	2.85	%
Preferred Stock	6.78	%
Brazil	2.90	%
Republic of Korea	3.88	%
Repurchase Agreements	1.82	%
Total Value of Securities	98.93	%
Receivables and Other Assets Net of Liabilities	1.07	%
Total Net Assets	100.00	%

Sector²	Percentage of Net Assets
Consumer Discretionary	5.21	%
Consumer Staples	6.46	%
Energy	5.52	%
Financials	26.09	%
Health Care	0.73	%
Industrials	8.53	%
Information Technology	12.28	%
Materials	9.69	%
Telecommunication Services	16.91	%
Utilities	5.69	%
Total	97.11	%

² Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.

20

Country and sector allocations

Delaware Pooled Trust – The Global Real Estate Securities Portfolio

As of April 30, 2007

Country and sector designations may be different than the country and sector designations presented in other Portfolio materials.

Country	Percentage of Net Assets
Common Stock	96.46	%
Australia	9.71	%
Austria	1.25	%
Brazil	2.07	%
Canada	2.15	%
France	3.53	%
Germany	0.88	%
Greece	0.46	%
Hong Kong	11.08	%
Italy	1.12	%
Japan	18.02	%
Malaysia	0.43	%
Netherlands	1.40	%
Singapore	3.78	%
Sweden	0.61	%
United Kingdom	11.32	%
United States	28.65	%
Federal Agency (Discount Note)	2.89	%
Total Value of Securities	99.35	%
Receivables and Other Assets Net of Liabilities	0.65	%
Total Net Assets	100.00	%

Sector²	Percentage of Net Assets
Diversified REITs	25.16	%
Health Care REITs	1.85	%
Hotel REITs	2.17	%
Industrial REITs	4.38	%
Mall REITs	5.34	%
Multifamily REITs	3.69	%
Office REITs	9.13	%
Real Estate Operating Companies	32.92	%
Retail REITs	3.48	%
Self-Storage REITs	1.29	%
Shopping Center REITs	7.05	%
Total	96.46	%

² Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.

21

Country allocation and credit quality breakdown

Delaware Pooled Trust – The Global Fixed Income Portfolio

As of April 30, 2007

Country designations may be different than the country designations presented in other Portfolio materials.

Country	Percentage of Net Assets
Bonds	98.29	%
Australia	1.15	%
Austria	7.01	%
Belgium	0.55	%
Finland	4.31	%
France	12.27	%
Germany	15.68	%
Ireland	5.21	%
Italy	5.37	%
Japan	9.56	%
Mexico	4.06	%
Netherlands	7.16	%
Norway	3.54	%
Poland	2.63	%
Singapore	2.05	%
Spain	2.37	%
Supranational	10.40	%
United States	4.97	%
Repurchase Agreements	0.34	%
Securities Lending Collateral	4.33	%
Fixed Rate Notes	1.15	%
Variable Rate Notes	3.18	%
Total Value of Securities	102.96	%
Obligation to Return Securities Lending Collateral	(4.33	)%
Receivables and Other Assets Net of Liabilities	1.37	%
Total Net Assets	100.00	%

Credit Quality Breakdown (as a % of fixed income investments)

AAA	83.61	%
AA	9.70	%
A	6.69	%
Total	100.00	%

22

Country allocation and credit quality breakdown

Delaware Pooled Trust – The International Fixed Income Portfolio

As of April 30, 2007

Country designations may be different than the country designations presented in other Portfolio materials.

Country	Percentage of Net Assets
Bonds	98.30	%
Australia	2.22	%
Austria	6.34	%
Belgium	7.43	%
Finland	3.42	%
France	7.53	%
Germany	24.51	%
Ireland	4.16	%
Italy	5.68	%
Japan	16.26	%
Mexico	1.94	%
Netherlands	8.89	%
Norway	3.27	%
Portugal	0.92	%
Spain	4.40	%
Supranational	1.33	%
Repurchase Agreements	1.24	%
Total Value of Securities	99.54	%
Receivables and Other Assets Net of Liabilities	0.46	%
Total Net Assets	100.00	%

Credit Quality Breakdown (as a % of fixed income investments)

AAA	78.29	%
AA	19.77	%
A	1.94	%
Total	100.00	%

23

Statements of net assets

Delaware Pooled Trust – The Large-Cap Value Equity Portfolio

April 30, 2007 (Unaudited)

	Number of Shares	Value
Common Stock – 98.93%
Consumer Discretionary – 8.59%
Gap	23,300	$	418,235
Limited Brands	16,100	443,877
Mattel	15,600	441,480
		1,303,592
Consumer Staples – 8.71%
Heinz (H.J.)	9,300	438,123
Kimberly-Clark	6,300	448,371
Safeway	12,000	435,600
		1,322,094
Energy – 5.89%
Chevron	5,800	451,182
ConocoPhillips	6,400	443,840
		895,022
Financials – 24.11%
Allstate	7,000	436,240
Aon	12,100	468,875
Chubb	8,700	468,321
Hartford Financial Services Group	4,900	495,880
Huntington Bancshares	19,500	432,510
Morgan Stanley	5,600	470,456
Wachovia	7,900	438,766
Washington Mutual	10,700	449,186
		3,660,234
Health Care – 18.33%
Abbott Laboratories	7,800	441,636
Baxter International	8,500	481,355
Bristol-Myers Squibb	15,700	453,102
Merck & Co	9,800	504,112
Pfizer	16,500	436,590
Wyeth	8,400	466,200
		2,782,995
Industrials – 6.57%
Donnelley (R.R.) & Sons	12,700	510,540
Waste Management	13,000	486,330
		996,870
Information Technology – 15.19%
Hewlett-Packard	11,300	476,182
Intel	22,600	485,900
International Business Machines	4,600	470,166
Motorola	22,900	396,857
†Xerox	25,800	477,300
		2,306,405
Materials – 2.75%
duPont (E.I.) deNemours	8,500	417,945
		417,945
Telecommunications – 5.93%
AT&T	11,500	445,280
Verizon Communications	11,900	454,342
		899,622
Utilities – 2.86%
Progress Energy	8,600	434,730
		434,730
Total Common Stock (cost $12,680,336)		15,019,509

	Principal Amount
Repurchase Agreements – 1.00%
With BNP Paribas 5.10% 5/1/07 (dated 4/30/07, to be repurchased at $80,311, collateralized by $25,800 U.S. Treasury Notes 2.75% due 8/15/07, market value $25,757, $800 U.S. Treasury Notes 3.125% due 5/15/07, market value $768, $19,500 U.S. Treasury Notes 4.375% due 5/15/07, market value $19,865 and $34,800 U.S. Treasury Notes 4.75% due 11/15/08, market value $35,532)	$	80,300		80,300
With Cantor Fitzgerald 5.09% 5/1/07 (dated 4/30/07, to be repurchased at $28,504, collateralized by $29,400 U.S. Treasury Notes 3.625% due 7/15/09, market value $29,128)	28,500		28,500
With UBS Warburg 5.10% 5/1/07 (dated 4/30/07, to be repurchased at $43,206, collateralized by $45,000 U.S. Treasury Bills due 9/20/07, market value $44,108)	43,200		43,200
Total Repurchase Agreements (cost $152,000)			152,000
Total Value of Securities – 99.93% (cost $12,832,336)			15,171,509
Receivables and Other Assets Net of Liabilities – 0.07%			10,060
Net Assets Applicable to 675,317 Shares Outstanding; Equivalent to $22.48 Per Share – 100.00%			$	15,181,569
Components of Net Assets at April 30, 2007:
Shares of beneficial interest (unlimited authorization – no par)			$	12,872,651
Undistributed net investment income			95,070
Accumulated net realized loss on investments			(125,325		)
Net unrealized appreciation of investments			2,339,173
Total net assets			$	15,181,569

† Non-income producing security for the period ended April 30, 2007.

See accompanying notes

24

Statements of net assets

Delaware Pooled Trust – The All-Cap Growth Equity Portfolio

April 30, 2007 (Unaudited)

	Number of Shares	Value
Common Stock – 97.21%
Basic Industry/Capital Goods – 1.48%
Graco	1,800	$	71,100
Praxair	700	45,185
		116,285
Business Services – 10.94%
Equifax	1,800	71,640
Expeditors International Washington	3,900	163,020
†Global Cash Access Holdings	18,600	291,462
Paychex	2,400	89,040
†Research in Motion	1,850	243,423
		858,585
Consumer Durables – 2.14%
†Select Comfort	9,050	167,787
		167,787
Consumer Non-Durables – 10.45%
†Blue Nile	4,100	192,946
†NetFlix	17,900	396,843
Staples	2,900	71,920
Walgreen	1,800	79,020
Whole Foods Market	1,700	79,543
		820,272
Consumer Services – 20.94%
†eBay	12,500	424,249
IHOP	3,600	212,112
International Game Technology	1,600	61,024
Jackson Hewitt Tax Service	8,600	237,188
†MGM MIRAGE	1,600	107,600
Strayer Education	1,500	186,510
Weight Watchers International	8,647	414,970
		1,643,653
Energy – 0.38%
EOG Resources	400	29,376
		29,376
Financials – 11.22%
Chicago Mercantile Exchange Holdings Class A	250	129,188
†IntercontinentalExchange	3,600	457,200
†NYMEX Holdings	900	116,739
optionsXpress Holdings	7,200	177,696
		880,823
Health Care – 15.93%
†Abiomed	2,800	35,896
Allergan	2,900	351,480
†Genentech	2,500	199,975
UnitedHealth Group	9,600	509,376
†Zimmer Holdings	1,700	153,816
		1,250,543
Technology – 23.73%
Blackbaud	3,000	66,240
†Google Class A	325	153,199
†Intuit	11,900	338,555
†j2 Global Communications	9,600	276,096
†NAVTEQ	2,400	84,864
QUALCOMM	10,900	477,420
†SanDisk	3,700	160,765
Seagate Technology	13,800	305,670
		1,862,809
Total Common Stock (cost $6,559,524)		7,630,133

	Principal Amount
Repurchase Agreements – 2.71%
With BNP Paribas 5.10% 5/1/07 (dated 4/30/07, to be repurchased at $112,516 collateralized by $36,100 U.S. Treasury Notes 2.75% due 8/15/07, market value $36,093, $1,100 U.S. Treasury Notes 3.125% due 5/15/07, market value $1,077, $27,300 U.S. Treasury Notes 4.375% due 5/15/07, market value $27,837 and $48,700 U.S. Treasury Notes 4.75% due 11/15/08, market value $49,791)	$	112,500		112,500
With Cantor Fitzgerald 5.09% 5/1/07 (dated 4/30/07, to be repurchased at $40,006, collateralized by $41,200 U.S. Treasury Notes 3.625% due 7/15/09, market value $40,818)	40,000		40,000
With UBS Warburg 5.10% 5/1/07 (dated 4/30/07, to be repurchased at $60,509, collateralized by $63,000 U.S. Treasury Bills due 9/20/07, market value $61,809)	60,500		60,500
Total Repurchase Agreements (cost $213,000)			213,000
Total Value of Securities – 99.92% (cost $6,772,524)			7,843,133
Receivables and Other Assets Net of Liabilities – 0.08%			6,190
Net Assets Applicable to 1,321,039 Shares Outstanding; Equivalent to $5.94 per Share – 100.00%			$	7,849,323
Components of Net Assets at April 30, 2007:
Shares of beneficial interest (unlimited authorization – no par)			$	12,949,075
Accumulated net realized loss on investments			(6,170,361		)
Net unrealized appreciation of investments			1,070,609
Total net assets			$	7,849,323

† Non-income producing security for the period ended April 30, 2007.

See accompanying notes

(continues)

25

Statements of net assets

Delaware Pooled Trust – The Large-Cap Growth Equity Portfolio

April 30, 2007 (Unaudited)

	Number of Shares	Value
Common Stock – 99.76%
Basic Industry/Capital Goods – 3.80%
Praxair	200,000	$	12,910,000
		12,910,000
Business Services – 16.93%
Expeditors International Washington	270,000	11,286,000
Moody’s	150,000	9,918,000
Paychex	340,000	12,614,000
†Research in Motion	70,000	9,210,600
United Parcel Service Class B	205,000	14,438,150
		57,466,750
Consumer Non-Durables – 16.04%
Procter & Gamble	235,000	15,112,850
Staples	545,000	13,516,000
Wal-Mart Stores	250,000	11,980,000
Walgreen	315,000	13,828,500
		54,437,350
Consumer Services – 16.50%
†eBay	480,000	16,291,200
International Game Technology	310,000	11,823,400
†MGM MIRAGE	160,000	10,760,000
Weight Watchers International	190,000	9,118,100
Western Union	380,000	7,999,000
		55,991,700
Financials – 8.37%
Chicago Mercantile Exchange Holdings Class A	23,000	11,885,250
†IntercontinentalExchange	130,000	16,510,000
		28,395,250
Health Care – 17.87%
Allergan	125,000	15,150,000
†Genentech	200,000	15,998,000
UnitedHealth Group	300,000	15,918,000
†Zimmer Holdings	150,000	13,572,000
		60,638,000
Technology – 20.25%
†Google Class A	34,000	16,026,920
†Intuit	445,000	12,660,250
QUALCOMM	430,000	18,834,000
†SanDisk	200,000	8,690,000
Seagate Technology	565,000	12,514,750
		68,725,920
Total Common Stock (cost $317,529,950)		338,564,970

	Principal Amount
Federal Agency (Discount Note) – 0.28%
^Federal Home Loan Bank 5.077% 5/1/07	$	960,000		960,000
Total Federal Agency (Discount Note) (cost $960,000)			960,000
Total Value of Securities – 100.04% (cost $318,489,950)			339,524,970
Liabilities Net of Receivables and Other Assets – (0.04%)			(145,440		)
Net Assets Applicable to 37,205,382 Shares Outstanding; Equivalent to $9.12 per Share – 100.00%			$	339,379,530
Components of Net Assets at April 30, 2007:
Shares of beneficial interest (unlimited authorization – no par)			$	326,230,297
Undistributed net investment income			221,825
Accumulated net realized loss on investments			(8,107,612		)
Net unrealized appreciation of investments			21,035,020
Total net assets			$	339,379,530

† Non-income producing security for the period ended April 30, 2007.

^ Zero coupon security. The rate shown is the yield at the time of purchase.

See accompanying notes

26

Statements of net assets

Delaware Pooled Trust – The Mid-Cap Growth Equity Portfolio

April 30, 2007 (Unaudited)

	Number of Shares	Value
Common Stock – 97.74%
Basic Industry/Capital Goods – 10.58%
Allegheny Technologies	900	$	98,622
Graco	1,400	55,300
Joy Global	1,700	86,071
Manitowoc	1,100	75,053
†Mettler-Toledo International	600	58,572
Oshkosh Truck	1,000	55,940
Trinity Industries	2,100	97,440
		526,998
Business Services – 6.72%
Dun & Bradstreet	600	54,180
Expeditors International Washington	1,600	66,880
†Fiserv	1,200	63,804
Paychex	2,000	74,200
†WESCO International	1,200	75,804
		334,868
Consumer Durables – 2.01%
†Activision	5,000	100,000
		100,000
Consumer Non-Durables – 11.95%
†Amazon.com	300	18,399
American Eagle Outfitters	2,050	60,414
†Coach	2,500	122,075
†J. Crew Group	1,300	52,637
Nordstrom	1,800	98,856
Staples	1,800	44,640
†Starbucks	2,400	74,448
†Urban Outfitters	4,800	123,648
		595,117
Consumer Services – 8.80%
Host Hotels & Resorts	1,893	48,537
International Game Technology	1,600	61,024
Marriott International Class A	2,300	103,983
†National CineMedia	600	15,774
†NutriSystem	1,200	74,400
Starwood Hotels & Resorts Worldwide	1,400	93,828
†Wynn Resorts	400	40,884
		438,430
Energy – 6.46%
†Compagnie Generale de Geophysique-Veritas ADR	1,900	79,021
†Helix Energy Solutions Group	1,400	53,564
†National Oilwell Varco	1,300	110,305
Smith International	1,500	78,660
		321,550
Financials – 8.91%
†Affiliated Managers Group	700	82,341
†E Trade Financial	2,000	44,160
†IntercontinentalExchange	200	25,400
Legg Mason	500	49,595
Lehman Brothers Holdings	1,100	82,808
Nuveen Investments Class A	1,400	74,620
People’s United Financial	2,200	43,802
Zions Bancorp	500	40,900
		443,626
Health Care – 20.40%
†Barr Pharmaceuticals	1,600		77,376
Bausch & Lomb	1,400	82,362
†Biogen Idec	500	23,605
Dade Behring Holdings	1,700	83,487
†DaVita	1,000	54,610
†Express Scripts Class A	800	76,440
†Hologic	1,500	86,325
†Invitrogen	1,200	78,564
Manor Care	900	58,401
†Medco Health Solutions	1,000	78,020
†MedImmune	2,200	124,696
†MGI PHARMA	1,900	41,838
Omnicare	1,200	39,804
†PDL BioPharma	3,300	83,358
†Sepracor	500	26,840
		1,015,726
Technology – 20.51%
†Amdocs	1,300	47,775
†American Tower Class A	1,600	60,800
†Broadcom Class A	1,900	61,845
†Ciena	1,557	45,402
†Citrix Systems	1,000	32,600
†F5 Networks	700	53,746
†Focus Media Holding ADR	1,600	59,200
L-3 Communications Holdings	800	71,944
†Logitech International	2,800	75,348
†MetroPCS Communications	900	25,245
National Semiconductor	2,300	60,490
†Network Appliance	2,200	81,862
†NII Holdings	1,200	92,099
†Polycom	2,100	69,930
†salesforce.com	1,400	58,800
†SanDisk	1,200	52,140
Satyam Computer Services ADR	2,900	72,152
		1,021,378
Transportation – 1.40%
Hunt (J.B.) Transport Services	1,800	48,708
UTi Worldwide	900	21,123
		69,831
Total Common Stock (cost $3,480,162)		4,867,524

	Principal Amount
Repurchase Agreements – 2.43%
With BNP Paribas 5.10% 5/1/07 (dated 4/30/07, to be repurchased at $63,909, collateralized by $20,500 U.S. Treasury Notes 2.75% due 8/15/07, market value $20,504, $600 U.S. Treasury Notes 3.125% due 5/15/07, market value $612, $15,500 U.S. Treasury Notes 4.375% due 5/15/07, market value $15,814 and $27,700 U.S. Treasury Notes 4.75% due 11/15/08, market value $28,285)	$	63,900	63,900

(continues)

27

Statements of net assets

Delaware Pooled Trust – The Mid-Cap Growth Equity Portfolio

	Principal Amount		Value
Repurchase Agreements (continued)
With Cantor Fitzgerald 5.09% 5/1/07 (dated 4/30/07, to be repurchased at $22,703, collateralized by $23,400 U.S. Treasury Notes 3.625% due 7/15/09, market value $23,188)	$	22,700	$	22,700
With UBS Warburg 5.10% 5/1/07 (dated 4/30/07, to be repurchased at $34,405, collateralized by $35,800 U.S. Treasury Bills due 9/20/07, market value $35,112)	34,400		34,400
Total Repurchase Agreements (cost $121,000)			121,000
Total Value of Securities – 100.17% (cost $3,601,162)			4,988,524
Liabilities Net of Receivables and Other Assets – (0.17%)			(8,249		)
Net Assets Applicable to 1,262,109 Shares Outstanding; Equivalent to $3.95 Per Share – 100.00%			$	4,980,275
Components of Net Assets at April 30, 2007:
Shares of beneficial interest (unlimited authorization – no par)			$	(73,136	)
Undistributed net investment income			2,678
Accumulated net realized gain on investments			3,663,371
Net unrealized appreciation of investments			1,387,362
Total net assets			$	4,980,275

† Non-income producing security for the period ended April 30, 2007.

ADR – American Depositary Receipts

See accompanying notes

28

Statements of net assets

Delaware Pooled Trust – The Small-Cap Growth Equity Portfolio

April 30, 2007 (Unaudited)

	Number of Shares	Value
Common Stock – 95.65%²
Basic Industry/Capital Goods – 10.32%
AMCOL International	11,700	$	281,151
Bucyrus International Class A	12,100	759,154
Carpenter Technology	5,600	679,672
†Energy Conversion Devices	12,732	450,840
†Hexcel	20,100	436,170
†Itron	9,200	619,528
†Mettler-Toledo International	7,700	751,674
†Middleby	2,500	343,200
MSC Industrial Direct Class A	15,981	778,914
UAP Holding	13,400	370,778
		5,471,081
Business Services – 4.58%
†Advisory Board	12,600	598,248
†Geo Group	18,200	931,840
†Monster Worldwide	19,000	798,950
†PRA International	4,400	99,968
		2,429,006
Consumer Durables – 1.54%
†THQ	24,400	814,228
		814,228
Consumer Non-Durables – 13.85%
†Bare Escentuals	14,400	582,192
†Coach	32,784	1,600,843
†Crocs	17,400	972,312
†Dick’s Sporting Goods	20,000	1,121,800
†DSW Class A	18,800	728,688
†J. Crew Group	16,700	676,183
†Under Armour Class A	20,800	1,050,400
†Zumiez	15,400	607,684
		7,340,102
Consumer Services – 6.28%
†Cenveo	32,000	820,800
†Knot	5,900	125,847
†NutriSystem	13,700	849,400
†Sonic	17,562	394,091
†Texas Roadhouse Class A	37,200	543,864
†Wynn Resorts	5,800	592,818
		3,326,820
Energy – 4.47%
Carbo Ceramics	10,950	475,778
†Core Laboratories	1,600	145,472
†Helix Energy Solutions Group	21,600	826,416
†Hydril	6,000	580,920
†North American Energy Partners	15,900	340,260
		2,368,846
Financials – 9.33%
Delphi Financial Group Class A	13,625	581,788
Hanover Insurance Group	15,000	689,400
†Investment Technology Group	14,800	560,032
KKR Financial	19,500	520,845
†Meruelo Maddux Properties	25,300	205,183
†Nasdaq Stock Market	10,500	341,880
†Signature Bank	6,700	210,782
Waddell & Reed Financial Class A	32,900	796,838
Webster Financial	10,900	484,505
Whitney Holding	18,100	556,937
		4,948,190
Health Care – 18.73%
†Acadia Pharmaceuticals	24,800		338,768
†Align Technology	22,613	512,411
†Cepheid	33,700	382,158
†Chattem	9,500	542,830
†Conceptus	28,300	585,244
†Digene	9,900	453,915
†Hologic	15,700	903,535
†LifeCell	22,100	649,740
†Martek Biosciences	6,800	146,812
†Medarex	40,800	558,552
†MGI Pharma	3,100	68,262
†NuVasive	31,800	819,486
†PDL BioPharma	37,700	952,302
†Progenics Pharmaceuticals	19,800	479,160
†Regeneron Pharmaceuticals	2,600	70,720
†Sciele Pharma	27,600	682,272
†Techne	7,300	430,481
†Telik	57,500	343,275
†United Therapeutics	18,000	1,006,380
		9,926,303
Technology – 25.20%
†Akamai Technologies	14,500	639,160
†American Reprographics	16,000	531,200
†Digital River	11,800	690,654
†Equinix	6,200	517,514
†F5 Networks	8,000	614,240
†Foundry Networks	49,100	742,392
†Informatica	42,300	622,656
†Macrovision	28,300	686,841
†Microsemi	39,600	915,156
†Nuance Communications	58,600	903,026
†Opsware	80,900	649,627
†Polycom	30,700	1,022,309
†Powerwave Technologies	114,800	715,204
†salesforce.com	15,100	634,200
†Shutterfly	36,600	594,384
†Silicon Laboratories	20,200	662,762
†SiRF Technology Holdings	13,000	315,380
†Super Micro Computer	8,500	88,485
†Trident Microsystems	29,700	630,531
†Varian Semiconductor Equipment Associates	11,600	769,776
†Wind River Systems	41,900	411,877
		13,357,374
Transportation – 1.35%
Hunt (J.B.) Transport Services	20,500	554,730
UTi Worldwide	6,917	162,342
		717,072
Total Common Stock (cost $36,370,168)		50,699,022

(continues)

29

Statements of net assets

Delaware Pooled Trust – The Small-Cap Growth Equity Portfolio

	Principal Amount		Value
Repurchase Agreements – 4.08%
With BNP Paribas 5.10% 5/1/07 (dated 4/30/07, to be repurchased at $1,142,162, collateralized by $367,000 U.S. Treasury Notes 2.75% due 8/15/07, market value $366,524, $11,000 U.S. Treasury Notes 3.125% due 5/15/07, market value $10,936, $277,000 U.S. Treasury Notes 4.375% due 5/15/07, market value $282,684 and $495,000 U.S. Treasury Notes 4.75% due 11/15/08, market value $505,627)	$	1,142,000	$	1,142,000
With Cantor Fitzgerald 5.09% 5/1/07 (dated 4/30/07, to be repurchased at $406,057, collateralized by $419,000 U.S. Treasury Notes 3.625% due 7/15/09, market value $414,504)	406,000		406,000
With UBS Warburg 5.10% 5/1/07 (dated 4/30/07, to be repurchased at $615,087, collateralized by $640,000 U.S. Treasury Bills due 9/20/07, market value $627,662)	615,000		615,000
Total Repurchase Agreements (cost $2,163,000)			2,163,000
Total Value of Securities – 99.73% (cost $38,533,168)			52,862,022
Receivables and Other Assets Net of Liabilities – 0.27%			144,348
Net Assets Applicable to 3,310,568 Shares Outstanding; Equivalent to $16.01 per Share – 100.00%			$	53,006,370
Components of Net Assets at April 30, 2007:
Shares of beneficial interest (unlimited authorization – no par)			$	33,274,538
Accumulated net realized gain on investments			5,402,978
Net unrealized appreciation of investments			14,328,854
Total net assets			$	53,006,370

² Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.

† Non-income producing security for the period ended April 30, 2007.

See accompanying notes

30

Statements of net assets

Delaware Pooled Trust – The Focus Smid-Cap Growth Equity Portfolio

April 30, 2007 (Unaudited)

	Number of Shares	Value
Common Stock – 99.37%
Basic Industry/Capital Goods – 4.07%
Graco	6,400	$	252,800
		252,800
Business Services – 11.38%
Expeditors International Washington	5,800	242,440
†Global Cash Access Holdings	17,000	266,390
Global Payments	5,200	197,496
		706,326
Consumer Durables – 8.78%
Gentex	16,700	297,260
†Select Comfort	13,350	247,509
		544,769
Consumer Non-Durables – 14.63%
†Blue Nile	6,500	305,890
Fastenal	7,200	296,064
†NetFlix	13,800	305,946
		907,900
Consumer Services – 18.57%
IHOP	4,598	270,914
Jackson Hewitt Tax Service	9,800	270,284
Strayer Education	2,500	310,851
Weight Watchers International	6,261	300,465
		1,152,514
Financials – 15.89%
†Affiliated Managers Group	1,800	211,734
Financial Federal	8,016	210,660
†IntercontinentalExchange	2,400	304,800
optionsXpress Holdings	10,500	259,140
		986,334
Health Care – 5.22%
†Techne	5,500	324,335
		324,335
Technology – 15.41%
Blackbaud	12,900	284,832
†j2 Global Communications	12,900	371,004
†NAVTEQ	8,500	300,560
		956,396
Transportation – 5.42%
C.H. Robinson Worldwide	6,300	336,798
		336,798
Total Common Stock (cost $5,948,763)		6,168,172
Total Value of Securities – 99.37% (cost $5,948,763)		6,168,172
Receivables and Other Assets Net of Liabilities – 0.63%		39,391
Net Assets Applicable to 621,699 Shares Outstanding; Equivalent to $9.98 Per Share – 100.00%		$	6,207,563
Components of Net Assets at April 30, 2007:
Shares of beneficial interest (unlimited authorization – no par)		$	5,998,667
Accumulated net realized loss on investments		(10,513		)
Net unrealized appreciation of investments		219,409
Total net assets		$	6,207,563

† Non-income producing security for the period ended April 30, 2007.

See accompanying notes

(continues)

31

Statements of net assets

Delaware Pooled Trust – The Smid-Cap Growth Equity Portfolio

April 30, 2007 (Unaudited)

	Number of Shares	Value
Common Stock – 99.97%
Basic Industry/Capital Goods – 9.62%
Allegheny Technologies	400	$	43,832
Dynamic Materials	1,600	52,864
†Flow International	1,600	18,624
Joy Global	900	45,567
Trinity Industries	900	41,760
Woodward Governor	800	39,480
		242,127
Business Services – 6.05%
†Global Cash Access Holdings	2,400	37,608
†Monster Worldwide	900	37,845
†Portfolio Recovery Associates	700	38,955
†WESCO International	600	37,902
		152,310
Consumer Durables – 3.47%
†Activision	2,500	50,000
†Williams Scotsman International	1,700	37,451
		87,451
Consumer Non-Durables – 10.04%
†Coach	900	43,947
†Crocs	500	27,940
†Hibbett Sports	1,200	34,980
†Under Armour Class A	1,000	50,500
†Urban Outfitters	2,400	61,824
†Volcom	800	33,608
		252,799
Consumer Services – 9.12%
†Chipotle Mexican Grill Class A	700	45,661
†First Cash Financial Services	2,100	48,258
Host Hotels & Resorts	1,400	35,896
†Life Time Fitness	500	25,700
†NutriSystem	700	43,400
†Wynn Resorts	300	30,663
		229,578
Energy – 5.77%
†Cameron International	600	38,742
†Geophysique-Veritas ADR	900	37,431
†Grant Prideco	600	30,924
†Helix Energy Solutions Group	1,000	38,260
		145,357
Financials – 9.83%
†Affiliated Managers Group	400	47,052
†AmCOMP	2,700	26,055
Ashford Hospitality Trust	2,400	28,800
†Employers Holdings	500	9,915
Home Bancshares	700	15,414
†IntercontinentalExchange	100	12,700
KKR Financial	900	24,039
MVC Capital	1,700	29,869
Nuveen Investments Class A	700	37,310
†PennantPark Investment	1,100	16,478
		247,632
Health Care – 20.45%
†ACADIA Pharmaceuticals	1,000	13,660
†Angiotech Pharmaceuticals	2,100	11,445
†Barr Pharmaceuticals	800	38,688
Bausch & Lomb	700	41,181
†Biogen Idec	300	14,163
Dade Behring Holdings	800		39,288
†DaVita	500	27,305
†Express Scripts Class A	300	28,665
†Hologic	600	34,530
†Immunomedics	2,600	13,676
†Invitrogen	500	32,735
†LifeCell	1,000	29,400
Manor Care	500	32,445
†Martek Biosciences	300	6,477
†Medarex	1,900	26,011
†Micrus Endovascular	1,200	26,676
†PDL BioPharma	1,500	37,890
†Sepracor	300	16,104
†United Therapeutics	800	44,728
		515,067
Technology – 24.05%
†Akamai Technologies	700	30,856
†Citrix Systems	900	29,340
†Emageon	2,000	23,020
†F5 Networks	400	30,712
†Foundry Networks	2,100	31,752
†Informatica	2,300	33,856
†Isilon Systems	1,100	13,431
†Mellanox Technologies	600	9,954
†Microsemi	1,900	43,909
†Nuance Communications	2,800	43,148
†Perot Systems Class A	1,900	34,010
†Polycom	1,100	36,630
†salesforce.com	800	33,600
Satyam Computer Services ADR	1,500	37,320
†SAVVIS	700	36,099
†SBA Communications Class A	1,200	35,304
†Syke Enterprises	1,800	33,228
†Trident Microsystems	1,400	29,722
†Varian Semiconductor Equipment Associates	600	39,816
		605,707
Transportation – 1.57%
Hunt (J.B.) Transport Services	1,000	27,060
†USA Truck	800	12,448
		39,508
Total Common Stock (cost $2,041,339)		2,517,536
Total Value of Securities – 99.97% (cost $2,041,339)		2,517,536
Receivables and Other Assets Net of Liabilities – 0.03%		779
Net Assets Applicable to 235,295 Shares Outstanding; Equivalent to $10.70 per Share – 100.00%		$	2,518,315
Components of Net Assets at April 30, 2007:
Shares of beneficial interest (unlimited authorization – no par)		$	1,976,901
Accumulated net realized gain on investments		65,217
Net unrealized appreciation of investments		476,197
Total net assets		$	2,518,315

ADR – American Depositary Receipts

†Non-income producing security for the period ended April 30, 2007.

See accompanying notes

32

Statements of net assets

Delaware Pooled Trust – The Real Estate Investment Trust Portfolio II

April 30, 2007 (Unaudited)

	Number of Shares	Value
Common Stock – 96.05%
Diversified REITs – 6.86%
Spirit Finance	8,800	$	126,632
Vornado Realty Trust	6,100	723,643
Washington Real Estate Investment Trust	3,500	132,510
		982,785
Health Care REITs – 4.85%
Health Care Property Investors	5,100	180,489
Health Care REIT	2,500	113,100
Senior Housing Properties Trust	2,400	54,792
Ventas	8,200	345,712
		694,093
Hotel REITs – 6.91%
Ashford Hospitality Trust	6,700	80,400
Hersha Hospitality Trust	12,400	147,312
Host Hotels & Resorts	24,434	626,488
Marriott International Class A	3,000	135,630
		989,830
Industrial REITs – 6.92%
AMB Property	4,680	285,059
ProLogis	10,900	706,320
		991,379
Mall REITs – 15.85%
General Growth Properties	10,400	664,040
Macerich	4,800	456,576
Simon Property Group	9,970	1,149,342
		2,269,958
Manufactured Housing REITs – 1.10%
Equity Lifestyle Properties	2,900	157,383
		157,383
Multifamily REITs – 16.10%
Apartment Investment & Management	5,400	298,620
Archstone-Smith Trust	7,900	411,669
AvalonBay Communities	2,800	342,328
BRE Properties	4,000	240,160
Camden Property Trust	2,700	188,055
Equity Residential	13,000	603,589
Essex Property Trust	600	77,316
Home Properties	2,600	144,820
		2,306,557
Office REITs – 13.26%
Alexandria Real Estate Equities	2,100	222,285
Boston Properties	5,400	634,824
Brandywine Realty Trust	6,500	213,720
Douglas Emmett	4,200	109,410
Highwoods Properties	3,900	159,042
Mack-Cali Realty	4,000	195,880
SL Green Realty	2,580	363,522
		1,898,683
Office/Industrial REITs – 3.49%
Digital Realty Trust	3,100	125,395
Duke Realty	6,300	271,593
PS Business Parks	1,500	103,350
		500,338
Real Estate Operating Companies – 5.21%
Brookfield Properties	5,800	238,206
Hilton Hotels	2,900	98,600
Starwood Hotels & Resorts Worldwide	6,100	408,822
		745,628
Self-Storage REITs – 4.15%
Extra Space Storage	4,300		80,453
Public Storage	5,500	513,260
		593,713
Shopping Center REITs – 10.68%
Developers Diversified Realty	2,300	149,730
Equity One	3,300	92,169
Federal Realty Investment Trust	3,600	324,612
Kimco Realty	10,000	480,700
Kite Realty Group Trust	6,800	136,000
Regency Centers	4,200	346,080
		1,529,291
Specialty REITs – 0.67%
Entertainment Properties Trust	1,600	96,672
		96,672
Total Common Stock (cost $12,619,364)		13,756,310

	Principal Amount
Repurchase Agreements – 4.21%
With BNP Paribas 5.10% 5/1/07 (dated 4/30/07, to be repurchased at $318,445, collateralized by $102,300 U.S. Treasury Notes 2.75% due 8/15/07, market value $102,179, $3,000 U.S. Treasury Notes 3.125% due 5/15/07, market value $3,049, $77,300 U.S. Treasury Notes 4.375% due 5/15/07, market value $78,807 and $137,900 U.S. Treasury Notes 4.75% due 11/15/08, market value $140,958)	$	318,400	318,400
With Cantor Fitzgerald 5.09% 5/1/07 (dated 4/30/07, to be repurchased at $113,216, collateralized by $116,700 U.S. Treasury Notes 3.625% due 7/15/09, market value $115,555)	113,200		113,200
With UBS Warburg 5.10% 5/1/07 (dated 4/30/07, to be repurchased at $171,424, collateralized by $178,400 U.S. Treasury Bills due 9/20/07, market value $174,979)	171,400		171,400
Total Repurchase Agreements (cost $603,000)			603,000
Total Value of Securities – 100.26% (cost $13,222,364)			14,359,310
Liabilities Net of Receivables and Other Assets – (0.26%)			(37,207		)
Net Assets Applicable to 1,000,180 Shares Outstanding; Equivalent to $14.32 Per Share – 100.00%			$	14,322,103
Components of Net Assets at April 30, 2007:
Shares of beneficial interest (unlimited authorization – no par)			$	8,136,823
Undistributed net investment income			119,828
Accumulated net realized gain on investments			4,928,506
Net unrealized appreciation of investments			1,136,946
Total net assets			$	14,322,103

REIT – Real Estate Investment Trust

See accompanying notes

(continues)

33

Statements of net assets

Delaware Pooled Trust – The Intermediate Fixed Income Portfolio

April 30, 2007 (Unaudited)

	Principal Amount (U.S.$ )		Value (U.S.$ )
Agency Asset-Backed Securities – 0.24%
Fannie Mae Grantor Trust Series 2003-T4 2A5 4.907% 9/26/33	$	25,058	$	24,937
Fannie Mae Whole Loan
Series 2001-W2 AS5 6.473% 10/25/31	37,780		37,641
·Series 2002-W11 AV1 5.66% 11/25/32	4,790		4,790
Total Agency Asset-Backed Securities (cost $67,328)			67,368
Agency Collateralized Mortgage Obligations – 5.36%
Fannie Mae
Series 2003-122 AJ 4.50% 2/25/28	27,613		27,018
Series 2005-110 MB 5.50% 9/25/35	90,000		90,775
·Series 2006-M2 A2F 5.259% 5/25/20	160,000		158,783
Fannie Mae Grantor Trust
Series 2001-T8 A2 9.50% 7/25/41	24,369		26,221
Series 2002-T19 A1 6.50% 7/25/42	81,410		83,331
Fannie Mae Whole Loan
Series 2003-W10 1A4 4.505% 6/25/43	25,000		24,394
Series 2003-W15 2A7 5.55% 8/25/43	35,000		35,288
Series 2004-W9 2A1 6.50% 2/25/44	48,073		49,342
Freddie Mac
Series 1490 CA 6.50% 4/15/08	17,332		17,292
Series 2326 ZQ 6.50% 6/15/31	91,616		95,771
Series 2480 EH 6.00% 11/15/31	253		252
Series 2552 KB 4.25% 6/15/27	33,232		32,969
Series 2662 MA 4.50% 10/15/31	51,600		50,737
Series 2694 QG 4.50% 1/15/29	70,000		68,262
Series 2890 PC 5.00% 7/15/30	95,000		93,827
Series 2915 KP 5.00% 11/15/29	50,000		49,446
Series 3005 ED 5.00% 7/15/25	85,000		81,653
Series 3063 PC 5.00% 2/15/29	85,000		84,323
Freddie Mac Stated Final Series 5 GC 2.95% 12/15/09	140,789		138,180
·Freddie Mac Strip Series 19 F 5.909% 6/1/28	23,819		23,735
tFreddie Mac Structured Pass Through Securities
Series T-58 2A 6.50% 9/25/43	45,195		46,290
·Series T-60 1A4C 5.395% 3/25/44	15,000		14,963
GNMA
Series 2002-28 B 5.779% 7/16/24	35,000		35,445
Series 2002-61 BA 4.648% 3/16/26	86,752		85,895
Series 2003-5 B 4.486% 10/16/25	25,000		24,633
Series 2003-78 B 5.11% 10/16/27	40,000		39,910
·Vendee Mortgage Trust Series 2000-1 1A 6.819% 1/15/30	37,121		38,526
Total Agency Collateralized Mortgage Obligations (cost $1,516,834)			1,517,261
Agency Mortgage-Backed Securities – 6.66%
Fannie Mae
5.50% 5/15/09		18,907		18,869
6.50% 8/1/17	29,124		29,796
6.52% 1/1/08	2,440		2,438
8.50% 9/20/10	3,657		3,811
9.00% 4/1/09	4,429		4,480
·Fannie Mae ARM
3.747% 8/1/34	64,082		64,537
4.794% 11/1/35	404,763		404,770
5.064% 8/1/35	65,630		64,792
6.458% 12/1/33	48,851		49,397
Fannie Mae FHAVA
9.00% 6/1/09	17,088		17,447
11.00% 12/1/15	3,841		4,183
Fannie Mae Relocation 30 yr
5.00% 11/1/33	65,308		63,698
5.00% 1/1/34 Pool #763656	46,371		45,227
5.00% 1/1/34 Pool #763742	5,731		5,586
Fannie Mae S.F. 15 yr
4.00% 5/1/19	15,017		14,213
8.00% 10/1/14	10,930		11,069
8.50% 2/1/10	8,397		8,678
Fannie Mae S.F. 30 yr
6.00% 10/1/33	5,808		5,878
7.50% 12/1/10	3,800		3,836
7.50% 12/1/32	8,144		8,504
8.50% 5/1/11	2,703		2,766
8.50% 8/1/12	2,983		3,068
9.50% 4/1/18	1,819		1,987
Fannie Mae S.F. 30 yr TBA
5.00% 5/1/37	265,000		255,974
6.00% 5/1/37	195,000		196,463
·Freddie Mac ARM
5.748% 4/1/34	23,072		23,498
5.852% 4/1/33	22,188		22,441
Freddie Mac Balloon 5 yr
4.00% 6/1/08	13,845		13,678
4.00% 1/1/09	7,013		6,912
Freddie Mac Balloon 7 yr 3.00% 8/1/10	276,730		264,515
Freddie Mac Relocation 15 yr
3.50% 9/1/18	43,738		40,754
3.50% 10/1/18	5,827		5,429
Freddie Mac Relocation 30 yr 5.00% 9/1/33	65,164		63,747
Freddie Mac S.F. 15 yr
4.00% 11/1/13	12,649		12,299
4.00% 3/1/14	13,301		12,915
8.50% 10/1/15	4,869		5,148
Freddie Mac S.F. 30 yr
6.50% 10/1/32	7,356		7,583
7.00% 11/1/33	14,612		15,204
8.00% 9/1/07	86		86
8.25% 10/1/07	384		385
9.25% 9/1/08	1,667		1,702

34

	Principal Amount (U.S.$ )		Value (U.S.$ )
Agency Mortgage-Backed Securities (continued)
GNMA I S.F. 15 yr
6.00% 1/15/09	$	3,714	$	3,739
7.50% 4/15/13	8,814		8,878
8.50% 8/15/10	2,173		2,187
GNMA I S.F. 30 yr
7.00% 12/15/34	71,520		75,597
7.50% 2/15/32	5,578		5,845
Total Agency Mortgage-Backed Securities (cost $1,882,817)			1,884,009
Agency Obligations – 3.69%
Fannie Mae
4.75% 3/12/10	85,000		84,932
5.00% 2/13/17	290,000		290,365
Freddie Mac
4.125% 7/12/10	365,000		358,106
5.00% 1/16/09	170,000		170,329
5.00% 2/16/17	140,000		140,236
Total Agency Obligations (cost $1,034,251)			1,043,968
Commercial Mortgage-Backed Securities – 10.22%
Bank of America Commercial Mortgage Securities
Series 2004-5 A3 4.561% 11/10/41	20,000		19,517
Series 2005-1 A3 4.877% 11/10/42	30,000		29,772
·Series 2006-3 A4 5.889% 7/10/44	85,000		88,038
Series 2006-4 A4 5.634% 7/10/46	150,000		152,631
#Bear Stearns Commercial Mortgage Securities Series 2004-ESA E 144A 5.064% 5/14/16	50,000		49,921
tCommercial Mortgage Pass Through Certificates
#Series 2001-J1A A2 144A 6.457% 2/14/34	28,302		29,277
Series 2006-C7 A2 5.69% 6/10/46	35,000		35,561
#Credit Suisse First Boston Mortgage Securities Series 2001-SPGA A2 144A 6.515% 8/13/18	125,000		131,309
·Credit Suisse Mortgage Capital Certificates Series 2006-C1 AAB 5.681% 2/15/39	20,000		20,295
Deutsche Mortgage and Asset Receiving Series 1998-C1 A2 6.538% 6/15/31	65,635		65,783
DLJ Commercial Mortgage Series 1998-CF1 A3 6.70% 2/18/31		130,000		130,906
First Union National Bank- Bank of America Commercial Mortgage Trust Series 2001-C1 C 6.403% 3/15/33	20,000		20,784
First Union-Lehman Brothers- Bank of America Series 1998-C2 A2 6.56% 11/18/35	42,977		43,233
General Electric Capital Commercial Mortgage
Series 2002-1A A3 6.269% 12/10/35	130,000		135,587
·Series 2005-C4 A2 5.305% 11/10/45	25,000		25,111
GMAC Commercial Mortgage Securities Series 1998-C2 A2 6.42% 5/15/35	14,158		14,276
Goldman Sachs Mortgage Securities II
Series 2004-GG2 A3 4.602% 8/10/38	40,000		39,486
Series 2006-GG8 A4 5.56% 11/10/39	105,000		106,381
·#Series 2006-RR3 A1S 144A 5.76% 7/18/56	100,000		100,940
Greenwich Capital Commercial Funding Series 2007-GG9 A4 5.444% 3/10/39	150,000		150,656
JPMorgan Chase Commercial Mortgage Securities
Series 2002-C1 A3 5.376% 7/12/37	55,000		55,362
Series 2002-C2 A2 5.05% 12/12/34	145,000		143,535
Series 2003-C1 A2 4.985% 1/12/37	156,000		154,231
·#Series 2006-RR1A A1 144A 5.609% 10/18/52	40,000		39,856
Series 2007-CB18 A4 5.44% 6/12/47	105,000		105,167
Lehman Brothers-UBS Commercial Mortgage Trust
Series 2001-C2 A1 6.27% 6/15/20	22,323		22,460
Series 2002-C1 A4 6.462% 3/15/31	145,000		152,377
Series 2003-C8 A2 4.207% 11/15/27	120,000		117,922
·Merrill Lynch Mortgage Trust Series 2006-C1 ASB 5.843% 5/12/39	70,000		71,697

(continues)

35

Statements of net assets

Delaware Pooled Trust – The Intermediate Fixed Income Portfolio

	Principal Amount (U.S.$ )		Value (U.S.$ )
Commercial Mortgage-Backed Securities (continued)
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2007-5 A1 4.275% 8/12/48	$	178,100	$	174,027
Series 2007-5 A4 5.378% 8/12/48	100,000		99,619
#SBA Commercial Mortgage-Backed Securities Trust Series 2006-1A B 144A 5.451% 11/15/36	125,000		125,591
·#STRIPs III Series 2003-1A AFIX 144A 3.308% 3/24/18	37,126		35,967
#Tower 144A
Series 2004-2A A 4.232% 12/15/14	45,000		43,813
Series 2006-1 B 5.588% 2/15/36	25,000		25,186
Series 2006-1 C 5.707% 2/15/36	25,000		25,226
Wachovia Bank Commercial Mortgage Trust
·Series 2005-C20 A5 5.087% 7/15/42	30,000		29,829
Series 2006-C28 A2 5.50% 10/15/48	80,000		80,749
Total Commercial Mortgage-Backed Securities (cost $2,913,339)			2,892,078
Corporate Bonds – 32.04%
Banking – 4.31%
·BAC Capital Trust XIV 5.63% 12/31/49	55,000		55,272
·#KBC Bank Funding Trust III 144A 9.86% 11/29/49	125,000		138,264
Marshall & Ilsley Bank 3.95% 8/14/09	140,000		136,934
National City 3.125% 4/30/09	180,000		173,757
·RBS Capital Trust I 4.709% 12/29/49	195,000		186,871
·#Resona Preferred Global Securities 144A 7.191% 12/29/49	215,000		227,623
·UBS Preferred Funding Trust V 6.243% 5/29/49	80,000		82,831
US Bank 6.375% 8/1/11	55,000		57,656
·VTB 24 Capital 6.15% 12/7/09	100,000		100,190
·Wachovia Capital Trust III 5.80% 8/29/49	60,000		60,946
			1,220,344
Basic Industry – 1.22%
Alcoa 5.55% 2/1/17	95,000		95,238
Lubrizol 4.625% 10/1/09	55,000		54,264
Praxair 5.20% 3/15/17	90,000		89,275
Vale Overseas 6.25% 1/23/17	60,000		61,680
Weyerhaeuser 5.95% 11/1/08	45,000		45,407
			345,864
Brokerage – 2.64%
·Ameriprise Financial 7.518% 6/1/66		175,000		190,246
AMVESCAP
4.50% 12/15/09	90,000		88,500
5.625% 4/17/12	80,000		80,556
Goldman Sachs Group 5.625% 1/15/17	70,000		69,816
Merrill Lynch 6.05% 5/16/16	100,000		103,259
Morgan Stanley 5.30% 3/1/13	140,000		140,623
Nuveen Investments 5.00% 9/15/10	75,000		74,413
			747,413
Capital Goods – 0.85%
General Electric 5.00% 2/1/13	150,000		149,097
United Technologies 4.875% 5/1/15	95,000		92,487
			241,584
Communications – 5.01%
AT&T 7.30% 11/15/11	65,000		70,691
BellSouth 4.20% 9/15/09	65,000		63,723
British Telecommunications 8.625% 12/15/10	110,000		122,799
Comcast 5.85% 11/15/15	110,000		112,329
Cox Communications 4.625% 1/15/10	65,000		64,144
News America Holdings 7.375% 10/17/08	45,000		46,233
SBC Communications 5.10% 9/15/14	65,000		63,920
Sprint Capital 7.625% 1/30/11	100,000		107,397
Sprint Nextel 6.00% 12/1/16	80,000		78,655
Telecom Italia Capital 4.00% 1/15/10	95,000		92,182
Telefonica Emisones 5.984% 6/20/11	75,000		77,096
Telefonos de Mexico 4.50% 11/19/08	130,000		129,201
Time Warner 5.50% 11/15/11	65,000		65,592
#Time Warner Cable 144A 5.85% 5/1/17	65,000		65,513
Time Warner Entertainment 8.375% 3/15/23	35,000		41,786
Viacom
·5.70% 6/16/09	55,000		55,183
5.75% 4/30/11	160,000		162,325
			1,418,769
Consumer Cyclical – 2.46%
Costco Wholesale 5.50% 3/15/17	80,000		80,869
Federated Retail Holdings 5.35% 3/15/12	40,000		40,022
Fortune Brands 5.125% 1/15/11	70,000		69,408
Home Depot
4.625% 8/15/10	245,000		241,353
5.40% 3/1/16	35,000		34,336
#Nissan Motor Acceptance 144A 5.625% 3/14/11	150,000		151,193
Penney (J.C.)
5.75% 2/15/18	25,000		24,992
8.00% 3/1/10	35,000		37,481
Procter & Gamble 6.875% 9/15/09	15,000		15,639
			695,293
Consumer Non-Cyclical – 1.46%
AmerisourceBergen 5.875% 9/15/15	35,000		34,874
Baxter International 5.196% 2/16/08	10,000		9,988
Hershey 5.45% 9/1/16	125,000		125,762
Kraft Foods 4.125% 11/12/09	100,000		97,557

36

	Principal Amount (U.S.$ )		Value (U.S.$ )
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
Medco Health Solutions 7.25% 8/15/13	$	25,000	$	27,088
UST 6.625% 7/15/12	15,000		15,895
Wyeth 5.50% 2/1/14	100,000		101,266
			412,430
Electric – 1.64%
Dominion Resources 5.687% 5/15/08	50,000		50,131
Entergy Arkansas 4.50% 6/1/10	80,000		78,405
FPL Group Capital 5.625% 9/1/11	55,000		56,038
Pacific Gas & Electric 4.20% 3/1/11	115,000		111,664
Potomac Electric Power 6.25% 10/15/07	80,000		80,320
#Power Contract Financing 144A 6.256% 2/1/10	26,125		26,377
PSEG Funding Trust I 5.381% 11/16/07	60,000		59,938
			462,873
Energy – 1.30%
Apache
5.25% 4/15/13	35,000		35,096
5.625% 1/15/17	50,000		50,894
Canada Natural Resources 5.70% 5/15/17	60,000		60,294
#Canadian Oil Sands 144A 4.80% 8/10/09	10,000		9,877
Halliburton 5.50% 10/15/10	45,000		45,598
Pemex Project Funding Master Trust 5.75% 12/15/15	75,000		76,256
#Ras Laffan Liquefied Natural Gas III 144A 5.832% 9/30/16	90,000		91,085
			369,100
Financials – 4.13%
·American Express 6.80% 9/1/66	70,000		74,903
American General Finance
4.625% 5/15/09	115,000		113,879
4.875% 7/15/12	80,000		78,825
Capital One Bank 5.00% 6/15/09	110,000		109,732
General Electric Capital 5.40% 2/15/17	140,000		140,293
·#Mizuho JGB Investment Preferred 144A 9.87% 12/29/49	105,000		110,219
National Rural Utilities Cooperative Finance 5.45% 4/10/17	35,000		35,145
Residential Capital
·5.84% 6/9/08	55,000		54,631
6.00% 2/22/11	70,000		69,259
6.125% 11/21/08	65,000		64,980
6.50% 4/17/13	80,000		80,055
·6.66% 11/21/08	35,000		35,089
6.875% 6/30/15	140,000		141,987
·#Xstrata Finance 144A 5.71% 11/13/09	60,000		60,098
			1,169,095
Insurance – 4.38%
Aetna 7.875% 3/1/11		40,000		43,740
#Farmers Insurance Exchange 144A 6.00% 8/1/14	125,000		124,311
Marsh & McLennan 5.15% 9/15/10	45,000		44,621
MetLife 5.00% 6/15/15	120,000		117,199
#Nippon Life Insurance 144A 4.875% 8/9/10	55,000		54,237
PMI Group 5.568% 11/15/08	70,000		70,060
ReliaStar Financial 6.50% 11/15/08	155,000		157,480
SAFECO Capital Trust I 8.072% 7/15/37	65,000		67,782
·#Security Capital Assurance 144A 6.88% 6/30/49	40,000		40,862
St. Paul Travelers 5.01% 8/16/07	55,000		54,932
·t#Twin Reefs Pass Through Trust 144A 6.32% 12/31/49	200,000		200,658
WellPoint
4.25% 12/15/09	25,000		24,512
5.00% 1/15/11	70,000		69,557
Willis North America 5.125% 7/15/10	50,000		49,154
·XL Capital 6.50% 12/31/49	120,000		118,656
			1,237,761
Natural Gas – 1.01%
Southern Union 6.15% 8/16/08	110,000		110,968
Valero Logistics Operations 6.05% 3/15/13	170,000		173,810
			284,778
Real Estate – 0.44%
Developers Diversified Realty 4.625% 8/1/10	90,000		88,402
HRPT Properties Trust 5.75% 2/15/14	35,000		35,292
			123,694
Transportation – 1.19%
Continental Airlines
5.983% 4/19/22	50,000		49,750
6.503% 6/15/11	150,000		154,312
#Erac USA Finance 144A 7.35% 6/15/08	130,000		132,141
			336,203
Total Corporate Bonds (cost $8,997,738)			9,065,201
Municipal Bonds – 0.45%
Colorado Department of Transportation Revenue Series B 5.00% 12/15/12 (FGIC)	120,000		127,946
Total Municipal Bonds (cost $128,847)			127,946
Non-Agency Asset-Backed Securities – 11.32%
AmeriCredit Automobile Receivables Trust Series 2005-CF A4 4.63% 6/6/12	85,000		84,457

(continues)

37

Statements of net assets

Delaware Pooled Trust – The Intermediate Fixed Income Portfolio

	Principal Amount (U.S.$ )		Value (U.S.$ )
Non-Agency Asset-Backed Securities (continued)
Chase Funding Mortgage Loan Asset-Backed Certificates
Series 2002-3 1A6 4.707% 9/25/13	$	131,610	$	128,609
Series 2003-3 1A4 3.303% 11/25/29	50,974		49,984
Chase Manhattan Auto Owner Trust Series 2006-B A3 5.13% 5/15/11	100,000		100,075
CitiFinancial Mortgage Securities Series 2003-2 AF4 4.098% 5/25/33	180,000		177,053
Countrywide Asset-Backed Certificates
·Series 2006-1 AF3 5.348% 7/25/36	70,000		69,751
·Series 2006-3 2A2 5.50% 6/25/36	215,000		215,104
Series 2006-9 1AF3 5.859% 10/25/46	105,000		105,891
·Series 2006-11 1AF3 6.05% 9/25/46	175,000		176,458
Series 2006-13 1AF3 5.944% 1/25/37	130,000		130,754
·Series 2006-15 A3 5.689% 10/25/46	45,000		44,991
Series 2006-S2 A2 5.627% 7/25/27	40,000		39,781
Series 2006-S3 A2 6.085% 6/25/21	80,000		80,742
Series 2006-S5 A3 5.762% 6/25/35	75,000		75,006
·Series 2006-S6 A2 5.519% 3/25/34	85,000		84,904
·Series 2006-S7 A3 5.712% 11/25/35	160,000		159,289
·Series 2006-S9 A3 5.728% 8/25/36	75,000		74,561
Credit-Based Asset Servicing and Securitization
#Series 2006-SL1 A2 144A 5.556% 9/25/36	175,000		174,886
Series 2007-CB1 AF2 5.721% 1/25/37	100,000		100,253
#Dunkin Securitization Series 2006-1 A2 144A 5.779% 6/20/31	100,000		101,882
·GMAC Mortgage Loan Trust Series 2006-HE3 A2 5.75% 10/25/36	70,000		70,049
Honda Auto Receivables Owner Trust Series 2004-1 A4 3.06% 10/21/09	8,870		8,798
·#MASTR Specialized Loan Trust Series 2005-2 A2 144A 5.006% 7/25/35	23,870		23,128
·Merrill Lynch Mortgage Investors
Series 2005-NCB A1A 5.451% 7/25/36	5,067		5,047
Series 2006-AR1 A2C 5.48% 3/25/37		80,000		79,932
Mid-State Trust
Series 11 A1 4.864% 7/15/38	33,520		32,020
Series 2004-1 A 6.005% 8/15/37	6,451		6,578
#Series 2006-1 A 144A 5.787% 10/15/40	36,835		36,778
·Option One Mortgage Loan Trust Series 2005-4 A3 5.58% 11/25/35	150,000		150,203
Residential Asset Securities
Series 2003-KS9 AI6 4.71% 11/25/33	51,531		50,036
·Series 2006-KS3 AI3 5.49% 4/25/36	180,000		179,945
Residential Funding Mortgage Securities II
Series 2003-HS2 AI3 3.17% 3/25/18	53,753		52,609
Series 2005-HI3 A2 5.09% 9/25/35	95,000		94,300
#Silverleaf Finance Series 2005-A A 144A 4.857% 11/15/16	21,918		21,698
Structured Asset Securities
Series 2001-SB1 A2 3.375% 8/25/31	43,761		39,472
Series 2004-16XS A2 4.91% 8/25/34	15,430		15,367
Series 2005-2XS 1A2A 4.51% 2/25/35	30,000		29,577
Series 2005-NC1 A2 3.92% 2/25/35	6,555		6,531
Triad Auto Receivables Owner Trust Series 2006-C A4 5.31% 5/13/13	125,000		125,793
Total Non-Agency Asset-Backed Securities (cost $3,201,530)			3,202,292
Non-Agency Collateralized Mortgage Obligations – 17.66%
American Home Mortgage Investment Trust Series 2005-2 5A1 5.064% 9/25/35	50,000		49,209
Bank of America Alternative Loan Trust
Series 2003-10 2A1 6.00% 12/25/33	53,135		53,292
Series 2004-2 1A1 6.00% 3/25/34	71,010		71,221
Series 2004-10 1CB1 6.00% 11/25/34	13,172		13,291
Series 2005-9 5A1 5.50% 10/25/20	61,143		60,913
·Bank of America Funding Series 2006-F 1A2 5.169% 7/20/36	102,618		102,362

38

	Principal Amount (U.S.$ )		Value (U.S.$ )
Non-Agency Collateralized Mortgage Obligations (continued)
Bank of America Mortgage Securities
·Series 2003-D 1A2 6.853% 5/25/33	$	934	$	942
Series 2005-9 2A1 4.75% 10/25/20	61,342		60,474
·Bear Stearns Alternative A Trust
Series 2006-3 33A1 6.171% 5/25/36	49,150		49,851
Series 2006-3 34A1 6.161% 5/25/36	45,981		46,620
Countrywide Alternative Loan Trust
Series 2003-20CB 1A2 5.50% 10/25/33	115,389		114,894
Series 2004-28CB 6A1 6.00% 1/25/35	75,584		75,761
·Series 2004-J7 1A2 4.673% 8/25/34	22,597		22,365
Series 2005-1CB 2A2 5.50% 3/25/35	136,937		135,536
·Series 2005-63 3A1 5.893% 11/25/35	71,097		71,458
Series 2005-85CB 2A2 5.50% 2/25/36	20,514		20,539
Series 2006-2CB A3 5.50% 3/25/36	52,810		52,678
tCountrywide Home Loan Mortgage Pass Through Trust
·Series 2003-21 A1 4.076% 5/25/33	17,038		16,872
·Series 2004-12 1M 4.558% 8/25/34	79,587		79,475
Series 2005-23 A1 5.50% 11/25/35	56,037		54,969
Series 2005-29 A1 5.75% 12/25/35	161,267		160,634
Series 2006-1 A2 6.00% 3/25/36	58,251		58,224
Series 2006-1 A3 6.00% 3/25/36	33,286		33,094
Series 2006-HYB3 3A1A 6.10% 5/25/36	76,989		78,161
·Series 2006-HYB4 1A2 5.683% 6/20/36	62,341		62,895
Credit Suisse First Boston Mortgage Securities
Series 2003-29 5A1 7.00% 12/25/33	17,622		18,057
Series 2004-1 3A1 7.00% 2/25/34	14,183		14,533
Deutsche Alternative A Securities Loan Trust Series 2003-4XS A6A 4.82% 10/25/33	121,099		119,035
First Horizon Asset Securities
Series 2003-5 1A17 8.00% 7/25/33	10,321		10,946
·Series 2004-AR5 4A1 5.708% 10/25/34	43,804		43,766
·GMAC Loan Trust Series 2005-AR2 4A 5.189% 5/25/35		106,473		105,529
#GSMPS Mortgage Loan Trust 144A
Series 1998-3 A 7.75% 9/19/27	29,344		30,851
Series 2005-RP1 1A3 8.00% 1/25/35	25,217		26,775
Series 2005-RP1 1A4 8.50% 1/25/35	12,820		13,725
Series 2006-RR1 1A3 8.00% 1/25/36	33,450		35,007
GSR Mortgage Home Loan Trust
Series 2004-2F 9A1 6.00% 9/25/19	24,356		24,372
Series 2006-1F 5A2 6.00% 2/25/36	47,576		47,301
·Indymac Index Mortgage Loan Trust Series 2006-AR2 1A1A 5.54% 4/25/46	29,410		29,446
·JPMorgan Mortgage Trust
Series 2005-A1 4A1 4.777% 2/25/35	86,675		85,143
Series 2005-A4 1A1 5.405% 7/25/35	106,269		105,912
Series 2005-A6 1A2 5.144% 9/25/35	95,000		95,973
Series 2006-A2 3A3 5.683% 4/25/36	100,000		100,639
Series 2007-A1 B1 4.819% 7/25/35	99,803		98,170
Lehman Mortgage Trust
Series 2005-2 2A3 5.50% 12/25/35	60,345		60,381
Series 2006-1 3A3 5.50% 2/25/36	78,603		78,554
·MASTR Adjustable Rate Mortgages Trust
Series 2003-6 1A2 5.875% 12/25/33	35,008		35,596
Series 2005-1 B1 5.414% 3/25/35	89,037		88,711
Series 2005-6 7A1 5.358% 6/25/35	65,831		65,568
MASTR Alternative Loans Trust Series 2003-9 1A1 5.50% 12/25/18	34,800		34,691
#MASTR Reperforming Loan Trust Series 2005-1 1A5 144A 8.00% 8/25/34	50,090		53,050
Nomura Asset Acceptance
Series 2005-WF1 2A2 4.786% 3/25/35	105,000		103,684
·Series 2006-AF1 1A2 6.159% 5/25/36	95,000		96,274
Residential Asset Mortgage Products
Series 2004-SL1 A3 7.00% 11/25/31	20,743		21,050
Series 2004-SL4 A3 6.50% 7/25/32	38,363		39,092

(continues)

39

Statements of net assets

Delaware Pooled Trust – The Intermediate Fixed Income Portfolio

	Principal Amount (U.S.$ )		Value (U.S.$ )
Non-Agency Collateralized Mortgage Obligations (continued)
·Residential Funding Mortgage Securities I Series 2006-SA3 3A1 6.048% 9/25/36	$	89,674	$	90,723
·Structured Adjustable Rate Mortgage Loan Trust
Series 2004-18 5A 5.50% 12/25/34	46,191		46,083
Series 2005-22 4A2 5.377% 12/25/35	22,861		22,700
Series 2005-3XS A2 5.57% 1/25/35	11,561		11,570
Series 2006-5 5A4 5.572% 6/25/36	37,581		37,500
Structured Asset Securities
·Series 2002-22H 1A 6.953% 11/25/32	8,097		8,299
Series 2004-12H 1A 6.00% 5/25/34	26,080		26,150
t·Washington Mutual Pass Through Certificates
Series 2004-AR4 A2 2.98% 6/25/34	45,173		45,081
Series 2006-AR7 1A 5.994% 7/25/46	32,729		32,693
Series 2006-AR10 1A1 5.956% 9/25/36	91,178		92,292
Series 2006-AR14 1A4 5.656% 11/25/36	87,846		88,353
Series 2007-HY3 4A1 5.357% 3/25/37	92,883		92,543
tWashington Mutual Alternative Mortgage Pass Through Certificates
Series 2005-9 3CB 5.50% 10/25/20	45,922		45,980
Series 2006-5 2CB3 6.00% 7/25/36	90,351		91,478
·Series 2006-AR5 3A 5.954% 7/25/46	63,342		63,391
Wells Fargo Mortgage Backed Securities Trust
·Series 2004-T A1 4.588% 9/25/34	35,802		36,082
Series 2005-17 1A1 5.50% 1/25/36	23,283		22,810
Series 2006-2 3A1 5.75% 3/25/36	55,604		55,397
·Series 2006-AR4 1A1 5.864% 4/25/36	103,192		104,055
·Series 2006-AR4 2A1 5.779% 4/25/36	151,297		152,228
·Series 2006-AR5 2A1 5.533% 4/25/36	38,233		38,374
·Series 2006-AR6 7A1 5.111% 3/25/36	161,260		159,450
·Series 2006-AR10 5A1 5.60% 7/25/36	86,526		86,617
·Series 2006-AR11 A7 5.526% 8/25/36	93,964		93,911
·Series 2006-AR12 1A2 6.03% 9/25/36		79,415		80,371
·Series 2006-AR14 2A4 6.105% 10/25/36	91,023		92,237
·Series 2006-AR19 A1 5.67% 12/25/36	52,724		52,860
Total Non-Agency Collateralized Mortgage Obligations (cost $4,969,089)			4,996,789
U.S. Treasury Obligations – 10.46%
U.S. Treasury Inflation Index Bonds
2.00% 1/15/26	179,396		170,370
2.375% 1/15/27	30,268		30,501
U.S. Treasury Inflation Index Notes
^2.00% 1/15/14	407,422		404,096
2.375% 1/15/17	378,345		384,360
2.50% 7/15/16	171,272		175,915
3.00% 7/15/12	503,566		528,529
U.S. Treasury Notes
4.50% 3/31/09	10,000		9,980
4.50% 3/31/12	785,000		784,602
4.625% 2/15/17	80,000		79,988
4.75% 2/28/09	195,000		195,350
^U.S. Treasury Strip 4.758% 11/15/13	265,000		197,335
Total U.S. Treasury Obligations (cost $2,933,247)			2,961,026
Repurchase Agreements – 3.49%
With BNP Paribas 5.10% 5/1/07 (dated 4/30/07, to be repurchased at $521,174, collateralized by $167,400 U.S. Treasury Notes 2.75% due 8/15/07, market value $167,249, $4,900 U.S. Treasury Notes 3.125% due 5/15/07, market value $4,990, $126,500 U.S. Treasury Notes 4.375% due 5/15/07, market value $128,992 and $225,700 U.S. Treasury Notes 4.75% due 11/15/08, market value $230,723)	521,100		521,100
With Cantor Fitzgerald 5.09% 5/1/07 (dated 4/30/07, to be repurchased at $185,226, collateralized by $191,100 U.S. Treasury Notes 3.625% due 7/15/09, market value $189,142)	185,200		185,200
With UBS Warburg 5.10% 5/1/07 (dated 4/30/07, to be repurchased at $280,740, collateralized by $292,000 U.S. Treasury Bills due 9/20/07, market value $286,409)	280,700		280,700
Total Repurchase Agreements (cost $987,000)			987,000

40

Total Value of Securities – 101.59% (cost $28,632,020)	$	28,744,938
Liabilities Net of Receivables and Other Assets – (1.59%)	(450,212		)
Net Assets Applicable to 2,841,363 Shares Outstanding; Equivalent to $9.96 per Share – 100.00%	$	28,294,726
Components of Net Assets at April 30, 2007:
Shares of beneficial interest (unlimited authorization – no par)	$	28,685,683
Distributions in excess of net investment income	(4		)
Accumulated net realized loss on investments	(513,618		)
Net unrealized appreciation of investments	122,665
Total net assets	$	28,294,726

#Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At April 30, 2007, the aggregate amount of Rule 144A securities equaled $2,557,324, which represented 9.04% of the Portfolio’s net assets. See Note 12 in “Notes to financial statements.”

·Variable rate security. The rate shown is the rate as of April 30, 2007.

^Zero coupon security. The rate shown is the yield at the time of purchase.

^Fully or partially pledged as collateral for financial futures contracts.

tPass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes.

Summary of Abbreviations:

ARM – Adjustable Rate Mortgage

FGIC – Insured by the Financial Guaranty Insurance Company

FHAVA – Federal Housing Administration & Veterans Administration

GNMA – Government National Mortgage Association

TBA – To be announced

S.F. – Single Family

yr – Year

The following futures contracts were outstanding at April 30, 2007:

Futures Contracts(1)

Contracts to Buy (Sell)	Notional Cost (Proceeds)			Notional Value			Expiration Date	Unrealized Appreciation (Depreciation)
8 U.S. Treasury 2 year Notes	$	1,638,070		$	1,637,750		6/30/07	$	(320	)
30 U.S. Treasury 5 year Notes	3,169,387			3,174,844			6/30/07	5,457
(15) U.S. Treasury 10 year Notes	(1,629,535		)	(1,624,922		)	6/30/07	4,613
								$	9,750

The use of futures contracts involves elements of market risk and risks in excess of the amount recognized in the financial statements. The notional amounts presented above represent the Portfolio’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Portfolio’s net assets.

(1) See Note 9 in “Notes to financial statements.”

See accompanying notes

(continues)

41

Statements of net assets

Delaware Pooled Trust – The Core Focus Fixed Income Portfolio

April 30, 2007 (Unaudited)

		Principal Amount		Value
		(U.S.$ )		(U.S.$)
	Agency Asset-Backed Securities – 0.09%
	Fannie Mae Grantor Trust Series 2003-T4 2A5 4.907% 9/26/33	$	59,513	$	59,225
	Total Agency Asset-Backed Securities (cost $58,962)			59,225
	Agency Collateralized Mortgage Obligations – 2.53%
	Fannie Mae
	Series 1996-46 ZA 7.50% 11/25/26	14,806		15,343
	Series 2002-90 A1 6.50% 6/25/42	3,670		3,757
	Series 2002-90 A2 6.50% 11/25/42	11,914		12,160
	Series 2003-122 AJ 4.50% 2/25/28	25,312		24,766
	Series 2005-110 MB 5.50% 9/25/35	155,000		156,334
	·Series 2006-M2 A2F 5.259% 5/25/20	305,000		302,682
	Fannie Mae Grantor Trust
	Series 2001-T5 A2 6.995% 2/19/30	123,100		126,628
	·Series 2001-T8 A2 9.50% 7/25/41	14,335		15,424
	Series 2002-T4 A3 7.50% 12/25/41	8,921		9,285
	Fannie Mae Whole Loan
	Series 2004-W9 2A1 6.50% 2/25/44	16,721		17,162
	Series 2004-W11 1A2 6.50% 5/25/44	28,582		29,348
	Freddie Mac
	Series 1730 Z 7.00% 5/15/24	19,237		20,134
	Series 2326 ZQ 6.50% 6/15/31	40,082		41,900
	Series 2480 EH 6.00% 11/15/31	233		233
	Series 2662 MA 4.50% 10/15/31	43,452		42,726
	Series 2694 QG 4.50% 1/15/29	170,000		165,779
	Series 2872 GC 5.00% 11/15/29	45,000		44,475
	Series 2890 PC 5.00% 7/15/30	115,000		113,579
	Series 2915 KP 5.00% 11/15/29	40,000		39,557
	Series 3005 ED 5.00% 7/15/25	165,000		158,504
	Series 3022 MB 5.00% 12/15/28	35,000		34,743
	Series 3063 PC 5.00% 2/15/29	145,000		143,845
	tFreddie Mac Structured Pass Through Securities
	Series T-54 2A 6.50% 2/25/43	4,834		4,940
	Series T-58 2A 6.50% 9/25/43	21,693		22,219
GNMA			65,000		65,827
Series 2002-28 B 5.779% 7/16/24
Series 2002-61 BA 4.648% 3/16/26		28,917		28,632
Series 2003-78 B 5.11% 10/16/27		85,000		84,808
Total Agency Collateralized Mortgage Obligations (cost $1,715,824)				1,724,790
Agency Mortgage-Backed Securities – 23.40%
Fannie Mae
6.171% 5/1/09		4,587		4,607
6.50% 8/1/17		21,181		21,670
Fannie Mae Relocation 30 yr
5.00% 11/1/33		29,389		28,664
5.00% 1/1/34		11,462		11,173
5.00% 8/1/34		14,464		14,099
5.00% 11/1/34		65,091		63,448
5.00% 1/1/36		258,555		251,811
5.00% 2/1/36		211,047		205,402
Fannie Mae S.F. 15 yr
4.50% 8/1/19		15,341		14,878
5.00% 10/1/18		22,489		22,226
5.00% 2/1/19		33,176		32,755
5.00% 1/1/20		20,064		19,791
5.00% 6/1/20		3,786		3,735
5.00% 2/1/21		12,509		12,333
5.50% 4/1/21		17,949		17,974
7.00% 11/1/14		4,885		5,040
Fannie Mae S.F. 15 yr TBA
4.50% 5/1/22		350,000		338,734
5.50% 5/1/22		260,000		260,325
6.00% 5/1/22		1,710,000		1,737,788
Fannie Mae S.F. 30 yr
5.00% 3/1/34		57,680		55,864
5.00% 5/1/34		19,724		19,092
5.00% 1/1/35		29,161		28,226
5.00% 5/1/35		54,251		52,465
5.00% 6/1/35		89,512		86,566
5.00% 3/1/36		119,814		115,792
5.00% 4/1/36		93,146		90,019
5.50% 3/1/29		53,053		52,727
5.50% 4/1/29		54,181		53,848
5.50% 2/1/35		121,869		120,759
5.50% 5/1/35		116,069		114,930
5.50% 12/1/35		194,838		192,926
5.50% 4/1/36		385,259		381,099
5.50% 5/1/36		98,235		97,174
6.00% 9/1/34		3,198		3,231
6.00% 11/1/34		16,607		16,778
6.00% 10/1/35		34,168		34,456
6.00% 4/1/36		113,481		114,365
6.50% 6/1/29		16,898		17,445
6.50% 1/1/34		15,514		15,958

42

	Principal Amount		Value
	(U.S.$)		(U.S.$)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 30 yr (continued)
6.50% 4/1/36	$	50,370	$	51,432
7.00% 12/1/34	8,009		8,333
7.00% 12/1/35	8,457		8,735
7.50% 6/1/31	5,907		6,184
7.50% 4/1/32	4,005		4,182
7.50% 5/1/33	10,835		11,299
7.50% 6/1/34	7,871		8,200
Fannie Mae S.F. 30 yr TBA
5.00% 5/1/37	2,575,000		2,487,291
5.50% 5/1/37	4,200,000		4,152,751
6.00% 5/1/37	2,585,000		2,604,389
6.50% 5/1/37	465,000		474,736
7.00% 5/1/37	225,000		232,313
Freddie Mac ARM 5.748% 4/1/34	12,215		12,440
Freddie Mac Relocation 30 yr 5.00% 9/1/33	65,164		63,747
Freddie Mac S.F. 15 yr 4.00% 2/1/14	13,442		13,057
Freddie Mac S.F. 30 yr
5.00% 3/1/34	50,934		49,317
5.00% 2/1/36	24,631		23,827
5.50% 11/1/33	43,908		43,534
7.00% 11/1/33	4,496		4,678
Freddie Mac S.F. 30 yr TBA 6.00% 5/1/37	260,000		262,194
GNMA S.F. 30 yr TBA
5.50% 5/1/37	285,000		283,397
6.00% 5/1/37	285,000		288,830
GNMA I S.F. 30 yr
7.00% 12/15/34	135,511		143,236
7.50% 1/15/32	9,370		9,818
Total Agency Mortgage-Backed Securities (cost $15,939,077)			15,978,093
Agency Obligations – 0.55%
Fannie Mae
3.375% 12/15/08	140,000		136,748
^5.689% 10/9/19	210,000		106,533
Federal Home Loan Bank 4.25% 9/14/07	135,000		134,553
Total Agency Obligations (cost $373,757)			377,834
Commercial Mortgage-Backed Securities – 6.36%
Bank of America Commercial Mortgage Securities
·Series 2006-3 A4 5.889% 7/10/44	220,000		227,863
Series 2006-4 A4 5.634% 7/10/46	20,000		20,351
Citigroup Commercial Mortgage Trust Series 2006-C5 A4 5.431% 10/15/49	220,000		220,409
tCommercial Mortgage Pass Through Certificates
#Series 2001-J1A A2 144A 6.457% 2/14/34		23,585		24,397
Series 2006-C7 A2 5.69% 6/10/46	85,000		86,363
·Credit Suisse Mortgage Capital Certificates Series 2006-C1 AAB 5.681% 2/15/39	45,000		45,663
#Crown Castle Towers 144A
Series 2005-1A C 5.074% 6/15/35	25,000		24,861
Series 2006-1A B 5.362% 11/15/36	75,000		75,086
Deutsche Mortgage and Asset Receiving Series 1998-C1 A2 6.538% 6/15/31	350,055		350,841
DLJ Commercial Mortgage Series 1998-CF1 A3 6.70% 2/18/31	120,000		120,836
First Union-Lehman Brothers-Bank of America Series 1998-C2 A2 6.56% 11/18/35	50,140		50,439
First Union National Bank-Bank of America Commercial Mortgage Trust Series 2001-C1 C 6.403% 3/15/33	40,000		41,567
General Electric Capital Commercial Mortgage Series 2002-1A A3 6.269% 12/10/35	125,000		130,372
Goldman Sachs Mortgage Securities II
Series 2004-GG2 A3 4.602% 8/10/38	75,000		74,035
·#Series 2006-RR2 A1 144A 5.812% 6/23/46	105,000		106,784
·#Series 2006-RR3 A1S 144A 5.76% 7/18/56	170,000		171,598
Greenwich Capital Commercial Funding Series 2007-GG9 A4 5.444% 3/10/39	175,000		175,766
JPMorgan Chase Commercial Mortgage Securities
Series 2002-C1 A3 5.376% 7/12/37	100,000		100,658
Series 2003-C1 A2 4.985% 1/12/37	254,000		251,121
·Series 2006-LDP7 AJ 6.066% 4/15/45	115,000		118,631
·#Series 2006-RR1A A1 144A 5.609% 10/18/52	80,000		79,713
Series 2007-CB18 A4 5.44% 6/12/47	315,000		315,500
Lehman Brothers-UBS Commercial Mortgage Trust Series 2001-C2 A1 6.27% 6/15/20	40,181		40,428

(continues)

43

Statements of net assets

Delaware Pooled Trust – The Core Focus Fixed Income Portfolio

	Principal Amount		Value
	(U.S.$)		(U.S.$)
Commercial Mortgage-Backed Securities (continued)
Lehman Brothers-UBS Commercial Mortgage Trust (continued)
Series 2002-C1 A4 6.462% 3/15/31	$	60,000	$	63,053
Series 2003-C8 A2 4.207% 11/15/27	235,000		230,931
·Merrill Lynch Mortgage TrustSeries 2006-C1 ASB 5.843% 5/12/39	135,000		138,273
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2007-5 A1 4.275% 8/12/48	346,306		338,388
Series 2007-5 A4 5.378% 8/12/48	195,000		194,256
#SBA Commercial Mortgage Securities Trust Series 2006-1A B 144A 5.451% 11/15/36	225,000		226,063
#Tower 144A
Series 2006-1 B 5.588% 2/15/36	30,000		30,223
Series 2006-1 C 5.707% 2/15/36	40,000		40,362
Wachovia Bank Commercial Mortgage Trust
·Series 2005-C20 A5 5.087% 7/15/42	65,000		64,630
Series 2006-C28 A2 5.50% 10/15/48	160,000		161,498
Total Commercial Mortgage-Backed Securities (cost $4,327,361)			4,340,959
Corporate Bonds – 30.60%
Banking – 5.78%
·BAC Capital Trust XIV 5.63% 12/31/49	130,000		130,643
·#Barclays Bank 144A 7.375% 6/29/49	85,000		92,491
Citigroup 6.125% 8/25/36	100,000		103,465
First Union Institutional Capital II 7.85% 1/1/27	160,000		166,454
HSBC Holdings 6.50% 5/2/36	100,000		107,482
JPMorgan Chase Capital XVIII 6.95% 8/17/36	115,000		123,482
·#KBC Bank Funding Trust III 144A 9.86% 11/29/49	50,000		55,306
·MUFG Capital Finance 1 6.346% 7/29/49	100,000		102,311
Popular North America
4.25% 4/1/08	205,000		202,197
·5.75% 4/6/09	100,000		100,530
Popular North America Capital Trust I 6.564% 9/15/34	55,000		53,134
·#Rabobank Capital Funding II 144A 5.26% 12/29/49	105,000		102,444
·RBS Capital Trust I 4.709% 12/29/49	285,000		273,119
Regions Financial 7.00% 3/1/11	5,000		5,325
·#Resona Bank 144A 5.85% 9/29/49		200,000		199,375
·#Resona Preferred Global Securities 144A 7.191% 12/29/49	315,000		333,495
·#Shinsei Finance II 144A 7.16% 7/29/49	200,000		204,625
·#Sumitomo Mitsui Banking 144A 5.625% 7/29/49	460,000		454,518
·SunTrust Bank 5.429% 4/2/08	15,000		15,019
SunTrust Capital II 7.90% 6/15/27	130,000		135,221
·SunTrust Preferred Capital I 5.853% 12/31/49	215,000		218,736
·UBS Preferred Funding Trust V 6.243% 5/29/49	195,000		201,900
·Vneshtorgbank 6.15% 12/7/09	100,000		100,190
#·Vneshtorgbank 144A 5.96% 8/1/08	100,000		100,225
#Wachovia Capital Trust I 144A 7.64% 1/15/27	155,000		161,043
·Wachovia Capital Trust III 5.80% 8/29/49	70,000		71,104
·#Woori Bank 144A 6.208% 5/2/37	135,000		134,996
			3,948,830
Basic Industry – 0.83%
Alcoa
5.55% 2/1/17	40,000		40,100
5.90% 2/1/27	45,000		44,865
5.95% 2/1/37	115,000		114,588
Lubrizol 4.625% 10/1/09	70,000		69,063
#Stora Enso 144A 7.25% 4/15/36	100,000		102,965
Vale Overseas
6.25% 1/23/17	90,000		92,520
6.875% 11/21/36	95,000		101,241
			565,342
Brokerage – 1.36%
·Ameriprise Financial 7.518% 6/1/66	285,000		309,831
AMVESCAP
4.50% 12/15/09	150,000		147,500
5.625% 4/17/12	125,000		125,869
Goldman Sachs Group 6.345% 2/15/34	60,000		60,847
Merrill Lynch 6.22% 9/15/26	100,000		102,115
Nuveen Investments 5.00% 9/15/10	185,000		183,551
			929,713
Capital Goods – 0.81%
Caterpillar 6.05% 8/15/36	80,000		82,506
General Electric 5.00% 2/1/13	265,000		263,406
·Masco 5.655% 3/12/10	105,000		105,274
#Siemens Finance 144A 6.125% 8/17/26	100,000		102,340
			553,526
Communications – 4.11%
AT&T
7.30% 11/15/11	160,000		174,009
8.00% 11/15/31	45,000		56,556
BellSouth 4.20% 9/15/09	55,000		53,920
British Telecommunications 9.125% 12/15/30	90,000		125,857

44

	Principal Amount		Value
	(U.S.$)		(U.S.$)
Corporate Bonds (continued)
Communications (continued)
Comcast
·5.656% 7/14/09	$	65,000	$	65,133
6.45% 3/15/37	55,000		55,808
6.50% 11/15/35	55,000		56,160
Cox Communications 4.625% 1/15/10	130,000		128,288
Embarq 6.738% 6/1/13	80,000		83,249
Sprint Capital
7.625% 1/30/11	150,000		161,095
8.75% 3/15/32	75,000		88,757
Telecom Italia Capital
·5.969% 7/18/11	185,000		186,608
7.20% 7/18/36	125,000		134,147
Telefonica Emisiones
·5.65% 6/19/09	90,000		90,372
5.984% 6/20/11	75,000		77,096
6.421% 6/20/16	75,000		78,665
7.045% 6/20/36	75,000		80,728
Telefonos de Mexico 4.50% 11/19/08	220,000		218,648
THOMSON 5.75% 2/1/08	100,000		100,385
Time Warner 5.50% 11/15/11	75,000		75,683
#Time Warner Cable 144A
5.85% 5/1/17	100,000		100,790
6.55% 5/1/37	105,000		106,539
Time Warner Entertainment 8.375% 3/15/23	25,000		29,847
Verizon Communications 6.25% 4/1/37	240,000		241,313
Viacom
5.75% 4/30/11	105,000		106,525
6.875% 4/30/36	65,000		66,036
Vodafone Group 6.15% 2/27/37	65,000		64,301
			2,806,515
Consumer Cyclical – 1.82%
Centex 4.875% 8/15/08	140,000		138,523
Costco Wholesale 5.50% 3/15/17	185,000		187,009
CVS/Caremark 3.875% 11/1/07	15,000		14,885
·DaimlerChrysler Holdings
5.81% 8/3/09	175,000		175,970
5.89% 10/31/08	15,000		15,082
DR Horton 5.25% 2/15/15	10,000		9,226
Federated Retail Holdings 5.35% 3/15/12	90,000		90,050
Fortune Brands 5.125% 1/15/11	105,000		104,112
Home Depot
5.40% 3/1/16	40,000		39,241
5.875% 12/16/36	65,000		63,219
Kohl’s 6.30% 3/1/11	35,000		36,385
May Department Stores 3.95% 7/15/07	140,000		139,490
Penney (J.C.)
6.375% 10/15/36	50,000		50,001
8.00% 3/1/10	60,000		64,253
Procter & Gamble 6.875% 9/15/09	60,000		62,555
Tandy 6.95% 9/1/07		20,000		20,050
Target 5.875% 3/1/12	30,000		31,019
			1,241,070
Consumer Non-Cyclical – 1.11%
Altria Group 7.65% 7/1/08	125,000		128,233
AmerisourceBergen 5.875% 9/15/15	115,000		114,586
Boston Scientific 6.40% 6/15/16	110,000		109,952
Kroger 6.375% 3/1/08	75,000		75,575
Medco Health Solutions 7.25% 8/15/13	50,000		54,177
Medtronic 4.75% 9/15/15	70,000		67,307
UST 6.625% 7/15/12	10,000		10,597
Wyeth
5.50% 2/1/14	90,000		91,139
5.95% 4/1/37	105,000		105,358
			756,924
Electric – 3.87%
·Alabama Power Capital Trust IV 4.75% 10/1/42	140,000		139,721
American Electric Power 4.706% 8/16/07	225,000		224,512
Commonwealth Edison 5.95% 8/15/16	255,000		254,522
Consumers Energy 6.00% 2/15/14	185,000		190,529
Dominion Resources 5.687% 5/15/08	55,000		55,144
Duke Capital 5.668% 8/15/14	145,000		144,279
FPL Group Capital 5.625% 9/1/11	115,000		117,171
Georgia Power 4.875% 7/15/07	25,000		24,971
·Georgia Power Capital Trust VI 4.875% 11/1/42	85,000		84,787
Midamerican Energy Holdings 6.125% 4/1/36	80,000		81,593
·Nisource Finance 5.93% 11/23/09	80,000		80,144
Oncor Electric Delivery 7.00% 9/1/22	20,000		21,651
Pacific Gas & Electric 5.80% 3/1/37	125,000		125,715
Pepco Holdings
5.50% 8/15/07	100,000		99,975
·5.985% 6/1/10	140,000		140,135
#Power Contract Financing 144A 6.256% 2/1/10	45,719		46,159
·Progress Energy 5.806% 1/15/10	75,000		75,352
PSEG Funding Trust I 5.381% 11/16/07	175,000		174,820
PSEG Power 5.50% 12/1/15	90,000		89,178
Southwestern Public Service 6.00% 10/1/36	120,000		119,680
#TAQA 144A
5.875% 10/27/16	100,000		101,231
6.50% 10/27/36	215,000		219,011
Xcel Energy 6.50% 7/1/36	35,000		36,948
			2,647,228
Energy – 1.33%
Anadarko Petroleum 6.45% 9/15/36	60,000		60,349

(continues)

45

Statements of net assets

Delaware Pooled Trust – The Core Focus Fixed Income Portfolio

	Principal Amount		Value
	(U.S.$)		(U.S.$)
Corporate Bonds (continued)
Energy (continued)
Apache
5.25% 4/15/13	$	85,000	$	85,234
6.00% 1/15/37	175,000		176,810
Canadian Natural Resources 5.70% 5/15/17	150,000		150,736
#Canadian Oil Sands 144A 4.80% 8/10/09	15,000		14,816
#Ras Laffan Liquefied Natural Gas III 144A 5.832% 9/30/16	105,000		106,265
#TNK-BP Finance 144A 6.625% 3/20/17	200,000		199,500
Weatherford International
4.95% 10/15/13	40,000		38,632
5.50% 2/15/16	75,000		73,790
			906,132
Finance Companies – 1.94%
·American Express 6.80% 9/1/66	70,000		74,903
American General Finance 4.875% 7/15/12	165,000		162,577
·#Mizuho JGB Investment Preferred 144A 9.87% 12/29/49	125,000		131,213
National Rural Utilities Cooperative Finance 5.45% 4/10/17	55,000		55,228
Residential Capital
·5.84% 6/9/08	125,000		124,161
6.00% 2/22/11	100,000		98,942
6.125% 11/21/08	130,000		129,960
6.375% 6/30/10	102,000		102,345
6.50% 4/17/13	120,000		120,083
·6.66% 11/21/08	50,000		50,127
6.875% 6/30/15	275,000		278,901
			1,328,440
Insurance – 3.51%
#Farmers Exchange Capital 144A 7.05% 7/15/28	100,000		103,507
#Farmers Insurance Exchange 144A 6.00% 8/1/14	35,000		34,807
Hartford Financial Services Group 5.663% 11/16/08	30,000		30,147
Marsh & McLennan
5.15% 9/15/10	255,000		252,853
·5.495% 7/13/07	10,000		10,002
MetLife
5.00% 6/15/15	140,000		136,732
6.40% 12/15/36	200,000		200,273
Montpelier Re Holdings 6.125% 8/15/13	170,000		168,188
#Mutual of Omaha Insurance 144A 6.80% 6/15/36	100,000		108,676
#Nationwide Mutual Insurance 144A 7.875% 4/1/33	40,000		47,963
#Nippon Life Insurance 144A 4.875% 8/9/10	60,000		59,167
t·#North Front Pass Through Trust 144A 5.81% 12/15/24		250,000		247,787
PMI Group 5.568% 11/15/08	125,000		125,106
Safeco Capital Trust I 8.072% 7/15/37	170,000		177,276
·#Security Capital Assurance 144A 6.88% 6/30/49	65,000		66,401
St. Paul Travelers 5.01% 8/16/07	65,000		64,919
t·#Twin Reefs Pass Through Trust 144A 6.32% 12/31/49	100,000		100,330
WellPoint
4.25% 12/15/09	40,000		39,219
5.85% 1/15/36	85,000		82,408
Willis North America 5.125% 7/15/10	60,000		58,984
·XL Capital 6.50% 12/31/49	285,000		281,810
			2,396,555
Natural Gas – 1.84%
Atmos Energy 4.00% 10/15/09	95,000		92,250
Enterprise Products Operating 4.625% 10/15/09	55,000		54,344
Kaneb Pipe Line Operating Partnership 5.875% 6/1/13	25,000		25,388
Oneok 5.51% 2/16/08	230,000		230,413
Oneok Partners 5.90% 4/1/12	140,000		144,064
·Sempra Energy 5.83% 5/21/08	195,000		195,067
Southern Union 6.15% 8/16/08	245,000		247,156
Valero Logistics Operations 6.05% 3/15/13	260,000		265,826
			1,254,508
Real Estate – 0.77%
Developers Diversified Realty
4.625% 8/1/10	50,000		49,112
5.00% 5/3/10	70,000		69,569
5.375% 10/15/12	25,000		25,028
HRPT Properties Trust 5.75% 2/15/14	80,000		80,667
·#USB Realty 144A 6.091% 12/22/49	300,000		303,329
			527,705
Transportation – 1.52%
American Airlines 3.857% 7/9/10	149,305		144,169
Continental Airlines
5.983% 4/19/22	70,000		69,650
6.503% 6/15/11	275,000		282,906
#Erac USA Finance 144A
5.30% 11/15/08	150,000		149,508
7.35% 6/15/08	265,000		269,362
United Airlines 6.071% 3/1/13	120,474		121,296
			1,036,891
Total Corporate Bonds (cost $20,782,984)			20,899,379
Foreign Agencies – 0.35%
Pemex Project Funding Master Trust
6.125% 8/15/08	195,000		197,048
6.625% 6/15/35	40,000		42,450
Total Foreign Agencies (cost $236,014)			239,498

46

	Principal Amount		Value
	(U.S.$ )		(U.S.$ )
Foreign Local Governments – 0.08%
Hydro Quebec 6.30% 5/11/11	$	55,000	$	57,757
Total Foreign Local Governments (cost $56,608)			57,757
Municipal Bonds – 1.05%
Augusta, Georgia Water & Sewer Revenue 5.25% 10/1/39 (FSA)	30,000		32,237
Bear Creek Local Improvement District #1 5.50% 5/25/47	415,000		414,747
§California State 5.00% 2/1/33-14	5,000		5,396
California State University Systemwide Revenue 5.00% 11/1/30 (AMBAC)	15,000		15,876
Illinois State Taxable Pension 5.10% 6/1/33	90,000		86,472
Massachusetts Health & Education Facilities Authority Revenue Series A 5.00% 7/15/36	65,000		68,876
New Jersey Economic Development Authority Revenue (Cigarette Tax) 5.75% 6/15/29	5,000		5,414
New York State Urban Development Series A-1 5.25% 3/15/34 (FGIC)	25,000		26,771
Oregon State Taxable Pension 5.892% 6/1/27	30,000		31,560
West Virginia Economic Development Authority 5.37% 7/1/20 (MBIA)	30,000		30,113
Total Municipal Bonds (cost $711,191)			717,462
Non-Agency Asset-Backed Securities – 5.39%
·Ameriquest Mortgage Securities Series 2006-R1 A2C 5.51% 3/25/36	100,000		100,000
Countrywide Asset-Backed Certificates
·Series 2006-3 2A2 5.50% 6/25/36	190,000		190,092
·Series 2006-4 2A2 5.50% 7/25/36	365,000		365,185
·Series 2006-11 1AF3 6.05% 9/25/46	250,000		252,083
Series 2006-13 1AF3 5.944% 1/25/37	130,000		130,754
·Series 2006-15 A3 5.689% 10/25/46	80,000		79,983
Series 2006-S2 A2 5.627% 7/25/27	120,000		119,344
Series 2006-S3 A2 6.085% 6/25/21		160,000		161,484
·Series 2006-S6 A2 5.519% 3/25/34	155,000		154,824
·Series 2006-S7 A3 5.712% 11/25/35	300,000		298,667
·Series 2006-S9 A3 5.728% 8/25/36	140,000		139,181
Credit-Based Asset Servicing and Securitization
#Series 2006-SL1 A2 144A 5.556% 9/25/36	180,000		179,883
Series 2007-CB1 AF2 5.721% 1/25/37	105,000		105,265
#Dunkin Securitization Series 2006-1 A2 144A 5.779% 6/20/31	215,000		219,046
·GMAC Mortgage Loan Trust Series 2006-HE3 A2 5.75% 10/25/36	70,000		70,049
·#MASTR Specialized Loan Trust Series 2005-2 A2 144A 5.006% 7/25/35	23,870		23,128
·Merrill Lynch Mortgage Investors
Series 2005-NCB A1A 5.451% 7/25/36	5,528		5,506
Series 2006-AR1 A2C 5.48% 3/25/37	125,000		124,894
Mid-State Trust
Series 11 A1 4.864% 7/15/38	15,236		14,555
Series 2004-1 A 6.005% 8/15/37	12,903		13,155
Series 2005-1 A 5.745% 1/15/40	19,378		19,348
#Series 2006-1 A 144A 5.787% 10/15/40	92,088		91,944
·Option One Mortgage Loan Trust Series 2005-4 A3 5.58% 11/25/35	50,000		50,068
Renaissance Home Equity Loan Trust
Series 2005-4 A2 5.399% 2/25/36	70,000		69,713
Series 2005-4 A3 5.565% 2/25/36	25,000		24,924
Series 2006-1 AF3 5.608% 5/25/36	105,000		104,813
Residential Asset Securities Series 2003-KS9 AI6 4.71% 11/25/33	131,169		127,364
Residential Funding Mortgage Securities II
Series 2005-HI3 A2 5.09% 9/25/35	50,000		49,631
·Series 2006-HSA1 A2 5.19% 2/25/36	100,000		99,121
#Sierra Receivables Funding 144A
Series 2003-1A A 3.09% 1/15/14	8,515		8,466

(continues)

47

Statements of net assets

Delaware Pooled Trust – The Core Focus Fixed Income Portfolio

	Principal
	Amount		Value
	(U.S.$)		(U.S.$)
Non-Agency Asset-Backed Securities (continued)
#Sierra Receivables Funding 144A (continued)
Series 2003-2A A1 3.03% 12/15/15	$	91,139	$	88,634
Structured Asset Securities
Series 2001-SB1 A2 3.375% 8/25/31	32,820		29,604
Series 2004-16XS A2 4.91% 8/25/34	15,430		15,367
·Series 2005-NC1 A7 5.55% 2/25/35	1,858		1,858
Triad Auto Receivables Owner Trust Series 2006-C A4 5.31% 5/13/13	155,000		155,983
Total Non-Agency Asset-Backed Securities (cost $3,680,373)			3,683,916
Non-Agency Collateralized Mortgage Obligations – 17.48%
American Home Mortgage Investment Trust Series 2005-2 5A1 5.064% 9/25/35	125,000		123,024
Bank of America Alternative Loan Trust
Series 2003-10 2A1 6.00% 12/25/33	43,014		43,141
Series 2004-2 1A1 6.00% 3/25/34	23,670		23,740
Series 2004-10 1CB1 6.00% 11/25/34	6,586		6,645
Series 2004-11 1CB1 6.00% 12/25/34	34,381		34,676
Series 2005-3 2A1 5.50% 2/25/20	191,714		192,536
Series 2005-3 2A1 5.50% 4/25/20	32,622		32,540
Series 2005-5 2CB1 6.00% 6/25/35	38,632		38,735
Series 2005-6 7A1 5.50% 7/25/20	22,320		22,251
Series 2005-9 5A1 5.50% 10/25/20	16,305		16,244
Bank of America Mortgage Securities
·Series 2003-D 1A2 6.853% 5/25/33	267		269
·Series 2004-L 4A1 5.163% 1/25/35	77,656		76,978
Series 2005-9 2A1 4.75% 10/25/20	61,342		60,474
·Bear Stearns Alternative-A Trust
Series 2006-3 33A1 6.171% 5/25/36	147,450		149,552
Series 2006-3 34A1 6.161% 5/25/36	122,616		124,321
Bear Stearns Asset Backed Securities Series 2005-AC8 A5 5.50% 11/25/35	78,171		77,983
Chase Mortgage Finance Series 2003-S8 A2 5.00% 9/25/18	133,614		132,630
Countrywide Alternative Loan Trust
Series 2004-28CB 6A1 6.00% 1/25/35	63,955		64,105
·Series 2004-J7 1A2 4.673% 8/25/34	26,073		25,806
Series 2004-J8 1A1 7.00% 9/25/34	67,085		68,804
Series 2005-57CB 4A3 5.50% 12/25/35	49,653		49,663
·Series 2005-63 3A1 5.893% 11/25/35	71,097		71,458
Series 2006-2CB A3 5.50% 3/25/36	89,371		89,147
tCountrywide Home Loan Mortgage Pass Through Trust
·Series 2004-12 1M 4.558% 8/25/34	135,766		135,575
Series 2005-23 A1 5.50% 11/25/35	168,110		164,906
Series 2005-29 A1 5.75% 12/25/35	217,929		217,075
#Series 2005-R2 2A4 144A 8.50% 6/25/35	141,944		155,790
Series 2006-1 A2 6.00% 3/25/36	91,537		91,495
Series 2006-1 A3 6.00% 3/25/36	37,447		37,231
·Series 2006-HYB3 3A1A 6.10% 5/20/36	145,425		147,638
·Series 2006-HYB4 1A2 5.683% 6/20/36	121,015		122,090
Credit Suisse First Boston Mortgage Securities
Series 2003-29 5A1 7.00% 12/25/33	13,074		13,397
Series 2004-1 3A1 7.00% 2/25/34	3,337		3,419
Deutsche Alternative-A Securities Loan Trust Series 2003-4XS A6A 4.82% 10/25/33	227,667		223,786
First Horizon Asset Securities
Series 2003-5 1A17 8.00% 7/25/33	10,321		10,946
·Series 2004-AR5 4A1 5.708% 10/25/34	19,911		19,894
·GMAC Mortgage Loan Trust Series 2005-AR2 4A 5.189% 5/25/35
#GSMPS Mortgage Loan Trust 144A
Series 2005-RP1 1A3 8.00% 1/25/35	50,435		53,550
Series 2005-RP1 1A4 8.50% 1/25/35	33,331		35,684

48

Statements of net assets

Delaware Pooled Trust – The Core Focus Fixed Income Portfolio

	Principal
	Amount		Value
	(U.S.$)		(U.S.$)
Non-Agency Collateralized Mortgage Obligations (continued)
#GSMPS Mortgage Loan Trust 144A (continued)
Series 2006-RP1 1A2 7.50% 1/25/36	$	152,404	$	158,244
Series 2006-RP1 1A3 8.00% 1/25/36	55,749		58,345
GSR Mortgage Loan Trust Series 2006-1F 5A2 6.00% 2/25/36	47,576		47,301
·Indymac Index Mortgage Loan Trust
Series 2005-AR25 1A21 5.859% 12/25/35	51,319		51,683
Series 2006-AR2 1A1A 5.54% 4/25/46	158,076		158,272
·JPMorgan Mortgage Trust
Series 2005-A1 4A1 4.777% 2/25/35	169,582		166,585
Series 2005-A4 1A1 5.405% 7/25/35	194,827		194,171
Series 2005-A6 1A2 5.144% 9/25/35	75,000		75,768
Lehman Mortgage Trust
Series 2005-2 2A3 5.50% 12/25/35	67,888		67,929
Series 2006-1 3A3 5.50% 2/25/36	147,381		147,289
·MASTR Adjustable Rate Mortgages Trust
Series 2003-6 1A2 5.875% 12/25/33	14,322		14,562
Series 2005-1 B1 5.414% 3/25/35	163,235		162,637
Series 2005-6 7A1 5.358% 6/25/35	119,319		118,842
Series 2006-2 4A1 4.991% 2/25/36	430,368		427,495
MASTR Alternative Loans Trust
Series 2003-9 1A1 5.50% 12/25/18	32,314		32,213
Series 2005-3 7A1 6.00% 4/25/35	30,136		30,328
#MASTR Reperforming Loan Trust 144A
Series 2005-1 1A5 8.00% 8/25/34	14,732		15,603
Series 2005-2 1A4 8.00% 5/25/35	24,739		26,340
Morgan Stanley Mortgage Loan Trust Series 2006-2 6A 6.50% 2/25/36	71,036		72,223
Nomura Asset Acceptance
Series 2005-WF1 2A2 4.786% 3/25/35	310,000		306,114
·Series 2006-AF1 1A2 6.159% 5/25/36	225,000		228,017
Prime Mortgage Trust Series 2004-CL1 1A1 6.00% 2/25/34	14,053		14,156
Residential Accredit Loans
Series 2005-QR1 A 6.00% 10/25/34	177,188		177,825
Series 2005-QS14 2A1 6.00% 9/25/35	337,306		337,990
Residential Asset Mortgage Products
Series 2004-SL1 A3 7.00% 11/25/31	9,507		9,648
Series 2004-SL4 A3 6.50% 7/25/32	23,977		24,432
Series 2005-SL1 A2 6.00% 5/25/32	23,977		24,266
·Residential Funding Mortgage Security I Series 2006-SA3 3A1 6.048% 9/25/36	157,997		159,846
·Structured Adjustable Rate Mortgage Loan Trust
Series 2004-18 5A 5.50% 12/25/34	35,532		35,448
Series 2005-22 4A2 5.377% 12/25/35	32,006		31,780
Series 2006-5 5A4 5.572% 6/25/36	75,162		75,000
Structured Asset Securities
·Series 2002-22H 1A 6.953% 11/25/32	7,557		7,745
Series 2004-5H A2 4.43% 12/25/33	23,682		23,402
Series 2004-12H 1A 6.00% 5/25/34	39,121		39,224
·Series 2005-6 B2 5.344% 5/25/35	97,399		92,516
tWashington Mutual Alternative Mortgage Pass Through Certificates
Series 2005-9 3CB 5.50% 10/25/20	121,068		121,219
Series 2006-2 2CB 6.50% 3/25/36	106,473		108,187
Series 2006-5 2CB3 6.00% 7/25/36	158,114		160,087
·Series 2006-AR5 3A 5.954% 7/25/46	113,110		113,198
tWashington Mutual Mortgage Pass Through Certificates
Series 2003-S10 A2 5.00% 10/25/18	122,976		121,731
·Series 2004-AR4 A2 2.98% 6/25/34	20,533		20,491
Series 2004-CB3 1A 6.00% 10/25/34	6,536		6,554
Series 2004-CB3 4A 6.00% 10/25/19	43,926		44,456
·Series 2006-AR7 1A 5.994% 7/25/46	85,096		85,003
·Series 2006-AR8 1A5 5.909% 8/25/46	64,575		65,288

(continues)

49

Statements of net assets

Delaware Pooled Trust – The Core Focus Fixed Income Portfolio

	Principal
	Amount		Value
	(U.S.$)		(U.S.$)
Non-Agency Collateralized Mortgage Obligations (continued)
tWashington Mutual Mortgage Pass Through Certificates (continued)
·Series 2006-AR8 2A3 6.15% 8/25/36	$	19,635	$	19,917
·Series 2006-AR10 1A1 5.956% 9/25/36	169,923		171,999
·Series 2006-AR14 1A4 5.656% 11/25/36	52,708		53,012
·Series 2007-HY3 4A1 5.357% 3/25/37	459,527		457,844
Wells Fargo Mortgage Backed
Securities Trust
Series 2004-18 1A1 5.50% 1/25/36	434,537		425,710
·Series 2004-T A1 4.588% 9/25/34	32,222		32,474
Series 2005-12 1A7 5.50% 11/25/35	115,294		112,484
Series 2005-14 2A1 5.50% 12/25/35	259,963		255,008
Series 2005-17 1A1 5.50% 1/25/36	186,266		182,483
Series 2005-17 1A2 5.50% 1/25/36	93,133		90,863
Series 2006-1 A3 5.00% 3/25/21	213,236		208,905
Series 2006-2 3A1 5.75% 3/25/36	189,982		189,275
Series 2006-4 1A8 5.75% 4/25/36	107,548		108,884
Series 2006-4 2A3 5.75% 4/25/36	92,575		91,740
Series 2006-7 2A1 6.00% 6/25/36	184,705		184,561
·Series 2006-AR4 1A1 5.864% 4/25/36	166,004		167,393
·Series 2006-AR4 2A1 5.779% 4/25/36	355,994		358,182
·Series 2006-AR5 2A1 5.533% 4/25/36	191,163		191,872
·Series 2006-AR6 7A1 5.111% 3/25/36	407,892		403,316
·Series 2006-AR10 5A1 5.60% 7/25/36	151,421		151,580
·Series 2006-AR11 A7 5.526% 8/25/36	175,115		175,017
·Series 2006-AR12 1A2 6.03% 9/25/36	91,328		92,427
·Series 2006-AR19 A1 5.67% 12/25/36	57,117		57,264
Total Non-Agency Collateralized Mortgage Obligations (cost $11,843,552)			11,938,899
U.S. Treasury Obligations – 9.78%
^U.S. Treasury Bonds 4.50% 2/15/36	1,070,000		1,014,995
U.S. Treasury Inflation Index Bonds
2.00% 1/15/26	399,797		379,682
2.375% 1/15/27	131,160		132,169
U.S. Treasury Inflation Index Notes
2.00% 1/15/14	385,399		382,253
2.375% 4/15/11	317,772		322,241
2.375% 1/15/17	665,887		676,474
2.50% 7/15/16	161,197		165,567
3.00% 7/15/12	458,302		481,021
3.625% 1/15/08	125,940		127,583
U.S. Treasury Notes
4.50% 3/31/09	505,000		504,014
4.50% 3/31/12	2,120,000		2,118,924
4.625% 2/15/17	265,000		264,959
^U.S. Treasury Strip 4.589% 11/15/13	150,000		111,699
Total U.S. Treasury Obligations (cost $6,659,562)			6,681,581
^Federal Agency (Discount Notes) – 20.53%
Fannie Mae 5.17% 5/1/07	2,000,000		2,000,000
Federal Home Loan Bank
5.077% 5/1/07	4,630,000		4,630,000
5.127% 5/11/07	5,000,000		4,992,889
5.165% 5/16/07	2,000,000		1,995,708
Freddie Mac 5.176% 5/1/07	399,000		399,000
Total Federal Agency (Discount Notes) (cost $14,017,597)			14,017,597
Total Value of Securities – 118.19% (cost $80,402,862)			80,716,990
Liabilities Net of Receivables and Other Assets – (18.19%)			(12,422,681		)
Net Assets Applicable to 7,618,107 Shares Outstanding; Equivalent to $8.96 per Share – 100.00%
			$	68,294,309
Components of Net Assets at April 30, 2007:
Shares of beneficial interest (unlimited authorization – no par)			$	67,192,472
Undistributed net investment income			851,842
Accumulated net realized loss on investments			(76,957		)
Net unrealized appreciation of investments			326,952
Total net assets			$	68,294,309

t     Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes.

  ^      Zero coupon security. The rate shown is the yield at the time of purchase.

·      Variable rate security. The rate shown is the rate as of April 30, 2007.

^   Fully or partially pledged as collateral for financial futures contracts.

50

  §      Pre-Refunded Bonds. Municipals that are generally backed or secured by U.S. Treasury bonds. For Pre-Refunded Bonds, the stated maturity is followed by the year in which the bond is pre-refunded.

  #      Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At April 30, 2007, the aggregate amount of Rule 144A securities equaled $6,453,928, which represented 9.45% of the Portfolio’s net assets. See Note 12 in “Notes to financial statements.”

Summary of Abbreviations:

AMBAC – Insured by the AMBAC Assurance Corporation

ARM – Adjustable Rate Mortgage

FGIC – Insured by the Financial Guaranty Insurance Company

FSA – Insured by Financial Security Assurance

GNMA – Government National Mortgage Association

GSMPS – Goldman Sachs Reperforming Mortgage Securities

MASTR – Mortgage Asset Securitization Transactions

MBIA – Insured by the Municipal Bond Insurance Association

S.F. – Single Family

TBA – To be announced

yr – Year

Futures Contracts(1)

The following futures contracts were outstanding at April 30, 2007:

	Notional
Contracts to	Cost			Notional			Expiration	Unrealized
Buy (Sell)	(Proceeds)			Value			Date	Appreciation
20 U.S. Treasury 5 year Notes	$	2,110,089		$	2,116,563		6/30/07	$	6,474
10 U.S. Treasury 10 year Notes	1,078,117			1,083,281			6/30/07	5,164
(3) U.S. Treasury Long Bond	(336,436		)	(335,250		)	6/30/07	1,186
								$	12,824

The use of futures contracts involves elements of market risk and risks in excess of the amount recognized in the financial statements. The notional amounts presented above represent the Portfolio’s total exposure in such contracts, whereas only the net unrealized appreciation is reflected in the Portfolio’s net assets.

(1) See Note 9 in “Notes to financial statements.”

See accompanying notes

(continues)

51

Statements of net assets

Delaware Pooled Trust – The High-Yield Bond Portfolio

April 30, 2007 (Unaudited)

	Principal Amount  (U.S.$)		Value (U.S.$)
Corporate Bonds – 93.99%
Basic Industry – 12.18%
AK Steel 7.875% 2/15/09	$	20,000	$	20,100
Bowater
9.00% 8/1/09	200,000		211,250
9.50% 10/15/12	195,000		201,338
Donohue Forest Products 7.625% 5/15/07	25,000		25,000
Freeport McMoRan Copper & Gold 8.25% 4/1/15	125,000		135,469
Georgia-Pacific 8.875% 5/15/31	245,000		262,149
#Hexion US Finance 144A 9.75% 11/15/14	165,000		179,025
Lyondell Chemical
8.00% 9/15/14	205,000		215,763
8.25% 9/15/16	150,000		161,250
#MacDermid 144A 9.50% 4/15/17	225,000		234,563
#Momentive Performance Materials 144A 9.75% 12/1/14	210,000		223,125
#Nell AF Sarl 144A 8.375% 8/15/15	200,000		209,000
Norske Skog Canada 8.625% 6/15/11	250,000		254,687
‡#Port Townsend Paper 144A 11.00% 4/15/11	40,000		35,000
Potlatch 13.00% 12/1/09	50,000		57,351
#Sappi Papier Holding 144A 7.50% 6/15/32	155,000		147,299
‡Solutia 6.72% 10/15/37	45,000		48,600
#Steel Dynamics 144A 6.75% 4/1/15	50,000		50,375
Tembec Industries
7.75% 3/15/12	125,000		70,469
8.50% 2/1/11	165,000		94,256
#Tube City IMS 144A 9.75% 2/1/15	30,000		31,800
Witco 6.875% 2/1/26	25,000		21,875
			2,889,744
Brokerage – 2.13%
E Trade Financial 8.00% 6/15/11	145,000		153,156
LaBranche
9.50% 5/15/09	100,000		105,250
11.00% 5/15/12	225,000		246,375
			504,781
Capital Goods – 6.60%
Ahern Rentals 9.25% 8/15/13	25,000		26,187
Armor Holdings 8.25% 8/15/13	35,000		36,925
Baldor Electric 8.625% 2/15/17	210,000		225,225
Berry Plastics Holding 8.875% 9/15/14	175,000		181,125
#Clarke American 144A 9.50% 5/15/15	75,000		75,844
CPG International I 10.50% 7/1/13	125,000		131,875
Graham Packaging 9.875% 10/15/14	180,000		187,200
#Hawker Beechcraft Acquisition 144A 9.75% 4/1/17	90,000		96,750
Interface 10.375% 2/1/10	195,000		216,450
Intertape Polymer 8.50% 8/1/14	45,000		40,664
Mueller Group 10.00% 5/1/12	33,000		35,805
RBS Global & Rexnord 11.75% 8/1/16	120,000		133,800
#Smurfit-Stone Container Enterprises 144A 8.00% 3/15/17	105,000		105,000
Trimas 9.875% 6/15/12	70,000		72,975
			1,565,825
Consumer Cyclical – 13.22%
Accuride 8.50% 2/1/15	155,000		160,813
Carrols 9.00% 1/15/13	205,000		213,200
Denny’s 10.00% 10/1/12	180,000		193,050
Ford Motor 4.25% 12/15/36	15,000		16,950
Ford Motor Credit
7.375% 10/28/09	35,000		35,047
9.875% 8/10/11	230,000		245,130
General Motors 8.375% 7/15/33	260,000		236,275
Global Cash Access 8.75% 3/15/12	244,000		256,809
#Goodyear Tire & Rubber 144A 8.625% 12/1/11	195,000		211,575
#KAR Holdings 144A 10.00% 5/1/15	135,000		140,569
Lear 8.75% 12/1/16	205,000		200,644
#Michaels Stores 144A 11.375% 11/1/16	115,000		127,075
Neiman Marcus Group PIK 9.00% 10/15/15	175,000		193,813
NPC International 9.50% 5/1/14	130,000		137,150
O’Charleys 9.00% 11/1/13	170,000		181,900
Rite Aid 9.25% 6/1/13	180,000		184,050
#TRW Automotive 144A
7.00% 3/15/14	75,000		74,625
7.25% 3/15/17	140,000		139,650
#USI Holdings 144A 9.75% 5/15/15	60,000		61,500
#Vitro 144A 9.125% 2/1/17	120,000		126,300
			3,136,125
Consumer Non-Cyclical – 4.57%
Chiquita Brands International 8.875% 12/1/15	90,000		86,850
Constellation Brands 8.125% 1/15/12	125,000		130,313
DEL Laboratories 8.00% 2/1/12	100,000		94,250
Ingles Markets 8.875% 12/1/11	40,000		41,900
National Beef Packing 10.50% 8/1/11	150,000		158,624
Pilgrim’s Pride
8.375% 5/1/17	225,000		228,937
9.625% 9/15/11	50,000		52,375
#Pinnacle Foods Finance 144A
9.25% 4/1/15	35,000		35,175
10.625% 4/1/17	85,000		85,638
Swift 12.50% 1/1/10	150,000		156,750
True Temper Sports 8.375% 9/15/11	15,000		13,613
			1,084,425
Energy – 11.50%
Bluewater Finance 10.25% 2/15/12	20,000		20,950
Chesapeake Energy 6.625% 1/15/16	210,000		214,200
Compton Petroleum Finance 7.625% 12/1/13	150,000		149,625
#El Paso Performance-Linked Trust 144A 7.75% 7/15/11	20,000		21,400
El Paso Production Holding 7.75% 6/1/13	25,000		26,445
#Energy Partners 144A 9.75% 4/15/14	140,000		143,150
Geophysique-Veritas
7.50% 5/15/15	15,000		15,825
7.75% 5/15/17	65,000		69,063

52

	Principal Amount (U.S.$)		Value (U.S.$)
Corporate Bonds (continued)
Energy (continued)
#Hilcorp Energy I 144A
7.75% 11/1/15	$	210,000	$	212,100
9.00% 6/1/16	25,000		26,875
Inergy Finance
6.875% 12/15/14	5,000		4,963
8.25% 3/1/16	210,000		223,650
Mariner Energy 8.00% 5/15/17	35,000		35,394
Massey Energy 6.625% 11/15/10	230,000		233,737
#OPTI Canada 144A 8.25% 12/15/14	150,000		159,375
PetroHawk Energy 9.125% 7/15/13	200,000		215,250
#Petroplus Finance 144A 7.00% 5/1/17	75,000		76,031
Plains Exploration & Production 7.00% 3/15/17	70,000		70,438
#Regency Energy Partners 144A 8.375% 12/15/13	205,000		212,175
•Secunda International 13.356% 9/1/12	75,000		78,000
#Seitel 144A 9.75% 2/15/14	295,000		301,637
#Stallion Oilfield Services 144A 9.75% 2/1/15	180,000		189,900
Whiting Petroleum 7.25% 5/1/13	30,000		29,550
			2,729,733
Media – 8.56%
CCH I Holdings 13.50% 1/15/14	230,000		235,175
Charter Communications Holdings 13.50% 1/15/11	90,000		94,500
Dex Media West 9.875% 8/15/13	35,000		38,281
#Idearc 144A 8.00% 11/15/16	110,000		115,225
Insight Communications 12.25% 2/15/11	25,000		26,188
Insight Midwest 9.75% 10/1/09	265,000		269,969
Mediacom Capital 9.50% 1/15/13	400,000		414,000
#Quebecor World 144A 9.75% 1/15/15	130,000		137,800
RH Donnelley 8.875% 1/15/16	40,000		43,600
Time Warner Telecom Holdings 9.25% 2/15/14	225,000		243,000
#Univision Communications PIK 144A 9.75% 3/15/15	175,000		176,531
Vertis 10.875% 6/15/09	195,000		194,269
WMG Acquisition 7.375% 4/15/14	45,000		43,425
			2,031,963
Real Estate – 2.16%
American Real Estate Partners 8.125% 6/1/12	125,000		128,125
BF Saul REIT 7.50% 3/1/14	230,000		234,600
#Realogy 144A 12.375% 4/15/15	140,000		140,350
Rouse 7.20% 9/15/12	10,000		10,492
			513,567
Services Cyclical – 11.65%
#Aramark 144A 8.50% 2/1/15	225,000		236,531
Corrections Corporation of America 7.50% 5/1/11	115,000		119,888
FTI Consulting 7.625% 6/15/13	275,000		285,312
Gaylord Entertainment 8.00% 11/15/13	140,000		146,300
Harrah’s Operating 6.50% 6/1/16	285,000		254,782
Hertz 8.875% 1/1/14	185,000		200,263
RH-Lines Finance Holdings 11.00% 4/1/13	55,000		52,113
Horizon Lines 9.00% 11/1/12	100,000		105,750
Isle of Capri Casinos 9.00% 3/15/12	115,000		120,606
Kansas City Southern de Mexico 12.50% 6/15/12	25,000		26,825
Kansas City Southern Railway 9.50% 10/1/08	25,000		26,281
Majestic Star Casino 9.50% 10/15/10	330,000		348,974
Mandalay Resort Group
9.375% 2/15/10	217,000		235,174
9.50% 8/1/08	30,000		31,463
#Mobile Services Group 144A 9.75% 8/1/14	25,000		27,250
OMI 7.625% 12/1/13	40,000		41,000
#Penhall International 144A 12.00% 8/1/14	75,000		82,500
#Pokagon Gaming Authority 144A 10.375% 6/15/14	185,000		208,125
#Rental Service 144A 9.50% 12/1/14	50,000		53,375
Seabulk International 9.50% 8/15/13	5,000		5,438
Station Casinos 6.625% 3/15/18	75,000		69,000
RTown Sports International 11.00% 2/1/14	25,000		22,625
Wheeling Island Gaming 10.125% 12/15/09	65,000		66,300
			2,765,875
Services Non-Cyclical – 6.40%
#Aleris International 144A 10.00% 12/15/16	175,000		183,531
Allied Waste North America 9.25% 9/1/12	235,000		249,099
Casella Waste Systems 9.75% 2/1/13	225,000		239,063
CRC Health 10.75% 2/1/16	40,000		44,000
Geo Subordinate 11.00% 5/15/12	35,000		35,700
HCA 6.50% 2/15/16	120,000		105,150
#HCA PIK 144A 9.625% 11/15/16	35,000		38,281
#HealthSouth 144A 10.75% 6/15/16	180,000		197,100
US Oncology
9.00% 8/15/12	50,000		53,500
10.75% 8/15/14	25,000		28,063
#US Oncology Holdings PIK 144A 9.797% 3/15/12	35,000		35,613
RVanguard Health Holding 11.25% 10/1/15	230,000		193,200
WCA Waste 9.25% 6/15/14	110,000		117,700
			1,520,000
Technology & Electronics – 2.48%
#Freescale Semiconductor 144A 10.125% 12/15/16	300,000		304,500
MagnaChip Semiconductor 8.00% 12/15/14	250,000		161,250
Solectron Global Finance 8.00% 3/15/16	100,000		101,500
#UGS Capital II PIK 144A 10.348% 6/1/11	20,756		21,171
			588,421

(continues)

53

Statements of net assets

Delaware Pooled Trust – The High-Yield Bond Portfolio

	Principal Amount (U.S.$)		Value (U.S.$)
Corporate Bonds (continued)
Telecommunications – 10.13%
‡Allegiance Telecom 11.75% 2/15/08	$	10,000	$	4,600
American Tower
7.125% 10/15/12	200,000		208,500
7.25% 12/1/11	15,000		15,675
#Broadview Networks Holdings 144A 11.375% 9/1/12	30,000		32,250
·Centennial Communications 11.099% 1/1/13	110,000		116,188
#Cricket Communications 144A 9.375% 11/1/14	200,000		214,500
#Digicel 144A 9.25% 9/1/12	100,000		106,750
#Digicel Group 144A 8.875% 1/15/15	100,000		98,375
#·Hellas Telecommunications Luxembourg II 144A 11.106% 1/15/15	200,000		208,500
Hughes Network Systems 9.50% 4/15/14	290,000		306,674
RInmarsat Finance 10.375% 11/15/12	70,000		66,850
#Level 3 Financing 144A 8.75% 2/15/17	130,000		132,925
Qwest
7.50% 10/1/14	50,000		53,125
7.875% 9/1/11	100,000		107,000
·8.605% 6/15/13	200,000		219,750
Rural Cellular
9.875% 2/1/10	35,000		37,188
·11.11% 11/1/12	245,000		255,412
Triton PCS 8.50% 6/1/13	85,000		89,144
Windstream 8.125% 8/1/13	120,000		130,800
			2,404,206
Utilities – 2.41%
Avista 9.75% 6/1/08	5,000		5,219
‡#Calpine 144A 8.496% 7/15/07	24,438		26,759
Elwood Energy 8.159% 7/5/26	82,598		87,853
Midwest Generation
8.30% 7/2/09	8,428		8,639
8.75% 5/1/34	25,000		27,750
Mirant Americas Generation 8.30% 5/1/11	210,000		223,124
Mirant North America 7.375% 12/31/13	110,000		116,875
Orion Power Holdings 12.00% 5/1/10	65,000		75,400
			571,619
Total Corporate Bonds (cost $22,060,136)			22,306,284
«Senior Secured Loans – 0.85%
Community Health 9.36% 4/10/08	100,000		99,749
Ford Motor 8.36% 11/29/13	34,913		35,131
Porttown 10.85% 9/30/07	46,316		45,853
Talecris Biotherapeutics 13.50% 12/6/14	20,000		20,600
Total Senior Secured Loans (cost $200,817)			201,333

	Number of Shares
Common Stock – 0.59%
†Adelphia	35,000		14,525
†Adelphia Recovery Trust Series ACC-1	34,350	3,229
†Adelphia Recovery Trust Series Arahova	26,097	13,831
@=†pAvado Brands	121	0
†Century Communications	60,000	1,650
†Charter Communications Class A	1,300	3,926
†Foster Wheeler	274	18,859
†Mirant	613	27,505
†Petrojarl ADR	195	2,295
†Petroleum Geo-Services ADR	585	16,111
†Time Warner Cable Class A	1,007	37,079
†USGen	20,000	0
Total Common Stock (cost $92,056)		139,010
Warrant – 0.00%
†#Solutia 144A, exercise price $7.59, expiration date 7/15/09	55	0
Total Warrant (cost $4,679)		0

	Principal Amount (U.S.$)
Repurchase Agreements – 4.02%
With BNP Paribas 5.10% 5/1/07 (dated 4/30/07, to be repurchased at $504,271, collateralized by $162,000 U.S. Treasury Notes 2.75% due 8/15/07, market value $161,826, $4,800 U.S. Treasury Notes 3.125% due 5/15/07, market value $4,828, $122,400 U.S. Treasury Notes 4.375% due 5/15/07, market value $124,810 and $218,400 U.S. Treasury Notes 4.75% due 11/15/08, market value $223,242)	$	504,200	504,200
With Cantor Fitzgerald 5.09% 5/1/07 (dated 4/30/07, to be repurchased at $179,225, collateralized by $184,900 U.S. Treasury Notes 3.625% due 7/15/09, market value $183,010)	179,200		179,200
With UBS Warburg 5.10% 5/1/07 (dated 4/30/07, to be repurchased at $271,638, collateralized by $282,500 U.S. Treasury Bills due 9/20/07, market value $277,123)	271,600		271,600
Total Repurchase Agreements (cost $955,000)			955,000
Total Value of Securities – 99.45% (cost $23,312,688)			23,601,627
Receivables and Other Assets Net of Liabilities – 0.55%			129,631
Net Assets Applicable to 2,941,988 Shares Outstanding; Equivalent to $8.07 Per Share – 100.00%			$	23,731,258

54

Components of Net Assets at April 30, 2007:
Shares of beneficial interest (unlimited authorization – no par)	$	27,166,563
Undistributed net investment income	355,094
Accumulated net realized loss on investments	(4,079,338		)
Net unrealized appreciation of investments	288,939
Total net assets	$	23,731,258

†Non-income producing security for the period ended April 30, 2007.

‡Non-income producing security. Security is currently in default.

·Variable rate security. The rate shown is the rate as of April 30, 2007.

RStep coupon bond. Indicates security that has a zero coupon that remains in effect until a predetermined date at which time the stated interest rate becomes effective.

pRestricted Security. Investment in a security not registered under the Securities Act of 1933, as amended. This security has certain restrictions on resale which may limit its liquidity. At April 30, 2007, the aggregate amount of the restricted security equaled $0 or 0.00% of the Portfolio’s net assets. See Note 12 in “Notes to Financial Statements.”

#Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At April 30, 2007, the aggregate amount of Rule 144A securities equaled $6,510,473, which represented 27.43% of the Portfolio’s net assets. See Note 12 in “Notes to financial statements.”

@Illiquid security. At April 30, 2007, the aggregate amount of illiquid securities equaled $0, which represented 0.00% of the Portfolio’s net assets. See Note 12 in “Notes to financial statements.”

=Security is being fair valued in accordance with the Portfolio’s fair valuation policy. At April 30, 2007, the aggregate amount of fair valued securities equaled $0, which represented 0.00% of the Portfolio’s net assets. See Note 1 in “Notes to financial statements.”

«Senior Secured Loans generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the prime rate offered by one or more United States banks, (ii) the lending rate offered by one or more European banks such as the London Inter-Bank Offered Rate (‘LIBOR’) and (iii) the certificate of deposit rate. Senior Secured Loans may be subject to restrictions on resale.

Summary of Abbreviations:

ADR – American Depositary Receipts

PIK – Pay-in-Kind

REIT – Real Estate Investment Trust

See accompanying notes

(continues)

55

Statements of net assets

Delaware Pooled Trust – The Core Plus Fixed Income Portfolio

April 30, 2007 (Unaudited)

	Principal  Amount°			Value  (U.S.$ )
Agency Asset-Backed Securities – 0.11%
Fannie Mae Grantor Trust
Series 2003-T4 2A5 4.907% 9/26/33	USD	306,963		$	305,475
Total Agency Asset-Backed Securities (cost $304,481)				305,475
Agency Collateralized Mortgage Obligations – 2.32%
Fannie Mae
Series 1996-46 ZA 7.50% 11/25/26	42,303			43,836
Series 2002-90 A1 6.50% 6/25/42	34,255			35,069
Series 2002-90 A2 6.50% 11/25/42	210,195			214,529
Series 2003-122 AJ 4.50% 2/25/28	163,379			159,856
Series 2005-110 MB 5.50% 9/25/35	930,000			938,005
Fannie Mae Grantor Trust
Series 1999-T2 A1 7.50% 1/19/39	7,585			7,939
Series 2001-T8 A2 9.50% 7/25/41	21,502			23,136
Series 2002-T4 A3 7.50% 12/25/41	2,433			2,532
Series 2004-T1 1A2 6.50% 1/25/44	7,388			7,585
Fannie Mae Whole Loan
Series 2004-W9 2A1 6.50% 2/25/44	37,622			38,616
Series 2004-W11 1A2 6.50% 5/25/44	171,495			176,086
Freddie Mac
Series 1730 Z 7.00% 5/15/24	290,155			303,693
Series 2326 ZQ 6.50% 6/15/31	538,244			562,655
Series 2480 EH 6.00% 11/15/31	194			194
Series 2662 MA 4.50% 10/15/31	328,608			323,113
Series 2694 QG 4.50% 1/15/29	665,000			648,488
Series 2872 GC 5.00% 11/15/29	310,000			306,382
Series 2890 PC 5.00% 7/15/30	240,000			237,035
Series 2915 KP 5.00% 11/15/29	360,000			356,014
Series 3005 ED 5.00% 7/15/25	770,000			739,684
Series 3022 MB 5.00% 12/15/28	265,000			263,057
Series 3063 PC 5.00% 2/15/29	850,000			843,230
tFreddie Mac Structured Pass Through Securities
Series T-54 2A 6.50% 2/25/43	60,420			61,748
Series T-58 2A 6.50% 9/25/43	37,963			38,883
Total Agency Collateralized Mortgage Obligations (cost $6,306,404)				6,331,365
Agency Mortgage-Backed Securities – 22.91%
Fannie Mae
6.171% 5/1/09			41,281		41,467
6.50% 8/1/17	76,782			78,553
·Fannie Mae ARM
3.747% 8/1/34	176,226			177,476
Fannie Mae Relocation 30 yr
5.00% 11/1/33	65,308			63,698
5.00% 1/1/34 Pool 763656	46,371			45,227
5.00% 1/1/34 Pool 763742	22,924			22,346
5.00% 11/1/34	231,148			225,316
5.00% 4/1/35	487,401			474,687
5.00% 10/1/35	483,655			471,039
5.00% 1/1/36	761,562			741,697
Fannie Mae S.F. 15 yr
4.50% 1/1/20	58,499			56,733
5.00% 7/1/14	6,700			6,633
5.00% 12/1/16	11,696			11,572
5.00% 5/1/20	63,876			63,006
5.00% 7/1/20	27,377			27,004
5.50% 5/1/20	5,773			5,784
Fannie Mae S.F. 15 yr TBA
5.50% 5/1/22	125,000			125,156
6.00% 5/1/22	5,835,000			5,929,819
Fannie Mae S.F. 30 yr
5.00% 3/1/34	39,144			37,912
5.00% 3/1/35 Pool 808130	67,854			65,621
5.00% 3/1/35 Pool 814334	37,522			36,320
5.00% 5/1/35	66,770			64,572
5.00% 6/1/35	141,836			137,168
5.00% 7/1/35	177,242			171,408
5.50% 3/1/29	96,158			95,568
5.50% 4/1/29	111,748			111,062
5.50% 1/1/34	38,839			38,510
5.50% 1/1/35	63,809			63,228
5.50% 2/1/35	104,977			104,020
5.50% 6/1/35	84,498			83,669
6.00% 1/1/35	9,598			9,697
6.00% 6/1/35	28,686			28,928
7.00% 12/1/33	51,416			53,758
7.00% 5/1/35	9,041			9,338
7.00% 6/1/35	33,838			34,951
7.50% 6/1/31	5,867			6,143
7.50% 6/1/34	91,959			95,810
Fannie Mae S.F. 30 yr TBA
4.50% 5/1/37	1,390,000			1,345,259
5.00% 5/1/37	13,515,000			13,054,651
5.50% 5/1/37	18,655,000			18,445,130
6.00% 5/1/37	10,340,000			10,417,549
6.50% 5/1/37	3,055,000			3,118,966
7.00% 5/1/37	1,585,000			1,636,513
·Freddie Mac ARM
5.748% 4/1/34	35,287			35,939
Freddie Mac Relocation 30 yr
5.00% 9/1/33	83,782			81,961
Freddie Mac S.F. 30 yr
5.50% 12/1/34	125,047			123,914
7.00% 11/1/33	6,744			7,017

56

	Principal  Amount°		Value  (U.S.$ )
Agency Mortgage-Backed Securities (continued)
Freddie Mac S.F. 30 yr TBA
6.00% 5/1/37	USD	980,000	$	988,269
GNMA I S.F. 30 yr
7.00% 12/15/34	636,150		672,414
7.50% 1/15/30	3,738		3,917
7.50% 12/15/31	1,549		1,623
7.50% 2/15/32	1,395		1,461
GNMA S.F. 30 yr TBA
5.50% 5/1/37	1,320,000		1,312,575
6.00% 5/1/37	1,320,000		1,337,738
Total Agency Mortgage-Backed Securities (cost $62,363,072)			62,399,792
Agency Obligations – 0.99%
Fannie Mae
3.375% 12/15/08	110,000		107,445
4.75% 3/12/10	510,000		509,594
^5.278% 10/9/19	905,000		459,107
6.625% 11/15/30	65,000		77,197
Federal Home Loan Bank System
4.25% 9/14/07	1,560,000		1,554,833
Total Agency Obligations (cost $2,723,220)			2,708,176
Commercial Mortgage-Backed Securities – 6.05%
Bank of America Commercial Mortgage
·Series 2006-3 A4 5.889% 7/10/44	1,045,000		1,082,349
Series 2006-4 A4 5.634% 7/10/46	95,000		96,666
#Bear Stearns Commercial Mortgage Securities Series 2004-ESA E 144A 5.064% 5/14/16	225,000		224,643
Citigroup Commercial Mortgage Trust Series 2006-C5 A4 5.431% 10/15/49	1,070,000		1,071,989
tCommercial Mortgage Pass Through Certificates
#Series 2001-J1A A2 144A 6.457% 2/14/34	316,035		326,923
Series 2006-C7 A2 5.69% 6/10/46	310,000		314,969
·Credit Suisse Mortgage Capital Certificates Series 2006-C1 AAB 5.681% 2/15/39	170,000		172,504
#Crown Castle Towers 144A
Series 2005-1A C 5.074% 6/15/35	120,000		119,335
Series 2006-1A B 5.362% 11/15/36	845,000		845,967
First Union-Lehman Brothers-Bank of America Series 1998-C2 A2 6.56% 11/18/35	132,513		133,303
General Electric Capital Commercial Mortgage Series 2002-1A A3 6.269% 12/10/35		290,000			302,463
Goldman Sachs Mortgage Securities II
Series 2006-GG8 A4 5.56% 11/10/39	1,225,000		1,241,117
·#Series 2006-RR2 A1 144A 5.812% 6/23/46	395,000		401,710
·#Series 2006-RR3 A1S 144A 5.76% 7/18/56	1,460,000		1,473,724
Greenwich Capital Commercial Funding Series 2007-GG9 A4 5.444% 3/10/39	1,765,000		1,772,726
JPMorgan Chase Commercial Mortgage Securities
Series 2002-C1 A3 5.376% 7/12/37	515,000		518,387
Series 2003-C1 A2 4.985% 1/12/37	664,000		656,473
·Series 2006-LDP7 AJ 6.066% 4/15/45	545,000		562,208
·#Series 2006-RR1A A1 144A 5.609% 10/18/52	1,395,000		1,389,992
Series 2007-CB18 A4 5.44% 6/12/47	940,000		941,492
Lehman Brothers-UBS Commercial Mortgage Trust Series 2002-C1 A4 6.462% 3/15/31	20,000		21,018
#Merrill Lynch Mortgage Trust 144A
Series 2005-GGP1 E 4.33% 11/15/10	105,000		104,199
Series 2005-GGP1 F 4.35% 11/15/10	105,000		104,230
Merrill Lynch/Countrywide Commercial Mortgage Trust Series 2007-5 A4 5.378% 8/12/48	940,000		936,415
#Morgan Stanley Capital I Series 1999-FNV1 G 144A 6.12% 3/15/31	170,000		171,264
·#Morgan Stanley Dean Witter Capital I Series 2001-TOP1 E 144A 7.55% 2/15/33	100,000		106,274
#Nationslink Funding Series 1998-2 F 144A 7.105% 8/20/30	45,000		47,294
#Tower 144A
Series 2004-2A A 4.232% 12/15/14	135,000		131,439
Series 2006-1 B 5.588% 2/15/36	180,000		181,341
Series 2006-1 C 5.707% 2/15/36	275,000		277,489
Wachovia Bank Commercial Mortgage Trust Series 2006-C28 A2 5.50% 10/15/48	735,000		741,881
Total Commercial Mortgage-Backed Securities (cost $16,505,416)			16,471,784

(continues)

57

Statements of net assets

Delaware Pooled Trust – The Core Plus Fixed Income Portfolio

	Principal Amount°		Value (U.S.$)
Corporate Bonds – 34.78%
Banking – 3.45%
BAC Capital Trust XI 6.625% 5/23/36	USD	180,000	$	193,579
·BAC Capital Trust XIV 5.63% 12/31/49		545,000	547,695
·#Barclays Bank 144A 7.375% 6/29/49		485,000	527,743
Citigroup 6.125% 8/25/36		430,000	444,901
Credit Suisse First Boston USA 6.125% 11/15/11		45,000	46,866
^Dresdner Bank 4.66% 1/24/08		925,000	904,188
First Union Institutional Capital II 7.85% 1/1/27		595,000	619,001
·#HBOS 144A 5.92% 9/29/49		200,000	197,222
JP Morgan Chase Capital XVIII 6.95% 8/17/36		445,000	477,822
·#KBC Bank Funding Trust III 144A 9.86% 11/29/49		235,000	259,937
·MUFG Capital Finance 1 6.346% 7/29/49		205,000	209,738
Popular North America 4.25% 4/1/08		35,000	34,522
Popular North America Capital Trust I 6.564% 9/15/34		210,000	202,874
·#Rabobank Capital Funding II 144A 5.26% 12/29/49		585,000	570,758
·RBS Capital Trust I 4.709% 12/29/49		30,000	28,749
Regions Financial 7.00% 3/1/11		5,000	5,325
·#Resona Bank 144A 5.85% 9/29/49		1,060,000	1,056,688
·#Resona Preferred Global Securities Cayman 144A 7.191% 12/29/49		1,320,000	1,397,500
·#Shinsei Finance II Cayman 144A 7.16% 7/29/49		210,000	214,856
·#Vneshtorgbank 144A 5.96% 8/1/08		220,000	220,495
·VTB 24 Capital 6.15% 12/7/09		340,000	340,646
·Wachovia Capital Trust III 5.80% 8/29/49		345,000	350,441
·#Woori Bank 144A 6.208% 5/2/37		545,000	544,984
			9,396,530
Basic Industries – 2.51%
Alcoa 5.95% 2/1/37		260,000	259,069
Bowater 9.00% 8/1/09		525,000	554,531
Catalyst Paper 8.625% 6/15/11		800,000	815,001
Donohue Forest Products 7.625% 5/15/07		390,000	390,000
Freeport McMoRan Copper & Gold 8.375% 4/1/17		390,000	427,538
Georgia-Pacific
8.875% 5/15/31		548,000		586,360
9.50% 12/1/11		430,000	477,300
Ispat Inland 9.75% 4/1/14		48,000	53,478
Lubrizol 4.625% 10/1/09		340,000	335,448
#MacDermid 144A 9.50% 4/15/17		400,000	417,000
#Norske Skogindustrier 144A 7.125% 10/15/33		685,000	629,310
#Sappi Papier Holding 144A
6.75% 6/15/12		535,000	538,269
7.50% 6/15/32		285,000	270,841
#Stora Enso 144A 7.25% 4/15/36		265,000	272,857
Vale Overseas
6.25% 1/23/17		370,000	380,361
6.875% 11/21/36		390,000	415,622
			6,822,985
Brokerage – 1.70%
·Ameriprise Financial 7.518% 6/1/66		1,070,000	1,163,222
AMVESCAP
4.50% 12/15/09		630,000	619,499
5.625% 4/17/12		500,000	503,476
E Trade Financial 8.00% 6/15/11		710,000	749,937
Goldman Sachs Group 6.345% 2/15/34		290,000	294,094
LaBranche
9.50% 5/15/09		695,000	731,488
11.00% 5/15/12		375,000	410,625
Merrill Lynch 6.22% 9/15/26		160,000	163,384
			4,635,725
Capital Goods – 0.26%
Caterpillar 6.05% 8/15/36		325,000	335,183
General Electric 5.00% 2/1/13		55,000	54,669
#Siemens Finance 144A 6.125% 8/17/26		310,000	317,253
			707,105
Communications – 5.38%
AT&T
7.30% 11/15/11		635,000	690,599
8.00% 11/15/31		340,000	427,313
BellSouth 4.20% 9/15/09		305,000	299,010
British Telecommunications 9.125% 12/15/30		265,000	370,580
CCH I Holdings 13.50% 1/15/14		390,000	398,775
Citizens Communications 9.25% 5/15/11		230,000	257,313
Comcast
·5.656% 7/14/09		300,000	300,613
6.45% 3/15/37		265,000	268,895
6.50% 11/15/35		255,000	260,377
Cox Communications 4.625% 1/15/10		310,000	305,917
Nextel Communications 6.875% 10/31/13		720,000	740,637
#Orascom Telecom Finance 144A 7.875% 2/8/14		305,000	302,713
Qwest 7.875% 9/1/11		780,000	834,600

58

	Principal Amount°		Value (U.S.$)
Corporate Bonds (continued)
Communications (continued)
Sprint Capital
7.625% 1/30/11	USD	675,000	$	724,927
8.75% 3/15/32		290,000	343,196
Telecom Italia Capital
4.00% 1/15/10		410,000	397,839
·5.969% 7/18/11		1,050,000	1,059,127
7.20% 7/18/36		510,000	547,318
Telefonica Emisones
·5.65% 6/19/09		220,000	220,909
5.984% 6/20/11		195,000	200,450
6.421% 6/20/16		160,000	167,820
7.045% 6/20/36		135,000	145,311
Telefonos de Mexico 4.50% 11/19/08		865,000	859,686
TELUS 4.95% 3/15/17	CAD	255,000	212,537
THOMSON 5.75% 2/1/08	USD	285,000	286,096
Time Warner 5.50% 11/15/11		375,000	378,415
#Time Warner Cable 144A
5.85% 5/1/17		400,000	403,158
6.55% 5/1/37		690,000	700,113
Time Warner Entertainment 8.375% 3/15/23		145,000	173,113
Triton PCS 8.50% 6/1/13		640,000	671,200
USI Holdings 8.11% 12/30/14		200,000	200,000
Viacom
·5.70% 6/16/09		320,000	321,067
5.75% 4/30/11		380,000	385,519
6.875% 4/30/36		255,000	259,063
Vodafone Group
5.375% 1/30/15		30,000	29,773
6.15% 2/27/37		255,000	252,257
Windstream 8.125% 8/1/13		245,000	267,050
			14,663,286
Consumer Cyclical – 4.82%
Corrections Corporation of America 7.50% 5/1/11		245,000	255,413
Costco Wholesale 5.50% 3/15/17		725,000	732,872
·DaimlerChrysler Holding 5.81% 8/3/09		755,000	759,183
Federated Retail Holdings 5.35% 3/15/12		380,000	380,212
Ford Motor
7.45% 7/16/31		485,000	386,181
7.70% 5/15/97		205,000	155,288
Ford Motor Credit
8.00% 12/15/16		280,000	274,284
·8.105% 1/13/12		380,000	375,161
9.75% 9/15/10		800,000	847,143
9.875% 8/10/11		2,130,000	2,270,121
#Galaxy Entertainment Finance 144A 9.875% 12/15/12		635,000	698,500
General Motors 8.375% 7/15/33		675,000	613,406
GMAC
6.875% 9/15/11		1,370,000	1,375,884
8.00% 11/1/31		1,165,000	1,253,915
Harrah’s Operating 6.50% 6/1/16		410,000		366,529
Home Depot 5.875% 12/16/36		260,000	252,875
#KAR Holdings 144A 10.00% 5/1/15		345,000	359,231
Kohl’s 7.25% 6/1/29		15,000	16,772
Lear 8.75% 12/1/16		150,000	146,813
MGM MIRAGE 9.75% 6/1/07		305,000	306,144
Neiman Marcus Group 10.375% 10/15/15		140,000	158,025
Penney (J.C.)
6.375% 10/15/36		190,000	190,003
7.375% 8/15/08		240,000	245,049
8.125% 4/1/27		400,000	411,479
Target 5.875% 3/1/12		40,000	41,359
Visteon 8.25% 8/1/10		255,000	261,375
			13,133,217
Consumer Non-Cyclical – 2.10%
AmerisourceBergen 5.625% 9/15/12		690,000	692,924
·#Aramark 144A 8.86% 2/1/15		185,000	191,013
Boston Scientific 6.40% 6/15/16		515,000	514,778
Constellation Brands 8.125% 1/15/12		537,000	559,823
GlaxoSmithKline Capital 5.375% 4/15/34		15,000	14,523
HCA
6.50% 2/15/16		420,000	368,025
#144A 9.125% 11/15/14		65,000	70,363
#HealthSouth 144A 10.75% 6/15/16		625,000	684,375
Kraft Foods
4.125% 11/12/09		335,000	326,816
6.50% 11/1/31		105,000	108,202
Medco Health Solutions 7.25% 8/15/13		735,000	796,399
Procter & Gamble 5.55% 3/5/37		55,000	54,402
Reynolds American 6.50% 6/1/07		195,000	195,358
US Oncology 9.00% 8/15/12		305,000	326,350
Wyeth
5.50% 2/1/14		420,000	425,315
5.95% 4/1/37		385,000	386,311
			5,714,977
Electric – 2.14%
American Electric Power 4.709% 8/16/07		15,000	14,967
Avista 9.75% 6/1/08		280,000	292,247
·Avista Capital Trust III 6.50% 4/1/34		150,000	150,412
Dominion Resources
5.687% 5/15/08		355,000	355,928
·6.30% 9/30/66		495,000	506,576
Duke Capital 5.668% 8/15/14		10,000	9,950
FPL Group Capital 5.625% 9/1/11		545,000	555,287
MidAmerican Funding 6.75% 3/1/11		405,000	428,655
Oncor Electric Delivery 7.00% 9/1/22		80,000	86,603

(continues)

59

Statements of net assets

Delaware Pooled Trust – The Core Plus Fixed Income Portfolio

	Principal Amount°			Value (U.S.$)
Corporate Bonds (continued)
Electric (continued)
Pepco Holdings
5.50% 8/15/07	USD	660,000		$	659,834
•5.985% 6/1/10	450,000			450,434
Potomac Electric Power 6.25% 10/15/07	10,000			10,040
#Power Contract Financing 144A 6.256% 2/1/10	163,283			164,855
#Power Receivable Finance 144A 6.29% 1/1/12	207,292			209,513
Southern California Edison 7.625% 1/15/10	110,000			117,028
#TAQA 144A
5.875% 10/27/16	355,000			359,369
6.50% 10/27/36	815,000			830,205
TECO Energy 7.20% 5/1/11	380,000			406,600
Xcel Energy 6.50% 7/1/36	205,000			216,409
				5,824,912
Energy – 2.07%
Anadarko Petroleum 5.95% 9/15/16	195,000			196,865
Apache 5.25% 4/15/13	340,000			340,937
Canadian Natural Resources 6.25% 3/15/38	395,000			393,409
#Canadian Oil Sands 144A 4.80% 8/10/09	185,000			182,725
#Energy Partners 144A 9.75% 4/15/14	255,000			260,738
Halliburton 5.50% 10/15/10	30,000			30,399
#Ras Laffan Liquefied Natural Gas III 144A
5.832% 9/30/16	630,000			637,589
5.838% 9/30/27	1,040,000			1,000,143
•Secunda International 13.356% 9/1/12	470,000			488,800
Siberian Oil 10.75% 1/15/09	650,000			706,095
#TNK-BP Finance 144A 6.625% 3/20/17	500,000			498,750
Tyumen Oil 11.00% 11/6/07	820,000			844,354
Weatherford International 4.95% 10/15/13	50,000			48,290
				5,629,094
Finance Companies – 2.10%
•American Express 6.80% 9/1/66	330,000			353,114
International Lease Finance 4.625% 6/2/08	20,000			19,863
National Rural Utilities Cooperative Finance 5.45% 4/10/17	225,000			225,933
Residential Capital
5.125% 5/17/12	EUR		425,000	563,094
•5.84% 6/9/08	USD		615,000	610,873
6.00% 2/22/11	390,000			385,873
6.125% 11/21/08	540,000			539,832
6.375% 6/30/10	366,000			367,238
6.50% 4/17/13	475,000			475,328
6.875% 6/30/15	905,000			917,837
•#144A 7.187% 4/17/09	715,000			712,023
SLM 4.50% 7/26/10			295,000		281,574
•#Xstrata Finance 144A 5.71% 11/13/09	270,000			270,441
				5,723,023
Insurance – 5.09%
•#Catlin Insurance 144A 7.249% 12/31/49	100,000			100,988
#Farmers Exchange Capital 144A 7.05% 7/15/28	1,725,000			1,785,498
#Farmers Insurance Exchange 144A
6.00% 8/1/14	125,000			124,311
8.625% 5/1/24	40,000			47,884
#Liberty Mutual Group 144A
•7.00% 3/15/37	680,000			684,474
7.80% 3/15/37	1,520,000			1,532,270
Marsh & McLennan 5.15% 9/15/10	595,000			589,991
#Max USA Holdings 144A 7.20% 4/14/17	345,000			347,294
MetLife
5.00% 6/15/15	245,000			239,281
6.40% 12/15/36	685,000			685,934
Montpelier Re Holdings 6.125% 8/15/13	440,000			435,311
#Nationwide Mutual Insurance 144A 7.875% 4/1/33	500,000			599,535
#Nippon Life Insurance 144A 4.875% 8/9/10	430,000			424,031
•t#North Front Pass Through Trust 144A 5.81% 12/15/24	1,000,000			991,147
SAFECO Capital Trust I 8.072% 7/15/37	365,000			380,622
•#Security Capital Assurance 144A 6.88% 6/30/49	250,000			255,389
St. Paul Travelers 5.01% 8/16/07	310,000			309,615
t#Stingray Pass Through Trust 144A 5.902% 1/12/15	600,000			564,000
•t#Twin Reefs Pass Through Trust 144A 6.32% 12/31/49	600,000			601,978
Unum Group 5.859% 5/15/09	345,000			348,174
WellPoint
4.25% 12/15/09	205,000			200,995
5.85% 1/15/36	345,000			334,480
Willis North America 5.125% 7/15/10	275,000			270,345
•XL Capital 6.50% 12/31/49	1,260,000			1,245,893
•#ZFS Finance USA Trust II 144A 6.45% 12/15/65	755,000			765,045
				13,864,485
Natural Gas – 1.27%
Atmos Energy 4.00% 10/15/09	20,000			19,421

60

	Principal Amount°				Value (U.S.$)
Corporate Bonds (continued)
Natural Gas (continued)
Enterprise Products Operating
4.00% 10/15/07	USD		300,000		$	298,108
4.625% 10/15/09	515,000				508,859
•8.375% 8/1/66	635,000				704,313
Kinder Morgan Finance 5.35% 1/5/11	250,000				248,412
Oneok 5.51% 2/16/08	415,000				415,745
•Sempra Energy 5.83% 5/21/08	485,000				485,167
Valero Logistics Operations 6.05% 3/15/13	770,000				787,254
					3,467,279
Real Estate – 0.65%
Developers Diversified Realty
4.625% 8/1/10	375,000				368,341
5.25% 4/15/11	145,000				144,749
5.375% 10/15/12	140,000				140,156
HRPT Properties Trust 5.75% 2/15/14	355,000				357,961
#Realogy 144A 12.375% 4/15/15	360,000				360,900
•#USB Realty 144A 6.091% 12/22/49	400,000				404,439
					1,776,546
Technology – 0.32%
#Freescale Semiconductor 144A 10.125% 12/15/16	400,000				406,000
Motorola 4.608% 11/16/07	315,000				313,582
SunGard Data Systems 10.25% 8/15/15	149,000				164,645
					884,227
Transportation – 0.92%
American Airlines
6.817% 5/23/11	130,000				132,327
6.977% 5/23/21	68,207				68,036
#Aramark 144A 8.50% 2/1/15	185,000				194,481
Continental Airlines
5.983% 4/19/22	300,000				298,500
6.503% 6/15/11	295,000				303,481
#Erac USA Finance 144A
5.30% 11/15/08	150,000				149,508
7.35% 6/15/08	560,000				569,218
Hertz 8.875% 1/1/14	630,000				681,975
‡Northwest Airlines 7.041% 4/1/22	106,717				106,783
					2,504,309
Total Corporate Bonds (cost $93,769,390)					94,747,700
^Federal Agencies (Discount Notes) – 16.96%
Fannie Mae
5.118% 5/8/07	3,559,000				3,555,464
5.17% 5/1/07	5,000,000				5,000,000
Federal Home Loan Bank
5.077% 5/1/07	20,460,000				20,460,000
5.127% 5/11/07	10,000,000				9,985,778
5.165% 5/16/07	6,000,000				5,987,125
Freddie Mac 5.171% 5/11/07		1,225,000				1,223,244
Total Federal Agencies (Discount Notes) (cost $46,211,611)					46,211,611
Foreign Agencies – 0.10%
Austria – 0.03%
Oesterreichische Kontrollbank 1.80% 3/22/10	JPY	9,000,000			77,087
					77,087
United States – 0.07%
Pemex Project Funding Master Trust
6.125% 8/15/08	USD			10,000	10,105
6.625% 6/15/35	160,000				169,800
					179,905
Total Foreign Agencies  (cost $260,426)					256,992
Municipal Bonds – 0.98%
Augusta, Georgia Water & Sewer Revenue 5.25% 10/1/39 (FSA)	205,000				220,282
Bear Creek Local Improvement District #1 5.50% 5/25/47	1,730,000				1,728,944
California State 5.00% 2/1/33	15,000				15,574
§California State Refunding 5.00% 2/1/33-14	5,000				5,396
California State University Systemwide Revenue 5.00% 11/1/30 (AMBAC)	105,000				111,135
Colorado Department of Transportation Revenue Series B 5.00% 12/15/12 (FGIC)	30,000				31,987
Illinois State Taxable Pension 5.10% 6/1/33	220,000				211,376
New Jersey Economic Development Authority Revenue Cigarette Tax 5.75% 6/15/29	95,000				102,875
New York State Urban Development Series A-1 5.25% 3/15/34 (FGIC)	90,000				96,376
Oregon State Taxable Pension 5.892% 6/1/27	105,000				110,460
West Virginia Economic Development Authority 5.37% 7/1/20 (MBIA)	30,000				30,113
Total Municipal Bonds (cost $2,662,847)					2,664,518

(continues)

61

Statements of net assets

Delaware Pooled Trust – The Core Plus Fixed Income Portfolio

	Principal  Amount°			Value  (U.S.$ )
Non-Agency Asset-Backed Securities – 4.39%
AmeriCredit Automobile Receivables Trust Series 2007-AX A3 5.19% 11/6/11	USD	1,010,000		$		1,011,824
•Ameriquest Mortgage Securities Series 2006-R1 A2C 5.51% 3/25/36	375,000			374,998
Countrywide Asset-Backed Certificates
•Series 2004-13 AV2 5.58% 5/25/34	2,432			2,433
•Series 2006-3 2A2 5.50% 6/25/36	1,020,000			1,020,495
•Series 2006-15 A3 5.689% 10/25/46	295,000			294,939
Series 2006-S3 A2 6.085% 6/25/21	585,000			590,427
•Series 2006-S6 A2 5.519% 3/25/34	580,000			579,343
•Series 2006-S7 A3 5.712% 11/25/35	1,140,000			1,134,935
•Series 2006-S9 A3 5.728% 8/25/36	515,000			511,987
Series 2007-4 A2 5.53% 9/25/37	700,000			698,877
Credit-Based Asset Servicing and Securitization
#Series 2006-SL1 A2 144A 5.556% 9/25/36	525,000			524,658
Series 2007-CB1 AF2 5.721% 1/25/37	720,000			721,819
#Dunkin Securitization Series 2006-1 A2 144A 5.779% 6/20/31	610,000			621,478
•GMAC Mortgage Loan Trust Series 2006-HE3 A2 5.75% 10/25/36	215,000			215,151
tGoldman Sachs Asset Mortgage Pass Through Trust Series 2006-S3 A1 6.085% 5/25/36	142,324			141,416
Honda Auto Receivables Owner Trust Series 2004-2 A4 3.81% 10/15/09	25,000			24,711
•#MASTR Specialized Loan Trust Series 2005-2 A2 144A 5.006% 7/25/35	181,410			175,771
•Merrill Lynch Mortgage Investors
Series 2005-NCB A1A 5.451% 7/25/36	32,706			32,578
Series 2006-AR1 A2C 5.48% 3/25/37	385,000			384,673
Mid-State Trust
Series 11 A1 4.864% 7/15/38			18,283		17,466
Series 2004-1 A 6.005% 8/15/37	19,354			19,733
Series 2005-1 A 5.745% 1/15/40	220,913			220,568
#Series 2006-1 A 144A 5.787% 10/15/40	276,263			275,831
•Option One Mortgage Loan Trust Series 2005-4 A3 5.58% 11/25/35	740,000			741,000
Renaissance Home Equity Loan Trust
Series 2005-4 A2 5.399% 2/25/36	275,000			273,871
Series 2005-4 A3 5.565% 2/25/36	170,000			169,481
Series 2007-1 AF2 5.512% 4/25/37	745,000			743,585
#Sierra Receivables Funding Series 2003-1A A 144A 3.09% 1/15/14	129,849			129,113
Structured Asset Securities
Series 2001-SB1 A2 3.375% 8/25/31	89,709			80,918
Series 2004-16XS A2 4.91% 8/25/34	216,787			215,906
Series 2005-NC1 A2 3.92% 2/25/35	11,597			11,555
•Series 2005-NC1 A7 5.55% 2/25/35	6,635			6,636
Total Non-Agency Asset-Backed Securities (cost $11,972,817)				11,968,176
Non-Agency Collateralized Mortgage Obligations – 15.61%
Bank of America Alternative Loan Trust
Series 2003-10 2A1 6.00% 12/25/33	55,665			55,830
Series 2004-2 1A1 6.00% 3/25/34	62,134			62,318
Series 2004-10 1CB1 6.00% 11/25/34	167,944			169,457
Series 2004-11 1CB1 6.00% 12/25/34	20,629			20,806
Series 2005-3 2A1 5.50% 4/25/20	188,480			188,009
Series 2005-5 2CB1 6.00% 6/25/35	295,010			295,793
Series 2005-6 7A1 5.50% 7/25/20	498,491			496,933
Series 2005-9 5A1 5.50% 10/25/20	831,541			828,423

62

	Principal  Amount°		Value  (U.S.$ )
Non-Agency Collateralized Mortgage Obligations (continued)
Bank of America Mortgage Securities
•Series 2003-D 1A2 6.853% 5/25/33	USD	1,067	$	1,077
Series 2005-9 2A1 4.75% 10/25/20	556,163		548,301
•Bear Stearns Alternative A Trust
Series 2006-3 33A1 6.171% 5/25/36	634,854		643,905
Series 2006-3 34A1 6.161% 5/25/36	406,167		411,812
Bear Stearns Asset Backed Securities Series 2005-AC8 A5 5.50% 11/25/35	478,799		477,649
Chase Mortgage Finance Series 2003-S8 A2 5.00% 9/25/18	924,387		917,581
Countrywide Alternative Loan Trust
Series 2004-28CB 6A1 6.00% 1/25/35	607,577		609,001
•Series 2004-J7 1A2 4.673% 8/25/34	64,314		63,655
Series 2004-J8 1A1 7.00% 9/25/34	251,028		257,460
Series 2005-57CB 4A3 5.50% 12/25/35	37,240		37,247
•Series 2005-63 3A1 5.893% 11/25/35	588,524		591,513
Series 2006-2CB A3 5.50% 3/25/36	499,663		498,415
tCountrywide Home Loan Mortgage Pass Through Trust
Series 2005-23 A1 5.50% 11/25/35	1,202,635		1,179,710
Series 2005-29 A1 5.75% 12/25/35	1,569,088		1,562,939
Series 2006-1 A2 6.00% 3/25/36	466,009		465,790
Series 2006-1 A3 6.00% 3/25/36	166,432		165,470
•Series 2006-HYB3 3A1A 6.10% 5/20/36	598,807		607,921
Credit Suisse First Boston Mortgage Securities
Series 2003-29 5A1 7.00% 12/25/33	16,485		16,892
Series 2004-1 3A1 7.00% 2/25/34	8,343		8,549
First Horizon Asset Securities
Series 2003-5 1A17 8.00% 7/25/33	14,450		15,324
•Series 2004-AR5 4A1 5.708% 10/25/34	67,698		67,638
•GMAC Mortgage Loan Trust Series 2005-AR2 4A 5.189% 5/25/35	508,705		504,196
#GSMPS Mortgage Loan Trust 144A		29,344		30,851
Series 1998-3 A 7.75% 9/19/27
Series 1999-2 A 8.00% 9/19/27	71,461		75,696
Series 1999-3 A 8.00% 8/19/29	32,887		34,777
Series 2005-RP1 1A3 8.00% 1/25/35	526,765		559,298
Series 2005-RP1 1A4 8.50% 1/25/35	307,675		329,393
Series 2006-RR1 1A3 8.00% 1/25/36	215,564		225,600
GSR Mortgage Loan Trust
Series 2004-2F 9A1 6.00% 9/25/19	6,583		6,587
Series 2006-1F 5A2 6.00% 2/25/36	272,478		270,903
•Indymac Index Mortgage Loan Trust
Series 2005-AR25 1A21 5.859% 12/25/35	430,287		433,342
Series 2006-AR2 1A1A 5.54% 4/25/46	209,543		209,802
•JPMorgan Mortgage Trust
Series 2005-A1 4A1 4.777% 2/25/35	783,847		769,992
Series 2005-A4 1A1 5.405% 7/25/35	363,086		361,865
Series 2005-A6 1A2 5.144% 9/25/35	690,000		697,065
Lehman Mortgage Trust Series 2005-2 2A3 5.50% 12/25/35	478,990		479,274
•MASTR Adjustable Rate Mortgages Trust
Series 2003-6 1A2 5.875% 12/25/33	19,095		19,416
Series 2005-6 7A1 5.358% 6/25/35	222,180		221,291
Series 2006-2 4A1 4.991% 2/25/36	827,264		821,742
MASTR Alternative Loans Trust
Series 2003-6 3A1 8.00% 9/25/33	7,885		8,074
Series 2003-9 1A1 5.50% 12/25/18	47,228		47,081
Series 2005-3 7A1 6.00% 4/25/35	197,557		198,814
#MASTR Reperforming Loan Trust 144A
Series 2005-1 1A5 8.00% 8/25/34	156,163		165,391
Series 2005-2 1A4 8.00% 5/25/35	411,278		437,903
Morgan Stanley Mortgage Loan Trust Series 2006-2 6A 6.50% 2/25/36	288,583		293,408

(continues)

63

Statements of net assets

Delaware Pooled Trust – The Core Plus Fixed Income Portfolio

	Principal  Amount°			Value  (U.S.$ )
Non-Agency Collateralized Mortgage Obligations (continued)
Nomura Asset Acceptance
Series 2005-WF1 2A2 4.786% 3/25/35	USD		370,000	$	365,362
•Series 2006-AF1 1A2 6.159% 5/25/36	610,000			618,181
Prime Mortgage Trust Series 2004-CL1 1A1 6.00% 2/25/34	24,593			24,773
Residential Accredit Loans Series 2005-QS14 2A1 6.00% 9/25/35	1,244,284			1,246,812
Residential Asset Mortgage Products
Series 2004-SL1 A3 7.00% 11/25/31	19,879			20,173
Series 2004-SL4 A3 6.50% 7/25/32	88,714			90,399
Series 2005-SL1 A2 6.00% 5/25/32	167,840			169,863
•Residential Funding Mortgage Securities I Series 2006-SA3 3A1 6.048% 9/25/36	593,556			600,502
•Structured Adjustable Rate Mortgage Loan Trust
Series 2004-18 5A 5.50% 12/25/34	85,276			85,076
Series 2005-22 4A2 5.377% 12/25/35	64,011			63,559
Series 2005-3XS A2 5.57% 1/25/35	97,112			97,185
Series 2006-5 5A4 5.572% 6/25/36	136,230			135,937
Structured Asset Securities
•Series 2002-22H 1A 6.953% 11/25/32	17,273			17,704
Series 2004-5H A2 4.43% 12/25/33	279,874			276,565
Series 2004-12H 1A 6.00% 5/25/34	71,721			71,912
•Series 2005-6 B2 5.344% 5/25/35	121,749			115,644
tWashington Mutual Pass Through Certificates
Series 2004-CB3 1A 6.00% 10/25/34	9,804			9,830
Series 2004-CB3 4A 6.00% 10/25/19	78,439			79,385
•Series 2006-AR7 1A 5.994% 7/25/46	314,200			313,857
•Series 2006-AR8 1A5 5.909% 8/25/46	121,079			122,415
•Series 2006-AR8 2A3 6.15% 8/25/36	86,392			87,634
•Series 2006-AR10 1A1 5.956% 9/25/36	1,371,819			1,388,577
•Series 2006-AR14 1A4 5.656% 11/25/36	759,869			764,250
•Series 2007-HY3 4A1 5.357% 3/25/37		909,276			905,948
tWashington Mutual Alternative Mortgage Pass Through Certificates
Series 2005-9 3CB 5.50% 10/25/20	308,931			309,317
Series 2006-2 2CB 6.50% 3/25/36	398,288			404,698
Series 2006-5 2CB3 6.00% 7/25/36	605,351			612,906
•Series 2006-AR5 3A 5.954% 7/25/46	429,818			430,154
Wells Fargo Mortgage Backed Securities Trust
Series 2004-O A1 4.892% 8/25/34	1,794,499			1,766,572
Series 2004-T A1 4.421% 9/25/34	213,023			214,688
Series 2005-12 1A7 5.50% 11/25/35	834,731			814,384
Series 2005-14 2A1 5.50% 12/25/35	993,431			974,493
Series 2005-17 1A1 5.50% 1/25/36	665,902			652,376
Series 2005-17 1A2 5.50% 1/25/36	577,425			563,351
Series 2005-18 1A1 5.50% 1/25/36	1,396,066			1,367,709
Series 2006-1 A3 5.00% 3/25/21	622,302			609,662
Series 2006-2 3A1 5.75% 3/25/36	676,520			674,002
Series 2006-4 1A8 5.75% 4/25/36	163,473			165,503
Series 2006-4 2A3 5.75% 4/25/36	310,125			307,328
•Series 2006-AR4 1A1 5.864% 4/25/36	847,968			855,060
•Series 2006-AR4 2A1 5.779% 4/25/36	1,259,328			1,267,071
•Series 2006-AR5 2A1 5.533% 4/25/36	318,605			319,786
•Series 2006-AR6 7A1 5.111% 3/25/36	1,451,338			1,435,057
•Series 2006-AR10 5A1 5.60% 7/25/36	566,746			567,341
•Series 2006-AR11 A7 5.526% 8/25/36	657,749			657,379
•Series 2006-AR12 1A2 6.03% 9/25/36	341,487			345,595
•Series 2006-AR14 2A4 6.105% 10/25/36	566,827			574,385
•Series 2006-AR18 2A2 5.732% 11/25/36	497,043			498,735
Total Non-Agency Collateralized Mortgage Obligations (cost $42,305,962)				42,526,274

64

	Principal  Amount°				Value  (U.S.$ )
Regional Agencies – 0.25%
Australia – 0.25%
Queensland Treasury 6.00% 10/14/15	AUD			818,000	$	673,945
Total Regional Agencies (cost $623,294)					673,945
Regional Authorities – 0.37%
Canada – 0.37%
Quebec Province 5.00% 12/1/15	CAD		1,067,000		999,539
Total Regional Authorities (cost $950,655)					999,539
«Senior Secured Loans – 3.74%
@Avis Car Rental 6.61% 4/19/12	USD	192,000			192,240
@AWAS 2nd Lien 11.375% 3/21/13	262,637				266,577
Coffeyville Resource
Credit-Linked Deposits 8.36% 12/28/10	32,432				32,676
Tranche D 10.25% 12/28/13	167,149				168,402
Community Health Bridge 9.36% 4/10/08	600,000				598,500
Delphi Tranche C 8.125% 12/31/07	200,000				201,000
Ford Motor 8.36% 11/29/13	1,695,750				1,706,347
General Motors 7.725% 11/17/13	997,500				1,006,228
Georgia Pacific Term Loan Tranche B
7.114% 12/22/12	498,750				501,244
@7.353% 12/20/12	493,750				497,145
HCA 7.60% 11/17/13	997,500				1,008,722
@HealthSouth 8.61% 3/10/13	794,000				800,948
Hexion Specialty Chemicals
Tranche C-1 7.875% 5/5/13	163,895				165,329
Tranche C-2 7.875% 5/5/13	35,603				35,903
Idearc 7.31% 11/17/14	299,250				301,868
Lyondell Chemical 7.121% 8/16/13	398,000				399,990
Talecris Biotherapeutics 2nd Lien Loan 13.50% 12/6/14	300,000				309,000
Telesat Canada 9.00% 2/14/08	335,000				335,000
United Airlines 7.375% 2/1/14	500,000				500,000
Univision Communications 7.605% 9/28/14	390,000				390,000
@Visteon 8.36% 6/13/13	400,000				403,500
Windstream Term Loan B 7.11% 7/17/13	370,000				372,313
Total Senior Secured Loans (cost $10,134,596)					10,192,932

Sovereign Debt – 2.78%
Brazil – 0.59%
Republic of Brazil
10.25% 1/10/28	BRL							970,000		517,915
12.50% 1/5/22	BRL							1,740,000	1,075,689
									1,593,604
Colombia – 0.48%
Republic of Colombia 12.00% 10/22/15	COP						2,396,000,000		1,316,349
									1,316,349
Indonesia – 0.17%
#Republic of Indonesia 144A 6.625% 2/17/37	USD				480,000				476,400
									476,400
Mexico – 0.35%
Mexican Bonos
8.00% 12/17/15	MXN				5,410,000				502,382
10.00% 12/5/24	MXN				4,095,000				454,543
									956,925
Norway – 0.61%
Norwegian Government 6.50% 5/15/13	NOK			9,146,000					1,667,710
									1,667,710
United Kingdom – 0.49%
U.K. Treasury 8.00% 9/27/13	GBP		575,900						1,325,839
									1,325,839
Venezuela – 0.09%
Venezuela Government 9.375% 1/13/34	USD		185,000						232,360
									232,360
Total Sovereign Debt (cost $7,074,599)									7,569,187
Supranational Banks – 0.08%
Inter-American Development Bank 1.90% 7/8/09	JPY	25,000,000							213,754
Total Supranational Banks (cost $244,346)									213,754
U.S. Treasury Obligations – 8.92%
U.S. Treasury Bonds 4.50% 2/15/36	USD					1,720,000			1,631,582
U.S. Treasury Inflation Index Bonds
2.00% 1/15/26	1,430,042								1,358,094
2.375% 1/15/27	499,415								503,259

(continues)

65

Statements of net assets

Delaware Pooled Trust – The Core Plus Fixed Income Portfolio

	Principal  Amount°		Value  (U.S.$ )
U.S. Treasury Obligations (continued)
U.S. Treasury Inflation Index Notes
2.00% 1/15/14	USD	1,497,550	$	1,485,324
2.375% 4/15/11	814,931		826,391
2.375% 1/15/17	2,734,173		2,777,644
^2.50% 7/15/16	186,384		191,437
3.00% 7/15/12	1,307,010		1,371,799
U.S. Treasury Notes
4.50% 3/31/09	8,120,000		8,104,141
4.50% 3/31/12	4,922,000		4,919,505
4.625% 2/15/17	885,000		884,862
^U.S. Treasury Strip 4.403% 11/15/13	340,000		253,185
Total U.S. Treasury Obligations (cost $24,208,165)			24,307,223
	Number
	of Shares
Preferred Stock – 0.02%
Nexen 7.35%	2,375		60,444
Total Preferred Stock (cost $62,688)			60,444
Warrant – 0.00%
†#Solutia144A, exercise price $7.59, expiration date 7/15/09	20		—
Total Warrant (cost $1,711)			—
Total Value of Securities – 121.36% (cost $328,685,700)			330,608,887
Liabilities Net of Receivables and Other Assets – (21.36%)			(58,197,906		)
Net Assets Applicable to 28,948,295 Shares Outstanding; Equivalent to $9.41 per Share – 100.00%			$	272,410,981
Components of Net Assets at April 30, 2007:
Shares of beneficial interest (unlimited authorization – no par)			$	267,150,311
Undistributed net investment income			4,272,292
Accumulated net realized loss on investments			(844,415		)
Net unrealized appreciation of investments and foreign currencies			1,832,793
Total net assets			$	272,410,981

°  Principal amount shown is stated in the currency in which each security is denominated.

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

COP – Colombian Peso

EUR – European Monetary Unit

GBP – British Pound Sterling

JPY – Japanese Yen

MXN – Mexican Peso

NOK – Norwegian Kroner

NZD – New Zealand Dollar

SEK – Swedish Krona

USD – United States Dollar

†  Non-income producing security for the period ended April 30, 2007.

‡  Non-income producing security. Security is currently in default.

#  Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At April 30, 2007, the aggregate amount of Rule 144A securities equaled $36,847,904, which represented 13.53% of the Portfolio’s net assets. See Note 12 in “Notes to financial statements.”

•  Variable rate security. The rate shown is the rate as of April 30, 2007.

^  Zero coupon security. The rate shown is the yield at the time of purchase.

^Fully or partially pledged as collateral for financial futures contracts.

uPass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes.

@Illiquid security. At April 30, 2007, the aggregate amount of illiquid securities equaled $2,160,410, which represented 0.79% of the Portfolio’s net assets. See Note 12 in “Notes to financial statements.”

«Senior Secured Loans generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the prime rate offered by one or more United States banks, (ii) the lending rate offered by one or more European banks such as the London Inter-Bank Offered Rate (‘LIBOR’) and (iii) the certificate of deposit rate. Senior Secured Loans may be subject to restrictions on resale.

§Pre-Refunded bonds. Municipals that are generally backed or secured by U.S. Treasury bonds. For Pre-Refunded Bonds, the stated maturity is followed by the year in which the bond is pre-refunded.

Summary of Abbreviations:

AMBAC – Insured by the AMBAC Assurance Corporation

ARM – Adjustable Rate Mortgage

FGIC – Insured by the Financial Guaranty Insurance Company

FSA – Insured by Financial Security Assurance

GNMA – Government National Mortgage Association

GSMPS – Goldman Sachs Reperforming Mortgage Securities

MBIA – Insured by the Municipal Bond Insurance Association

S.F. – Single Family

TBA – To be announced

yr – Year

66

The following foreign currency exchange contracts and futures contracts were outstanding at April 30, 2007:

Foreign Currency Exchange Contracts(1)

Contracts to  Receive (Deliver)			In Exchange For			Settlement Date	Unrealized Appreciation (Depreciation)
AUD	(859,473	)	USD	664,294		6/8/07	$	(48,698	)
CAD	(1,029,300	)	USD	883,180		6/8/07	(45,232		)
EUR	(177,000	)	USD	242,396		6/8/07	475
EUR	1,050,458		USD	(1,425,406	)	6/8/07	10,342
GBP	(662,500	)	USD	1,308,469		6/8/07	(15,938		)
JPY	(64,910,000	)	USD	558,880		6/8/07	12,737
JPY	213,820		USD	(1,854	)	6/8/07	(55		)
JPY	18,983,142		USD	(160,465	)	6/8/07	(744		)
JPY	327,010,958		USD	(2,771,661	)	6/8/07	(20,239		)
MXN	(2,991,000	)	USD	273,624		5/2/07	531
MXN	1,608,700		USD	(147,364	)	5/3/07	(491		)
NOK	(7,492,119	)	USD	1,224,889		6/8/07	(35,643		)
NOK	547,746		USD	(89,887	)	6/8/07	2,270
NZD	(443,940	)	USD	328,294		5/1/07	(532		)
SEK	3,828,290		USD	(565,408	)	6/8/07	7,344
							$	(133,873	)

Futures Contracts(2)

Contracts to Buy	Notional  Cost		Notional  Value		Expiration  Date	Unrealized  Appreciation  (Depreciation)
112 U.S. Treasury 5 year Notes	$	11,815,250	$	11,852,750	6/30/07	$	37,500
3 U.S. Treasury 10 year Notes	323,491		324,984		6/30/07	1,493
11 U.S. Treasury long Bonds	1,233,642		1,229,250		6/30/07	(4,392		)
						$	34,601

The use of foreign currency exchange contracts and futures contracts involves elements of market risks in excess of the amount recognized in the financial statements. The notional amounts presented above represent the Portfolio’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Portfolio’s net assets.

(1) See Note 8 in “Notes to financials statements.”

(2) See Note 9 in “Notes to financials statements.”

See accompanying notes

(continues)

67

Statements of net assets

Delaware Pooled Trust – The International Equity Portfolio

April 30, 2007 (Unaudited)

	Number of Shares	Value (U.S.$)
Common Stock ­– 98.22%D
Australia – 9.96%
*Amcor	3,954,515	$	24,355,622
Foster’s Group	9,341,002	49,308,136
National Australia Bank	1,896,981	67,377,075
Telstra	18,333,044	70,815,374
*Wesfarmers	681,680	22,072,972
		233,929,179
Belgium – 2.13%
*Fortis	1,112,628	50,008,030
		50,008,030
Finland – 1.47%
*UPM-Kymmene	1,403,956	34,599,744
		34,599,744
France – 14.84%
*Carrefour	568,088	43,662,273
Compagnie de Saint-Gobain	482,522	51,521,733
France Telecom	1,470,145	42,988,754
Renault	535,507	69,514,330
*Societe Generale	330,367	70,010,174
†Suez Strip	172,462	2,353
*Total	960,053	70,770,823
		348,470,440
Germany – 6.58%
*Bayer	866,237	59,528,895
*Deutsche Telekom	1,697,991	31,080,262
*RWE	605,134	63,953,244
		154,562,401
Hong Kong – 2.26%
Hong Kong Electric Holdings	5,823,400	29,134,773
Wharf Holdings	6,497,013	23,914,562
		53,049,335
Italy – 5.75%
*Banca Intesa	10,125,624	84,840,118
*UniCredito Italiano	4,888,361	50,222,813
		135,062,931
Japan – 13.86%
Astellas Pharma	539,900	23,616,729
Canon	1,143,800	64,169,441
Kao	1,418,300	38,930,145
KDDI	4,472	35,142,412
Millea Holdings	1,150,352	42,623,584
Takeda Pharmaceutical	834,200	54,076,784
Toyota Motor	785,200	47,690,251
West Japan Railway	4,231	19,146,001
Yokohama Reito	1,000	7,670
		325,403,017
Netherlands – 4.70%
*ING Groep CVA	1,399,713	63,753,033
*Reed Elsevier	2,482,886	46,668,648
		110,421,681
New Zealand – 1.02%
*Telecom Corporation of New Zealand	6,743,323	24,037,940
		24,037,940
Singapore – 1.65%
Jardine Matheson Holdings	692,815	16,144,276
Oversea-Chinese Banking	3,856,200	22,658,492
		38,802,768
South Africa – 1.00%
Sasol	687,306	23,524,506
		23,524,506
Spain – 7.61%
Banco Santander Central Hispano	2,569,601	46,250,439
*Iberdrola	1,031,825	51,102,800
*Telefonica	3,619,377	81,293,515
		178,646,754
Switzerland – 1.01%
Novartis	409,952	23,812,514
		23,812,514
Taiwan – 1.67%
Chunghwa Telecom ADR	1,468,080	29,214,792
Taiwan Semiconductors Manufacturing ADR	946,600	9,977,164
		39,191,956
United Kingdom – 22.71%
Alliance Boots	644,992	14,390,120
Aviva	1,327,246	20,821,582
BG Group	2,541,991	36,652,905
BP	4,504,757	50,578,525
Compass Group	3,174,744	22,958,576
GKN	3,247,898	24,812,917
GlaxoSmithKline	2,460,060	70,951,528
HBOS	3,497,129	75,042,165
Lloyds TSB Group	4,165,786	48,141,969
Royal Bank of Scotland Group	1,415,146	54,208,734
*Royal Dutch Shell Class A	1,372,575	47,665,667
Unilever	2,148,369	67,211,229
		533,435,917
Total Common Stock (cost $1,546,830,392)		2,306,959,113

	Principal Amount
Repurchase Agreements – 2.55%
With BNP Paribas 5.10% 5/1/07 (dated 4/30/07, to be repurchased at $31,559,470, collateralized by $10,136,000 U.S. Treasury Notes 2.75% due 8/15/07, market value $10,127,445, $298,000 U.S. Treasury Notes 3.125% due 5/15/07, market value $302,169, $7,660,000 U.S. Treasury Notes 4.375% due 5/15/07, market value $7,810,864 and $13,667,000 U.S. Treasury Notes 4.75% due 11/15/08, market value $13,971,003)	$	31,555,000	31,555,000
With Cantor Fitzgerald 5.09% 5/1/07 (dated 4/30/07, to be repurchased at $11,217,586, collateralized by $11,571,000 U.S. Treasury Notes 3.625% due 7/15/09, market value $11,453,176)	11,216,000		11,216,000
With UBS Warburg 5.10% 5/1/07 (dated 4/30/07, to be repurchased at $16,997,408, collateralized by $17,679,000 U.S. Treasury Bills due 9/20/07, market value $17,342,960)	16,995,000		16,995,000
Total Repurchase Agreements (cost $59,766,000)			59,766,000
Total Value of Securities Before Securities Lending Collateral – 100.77% (cost $1,606,596,392)			$	2,366,725,113

68

	Principal Amount		Value (U.S.$)
Securities Lending Collateral** – 21.72%
Short-Term Investments – 21.72%
Fixed Rate Notes – 5.77%
Bank of Montreal 5.29% 6/4/07	$	12,422,600	$	12,422,600
Citigroup Global Markets 5.32% 5/1/07	34,279,864		34,931,349
Credit Agricole 5.31% 10/4/07	12,422,600		12,422,600
Fortis Bank 5.31% 6/18/07	18,633,900		18,633,900
HBOS Treasury Services 5.30% 6/29/07	19,876,160		19,876,160
ING Bank
5.31% 7/3/07	7,453,560		7,453,560
5.33% 7/9/07	12,422,600		12,422,600
Royal Bank of Canada 5.29% 5/29/07	11,180,340		11,180,340
Societe Generale 5.30% 6/1/07	6,211,300		6,211,300
			135,554,409
·Variable Rate Notes – 15.95%
ANZ National 5.32% 5/30/08	2,484,520		2,484,520
Australia New Zealand 5.32% 5/30/08	12,422,600		12,422,600
Bank of New York 5.32% 5/30/08	9,938,080		9,938,080
Barclays 5.31% 5/18/07	17,391,640		17,391,640
Bayerische Landesbank 5.37% 5/30/08	12,422,600		12,422,600
Bear Stearns 5.38% 10/31/07	17,391,640		17,391,640
BNP Paribas 5.33% 5/30/08	12,422,600		12,422,600
Calyon 5.33% 8/14/07	6,211,300		6,211,300
Canadian Imperial Bank
5.32% 5/30/08	8,695,820		8,695,820
5.33% 8/15/07	9,938,080		9,938,080
CDC Financial Products 5.36% 5/31/07	16,149,380		16,149,380
Citigroup Global Markets 5.38% 5/7/07	16,149,380		16,149,380
Commonwealth Bank 5.32% 5/30/08	12,422,600		12,422,600
Credit Suisse First Boston 5.32% 3/14/08	12,422,600		12,422,600
Deutsche Bank
5.34% 8/20/07	17,391,640		17,391,640
5.34% 9/21/07	1,863,390		1,863,390
Dexia Bank 5.32% 9/28/07	17,391,322		17,389,921
Goldman Sachs Group 5.45% 4/30/08	14,658,668		14,658,668
Marshall & Ilsley Bank 5.32% 5/30/08	13,664,860		13,664,860
Merrill Lynch Mortgage Capital 5.41% 5/8/07	16,149,380		16,149,380
Morgan Stanley 5.49% 5/30/08	16,149,380		16,149,380
National Australia Bank 5.31% 5/30/08	15,404,024		15,404,024
National Rural Utilities 5.31% 5/30/08	19,627,709		19,627,709
Nordea Bank, New York 5.31% 5/16/07	6,211,237		6,211,225
Nordea Bank, Norge 5.33% 5/30/08	12,422,600		12,422,600
Royal Bank of Scotland Group 5.33% 5/30/08	12,422,600		12,422,600
Societe Generale 5.31% 5/30/08	6,211,300		6,211,300
Sun Trust Bank 5.33% 7/30/07	16,149,380		16,149,380
Toronto Dominion 5.32% 5/29/07	9,938,080		9,938,080
Wells Fargo 5.33% 5/30/08	12,422,600		12,422,600
			374,539,597
Total Securities Lending Collateral (cost $510,094,006)			510,094,006
Total Value of Securities – 122.49% (cost $2,116,690,398)			2,876,819,119		©
Obligation to Return Securities Lending Collateral** – (21.72%)			(510,094,006		)
Liabilities Net of Receivables and Other Assets – (0.77%)			(17,975,013		)
Net Assets Applicable to 93,299,464 Shares Outstanding; Equivalent to $25.17 per Share – 100.00%			$	2,348,750,100
Components of Net Assets at April 30, 2007:
Shares of beneficial interest (unlimited authorization – no par)			$	1,461,216,547
Undistributed net investment income			9,442,153
Accumulated net realized gain on investments			117,917,411
Net unrealized appreciation of investments and foreign currencies			760,173,989
Total net assets			$	2,348,750,100

†Non-income producing security for the period ended April 30, 2007.

DSecurities have been classified by country of origin. Classification by type of business has been presented on page 18 in “Country and sector allocations.”

*Fully or partially on loan.

**See Note 11 in “Notes to Financial Statements.”

©Includes $486,187,772 of securities loaned.

·Variable rate security. The rate shown is the rate as of April 30, 2007.

Summary of Abbreviations:

ADR – American Depositary Receipts

CHF – Swiss Francs

CVA – Dutch Certificate

GBP – British Pound Sterling

JPY – Japanese Yen

USD – United States Dollar

(continues)

69

Statements of net assets

Delaware Pooled Trust – The International Equity Portfolio

The following foreign currency exchange contracts were outstanding at April 30, 2007:

Foreign Currency Exchange Contracts(1)

Contracts to Receive (Deliver)			In Exchange For			Settlement Date	Unrealized Depreciation
CHF	14,334,593		USD	(11,916,695	)	5/2/07	$	(49,819	)
GBP	(70,201,000	)	USD	140,123,302		7/31/07		(144,928	)
JPY	275,426,238		USD	(2,317,817	)	5/1/07		(12,803	)
JPY	138,791,602		USD	(1,163,149	)	5/2/07		(1,616	)
							$	(209,166	)

The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amount recognized in the financial statements. The notional amounts presented above represent the Portfolio’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Portfolio’s net assets.

(1)   See Note 8 in “Notes to financial statements.”

See accompanying notes

70

Statements of net assets

Delaware Pooled Trust – The Labor Select International Equity Portfolio

April 30, 2007 (Unaudited)

	Number of	Value
	Shares	(U.S.$)
Common Stock – 99.74% D
Australia – 11.54%
*Amcor	1,657,937	$	10,211,135
*Foster’s Group	4,550,162	24,018,837
National Australia Bank	963,959	34,237,949
Telstra	9,459,897	36,540,912
*Wesfarmers	412,480	13,356,207
		118,365,040
Belgium – 2.12%
Fortis	483,126	21,714,517
		21,714,517
Finland – 1.57%
*UPM-Kymmene	654,034	16,118,318
		16,118,318
France – 13.32%
*Carrefour	253,324	19,470,050
France Telecom	832,193	24,334,294
*Renault	270,844	35,158,344
*Societe Generale	187,684	39,773,310
†Suez Strip	106,724	1,456
*Total	242,957	17,909,706
		136,647,160
Germany – 5.53%
*Bayer	383,134	26,329,450
*RWE	287,203	30,352,886
		56,682,336
Hong Kong – 3.39%
Hong Kong Electric Holdings	3,846,000	19,241,739
Wharf Holdings	4,208,000	15,489,037
		34,730,776
Italy – 6.69%
Intesa Sanpaolo	4,420,423	37,037,640
UniCredito Italiano	3,075,341	31,595,922
		68,633,562
Japan – 14.08%
Astellas Pharma	351,400	15,371,214
Canon	604,700	33,924,866
Kao	626,000	17,182,733
KDDI	2,289	17,987,697
Millea Holdings	470,700	17,440,680
Takeda Pharmaceutical	417,100	27,038,393
West Japan Railway	3,417	15,462,511
		144,408,094
Netherlands – 5.54%
*ING Groep	699,034	31,839,054
*Reed Elsevier	1,328,229	24,965,565
		56,804,619
New Zealand – 1.31%
*Telecom Corporation of New Zealand	3,778,396	13,468,857
		13,468,857
Spain – 7.72%
Banco Santander Central Hispanoamericano	1,137,960	20,482,226
*Iberdrola	494,989	24,515,130
Telefonica	1,519,861	34,137,047
		79,134,403
Switzerland – 1.02%
Novartis	179,758		10,441,441
		10,441,441
United Kingdom – 25.91%
Alliance Boots	658,122	14,683,058
Aviva	547,697	8,592,166
BG Group	1,221,859	17,617,954
BP	2,633,800	29,571,788
Compass Group	1,753,662	12,681,836
GKN	1,653,606	12,633,028
GlaxoSmithKline	1,261,630	36,387,153
HBOS	1,422,950	30,533,975
Lloyds TSB Group	1,869,978	21,610,429
Royal Bank of Scotland Group	633,932	24,283,467
*Royal Dutch Shell Class A	665,632	23,115,526
Unilever	1,085,662	33,964,685
		265,675,065
Total Common Stock (cost $738,092,818)		1,022,824,188

	Principal
	Amount (U.S.$)
Repurchase Agreements – 2.08%
With BNP Paribas 5.10% 5/1/07 (dated 4/30/07, to be repurchased at $11,250,594, collateralized by $3,613,000 U.S. Treasury Notes 2.75% due 8/15/07, market value $3,610,336, $106,000 U.S. Treasury Notes 3.125% due 5/15/07, market value $107,720, $2,731,000 U.S. Treasury Notes 4.375% due 5/15/07, market value $2,784,497 and $4,872,000 U.S. Treasury Notes 4.75% due 11/15/08, market value $4,980,527)	$	11,249,000	11,249,000
With Cantor Fitzgerald 5.09% 5/1/07 (dated 4/30/07, to be repurchased at $3,999,565, collateralized by $4,125,000 U.S. Treasury Notes 3.625% due 7/15/09, market value $4,082,946)	3,999,000		3,999,000
With UBS Warburg 5.10% 5/1/07 (dated 4/30/07, to be repurchased at $6,058,858, collateralized by $6,302,000 U.S. Treasury Bills due 9/20/07, market value $6,182,597)	6,058,000		6,058,000
Total Repurchase Agreements (cost $21,306,000)			21,306,000
Total Value of Securities Before Securities Lending Collateral – 101.82% (cost $759,398,818)			1,044,130,188

(continues)

71

Statements of net assets

Delaware Pooled Trust – The Labor Select International Equity Portfolio

	Principal		Value
	Amount (U.S.$)		(U.S.$)
Securities Lending Collateral** – 21.41%
Short-Term Investments – 21.41%
Fixed Rate Notes – 5.66%
Bank of Montreal 5.29% 6/4/07	$	5,355,159	$	5,355,159
Citigroup Global Markets 5.32% 5/1/07	14,675,480		14,675,480
Credit Agricole 5.31% 10/4/07	5,355,159		5,355,159
Fortis Bank 5.31% 6/18/07	8,032,738		8,032,738
HBOS Treasury Services 5.30% 6/29/07	8,568,254		8,568,254
ING Bank 5.31% 7/3/07	3,213,095		3,213,095
ING Bank 5.33% 7/9/07	5,355,159		5,355,159
Royal Bank of Canada 5.29% 5/29/07	4,819,643		4,819,643
Societe Generale 5.30% 6/1/07	2,677,579		2,677,579
			58,052,266
·Variable Rate Notes – 15.75%
ANZ National 5.32% 5/30/08	1,071,032		1,071,032
Australia New Zealand 5.32% 5/30/08	5,355,159		5,355,159
Bank of New York 5.32% 5/30/08	4,284,127		4,284,127
Barclays 5.31% 5/18/07	7,497,222		7,497,222
Bayerische Landesbank 5.37% 5/30/08	5,355,159		5,355,159
Bear Stearns 5.38% 10/31/07	7,497,222		7,497,222
BNP Paribas 5.33% 5/30/08	5,355,159		5,355,159
Calyon 5.33% 8/14/07	2,677,579		2,677,579
Canadian Imperial Bank
5.32% 5/30/08	3,748,611		3,748,611
5.33% 8/15/07	4,284,127		4,284,127
CDC Financial Products 5.36% 5/31/07	6,961,707		6,961,707
Citigroup Global Markets 5.38% 5/7/07	6,961,707		6,961,707
Commonwealth Bank 5.32% 5/30/08	5,355,159		5,355,159
Credit Suisse First Boston 5.32% 3/14/08	5,355,159		5,355,159
Deutsche Bank
5.34% 8/20/07	7,497,222		7,497,222
5.34% 9/21/07	803,274		803,274
Dexia Bank 5.32% 9/28/07	7,497,085		7,496,481
Goldman Sachs Group 5.45% 4/30/08	6,319,088		6,319,088
Marshall & Ilsley Bank 5.32% 5/30/08	5,890,675		5,890,675
Merrill Lynch Mortgage Capital 5.41% 5/8/07	6,961,707		6,961,707
Morgan Stanley 5.49% 5/30/08	6,961,707		6,961,707
National Australia Bank 5.31% 5/30/08	6,640,397		6,640,397
National Rural Utilities 5.31% 5/30/08	8,461,151		8,461,151
Nordea Bank, New York 5.31% 5/16/07	2,677,552		2,677,547
Nordea Bank, Norge 5.33% 5/30/08	5,355,159		5,355,159
Royal Bank of Scotland Group 5.33% 5/30/08	5,355,159		5,355,159
Societe Generale 5.31% 5/30/08	2,677,579		2,677,579
Sun Trust Bank 5.33% 7/30/07	6,961,707		6,961,707
Toronto Dominion 5.32% 5/29/07	4,284,127		4,284,127
Wells Fargo 5.33% 5/30/08	5,355,159		5,355,159
			161,457,268
Total Securities Lending Collateral (cost $219,509,534)			219,509,534
Total Value of Securities – 123.23% (cost $978,908,352)			$	1,263,639,722	©
Obligation to Return Securities Lending Collateral**– (21.41%)			(219,509,534		)
Liabilities Net of Receivables and Other Assets – (1.82%)			(18,703,140		)
Net Assets Applicable to 44,999,199 Shares Outstanding; Equivalent to $22.79 per Share – 100.00%			$	1,025,427,048
Components of Net Assets at April 30, 2007:
Shares of beneficial interest (unlimited authorization – no par)			$	660,965,185
Undistributed net investment income			4,276,455
Accumulated net realized gain on investments			75,454,389
Net unrealized appreciation of investments and foreign currencies			284,731,019
Total net assets			$	1,025,427,048

DSecurities have been classified by country of origin. Classification by type of business has been presented on page 19 in “Country and sector allocations.”

†      Non-income producing security for the period ended April 30, 2007.

*      Fully or partially on loan.

**    See Note 11 in “Notes to financial statements.”

© Includes $209,575,784 of securities loaned.

·      Variable rate security. The rate shown is the rate as of April 30, 2007.

Summary of Abbreviations:

CHF – Swiss Francs

GBP – British Pound Sterling

JPY – Japanese Yen

USD – United States Dollar

The following foreign currency exchange contracts were outstanding at April 30, 2007:

Foreign Currency Exchange Contracts(1)

							Unrealized
Contracts to			In			Settlement	Appreciation
Receive (Deliver)			Exchange For			Date	(Depreciation)
CHF	(6,181,174	)	USD	5,138,560		5/2/07	$	21,482
GBP	(43,603,000	)	USD	87,032,896		7/31/07	(90,017		)
GBP	1,113,338		USD	(2,230,017	)	5/1/07	(3,841		)
JPY	76,004,925		USD	(636,963	)	5/2/07	(885		)
JPY	141,228,198		USD	(1,188,489	)	5/1/07	(6,564		)
							$	(79,825	)

The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amount recognized in the financial statements. The notional amounts presented above represent the Portfolio’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Portfolio’s net assets.

(1)   See Note 8 in “Notes to Financial Statements.”

See accompanying notes

72

Statements of net assets

Delaware Pooled Trust – The Emerging Markets Portfolio

April 30, 2007 (Unaudited)

	Number of Shares	Value (U.S.$)
Common Stock – 90.33%D
Brazil – 8.92%
AES Tiete	115,038,657	$	4,239,962
Companhia de Concessoes Rodoviarias	797,600	12,405,543
Companhia Siderurgica Nacional	172,400	7,455,501
Companhia Siderurgica Nacional ADR	22,700	976,327
Companhia Vale do Rio Doce ADR	144,000	4,923,360
CPFL Energia	256,347	4,031,207
†CPFL Energia ADR	108,700	5,142,597
Petroleo Brasileiro ADR	190,200	16,969,645
Santos-Brasil	323,399	3,973,156
Votorantim Celulose e Papel ADR	665,250	13,291,695
		73,408,993
Chile – 1.34%
Banco Santander ADR	147,900	7,306,260
†#Inversiones Aguas Metropolitanas 144A ADR	150,000	3,712,515
		11,018,775
China – 5.46%o
China Merchants Holdings International	1,266,000	5,595,049
China Mobile	1,338,000	12,051,114
China Shipping Development	3,160,000	5,942,829
Fountain Set Holdings	5,698,000	1,978,964
Texwinca Holdings	8,370,000	5,951,750
TPV Technology	8,072,000	5,417,266
Zhejiang Expressway	9,760,000	7,989,760
		44,926,732
Czech Republic – 1.48%
Komercni Banka	65,149	12,143,555
		12,143,555
Egypt – 0.92%
MobiNil-Egyptian Mobile Services	271,507	7,593,600
		7,593,600
Hungary – 0.99%
OTP Bank	160,028	8,126,137
		8,126,137
India – 1.32%
Hero Honda Motors	382,122	6,364,199
Tata Steel	338,597	4,533,875
		10,898,074
Israel – 5.66%
Bank Hapoalim	3,400,322	17,740,129
Bezeq Israeli Telecommunication	7,630,081	12,164,431
Israel Chemicals	536,145	4,096,047
Teva Pharmaceutical Industries ADR	329,200	12,611,652
		46,612,259
Malaysia – 7.30%
Hong Leong Bank	5,452,900	10,146,175
Maxis Communications	4,492,700	17,067,534
MISC Foreign	4,286,000	12,091,727
Public Bank	2,396,700	6,568,006
Public Bank Foreign	1,317,300	3,839,980
Tanjong	2,117,200	10,353,498
		60,066,920
Mexico – 5.32%
†Banco Compartamos	489,265		2,474,402
Cemex SAB ADR	225,666	7,334,145
†Grupo Aeroportuario del Pacifico ADR	151,900	6,868,918
Grupo Modelo Series C	2,019,900	10,410,904
Grupo Televisa ADR	245,100	6,875,055
Kimberly-Clark de Mexico Class A	2,189,300	9,794,810
		43,758,234
Panama – 0.67%
Banco Latinoamericano Export Class E	281,200	5,508,708
		5,508,708
Phillippines – 0.85%
Philippine Long Distance Telephone ADR	130,200	6,953,982
		6,953,982
Poland – 1.63%
Bank Pekao	80,209	7,527,294
Telekomunikacja Polska	738,229	5,912,467
		13,439,761
Republic of Korea – 10.04%
Daelim Industrial	131,381	15,345,872
Hana Financial Group	333,640	17,421,196
Kookmin Bank	181,542	16,247,871
Korea Electric Power	248,210	10,122,924
Korea Gas	162,350	6,710,762
KT	96,860	4,348,049
KT ADR	379,689	8,603,753
Samsung Electronics	6,213	3,800,009
		82,600,436
Russia – 2.61%
†Evraz Group GDR	204,850	7,222,396
LUKOIL ADR	68,364	5,469,120
Mobile Telesystems ADR	159,000	8,760,900
		21,452,416
South Africa – 10.87%
African Bank Investments	3,722,637	17,844,480
Alexander Forbes	2,058,264	4,802,994
Aspen Pharmacare Holdings	1,094,329	5,972,656
Mittal Steel South Africa	325,290	5,850,381
Remgro	308,812	8,222,663
Sasol	523,107	17,904,448
Standard Bank Group	883,836	13,760,656
Telkom	365,945	8,934,438
Tiger Brands	222,225	6,203,565
		89,496,281
Taiwan – 16.98%
Asustek Computer	4,321,360	9,854,308
Chinatrust Financial Holding	6,581,000	5,156,104
Chunghwa Telecom	6,766,980	12,855,858
Chunghwa Telecom ADR	517,243	10,293,136
Far EasTone Telecommunications	2,833,000	3,192,926
Lite-On Technology	14,262,968	17,595,407
MediaTek	1,405,000	17,474,820
Mega Financial Holding	36,524,000	23,277,458
President Chain Store	5,000,376	12,823,834
Synnex Technology International	4,053,390	5,102,100
Taiwan Semiconductor Manufacturing	10,867,794	22,124,052
		139,750,003

(continues)

73

Statements of net assets

Delaware Pooled Trust – The Emerging Markets Portfolio

	Number of	Value
	Shares	(U.S.$)
Common Stock (continued)
Thailand – 5.12%
Advanced Info Service Foreign	4,502,500	$	10,099,065
Kasikornbank - Foreign	2,298,754	4,641,559
Kasikornbank NVDR	562,846	1,082,158
Land & Houses NVDR	23,529,010	4,659,222
Siam Cement NVDR	2,437,300	16,182,623
Siam City Bank Foreign	8,263,500	4,134,720
Siam City Bank NVDR	104,000	51,685
Thai Union Frozen Products Foreign	2,083,342	1,323,993
		42,175,025
Turkey – 2.85%
Akbank	1,151,909	8,287,339
Tofas Turk Otomobil Fabrikasi	1,109,995	4,847,611
Turkcell Iletisim Hizmet	1,884,666	10,351,941
		23,486,891
Total Common Stock (cost $566,615,829)		743,416,782
Preferred Stock – 6.78%
Brazil – 2.90%
AES Tiete	72,100,000	2,473,134
Companhia Vale do Rio Doce Class A	229,018	7,872,529
=Itausa-Investimentos Itau	1,544,002	8,422,248
Itausa-Investimentos Itau-Preferred Rights	15,785	20,944
Ultrapar Participacoes	164,588	5,088,324
		23,877,179
Republic of Korea – 3.88%
Hyundai Motor	375,930	12,218,478
Samsung Electronics	41,832	19,679,162
		31,897,640
Total Preferred Stock (cost $36,826,850)		55,774,819

	Principal
	Amount
Repurchase Agreements – 1.82%
With BNP Paribas 5.10% 5/1/07 (dated 4/30/07, to be repurchased at $7,930,123, collateralized by $2,547,000 U.S. Treasury Notes 2.75% due 8/15/07, market value $2,544,655, $75,000 U.S. Treasury Notes 3.125% due 5/15/07, market value $75,924, $1,925,000 U.S. Treasury Notes 4.375% due 5/15/07, market value $1,962,583 and $3,434,000 U.S. Treasury Notes 4.75% due 11/15/08, market value $3,510,400)	$	7,929,000	7,929,000
With Cantor Fitzgerald 5.09% 5/1/07 (dated 4/30/07, to be repurchased at $2,818,398, collateralized by $2,907,000 U.S. Treasury Notes 3.625% due 7/15/09, market value $2,877,762)	2,818,000		2,818,000
With UBS Warburg 5.10% 5/1/07 (dated 4/30/07, to be repurchased at $4,270,605, collateralized by $4,442,000 U.S. Treasury Bills due 9/20/07, market value $4,357,649)		4,270,000		4,270,000
Total Repurchase Agreements (cost $15,017,000)			15,017,000
Total Value of Securities – 98.93% (cost $618,459,679)			814,208,601
Receivables and Other Assets Net of Liabilities – 1.07%			8,794,132
Net Assets Applicable to 55,559,420 Shares Outstanding; Equivalent to $14.81 per Share – 100.00%			$	823,002,733
Components of Net Assets at April 30, 2007:
Shares of beneficial interest (unlimited authorization – no par)			$	554,282,161
Undistributed net investment income			6,380,931
Accumulated net realized gain on investments			66,614,198
Net unrealized appreciation of investments and foreign currencies			195,725,443
Total net assets			$	823,002,733

†      Non-income producing security for the period ended April 30, 2007.

#      Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At April 30, 2007, the aggregate amount of Rule 144A securities equaled $3,712,515, which represented 0.45% of the Portfolio’s net assets. See Note 12 in “Notes to financial statements.”

=      Security is being fair valued in accordance with the Portfolio’s fair valuation policy. At April 30, 2007, the aggregate amount of fair valued securities equaled $8,422,248 which represented 1.02% of the Portfolio’s net assets. See Note 1 in “Notes to financial statements.”

D      Securities have been classified by country of origin. Classification by type of business has been presented on page 20 in “Country and sector allocations.”

o Securities listed and traded on the Hong Kong Stock Exchange.

Summary of Abbreviations:

ADR – American Depositary Receipts

GDR – Global Depositary Receipts

NVDR – Non-Voting Depositary Receipts

See accompanying notes

74

Statements of net assets

Delaware Pooled Trust – The Global Real Estate Securities Portfolio

April 30, 2007 (Unaudited)

	Number of	Value
	Shares	(U.S.$)
Common Stock – 96.46%D
Australia – 9.71%
DB RREEF Trust	2,705,661	$	4,027,027
GPT Group	928,000	3,800,362
Macquarie Goodman Group	648,592	3,803,671
Stockland	740,422	5,271,476
Westfield Group	546,562	9,462,233
		26,364,769
Austria – 1.25%
†IMMOEAST	239,949	3,393,355
		3,393,355
Brazil – 2.07%
†BR Malls Participacoes	317,000	2,321,146
†Iguatemi Empresa de Shopping Centers	208,800	3,297,868
		5,619,014
Canada – 2.15%
Boardwalk Real Estate Investment Trust	52,885	2,151,133
Canadian Real Estate Investment Trust	40,801	1,102,362
RioCan Real Estate Investment Trust	111,126	2,572,918
		5,826,413
France – 3.53%
Fonciere Des Regions	21,218	4,049,513
Unibail	19,998	5,543,015
		9,592,528
Germany – 0.88%
IVG Immobilien	53,090	2,387,775
		2,387,775
Greece – 0.46%
Babis Vovos International Construction	33,225	1,252,222
		1,252,222
Hong Kong – 11.08%
Cheung Kong Holdings	211,000	2,733,480
Hang Lung Group	1,129,000	4,325,399
Henderson Land Development	559,000	3,340,356
Hongkong Land Holdings	1,029,400	4,790,577
Link REIT	944,000	2,146,262
New World Development	1,785,000	4,190,963
Shenzhen Investment	1,379,000	815,312
Sun Hung Kai Properties	662,000	7,734,400
		30,076,749
Italy – 1.12%
Beni Stabili	1,800,759	3,051,188
		3,051,188
Japan – 18.02%
Aeon Mall	65,600	2,195,349
Japan Prime Realty Investment	723	3,289,782
Japan Real Estate Investment	246	3,297,396
Japan Retail Fund Investment	298	2,999,413
Kenedix Realty Investment	174	1,305,493
Mitsubishi Estate	405,800	12,580,695
Mitsui Fudosan	315,900	9,220,604
Nippon Residential Investment	317	2,036,399
NTT Urban Development	1,273	3,023,441
Sumitomo Realty & Development	160,300	5,916,592
Tokyu REIT	276	3,055,964
		48,921,128
Malaysia – 0.43%
KLCC Property Holdings	1,043,200		1,164,797
		1,164,797
Netherlands – 1.40%
Rodamco Europe	25,707	3,785,701
		3,785,701
Singapore – 3.78%
CapitaCommerical Trust	1,862,367	3,437,377
CapitaMall Trust	1,097,796	2,859,769
K-REIT Asia	820,363	1,607,907
Mapletree Logistics Trust	2,670,000	2,346,679
		10,251,732
Sweden – 0.61%
Castellum	109,600	1,664,403
		1,664,403
United Kingdom – 11.32%
Big Yellow Group	96,097	1,227,129
British Land	222,473	6,502,220
Great Portland Estates	220,579	3,153,432
Hammerson	188,572	5,706,303
Land Securities Group	170,383	6,635,992
Liberty International	106,587	2,559,835
Minerva	193,681	1,574,744
Slough Estates	219,843	3,368,429
		30,728,084
United States – 28.65%
Alexandria Real Estate Equities	10,800	1,143,180
AMB Property	27,400	1,668,934
Archstone-Smith Trust	25,000	1,302,750
AvalonBay Communities	6,300	770,238
Boston Properties	25,500	2,997,780
Brandywine Realty Trust	31,500	1,035,720
BRE Properties	17,200	1,032,688
Brookfield Properties	113,048	4,633,950
Equity One	25,400	709,422
Equity Residential	58,400	2,711,512
Federal Realty Investment Trust	20,000	1,803,400
Forest City Enterprises Class A	12,800	855,168
General Growth Properties	79,600	5,082,460
Health Care Property Investors	50,500	1,787,195
Health Care REIT	14,400	651,456
Highwoods Properties	26,700	1,088,826
Host Hotels & Resorts	156,100	4,002,404
Kimco Realty	69,200	3,326,444
Kite Realty Group Trust	50,200	1,004,000
Liberty Property Trust	37,600	1,819,464
Macerich	24,000	2,282,880
Mack-Cali Realty	45,300	2,218,341
Marriott International Class A	42,000	1,898,820
ProLogis	79,600	5,158,080
Public Storage	17,600	1,642,432
Regency Centers	20,700	1,705,680
Simon Property Group	61,900	7,135,831
SL Green Realty	13,400	1,888,060
Spirit Finance	55,400	797,206
Starwood Hotels & Resorts Worldwide	62,000	4,155,240

(continues)

75

Statements of net assets

Delaware Pooled Trust – The Global Real Estate Securities Portfolio

	Number of		Value
	Shares		(U.S.$)
Common Stock (continued)
United States (continued)
U-Store-It Trust	34,700		$	638,827
Ventas	61,400		2,588,624
Vornado Realty Trust	44,100		5,231,583
Washington Real Estate Investment Trust	26,700		1,010,862
			77,779,457
Total Common Stock (cost $257,941,557)			261,859,315
	Principal
	Amount
	(U.S.$)
^Federal Agency (Discount Note) – 2.89%
Fannie Mae Discount Note 5.077% 5/1/07	$	7,850,000	7,850,000
Total Federal Agency (Discount Note)
(cost $7,850,000)			7,850,000
Total Value of Securities – 99.35%
(cost $265,791,557)			269,709,315
Receivables and Other Assets
Net of Liabilities – 0.65%			1,775,062
Net Assets Applicable to 30,857,331
Shares Outstanding – 100.00%			$	271,484,377
Net Asset Value – Delaware Pooled Trust –
The Global Real Estate Securities Portfolio Original Class
($271,474,029 / 30,856,154 Shares)			$	8.80
Net Asset Value – Delaware Pooled Trust –
The Global Real Estate Securities Portfolio Class P
($10,348 / 1,177 Shares)			$	8.79
Components of Net Assets at April 30, 2007:
Shares of beneficial interest
(unlimited authorization – no par)			$	266,775,661
Undistributed net investment income			235,745
Accumulated net realized gain on investments			548,623
Net unrealized appreciation of investments and foreign currencies			3,924,348
Total net assets			$	271,484,377

D      Securities have been classified by country of origin. Classification by type of business has been presented on page 21 in “Country and sector allocations.”

†      Non-income producing security for the period ended April 30, 2007.

^      Zero coupon security. The rate shown is the yield at the time of purchase.

REIT – Real Estate Investment Trust

See accompanying notes

76

Statements of net assets

Delaware Pooled Trust – The Global Fixed Income Portfolio

April 30, 2007 (Unaudited)

	Principal		Value
	Amount°		(U.S.$)
Bonds – 98.29%
Australia – 1.15%
New South Wales Treasury 5.50% 8/1/14	AUD	850,000	$	677,406
Queensland Treasury 6.00% 10/14/15	AUD	3,000,000	2,471,681
			3,149,087
Austria – 7.01%
Oesterreichesche Kontrollbank
1.80% 3/22/10	JPY	1,200,000,000	10,278,270
5.25% 4/25/08	EUR	2,659,000	3,664,223
Republic of Austria 5.25% 1/4/11	EUR	3,700,000	5,234,986
			19,177,479
Belgium – 0.55%
Kingdom of Belgium 3.75% 3/28/09	EUR	1,100,000	1,490,839
			1,490,839
Finland – 4.31%
Republic of Finland
5.375% 7/4/13	EUR	1,960,000	2,848,897
5.75% 2/23/11	EUR	6,200,000	8,933,294
			11,782,191
France – 12.27%
Compagnie de Financement Foncier 0.60% 3/23/10	JPY	1,100,000,000	9,100,476
Government of France
4.00% 10/25/09	EUR	2,300,000	3,129,277
5.00% 10/25/16	EUR	5,040,000	7,308,190
5.75% 10/25/32	EUR	5,000,000	8,265,307
8.50% 10/25/19	EUR	3,000,000	5,757,721
			33,560,971
Germany – 15.68%
Deutschland Republic
3.75% 1/4/15	EUR	4,900,000	6,514,074
4.25% 1/4/14	EUR	5,900,000	8,098,183
4.75% 7/4/28	EUR	6,750,000	9,741,330
KFW
1.85% 9/20/10	JPY	1,050,000,000	9,025,227
5.25% 7/4/12	EUR	3,000,000	4,287,494
Rentenbank
1.375% 4/25/13	JPY	290,000,000	2,430,612
5.75% 1/21/15	AUD	3,480,000	2,784,205
			42,881,125
Ireland – 5.21%
Republic of Ireland
5.00% 4/18/13	EUR	10,000,000	14,249,644
			14,249,644
Italy – 5.37%
Republic of Italy
0.65% 3/20/09	JPY	1,250,000,000	10,433,947
3.70% 11/14/16	JPY	432,000,000	4,246,712
			14,680,659
Japan – 9.56%
Development Bank of Japan 1.40% 6/20/12	JPY	1,200,000,000		10,193,551
Japan Finance Corporation for Municipal Enterprises
*1.55% 2/21/12	JPY	1,220,000,000	10,370,346
2.00% 5/9/16	JPY	640,000,000	5,583,757
			26,147,654
Mexico – 4.06%
Mexican Bonos
8.00% 12/23/10	MXN	20,000,000	1,850,205
9.00% 12/20/12	MXN	35,000,000	3,385,818
9.50% 12/18/14	MXN	35,000,000	3,529,304
10.00% 12/5/24	MXN	21,000,000	2,330,990
			11,096,317
Netherlands – 7.16%
Bank Nederlandse Gemeenten 0.80% 9/22/08	JPY	850,000,000	7,119,861
Netherlands Government
4.25% 7/15/13	EUR	3,400,000	4,665,993
7.50% 1/15/23	EUR	4,200,000	7,803,152
			19,589,006
Norway – 3.54%
Eksportfinans 1.80% 6/21/10	JPY	1,130,000,000	9,682,611
			9,682,611
Poland – 2.63%
Poland Government
5.50% 3/12/12	EUR	5,000,000	7,204,522
			7,204,522
Singapore – 2.05%
Singapore Government
3.625% 7/1/11	SGD	4,000,000	2,757,049
3.625% 7/1/14	SGD	2,000,000	1,405,415
3.75% 9/1/16	SGD	2,000,000	1,434,455
			5,596,919
Spain – 2.37%
Instituto de Credito Oficial 5.50% 10/11/12	AUD	1,330,000	1,060,044
Spanish Government 5.50% 7/30/17	EUR	3,600,000	5,425,760
			6,485,804
Supranational – 10.40%
European Investment Bank
*1.40% 6/20/17	JPY	135,000,000	1,112,984
*2.125% 9/20/07	JPY	410,000,000	3,450,831
5.00% 4/15/08	EUR	4,000,000	5,498,748
6.00% 8/14/13	AUD	1,600,000	1,307,383
Inter-American Development Bank
1.90% 7/8/09	JPY	558,000,000	4,770,981
5.50% 3/30/10	EUR	5,700,000	8,072,868
International Bank for Reconstruction & Development 2.00% 2/18/08	JPY	500,000,000	4,225,102
			28,438,897

(continues)

77

Statements of net assets

Delaware Pooled Trust – The Global Fixed Income Portfolio

	Principal Amount°		Value (U.S.$)
Bonds (continued)
United States – 4.97%
U.S. Treasury Inflation Index Note 3.00% 7/15/12	USD	8,034,431	$	8,432,706
U.S. Treasury Notes 3.625% 5/15/13		5,400,000	5,149,829
			13,582,535
Total Bonds (cost $262,007,675)			268,796,260
Repurchase Agreements – 0.34%
With BNP Paribas 5.10% 5/1/07 (dated 4/30/07, to be repurchased at $494,070, collateralized by $159,000 U.S. Treasury Notes 2.75% due 8/15/07, market value $158,437, $5,000 U.S. Treasury Notes 3.125% due 5/15/07, market value $4,727, $120,000 U.S. Treasury Notes 4.375% due 5/15/07, market value $122,196 and $214,000 U.S. Treasury Notes 4.75% due 11/15/08, market value $218,567)		494,000	494,000
With Cantor Fitzgerald 5.09% 5/1/07 (dated 4/30/07, to be repurchased at $175,025, collateralized by $181,000 U.S. Treasury Notes 3.625% due 7/15/09, market value $179,177)		175,000	175,000
With UBS Warburg 5.10% 5/1/07 (dated 4/30/07, to be repurchased at $266,038, collateralized by $277,000 U.S. Treasury Bills due 9/20/07, market value $271,319)		266,000	266,000
Total Repurchase Agreements (cost $935,000)			935,000
Total Value of Securities Before Securities Lending Collateral – 98.63% (cost $262,942,675)			269,731,260
Securities Lending Collateral** – 4.33%
Short-Term Investments – 4.33%
Fixed Rate Notes – 1.15%
Bank of Montreal 5.29% 6/4/07		288,856	288,856
Citigroup Global Markets 5.32% 5/1/07		797,092	797,092
Credit Agricole 5.31% 10/4/07		288,856	288,856
Fortis Bank 5.31% 6/18/07		433,284	433,284
HBOs Treasury Services 5.30% 6/29/07		462,170	462,170
ING Bank
5.31% 7/3/07		173,314		173,314
5.33% 7/9/07		288,856	288,856
Royal Bank of Canada 5.29% 5/29/07		259,971	259,971
Societe Generale 5.30% 6/1/07		144,428	144,428
			3,136,827
•Variable Rate Notes — 3.18%
ANZ National 5.32% 5/30/08		57,771	57,771
Australia New Zealand 5.32% 5/30/08		288,856	288,856
Bank of New York 5.32% 5/30/08		231,085	231,085
Barclays 5.31% 5/18/07		404,399	404,399
Bayerische Landesbank 5.37% 5/30/08		288,856	288,856
Bear Stearns 5.38% 10/31/07		404,399	404,399
BNP Paribas 5.33% 5/30/08		288,856	288,856
Calyon 5.33% 8/14/07		144,428	144,428
Canadian Imperial Bank
5.32% 5/30/08		231,085	231,085
5.33% 8/15/07		202,200	202,200
CDC Financial Products 5.36% 5/31/07		375,513	375,513
Citigroup Global Markets 5.38% 5/7/07		375,513	375,513
Commonwealth Bank 5.32% 5/30/08		288,856	288,856
Credit Suisse First Boston 5.32% 3/14/08		288,856	288,856
Deutsche Bank London
5.34% 8/20/07		404,399	404,399
5.34% 9/21/07		43,329	43,329
Dexia Bank 5.32% 9/28/07		404,391	404,359
Goldman Sachs Group 5.45% 4/30/08		340,850	340,850
Marshall & Ilsley Bank 5.32% 5/30/08		317,742	317,742
Merrill Lynch Mortgage Capital 5.41% 5/8/07		375,513	375,513
MoDeutsche Bank London rgan Stanley 5.49% 5/30/08		375,513	375,513
National Australia Bank 5.31% 5/30/08		358,182	358,182
National Rural Utilities 5.31% 5/30/08		456,393	456,393
Nordea Bank, New York 5.31% 5/16/07		144,427	144,426
Nordea Bank, Norge 5.33% 5/30/08		288,856	288,856
Royal Bank of Scotland Group 5.33% 5/30/08		288,856	288,856
Societe Generale 5.31% 5/30/08		144,428	144,428
Sun Trust Bank 5.33% 7/30/07		375,513	375,513
Toronto Dominion 5.32% 5/29/07		231,085	231,085
Wells Fargo 5.33% 5/30/08		288,856	288,856
			8,708,973
Total Securities Lending Collateral (cost $11,845,800)			11,845,800

78

Total Value of Securities – 102.96% (cost $274,788,475)	$	281,577,060	©
Obligation to Return Securities Lending Collateral**– (4.33%)	(11,845,800		)
Receivables and Other Assets Net of Liabilities – 1.37%	3,756,049
Net Assets Applicable to 24,474,158 Shares Outstanding; Equivalent to $11.17 Per Share – 100.00%	$	273,487,309
Components of Net Assets at April 30, 2007:
Shares of beneficial interest (unlimited authorization – no par)	$	266,007,871
Undistributed net investment income	2,844,397
Accumulated net realized loss on investments	(2,244,143		)
Net unrealized appreciation of investments and foreign currencies	6,879,184
Total net assets	$	273,487,309

° Principal amount shown is stated in the currency in which each security is denominated.

AUD – Australian Dollar

EUR – European Monetary Unit

JPY – Japanese Yen

MXN – Mexican Peso

SGD – Singapore Dollar

USD – United States Dollar

*      Fully or partially on loan.

**    See Note 11 in “Notes to financial statements.”

©     Includes $11,288,351 of securities loaned.

•      Variable rate security. The rate shown is the rate as of April 30, 2007.

See accompanying notes

(continues)

79

Statements of net assets

Delaware Pooled Trust – The International Fixed Income Portfolio

April 30, 2007 (Unaudited)

	Principal Amount°		Value (U.S.$)
Bonds – 98.30%
Australia – 2.22%
New South Wales Treasury 5.50% 8/1/14	AUD	300,000	$	239,084
Queensland Treasury 6.00% 10/14/15	AUD	540,000	444,903
			683,987
Austria – 6.34%
Oesterreichische Kontrollbank 1.80% 3/22/10	JPY	125,000,000	1,070,653
Republic of Austria
5.25% 1/4/11	EUR	500,000	707,430
6.25% 7/15/27	EUR	105,000	179,212
			1,957,295
Belgium – 7.43%
Kingdom of Belgium
5.50% 3/28/28	EUR	1,000,000	1,576,900
5.75% 9/28/10	EUR	500,000	716,622
			2,293,522
Finland – 3.42%
Republic of Finland 5.00% 4/25/09	EUR	760,000	1,053,943
			1,053,943
France – 7.53%
Compagnie de Financement Foncier 0.60% 3/23/10	JPY	12,000,000	99,278
Government of France 5.00% 10/25/16	EUR	520,000	754,020
5.50% 4/25/10	EUR	500,000	708,017
5.75% 10/25/32	EUR	460,000	760,407
			2,321,722
Germany – 24.51%
Bundesobligation 3.25% 4/9/10	EUR	100,000	133,250
Deutschland Republic 4.50% 1/4/13	EUR	200,000	277,885
6.50% 7/4/27	EUR	560,000	984,297
DSL Finance 5.75% 3/19/09	EUR	1,500,000	1,073,383
Kredit Fuer Wiederaufbau
1.75% 3/23/10	JPY	150,000,000	1,283,015
1.85% 9/20/10	JPY	140,000,000	1,203,364
5.00% 7/4/11	EUR	750,000	1,055,053
Rentenbank
1.375% 4/25/13	JPY	160,000,000	1,341,026
5.75% 1/21/15	AUD	260,000	208,015
			7,559,288
Ireland – 4.16%
Republic of Ireland 5.00% 4/18/13	EUR	900,000	1,282,468
			1,282,468
Italy – 5.68%
Republic of Italy 0.65% 3/20/09	JPY	210,000,000	1,752,903
			1,752,903
Japan – 16.26%
Development Bank of Japan
1.40% 6/20/12	JPY	190,000,000		1,613,979
1.75% 6/21/10	JPY	160,000,000	1,370,539
Japan Finance Corporation for Municipal Enterprises
1.55% 2/21/12	JPY	208,000,000	1,768,059
2.00% 5/9/16	JPY	30,000,000	261,739
			5,014,316
Mexico – 1.94%
Mexican Bonos
8.00% 12/23/10	MXN	3,000,000	277,531
9.50% 12/18/14	MXN	970,000	97,812
10.00% 12/5/24	MXN	2,000,000	221,999
			597,342
Netherlands – 8.89%
Bank Nederlandse Gemeenten 4.625% 9/13/12	EUR	1,000,000	1,389,123
Netherlands Government
3.75% 7/15/14	EUR	248,000	330,055
7.50% 1/15/23	EUR	550,000	1,021,841
			2,741,019
Norway – 3.27%
Eksportfinans 1.60% 3/20/14	JPY	119,000,000	1,008,552
			1,008,552
Portugal – 0.92%
Portugal Obrigacoes do Tesouro OT 5.15% 6/15/11	EUR	200,000	282,841
			282,841
Spain – 4.40%
Spanish Government 5.50% 7/30/17	EUR	900,000	1,356,440
			1,356,440
Supranational – 1.33%
European Investment Bank 1.40% 6/20/17	JPY	50,000,000	412,216
			412,216
Total Bonds (cost $29,622,856)			30,317,854
Repurchase Agreements – 1.24%
With BNP Paribas 5.10% 5/1/07 (dated 4/30/07, to be repurchased at $201,229, collateralized by $64,600 U.S. Treasury Notes 2.75% due 8/15/07, market value $64,561, $1,900 U.S. Treasury Notes 3.125% due 5/15/07, market value $1,926, $48,800 U.S. Treasury Notes 4.375% due 5/15/07, market value $49,793 and $87,100 U.S. Treasury Notes 4.75% due 11/15/08, market value $89,063)	USD	201,200	201,200

80

	Principal Amount°		Value (U.S.$)
Repurchase Agreements (continued)
With Cantor Fitzgerald 5.09% 5/1/07 (dated 4/30/07, to be repurchased at $71,510, collateralized by $73,800 U.S. Treasury Notes 3.625% due 7/15/09, market value $73,012)	USD	71,500	$	71,500
With UBS Warburg 5.10% 5/1/07 (dated 4/30/07, to be repurchased at $108,315, collateralized by $112,700 U.S. Treasury Bills due 9/20/07, market value $110,559)	108,300		108,300
Total Repurchase Agreements (cost $381,000)			381,000
Total Value of Securities – 99.54% (cost $30,003,856)			30,698,854
Receivables and Other Assets Net of Liabilities – 0.46%			142,089
Net Assets Applicable to 2,782,512 Shares Outstanding; Equivalent to $11.08 per Share – 100.00%			$	30,840,943
Components of Net Assets at April 30, 2007:
Shares of beneficial interest (unlimited authorization – no par)			$	31,396,626
Undistributed net investment income			392,891
Accumulated net realized loss on investments			(1,654,838		)
Net unrealized appreciation of investments and foreign currencies			706,264
Total net assets			$	30,840,943

°       Principal amount shown is stated in the currency in which each security is denominated.

AUD – Australian Dollar

EUR – European Monetary Unit

JPY – Japanese Yen

MXN – Mexican Peso

USD – United States Dollar

The following foreign currency exchange contracts were outstanding at April 30, 2007:

Foreign Currency Exchange Contracts(1)

Contracts to Receive		In Exchange For			Settlement Date	Unrealized Depreciation
EUR	99,164	USD	(135,547	)	5/2/07	$	(228	)
JPY	17,963,898	USD	(150,906	)	5/2/07	(568		)
						$	(796	)

The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amount recognized in the financial statements. The notional amounts presented above represent the Portfolio’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Portfolio’s net assets.

(1) See Note 8 in “Notes to financial statements.”

See accompanying notes

(continues)

81

Statements of assets and liabilities

Delaware Pooled Trust

April 30, 2007 (Unaudited)

	The Large-Cap Value Equity Portfolio		The All-Cap Growth Equity Portfolio		The Large-Cap Growth Equity Portfolio
Assets:
Investments at market	$	15,171,509	$	7,843,133	$	339,524,970
Cash	2,934		1,116		596
Dividends and interest receivable	30,665		1,731		153,650
Receivable for securities sold	—		13,692		—
Due from DMC	—		—		—
Variation margin receivable on futures contracts	—		—		—
Total assets	15,205,108		7,859,672		339,679,216
Liabilities:
Payable for securities purchased	—		—		—
Liquidations payable	—		—		80,000
Distributions payable	—		—		—
Due to manager and affiliates	2,813		3,375		172,913
Other accrued expenses	20,726		6,974		46,773
Total liabilities	23,539		10,349		299,686
Total net assets	$	15,181,569	$	7,849,323	$	339,379,530
Investments at cost	$	12,832,336	$	6,772,524	$	318,489,950

See accompanying notes

82

	The Mid-Cap Growth Equity Portfolio		The Small-Cap Growth Equity Portfolio		The Focus Smid-Cap Growth Equity Portfolio		The Smid-Cap Growth Equity Portfolio		The Real Estate Investment Trust Portfolio II		The Intermediate Fixed Income Portfolio
Assets:
Investments at market	$	4,988,524	$	52,862,022	$	6,168,172	$	2,517,536	$	14,359,310	$	28,744,938
Cash	933		1,274		47,665		684		9,846		10,840
Dividends and interest receivable	1,066		11,072		2,206		—		6,359		232,887
Receivable for securities sold	15,184		511,739		—		37,076		157,648		4,429
Due from DMC	—		—		—		178		—		—
Variation margin receivable on futures contracts	—		—		—		—		—		3,859
Total assets	5,005,707		53,386,107		6,218,043		2,555,474		14,533,163		28,996,953
Liabilities:
Payable for securities purchased	14,785		325,342		—		30,043		188,413		649,840
Liquidations payable	—		—		—		—		—		—
Distributions payable	—		—		—		—		—		31,801
Due to manager and affiliates	1,427		37,007		3,209		345		7,818		7,150
Other accrued expenses	9,220		17,388		7,271		6,771		14,829		13,436
Total liabilities	25,432		379,737		10,480		37,159		211,060		702,227
Total net assets	$	4,980,275	$	53,006,370	$	6,207,563	$	2,518,315	$	14,322,103	$	28,294,726
Investments at cost	$	3,601,162	$	38,533,168	$	5,948,763	$	2,041,339	$	13,222,364	$	28,632,020

(continues)

83

Statements of assets and liabilities

Delaware Pooled Trust

April 30, 2007 (Unaudited)

	The Core Focus Fixed Income Portfolio		The High-Yield Bond Portfolio		The Core Plus Fixed Income Portfolio
Assets:
Investments at market	$	80,716,990	$	23,601,627	$	330,608,887
Short-term investments held as collateral for loaned securities	—		—		—
Cash	811,264		21,577		—
Foreign currencies	—		—		306,469
Dividends and interest receivable	492,940		506,464		2,617,447
Subscriptions receivable	—		19,007		—
Receivable for securities sold	823,715		828,905		1,200,649
Variation margin receivable on futures contracts	10,035		—		51,920
Other assets	—		—		—
Total assets	82,854,944		24,977,580		334,785,372
Liabilities:
Cash overdraft	—		—		1,638,892
Payable for securities purchased	14,485,356		1,199,314		60,443,500
Liquidations payable	40,000		28,729		35,000
Due to manager and affiliates	18,850		8,271		90,180
Other accrued expenses	16,429		10,008		32,945
Foreign currency contracts, at value	—		—		133,874
Obligation to return security lending collateral	—		—		—
Other liabilities	—		—		—
Total liabilities	14,560,635		1,246,322		62,374,391
Total net assets	$	68,294,309	$	23,731,258	$	272,410,981
Investments at cost	$	80,402,862	$	23,312,688	$	328,685,700
Cost of short-term investments held as collateral for loaned securities	$	—	$	—	$	—
Foreign currencies at cost	$	—	$	—	$	309,702

See accompanying notes

84

	The International Equity Portfolio		The Labor Select International Equity Portfolio		The Emerging Markets Portfolio		The Global Real Estate Securities Portfolio		The Global Fixed Income Portfolio		The International Fixed Income Portfolio
Assets:
Investments at market	$	2,366,725,113	$	1,044,130,188	$	814,208,601	$	269,709,315	$	269,731,260	$	30,698,854
Short-term investments held as collateral for loaned securities	510,094,006		219,509,534		—		—		11,845,800		—
Cash	1,489		898		2,485,117		72,474		1,248,286		86,419
Foreign currencies	976		4		5,791,211		225,279		4		167,573
Dividends and interest receivable	14,330,177		5,816,586		3,472,771		531,228		3,314,162		374,129
Subscriptions receivable	3,725,332		—		155,694		1,356,583		333		—
Receivable for securities sold	—		—		2,120,770		1,390,947		—		—
Variation margin receivable on futures contracts	—		—		—		—		—		—
Other assets	—		—		—		28,193		—		—
Total assets	2,894,877,093		1,269,457,210		828,234,164		273,314,019		286,139,845		31,326,975
Liabilities:
Cash overdraft	—		—		—		—		—		—
Payable for securities purchased	33,213,886		17,951,260		3,490,012		1,140,773		—		453,229
Liquidations payable	299,081		5,500,000		—		158,331		578,073		—
Due to manager and affiliates	1,607,261		693,393		723,804		530,538		111,471		12,398
Other accrued expenses	703,593		296,150		998,037		—		117,192		19,609
Foreign currency contracts, at value	209,166		79,825		—		—		—		796
Obligation to return security lending collateral	510,094,006		219,509,534		—		—		11,845,800		—
Other liabilities	—		—		19,578		—		—		—
Total liabilities	546,126,993		244,030,162		5,231,431		1,829,642		12,652,536		486,032
Total net assets	$	2,348,750,100	$	1,025,427,048	$	823,002,733	$	271,484,377	$	273,487,309	$	30,840,943
Investments at cost	$	1,606,596,392	$	759,398,818	$	618,459,679	$	265,791,557	$	262,942,675	$	30,003,856
Cost of short-term investments held as collateral for loaned securities	$	510,094,006	$	219,509,534	$	—	$	—	$	11,845,800	$	—
Foreign currencies at cost	$	954	$	4	$	5,825,544	$	220,296	$	4	$	167,588

85

Statements of operations

Delaware Pooled Trust

	Six Months Ended 4/30/07 (Unaudited)			Six Months Ended 4/30/07 (Unaudited)			Six Months Ended 4/30/07 (Unaudited)
	The Large-Cap Value Equity Portfolio			The All-Cap Growth Equity Portfolio			The Large-Cap Growth Equity Portfolio
Investment Income:
Dividends	$	204,416		$	13,165		$	1,228,885
Interest	4,785			4,348			46,768
Foreign tax withheld	—			—			—
	209,201			17,513			1,275,653
Expenses:
Management fees	41,485			30,048			859,480
Accounting and administration expenses	3,017			1,603			62,508
Reports and statements to shareholders	555			609			6,885
Registration fees	25,770			8,370			26,463
Legal fees	768			516			18,783
Dividend disbursing and transfer agent fees and expenses	2,409			1,974			16,082
Custodian fees	204			984			12,375
Trustees’ fees and benefits	1,607			964			24,427
Dues and services	950			285			392
Audit and tax	5,640			5,618			8,433
Consulting fees	136			60			2,594
Trustees’ expenses	38			23			660
Pricing fees	294			234			216
Insurance fees	152			101			5,035
Taxes (other than taxes on income)	42			23			—
	83,067			51,412			1,044,333
Less expenses absorbed or waived	(30,572		)	(15,005		)	(9,816		)
Less expense paid indirectly	(42		)	(113		)	(3,064		)
Total operating expenses	52,453			36,294			1,031,453
Net Investment Income (Loss)	156,748			(18,781		)	244,200
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currencies:
Net realized gain (loss) on:
Investments	520,372			57,263			151,752
Futures contracts	—			—			—
Swap contracts	—			—			—
Foreign currencies	—			53			—
Net realized gain (loss)	520,372			57,316			151,752
Net change in unrealized appreciation/depreciation of investments and foreign currencies	665,009			196,742			11,146,823
Net Realized and Unrealized Gain on Investments and Foreign Currencies	1,185,381			254,058			11,298,575
Net Increase In Net Assets Resulting from Operations	$	1,342,129		$	235,277		$	11,542,775

See accompanying notes

86

	Six Months Ended 4/30/07 (Unaudited)			Six Months Ended 4/30/07 (Unaudited)			Six Months Ended 4/30/07 (Unaudited)			Six Months Ended 4/30/07 (Unaudited)			Six Months Ended 4/30/07 (Unaudited)			Six Months Ended 4/30/07 (Unaudited)
	The Mid-Cap Growth Equity Portfolio			The Small-Cap Growth Equity Portfolio			The Focus Smid-Cap Growth Equity Portfolio			The Smid-Cap Growth Equity Portfolio			The Real Estate Investment Trust Portfolio II			The Intermediate Fixed Income Portfolio
Investment Income:
Dividends	$	41,901		$	108,239		$	23,804		$	6,233		$	271,940		$	—
Interest	22,560			51,400			3,715			—			18,624			720,440
Foreign tax withheld	—			—			—			—			(465		)	—
	64,461			159,639			27,519			6,233			290,099			720,440
Expenses:
Management fees	48,521			208,023			22,717			8,915			76,159			56,531
Accounting and administration expenses	2,588			11,094			1,212			475			4,062			5,653
Reports and statements to shareholders	371			2,406			125			626			1,094			635
Registration fees	6,270			8,105			1,064			1,429			5,807			4,342
Legal fees	1,568			3,695			315			144			1,492			2,014
Dividend disbursing and transfer agent fees and expenses	2,269			4,855			2,123			1,677			2,582			3,262
Custodian fees	476			2,256			1,383			1,663			2,123			6,123
Trustees’ fees and benefits	1,685			6,511			604			224			2,508			2,914
Dues and services	740			1,528			1			142			899			58
Audit and tax	5,689			6,716			5,360			5,353			5,856			5,764
Consulting fees	149			495			51			22			209			237
Trustees’ expenses	47			132			12			5			58			58
Pricing fees	421			556			264			370			396			4,100
Insurance fees	175			356			67			38			105			349
Taxes (other than taxes on income)	78			988			—			15			—			6
	71,047			257,716			35,298			21,098			103,350			92,046
Less expenses absorbed or waived	(9,251		)	(4,297		)	(6,306		)	(9,589		)	(12,192		)	(28,546
Less expense paid indirectly	(13		)	(49		)	(670		)	(418		)	(173		)	(703
Total operating expenses	61,783			253,370			28,322			11,091			90,985			62,797
Net Investment Income (Loss)	2,678			(93,731		)	(803		)	(4,858		)	199,114			657,643
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currencies:
Net realized gain (loss) on:
Investments	3,671,311			6,195,976			(10,513		)	115,059			4,929,223			52,705
Futures contracts	—			—			—			—			—			(1,107
Swap contracts	—			—			—			—			—			10,744
Foreign currencies	—			—			—			—			—			—
Net realized gain (loss)	3,671,311			6,195,976			(10,513		)	115,059			4,929,223			62,342
Net change in unrealized appreciation/depreciation of investments and foreign currencies	(1,767,355		)	(1,319,324		)	120,032			108,689			(3,405,956		)	4,450
Net Realized and Unrealized Gain on Investments and Foreign Currencies	1,903,956			4,876,652			109,519			223,748			1,523,267			66,792
Net Increase In Net Assets Resulting from Operations	$	1,906,634		$	4,782,921		$	108,716		$	218,890		$	1,722,381		$	724,435

(continues)

87

Statements of operations

Delaware Pooled Trust

	Six Months Ended 4/30/07			Six Months Ended 4/30/07			Six Months Ended 4/30/07
	(Unaudited)			(Unaudited)			(Unaudited)
	The Core Focus Fixed Income Portfolio			The High-Yield Bond Portfolio			The Core Plus Fixed Income Portfolio
Investment Income:
Dividends	$	—		$	—		$	4,565
Interest	1,504,808			447,787			6,653,069
Securities lending income	—			—			—
Foreign tax withheld	—			—			—
	1,504,808			447,787			6,657,634
Expenses:
Management fees	116,802			25,432			520,702
Accounting and administration expenses	11,680			2,261			48,437
Reports and statements to shareholders	1,240			135			4,211
Registration fees	12,761			4,369			12,525
Legal fees	3,015			734			16,850
Dividend disbursing and transfer agent fees and expenses	4,800			2,142			13,632
Custodian fees	10,887			1,157			21,412
Trustees’ fees and benefits	5,270			666			20,391
Dues and services	210			121			330
Audit and tax	6,229			5,416			9,308
Consulting fees	465			77			2,038
Trustees’ expenses	109			13			455
Pricing fees	5,375			2,240			5,461
Insurance fees	836			236			3,030
Distribution expenses - Class P	—			—			—
Taxes (other than taxes on income)	299			—			332
	179,978			44,999			679,114
Less expenses absorbed or waived	(40,376		)	(11,300		)	(100,106		)
Less expense paid indirectly	(10,711		)	(239		)	(20,697		)
Total operating expenses	128,891			33,460			558,311
Net Investment Income	1,375,917			414,327			6,099,323
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currencies:
Net realized gain (loss) on:
Investments	233,354			90,451			1,683,825
Futures contracts	1,108			—			144,879
Swap contracts	10,016			—			43,114
Foreign currencies	—			—			(150,687		)
Net realized gain (loss)	244,478			90,451			1,721,131
Net change in unrealized appreciation/depreciation of investments and foreign currencies	(120,888		)	249,940			(113,765		)
Net Realized and Unrealized Gain On Investments and Foreign Currencies	123,590			340,391			1,607,366
Net Increase In Net Assets Resulting from Operations	$	1,499,507		$	754,718		$	7,706,689

*Commencement of operations.

See accompanying notes

88

	Six Months Ended 4/30/07			Six Months Ended 4/30/07			Six Months Ended 4/30/07			1/10/07* to 4/30/07			Six Months Ended 4/30/07			Six Months Ended 4/30/07
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
	The International Equity Portfolio			The Labor Select International Equity Portfolio			The Emerging Markets Portfolio			The Global Real Estate Securities Portfolio			The Global Fixed Income Portfolio			The International Fixed Income Portfolio
Investment Income:
Dividends	$	33,414,289		$	14,690,257		$	14,444,494		$	1,181,982		$	—		$	—
Interest	1,056,851			500,150			172,383			220,009			3,860,383			424,278
Securities lending income	1,035,977			418,074			—			—			10,480			—
Foreign tax withheld	(2,295,258		)	(1,021,531		)	(1,124,131		)	(55,142		)	—			—
	33,211,859			14,586,950			13,492,746			1,346,849			3,870,863			424,278
Expenses:
Management fees	8,246,658			3,598,309			3,849,406			435,715			671,035			75,053
Accounting and administration expenses	439,822			191,909			153,976			18,648			53,683			6,004
Reports and statements to shareholders	42,650			21,028			19,087			4,800			5,130			1,250
Registration fees	16,933			7,368			6,965			28,485			4,673			5,232
Legal fees	125,046			55,572			45,968			16,605			20,738			2,868
Dividend disbursing and transfer agent fees and expenses	112,269			50,357			40,136			4,474			14,321			3,145
Custodian fees	490,738			208,605			808,917			39,831			74,649			7,058
Trustees’ fees and benefits	221,714			94,724			74,218			1,608			27,564			3,785
Dues and services	3,805			2,180			2,755			—			977			63
Audit and tax	49,084			23,838			22,946			7,152			11,194			6,106
Consulting fees	16,077			7,711			6,368			303			2,276			290
Trustees’ expenses	5,193			1,872			1,773			66			650			108
Pricing fees	5,405			2,970			3,966			2,000			3,096			1,794
Insurance fees	29,584			14,575			12,168			1,348			3,531			402
Distribution expenses - Class P	—			—			—			7			—			—
Taxes (other than taxes on income)	13,556			2,896			6,023			—			—			—
	9,818,534			4,283,914			5,054,672			561,042			893,517			113,158
Less expenses absorbed or waived	—			—			—			(21,614		)	(64,177		)	(20,087		)
Less expense paid indirectly	(4,924		)	(2,984		)	(5,733		)	(33,771		)	(4,053		)	(89		)
Total operating expenses	9,813,610			4,280,930			5,048,939			505,657			825,287			92,982
Net Investment Income	23,398,249			10,306,020			8,443,807			841,192			3,045,576			331,296
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currencies:
Net realized gain (loss) on:
Investments	119,810,229			77,803,216			67,093,540			548,623			3,151,033			740,251
Futures contracts	—			—			—			—			—			—
Swap contracts	—			—			—			—			—			—
Foreign currencies	(5,778,040		)	(3,397,325		)	(246,646		)	(605,447		)	147,436			118,883
Net realized gain (loss)	114,032,189			74,405,891			66,846,894			(56,824		)	3,298,469			859,134
Net change in unrealized appreciation/depreciation of investments and foreign currencies	159,696,129			40,302,122			54,000,347			3,924,348			1,491,644			(182,904		)
Net Realized and Unrealized Gain On Investments and Foreign Currencies	273,728,318			114,708,013			120,847,241			3,867,524			4,790,113			676,230
Net Increase In Net Assets Resulting from Operations	$	297,126,567		$	125,014,033		$	129,291,048		$	4,708,716		$	7,835,689		$	1,007,526

89

Statements of changes in net assets

Delaware Pooled Trust

	Six Months Ended 4/30/07			Year Ended 10/31/06			Six Months Ended 4/30/07			Year Ended 10/31/06
	(Unaudited)						(Unaudited)
	The Large-Cap Value Equity Portfolio			The Large-Cap Value Equity Portfolio			The All-Cap Growth Equity Portfolio			The All-Cap Growth Equity Portfolio
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	156,748		$	247,901		$	(18,781	)	$	(28,355	)
Net realized gain (loss) on investments and foreign currencies	520,372			1,207,661			57,316			(378,236		)
Net change in unrealized appreciation/depreciation of investments and foreign currencies	665,009			1,215,827			196,742			448,060
Net increase in net assets resulting from operations	1,342,129			2,671,389			235,277			41,469
Dividends and Distributions to Shareholders from:
Net investment income	(266,537		)	(140,010		)	—			—
Net realized gain on investments	—			—			—			—
	(266,537		)	(140,010		)	—			—
Capital Share Transactions:
Proceeds from shares sold	77,368			4,941,355			—			509,899
Net asset value of shares issued upon reinvestment of dividends and distributions	208,556			97,102			—			—
	285,924			5,038,457			—			509,899
Cost of shares repurchased	(2,497,257		)	(892,052		)	(369,168		)	(7,090,355		)
Increase (decrease) in net assets derived from capital share transactions	(2,211,333		)	4,146,405			(369,168		)	(6,580,456		)
Net Increase (Decrease) In Net Assets	(1,135,741		)	6,677,784			(133,891		)	(6,538,987		)
Net Assets:
Beginning of period	16,317,310			9,639,526			7,983,214			14,522,201
End of period	$	15,181,569		$	16,317,310		$	7,849,323		$	7,983,214
Undistributed net investment income	$	95,070		$	204,859		$	—		$	—

*Commencement of operations.

See accompanying notes

90

	Six Months Ended 4/30/07			11/1/05* to 10/31/06			Six Months Ended 4/30/07			Year Ended 10/31/06			Six Months Ended 4/30/07			Year Ended 10/31/06			Six Months Ended 4/30/07			Year Ended 10/31/06
	(Unaudited)						(Unaudited)						(Unaudited)						(Unaudited)
	The Large-Cap Growth Equity Portfolio			The Large-Cap Growth Equity Portfolio			The Mid-Cap Growth Equity Portfolio			The Mid-Cap Growth Equity Portfolio			The Small-Cap Growth Equity Portfolio			The Small-Cap Growth Equity Portfolio			The Focus Smid-Cap Growth Equity Portfolio			The Focus Smid-Cap Growth Equity Portfolio
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	244,200		$	132,012		$	2,678		$	(19,248	)	$	(93,731	)	$	(281,976	)	$	(803	)	$	7,195
Net realized gain (loss) on investments and foreign currencies	151,752			(8,259,364		)	3,671,311			1,862,317			6,195,976			15,050,653			(10,513		)	279,469
Net change in unrealized appreciation/depreciation of investments and foreign currencies	11,146,823			9,888,197			(1,767,355		)	97,174			(1,319,324		)	(5,623,061		)	120,032			(146,300		)
Net increase in net assets resulting from operations	11,542,775			1,760,845			1,906,634			1,940,243			4,782,921			9,145,616			108,716			140,364
Dividends and Distributions to Shareholders from:
Net investment income	(132,656		)	(21,731		)	—			—			—			—			(7,707		)	—
Net realized gain on investments	—			—			(1,811,492		)	(1,178,583		)	(8,061,809		)	—			(273,908		)	—
	(132,656		)	(21,731		)	(1,811,492		)	(1,178,583		)	(8,061,809		)	—			(281,615		)	—
Capital Share Transactions:
Proceeds from shares sold	47,587,071			288,781,305			286,675			8,639			158,121			4,087,544			—			3,732,577
Net asset value of shares issued upon reinvestment of dividends and distributions	104,845			15,480			1,811,492			1,178,583			7,377,731			—			281,615			—
	47,691,916			288,796,785			2,098,167			1,187,222			7,535,852			4,087,544			281,615			3,732,577
Cost of shares repurchased	(6,570,598		)	(3,687,806		)	(14,409,853		)	(3,925,635		)	(19,288,041		)	(23,091,327		)	—			—
Increase (decrease) in net assets derived from capital share transactions	41,121,318			285,108,979			(12,311,686		)	(2,738,413		)	(11,752,189		)	(19,003,783		)	281,615			3,732,577
Net Increase (Decrease) In Net Assets	52,531,437			286,848,093			(12,216,544		)	(1,976,753		)	(15,031,077		)	(9,858,167		)	108,716			3,872,941
Net Assets:
Beginning of period	286,848,093			—			17,196,819			19,173,572			68,037,447			77,895,614			6,098,847			2,225,906
End of period	$	339,379,530		$	286,848,093		$	4,980,275		$	17,196,819		$	53,006,370		$	68,037,447		$	6,207,563		$	6,098,847
Undistributed net investment income	$	221,825		$	110,281		$	2,678		$	—		$	—		$	—		$	—		$	7,195

(continues)

91

Statements of changes in net assets

Delaware Pooled Trust

	Six Months Ended 4/30/07			Year Ended 10/31/06			Six Months Ended 4/30/07			Year Ended 10/31/06
	(Unaudited)						(Unaudited)
	The Smid-Cap Growth Equity Portfolio			The Smid-Cap Growth Equity Portfolio			The Real Estate Investment Trust Portfolio II			The Real Estate Investment Trust Portfolio II
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	(4,858	)	$	(12,345	)	$	199,114		$	678,347
Net realized gain (loss) on investments and foreign currencies	115,059			(2,612		)	4,929,223			14,077,729
Net change in unrealized appreciation/depreciation of investments and foreign currencies	108,689			274,354			(3,405,956		)	(5,450,285		)
Net increase in net assets resulting from operations	218,890			259,397			1,722,381			9,305,791
Dividends and Distributions to Shareholders from:
Net investment income	—			—			(168,855		)	(1,736,300		)
Net realized gain on investments	—			—			(14,692,832		)	(4,117,602		)
	—			—			(14,861,687		)	(5,853,902		)
Capital Share Transactions:
Proceeds from shares sold	—			—			1,280,622			392,000
Net asset value of shares issued upon reinvestment of dividends and distributions	—			—			12,265,574			5,066,902
	—			—			13,546,196			5,458,902
Cost of shares repurchased	—			—			(11,501,370		)	(38,876,589		)
Increase (decrease) in net assets derived from capital share transactions	—			—			2,044,826			(33,417,687		)
Net Increase (Decrease) In Net Assets	218,890			259,397			(11,094,480		)	(29,965,798		)
Net Assets:
Beginning of period	2,299,425			2,040,028			25,416,583			55,382,381
End of period	$	2,518,315		$	2,299,425		$	14,322,103		$	25,416,583
Undistributed net investment income (loss)	$	—		$	—		$	119,828		$	89,569

See accompanying notes

92

	Six Months Ended 4/30/07			Year Ended 10/31/06			Six Months Ended 4/30/07			Year Ended 10/31/06			Six Months Ended 4/30/07			Year Ended 10/31/06			Six Months Ended 4/30/07			Year Ended 10/31/06
	(Unaudited)						(Unaudited)						(Unaudited)						(Unaudited)
	The Intermediate Fixed Income Portfolio			The Intermediate Fixed Income Portfolio			The Core Focus Fixed Income Portfolio			The Core Focus Fixed Income Portfolio			The High-Yield Bond Portfolio			The High-Yield Bond Portfolio			The Core Plus Fixed Income Portfolio			The Core Plus Fixed Income Portfolio
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	657,643		$	953,426		$	1,375,917		$	1,954,426		$	414,327		$	467,535		$	6,099,323		$	9,333,197
Net realized gain (loss) on investments and foreign currencies	62,342			(130,141		)	244,478			(335,728		)	90,451			(961		)	1,721,131			(1,978,291		)
Net change in unrealized appreciation/depreciation of investments and foreign currencies	4,450			387,914			(120,888		)	686,889			249,940			160,218			(113,765		)	4,528,155
Net increase in net assets resulting from operations	724,435			1,211,199			1,499,507			2,305,587			754,718			626,792			7,706,689			11,883,061
Dividends and Distributions to Shareholders from:
Net investment income	(672,259		)	(1,051,727		)	(2,210,441		)	(510,344		)	(487,045		)	(71,856		)	(9,224,657		)	(5,343,633		)
Net realized gain on investments	—			—			—			—			—			—			—			—
	(672,259		)	(1,051,727		)	(2,210,441		)	(510,344		)	(487,045		)	(71,856		)	(9,224,657		)	(5,343,633		)
Capital Share Transactions:
Proceeds from shares sold	178,158			15,594,408			14,465,013			36,886,512			17,417,501			475,000			88,731,415			36,411,457
Net asset value of shares issued upon reinvestment of dividends and distributions	661,495			1,013,921			2,088,641			460,721			487,045			71,856			8,417,296			4,812,065
	839,653			16,608,329			16,553,654			37,347,233			17,904,546			546,856			97,148,711			41,223,522
Cost of shares repurchased	(1,392,224		)	(3,758,594		)	(1,390,039		)	(3,224,156		)	(607,411		)	(200,000		)	(28,094,101		)	(10,780,692		)
Increase (decrease) in net assets derived from capital share transactions	(552,571		)	12,849,735			15,163,615			34,123,077			17,297,135			346,856			69,054,610			30,442,830
Net Increase (Decrease) In Net Assets	(500,395		)	13,009,207			14,452,681			35,918,320			17,564,808			901,792			67,536,642			36,982,258
Net Assets:
Beginning of period	28,795,121			15,785,914			53,841,628			17,923,308			6,166,450			5,264,658			204,874,339			167,892,081
End of period	$	28,294,726		$	28,795,121		$	68,294,309		$	53,841,628		$	23,731,258		$	6,166,450		$	272,410,981		$	204,874,339
Undistributed net investment income (loss)	$	(4	)	$	87		$	943,102		$	1,780,258		$	355,094		$	403,603		$	4,272,292		$	7,537,598

(continues)

93

Statements of changes in net assets

Delaware Pooled Trust

	Six Months Ended 4/30/07			Year Ended 10/31/06			Six Months Ended 4/30/07			Year Ended 10/31/06
	(Unaudited)						(Unaudited)
	The International Equity Portfolio			The International Equity Portfolio			The Labor Select International Equity Portfolio			The Labor Select International Equity Portfolio
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	23,398,249		$	61,503,945		$	10,306,020		$	25,689,150
Net realized gain (loss) on investments and foreign currencies	114,032,189			226,888,017			74,405,891			78,768,285
Net change in unrealized appreciation/depreciation of investments and foreign currencies	159,696,129			251,192,213			40,302,122			117,686,780
Net increase in net assets resulting from operations	297,126,567			539,584,175			125,014,033			222,144,215
Dividends and Distributions to Shareholders from:
Net investment income	(59,743,011		)	(48,824,699		)	(23,800,024		)	(17,443,261		)
Net realized gain on investments	(231,113,345		)	(47,537,419		)	(82,237,969		)	(4,187,919		)
	(290,856,356		)	(96,362,118		)	(106,037,993		)	(21,631,180		)
Capital Share Transactions:
Proceeds from shares sold	195,390,629			298,581,014			107,278,250			126,827,687
The Global Real Estate Securities Portfolio Class P	—			—			—			—
Purchase reimbursement fees	—			—			—			—
Net asset value of shares issued upon reinvestment of dividends and distributions	180,699,841			60,014,871			106,037,993			21,631,180
	376,090,470			358,595,885			213,316,243			148,458,867
Cost of shares repurchased	(201,300,381		)	(487,428,327		)	(162,400,014		)	(43,985,660		)
Redemption reimbursement fees	—			—			—			—
	(201,300,381		)	(487,428,327		)	(162,400,014		)	(43,985,660		)
Increase (decrease) in net assets derived from capital share transactions	174,790,089			(128,832,442		)	50,916,229			104,473,207
Net Increase (Decrease) In Net Assets	181,060,300			314,389,615			69,892,269			304,986,242
Net Assets:
Beginning of period	2,167,689,800			1,853,300,185			955,534,779			650,548,537
End of period	$	2,348,750,100		$	2,167,689,800		$	1,025,427,048		$	955,534,779
Undistributed net investment income	$	9,442,153		$	51,564,955		$	4,276,455		$	20,569,565

*Commencement of operations.

See accompanying notes

94

	Six Months Ended 4/30/07			Year Ended 10/31/06			1/10/07* to 4/30/07			Six Months Ended 4/30/07			Year Ended 10/31/06			Six Months Ended 4/30/07			Year Ended 10/31/06
	(Unaudited)						(Unaudited)			(Unaudited)						(Unaudited)
	The Emerging Markets Portfolio			The Emerging Markets Portfolio			The Global Real Estate Securities Portfolio			The Global Fixed Income Portfolio			The Global Fixed Income Portfolio			The International Fixed Income Portfolio			The International Fixed Income Portfolio
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	8,443,807		$	19,831,476		$	841,192		$	3,045,576		$	6,304,165		$	331,296		$	909,321
Net realized gain (loss) on investments and foreign currencies	66,846,894			126,060,531			(56,824		)	3,298,469			4,111,586			859,134			(669,354		)
Net change in unrealized appreciation/depreciation of investments and foreign currencies	54,000,347			15,065,024			3,924,348			1,491,644			4,546,550			(182,904		)	1,541,560
Net increase in net assets resulting from operations	129,291,048			160,957,031			4,708,716			7,835,689			14,962,301			1,007,526			1,781,527
Dividends and Distributions to Shareholders from:
Net investment income	(17,240,744		)	(21,529,217		)	—			(11,123,381		)	(19,044,247		)	(330,956		)	(4,398,437		)
Net realized gain on investments	(127,413,306		)	(184,872,182		)	—			—			(2,307,625		)	—			—
	(144,654,050		)	(206,401,399		)	—			(11,123,381		)	(21,351,872		)	(330,956		)	(4,398,437		)
Capital Share Transactions:
Proceeds from shares sold	9,227,503			22,574,879			273,648,492			17,384,033			37,810,658			2,471,760			2,420,748
The Global Real Estate Securities Portfolio Class P	—			—			10,008			—			—			—			—
Purchase reimbursement fees	1,963,352			170,958			—			—			—			—			—
Net asset value of shares issued upon reinvestment of dividends and distributions	142,889,527			205,569,535			—			8,952,428			18,029,275			325,326			4,365,602
	154,080,382			228,315,372			273,658,500			26,336,461			55,839,933			2,797,086			6,786,350
Cost of shares repurchased	(33,429,110		)	(164,901,278		)	(6,882,839		)	(25,366,971		)	(63,620,645		)	(11,905,445		)	(27,308,108		)
Redemption reimbursement fees	250,718			1,203,011			—			—			—			—			—
	(33,178,392		)	(163,698,267		)	(6,882,839		)	(25,366,971		)	(63,620,645		)	(11,905,445		)	(27,308,108		)
Increase (decrease) in net assets derived from capital share transactions	120,901,990			64,617,105			266,775,661			969,490			(7,780,712		)	(9,108,359		)	(20,521,758		)
Net Increase (Decrease) In Net Assets	105,538,988			19,172,737			271,484,377			(2,318,202		)	(14,170,283		)	(8,431,789		)	(23,138,668		)
Net Assets:
Beginning of period	717,463,745			698,291,008			—			275,805,511			289,975,794			39,272,732			62,411,400
End of period	$	823,002,733		$	717,463,745		$	271,484,377		$	273,487,309		$	275,805,511		$	30,840,943		$	39,272,732
Undistributed net investment income	$	6,380,931		$	15,424,514		$	235,745		$	2,844,397		$	9,757,935		$	392,891		$	166,463

95

Financial highlights

Delaware Pooled Trust – The Large-Cap Value Equity Portfolio

Selected data for each share of the Portfolio outstanding throughout each period were as follows:

	Six Months Ended			Year Ended
	4/30/07(1)			10/31/06			10/31/05			10/31/04			10/31/03			10/31/02
	(Unaudited)
Net asset value, beginning of period	$	20.960		$	17.330		$	16.260		$	14.920		$	12.600		$	13.950
Income (loss) from investment operations:
Net investment income(2)	0.222			0.353			0.255			0.254			0.268			0.239
Net realized and unrealized gain (loss) on investments	1.642			3.531			0.990			1.372			2.294			(1.334		)
Total from investment operations	1.864			3.884			1.245			1.626			2.562			(1.095		)
Less dividends and distributions from:
Net investment income	(0.344		)	(0.254		)	(0.175		)	(0.286		)	(0.242		)	(0.255		)
Total dividends and distributions	(0.344		)	(0.254		)	(0.175		)	(0.286		)	(0.242		)	(0.255		)
Net asset value, end of period	$	22.480		$	20.960		$	17.330		$	16.260		$	14.920		$	12.600
Total return(3)	8.97		%	22.66		%	7.69		%	11.00		%	20.60		%	(8.05		)%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	15,182		$	16,317		$	9,640		$	15,521		$	38,566		$	49,224
Ratio of expenses to average net assets	0.69		%	0.68		%	0.69		%	0.68		%	0.63		%	0.62		%
Ratio of expenses to average net assets prior to expense limitation and expense paid indirectly	1.10		%	1.15		%	1.29		%	0.85		%	0.85		%	0.69		%
Ratio of net investment income to average net assets	2.08		%	1.88		%	1.49		%	1.61		%	2.01		%	1.66		%
Ratio of net investment income to average net assets prior to expense limitation and expense paid indirectly	1.67		%	1.41		%	0.89		%	1.44		%	1.79		%	1.59		%
Portfolio turnover	13		%	109		%	49		%	67		%	68		%	95		%

(1)Ratios and portfolio turnover have been annualized and total return has not been annualized.

(2)The average shares outstanding method has been applied for per share information.

(3)Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return reflects voluntary waivers and payment of fees by the manager. Performance would have been lower had the voluntary expense limitation not been in effect.

See accompanying notes

96

Delaware Pooled Trust – The All-Cap Growth Equity Portfolio

Selected data for each share of the Portfolio outstanding throughout each period were as follows:

	Six Months Ended			Year Ended
	4/30/07(1)			10/31/06			10/31/05			10/31/04			10/31/03			10/31/02
	(Unaudited)
Net asset value, beginning of period	$	5.770		$	5.590		$	4.960		$	4.870		$	3.640		$	4.680
Income (loss) from investment operations:
Net investment loss(2)	(0.014		)	(0.011		)	(0.008		)	(0.013		)	(0.010		)	(0.016		)
Net realized and unrealized gain (loss) on investments and foreign currencies	0.184			0.191			0.638			0.103			1.240			(1.024		)
Total from investment operations	0.170			0.180			0.630			0.090			1.230			(1.040		)
Net asset value, end of period	$	5.940		$	5.770		$	5.590		$	4.960		$	4.870		$	3.640
Total return(3)	2.95		%	3.22		%	12.70		%	1.85		%	33.79		%	(22.22		)%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	7,849		$	7,983		$	14,522		$	6,727		$	6,611		$	8,310
Ratio of expenses to average net assets	0.91		%	0.89		%	0.90		%	0.89		%	0.89		%	0.89		%
Ratio of expenses to average net assets prior to expense limitation and expense paid indirectly	1.28		%	1.06		%	1.15		%	1.16		%	1.02		%	1.00		%
Ratio of net investment loss to average net assets	(0.47		)%	(0.20		)%	(0.14		)%	(0.25		)%	(0.25		)%	(0.36		)%
Ratio of net investment loss to average net assets prior to expense limitation and expense paid indirectly	(0.84		)%	(0.37		)%	(0.39		)%	(0.52		)%	(0.38		)%	(0.47		)%
Portfolio turnover	40		%	55		%	220		%	99		%	90		%	130		%

(1)Ratios and portfolio turnover have been annualized and total return has not been annualized.

(2)The average shares outstanding method has been applied for per share information.

(3)Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return reflects voluntary waivers and payment of fees by the manager. Performance would have been lower had the voluntary expense limitation not been in effect.

See accompanying notes

97

Financial highlights

Delaware Pooled Trust – The Large-Cap Growth Equity Portfolio

Selected data for each share of the Portfolio outstanding throughout each period were as follows:

	Six Months Ended 4/30/07(1)			11/1/05(2) to 10/31/06
	(Unaudited)
Net asset value, beginning of period	$	8.780		$	8.500
Income from investment operations:
Net investment income(3)	0.007			0.008
Net realized and unrealized gain on investments	0.337			0.277
Total from investment operations	0.344			0.285
Less dividends and distributions from:
Net investment income	(0.004		)	(0.005		)
Total dividends and distributions	(0.004		)	(0.005		)
Net asset value, end of period	$	9.120		$	8.780
Total return(4)	3.92		%	3.35		%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	339,380		$	286,848
Ratio of expenses to average net assets	0.66		%	0.65		%
Ratio of expenses to average net assets prior to expense limitation and expense paid indirectly	0.67		%	0.71		%
Ratio of net investment income to average net assets	0.16		%	0.10		%
Ratio of net investment income to average net assets prior to expense limitation and expense paid indirectly	0.15		%	0.04		%
Portfolio turnover	10		%	25		%

(1)Ratios and portfolio turnover have been annualized and total return has not been annualized.

(2)Date of commencement of operations.

(3)The average shares outstanding method has been applied for per share information.

(4)Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return reflects voluntary waivers and payment of fees by the manager. Performance would have been lower had the voluntary expense limitation not been in effect.

See accompanying notes

98

Delaware Pooled Trust – The Mid-Cap Growth Equity Portfolio

Selected data for each share of the Portfolio outstanding throughout each period were as follows:

	Six Months Ended			Year Ended
	4/30/07(1)			10/31/06			10/31/05			10/31/04			10/31/03			10/31/02
	(Unaudited)
Net asset value, beginning of period	$	3.940		$	3.830		$	3.440		$	3.230		$	2.450		$	2.760
Income (loss) from investment operations:
Net investment income (loss)(2)	0.001			(0.004		)	(0.015		)	(0.010		)	(0.012		)	(0.008		)
Net realized and unrealized gain (loss) on investments	0.418			0.352			0.526			0.220			0.792			(0.302		)
Total from investment operations	0.419			0.348			0.511			0.210			0.780			(0.310		)
Less dividends and distributions from:
Net realized gain on investments	(0.409		)	(0.238		)	(0.121		)	—			—			—
Total dividends and distributions	(0.409		)	(0.238		)	(0.121		)	—			—			—
Net asset value, end of period	$	3.950		$	3.940		$	3.830		$	3.440		$	3.230		$	2.450
Total return(3)	11.31		%	9.18		%	15.05		%	6.50		%	31.84		%	(11.23		)%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	4,980		$	17,197		$	19,174		$	17,696		$	13,938		$	2,329
Ratio of expenses to average net assets	0.95		%	0.93		%	0.93		%	0.92		%	0.93		%	0.93		%
Ratio of expenses to average net assets prior to expense limitation and expense paid indirectly	1.09		%	1.01		%	0.99		%	0.94		%	1.03		%	1.41		%
Ratio of net investment income (loss) to average net assets	0.04		%	(0.10		)%	(0.40		)%	(0.31		)%	(0.41		)%	(0.29		)%
Ratio of net investment loss to average net assets prior to expense limitation and expense paid indirectly	(0.10		)%	(0.18		)%	(0.46		)%	(0.33		)%	(0.51		)%	(0.77		)%
Portfolio turnover	87		%	83		%	84		%	113		%	111		%	112		%

(1)Ratios and portfolio turnover have been annualized and total return has not been annualized.

(2)The average shares outstanding method has been applied for per share information.

(3)Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return reflects voluntary waivers and payment of fees by the manager. Performance would have been lower had the voluntary expense limitation not been in effect.

See accompanying notes

99

Financial highlights

Delaware Pooled Trust – The Small-Cap Growth Equity Portfolio

Selected data for each share of the Portfolio outstanding throughout each period were as follows:

	Six Months Ended			Year Ended
	4/30/07(1)			10/31/06			10/31/05			10/31/04			10/31/03			10/31/02
	(Unaudited)
Net asset value, beginning of period	$	17.290		$	15.460		$	14.300		$	13.390		$	10.130		$	11.240
Income (loss) from investment operations:
Net investment loss(2)	(0.027		)	(0.068		)	(0.050		)	(0.061		)	(0.042		)	(0.047		)
Net realized and unrealized gain (loss) on investments	1.309			1.898			1.210			0.971			3.302			(1.063		)
Total from investment operations	1.282			1.830			1.160			0.910			3.260			(1.110		)
Less dividends and distributions from:
Net realized gain on investments	(2.562		)	—			—			—			—			—
Total dividends and distributions	(2.562		)	—			—			—			—			—
Net asset value, end of period	$	16.010		$	17.290		$	15.460		$	14.300		$	13.390		$	10.130
Total return(3)	7.98		%	11.84		%	8.11		%	6.80		%	32.18		%	(9.88		)%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	53,006		$	68,037		$	77,896		$	108,043		$	94,168		$	43,104
Ratio of expenses to average net assets	0.91		%	0.89		%	0.86		%	0.85		%	0.87		%	0.88		%
Ratio of expenses to average net assets prior to expense limitation and expense paid indirectly	0.93		%	0.90		%	0.86		%	0.85		%	0.88		%	0.90		%
Ratio of net investment loss to average net assets	(0.33		)%	(0.40		)%	(0.34		)%	(0.43		)%	(0.37		)%	(0.41		)%
Ratio of net investment loss to average net assets prior to expense limitation and expense paid indirectly	(0.35		)%	(0.41		)%	(0.34		)%	(0.43		)%	(0.38		)%	(0.43		)%
Portfolio turnover	65		%	69		%	61		%	67		%	47		%	46		%

(1)Ratios and portfolio turnover have been annualized and total return has not been annualized.

(2)The average shares outstanding method has been applied for per share information.

(3)Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return reflects voluntary waivers and payment of fees by the manager, as applicable. Performance would have been lower had the voluntary expense limitation not been in effect.

See accompanying notes

100

Delaware Pooled Trust – The Focus Smid-Cap Growth Equity Portfolio

Selected data for each share of the Portfolio outstanding throughout each period were as follows:

	Six Months Ended			Year Ended						12/1/03(2)to
	4/30/07(1)			10/31/06			10/31/05			10/31/04
	(Unaudited)
Net asset value, beginning of period	$	10.290		$	9.460		$	8.360		$	8.500
Income (loss) from investment operations:
Net investment income (loss)(3)	(0.001		)	0.018			(0.054		)	(0.037		)
Net realized and unrealized gain (loss) on investments	0.166			0.812			1.154			(0.103		)
Total from investment operations	0.165			0.830			1.100			(0.140		)
Less dividends and distributions from:
Net investment income	(0.013		)	—			—			—
Net realized gain on investments	(0.462		)	—			—			—
Total dividends and distributions	(0.475		)	—			—			—
Net asset value, end of period	$	9.980		$	10.290		$	9.460		$	8.360
Total return(4)	1.70		%	8.77		%	13.16		%	(1.65		)%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	6,208		$	6,099		$	2,226		$	1,968
Ratio of expenses to average net assets	0.96		%	0.92		%(5)	0.93		%(5)	0.92		%
Ratio of expenses to average net assets prior to expense limitation  and expense paid indirectly	1.17		%	1.36		%	1.93		%	1.61		%
Ratio of net investment income (loss) to average net assets	(0.03		)%	0.18		%	(0.60		)%	(0.48		)%
Ratio of net investment loss to average net assets prior to expense limitation and expense paid indirectly	(0.26		)%	(0.26		)%	(1.60		)%	(1.17		)%
Portfolio turnover	17		%	113		%	86		%	75		%

(1)Ratios and portfolio turnover have been annualized and total return has not been annualized.

(2)Date of commencement of operations; ratios and portfolio turnover have been annualized and total return has not been annualized.

(3)The average shares outstanding method has been applied for per share information.

(4)Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return reflects voluntary waivers and payment of fees by the manager. Performance would have been lower had the voluntary expense limitation not been in effect.

(5)Ratios for the years ended October 31, 2006 and 2005, including fees paid indirectly in accordance with Securities and Exchange Commission rules, were 0.98% and 0.95%, respectively.

See accompanying notes

101

Financial highlights

Delaware Pooled Trust – The Smid-Cap Growth Equity Portfolio

Selected data for each share of the Portfolio outstanding throughout each period were as follows:

	Six Months Ended 4/30/07(1)			Year Ended 10/31/06			12/1/04(2)to 10/31/05
	(Unaudited)
Net asset value, beginning of period	$	9.770		$	8.670		$	8.500
Income (loss) from investment operations:
Net investment loss(3)	(0.021		)	(0.052		)	(0.050		)
Net realized and unrealized gain on investments	0.951			1.152			0.220
Total from investment operations	0.930			1.100			0.170
Net asset value, end of period	$	10.700		$	9.770		$	8.670
Total return(4)	9.52		%	12.69		%	2.00		%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	2,518		$	2,299		$	2,040
Ratio of expenses to average net assets	0.97		%	0.92		%(5)	0.92		%(5)
Ratio of expenses to average net assets prior to expense limitation and expense paid indirectly	1.78		%	1.87		%	2.36		%
Ratio of net investment loss to average net assets	(0.41		)%	(0.55		)%	(0.58		)%
Ratio of net investment loss to average net assets prior to expense limitation and expense paid indirectly	(1.25		)%	(1.50		)%	(2.02		)%
Portfolio turnover	112		%	87		%	80		%

(1)Ratios and portfolio turnover have been annualized and total return has not been annualized.

(2)Date of commencement of operations; ratios and portfolio turnover have been annualized and total return has not been annualized.

(3)The average shares outstanding method has been applied for per share information.

(4)Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return reflects voluntary waivers and payment of fees by the manager. Performance would have been lower had the voluntary expense limitation not been in effect.

(5)Ratios for the year ended October 31, 2006 and the period ended October 31, 2005, including fees paid indirectly in accordance with Securities and Exchange Commission rules, were 1.02% and 0.98%, respectively.

See accompanying notes

102

Delaware Pooled Trust – The Real Estate Investment Trust Portfolio II

Selected data for each share of the Portfolio outstanding throughout each period were as follows:

	Six Months Ended			Year Ended
	4/30/07(1)			10/31/06			10/31/05			10/31/04			10/31/03			10/31/02
	(Unaudited)
Net asset value, beginning of period	$	30.730		$	26.430		$	26.220		$	21.890		$	17.320		$	16.800
Income (loss) from investment operations:
Net investment income(2)	0.168			0.589			0.712			0.662			0.914			0.765
Net realized and unrealized gain (loss) on investments	(6.535		)	7.423			2.409			5.179			4.288			0.428
Total from investment operations	(6.367		)	8.012			3.121			5.841			5.202			1.193
Less dividends and distributions from:
Net investment income	(0.205		)	(1.101		)	(0.172		)	(0.963		)	(0.632		)	(0.673		)
Net realized gain on investments	(9.838		)	(2.611		)	(2.739		)	(0.548		)	—			—
Total dividends and distributions	(10.043		)	(3.712		)	(2.911		)	(1.511		)	(0.632		)	(0.673		)
Net asset value, end of period	$	14.320		$	30.730		$	26.430		$	26.220		$	21.890		$	17.320
Total return(3)	7.84		%	34.27		%	12.33		%	28.16		%	31.00		%	7.16		%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	14,322		$	25,417		$	55,382		$	54,630		$	38,290		$	24,073
Ratio of expenses to average net assets	0.90		%	0.86		%	0.86		%	0.83		%	0.85		%	0.86		%
Ratio of expenses to average net assets prior to expense limitation and expense paid indirectly	1.02		%	0.94		%	0.89		%	0.87		%	0.89		%	0.93		%
Ratio of net investment income to average net assets	1.96		%	2.22		%	2.73		%	2.83		%	4.80		%	4.15		%
Ratio of net investment income to average net assets prior to expense limitation and expense paid indirectly	1.84		%	2.14		%	2.70		%	2.79		%	4.76		%	4.08		%
Portfolio turnover	94		%	68		%	41		%	52		%	69		%	61		%

(1)Ratios and portfolio turnover have been annualized and total return has not been annualized.

(2)The average shares outstanding method has been applied for per share information.

(3)Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return reflects voluntary waivers and payment of fees by the manager. Performance would have been lower had the voluntary expense limitation not been in effect.

See accompanying notes

103

Financial highlights

Delaware Pooled Trust – The Intermediate Fixed Income Portfolio

Selected data for each share of the Portfolio outstanding throughout each period were as follows:

	Six Months Ended			Year Ended
	4/30/07(1)			10/31/06			10/31/05			10/31/04			10/31/03			10/31/02
	(Unaudited)
Net asset value, beginning of period	$	9.940		$	9.960		$	10.310		$	10.270		$	10.040		$	10.210
Income (loss) from investment operations:
Net investment income	0.229			0.427			0.382			0.364			0.380			0.484
Net realized and unrealized gain (loss) on investments	0.026			0.025			(0.283		)	0.134			0.296			(0.138		)
Total from investment operations	0.255			0.452			0.099			0.498			0.676			0.346
Less dividends and distributions from:
Net investment income	(0.235		)	(0.472		)	(0.449		)	(0.458		)	(0.446		)	(0.516		)
Total dividends and distributions	(0.235		)	(0.472		)	(0.449		)	(0.458		)	(0.446		)	(0.516		)
Net asset value, end of period	$	9.960		$	9.940		$	9.960		$	10.310		$	10.270		$	10.040
Total return(2)	2.59		%	4.68		%	0.97		%	4.95		%	6.83		%	3.54		%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	28,295		$	28,795		$	15,786		$	18,930		$	2,294		$	6,194
Ratio of expenses to average net assets	0.44		%	0.43		%(3)	0.44		%	0.43		%	0.43		%	0.53		%
Ratio of expenses to average net assets prior to expense limitation and expense paid indirectly	0.64		%	0.67		%	0.68		%	0.65		%	0.98		%	0.68		%
Ratio of net investment income to average net assets	4.65		%	4.38		%	3.76		%	3.54		%	3.71		%	4.84		%
Ratio of net investment income to average net assets prior to expense limitation and expense paid indirectly	4.45		%	4.14		%	3.52		%	3.32		%	3.16		%	4.69		%
Portfolio turnover	270		%	342		%	212		%	322		%	436		%	381		%

(1)  Ratios and portfolio turnover have been annualized and total return has not been annualized.

(2)Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return reflects voluntary waivers and payment of fees by the manager. Performance would have been lower had the voluntary expense limitation not been in effect.

(3)  Ratio for the year ended October 31, 2006, including fees paid indirectly in accordance with Securities and Exchange Commission rules, was 0.44%.

See accompanying notes

104

Delaware Pooled Trust — The Core Focus Fixed Income Portfolio

Selected data for each share of the Portfolio outstanding throughout each period were as follows:

	Six Months Ended				Year Ended								6/30/04(2) to
	4/30/07(1)				10/31/06				10/31/05				10/31/04
	(Unaudited)
Net asset value, beginning of period	$		9.100		$		8.820		$		8.850		$			8.500
Income (loss) from investment operations:
Net investment income(3)	0.209				0.405				0.332				0.082
Net realized and unrealized gain (loss) on investments	0.025				0.035				(0.216			)	0.268
Total from investment operations	0.234				0.440				0.116				0.350
Less dividends and distributions from:
Net investment income	(0.374			)	(0.160			)	(0.085			)	—
Net realized gain on investments	—				—				(0.061			)	—
Total dividends and distributions	(0.374			)	(0.160			)	(0.146			)	—
Net asset value, end of period	$	8.960			$		9.100		$		8.820		$		8.850
Total return(4)	2.64			%	5.06			%	1.33			%	4.12				%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	68,294			$	53,842			$	17,923			$	5,616
Ratio of expenses to average net assets	0.48			%	0.43			%(5)	0.44			%(5)	0.43				%
Ratio of expenses to average net assets prior to expense limitation and expense paid indirectly	0.62			%	0.66			%	0.85			%	1.68				%
Ratio of net investment income to average net assets	4.71			%	4.60			%	3.75			%	2.81				%
Ratio of net investment income to average net assets prior to expense limitation and expense paid indirectly	4.54			%	4.37			%	3.34			%	1.56				%
Portfolio turnover	472			%	555			%	455			%	914				%

(1)Ratios and portfolio turnover have been annualized and total return has not been annualized.

(2)  Date of commencement of operations; ratios and portfolio turnover have been annualized and total return has not been annualized.

(3)  The average shares outstanding method has been applied for per share information.

(4)Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return reflects voluntary waivers and payment of fees by the manager. Performance would have been lower had the voluntary expense limitation not been in effect.

(5)Ratios for the years ended October 31, 2006 and 2005, including fees paid indirectly in accordance with Securities and Exchange Commission rules, were 0.47% and 0.45%, respectively.

See accompanying notes

105

Financial highlights

Delaware Pooled Trust — The High-Yield Bond Portfolio

Selected data for each share of the Portfolio outstanding throughout each period were as follows:

	Six Months Ended			Year Ended
	4/30/07(1)			10/31/06			10/31/05			10/31/04			10/31/03			10/31/02
	(Unaudited)
Net asset value, beginning of period	$	8.160		$	7.430		$	7.780		$	7.260		$	5.840		$	6.680
Income (loss) from investment operations:
Net investment income(2)	0.290			0.621			0.539			0.629			0.712			0.652
Net realized and unrealized gain (loss) on investments	0.253			0.210			(0.139		)	0.549			1.348			(0.772		)
Total from investment operations	0.543			0.831			0.400			1.178			2.060			(0.120		)
Less dividends and distributions from:
Net investment income	(0.633		)	(0.101		)	(0.750		)	(0.658		)	(0.640		)	(0.720		)
Total dividends and distributions	(0.633		)	(0.101		)	(0.750		)	(0.658		)	(0.640		)	(0.720		)
Net asset value, end of period	$	8.070		$	8.160		$	7.430		$	7.780		$	7.260		$	5.840
Total return(3)	7.03		%	11.33		%	5.24		%	17.02		%	36.87		%	(2.23		)%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	23,731		$	6,166		$	5,265		$	2,703		$	5,129		$	3,747
Ratio of expenses to average net assets	0.59		%	0.59		%	0.62		%	0.59		%	0.59		%	0.59		%
Ratio of expenses to average net assets prior to expense limitation and expense paid indirectly	0.79		%	1.03		%	1.34		%	1.01		%	0.96		%	0.88		%
Ratio of net investment income to average net assets	7.33		%	8.05		%	7.03		%	8.46		%	10.64		%	10.15		%
Ratio of net investment income to average net assets prior to expense limitation and expense paid indirectly	7.13		%	7.61		%	6.31		%	8.04		%	10.27		%	9.86		%
Portfolio turnover	176		%	142		%	267		%	391		%	597		%	553		%

(1)  Ratios and portfolio turnover have been annualized and total return has not been annualized.

(2)  The average shares outstanding method has been applied for per share information.

(3)Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return reflects voluntary waivers and payment of fees by the manager. Performance would have been lower had the voluntary expense limitation not been in effect.

See accompanying notes

106

Delaware Pooled Trust — The Core Plus Fixed Income Portfolio

Selected data for each share of the Portfolio outstanding throughout each period were as follows:

	Six Months Ended			Year Ended												6/28/02(2) to
	4/30/07(1)			10/31/06			10/31/05			10/31/04			10/31/03			10/31/02
	(Unaudited)
Net asset value, beginning of period	$	9.550		$	9.260		$	9.260		$	9.380		$	8.800		$	8.500
Income (loss) from investment operations:
Net investment income(3)	0.234			0.450			0.360			0.329			0.351			0.109
Net realized and unrealized gain (loss) on investments and foreign currencies	0.066			0.110			(0.169		)	0.312			0.427			0.191
Total from investment operations	0.300			0.560			0.191			0.641			0.778			0.300
Less dividends and distributions from:
Net investment income	(0.440		)	(0.270		)	(0.136		)	(0.424		)	(0.140		)	—
Net realized gain on investments	—			—			(0.055		)	(0.337		)	(0.058		)	—
Total dividends and distributions	(0.440		)	(0.270		)	(0.191		)	(0.761		)	(0.198		)	—
Net asset value, end of period	$	9.410		$	9.550		$	9.260		$	9.260		$	9.380		$	8.800
Total return(4)	3.24		%	6.20		%	2.09		%	7.30		%	9.01		%	3.57		%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	272,411		$	204,874		$	167,892		$	35,796		$	7,372		$	7,706
Ratio of expenses to average net assets	0.48		%	0.45		%(5)	0.48		%(5)	0.50		%	0.50		%	0.57		%
Ratio of expenses to average net assets prior to expense limitation and expense paid indirectly	0.56		%	0.56		%	0.63		%	0.78		%	0.89		%	2.20		%
Ratio of net investment income to average net assets	5.04		%	4.89		%	3.87		%	3.65		%	3.86		%	3.62		%
Ratio of net investment income to average net assets prior to expense limitation and expense paid indirectly	4.94		%	4.78		%	3.72		%	3.37		%	3.47		%	1.99		%
Portfolio turnover	461		%	421		%	620		%	709		%	569		%	847		%

(1)  Ratios and portfolio turnover have been annualized and total return has not been annualized.

(2)  Date of commencement of operations; ratios and porfolio turnover have been annualized and total return has not been annualized.

(3)  The average shares outstanding method has been applied for per share information.

(4)Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return reflects voluntary waivers and payment of fees by the manager. Performance would have been lower had the voluntary expense limitation not been in effect.

(5)Ratios for the years ended October 31, 2006 and 2005, including fees paid indirectly in accordance with Securities and Exchange Commission rules, were 0.47% and 0.49%, respectively.

See accompanying notes

107

Financial highlights

Delaware Pooled Trust — The International Equity Portfolio

Selected data for each share of the Portfolio outstanding throughout each period were as follows:

	Six Months Ended			Year Ended
	4/30/07(1)			10/31/06			10/31/05			10/31/04			10/31/03			10/31/02
	(Unaudited)
Net asset value, beginning of period	$	25.330		$	20.460		$	17.650		$	14.750		$	11.800		$	12.580
Income (loss) from investment operations:
Net investment income(2)	0.256			0.671			0.554			0.402			0.370			0.261
Net realized and unrealized gain (loss) on investments and foreign currencies	3.026			5.247			2.500			2.834			2.896			(0.743		)
Total from investment operations	3.282			5.918			3.054			3.236			3.266			(0.482		)
Less dividends and distributions from:
Net investment income	(0.707		)	(0.531		)	(0.244		)	(0.336		)	(0.255		)	(0.298		)
Net realized gain on investments	(2.735		)	(0.517		)	—			—			(0.061		)	—
Total dividends and distributions	(3.442		)	(1.048		)	(0.244		)	(0.336		)	(0.316		)	(0.298		)
Net asset value, end of period	$	25.170		$	25.330		$	20.460		$	17.650		$	14.750		$	11.800
Total return(3)	14.19		%	30.13		%	17.45		%	22.26		%	28.50		%	(4.02		)%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	2,348,750		$	2,167,690		$	1,853,300		$	1,266,246		$	650,163		$	411,404
Ratio of expenses to average net assets	0.89		%	0.90		%	0.88		%	0.88		%	0.90		%	0.91		%
Ratio of net investment income to average net assets	2.13		%	2.98		%	2.84		%	2.46		%	2.93		%	2.01		%
Portfolio turnover	16		%	19		%	10		%	9		%	6		%	10		%

(1)  Ratios and portfolio turnover have been annualized and total return has not been annualized.

(2)  The average shares outstanding method has been applied for per share information.

(3)Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

See accompanying notes

108

Delaware Pooled Trust — The Labor Select International Equity Portfolio

Selected data for each share of the Portfolio outstanding throughout each period were as follows:

	Six Months Ended			Year Ended
	4/30/07(1)			10/31/06			10/31/05			10/31/04			10/31/03			10/31/02
	(Unaudited)
Net asset value, beginning of period	$	22.380		$	17.630		$	15.360		$	13.030		$	10.370		$	10.980
Income (loss) from investment operations:
Net investment income(2)	0.232			0.612			0.470			0.385			0.321			0.233
Net realized and unrealized gain (loss) on investments and foreign currencies	2.624			4.701			2.152			2.326			2.594			(0.463		)
Total from investment operations	2.856			5.313			2.622			2.711			2.915			(0.230		)
Less dividends and distributions from:
Net investment income	(0.549		)	(0.454		)	(0.153		)	(0.228		)	(0.233		)	(0.230		)
Net realized gain on investments	(1.897		)	(0.109		)	(0.199		)	(0.153		)	(0.022		)	(0.150		)
Total dividends and distributions	(2.446		)	(0.563		)	(0.352		)	(0.381		)	(0.255		)	(0.380		)
Net asset value, end of period	$	22.790		$	22.380		$	17.630		$	15.360		$	13.030		$	10.370
Total return(3)	13.74		%	30.91		%	17.30		%	21.20		%	28.71		%	(2.31		)%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,025,427		$	955,535		$	650,549		$	452,413		$	192,433		$	88,848
Ratio of expenses to average net assets	0.89		%	0.89		%	0.89		%	0.88		%	0.91		%	0.87		%
Ratio of net investment income to average net assets	2.15		%	3.09		%	2.78		%	2.69		%	2.83		%	2.05		%
Portfolio turnover	31		%	21		%	7		%	6		%	10		%	12		%

(1)  Ratios and portfolio turnover have been annualized and total return has not been annualized.

(2)  The average shares outstanding method has been applied for per share information.

(3)Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

See accompanying notes

109

Financial highlights

Delaware Pooled Trust — The Emerging Markets Portfolio

Selected data for each share of the Portfolio outstanding throughout each period were as follows:

	Six Months Ended			Year Ended
	4/30/07(1)			10/31/06			10/31/05			10/31/04			10/31/03			10/31/02
	(Unaudited)
Net asset value, beginning of period	$	15.360		$	17.150		$	13.740		$	10.670		$	6.790		$	6.460
Income from investment operations:
Net investment income(2)	0.157			0.397			0.486			0.361			0.197			0.237
Net realized and unrealized gain on investments and foreign currencies	2.347			2.963			4.040			2.908			3.860			0.271
Total from investment operations	2.504			3.360			4.526			3.269			4.057			0.508
Less dividends and distributions from:
Net investment income	(0.369		)	(0.540		)	(0.242		)	(0.260		)	(0.225		)	(0.183		)
Net realized gain on investments	(2.727		)	(4.637		)	(0.948		)	—			—			—
Total dividends and distributions	(3.096		)	(5.177		)	(1.190		)	(0.260		)	(0.225		)	(0.183		)
Reimbursement fees:
Purchase reimbursement fees(2),(3)	0.037			0.003			0.012			0.058			0.034			0.001
Redemption reimbursement fees(2),(3)	0.005			0.024			0.062			0.003			0.014			0.004
	0.042			0.027			0.074			0.061			0.048			0.005
Net asset value, end of period	$	14.810		$	15.360		$	17.150		$	13.740		$	10.670		$	6.790
Total return(4)	18.28		%	25.12		%	35.36		%	31.74		%	62.19		%	7.98		%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	823,003		$	717,464		$	698,291		$	623,649		$	256,168		$	114,573
Ratio of expenses to average net assets	1.31		%	1.27		%	1.28		%	1.22		%	1.23		%	1.23		%
Ratio of net investment income to average net assets	2.19		%	2.70		%	3.11		%	2.94		%	2.42		%	3.24		%
Portfolio turnover	42		%	30		%	48		%	36		%	69		%	36		%

(1)  Ratios and portfolio turnover have been annualized and total return has not been annualized.

(2)  The average shares outstanding method has been applied for per share information.

(3)The Portfolio charges a 0.75% purchase reimbursement fee and a 0.75% redemption reimbursement fee which are retained by the Portfolio.

(4)Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

See accompanying notes

110

Delaware Pooled Trust — The Global Real Estate Securities Portfolio

Selected data for each share of the Portfolio outstanding throughout the period were as follows:

	Original Class				Class P
	1/10/07(1) to 4/30/07				1/10/07(1) to 4/30/07
	(Unaudited)				(Unaudited)
Net asset value, beginning of period	$		8.500		$		8.500
Income from investment operations:
Net investment income(2)	0.046				0.040
Net realized and unrealized gain on investments and foreign currencies	0.254				0.250
Total from investment operations	0.300				0.290
Net asset value, end of period	$		8.800		$	8.790
Total return(3)	3.53			%	3.41			%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	271,474			$	10
Ratio of expenses to average net assets	1.17			%	1.42			%
Ratio of expenses to average net assets prior to expense limitation and expense paid indirectly	1.22			%	1.47			%
Ratio of net investment income to average net assets	1.82			%	1.57			%
Ratio of net investment income to average net assets prior to expense limitation and expense paid indirectly	1.70			%	1.45			%
Portfolio turnover	31			%	31			%

(1)  Date of commencement of operations; ratios and porfolio turnover have been annualized and total return has not been annualized.

(2)  The average shares outstanding method has been applied for per share information.

(3)Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return reflects waivers and payment of fees by the manager. Performance would have been lower had the expense limitation not been in effect.

See accompanying notes

111

Financial highlights

Delaware Pooled Trust — The Global Fixed Income Portfolio

Selected data for each share of the Portfolio outstanding throughout each period were as follows:

	Six Months Ended			Year Ended
	4/30/07(1)			10/31/06			10/31/05			10/31/04			10/31/03			10/31/02
	(Unaudited)
Net asset value, beginning of period	$	11.330		$	11.570		$	12.380		$	13.620		$	11.760		$	10.210
Income (loss) from investment operations:
Net investment income(2)	0.125			0.244			0.297			0.342			0.432			0.461
Net realized and unrealized gain (loss) on investments and foreign currencies	0.186			0.358			(0.458		)	1.258			1.921			1.089
Total from investment operations	0.311			0.602			(0.161		)	1.600			2.353			1.550
Less dividends and distributions from:
Net investment income	(0.471		)	(0.751		)	(0.649		)	(2.840		)	(0.493		)	—
Net realized gain on investments	—			(0.091		)	—			—			—			—
Total dividends and distributions	(0.471		)	(0.842		)	(0.649		)	(2.840		)	(0.493		)	—
Net asset value, end of period	$	11.170		$	11.330		$	11.570		$	12.380		$	13.620		$	11.760
Total return(3)	2.81		%	5.55		%	(1.64		)%	13.40		%	20.68		%	15.18		%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	273,487		$	275,806		$	289,976		$	268,352		$	208,354		$	279,938
Ratio of expenses to average net assets	0.61		%	0.60		%	0.60		%	0.60		%	0.60		%	0.60		%
Ratio of expenses to average net assets prior to expense limitation and expense paid indirectly	0.66		%	0.63		%	0.64		%	0.64		%	0.65		%	0.66		%
Ratio of net investment income to average net assets	2.27		%	2.22		%	2.43		%	2.88		%	3.38		%	4.33		%
Ratio of net investment income to average net assets prior to expense limitation and expense paid indirectly	2.22		%	2.19		%	2.39		%	2.84		%	3.33		%	4.27		%
Portfolio turnover	42		%	41		%	50		%	55		%	95		%	58		%

(1)  Ratios and portfolio turnover have been annualized and total return has not been annualized.

(2)  The average shares outstanding method has been applied for per share information.

(3)Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return reflects voluntary waivers and payment of fees by the manager. Performance would have been lower had the voluntary expense limitation not been in effect.

See accompanying notes

112

Delaware Pooled Trust — The International Fixed Income Portfolio

Selected data for each share of the Portfolio outstanding throughout each period were as follows:

	Six Months Ended			Year Ended
	4/30/07(1)			10/31/06			10/31/05			10/31/04			10/31/03			10/31/02
	(Unaudited)
Net asset value, beginning of period	$	10.940		$	11.200		$	12.290		$	12.250		$	10.500		$	9.150
Income (loss) from investment operations:
Net investment income(2)	0.120			0.204			0.245			0.311			0.360			0.323
Net realized and unrealized gain (loss) on investments and foreign currencies	0.151			0.300			(0.512		)	1.259			1.881			1.027
Total from investment operations	0.271			0.504			(0.267		)	1.570			2.241			1.350
Less dividends and distributions from:
Net investment income	(0.131		)	(0.764		)	(0.823		)	(1.530		)	(0.491		)	—
Total dividends and distributions	(0.131		)	(0.764		)	(0.823		)	(1.530		)	(0.491		)	—
Net asset value, end of period	$	11.080		$	10.940		$	11.200		$	12.290		$	12.250		$	10.500
Total return(3)	2.50		%	4.77		%	(2.69		)%	13.82		%	22.14		%	14.75		%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	30,841		$	39,273		$	62,411		$	61,386		$	48,284		$	41,934
Ratio of expenses to average net assets	0.62		%	0.60		%	0.60		%	0.60		%	0.60		%	0.60		%
Ratio of expenses to average net assets prior to expense limitation and expense paid indirectly	0.75		%	0.68		%	0.67		%	0.67		%	0.68		%	0.67		%
Ratio of net investment income to average net assets	2.21		%	1.92		%	2.05		%	2.68		%	3.13		%	3.39		%
Ratio of net investment income to average net assets prior to expense limitation and expense paid indirectly	2.08		%	1.84		%	1.98		%	2.61		%	3.05		%	3.32		%
Portfolio turnover	44		%	38		%	42		%	57		%	112		%	46		%

(1)  Ratios and portfolio turnover have been annualized and total return has not been annualized.

(2)  The average shares outstanding method has been applied for per share information.

(3)Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return reflects voluntary waivers and payment of fees by the manager. Performance would have been lower had the voluntary expense limitation not been in effect.

See accompanying notes

113

Notes to financial statements

Delaware Pooled Trust

April 30, 2007 (Unaudited)

Delaware Pooled Trust (the “Trust”) is organized as a Delaware statutory trust and offers 19 separate Portfolios. These financial statements and the related notes pertain to The Large-Cap Value Equity Portfolio, The All-Cap Growth Equity Portfolio, The Large-Cap Growth Equity Portfolio, The Mid-Cap Growth Equity Portfolio, The Small-Cap Growth Equity Portfolio, The Focus Smid-Cap Growth Equity Portfolio, The Smid-Cap Growth Equity Portfolio, The Real Estate Investment Trust Portfolio II, The Intermediate Fixed Income Portfolio, The Core Focus Fixed Income Portfolio, The High-Yield Bond Portfolio, The Core Plus Fixed Income Portfolio, The International Equity Portfolio, The Labor Select International Equity Portfolio, The Emerging Markets Portfolio, The Global Real Estate Securities Portfolio, The Global Fixed Income Portfolio and The International Fixed Income Portfolio (each a “Portfolio”, or collectively, the “Portfolios”). The Real Estate Investment Trust Portfolio is included in a separate report. The Trust is an open-end investment company. Each Portfolio is considered diversified under the Investment Company Act of 1940, as amended, except for The Real Estate Investment Trust, The Real Estate Investment Trust II, The Emerging Markets, The Global Real Estate Securities, The Global Fixed Income and The International Fixed Income Portfolios, which are non-diversified. Each Portfolio offers one class of shares except for The Global Real Estate Securities Portfolio which offers Original Class and Class P shares. The Original Class shares do not carry a 12b-1 fee and the Class P shares carry a 12b-1 fee.

The investment objective of The Large-Cap Value Equity Portfolio is to seek long-term capital appreciation.

The investment objective of The All-Cap Growth Equity Portfolio is to seek long-term capital appreciation.

The investment objective of The Large-Cap Growth Equity Portfolio is to seek capital appreciation.

The investment objective of The Mid-Cap Growth Equity Portfolio is to seek maximum long-term capital growth; current income is expected to be incidental.

The investment objective of The Small-Cap Growth Equity Portfolio is to seek long-term capital appreciation.

The investment objective of The Focus Smid-Cap Growth Equity Portfolio is to seek long-term capital appreciation.

The investment objective of The Smid-Cap Growth Equity Portfolio is to seek long-term capital appreciation.

The investment objective of The Real Estate Investment Trust Portfolio II is to seek maximum long-term total return, with capital appreciation as a secondary objective. The Real Estate Investment Trust Portfolio shares the same investment objective.

The investment objective of The Intermediate Fixed Income Portfolio is to seek maximum long-term total return, consistent with reasonable risk.

The investment objective of The Core Focus Fixed Income Portfolio is to seek maximum long-term total return, consistent with reasonable risk.

The investment objective of The High-Yield Bond Portfolio is to seek high total return.

The investment objective of The Core Plus Fixed Income Portfolio is to seek maximum long-term total return, consistent with reasonable risk.

The investment objective of The International Equity Portfolio is to seek maximum long-term total return.

The investment objective of The Labor Select International Equity Portfolio is to seek maximum long-term total return.

The investment objective of The Emerging Markets Portfolio is to seek long-term capital appreciation.

The investment objective of The Global Real Estate Securities Portfolio is to seek maximum long-term total return through a combination of current income and capital appreciation.

The investment objective of The Global Fixed Income Portfolio is to seek current income consistent with the preservation of principal.

The investment objective of The International Fixed Income Portfolio is to seek current income consistent with the preservation of principal.

1. Significant Accounting Policies

The following accounting policies are in accordance with U.S. generally accepted accounting principles and are consistently followed by the Portfolios.

Security Valuation — Equity securities, except those traded on the Nasdaq Stock Market, Inc. (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (NYSE) on the valuation date. Securities traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. 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. U.S. government and agency securities are valued at the mean between the bid and asked prices. Other long-term debt securities are valued by an independent pricing service and such prices are believed to reflect the fair value of such securities. Short-term debt securities having less than 60 days to maturity are valued at amortized cost, which approximates market value. Securities lending collateral is valued at amortized cost, which approximates market value. Foreign currency exchange contracts and foreign cross currency exchange 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. Futures contracts and options on futures contracts are valued at the daily quoted settlement prices. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and asked prices. Swap contracts and other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Trust’s Board of Trustees. In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures, or with respect to foreign securities, aftermarket trading or significant events after local market trading (e.g., government actions or pronouncements, trading volume or volatility on markets, exchanges among dealers, or news events).

114

1. Significant Accounting Policies (continued)

In September 2006, the Financial Accounting Standards Board (FASB) issued FASB Statement No. 157 “Fair Value Measurements” (Statement 157). Statement 157 establishes a framework for measuring fair value in generally accepted accounting principles, clarifies the definition of fair value within that framework, and expands disclosures about the use of fair value measurements. Statement 157 is intended to increase consistency and comparability among fair value estimates used in financial reporting. Statement 157 is effective for fiscal years beginning after November 15, 2007. Management does not expect the adoption of Statement 157 to have an impact on the amounts reported in the financial statements.

Federal Income Taxes — Each Portfolio intends to qualify or continue to qualify for federal income tax purposes 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.

On July 13, 2006, the FASB released FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Portfolios’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Recent SEC guidance allows implementing FIN 48 in the portfolio net asset value calculations as late as the portfolios’ last net asset value calculation in the first required financial statement reporting period. As a result, the Portfolios will incorporate FIN 48 in their semiannual report on April 30, 2008. Although the Portfolios’ tax positions are currently being evaluated, management does not expect the adoption of FIN 48 to have a material impact on the Portfolios’ financial statements.

Class Accounting — Investment income, common expenses and realized and unrealized gain (loss) on investments are allocated to the various classes of The Global Real Estate Securities Portfolio on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Repurchase Agreements — Each Portfolio may invest in a pooled cash account along with members of the Delaware Investments^® Family of Funds pursuant to an exemptive order issued by the Securities and Exchange Commission. 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 each Portfolio’s custodian bank until the maturity of the respective repurchase agreements. Each repurchase agreement is at least 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. The Portfolios isolate that portion of realized gains and losses on investments in debt securities which is due to changes in foreign exchange rates from that which are due to changes in market prices of debt securities. For foreign equity securities, these changes are included in realized gains (losses) on investments. The Portfolios report certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, where such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates — The preparation of financial statements in conformity with U.S. generally accepted accounting principles 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.

Reimbursement Fees — The Emerging Markets Portfolio may charge a 0.75% purchase reimbursement fee and a 0.75% redemption reimbursement fee. These fees are designed to reflect an approximation of the brokerage and other 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 Portfolio (and, indirectly, the Portfolio’s existing shareholders) would have to bear such costs. These fees are accounted for as an addition to paid-in capital for the Portfolio in the Statement of Changes.

Other — Expenses directly attributable to the Portfolios are charged directly to the Portfolios. Other expenses common to various funds within the Delaware Investments^® Family of Funds are generally allocated amongst such funds on the basis of average net assets. Management fees and some other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Interest income is recorded on the accrual basis. Discounts and premiums on non-convertible bonds are amortized to interest income over the lives of the respective securities. Dividend income is recorded on the ex-dividend date. Realized gains (losses) on paydowns of mortgage- and asset-backed securities are classified as interest income. Distributions received from investments in Real Estate Investment Trusts are recorded as dividend income on ex-dividend date, subject to reclassification upon notice of the character of such distribution by the issuer. The financial statements reflect an estimate of the reclassification of the distribution character. 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 recorded in accordance with each Portfolio’s understanding of the applicable country’s tax rules and rates.

The Intermediate Fixed Income Portfolio declares dividends daily from net investment income and pays such dividends monthly. Each other Portfolio declares and pays dividends from net investment income, if any, annually. All Portfolios declare and pay distributions from net realized gain on investments, if any, annually.

115

Notes to financial statements

Delaware Pooled Trust

1. Significant Accounting Policies (continued)

Subject to seeking best execution, the Portfolios may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commission to each Portfolio in cash. In general, best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement accorded the order, and other factors affecting the overall benefit obtained by the Portfolio on the transaction. Such commission rebates are included in realized gain on investments in the accompanying financial statements. The total commission rebates for the six months ended April 30, 2007 are as follows:

	Commission Rebates
The All-Cap Growth Equity Portfolio	$	1,876
The Large-Cap Growth Equity Portfolio	218
The Mid-Cap Growth Equity Portfolio	339
The Small-Cap Growth Equity Portfolio	498
The Focus Smid-Cap Growth Equity Portfolio	34
The Smid-Cap Growth Equity Portfolio	37
The Real Estate Investment Trust Portfolio II	35

The Portfolios may receive earnings credits from their custodian when positive cash balances are maintained, which are used to offset custody fees. The expense paid under this arrangement is included in custodian fees on the Statements of Operations with the corresponding expense offset shown as “expense paid indirectly.”

2. Investment Management, Administration Agreements and Other Transactions with Affiliates

In accordance with the terms of the investment management agreements, Delaware Management Company (DMC), a series of Delaware Management Business Trust and the investment manager of the Portfolios, will receive an annual fee which is calculated daily based on the average daily net assets of each Portfolio.

DMC has voluntarily agreed to waive that portion, if any, of its management fees and reimburse each Portfolio to the extent necessary to ensure that annual operating expenses, exclusive of taxes, interest, brokerage commissions, 12b-1 plan expense, certain insurance costs and other non-routine expenses or costs, do not exceed specified percentages of average daily net assets.

The management fee rates and the operating expense limitation rates in effect for the six months ended April 30, 2007 are as follows:

	Management Fee as a Percentage of Average Daily Net Assets (Per Annum)		Operating Expens Limitation as a Percentage of Average Daily Net Assets (Per Annum)
The Large-Cap Value Equity Portfolio	0.55	%	0.68	%
The All-Cap Growth Equity Portfolio	0.75	%	0.89	%
The Large-Cap Growth Equity Portfolio	0.55	%	0.65	%
The Mid-Cap Growth Equity Portfolio	0.75	%	0.93	%
The Small-Cap Growth Equity Portfolio	0.75	%	0.89	%
The Focus Smid-Cap Growth Equity Portfolio	0.75	%	0.92	%
The Smid-Cap Growth Equity Portfolio	0.75	%	0.92	%
The Real Estate Investment Trust Portfolio II	0.75	%	0.86	%

	Management Fee as a Percentage of Average Daily Net Assets (Per Annum)		Operating Expense Limitation as a Percentage of Average Daily Net Assets (Per Annum)
The Intermediate Fixed Income Portfolio	0.40	%	0.43	%*
The Core Focus Fixed Income Portfolio	0.40	%	0.43	%*
The High-Yield Bond Portfolio	0.45	%	0.59	%*
The Core Plus Fixed Income Portfolio	0.43	%	0.45	%*
The International Equity Portfolio	0.75	%	—
The Labor Select International Equity Portfolio	0.75	%	0.96	%
The Emerging Markets Portfolio	1.00	%	1.55	%
The Global Real Estate Securities Portfolio	0.99	%*	1.10	%*
The Global Fixed Income Portfolio	0.50	%	0.60	%
The International Fixed Income Portfolio	0.50	%	0.60	%

*     Effective June 1, 2007, Delaware Management Company has agreed to voluntarily waive all or a portion of its investment advisory fees and/or reimburse expenses from June 1, 2007 through December 31, 2007 to prevent the total annual operating expenses for The Intermediate Fixed Income Portfolio, The Core Focus Fixed Income Portfolio, The High-Yield Bond Portfolio and The Core Plus Fixed Income Portfolio from exceeding 0.21%, 0.21%, 0.29% and 0.22%, respectively. These voluntary expense limitations exclude any 12b-1 plan expenses, taxes, interest, inverse floater program expenses, brokerage fees, certain insurance costs, and non-routine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, certain Trustee retirement plan expenses, conducting shareholder meetings, and liquidations.

**     0.99% on the first $100 million; 0.90% on the next $150 million; 0.80% on assets in excess of $250 million.

***  Contractual waiver through 2/29/08.

Mondrian Investment Partners Limited (“Mondrian”) furnishes investment sub-advisory services to The International Equity Portfolio, The Labor Select International Equity Portfolio, The Emerging Markets Portfolio, The Global Fixed Income Portfolio and The International Fixed Income Portfolio. For these services, DMC, not the Portfolios, pays Mondrian the following percentages of the Portfolios’ average daily net assets.

	Sub-Advisory Fee as a Percentage of Average Daily Net Assets (Per Annum)
The International Equity Portfolio	0.36	%
The Labor Select International Equity Portfolio	0.30	%
The Emerging Markets Portfolio	0.75	%
The Global Fixed Income Portfolio	0.30	%
The International Fixed Income Portfolio	0.30	%

Delaware Service Company, Inc. (DSC), an affiliate of DMC, provides accounting, administration, dividend disbursing and transfer agent services. The Portfolios pay DSC a monthly fee computed at the annual rate of 0.04% of the Portfolios’ average daily net assets for accounting and administration services. The Portfolios pay DSC a monthly fee based on average net assets for dividend disbursing and transfer agent services.

Pursuant to a distribution agreement and distribution plan, The Global Real Estate Securities Portfolio pays Delaware Distributors, L.P. (DDLP), the distributor and an affiliate of DMC, an annual distribution and service fee not to exceed 0.25% of the average daily net assets of the Class P shares. Original Class shares pay no distribution and service expenses.

116

2. Investment Management, Administration Agreements and Other Transactions with Affiliates (continued)

At April 30, 2007, each Portfolio had receivables due from or liabilities payable to affiliates as follows:

	Investment Management Fee Payable to DMC		Dividend Disbursing, Transfer Agent, Accounting and Administration Fees and Other Expenses Payable to DSC		Other Expenses Payable to DMC and Affiliates*		Receivable from DMC Under Expense Limitation Agreement
The Large-Cap Value Equity Portfolio	$	1,642	$	826	$	345	$	—
The All-Cap Growth Equity Portfolio	2,546		531		298		—
The Large-Cap Growth Equity Portfolio	154,829		14,097		3,987		—
The Mid-Cap Growth Equity Portfolio	765		407		255		—
The Small-Cap Growth Equity Portfolio	32,387		2,400		2,220		—
The Focus Smid-Cap Growth Equity Portfolio	2,675		458		75		—
The Smid-Cap Growth Equity Portfolio	—		304		41		178
The Real Estate Investment Trust Portfolio II	6,814		806		198		—
The Intermediate Fixed Income Portfolio	5,300		1,367		483		—
The Core Focus Fixed Income Portfolio	14,709		3,003		1,138		—
The High-Yield Bond Portfolio	6,801		1,172		298		—
The Core Plus Fixed Income Portfolio	74,285		11,400		4,495		—
The International Equity Portfolio	1,440,936		95,668		70,657		—
The Labor Select International Equity Portfolio	625,786		42,019		25,588		—
The Emerging Markets Portfolio	673,321		33,928		16,555		—
The Global Real Estate Securities Portfolio**	414,100		24,406		92,032		—
The Global Fixed Income Portfolio	96,895		11,205		3,371		—
The International Fixed Income Portfolio	10,585		1,449		364		—

*       DMC, as part of its administrative services, pays operating expenses on behalf of the Portfolios and is reimbursed on a periodic basis. Such expenses include items such as printing of shareholder reports, fees for audit, legal and tax services, registration fees and trustees’ fees.

**     The Global Real Estate Securities Portfolio had distribution fees payable to DDLP of $4.

As provided in the investment management agreement, the Portfolios bear the cost of certain legal and tax services, including internal legal and tax services provided to the Portfolios by DMC and/or its affiliates’ employees. For the six months ended April 30, 2007, the Portfolios were charged for internal legal and tax services by DMC and/or its affiliates’ employees as follows:

The Large-Cap Value Equity Portfolio	$	369
The All-Cap Growth Equity Portfolio	194
The Large-Cap Growth Equity Portfolio	7,761
The Mid-Cap Growth Equity Portfolio	253
The Small-Cap Growth Equity Portfolio	1,318
The Focus Smid-Cap Growth Equity Portfolio	128
The Smid-Cap Growth Equity Portfolio	59
The Real Estate Investment Trust Portfolio II	495
The Intermediate Fixed Income Portfolio	702
The Core Focus Fixed Income Portfolio	1,448
The High-Yield Bond Portfolio	275
The Core Plus Fixed Income Portfolio	5,975
The International Equity Portfolio	53,182
The Labor Select International Equity Portfolio	23,621
The Emerging Markets Portfolio	19,350
The Global Real Estate Securities Portfolio	—
The Global Fixed Income Portfolio	6,716
The International Fixed Income Portfolio	691

117

Notes to financial statements

Delaware Pooled Trust

2. Investment Management, Administration Agreements and Other Transactions with Affiliates (continued)

Trustees’ fees and benefits include expenses accrued by each Portfolio for each Trustee’s retainer, per meeting fees and retirement benefits. Independent Trustees with over five years of uninterrupted service were eligible to participate in a retirement plan that provides for the payments of benefits upon retirement. The amount of the retirement benefit was determined based on factors set forth in the plan, including the number of years of service. On November 16, 2006, the Board of Trustees of the Portfolios unanimously voted to terminate the retirement plan. Payments equal to the net present value of the earned benefits were made in 2007 to those independent Trustees so entitled. Certain officers of DMC and DSC are officers and/or trustees of the Trust. These officers and trustees are paid no compensation by the Portfolios. The retirement benefit payout for each Portfolio was as follows:

	Retirement Benefit Payout
The Large-Cap Value Equity Portfolio	$	1,965
The All-Cap Growth Equity Portfolio	1,460
The Large-Cap Growth Equity Portfolio	22,989
The Mid-Cap Growth Equity Portfolio	2,083
The Small-Cap Growth Equity Portfolio	8,077
The Focus Smid-Cap Growth Equity Portfolio	677
The Smid-Cap Growth Equity Portfolio	255
The Real Estate Investment Trust Portfolio II	3,288
The Intermediate Fixed Income Portfolio	3,615
The Core Focus Fixed Income Portfolio	6,241
The High-Yield Bond Portfolio	757
The Core Plus Fixed Income Portfolio	23,470
The International Equity Portfolio	274,176
The Labor Select International Equity Portfolio	116,317
The Emerging Markets Portfolio	88,228
The Global Fixed Income Portfolio	34,649
The International Fixed Income Portfolio	4,878

3. Investments

For the six months ended April 30, 2007, each Portfolio made purchases and sales of investment securities other than short-term investments as follows:

	Purchases Other Than U.S. Government Securities		Purchases of U.S. Government Securities		Sales Other Than U.S. Government Securities		Sales of U.S. Government Securities
The Large-Cap Value Equity Portfolio	$	941,695	$	—	$	3,314,858	$	—
The All-Cap Growth Equity Portfolio	1,575,234		—		2,188,260		—
The Large-Cap Growth Equity Portfolio	56,344,766		—		15,601,796		—
The Mid-Cap Growth Equity Portfolio	4,954,358		—		17,884,507		—
The Small-Cap Growth Equity Portfolio	17,656,722		—		36,889,255		—
The Focus Smid-Cap Growth Equity Portfolio	657,505		—		505,978		—
The Smid-Cap Growth Equity Portfolio	1,324,535		—		1,364,512		—
The Real Estate Investment Trust Portfolio II	9,533,317		—		21,547,674		—
The Intermediate Fixed Income Portfolio	17,881,915		19,391,302		15,299,279		21,364,386
The Core Focus Fixed Income Portfolio	105,874,932		40,175,958		92,339,166		41,184,510
The High-Yield Bond Portfolio	25,420,825		—		9,165,127		—
The Core Plus Fixed Income Portfolio	462,360,766		159,378,461		390,258,045		152,363,005
The International Equity Portfolio	177,125,789		—		297,551,706		—
The Labor Select International Equity Portfolio	143,109,650		—		186,156,686		—
The Emerging Markets Portfolio	156,793,995		—		194,171,252		—
The Global Real Estate Securities Portfolio	272,474,660		—		15,081,655		—
The Global Fixed Income Portfolio	50,285,074		5,080,445		54,257,864		4,012,969
The International Fixed Income Portfolio	6,393,366		—		14,927,640		—

118

3. Investments (continued)

At April 30, 2007, the cost of investments for federal income tax purposes has been estimated since the final tax characteristics cannot be determined until fiscal year end. At April 30, 2007, the cost of investments and unrealized appreciation (depreciation) for each Portfolio were as follows:

	Cost of  Investments		Aggregate Unrealized Appreciation		Aggregate Unrealized Depreciation			Net Unrealized  Appreciation
The Large-Cap Value Equity Portfolio	$	12,862,626	$	2,412,125	$	(103,242	)	$	2,308,883
The All-Cap Growth Equity Portfolio	7,031,347		1,012,452		(200,666		)	811,786
The Large-Cap Growth Equity Portfolio	318,598,383		25,477,696		(4,551,109		)	20,926,587
The Mid-Cap Growth Equity Portfolio	3,658,517		1,406,223		(76,216		)	1,330,007
The Small-Cap Growth Equity Portfolio	39,323,288		15,225,982		(1,687,248		)	13,538,734
The Focus Smid-Cap Growth Equity Portfolio	5,948,763		525,352		(305,943		)	219,409
The Smid-Cap Growth Equity Portfolio	2,041,386		511,937		(35,787		)	476,150
The Real Estate Investment Trust Portfolio II	13,238,444		1,299,392		(178,526		)	1,120,866
The Intermediate Fixed Income Portfolio	28,690,532		163,159		(108,753		)	54,406
The Core Focus Fixed Income Portfolio	80,467,696		403,768		(154,474		)	249,294
The High-Yield Bond Portfolio	23,341,587		370,352		(110,312		)	260,040
The Core Plus Fixed Income Portfolio	328,874,742		2,558,618		(824,473		)	1,734,145
The International Equity Portfolio	2,122,860,168		755,247,480		(1,288,529		)	753,958,951
The Labor Select International Equity Portfolio	982,475,374		281,164,348		—			281,164,348
The Emerging Markets Portfolio	619,142,238		207,203,286		(12,136,923		)	195,066,363
The Global Real Estate Securities Portfolio	265,913,404		7,126,400		(3,330,489		)	3,795,911
The Global Fixed Income Portfolio	279,152,694		11,975,380		(9,551,014		)	2,424,366
The International Fixed Income Portfolio	30,665,752		1,187,992		(1,154,890		)	33,102

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles. Additionally, gains (losses) on foreign currency transactions and net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the six months ended April 30, 2007 and the year ended October 31, 2006 was as follows:

	Ordinary Income		Long-Term Capital Gain	Total
Six Months ended April 30, 2007*:
The Large-Cap Value Equity Portfolio	$	266,537	—	$	266,537
The Large-Cap Growth Equity Portfolio	132,656		—	132,656
The Mid-Cap Growth Equity Portfolio	67,573		1,743,919	1,811,492
The Small-Cap Growth Equity Portfolio	—		8,061,809	8,061,809
The Focus Smid-Cap Growth Equity Portfolio	90,918		190,697	281,615
The Real Estate Investment Trust Portfolio II	1,680,041		13,181,646	14,861,687
The Intermediate Fixed Income Portfolio	672,259		—	672,259
The Core Focus Fixed Income Portfolio	2,210,441		—	2,210,441
The High-Yield Bond Portfolio	487,045		—	487,045
The Core Plus Fixed Income Portfolio	9,224,657		—	9,224,657
The International Equity Portfolio	72,333,674		218,522,682	290,856,356
The Labor Select International Equity Portfolio	27,384,895		78,653,098	106,037,993
The Emerging Markets Portfolio	30,559,463		114,094,587	144,654,050
The Global Fixed Income Portfolio	11,123,381		—	11,123,381
The International Fixed Income Portfolio	330,956		—	330,956

*Tax information for the six months ended April 30, 2007 is an estimate and the tax character of dividends and distributions may be redesignated at fiscal year end.

119

Notes to financial statements

Delaware Pooled Trust

4. Dividend and Distribution Information (continued)

	Ordinary Income		Long-Term Capital Gain	Total
Year ended October 31, 2006:
The Large-Cap Value Equity Portfolio	$	140,010	—	$	140,010
The Large-Cap Growth Equity Portfolio	21,731		—	21,731
The Mid-Cap Growth Equity Portfolio	253,969		924,614	1,178,583
The Real Estate Investment Trust Portfolio II	1,736,300		4,117,602	5,853,902
The Intermediate Fixed Income Portfolio	1,051,727		—	1,051,727
The Core Focus Fixed Income Portfolio	510,344		—	510,344
The High-Yield Bond Portfolio	71,856		—	71,856
The Core Plus Fixed Income Portfolio	5,343,633		—	5,343,633
The International Equity Portfolio	49,439,136		46,922,982	96,362,118
The Labor Select International Equity Portfolio	17,846,083		3,785,097	21,631,180
The Emerging Markets Portfolio	56,948,495		149,452,904	206,401,399
The Global Fixed Income Portfolio	19,046,808		2,305,064	21,351,872
The International Fixed Income Portfolio	4,398,437		—	4,398,437

5. Components of Net Assets on a Tax Basis

The components of net assets are estimated since final tax characteristics cannot be determined until fiscal year end. As of April 30, 2007, the estimated components of net assets on a tax basis were as follows:

	The Large-Cap Value Equity Portfolio			The All-Cap Growth Equity Portfolio			The Large-Cap Growth Equity Portfÿolio			The Mid-Cap Growth Equity Portfolio			The Small-Cap Growth Equity Portfolio
Shares of beneficial interest	$	12,872,651		$	12,949,075		$	326,230,297		$	(73,136	)	$	33,274,538
Undistributed ordinary income	95,070			—			221,825			610,560			545,091
Undistributed long-term capital gain	—			—			—			3,112,844			5,648,007
Captial loss carryforwards as of 10/31/06	(615,237		)	(5,925,694		)	(7,686,590		)	—			—
Realized gains (losses) 11/1/06 – 4/30/07	520,202			14,156			(312,589		)	—			—
Unrealized appreciation of investments	2,308,883			811,786			20,926,587			1,330,007			13,538,734
Net assets	$	15,181,569		$	7,849,323		$	339,379,530		$	4,980,275		$	53,006,370

	The Focus Smid-Cap Growth Equity Portfolio			The Smid-Cap Growth Equity Portfolio			The Real Estate Investment Trust Portfolio II*		The Intermediate Fixed Income Portfolio
Shares of beneficial interest	$	5,998,667		$	1,976,901		$	8,136,823	$	28,685,683
Undistributed ordinary income	—			—			2,030,038		10,146
Undistributed long-term capital gain	—			—			3,034,376		—
Capital loss carryforwards as of 10/31/06	—			(44,605		)	—		(450,659		)
Realized gains (losses) 11/1/06 – 4/30/07	(10,513		)	109,869			—		(3,799		)
Other temporary differences	—			—			—		(1,048		)
Unrealized appreciation of investments	219,409			476,150			1,120,866		54,403
Net assets	$	6,207,563		$	2,518,315		$	14,322,103	$	28,294,726

120

5. Components of Net Assets on a Tax Basis (continued)

	The Core Focus Fixed Income Portfolio			The High-Yield Bond Portfolio			The Core Plus Fixed Income Portfolio			The International Equity Portfolio
Shares of beneficial interest	$	67,192,472		$	27,166,563		$	267,150,311		$	1,461,216,547
Undistributed ordinary income	863,203			355,094			4,222,422			15,600,267
Undistributed long-term capital gain	—			—			—			117,719,901
Capital loss carryforwards as of 10/31/06	(319,976		)	(4,123,496		)	(2,046,107		)	—
Realized gains 11/1/06 – 4/30/07	309,316			73,057			1,463,942			—
Other temporary differences	—			—			(122,611		)	—
Unrealized appreciation of investments and foreign currencies	249,294			260,040			1,743,024			754,213,385
Net assets	$	68,294,309		$	23,731,258		$	272,410,981		$	2,348,750,100

	The Labor Select International Equity Portfolio		The Emerging Markets Portfolio		The Global Real Estate Securities Portfolio*		The Global Fixed Income Portfolio			The International Fixed Income Portfolio
Shares of beneficial interest	$	660,965,185	$	554,282,161	$	266,775,661	$	266,007,871		$	31,396,626
Undistributed ordinary income	7,262,410		20,636,751		906,215		2,844,397			392,095
Undistributed long-term capital gain	75,955,631		53,040,937		—		—			—
Capital loss carryforwards as of 10/31/06	—		—		—		(707,130		)	(1,500,291		)
Realized gains 11/1/06 – 4/30/07	—		—		—		2,827,206			507,349
Unrealized appreciation of investments and foreign currencies	281,243,822		195,042,884		3,802,501		2,514,965			45,164
Net assets	$	1,025,427,048	$	823,002,733	$	271,484,377	$	273,487,309		$	30,840,943

*The undistributed earnings for The Real Estate Investment Trust Portfolio II and The Global Real Estate Securities Portfolio are estimated pending final notification of the tax character of distributions received from investments in Real Estate Investment Trusts.

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales, mark-to-market on futures contracts, foreign currency contracts, straddle deferrals, realization of unrealized gain on investments in passive foreign investment companies, contingent payment debt instruments, nondeductible taxes and tax treatment of market discount and premium on debt instruments.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to tax treatment of net operating losses, gain (loss) on foreign currency transactions, dividends and distributions, market discount and premium on certain debt instruments, nondeductible taxes, passive foreign investment companies and paydown gains (losses) on mortgage- and asset-backed securities. Results of operations and net assets were not affected by these reclassifications. For the six months ended April 30, 2007, the Portfolios recorded an estimate of these differences since the final tax characteristics cannot be determined until fiscal year end.

	Undistributed (Accumulated) Net Investment Income (Loss)			Accumulated Net Realized Gain (Loss)			Paid-in Capital
The All-Cap Growth Equity Portfolio	$	11,513		$	(53	)	$	(11,460	)
The Small-Cap Growth Equity Portfolio	93,731			(93,731		)	—
The Focus Smid-Cap Growth Equity Portfolio	1,315			90			(1,405		)
The Smid-Cap Growth Equity Portfolio	4,858			(4,858		)	—
The Real Estate Investment Trust Portfolio II	243,686			—			(243,686		)
The Intermediate Fixed Income Portfolio	14,525			(14,525		)	—
The Core Focus Fixed Income Portfolio	(93,892		)	93,892			—
The High-Yield Bond Portfolio	24,209			(24,209		)	—
The Core Plus Fixed Income Portfolio	(139,972		)	139,972			—
The International Equity Portfolio	(5,778,040		)	5,778,040			—
The Labor Select International Equity Portfolio	(2,799,106		)	2,799,106			—
The Emerging Markets Portfolio	(246,646		)	246,646			—
The Global Real Estate Securities Portfolio	(605,447		)	605,447			—
The Global Fixed Income Portfolio	1,164,267			(1,164,267		)	—
The International Fixed Income Portfolio	226,088			(226,088		)	—

121

Notes to financial statements

Delaware Pooled Trust

5. Components of Net Assets on a Tax Basis (continued)

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. Capital loss carryforwards remaining at October 31, 2006 will expire as follows:

	Year of Expiration 2007		Year of Expiration 2008		Year of Expiration 2009		Year of Expiration 2010		Year of Expiration 2011		Year of Expiration 2013		Year of Expiration 2014		Total
The Large-Cap Value Equity Portfolio	$	—	$	—	$	—	$	—	$	615,237	$	—	$	—	$	615,237
The All-Cap Growth Equity Portfolio	—		—		3,243,860		2,008,163		596,717		—		76,954		5,925,694
The Large-Cap Growth Equity Portfolio	—		—		—		—		—		—		7,686,590		7,686,590
The Smid-Cap Growth Equity Portfolio	—		—		—		—		—		40,980		3,625		44,605
The Intermediate Fixed Income Portfolio	—		133,807		—		26,277		—		112,676		177,899		450,659
The Core Focus Fixed Income Portfolio	—		—		—		—		—		26,625		293,351		319,976
The High-Yield Bond Portfolio	1,292,184		1,887,452		612,814		331,046		—		—		—		4,123,496
The Core Plus Fixed Income Portfolio	—		—		—		—		—		394,175		1,651,932		2,046,107
The Global Fixed Income Portfolio	—		—		—		—		—		—		707,130		707,130
The International Fixed Income Portfolio	—		287,046		895,235		—		—		—		318,010		1,500,291

For the six months ended April 30, 2007, the following Portfolios had capital gains (losses) which may reduce (increase) the capital loss carryforwards.

The Large-Cap Value Equity Portfolio	$	520,202
The All-Cap Growth Equity Portfolio	14,156
The Large-Cap Growth Equity Portfolio	(312,589		)
The Smid-Cap Growth Equity Portfolio	109,869
The Intermediate Fixed Income Portfolio	(3,799		)
The Core Focus Fixed Income Portfolio	309,316
The High-Yield Bond Portfolio	73,057
The Core Plus Fixed Income Portfolio	1,463,942
The Global Fixed Income Portfolio	2,827,206
The International Fixed Income Portfolio	507,349

6. Capital Shares

Transactions in capital shares were as follows:

	Shares Sold	Shares Issued Upon Reinvestment of Dividends and Distributions	Shares Repurchased		Net Increase (Decrease)
Six months ended April 30, 2007:
The Large-Cap Value Equity Portfolio	3,685	9,737	(116,746	)	(103,324	)
The All-Cap Growth Equity Portfolio	—	—	(61,844	)	(61,844	)
The Large-Cap Growth Equity Portfolio	5,238,921	11,471	(719,588	)	4,530,804
The Mid-Cap Growth Equity Portfolio	70,734	488,273	(3,657,324	)	(3,098,317	)
The Small-Cap Growth Equity Portfolio	10,252	478,452	(1,114,119	)	(625,415	)
The Focus Smid-Cap Growth Equity Portfolio	—	28,825	—		28,825
The Smid-Cap Growth Equity Portfolio	—	—	—		—
The Real Estate Investment Trust Portfolio II	88,685	893,341	(808,895	)	173,131
The Intermediate Fixed Income Portfolio	17,988	66,528	(139,527	)	(55,011	)
The Core Focus Fixed Income Portfolio	1,621,519	237,076	(155,805	)	1,702,790
The High-Yield Bond Portfolio	2,198,691	63,252	(76,062	)	2,185,881
The Core Plus Fixed Income Portfolio	9,574,333	912,938	(2,987,737	)	7,499,534
The International Equity Portfolio	8,156,219	7,805,609	(8,252,062	)	7,709,766
The Labor Select International Equity Portfolio	4,834,895	5,071,162	(7,597,957	)	2,308,100
The Emerging Markets Portfolio	757,798	10,498,863	(2,392,037	)	8,864,624
The Global Real Estate Securities Portfolio Original Class*	31,637,195	—	(781,041	)	30,856,154
The Global Real Estate Securities Portfolio Class P*	1,177	—	—		1,177
The Global Fixed Income Portfolio	1,600,733	814,598	(2,291,966	)	123,365
The International Fixed Income Portfolio	226,358	29,819	(1,062,039	)	(805,862	)

*Commenced operations January 10, 2007.

122

6. Capital Shares (continued)

	Shares Sold	Shares Issued Upon Reinvestment of Dividends and Distributions	Shares Repurchased		Net Increase (Decrease)
Year ended October 31, 2006:
The Large-Cap Value Equity Portfolio	264,863	5,404	(47,756	)	222,511
The All-Cap Growth Equity Portfolio	90,500	—	(1,303,573	)	(1,213,073	)
The Large-Cap Growth Equity Portfolio*	33,102,321	1,714	(429,457	)	32,674,578
The Mid-Cap Growth Equity Portfolio	2,165	303,759	(947,379	)	(641,455	)
The Small-Cap Growth Equity Portfolio	253,716	—	(1,355,902	)	(1,102,186	)
The Focus Smid-Cap Growth Equity Portfolio	357,579	—	—		357,579
The Smid-Cap Growth Equity Portfolio	—	—	—		—
The Real Estate Investment Trust Portfolio II	14,486	211,385	(1,493,938	)	(1,268,067	)
The Intermediate Fixed Income Portfolio	1,591,133	102,719	(382,253	)	1,311,599
The Core Focus Fixed Income Portfolio	4,199,830	52,714	(369,042	)	3,883,502
The High-Yield Bond Portfolio	63,460	9,691	(26,075	)	47,076
The Core Plus Fixed Income Portfolio	3,943,579	529,963	(1,164,356	)	3,309,186
The International Equity Portfolio	13,381,674	2,926,127	(21,303,613	)	(4,995,812	)
The Labor Select International Equity Portfolio	6,711,742	1,200,398	(2,113,875	)	5,798,265
The Emerging Markets Portfolio	1,601,050	15,728,350	(11,346,353	)	5,983,047
The Global Fixed Income Portfolio	3,413,272	1,666,292	(5,796,602	)	(717,038	)
The International Fixed Income Portfolio	220,982	414,981	(2,620,230	)	(1,984,267	)

*Commenced operations November 1, 2005.

7. Line of Credit

The Portfolios, along with certain other funds in the Delaware Investments^® Family of Funds (the “Participants”), participate in a $225,000,000 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 Participant’s allocation of the entire facility. The Participants may borrow up to a maximum of one third of their net assets under the agreement. The Portfolios had no amounts outstanding as of April 30, 2007, or at any time during the six months then ended.

8. Foreign Currency Exchange Contracts

The All-Cap Growth Equity, The Large-Cap Growth Equity, The Small-Cap Growth Equity, The Focus Smid-Cap Growth Equity, The Smid-Cap Growth Equity, The Real Estate Investment Trust II, The Intermediate Fixed Income, The Core Focus Fixed Income, The High-Yield Bond, The Core Plus Fixed Income, The International Equity, The Labor Select International Equity, The Emerging Markets, The Global Real Estate Securities, The Global Fixed Income and The International Fixed Income Portfolios may enter into foreign currency exchange contracts and foreign cross currency exchange contracts as a way of managing foreign exchange rate risk. The Portfolios may enter into these contracts 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. The Portfolios may also use these contracts to hedge the U.S. dollar value of securities they already own that are denominated in foreign currencies. 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.

The use of foreign currency exchange contracts and foreign cross currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities, but does establish a rate of exchange that can be achieved in the future. Although foreign currency exchange 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 unrealized gain (loss) is included in receivables and other assets net of liabilities or liabilities net of receivables and other assets on the Statements of Net Assets.

9. Futures Contracts

The All-Cap Growth Equity, The Large-Cap Growth Equity, The Mid-Cap Growth Equity, The Small-Cap Growth Equity, The Focus Smid-Cap Growth Equity, The Smid-Cap Growth Equity, The Real Estate Investment Trust II, The Intermediate Fixed Income, The Core Focus Fixed Income, The Core Plus Fixed Income, The Emerging Markets, The Global Real Estate Securities and The International Fixed Income Portfolios may invest in financial futures contracts to hedge their existing portfolio securities against fluctuations in value caused by changes in prevailing market interest rates. Upon entering into a futures contract, the Portfolio deposits cash or pledges U.S. government securities to a broker, equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and

123

Notes to financial statements

Delaware Pooled Trust

9. Futures Contracts (continued)

are recorded daily by each Portfolio as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Portfolio records a realized gain or loss 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. Risk of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. The unrealized gain (loss) is included in liabilities net of receivables and other assets on the Statements of Net Assets.

10. Swap Contracts

The Intermediate Fixed Income Portfolio, The Core Focus Fixed Income Portfolio and The Core Plus Fixed Income Portfolio may enter into interest rate swap contracts and index swap contracts in accordance with their investment objectives. These Portfolios and The High-Yield Bond Portfolio may enter into credit default swap (“CDS”) contracts in accordance with their investment objectives. The Portfolios may use interest rate swaps to adjust the Portfolio’s sensitivity to interest rates or to hedge against changes in interest rates. Index swaps may be used to gain exposure to markets that the Portfolios invest in, such as the corporate bond market. The Portfolios may also use index swaps as a substitute for futures or options contracts if such contracts are not directly available to the Portfolios on favorable terms. The Portfolios may enter into CDS contracts in order to hedge against a credit event, to enhance total return or to gain exposure to certain securities or markets.

An interest rate swap involves payments received by the Portfolio from another party based on a variable or floating interest rate, in return for making payments based on a fixed interest rate. An interest rate swap can also work in reverse with the Portfolio receiving payments based on a fixed interest rate and making payments based on a variable or floating interest rate. Interest rate swaps may be used to adjust the Portfolio’s sensitivity to interest rates or to hedge against changes in interest rates. Periodic payments on such contracts are accrued daily and recorded as unrealized appreciation/depreciation on swap contracts. Upon periodic payment/receipt or termination of the contract, such amounts are recorded as realized gains or losses on swap contracts.

Index 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, each 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, each Portfolio will make a payment to the counterparty. The change in value of swap contracts outstanding, if any, is recorded as unrealized appreciation or depreciation daily. A realized gain or loss is recorded on maturity or termination of the swap contract.

A CDS contract is a risk-transfer instrument through which one party (the “purchaser of protection”) transfers to another party (the “seller of protection”) the financial risk of a Credit Event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). In exchange for the protection offered by the seller of protection, the purchaser of protection agrees to pay the seller of protection a periodic amount at a stated rate that is applied to the notional amount of the CDS contract. In addition, an upfront payment may be made or received by the Portfolio in connection with an unwinding or assignment of a CDS contract. Upon the occurrence of a Credit Event, the seller of protection would pay the par (or other agreed-upon) value of the referenced security (or basket of securities) to the counterparty.

Credit default swaps may involve greater risks than if a Portfolio had invested in the referenced obligation directly. Credit default swaps are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Portfolio enters into a CDS contract as a purchaser of protection and no credit event occurs, its exposure is limited to the periodic payments previously made to the counterparty.

Because there is no organized market for swap contracts, the value of open swaps may differ from that which would be realized in the event the Portfolio terminated its position in the agreement. Risks of entering into these agreements include the potential inability of the counterparty to meet the terms of the contracts. This type of risk is generally limited to the amount of favorable movements in the value of the underlying security, instrument, or basket of instruments, if any, at the day of default. Risks also arise from potential losses from adverse market movements and such losses could exceed the unrealized amounts shown on the Statements of Net Assets.

There were no swap contracts outstanding at April 30, 2007.

11. Securities Lending

The Portfolios, along with other funds in the Delaware Investments^® Family of Funds, may lend their securities pursuant to a security lending agreement (Lending Agreement) with J.P. Morgan Chase. Initial security loans made pursuant to the Lending Agreement are required to be secured by U.S. Treasury obligations and/or cash collateral not less than 102% of the market value of the securities issued in the United States and 105% of the market value of securities issued outside the United States. With respect to each loan, if the aggregate market value of the collateral held on any business day is less than the aggregate market value of the securities which are the subject of such loan, the borrower will be notified to provide additional collateral not less than the applicable collateral requirements. 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 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 shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Portfolios, or at the discretion of the lending agent, replace the loaned securities. The Portfolios continue to record dividends on the securities loaned and are subject to change in value of the securities loaned that may occur during the term of the loan. The Portfolios have the right under the Lending Agreement to recover the securities from the borrower on demand. The security lending agent and the borrower retain a portion of the earnings from collateral investments. The Portfolios record security lending income net of such allocation.

124

11. Securities Lending (continued)

At April 30, 2007, the market value of securities on loan is presented below, for which cash collateral was received and invested in accordance with the Lending Agreement. Such investments are presented on the Statements of Net Assets under the caption “Security Lending Collateral.”

	Market Value of Securities on Loan
The International Equity Portfolio	$	486,187,772
The Labor Select International Equity Portfolio	209,575,784
The Global Fixed Income Portfolio	11,288,351

12. Credit and Market Risk

Some countries in which The International Equity, The Labor Select International Equity, The Emerging Markets, The Global Real Estate Securities, The Global Fixed Income and The International Fixed Income Portfolios 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 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 portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Portfolios.

The High-Yield Bond Portfolio invests a portion of its assets in high yield fixed income securities, which carry ratings of BB or lower by Standard & Poor’s Ratings Group and/or Ba or lower by Moody’s Investors Service, Inc. Investments in these higher yielding securities are generally 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 Core Focus Fixed Income, The Core Plus Fixed Income, The Global Real Estate Securities and The Global Fixed Income Portfolios invest in fixed-income securities whose value is derived from an underlying pool of mortgages or consumer loans. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are collateralized mortgage obligations (CMOs). CMOs are debt securities issued by U.S. government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on the Portfolios’ yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Portfolio may fail to fully recoup its initial investment in these securities even if the securities are rated in the highest rating categories. The Mid-Cap Growth Equity, The Intermediate Fixed Income, The International Equity and The Global Fixed Income Portfolios may invest up to 10% of each Portfolio’s net 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 Large-Cap Value Equity, The All-Cap Growth Equity, The Large-Cap Growth Equity, The Small-Cap Growth Equity, The Focus Smid-Cap Growth Equity, The Smid-Cap Growth Equity, The Real Estate Investment Trust II, The Core Focus Fixed Income, The High-Yield Bond, The Core Plus Fixed Income, The Labor Select International Equity, The Emerging Markets, The Global Real Estate Securities and The International Fixed Income Portfolios may each invest up to 15% of each Portfolio’s net assets in such securities. The relative illiquidity of these securities may impair each Portfolio from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Portfolios’ Board of Trustees has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of the Portfolios’ limitation on investments in illiquid assets. Rule 144A and illiquid securities have been identified on the Statements of Net Assets.

The All-Cap Growth Equity, The Mid-Cap Growth Equity, The Small-Cap Growth Equity, The Focus Smid-Cap Growth Equity, The Smid-Cap Growth Equity and The Global Real Estate Securities Portfolios invest a significant portion of their assets in small- and mid-sized companies and may be subject to certain risks associated with ownership of securities of such companies. Investments in small- or mid-sized companies may be more volatile than investments in larger companies for a number of reasons, which include more limited financial resources or a dependence on narrow product lines.

The Real Estate Investment Trust Portfolio II and The Global Real Estate Securities Portfolio concentrate their investments in the real estate industry and are subject to some of the risks associated with that industry. If a Portfolio holds real estate directly as a result of defaults or receive rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. These Portfolios are also affected by interest rate changes, particularly if the real estate investment trusts they hold use floating rate debt to finance their ongoing operations. Each Portfolio’s investments may also tend to fluctuate more in value than a portfolio that invests in a broader range of industries.

13. Contractual Obligations

The Portfolios enter into contracts in the normal course of business that contain a variety of indemnifications. The Portfolios’ maximum exposure under these arrangements is unknown. However, the Portfolios have not had prior claims or losses pursuant to these contracts. Management has reviewed the Portfolios’ existing contracts and expects the risk of loss to be remote.

125

Fund Officers and Portfolio Managers

Patrick P. Coyne

President — Delaware Management Holdings, Inc.

Robert Akester

Senior Portfolio Manager
Mondrian Investment Partners Limited

Damon J. Andres

Vice President and Senior Portfolio Manager

Fiona Barwick

Director of Regional Research
Mondrian Investment Partners Limited

Marshall T. Bassett

Senior Vice President and Chief Investment Officer — Emerging Growth Equity

Joanna Bates

Senior Portfolio Manager
Mondrian Investment Partners Limited

Nigel Bliss

Senior Portfolio Manager
Mondrian Investment Partners Limited

Christopher J. Bonavico

Vice President, Senior Portfolio Manager, and Equity Analyst

Ryan K. Brist

Managing Director and Chief Investment Officer — Fixed Income Investments

Thomas H. Chow

Senior Vice President and Senior Portfolio Manager

Stephen R. Cianci

Senior Vice President and Senior Portfolio Manager

Kenneth F. Broad

Vice President, Senior Portfolio Manager, and Equity Analyst

Steve G. Catricks

Vice President and Portfolio Manager

Elizabeth A. Desmond

Director and Chief Investment Officer — Developed Equity Markets
Mondrian Investment Partners Limited

Chuck M. Devereux

Senior Vice President and Director of Credit Research — The High-Yield Bond Portfolio

Roger A. Early

Senior Vice President and Senior Portfolio Manager

Christopher M. Ericksen

Vice President, Portfolio Manager, and Equity Analyst

Patrick G. Fortier

Vice President, Portfolio Manager, and Equity Analyst

Clive A. Gillmore

Deputy Managing Director and Senior Portfolio Manager
Mondrian Investment Partners Limited

Barry S. Gladstein

Vice President and Portfolio Manager

Paul Grillo

Senior Vice President and Senior Portfolio Manager

Gregory M. Heywood

Vice President, Portfolio Manager, and Equity Analyst

Christopher M. Holland

Vice President and Portfolio Manager

Jordan Irving

Vice President and Senior Portfolio Manager

John Kirk

Director and Senior Portfolio Manager Mondrian Investment Partners Limited

Nikhil G. Lalvani

Vice President and Portfolio Manager

Steven T. Lampe

Vice President and Portfolio Manager

Emma R. E. Lewis

Senior Portfolio Manager
Mondrian Investment Partners Limited

Anthony A. Lombardi

Vice President and Senior Portfolio Manager

Nigel G. May

Director and Chief Investment Officer — Developed Equity
Mondrian Investment Partners Limited

Victor Mostrowski

Vice President and Portfolio Manager

Christopher A. Moth

Director and Chief Investment Officer — Global Fixed Income and Currency Mondrian Investment Partners Limited

D. Tysen Nutt Jr.

Senior Vice President, Senior Portfolio Manager, and Team Leader — Large-Cap Value Focus Equity

Philip R. Perkins

Senior Vice President and Senior Portfolio Manager

Daniel J. Prislin

Vice President, Senior Portfolio Manager, and Equity Analyst

Timothy L. Rabe

Senior Vice President, Head of High Yield Investments, and Senior Portfolio Manager

David G. Tilles

Managing Director, Chief Investment Officer, and Chief Executive Officer Mondrian Investment Partners Limited

Rudy D. Torrijos III

Vice President and Portfolio Manager

Jeffrey S. Van Harte

Senior Vice President and Chief Investment Officer — Focus Growth Equity

Robert A. Vogel, Jr.

Vice President and Senior Portfolio Manager

Lori P. Wachs

Vice President and Portfolio Manager

Nashira S. Wynn

Vice President and Portfolio Manager

Babak (Bob) Zenouzi

Senior Vice President and Senior Portfolio Manager

Custodians

J.P. Morgan Chase Bank, N.A.

4 Metrotech Center
Brooklyn, NY 11245

Mellon

Mellon Bank, N .A .
One Mellon Center
Pittsburgh, PA 15258

Independent Registered Public Accounting Firm

Ernst & Young LLP

2001 Market Street
Philadelphia, PA 19103

Investment Advisor

Delaware Management Company

2005 Market Street
Philadelphia, PA 19103

Investment Sub-advisor for certain Portfolios

Mondrian Investment Partners Limited

Fifth floor
10 Gresham Street
EC2V 7JD
United Kingdom

Each Portfolio files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. Each Portfolio’s Forms N-Q, as well as a description of the policies and procedures that each Portfolio uses to determine how to vote proxies (if any) relating to portfolio securities are available without charge (i) upon request, by calling 800 523-1918; (ii) on the Portfolios’ Web site at http://www.delawareinvestments.com; and (iii) on the Commission’s Web site at http://www.sec.gov. Each Portfolio’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.

Information (if any) regarding how each Portfolio voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Portfolios’ Web site at http://www.delawareinvestments.com; and (ii) on the Commission’s Web site at http://www.sec.gov.

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 details about charges, expenses, investment objectives, and operating policies of the portfolios. All Delaware Pooled Trust Portfolios are offered by prospectus only. The return and principal value of an investment in a Portfolio will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

You should read the prospectus carefully before you invest. The figures in this report represent past results which are not a guarantee of future results.

2005 Market Street
Philadelphia, Pennsylvania 19103
Telephone 800 231-8002
Fax 215 255-1162

FPO
Union bug (1887)
AR-DPT [4/30] CGI 6/07
PO11906

Semiannual Report

Delaware REIT Fund

April 30, 2007

Value equity mutual fund

Table of contents

·  Disclosure of Fund expenses	1
·  Sector allocation and top 10 holdings	2
·  Statement of net assets	3
·  Statement of operations	5
·  Statements of changes in net assets	6
·  Financial highlights	7
·  Notes to financial statements	13
·  About the organization	17

Funds are not FDIC insured and are not guaranteed. It is possible to lose the principal amount invested.

Mutual fund advisory services provided by Delaware Management Company, a series of Delaware Management Business Trust, which is a registered investment advisor.

© 2007 Delaware Distributors, L.P.

Disclosure of Fund expenses

For the period November 1, 2006 to April 30, 2007

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period November 1, 2006 to April 30, 2007.

Actual Expenses

The first section of the table shown, “Actual Fund Return,” provides information about actual account values and actual expenses. You may use the information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second section of the table shown, “Hypothetical 5% Return,” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The Fund’s actual expenses shown in the table, reflect fee waivers in effect for Class A and Class R shares. The expenses shown in the table assume reinvestment of all dividends and distributions.

Delaware REIT Fund

Expense Analysis of an Investment of $1,000

	Beginning Account Value 11/1/06		Ending Account Value 4/30/07		Annualized Expense Ratio		Expenses Paid During Period 11/1/06 to 4/30/07*
Actual Fund Return
Class A	$	1,000.00	$	1,079.00	1.37	%	$	7.06
Class B	1,000.00		1,075.10		2.12	%	10.91
Class C	1,000.00		1,075.70		2.12	%	10.91
Class R	1,000.00		1,077.90		1.62	%	8.35
Institutional Class	1,000.00		1,080.40		1.12	%	5.78
The Real Estate Investment Trust Portfolio Class	1,000.00		1,080.40		1.12	%	5.78
Hypothetical 5% Return (5% return before expenses)
Class A	$	1,000.00	$	1,018.00	1.37	%	$	6.85
Class B	1,000.00		1,014.28		2.12	%	10.59
Class C	1,000.00		1,014.28		2.12	%	10.59
Class R	1,000.00		1,016.76		1.62	%	8.10
Institutional Class	1,000.00		1,019.24		1.12	%	5.61
The Real Estate Investment Trust Portfolio Class	1,000.00		1,019.24		1.12	%	5.61

* “Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by the 181/365 (to reflect the one-half year period).

1

Sector allocation and top 10 Holdings

Delaware REIT Fund

As of April 30, 2007

Sector designations may be different than the sector designations presented in other Fund materials.

Sector	Percentage of Net Assets
Common Stock	95.03	%
Diversified REITs	6.78	%
Health Care REITs	5.08	%
Hotel REITs	6.84	%
Industrial REITs	6.77	%
Mall REITs	15.58	%
Manufactured Housing REITs	1.08	%
Multifamily REITs	15.88	%
Office REITs	13.11	%
Office/Industrial REITs	3.41	%
Real Estate Operating Companies	5.15	%
Self-Storage REITS	4.12	%
Shopping Center REITs	10.57	%
Specialty REITs	0.66	%
Repurchase Agreements	5.63	%
Securities Lending Collateral	17.16	%
Fixed Rate Notes	4.54	%
Variable Rate Notes	12.62	%
Total Value of Securities	117.82	%
Obligation to Return Securities Lending Collateral	(17.16	)%
Liabilities Net of Receivables and Other Assets	(0.66	)%
Total Net Assets	100.00	%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

Top 10 Holdings	Percentage of Net Assets
Simon Property Group	7.86	%
Vornado Realty Trust	5.00	%
ProLogis	4.83	%
General Growth Properties	4.63	%
Boston Properties	4.35	%
Host Hotels & Resorts	4.33	%
Equity Residential	4.13	%
Public Storage	3.56	%
Kimco Realty	3.34	%
Macerich	3.10	%

2

Statement of net assets

Delaware REIT Fund

April 30, 2007 (Unaudited)

	Number of Shares	Value
Common Stock – 95.03%
Diversified REITs – 6.78%
*Spirit Finance	266,100	$	3,829,179
Vornado Realty Trust	187,099	22,195,554
*Washington Real Estate Investment Trust	108,400	4,104,024
		30,128,757
Health Care REITs – 5.08%
*Health Care Property Investors	156,300	5,531,457
Health Care REIT	78,900	3,569,436
*Senior Housing Properties Trust	69,600	1,588,968
*Ventas	281,500	11,868,040
		22,557,901
Hotel REITs – 6.84%
*Ashford Hospitality Trust	211,900	2,542,800
*Hersha Hospitality Trust	375,710	4,463,435
*Host Hotels & Resorts	749,493	19,217,000
Marriott International Class A	92,100	4,163,841
		30,387,076
Industrial REITs – 6.77%
AMB Property	141,435	8,614,806
ProLogis	331,307	21,468,693
		30,083,499
Mall REITs – 15.58%
General Growth Properties	321,854	20,550,378
Macerich	144,600	13,754,352
Simon Property Group	302,651	34,889,607
		69,194,337
Manufactured Housing REITs – 1.08%
Equity Lifestyle Properties	88,300	4,792,041
		4,792,041
Multifamily REITs – 15.88%
Apartment Investment & Management	162,800	9,002,840
Archstone-Smith Trust	241,600	12,589,776
AvalonBay Communities	86,926	10,627,573
BRE Properties	121,600	7,300,864
Camden Property Trust	80,826	5,629,531
Equity Residential	395,300	18,353,780
*Essex Property Trust	19,492	2,511,739
*Home Properties	80,800	4,500,560
		70,516,663
Office REITs – 13.11%
*Alexandria Real Estate Equities	64,474	6,824,573
Boston Properties	164,400	19,326,864
*Brandywine Realty Trust	203,000	6,674,640
Douglas Emmett	130,300	3,394,315
*Highwoods Properties	119,400	4,869,132
Mack-Cali Realty	121,300	5,940,061
SL Green Realty	79,553	11,209,018
		58,238,603
Office/Industrial REITs – 3.41%
*Digital Realty Trust	93,400	3,778,030
Duke Realty	191,100	8,238,321
*PS Business Parks	45,400	3,128,060
		15,144,411
Real Estate Operating Companies – 5.15%
Brookfield Properties	176,300	7,240,641
Hilton Hotels	88,100	2,995,400
Starwood Hotels & Resorts Worldwide	188,150	12,609,813
		22,845,854
Self-Storage REITS – 4.12%
*Extra Space Storage	132,100	2,471,591
Public Storage	169,400	15,808,408
		18,279,999
Shopping Center REITs – 10.57%
*Developers Diversified Realty	71,422	4,649,572
*Equity One	100,000	2,793,000
Federal Realty Investment Trust	109,511	9,874,607
Kimco Realty	308,600	14,834,402
*Kite Realty Group Trust	208,304	4,166,080
Regency Centers	129,061	10,634,626
		46,952,287
Specialty REITs – 0.66%
*Entertainment Properties Trust	48,300	2,918,286
		2,918,286
Total Common Stock (cost $335,418,121)		422,039,714

	Principal Amount
Repurchase Agreements – 5.63%
With BNP Paribas 5.10% 5/1/07 (dated 4/30/07, to be repurchased at $13,207,871, collateralized by $4,242,000 U.S. Treasury Notes 2.75% due 8/15/07, market value $4,238,324, $125,000 U.S. Treasury Notes 3.125% due 5/15/07, market value $126,457, $3,206,000 U.S. Treasury Notes 4.375% due 5/15/07, market value $3,268,837 and $5,720,000 U.S. Treasury Notes 4.75% due 11/15/08, market value $5,846,848)	$	13,206,000	13,206,000
With Cantor Fitzgerald 5.09% 5/1/07 (dated 4/30/07, to be repurchased at $4,694,664, collateralized by $4,842,000 U.S. Treasury Notes 3.625% due 7/15/09, market value $4,793,141)	4,694,000		4,694,000
With UBS Warburg 5.10% 5/1/07 (dated 4/30/07, to be repurchased at $7,113,008, collateralized by $7,399,000 U.S. Treasury Bills due 9/20/07, market value $7,258,008)	7,112,000		7,112,000
Total Repurchase Agreements (cost $25,012,000)			25,012,000
Total Value of Securities Before Securities Lending Collateral – 100.66% (cost $360,430,121)			447,051,714

(continues)

3

Statement of net assets

Delaware REIT Fund

	Principal Amount		Value
Securities Lending Collateral** – 17.16%
Short-Term Investments – 17.16%
Fixed Rate Notes – 4.54%
Bank of Montreal 5.29% 6/4/07	$	1,858,155	$	1,858,155
Citigroup Global Markets 5.32% 5/1/07	5,127,534		5,127,534
Credit Agricole 5.31% 10/4/07	1,858,155		1,858,155
Fortis Bank 5.31 6/18/07	2,787,232		2,787,232
HBOs Treasury Services 5.30 6/29/07	2,973,048		2,973,048
ING Bank
5.31% 7/3/07	1,114,893		1,114,893
5.33% 7/9/07	1,858,155		1,858,155
Royal Bank of Canada 5.29% 5/29/07	1,672,339		1,672,339
Societe Generale 5.30% 6/1/07	929,078		929,078
			20,178,589
·Variable Rate Notes – 12.62%
ANZ National 5.32% 5/30/08	371,631		371,631
Australia New Zealand 5.32% 5/30/08	1,858,155		1,858,155
Bank of New York 5.32% 5/30/08	1,486,524		1,486,524
Barclays 5.31% 5/18/07	2,601,417		2,601,417
Bayerische Landesbank 5.37% 5/30/08	1,858,155		1,858,155
Bear Stearns 5.38% 10/31/07	2,601,417		2,601,417
BNP Paribas 5.33% 5/30/08	1,858,155		1,858,155
Calyon 5.33% 8/14/07	929,078		929,078
Canadian Imperial Bank
5.32% 5/30/08	1,300,709		1,300,709
5.33% 8/15/07	1,486,524		1,486,524
CDC Financial Products 5.36% 5/31/07	2,415,601		2,415,601
Citigroup Global Markets 5.38% 5/7/07	2,415,601		2,415,601
Commonwealth Bank 5.32% 5/30/08	1,858,155		1,858,155
Credit Suisse First Boston 5.32% 3/14/08	1,858,155		1,858,155
Deutsche Bank London
5.34% 8/20/07	2,601,417		2,601,417
5.34% 9/21/07	278,723		278,723
Dexia Bank 5.32% 9/28/07	2,601,369		2,601,160
Goldman Sachs Group 5.45% 4/30/08	2,192,623		2,192,623
Marshall & Ilsley Bank 5.32% 5/30/08	2,043,970		2,043,970
Merrill Lynch Mortgage Capital 5.41% 5/8/07	2,415,601		2,415,601
Morgan Stanley 5.49% 5/30/08	2,415,601		2,415,601
National Australia Bank 5.31% 5/30/08	2,304,112		2,304,112
National Rural Utilities 5.31% 5/30/08	2,935,885		2,935,885
Nordea Bank, New York 5.31% 5/16/07	929,068		929,066
Nordea Bank, Norge 5.33% 5/30/08	1,858,155		1,858,155
Royal Bank of Scotland Group 5.33% 5/30/08	1,858,155		1,858,155
Societe Generale 5.31% 5/30/08	929,078		929,078
Sun Trust Bank 5.33% 7/30/07	2,415,601		2,415,601
Toronto Dominion 5.32% 5/29/07	1,486,524		1,486,524
Wells Fargo 5.33% 5/30/08	1,858,155		1,858,155
			56,023,103
Total Securities Lending Collateral (cost $76,201,692)			76,201,692
Total Value of Securities – 117.82% (cost $436,631,813)			523,253,406		(1)
Obligation to Return Securities Lending Collateral** – (17.16%)			(76,201,692		)
Liabilities Net of Receivables and Other Assets – (0.66%)			(2,921,346		)
Net Assets Applicable to 23,545,623 Shares Outstanding – 100.00%			$	444,130,368
Net Asset Value – Delaware REIT Fund Class A ($210,344,096 / 11,150,567 Shares)			$	18.86
Net Asset Value – Delaware REIT Fund Class B ($64,561,614 / 3,427,119 Shares)			$	18.84
Net Asset Value – Delaware REIT Fund Class C ($67,406,987 / 3,576,948 Shares)			$	18.84
Net Asset Value – Delaware REIT Fund Class R ($8,150,043 / 432,023 Shares)			$	18.86
Net Asset Value – Delaware REIT Fund Institutional Class ($64,115,080 / 3,393,933 Shares)			$	18.89
Net Asset Value – Delaware REIT Fund The Real Estate Investment Trust Portfolio Class ($29,552,548 / 1,565,033 Shares)			$	18.88
Components of Net Assets at April 30, 2007:
Shares of beneficial interest (unlimited authorization – no par)			$	299,473,025
Undistributed net investment income			906,290
Accumulated net realized gain on investments			57,129,460
Net unrealized appreciation of investments			86,621,593
Total net assets			$	444,130,368

·  Variable rate security. The rate shown is the rate as of April 30, 2007.

  *  Fully or partially on loan.

**  See Note 8 in “Notes to financial statements.”

(1) Includes $73,409,616 of securities loaned.

REIT – Real Estate Investment Trust

Net Asset Value and Offering Price per Share – Delaware REIT Fund
Net asset value Class A (A)	$	18.86
Sales charge (5.75% of offering price) (B)	1.15
Offering price	$	20.01

(A) Net asset value per share, as illustrated, is the amount which would be paid upon redemption or repurchase of shares.

(B) See the current prospectus for purchases of $50,000 or more.

See accompanying notes

4

Statement of operations

Delaware REIT Fund

Six Months Ended April 30, 2007 (Unaudited)

Investment Income:
Dividends	$	5,868,032
Interest	280,343
Securities lending income	40,163
Foreign tax withheld	(8,921		)	$	6,179,617
Expenses:
Management fees	1,621,628
Distribution expenses – Class A	331,537
Distribution expenses – Class B	346,244
Distribution expenses – Class C	352,861
Distribution expenses – Class R	23,484
Dividend disbursing and transfer agent fees and expenses	517,918
Accounting and administration expenses	86,487
Reports and statements to shareholders	45,412
Trustees’ fees and benefits	43,221
Registration fees	40,025
Legal fees	24,951
Audit and taxes	14,609
Custodian fees	8,578
Insurance fees	5,184
Taxes (other than taxes on income)	4,278
Consulting fees	3,635
Dues and services	1,659
Pricing fees	1,005
Trustees’ expenses	874			3,473,590
Less waived distribution expenses – Class A				(55,256		)
Less waived distribution expenses – Class R				(3,914		)
Less expense paid indirectly				(2,280		)
Total operating expenses				3,412,140
Net Investment Income				2,767,477
Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain on investments				57,156,307
Net change in unrealized appreciation/depreciation of investments				(28,427,975		)
Net Realized and Unrealized Gain on Investments				28,728,332
Net Increase in Net Assets Resulting from Operations				$	31,495,809

See accompanying notes

5

Statements of changes in net assets

Delaware REIT Fund

	Six Months Ended 4/30/07			Year Ended 10/31/06
	(Unaudited)
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	2,767,477		$	6,520,878
Net realized gain on investments	57,156,307			120,378,871
Net change in unrealized appreciation/depreciation of investments	(28,427,975		)	1,870,213
Net increase in net assets resulting from operations	31,495,809			128,769,962
Dividends and Distributions to shareholders from:
Net investment income:
Class A	(1,710,198		)	(5,160,519		)
Class B	(261,725		)	(971,081		)
Class C	(268,598		)	(973,132		)
Class R	(51,735		)	(94,702		)
Institutional Class	(398,740		)	(929,378		)
The Real Estate Investment Trust Portfolio Class	(220,175		)	(505,048		)
Net realized gain on investments:
Class A	(59,633,929		)	(35,742,262		)
Class B	(19,015,529		)	(9,854,981		)
Class C	(19,051,491		)	(9,687,807		)
Class R	(2,030,845		)	(596,265		)
Institutional Class	(8,431,033		)	(6,239,476		)
The Real Estate Investment Trust Portfolio Class	(6,269,651		)	(2,947,600		)
	(117,343,649		)	(73,702,251		)
Capital Share Transactions:
Proceeds from shares sold:
Class A	26,698,241			45,981,073
Class B	1,706,295			2,121,641
Class C	4,343,959			6,025,471
Class R	3,091,294			3,733,832
Institutional Class	40,309,947			12,618,691
The Real Estate Investment Trust Portfolio Class	5,000,000			—
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A	56,932,315			37,810,490
Class B	16,696,495			9,244,077
Class C	17,747,361			9,734,354
Class R	2,075,392			690,917
Institutional Class	7,750,271			6,377,222
The Real Estate Investment Trust Portfolio Class	6,489,826			3,452,648
	188,841,396			137,790,416
Cost of shares repurchased:
Class A	(60,386,763		)	(166,562,209		)
Class B	(10,903,037		)	(22,076,904		)
Class C	(12,175,736		)	(24,179,678		)
Class R	(2,589,156		)	(2,301,011		)
Institutional Class	(9,070,944		)	(49,884,336		)
The Real Estate Investment Trust Portfolio Class	—			(4,500,000		)
	(95,125,636		)	(269,504,138		)
Increase (decrease) in net assets derived from capital share transactions	93,715,760			(131,713,722		)
Net Increase (Decrease) in Net Assets	7,867,920			(76,646,011		)
Net Assets:
Beginning of period	436,262,448			512,908,459
End of period (including undistributed net investment income of $906,290 and $—, respectively)	$	444,130,368		$	436,262,448

See accompanying notes

6

Financial highlights

Delaware REIT Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six Months Ended			Year Ended
	4/30/07(1)			10/31/06			10/31/05			10/31/04			10/31/03			10/31/02
	(Unaudited)
Net asset value, beginning of period	$	24.180		$	21.390		$	21.140		$	17.400		$	14.170		$	14.270
Income from investment operations:
Net investment income(2)	0.151			0.351			0.441			0.445			0.617			0.517
Net realized and unrealized gain on investments	1.350			5.910			2.101			4.333			3.531			0.399
Total from investment operations	1.501			6.261			2.542			4.778			4.148			0.916
Less dividends and distributions from:
Net investment income	(0.190		)	(0.460		)	(0.435		)	(0.544		)	(0.566		)	(0.593		)
Net realized gain on investments	(6.631		)	(3.011		)	(1.857		)	(0.494		)	(0.352		)	(0.423		)
Total dividends and distributions	(6.821		)	(3.471		)	(2.292		)	(1.038		)	(0.918		)	(1.016		)
Net asset value, end of period	$	18.860		$	24.180		$	21.390		$	21.140		$	17.400		$	14.170
Total return(3)	7.90		%	33.45		%	12.27		%	28.43		%	30.59		%	6.17		%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	210,344		$	231,367		$	285,579		$	308,100		$	253,995		$	163,432
Ratio of expenses to average net assets	1.37		%	1.34		%	1.34		%	1.40		%	1.40		%	1.38		%
Ratio of expenses to average net assets prior to expense limitation and expenses paid indirectly	1.42		%	1.39		%	1.39		%	1.58		%	1.59		%	1.38		%
Ratio of net investment income to average net assets	1.49		%	1.65		%	2.07		%	2.35		%	4.06		%	3.39		%
Ratio of net investment income to average net assets prior to expense limitation and expenses paid indirectly	1.44		%	1.60		%	2.02		%	2.17		%	3.87		%	3.39		%
Portfolio turnover	79		%	60		%	37		%	43		%	48		%	65		%

(1)  Ratios and portfolio turnover have been annualized and total return has not been annualized.

(2)  The average shares outstanding method has been applied for per share information.

(3)  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return reflects waivers and payment of fees by the manager and distributor, as applicable. Performance would have been lower had the expense limitation not been in effect.

See accompanying notes

(continues)

7

Financial highlights

Delaware REIT Fund Class B

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six Months Ended			Year Ended
	4/30/07(1)			10/31/06			10/31/05			10/31/04			10/31/03			10/31/02
	(Unaudited)
Net asset value, beginning of period	$	24.150		$	21.360		$	21.120		$	17.380		$	14.170		$	14.260
Income from investment operations:
Net investment income(2)	0.074			0.191			0.281			0.302			0.502			0.404
Net realized and unrealized gain on investments	1.349			5.911			2.089			4.338			3.518			0.402
Total from investment operations	1.423			6.102			2.370			4.640			4.020			0.806
Less dividends and distributions from:
Net investment income	(0.102		)	(0.301		)	(0.273		)	(0.406		)	(0.458		)	(0.473		)
Net realized gain on investments	(6.631		)	(3.011		)	(1.857		)	(0.494		)	(0.352		)	(0.423		)
Total dividends and distributions	(6.733		)	(3.312		)	(2.130		)	(0.900		)	(0.810		)	(0.896		)
Net asset value, end of period	$	18.840		$	24.150		$	21.360		$	21.120		$	17.380		$	14.170
Total return(3)	7.51		%	32.50		%	11.39		%	27.54		%	29.53		%	5.43		%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	64,562		$	71,206		$	72,917		$	85,009		$	72,331		$	57,824
Ratio of expenses to average net assets	2.12		%	2.09		%	2.09		%	2.15		%	2.15		%	2.13		%
Ratio of expenses to average net assets prior to expense limitation and expenses paid indirectly	2.12		%	2.09		%	2.09		%	2.28		%	2.30		%	2.13		%
Ratio of net investment income to average net assets	0.74		%	0.90		%	1.32		%	1.60		%	3.31		%	2.64		%
Ratio of net investment income to average net assets prior to expense limitation and expenses paid indirectly	0.74		%	0.90		%	1.32		%	1.47		%	3.16		%	2.64		%
Portfolio turnover	79		%	60		%	37		%	43		%	48		%	65		%

(1)  Ratios and portfolio turnover have been annualized and total return has not been annualized.

(2)  The average shares outstanding method has been applied for per share information.

(3)  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return reflects waivers and payment of fees by the manager, as applicable. Performance would have been lower had the expense limitation not been in effect.

See accompanying notes

8

Delaware REIT Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six Months Ended			Year Ended
	4/30/07(1)			10/31/06			10/31/05			10/31/04			10/31/03			10/31/02
	(Unaudited)
Net asset value, beginning of period	$	24.150		$	21.370		$	21.120		$	17.380		$	14.170		$	14.260
Income from investment operations:
Net investment income(2)	0.075			0.191			0.281			0.302			0.502			0.404
Net realized and unrealized gain on investments	1.348			5.901			2.099			4.338			3.518			0.402
Total from investment operations	1.423			6.092			2.380			4.640			4.020			0.806
Less dividends and distributions from:
Net investment income	(0.102		)	(0.301		)	(0.273		)	(0.406		)	(0.458		)	(0.473		)
Net realized gain on investments	(6.631		)	(3.011		)	(1.857		)	(0.494		)	(0.352		)	(0.423		)
Total dividends and distributions	(6.733		)	(3.312		)	(2.130		)	(0.900		)	(0.810		)	(0.896		)
Net asset value, end of period	$	18.840		$	24.150		$	21.370		$	21.120		$	17.380		$	14.170
Total return(3)	7.57		%	32.43		%	11.44		%	27.54		%	29.53		%	5.43		%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	67,407		$	71,614		$	70,860		$	73,040		$	58,206		$	38,581
Ratio of expenses to average net assets	2.12		%	2.09		%	2.09		%	2.15		%	2.15		%	2.13		%
Ratio of expenses to average net assets prior to expense limitation and expenses paid indirectly	2.12		%	2.09		%	2.09		%	2.28		%	2.30		%	2.13		%
Ratio of net investment income to average net assets	0.74		%	0.90		%	1.32		%	1.60		%	3.31		%	2.64		%
Ratio of net investment income to average net assets prior to expense limitation and expenses paid indirectly	0.74		%	0.90		%	1.32		%	1.47		%	3.16		%	2.64		%
Portfolio turnover	79		%	60		%	37		%	43		%	48		%	65		%

(1)  Ratios and portfolio turnover have been annualized and total return has not been annualized.

(2)  The average shares outstanding method has been applied for per share information.

(3)  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return reflects waivers and payment of fees by the manager, as applicable. Performance would have been lower had the expense limitation not been in effect.

See accompanying notes

(continues)

9

Financial highlights

Delaware REIT Fund Class R

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six Months Ended			Year Ended									6/02/03(2) to
	4/30/07(1)			10/31/06			10/31/05			10/31/04			10/31/03
	(Unaudited)
Net asset value, beginning of period	$	24.180		$	21.390		$	21.130		$	17.400		$	15.620
Income from investment operations:
Net investment income(3)	0.126			0.297			0.373			0.377			0.331
Net realized and unrealized gain on investments	1.343			5.913			2.097			4.341			1.683
Total from investment operations	1.469			6.210			2.470			4.718			2.014
Less dividends and distributions from:
Net investment income	(0.158		)	(0.409		)	(0.353		)	(0.494		)	(0.234		)
Net realized gain on investments	(6.631		)	(3.011		)	(1.857		)	(0.494		)	—
Total dividends and distributions	(6.789		)	(3.420		)	(2.210		)	(0.988		)	(0.234		)
Net asset value, end of period	$	18.860		$	24.180		$	21.390		$	21.130		$	17.400
Total return(4)	7.79		%	33.13		%	11.90		%	28.04		%	13.02		%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	8,150		$	7,107		$	4,168		$	2,035		$	353
Ratio of expenses to average net assets	1.62		%	1.59		%	1.66		%	1.75		%	1.75		%
Ratio of expenses to average net assets prior to expense limitation and expenses paid indirectly	1.72		%	1.69		%	1.69		%	1.88		%	1.98		%
Ratio of net investment income to average net assets	1.24		%	1.40		%	1.75		%	2.00		%	4.75		%
Ratio of net investment income to average net assets prior to expense limitation and expenses paid indirectly	1.14		%	1.30		%	1.72		%	1.87		%	4.52		%
Portfolio turnover	79		%	60		%	37		%	43		%	48		%(5)

(1)  Ratios and portfolio turnover 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)  The average shares outstanding method has been applied for per share information.

(4)  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return reflects waivers and payment of fees by the manager and distributor, as applicable. Performance would have been lower had the expense limitation not been in effect.

(5)  Portfolio turnover is representative of the Fund for the entire year.

See accompanying notes

10

Delaware REIT Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six Months Ended			Year Ended
	4/30/07(1)			10/31/06			10/31/05			10/31/04			10/31/03			10/31/02
	(Unaudited)
Net asset value, beginning of period	$	24.210		$	21.410		$	21.150		$	17.410		$	14.190		$	14.280
Income from investment operations:
Net investment income(2)	0.176			0.404			0.494			0.492			0.656			0.555
Net realized and unrealized gain on investments	1.352			5.923			2.101			4.341			3.520			0.412
Total from investment operations	1.528			6.327			2.595			4.833			4.176			0.967
Less dividends and distributions from:
Net investment income	(0.217		)	(0.516		)	(0.478		)	(0.599		)	(0.604		)	(0.634		)
Net realized gain on investments	(6.631		)	(3.011		)	(1.857		)	(0.494		)	(0.352		)	(0.423		)
Total dividends and distributions	(6.848		)	(3.527		)	(2.335		)	(1.093		)	(0.956		)	(1.057		)
Net asset value, end of period	$	18.890		$	24.210		$	21.410		$	21.150		$	17.410		$	14.190
Total return(3)	8.04		%	33.81		%	12.54		%	28.78		%	30.80		%	6.52		%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	64,115		$	32,166		$	58,428		$	53,261		$	28,782		$	8,850
Ratio of expenses to average net assets	1.12		%	1.09		%	1.09		%	1.15		%	1.15		%	1.13		%
Ratio of expenses to average net assets prior to expense limitation and expenses paid indirectly	1.12		%	1.09		%	1.09		%	1.28		%	1.30		%	1.13		%
Ratio of net investment income to average net assets	1.74		%	1.90		%	2.32		%	2.60		%	4.31		%	3.64		%
Ratio of net investment income to average net assets prior to expense limitation and expenses paid indirectly	1.74		%	1.90		%	2.32		%	2.47		%	4.16		%	3.64		%
Portfolio turnover	79		%	60		%	37		%	43		%	48		%	65		%

(1)  Ratios and portfolio turnover have been annualized and total return has not been annualized.

(2)  The average shares outstanding method has been applied for per share information.

(3)  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return reflects waivers and payment of fees by the manager, as applicable. Performance would have been lower had the expense limitation not been in effect.

See accompanying notes

(continues)

11

Financial highlights

Delaware REIT Fund The Real Estate Investment Trust Portfolio Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six Months Ended			Year Ended
	4/30/07(1)			10/31/06			10/31/05			10/31/04			10/31/03			10/31/02
	(Unaudited)
Net asset value, beginning of period	$	24.200		$	21.410		$	21.150		$	17.410		$	14.180		$	14.280
Income from investment operations:
Net investment income(2)	0.176			0.404			0.494			0.492			0.656			0.555
Net realized and unrealized gain on investments	1.352			5.913			2.101			4.341			3.530			0.402
Total from investment operations	1.528			6.317			2.595			4.833			4.186			0.957
Less dividends and distributions from:
Net investment income	(0.217		)	(0.516		)	(0.478		)	(0.599		)	(0.604		)	(0.634		)
Net realized gain on investments	(6.631		)	(3.011		)	(1.857		)	(0.494		)	(0.352		)	(0.423		)
Total dividends and distributions	(6.848		)	(3.527		)	(2.335		)	(1.093		)	(0.956		)	(1.057		)
Net asset value, end of period	$	18.880		$	24.200		$	21.410		$	21.150		$	17.410		$	14.180
Total return(3)	8.04		%	33.77		%	12.54		%	28.78		%	30.90		%	6.45		%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	29,552		$	22,802		$	20,956		$	29,512		$	26,620		$	19,144
Ratio of expenses to average net assets	1.12		%	1.09		%	1.09		%	1.15		%	1.15		%	1.13		%
Ratio of expenses to average net assets prior to expense limitation and expenses paid indirectly	1.12		%	1.09		%	1.09		%	1.28		%	1.30		%	1.13		%
Ratio of net investment income to average net assets	1.74		%	1.90		%	2.32		%	2.60		%	4.31		%	3.64		%
Ratio of net investment income to average net assets prior to expense limitation and expenses paid indirectly	1.74		%	1.90		%	2.32		%	2.47		%	4.16		%	3.64		%
Portfolio turnover	79		%	60		%	37		%	43		%	48		%	65		%

(1)Ratios and portfolio turnover have been annualized and total return has not been annualized.

(2)The average shares outstanding method has been applied for per share information.

(3)Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return reflects waivers and payment of fees by the manager, as applicable. Performance would have been lower had the expense limitation not been in effect.

See accompanying notes

12

Notes to financial statements

Delaware REIT Fund

April 30, 2007 (Unaudited)

The Real Estate Investment Trust Portfolio (the “Delaware REIT Fund” or, the “Fund”) is a series of Delaware Pooled Trust (the “Trust”), which is organized as a Delaware statutory trust. The Trust is an open-end investment company. The Fund is considered non-diversified under the Investment Company Act of 1940, as amended, and offers Class A, Class B, Class C, Class R, Institutional Class and The Real Estate Investment Trust Portfolio Class shares. Class A shares are sold with a front-end sales charge of up to 5.75%. Class A share purchases of $1,000,000 or more will incur a contingent deferred sales charge (“CDSC”) of 1% if redeemed during the first year and 0.50% during the second year, provided that Delaware Distributors, L.P. (DDLP) paid a financial advisor a commission on the purchase of those shares. Class B shares are sold with a CDSC that declines from 4% to zero depending upon the period of time the shares are held. Class B shares will automatically convert to Class A shares on a quarterly basis approximately eight years after purchase. Class C shares are sold with a CDSC of 1%, if redeemed during the first 12 months. Class R, Institutional Class and The Real Estate Investment Trust Portfolio Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. This report contains information relating only to the Delaware REIT Fund. All other Delaware Pooled Trust portfolios are included in a separate report.

The investment objective of the Fund is to seek maximum long-term total return, with capital appreciation as a secondary objective. It seeks to achieve its objectives by investing primarily in securities of companies principally engaged in the real estate industry.

1. Significant Accounting Policies

The following accounting policies are in accordance with U.S. generally accepted accounting principles and are consistently followed by the Fund.

Security Valuation — Equity securities, except those traded on the Nasdaq Stock Market, Inc. (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (NYSE) on the valuation date. Securities traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If on a particular day an equity security does not trade, then the mean between the bid and asked prices will be used. Short-term debt securities having less than 60 days to maturity are valued at amortized cost, which approximates market value. Securities lending collateral is valued at amortized cost, which approximates value. Other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Fund’s Board of Trustees. In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures, or with respect to foreign securities, aftermarket trading or significant events after local market trading (e.g., government actions or pronouncements, trading volume or volatility on markets, exchanges among dealers, or news events).

In September 2006, the Financial Accounting Standards Board (FASB) issued FASB Statement No. 157 “Fair Value Measurements” (Statement 157). Statement 157 establishes a framework for measuring fair value in generally accepted accounting principles, clarifies the definition of fair value within that framework, and expands disclosures about the use of fair value measurements. Statement 157 is intended to increase consistency and comparability among fair value estimates used in financial reporting. Statement 157 is effective for fiscal years beginning after November 15, 2007. Management does not expect the adoption of Statement 157 to have an impact on the amounts reported in the financial statements.

Federal Income Taxes — The Fund intends to continue to qualify for federal income tax purposes 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.

On July 13, 2006, the FASB released FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Recent SEC guidance allows implementing FIN 48 in fund net asset value calculations as late as the fund’s net asset value calculation in the first required financial statement reporting period. As a result, the Fund will incorporate FIN 48 in its semiannual report on April 30, 2008. Although the Fund’s tax positions are currently being evaluated, management does not expect the adoption of FIN 48 to have a material impact on the Fund’s financial statements.

Class Accounting — Investment income, common expenses and realized and unrealized gain (loss) on investments are allocated to the various classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Repurchase Agreements — The Fund may invest in a pooled cash account along with members of the Delaware Investments® Family of Funds pursuant to an exemptive order issued by the Securities and Exchange Commission. 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 at least 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.

Use of Estimates — The preparation of financial statements in conformity with U.S. generally accepted accounting principles 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 directly attributable to the Fund are charged directly to the Fund. Other expenses common to various funds within the Delaware Investments® Family of Funds are generally allocated amongst such funds on the basis of average net assets. Management

(continues)

13

Notes to financial statements

Delaware REIT Fund

fees and some other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. 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. Distributions received from investments in Real Estate Investment Trusts are recorded as dividend income on ex-dividend date, subject to reclassification upon notice of the character of such distribution by the issuer. The Fund declares and pays dividends from net investment income quarterly and distributions from net realized gains on investments, if any, annually.

Subject to seeking best execution, the Fund may direct certain security trades to brokers who have agreed to rebate a portion of the related brokerage commission to the Fund in cash. Such commission rebates are included in realized gain on investments in the accompanying financial statements and totaled $224 for the six months ended April 30, 2007. In general, best execution refers to many factors, including the price paid or received for a security, the commission charged, the promptness and reliability of execution, the confidentiality and placement accorded the order, and other factors affecting the overall benefit obtained by the Fund on the transaction.

The Fund receives earnings credits from its custodian when positive cash balances are maintained, which are used to offset custody fees. The expense paid under this arrangement is included in custodian fees on the Statement of Operations with the corresponding expense offset shown as “expense paid indirectly.”

2. Investment Management, Administration Agreements and Other Transactions with Affiliates

In accordance with the terms of its investment management agreement, the Fund pays Delaware Management Company (DMC), a series of Delaware Management Business Trust and the investment manager, an annual fee which is calculated daily at the rate of 0.75% on the first $500 million of average daily net assets of the Fund, 0.70% on the next $500 million, 0.65% on the next $1.5 billion and 0.60% on average daily net assets in excess of $2.5 billion.

Delaware Service Company, Inc. (DSC), an affiliate of DMC, provides accounting, administration, dividend disbursing and transfer agent services. The Fund pays DSC a monthly fee computed at the annual rate of 0.04% of such Fund’s average daily net assets for accounting and administration services. The Fund pays DSC a monthly fee based on the number of shareholder accounts for dividend disbursing and transfer agent services.

Pursuant to a distribution agreement and distribution plan, the Fund pays DDLP, the distributor and an affiliate of DMC, an annual distribution and service fee not to exceed 0.30% of the average daily net assets of the Class A shares, 1.00% of the average daily net assets of the Class B and C shares and 0.60% of the average daily net assets of the Class R shares. DDLP has contracted to limit distribution and service fees through February 29, 2008 in order to prevent distribution and service fees of Class A and Class R shares from exceeding 0.25% and 0.50%, respectively, of average daily net assets. Institutional Class and the Real Estate Investment Trust Portfolio Class shares pay no distribution and service expenses.

At April 30, 2007, the Fund had liabilities payable to affiliates as follows:

Investment management fee payable to DMC	$	273,475
Dividend disbursing, transfer agent, accounting and administration fees and other expenses payable to DSC	91,683
Distribution fee payable to DDLP	158,095
Other expenses payable to DMC and affiliates*	43,601

*  DMC, as part of its administrative services, pays operating expenses on behalf of the Fund and is reimbursed on a periodic basis. Such expenses include items such as printing of shareholder reports, fees for audit, legal and tax services, registration fees and trustees’ fees.

As provided in the investment management agreement, the Fund bears the cost of certain legal and tax services, including internal legal and tax services provided to the Fund by DMC and/or its affiliates’ employees. For the six months ended April 30, 2007, the Fund was charged $10,839 for internal legal and tax services provided by DMC and/or its affiliates’ employees.

For the six months ended April 30, 2007, DDLP earned $45,115 for commissions on sales of the Fund’s Class A shares. For the six months ended April 30, 2007, DDLP received gross CDSC commissions of $7, $45,279 and $589 on redemption of the Fund’s Class A, Class B and Class C shares, respectively, and these commissions were entirely used to offset up-front commissions previously paid by DDLP to broker-dealers on sales of those shares.

Trustees’ fees and benefits include expenses accrued by the Fund for each Trustee’s retainer, per meeting fees and retirement benefits. Independent Trustees with over five years of uninterrupted service were eligible to participate in a retirement plan that provides for the payment of benefits upon retirement. The amount of the retirement benefit was determined based on factors set forth in the plan, including the number of years of service. On November 16, 2006, the Board of Trustees of the Fund unanimously voted to terminate the retirement plan. Payments equal to the net present value of the earned benefits were made in 2007 to those independent trustees so entitled. The retirement benefit payout for the Fund was $52,910.

Certain officers of DMC, DSC and DDLP are officers and/or trustees of the Trust. These officers and trustees are paid no compensation by the Fund.

3. Investments

For the six months ended April 30, 2007, the Fund made purchases of $167,882,474 and sales of $192,759,476 of investment securities other than short-term investments.

At April 30, 2007, the cost of investments for federal income tax purposes has been estimated since the final tax characteristics cannot be determined until fiscal year end. At April 30, 2007, the cost of investments was $436,662,158. At April 30, 2007, the net unrealized appreciation was $86,591,248, of which $89,295,206 related to unrealized appreciation of investments and $2,703,958 related to unrealized depreciation of investments.

14

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles. Additionally, net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the six months ended April 30, 2007 and the year ended October 31, 2006 was as follows:

	Six Months Ended 4/30/07*		Year Ended 10/31/06
Ordinary income	$	9,668,172	$	9,498,269
Long-term capital gain	107,675,477		64,203,982
Total	$	117,343,649	$	73,702,251

*  Tax information for the period ended April 30, 2007 is an estimate and the tax character of dividends and distributions may be redesignated at fiscal year end.

5. Components of Net Assets on a Tax Basis

The components of net assets are estimated since final tax characteristics cannot be determined until fiscal year end. As of April 30, 2007, the estimated components of net assets on a tax basis were as follows:

Shares of beneficial interest	$	299,473,025
Undistributed ordinary income	21,343,685
Undistributed long-term capital gain	36,722,410
Unrealized appreciation of investments	86,591,248
Net assets	$	444,130,368

The undistributed earnings for the Delaware REIT Fund are estimated pending final notification of the tax character of distributions received from investments in Real Estate Investment Trusts.

The difference between book basis and tax basis components of net assets are primarily attributable to tax deferred losses on wash sales.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to tax treatment of dividends and distributions. Results of operations and net assets were not affected by these reclassifications. For the six months ended April 30, 2007, the Fund recorded an estimate of these differences since the final tax characteristics cannot be determined until fiscal year end.

Accumulated net realized gain (loss)	$	(1,049,984	)
Undistributed net investment income	1,049,984

6. Capital Shares

Transactions in capital shares were as follows:

	Six Months Ended 4/30/07		Year Ended 10/31/06
Shares sold:
Class A	1,318,885		2,162,639
Class B	83,965		99,791
Class C	216,537		285,368
Class R	150,806		173,379
Institutional Class	2,077,439		594,844
The Real Estate Investment Trust Portfolio Class	260,281		—
Shares issued upon reinvestment of dividends and distributions:
Class A	3,183,932		1,943,414
Class B	934,729		476,207
Class C	993,233		501,142
Class R	116,026		35,426
Institutional Class	432,576		327,518
The Real Estate Investment Trust Portfolio Class	362,608		177,063
	10,131,017		6,776,791
Shares repurchased:
Class A	(2,919,468	)	(7,889,649	)
Class B	(540,180	)	(1,040,410	)
Class C	(597,660	)	(1,137,734	)
Class R	(128,735	)	(109,773	)
Institutional Class	(444,695	)	(2,322,342	)
The Real Estate Investment Trust Portfolio Class	—		(213,863	)
	(4,630,738	)	(12,713,771	)
Net increase (decrease)	5,500,279		(5,936,980	)

For the six months ended April 30, 2007 and the year ended October 31, 2006, 78,804 Class B shares were converted to 78,603 Class A shares valued at $1,680,214 and 164,232 Class B shares were converted to 163,903 Class A shares valued at $3,546,587, respectively. The respective amounts are included in Class B redemptions and Class A subscriptions in the table above and the Statements of Changes in Net Assets.

7. Line of Credit

The Fund, along with certain other funds in the Delaware Investments® Family of Funds (the “Participants”), participates in a $225,000,000 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 Participant’s allocation of the entire facility. The Participants may borrow up to a maximum of one third of their net assets under the agreement. The Fund had no amounts outstanding as of April 30, 2007, or at any time during the period then ended.

(continues)

15

Notes to financial statements

Delaware REIT Fund

8. Securities Lending

The Fund, along with other funds in the Delaware Investments® Family of Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with JPMorgan Chase. Initial security loans made pursuant to the Lending Agreement are required to be secured by U.S. government obligations and/or cash collateral not less than 102% of the value of the securities issued in the United States. With respect to each loan, if the aggregate value of the collateral held on any business day is less than the aggregate value of the securities which are the subject of such loan, the borrower will be notified to provide additional collateral not less than the applicable collateral requirements. 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 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 shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Fund, or at the discretion of the lending agent, replace the loaned securities. The Fund continues to record dividends on the securities loaned and is subject to change in value of the securities loaned that may occur during the term of the loan. The Fund has the right under the Lending Agreement to recover the securities from the borrower on demand. The security lending agent and the borrower retain a portion of the earnings from the collateral investments. The Fund records security lending income net of such allocation.

At April 30, 2007, the value of securities on loan was $73,409,616, for which cash collateral was received and invested in accordance with the Lending Agreement. Such investments are presented on the Statement of Net Assets under the caption “Securities Lending Collateral.”

9. Credit and Market Risk

The Fund concentrates its investments in the real estate industry and is subject to some of the risks associated with that industry. If the Fund holds real estate directly as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. The Fund is also affected by interest rate changes, particularly if the real estate investment trusts it holds use floating rate debt to finance their ongoing operations. Its investments may also tend to fluctuate more in value than a portfolio that invests in a broader range of industries.

The Fund may invest up to 15% of its 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 relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund’s Board of Trustees has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of the Fund’s limitation on investments in illiquid assets. At April 30, 2007, there were no Rule 144A securities and no securities have been determined to be illiquid under the Fund’s Liquidity Procedures

10. Contractual Obligations

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.

11. Subsequent Event

Termination of New Purchases of Class B Shares

As of the close of business on May 31, 2007, each Fund in the Delaware Investments® Family of Funds no longer accepts new or subsequent investments in Class B shares of the funds, other than a reinvestment of dividends or capital gains or permitted exchanges. Existing shareholders of Class B shares may continue to hold their Class B shares, reinvest dividends into Class B shares, and exchange their Class B shares of one Fund for Class B shares of another Fund, as permitted by existing exchange privileges. Existing Class B shareholders wishing to make subsequent purchases in a Fund’s shares will be permitted to invest in other classes of the Fund, subject to that class’ pricing structure and eligibility requirements, if any.

For Class B shares outstanding as of May 31, 2007 and Class B shares acquired upon reinvestment of dividends or capital gains, all Class B share attributes, including the CDSC schedules, conversion to Class A schedule, and distribution and service (12b-1) fees, will continue in their current form. However, as of the close of business on May 31, 2007, reinvestment of redeemed shares with respect to Class B shares (which, as described in the prospectus, permits you to reinvest within 12 months of selling your shares and have any CDSC you paid on such shares credited back to your account) has been discontinued. In addition, because a Fund’s or its distributor’s ability to assess certain sales charges and fees is dependent on the sale of new shares, the termination of new purchases of Class B shares could ultimately lead to the elimination and/or reduction of such sales charges and fees. A Fund may not be able to provide shareholders with advance notice of the reduction in these sales charges and fees. You will be notified via a Prospectus Supplement if there are any changes to any attributes, sales charges, or fees.

16

About the organization

This semiannual report is for the information of Delaware REIT Fund shareholders, but it may be used with prospective investors when preceded or accompanied by a current prospectus for Delaware REIT Fund and the Delaware Investments® Performance Update for the most recently completed calendar quarter. The prospectus sets forth details about charges, expenses, investment objectives, and operating policies of the Fund. You should read the prospectus carefully before you invest. The figures in this report represent past results that are not a guarantee of future results. The return and principal value of an investment in the Fund will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

Board of trustees

Patrick P. Coyne

Chairman, President, and
Chief Executive Officer
Delaware Investments Family of Funds
Philadelphia, PA

Thomas L. Bennett

Private Investor
Rosemont, PA

John A. Fry

President
Franklin & Marshall College
Lancaster, PA

Anthony D. Knerr

Founder and Managing Director
Anthony Knerr & Associates
New York, NY

Lucinda S. Landreth

Former Chief Investment Officer
Assurant, Inc.
Philadelphia, PA

Ann R. Leven

Consultant
ARL Associates
New York, NY

Thomas F. Madison

President and Chief Executive Officer
MLM Partners, Inc.
Minneapolis, MN

Janet L. Yeomans

Vice President and Treasurer
3M Corporation
St. Paul, MN

J. Richard Zecher

Founder
Investor Analytics
Scottsdale, AZ

Affiliated officers

David F. Connor

Vice President, Deputy General Counsel, and Secretary
Delaware Investments Family of Funds
Philadelphia, PA

David P. O’Connor

Senior Vice President, General Counsel, and Chief Legal Officer
Delaware Investments Family of Funds
Philadelphia, PA

John J. O’Connor

Senior Vice President and Treasurer
Delaware Investments Family of Funds
Philadelphia, PA

Richard Salus

Senior Vice President and Chief Financial Officer
Delaware Investments Family of Funds
Philadelphia, PA

Contact information

Investment manager

Delaware Management Company, a series of Delaware Management Business Trust
Philadelphia, PA

National distributor

Delaware Distributors, L.P.
Philadelphia, PA

Shareholder servicing, dividend disbursing, and transfer agent

Delaware Service Company, Inc.
2005 Market Street
Philadelphia, PA 19103-7094

For shareholders

800 523-1918

For securities dealers and financial institutions representatives only

800 362-7500

Web site

www.delawareinvestments.com

Delaware Investments is the marketing name of Delaware Management Holdings, Inc. and its subsidiaries.

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities are available without charge (i) upon request, by calling 800 523-1918; (ii) on the Fund’s Web site at http://www.delawareinvestments.com; and (iii) on the Commission’s Web site at http://www.sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.

Information (if any) regarding how the Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Fund’s Web site at http://www.delawareinvestments.com; and (ii) on the Commission’s Web site at http://www.sec.gov.

17

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·Less mail clutter — Get instant access to your fund materials online with Delaware eDelivery.

Register for Account Access today! Please visit us at www.delawareinvestments.com, select Individual Investors, and click Account Access.

Please call our Shareholder Service Center at 800 523-1918 Monday through Friday from 8:00 a.m. to 7:00 p.m., Eastern Time, for assistance with any questions.

(1874)
SA-095 [4/07] CGI 6/07

Printed in the USA
RPRT-0704-TMPT MF0705012 PO11904

Item 2.  Code of Ethics

Not applicable.

Item 3.  Audit Committee Financial Expert

Not applicable.

Item 4.  Principal Accountant Fees and Services

Not applicable.

Item 5.  Audit Committee of Listed Registrants

Not applicable.

Item 6.  Schedule of Investments

Included as part of report to shareholders filed under Item 1 of this Form N-CSR.

Item 7.  Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8.  Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9.  Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers

Not applicable.

Item 10.  Submission of Matters to a Vote of Security Holders

Not applicable.

Item 11.  Controls and Procedures

The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of the filing of this report and have concluded that they are effective in providing reasonable assurance that the information required to be disclosed by the registrant in its reports or

statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.

There were no significant changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by the report to stockholders included herein (i.e., the registrant’s second fiscal quarter) that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.  Exhibits

(a)(1)   Code of Ethics

Not applicable.

(2)   Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2 under the Investment Company Act of 1940 are attached hereto as Exhibit 99.CERT.

(3)Written solicitations to purchase securities pursuant to Rule 23c-1 under the Securities Exchange Act of 1934.

Not applicable.

(b)Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf, by the undersigned, thereunto duly authorized.

Name of Registrant: Delaware Pooled Trust

PATRICK P. COYNE
By:	Patrick P. Coyne
Title:	Chief Executive Officer
Date:	July 5, 2007

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

PATRICK P. COYNE
By:	Patrick P. Coyne
Title:	Chief Executive Officer
Date:	July 5, 2007

RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	July 5, 2007