Delaware Pooled Trust NCSRS 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:		811-06322

Exact name of registrant as specified in charter:		Delaware Pooled^®Trust

Address of principal executive offices:		2005 Market Street
		Philadelphia, PA 19103

Name and address of agent for service:		David F. Connor, Esq.
		2005 Market Street
		Philadelphia, PA 19103

Registrant’s telephone number, including area code:		(800) 523-1918

Date of fiscal year end:		October 31

Date of reporting period:		April 30, 2012

Item 1. Reports to Stockholders

Semiannual report 2012

April 30, 2012


U.S. equities		International equities
The Large-Cap Value Equity Portfolio		The International Equity Portfolio
The Select 20 Portfolio		The Labor Select International Equity Portfolio
The Large-Cap Growth Equity Portfolio		The Emerging Markets Portfolio
The Focus Smid-Cap Growth Equity Portfolio		The Emerging Markets Portfolio II
The Real Estate Investment Trust Portfolio II		The Global Real Estate Securities Portfolio

U.S. fixed income		International fixed income
The Core Focus Fixed Income Portfolio		The Global Fixed Income Portfolio
The High-Yield Bond Portfolio
The Core Plus Fixed Income Portfolio

Delaware Pooled® Trust

Contents

Portfolio objectives		2
Disclosure of Portfolio expenses		4
Sector allocations, security types, country allocations,
and top 10 equity holdings		6
Statements of net assets		18
Statements of operations		61
Statements of changes in net assets		65
Financial highlights		70
Notes to financial statements		85
Other Portfolio information		109

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 high net worth individual investors.

Delaware Management Company, a series of Delaware Management Business Trust, serves as investment advisor for the Portfolios. Mondrian Investment Partners Limited serves as investment sub-advisor for The International Equity,* Labor Select International Equity, Emerging Markets,* and Global Fixed Income* Portfolios.

Shareholder services
Delaware Investments provides its Delaware Pooled Trust shareholders with annual and semiannual reports, monthly account reports, and other communications.

A dedicated shareholder services staff is available to assist with account questions and provide net asset values of the Delaware Pooled Trust Portfolios weekdays from 9 a.m. to 5 p.m. Eastern time. Shareholders may call 800 231-8002 or write to: Client Services, Delaware Pooled Trust, 2005 Market Street, Philadelphia, PA 19103.

The performance quoted in this report represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 800 231-8002 or visiting www.delawareinvestments.com/institutional/performance. Carefully consider the Portfolios’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Portfolios’ prospectus and, if available, their summary prospectuses, which may be obtained by visiting www.delawareinvestments.com or calling 800 231-8002. Investors should read the prospectus and, if available, the summary prospectus carefully before investing. 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 (DMBT), which is a registered investment advisor. Delaware Investments is the marketing name of Delaware Management Holdings, Inc. (DMHI) and its subsidiaries.

Investments in the Portfolios are not and will not be deposits with or liabilities of Macquarie Bank Limited ABN 46 008 583 542 and its holding companies, including their subsidiaries or related companies (Macquarie Group), and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. No Macquarie Group company guarantees or will guarantee the performance of the Portfolios, the repayment of capital from the Portfolios, or any particular rate of return.

*Closed to new investors.
©2012 Delaware Management Holdings, Inc.	2012 Semiannual report • Delaware Pooled Trust
All third-party marks cited are the property of their respective owners.

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 Select 20 Portfolio seeks long-term capital appreciation. The Portfolio seeks to achieve its objective by investing in a portfolio of twenty (20) securities, primarily 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. For purposes of the Portfolio, we generally consider large-capitalization companies to be those that, at the time of purchase, have total market capitalizations within the range of market capitalizations of companies in the Russell 1000^® Growth Index.

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. For purposes of the Portfolio, we will generally consider companies that, at the time of purchase, have total market capitalizations within the range of market capitalizations of companies in the Russell 2500™ Growth Index.

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 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 rated BB or lower by Standard & Poor’s (S&P) or similarly rated by another nationally recognized statistical rating organization; (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, rated P-1 or P-2 by Moody’s Investors Service, Inc., or 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 sector, U.S. high yield sector, and international sector.

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 outside the United States, and that, in our 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 presently 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 outside of the United States, and that, 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 that are organized in, have a majority of their assets in, or derive a majority of their operating income from emerging countries. The Emerging Markets Portfolio is presently closed to new investors.

The Emerging Markets Portfolio II seeks long-term capital appreciation. The Portfolio invests primarily in equity securities of issuers from emerging or developing foreign countries. Under normal market conditions, at least 80% of the Portfolio’s total assets will be invested in equity securities of issuers from countries whose economies are considered to be emerging.

2012 Semiannual report • Delaware Pooled Trust

The Global Real Estate Securities Portfolio seeks maximum long-term total return through a combination of current income and capital appreciation. Under normal circumstances, 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 securities of non-U.S. issuers.

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 presently closed to new investors.

Carefully consider the Portfolios’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Portfolios’ prospectuses and, if available, their summary prospectuses, which may be obtained by visiting www.delawareinvestments.com or calling 800 231-8002. Investors should read the applicable prospectus and, if available, the applicable summary prospectus carefully before investing.

The Portfolios of Delaware Pooled^® Trust (DPT) are designed exclusively for institutional investors and high net worth individuals.

International investments entail risks not ordinarily associated with U.S. investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility and lower trading volume.

Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.

REIT investments are subject to many of the risks associated with direct real estate ownership, including changes in economic conditions, credit risk, and interest rate fluctuations.

A REIT fund’s tax status as a regulated investment company could be jeopardized if it holds real estate directly, as a result of defaults, or receives rental income from real estate holdings.

The Portfolios’ share prices and yields will fluctuate in response to movements in stock prices.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt.

The Portfolios may also be subject to prepayment risk, the risk that the principal of a fixed income security that is held by the Portfolios may be prepaid prior to maturity, potentially forcing the Portfolios to reinvest that money at a lower interest rate.

Securities in the lowest of the rating categories considered to be investment grade (that is, Baa or BBB) have some speculative characteristics.

High yielding, noninvestment grade bonds (junk bonds) involve higher risk than investment grade bonds.

The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds and certain other financial institutions, temporarily stop buying bonds for regulatory, financial, or other reasons. In addition, a less liquid secondary market makes it more difficult for a Portfolio to obtain precise valuations of the high yield securities in its portfolio.

Because the Portfolios expect to hold a concentrated portfolio of a limited number of securities, the Portfolios’ risk is increased because each investment has a greater effect on the Portfolios’ overall performance.

The Real Estate Investment Trust II, The Global Real Estate Securities, The Select 20, and The Global Fixed Income Portfolios are considered “nondiversified” as defined in the Investment Company Act of 1940. “Nondiversified” Portfolios may allocate more of their net assets to investments in single securities than “diversified” Portfolios. Resulting adverse effects may subject these Portfolios to greater risks and volatility.

2012 Semiannual report • Delaware Pooled Trust

Disclosure of Portfolio expenses

For the six month period from November 1, 2011 to April 30, 2012

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 Class P shares of 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 six month period from November 1, 2011 to April 30, 2012.

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. Certain of 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 the relevant Portfolio’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

Delaware Pooled^® Trust
Expense Analysis of an Investment of $1,000

								Expenses
	Beginning			Ending				Paid During
	Account			Account			Annualized	Period
	Value			Value			Expense	11/1/11 to
	11/1/11			4/30/12			Ratio	4/30/12
Actual Portfolio Return
The Large-Cap
Value Equity
Portfolio		$	1,000.00		$	1,128.00	0.70%		$	3.70
The Select 20
Portfolio			1,000.00			1,168.40	0.88%			4.74
The Large-Cap
Growth Equity
Portfolio			1,000.00			1,167.10	0.64%			3.45
The Focus Smid-Cap
Growth Equity
Portfolio			1,000.00			1,127.20	0.92%			4.87
The Real Estate
Investment Trust
Portfolio II			1,000.00			1,145.00	0.95%			5.07
The Core Focus
Fixed Income
Portfolio			1,000.00			1,032.20	0.43%			2.17
The High-Yield
Bond Portfolio			1,000.00			1,084.10	0.59%			3.06
The Core Plus
Fixed Income
Portfolio			1,000.00			1,038.50	0.45%			2.28
The International
Equity Portfolio			1,000.00			998.70	0.82%			4.07
The Labor Select
International Equity
Portfolio			1,000.00			1,004.60	0.87%			4.34
The Emerging
Markets Portfolio			1,000.00			1,068.60	1.21%			6.22
The Emerging
Markets Portfolio II			1,000.00			1,027.40	1.20%			6.05
The Global Real Estate
Securities Portfolio
Original Class			1,000.00			1,106.90	1.10%			5.76

2012 Semiannual report • Delaware Pooled Trust

								Expenses
	Beginning			Ending				Paid During
	Account			Account			Annualized	Period
	Value			Value			Expense	11/1/11 to
	11/1/11			4/30/12			Ratio	4/30/12
Actual Portfolio Return (continued)
The Global Real
Estate Securities
Portfolio Class P		$	1,000.00		$	1,106.00	1.35%		$	7.07
The Global Fixed
Income Portfolio			1,000.00			999.00	0.60%			2.98
Hypothetical 5% Return (5% return before expenses)
The Large-Cap
Value Equity
Portfolio		$	1,000.00		$	1,021.38	0.70%		$	3.52
The Select 20
Portfolio			1,000.00			1,020.49	0.88%			4.42
The Large-Cap
Growth Equity
Portfolio			1,000.00			1,021.68	0.64%			3.22
The Focus Smid-Cap
Growth Equity
Portfolio			1,000.00			1,020.29	0.92%			4.62
The Real Estate
Investment Trust
Portfolio II			1,000.00			1,020.14	0.95%			4.77
The Core Focus
Fixed Income
Portfolio			1,000.00			1,022.73	0.43%			2.16
The High-Yield
Bond Portfolio			1,000.00			1,021.93	0.59%			2.97
The Core Plus
Fixed Income
Portfolio			1,000.00			1,022.63	0.45%			2.26
The International
Equity Portfolio			1,000.00			1,020.79	0.82%			4.12
The Labor Select
International
Equity Portfolio			1,000.00			1,020.54	0.87%			4.37
The Emerging
Markets Portfolio			1,000.00			1,018.85	1.21%			6.07
The Emerging
Markets Portfolio II			1,000.00			1,018.90	1.20%			6.02
The Global Real Estate
Securities Portfolio
Original Class			1,000.00			1,019.39	1.10%			5.52
The Global Real Estate
Securities Portfolio
Class P			1,000.00			1,018.15	1.35%			6.77
The Global Fixed
Income Portfolio			1,000.00			1,021.88	0.60%			3.02

2012 Semiannual report • Delaware Pooled Trust

Security type/sector allocations and
top 10 equity holdings

Delaware Pooled^® Trust
As of April 30, 2012

Sector designations may be different than the sector designations presented in other Portfolio materials. The sector designations may represent the investment manager’s internal sector classifications, which may result in the sector designations for one portfolio being different than another portfolio’s sector designations.

The Large-Cap Value Equity Portfolio

	Percentage
Security type/Sector	of Net Assets
Common Stock	96.08	%
Consumer Discretionary	6.54	%
Consumer Staples	14.36	%
Energy	11.51	%
Financials	12.71	%
Healthcare	17.65	%
Industrials	8.97	%
Information Technology	12.06	%
Materials	3.07	%
Telecommunications	6.21	%
Utilities	3.00	%
Short-Term Investments	3.77	%
Total Value of Securities	99.85	%
Receivables and Other Assets Net of Liabilities	0.15	%
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.

	Percentage
Top 10 Equity Holdings	of Net Assets
Comcast Class A	3.68	%
Allstate	3.43	%
Bank of New York Mellon	3.28	%
Verizon Communications	3.18	%
Raytheon	3.18	%
Williams	3.18	%
Pfizer	3.16	%
Intel	3.15	%
Cisco Systems	3.09	%
duPont (E.I.) deNemours	3.07	%

The Select 20 Portfolio

	Percentage
Security type/Sector	of Net Assets
²Common Stock	90.55	%
Consumer Discretionary	9.84	%
Energy	8.74	%
Financial Services	14.57	%
Healthcare	13.94	%
Materials & Processing	3.96	%
Producer Durables	5.00	%
Technology	31.02	%
Utilities	3.48	%
Short-Term Investments	9.37	%
Total Value of Securities	99.92	%
Receivables and Other Assets Net of Liabilities	0.08	%
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.

	Percentage
Top 10 Equity Holdings	of Net Assets
Apple	9.85	%
Allergan	6.58	%
QUALCOMM	5.71	%
Visa Class A	5.38	%
priceline.com	5.27	%
Crown Castle International	5.00	%
IntercontinentalExchange	4.87	%
EOG Resources	4.70	%
Adobe Systems	4.59	%
Intuit	4.48	%

2012 Semiannual report • Delaware Pooled Trust

Delaware Pooled^® Trust
As of April 30, 2012

The Large-Cap Growth Equity Portfolio

	Percentage
Security type/Sector	of Net Assets
²Common Stock	99.66	%
Consumer Discretionary	13.12	%
Consumer Staples	1.82	%
Energy	9.07	%
Financial Services	20.63	%
Healthcare	9.91	%
Materials & Processing	2.80	%
Producer Durables	8.65	%
Technology	33.66	%
Short-Term Investments	0.61	%
Securities Lending Collateral	0.09	%
Total Value of Securities	100.36	%
Obligation to Return Securities Lending Collateral	(0.20	%)
Other Liabilities Net of Receivables and Other Assets	(0.16	%)
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.

	Percentage
Top 10 Equity Holdings	of Net Assets
Apple	8.24	%
Visa Class A	5.56	%
MasterCard Class A	5.46	%
QUALCOMM	5.23	%
EOG Resources	5.03	%
Crown Castle International	5.01	%
priceline.com	4.97	%
Allergen	4.63	%
Google Class A	4.16	%
VeriSign	3.82	%

The Focus Smid-Cap Growth Equity Portfolio

	Percentage
Security type/Sector	of Net Assets
²Common Stock	95.79	%
Consumer Discretionary	17.96	%
Consumer Staples	4.37	%
Energy	5.41	%
Financials	15.85	%
Healthcare	13.64	%
Producer Durables	8.61	%
Technology	26.45	%
Utilities	3.50	%
Short-Term Investments	3.86	%
Total Value of Securities	99.65	%
Receivables and Other Assets Net of Liabilities	0.35	%
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.

	Percentage
Top 10 Equity Holdings	of Net Assets
SBA Communications Class A	5.76	%
Core Laboratories	5.41	%
Affiliated Managers Group	4.50	%
Peet’s Coffee & Tea	4.37	%
Weight Watchers International	4.24	%
Teradata	4.22	%
VeriFone Systems	4.08	%
Techne	4.01	%
Heartland Payment Systems	3.92	%
VeriSign	3.88	%

2012 Semiannual report • Delaware Pooled Trust

(continues) 7

Security type/sector allocations and
top 10 equity holdings

Delaware Pooled^® Trust — The Real Estate Investment Trust Portfolio II
As of April 30, 2012

	Percentage
Security type/Sector	of Net Assets
Common Stock	95.97	%
Diversified REITs	3.42	%
Healthcare REITs	11.61	%
Hotel REITs	6.09	%
Industrial REITs	4.41	%
Mall REITs	19.43	%
Manufactured Housing REIT	0.97	%
Multifamily REITs	18.09	%
Office REITs	11.97	%
Office/Industrial REITs	5.25	%
Self-Storage REITs	5.04	%
Shopping Center REITs	7.89	%
Single Tenant REIT	1.25	%
Specialty REIT	0.55	%
Short-Term Investments	3.12	%
Total Value of Securities	99.09	%
Receivables and Other Assets Net of Liabilities	0.91	%
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.

	Percentage
Top 10 Equity Holdings	of Net Assets
Simon Property Group	12.86	%
Equity Residential	4.87	%
Boston Properties	4.72	%
Ventas	4.49	%
Public Storage	4.19	%
Host Hotels & Resorts	4.06	%
HCP	3.72	%
ProLogis	3.67	%
Macerich	3.59	%
AvalonBay Communities	3.48	%

2012 Semiannual report • Delaware Pooled Trust

Security type/sector allocations

Delaware Pooled^® Trust — The Core Focus Fixed Income Portfolio
As of April 30, 2012

	Percentage
Security type/Sector	of Net Assets
Agency Asset-Backed Security	0.29	%
Agency Collateralized Mortgage Obligations	2.09	%
Agency Mortgage-Backed Securities	30.30	%
Commercial Mortgage-Backed Securities	3.61	%
Corporate Bonds	26.54	%
Banking	6.33	%
Basic Industry	2.01	%
Brokerage	0.51	%
Capital Goods	0.07	%
Communications	2.56	%
Consumer Cyclical	1.00	%
Consumer Non-Cyclical	3.20	%
Electric	2.69	%
Energy	2.65	%
Finance Companies	0.45	%
Insurance	0.86	%
Natural Gas	1.41	%
Real Estate	1.29	%
Technology	1.15	%
Transportation	0.36	%
Municipal Bond	2.81	%
Non-Agency Asset-Backed Securities	2.44	%
Non-Agency Collateralized Mortgage Obligation	0.10	%
Regional Bond	0.14	%
Supranational Bank	0.28	%
U.S. Treasury Obligations	28.49	%
Preferred Stock	0.40	%
Option Purchased	0.12	%
Short-Term Investments	18.27	%
Securities Lending Collateral	0.00	%
Total Value of Securities	115.88	%
Obligation to Return Securities Lending Collateral	(0.59	%)
Other Liabilities Net of Receivables and Other Assets	(15.29	%)
Total Net Assets	100.00	%

2012 Semiannual report • Delaware Pooled Trust

(continues) 9

Security type/sector allocations

Delaware Pooled^® Trust — The High-Yield Bond Portfolio
As of April 30, 2012

	Percentage
Security type/Sector	of Net Assets
Corporate Bonds	92.35	%
Automotive	3.61	%
Banking	2.95	%
Basic Industry	13.15	%
Capital Goods	4.91	%
Consumer Cyclical	6.28	%
Consumer Non-Cyclical	2.24	%
Energy	12.16	%
Financials	2.56	%
Healthcare	5.10	%
Insurance	3.05	%
Media	7.30	%
Services	9.90	%
Technology & Electronics	7.74	%
Telecommunications	9.45	%
Utilities	1.95	%
Senior Secured Loans	0.98	%
Common Stock	0.14	%
Preferred Stock	0.86	%
Warrant	0.00	%
Short-Term Investments	3.77	%
Securities Lending Collateral	0.04	%
Total Value of Securities	98.14	%
Obligation to Return Securities Lending Collateral	(0.08	%)
Receivables and Other Assets Net of Other Liabilities	1.94	%
Total Net Assets	100.00	%

2012 Semiannual report • Delaware Pooled Trust

Delaware Pooled^® Trust — The Core Plus Fixed Income Portfolio
As of April 30, 2012

	Percentage
Security type/Sector	of Net Assets
Agency Asset-Backed Security	0.24	%
Agency Collateralized Mortgage Obligations	2.40	%
Agency Mortgage-Backed Securities	16.69	%
Commercial Mortgage-Backed Securities	5.21	%
Corporate Bonds	43.62	%
Banking	6.13	%
Basic Industry	5.30	%
Brokerage	0.38	%
Capital Goods	0.80	%
Communications	5.42	%
Consumer Cyclical	2.18	%
Consumer Non-Cyclical	4.19	%
Electric	4.03	%
Energy	4.67	%
Finance Companies	2.33	%
Insurance	1.15	%
Natural Gas	2.51	%
Real Estate	1.86	%
Technology	1.54	%
Transportation	1.13	%
Non-Agency Asset-Backed Securities	4.03	%
Non-Agency Collateralized Mortgage Obligations	0.16	%
Regional Bonds	2.63	%
Senior Secured Loans	4.94	%
Sovereign Bonds	3.85	%
Supranational Banks	0.59	%
U.S. Treasury Obligations	11.32	%
Preferred Stock	0.35	%
Short-Term Investment	13.93	%
Securities Lending Collateral	0.07	%
Total Value of Securities	110.03	%
Written Options	(0.01	%)
Obligation to Return Securities Lending Collateral	(0.16	%)
Other Liabilities Net of Receivables and Other Assets	(9.86	%)
Total Net Assets	100.00	%

2012 Semiannual report • Delaware Pooled Trust

(continues) 11

Security type/country and sector allocations

Delaware Pooled^® Trust — The International Equity Portfolio
As of April 30, 2012

	Percentage
Security type/Country	of Net Assets
Common Stock	99.95	%
Australia	5.50	%
Belgium	0.00	%
France	16.35	%
Germany	5.75	%
Ireland	0.46	%
Israel	2.68	%
Italy	3.55	%
Japan	21.56	%
Netherlands	4.90	%
Singapore	4.06	%
Spain	6.16	%
Switzerland	6.30	%
Taiwan	1.97	%
United Kingdom	20.71	%
Short-Term Investments	0.09	%
Securities Lending Collateral	1.73	%
Total Value of Securities	101.77	%
Obligation to Return Securities Lending Collateral	(1.99	%)
Receivables and Other Assets Net of Other Liabilities	0.22	%
Total Net Assets	100.00	%

	Percentage
Common Stock by Sector	of Net Assets
Consumer Discretionary	5.55	%
Consumer Staples	16.16	%
Energy	12.43	%
Financials	14.35	%
Healthcare	16.80	%
Industrials	7.26	%
Information Technology	7.58	%
Materials	2.42	%
Telecommunication Services	11.75	%
Utilities	5.65	%
Total	99.95	%

2012 Semiannual report • Delaware Pooled Trust

Delaware Pooled^® Trust — The Labor Select International Equity Portfolio
As of April 30, 2012

Sector designations may be different than the sector designations presented in other Portfolio materials. The sector designations may represent the investment manager’s or sub-adviser’s internal sector classifications, which may result in the sector designations for one portfolio being different than another portfolio’s sector designations.

	Percentage
Security type/Country	of Net Assets
Common Stock	98.63	%
Australia	5.98	%
Belgium	0.00	%
France	17.53	%
Germany	3.50	%
Ireland	0.74	%
Israel	2.74	%
Italy	1.25	%
Japan	20.82	%
Netherlands	5.71	%
Singapore	4.75	%
Spain	6.26	%
Switzerland	6.62	%
United Kingdom	22.73	%
Short-Term Investments	0.57	%
Securities Lending Collateral	7.43	%
Total Value of Securities	106.63	%
Obligation to Return Securities Lending Collateral	(7.53	%)
Receivables and Other Assets Net of Other Liabilities	0.90	%
Total Net Assets	100.00	%

	Percentage
Common Stock by Sector	of Net Assets
Consumer Discretionary	3.97	%
Consumer Staples	15.17	%
Energy	11.62	%
Financials	16.31	%
Healthcare	17.38	%
Industrials	6.43	%
Information Technology	5.88	%
Materials	2.81	%
Telecommunication Services	10.69	%
Utilities	8.37	%
Total	98.63	%

2012 Semiannual report • Delaware Pooled Trust

(continues) 13

Security type/country and sector allocations

Delaware Pooled^® Trust — The Emerging Markets Portfolio
As of April 30, 2012

	Percentage
Security type/Country	of Net Assets
Common Stock	88.44	%
Brazil	7.69	%
Chile	3.45	%
China	22.70	%
Colombia	0.52	%
India	9.78	%
Indonesia	5.19	%
Kazakhstan	0.96	%
Malaysia	0.93	%
Mexico	3.84	%
Peru	2.43	%
Philippines	1.76	%
Republic of Korea	7.07	%
Russia	4.72	%
South Africa	4.41	%
Taiwan	5.10	%
Thailand	4.62	%
Turkey	3.27	%
Preferred Stock	10.58	%
Brazil	9.24	%
Republic of Korea	1.34	%
Right	0.00	%
Short-Term Investments	2.74	%
Securities Lending Collateral	2.34	%
Total Value of Securities	104.10	%
Obligation to Return Securities Lending Collateral	(2.46	%)
Other Liabilities Net of Receivables and Other Assets	(1.64	%)
Total Net Assets	100.00	%

	Percentage
Common and Preferred Stock by Sector	of Net Assets
Consumer Discretionary	10.30	%
Consumer Staples	6.76	%
Energy	15.51	%
Financials	23.95	%
Healthcare	1.06	%
Industrials	8.40	%
Information Technology	11.83	%
Materials	6.95	%
Telecommunication Services	5.17	%
Utilities	9.09	%
Total	99.02	%

2012 Semiannual report • Delaware Pooled Trust

Delaware Pooled^® Trust — The Emerging Markets Portfolio II
As of April 30, 2012

	Percentage
Security type/Country	of Net Assets
Common Stock	96.31	%
Argentina	0.96	%
Bahrain	0.06	%
Brazil	11.72	%
China/Hong Kong	12.76	%
Guernsey	0.14	%
Hungary	0.44	%
India	3.09	%
Indonesia	1.72	%
Israel	0.61	%
Malaysia	1.33	%
Mexico	7.06	%
Peru	0.78	%
Poland	0.79	%
Republic of Korea	19.86	%
Russia	5.98	%
South Africa	5.92	%
Taiwan	6.47	%
Thailand	2.74	%
Turkey	1.73	%
United Kingdom	0.71	%
United States	11.44	%
Exchange-Traded Fund	2.65	%
Short-Term Investments	0.06	%
Securities Lending Collateral	5.03	%
Total Value of Securities	104.05	%
Obligation to Return Securities Lending Collateral	(5.03	%)
Receivables and Other Assets Net of Other Liabilities	0.98	%
Total Net Assets	100.00	%

	Percentage
Common Stock by Sector	of Net Assets
Consumer Discretionary	3.40	%
Consumer Staples	18.13	%
Energy	12.74	%
Financials	15.80	%
Industrials	4.29	%
Information Technology	17.19	%
Materials	11.52	%
Telecommunication Services	13.06	%
Utilities	0.18	%
Total	96.31	%

2012 Semiannual report • Delaware Pooled Trust

(continues) 15

Security type/country and sector allocations

Delaware Pooled^® Trust — The Global Real Estate Securities Portfolio
As of April 30, 2012

	Percentage
Security type/Country	of Net Assets
Common Stock	95.86	%
Australia	7.89	%
Belgium	0.70	%
Canada	5.34	%
China/Hong Kong	11.46	%
France	2.52	%
Germany	1.16	%
Japan	9.49	%
Netherlands	0.34	%
Singapore	4.57	%
United Kingdom	5.29	%
United States	47.10	%
Warrant	0.00	%
Short-Term Investments	2.93	%
Securities Lending Collateral	5.45	%
Total Value of Securities	104.24	%
Obligation to Return Securities Lending Collateral	(6.23	%)
Receivables and Other Assets Net of Other Liabilities	1.99	%
Total Net Assets	100.00	%

	Percentage
Common Stock by Sector	of Net Assets
Diversified REITs	21.14	%
Healthcare REITs	4.00	%
Hotel REITs	3.83	%
Industrial REITs	2.16	%
Mall REITs	9.93	%
Manufactured Homes REIT	0.72	%
Multifamily REITs	10.45	%
Office REITs	9.40	%
Real Estate Operating Companies	19.28	%
Self-Storage REITs	3.59	%
Shopping Center REITs	10.68	%
Single Tenant REIT	0.68	%
Total	95.86	%

2012 Semiannual report • Delaware Pooled Trust

Security type/country allocation

Delaware Pooled^® Trust — The Global Fixed Income Portfolio
As of April 30, 2012

	Percentage
Security type/Country	of Net Assets
Corporate Bonds	18.67	%
Austria	3.81	%
Germany	5.25	%
Netherlands	2.93	%
Norway	3.71	%
Spain	0.94	%
United Kingdom	2.03	%
Sovereign Bonds	62.80	%
Australia	4.78	%
Canada	2.92	%
Denmark	2.66	%
Germany	8.81	%
Japan	23.69	%
Mexico	3.83	%
Netherlands	3.24	%
Poland	6.70	%
Qatar	4.08	%
Supranational	2.09	%
Supranational Banks	12.40	%
U.S. Treasury Obligations	5.37	%
Short-Term Investments	0.09	%
Total Value of Securities	99.33	%
Receivables and Other Assets Net of Liabilities	0.67	%
Total Net Assets	100.00	%

2012 Semiannual report • Delaware Pooled Trust

Statements of net assets

Delaware Pooled^® Trust — The Large-Cap Value Equity Portfolio
April 30, 2012 (Unaudited)

		Number of
		Shares		Value
Common Stock – 96.08%
Consumer Discretionary – 6.54%
	Comcast Class A		9,100	$	276,003
	Lowe’s		6,800		213,996
					489,999
Consumer Staples – 14.36%
	Archer-Daniels-Midland		6,800		209,644
	CVS Caremark		5,100		227,562
	Kimberly-Clark		2,700		211,869
	Kraft Foods Class A		5,200		207,324
	Safeway		10,800		219,564
					1,075,963
Energy – 11.51%
	Chevron		2,000		213,120
	ConocoPhillips		2,700		193,401
	Marathon Oil		7,400		217,116
	Williams		7,000		238,210
					861,847
Financials – 12.71%
	Allstate		7,700		256,641
	Bank of New York Mellon		10,400		245,960
	Marsh & McLennan		6,700		224,115
	Travelers		3,500		225,120
					951,836
Healthcare – 17.65%
	Baxter International		3,800		210,558
	Cardinal Health		5,400		228,258
	Johnson & Johnson		3,400		221,306
	Merck		5,700		223,668
	Pfizer		10,311		236,432
	Quest Diagnostics		3,500		201,915
					1,322,137
Industrials – 8.97%
	Northrop Grumman		3,400		215,152
	Raytheon		4,400		238,216
	Waste Management		6,400		218,880
					672,248
Information Technology – 12.06%
	Cisco Systems		11,500		231,725
	Intel		8,300		235,720
	Motorola Solutions		4,300		219,429
	Xerox		27,800		216,284
					903,158
Materials – 3.07%
	duPont (E.I.) deNemours		4,300		229,878
					229,878
Telecommunications – 6.21%
	AT&T		6,900		227,079
	Verizon Communications		5,900		238,242
					465,321
Utilities – 3.00%
	Edison International		5,100		224,451
					224,451
Total Common Stock
	(cost $6,614,125)				7,196,838

		Principal
		Amount
Short-Term Investments – 3.77%
≠Discount Notes – 0.98%
	Federal Home Loan Bank
	0.11% 5/25/12	$	53,811		53,810
	0.115% 6/29/12		19,695		19,693
					73,503
Repurchase Agreements – 2.79%
	Bank of America 0.17%, dated
	4/30/12, to be repurchased on
	5/1/12, repurchase price $51,481
	(collateralized by U.S. Government
	obligations 2.25%-4.125%
	1/31/15-5/15/15; market
	value $52,510)		51,480		51,480
	BNP Paribas 0.17%, dated 4/30/12,
	to be repurchased on 5/1/12,
	repurchase price $157,520
	(collateralized by U.S. Government
	obligations 0.00%-2.375%
	7/26/12-10/31/16; market
	value $160,670)		157,520		157,520
					209,000
Total Short-Term Investments
	(cost $282,499)				282,503

Total Value of Securities – 99.85%
	(cost $6,896,624)				7,479,341
Receivables and Other Assets
	Net of Liabilities – 0.15%				11,150
Net Assets Applicable to 409,919
	Shares Outstanding; Equivalent to
	$18.27 Per Share – 100.00%			$	7,490,491

Components of Net Assets at April 30, 2012:
Shares of beneficial interest
	(unlimited authorization – no par)			$	8,009,767
Undistributed net investment income					45,676
Accumulated net realized loss on investments					(1,147,669	)
Net unrealized appreciation of investments					582,717
Total net assets				$	7,490,491

≠The rate shown is the effective yield at the time of purchase.

See accompanying notes, which are an integral part of the financial statements.

2012 Semiannual report • Delaware Pooled Trust

Delaware Pooled^® Trust — The Select 20 Portfolio
April 30, 2012 (Unaudited)

		Number of
		Shares		Value
²Common Stock – 90.55%
Consumer Discretionary – 9.84%
†	Apollo Group Class A		23,050	$	811,821
†	priceline.com		6,150		4,679,043
	Weight Watchers International		42,700		3,243,492
					8,734,356
Energy – 8.74%
	EOG Resources		37,950		4,167,290
	Kinder Morgan		99,800		3,582,820
					7,750,110
Financial Services – 14.57%
†	IntercontinentalExchange		32,500		4,323,800
	Progressive		179,700		3,827,610
	Visa Class A		38,800		4,771,624
					12,923,034
Healthcare – 13.94%
	Allergan		60,800		5,836,800
	Novo Nordisk ADR		22,500		3,307,950
	Perrigo		30,750		3,225,675
					12,370,425
Materials & Processing – 3.96%
	Syngenta ADR		50,200		3,515,506
					3,515,506
Producer Durables – 5.00%
†	Crown Castle International		78,350		4,435,394
					4,435,394
Technology – 31.02%
†	Adobe Systems		121,400		4,074,184
†	Apple		14,950		8,734,387
†	Google Class A		6,300		3,812,949
	Intuit		68,500		3,970,945
†	Polycom		140,300		1,861,781
	QUALCOMM		79,400		5,068,896
					27,523,142
Utilities – 3.48%
	j2 Global Communications		119,400		3,084,102
					3,084,102
Total Common Stock (cost $69,071,219)					80,336,069

		Principal
		Amount
Short-Term Investments – 9.37%
≠Discount Notes – 2.48%
	Federal Home Loan Bank
	0.11% 5/25/12	$	1,608,922		1,608,890
	0.115% 6/29/12		588,865		588,808
					2,197,698
Repurchase Agreements – 6.89%
	Bank of America 0.17%, dated
	4/30/12, to be repurchased
	on 5/1/12, repurchase price
	$1,505,503 (collateralized by
	U.S. government obligations
	2.25%-4.125% 1/31/15-5/15/15;
	market value $1,535,606)		1,505,496		1,505,496
	BNP Paribas 0.17%, dated 4/30/12,
	to be repurchased on 5/1/12,
	repurchase price $4,606,526
	(collateralized by U.S. government
	obligations 0.00%-2.375%
	7/26/12-10/31/16; market value
	$4,698,634)		4,606,504		4,606,504
					6,112,000
Total Short-Term Investments
	(cost $8,309,558)				8,309,698

Total Value of Securities – 99.92%
	(cost $77,380,777)				88,645,767
Receivables and Other Assets
	Net of Liabilities – 0.08%				70,399
Net Assets Applicable to 10,910,778
	Shares Outstanding; Equivalent to
	$8.13 Per Share – 100.00%			$	88,716,166

Components of Net Assets at April 30, 2012:
Shares of beneficial interest
	(unlimited authorization – no par)			$	78,434,123
Undistributed net investment income					46,392
Accumulated net realized loss on investments					(1,029,339	)
Net unrealized appreciation of investments					11,264,990
Total net assets				$	88,716,166

²	Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.
†	Non income producing security.
≠	The rate shown is the effective yield at time of purchase.

ADR — American Depositary Receipt

See accompanying notes, which are an integral part of the financial statements.

2012 Semiannual report • Delaware Pooled Trust

(continues) 19

Statements of net assets

Delaware Pooled^® Trust — The Large-Cap Growth Equity Portfolio
April 30, 2012 (Unaudited)

		Number of
		Shares		Value
²Common Stock – 99.66%
Consumer Discretionary – 13.12%
†	Apollo Group Class A		101,500	$	3,574,830
†*	Ctrip.com International ADR		100,300		2,173,501
	NIKE Class B		54,600		6,108,102
†	priceline.com		13,100		9,966,742
	Staples		291,400		4,487,560
					26,310,735
Consumer Staples – 1.82%
	Walgreen		104,000		3,646,240
					3,646,240
Energy – 9.07%
	El Paso		156,600		4,646,322
	EOG Resources		91,950		10,097,030
*	Kinder Morgan		96,400		3,460,760
					18,204,112
Financial Services – 20.63%
	CME Group		21,250		5,648,675
†	IntercontinentalExchange		52,850		7,031,164
	MasterCard Class A		24,215		10,951,718
	Progressive		309,800		6,598,740
	Visa Class A		90,750		11,160,435
					41,390,732
Healthcare – 9.91%
	Allergan		96,700		9,283,200
	Novo Nordisk ADR		46,050		6,770,271
	Perrigo		36,525		3,831,473
					19,884,944
Materials & Processing – 2.80%
	Syngenta ADR		80,300		5,623,409
					5,623,409
Producer Durables – 8.65%
	Caterpillar		33,700		3,463,349
†	Crown Castle International		177,600		10,053,936
	Expeditors International of Washington		95,900		3,836,000
					17,353,285
Technology – 33.66%
†	Adobe Systems		215,900		7,245,604
†	Apple		28,300		16,533,991
†	BMC Software		47,700		1,968,102
†	Google Class A		13,790		8,346,122
	Intuit		130,800		7,582,476
†	Polycom		163,300		2,166,991
	QUALCOMM		164,300		10,488,912
†	Teradata		79,200		5,526,576
	VeriSign		186,300		7,658,793
					67,517,567
Total Common Stock
	(cost $139,230,849)				199,931,024

		Principal
		Amount
Short-Term Investments – 0.61%
≠Discount Notes – 0.20%
	Federal Home Loan Bank
	0.11% 5/25/12	$	291,124		291,117
	0.115% 6/29/12		106,551		106,541
					397,658
Repurchase Agreements – 0.41%
	Bank of America 0.17%, dated
	4/30/12, to be repurchased on
	5/1/12, repurchase price $200,504
	(collateralized by U.S. government
	obligations 2.25%-4.125%
	1/31/15-5/15/15; market
	value $204,513)		200,503		200,503
	BNP Paribas 0.17%, dated 4/30/12,
	to be repurchased on 5/1/12,
	repurchase price $613,500
	(collateralized by U.S. government
	obligations 0.00%-2.375%
	7/26/12-10/31/16; market
	value $625,767)		613,497		613,497
					814,000
Total Short-Term Investments
	(cost $1,211,633)				1,211,658

Total Value of Securities Before Securities
	Lending Collateral – 100.27%
	(cost $140,442,482)				201,142,682

		Number of
		Shares
**Securities Lending Collateral – 0.09%
Investment Companies
	BNY Mellon SL DBT II
	Liquidating Fund		100,795		98,245
	Delaware Investments Collateral
	Fund No. 1		83,801		83,801
@†	Mellon GSL Reinvestment Trust II		213,107		0
Total Securities Lending Collateral
	(cost $397,703)				182,046

Total Value of Securities – 100.36%
	(cost $140,840,185)				201,324,728	©
**Obligation to Return Securities
	Lending Collateral – (0.20%)				(397,703	)
Other Liabilities Net of Receivables
	and Other Assets – (0.16%)				(316,578	)
Net Assets Applicable to 17,437,421
	Shares Outstanding; Equivalent to
	$11.50 per share – 100.00%			$	200,610,447

2012 Semiannual report • Delaware Pooled Trust


Components of Net Assets at April 30, 2012:
Shares of beneficial interest
(unlimited authorization – no par)	$	188,194,767
Undistributed net investment income		230,732
Accumulated net realized loss		(48,299,595	)
Net unrealized appreciation of investments		60,484,543
Total net assets	$	200,610,447

²	Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.
†	Non income producing security.
≠	The rate shown is the effective yield at the time of purchase.
*	Fully or partially on loan.
**	See Note 9 in “Notes to financial statements” for additional information on securities lending collateral.
©	Includes $388,944 of securities loaned.
@	Illiquid security. At April 30, 2012, the aggregate value of illiquid securities was $0, which represented 0.00% of the Portfolio’s net assets. See Note 10 in “Notes to financial statements.”

ADR — American Depositary Receipt

See accompanying notes, which are an integral part of the financial statements.

2012 Semiannual report • Delaware Pooled Trust

(continues) 21

Statements of net assets

Delaware Pooled^® Trust — The Focus Smid-Cap Growth Equity Portfolio
April 30, 2012 (Unaudited)

		Number of
		Shares		Value
²Common Stock – 95.79%
Consumer Discretionary – 17.96%
†	DineEquity		11,900	$	578,102
	Gentex		13,600		298,792
	Interval Leisure Group		17,000		293,760
†	K12		24,900		634,950
	Strayer Education		5,400		532,872
	Weight Watchers International		9,500		721,620
					3,060,096
Consumer Staples – 4.37%
†	Peet’s Coffee & Tea		9,700		745,154
					745,154
Energy – 5.41%
	Core Laboratories		6,725		921,191
					921,191
Financials – 15.85%
†	Affiliated Managers Group		6,750		766,935
	Heartland Payment Systems		21,900		667,293
†	IntercontinentalExchange		4,850		645,244
†	MSCI Class A		16,950		620,201
					2,699,673
Healthcare – 13.64%
†	ABIOMED		19,600		476,868
†	athenahealth		7,600		550,620
	Perrigo		5,850		613,665
	Techne		10,200		682,788
					2,323,941
Producer Durables – 8.61%
	Expeditors International of Washington		11,500		460,000
	Graco		12,400		661,044
	Ritchie Bros Auctioneers		16,400		346,532
					1,467,576
Technology – 26.45%
	Blackbaud		20,200		625,796
†	NeuStar Class A		12,300		447,105
†	Polycom		28,400		376,868
†	SBA Communications Class A		18,250		980,754
†	Teradata		10,300		718,734
†	VeriFone Systems		14,600		695,544
	VeriSign		16,100		661,871
					4,506,672
Utilities – 3.50%
	j2 Global		23,100		596,673
					596,673
Total Common Stock
	(cost $12,912,018)				16,320,976

		Principal
		Amount
Short-Term Investments – 3.86%
≠Discount Notes – 1.02%
	Federal Home Loan Bank
	0.11% 5/25/12	$	127,173		127,170
	0.115% 6/29/12		46,545		46,541
					173,711
Repurchase Agreements – 2.84%
	Bank of America 0.17%, dated
	4/30/12, to be repurchased on
	5/1/12, repurchase price $119,218
	(collateralized by U.S. Government
	obligations 2.25%-4.125% 1/31/15-
	5/15/15; market value $121,602)		119,218		119,218
	BNP Paribas 0.17%, dated 4/30/12, to be
	repurchased on 5/1/12, repurchase
	price $364,784 (collateralized by U.S.
	Government obligations 0.00%-
	2.375% 7/26/12-10/31/16; market
	value $372,078)		364,782		364,782
					484,000
Total Short-Term Investments
	(cost $657,700)				657,711

Total Value of Securities – 99.65%
	(cost $13,569,718)				16,978,687
Receivables and Other Assets
	Net of Liabilities – 0.35%				60,434
Net Assets Applicable to 1,021,653
	Shares Outstanding; Equivalent to
	$16.68 Per Share – 100.00%			$	17,039,121

Components of Net Assets at April 30, 2012:
Shares of beneficial interest
	(unlimited authorization – no par)			$	14,852,535
Accumulated net realized loss on investments					(1,222,383	)
Net unrealized appreciation of investments					3,408,969
Total net assets				$	17,039,121

²	Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.
†	Non income producing security.
≠	The rate shown is the effective yield at the time of purchase.

See accompanying notes, which are an integral part of the financial statements.

2012 Semiannual report • Delaware Pooled Trust

Delaware Pooled^® Trust — The Real Estate Investment Trust Portfolio II
April 30, 2012 (Unaudited)

		Number of
		Shares		Value
Common Stock – 95.97%
Diversified REITs – 3.42%
	Lexington Realty Trust		2,210	$	19,669
	Vornado Realty Trust		1,190		102,150
					121,819
Healthcare REITs – 11.61%
	HCP		3,190		132,226
	Health Care REIT		1,820		103,121
	Healthcare Realty Trust		830		17,828
	Ventas		2,720		159,909
					413,084
Hotel REITs – 6.09%
	Host Hotels & Resorts		8,678		144,401
	LaSalle Hotel Properties		995		29,263
†	Strategic Hotels & Resorts		3,960		26,968
†	Sunstone Hotel Investors		1,560		15,912
					216,544
Industrial REITs – 4.41%
	EastGroup Properties		530		26,659
	ProLogis		3,645		130,418
					157,077
Mall REITs – 19.43%
	CBL & Associates Properties		850		15,836
	General Growth Properties		2,763		49,181
	Macerich		2,073		127,635
	Simon Property Group		2,941		457,620
	Taubman Centers		530		40,905
					691,177
Manufactured Housing REIT – 0.97%
	Equity Lifestyle Properties		495		34,620
					34,620
Multifamily REITs – 18.09%
	Apartment Investment & Management		1,240		33,666
	AvalonBay Communities		852		123,880
	BRE Properties		995		52,238
	Camden Property Trust		970		65,640
	Colonial Properties Trust		1,340		29,976
	Education Realty Trust		2,750		30,993
	Equity Residential		2,820		173,260
	Essex Property Trust		369		58,291
	UDR		2,876		75,725
					643,669
Office REITs – 11.97%
	Alexandria Real Estate Equities		465		34,838
	BioMed Realty Trust		1,585		31,415
	Boston Properties		1,550		167,787
	Douglas Emmett		695		16,152
	Highwoods Properties		1,250		43,413
	Kilroy Realty		930		44,129
	SL Green Realty		1,070		88,210
					425,944
Office/Industrial REITs – 5.25%
	Digital Realty Trust		575		43,177
	Duke Realty		3,170		46,947
	Liberty Property Trust		1,770		64,516
	PS Business Parks		470		32,078
					186,718
Self-Storage REITs – 5.04%
	Extra Space Storage		995		30,198
	Public Storage		1,040		148,991
					179,189
Shopping Center REITs – 7.89%
	Acadia Realty Trust		1,040		24,107
	DDR		5,240		77,553
	Federal Realty Investment Trust		553		55,665
	Kimco Realty		3,320		64,441
	Ramco-Gershenson Properties Trust		905		10,896
	Regency Centers		1,070		48,107
					280,769
Single Tenant REIT – 1.25%
	National Retail Properties		1,620		44,356
					44,356
Specialty REIT – 0.55%
	Rayonier		432		19,591
					19,591
Total Common Stock
	(cost $2,838,494)				3,414,557

		Principal
		Amount
Short-Term Investments – 3.12%
≠Discount Notes – 0.84%
	Federal Home Loan Bank
	0.11% 5/25/12	$	21,873		21,872
	0.115% 6/29/12		8,006		8,005
					29,877
Repurchase Agreements – 2.28%
	Bank of America 0.17%, dated 4/30/12, to
	be repurchased on 5/1/12, repurchase
	price $19,952 (collateralized by U.S.
	Government obligations 2.25%-4.125%
	1/31/15-5/15/15; market value $20,351)		19,952		19,952
	BNP Paribas 0.17%, dated 4/30/12, to
	be repurchased on 5/1/12, repurchase
	price $61,049 (collateralized by U.S.
	Government obligations 0.00%-2.375%
	7/26/12-10/31/16; market value $62,269)		61,048		61,048
					81,000
Total Short-Term Investments
	(cost $110,875)				110,877

2012 Semiannual report • Delaware Pooled Trust

(continues) 23

Statements of net assets

Delaware Pooled^® Trust — The Real Estate Investment Trust Portfolio II


Total Value of Securities – 99.09%
	(cost $2,949,369)	$	3,525,434
Receivables and Other Assets
	Net of Liabilities – 0.91%		32,481
Net Assets Applicable to 488,143 Shares
	Outstanding; Equivalent to $7.29
	Per Share – 100.00%	$	3,557,915

Components of Net Assets at April 30, 2012:
Shares of beneficial interest
	(unlimited authorization – no par)	$	5,591,635
Undistributed net investment income			6,193
Accumulated net realized loss on investments			(2,615,978	)
Net unrealized appreciation of investments			576,065
Total net assets		$	3,557,915

†	Non income producing security.
≠	The rate shown is the effective yield at time of purchase.

REIT — Real Estate Investment Trust

See accompanying notes, which are an integral part of the financial statements.

2012 Semiannual report • Delaware Pooled Trust

Delaware Pooled^® Trust — The Core Focus Fixed Income Portfolio
April 30, 2012 (Unaudited)

		Principal		Value
		Amount (U.S. $)		(U.S. $)
Agency Asset-Backed Security – 0.29%
	Fannie Mae Grantor Trust Series 2003-T4
	2A5 5.407% 9/26/33		$ 19,257	$	20,422
Total Agency Asset-Backed Security
	(cost $19,070)				20,422

Agency Collateralized Mortgage Obligations – 2.09%
	Fannie Mae REMICs
	Series 2010-35 AB 5.00% 11/25/49		20,738		22,393
	•Series 2011-105 FP 0.639% 6/25/41		55,844		55,727
•	Freddie Mac REMICs Series 3800 AF
	0.74% 2/15/41		69,760		69,820
Total Agency Collateralized
	Mortgage Obligations
	(cost $147,757)				147,940

Agency Mortgage-Backed Securities – 30.30%
	Fannie Mae S.F. 15 yr
	3.00% 3/1/27		160,516		167,967
	4.00% 10/1/25		26,418		28,113
	4.00% 11/1/25		142,605		153,490
	4.00% 4/1/27		3,662		3,905
	4.50% 8/1/19		4,608		4,969
	5.00% 1/1/20		3,522		3,833
	5.00% 6/1/20		681		741
	5.00% 2/1/21		4,378		4,759
	Fannie Mae S.F. 15 yr TBA
	3.00% 5/1/27		125,000		130,430
	3.50% 5/1/27		160,000		168,799
	Fannie Mae S.F. 30 yr
	4.00% 1/1/42		67,798		71,814
	6.00% 10/1/35		12,306		13,741
	6.00% 9/1/36		7,117		7,891
	6.00% 7/1/38		13,460		14,925
	6.00% 12/1/38		50,295		55,766
	6.00% 3/1/39		3,547		3,933
	6.00% 10/1/39		50,299		55,771
	6.00% 11/1/39		50,376		55,847
	6.00% 1/1/40		52,847		58,596
	6.00% 4/1/40		13,025		14,434
	6.00% 2/1/41		33,309		37,047
	Fannie Mae S.F. 30 yr TBA
	3.50% 5/1/42		390,000		404,929
	4.00% 5/1/42		50,000		52,883
	5.50% 5/1/42		60,000		65,606
	6.00% 5/1/42		74,000		81,805
	6.00% 6/1/42		120,000		132,525
	Freddie Mac S.F. 15 yr 5.50% 7/1/24		87,989		95,792
	Freddie Mac S.F. 30 yr
	4.00% 4/1/26		20,835		22,089
	5.50% 7/1/40		150,000		163,787
	6.00% 8/1/38		25,098		27,974
	6.00% 10/1/38		35,177		39,207
Total Agency Mortgage-Backed
	Securities (cost $2,120,439)				2,143,368

Commercial Mortgage-Backed Securities – 3.61%
•	BAML Commercial Mortgage
	Securities Series 2005-6 A4
	5.366% 9/10/47		35,000		39,200
•	Bear Stearns Commercial Mortgage
	Securities Series 2006-PW12 A4
	5.902% 9/11/38		20,000		22,777
w•	Commercial Mortgage Pass Through
	Certificates Series 2005-C6 A5A
	5.116% 6/10/44		25,000		27,455
•	Credit Suisse Mortgage Capital
	Certificates Series 2006-C1 AAB
	5.596% 2/15/39		21,799		22,968
	Goldman Sachs Mortgage Securities II
	Series 2005-GG4 A4
	4.761% 7/10/39		35,000		37,250
	Series 2005-GG4 A4A
	4.751% 7/10/39		25,000		27,168
•	JPMorgan Chase Commercial
	Mortgage Securities
	Series 2005-LDP3 A4A
	4.936% 8/15/42		25,000		27,568
	Series 2005-LDP5 A4
	5.372% 12/15/44		20,000		22,387
•	Morgan Stanley Capital I Series
	2007-T27 A4 5.817% 6/11/42		25,000		28,972
Total Commercial Mortgage-Backed
	Securities (cost $218,231)				255,745

Corporate Bonds – 26.54%
Banking – 6.33%
	Abbey National Treasury Services
	4.00% 4/27/16		15,000		14,844
	Bank of America
	3.75% 7/12/16		20,000		19,933
	3.875% 3/22/17		10,000		9,986
	5.70% 1/24/22		10,000		10,517
	BB&T 3.95% 3/22/22		10,000		10,295
	City National 5.25% 9/15/20		10,000		10,705
	Fifth Third Bank 3.50% 3/15/22		5,000		5,016
	Goldman Sachs Group 5.75% 1/24/22		5,000		5,231
	HSBC Holdings 4.00% 3/30/22		20,000		20,360
	JPMorgan Chase 4.50% 1/24/22		20,000		21,346
	JPMorgan Chase Capital XXV
	6.80% 10/1/37		26,000		26,260
	KeyCorp 5.10% 3/24/21		20,000		22,524
	Lloyds TSB Bank 4.20% 3/28/17		10,000		10,157
	PNC Funding 5.625% 2/1/17		63,000		70,301
	Santander Holdings USA
	4.625% 4/19/16		5,000		4,987
	SunTrust Banks
	3.50% 1/20/17		10,000		10,269
	3.60% 4/15/16		5,000		5,202
	SVB Financial Group 5.375% 9/15/20		15,000		16,532
•	USB Capital IX 3.50% 10/29/49		123,000		93,912

2012 Semiannual report • Delaware Pooled Trust

(continues) 25

Statements of net assets

Delaware Pooled^® Trust — The Core Focus Fixed Income Portfolio

		Principal		Value
		Amount (U.S. $)		(U.S. $)
Corporate Bonds (continued)
Banking (continued)
	Wachovia
	•0.837% 10/15/16	$	5,000	$	4,657
	5.25% 8/1/14		5,000		5,379
	5.625% 10/15/16		35,000		39,443
	Zions Bancorporation 4.50% 3/27/17		10,000		10,063
					447,919
Basic Industry – 2.01%
	Alcoa
	5.40% 4/15/21		5,000		5,264
	6.75% 7/15/18		10,000		11,475
	ArcelorMittal
	6.25% 2/25/22		5,000		5,102
	9.85% 6/1/19		5,000		6,052
#	Barrick Gold 144A 3.85% 4/1/22		5,000		5,171
	Domtar 4.40% 4/1/22		5,000		5,039
	Dow Chemical 8.55% 5/15/19		10,000		13,279
	Georgia-Pacific 8.00% 1/15/24		10,000		13,070
	International Paper 4.75% 2/15/22		25,000		26,739
#	Kinross Gold 144A 5.125% 9/1/21		10,000		10,363
	Lubrizol 5.50% 10/1/14		5,000		5,578
	Rayonier 3.75% 4/1/22		10,000		9,926
	Teck Resources 5.20% 3/1/42		10,000		9,771
	Vale Overseas 4.375% 1/11/22		15,000		15,444
					142,273
Brokerage – 0.51%
	Jefferies Group
	6.25% 1/15/36		5,000		4,413
	6.45% 6/8/27		19,000		18,240
	Lazard Group 6.85% 6/15/17		12,000		13,266
					35,919
Capital Goods – 0.07%
	Stanley Black & Decker 3.40% 12/1/21		5,000		5,166
					5,166
Communications – 2.56%
	American Tower
	4.70% 3/15/22		5,000		5,143
	5.90% 11/1/21		30,000		33,784
	CenturyLink 5.80% 3/15/22		15,000		14,899
#	Crown Castle Towers 144A
	4.883% 8/15/20		40,000		42,501
#	DIRECTV Holdings 144A 3.80% 3/15/22		25,000		24,938
	Interpublic Group 4.00% 3/15/22		10,000		10,016
	Omnicom Group 3.625% 5/1/22		15,000		15,044
	Qwest 6.75% 12/1/21		5,000		5,645
	Telefonica Emisiones 5.462% 2/16/21		5,000		4,707
	Time Warner Cable 8.25% 4/1/19		10,000		13,043
#	Vivendi 144A 6.625% 4/4/18		10,000		11,351
					181,071
Consumer Cyclical – 1.00%
	AutoZone 3.70% 4/15/22		5,000		5,098
	Historic TW 6.875% 6/15/18		20,000		24,633
	Lowe’s 3.12% 4/15/22		15,000		15,239
	Western Union 3.65% 8/22/18		5,000		5,413
	Wyndham Worldwide 4.25% 3/1/22		20,000		20,157
					70,540
Consumer Non-Cyclical – 3.20%
	Boston Scientific 6.00% 1/15/20		10,000		11,696
	CareFusion 6.375% 8/1/19		10,000		11,846
	Celgene 3.95% 10/15/20		10,000		10,483
#	Express Scripts Holding 144A
	2.65% 2/15/17		10,000		10,191
	3.90% 2/15/22		45,000		46,404
#	Heineken 144A 3.40% 4/1/22		15,000		15,240
	Koninklijke Philips Electronics
	3.75% 3/15/22		10,000		10,325
	*5.00% 3/15/42		10,000		10,455
	Kroger 3.40% 4/15/22		10,000		10,025
	Medtronic 3.125% 3/15/22		10,000		10,272
	Molson Coors Brewing 5.00% 5/1/42		25,000		25,614
	Quest Diagnostics 4.70% 4/1/21		20,000		22,113
	Safeway 4.75% 12/1/21		10,000		10,023
#	Woolworths 144A
	3.15% 4/12/16		10,000		10,405
	4.55% 4/12/21		10,000		10,996
					226,088
Electric – 2.69%
	Ameren Illinois 9.75% 11/15/18		35,000		48,154
#	American Transmission Systems 144A
	5.25% 1/15/22		5,000		5,705
	Baltimore Gas & Electric 3.50% 11/15/21		15,000		15,694
	CenterPoint Energy 5.95% 2/1/17		5,000		5,722
	Commonwealth Edison 3.40% 9/1/21		15,000		15,937
	Great Plains Energy 5.292% 6/15/22		10,000		10,953
•	Integrys Energy Group 6.11% 12/1/66		5,000		5,024
	LG&E & KU Energy
	3.75% 11/15/20		10,000		10,205
	#144A 4.375% 10/1/21		10,000		10,581
	PacifiCorp 2.95% 2/1/22		20,000		20,271
	Pennsylvania Electric 5.20% 4/1/20		10,000		11,136
	PPL Electric Utilities 3.00% 9/15/21		5,000		5,148
	SCANA 4.125% 2/1/22		15,000		15,283
•	Wisconsin Energy 6.25% 5/15/67		10,000		10,337
					190,150
Energy – 2.65%
	Apache
	3.25% 4/15/22		15,000		15,518
	4.75% 4/15/43		5,000		5,350
	Encana 3.90% 11/15/21		20,000		19,733
	Husky Energy 3.95% 4/15/22		20,000		20,784
	Noble Holding International
	3.95% 3/15/22		10,000		10,179
	5.25% 3/15/42		5,000		5,064
	Petrobras International Finance
	5.375% 1/27/21		15,000		16,506
	5.875% 3/1/18		5,000		5,657
	Pride International 6.875% 8/15/20		20,000		24,671

2012 Semiannual report • Delaware Pooled Trust

			Principal		Value
			Amount (U.S. $)		(U.S. $)
Corporate Bonds (continued)
Energy (continued)
	Transocean
		5.05% 12/15/16	$	20,000	$	21,740
		6.375% 12/15/21		5,000		5,866
	Weatherford Bermuda
		4.50% 4/15/22		10,000		10,342
		9.625% 3/1/19		10,000		13,246
#	Woodside Finance 144A 8.75% 3/1/19			10,000		12,882
						187,538
Finance Companies – 0.45%
	General Electric Capital
		2.30% 4/27/17		5,000		5,013
		4.65% 10/17/21		25,000		27,234
						32,247
Insurance – 0.86%
•	Chubb 6.375% 3/29/67			5,000		5,144
#	Highmark 144A 4.75% 5/15/21			5,000		5,084
	MetLife 6.40% 12/15/36			40,000		39,329
	Prudential Financial
		3.875% 1/14/15		5,000		5,278
		6.00% 12/1/17		5,000		5,887
						60,722
Natural Gas – 1.41%
	Enterprise Products Operating
		4.85% 8/15/42		15,000		14,802
		9.75% 1/31/14		10,000		11,419
	Kinder Morgan Energy Partners
		3.95% 9/1/22		10,000		10,091
		9.00% 2/1/19		5,000		6,444
	Plains All American Pipeline
		8.75% 5/1/19		5,000		6,605
	Southern Natural Gas 4.40% 6/15/21			5,000		5,282
	Southwest Gas 3.875% 4/1/22			5,000		5,240
•	TransCanada Pipelines 6.35% 5/15/67			15,000		15,675
*	Williams Partners 7.25% 2/1/17			20,000		24,269
						99,827
Real Estate – 1.29%
	Alexandria Real Estate Equities
		4.60% 4/1/22		10,000		10,061
	Brandywine Operating Partnership
		4.95% 4/15/18		10,000		10,229
	Digital Realty Trust
		5.25% 3/15/21		10,000		10,610
		5.875% 2/1/20		5,000		5,517
	Mack-Cali Realty 4.50% 4/18/22			5,000		5,121
	Regency Centers 5.875% 6/15/17			7,000		7,917
	UDR 4.625% 1/10/22			20,000		20,959
#	WEA Finance 144A 4.625% 5/10/21			20,000		20,770
						91,184
Technology – 1.15%
	Hewlett-Packard 4.05% 9/15/22			30,000		30,329
	National Semiconductor 6.60% 6/15/17			10,000		12,432
#	Seagate Technology International 144A
		10.00% 5/1/14		5,000		5,663
	Tyco Electronics Group 3.50% 2/3/22			10,000		10,024
	Xerox
		4.50% 5/15/21		5,000		5,230
		6.35% 5/15/18		15,000		17,676
						81,354
Transportation – 0.36%
	Burlington Northern Santa Fe
		4.40% 3/15/42		5,000		4,931
#	ERAC USA Finance 144A 2.75% 3/15/17			15,000		15,111
	Union Pacific 4.163% 7/15/22			5,000		5,502
						25,544
Total Corporate Bonds
	(cost $1,790,517)					1,877,542

Municipal Bond – 2.81%
	Massachusetts Development
		Finance Agency Revenue
		(Harvard University) Series B-1
		5.00% 10/15/40		175,000		198,944
Total Municipal Bond
	(cost $182,443)					198,944

Non-Agency Asset-Backed Securities – 2.44%
	CNH Equipment Trust Series 2010-A
		A4 2.49% 1/15/16		45,000		45,865
#	Great America Leasing Receivables
		Series 2011-1 A3 144A
		1.69% 2/15/14		25,000		25,096
	John Deere Owner Trust
		Series 2009-A A4 3.96% 5/16/16		28,778		28,891
		Series 2011-A A4 1.96% 4/16/18		10,000		10,229
•	Merrill Auto Trust Securitization
		Series 2007-1 A4
		0.30% 12/15/13		803		802
	Mid-State Trust Series 11 A1
		4.864% 7/15/38		11,207		11,398
#	Navistar Financial Owner Trust
		Series 2010-B A3 144A
		1.08% 3/18/14		50,000		50,003
Total Non-Agency Asset-Backed
	Securities (cost $171,332)					172,284

Non-Agency Collateralized Mortgage Obligation – 0.10%
•#	MASTR Specialized Loan Trust
		Series 2005-2 A2 144A
		5.006% 7/25/35		7,019		7,092
Total Non-Agency Collateralized
	Mortgage Obligation (cost $7,019)					7,092

2012 Semiannual report • Delaware Pooled Trust

(continues) 27

Statements of net assets

Delaware Pooled^® Trust — The Core Focus Fixed Income Portfolio

			Principal		Value
			Amount (U.S. $)		(U.S. $)
ΔRegional Bond – 0.14%
Canada – 0.14%
	Province of British Columbia
		1.20% 4/25/17	$	10,000	$	10,021
Total Regional Bond
	(cost $9,993)					10,021

Supranational Bank – 0.28%
	International Finance 0.50% 5/15/15			20,000		19,791
Total Supranational Bank
	(cost $19,973)					19,791

U.S. Treasury Obligations – 28.49%
	U.S. Treasury Notes
		0.25% 11/30/13		20,000		20,004
		0.25% 1/31/14		5,000		5,001
		0.875% 4/30/17		300,000		300,984
	*	1.00% 3/31/17		600,000		606,094
		2.00% 2/15/22		1,075,000		1,083,229
Total U.S. Treasury Obligations
	(cost $2,000,366)					2,015,312

			Number of
			Shares
Preferred Stock – 0.40%
	Alabama Power 5.625%			620		15,705
	BB&T 5.85%			175		4,375
•	PNC Financial Services Group 8.25%			8,000		8,336
Total Preferred Stock
	(cost $25,956)					28,416

			Number of
			Contracts
Option Purchased – 0.12%
	Call Option – 0.12%
	U.S. 10 yr Future, Strike Price
		$131.50, Expires 8/24/12 (JPMC)		7		8,641
Total Option Purchased
	(cost $7,020)					8,641

			Principal
			Amount (U.S. $)
Short-Term Investments – 18.27%
≠Discount Notes – 5.93%
	Federal Home Loan Bank
		0.11% 5/25/12	$	307,190		307,184
		0.115% 6/29/12		112,431		112,420
						419,604
Repurchase Agreements – 12.34%
	Bank of America 0.17%, dated
		4/30/12, to be repurchased
		on 5/1/12, repurchase price
		$215,037 (collateralized by
		U.S. Government obligations
		2.25%-4.125% 1/31/15-5/15/15;
		market value $219,336)		215,036		215,036
	BNP Paribas 0.17%, dated
		4/30/12, to be repurchased
		on 5/1/12, repurchase price
		$657,967 (collateralized by
		U.S. Government obligations
		0.00%-2.375% 7/26/12-10/31/16;
		market value $671,124)		657,964		657,964
						873,000
Total Short-Term Investments
	(cost $1,292,577)					1,292,604

Total Value of Securities
	Before Securities Lending
	Collateral – 115.88% (cost $8,012,693)					8,198,122

			Number of
			Shares
**Securities Lending Collateral – 0.00%
	Investment Companies
	†@	Mellon GSL Reinvestment Trust II		41,609		0
Total Securities Lending Collateral
	(cost $41,609)					0

Total Value of Securities – 115.88%
	(cost $8,054,302)					8,198,122	©
**Obligation to Return Securities
	Lending Collateral – (0.59%)					(41,609	)
Other Liabilities Net of Receivables
	and Other Assets – (15.29%)					(1,081,999	)z
Net Assets Applicable to 726,114
	Shares Outstanding; Equivalent
	to $9.74 Per Share – 100.00%				$	7,074,514

Components of Net Assets at April 30, 2012:
Shares of beneficial interest
	(unlimited authorization – no par)				$	6,832,181
Undistributed net investment income						45,132
Accumulated net realized gain on investments						53,871
Net unrealized appreciation of investments						143,330
Total net assets					$	7,074,514

2012 Semiannual report • Delaware Pooled Trust


•	Variable rate security. The rate shown is the rate as of April 30, 2012. Interest rates reset periodically.
w	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.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At April 30, 2012, the aggregate value of Rule 144A securities was $345,547, which represented 4.88% of the Portfolio’s net assets. See Note 10 in “Notes to financial statements.”
*	Fully or partially on loan.
Δ	Securities have been classified by country of origin.
≠	The rate shown is the effective yield at the time of purchase.
**	See Note 9 in “Notes to financial statements” for additional information on securities lending collateral.
@	Illiquid security. At April 30, 2012, the aggregate value of illiquid securities was $0, which represented 0.00% of the Portfolio’s net assets. See Note 10 in “Notes to financial statements.”
†	Non income producing security.
©	Includes $40,760 of securities loaned.
z	Of this amount, $1,286,531 represents payable for securities purchased as of April 30, 2012.

Summary of Abbreviations:
BAML — Bank of America Merrill Lynch
JPMC — JPMorgan Chase Bank
MASTR — Mortgage Asset Securitization Transactions, Inc.
REMIC — Real Estate Mortgage Investment Conduit
S.F. — Single Family
TBA — To be announced
yr — Year

See accompanying notes, which are an integral part of the financial statements.

2012 Semiannual report • Delaware Pooled Trust

(continues) 29

Statements of net assets

Delaware Pooled^® Trust — The High-Yield Bond Portfolio
April 30, 2012 (Unaudited)

			Principal		Value
			Amount (U.S. $)		(U.S. $)
Corporate Bonds – 92.35%
Automotive – 3.61%
	American Axle & Manufacturing
		7.75% 11/15/19	$	219,000	$	237,615
		7.875% 3/1/17		95,000		98,563
	ArvinMeritor
		8.125% 9/15/15		277,000		295,351
		10.625% 3/15/18		120,000		130,950
	Chrysler Group 8.25% 6/15/21			1,015,000		1,055,599
	Ford Motor Credit 12.00% 5/15/15			135,000		171,113
#	International Automotive
		Components Group 144A
		9.125% 6/1/18		326,000		301,550
#	Jaguar Land Rover 144A
		8.125% 5/15/21		290,000		304,500
						2,595,241
Banking – 2.95%
	BAC Capital Trust VI
		5.625% 3/8/35		527,000		534,121
•	Fifth Third Capital Trust IV
		6.50% 4/15/37		356,000		354,220
•#	HBOS Capital Funding 144A
		6.071% 6/29/49		703,000		474,525
•	Regions Financing Trust ll
		6.625% 5/15/47		797,000		757,150
						2,120,016
Basic Industry – 13.15%
	AK Steel 7.625% 5/15/20			338,000		326,170
#	APERAM 144A 7.75% 4/1/18			220,000		211,200
#	Cemex Espana Luxembourg
		144A 9.25% 5/12/20		315,000		285,233
#	Essar Steel Algoma 144A
		9.875% 6/15/15		372,000		344,100
#	FMG Resources August 2006 144A
		6.875% 2/1/18		115,000		118,738
		6.875% 4/1/22		345,000		351,038
		7.00% 11/1/15		218,000		226,720
	Headwaters 7.625% 4/1/19			270,000		265,275
	Hexion US Finance
		8.875% 2/1/18		54,000		56,835
		9.00% 11/15/20		181,000		173,308
	Immucor 11.125% 8/15/19			293,000		329,991
#	Ineos Group Holdings 144A
		8.50% 2/15/16		980,000		962,849
	Interface 7.625% 12/1/18			224,000		243,040
#	International Wire Group
		Holdings 144A
		9.75% 4/15/15		100,000		105,750
#	JMC Steel Group 144A
		8.25% 3/15/18		280,000		291,200
#	Kinove German Bondco 144A
		9.625% 6/15/18		350,000		365,750
#	Longview Fibre Paper &
		Packaging 144A
		8.00% 6/1/16		311,000		315,665
#	LyondellBasell Industries 144A
		5.75% 4/15/24		505,000		523,937
		6.00% 11/15/21		155,000		168,175
#	MacDermid 144A 9.50% 4/15/17			377,000		394,907
#	Masonite International 144A
		8.25% 4/15/21		423,000		442,034
#	Millar Western Forest Products
		144A 8.50% 4/1/21		220,000		181,500
	Momentive Performance Materials
		9.00% 1/15/21		202,000		175,740
		11.50% 12/1/16		241,000		200,633
#	Murray Energy 144A
		10.25% 10/15/15		296,000		282,680
	Norcraft Finance 10.50% 12/15/15			215,000		202,100
	Nortek 8.50% 4/15/21			331,000		328,518
	Ply Gem Industries 13.125% 7/15/14			181,000		183,715
=@	Port Townsend 12.431% 8/27/12			12,785		5,817
	Ryerson
	•	7.922% 11/1/14		130,000		126,750
		12.00% 11/1/15		257,000		269,208
	^	27.487% 2/1/15		559,000		308,848
#	Taminco Global Chemical 144A
		9.75% 3/31/20		646,000		678,299
						9,445,723
Capital Goods – 4.91%
	Berry Plastics
		9.75% 1/15/21		456,000		500,459
		10.25% 3/1/16		164,000		170,560
#	DAE Aviation Holdings 144A
		11.25% 8/1/15		304,000		315,400
	Kratos Defense & Security
		Solutions 10.00% 6/1/17		301,000		325,080
	Manitowoc 9.50% 2/15/18			250,000		279,688
	Mueller Water Products
		7.375% 6/1/17		346,000		348,595
#	Reynolds Group Issuer 144A
		8.25% 2/15/21		100,000		97,000
		9.00% 4/15/19		325,000		328,250
		9.875% 8/15/19		655,000		683,656
#	Sealed Air 144A
		8.125% 9/15/19		69,000		77,453
		8.375% 9/15/21		96,000		109,440
#	Spectrum Brands 144A
		6.75% 3/15/20		59,000		60,549
	TriMas 9.75% 12/15/17			208,000		231,920
						3,528,050
Consumer Cyclical – 6.28%
	Brown Group 7.125% 5/15/19			242,000		237,765
	Burlington Coat Factory
		Warehouse 10.00% 2/15/19		376,000		404,200
	CKE Restaurants 11.375% 7/15/18			258,000		298,635
	Dave & Buster’s 11.00% 6/1/18			363,000		393,855
	DineEquity 9.50% 10/30/18			454,000		503,939
	Express 8.75% 3/1/18			187,000		208,038

2012 Semiannual report • Delaware Pooled Trust

			Principal		Value
			Amount (U.S. $)		(U.S. $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
#	Landry’s 144A 9.375% 5/1/20		$	368,000	$	376,740
	Levi Strauss 7.625% 5/15/20			150,000		161,813
	Michaels Stores
		11.375% 11/1/16		102,000		108,886
		13.00% 11/1/16		115,000		122,619
#	Monitronics International 144A
		9.125% 4/1/20		155,000		155,775
	OSI Restaurant Partners
		10.00% 6/15/15		171,000		177,413
	Quiksilver 6.875% 4/15/15			153,000		155,678
#	Rite Aid 144A 9.25% 3/15/20			518,000		527,064
	Sealy Mattress 8.25% 6/15/14			360,000		360,000
	Tops Markets 10.125% 10/15/15			296,000		318,200
						4,510,620
Consumer Non-Cyclical – 2.24%
	Dean Foods 7.00% 6/1/16			227,000		237,215
	Del Monte 7.625% 2/15/19			344,000		349,160
#	JBS USA 144A 8.25% 2/1/20			321,000		325,815
	NBTY 9.00% 10/1/18			394,000		436,848
	Scotts Miracle-Gro
		6.625% 12/15/20		77,000		82,005
*	Visant 10.00% 10/1/17			184,000		175,490
						1,606,533
Energy – 12.16%
	American Petroleum Tankers
		Parent 10.25% 5/1/15		248,000		262,260
	AmeriGas Finance 7.00% 5/20/22			321,000		328,223
	Antero Resources Finance
		9.375% 12/1/17		276,000		302,910
	Calumet Specialty Products
		Partners 9.375% 5/1/19		492,000		515,369
	Chaparral Energy 8.25% 9/1/21			459,000		491,129
	Cimarex Energy 5.875% 5/1/22			32,000		33,200
	Comstock Resources 7.75% 4/1/19			190,000		177,650
	Copano Energy
		7.125% 4/1/21		103,000		109,180
		7.75% 6/1/18		189,000		200,813
	Crosstex Energy 8.875% 2/15/18			213,000		229,508
#	Everest Acquisition 144A
		6.875% 5/1/19		166,000		174,508
#	Helix Energy Solutions Group
		144A 9.50% 1/15/16		87,000		91,459
#	Hercules Offshore 144A
		7.125% 4/1/17		60,000		60,075
		10.50% 10/15/17		457,000		479,849
#	Hilcorp Energy I 144A
		8.00% 2/15/20		305,000		334,738
	Holly 9.875% 6/15/17			188,000		211,500
#	Holly Energy Partners 144A
		6.50% 3/1/20		96,000		97,200
#	Key Energy 144A 6.75% 3/1/21			225,000		231,750
#	Kodiak Oil & Gas 144A
		8.125% 12/1/19		334,000		354,458
	Laredo Petroleum
	#	144A 7.375% 5/1/22		90,000		93,375
		9.50% 2/15/19		364,000		408,589
	Linn Energy
	#	144A 6.50% 5/15/19		52,000		52,520
		8.625% 4/15/20		253,000		277,668
#	NFR Energy 144A 9.75% 2/15/17			498,000		440,730
	Oasis Petroleum 7.25% 2/1/19			265,000		282,225
	Offshore Group Investments
		11.50% 8/1/15		245,000		269,194
	#	144A 11.50% 8/1/15		89,000		97,789
	Petroleum Development
		12.00% 2/15/18		207,000		224,595
	Pioneer Drilling
		9.875% 3/15/18		285,000		302,100
	#	144A 9.875% 3/15/18		98,000		103,880
	Quicksilver Resources
		9.125% 8/15/19		269,000		260,930
	Range Resources 5.00% 8/15/22			337,000		336,579
#	Samson Investment 144A
		9.75% 2/15/20		326,000		340,670
	SandRidge Energy
		7.50% 3/15/21		243,000		246,645
	#	144A 8.125% 10/15/22		231,000		239,951
		8.75% 1/15/20		67,000		71,690
						8,734,909
Financials – 2.56%
	E Trade Financial 12.50% 11/30/17			266,000		311,220
•#	ILFC E-Capital Trust I 144A
		5.03% 12/21/65		135,000		95,194
•#	ILFC E-Capital Trust II 144A
		6.25% 12/21/65		250,000		186,250
	International Lease Finance
		5.875% 4/1/19		358,000		352,089
#	Neuberger Berman Group 144A
		5.625% 3/15/20		64,000		65,280
		5.875% 3/15/22		128,000		130,880
	Nuveen Investments
		10.50% 11/15/15		675,000		700,313
						1,841,226
Healthcare – 5.10%
	Alere 9.00% 5/15/16			289,000		300,199
#	AMGH Merger Sub 144A
		9.25% 11/1/18		289,000		299,115
	Biomet 11.625% 10/15/17			321,000		349,890
	Community Health Systems
	#	144A 8.00% 11/15/19		289,000		306,288
		8.875% 7/15/15		84,000		86,835
	HCA 7.50% 2/15/22			447,000		482,200
	HCA Holdings 7.75% 5/15/21			155,000		163,525
	HealthSouth 7.75% 9/15/22			66,000		71,445
#	Kinetic Concepts 144A
		10.50% 11/1/18		283,000		293,259
		12.50% 11/1/19		246,000		228,780

2012 Semiannual report • Delaware Pooled Trust

(continues) 31

Statements of net assets

Delaware Pooled^® Trust — The High-Yield Bond Portfolio

			Principal		Value
			Amount (U.S. $)		(U.S. $)
Corporate Bonds (continued)
Healthcare (continued)
#	Multiplan 144A 9.875% 9/1/18		$	357,000	$	389,130
#	PSS World Medical 144A
		6.375% 3/1/22		123,000		126,690
	Radnet Management
		10.375% 4/1/18		262,000		261,345
#	STHI Holding 144A 8.00% 3/15/18			287,000		307,090
						3,665,791
Insurance – 3.05%
•	American International Group
		8.175% 5/15/58		520,000		558,350
•	ING Groep 5.775% 12/29/49			839,000		721,540
•#	Liberty Mutual Group 144A
		7.00% 3/15/37		502,000		454,310
•	XL Group 6.50% 12/31/49			542,000		453,925
						2,188,125
Media – 7.30%
	Affinion Group 7.875% 12/15/18			397,000		348,368
#	AMC Networks 144A
		7.75% 7/15/21		316,000		354,710
	Cablevision Systems 8.00% 4/15/20			287,000		311,395
	CCO Holdings
		7.00% 1/15/19		29,000		31,175
		8.125% 4/30/20		407,000		457,875
	Clear Channel Communications
		9.00% 3/1/21		704,000		640,639
#	Clear Channel Worldwide Holdings
		144A 7.625% 3/15/20		273,000		271,075
	DISH DBS 7.875% 9/1/19			257,000		298,763
	Entravision Communications
		8.75% 8/1/17		180,000		190,800
	MDC Partners 11.00% 11/1/16			395,000		431,538
#	Nara Cable Funding 144A
		8.875% 12/1/18		200,000		184,000
	Nexstar Broadcasting
		8.875% 4/15/17		271,000		290,648
#	ONO Finance II 144A
		10.875% 7/15/19		565,000		483,075
#	Univision Communications 144A
		8.50% 5/15/21		508,000		504,189
#	UPC Holding 144A
		9.875% 4/15/18		300,000		333,000
	Virgin Media Finance
		8.375% 10/15/19		100,000		112,750
						5,244,000
Services – 9.90%
	Beazer Homes USA 9.125% 5/15/19			153,000		128,903
#	Caesars Entertainment Operating
		144A 8.50% 2/15/20		167,000		172,428
	Cardtronics 8.25% 9/1/18			135,000		149,850
	Casella Waste Systems
		7.75% 2/15/19		359,000		355,409
		11.00% 7/15/14		163,000		176,040
#	Chester Downs & Marina 144A
		9.25% 2/1/20		166,000		175,130
#	Delta Air Lines 144A
		12.25% 3/15/15		247,000		269,848
#	Equinox Holdings 144A
		9.50% 2/1/16		268,000		289,105
	Geo Group 6.625% 2/15/21			83,000		87,980
	Kansas City Southern de Mexico
		6.125% 6/15/21		92,000		101,660
		8.00% 2/1/18		204,000		228,990
	M/I Homes 8.625% 11/15/18			483,000		485,414
#	Meritage Homes 144A
		7.00% 4/1/22		75,000		76,313
	MGM Resorts International
		7.75% 3/15/22		230,000		236,325
		11.375% 3/1/18		711,000		850,533
#	NCL 144A 9.50% 11/15/18			59,000		65,490
	Peninsula Gaming 10.75% 8/15/17			305,000		337,788
	PHH 9.25% 3/1/16			252,000		258,300
	Pinnacle Entertainment
	*	7.75% 4/1/22		139,000		147,688
		8.75% 5/15/20		200,000		221,500
	RSC Equipment Rental III
		8.25% 2/1/21		240,000		260,400
		10.25% 11/15/19		62,000		70,060
#	Seven Seas Cruises 144A
		9.125% 5/15/19		343,000		352,433
	Standard Pacific 10.75% 9/15/16			127,000		146,685
*	Swift Services Holdings
		10.00% 11/15/18		104,000		114,140
*#	Swift Transportation 144A
		12.50% 5/15/17		121,000		129,278
#	Taylor Morrison Communities
		144A 7.75% 4/15/20		331,000		341,758
#	United Air Lines 144A
		12.00% 11/1/13		370,000		393,124
#	UR Financing Escrow 144A
		5.75% 7/15/18		64,000		66,240
		7.625% 4/15/22		92,000		97,520
	West 7.875% 1/15/19			305,000		326,731
						7,113,063
Technology & Electronics – 7.74%
	Advanced Micro Devices
		7.75% 8/1/20		455,000		503,913
	Aspect Software 10.625% 5/15/17			285,000		309,938
	Avaya
		9.75% 11/1/15		53,000		52,801
		PIK 10.125% 11/1/15		396,000		394,515
	CDW 12.535% 10/12/17			455,000		498,225
	First Data
	#	144A 7.375% 6/15/19		64,000		65,760
		11.25% 3/31/16		1,109,000		1,025,824
	GXS Worldwide 9.75% 6/15/15			342,000		330,885
	iGate 9.00% 5/1/16			301,000		328,090
#	Kemet 144A 10.50% 5/1/18			432,000		464,400

2012 Semiannual report • Delaware Pooled Trust

		Principal		Value
		Amount (U.S. $)		(U.S. $)
Corporate Bonds (continued)
Technology & Electronics (continued)
#	Lawson Software 144A
	9.375% 4/1/19	$	495,000	$	519,749
	MagnaChip Semiconductor
	10.50% 4/15/18		315,000		355,163
	Seagate HDD Cayman
	7.75% 12/15/18		333,000		368,798
#	Viasystems 144A 7.875% 5/1/19		340,000		345,950
					5,564,011
Telecommunications – 9.45%
#	Clearwire Communications
	144A 12.00% 12/1/15		560,000		519,400
#	Columbus International 144A
	11.50% 11/20/14		310,000		339,450
	Cricket Communications
	7.75% 10/15/20		307,000		288,964
#	Digicel Group 144A
	8.875% 1/15/15		155,000		156,550
	10.50% 4/15/18		415,000		459,073
	Hughes Satellite Systems
	7.625% 6/15/21		336,000		365,820
#	Integra Telecom Holdings 144A
	10.75% 4/15/16		231,000		219,450
	Intelsat Bermuda
	11.25% 2/4/17		642,000		667,679
	PIK 11.50% 2/4/17		366,432		382,921
#	Intelsat Jackson Holdings 144A
	7.25% 10/15/20		119,000		124,653
	Level 3 Communications
	11.875% 2/1/19		157,000		178,980
	Level 3 Financing 10.00% 2/1/18		331,000		364,100
	MetroPCS Wireless
	6.625% 11/15/20		326,000		314,590
	NII Capital 7.625% 4/1/21		150,000		140,250
	PAETEC Holding 9.875% 12/1/18		217,000		246,838
	Satmex Escrow
	9.50% 5/15/17		150,000		157,125
	#144A 9.50% 5/15/17		16,000		16,760
	Sprint Capital 8.75% 3/15/32		202,000		172,205
	Sprint Nextel
	8.375% 8/15/17		278,000		268,965
	#144A 9.125% 3/1/17		391,000		389,045
	Telesat Canada 12.50% 11/1/17		187,000		210,375
	#Wind Acquisition Finance 144A
	7.25% 2/15/18		420,000		399,500
	11.75% 7/15/17		410,000		404,875
					6,787,568
Utilities – 1.95%
#	AES 144A 7.375% 7/1/21		160,000		178,800
#	Calpine 144A
	7.50% 2/15/21		188,000		202,100
	7.875% 1/15/23		123,000		133,148
	Elwood Energy 8.159% 7/5/26		53,631		54,838
	GenOn Americas Generation
	8.50% 10/1/21		220,000		199,100
	GenOn Energy 9.875% 10/15/20		139,000		131,355
	NRG Energy 7.875% 5/15/21		344,000		337,979
•	Puget Sound Energy 6.974% 6/1/67		155,000		160,332
					1,397,652
Total Corporate Bonds
	(cost $64,847,447)				66,342,528

«Senior Secured Loans – 0.98%
	Brock Holdings III 10.00% 2/15/18		80,000		78,100
	Consolidated Container
	5.75% 9/28/14		355,000		339,137
	Dynegy Power 1st Lien
	9.25% 7/11/16		139,300		146,353
	PQ 6.74% 7/30/15		145,000		138,656
Total Senior Secured Loans
	(cost $679,555)				702,246

		Number of
		Shares
Common Stock – 0.14%
†	Alliance HealthCare Services		5,166		7,077
=∏†	Avado Brands		121		0
=†	Century Communications		60,000		0
†	DIRECTV Class A		1,200		59,124
†	Flextronics International		3,700		24,642
†	GenOn Energy		59		126
†	GeoEye		450		10,314
=∏†	PT Holdings		40		0
Total Common Stock
	(cost $124,255)				101,283

Preferred Stock – 0.86%
	Ally Financial
	#144A 7.00%		400		339,525
	•∏8.50%		5,000		112,000
•	GMAC Capital Trust I 8.25%		7,000		167,650
=†	PT Holdings		8		0
Total Preferred Stock
	(cost $530,012)				619,175

Warrant – 0.00%
=∏@†	PT Holdings		8		0
Total Warrant (cost $192)					0

2012 Semiannual report • Delaware Pooled Trust

(continues) 33

Statements of net assets

Delaware Pooled^® Trust — The High-Yield Bond Portfolio

		Principal		Value
		Amount (U.S. $)		(U.S. $)
Short-Term Investments – 3.77%
Repurchase Agreements – 3.77%
	Bank of America 0.17%, dated
	4/30/12, to be repurchased
	on 5/1/12, repurchase price
	$666,786 (collateralized
	by U.S. Government
	obligations 2.25%-4.125%
	1/31/15-5/15/15; market
	value $680,119)	$	666,783	$	666,783
	BNP Paribas 0.17%, dated
	4/30/12, to be repurchased
	on 5/1/12, repurchase price
	$2,040,227 (collateralized
	by U.S. Government
	obligations 0.00%-2.375%
	7/26/12-10/31/16; market
	value $2,081,021)		2,040,217		2,040,217
Total Short-Term Investments
	(cost $2,707,000)				2,707,000
Total Value of Securities Before Securities
	Lending Collateral – 98.10%
	(cost $68,888,461)				70,472,232

		Number of
		Shares
**Securities Lending Collateral – 0.04%
Investment Companies
	BNY Mellon SL DBT II
	Liquidating Fund		15,156		14,773
	Delaware Investments
	Collateral Fund No.1		12,047		12,047
@†	Mellon GSL Reinvestment Trust II		31,196		0
Total Securities Lending Collateral
	(cost $58,399)				26,820

Total Value of Securities – 98.14%
	(cost $68,946,860)				70,499,052	©
**Obligation to Return Securities
	Lending Collateral – (0.08%)				(58,399	)
Receivables and Other Assets
	Net of Other Liabilities – 1.94%				1,396,736
Net Assets Applicable to 9,155,432
	Shares Outstanding; Equivalent to
	$7.85 Per Share – 100.00%			$	71,837,389

Components of Net Assets at April 30, 2012:
Shares of beneficial interest
	(unlimited authorization – no par)			$	72,224,796
Undistributed net investment income					1,693,926
Accumulated net realized loss					(3,633,419	)
Net unrealized appreciation of investments					1,552,086
Total net assets				$	71,837,389

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At April 30, 2012, the aggregate value of Rule 144A securities was $26,299,614, which represented 36.61% of the Portfolio’s net assets. See Note 10 in “Notes to financial statements.”
•	Variable rate security. The rate shown is the rate as of April 30, 2012. Interest rates reset periodically.
=	Security is being fair valued in accordance with the Portfolio’s fair valuation policy. At April 30, 2012, the aggregate value of fair valued securities was $5,817, which represented 0.01% of the Portfolio’s net assets. See Note 1 in “Notes to financial statements.”
@	Illiquid security. At April 30, 2012, the aggregate value of illiquid securities was $5,817, which represented 0.01% of the Portfolio’s net assets. See Note 10 in “Notes to financial statements.”
^	Zero coupon security. The rate shown is the yield at the time of purchase.
*	Fully or partially on loan.
«	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. Stated rate in effect at April 30 2012.
†	Non income producing security.
∏	Restricted Security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At April 30, 2012, the aggregate value of restricted securities was $112,000, which represented 0.16% of the Portfolio’s net assets.
**	See Note 9 in “Notes to financial statements” for additional information on securities lending collateral.
©	Includes $55,321 of securities loaned.

PIK – Pay-in-kind

See accompanying notes, which are an integral part of the financial statements.

2012 Semiannual report • Delaware Pooled Trust

Delaware Pooled^® Trust — The Core Plus Fixed Income Portfolio
April 30, 2012 (Unaudited)

		Principal		Value
		Amount°		(U.S. $)
Agency Asset-Backed Security – 0.24%
	Fannie Mae Grantor Trust
	Series 2003-T4 2A5
	5.407% 9/26/33	USD	134,798	$	142,952
Total Agency Asset-Backed
	Security (cost $133,708)				142,952

Agency Collateralized Mortgage Obligations – 2.40%
	Fannie Mae Grantor Trust
	Series 2001-T8 A2
	9.50% 7/25/41		10,554		12,753
	Fannie Mae REMICs
	Series 2002-90 A1
	6.50% 6/25/42		19,644		22,935
	Series 2002-90 A2
	6.50% 11/25/42		46,164		53,724
	Series 2003-122 AJ
	4.50% 2/25/28		36,794		37,660
	Fannie Mae Whole Loan
	Series 2004-W11 1A2
	6.50% 5/25/44		40,493		46,127
	Freddie Mac REMICs
	Series 1730 Z
	7.00% 5/15/24		110,170		128,122
	Series 2326 ZQ
	6.50% 6/15/31		103,232		118,242
	Series 3123 HT
	5.00% 3/15/26		270,000		302,908
	Series 3131 MC
	5.50% 4/15/33		335,000		355,371
	Series 3656 PM
	5.00% 4/15/40		125,000		142,414
	GNMA Series 2010-113 KE
	4.50% 9/20/40		125,000		140,455
	NCUA Guaranteed Notes
	Series 2010-C1 A2
	2.90% 10/29/20		40,000		42,480
Total Agency Collateralized
	Mortgage Obligations
	(cost $1,267,568)				1,403,191

Agency Mortgage-Backed Securities – 16.69%
	Fannie Mae 6.50% 8/1/17		18,614		20,653
•	Fannie Mae ARM
	2.325% 8/1/34		61,522		65,328
	2.675% 4/1/36		60,032		64,178
	4.677% 3/1/38		101,574		108,165
	Fannie Mae Relocation 30 yr
	5.00% 11/1/33		11,710		12,607
	5.00% 1/1/34		13,130		14,136
	5.00% 11/1/34		34,941		37,619
	5.00% 10/1/35		55,123		59,346
	5.00% 1/1/36		92,530		99,620
	Fannie Mae S.F. 15 yr
	4.00% 11/1/25		155,188		167,034
	4.50% 1/1/20		18,616		20,072
	5.00% 7/1/14		1,734		1,879
	5.00% 12/1/16		2,081		2,266
	5.00% 5/1/20		24,868		27,113
	5.00% 7/1/20		6,518		7,095
	5.00% 5/1/21		5,166		5,619
	5.50% 5/1/20		676		741
	5.50% 6/1/23		148,241		162,007
	6.00% 8/1/22		83,589		91,651
	Fannie Mae S.F. 15 yr TBA
	3.00% 5/1/27		1,071,000		1,117,521
	3.50% 5/1/27		1,453,000		1,532,914
	Fannie Mae S.F. 20 yr
	5.50% 8/1/28		208,196		228,016
	Fannie Mae S.F. 30 yr
	4.00% 1/1/42		256,664		271,868
	5.00% 3/1/34		13,881		15,097
	5.00% 3/1/35		39,872		43,355
	5.00% 5/1/35		23,334		25,369
	5.00% 6/1/35		34,367		37,915
	5.00% 7/1/35		36,552		39,741
	5.00% 12/1/37		32,207		34,997
	5.00% 2/1/38		26,448		28,739
	6.00% 9/1/36		22,327		24,756
	6.00% 11/1/39		19,034		21,102
	6.00% 1/1/40		165,614		183,631
	6.00% 4/1/40		40,865		45,286
	6.00% 2/1/41		104,591		116,329
	7.00% 12/1/33		17,736		21,015
	7.00% 5/1/35		3,324		3,855
	7.00% 6/1/35		6,191		7,181
	7.00% 12/1/37		56,465		65,439
	7.50% 6/1/31		2,389		2,913
	7.50% 6/1/34		29,614		36,284
	Fannie Mae S.F. 30 yr TBA
	3.50% 5/1/42		2,300,000		2,388,046
	4.00% 5/1/42		465,000		491,810
	5.50% 5/1/42		270,000		295,228
	6.00% 5/1/42		232,000		256,469
	6.00% 6/1/42		215,000		237,441
•	Freddie Mac ARM 2.56% 4/1/34		5,461		5,807
	Freddie Mac Relocation 30 yr
	5.00% 9/1/33		8,257		8,866
	Freddie Mac S.F. 30 yr
	5.50% 7/1/40		630,000		687,906
	6.00% 8/1/38		79,031		88,086
	6.00% 10/1/38		110,767		123,457
	7.00% 11/1/33		2,402		2,835
	GNMA I S.F. 30 yr
	7.00% 12/15/34		265,065		305,677

2012 Semiannual report • Delaware Pooled Trust

(continues) 35

Statements of net assets

Delaware Pooled^® Trust — The Core Plus Fixed Income Portfolio

		Principal		Value
		Amount°		(U.S. $)
Agency Mortgage-Backed Securities (continued)
	GNMA I S.F. 30 yr (continued)
	7.50% 12/15/31	USD	598	$	703
	7.50% 2/15/32		577		679
Total Agency Mortgage-Backed
	Securities (cost $9,560,772)				9,763,462

Commercial Mortgage-Backed Securities – 5.21%
#	American Tower Trust
	Series 2007-1A AFX
	144A 5.42% 4/15/37		95,000		101,122
•	BAML Commercial
	Mortgage Securities
	Series 2005-1 A5
	5.337% 11/10/42		55,000		60,225
•	Bear Stearns Commercial
	Mortgage Securities
	Series 2005-T20 A4A
	5.299% 10/12/42		30,000		33,450
	Series 2006-PW12 A4
	5.902% 9/11/38		45,000		51,249
#	CFCRE Commercial
	Mortgage Trust
	Series 2011-C1 A2 144A
	3.759% 4/15/44		100,000		106,367
w	Commercial Mortgage Pass
	Through Certificates
	Series 2006-C7 A2
	5.69% 6/10/46		11,584		11,580
•	Credit Suisse Mortgage
	Capital Certificates
	Series 2006-C1 AAB
	5.596% 2/15/39		123,526		130,152
#	DBUBS Mortgage Trust
	Series 2011-LC1A A3
	144A 5.002% 11/10/46		300,000		342,164
	Goldman Sachs Mortgage
	Securities II
	Series 2005-GG4 A4
	4.761% 7/10/39		250,000		266,072
	Series 2005-GG4 A4A
	4.751% 7/10/39		365,000		396,655
	•Series 2006-GG6 A4
	5.553% 4/10/38		55,000		61,276
	#Series 2010-C1 A2 144A
	4.592% 8/10/43		100,000		111,396
	#Series 2011-ALF A 144A
	5.279% 8/10/38		149,954		152,533
•	JPMorgan Chase Commercial
	Mortgage Securities
	Series 2005-LDP3 A4A
	4.936% 8/15/42		75,000		82,705
	Series 2005-LDP4 A4
	4.918% 10/15/42		65,000		70,510
	Series 2005-LDP5 A4
	5.372% 12/15/44		55,000		61,563
	Lehman Brothers-UBS
	Commercial Mortgage
	Trust Series 2004-C1 A4
	4.568% 1/15/31		35,000		36,736
	Morgan Stanley Capital I
	Series 2005-HQ6 A4A
	4.989% 8/13/42		50,000		55,045
	•Series 2007-T27 A4
	5.817% 6/11/42		335,000		388,228
•#	Morgan Stanley Dean
	Witter Capital I
	Series 2001-TOP1 E
	144A 7.607% 2/15/33		100,000		98,364
•#	Nationslink Funding
	Series 1998-2 F 144A
	7.105% 8/20/30		18,863		19,464
#	OBP Depositor Trust
	Series 2010-OBP A 144A
	4.646% 7/15/45		100,000		113,812
#	Timberstar Trust
	Series 2006-1A A 144A
	5.668% 10/15/36		205,000		229,117
#	WF-RBS Commercial
	Mortgage Trust
	Series 2011-C3 A4 144A
	4.375% 3/15/44		65,000		70,717
Total Commercial Mortgage-Backed
	Securities (cost $2,815,679)				3,050,502

Corporate Bonds – 43.62%
Banking – 6.13%
	Abbey National Treasury
	Services 4.00% 4/27/16		60,000		59,377
	Bank of America
	3.75% 7/12/16		55,000		54,816
	3.875% 3/22/17		60,000		59,916
	5.70% 1/24/22		70,000		73,621
	BB&T
	3.95% 3/22/22		70,000		72,066
	5.25% 11/1/19		322,000		357,968
•	Bear Stearns 4.923% 12/7/12	AUD	110,000		114,187
	City National 5.25% 9/15/20	USD	80,000		85,637
@#	CoBank 144A 7.875% 4/16/18		250,000		304,766
	Fifth Third Bancorp
	3.50% 3/15/22		45,000		45,147
•	Fifth Third Capital Trust IV
	6.50% 4/15/37		115,000		114,425
	Goldman Sachs Group
	5.75% 1/24/22		45,000		47,076
#	HSBC Bank 144A
	4.75% 1/19/21		150,000		161,514
	HSBC Holdings
	4.00% 3/30/22		15,000		15,270
	JPMorgan Chase
	4.50% 1/24/22		70,000		74,712

2012 Semiannual report • Delaware Pooled Trust

		Principal		Value
		Amount°		(U.S. $)
Corporate Bonds (continued)
Banking (continued)
	JPMorgan Chase Capital XXV
	6.80% 10/1/37	USD	120,000	$	121,200
	KeyBank 5.45% 3/3/16		250,000		277,896
	Korea Development Bank
	8.00% 1/23/14		100,000		109,962
	Lloyds TSB Bank 4.20% 3/28/17		105,000		106,643
	PNC Bank 6.875% 4/1/18		250,000		300,818
	PNC Funding
	3.30% 3/8/22		40,000		40,534
	5.125% 2/8/20		115,000		132,755
	SunTrust Banks 3.50% 1/20/17		175,000		179,699
•	USB Capital IX 3.50% 4/15/49		365,000		278,685
	Wachovia
	•0.837% 10/15/16		50,000		46,569
	5.25% 8/1/14		55,000		59,170
	5.625% 10/15/16		150,000		169,043
	Wells Fargo 3.50% 3/8/22		60,000		60,899
	Zions Bancorporation
	4.50% 3/27/17		5,000		5,031
	7.75% 9/23/14		50,000		54,513
					3,583,915
Basic Industry – 5.30%
*	AK Steel 7.625% 5/15/20		120,000		115,800
	Alcoa
	5.40% 4/15/21		30,000		31,586
	6.75% 7/15/18		100,000		114,748
	ArcelorMittal
	6.25% 2/25/22		35,000		35,716
	9.85% 6/1/19		150,000		181,546
#	Barrick Gold 144A
	3.85% 4/1/22		280,000		289,565
	5.25% 4/1/42		15,000		15,809
	Barrick North America
	Finance 4.40% 5/30/21		35,000		37,769
	CF Industries 7.125% 5/1/20		125,000		149,688
#	CODELCO 144A 3.75% 11/4/20		572,000		598,766
	Domtar 4.40% 4/1/22		50,000		50,391
	Dow Chemical 8.55% 5/15/19		184,000		244,325
	Georgia-Pacific 8.00% 1/15/24		150,000		196,051
	Hexion U.S. Finance 8.875% 2/1/18		85,000		89,463
	International Paper
	4.75% 2/15/22		175,000		187,178
	9.375% 5/15/19		15,000		20,075
#	Kinross Gold 144A 5.125% 9/1/21		65,000		67,361
#	LyondellBasell Industries
	144A 5.75% 4/15/24		200,000		207,500
	Novelis 8.75% 12/15/20		65,000		71,988
	Rayonier 3.75% 4/1/22		65,000		64,517
	Teck Resources
	3.00% 3/1/19		35,000		35,010
	5.20% 3/1/42		70,000		68,397
	Vale Overseas 4.375% 1/11/22		220,000		226,506
					3,099,755
Brokerage – 0.38%
	Jefferies Group
	6.25% 1/15/36		5,000		4,413
	6.45% 6/8/27		25,000		24,000
	Lazard Group 6.85% 6/15/17		174,000		192,357
					220,770
Capital Goods – 0.80%
	Ball 5.75% 5/15/21		250,000		270,000
•#	Cemex SAB 144A 5.47% 9/30/15		150,000		134,625
	Stanley Black & Decker
	3.40% 12/1/21		60,000		61,990
					466,615
Communications – 5.42%
	America Movil SAB 5.00% 3/30/20		105,000		119,144
	American Tower
	4.70% 3/15/22		30,000		30,858
	5.90% 11/1/21		180,000		202,704
	CenturyLink 5.80% 3/15/22		100,000		99,325
#	Clearwire Communications
	144A 12.00% 12/1/15		105,000		97,388
	Cricket Communications
	7.75% 10/15/20		75,000		70,594
#	Crown Castle Towers 144A
	4.883% 8/15/20		250,000		265,633
#	Deutsche Telekom
	International Finance
	144A 2.25% 3/6/17		150,000		149,070
#	DIRECTV Holdings 144A
	3.80% 3/15/22		200,000		199,502
	DISH DBS 7.875% 9/1/19		110,000		127,875
	Intelsat Bermuda 11.25% 2/4/17		260,000		270,399
	Interpublic Group 4.00% 3/15/22		95,000		95,148
	Omnicom Group 3.625% 5/1/22		85,000		85,247
	Qwest 6.75% 12/1/21		55,000		62,097
	Sprint Nextel
	6.00% 12/1/16		55,000		50,188
	8.375% 8/15/17		65,000		62,888
	Telecom Italia Capital
	5.25% 10/1/15		190,000		193,800
	Telefonica Emisiones
	5.462% 2/16/21		50,000		47,072
	6.421% 6/20/16		50,000		51,517
	Time Warner Cable
	5.50% 9/1/41		75,000		79,368
	8.25% 4/1/19		100,000		130,434
#	UPCB Finance III 144A
	6.625% 7/1/20		150,000		153,000
	Virgin Media Secured
	Finance 6.50% 1/15/18		300,000		328,499
#	Vivendi 144A
	3.45% 1/12/18		70,000		68,422
	6.625% 4/4/18		115,000		130,534
					3,170,706

2012 Semiannual report • Delaware Pooled Trust

(continues) 37

Statements of net assets

Delaware Pooled^® Trust — The Core Plus Fixed Income Portfolio

		Principal		Value
		Amount°		(U.S. $)
Corporate Bonds (continued)
Consumer Cyclical – 2.18%
	AutoZone 3.70% 4/15/22	USD	50,000	$	50,983
	Ford Motor Credit 12.00% 5/15/15		100,000		126,750
	Historic TW 6.875% 6/15/18		155,000		190,902
	Host Hotels & Resorts
	#144A 5.25% 3/15/22		5,000		4,994
	5.875% 6/15/19		40,000		42,700
	6.00% 11/1/20		45,000		48,094
	#144A 6.00% 10/1/21		43,000		46,010
	Lowe’s 3.12% 4/15/22		150,000		152,394
	Macy’s Retail Holdings
	3.875% 1/15/22		5,000		5,158
	5.90% 12/1/16		82,000		94,232
	MGM Resorts International
	11.125% 11/15/17		120,000		136,500
	11.375% 3/1/18		60,000		71,775
	13.00% 11/15/13		15,000		17,475
	Western Union 3.65% 8/22/18		105,000		113,681
	Wyndham Worldwide
	4.25% 3/1/22		70,000		70,548
	5.625% 3/1/21		35,000		38,808
	5.75% 2/1/18		60,000		66,683
					1,277,687
Consumer Non-Cyclical – 4.19%
	Bio-Rad Laboratories
	4.875% 12/15/20		10,000		10,537
	Boston Scientific 6.00% 1/15/20		80,000		93,569
	CareFusion 6.375% 8/1/19		255,000		302,077
	Celgene
	2.45% 10/15/15		30,000		30,798
	3.95% 10/15/20		75,000		78,625
	Del Monte 7.625% 2/15/19		45,000		45,675
#	Express Scripts Holding 144A
	2.65% 2/15/17		30,000		30,574
	3.50% 11/15/16		30,000		31,732
	3.90% 2/15/22		20,000		20,623
	4.75% 11/15/21		25,000		27,408
#	Heineken 144A 3.40% 4/1/22		115,000		116,840
	Koninklijke Philips Electronics
	3.75% 3/15/22		70,000		72,274
	5.00% 3/15/42		70,000		73,186
•	Kraft Foods 1.344% 7/10/13		115,000		115,628
	Kroger 3.40% 4/15/22		90,000		90,223
	Medtronic 3.125% 3/15/22		65,000		66,770
	Molson Coors Brewing Company
	3.50% 5/1/22		60,000		60,657
	5.00% 5/1/42		75,000		76,841
#	Mylan 144A 6.00% 11/15/18		120,000		126,600
	Quest Diagnostics
	4.70% 4/1/21		90,000		99,510
	4.75% 1/30/20		15,000		16,432
#	SABMiller Holdings 144A
	3.75% 1/15/22		200,000		208,426
	Safeway 4.75% 12/1/21		90,000		90,203
	Sara Lee 4.10% 9/15/20		20,000		20,687
#	Woolworths 144A
	3.15% 4/12/16		75,000		78,040
	4.55% 4/12/21		80,000		87,967
	Yale University 2.90% 10/15/14		160,000		168,996
	Zimmer Holdings
	3.375% 11/30/21		85,000		87,297
	4.625% 11/30/19		110,000		123,615
					2,451,810
Electric – 4.03%
	Ameren Illinois 9.75% 11/15/18		285,000		392,116
#	American Transmission Systems
	144A 5.25% 1/15/22		130,000		148,339
	Baltimore Gas & Electric
	3.50% 11/15/21		125,000		130,782
	CenterPoint Energy 5.95% 2/1/17		70,000		80,111
	CMS Energy
	4.25% 9/30/15		45,000		46,918
	6.25% 2/1/20		30,000		33,208
	ComEd Financing III 6.35% 3/15/33		60,000		59,179
	Commonwealth Edison
	3.40% 9/1/21		120,000		127,494
	Florida Power 5.65% 6/15/18		20,000		24,265
	Great Plains Energy
	5.292% 6/15/22		105,000		115,008
•	Integrys Energy Group
	6.11% 12/1/66		45,000		45,213
	Ipalco Enterprises 5.00% 5/1/18		35,000		35,000
	LG&E & KU Energy
	3.75% 11/15/20		80,000		81,641
	#144A 4.375% 10/1/21		155,000		164,005
•	NextEra Energy Capital
	Holdings 6.35% 10/1/66		110,000		112,307
	PacifiCorp 2.95% 2/1/22		70,000		70,947
	Pennsylvania Electric
	5.20% 4/1/20		75,000		83,523
•	PPL Capital Funding
	6.70% 3/30/67		25,000		24,776
	Public Service Company of
	Oklahoma 5.15% 12/1/19		115,000		131,478
	Puget Energy 6.00% 9/1/21		30,000		32,132
•	Puget Sound Energy
	6.974% 6/1/67		110,000		113,784
	SCANA 4.125% 2/1/22		160,000		163,016
•	Wisconsin Energy 6.25% 5/15/67		135,000		139,544
					2,354,786
Energy – 4.67%
	Apache
	3.25% 4/15/22		55,000		56,900
	4.75% 4/15/43		95,000		101,644
#	BG Energy Capital 144A
	4.00% 10/15/21		200,000		214,307

2012 Semiannual report • Delaware Pooled Trust

		Principal		Value
		Amount°		(U.S. $)
Corporate Bonds (continued)
Energy (continued)
#	Canadian Oil Sands 144A
	4.50% 4/1/22	USD	70,000	$	72,029
	Ecopetrol 7.625% 7/23/19		22,000		27,731
*	Encana 3.90% 11/15/21		155,000		152,933
#	ENI 144A 4.15% 10/1/20		100,000		99,927
	Husky Energy 3.95% 4/15/22		165,000		171,466
	Noble Holding International
	3.95% 3/15/22		85,000		86,524
	5.25% 3/15/42		40,000		40,514
	Pemex Project Funding Master
	Trust 6.625% 6/15/35		50,000		59,125
	Petrobras International Finance
	3.50% 2/6/17		25,000		25,756
	5.375% 1/27/21		165,000		181,571
	5.75% 1/20/20		30,000		33,635
	5.875% 3/1/18		20,000		22,627
	Petrohawk Energy 7.25% 8/15/18		140,000		159,775
	Petroleos de Venezuela
	9.00% 11/17/21		140,000		114,660
	Pride International 6.875% 8/15/20		240,000		296,043
	Range Resources 8.00% 5/15/19		110,000		121,550
	SandRidge Energy 8.75% 1/15/20		115,000		123,050
	Transocean
	5.05% 12/15/16		130,000		141,311
	6.375% 12/15/21		60,000		70,389
	Weatherford International
	4.50% 4/15/22		105,000		108,588
	9.625% 3/1/19		70,000		92,724
#	Woodside Finance 144A
	8.125% 3/1/14		5,000		5,547
	8.75% 3/1/19		120,000		154,582
					2,734,908
Finance Companies – 2.33%
#	CDP Financial 144A
	4.40% 11/25/19		250,000		275,650
	General Electric Capital
	2.30% 4/27/17		40,000		40,101
	4.65% 10/17/21		65,000		70,809
	6.00% 8/7/19		425,000		503,046
•#	ILFC E-Capital Trust II 144A
	6.25% 12/21/65		130,000		96,850
	International Lease Finance
	5.875% 4/1/19		25,000		24,587
	6.25% 5/15/19		53,000		53,536
	8.75% 3/15/17		15,000		16,875
#	IPIC GMTN 144A 5.50% 3/1/22		200,000		210,000
	PHH 9.25% 3/1/16		70,000		71,750
					1,363,204
Insurance – 1.15%
•	Chubb 6.375% 3/29/67		85,000		87,444
	Coventry Health Care
	5.45% 6/15/21		120,000		135,724
#	Highmark 144A
	4.75% 5/15/21		40,000		40,675
	6.125% 5/15/41		15,000		15,868
•	ING Groep 5.775% 12/29/49		40,000		34,400
	MetLife 6.817% 8/15/18		35,000		43,306
	#Metropolitan Life Global
	Funding I 144A
	3.875% 4/11/22		115,000		116,277
	Prudential Financial
	3.875% 1/14/15		60,000		63,339
	6.00% 12/1/17		115,000		135,399
‡w=@#	Twin Reefs Pass
	Through Trust 144A
	0.00% 12/31/49		300,000		0
					672,432
Natural Gas – 2.51%
	El Paso Pipeline Partners
	Operating 6.50% 4/1/20		85,000		98,064
	•Enbridge Energy Partners
	8.05% 10/1/37		115,000		125,936
	Energy Transfer Partners
	9.70% 3/15/19		54,000		69,647
	Enterprise Products Operating
	4.05% 2/15/22		120,000		127,056
	•7.034% 1/15/68		135,000		144,958
	9.75% 1/31/14		60,000		68,513
	Kinder Morgan Energy Partners
	3.95% 9/1/22		70,000		70,639
	9.00% 2/1/19		105,000		135,324
	Nisource Finance 5.80% 2/1/42		65,000		70,989
	Plains All American Pipeline
	8.75% 5/1/19		90,000		118,893
	Southwest Gas 3.875% 4/1/22		90,000		94,327
•	TransCanada PipeLines
	6.35% 5/15/67		180,000		188,102
	Williams Partners
	4.00% 11/15/21		60,000		62,265
	7.25% 2/1/17		75,000		91,006
					1,465,719
Real Estate – 1.86%
	Alexandria Real Estate
	Equities 4.60% 4/1/22		90,000		90,552
	Brandywine Operating
	Partnership 4.95% 4/15/18		65,000		66,490
	Developers Diversified Realty
	7.875% 9/1/20		160,000		192,456
	9.625% 3/15/16		105,000		127,909
	Digital Realty Trust
	5.25% 3/15/21		115,000		122,020
	5.875% 2/1/20		50,000		55,172
	Health Care REIT
	4.125% 4/1/19		75,000		75,680
	5.25% 1/15/22		10,000		10,608

2012 Semiannual report • Delaware Pooled Trust

(continues) 39

Statements of net assets

Delaware Pooled^® Trust — The Core Plus Fixed Income Portfolio

		Principal		Value
		Amount°		(U.S. $)
Corporate Bonds (continued)
Real Estate (continued)
	Mack-Cali Realty
	4.50% 4/18/22	USD	55,000	$	56,329
	Regency Centers 5.875% 6/15/17		93,000		105,186
	UDR 4.625% 1/10/22		85,000		89,072
#	WEA Finance 144A
	4.625% 5/10/21		95,000		98,655
					1,090,129
Technology – 1.54%
	GXS Worldwide 9.75% 6/15/15		120,000		116,100
	Hewlett-Packard 4.05% 9/15/22		185,000		187,024
	National Semiconductor
	6.60% 6/15/17		140,000		174,053
#	Seagate Technology
	International 144A
	10.00% 5/1/14		73,000		82,673
	Symantec 4.20% 9/15/20		10,000		10,474
	Tyco Electronics Group
	3.50% 2/3/22		70,000		70,170
	Xerox
	4.50% 5/15/21		120,000		125,529
	6.35% 5/15/18		115,000		135,518
					901,541
Transportation – 1.13%
#	Brambles USA 144A
	3.95% 4/1/15		65,000		68,090
	5.35% 4/1/20		115,000		126,335
	Burlington Northern Santa Fe
	4.40% 3/15/42		135,000		133,134
	5.65% 5/1/17		55,000		64,823
#	ERAC USA Finance 144A
	5.25% 10/1/20		215,000		237,095
	Union Pacific 4.163% 7/15/22		30,000		33,009
					662,486
Total Corporate Bonds
	(cost $24,556,582)				25,516,463

Non-Agency Asset-Backed Securities – 4.03%
	AEP Texas Central Transition
	Funding Series 2012-1 A2
	1.976% 6/1/21		115,000		115,930
•	Ally Master Owner Trust
	Series 2011-1 A1
	1.11% 1/15/16		100,000		100,742
•	American Express Credit
	Account Master
	Trust Series 2010-1 B
	0.84% 11/16/15		100,000		100,198
•	American Express Issuance
	Trust Series 2005-2 A
	0.31% 8/15/13		230,000		229,991
#	Avis Budget Rental Car
	Funding AESOP
	Series 2011-2A A 144A
	2.37% 11/20/14		100,000		101,803
	Bank of America Auto
	Trust Series 2012-1 A3
	0.78% 6/15/16		130,000		130,118
#	Cabela’s Master Credit Card
	Trust 144A
	Series 2010-2A A1
	2.29% 9/17/18		100,000		103,971
	Series 2012-1A A1
	1.63% 2/18/20		100,000		100,481
	Capital One Multi-Asset
	Execution Trust
	•Series 2007-A1 A1
	0.29% 11/15/19		100,000		98,151
	Series 2007-A7 A7
	5.75% 7/15/20		100,000		120,922
	CenterPoint Energy Transition
	Bond Series 2012-1 A2
	2.161% 10/15/21		100,000		101,914
#	CIT Equipment Collateral
	Series 2010-VT1A A3
	144A 2.41% 5/15/13		28,213		28,295
	Citicorp Residential
	Mortgage Securities
	Series 2006-3 A5
	5.948% 11/25/36		300,000		232,928
#	Ford Auto Securitization
	Trust Series 2011-R1A
	A3 144A 3.02% 2/15/16	CAD	100,000		103,265
	Ford Credit Auto Lease
	Trust Series 2012-A A4
	1.03% 4/15/15	USD	115,000		115,070
	General Electric Capital
	Credit Card Master Note
	Trust Series 2012-2 A
	2.22% 1/15/22		100,000		100,786
#	Golden Credit Card Trust
	Series 2012-2A A1 144A
	1.77% 1/15/19		100,000		100,566
#	Great America
	Leasing Receivables
	Series 2011-1 A3 144A
	1.69% 2/15/14		75,000		75,287
	Harley-Davidson Motorcycle
	Trust Series 2009-4 A3
	1.87% 2/15/14		10,772		10,783
	John Deere Owner Trust
	Series 2011-A A4
	1.96% 4/16/18		70,000		71,605
•	Merrill Auto Trust Securitization
	Series 2007-1 A4
	0.30% 12/15/13		2,207		2,207
	Mid-State Trust Series 11
	A1 4.864% 7/15/38		13,449		13,677
#	Sonic Capital Series 2011-1A A2
	144A 5.438% 5/20/41		97,250		102,054

2012 Semiannual report • Delaware Pooled Trust

		Principal		Value
		Amount°		(U.S. $)
Non-Agency Asset-Backed Securities (continued)
#	Volvo Financial Equipment
	Series 2012-1A A4 144A
	1.09% 8/15/17	USD	95,000	$	95,343
Total Non-Agency Asset-Backed
	Securities (cost $2,364,358)				2,356,087

Non-Agency Collateralized Mortgage Obligations – 0.16%
	Citicorp Mortgage Securities
	Series 2006-4 3A1
	5.50% 8/25/21		1,713		1,679
•#	GSMPS Mortgage Loan Trust
	Series 1999-2 A 144A
	7.51% 9/19/27		36,335		37,099
•#	MASTR Specialized Loan Trust
	Series 2005-2 A2 144A
	5.006% 7/25/35		53,345		53,903
Total Non-Agency Collateralized
	Mortgage Obligations
	(cost $91,881)				92,681

ΔRegional Bonds – 2.63%
Australia – 1.96%
	New South Wales Treasury
	6.00% 4/1/19	AUD	360,000		417,936
	Queensland Treasury
	6.00% 9/14/17	AUD	92,000		104,962
	6.25% 6/14/19	AUD	532,000		621,683
					1,144,581
Canada – 0.67%
	Province of British Columbia
	1.20% 4/25/17	USD	70,000		70,149
	Province of Ontario
	3.15% 6/2/22	CAD	248,000		252,497
	4.40% 4/14/20	USD	50,000		57,527
	Province of Quebec
	4.25% 12/1/21	CAD	11,000		12,225
					392,398
Total Regional Bonds
	(cost $1,465,981)				1,536,979

«Senior Secured Loans – 4.94%
	Alliance HealthCare Services
	7.25% 6/1/16	USD	46,101		44,142
	BNY ConvergEx Group
	8.75% 11/29/17		14,779		14,687
	8.75% 12/16/17		35,221		35,001
	Brickman Group Holdings
	Tranche B 7.25% 10/14/16		47,879		48,437
	Burlington Coat Factory
	Warehouse Tranche B
	6.25% 2/10/17		226,339		227,046
	Caesars Entertainment
	Operating Tranche B6
	5.494% 1/28/18		196,000		179,865
	Chrysler Group 6.00% 4/28/17		155,120		158,191
	Clear Channel Communications
	Tranche A 3.639% 7/30/14		88,594		82,459
	Consolidated Container
	5.75% 9/28/14		30,000		28,659
	Delos Aircraft 2 4.75% 3/17/16		200,000		201,230
	Dynegy Power 1st Lien
	9.25% 7/11/16		59,850		62,880
	Emdeon Tranche B 6.75% 8/3/18		109,725		110,940
	First Data 5.00% 3/24/17		214,068		204,854
	Frac Tech International
	Tranche B 6.25% 4/19/16		149,883		144,216
	Goodman Global Tranche B
	5.75% 10/28/16		41,542		41,859
	Houghton International
	Tranche B 6.75% 1/11/16		49,286		49,563
	Immucor Tranche B 7.25% 7/2/18		64,837		65,627
	Lawson Software Tranche
	Loan B 6.25% 3/16/18		60,000		60,919
	Level 3 Financing Tranche
	B3 5.75% 9/1/18		115,000		116,854
	Lord & Taylor 5.75% 12/2/18		149,625		151,917
	Multiplan 4.75% 8/26/17		13,651		13,644
	Nuveen Investments
	5.863% 5/13/17		100,000		100,261
	8.25% 3/1/19		65,000		66,625
	OSI Restaurant Partners
	2.00% 6/14/13		2,243		2,179
	2.563% 6/13/14		89,479		88,633
	2.593% 6/14/13		6,627		6,564
	PQ 6.74% 7/30/15		50,000		47,813
@	Prime Healthcare Services
	Tranche B 7.25% 4/28/15		59,828		59,529
	Reynolds Group Holdings
	6.50% 7/7/18		144,501		146,793
	Toys R US Tranche B 6.00% 9/1/16		74,187		74,325
	Univision Communications
	4.489% 3/29/17		168,725		157,957
	Visant 5.25% 12/31/16		94,188		93,145
Total Senior Secured Loans
	(cost $2,852,098)				2,886,814

ΔSovereign Bonds – 3.85%
Brazil – 0.35%
	Brazilian Government International
	5.625% 1/7/41		100,000		119,500
	8.875% 10/14/19		60,000		85,680
					205,180
Canada – 0.38%
	Canadian Government
	3.75% 6/1/19	CAD	124,000		141,495
	4.00% 6/1/17	CAD	73,000		82,360
					223,855

2012 Semiannual report • Delaware Pooled Trust

(continues) 41

Statements of net assets

Delaware Pooled^® Trust — The Core Plus Fixed Income Portfolio

		Principal		Value
		Amount°		(U.S. $)
ΔSovereign Bonds (continued)
Chile – 0.19%
	Chile Government
	International
	5.50% 8/5/20	CLP	50,000,000	$	107,998
					107,998
Finland – 0.15%
	Finland Government
	4.00% 7/4/25	EUR	56,000		85,978
					85,978
Germany – 0.01%
	Bundesrepublik Deutschland
	2.50% 1/4/21	EUR	5,304		7,654
					7,654
Indonesia – 0.09%
	Indonesia Treasury Bond
	11.00% 11/15/20	IDR	338,000,000		49,376
					49,376
Mexico – 0.30%
	Mexican Bonos
	8.50% 5/31/29	MXN	1,410,600		125,296
	Mexico Government
	International
	4.75% 3/8/44	USD	50,000		51,525
					176,821
Norway – 0.98%
	Norway Government
	4.25% 5/19/17	NOK	189,000		37,262
	4.50% 5/22/19	NOK	1,249,000		256,924
	5.00% 5/15/15	NOK	1,460,000		281,474
					575,660
Peru – 0.06%
	Peru Government
	International
	5.625% 11/18/50	USD	30,000		34,875
					34,875
Philippines – 0.23%
	Philippine Government
	International
	9.50% 10/21/24		90,000		134,775
					134,775
Poland – 0.06%
	Poland Government
	5.25% 10/25/17	PLN	82,000		26,402
	5.25% 10/25/20	PLN	22,000		6,946
					33,348
Russia – 0.08%
	Russian-Eurobond
	7.50% 3/31/30	USD	40,250		48,350
					48,350
South Africa – 0.31%
	South Africa Government
	8.00% 12/21/18	ZAR	1,374,000		183,410
					183,410
Sweden – 0.07%
*	Swedish Government
	3.00% 7/12/16	SEK	245,000		38,905
					38,905
United Kingdom – 0.59%
	United Kingdom Gilt
	4.00% 3/7/22	GBP	55,349		105,069
	4.25% 12/7/27	GBP	43,000		83,008
	4.75% 3/7/20	GBP	79,000		156,994
					345,071
Uruguay – 0.00%
	Uruguay Government
	International Bond PIK
	7.875% 1/15/33	USD	1		1
					1
Total Sovereign Bonds
	(cost $2,141,230)				2,251,257

Supranational Banks – 0.59%
	International Bank for
	Reconstruction &
	Development
	3.25% 12/15/17	SEK	150,000		23,587
	3.375% 4/30/15	NOK	250,000		45,060
	7.50% 7/30/14	NZD	309,000		277,433
Total Supranational Banks
	(cost $299,664)				346,080

U.S. Treasury Obligations – 11.32%
	U.S. Treasury Bonds
	3.125% 11/15/41	USD	2,290,000		2,297,513
	3.125% 2/15/42		25,000		25,074
	U.S. Treasury Notes
	0.875% 4/30/17		480,000		481,575
	1.00% 3/31/17		950,000		959,648
	2.00% 2/15/22		2,835,000		2,856,706
Total U.S. Treasury Obligations
	(cost $6,545,347)				6,620,516

			Number of
			Shares
Preferred Stock – 0.35%
	Alabama Power 5.625%		1,855		46,987
	BB&T 5.85%		1,450		36,250
•	PNC Financial Services
	Group 8.25%		110,000		114,624
•	US Bancorp 6.50%		200		5,412
Total Preferred Stock
	(cost $194,833)				203,273

2012 Semiannual report • Delaware Pooled Trust

		Principal		Value
		Amount°		(U.S. $)
Short-Term Investments – 13.93%
Repurchase Agreements – 13.93%
	Bank of America 0.17%,
	dated 4/30/12,
	to be repurchased on
	5/1/12, repurchase
	price $2,007,501
	(collateralized by U.S.
	government obligations
	2.25%-4.125%
	1/31/15-5/15/15; market
	value $2,007,642)	USD	2,007,492	$	2,007,492
	BNP Paribas 0.17%,
	dated 4/30/12, to
	be repurchased on
	5/1/12, repurchase
	price $6,142,537
	(collateralized by U.S.
	government obligations
	0.00%-2.375%
	7/26/12-10/31/16;
	market value $6,265,358)		6,142,508		6,142,508
Total Short-Term Investments
	(cost $8,150,000)				8,150,000

Total Value of Securities Before
	Securities Lending Collateral –
	109.96% (cost $62,439,701)				64,320,257

			Number of
			Shares
**Securities Lending Collateral – 0.07%
Investment Companies
	BNY Mellon SL DBT II
	Liquidating Fund		23,262		22,672
	Delaware Investments
	Collateral Fund No. 1		19,222		19,222
†@	Mellon GSL Reinvestment Trust II		49,094		0
Total Securities Lending Collateral
	(cost $91,578)				41,894

Total Value of Securities – 110.03%
	(cost $62,531,279)				64,362,151	©

			Number of
			Contracts
Options Written – (0.01%)
Call Options – (0.01%)
	U.S. Long Bond Future,
	strike price $15.63,
	expires 5/25/12 (JPMC)		(3)		(7,016	)
Total Options Written
	(premium received $(3,898))				(7,016	)
**Obligation to Return Securities
	Lending Collateral – (0.16%)				(91,578	)
Other Liabilities Net of Receivables
	and Other Assets – (9.86%)				(5,765,825	)z«
Net Assets Applicable to 5,770,041
	Shares Outstanding; Equivalent
	to $10.14 Per Share – 100.00%			$	58,497,732

Components of Net Assets at April 30, 2012:
Shares of beneficial interest
	(unlimited authorization – no par)			$	58,615,442
Undistributed net investment income					856,136
Accumulated net realized loss on investments					(2,865,736	)
Net unrealized appreciation of investments
	and foreign currencies				1,891,890
Total net assets				$	58,497,732

°	Principal amount is stated in the currency in which each security is denominated.
•	Variable rate security. The rate shown is the rate as of April 30, 2012. Interest rates reset periodically.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At April 30, 2012, the aggregate value of Rule 144A securities was $8,096,696 which represented 13.84% of the Portfolio’s net assets. See Note 10 in “Notes to financial statements.”
w	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.
@	Illiquid security. At April 30, 2012, the aggregate value of illiquid securities was $364,295 which represented 0.62% of the Portfolio’s net assets. See Note 10 in “Notes to financial statements.”
*	Fully or partially on loan.
‡	Non income producing security. Security is currently in default.
=	Security is being fair valued in accordance with the Portfolio’s fair valuation policy. At April 30, 2012, the aggregate value of fair valued securities was $0, which represented 0.00% of the Portfolio’s net assets. See Note 1 in “Notes to financial statements.”
Δ	Securities have been classified by country of origin.
«	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. Stated rate in effect at April 30, 2012.
**	See Note 9 in “Notes to financial statements” for additional information on securities lending collateral.
†	Non income producing security.
©	Includes $85,169 of securities loaned.
z	Of this amount, $7,311,715 represents payable for securities purchased as of April 30, 2012.
«	Includes foreign currency valued at $112,913 with a cost of $111,193.

2012 Semiannual report • Delaware Pooled Trust

(continues) 43

Statements of net assets

Delaware Pooled^® Trust — The Core Plus Fixed Income Portfolio


The following foreign currency exchange contracts and swap contracts were outstanding at April 30, 2012:¹

Foreign Currency Exchange Contracts
								Unrealized
	Contracts to						Settlement	Appreciation
Counterparty	Receive (Deliver)			In Exchange For			Date	(Depreciation)
BAML	AUD	(139,494	)	USD	143,900		6/1/12		$	(902	)
BAML	BRL	227,652		USD	(120,000	)	6/1/12			(1,426	)
BAML	CLP	(25,307,500	)	USD	51,754		6/1/12			(521	)
BAML	EUR	(488,560	)	USD	646,277		6/1/12			(587	)
BAML	HUF	(118,282,300	)	USD	539,388		6/1/12			(3,769	)
BAML	JPY	7,763,900		USD	(95,543	)	6/1/12			1,712
BAML	MXN	1,064,196		USD	(80,245	)	6/1/12			1,187
BAML	ZAR	(1,456,424	)	USD	186,597		6/1/12			161
BCLY	EUR	(74,336	)	USD	98,304		6/1/12			(118	)
CITI	BRL	227,880		USD	(120,000	)	6/1/12			(1,307	)
CITI	EUR	(142,587	)	USD	188,560		6/1/12			(228	)
GSC	BRL	413,448		USD	(218,895	)	6/1/12			(3,547	)
GSC	GBP	(108,495	)	USD	175,322		6/1/12			(741	)
GSC	RUB	3,567,600		USD	(120,977	)	6/1/12			(141	)
HSBC	AUD	(443,937	)	USD	457,706		6/1/12			(3,127	)
HSBC	EUR	81		USD	(107	)	6/1/12			0
HSBC	JPY	7,308,450		USD	(90,000	)	6/1/12			1,550
HSBC	NOK	(319,286	)	USD	55,771		6/1/12			47
HSBC	PLN	(318,240	)	USD	100,478		6/1/12			(94	)
JPMC	BRL	213,000		USD	(112,663	)	6/1/12			(1,720	)
JPMC	EUR	(46,836	)	USD	61,852		6/1/12			(160	)
JPMC	NOK	(453,396	)	USD	79,083		6/1/12			(48	)
MSC	AUD	(102,713	)	USD	105,801		6/1/12			(821	)
MSC	EUR	(216,906	)	USD	286,668		6/1/12			(519	)
MSC	JPY	(6,420,240	)	USD	79,009		6/1/12			(1,414	)
MSC	NOK	(387,527	)	USD	67,593		6/1/12			(41	)
MSC	RUB	3,895,325		USD	(131,972	)	6/1/12			(36	)
									$	(16,610	)

Swap Contracts
CDS Contracts
	Swap &			Annual			Unrealized
	Referenced	Notional		Protection		Termination	Appreciation
Counterparty	Obligation	Value		Payments		Date	(Depreciation)
	Protection Purchased:
BAML	ITRAXX Europe
	Subordinate
	Financials
	17.1 5 yr CDS	EUR	750,000	5.00	%	6/20/17		$	37,630
BAML	Kingdom of
	Spain 5 yr CDS	USD	147,000	1.00	%	12/20/15			5,946
BCLY	ITRAXX Europe
	Subordinate
	Financials
	17.1 5 yr CDS	EUR	325,000	5.00	%	6/20/17		$	16,203
	Kingdom of Spain
BCLY	5 yr CDS	USD	151,000	1.00	%	3/20/15			12,733
BCLY	5 yr CDS		70,000	1.00	%	3/21/16			3,179
BCLY	Republic of France
	5 yr CDS		90,000	0.25	%	9/20/16			(532	)
GSC	Republic of France
	5 yr CDS		39,000	0.25	%	9/20/16			(163	)
JPMC	ITRAXX Europe
	Crossover
	17.1 5 yr CDS	EUR	710,000	5.00	%	6/20/17			8,452
JPMC	Kingdom of Spain
	5 yr CDS	USD	85,000	1.00	%	3/20/17			3,477
JPMC	MeadWestvaco
	5 yr CDS		65,000	1.00	%	12/20/16			(2,604	)
JPMC	Republic of France
	5 yr CDS		65,000	0.25	%	9/20/16			(369	)
	Japan
MSC	5 yr CDS		80,000	1.00	%	9/20/16			(1,103	)
MSC	5 yr CDS		100,000	1.00	%	3/20/17			(2,269	)
	Kingdom of
	Belgium
MSC	5 yr CDS		126,000	1.00	%	12/20/16			(3,715	)
MSC	5 yr CDS		44,000	1.00	%	3/20/17			(1,589	)
	Kingdom of Spain
MSC	5 yr CDS		130,000	1.00	%	6/20/16			8,227
MSC	5 yr CDS		100,000	1.00	%	9/20/16			2,664
MSC	5 yr CDS		120,000	1.00	%	3/20/17			3,536
MSC	5 yr CDS		60,000	1.00	%	6/20/17			(338	)
MSC	Republic of France
	5 yr CDS		55,000	0.25	%	12/20/16			(384	)
	Republic of Italy
MSC	5 yr CDS		80,000	1.00	%	9/20/16			2,715
MSC	5 yr CDS		44,000	1.00	%	3/20/17			(1,347	)
								$	90,349

	Protection Sold/Moody’s Rating:
JPMC	Georgia Pacific
	5 yr CDS / Baa		65,000	1.00	%	12/20/16		$	2,125
JPMC	Tyson Foods
	CDS / Ba		70,000	1.00	%	3/20/16			1,458
								$	3,583
Total								$	93,932

2012 Semiannual report • Delaware Pooled Trust

The use of foreign currency exchange contracts and swap contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values 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.

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

Summary of Abbreviations:
AUD — Australian Dollar
ARM — Adjustable Rate Mortgage
BAML — Bank of America Merrill Lynch
BCLY — Barclays Bank
BRL — Brazilian Real
CAD — Canadian Dollar
CDS — Credit Default Swap
CITI — Citigroup Global Markets
CLP — Chilean Peso
EUR — European Monetary Unit
GBP — British Pound Sterling
GNMA — Government National Mortgage Association
GSC — Goldman Sachs Capital
GSMPS — Goldman Sachs Reperforming Mortgage Securities
HSBC — Hong Kong Shanghai Bank
HUF — Hungarian Forint
IDR — Indonesian Rupiah
JPMC — JPMorgan Chase Bank
JPY — Japanese Yen
MASTR — Mortgage Asset Securitization Transactions, Inc.
MSC — Morgan Stanley Capital
MXN — Mexican Peso
NCUA — National Credit Union Administration
NOK — Norwegian Krone
NZD — New Zealand Dollar
PIK — Pay-in-kind
PLN — Polish Zloty
REIT — Real Estate Investment Trust
REMIC — Real Estate Mortgage Investment Conduit
RUB — Russian Ruble
SEK — Swedish Krona
S.F. — Single Family
TBA — To be announced
USD — United States Dollar
yr — Year
ZAR — South African Rand

See accompanying notes, which are an integral part of the financial statements.

2012 Semiannual report • Delaware Pooled Trust

(continues) 45

Statements of net assets

Delaware Pooled^® Trust — The International Equity Portfolio
April 30, 2012 (Unaudited)

		Number of	Value
		Shares	(U.S. $)
ΔCommon Stock – 99.95%
Australia – 5.50%
	Amcor	1,145,226	$	8,972,946
	AMP	2,522,508		11,222,418
	QBE Insurance Group	703,775		10,148,361
				30,343,725
Belgium – 0.00%
û†	Ageas VVPR Strip	732,357		970
				970
France – 16.35%
	Carrefour	521,043		10,467,454
	Cie de Saint-Gobain	296,250		12,410,870
	France Telecom	1,249,523		17,095,961
†	GDF Suez	162,519		215
	Sanofi	226,834		17,314,964
	Societe Generale	175,252		4,143,651
	Total	301,253		14,385,213
	Vallourec	94,153		5,662,597
	Vinci	186,376		8,635,685
				90,116,610
Germany – 5.75%
	Deutsche Telekom	1,226,958		13,834,234
	RWE	414,963		17,840,101
				31,674,335
Ireland – 0.46%
	Experian	158,944		2,508,952
				2,508,952
Israel – 2.68%
	Teva Pharmaceutical Industries ADR	323,400		14,792,316
				14,792,316
Italy – 3.55%
	ENI	604,299		13,416,020
	Intesa Sanpaolo	4,046,969		6,123,714
				19,539,734
Japan – 21.56%
	Astellas Pharma	378,500		15,381,747
	Canon	378,900		17,414,690
	Hoya	264,000		6,083,406
	Kao	472,100		12,693,785
	Nintendo	38,200		5,214,527
	Seven & I Holdings	586,573		17,799,203
	Shin-Etsu Chemical	75,600		4,393,037
	Takeda Pharmaceutical	321,800		14,044,746
	Tokio Marine Holdings	500,352		12,902,001
	Toyota Motor	259,000		10,720,038
	Trend Micro	72,100		2,197,763
				118,844,943
Netherlands – 4.90%
†	ING Groep CVA	867,190		6,115,553
*	Koninklijke Ahold	981,366		12,448,756
*	Reed Elsevier	717,387		8,460,991
				27,025,300
Singapore – 4.06%
	Jardine Matheson Holdings	114,415		5,680,705
	Singapore Telecommunications	3,174,602		8,002,875
	United Overseas Bank	559,642		8,704,487
				22,388,067
Spain – 6.16%
	Banco Santander	936,380		5,851,042
*†	Distribuidora Internacional
	de Alimentacion	305,837		1,465,674
	Iberdrola	2,853,033		13,283,666
	Telefonica	915,656		13,346,225
				33,946,607
Switzerland – 6.30%
	ABB	280,373		5,109,204
	Novartis	285,754		15,757,162
	Zurich Financial Services	56,718		13,872,524
				34,738,890
Taiwan – 1.97%
	Taiwan Semiconductor
	Manufacturing ADR	698,232		10,878,455
				10,878,455
United Kingdom – 20.71%
	BG Group	487,174		11,469,923
	BP	1,895,972		13,694,639
	Compass Group	1,089,583		11,389,505
	GlaxoSmithKline	662,152		15,315,501
	Royal Dutch Shell Class A	437,597		15,566,135
	Tesco	3,355,310		17,283,424
	Unilever	496,007		16,931,122
	Vodafone Group	4,514,229		12,492,997
				114,143,246
Total Common Stock
	(cost $564,885,534)			550,942,150

		Principal
		Amount (U.S. $)
Short-Term Investments – 0.09%
≠Discount Notes – 0.09%
	Federal Home Loan Bank
	0.11% 5/25/12	$349,193		349,187
	0.115% 6/29/12	127,805		127,792
Total Short-Term Investments
	(cost $476,948)			476,979

Total Value of Securities Before
	Securities Lending Collateral –
	100.04% (cost $565,362,482)			551,419,129

2012 Semiannual report • Delaware Pooled Trust

		Number of	Value
		Shares	(U.S. $)
**Securities Lending Collateral – 1.73%
Investment Companies
	BNY Mellon SL DBT II
	Liquidating Fund	466,045	$	454,254
	Delaware Investments
	Collateral Fund No. 1	9,044,237		9,044,237
†@	Mellon GSL Reinvestment Trust II	1,430,950		0
Total Securities Lending Collateral
	(cost $10,941,232)			9,498,491

Total Value of Securities – 101.77%
	(cost $576,303,714)			560,917,620	©
**Obligation to Return Securities
	Lending Collateral – (1.99%)			(10,941,232	)
Receivables and Other Assets
	Net of Other Liabilities – 0.22%			1,210,310	«
Net Assets Applicable to 43,982,586
	Shares Outstanding; Equivalent to
	$12.53 Per Share – 100.00%		$	551,186,698

Components of Net Assets at April 30, 2012:
Shares of beneficial interest
	(unlimited authorization – no par)		$	729,873,925
Undistributed net investment income				7,566,781
Accumulated net realized loss on investments				(170,782,329	)
Net unrealized depreciation of investments
	and derivatives			(15,471,679	)
Total net assets			$	551,186,698

Δ	Securities have been classified by country of origin. Classification by type of business has been presented on page 12 in “Security type/country and sector allocations.”
@	Illiquid security. At April 30, 2012, the aggregate value of illiquid securities was $0, which represented 0% of the Portfolio’s net assets. See Note 10 in “Notes to financial statements.”
û	Dividend coupon which when presented with the corresponding coupon of the share benefits from a reduced withholding tax of 15% (rather than 25%) on dividends paid.
†	Non income producing security.
*	Fully or partially on loan.
≠	The rate shown is the effective yield at the time of purchase.
**	See Note 9 in “Notes to financial statements” for additional information on securities lending collateral.
©	Includes $10,358,527 of securities loaned.
«	Includes foreign currency valued at ($1,105) with a cost of $81,697.

The following foreign currency exchange contracts were outstanding at April 30, 2012:¹

Foreign Currency Exchange Contracts

								Unrealized
	Contracts to						Settlement	Appreciation
Counterparty	Receive (Deliver)			In Exchange For			Date	(Depreciation)
MNB	AUD	(24,868,000	)	USD	25,466,697		7/31/12		$(196,295	)
MNB	CHF	(395,061	)	USD	434,562		5/3/12		(709	)
MNB	EUR	685,900		USD	(907,652	)	5/2/12		384
MNB	GBP	(366,014	)	USD	593,675		5/1/12		(417	)
MNB	GBP	(915,582	)	USD	1,489,012		5/2/12		2,905
MNB	GBP	(171,883	)	USD	279,534		5/3/12		547
MNB	SGD	(1,044,713	)	USD	845,237		5/4/12		1,124
									$(192,461	)

The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values 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.

¹See Note 8 in “Notes to financial statements”

Summary of Abbreviations:
ADR — American Depositary Receipt
AUD — Australian Dollar
CHF — Swiss Franc
CVA — Dutch Certificate
EUR — European Monetary Unit
GBP — British Pound Sterling
MNB — Mellon National Bank
SGD — Singapore Dollar
USD — United States Dollar
VVPR Strip — Dividend Coupon

See accompanying notes, which are an integral part of the financial statements.

2012 Semiannual report • Delaware Pooled Trust

(continues) 47

Statements of net assets

Delaware Pooled^® Trust — The Labor Select International Equity Portfolio
April 30, 2012 (Unaudited)

		Number of	Value
		Shares	(U.S. $)
ΔCommon Stock – 98.63%
Australia – 5.98%
	Amcor	1,264,320	$	9,906,058
	AMP	2,377,470		10,577,156
	QBE Insurance Group	739,340		10,661,205
				31,144,419
Belgium – 0.00%
û†	Ageas VVPR Strip	305,506		404
				404
France – 17.53%
	Carrefour	475,288		9,548,262
	Cie de Saint-Gobain	273,777		11,469,404
	France Telecom	1,153,560		15,782,996
*	GDF Suez	568,803		13,094,841
†	GDF Suez Strip	101,871		135
	Sanofi-Aventis	207,639		15,849,747
	Societe Generale	165,247		3,907,094
	Total	172,024		8,214,364
	Vallourec	89,263		5,368,500
	Vinci	174,804		8,099,500
				91,334,843
Germany – 3.50%
*	RWE	423,929		18,225,568
				18,225,568
Ireland – 0.74%
	Experian	245,038		3,867,958
				3,867,958
Israel – 2.74%
	Teva Pharmaceutical Industries ADR	312,600		14,298,324
				14,298,324
Italy – 1.25%
	Intesa Sanpaolo	4,289,670		6,490,959
				6,490,959
Japan – 20.82%
	Astellas Pharma	348,600		14,166,650
	Canon	377,100		17,331,960
	Hoya	259,600		5,982,016
*	Kao	441,000		11,857,570
	Nintendo	37,000		5,050,720
	Seven & I Holdings	666,300		20,218,470
	Shin-Etsu Chemical	81,700		4,747,502
	Takeda Pharmaceutical	303,700		13,254,784
	Tokio Marine Holdings	528,600		13,630,400
	Trend Micro	74,600		2,273,969
				108,514,041
Netherlands – 5.71%
†	ING Groep CVA	816,884		5,760,788
*	Koninklijke Ahold	1,111,653		14,101,464
*	Reed Elsevier	840,664		9,914,942
				29,777,194
Singapore – 4.75%
	Singapore Telecommunications	3,985,000		10,045,813
	United Overseas Bank	946,705		14,724,737
				24,770,550
Spain – 6.26%
*	Banco Santander	871,190		5,443,696
*†	Distribuidora Internacional
	de Alimentacion	409,814		1,963,967
	Iberdrola	2,640,571		12,294,447
	Telefonica	884,694		12,894,935
				32,597,045
Switzerland – 6.62%
	ABB	258,079		4,702,943
	Novartis	289,272		15,951,153
	Zurich Financial Services	56,553		13,832,167
				34,486,263
United Kingdom – 22.73%
	BG Group	740,505		17,434,294
	BP	2,171,252		15,682,991
	Compass Group	1,031,411		10,781,428
	GlaxoSmithKline	736,953		17,045,640
	Royal Dutch Shell Class A	539,896		19,205,099
	Sainsbury (J.)	1,104,640		5,520,636
	Unilever	463,613		15,825,358
	Vodafone Group	6,135,503		16,979,825
				118,475,271
Total Common Stock
	(cost $548,172,602)			513,982,839

		Principal
		Amount (U.S. $)
Short-Term Investments – 0.57%
≠Discount Notes – 0.26%
	Federal Home Loan Bank
	0.11% 5/25/12	$ 983,703		983,684
	0.115% 6/29/12	360,035		360,000
				1,343,684
Repurchase Agreements – 0.31%
	Bank of America 0.17%, dated
	4/30/12, to be repurchased
	on 5/1/12, repurchase price
	$400,761 (collateralized by
	U.S. government obligations
	2.25%-4.125% 1/31/15-5/15/15;
	market value $408,775)	400,759		400,759
	BNP Paribas 0.17%, dated 4/30/12,
	to be repurchased on 5/1/12,
	repurchase price $1,226,246
	(collateralized by U.S. government
	obligations 0.00%-2.375%
	7/26/12-10/31/16; market value
	$1,250,765)	1,226,241		1,226,241
				1,627,000
Total Short-Term Investments
	(cost $2,970,599)			2,970,684

2012 Semiannual report • Delaware Pooled Trust

			Value
			(U.S. $)

Total Value of Securities Before Securities
	Lending Collateral – 99.20%
	(cost $551,143,201)		$	516,953,523

		Number of
		Shares
**Securities Lending Collateral – 7.43%
Investment Companies
	BNY Mellon SL DBT II
	Liquidating Fund	262,276		255,640
	Delaware Investments
	Collateral Fund No. 1	38,473,334		38,473,334
@†	Mellon GSL Reinvestment Trust II	494,977		0
Total Securities Lending Collateral
	(cost $39,230,587)			38,728,974
Total Value of Securities – 106.63%
	(cost $590,373,788)			555,682,497	©

**Obligation to Return Securities
	Lending Collateral – (7.53%)			(39,230,587	)
Receivables and Other Assets
	Net of Other Liabilities – 0.90%			4,674,872	«
Net Assets Applicable to 41,997,759
	Shares Outstanding; Equivalent to
	$12.41 per share – 100.00%		$	521,126,782

Components of Net Assets at April 30, 2012:
Shares of beneficial interest
	(unlimited authorization – no par)		$	637,482,679
Undistributed net investment income				7,545,987
Accumulated net realized loss				(89,116,347	)
Net unrealized depreciation of investments
	and derivatives			(34,785,537	)
Total net assets			$	521,126,782

Δ	Securities have been classified by country of origin. Classification by type of business has been presented on page 13 in “Security type/country and sector allocations.”
†	Non income producing security.
*	Fully or partially on loan.
**	See Note 9 in “Notes to financial statements” for additional information on securities lending collateral.
©	Includes $37,182,047 of securities loaned.
≠	The rate shown is the effective yield at time of purchase.
@	Illiquid security. At April 30, 2012, the aggregate value of illiquid securities was $0, which represented 0.00% of the Portfolio’s net assets. See Note 10 in “Notes to financial statements.”
û	Dividend coupon which when presented with the corresponding coupon of the share benefits from a reduced withholding tax of 15% (rather than 25%) on dividends paid.
«	Includes foreign currency valued at $230,595 with a cost of $221,006.

The following foreign currency exchange contracts were outstanding at April 30, 2012:¹

Foreign Currency Exchange Contracts

								Unrealized
	Contracts to						Settlement	Appreciation
Counterparty	Receive (Deliver)			In Exchange For			Date	(Depreciation)
MNB	AUD	(25,969,000	)	USD	26,594,204		7/31/12		$(204,986	)
MNB	CHF	(377,505	)	USD	415,251		5/3/12		(678	)
MNB	EUR	671,675		USD	(888,827	)	5/2/12		376
MNB	GBP	(421,168	)	USD	683,134		5/1/12		(479	)
MNB	GBP	(976,648	)	USD	1,588,323		5/2/12		3,099
									$(202,668	)

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 values 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.

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

Summary of Abbreviations:
ADR — American Depositary Receipt
AUD — Australian Dollar
CHF — Swiss Franc
CVA — Dutch Certificate
EUR — European Monetary Unit
GBP — British Pound Sterling
MNB — Mellon National Bank
USD — United States Dollar
VVPR Strip — Dividend Coupon

See accompanying notes, which are an integral part of the financial statements.

2012 Semiannual report • Delaware Pooled Trust

(continues) 49

Statements of net assets

Delaware Pooled^® Trust — The Emerging Markets Portfolio
April 30, 2012 (Unaudited)

		Number of	Value
		Shares	(U.S. $)
ΔCommon Stock – 88.44%
Brazil – 7.69%
@	AES Tiete	46,194	$	583,802
	CCR	1,171,400		9,082,859
	Cia Siderurgica Nacional ADR	380,900		3,397,628
	Cielo	219,208		6,584,923
	CPFL Energia	384,780		5,377,614
	Diagnosticos da America	230,500		1,650,618
	Redecard	306,000		5,098,528
	Vale ADR	88,800		1,971,360
				33,747,332
Chile – 3.45%
	Banco Santander ADR	61,400		5,023,134
	Enersis ADR	431,800		8,752,586
#	Inversiones Aguas Metropolitan
	144A ADR	38,800		1,369,271
				15,144,991
nChina – 22.70%
	Beijing Enterprises Holdings	765,999		4,284,812
	Belle International Holdings	4,714,515		9,248,377
	China BlueChemical Class H	5,609,000		4,012,290
	China Construction Bank Class H	14,158,770		11,022,403
	China Gas Holdings	8,406,000		4,182,063
	China Merchants
	Holdings International	2,126,000		6,877,820
	China Mobile	819,500		9,078,387
	China Resources Power Holdings	2,544,000		4,642,952
	China Shenhua Energy Class H	2,585,000		11,477,931
*	ENN Energy Holdings	654,000		2,301,199
	Hengan International Group	549,000		5,812,912
=*	Huabao International Holdings	5,543,000		2,843,425
	Industrial & Commercial Bank of
	China Class H	17,335,803		11,574,109
	Jiangsu Expressway Class H	5,282,000		5,208,032
	Want Want China Holdings	5,756,000		7,062,713
				99,629,425
Colombia – 0.52%
	BanColombia ADR	33,500		2,272,305
				2,272,305
India – 9.78%
	Axis Bank	367,721		7,729,019
	GAIL India	263,862		1,655,619
	HCL Technologies	453,326		4,407,587
	Housing Development Finance	518,270		6,628,817
	Larsen & Toubro	395,969		9,224,240
	Rural Electrification	1,891,944		7,490,180
	Tata Motors	962,846		5,787,314
				42,922,776
Indonesia – 5.19%
	Astra International	1,124,000		8,683,314
	Bank Rakyat Indonesia Persero	7,670,000		5,549,807
	Perusahaan Gas Negara	23,503,000		8,567,004
				22,800,125
Kazakhstan – 0.96%
	KazMunaiGas Exploration
	Production GDR	211,046		4,220,920
				4,220,920
Malaysia – 0.93%
	Maxis	2,015,500		4,076,966
				4,076,966
Mexico – 3.84%
	Compartamos	3,197,100		3,887,708
	Grupo Aeroportuario del
	Pacifico ADR	57,100		2,210,341
	Grupo Mexico Series B	2,713,744		8,364,437
	Kimberly-Clark de Mexico Class A	1,167,000		2,378,579
				16,841,065
Peru – 2.43%
	Credicorp ADR	81,630		10,686,183
				10,686,183
Philippines – 1.76%
	Philippine Long Distance
	Telephone ADR	127,200		7,723,584
				7,723,584
Republic of Korea – 7.07%
	Hyundai Mobis	37,124		10,100,987
	Kangwon Land	157,540		3,380,388
	KB Financial Group	166,944		5,687,160
	Samsung Electronics	9,631		11,845,409
				31,013,944
Russia – 4.72%
	Gazprom ADR	847,475		9,779,862
	LUKOIL ADR	178,042		10,922,876
				20,702,738
South Africa – 4.41%
*	Clicks Group	526,477		3,168,358
*	Life Healthcare Group Holdings	866,541		2,996,491
	Sasol	151,647		7,206,319
	Tiger Brands	163,219		5,984,256
				19,355,424
Taiwan – 5.10%
	Chunghwa Telecom	553,836		1,736,258
*	Chunghwa Telecom ADR	2,738		84,823
	HTC	449,000		6,822,398
	Quanta Computer	1,034,000		2,723,759
	Taiwan Semiconductor Manufacturing	3,124,588		9,302,495
	Wistron	1,125,326		1,692,524
				22,362,257
Thailand – 4.62%
	Kasikornbank Foreign	348,754		1,848,680
	Kasikornbank NVDR	1,672,000		8,890,146
	PTT	838,500		9,543,903
				20,282,729
Turkey – 3.27%
	Tofas Turk Otomobil Fabrikasi	541,999		2,399,973
	Tupras Turkiye Petrol Rafinerileri	271,209		5,664,980

2012 Semiannual report • Delaware Pooled Trust

		Number of	Value
		Shares	(U.S. $)
ΔCommon Stock (continued)
Turkey (continued)
*	Turkiye Garanti Bankasi	1,716,370	$	6,310,615
				14,375,568
Total Common Stock
	(cost $355,321,798)			388,158,332

Preferred Stock – 10.58%
Brazil – 9.24%
	AES Tiete	176,200		2,449,597
	AmBev ADR	200,400		8,412,792
	Investimentos Itau	1,268,033		5,980,439
	Itau Unibanco Holding ADR	289,100		4,535,979
	Petroleo Brasiliero	835,600		9,240,851
	Vale ADR	459,300		9,934,659
				40,554,317
Republic of Korea – 1.34%
	Hyundai Motor 2.91%	34,526		2,437,884
	Samsung Electronics 2.25%	4,813		3,445,310
				5,883,194
Total Preferred Stock
	(cost $43,192,363)			46,437,511


ΔRight – 0.00%
Brazil – 0.00%
	Itausa - Investimentos Itau	15,387		3,956
Total Right (cost $0)				3,956

		Principal
		Amount
Short-Term Investments – 2.74%
≠Discount Note – 0.43%
	Federal Home Loan Bank
	0.11% 5/25/12	$1,383,805		1,383,777
	0.115% 6/29/12	506,472		506,423
				1,890,200
Repurchase Agreements – 2.31%
	Bank of America 0.17%, dated
	4/30/12, to be repurchased
	on 5/1/12, repurchase price
	$2,500,386 (collateralized by
	U.S. Government obligations
	2.25%-4.125% 1/31/15-5/15/15;
	market value $2,550,382)	2,500,374		2,500,374
	BNP Paribas 0.17%, dated
	4/30/12, to be repurchased
	on 5/1/12, repurchase price
	$7,650,662 (collateralized by
	U.S. Government obligations
	0.00%-2.375% 7/26/12-10/31/16;
	market value $7,803,638)	7,650,626		7,650,626
				10,151,000
Total Short-Term Investments
	(cost $12,041,080)			12,041,200

Total Value of Securities Before Securities
	Lending Collateral – 101.76%
	(cost $410,555,241)			446,640,999

		Number of
		Shares
**Securities Lending Collateral – 2.34%
	BNY Mellon SL DBT II
	Liquidating Fund	280,081		272,995
	Delaware Investments
	Collateral Fund No.1	9,983,587		9,983,587
†@	Mellon GSL Reinvestment Trust II	546,716		0
Total Securities Lending Collateral
	(cost $10,810,384)			10,256,582

Total Value of Securities – 104.10%
	(cost $421,365,625)			456,897,581	©
**Obligation to Return Securities
	Lending Collateral – (2.46%)			(10,810,384	)
Other Liabilities Net of Receivables
	and Other Assets – (1.64%)			(7,191,003	)«
Net Assets Applicable to 43,594,398
	Shares Outstanding; Equivalent
	to $10.07 per share – 100.00%		$	438,896,194

Components of Net Assets at April 30, 2012:
Shares of beneficial interest
	(unlimited authorization – no par)		$	384,637,396
Undistributed net investment income				1,492,123
Accumulated net realized gain				17,838,139
Net unrealized appreciation of investments
	and derivatives			34,928,536
Total net assets			$	438,896,194

Δ	Securities have been classified by country of origin. Classification by type of business has been presented on page 14 in “Security type/country and sector allocations.”
@	Illiquid security. At April 30, 2012, the aggregate value of illiquid securities was $583,802, which represented 0.13% of the Portfolio’s net assets. See Note 10 in “Notes to financial statements.”
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At April 30, 2012, the aggregate value of Rule 144A securities was $1,369,271 which represented 0.31% of the Portfolio’s net assets. See Note 10 in “Notes to financial statements.”
n	Securities listed and traded on the Hong Kong Stock Exchange. These securities have significant business operations in China.
=	Security is being fair valued in accordance with the Portfolio’s fair valuation policy. At April 30, 2012, the aggregate value of fair valued securities was $2,843,425 which represented 0.65% of the Portfolio’s net assets. See Note 1 in “Notes to financial statements.”
*	Fully or partially on loan.
≠	The rate shown is the effective yield at the time of purchase.
†	Non income producing security.
**	See Note 9 in “Notes to financial statements” for additional information on securities lending collateral.
©	Includes $9,877,742 of securities loaned.
«	Includes foreign currency valued at $581,825 with a cost of $580,643.

2012 Semiannual report • Delaware Pooled Trust

(continues) 51

Statements of net assets

Delaware Pooled^® Trust — The Emerging Markets Portfolio

The following foreign currency exchange contracts were outstanding at April 30, 2012:¹

Foreign Currency Exchange Contracts

								Unrealized
	Contracts to						Settlement	Appreciation
Counterparty	Receive (Deliver)			In Exchange For			Date	(Depreciation)
MNB	HKD	(1,792,228	)	USD	230,990		5/3/12		$	(10	)
MNB	IDR	1,708,899,490		USD	(186,231	)	5/1/12			(309	)
MNB	IDR	5,758,288,004		USD	(627,250	)	5/2/12			(840	)
MNB	IDR	11,867,324,532		USD	(1,293,265	)	5/3/12			(2,431	)
									$	(3,590	)

¹See Note 8 in ”Notes to financial statements.”

Summary of Abbreviations:
ADR — American Depositary Receipt
GDR — Global Depositary Receipt
HKD — Hong Kong Dollar
IDR — Indonesian Rupiah
MNB — Mellon National Bank
NVDR — Non-Voting Depositary Receipt
USD — United States Dollar

See accompanying notes, which are an integral part of the financial statements

2012 Semiannual report • Delaware Pooled Trust

Delaware Pooled^® Trust — The Emerging Markets Portfolio II
April 30, 2012 (Unaudited)

		Number of	Value
		Shares	(U.S. $)
ΔCommon Stock – 96.31%
Argentina – 0.96%
@	Cresud ADR	7,700	$	72,996
@	IRSA Inversiones y
	Representaciones ADR	3,800		29,944
	YPF ADR	8,000		116,640
				219,580
Bahrain – 0.06%
@#	Aluminium Bahrain 144A GDR	1,800		13,727
				13,727
Brazil – 11.72%
	All America Latina Logistica	15,413		69,782
	B2W Cia Global Do Varejo	5,926		25,431
	Banco Bradesco ADR	5,230		83,837
	Banco Santander Brasil ADR	17,500		141,225
	Brasil Foods ADR	7,000		129,010
*	Braskem ADR	4,600		67,620
	Centrais Eletricas Brasileiras ADR	4,800		40,896
*	Cia Brasileira de Distribuicao Grupo
	Pao de Acucar ADR	1,800		84,654
	Cyrela Brazil Realty
	Empreendimentos e Participacoes	3,280		26,431
*	Fibria Celulose ADR	33,300		264,402
@	Gerdau	11,700		90,966
	Gerdau ADR	13,000		122,070
*	Gol Linhas Aereas Inteligentes ADR	26,700		141,510
	Hypermarcas	16,100		104,650
	Itau Unibanco Holding ADR	19,000		298,109
	Petroleo Brasileiro SA ADR	21,700		510,817
	Santos Brasil Participacoes	4,800		83,855
	Telefonica Brasil ADR	3,255		92,670
	Vale ADR	13,100		290,820
				2,668,755
China/Hong Kong – 12.76%
†	Alibaba.com	16,500		28,327
	Bank of China	222,000		92,993
	China Construction Bank	202,590		157,713
	China Mengniu Dairy	52,000		160,853
	China Mobile ADR	6,900		381,846
†	China Telecom	382,000		205,804
*	China Unicom ADR	13,900		241,582
	CNOOC ADR	1,200		253,980
*	Focus Media Holding ADR	3,900		93,171
	Industrial & Commercial Bank of China	390,999		261,047
	PetroChina ADR	1,600		238,112
*†	SINA	1,900		111,169
*†	Sohu.com	8,000		412,560
@†	Tianjin Development Holdings	56,000		25,046
	Tingyi Cayman Islands Holding	40,000		106,720
	Tsingtao Brewery	22,000		133,554
				2,904,477
Guernsey – 0.14%
=@#†	Etalon Group 144A GDR	4,800		31,824
				31,824
Hungary – 0.44%
	OTP Bank	5,627		98,963
				98,963
India – 3.09%
	ICICI Bank ADR	2,500		84,725
	Mahindra & Mahindra	458		6,175
#	Reliance Industries 144A GDR	10,300		290,665
	Steel Authority of India	49,589		89,169
	Ultratech Cement	2,658		71,915
@	United Spirits	10,793		160,148
				702,797
Indonesia – 1.72%
	Tambang Batubara Bukit
	Asam Persero	92,000		184,691
	United Tractors	64,106		206,467
				391,158
Israel – 0.61%
	Israel Chemicals	12,100		138,816
				138,816
Malaysia – 1.33%
@	KLCC Property Holdings	106,900		119,779
@†	UEM Land Holdings	276,400		183,627
				303,406
Mexico – 7.06%
	America Movil Class L ADR	8,300		221,195
*	Cemex ADR	48,518		350,785
†	Empresas ICA ADR	22,100		159,783
	Fomento Economico Mexicano ADR	2,500		203,150
	Grupo Financiero Banorte	23,200		111,884
	Grupo Televisa ADR	19,300		424,022
	Wal-Mart de Mexico	47,846		136,821
				1,607,640
Peru – 0.78%
	Cia de Minas Buenaventura ADR	4,300		177,461
				177,461
Poland – 0.79%
†	Jastrzebska Spolka Weglowa	2,926		85,888
†	Polski Koncern Naftowy Orlen	8,079		94,270
				180,158
Republic of Korea – 19.86%
@	KB Financial Group ADR	11,000		373,230
@	KCC	1,129		290,704
	KT ADR	22,000		282,700
	KT&G	5,281		362,612
†	LG Display ADR	8,000		89,360
	LG Electronics	2,391		148,519
	LG Uplus	21,900		108,710
@	Lotte Chilsung Beverage	330		373,172
@	Lotte Confectionery	199		301,454
	POSCO ADR	1,400		116,550
	Samsung Electronics	1,030		1,266,822
	Samsung Life Insurance	3,320		293,766
	SK Telecom ADR	38,000		513,759
				4,521,358

2012 Semiannual report • Delaware Pooled Trust

(continues) 53

Statements of net assets

Delaware Pooled^® Trust — The Emerging Markets Portfolio II

		Number of	Value
		Shares	(U.S. $)
ΔCommon Stock (continued)
Russia – 5.98%
	Gazprom ADR	29,100	$	335,813
	LUKOIL ADR	3,400		208,590
	MMC Norilsk Nickel ADR	3,740		66,348
	Mobile Telesystems ADR	4,100		80,196
†	Rosneft Oil GDR	24,900		177,662
=@	Sberbank	109,540		350,407
	VTB Bank GDR	33,800		141,656
				1,360,672
South Africa – 5.92%
	Anglo American Platinum	1,687		109,381
	ArcelorMittal South Africa	22,239		168,796
	Impala Platinum Holdings	4,413		85,895
	MTN Group	7,858		137,371
	Sasol ADR	4,100		194,463
	Standard Bank Group	20,774		306,667
	Vodacom Group	24,820		345,161
				1,347,734
Taiwan – 6.47%
	Cathay Financial Holding	104,085		110,315
	Chunghwa Telecom ADR	5,300		164,194
	Hon Hai Precision Industry	170,376		539,966
	Taiwan Semiconductor Manufacturing	63,000		187,563
	Taiwan Semiconductor
	Manufacturing ADR	12,800		199,424
	United Microelectronics	519,000		272,362
				1,473,824
Thailand – 2.74%
	Bangkok Bank	28,780		178,764
	PTT	21,106		240,231
	PTT Exploration & Production	9,400		54,260
	Siam Cement	500		5,691
	Siam Cement NVDR	12,700		144,553
				623,499
Turkey – 1.73%
	Torunlar Gayrimenkul Yatirim Ortakligi	8,367		24,572
†	Turkcell Iletisim Hizmetleri ADR	16,000		197,760
	Turkiye Is Bankasi Class C	52,658		120,481
@	Turkiye Sise ve Cam Fabrikalari	29,459		50,300
				393,113
United Kingdom – 0.71%
	Anglo American ADR	8,400		161,502
				161,502
United States – 11.44%
	Archer-Daniels-Midland	11,400		351,462
	Avon Products	57,100		1,233,360
	Bunge	3,300		212,850
†	MEMC Electronic Materials	8,100		29,079
†	Yahoo	50,000		777,000
				2,603,751
Total Common Stock (cost $23,140,422)				21,924,215

Exchange-Traded Fund – 2.65%
	iShares MSCI Brazil Index Fund	10,000		602,600
Total Exchange-Traded Fund
	(cost $700,178)			602,600


		Principal
		Amount (U.S. $)
Short-Term Investments – 0.06%
Repurchase Agreements – 0.06%
	Bank of America 0.17%, dated
	4/30/12, to be repurchased on
	5/1/12, repurchase price $3,202
	(collateralized by U.S. government
	obligations 2.25%-4.125%
	1/31/15-5/15/15; market
	value $3,266)	$3,202		3,202
	BNP Paribas 0.17%, dated 4/30/12,
	to be repurchased on 5/1/12,
	repurchase price $9,798
	(collateralized by U.S. government
	obligations 0.00%-2.375% 7/26/12-
	10/31/16; market value $9,994)	9,798		9,798
Total Short-Term Investments
	(cost $13,000)			13,000

Total Value of Securities Before
	Securities Lending Collateral –
	99.02% (cost $23,853,600)			22,539,815

		Number of
		Shares
**Securities Lending Collateral – 5.03%
Investment Company
	Delaware Investments Collateral
	Fund No. 1	1,145,060		1,145,060
Total Securities Lending Collateral
	(cost $1,145,060)			1,145,060

Total Value of Securities – 104.05%
	(cost $24,998,660)			23,684,875	©
** Obligation to Return Securities
	Lending Collateral – (5.03%)			(1,145,060	)
Receivables and Other Assets Net of
	Other Liabilities – 0.98%			224,185	«
Net Assets Applicable to 2,735,789
	Shares Outstanding; Equivalent to
	$8.32 Per Share – 100.00%		$	22,764,000

2012 Semiannual report • Delaware Pooled Trust


Components of Net Assets at April 30, 2012:
Shares of beneficial interest
(unlimited authorization – no par)	$	24,130,563
Distributions in excess of net investment income		(85,610	)
Accumulated net realized gain on investments		30,417
Net unrealized depreciation of investments		(1,311,370	)
Total net assets	$	22,764,000

Δ	Securities have been classified by country of origin. Classification by type of business has been presented on page 15 in “Security type/country and sector allocations.”
@	Illiquid security. At April 30, 2012, the aggregate value of illiquid securities was $2,467,324, which represented 10.84% of the Portfolio’s net assets. See Note 10 in “Notes to financial statements.”
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At April 30, 2012, the aggregate value of Rule 144A securities was $336,216, which represented 1.48% of Portfolio’s net assets. See Note 10 in “Notes to financial statements.”
*	Fully or partially on loan.
†	Non income producing security.
=	Security is being fair valued in accordance with the Portfolio’s fair valuation policy. At April 30, 2012, the aggregate value of fair valued securities was $382,231 which represented 1.68% of the Portfolio’s net assets. See Note 1 in “Notes to financial statements.”
**	See Note 9 in “Notes to financial statements” for additional information on securities lending collateral.
©	Includes $1,116,554 of securities loaned
«	Includes foreign currency valued at $211,283 with a cost of $208,895.

Summary of Abbreviations:
ADR — American Depositary Receipts
GDR — Global Depositary Receipts
NVDR — Non-Voting Depositary Receipts

See accompanying notes, which are an integral part of the financial statements.

2012 Semiannual report • Delaware Pooled Trust

(continues) 55

Statements of net assets

Delaware Pooled^® Trust — The Global Real Estate Securities Portfolio
April 30, 2012 (Unaudited)

		Number of	Value
		Shares	(U.S. $)
ΔCommon Stock – 95.86%
Australia – 7.89%
†	Centro Retail Australia	131,591	$	253,644
	CFS Retail Property Trust	265,192		531,884
	Dexus Property Group	668,551		651,287
	Goodman Group	68,341		256,336
	GPT Group	201,581		686,789
=@†	GPT Group-In Specie	1,337,300		0
	Investa Office Fund	149,027		423,890
	Westfield Group	129,656		1,248,219
				4,052,049
Belgium – 0.70%
*	Cofinimmo	2,980		359,988
				359,988
Canada – 5.34%
	Boardwalk Real Estate Investment Trust	15,526		924,409
*	Canadian Real Estate Investment Trust	18,672		731,379
*	First Capital Realty	24,897		463,282
*	RioCan Real Estate Investment Trust	22,773		625,724
				2,744,794
China/Hong Kong – 11.46%
*	China Overseas Land & Investment	249,164		540,163
	Hang Lung Properties	308,642		1,141,696
	Hongkong Land Holdings	143,000		888,030
	Link REIT	163,000		678,585
*	Shimao Property Holdings	162,000		214,228
	Sun Hung Kai Properties	125,735		1,516,860
	Wharf Holdings	152,200		908,259
				5,887,821
France – 2.52%
*	Klepierre	17,115		541,972
	Unibail-Rodamco	4,037		754,627
				1,296,599
Germany – 1.16%
	Alstria Office REIT	32,199		343,144
	Deutsche Wohnen	17,145		252,055
				595,199
Japan – 9.49%
	Japan Real Estate Investment	40		354,665
	Kenedix Realty Investment	107		373,863
	Mitsubishi Estate	90,772		1,618,777
	Mitsui Fudosan	90,446		1,672,996
	Nippon Building Fund	67		638,535
	Sumitomo Realty & Development	9,000		216,857
				4,875,693
Netherlands – 0.34%
	Corio	3,848		172,234
				172,234
Singapore – 4.57%
	CapitaCommerical Trust	307,697		320,712
	CapitaLand	353,145		838,885
†	Global Logistic Properties	244,000		406,125
	Mapletree Logistics Trust	359,760		284,866
	Suntec Real Estate Investment Trust	467,000		494,300
				2,344,888
United Kingdom – 5.29%
	Big Yellow Group	68,347		328,819
	British Land	73,217		581,614
	Derwent London	14,641		413,978
	Great Portland Estates	38,541		225,271
	Hammerson	96,742		655,743
	Shaftesbury	61,368		509,501
				2,714,926
United States – 47.10%
	Alexandria Real Estate Equities	3,578		268,064
	Apartment Investment & Management	8,132		220,784
	AvalonBay Communities	7,884		1,146,334
	BioMed Realty Trust	10,543		208,962
	Boston Properties	11,636		1,259,597
	BRE Properties	9,863		517,808
	Camden Property Trust	9,735		658,767
	CBL & Associates Properties	6,851		127,634
	Colonial Properties Trust	9,663		216,161
	DDR	50,743		750,996
*	Digital Realty Trust	4,558		342,260
	Douglas Emmett	14,340		333,262
	Duke Realty	24,870		368,325
	EastGroup Properties	4,350		218,805
	Education Realty Trust	41,611		468,956
	Equity Lifestyle Properties	5,272		368,724
	Equity Residential	15,810		971,366
	Extra Space Storage	16,923		513,613
	Federal Realty Investment Trust	4,581		461,123
	General Growth Properties	16,983		302,297
	HCP	19,861		823,238
	Host Hotels & Resorts	68,024		1,131,919
	Kimco Realty	20,962		406,872
	Kite Realty Group Trust	29,658		151,552
	LaSalle Hotel Properties	12,855		378,066
	Lexington Realty Trust	25,750		229,175
	Liberty Property Trust	7,547		275,088
	Macerich	18,925		1,165,212
*	National Retail Properties	12,736		348,712
	ProLogis	24,870		889,849
	PS Business Parks	5,282		360,497
	Public Storage	6,971		998,665
	Regency Centers	8,336		374,787
	Simon Property Group	19,710		3,066,876
	SL Green Realty	5,022		414,014
	Starwood Hotels & Resorts Worldwide	2,279		134,917
†	Strategic Hotel & Resorts	44,627		303,910
†	Sunstone Hotel Investors	15,029		153,296
	Taubman Centers	5,702		440,080
	UDR	17,510		461,038
	Ventas	20,971		1,232,885
	Vornado Realty Trust	8,512		730,670
				24,195,156
Total Common Stock
	(cost $43,694,514)			49,239,347

2012 Semiannual report • Delaware Pooled Trust

		Number of			Value
		Shares			(U.S. $)
Warrant – 0.00%
	=Nieuwe Steen Investments		12,954	$	0
Total Warrant (cost $0)					0

		Principal
		Amount (U.S. $)
Short-Term Investments – 2.93%
≠Discount Notes – 0.75%
	Federal Home Loan Bank
	0.11% 5/25/12	$	282,994		282,988
	0.115% 6/29/12		103,576		103,566
					386,554
Repurchase Agreements – 2.18%
	Bank of America 0.17%, dated
	4/30/12, to be repurchased
	on 5/1/12, repurchase price
	$274,892 (collateralized by
	U.S. Government obligations
	2.25%-4.125% 1/31/15-5/15/15;
	market value $280,389)		274,891		274,891
	BNP Paribas 0.17%, dated
	4/30/12, to be repurchased
	on 5/1/12, repurchase price
	$841,113 (collateralized by
	U.S. Government obligations
	0.00%-2.375% 7/26/12-10/31/16;
	market value $857,931)		841,109		841,109
					1,116,000
Total Short-Term Investments
	(cost $1,502,529)				1,502,554

Total Value of Securities Before Securities
	Lending Collateral – 98.79%
	(cost $45,197,043)				50,741,901

		Number of
		Shares
**Securities Lending Collateral – 5.45%
	BNY Mellon SL DBT II
	Liquidating Fund		85,331		83,172
	Delaware Investments
	Collateral Fund No. 1	2,717,635			2,717,635
@†	Mellon GSL Reinvestment Trust II		394,559		0
Total Securities Lend Collateral
	(cost $3,197,525)				2,800,807

Total Value of Securities – 104.24%
	(cost $48,394,568)				53,542,708	©
**Obligation to Return Securities
	Lending Collateral – (6.23%)				(3,197,525	)
Receivables and Other Assets Net of
	Other Liabilities – 1.99%				1,020,753	«
Net Assets Applicable to 9,011,814
	Shares Outstanding – 100.00%			$	51,365,936

Net Asset Value – Delaware Pooled
Trust^®– The Global Real Estate
Securities Portfolio Original Class
($51,357,358 / 9,010,307 Shares)			$5.70
Net Asset Value – Delaware Pooled Trust –
The Global Real Estate Securities Portfolio
Class P ($8,578 / 1,507 Shares)			$5.69

Components of Net Assets at April 30, 2012:
Shares of beneficial interest
(unlimited authorization – no par)	$	156,391,684
Accumulated net investment loss		(240,729		)
Accumulated net realized loss on
investments		(109,934,605		)
Net unrealized appreciation of investments
and derivatives		5,149,586
Total net assets	$	51,365,936

Δ	Securities have been classified by country of origin. Classification by type of business has been presented on page 16 in “Security type/country and sector allocations.”
*	Fully or partially on loan.
†	Non income producing security.
=	Security is being fair valued in accordance with the Portfolio’s fair valuation policy. At April 30, 2012, the aggregate value of fair valued securities was $0, which represented 0.00% of the Portfolio’s net assets. See Note 1 in “Notes to financial statements.”
@	Illiquid security. At April 30, 2012, the aggregate value of illiquid securities was $0, which represented 0.00% of the Portfolio’s net assets. See Note 10 in “Notes to financial statements.”
≠	The rate shown is the effective yield at the time of purchase.
**	See Note 9 in “Notes to financial statements” for additional information on securities lending collateral.
©	Includes $3,053,226 of securities loaned.
«	Includes foreign currency valued at $42,301 with a cost of $42,246.

2012 Semiannual report • Delaware Pooled Trust

(continues) 57

Statements of net assets

Delaware Pooled^® Trust — The Global Real Estate Securities Portfolio

The following foreign currency exchange contracts were outstanding at April 30, 2012:¹

Foreign Currency Exchange Contracts

						Unrealized
	Contracts to				Settlement	Appreciation
Counterparty	Receive (Deliver)			In Exchange For	Date	(Depreciation)
MNB	EUR	(71,340	)	USD 94,261	5/4/12		$	(183	)
MNB	GBP	(9,016	)	USD 14,630	5/1/12			(3	)
MNB	HKD	(96,904	)	USD 12,489	5/2/12			(1	)
							$	(187	)

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

Summary of Abbreviations:
EUR — European Monetary Unit
GBP — British Pound Sterling
HKD — Hong Kong Dollar
MNB — Mellon National Bank
REIT — Real Estate Investment Trust
USD — United States Dollar

See accompanying notes, which are an integral part of the financial statements.

2012 Semiannual report • Delaware Pooled Trust

Delaware Pooled^® Trust — The Global Fixed Income Portfolio
April 30, 2012 (Unaudited)

		Principal		Value
		Amount°		(U.S. $)
ΔCorporate Bonds – 18.67%
Austria – 3.81%
	Oesterreichische Kontrollbank
	4.875% 2/16/16	USD	1,600,000	$	1,792,557
					1,792,557
Germany – 5.25%
	KFW
	1.35% 1/20/14	JPY	150,000,000		1,917,149
	2.05% 2/16/26	JPY	40,000,000		551,568
					2,468,717
Netherlands – 2.93%
	ING Bank
	3.90% 3/19/14	USD	600,000		632,618
	•6.125% 5/29/23	EUR	265,000		333,145
	Telefonica Europe
	8.25% 9/15/30	USD	400,000		410,100
					1,375,863
Norway – 3.71%
	Eksportfinans 1.60% 3/20/14	JPY	150,000,000		1,744,232
					1,744,232
Spain – 0.94%
	Telefonica Emisiones
	5.877% 7/15/19	USD	445,000		439,494
					439,494
United Kingdom – 2.03%
	HSBC Holdings 6.25% 3/19/18	EUR	650,000		953,202
					953,202
Total Corporate Bonds
	(cost $8,684,327)				8,774,065

ΔSovereign Bonds – 62.80%
Australia – 4.78%
	Australia Government Bond
	4.50% 10/21/14	AUD	600,000		647,189
	4.50% 4/15/20	AUD	1,000,000		1,115,403
	4.75% 6/15/16	AUD	130,000		144,183
	4.75% 4/21/27	AUD	300,000		338,787
					2,245,562
Canada – 2.92%
	Canada Government
	International Bond
	3.50% 1/13/20	EUR	900,000		1,372,016
					1,372,016
Denmark – 2.66%
	Denmark Government
	International Bond
	3.125% 3/17/14	EUR	900,000		1,250,911
					1,250,911
Germany – 8.81%
	Bundesobligation
	2.75% 4/8/2016	EUR	30,000		43,372
	Bundesschatzanweisungen
	0.25% 12/13/13	EUR	140,000		185,884
	0.75% 9/14/12	EUR	280,000		371,640
	0.75% 9/13/13	EUR	210,000		280,623
	Deutschland Republic
	3.75% 1/4/17	EUR	1,600,000		2,428,851
	6.25% 1/4/24	EUR	430,000		828,857
					4,139,227
Japan – 23.69%
	Japan Government 10 yr Bond
	0.50% 6/20/13	JPY	230,000,000		2,893,137
	1.00% 9/20/20	JPY	120,000,000		1,540,442
	1.30% 12/20/14	JPY	130,000,000		1,678,335
	1.40% 9/20/15	JPY	180,000,000		2,348,661
	1.50% 9/20/18	JPY	200,000,000		2,672,100
					11,132,675
Mexico – 3.83%
	Mexican Bonos
	6.50% 6/10/21	MXN	18,000,000		1,422,917
	9.50% 12/18/14	MXN	4,400,000		377,140
					1,800,057
Netherlands – 3.24%
	Netherlands Government Bond
	3.75% 1/15/42	EUR	600,000		966,207
	4.25% 7/15/13	EUR	400,000		555,607
					1,521,814
Poland – 6.70%
	Poland Government Bond
	5.25% 10/25/17	PLN	4,500,000		1,448,907
	5.50% 10/25/19	PLN	3,000,000		969,317
	5.75% 9/23/22	PLN	2,250,000		730,595
					3,148,819
Qatar – 4.08%
#	Qatar Government International
	Bond 144A 5.25% 1/20/20	USD	1,707,000		1,918,327
					1,918,327
Supranational – 2.09%
	European Union 2.75% 6/3/16	EUR	700,000		982,823
					982,823
Total Sovereign Bonds
	(cost $29,106,153)				29,512,231

Supranational Banks – 12.40%
	Asian Development Bank
	2.35% 6/21/27	JPY	90,000,000		1,267,908
	European Investment Bank
	1.90% 1/26/26	JPY	170,000,000		2,223,921
	Inter-American Development
	Bank 4.50% 9/15/14	USD	1,650,000		1,801,323
	Nordic Investment Bank
	1.70% 4/27/17	JPY	40,000,000		534,084
Total Supranational Banks
	(cost $5,194,344)				5,827,236

2012 Semiannual report • Delaware Pooled Trust

(continues) 59

Statements of net assets

Delaware Pooled^® Trust — The Global Fixed Income Portfolio

		Principal		Value
		Amount°		(U.S. $)
U.S. Treasury Obligations – 5.37%
	U.S. Treasury Bond
	4.50% 5/15/38	USD	830,000	$	1,059,158
	U.S. Treasury Notes
	0.75% 6/15/14		450,000		454,465
	1.875% 8/31/17		280,000		293,978
	2.375% 3/31/16		670,000		716,167
Total U.S. Treasury Obligations
	(cost $2,268,230)				2,523,768

Short-Term Investments – 0.09%
≠Discount Notes – 0.09%
	Federal Home Loan Bank
	0.11% 5/25/12		29,422		29,422
	0.115% 6/29/12		10,768		10,767
Total Short-Term Investments
	(cost $40,186)				40,189

Total Value of Securities – 99.33%
	(cost $45,293,240)				46,677,489
Receivables and Other Assets
	Net of Liabilities – 0.67%				316,581	«
Net Assets Applicable to 4,646,489 Shares
	Outstanding; Equivalent to
	$10.11 Per Share – 100.00%			$	46,994,070

Components of Net Assets at April 30, 2012:
Shares of beneficial interest
	(unlimited authorization – no par)			$	43,702,189
Undistributed net investment income					1,767,823
Accumulated net realized gain on investments					134,116
Net unrealized appreciation of investments
	and derivatives				1,389,942
Total net assets				$	46,994,070

°	Principal amount is stated in the currency in which each security is denominated.
Δ	Securities have been classified by country of origin.
•	Variable rate security. The rate shown is the rate as of April 30, 2012. Interest rates reset periodically.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At April 30, 2012, the aggregate value of Rule 144A securities was $1,918,327, which represented 4.08% of the Portfolio’s net assets. See Note 10 in “Notes to financial statements.”
≠	The rate shown is the effective yield at the time of purchase.
«	Includes foreign currency valued at $145,946 with a cost of $145,731.

The following foreign currency exchange contracts and foreign cross currency exchange contract were outstanding at April 30, 2012:¹

Foreign Currency Exchange Contracts

Unrealized

Contracts to

Settlement

Appreciation

Counterparty

Receive (Deliver)

In Exchange For

Date

(Depreciation)

MNB

AUD

(2,146,000

)

USD 2,197,665

7/31/12

(16,939

)

MNB

EUR

(2,147,961

)

GBP 1,766,000

7/31/12

19,697

2,758

The use of foreign currency exchange contracts and foreign cross currency exchange contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values 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.

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

Summary of Abbreviations:
AUD — Australian Dollar
EUR — European Monetary Unit
GBP — British Pound Sterling
JPY — Japanese Yen
MNB — Mellon National Bank
MXN — Mexican Peso
PLN — Polish Zloty
USD — United States Dollar
yr — Year

See accompanying notes, which are an integral part of the financial statements.

2012 Semiannual report • Delaware Pooled Trust

Statements of operations

Delaware Pooled^® Trust
Six Months Ended April 30, 2012 (Unaudited)

	The								The				The
	Large-Cap				The				Large-Cap				Focus Smid-Cap
	Value Equity				Select 20				Growth Equity				Growth Equity
	Portfolio				Portfolio				Portfolio				Portfolio
Investment Income:
Dividends		$	99,723			$	348,825			$	876,748			$	62,103
Interest			97				1,574				836				211
Securities lending income			—				—				14,358				—
Foreign tax withheld			—				(21,276	)			(39,039	)			(1,042	)
			99,820				329,123				852,903				61,272

Expenses:
Management fees			19,288				236,910				510,303				60,864
Registration fees			9,487				13,699				8,048				1,854
Audit and tax			5,277				5,557				4,796				5,980
Dues and services			1,864				1,937				2,341				974
Accounting and administration expenses			1,374				11,116				36,347				3,180
Reports and statements to shareholders			575				1,969				4,238				857
Dividend disbursing and transfer agent fees and expenses			421				3,678				10,709				1,000
Pricing fees			385				336				371				362
Legal fees			335				3,190				9,329				774
Trustees’ fees			179				1,472				4,634				419
Custodian fees			150				1,622				2,520				490
Insurance fees			55				283				1,449				107
Consulting fees			26				152				617				83
Trustees’ expenses			12				90				310				25
			39,428				282,011				596,012				76,969
Less fees waived			(14,890	)			(5,076	)			—				(2,349	)

Total operating expenses			24,538				276,935				596,012				74,620

Net Investment Income (Loss)			75,282				52,188				256,891				(13,348	)

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments			39,965				1,956,040				7,239,869				(123,705	)
Foreign currencies			—				—				(1,621	)			—
Net realized gain (loss)			39,965				1,956,040				7,238,248				(123,705	)
Net change in unrealized appreciation (depreciation)
of investments			736,472				7,248,072				21,270,499				2,013,450
Net Realized and Unrealized Gain			776,437				9,204,112				28,508,747				1,889,745

Net Increase In Net Assets
Resulting from Operations		$	851,719			$	9,256,300			$	28,765,638			$	1,876,397

See accompanying notes, which are an integral part of the financial statements.

2012 Semiannual report • Delaware Pooled Trust

(continues) 61

Statements of operations

Delaware Pooled^® Trust

	The
	Real Estate				The				The			The
	Investment				Core Focus				High-Yield			Core Plus
	Trust				Fixed Income				Bond			Fixed Income
	Portfolio II				Portfolio				Portfolio			Portfolio
Investment Income:
Dividends		$	21,612			$	766		$	40,031			$	5,916
Interest			57				73,716			2,582,658				1,053,279
Securities lending income			—				272			11,279				2,527
Foreign tax withheld			—				—			—				—
			21,669				74,754			2,633,968				1,061,722

Expenses:
Management fees			12,042				12,776			138,026				122,099
Registration fees			7,504				9,954			6,994				8,979
Audit and tax			5,527				4,880			7,176				5,611
Dues and services			1,736				1,937			1,687				2,013
Custodian fees			1,004				989			1,519				7,414
Accounting and administration expenses			629				1,251			12,016				11,125
Reports and statements to shareholders			470				263			1,222				1,417
Pricing fees			443				3,360			2,369				8,774
Dividend disbursing and transfer agent fees and expenses			198				393			3,573				3,306
Legal fees			162				313			3,272				2,882
Trustees’ fees			82				162			1,558				1,468
Insurance fees			24				40			404				315
Consulting fees			13				10			263				210
Trustees’ expenses			6				13			97				97
			29,840				36,341			180,176				175,710
Less fees waived			(14,610	)			(22,644	)		—				(47,972	)

Total operating expenses			15,230				13,697			180,176				127,738

Net Investment Income			6,439				61,057			2,453,792				933,984

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments			150,478				77,080			(672,557	)			649,287
Futures contracts			—				—			—				57,208
Swap contracts			—				—			—				(416,054	)
Foreign currencies			—				—			—				(15,127	)
Foreign currency exchange contracts			—				—			—				(4,217	)
Options written			—				—			—				52,758
Net realized gain (loss)			150,478				77,080			(672,557	)			323,855
Net change in unrealized appreciation (depreciation) on:
Investments			290,738				58,223			3,228,785				762,635
Futures contracts			—				—			—				(83,452	)
Swap contracts			—				—			—				246,741
Foreign currencies			—				—			—				2,432
Foreign currency exchange contracts			—				—			—				(70,948	)
Options written			—				—			—				(3,118	)
Net change in unrealized appreciation (depreciation)			290,738				58,223			3,228,785				854,290
Net Realized and Unrealized Gain			441,216				135,303			2,556,228				1,178,145

Net Increase In Net Assets Resulting from Operations		$	447,655			$	196,360		$	5,010,020			$	2,112,129

See accompanying notes, which are an integral part of the financial statements.

2012 Semiannual report • Delaware Pooled Trust

				The
	The			Labor Select			The			The
	International			International			Emerging			Emerging
	Equity			Equity			Markets			Markets
	Portfolio			Portfolio			Portfolio			Portfolio II
Investment Income:
Dividends	$	11,999,782		$	12,666,121		$	6,225,068		$	180,592
Interest		1,972			3,554			1,274			243
Securities lending income		300,361			388,407			114,752			3,403
Foreign tax withheld		(875,568	)		(1,038,839	)		(560,825	)		(12,434	)
		11,426,547			12,019,243			5,780,269			171,804

Expenses:
Management fees		1,988,208			2,012,690			2,758,762			88,945
Accounting and administration expenses		111,299			105,157			108,091			3,483
Custodian fees		95,899			93,867			319,423			10,087
Dividend disbursing and transfer agent fees and expenses		32,728			31,251			32,227			1,048
Legal fees		29,018			26,963			27,805			825
Trustees’ fees		14,832			14,235			14,276			441
Reports and statements to shareholders		14,055			13,506			23,191			1,025
Registration fees		13,268			7,219			10,269			9,257
Audit and tax		8,848			14,007			21,679			6,489
Insurance fees		5,111			4,904			4,484			133
Dues and services		3,942			3,606			3,406			2,074
Consulting fees		2,264			2,258			2,170			68
Pricing fees		1,080			1,031			1,256			1,392
Trustees’ expenses		981			933			981			23
		2,321,533			2,331,627			3,328,020			125,290
Less fees waived		—			—			—			(18,758	)
Less expense paid indirectly		(2	)		(1	)		—			—

Total operating expenses		2,321,531			2,331,626			3,328,020			106,532

Net Investment Income		9,105,016			9,687,617			2,452,249			65,272

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		3,907,330			2,501,784			(277,006	)		34,456
Redemptions in kind*		—			—			20,521,676			—
Foreign currencies		(120,969	)		(167,533	)		338,102			(4,250	)
Foreign currency exchange contracts		914,551			997,609			(642,296	)		(7,650	)
Net realized gain		4,700,912			3,331,860			19,940,476			22,556
Net change in unrealized appreciation (depreciation) on:
Investments		(15,109,371	)		(11,778,139	)		20,497,193			(24,299	)
Foreign currencies		(51,054	)		37,314			(481,025	)		11,460
Foreign currency exchange contracts		(77,080	)		(107,220	)		3,477			—
Net change in unrealized appreciation (depreciation)		(15,237,505	)		(11,848,045	)		20,019,645			(12,839	)
Net Realized and Unrealized Gain (Loss)		(10,536,593	)		(8,516,185	)		39,960,121			9,717

Net Increase (Decrease) In Net Assets
Resulting from Operations	$	(1,431,577	)	$	1,171,432		$	42,412,370		$	74,989

*See Note 12 in “Notes to financial statements.”

See accompanying notes, which are an integral part of the financial statements.

2012 Semiannual report • Delaware Pooled Trust

(continues) 63

Statements of operations

Delaware Pooled^® Trust

	The
	Global			The
	Real Estate			Global Fixed
	Securities			Income
	Portfolio			Portfolio
Investment Income:
Dividends	$	876,601		$	—
Interest		2,107			797,497
Securities lending income		9,649			—
Foreign tax withheld		(33,537	)		—
		854,820			797,497

Expenses:
Management fees		240,549			172,524
Registration fees		17,772			7,069
Custodian fees		13,124			16,943
Accounting and administration expenses		9,520			13,529
Audit and tax		7,773			4,616
Reports and statements to shareholders		2,990			4,203
Dividend disbursing and transfer agent fees and expenses		2,835			4,128
Dues and services		2,831			1,871
Legal fees		2,149			3,487
Pricing fees		1,371			1,292
Trustees’ fees		1,263			1,907
Insurance fees		331			570
Consulting fees		195			293
Trustees’ expenses		85			140
Distribution expenses – Class P		10			—
		302,798			232,572
Less fees waived		(34,470	)		(24,623	)

Total operating expenses		268,328			207,949

Net Investment Income		586,492			589,548

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		331,901			897,671
Foreign currencies		8,055			1,055,232
Foreign currency exchange contracts		(60,230	)		253,714
Net realized gain		279,726			2,206,617
Net change in unrealized appreciation (depreciation) on:
Investments		4,104,493			(3,432,418	)
Foreign currencies		(2,594	)		22,463
Foreign currency exchange contracts		4,978			(78,751	)
Net change in unrealized appreciation (depreciation)		4,106,877			(3,488,706	)
Net Realized and Unrealized Gain (Loss)		4,386,603			(1,282,089	)

Net Increase (Decrease) In Net Assets
Resulting from Operations	$	4,973,095		$	(692,541	)

See accompanying notes, which are an integral part of the financial statements.

2012 Semiannual report • Delaware Pooled Trust

Statements of changes in net assets

Delaware Pooled^® Trust

	The												The
	Large-Cap						The						Large-Cap
	Value Equity						Select 20						Growth Equity
	Portfolio						Portfolio						Portfolio
	Six Months			Year			Six Months			Year			Six Months			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	4/30/12			10/31/11			4/30/12			10/31/11			4/30/12			10/31/11
	(Unaudited)						(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets
from Operations:
Net investment income	$	75,282		$	143,410		$	52,188		$	10,052		$	256,891		$	1,088,164
Net realized gain		39,965			1,503,263			1,956,040			209,856			7,238,248			26,325,273
Net change in unrealized
appreciation (depreciation)		736,472			(838,965	)		7,248,072			2,150,173			21,270,499			(3,280,481	)
Net increase in net assets
resulting from operations		851,719			807,708			9,256,300			2,370,081			28,765,638			24,132,956

Dividends and Distributions to
Shareholders from:
Net investment income		(149,500	)		(211,314	)		(15,848	)		—			(450,961	)		(826,516	)
		(149,500	)		(211,314	)		(15,848	)		—			(450,961	)		(826,516	)
Capital Share Transactions:
Proceeds from shares sold		—			7,593,991			45,407,818			34,840,063			19,316,416			5,377,033
Net asset value of shares issued upon
reinvestment of dividends and distributions		147,504			211,314			11,750			—			381,424			707,154
		147,504			7,805,305			45,419,568			34,840,063			19,697,840			6,084,187
Cost of shares repurchased		—			(8,353,164	)		(11,921,785	)		(2,694,982	)		(17,933,191	)		(102,983,563	)
Increase (decrease) in net assets derived
from capital share transactions		147,504			(547,859	)		33,497,783			32,145,081			1,764,649			(96,899,376	)

Net Increase (Decrease) In Net Assets		849,723			48,535			42,738,235			34,515,162			30,079,326			(73,592,936	)

Net Assets:
Beginning of period		6,640,768			6,592,233			45,977,931			11,462,769			170,531,121			244,124,057
End of period	$	7,490,491		$	6,640,768		$	88,716,166		$	45,977,931		$	200,610,447		$	170,531,121

Undistributed net investment income	$	45,676		$	119,894		$	46,392		$	10,052		$	230,732		$	426,423

See accompanying notes, which are an integral part of the financial statements.

2012 Semiannual report • Delaware Pooled Trust

(continues) 65

Statements of changes in net assets

Delaware Pooled^® Trust

	The						The						The
	Focus Smid-Cap						Real Estate						Core Focus
	Growth Equity						Investment Trust						Fixed Income
	Portfolio						Portfolio II						Portfolio
	Six Months			Year			Six Months			Year			Six Months			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	4/30/12			10/31/11			4/30/12			10/31/11			4/30/12			10/31/11
	(Unaudited)						(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets
from Operations:
Net investment income (loss)	$	(13,348	)	$	52,718		$	6,439		$	30,451		$	61,057		$	249,674
Net realized gain (loss)		(123,705	)		218,423			150,478			352,467			77,080			542,819
Net change in unrealized
appreciation (depreciation)		2,013,450			383,099			290,738			(38,811	)		58,223			(642,762	)
Net increase in net assets
resulting from operations		1,876,397			654,240			447,655			344,107			196,360			149,731

Dividends and Distributions to
Shareholders from:
Net investment income		(11,997	)		(41,867	)		(20,364	)		(40,124	)		(201,820	)		(567,674	)
		(11,997	)		(41,867	)		(20,364	)		(40,124	)		(201,820	)		(567,674	)
Capital Share Transactions:
Proceeds from shares sold		—			11,706,628			—			—			1,153,296			575,000
Net asset value of shares issued upon
reinvestment of dividends and distributions		10,572			35,984			20,364			40,124			201,820			567,674
		10,572			11,742,612			20,364			40,124			1,355,116			1,142,674
Cost of shares repurchased		(1,557,235	)		(246,877	)		—			—			(500,000	)		(13,707,750	)
Increase (decrease) in net assets derived
from capital share transactions		(1,546,663	)		11,495,735			20,364			40,124			855,116			(12,565,076	)

Net Increase (Decrease) In Net Assets		317,737			12,108,108			447,655			344,107			849,656			(12,983,019	)

Net Assets:
Beginning of period		16,721,384			4,613,276			3,110,260			2,766,153			6,224,858			19,207,877
End of period	$	17,039,121		$	16,721,384		$	3,557,915		$	3,110,260		$	7,074,514		$	6,224,858

Undistributed net investment income	$	—		$	10,851		$	6,193		$	20,118		$	45,132		$	179,918

See accompanying notes, which are an integral part of the financial statements.

2012 Semiannual report • Delaware Pooled Trust

	The						The						The
	High-Yield						Core Plus						International
	Bond						Fixed Income						Equity
	Portfolio						Portfolio						Portfolio
	Six Months			Year			Six Months			Year			Six Months			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	4/30/12			10/31/11			4/30/12			10/31/11			4/30/12			10/31/11
	(Unaudited)						(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets
from Operations:
Net investment income	$	2,453,792		$	3,735,540		$	933,984		$	1,863,687		$	9,105,016		$	24,407,993
Net realized gain (loss)		(672,557	)		883,160			323,855			1,854,159			4,700,912			8,769,257
Net change in unrealized
appreciation (depreciation)		3,228,785			(3,496,322	)		854,290			(1,347,247	)		(15,237,505	)		(36,036,582	)
Net increase (decrease) in net assets
resulting from operations		5,010,020			1,122,378			2,112,129			2,370,599			(1,431,577	)		(2,859,332	)

Dividends and Distributions to
Shareholders from:
Net investment income		(4,332,406	)		(2,250,664	)		(1,548,743	)		(2,534,908	)		(23,845,189	)		(25,012,020	)
		(4,332,406	)		(2,250,664	)		(1,548,743	)		(2,534,908	)		(23,845,189	)		(25,012,020	)
Capital Share Transactions:
Proceeds from shares sold		15,005,032			32,392,897			4,314,545			6,140,001			32,162,297			34,030,531
Net asset value of shares issued upon
reinvestment of dividends and distributions		4,332,405			2,250,663			1,548,743			2,534,907			14,607,714			13,948,935
		19,337,437			34,643,560			5,863,288			8,674,908			46,770,011			47,979,466
Cost of shares repurchased		(6,017,937	)		(5,111,965	)		(1,780,000	)		(4,965,000	)		(59,415,711	)		(240,010,080	)
Increase (decrease) in net assets derived
from capital share transactions		13,319,500			29,531,595			4,083,288			3,709,908			(12,645,700	)		(192,030,614	)

Net Increase (Decrease) In Net Assets		13,997,114			28,403,309			4,646,674			3,545,599			(37,922,466	)		(219,901,966	)

Net Assets:
Beginning of period		57,840,275			29,436,966			53,851,058			50,305,459			589,109,164			809,011,130
End of period	$	71,837,389		$	57,840,275		$	58,497,732		$	53,851,058		$	551,186,698		$	589,109,164

Undistributed net investment income	$	1,693,926		$	3,521,603		$	856,136		$	1,490,239		$	7,566,781		$	21,513,372

See accompanying notes, which are an integral part of the financial statements.

2012 Semiannual report • Delaware Pooled Trust

(continues) 67

Statements of changes in net assets

Delaware Pooled^® Trust

	The						The						The
	Labor Select						Emerging						Emerging
	International Equity						Markets						Markets
	Portfolio						Portfolio						Portfolio II
	Six Months			Year			Six Months			Year			Six Months			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	4/30/12			10/31/11			4/30/12			10/31/11			4/30/12			10/31/11
	(Unaudited)						(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets
from Operations:
Net investment income	$	9,687,617		$	22,680,370		$	2,452,249		$	14,121,041		$	65,272		$	129,514
Net realized gain		3,331,860			11,639,805			19,940,476			66,690,810			22,556			506,436
Net change in unrealized
appreciation (depreciation)		(11,848,045	)		(39,040,237	)		20,019,645			(107,193,261	)		(12,839	)		(2,562,825	)
Net increase (decrease) in net assets
resulting from operations		1,171,432			(4,720,062	)		42,412,370			(26,381,410	)		74,989			(1,926,875	)

Dividends and Distributions to
Shareholders from:
Net investment income		(22,684,826	)		(22,010,265	)		(11,672,380	)		(16,918,513	)		(234,141	)		(30,588	)
Net realized gain on investments		—			—			(42,338,904	)		—			(527,349	)		(87,059	)
		(22,684,826	)		(22,010,265	)		(54,011,284	)		(16,918,513	)		(761,490	)		(117,647	)
Capital Share Transactions:
Proceeds from shares sold		5,608,196			14,449,698			50,444,474			52,338,384			7,350,019			6,955,569
Purchase reimbursement fees								261,020			290,352			—			—
Net asset value of shares issued
upon reinvestment of dividends
and distributions		22,684,825			22,010,264			50,816,576			16,562,741			761,490			117,647
		28,293,021			36,459,962			101,522,070			69,191,477			8,111,509			7,073,216
Cost of shares repurchased		(58,294,968	)		(178,039,136	)		(183,014,858	)		(245,725,632	)		—			(1,054,179	)
Redemption reimbursement fees		—			—			461,301			1,170,221			—			—
		(58,294,968	)		(178,039,136	)		(182,553,557	)		(244,555,411	)		—			(1,054,179	)
Increase (decrease) in net assets derived
from capital share transactions		(30,001,947	)		(141,579,174	)		(81,031,487	)		(175,363,934	)		8,111,509			6,019,037

Net Increase (Decrease) In Net Assets		(51,515,341	)		(168,309,501	)		(92,630,401	)		(218,663,857	)		7,425,008			3,974,515

Net Assets:
Beginning of period		572,642,123			740,951,624			531,526,595			750,190,452			15,338,992			11,364,477
End of period	$	521,126,782		$	572,642,123		$	438,896,194		$	531,526,595		$	22,764,000		$	15,338,992

Undistributed (distributions in excess of)
net investment income	$	7,545,987		$	19,713,120		$	1,492,123		$	11,016,448		$	(85,610	)	$	95,191

See accompanying notes, which are an integral part of the financial statements.

2012 Semiannual report • Delaware Pooled Trust

	The
	Global						The
	Real Estate						Global
	Securities						Fixed Income
	Portfolio						Portfolio
	Six Months			Year			Six Months			Year
	Ended			Ended			Ended			Ended
	4/30/12			10/31/11			4/30/12			10/31/11
	(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets
from Operations:
Net investment income	$	586,492		$	1,643,413		$	589,548		$	2,550,845
Net realized gain		279,726			6,574,635			2,206,617			11,015,310
Net change in unrealized
appreciation (depreciation)		4,106,877			(6,921,809	)		(3,488,706	)		(11,423,378	)
Net increase (decrease) in net assets
resulting from operations		4,973,095			1,296,239			(692,541	)		2,142,777

Dividends and Distributions to
Shareholders from:
Net investment income
Original Class		(2,051,090	)		(5,063,856	)		(9,734,158	)		(5,618,617	)
Class P		(306	)		(645	)		—			—
Net realized gain on investments Original Class		—			—			(123,125	)		—
		(2,051,396	)		(5,064,501	)		(9,857,283	)		(5,618,617	)
Capital Share Transactions:
Proceeds from shares sold
Original Class		6,633,036			7,162,052			6,253,439			6,624,611
Net asset value of shares issued upon
reinvestment of dividends and
distributions
Original Class		1,861,763			4,620,122			8,021,455			4,824,555
Class P		306			645			—			—
		8,495,105			11,782,819			14,274,894			11,449,166
Cost of shares repurchased
Original Class		(9,418,046	)		(18,962,474	)		(40,507,632	)		(64,477,324	)
Decrease in net assets derived
from capital share transactions		(922,941	)		(7,179,655	)		(26,232,738	)		(53,028,158	)

Net Increase (Decrease) In Net Assets		1,998,758			(10,947,917	)		(36,782,562	)		(56,503,998	)

Net Assets:
Beginning of period		49,367,178			60,315,095			83,776,632			140,280,630
End of period	$	51,365,936		$	49,367,178		$	46,994,070		$	83,776,632

Undistributed (distributions in excess of)
net investment income	$	(240,729	)	$	1,276,350		$	1,767,823		$	9,280,508

See accompanying notes, which are an integral part of the financial statements.

2012 Semiannual report • Delaware Pooled Trust

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
	4/30/12¹				10/31/11		10/31/10		10/31/09		10/31/08		10/31/07
	(Unaudited)
Net asset value, beginning of period		$16.570			$15.130		$13.290		$12.190		$22.370		$20.960

Income (loss) from investment operations:
Net investment income²		0.185			0.346		0.343		0.354		0.403		0.439
Net realized and unrealized gain (loss)		1.888			1.579		1.851		1.067		(8.186	)	1.315
Total from investment operations		2.073			1.925		2.194		1.421		(7.783	)	1.754

Less dividends and distributions from:
Net investment income		(0.373	)		(0.485	)	(0.354	)	(0.321	)	(0.613	)	(0.344	)
Net realized gain on investments		—			—		—		—		(1.784	)	—
Total dividends and distributions		(0.373	)		(0.485	)	(0.354	)	(0.321	)	(2.397	)	(0.344	)

Net asset value, end of period		$18.270			$16.570		$15.130		$13.290		$12.190		$22.370

Total return³		12.80%			12.98%		16.80%		12.12%		(38.48%	)	8.49%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$7,490			$6,641		$6,592		$10,105		$8,988		$10,278
Ratio of expenses to average net assets		0.70%			0.70%		0.70%		0.69%		0.68%		0.69%
Ratio of expenses to average net assets
prior to fees waived and expense paid indirectly		1.12%			1.24%		1.02%		0.98%		1.16%		1.00%
Ratio of net investment income to average net assets		2.14%			2.15%		2.46%		2.99%		2.43%		2.00%
Ratio of net investment income to average net assets
prior to fees waived and expense paid indirectly		1.72%			1.61%		2.14%		2.70%		1.95%		1.69%
Portfolio turnover		3%			133%		42%		26%		34%		14%

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

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

³Total 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 during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes, which are an integral part of the financial statements.

2012 Semiannual report • Delaware Pooled Trust

Delaware Pooled^® Trust — The Select 20 Portfolio

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

	Six Months
	Ended			Year Ended
	4/30/12¹				10/31/11		10/31/10		10/31/09		10/31/08		10/31/07
	(Unaudited)
Net asset value, beginning of period		$6.960			$6.040		$4.980		$4.040		$6.880		$5.770

Income (loss) from investment operations:
Net investment income (loss)²		0.006			0.003		(0.019	)	(0.012	)	0.008		(0.016	)
Net realized and unrealized gain (loss)		1.166			0.917		1.079		0.959		(2.848	)	1.126
Total from investment operations		1.172			0.920		1.060		0.947		(2.840	)	1.110

Less dividends and distributions from:
Net investment income		(0.002	)		—		—		(0.004	)	—		—
Return of capital		—			—		—		(0.003	)	—		—
Total dividends and distributions		(0.002	)		—		—		(0.007	)	—		—

Net asset value, end of period		$8.130			$6.960		$6.040		$4.980		$4.040		$6.880

Total return³		16.84%			15.23%		21.29%		23.51%		(41.28%	)	19.24%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$88,716			$45,978		$11,463		$10,204		$8,933		$2,633
Ratio of expenses to average net assets		0.88%			0.89%		0.89%		0.89%		0.89%		0.90%
Ratio of expenses to average net assets
prior to fees waived and expense paid indirectly		0.89%			1.02%		1.24%		1.18%		1.64%		1.23%
Ratio of net investment income (loss) to average net assets		0.16%			0.04%		(0.35%	)	(0.29%	)	0.15%		(0.26%	)
Ratio of net investment income (loss) to average net assets
prior to fees waived and expense paid indirectly		0.15%			(0.09%	)	(0.70%	)	(0.58%	)	(0.60%	)	(0.59%	)
Portfolio turnover		40%			26%		80%		53%		61%		47%

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

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

See accompanying notes, which are an integral part of the financial statements.

2012 Semiannual report • Delaware Pooled Trust

(continues) 71

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			Year Ended
	4/30/12¹			10/31/11		10/31/10		10/31/09		10/31/08		10/31/07
	(Unaudited)
Net asset value, beginning of period		$9.880		$8.900		$7.350		$6.220		$10.560		$8.780

Income (loss) from investment operations:
Net investment income²		0.015		0.053		0.008		0.020		0.018		0.016
Net realized and unrealized gain (loss)		1.631		0.962		1.559		1.135		(4.256	)	1.768
Total from investment operations		1.646		1.015		1.567		1.155		(4.238	)	1.784

Less dividends and distributions from:
Net investment income		(0.026	)	(0.035	)	(0.017	)	(0.025	)	(0.014	)	(0.004	)
Net realized gain on investments		—		—		—		—		(0.088	)	—
Total dividends and distributions		(0.026	)	(0.035	)	(0.017	)	(0.025	)	(0.102	)	(0.004	)

Net asset value, end of period		$11.500		$9.880		$8.900		$7.350		$6.220		$10.560

Total return³		16.71%		11.43%		21.35%		18.51%		(40.50%	)	20.33%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$200,610		$170,531		$244,124		$251,017		$258,526		$460,900
Ratio of expenses to average net assets		0.64%		0.64%		0.65%		0.65%		0.65%		0.64%
Ratio of expenses to average net assets
prior to fees waived and expense paid indirectly		0.64%		0.64%		0.65%		0.66%		0.65%		0.64%
Ratio of net investment income to average net assets		0.28%		0.55%		0.10%		0.32%		0.20%		0.17%
Ratio of net investment income to average net assets
prior to fees waived and expense paid indirectly		0.28%		0.55%		0.10%		0.31%		0.20%		0.17%
Portfolio turnover		16%		19%		22%		30%		38%		25%

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

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

³Total 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 during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes, which are an integral part of the financial statements.

2012 Semiannual report • Delaware Pooled Trust

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
	4/30/12¹			10/31/11		10/31/10		10/31/09		10/31/08		10/31/07
	(Unaudited)
Net asset value, beginning of period		$14.810		$12.290		$8.710		$6.580		$11.360		$10.290

Income (loss) from investment operations:
Net investment income (loss)²		(0.013	)	0.079		(0.031	)	0.013		0.056		0.018
Net realized and unrealized gain (loss)		1.894		2.547		3.611		2.173		(4.079	)	1.527
Total from investment operations		1.881		2.626		3.580		2.186		(4.023	)	1.545

Less dividends and distributions from:
Net investment income		(0.011	)	(0.106	)	—		(0.056	)	(0.031	)	(0.013	)
Net realized gain on investments		—		—		—		—		(0.726	)	(0.462	)
Total dividends and distributions		(0.011	)	(0.106	)	—		(0.056	)	(0.757	)	(0.475	)

Net asset value, end of period		$16.680		$14.810		$12.290		$8.710		$6.580		$11.360

Total return³		12.72%		21.44%		41.10%		33.07%		(37.44%	)	15.77%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$17,039		$16,721		$4,613		$3,450		$4,305		$8,781
Ratio of expenses to average net assets		0.92%		0.92%		0.92%		0.92%		0.92%		0.93%
Ratio of expenses to average net assets
prior to fees waived and expense paid indirectly		0.95%		1.05%		1.44%		1.48%		1.12%		1.11%
Ratio of net investment income (loss) to average net assets		(0.16%	)	0.54%		(0.30%	)	0.19%		0.63%		0.18%
Ratio of net investment income (loss) to average net assets
prior to fees waived and expense paid indirectly		(0.19%	)	0.41%		(0.82%	)	(0.37%	)	0.43%		(0.01%	)
Portfolio turnover		9%		16%		86%		51%		43%		33%

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

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

See accompanying notes, which are an integral part of the financial statements.

2012 Semiannual report • Delaware Pooled Trust

(continues) 73

Financial highlights

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
	4/30/12¹			10/31/11		10/31/10		10/31/09		10/31/08		10/31/07
	(Unaudited)
Net asset value, beginning of period		$6.410		$5.790		$4.260		$4.680		$13.600		$30.730

Income (loss) from investment operations:
Net investment income²		0.013		0.063		0.090		0.129		0.157		0.150
Net realized and unrealized gain (loss)		0.909		0.641		1.561		(0.290	)	(3.806	)	0.763
Total from investment operations		0.922		0.704		1.651		(0.161	)	(3.649	)	0.913

Less dividends and distributions from:
Net investment income		(0.042	)	(0.084	)	(0.121	)	(0.259	)	(0.124	)	(0.205	)
Net realized gain on investments		—		—		—		—		(5.147	)	(17.838	)
Total dividends and distributions		(0.042	)	(0.084	)	(0.121	)	(0.259	)	(5.271	)	(18.043	)

Net asset value, end of period		$7.290		$6.410		$5.790		$4.260		$4.680		$13.600

Total return³		14.50%		12.37%		39.51%		(2.62%	)	(37.42%	)	2.41%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$3,558		$3,110		$2,766		$5,231		$5,346		$13,789
Ratio of expenses to average net assets		0.95%		0.95%		0.95%		0.91%		0.86%		0.88%
Ratio of expenses to average net assets
prior to fees waived and expense paid indirectly		1.86%		2.03%		1.81%		1.53%		1.20%		0.98%
Ratio of net investment income to average net assets		0.40%		1.03%		1.82%		3.57%		2.27%		0.97%
Ratio of net investment income (loss) to average net assets
prior to fees waived and expense paid indirectly		(0.51%	)	(0.05%	)	0.96%		2.95%		1.93%		0.87%
Portfolio turnover		41%		138%		192%		169%		121%		93%

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

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

See accompanying notes, which are an integral part of the financial statements.

2012 Semiannual report • Delaware Pooled Trust

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
	4/30/12¹			10/31/11		10/31/10		10/31/09		10/31/08		10/31/07
	(Unaudited)
Net asset value, beginning of period		$9.750		$9.440		$9.120		$8.150		$9.140		$9.100

Income (loss) from investment operations:
Net investment income²		0.092		0.234		0.284		0.414		0.403		0.444
Net realized and unrealized gain (loss)		0.214		0.355		0.456		0.968		(0.753	)	(0.030	)
Total from investment operations		0.306		0.589		0.740		1.382		(0.350	)	0.414

Less dividends and distributions from:
Net investment income		(0.316	)	(0.279	)	(0.420	)	(0.412	)	(0.640	)	(0.374	)
Total dividends and distributions		(0.316	)	(0.279	)	(0.420	)	(0.412	)	(0.640	)	(0.374	)

Net asset value, end of period		$9.740		$9.750		$9.440		$9.120		$8.150		$9.140

Total return³		3.22%		6.49%		8.46%		17.41%		(4.13%	)	4.70%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$7,075		$6,225		$19,208		$20,550		$30,111		$41,311
Ratio of expenses to average net assets		0.43%		0.43%		0.43%		0.43%		0.42%		0.37%
Ratio of expenses to average net assets
prior to fees waived and expense paid indirectly		1.14%		0.96%		0.76%		0.71%		0.63%		0.56%
Ratio of net investment income to average net assets		1.91%		2.53%		3.13%		4.94%		4.63%		4.96%
Ratio of net investment income to average net assets
prior to fees waived and expense paid indirectly		1.20%		2.00%		2.80%		4.66%		4.39%		4.75%
Portfolio turnover		264%		535%		437%		299%		359%		505%

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

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

See accompanying notes, which are an integral part of the financial statements.

2012 Semiannual report • Delaware Pooled Trust

(continues) 75

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
	4/30/12¹			10/31/11		10/31/10		10/31/09		10/31/08		10/31/07
	(Unaudited)
Net asset value, beginning of period		$7.830		$8.110		$7.350		$5.580		$8.060		$8.160

Income (loss) from investment operations:
Net investment income²		0.303		0.613		0.691		0.656		0.590		0.595
Net realized and unrealized gain (loss)		0.300		(0.274	)	0.731		1.634		(2.492	)	(0.062	)
Total from investment operations		0.603		0.339		1.422		2.290		(1.902	)	0.533

Less dividends and distributions from:
Net investment income		(0.583	)	(0.619	)	(0.662	)	(0.520	)	(0.578	)	(0.633	)
Total dividends and distributions		(0.583	)	(0.619	)	(0.662	)	(0.520	)	(0.578	)	(0.633	)

Net asset value, end of period		$7.850		$7.830		$8.110		$7.350		$5.580		$8.060

Total return³		8.41%		4.52%		20.85%		46.38%		(25.30%	)	6.89%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$71,837		$57,840		$29,437		$23,617		$19,814		$21,497
Ratio of expenses to average net assets		0.59%		0.59%		0.59%		0.59%		0.54%		0.43%
Ratio of expenses to average net assets
prior to fees waived and expense paid indirectly		0.59%		0.60%		0.74%		0.78%		0.77%		0.70%
Ratio of net investment income to average net assets		8.00%		7.82%		9.29%		11.05%		8.25%		7.45%
Ratio of net investment income to average net assets
prior to fees waived and expense paid indirectly		8.00%		7.81%		9.14%		10.86%		8.02%		7.18%
Portfolio turnover		29%		77%		144%		119%		132%		177%

¹ Ratios have been annualized and total return and portfolio turnover have 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 during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes, which are an integral part of the financial statements.

2012 Semiannual report • Delaware Pooled Trust

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
	4/30/12¹			10/31/11		10/31/10		10/31/09		10/31/08		10/31/07
	(Unaudited)
Net asset value, beginning of period		$10.050		$10.130		$9.700		$8.290		$9.540		$9.550

Income (loss) from investment operations:
Net investment income²		0.164		0.369		0.463		0.506		0.467		0.495
Net realized and unrealized gain (loss)		0.216		0.081		0.660		1.474		(0.991	)	(0.065	)
Total from investment operations		0.380		0.450		1.123		1.980		(0.524	)	0.430

Less dividends and distributions from:
Net investment income		(0.290	)	(0.530	)	(0.693	)	(0.570	)	(0.726	)	(0.440	)
Total dividends and distributions		(0.290	)	(0.530	)	(0.693	)	(0.570	)	(0.726	)	(0.440	)

Net asset value, end of period		$10.140		$10.050		$10.130		$9.700		$8.290		$9.540

Total return³		3.85%		4.80%		12.05%		25.55%		(5.91%	)	4.66%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$58,498		$53,851		$50,305		$53,603		$111,496		$190,308
Ratio of expenses to average net assets		0.45%		0.45%		0.45%		0.45%		0.42%		0.38%
Ratio of expenses to average net assets
prior to fees waived and expense paid indirectly		0.62%		0.64%		0.65%		0.61%		0.57%		0.54%
Ratio of net investment income to average net assets		3.29%		3.77%		4.80%		5.95%		5.19%		5.29%
Ratio of net investment income to average net assets
prior to fees waived and expense paid indirectly		3.12%		3.58%		4.60%		5.79%		5.03%		5.12%
Portfolio turnover		171%		273%		239%		218%		315%		503%

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

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

See accompanying notes, which are an integral part of the financial statements.

2012 Semiannual report • Delaware Pooled Trust

(continues) 77

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
	4/30/12¹			10/31/11		10/31/10		10/31/09		10/31/08		10/31/07
	(Unaudited)
Net asset value, beginning of period		$13.120		$13.680		$12.980		$14.480		$27.200		$25.330

Income (loss) from investment operations:
Net investment income²		0.202		0.471		0.406		0.382		0.757		0.680
Net realized and unrealized gain (loss)		(0.254	)	(0.596	)	0.712		1.296		(10.746	)	4.632
Total from investment operations		(0.052	)	(0.125	)	1.118		1.678		(9.989	)	5.312

Less dividends and distributions from:
Net investment income		(0.538	)	(0.435	)	(0.418	)	(1.383	)	(0.574	)	(0.707	)
Net realized gain on investments		—		—		—		(1.795	)	(2.157	)	(2.735	)
Total dividends and distributions		(0.538	)	(0.435	)	(0.418	)	(3.178	)	(2.731	)	(3.442	)

Net asset value, end of period		$12.530		$13.120		$13.680		$12.980		$14.480		$27.200

Total return³		(0.13%	)	(0.88%	)	8.77%		16.11%		(40.40%	)	23.35%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$551,187		$589,109		$809,011		$913,056		$1,086,795		$2,519,761
Ratio of expenses to average net assets		0.82%		0.77%		0.87%		0.88%		0.87%		0.88%
Ratio of net investment income to average net assets		3.23%		3.48%		3.18%		3.35%		3.58%		2.73%
Portfolio turnover		9%		22%		18%		18%		9%		17%

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

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

³Total 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, which are an integral part of the financial statements.

2012 Semiannual report • Delaware Pooled Trust

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
	4/30/12¹			10/31/11		10/31/10		10/31/09		10/31/08		10/31/07
	(Unaudited)
Net asset value, beginning of period		$12.920		$13.570		$12.930		$12.410		$24.530		$22.380

Income (loss) from investment operations:
Net investment income²		0.223		0.451		0.390		0.364		0.647		0.616
Net realized and unrealized gain (loss)		(0.198	)	(0.695	)	0.626		1.445		(9.221	)	3.980
Total from investment operations		0.025		(0.244	)	1.016		1.809		(8.574	)	4.596

Less dividends and distributions from:
Net investment income		(0.535	)	(0.406	)	(0.376	)	(0.869	)	(0.473	)	(0.549	)
Net realized gain on investments		—		—		—		(0.420	)	(3.073	)	(1.897	)
Total dividends and distributions		(0.535	)	(0.406	)	(0.376	)	(1.289	)	(3.546	)	(2.446	)

Net asset value, end of period		$12.410		$12.920		$13.570		$12.930		$12.410		$24.530

Total return³		0.46%		(1.79%	)	8.00%		16.76%		(40.31%	)	22.43%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$521,127		$572,642		$740,952		$797,718		$639,519		$1,093,092
Ratio of expenses to average net assets		0.87%		0.85%		0.87%		0.88%		0.87%		0.88%
Ratio of net investment income to average net assets		3.61%		3.37%		3.07%		3.26%		3.59%		2.75%
Portfolio turnover		10%		20%		13%		11%		10%		28%

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

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

³Total 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, which are an integral part of the financial statements.

2012 Semiannual report • Delaware Pooled Trust

(continues) 79

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
	4/30/12¹			10/31/11		10/31/10		10/31/09		10/31/08		10/31/07
	(Unaudited)
Net asset value, beginning of period		$10.510		$11.420		$9.430		$7.580		$18.780		$15.360

Income (loss) from investment operations:
Net investment income²		0.044		0.266		0.259		0.200		0.347		0.379
Net realized and unrealized gain (loss)		0.521		(0.873	)	1.926		3.208		(7.707	)	6.084
Total from investment operations		0.565		(0.607	)	2.185		3.408		(7.360	)	6.463

Less dividends and distributions from:
Net investment income		(0.220	)	(0.330	)	(0.212	)	(0.303	)	(0.402	)	(0.369	)
Net realized gain on investments		(0.798	)	—		—		(1.268	)	(3.447	)	(2.727	)
Total dividends and distributions		(1.018	)	(0.330	)	(0.212	)	(1.571	)	(3.849	)	(3.096	)

Reimbursement fees:
Purchase reimbursement fees^2,3		0.005		0.005		0.009		0.002		0.002		0.038
Redemption reimbursement fees^2,3		0.008		0.022		0.008		0.011		0.007		0.015
		0.013		0.027		0.017		0.013		0.009		0.053

Net asset value, end of period		$10.070		$10.510		$11.420		$9.430		$7.580		$18.780

Total return⁴		6.86%		(5.22%	)	23.79%		57.05%		(48.23%	)	49.98%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$438,896		$531,527		$750,190		$597,638		$469,392		$964,310
Ratio of expenses to average net assets		1.21%		1.14%		1.17%		1.16%		1.15%		1.28%
Ratio of net investment income to average net assets		0.89%		2.41%		2.57%		2.71%		2.66%		2.46%
Portfolio turnover		20%		39%		39%		40%		43%		47%

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

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

³ The Portfolio charges a 0.55% purchase reimbursement fee and a 0.55% 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. Total investment return does not reflect the purchase reimbursement fee and redemption reimbursement fee.

See accompanying notes, which are an integral part of the financial statements.

2012 Semiannual report • Delaware Pooled Trust

Delaware Pooled^® Trust — The Emerging Markets Portfolio II

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

	Six Months			Year			6/23/10²
	Ended			Ended			to
	4/30/12¹			10/31/11			10/31/10
	(Unaudited)
Net asset value, beginning of period		$8.550			$9.660			$8.500

Income (loss) from investment operations:
Net investment income³		0.030			0.089			0.019
Net realized and unrealized gain (loss) on investments
and foreign currencies		0.162			(1.099	)		1.141
Total from investment operations		0.192			(1.010	)		1.160

Less dividends and distributions from:
Net investment income		(0.128	)		(0.026	)		—
Net realized gain on investments		(0.294	)		(0.074	)		—
Total dividends and distributions		(0.422	)		(0.100	)		—

Net asset value, end of period		$8.320			$8.550			$9.660

Total return⁴		2.74%			(10.58%	)		13.65	%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$22,764			$15,339			$11,364
Ratio of expenses to average net assets		1.20%			1.25%			1.40%
Ratio of expenses to average net assets
prior to fees waived and expense paid indirectly		1.41%			1.64%			2.17%
Ratio of net investment income to average net assets		0.73%			0.94%			0.59%
Ratio of net investment income (loss) to average net assets
prior to fees waived and expense paid indirectly		0.52%			0.55%			(0.18%	)
Portfolio turnover		6%			23%			9%

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

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

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

⁴Total 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 during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes, which are an integral part of the financial statements.

2012 Semiannual report • Delaware Pooled Trust

(continues) 81

Financial highlights

Delaware Pooled^® Trust — The Global Real Estate Securities Portfolio

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

	Original Class
	Six Months											1/10/07²
	Ended			Year Ended								to
	4/30/12¹			10/31/11		10/31/10		10/31/09		10/31/08		10/31/07
	(Unaudited)
Net asset value, beginning of period		$5.390		$5.790		$5.050		$4.430		$9.020			$8.500

Income (loss) from investment operations:
Net investment income³		0.064		0.163		0.142		0.139		0.155			0.118
Net realized and unrealized gain (loss)		0.472		(0.061	)	0.971		0.490		(4.409	)		0.402
Total from investment operations		0.536		0.102		1.113		0.629		(4.254	)		0.520

Less dividends and distributions from:
Net investment income		(0.226	)	(0.502	)	(0.373	)	(0.009	)	(0.336	)		—
Total dividends and distributions		(0.226	)	(0.502	)	(0.373	)	(0.009	)	(0.336	)		—

Net asset value, end of period		$5.700		$5.390		$5.790		$5.050		$4.430			$9.020

Total return⁴		10.69%		2.10%		23.49%		13.75%		(48.74%	)		6.12%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$51,357		$49,359		$60,307		$54,761		$87,945			$336,203
Ratio of expenses to average net assets		1.10%		1.14%		1.25%		1.07%		1.09%			1.09%
Ratio of expenses to average net assets
prior to fees waived and expense paid indirectly		1.24%		1.24%		1.25%		1.21%		1.12%			1.10%
Ratio of net investment income to average net assets		2.41%		2.94%		2.77%		3.45%		2.21%			1.71%
Ratio of net investment income to average net assets
prior to fees waived and expense paid indirectly		2.27%		2.84%		2.77%		3.31%		2.17%			1.70%
Portfolio turnover		43%		155%		185%		124%		96%			56%

1 Ratios have been annualized and total return and portfolio turnover have 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 during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes, which are an integral part of the financial statements.

2012 Semiannual report • Delaware Pooled Trust

Delaware Pooled^® Trust — The Global Real Estate Securities Portfolio

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

	Class P
	Six Months											1/10/07²
	Ended			Year Ended								to
	4/30/12¹			10/31/11		10/31/10		10/31/09		10/31/08		10/31/07
	(Unaudited)
Net asset value, beginning of period		$5.370		$5.780		$5.040		$4.420		$9.000			$8.500

Income (loss) from investment operations:
Net investment income³		0.057		0.148		0.129		0.129		0.137			0.101
Net realized and unrealized gain (loss)		0.475		(0.069	)	0.973		0.491		(4.402	)		0.399
Total from investment operations		0.532		0.079		1.102		0.620		(4.265	)		0.500

Less dividends and distributions from:
Net investment income		(0.212	)	(0.489	)	(0.362	)	—		(0.315	)		—
Total dividends and distributions		(0.212	)	(0.489	)	(0.362	)	—		(0.315	)		—

Net asset value, end of period		$5.690		$5.370		$5.780		$5.040		$4.420			$9.000

Total return⁴		10.60%		1.68%		23.26%		14.03	%	(48.88%	)		5.88%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$9		$8		$8		$6		$6			$11
Ratio of expenses to average net assets		1.35%		1.39%		1.50%		1.32%		1.34%			1.34%
Ratio of expenses to average net assets
prior to fees waived and expense paid indirectly		1.49%		1.49%		1.50%		1.46%		1.37%			1.35%
Ratio of net investment income to average net assets		2.16%		2.69%		2.52%		3.20%		1.96%			1.46%
Ratio of net investment income to average net assets
prior to fees waived and expense paid indirectly		2.02%		2.59%		2.52%		3.06%		1.92%			1.45%
Portfolio turnover		43%		155%		185%		124%		96%			56%

1 Ratios have been annualized and total return and portfolio turnover have 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.

See accompanying notes, which are an integral part of the financial statements.

2012 Semiannual report • Delaware Pooled Trust

(continues) 83

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
	4/30/12¹			10/31/11		10/31/10		10/31/09		10/31/08		10/31/07
	(Unaudited)
Net asset value, beginning of period		$11.520		$11.680		$11.280		$11.730		$11.820		$11.330

Income (loss) from investment operations:
Net investment income²		0.088		0.259		0.299		0.324		0.304		0.266
Net realized and unrealized gain (loss)		(0.137	)	0.060		0.767		1.494		0.143		0.695
Total from investment operations		(0.049	)	0.319		1.066		1.818		0.447		0.961

Less dividends and distributions from:
Net investment income		(1.344	)	(0.479	)	(0.666	)	(2.268	)	(0.537	)	(0.471	)
Net realized gain on investments		(0.017	)	—		—		—		—		—
Total dividends and distributions		(1.361	)	(0.479	)	(0.666	)	(2.268	)	(0.537	)	(0.471	)

Net asset value, end of period		$10.110		$11.520		$11.680		$11.280		$11.730		$11.820

Total return³		(0.10%	)	3.08%		10.03%		17.52%		3.81%		8.80%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$46,994		$83,777		$140,281		$143,204		$171,162		$282,899
Ratio of expenses to average net assets		0.60%		0.59%		0.60%		0.60%		0.60%		0.61%
Ratio of expenses to average net assets
prior to fees waived and expense paid indirectly		0.67%		0.63%		0.64%		0.65%		0.62%		0.63%
Ratio of net investment income to average net assets		1.71%		2.32%		2.75%		3.06%		2.51%		2.38%
Ratio of net investment income to average net assets
prior to fees waived and expense paid indirectly		1.64%		2.28%		2.71%		3.01%		2.49%		2.36%
Portfolio turnover		23%		89%		39%		100%		54%		44%

1 Ratios have been annualized and total return and portfolio turnover have 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 during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes, which are an integral part of the financial statements.

2012 Semiannual report • Delaware Pooled Trust

Notes to financial statements

Delaware Pooled^® Trust
April 30, 2012 (Unaudited)

Delaware Pooled Trust (Trust) is organized as a Delaware statutory trust and offers 15 separate Portfolios. These financial statements and the related notes pertain to The Large-Cap Value Equity Portfolio, The Select 20 Portfolio, The Large-Cap Growth Equity Portfolio, The Focus Smid-Cap Growth Equity Portfolio, The Real Estate Investment Trust Portfolio II, 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 Emerging Markets Portfolio II, The Global Real Estate Securities Portfolio, and The Global Fixed Income Portfolio (each, a Portfolio, or collectively, 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 Select 20, The Real Estate Investment Trust II, The Global Real Estate Securities, and The Global Fixed Income Portfolios, which are nondiversified. 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 Select 20 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 Focus 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 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 Emerging Markets Portfolio II 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.

1. Significant Accounting Policies

The following accounting policies are in accordance with U.S. generally accepted accounting principles (U.S. GAAP) 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 ask prices will be used, which approximates fair value. Securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. Short-term debt securities are valued using the evaluated mean. U.S. government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Other debt securities, credit default swap (CDS) contracts and interest rate swap contracts are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Investment company securities are valued at net asset value per share. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. 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 ask prices, which approximates fair value. Generally, other securities and assets for

2012 Semiannual report • Delaware Pooled Trust

(continues) 85

Notes to financial statements

Delaware Pooled^® Trust

1. Significant Accounting Policies (continued)

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 (Board). 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 suspension of trading in a security. The Portfolios may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Portfolios value their securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Portfolios may frequently value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).

Federal Income Taxes — No provision for federal income taxes has been made as each Portfolio intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Portfolios evaluate 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 are recorded as a tax benefit or expense in the current year. Management has analyzed the Portfolios’ tax positions taken on federal income tax returns for all open tax years (October 31, 2008 – October 31, 2011, as applicable), and has concluded that no provision for federal income tax is required in the Portfolios’ financial statements.

Class Accounting — Investment income, common expenses and realized and unrealized gain (loss) on investments are allocated to the 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 purchase certain U.S. government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the Portfolios’ custodian or a third-party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. All open repurchase agreements as of the date of this report were entered into on April 30, 2012.

To Be Announced Trades — The Portfolios may contract to purchase securities for a fixed price at a transaction date beyond the customary settlement period (e.g., “when issued,” “delayed delivery,” “forward commitment,” or “TBA transactions”) consistent with the Portfolios’ ability to manage their investment portfolios and meet redemption requests. These transactions involve a commitment by the Portfolios to purchase securities for a predetermined price or yield with payment and delivery taking place more than three days in the future, or after a period longer than the customary settlement period for that type of security. No interest will be earned by the Portfolios on such purchases until the securities are delivered; however the market value may change prior to delivery.

Foreign Currency Transactions — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date in accordance with the Portfolios’ prospectuses. The value of all assets and liabilities denominated in foreign currencies is 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 generally 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 is due to changes in market prices of debt securities. For foreign equity securities, these changes are included in net realized and unrealized gain or loss on investments. The Portfolios report certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas 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. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent 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 and the differences could be material.

Reimbursement Fees — The Emerging Markets Portfolio may charge a 0.55% purchase reimbursement fee and a 0.55% 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 statements of changes in net assets.

2012 Semiannual report • Delaware Pooled Trust

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 debt securities are amortized to interest income over the lives of the respective securities using the effective interest method. 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 (REITs) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distribution by the issuer. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that a Portfolio is aware of such dividends, net of all nonrebatable 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.

Each 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. Dividends and distributions, if any, are recorded on the ex-dividend date. Each Portfolio may distribute income dividends and capital gains more frequently, if necessary for tax purposes.

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, 2012 are as follows:

	Commission Rebates
The Select 20 Portfolio		$	112
The Large-Cap Growth Equity Portfolio			1,394

The Portfolios may receive earnings credits from their custodian when positive cash balances are maintained, which are used to offset custody fees. There were no earnings credits for the six months ended April 30, 2012.

The Portfolios may receive earnings credits from their transfer agent when positive cash balances are maintained, which are used to offset transfer agent fees. The expense paid under this arrangement is included in dividend disbursing and transfer agent fees and expenses 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 contractually agreed to waive that portion, if any, of its management fees and reimburse each Portfolio (except for The International Equity Portfolio, The Labor Select International Equity Portfolio and The Emerging Markets Portfolio) to the extent necessary to ensure that annual operating expenses, (excluding any 12b-1 plan and certain other expenses) do not exceed specified percentages of average daily net assets of each Portfolio until February 28, 2013. For purposes of these waivers and reimbursements, nonroutine expenses may also include such additional costs and expenses as may be agreed upon from time to time by the Portfolios’ Board and DMC. These expense waivers and reimbursements apply only to expenses paid directly by the Portfolios.

2012 Semiannual report • Delaware Pooled Trust

(continues) 87

Notes to financial statements

Delaware Pooled^® Trust

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

The management fee rates and the operating expense limitation rates in effect for the six months ended April 30, 2012 are as follows:

				Contractual
				operating expense
	Management			limitation as
	fee as a percentage			a percentage
	of average daily			of average daily
	net assets (per annum)			net assets (per annum)†
The Large-Cap Value Equity Portfolio		0.55	%		0.70	%
The Select 20 Portfolio		0.75	%		0.89	%
The Large-Cap Growth Equity Portfolio		0.55	%		0.65	%
The Focus Smid-Cap Growth Equity Portfolio		0.75	%		0.92	%
The Real Estate Investment Trust Portfolio II		0.75	%		0.95	%
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	%		—
The Emerging Markets Portfolio		1.00	%		—
The Emerging Markets Portfolio II		1.00	%		1.20	%
The Global Real Estate Securities Portfolio		0.99	%		1.15	%	*
The Global Fixed Income Portfolio		0.50	%		0.60	%

†These operating expense limitations exclude certain expenses, such as 12b-1 plan expenses, taxes, interest, inverse floater program expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations.

*Prior to 2/28/11, the expense limitation for The Global Real Estate Securities Portfolio was 1.08% of average daily net assets.

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, and The Global 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%

2012 Semiannual report • Delaware Pooled Trust

Delaware Service Company, Inc. (DSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Portfolios. For these services, the Portfolios pay DSC fees based on the aggregate daily net assets of the Delaware Investments^® Family of Funds at the following annual rate: 0.0050% of the first $30 billion; 0.0045% of the next $10 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $50 billion. The fees payable to DSC under the service agreement described above are allocated among all Funds in the Delaware Investments^® Family of Funds on a relative net asset value basis. For the six months ended April 30, 2012, the Portfolios were charged for these services as follows:

The Large-Cap Value Equity Portfolio	$	173
The Select 20 Portfolio		1,553
The Large-Cap Growth Equity Portfolio		4,564
The Focus Smid-Cap Growth Equity Portfolio		399
The Real Estate Investment Trust Portfolio II		79
The Core Focus Fixed Income Portfolio		157
The High-Yield Bond Portfolio		1,509
The Core Plus Fixed Income Portfolio		1,397
The International Equity Portfolio		13,855
The Labor Select International Equity Portfolio		13,204
The Emerging Markets Portfolio		13,573
The Emerging Markets Portfolio II		437
The Global Real Estate Securities Portfolio		1,195
The Global Fixed Income Portfolio		1,699

The Bank of New York Mellon (BNY Mellon) provides custody, fund accounting and financial administration services to the Portfolios.

DSC also provides dividend disbursing and transfer agency services. The Portfolios pay DSC a monthly asset-based fee for these 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.

At April 30, 2012, each Portfolio had receivables due from or liabilities payable to affiliates as follows:

				Dividend
				disbursing,
				transfer
				agent and
				fund accounting						Receivable
				oversight						from DMC
	Investment management			fees, and			Other expenses			under
	fee payable to			other expenses			payable to			expense limitation
	DMC			payable to DSC			DMC and affiliates*			agreement
The Large-Cap Value Equity Portfolio		$	955		$	75		$	57		$	—
The Select 20 Portfolio			48,813			806			562			—
The Large-Cap Growth Equity Portfolio			91,524			2,063			1,608			—
The Focus Smid-Cap Growth Equity Portfolio			9,673			173			126			—
The Real Estate Investment Trust Portfolio II			—			35			22			543
The Core Focus Fixed Income Portfolio			—			71			47			1,287
The High-Yield Bond Portfolio			25,097			691			667			—
The Core Plus Fixed Income Portfolio			14,965			592			446			—
The International Equity Portfolio			344,769			5,698			4,480			—
The Labor Select International Equity Portfolio			326,610			5,398			4,256			—
The Emerging Markets Portfolio			372,356			4,616			4,351			—
The Emerging Markets Portfolio II			15,325			233			170			—
The Global Real Estate Securities Portfolio			35,337			509			390			—
The Global Fixed Income Portfolio			14,636			480			381			—

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

2012 Semiannual report • Delaware Pooled Trust

(continues) 89

Notes to financial statements

Delaware Pooled^® Trust

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

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, 2012, 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	$	163
The Select 20 Portfolio		1,426
The Large-Cap Growth Equity Portfolio		4,238
The Focus Smid-Cap Growth Equity Portfolio		384
The Real Estate Investment Trust Portfolio II		75
The Core Focus Fixed Income Portfolio		141
The High-Yield Bond Portfolio		1,438
The Core Plus Fixed Income Portfolio		1,320
The International Equity Portfolio		13,219
The Labor Select International Equity Portfolio		12,668
The Emerging Markets Portfolio		13,353
The Emerging Markets Portfolio II		383
The Global Real Estate Securities Portfolio		1,136
The Global Fixed Income Portfolio		1,722

Trustees’ fees include expenses accrued by each Portfolio for each Trustee’s retainer and meeting fees. 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 Portfolios.

3. Investments

For the six months ended April 30, 2012, each Portfolio made purchases and sales of investment securities other than short-term investments as follows:

	Purchases						Sales
	other than			Purchases of			other than			Sales of
	U.S. government			U.S. government			U.S. government			U.S. government
	securities			securities			securities			securities
The Large-Cap Value Equity Portfolio		$	234,159		$	—		$	328,437		$	—
The Select 20 Portfolio			50,862,200			—			24,313,961			—
The Large-Cap Growth Equity Portfolio			31,271,023			—			28,645,160			—
The Focus Smid-Cap Growth Equity Portfolio			1,496,303			—			3,005,235			—
The Real Estate Investment Trust Portfolio II			1,319,427			—			1,283,548			—
The Core Focus Fixed Income Portfolio			10,170,303			7,240,634			9,582,447			6,613,660
The High-Yield Bond Portfolio			27,127,124			—			17,175,723			—
The Core Plus Fixed Income Portfolio			62,092,912			36,344,862			57,034,880			36,932,882
The International Equity Portfolio			48,710,194			—			68,084,949			—
The Labor Select International Equity Portfolio			50,940,408			—			81,221,719			—
The Emerging Markets Portfolio			105,705,432			—			235,661,658			—
The Emerging Markets Portfolio II			8,494,945			—			983,729			—
The Global Real Estate Securities Portfolio			20,747,256			—			24,876,297			—
The Global Fixed Income Portfolio			14,935,053			—			40,403,132			7,300,829

2012 Semiannual report • Delaware Pooled Trust

At April 30, 2012, the cost of investments has been estimated since final tax characteristics cannot be determined until fiscal year end. At April 30, 2012, the cost of investments and unrealized appreciation (depreciation) for each Portfolio were as follows:

			Aggregate		Aggregate			Net unrealized
	Cost of		unrealized		unrealized			appreciation
	investments		appreciation		depreciation			(depreciation)
The Large-Cap Value Equity Portfolio	$	7,049,458	$	681,604	$	(251,721	)		$	429,883
The Select 20 Portfolio		77,964,805		12,827,092		(2,146,130	)			10,680,962
The Large-Cap Growth Equity Portfolio		145,315,710		65,228,429		(9,219,411	)			56,009,018
The Focus Smid-Cap Growth Equity Portfolio		13,886,641		3,880,710		(788,664	)			3,092,046
The Real Estate Investment Trust Portfolio II		3,152,301		570,813		(197,680	)			373,133
The Core Focus Fixed Income Portfolio		8,059,342		193,818		(55,038	)			138,780
The High-Yield Bond Portfolio		69,126,984		2,392,529		(1,020,461	)			1,372,068
The Core Plus Fixed Income Portfolio		62,627,468		2,387,382		(652,699	)			1,734,683
The International Equity Portfolio		581,670,268		90,572,297		(111,324,945	)			(20,752,648	)
The Labor Select International Equity Portfolio		593,974,336		84,392,367		(122,684,206	)			(38,291,839	)
The Emerging Markets Portfolio		423,808,043		66,239,699		(33,150,161	)			33,089,538
The Emerging Markets Portfolio II		25,102,173		1,470,133		(2,887,431	)			(1,417,298	)
The Global Real Estate Securities Portfolio		51,402,414		6,458,933		(4,318,639	)			2,140,294
The Global Fixed Income Portfolio		45,594,076		2,570,070		(1,486,657	)			1,083,413

U. S. GAAP defines fair value as the price that each Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each Portfolio’s investment in its entirety is assigned a level based upon the observability of the inputs, which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1 –	inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2 –	other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities)

Level 3 –	inputs are significant unobservable inputs (including the Portfolios’ own assumptions used to determine the fair value of investments) (e.g., broker-quoted securities, fair valued securities)

Level 3 investments are valued using significant unobservable inputs, including related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The Portfolios may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of The Large-Cap Value Equity Portfolio’s investments by fair value hierarchy levels as of April 30, 2012:

	Level 1		Level 2		Total
Common Stock	$	7,196,838	$	—	$	7,196,838
Short-Term Investments		—		282,503		282,503
Total	$	7,196,838	$	282,503	$	7,479,341

There were no unobservable inputs used to value investments at the beginning or end of the period.

2012 Semiannual report • Delaware Pooled Trust

(continues) 91

Notes to financial statements

Delaware Pooled^® Trust

3. Investments (continued)

The following table summarizes the valuation of The Select 20 Portfolio’s investments by fair value hierarchy levels as of April 30, 2012:

	Level 1		Level 2		Total
Common Stock	$	80,336,069	$	—	$	80,336,069
Short-Term Investments		—		8,309,698		8,309,698
Total	$	80,336,069	$	8,309,068	$	88,645,767

There were no unobservable inputs used to value investments at the beginning or end of the period.

The following table summarizes the valuation of The Large-Cap Growth Equity Portfolio’s investments by fair value hierarchy levels as of April 30, 2012:

	Level 1		Level 2		Level 3			Total
Common Stock	$	199,931,024	$	—		$	—	$	199,931,024
Short-Term Investments		—		1,211,658			—		1,211,658
Securities Lending Collateral		—		182,046			—		182,046
Total	$	199,931,024	$	1,393,704		$	—	$	201,324,728

The value of Level 3 investments was zero at the beginning and end of the period and there was no change in unrealized appreciation (depreciation).

The following table summarizes the valuation of The Focus Smid-Cap Growth Equity Portfolio’s investments by fair value hierarchy levels as of April 30, 2012:

	Level 1		Level 2		Total
Common Stock	$	16,320,976	$	—	$	16,320,976
Short-Term Investments		—		657,711		657,711
Total	$	16,320,976	$	657,711	$	16,978,687

There were no unobservable inputs used to value investments at the beginning or end of the period.

The following table summarizes the valuation of The Real Estate Investment Trust Portfolio II’s investments by fair value hierarchy levels as of April 30, 2012:

	Level 1		Level 2		Total
Common Stock	$	3,414,557	$	—	$	3,414,557
Short-Term Investments		—		110,877		110,877
Total	$	3,414,557	$	110,877	$	3,525,434

There were no unobservable inputs used to value investments at the beginning or end of the period.

The following table summarizes the valuation of The Core Focus Fixed Income Portfolio’s investments by fair value hierarchy levels as of April 30, 2012:

	Level 1		Level 2		Level 3			Total
Agency, Asset-Backed and Mortgage-Backed Securities	$	—	$	2,746,851		$	—	$	2,746,851
Corporate Debt		—		1,877,542			—		1,877,542
Foreign Debt		—		29,812			—		29,812
Municipal Bonds				198,944			—		198,944
U.S. Treasury Obligations				2,015,312			—		2,015,312
Short-Term Investments				1,292,604			—		1,292,604
Securities Lending Collateral		—		—			—		—
Preferred Stock		20,080		8,336			—		28,416
Option Purchased		8,641		—			—		8,641
Total	$	28,721	$	8,169,401		$	—	$	8,198,122

2012 Semiannual report • Delaware Pooled Trust

The value of Level 3 investments was zero at the beginning and end of the period and there was no change in unrealized appreciation (depriciation).

The following table summarizes the valuation of The High-Yield Bond Portfolio’s investments by fair value hierarchy levels as of April 30, 2012:

	Level 1		Level 2		Level 3			Total
Common Stock	$	101,283	$	—		$	—	$	101,283
Corporate Debt		—		67,038,957			5,817		67,044,774
Other		279,650		339,525			—		619,175
Short-Term Investments		—		2,707,000			—		2,707,000
Securities Lending Collateral		—		26,820			—		26,820
Total	$	380,933	$	70,112,302		$	5,817	$	70,499,052

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

	The High Yield Bond Portfolio
				Securities
	Corporate			Lending
	Debt			Collateral			Total
Balance as of 10/31/11		$	5,451		$	—	$	5,451
Purchases			366			—		366
Sales
Net change in unrealized appreciation (depreciation)			—			—		—
Balance as of 4/30/12		$	5,817		$	—	$	5,817

Net change in unrealized appreciation (depreciation)
from investments still held as of 4/30/12		$	—		$	—	$	—

The following table summarizes the valuation of The Core Plus Fixed Income Portfolio’s investments by fair value hierarchy levels as of April 30, 2012:

	Level 1			Level 2			Level 3		Total
Agency, Asset-Backed and Mortgage-Backed Securities	$	—		$	16,705,610		$	103,265	$	16,808,875
Corporate Debt		—			28,403,277			—		28,403,277
Foreign Debt		—			4,134,316			—		4,134,316
U.S. Treasury Obligations		—			6,620,516			—		6,620,516
Short-Term Investments		—			8,150,000			—		8,150,000
Securities Lending Collateral		—			41,894			—		41,894
Preferred Stock		88,649			114,624			—		203,273
Total	$	88,649		$	64,170,237		$	103,265	$	64,362,151

Foreign Currency Exchange Contracts	$	—		$	(16,610	)	$	—	$	(16,610	)
Options Written		(3,118	)		—			—		(3,118	)
Swap Contracts		—			93,932			—		93,932

2012 Semiannual report • Delaware Pooled Trust

(continues) 93

Notes to financial statements

Delaware Pooled^® Trust

3. Investments (continued)

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

	The Core Plus Fixed Income Portfolio
	Agency, Asset-
	Backed and
	Mortgage-			Securities
	Backed			Lending
	Securities			Collateral			Total
Balance as of 10/31/11		$	102,180		$	—	$	102,180
Net change in unrealized appreciation (depreciation)			1,085					1,085
Balance as of 4/30/12		$	103,265		$	—	$	103,265

Net change in unrealized appreciation (depreciation)
from investments still held as of 4/30/12		$	1,085		$	—	$	1,085

The following table summarizes the valuation of The International Equity Portfolio’s investments by fair value hierarchy levels as of April 30, 2012:

	Level 1		Level 2			Level 3			Total
Common Stock	$	550,942,150	$	—			$	—	$	550,942,150
Short-Term Investments		—		476,979				—		476,979
Securities Lending Collateral		—		9,498,491				—		9,498,491
Total	$	550,942,150	$	9,975,470			$	—	$	560,917,620

Foreign Currency Exchange Contracts	$	—	$	(192,461	)		$	—	$	(192,461	)

The value of Level 3 investments was zero at the beginning and end of the period and there was no change in unrealized appreciation (depreciation).

The following table summarizes the valuation of The Labor Select International Equity Portfolio’s investments by fair value hierarchy levels as of April 30, 2012:

	Level 1		Level 2			Level 3			Total
Common Stock	$	513,982,839	$	—			$	—	$	513,982,839
Short-Term Investments		—		2,970,684				—		2,970,684
Securities Lending Collateral		—		38,728,974				—		38,728,974
Total	$	513,982,839	$	41,699,658			$	—	$	555,682,497

Foreign Currency Exchange Contracts	$	—	$	(202,668	)		$	—	$	(202,668	)

The value of Level 3 investments was zero at the beginning and end of the period and there was no change in unrealized appreciation (depreciation).

The following table summarizes the valuation of The Emerging Market Portfolio’s investments by fair value hierarchy levels as of April 30, 2012:

	Level 1		Level 2			Level 3		Total
Common Stock	$	406,829,066	$	1,369,271		$	2,843,425	$	411,041,762
Other		23,554,081		3,956			—		23,558,037
Short-Term Investments		—		12,041,200			—		12,041,200
Securities Lending Collateral		—		10,256,582			—		10,256,582
Total	$	430,383,147	$	23,671,009		$	2,843,425	$	456,897,581

Foreign Currency Exchange Contracts	$	—	$	(3,590	)	$	—	$	(3,590	)

2012 Semiannual report • Delaware Pooled Trust

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.

	The Emerging Markets Portfolio
	Common
	Stock
Balance as of 10/31/11		$	—
Purchases			1,497,414
Sales			(1,338,326	)
Net realized loss			(497,687	)
Transfer into Level 3			4,174,925
Net change in unrealized appreciation (depreciation)			(992,901	)
Balance as of 4/30/12		$	2,843,425

Net change in unrealized appreciation (depreciation)
from investments still held as of 4/30/12		$	(992,901	)

The following table summarizes the valuation of The Emerging Market Portfolio II’s investments by fair value hierarchy levels as of April 30, 2012:

	Level 1		Level 2		Level 3			Total
Common Stock	$	21,366,755	$	557,460		$	—	$	21,924,215
Investment Company		602,600		—					602,600
Short-Term Investments		—		13,000			—		13,000
Securities Lending Collateral		—		1,145,060			—		1,145,060
Total	$	21,969,355	$	1,715,520		$	—	$	23,684,875

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

	The Emerging Markets Portfolio II
	Common
	Stock
Balance as of 10/31/11		$	23,606
Transfers out of Level 3			(33,600	)
Net change in unrealized appreciation (depreciation)			9,994
Balance as of 4/30/12		$	—

Net change in unrealized appreciation (depreciation)
from investments still held as of 4/30/12		$	—

2012 Semiannual report • Delaware Pooled Trust

(continues) 95

Notes to financial statements

Delaware Pooled^®Trust

3. Investments (continued)

The following table summarizes the valuation of The Global Real Estate Securities Portfolio’s investments by fair value hierarchy levels as of April 30, 2012:

	Level 1		Level 2			Level 3			Total
Common Stock	$	49,239,347	$	—			$	—	$	49,239,347
Short-Term Investments		—		1,502,554				—		1,502,554
Securities Lending Collateral		—		2,800,807				—		2,800,807
Total	$	49,239,347	$	4,303,361			$	—	$	53,542,708

Foreign Currency Exchange Contracts	$	—	$	(187	)		$	—	$	(187	)

The value of Level 3 investments was zero at the beginning and end of the period and there was no change in unrealized appreciation (depreciation).

The following table summarizes the valuation of The Global Fixed Income Portfolio’s investments by fair value hierarchy levels as of April 30, 2012:

	Level 2
Foreign Debt	$	44,113,532
U.S. Treasury Obligations		2,523,768
Short-Term Investments		40,189
Total	$	46,677,489

Foreign Currency Exchange Contracts	$	2,758

There were no unobservable inputs used to value investments at the beginning or end of the period.

During the period ended April 30, 2012, there were no transfers between Level 1 investments and Level 2 investments that had a material impact to the Portfolios. This does not include transfers between Level 1 investments and Level 2 investments due to the Portfolios utilizing international fair value pricing during the period. International Fair Value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded in accordance with the Fair Valuation Procedures described in Note 1, causing a change in classification between levels.

During the period ended April 30, 2012, transfers into Level 3 investments from Level 2 investments were made in the amount of $4,174,925 for The Emerging Markets Portfolio. The transfer was due to halted trading of the security on April 25, 2012. During the period ended April 30, 2012, transfers out of Level 3 investments into Level 2 investments were made in the amount of $33,600 for The Emerging Markets Portfolio II. The transfer was due to the Portfolio using a price with observable inputs that had been using a price with unobservable inputs.

The Portfolios’ policy is to recognize transfers between levels at the beginning of the reporting period.

In May 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-04 modifying Topic 820, Fair Value Measurements and Disclosures. ASU No. 2011-04 requires reporting entities to disclose i) the amounts of any transfers between Level 1 and Level 2, and the reasons for the transfers, ii) for Level 3 fair value measurements, iii) quantitative information about significant unobservable inputs used, iv) a description of the valuation processes used by the reporting entity and v) a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs if a change in those inputs might result in a significantly higher or lower fair value measurement. The effective date of ASU No. 2011-04 is for interim and annual periods beginning after December 15, 2011. Management is currently evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.

2012 Semiannual report • Delaware Pooled Trust

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. GAAP. Additionally, distributions from net gains 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, 2012 and the year ended October 31, 2011 was as follows:

		Ordinary		Long-term
		income		capital gain
Six months ended April 30, 2012*:
	The Large-Cap Value Equity Portfolio	$	149,500	$	—
	The Select 20 Portfolio		15,848
	The Large-Cap Growth Equity Portfolio		450,961		—
	The Focus Smid-Cap Growth Equity Portfolio		11,997		—
	The Real Estate Investment Trust Portfolio II		20,364		—
	The Core Focus Fixed Income Portfolio		201,820		—
	The High-Yield Bond Portfolio		4,332,406		—
	The Core Plus Fixed Income Portfolio		1,548,743		—
	The International Equity Portfolio		23,845,189		—
	The Labor Select International Equity Portfolio		22,684,826		—
	The Emerging Markets Portfolio		11,672,380		42,338,904
	The Emerging Markets Portfolio II		761,490		—
	The Global Real Estate Securities Portfolio		2,051,396		—
	The Global Fixed Income Portfolio		9,857,283		—

		Ordinary
		income
Year ended October 31, 2011:
	The Large-Cap Value Equity Portfolio	$	211,314
	The Large-Cap Growth Equity Portfolio		826,516
	The Focus Smid-Cap Growth Equity Portfolio		41,867
	The Real Estate Investment Trust Portfolio II		40,124
	The Core Focus Fixed Income Portfolio		567,674
	The High-Yield Bond Portfolio		2,250,664
	The Core Plus Fixed Income Portfolio		2,534,908
	The International Equity Portfolio		25,012,020
	The Labor Select International Equity Portfolio		22,010,265
	The Emerging Markets Portfolio		16,918,513
	The Emerging Markets Portfolio II		117,647
	The Global Real Estate Securities Portfolio		5,064,501
	The Global Fixed Income Portfolio		5,618,617

*Tax information for the six months ended April 30, 2012 is an estimate and the tax character of dividends and distributions may be redesignated at fiscal year end.

2012 Semiannual report • Delaware Pooled Trust

(continues) 97

Notes to financial statements

Delaware Pooled^® Trust

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, 2012, the estimated components of net assets on a tax basis were as follows:

	The							The			The
	Large-Cap				The			Large-Cap			Focus Smid-Cap
	Value Equity				Select 20			Growth Equity			Growth Equity
	Portfolio				Portfolio			Portfolio			Portfolio
Shares of beneficial interest		$	8,009,767		$	78,434,123		$	188,194,767			$	14,852,535
Undistributed ordinary income			45,676			46,392			230,732				—
Realized gains (losses) 11/1/11 – 4/30/12			37,197			2,368,143			7,552,601				(89,541	)
Capital loss carryforwards as of 10/31/11			(1,032,032	)		(2,813,454	)		(51,376,671	)			(815,919	)
Unrealized appreciation			429,883			10,680,962			56,009,018				3,092,046
Net assets		$	7,490,491		$	88,716,166		$	200,610,447			$	17,039,121

	The				The			The			The
	Real Estate				Core Focus			High-Yield			Core Plus
	Investment Trust				Fixed Income			Bond			Fixed Income
	Portfolio II*				Portfolio			Portfolio			Portfolio
Shares of beneficial interest		$	5,591,635		$	6,832,181		$	72,224,796			$	58,615,442
Undistributed ordinary income			6,193			45,132			1,693,926				911,974
Realized gains (losses) 11/1/11 – 4/30/12			139,136			75,251			(635,695	)			343,199
Capital loss carryforwards as of 10/31/11			(2,557,434	)		(16,340	)		(2,817,600	)			(3,093,943	)
Other temporary differences			—			—			—				(122,696	)
Unrealized appreciation			378,385			138,290			1,371,962				1,843,756
Net assets		$	3,557,915		$	7,074,514		$	71,837,389			$	58,497,732

				The
	The			Labor Select			The
	International			International			Emerging
	Equity			Equity			Markets
	Portfolio			Portfolio			Portfolio
Shares of beneficial interest	$	729,873,925		$	637,482,679		$	384,637,396
Undistributed ordinary income		7,451,400			7,545,987			2,105,767
Undistributed long-term capital gain		—			—			19,664,518
Realized gains (losses) 11/1/11 – 4/30/12		4,475,704			4,546,352			—
Capital loss carryforwards as of 10/31/11		(169,891,479	)		(90,062,151	)		—
Unrealized appreciation (depreciation)		(20,722,852	)		(38,386,085	)		32,488,513
Net assets	$	551,186,698		$	521,126,782		$	438,896,194

2012 Semiannual report • Delaware Pooled Trust

				The			The
	The			Global			Global
	Emerging			Real Estate			Fixed
	Markets			Securities			Income
	Portfolio II			Portfolio*			Portfolio
Shares of beneficial interest	$	24,130,563		$	156,391,684		$	43,702,189
Undistributed ordinary income		13,861			528,554			2,010,787
Undistributed long-term capital gain		34,459			—			214,304
Realized gains (losses) 11/1/11 – 4/30/12		—			(32,803	)		—
Capital loss carryforwards as of 10/31/11		—			(107,663,239	)		—
Other temporary differences		—			—			(22,316	)
Unrealized appreciation (depreciation)		(1,414,883	)		2,141,740			1,089,106
Net assets	$	22,764,000		$	51,365,936		$	46,994,070

*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, mark-to- market on forward foreign currency contracts, straddle loss deferrals, tax recognition of unrealized gain on passive foreign investment companies, contingent payment debt instruments, the tax treatment of market discount and premium on debt instruments, and CDS contracts.

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, passive foreign investment companies, CDS and interest rate swaps, tax treatment of Brazilian taxes 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, 2012, the Portfolios recorded an estimate of these differences since final tax characteristics cannot be determined until fiscal year end.

	Undistributed					Accumulated
	(distributions in excess of)					net realized			Paid-in
	net investment income (loss)				��	gain (loss)			Capital
The Large-Cap Growth Equity Portfolio		$	(1,621	)		$	1,621		$	—
The Focus Smid-Cap Growth Portfolio			14,494				—			(14,494	)
The Core Focus Fixed Income Portfolio			5,977				(5,977	)		—
The High-Yield Bond Portfolio			50,937				(50,937	)
The Core Plus Fixed Income Portfolio			(19,344	)			19,344			—
The International Equity Portfolio			793,582				(793,582	)		—
The Labor Select International Equity Portfolio			830,076				(830,076	)		—
The Emerging Markets Portfolio			(304,194	)			304,194			—
The Emerging Markets Portfolio II			(11,932	)			11,932			—
The Global Real Estate Securities Portfolio			(52,175	)			52,175			—
The Global Fixed Income Portfolio			1,631,925				(1,631,925	)		—

2012 Semiannual report • Delaware Pooled Trust

(continues) 99

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 gains.

Capital loss carryforwards remaining at October 31, 2011 will expire as follows:

	Year of expiration
	2014		2016		2017		2018		Total
The Large-Cap Value Equity Portfolio	$	—	$	280,822	$	751,210	$	—	$	1,032,032
The Select 20 Portfolio		76,954		106,744		2,629,756		—		2,813,454
The Large-Cap Growth Equity Portfolio		—		—		49,183,718		2,192,953		51,376,671
The Focus Smid-Cap Growth Equity Portfolio		—		—		815,919		—		815,919
The Real Estate Investment Trust Portfolio II		—		1,013,634		1,521,902		21,898		2,557,434
The Core Focus Fixed Income Portfolio		—		—		16,340		—		16,340
The High-Yield Bond Portfolio		—		602,259		2,215,341		—		2,817,600
The Core Plus Fixed Income Portfolio		—		812,564		2,281,379		—		3,093,943
The International Equity Portfolio		—		—		156,031,998		13,859,481		169,891,479
The Labor Select International Equity Portfolio		—		—		71,586,349		18,475,802		90,062,151
The Global Real Estate Securities Portfolio		—		53,477,898		50,784,384		3,400,957		107,663,239

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the Act) was enacted, which changed various technical rules governing the tax treatment of regulated investment companies. The changes are generally effective for taxable years beginning after the date of enactment. Under the Act, the Series will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under previous regulation.

For the six months ended April 30, 2012, the Portfolios had capital gains (losses), which may reduce (increase) the capital loss carryforwards as follows:

The Large-Cap Value Equity Portfolio	$	37,197
The Select 20 Portfolio		2,368,143
The Large-Cap Growth Equity Portfolio		7,552,601
The Focus Smid-Cap Growth Equity Portfolio		(89,541	)
The Real Estate Investment Trust Portfolio II		139,136
The Core Focus Fixed Income Portfolio		75,251
The High-Yield Bond Portfolio		(635,695	)
The Core Plus Fixed Income Portfolio		343,199
The International Equity Portfolio		4,475,704
The Labor Select International Equity Portfolio		4,546,352
The Global Real Estate Securities Portfolio		(32,803	)

2012 Semiannual report • Delaware Pooled Trust

100

6. Capital Shares

Transactions in capital shares were as follows:

			Shares issued
			upon reinvestment				Net
		Shares	of dividends		Shares		increase
		sold	and distributions		repurchased		(decrease)
Six months ended April 30, 2012:
	The Large-Cap Value Equity Portfolio	—		9,116	—		9,116
	The Select 20 Portfolio	5,926,025		1,679	(1,620,863	)	4,306,841
	The Large-Cap Growth Equity Portfolio	1,750,085		39,201	(1,606,991	)	182,295
	The Focus Smid-Cap Growth Equity Portfolio	—		749	(107,793	)	(107,044	)
	The Real Estate Investment Trust Portfolio II	—		3,295	—		3,295
	The Core Focus Fixed Income Portfolio	119,075		21,222	(52,854	)	87,443
	The High-Yield Bond Portfolio	1,948,899		604,241	(782,005	)	1,771,135
	The Core Plus Fixed Income Portfolio	434,435		156,438	(178,165	)	412,708
	The International Equity Portfolio	2,590,808		1,240,044	(4,754,148	)	(923,296	)
	The Labor Select International Equity Portfolio	449,577		1,945,525	(4,706,956	)	(2,311,854	)
	The Emerging Markets Portfolio	5,116,283		5,754,992	(17,870,793	)	(6,999,518	)
	The Emerging Markets Portfolio II	841,925		100,160	—		942,085
	The Global Real Estate Securities Portfolio — Original Class	1,233,185		384,662	(1,766,145	)	(148,298	)
	The Global Real Estate Securities Portfolio — Class P	—		63	—		63
	The Global Fixed Income Portfolio	621,651		815,188	(4,063,645	)	(2,626,806	)

Year ended October 31, 2011:
	The Large-Cap Value Equity Portfolio	456,892		13,757	(505,546	)	(34,897	)
	The Select 20 Portfolio	5,104,499		—	(399,742	)	4,704,757
	The Large-Cap Growth Equity Portfolio	557,240		76,367	(10,795,913	)	(10,162,306	)
	The Focus Smid-Cap Growth Equity Portfolio	769,111		2,648	(18,535	)	753,224
	The Real Estate Investment Trust Portfolio II	—		7,178	—		7,178
	The Core Focus Fixed Income Portfolio	61,040		63,215	(1,520,258	)	(1,396,003	)
	The High-Yield Bond Portfolio	4,099,938		300,088	(645,896	)	3,754,130
	The Core Plus Fixed Income Portfolio	625,535		269,671	(505,487	)	389,719
	The International Equity Portfolio	2,513,236		1,072,995	(17,810,194	)	(14,223,963	)
	The Labor Select International Equity Portfolio	1,109,058		1,706,222	(13,111,471	)	(10,296,191	)
	The Emerging Markets Portfolio	4,894,763		1,497,535	(21,496,933	)	(15,104,635	)
	The Emerging Markets Portfolio II	709,618		12,091	(104,478	)	617,231
	The Global Real Estate Securities Portfolio — Original Class	1,295,717		890,197	(3,439,667	)	(1,253,753	)
	The Global Real Estate Securities Portfolio — Class P	—		125	—		125
	The Global Fixed Income Portfolio	597,597		454,718	(5,784,410	)	(4,732,095	)

7. Line of Credit

The Portfolios, along with certain other funds in the Delaware Investments^® Family of Funds (Participants), were participants in a $100,000,000 revolving line of credit to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants were charged an annual commitment fee, which was allocated across the Participants on the basis of each Participant’s allocation of the entire facility. The Participants were permitted to borrow up to a maximum of one third of their net assets under the agreement. The line of credit under the agreement expired on November 15, 2011.

On November 15, 2011, the Portfolios, along with the other Participants, entered into an amendment to the agreement for a $125,000,000 revolving line of credit. The agreement is to be used as described above and operates in substantially the same manner as the original agreement. The agreement expires on November 13, 2012. The Portfolios had no amounts outstanding as of April 30, 2012, or at any time during the period then ended.

2012 Semiannual report • Delaware Pooled Trust

(continues) 101

Notes to financial statements

Delaware Pooled^® Trust

8. Derivatives

U.S. GAAP requires disclosures that enable investors to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity’s results of operations and financial position.

Foreign Currency Exchange Contracts — The Select 20, The Large-Cap Growth Equity, The Focus 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 International Equity, The Labor Select International Equity, The Emerging Markets, The Emerging Markets II, The Global Real Estate Securities, and The Global 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 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 an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. 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 Portfolios’ maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. The risk is generally mitigated by having a netting arrangement between a Portfolio and the counterparty and by the posting of collateral by the counterparty to a Portfolio to cover a Portfolio’s exposure to the counterparty.

Futures Contracts — A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the contract and the price at which the agreement is made. The Select 20, The Large-Cap Growth Equity, The Focus Smid-Cap Growth Equity, The Real Estate Investment Trust II, The Core Focus Fixed Income, The Core Plus Fixed Income, The Emerging Markets, The Emerging Markets II, and The Global Real Estate Securities Portfolios may use futures in the normal course of pursuing their investment objectives. Each Portfolio may invest in financial futures contracts to hedge their existing portfolio securities against fluctuations in fair value caused by changes in prevailing market interest rates. Upon entering into a futures contract, a 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 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. Risks 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. When investing in futures, there is minimal counterparty credit risk to a Portfolio because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

Options Contracts — The Portfolios may buy or write options contracts for any number of reasons, including without limitation: to manage a Portfolio’s exposure to changes in securities prices and foreign currencies; as an efficient means of adjusting a Portfolio’s overall exposure to certain markets; to protect the value of portfolio securities; and as a cash management tool. A Portfolio may buy or write call or put options on securities, financial indices, and foreign currencies. When a Portfolio buys an option, a premium is paid and an asset is recorded and adjusted on a daily basis to reflect the current market value of the options purchased. When a Portfolio writes an option, a premium is received and a liability is recorded and adjusted on a daily basis to reflect the current market value of the options written. Premiums received from writing options that expire unexercised are treated by a Portfolio on the expiration date as realized gains. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is treated as realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Portfolio has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Portfolio. A Portfolio, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. When writing options, a Portfolio is subject to minimal counterparty risk because the counterparty is only obligated to pay premiums and does not bear the market risk of an unfavorable market change.

2012 Semiannual report • Delaware Pooled Trust

102

Transactions in options written during the six months ended April 30, 2012 for The Core Plus Fixed Income Portfolio was as follows:

	Number of
	Contracts		Premium
Options outstanding at October 31, 2011	—		$	—
Options written	60			63,461
Options terminated in closing purchase transactions	(28	)		(25,270	)
Options expired	(29	)		(34,293	)
Options outstanding at April 30, 2012	3		$	3,898

Swap Contracts — The Core Focus Fixed Income Portfolio and The Core Plus Fixed Income Portfolio may enter into interest rate swap contracts, index swap contracts, inflation swap contracts and credit default swap (CDS) contracts in accordance with their investment objectives. The High-Yield Bond Portfolio may enter into CDS contracts in accordance with its investment objective. The Portfolios may use interest rate swaps to adjust the Portfolios’ 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 use inflation swaps to hedge the inflation risk in nominal bonds, thereby creating synthetic inflation-indexed bonds. 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.

Interest Rate Swaps. An interest rate swap contract is an exchange of interest rates between counterparties. In one instance, an interest rate swap involves payments received by a 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 a 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 a 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. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the interest rate swap contract’s remaining life, to the extent that the amount is positive. This risk is mitigated by having a netting arrangement between a Portfolio and the counterparty and by the posting of collateral by the counterparty to a Portfolio to cover a Portfolio’s exposure to the counterparty.

Index Swaps. 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, a 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, a 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 Portfolio’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the index swap contract’s remaining life, to the extent that the amount is positive. This risk is mitigated by having a netting arrangement between a Portfolio and the counterparty and by the posting of collateral by the counterparty to a Portfolio to cover a Portfolio’s exposure to the counterparty.

Inflation Swaps. Inflation swap agreements involve commitments to pay a regular stream of inflation-indexed cash payments in exchange for receiving a stream of nominal interest payments (or vice versa), where both payment streams are based on notional amounts. The nominal interest payments may be based on either a fixed interest rate or variable interest rate such as London Interbank Offered Rate (LIBOR). 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. The Portfolio’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the index swap contract’s remaining life, to the extent that the amount is positive. This risk is mitigated by having a netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to the Portfolio to cover the Portfolio’s exposure to the counterparty.

Credit Default Swaps. A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (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 a 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 reference security (or basket of securities) to the counterparty. Credit events generally include, among others, bankruptcy, failure to pay, and obligation default.

2012 Semiannual report • Delaware Pooled Trust

(continues) 103

Notes to financial statements

Delaware Pooled^® Trust

8. Derivatives (continued)

During the period ended April 30, 2012, the Portfolios entered into CDS contracts as purchasers and sellers of protection. Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded as unrealized appreciation or depreciation daily. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement.

At April 30, 2012, the net unrealized appreciation of credit default swaps for The Core Plus Fixed Income Portfolio was $93,932. The Core Plus Fixed Income Portfolio had posted $ 110,000 as collateral for certain open derivatives. If a credit event had occurred for all swap transactions where collateral posting was required as of April 30, 2012, The Core Plus Fixed Income Portfolio would have received EUR 1,785,000 and $1,516,000 less the value of the contracts’ related reference obligations.

As disclosed in the footnotes to the statement of net assets, at April 30, 2012, the notional value of the protection sold for The Core Plus Fixed Income Portfolio was $135,000, which reflects the maximum potential amount the Portfolio would have been required to make as a seller of credit protection if a credit event had occurred. The quoted market prices and resulting market values for credit default swap agreements on securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative if the swap agreement has been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. At April 30, 2012, the net unrealized appreciation of the protection sold was $3,583.

CDS contracts may involve greater risks than if a Portfolio had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk and credit risk. A Portfolio’s maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by having a netting arrangement between a Portfolio and the counterparty and by the posting of collateral by the counterparty to a Portfolio to cover a Portfolio’s exposure to the counterparty.

Swaps Generally. 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 a Portfolio terminated its position in the agreement. Risks of entering into these contracts 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.

Fair values of derivative instruments as of April 30, 2012 were as follows:

	The Core Plus Fixed Income Portfolio
	Asset Derivatives			Liability Derivatives
	Statement of Net Assets Location	Fair Value		Statement of Net Assets Location	Fair Value
Forward currency exchange contracts	Other liabilities net of receivables			Other liabilities net of receivables
(Foreign currency exchange contracts)	and other assets	$	—	and other assets	$	(16,610	)
Credit and inflation contracts	Other liabilities net of receivables			Other liabilities net of receivables
(Swap contracts)	and other assets		93,932	and other assets		—
Total		$	93,932		$	(16,610	)

2012 Semiannual report • Delaware Pooled Trust

104

The effect of derivative instruments on the statement of operations for the six months ended April 30, 2012 was as follows:

The Core Plus Fixed Income Portfolio

Change in Unrealized

Appreciation

Realized Gain or

or Depreciation

Loss on Derivatives

on Derivatives

Location of Gain or Loss on Derivatives Recognized in Income

Recognized in Income

Forward currency exchange contracts

Net realized loss on foreign currencies and net

(Foreign currency exchange contracts)

change in unrealized appreciation (depreciation)

of foreign currency exchange contracts

(4,217

)

(70,948

)

Interest rate contracts

Net realized gain on futures contracts and

(Futures contracts)

net change in unrealized appreciation (depreciation)

of futures contracts

57,208

(83,452

)

Equity Contracts

Net realized gain on written options and net change

(Written Options)

in unrealized appreciation (depreciation) of written

options

52,758

(3,118

)

Credit contracts

Net realized loss on swap contracts and net change

(Swap and Inflation contracts)

in unrealized appreciation (depreciation) of swap

contracts

(416,054

)

246,741

Total

(310,305

)

89,223

Derivatives Generally. The table below summarizes the average balance of derivative holdings by each Portfolio during the six months ended April 30, 2012. The average balance of derivatives held is generally similar to the volume of derivative activity for the six months ended April 30, 2012.

	Asset Derivative Volume
	Forward Foreign	Futures	Option		Swap
	Currency	Contracts	Contracts		Contracts
	Contracts	(Average	(Average		(Average
	(Average Cost)	Notional Value)	Notional Value)		Notional Value)
The Core Plus Fixed Income Portfolio	USD 806,493	USD 1,908,255		USD 47		USD 140,484
The International Equity Portfolio	250,036	—		—		—
The Labor Select International Equity Portfolio	260,734	—		—		—
The Emerging Markets Portfolio	345,358	—		—		—
The Emerging Markets Portfolio II	34,903	—		—		—
The Global Real Estate Securities Portfolio	—	—		—		—
The Global Fixed Income Portfolio	4,209,801	—		—		—

2012 Semiannual report • Delaware Pooled Trust

(continues) 105

Notes to financial statements

Delaware Pooled^® Trust

8. Derivatives (continued)

	Liability Derivative Volume
	Forward Foreign		Futures		Option		Swap
	Currency		Contracts		Contracts		Contracts
	Contracts		(Average		(Average		(Average
	(Average Cost)		Notional Value)		Notional Value)		Notional Value)
The Core Plus Fixed Income Portfolio	USD	3,374,887	USD	1,073,098	USD	9,397	USD	3,096,147
		—		—		—	EUR	1,593,387
The International Equity Portfolio		32,203,864		—		—	USD	—
The Labor Select International Equity Portfolio		34,836,482		—		—		—
The Emerging Markets Portfolio		456,216		—		—		—
The Emerging Markets Portfolio II		4,419		—		—		—
The Global Real Estate Securities Portfolio		343,182		—		—		—
The Global Fixed Income Portfolio		5,015,339		—		—		—

The option purchased outstanding at April 30, 2012 was the only derivative activity for The Core Focus Fixed Income Portfolio for the period ended April 30, 2012.

9. 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 The Bank of New York Mellon (BNY Mellon). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (i) 102% with respect to U.S. securities and foreign securities that are denominated and payable in U.S. dollars; and (ii) 105% with respect to foreign securities. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held 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 by the end of the following business day which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon request of the borrower BNY Mellon must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security may be temporarily more or less than the value of security on loan.

Cash collateral received is generally invested in the Delaware Investments Collateral Fund No. 1 (Collective Trust) established by BNY Mellon for the purpose of investment on behalf of funds managed by DMC that participate in BNY Mellon’s securities lending program. The Collective Trust may invest in U.S. government securities and high quality corporate debt, asset-backed and other money market securities and in repurchase agreements collateralized by such securities, provided that the Collective Trust will generally have a dollar-weighted average portfolio maturity of 60 days or less. Effective April 20, 2009, BNY Mellon transferred the assets of the Portfolios’ previous collateral investment pool other than cash and assets with a maturity of one business day or less to the BNY Mellon SL DBT II Liquidating Fund (Liquidating Fund), effectively bifurcating the previous collateral investment pool. The Portfolios’ exposure to the Liquidating Fund is expected to decrease as the Liquidating Fund’s assets mature or are sold. In October 2008, BNY Mellon transferred certain distressed securities from the previous collateral investment pool into the Mellon GSL Reinvestment Trust II. The Portfolios can also accept U.S. government securities and letters of credit (non-cash collateral) in connection with securities loans. 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 or interest, as applicable, on the securities loaned and are subject to changes 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. With respect to security loans collateralized by non-cash collateral, the Portfolios receive loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Portfolios, the security lending agent and the borrower. The Portfolios record security lending income net of allocations to the security lending agent and the borrower.

2012 Semiannual report • Delaware Pooled Trust

106

The Collective Trust used for the investment of cash collateral received from borrowers of securities seeks to maintain a net asset value per unit of $1.00, but there can be no assurance that it will always be able to do so. The Portfolios may incur investment losses as a result of investing securities lending collateral in the Collective Trust or another collateral investment pool. This could occur if an investment in a collateral investment pool defaulted or if it were necessary to liquidate assets in the collateral investment pool to meet returns on outstanding security loans at a time when the collateral investment pool’s net asset value per unit was less than $1.00. Under those circumstances, the Portfolios may not receive an amount from the collateral investment pool that is equal in amount to the collateral the Fund would be required to return to the borrower of the securities and the Portfolios would be required to make up for this shortfall.

At April 30, 2012, the value of securities on loan and the value of invested collateral are presented below, for which the Portfolios received collateral, comprised of non-cash collateral and cash collateral. Investments purchased with cash collateral are presented on the statements of net assets under the caption “Securities Lending Collateral.”

	Value		Cash		Value of
	of securities		collateral		invested
	on loan		received		collateral
The Large-Cap Growth Equity Portfolio	$	388,944	$	397,703	$	182,046
The Core Focus Fixed Income Portfolio		40,760		41,609		—
The High-Yield Bond Portfolio		55,321		58,399		26,820
The Core Plus Fixed Income Portfolio		85,169		91,578		41,894
The International Equity Portfolio		10,358,527		10,941,232		9,498,491
The Labor Select International Equity Portfolio		37,182,047		39,230,587		38,728,974
The Emerging Markets Portfolio		9,877,742		10,810,384		10,256,582
The Emerging Markets Portfolio II		1,116,554		1,145,060		1,145,060
The Global Real Estate Securities Portfolio		3,053,226		3,197,525		2,800,807

10. Credit and Market Risk

Some countries in which The International Equity, The Labor Select International Equity, The Emerging Markets, The Emerging Markets II, The Global Real Estate Securities, and The Global 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 are securities rated lower than BBB- by Standard & Poor’s (S&P) and Baa3 by Moody’s Investor Services (Moody’s), or similarly rated by another nationally recognized statistical rating organization. The Core Plus Fixed Income Portfolio invests a portion of its assets in high yield fixed income securities which are securities rated BB or lower by S&P and Ba or lower by Moody’s, or similarly rated by another nationally recognized statistical rating organization. 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 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. The value of these securities is sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates. 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 Portfolios may fail to fully recoup their initial investments in these securities even if the securities are rated in the highest rating categories.

2012 Semiannual report • Delaware Pooled Trust

(continues) 107

Notes to financial statements

Delaware Pooled^® Trust

10. Credit and Market Risk (continued)

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 Select 20, The Large-Cap Growth Equity, The Focus 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 Emerging Markets II, and The Global Real Estate Securities Portfolios may 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 securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Portfolios’ limit on investments in illiquid securities. Rule 144A and illiquid securities have been identified on the statements of net assets.

The Select 20, The Focus 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 the risks associated with that industry. If a Portfolio 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. 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.

11. 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.

12. In-Kind Redemptions

During the six months ended April 30, 2012, the following portfolio satisfied withdrawal requests with transfers of securities and cash, resulting in net realized gain.

		Securities and cash					Net realized gain
The Emerging Markets Portfolio			$	167,920,122				$	20,521,676

The Large Cap Growth Equity Portfolio received securities valued at $13,469,252.

13. Subsequent Events

On May 23, 2012, the Board of Trustees of the Trust unanimously voted and approved a proposal to liquidate and dissolve The Global Fixed Income Portfolio. The liquidation and dissolution is expected to take effect on or about July 13, 2012 (the “Liquidation Date”). The Global Fixed Income Portfolio will continue to accept purchases from existing shareholders (including reinvested dividends and capital gains) until the last business day before the Liquidation Date.

Mondrian Investment Partners Limited will continue to serve as sub-advisor to The Global Fixed Income Portfolio until the Liquidation Date.

On May 23, 2012, the Board of Trustees responsible for The Global Real Estate Securities Portfolio (the “Reorganizing Fund”) approved a proposal to reorganize the Reorganizing Fund with and into a newly organized fund, Delaware Global Real Estate Opportunities Fund (the “Acquiring Fund”), a series of Delaware Group^® Adviser Funds, subject to shareholder approval. The Acquiring Fund will not commence operations until following the reorganization.

The Reorganizing Fund’s investment objective and policies are substantially similar to those of the Acquiring Fund. Both the Reorganizing Fund and the Acquiring Fund seek maximum long-term total return through a combination of current income and capital appreciation.

The Board of Trustees believes that the reorganization will benefit shareholders of the Reorganizing Fund.

2012 Semiannual report • Delaware Pooled Trust

108

Effective as of the close of business on July 27, 2012, the Reorganizing Fund will be closed to new investors. Reorganizing Fund shareholders will receive a proxy statement/prospectus providing them with information about the Acquiring Fund and requesting their votes on the proposed reorganization of the Reorganizing Fund at a special meeting of shareholders to be held in the third quarter of 2012. The reorganization will take place on or about September 28, 2012. Additionally, the Reorganizing Fund will continue to accept purchases from existing shareholders (including reinvested dividends or capital gains) until the last business day before the proposed reorganization.

Management has determined that no additional material events or transactions occurred subsequent to April 30, 2012 that would require recognition or disclosure in the Portfolios’ financial statements.

2012 Semiannual report • Delaware Pooled Trust

(continues) 109

Other Portfolio information
(Unaudited)
Delaware Pooled^® Trust

Change in Independent Registered Public Accounting Firm

Due to independence matters under the Securities and Exchange Commission’s auditor independence rules relating to the January 4, 2010 acquisition of Delaware Investments (including DMC, DDLP and DSC) by Macquarie Group, Ernst & Young LLP (E&Y) has resigned as the independent registered public accounting firm for Delaware Pooled Trust (the Trust) effective May 20, 2010. At a meeting held on May 20, 2010, the Board of Trustees of the Trust, upon recommendation of the Audit Committee, selected PricewaterhouseCoopers LLP (PwC) to serve as the independent registered public accounting firm for the Trust for the fiscal year ending October 31, 2010. During the fiscal years ended October 31, 2009 and 2008, E&Y’s audit reports on the financial statements of the Trust did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles. In addition, there were no disagreements between the Trust and E&Y on accounting principles, financial statements disclosures or audit scope, which, if not resolved to the satisfaction of E&Y, would have caused them to make reference to the disagreement in their reports. Neither the Trust nor anyone on its behalf has consulted with PwC at any time prior to their selection with respect to the application of accounting principles to a specified transaction, either completed or proposed or the type of audit opinion that might be rendered on the Trust’s financial statements.

2012 Semiannual report • Delaware Pooled Trust

110

Portfolio managers

Robert Akester	Elizabeth A. Desmond	Kevin P. Loome
Senior Portfolio Manager	Director and Chief Investment Officer —	Senior Vice President, Senior Portfolio
Mondrian Investment Partners Limited	Developed Equity Markets	Manager, and Head of High Yield
	Mondrian Investment Partners Limited	Investments
Damon J. Andres
Vice President and Senior Portfolio	Chuck M. Devereux	Nigel G. May
Manager	Senior Vice President and Director of	Director and Chief Investment Officer —
	Credit Research	Developed Equity Markets
Kristen E. Bartholdson		Mondrian Investment Partners Limited
Vice President and Senior Portfolio	Roger A. Early
Manager	Senior Vice President and	Andrew Miller
	Co-Chief Investment Officer —	Senior Portfolio Manager
Joanna Bates	Total Return Fixed Income Strategy	Mondrian Investment Partners Limited
Senior Portfolio Manager
Mondrian Investment Partners Limited	Christopher M. Ericksen	Christopher A. Moth
	Vice President, Portfolio Manager, and	Director and Chief Investment Officer —
Nigel Bliss	Equity Analyst	Global Fixed Income and Currency
Senior Portfolio Manager		Mondrian Investment Partners Limited
Mondrian Investment Partners Limited	Clive A. Gillmore
	Chief Executive Officer	D. Tysen Nutt Jr.
Christopher J. Bonavico	Mondrian Investment Partners Limited	Senior Vice President, Senior Portfolio
Vice President, Senior Portfolio Manager,		Manager, and Team Leader — Large-Cap
and Equity Analyst	Paul Grillo	Value Focus Equity
	Senior Vice President and
Kenneth F. Broad	Co-Chief Investment Officer —	Melissa J.A. Platt
Vice President, Senior Portfolio Manager,	Total Return Fixed Income Strategy	Portfolio Manager
and Equity Analyst		Mondrian Investment Partners Limited
	John Kirk
Liu-Er Chen	Deputy Chief Executive Officer	Daniel J. Prislin
Senior Vice President,	Mondrian Investment Partners Limited	Vice President, Senior Portfolio Manager,
Chief Investment Officer — Emerging		and Equity Analyst
Markets and Healthcare	Nikhil G. Lalvani
	Vice President and Senior Portfolio	Bilgin Soylu
Ginny Chong	Manager	Portfolio Manager
Senior Portfolio Manager		Mondrian Investment Partners Limited
Mondrian Investment Partners Limited	Anthony A. Lombardi
	Vice President and Senior Portfolio	Jeffrey S. Van Harte
Thomas H. Chow	Manager	Senior Vice President and Chief
Senior Vice President and Senior Portfolio		Investment Officer — Focus Growth Equity
Manager
		Robert A. Vogel Jr.
		Vice President and Senior Portfolio
		Manager

		Babak “Bob” Zenouzi
		Senior Vice President, Chief Investment
		Officer — Real Estate Securities and
		Income Solutions (RESIS)

2012 Semiannual report • Delaware Pooled Trust

111

Custodian
The Bank of New York Mellon
One Wall Street
New York, NY 10286

Independent registered public accounting firm
PricewaterhouseCoopers LLP
Two Commerce Square, Suite 1700
2001 Market Street
Philadelphia, PA 19103-7042

Investment advisor
Delaware Management Company, a series of Delaware Management Business Trust
2005 Market Street
Philadelphia, PA 19103

Investment sub-advisor for certain Portfolios
Mondrian Investment Partners Limited
Fifth Floor
10 Gresham Street
London EC2V 7JD
United Kingdom

Delaware Investments, a member of Macquarie Group, refers to DMHI and its subsidiaries. Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide.

The Portfolios are distributed by Delaware Distributors, L.P., an affiliate of DMBT, DMHI, and Macquarie Group Limited.

Each Portfolio files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) 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 800 231-8002; (ii) on the Portfolios’ website at www.delawareinvestments.com; and (iii) on the SEC’s website at www.sec.gov. Each Portfolio’s Forms N-Q may be reviewed and copied at the SEC’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’ website at www.delawareinvestments.com; and (ii) on the SEC’s website at 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.

Carefully consider the Portfolios’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Portfolios’ prospectus and, if available, their summary prospectuses, which may be obtained by visiting www.delawareinvestments.com or calling 800 231-8002. Investors should read the prospectus and, if available, the summary prospectus carefully before investing.

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

(8975) SA-DPT [4/12] DG3 6/12		Printed in the USA MF1205080 PO17854

Semiannual report

Delaware REIT Fund

April 30, 2012

Alternative / specialty mutual fund

Carefully consider the Fund’s investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Fund’s prospectus and, if available, its summary prospectus, which may be obtained by visiting www.delawareinvestments.com or calling 800 523-1918. Investors should read the prospectus and, if available, the summary prospectus carefully before investing.

You can obtain shareholder reports and prospectuses online instead of in the mail.
Visit www.delawareinvestments.com/edelivery.

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Delaware Investments is committed to the pursuit of consistently superior asset management and unparalleled client service. We believe in our investment processes, which seek to deliver consistent results, and in convenient services that help add value for our clients.

If you are interested in learning more about creating an investment plan, contact your financial advisor.

You can learn more about Delaware Investments or obtain a prospectus for Delaware REIT Fund at www.delawareinvestments.com.

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Delaware Management Holdings, Inc. and its subsidiaries (collectively known by the marketing name of Delaware Investments) are wholly owned subsidiaries of Macquarie Group Limited, a global provider of banking, financial, advisory, investment and funds management services.

Investments in Delaware REIT Fund are not and will not be deposits with or liabilities of Macquarie Bank Limited ABN 46 008 583 542 and its holding companies, including their subsidiaries or related companies (Macquarie Group), and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. No Macquarie Group company guarantees or will guarantee the performance of the Fund, the repayment of capital from the Fund, or any particular rate of return.

Table of contents
Disclosure of Fund expenses	1
Security type/sector allocation
and top 10 equity holdings	3
Statement of net assets	5
Statement of operations	10
Statements of changes in net assets	12
Financial highlights	14
Notes to financial statements	24
Other Fund information	35
About the organization	36

Unless otherwise noted, views expressed herein are current as of April 30, 2012, and subject to change.

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. Delaware Investments, a member of Macquarie Group, refers to Delaware Management Holdings, Inc. and its subsidiaries, including the Fund’s distributor, Delaware Distributors, L.P. Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide.

All third-party marks cited are the property of their respective owners.

Disclosure of Fund expenses
For the six-month period from November 1, 2011 to April 30, 2012

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 six-month period from November 1, 2011 to April 30, 2012.

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 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.

Disclosure of Fund expenses

Delaware REIT Fund
Expense analysis of an investment of $1,000

	Beginning			Ending				Expenses
	Account Value			Account Value			Annualized	Paid During Period
	11/1/11			4/30/12			Expense Ratio	11/1/11 to 4/30/12*
Actual Fund return
Class A		$	1,000.00		$	1,143.40	1.30%		$	6.93
Class B			1,000.00			1,138.80	2.05%			10.90
Class C			1,000.00			1,139.70	2.05%			10.91
Class R			1,000.00			1,141.20	1.55%			8.25
Institutional Class			1,000.00			1,144.60	1.05%			5.60
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$	1,018.40	1.30%		$	6.52
Class B			1,000.00			1,014.67	2.05%			10.27
Class C			1,000.00			1,014.67	2.05%			10.27
Class R			1,000.00			1,017.16	1.55%			7.77
Institutional Class			1,000.00			1,019.64	1.05%			5.27

*“Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

Security type/sector allocation and
top 10 equity holdings
Delaware REIT Fund

As of April 30, 2012

Sector designations may be different than the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications, which may result in the sector designations for one fund being different than another fund’s sector designations.

Security type/sector	Percentage of net assets
Common Stock	96.23	%
Diversified REITs	3.45	%
Healthcare REITs	11.66	%
Hotel REITs	6.09	%
Industrial REITs	4.42	%
Mall REITs	19.47	%
Manufactured Housing REIT	0.97	%
Multifamily REITs	18.13	%
Office REITs	12.01	%
Office/Industrial REITs	5.25	%
Self-Storage REITs	5.06	%
Shopping Center REITs	7.92	%
Single Tenant REIT	1.25	%
Specialty REIT	0.55	%
Short-Term Investments	2.88	%
Securities Lending Collateral	1.75	%
Total Value of Securities	100.86	%
Obligation to Return Securities Lending Collateral	(2.01	%)
Receivables and Other Assets Net of Other Liabilities	1.15	%
Total Net Assets	100.00	%

Security type/sector allocation and
top 10 equity holdings
Delaware REIT Fund

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 equity holdings	Percentage of net assets
Simon Property Group	12.90	%
Equity Residential	4.88	%
Boston Properties	4.74	%
Ventas	4.50	%
Public Storage	4.21	%
Host Hotels & Resorts	4.08	%
HCP	3.73	%
ProLogis	3.67	%
Macerich	3.59	%
AvalonBay Communities	3.49	%

Statement of net assets
Delaware REIT Fund

April 30, 2012 (Unaudited)

		Number of shares	Value
Common Stock – 96.23%
Diversified REITs – 3.45%
	Lexington Realty Trust	135,880	$	1,209,332
	Vornado Realty Trust	73,832		6,337,739
				7,547,071
Healthcare REITs – 11.66%
	HCP	196,730		8,154,459
	Health Care REIT	112,271		6,361,275
	Healthcare Realty Trust	51,900		1,114,812
	Ventas	167,377		9,840,093
				25,470,639
Hotel REITs – 6.09%
	Host Hotels & Resorts	536,124		8,921,104
	LaSalle Hotel Properties	61,261		1,801,686
†	Strategic Hotels & Resorts	243,300		1,656,873
†	Sunstone Hotel Investors	90,907		927,251
				13,306,914
Industrial REITs – 4.42%
	EastGroup Properties	32,500		1,634,750
	ProLogis	224,006		8,014,935
				9,649,685
Mall REITs – 19.47%
	CBL & Associates Properties	52,456		977,255
	General Growth Properties	169,511		3,017,296
	Macerich	127,351		7,841,001
	Simon Property Group	181,058		28,172,624
	Taubman Centers	32,600		2,516,068
				42,524,244
Manufactured Housing REIT – 0.97%
	Equity Lifestyle Properties	30,318		2,120,441
				2,120,441
Multifamily REITs – 18.13%
	Apartment Investment & Management	76,300		2,071,545
	AvalonBay Communities	52,451		7,626,375
	BRE Properties	61,329		3,219,773
	Camden Property Trust	59,586		4,032,185
	Colonial Properties Trust	82,472		1,844,899
	Education Realty Trust	171,400		1,931,678

Statement of net assets
Delaware REIT Fund

		Number of shares	Value
Common Stock (continued)
Multifamily REITs (continued)
	Equity Residential	173,523	$	10,661,252
	Essex Property Trust	22,927		3,621,778
	UDR	174,648		4,598,482
				39,607,967
Office REITs – 12.01%
	Alexandria Real Estate Equities	28,479		2,133,647
	BioMed Realty Trust	97,400		1,930,468
	Boston Properties	95,674		10,356,710
	Douglas Emmett	42,800		994,672
	Highwoods Properties	76,700		2,663,791
	Kilroy Realty	56,960		2,702,752
	SL Green Realty	66,062		5,446,151
				26,228,191
Office/Industrial REITs – 5.25%
*	Digital Realty Trust	35,423		2,659,913
	Duke Realty	195,600		2,896,836
	Liberty Property Trust	109,150		3,978,518
	PS Business Parks	28,229		1,926,629
				11,461,896
Self-Storage REITs – 5.06%
	Extra Space Storage	61,294		1,860,273
	Public Storage	64,166		9,192,421
				11,052,694
Shopping Center REITs – 7.92%
	Acadia Realty Trust	64,140		1,486,765
	DDR	322,175		4,768,191
	Federal Realty Investment Trust	34,376		3,460,288
	Kimco Realty	204,679		3,972,819
	Ramco-Gershenson Properties Trust	55,300		665,812
	Regency Centers	65,631		2,950,770
				17,304,645
Single Tenant REIT – 1.25%
*	National Retail Properties	99,775		2,731,840
				2,731,840

		Number of shares			Value
Common Stock (continued)
Specialty REIT – 0.55%
	Rayonier			26,657	$	1,208,895
						1,208,895
Total Common Stock (cost $174,197,836)						210,215,122

		Principal amount
Short-Term Investments – 2.88%
≠Discount Notes – 0.80%
	Federal Home Loan Bank
	0.11% 5/25/12		$	1,283,537		1,283,511
	0.115% 6/29/12			469,775		469,729
						1,753,240
Repurchase Agreements – 2.08%
	Bank of America 0.17%, dated 4/30/12, to be
	repurchased on 5/1/12, repurchase price
	$1,120,752 (collateralized by U.S. government
	obligations 2.25%-4.125% 1/31/15–5/15/15;
	market value $1,143,162)			1,120,747		1,120,747
	BNP Paribas 0.17%, dated 4/30/12, to be repurchased on
	5/1/12, repurchase price $3,429,269 (collateralized
	by U.S. government obligations 0.00%-2.375%
	7/26/12–10/31/16; market value $3,497,838)			3,429,253		3,429,253
						4,550,000
Total Short-Term Investments (cost $6,303,129)						6,303,240

Total Value of Securities Before Securities Lending
	Collateral – 99.11% (cost $180,500,965)					216,518,362

		Number of shares
**Securities Lending Collateral – 1.75%
	Investment Companies
	BNY Mellon SL DBT II Liquidating Fund			149,050		145,279
	Delaware Investments Collateral Fund No. 1			3,668,317		3,668,317
	†@ Mellon GSL Reinvestment Trust II			580,111		0
Total Securities Lending Collateral
	(cost $4,397,478)					3,813,596

Statement of net assets
Delaware REIT Fund


Total Value of Securities – 100.86%
	(cost $184,898,443)	$	220,331,958		©
**Obligation to Return Securities
	Lending Collateral – (2.01%)		(4,397,478		)
Receivables and Other Assets
	Net of Other Liabilities – 1.15%		2,518,919
Net Assets Applicable to 16,693,881
	Shares Outstanding – 100.00%	$	218,453,399

Net Asset Value – Delaware REIT Fund
	Class A ($84,415,154 / 6,456,329 Shares)			$13.07
Net Asset Value – Delaware REIT Fund
	Class B ($2,868,406 / 219,742 Shares)			$13.05
Net Asset Value – Delaware REIT Fund
	Class C ($20,209,192 / 1,547,658 Shares)			$13.06
Net Asset Value – Delaware REIT Fund
	Class R ($8,380,440 / 641,013 Shares)			$13.07
Net Asset Value – Delaware REIT Fund
	Institutional Class ($102,580,207 / 7,829,139 Shares)			$13.10

Components of Net Assets at April 30, 2012:
Shares of beneficial interest (unlimited authorization – no par)		$	215,053,873
Undistributed net investment income			317,530
Accumulated net realized loss on investments			(32,351,519		)
Net unrealized appreciation of investments			35,433,515
Total net assets		$	218,453,399

†	Non income producing security.
*	Fully or partially on loan.
≠	The rate shown is the effective yield at the time of purchase.
**	See Note 8 in ”Notes to financial statements” for additional information on securities lending collateral.
@	Illiquid security. At April 30, 2012, the aggregate value of illiquid securities was $0, which represented 0.00% of the Fund’s net assets. See Note 9 in ”Notes to financial statements.”
©	Includes $3,961,612 of securities loaned.


Net Asset Value and Offering Price Per Share –
Delaware REIT Fund
Net asset value Class A (A)	$13.07
Sales charge (5.75% of offering price) (B)	0.80
Offering price	$13.87

(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 purchase of $50,000 or more.

REIT — Real Estate Investment Trust

See accompanying notes, which are an integral part of the financial statements.

Statement of operations
Delaware REIT Fund

Six Months Ended April 30, 2012 (Unaudited)

Investment Income:
	Dividends	$	3,209,775
	Securities lending income		17,499
	Interest		2,998	$	3,230,272

Expenses:
	Management fees		754,604
	Distribution expenses – Class A		114,402
	Distribution expenses – Class B		16,642
	Distribution expenses – Class C		92,981
	Distribution expenses – Class R		20,985
	Dividend disbursing and transfer agent fees and expenses		124,848
	Reports and statements to shareholders		56,042
	Registration fees		45,859
	Accounting and administration expenses		39,420
	Legal fees		8,022
	Audit and tax		5,964
	Dues and services		5,924
	Trustees’ fees		5,193
	Custodian fees		2,575
	Insurance fees		1,621
	Pricing fees		1,402
	Consulting fees		820
	Trustees’ expenses		341		1,297,645
	Less waived distribution expenses – Class A				(19,067	)
	Less waived distribution expenses – Class R				(3,497	)
	Less expense paid indirectly				(360	)
	Total operating expenses				1,274,721
Net Investment Income					1,955,551

Net Realized and Unrealized Gain:
	Net realized gain on investments				8,734,170
	Net change in unrealized appreciation of investments				17,030,013
Net Realized and Unrealized Gain					25,764,183

Net Increase in Net Assets Resulting from Operations				$	27,719,734

See accompanying notes, which are an integral part of the financial statements.

Statements of changes in net assets
Delaware REIT Fund

	Six Months			Year
	Ended			Ended
	4/30/12			10/31/11
	(Unaudited)
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,955,551		$	1,922,930
Net realized gain		8,734,170			29,456,388
Net change in unrealized appreciation (depreciation)		17,030,013			(7,594,181	)
Net increase in net assets resulting from operations		27,719,734			23,785,137

Dividends and Distributions to shareholders from:
Net investment income:
Class A		(613,283	)		(1,196,436	)
Class B		(13,274	)		(39,797	)
Class C		(82,993	)		(155,030	)
Class R		(48,194	)		(80,792	)
Institutional Class		(880,277	)		(1,838,764	)
		(1,638,021	)		(3,310,819	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		7,253,026			14,141,867
Class B		1,624			27,380
Class C		1,202,468			2,174,858
Class R		2,491,475			2,194,345
Institutional Class		10,339,960			26,944,199

Net asset value of shares issued upon reinvestment of
dividends and distributions:
Class A		562,259			1,089,522
Class B		12,099			36,674
Class C		78,576			144,152
Class R		48,169			80,705
Institutional Class		874,132			1,790,713
		22,863,788			48,624,415

	Six Months			Year
	Ended			Ended
	4/30/12			10/31/11
	(Unaudited)
Capital Share Transactions (continued):
Cost of shares repurchased:
Class A	$	(8,499,483	)	$	(30,207,746	)
Class B		(1,398,411	)		(4,132,128	)
Class C		(1,821,038	)		(4,520,039	)
Class R		(1,457,433	)		(2,170,126	)
Institutional Class		(19,043,239	)		(37,016,402	)
		(32,219,604	)		(78,046,441	)
Decrease in net assets derived from capital
share transactions		(9,355,816	)		(29,422,026	)
Net Increase (Decrease) in Net Assets		16,725,897			(8,947,708	)

Net Assets:
Beginning of period		201,727,502			210,675,210
End of period (including undistributed net investment
income of $317,530 and $—, respectively)	$	218,453,399		$	201,727,502

See accompanying notes, which are an integral part of the financial statements.

Financial highlights
Delaware REIT Fund Class A

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain on investments

Return of capital

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

prior to fees waived and expense paid indirectly

Ratio of net investment income to average net assets

prior to fees waived and expense paid indirectly

Portfolio turnover

¹ Ratios have been annualized and total return and portfolio turnover have 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 during some of the periods shown reflects waivers by the manager and distributor. Performance would have been lower had the waivers not been in effect.

See accompanying notes, which are an integral part of the financial statements.

Six Months Ended			Year Ended
4/30/12¹			10/31/11		10/31/10		10/31/09		10/31/08		10/31/07
(Unaudited)
	$11.530		$10.460		$7.630		$8.200		$17.690		$24.180


	0.113		0.098		0.131		0.221		0.225		0.149
	1.522		1.145		2.886		(0.509	)	(5.793	)	0.372
	1.635		1.243		3.017		(0.288	)	(5.568	)	0.521


	(0.095	)	(0.173	)	(0.187	)	(0.224	)	(0.339	)	(0.380	)
	—		—		—		—		(3.583	)	(6.631	)
	—		—		—		(0.058	)	—		—
	(0.095	)	(0.173	)	(0.187	)	(0.282	)	(3.922	)	(7.011	)

	$13.070		$11.530		$10.460		$7.630		$8.200		$17.690

	14.34%		12.01%		39.84%		(2.97%	)	(37.85%	)	2.33%


	$84,415		$75,149		$82,646		$64,237		$73,445		$153,051
	1.30%		1.51%		1.53%		1.48%		1.48%		1.36%

	1.35%		1.57%		1.62%		1.88%		1.59%		1.41%
	1.91%		0.89%		1.42%		3.38%		1.82%		0.79%

	1.86%		0.83%		1.33%		2.98%		1.71%		0.74%
	38%		129%		175%		174%		115%		82%

Financial highlights
Delaware REIT Fund Class B

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain on investments

Return of capital

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

prior to fees waived and expense paid indirectly

Ratio of net investment income to average net assets

prior to fees waived and expense paid indirectly

Portfolio turnover

¹ Ratios have been annualized and total return and portfolio turnover have 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 during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes, which are an integral part of the financial statements.

Six Months Ended			Year Ended
4/30/12¹			10/31/11		10/31/10		10/31/09		10/31/08		10/31/07
(Unaudited)
	$11.510		$10.450		$7.620		$8.190		$17.680		$24.150


	0.068		0.015		0.061		0.173		0.138		0.006
	1.525		1.136		2.888		(0.511	)	(5.793	)	0.373
	1.593		1.151		2.949		(0.338	)	(5.655	)	0.379


	(0.053	)	(0.091	)	(0.119	)	(0.174	)	(0.252	)	(0.218	)
	—		—		—		—		(3.583	)	(6.631	)
	—		—		—		(0.058	)	—		—
	(0.053	)	(0.091	)	(0.119	)	(0.232	)	(3.835	)	(6.849	)

	$13.050		$11.510		$10.450		$7.620		$8.190		$17.680

	13.88%		11.08%		38.88%		(3.73%	)	(38.28%	)	1.52%


	$2,868		$3,863		$7,393		$10,985		$17,831		$48,300
	2.05%		2.26%		2.28%		2.23%		2.23%		2.11%

	2.05%		2.27%		2.32%		2.58%		2.29%		2.11%
	1.16%		0.14%		0.67%		2.63%		1.07%		0.04%

	1.16%		0.13%		0.63%		2.28%		1.01%		0.04%
	38%		129%		175%		174%		115%		82%

Financial highlights
Delaware REIT Fund Class C

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain on investments

Return of capital

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

prior to fees waived and expense paid indirectly

Ratio of net investment income to average net assets

prior to fees waived and expense paid indirectly

Portfolio turnover

1 Ratios have been annualized and total return and portfolio turnover have 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 during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes, which are an integral part of the financial statements.

Six Months Ended			Year Ended
4/30/12¹				10/31/11		10/31/10		10/31/09		10/31/08		10/31/07
(Unaudited)
	$11.510			$10.450		$7.620		$8.190		$17.680		$24.150


	0.069			0.015		0.062		0.173		0.136		0.006
	1.534			1.136		2.887		(0.511	)	(5.791	)	0.373
	1.603			1.151		2.949		(0.338	)	(5.655	)	0.379


	(0.053	)		(0.091	)	(0.119	)	(0.174	)	(0.252	)	(0.218	)
	—			—		—		—		(3.583	)	(6.631	)
	—			—		—		(0.058	)	—		—
	(0.053	)		(0.091	)	(0.119	)	(0.232	)	(3.835	)	(6.849	)

	$13.060			$11.510		$10.450		$7.620		$8.190		$17.680

	13.97%			11.08%		38.88%		(3.73%	)	(38.33%	)	1.58%


	$20,209			$18,345		$18,713		$16,314		$22,695		$50,819
	2.05%			2.26%		2.28%		2.23%		2.23%		2.11%

	2.05%			2.27%		2.32%		2.58%		2.29%		2.11%
	1.16%			0.14%		0.67%		2.63%		1.07%		0.04%

	1.16%			0.13%		0.63%		2.28%		1.01%		0.04%
	38%			129%		175%		174%		115%		82%

Financial highlights
Delaware REIT Fund Class R

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain on investments

Return of capital

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

prior to fees waived and expense paid indirectly

Ratio of net investment income to average net assets

prior to fees waived and expense paid indirectly

Portfolio turnover

1 Ratios have been annualized and total return and portfolio turnover have 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 during some of the periods shown reflects waivers by the manager and distributor. Performance would have been lower had the waivers not been in effect.

See accompanying notes, which are an integral part of the financial statements.

Six Months Ended			Year Ended
4/30/12¹				10/31/11		10/31/10		10/31/09		10/31/08		10/31/07
(Unaudited)
	$11.530			$10.460		$7.630		$8.200		$17.690		$24.180


	0.099			0.071		0.109		0.205		0.191		0.102
	1.522			1.145		2.885		(0.509	)	(5.789	)	0.363
	1.621			1.216		2.994		(0.304	)	(5.598	)	0.465


	(0.081	)		(0.146	)	(0.164	)	(0.208	)	(0.309	)	(0.324	)
	—			—		—		—		(3.583	)	(6.631	)
	—			—		—		(0.058	)	—		—
	(0.081	)		(0.146	)	(0.164	)	(0.266	)	(3.892	)	(6.955	)

	$13.070			$11.530		$10.460		$7.630		$8.200		$17.690

	14.12%			11.73%		39.50%		(3.21%	)	(38.00%	)	2.03%


	$8,381			$6,368		$5,680		$3,596		$3,395		$5,734
	1.55%			1.76%		1.78%		1.73%		1.73%		1.61%

	1.65%			1.87%		1.92%		2.18%		1.89%		1.71%
	1.66%			0.64%		1.17%		3.13%		1.57%		0.54%

	1.56%			0.53%		1.03%		2.68%		1.41%		0.44%
	38%			129%		175%		174%		115%		82%

Financial highlights
Delaware REIT Fund Institutional Class

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

Net asset value, beginning of period

Income (loss) from investment operations:

Net investment income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain on investments

Return of capital

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets

prior to fees waived and expense paid indirectly

Ratio of net investment income to average net assets

prior to fees waived and expense paid indirectly

Portfolio turnover

1 Ratios have been annualized and total return and portfolio turnover have 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 during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes, which are an integral part of the financial statements.

Six Months Ended			Year Ended
4/30/12¹			10/31/11		10/31/10		10/31/09		10/31/08		10/31/07
(Unaudited)
	$11.550		$10.480		$7.640		$8.220		$17.710		$24.210


	0.128		0.127		0.155		0.238		0.247		0.196
	1.532		1.144		2.893		(0.520	)	(5.784	)	0.366
	1.660		1.271		3.048		(0.282	)	(5.537	)	0.562


	(0.110	)	(0.201	)	(0.208	)	(0.240	)	(0.370	)	(0.431	)
	—		—		—		—		(3.583	)	(6.631	)
	—		—		—		(0.058	)	—		—
	(0.110	)	(0.201	)	(0.208	)	(0.298	)	(3.953	)	(7.062	)

	$13.100		$11.550		$10.480		$7.640		$8.220		$17.710

	14.46%		12.27%		40.23%		(2.72%	)	(37.66%	)	2.56%


	$102,580		$98,003		$96,243		$99,334		$87,430		$106,145
	1.05%		1.26%		1.28%		1.23%		1.23%		1.11%

	1.05%		1.27%		1.32%		1.58%		1.29%		1.11%
	2.16%		1.14%		1.67%		3.63%		2.07%		1.04%

	2.16%		1.13%		1.63%		3.28%		2.01%		1.04%
	38%		129%		175%		174%		115%		82%

Notes to financial statements
Delaware REIT Fund

April 30, 2012 (Unaudited)

The Real Estate Investment Trust Portfolio (Delaware REIT Fund or Fund) is a series of Delaware Pooled^® Trust (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 and Institutional Class shares. Class A shares are sold with a maximum 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 may be purchased only through dividend reinvestment and certain permitted exchanges. Prior to June 1, 2007, Class B shares were sold with a CDSC that declined from 4% to zero depending upon the period of time the shares were 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 twelve months. Class R and Institutional 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 objectives of the Fund are 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 (U.S. GAAP) 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 ask prices will be used, which approximates fair value. Short-term debt securities are valued using the evaluated mean. U.S. government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Investment company securities are valued at net asset value per share. Generally, 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 (Board). 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 suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or

news events may have occurred in the interim. To account for this, the Fund may frequently value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).

Federal Income Taxes — No provision for federal income taxes has been made as the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Fund evaluates 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 are recorded as a tax benefit or expense in the current year. Management has analyzed the Fund’s tax positions taken on federal income tax returns for all open tax years (October 31, 2008–October 31, 2011), and has concluded that no provision for federal income tax is required in 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 purchase certain U.S. government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the Fund’s custodian or a third-party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. All open repurchase agreements as of the date of this report were entered into April 30, 2012.

Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent 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 and the differences could be material.

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 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 (REITs) are recorded as dividend income on the ex-dividend date, subject to reclassification

Notes to financial statements
Delaware REIT Fund

1. Significant Accounting Policies (continued)

upon notice of the character of such distributions by the issuer. The Fund declares and pays dividends from net investment income quarterly and distributions from net realized gain on investments, if any, annually. The Fund may distribute income dividends and capital gains more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

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. 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. There were no commission rebates for the six months ended April 30, 2012.

The Fund may receive earnings credits from its custodian when positive cash balances are maintained, which are used to offset custody fees. There were no earnings credits for the six months ended April 30, 2012.

The Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which are used to offset transfer agent fees. The expense paid under this arrangement is included in dividend disbursing and transfer agent fees and expenses on the statement of operations with the corresponding expense offset shown as “expense paid indirectly.” For the six months ended April 30, 2012, the Fund earned $360 under this agreement.

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.

Effective February 28, 2012, DMC has contractually agreed to waive that portion, if any, of its management fee and reimburse the Fund to the extent necessary to ensure that total annual operating expenses (excluding any 12b-1 plan and certain other expenses) do not exceed 1.25% of average daily net assets of the Fund through February 28, 2013. Prior to February 28, 2012, DMC had contractually agreed to waive expenses to the extent necessary to ensure that total annual operating expenses did not exceed 1.30% of average daily net assets of the Fund. This waiver and reimbursement may be terminated only by agreement of the Fund. This waiver and reimbursement applies only to expenses paid directly by the Fund.

Delaware Service Company, Inc. (DSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Fund. For these services, the Fund pays DSC fees based on the aggregate daily net assets of the Delaware Investments^® Family of Funds at the

following annual rate: 0.0050% of the first $30 billion; 0.0045% of the next $10 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $50 billion. The fees payable to DSC under the service agreement described above are allocated among all Funds in the Delaware Investments^® Family of Funds on a relative net asset value basis. For the six months ended April 30, 2012, the Fund was charged $4,950 for these services.

DSC also provides dividend disbursing and transfer agent services. The Fund pays DSC a monthly asset-based fee for these 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 Class C shares and 0.60% of the average daily net assets of the Class R shares. Institutional Class shares pay no distribution and service expenses. DDLP has contracted to limit the Fund’s Class A and Class R shares’ 12b-1 fees through February 28, 2013 to no more than 0.25% and 0.50%, of the average daily net assets, respectively.

At April 30, 2012, the Fund had liabilities payable to affiliates as follows:

Investment management fees payable to DMC	$	130,532
Dividend disbursing, transfer agent and fund accounting
oversight fees and other expenses payable to DSC		4,848
Distribution fees payable to DDLP		38,573
Other expenses payable to DMC and affiliates*		7,355

*DMC, as part of its administrative services, pays operating expenses on behalf of the Fund and is reimbursed on a periodic basis. 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, 2012, the Fund was charged $2,853 for internal legal and tax services provided by DMC and/or its affiliates’ employees.

For the six months ended April 30, 2012, DDLP earned $9,621 for commissions on sales of the Fund’s Class A shares. For the six months ended April 30, 2012, DDLP received gross CDSC commissions of $0, $645 and $41 on redemptions 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 include expenses accrued by the Fund for each Trustee’s retainer and meeting fees. 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.

Notes to financial statements
Delaware REIT Fund

3. Investments

For the six months ended April 30, 2012, the Fund made purchases of $75,436,439 and sales of $84,733,266 of investment securities other than short-term investments.

At April 30, 2012, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At April 30, 2012, the cost of investments was $196,319,781. At April 30, 2012, net unrealized appreciation was $24,012,177, of which $36,017,397 related to unrealized appreciation of investments and $12,005,220 related to unrealized depreciation of investments.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. The Fund’s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1	–	inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2	–	other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities)

Level 3	–	inputs are significant unobservable inputs (including the Fund’s own assumptions used to determine the fair value of investments) (e.g., broker-quoted securities, fair valued securities)

nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of April 30,2012:

	Level 1		Level 2		Total
Common Stock	$	210,215,122	$	—	$	210,215,122
Short-Term Investments		—		6,303,240		6,303,240
Securities Lending Collateral		—		3,813,596		3,813,596
Total	$	210,215,122	$	10,116,836	$	220,331,958

The value of Level 3 investments was zero at the beginning and end of the period and there was no change in unrealized appreciation (depreciation).

During the six months ended April 30, 2012, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a material impact to the Fund. The Fund’s policy is to recognize transfers between levels at the beginning of the reporting period.

Notes to financial statements
Delaware REIT Fund

4. Dividends 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. GAAP. Additionally, distributions from 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, 2012 and the year ended October 31, 2011 was as follows:

	Six Months		Year
	Ended		Ended
	4/30/12*		10/31/11
Ordinary income	$	1,638,021	$	3,310,819

*Tax information for the six months ended April 30, 2012 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

Shares of beneficial interest	$	215,053,873
Undistributed ordinary income		317,530
Realized gains 11/1/11 – 4/30/12		8,405,687
Capital loss carryforwards as of 10/31/11		(29,335,868	)
Unrealized appreciation		24,012,177
Net assets	$	218,453,399

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

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, 2011 will expire as follows: $29,335,868 expires in 2017.

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the Act) was enacted, which changed various technical rules governing the tax treatment of regulated investment companies. The changes are generally effective for taxable years beginning after the date of enactment. Under the Act, the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under previous regulation.

For the six months ended April 30, 2012, the Fund had capital gains of $8,405,687, which may reduce the capital loss carryforwards.

6. Capital Shares

Transactions in capital shares were as follows:

	Six Months		Year
	Ended		Ended
	4/30/12		10/31/11
Shares sold:
Class A	602,797		1,285,369
Class B	133		2,476
Class C	99,667		199,439
Class R	206,534		198,344
Institutional Class	866,519		2,456,013

Shares issued upon reinvestment of dividends and distributions:
Class A	46,872		100,989
Class B	1,012		3,390
Class C	6,531		13,353
Class R	4,004		7,472
Institutional Class	72,810		165,325
	1,906,879		4,432,170
Shares repurchased:
Class A	(713,307	)	(2,766,428	)
Class B	(117,022	)	(377,998	)
Class C	(151,867	)	(410,170	)
Class R	(122,069	)	(196,257	)
Institutional Class	(1,595,134	)	(3,316,116	)
	(2,699,399	)	(7,066,969	)
Net decrease	(792,520	)	(2,634,799	)

For the six months ended April 30, 2012 and the year ended October 31, 2011, 70,420 Class B shares were converted to 70,242 Class A shares valued at $838,757 and 199,570 Class B shares were converted to 199,021 Class A shares valued at $2,174,143, 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.

Notes to financial statements
Delaware REIT Fund

7. Line of Credit

The Fund, along with certain other funds in the Delaware Investments^® Family of Funds (Participants), was a participant in a $100,000,000 revolving line of credit to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants were charged an annual commitment fee, which was allocated across the Participants on the basis of each Participant’s allocation of the entire facility. The Participants were permitted to borrow up to a maximum of one third of their net assets under the agreement. The line of credit under the agreement expired on November 15, 2011.

On November 15, 2011, the Fund, along with the other Participants, entered into an amendment to the agreement for a $125,000,000 revolving line of credit. The agreement is to be used as described above and operates in substantially the same manner as the original agreement. The agreement expires on November 13, 2012. The Fund had no amounts outstanding as of April 30, 2012, or at any time during the period then ended.

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 The Bank of New York Mellon (BNY Mellon). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (i) 102% with respect to U.S. securities and foreign securities that are denominated and payable in U.S. dollars; and (ii) 105% with respect to foreign securities. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held 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 by the end of the following business day which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon request of the borrower BNY Mellon must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security may be temporarily more or less than the value of the security on loan.

or less to the BNY Mellon SL DBT II Liquidating Fund (Liquidating Fund), effectively bifurcating the previous collateral investment pool. The Fund’s exposure to the Liquidating Fund is expected to decrease as the Liquidating Fund’s assets mature or are sold. In October 2008, BNY Mellon transferred certain distressed securities from the previous collateral investment pool into the Mellon GSL Reinvestment Trust II. The Fund can also accept U.S. government securities and letters of credit (non-cash collateral) in connection with securities loans. 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 or interest, as applicable, on the securities loaned and is subject to changes 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. With respect to security loans collateralized by non-cash collateral, the Fund receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Fund, the security lending agent and the borrower. The Fund records security lending income net of allocations to the security lending agent and the borrower.

The Collective Trust used for the investment of cash collateral received from borrowers of securities seeks to maintain a net asset value per unit of $1.00, but there can be no assurance that it will always be able to do so. The Fund may incur investment losses as a result of investing securities lending collateral in the Collective Trust or another collateral investment pool. This could occur if an investment in a collateral investment pool defaulted or if it were necessary to liquidate assets in the collateral investment pool to meet returns on outstanding security loans at a time when the collateral investment pool’s net asset value per unit was less than $1.00. Under those circumstances, the Fund may not receive an amount from the collateral investment pool that is equal in amount to the collateral the Fund would be required to return to the borrower of the securities and the Fund would be required to make up for this shortfall.

At April 30, 2012, the value of securities on loan was $3,961,612, for which cash collateral was received and invested in accordance with the Lending Agreement. At April 30, 2012, the value of invested collateral was $3,813,596. These 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 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 REITs 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.

Notes to financial statements
Delaware REIT Fund

9. Credit and Market Risk (continued)

The Fund may invest up to 15% of its 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 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 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 securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund’s 15% limit on investments in illiquid securities. As of April 30, 2012, there were no Rule 144A securities. Illiquid securities have been identified on the statement of net assets.

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 Events

Management has determined that no material events or transactions occurred subsequent to April 30, 2012 that would require recognition or disclosure in the Fund’s financial statements.

Other Fund information
(Unaudited)
Delaware REIT Fund

Change in Independent Registered Public Accounting Firm

Due to independence matters under the Securities and Exchange Commission’s auditor independence rules relating to the January 4, 2010 acquisition of Delaware Investments (including DMC, DDLP and DSC) by Macquarie Group, Ernst & Young LLP (E&Y) has resigned as the independent registered public accounting firm for Delaware Pooled^® Trust (the Trust) effective May 20, 2010. At a meeting held on May 20, 2010, the Board of Trustees of the Trust, upon recommendation of the Audit Committee, selected PricewaterhouseCoopers LLP (PwC) to serve as the independent registered public accounting firm for the Trust for the fiscal year ending October 31, 2010. During the fiscal years ended October 31, 2009 and 2008, E&Y’s audit reports on the financial statements of the Trust did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles. In addition, there were no disagreements between the Trust and E&Y on accounting principles, financial statements disclosures or audit scope, which, if not resolved to the satisfaction of E&Y, would have caused them to make reference to the disagreement in their reports. Neither the Trust nor anyone on its behalf has consulted with PwC at any time prior to their selection with respect to the application of accounting principles to a specified transaction, either completed or proposed or the type of audit opinion that might be rendered on the Trust’s financial statements.

About the organization

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 Drexel University Philadelphia, 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 Frances A. Sevilla-Sacasa Chief Executive Officer Banco Itaú Europa International Miami, FL	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	Daniel V. Geatens Vice President and Treasurer Delaware Investments Family of Funds Philadelphia, PA	David P. O’Connor Executive Vice President, General Counsel and Chief Legal Officer Delaware Investments Family of Funds Philadelphia, PA	Richard Salus Senior Vice President and Chief Financial Officer Delaware Investments Family of Funds Philadelphia, PA

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 the Delaware Investments Fund fact sheet for the most recently completed calendar quarter. These documents are available at 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 (SEC) 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; and (ii) on the SEC’s website at www.sec.gov. In addition, a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities and the Fund’s Schedule of Investments are available without charge on the Fund’s website at www.delawareinvestments.com. The Fund’s Forms N-Q may be reviewed and copied at the SEC’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 website at www.delawareinvestments.com; and (ii) on the SEC’s website at www.sec.gov.

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. Investments

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

(b) Divestment of securities in accordance with Section 13(c) of the Investment Company Act of 1940.

Not applicable.

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

/s/ PATRICK P. COYNE
By:	Patrick P. Coyne
Title:	Chief Executive Officer
Date:	July 2, 2012

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.

/s/ PATRICK P. COYNE
By:	Patrick P. Coyne
Title:	Chief Executive Officer
Date:	July 2, 2012

/s/ RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	July 2, 2012

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