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

Delaware Pooled Trust N-CSRSCertified 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, 2014

Item 1. Reports to Stockholders

LOGO


Semiannual report

April 30, 2014

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

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

LOGO

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Contents

Portfolio objectives and strategies			2

Disclosure of Portfolio expenses			4

Security type / sector / country allocations and top 10 equity holdings			6

Schedules of investments			18

Statements of assets and liabilities			64

Statements of operations			67

Statements of changes in net assets			70

Financial highlights			74

Notes to financial statements			86

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, and Emerging Markets* Portfolios.

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 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 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.

Portfolios 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.

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


				1

Portfolio objectives and strategies

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 this Portfolio, small-market capitalization companies are those companies whose market capitalization is similar to the market capitalization of companies in the Russell 2000^® Growth Index, and mid-market capitalization companies are those companies whose market capitalization is similar to the market capitalization of companies in the Russell Midcap^® Growth Index. The two indices listed above are for purposes of determining range and not for targeting portfolio management.

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 (U.S. government securities), 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 the opinion of Mondrian Investment Partners Limited, the Portfolio’s sub-advisor, are undervalued at the time of purchase based on the sub-advisor’s 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 the opinion of Mondrian Investment Partners Limited, the Portfolio’s sub-advisor, are undervalued at the time of purchase based on the rigorous fundamental analysis that the sub-advisor employs. 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 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 a broad range of equity securities of companies located in emerging market countries. The Portfolio may invest in companies of any size. The portfolio manager believes that although market price and intrinsic business value are positively correlated in the long run, short-term divergences can emerge. The Portfolio seeks to take advantage of these divergences through a fundamental, bottom-up approach.

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 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.

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

The Real Estate Investment Trust II and The Select 20 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.


			(continues	)		3

Disclosure of Portfolio expenses

For the six-month period from November 1, 2013 to April 30, 2014 (Unaudited)

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 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 Nov. 1, 2013 to April 30, 2014.

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 181/365 (to reflect the one-half year period).

Delaware Pooled^® Trust

Expense Analysis of an Investment of $1,000


				Expenses
				Paid
	Beginning	Ending		During
	Account	Account	Annualized	Period
	Value	Value	Expense	11/1/13 to
	11/1/13	4/30/14	Ratio	4/30/14

Actual Portfolio Return^†
The Large-Cap Value Equity Portfolio	$1,000.00	$1,079.00	0.67%	$3.45
The Select 20 Portfolio	1,000.00	1,057.50	0.87%	4.44
The Large-Cap Growth Equity Portfolio	1,000.00	1,067.90	0.64%	3.28
The Focus Smid-Cap Growth Equity Portfolio	1,000.00	975.50	0.88%	4.31
The Real Estate Investment Trust Portfolio II	1,000.00	1,080.60	0.95%	4.90
The Core Focus Fixed Income Portfolio	1,000.00	1,018.70	0.43%	2.15
The High-Yield Bond Portfolio	1,000.00	1,049.90	0.56%	2.85
The Core Plus Fixed Income Portfolio	1,000.00	1,025.90	0.45%	2.26
The International Equity Portfolio	1,000.00	1,072.30	0.88%	4.52
The Labor Select International Equity Portfolio	1,000.00	1,075.00	0.87%	4.48
The Emerging Markets Portfolio	1,000.00	990.70	1.21%	5.97
The Emerging Markets Portfolio II	1,000.00	984.40	1.20%	5.90


	Beginning Account Value 11/1/13		Ending Account Value 4/30/14		Annualized Expense Ratio			Expenses Paid During Period 11/1/13 to 4/30/14
Hypothetical 5% Return (5% return before expenses)
The Large-Cap Value Equity Portfolio		$1,000.00		$1,021.47		0.67	%		$3.36
The Select 20 Portfolio		1,000.00		1,020.48		0.87	%		4.36
The Large-Cap Growth Equity Portfolio		1,000.00		1,021.62		0.64	%		3.21
The Focus Smid-Cap Growth Equity Portfolio		1,000.00		1,020.43		0.88	%		4.41
The Real Estate Investment Trust Portfolio II		1,000.00		1,020.08		0.95	%		4.76
The Core Focus Fixed Income Portfolio		1,000.00		1,022.66		0.43	%		2.16
The High-Yield Bond Portfolio		1,000.00		1,022.02		0.56	%		2.81
The Core Plus Fixed Income Portfolio		1,000.00		1,022.56		0.45	%		2.26
The International Equity Portfolio		1,000.00		1,020.43		0.88	%		4.41
The Labor Select International Equity Portfolio		1,000.00		1,020.48		0.87	%		4.36
The Emerging Markets Portfolio		1,000.00		1,018.79		1.21	%		6.06
The Emerging Markets Portfolio II		1,000.00		1,018.84		1.20	%		6.01

^†	Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.


				5

Security type / sector allocations

and top 10 equity holdings

Delaware Pooled^® Trust — The Large-Cap Value Equity Portfolio

As of April 30, 2014 (Unaudited)

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.


Security type / sector		Percentage of net assets
Common Stock		98.85%
Consumer Discretionary		5.86%
Consumer Staples		11.99%
Energy		14.92%
Financials		11.89%
Healthcare		18.07%
Industrials		9.02%
Information Technology		15.06%
Materials		3.06%
Telecommunications		6.03%
Utilities		2.95%
Short-Term Investments		1.14%
Total Value of Securities		99.99%
Receivables and Other Assets Net of Liabilities		0.01%
Total Net Assets		100.00%

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


Top 10 equity holdings		Percentage of net assets
Allstate		3.08%
Cisco Systems		3.08%
Kraft Foods Group		3.07%
Cardinal Health		3.07%
duPont (E.I.) deNemours		3.06%
Xerox		3.05%
Waste Management		3.05%
Baxter International		3.04%
Intel		3.04%
Marathon Oil		3.04%

Delaware Pooled^® Trust — The Select 20 Portfolio

As of April 30, 2014 (Unaudited)


Security type / sector	Percentage of net assets
Common Stock²		94.74%
Consumer Discretionary		17.68%
Energy		7.73%
Financial Services		20.77%
Healthcare		11.07%
Information Technology*		32.58%
Utilities		4.91%
Short-Term Investments		5.31%
Total Value of Securities		100.05%
Liabilities Net of Receivables and Other Assets		(0.05%	)
Total Net Assets		100.00%

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

*To monitor compliance with the Portfolio’s concentration guidelines as described in the Portfolio’s Prospectus and Statement of Additional Information, the Information Technology sector (as disclosed herein for financial reporting purposes) is divided into various sub-categories or “industries,” in this case, computers, internet, semiconductors and software. As of April 30, 2014, such amounts, as a percentage of total net assets, were 4.81%, 5.89%, 5.88%, and 16.00%, respectively. The percentage in any such single industry will comply with the Portfolio’s concentration policy even if the percentage in the “Information Technology sector” for financial reporting purposes may exceed 25%.

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
Visa Class A		6.98%
Allergan		6.81%
Microsoft		5.95%
QUALCOMM		5.88%
EOG Resources		5.62%
Adobe Systems		5.43%
Liberty Interactive Class A		5.20%
IntercontinentalExchange Group		5.10%
Crown Castle International		5.08%
j2 Global		4.91%


			(continues	)		7

Security type / sector allocations

and top 10 equity holdings

Delaware Pooled^® Trust — The Large-Cap Growth Equity Portfolio

As of April 30, 2014 (Unaudited)


Security type / sector	Percentage of net assets
Common Stock²		99.05	%
Consumer Discretionary		18.78	%
Consumer Staples		4.98	%
Energy		6.45	%
Financial Services		22.69	%
Healthcare		15.50	%
Information Technology*		28.80	%
Materials & Processing		1.85	%
Short-Term Investments		0.96	%
Total Value of Securities		100.01	%
Liabilities Net of Receivables and Other Assets		(0.01	%)
Total Net Assets		100.00	%

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

*To monitor compliance with the Portfolio’s concentration guidelines as described in the Portfolio’s Prospectus and Statement of Additional Information, the Information Technology sector (as disclosed herein for financial reporting purposes) is divided into various sub-categories or “industries,” in this case, computers, internet, semiconductors, and software. As of April 30, 2014, such amounts, as a percentage of total net assets, were 2.76%, 8.54%, 5.30%, and 12.20%, respectively. The percentage in any such single industry will comply with the Portfolio’s concentration policy even if the percentage in the “Information Technology sector” for financial reporting purposes may exceed 25%.

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
Allergan		5.44	%
Visa Class A		5.42	%
QUALCOMM		5.30	%
MasterCard Class A		5.24	%
Celgene		5.16	%
Microsoft		5.13	%
EOG Resources		4.99	%
Walgreen		4.98	%
Crown Castle International		4.65	%
Liberty Interactive Class A		4.30	%

Delaware Pooled^® Trust — The Focus Smid-Cap Growth Equity Portfolio

As of April 30, 2014 (Unaudited)


Security type / sector	Percentage of net assets
Common Stock		93.80	%
Consumer Discretionary		23.48	%
Energy		5.10	%
Financial Services		18.34	%
Healthcare		9.53	%
Producer Durables		11.45	%
Technology		21.18	%
Utilities		4.72	%
Short-Term Investments		5.78	%
Total Value of Securities		99.58	%
Receivables and Other Assets Net of Liabilities		0.42	%
Total Net Assets		100.00	%

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


Top 10 equity holdings	Percentage of net assets
SBA Communications Class A		5.22	%
MSCI Class A		5.15	%
Core Laboratories		5.10	%
Techne		4.95	%
DineEquity		4.77	%
Heartland Payment Systems		4.74	%
j2 Global		4.72	%
VeriFone Systems		4.64	%
Graco		4.63	%
Affiliated Managers Group		4.61	%


			(continues	)		9

Security type / sector allocations

and top 10 equity holdings

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

As of April 30, 2014 (Unaudited)


Security type / sector	Percentage of net assets
Common Stock		97.16	%
Diversified REITs		5.08	%
Healthcare REITs		7.34	%
Hotel REITs		8.39	%
Industrial REITs		5.64	%
Mall REITs		16.87	%
Manufactured Housing REIT		0.94	%
Multifamily REITs		17.76	%
Office REITs		14.70	%
Office/Industrial REITs		3.31	%
Self-Storage REITs		4.24	%
Shopping Center REITs		9.16	%
Single Tenant REITs		2.34	%
Specialty REIT		1.39	%
Short-Term Investments		2.99	%
Total Value of Securities		100.15	%
Liabilities Net of Receivables and Other Assets		(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.


Top 10 equity holdings	Percentage of net assets
Simon Property Group		10.54	%
Boston Properties		4.85	%
AvalonBay Communities		4.04	%
Host Hotels & Resorts		4.00	%
Prologis		3.70	%
Equity Residential		3.67	%
Public Storage		3.38	%
SL Green Realty		3.38	%
Vornado Realty Trust		3.33	%
General Growth Properties		3.08	%

Security type / sector allocations

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

As of April 30, 2014 (Unaudited)


Security type / sector	Percentage of net assets
Agency Asset-Backed Security		0.41	%
Agency Collateralized Mortgage Obligations		1.93	%
Agency Mortgage-Backed Securities		21.92	%
Commercial Mortgage-Backed Securities		1.57	%
Corporate Bonds		32.28	%
Banking		6.95	%
Basic Industry		2.21	%
Brokerage		0.67	%
Capital Goods		0.61	%
Communications		2.65	%
Consumer Cyclical		2.29	%
Consumer Non-Cyclical		2.04	%
Electric		4.21	%
Energy		1.87	%
Finance Companies		0.77	%
Insurance		1.87	%
Natural Gas		2.22	%
Real Estate		1.17	%
Technology		1.84	%
Transportation		0.91	%
Non-Agency Asset-Backed Securities		0.81	%
U.S. Treasury Obligations		30.18	%
Preferred Stock		0.35	%
Short-Term Investments		21.15	%
Total Value of Securities		110.60	%
Liabilities Net of Receivables and Other Assets		(10.60	%)
Total Net Assets		100.00	%


			(continues	)		11

Security type / sector allocations

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

As of April 30, 2014 (Unaudited)


Security type / sector	Percentage of net assets
Convertible Bonds		0.30	%
Corporate Bonds		79.27	%
Automobiles		2.29	%
Banking		2.90	%
Basic Industry		10.08	%
Capital Goods		3.82	%
Communications		0.31	%
Consumer Cyclical		5.09	%
Consumer Non-Cyclical		1.63	%
Energy		11.88	%
Financials		0.81	%
Healthcare		6.10	%
Insurance		1.99	%
Media		9.23	%
Services		7.83	%
Technology & Electronics		6.10	%
Telecommunications		6.98	%
Utilities		2.23	%
Senior Secured Loans		10.64	%
Common Stock		1.73	%
Convertible Preferred Stock		0.58	%
Preferred Stock		1.37	%
Short-Term Investments		6.54	%
Total Value of Securities		100.43	%
Liabilities Net of Receivables and Other Assets		(0.43	%)
Total Net Assets		100.00	%

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

As of April 30, 2014 (Unaudited)


Security type / sector	Percentage of net assets
Agency Asset-Backed Security		0.20	%
Agency Collateralized Mortgage Obligations		1.22	%
Agency Mortgage-Backed Securities		23.02	%
Commercial Mortgage-Backed Securities		2.16	%
Convertible Bonds		0.35	%
Corporate Bonds		46.41	%
Banking		7.07	%
Basic Industry		2.82	%
Brokerage		0.45	%
Capital Goods		1.52	%
Communications		7.38	%
Consumer Cyclical		2.41	%
Consumer Non-Cyclical		4.94	%
Electric		5.21	%
Energy		4.66	%
Financials		0.48	%
Insurance		1.78	%
Natural Gas		2.63	%
Real Estate		1.51	%
Technology		1.81	%
Transportation		1.74	%
Municipal Bonds		0.40	%
Non-Agency Asset-Backed Securities		3.19	%
Senior Secured Loans		10.77	%
Sovereign Bonds		0.37	%
U.S. Treasury Obligations		8.99	%
Convertible Preferred Stock		0.07	%
Preferred Stock		0.27	%
Short-Term Investments		17.45	%
Total Value of Securities		114.87	%
Liabilities Net of Receivables and Other Assets		(14.87	%)
Total Net Assets		100.00	%


			(continues	)		13

Security type / country and sector allocations

Delaware Pooled^® Trust — The International Equity Portfolio

As of April 30, 2014 (Unaudited)

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-advisor’s internal sector classifications, which may result in the sector designations for one portfolio being different than another portfolio’s sector designations.


Security type / country	Percentage of net assets
Common Stock		99.27	%
Australia		2.34	%
Belgium		0.00	%
China		2.18	%
France		14.34	%
Germany		7.74	%
Israel		2.54	%
Italy		2.51	%
Japan		15.67	%
Netherlands		6.51	%
Singapore		4.10	%
Spain		7.25	%
Sweden		0.89	%
Switzerland		10.56	%
Taiwan		0.89	%
United Kingdom		21.75	%
Short-Term Investments		0.31	%
Total Value of Securities		99.58	%
Receivables and Other Assets Net of Liabilities		0.42	%
Total Net Assets		100.00	%


Common stock by sector	Percentage of net assets
Consumer Discretionary		4.83	%
Consumer Staples		16.84	%
Energy		13.95	%
Financials		10.17	%
Healthcare		14.01	%
Industrials		10.81	%
Information Technology		8.47	%
Telecommunication Services		13.31	%
Utilities		6.88	%
Total		99.27	%

Delaware Pooled^® Trust — The Labor Select International Equity Portfolio

As of April 30, 2014 (Unaudited)


Security type / country	Percentage of net assets
Common Stock		98.10	%
Australia		2.41	%
Belgium		0.00	%
France		15.06	%
Germany		7.62	%
Israel		2.57	%
Japan		16.25	%
Netherlands		7.15	%
Singapore		4.58	%
Spain		7.36	%
Sweden		0.87	%
Switzerland		10.67	%
United Kingdom		23.56	%
Short-Term Investments		1.51	%
Total Value of Securities		99.61	%
Receivables and Other Assets Net of Liabilities		0.39	%
Total Net Assets		100.00	%


Common stock by sector	Percentage of net assets
Consumer Discretionary		4.81	%
Consumer Staples		17.15	%
Energy		12.43	%
Financials		10.21	%
Healthcare		14.18	%
Industrials		9.87	%
Information Technology		7.77	%
Telecommunication Services		12.74	%
Utilities		8.94	%
Total		98.10	%


			(continues	)		15

Security type / country and sector allocations

Delaware Pooled^® Trust — The Emerging Markets Portfolio

As of April 30, 2014 (Unaudited)


Security type / country	Percentage of net assets
Common Stock		93.18	%
Brazil		7.17	%
Chile		3.70	%
China		16.82	%
Colombia		0.44	%
India		8.08	%
Indonesia		4.65	%
Kazakhstan		0.68	%
Malaysia		3.26	%
Mexico		8.13	%
Peru		1.86	%
Philippines		2.10	%
Republic of Korea		7.59	%
Romania		0.39	%
Russia		3.69	%
South Africa		3.33	%
Taiwan		6.63	%
Thailand		2.62	%
Turkey		4.93	%
United Kingdom		4.59	%
United States		2.52	%
Preferred Stock		4.64	%
Brazil		3.60	%
India		0.03	%
Republic of Korea		1.01	%
Short-Term Investments		1.20	%
Total Value of Securities		99.02	%
Receivables and Other Assets Net of Liabilities		0.98	%
Total Net Assets		100.00	%


Common and preferred stock by sector	Percentage of net assets
Consumer Discretionary		14.66	%
Consumer Staples		9.72	%
Energy		12.28	%
Financials		18.32	%
Healthcare		2.43	%
Industrials		9.33	%
Information Technology		9.68	%
Materials		3.76	%
Telecommunication Services		10.28	%
Utilities		7.36	%
Total		97.82	%

Delaware Pooled^® Trust — The Emerging Markets Portfolio II

As of April 30, 2014 (Unaudited)


Security type / country	Percentage of net assets
Common Stock		99.12	%
Argentina		1.24	%
Bahrain		0.03	%
Brazil		17.80	%
Chile		1.00	%
China/Hong Kong		17.18	%
Colombia		1.33	%
India		7.39	%
Indonesia		1.59	%
Israel		2.30	%
Malaysia		0.59	%
Mexico		7.16	%
Netherlands		0.67	%
Peru		0.35	%
Poland		1.80	%
Republic of Korea		20.00	%
Russia		5.05	%
South Africa		1.69	%
Taiwan		4.72	%
Thailand		1.29	%
Turkey		1.36	%
United Kingdom		0.26	%
United States		4.32	%
Preferred Stock		1.17	%
Republic of Korea		1.17	%
Total Value of Securities		100.29	%
Liabilities Net of Receivables and Other Assets		(0.29	%)
Total Net Assets		100.00	%


Common and preferred stock by sector	Percentage of net assets
Consumer Discretionary		6.90	%
Consumer Staples		12.27	%
Energy		15.67	%
Financials		11.92	%
Healthcare		2.30	%
Industrials		4.06	%
Information Technology		21.73	%
Materials		8.98	%
Telecommunication Services		16.29	%
Utilities		0.17	%
Total		100.29	%


				17

Schedules of investments

Delaware Pooled^® Trust — The Large-Cap Value Equity Portfolio

April 30, 2014 (Unaudited)


	Number of shares		Value (U.S. $)

Common Stock – 98.85%

Consumer Discretionary – 5.86%
Johnson Controls		66,100	$	2,983,754
Lowe’s		61,700		2,832,647


				5,816,401

Consumer Staples – 11.99%
Archer-Daniels-Midland		67,600		2,956,148
CVS Caremark		40,200		2,923,344
Kraft Foods Group		53,633		3,049,573
Mondelez International Class A		83,200		2,966,080


				11,895,145

Energy – 14.92%
Chevron		23,700		2,974,824
ConocoPhillips		39,500		2,935,245
Halliburton		46,800		2,951,676
Marathon Oil		83,500		3,018,525
Occidental Petroleum		30,500		2,920,375


				14,800,645

Financials – 11.89%
Allstate		53,700		3,058,215
Bank of New York Mellon		85,500		2,895,885
BB&T		76,900		2,870,677
Marsh & McLennan		60,300		2,973,393


				11,798,170

Healthcare – 18.07%
Baxter International		41,500		3,020,785
Cardinal Health		43,800		3,044,538
Johnson & Johnson		29,500		2,988,055
Merck		51,400		3,009,984
Pfizer		93,411		2,921,896
Quest Diagnostics		52,600		2,941,918


				17,927,176

Industrials – 9.02%
Northrop Grumman		24,500		2,976,995
Raytheon		30,900		2,950,332
Waste Management		68,000		3,022,600


				8,949,927

Information Technology – 15.06%
Broadcom Class A		96,300		2,967,003
Cisco Systems		132,200		3,055,142
Intel		113,100		3,018,639
Motorola Solutions		45,100		2,867,458
Xerox		250,500		3,028,545


				14,936,787


	Number of shares		Value (U.S. $)

Common Stock (continued)

Materials – 3.06%
duPont (E.I.) deNemours		45,100	$	3,036,132


				3,036,132

Telecommunications – 6.03%
AT&T		84,300		3,009,510
Verizon Communications		63,500		2,967,355


				5,976,865

Utilities – 2.95%
Edison International		51,700		2,924,152


				2,924,152


Total Common Stock (cost $83,212,346)				98,061,400

	Principal amount°

Short-Term Investments – 1.14%

Repurchase Agreements – 1.07%

Bank of America Merrill Lynch 0.02%, dated 4/30/14, to be repurchased on 5/1/14, repurchase price $201,818 (collateralized by U.S. government obligations 0.00% - 4.375% 2/15/24 - 5/15/41; market value $205,854)		201,818		201,818

Bank of Montreal 0.03%, dated 4/30/14, to be repurchased on 5/1/14, repurchase price $67,273 (collateralized by U.S. government obligations 1.25% - 3.125% 4/30/19 - 2/15/42; market value $68,618)		67,273		67,273

BNP Paribas 0.05%, dated 4/30/14, to be repurchased on 5/1/14, repurchase price $787,910 (collateralized by U.S. government obligations 0.00% - 2.75% 6/30/14 - 11/15/43; market value $803,668)		787,909		787,909


				1,057,000


	Principal amount°		Value (U.S. $)

Short-Term Investments (continued)

U.S. Treasury Obligation – 0.07%≠
U.S. Treasury Bill 0.093% 11/13/14		72,681	$	72,664

				72,664


Total Short-Term Investments (cost $1,129,644)				1,129,664


Total Value of Securities – 99.99% (cost $84,341,990)			$	99,191,064

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

°	Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.

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


			(continues	)		19

Schedules of investments

Delaware Pooled^® Trust — The Select 20 Portfolio

April 30, 2014 (Unaudited)


	Number of shares		Value (U.S. $)

Common Stock – 94.74%

Consumer Discretionary – 17.68%
eBay †		86,925	$	4,505,323
L Brands		81,350		4,409,170
Liberty Interactive Class A †		192,075		5,581,699
Priceline Group †		3,865		4,474,704


				18,970,896

Energy – 7.73%
EOG Resources		61,500		6,027,000
Kinder Morgan		69,550		2,271,503


				8,298,503

Financial Services – 20.77%
CommonWealth REIT		152,500		3,875,025
Crown Castle International		74,950		5,451,113
IntercontinentalExchange Group		26,775		5,473,881
Visa Class A		36,975		7,491,505


				22,291,524

Healthcare – 11.07%
Allergan		44,050		7,305,252
Celgene †		31,100		4,572,011


				11,877,263

Information Technology – 32.58%
Adobe Systems †		94,400		5,823,536
Google Class A †		5,950		3,182,536
Google Class C †		5,950		3,133,627
Intuit		65,425		4,955,944
Microsoft		158,150		6,389,260
QUALCOMM		80,225		6,314,510
VeriFone Systems †		154,475		5,165,644


				34,965,057

Utilities – 4.91%
j2 Global @		113,550		5,264,178


				5,264,178


Total Common Stock (cost $67,486,767)				101,667,421


	Principal amount°		Value (U.S. $)

Short-Term Investments – 5.31%

Repurchase Agreements – 4.88%
Bank of America Merrill Lynch 0.02%, dated 4/30/14, to be repurchased on 5/1/14, repurchase price $999,544 (collateralized by U.S. government obligations 0.00% - 4.375% 2/15/24 - 5/15/41; market value $1,019,534)		999,543	$	999,543
Bank of Montreal 0.03%, dated 4/30/14, to be repurchased on 5/1/14, repurchase price $333,181 (collateralized by U.S. government obligations 1.25% - 3.125% 4/30/19 - 2/15/42; market value $339,845)		333,181		333,181
BNP Paribas 0.05%, dated 4/30/14, to be repurchased on 5/1/14, repurchase price $3,902,281 (collateralized by U.S. government obligations 0.00% - 2.75% 6/30/14 - 11/15/43; market value $3,980,322)		3,902,276		3,902,276


				5,235,000

U.S. Treasury Obligation – 0.43%≠
U.S. Treasury Bill 0.093% 11/13/14		457,824		457,718


				457,718


Total Short-Term Investments (cost $5,692,593)				5,692,718


Total Value of Securities – 100.05% (cost $73,179,360)			$	107,360,139

@	Illiquid security. At April 30, 2014, the aggregate value of illiquid securities was $5,264,178, which represented 4.91% of the Fund’s net assets. See Note 10 in “Notes to financial statements.”

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

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

°	Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.

†	Non income producing security.

REIT – Real Estate Investment Trust

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

Delaware Pooled^® Trust — The Large-Cap Growth Equity Portfolio

April 30, 2014 (Unaudited)


	Number of shares		Value (U.S. $)

Common Stock – 99.05%

Consumer Discretionary – 18.78%
eBay †		180,443	$	9,352,361
L Brands		138,590		7,511,578
Liberty Interactive Class A †		372,243		10,817,381
NIKE Class B		74,190		5,412,161
Priceline Group †		8,955		10,367,651
Sally Beauty Holdings †		136,625		3,744,891


				47,206,023

Consumer Staples – 4.98%
Walgreen		184,572		12,532,439


				12,532,439

Energy – 6.45%
EOG Resources		128,027		12,546,646
Kinder Morgan		112,395		3,670,821


				16,217,467

Financial Services – 22.69%
CME Group		69,359		4,882,180
Crown Castle International		160,843		11,698,111
IntercontinentalExchange Group		36,764		7,516,032
MasterCard Class A		179,020		13,166,921
Progressive		253,628		6,150,479
Visa Class A		67,278		13,631,196


				57,044,919

Healthcare – 15.50%
Allergan		82,407		13,666,377
Celgene †		88,201		12,966,429
Novo Nordisk ADR		164,409		7,462,524
Perrigo		33,640		4,873,090


				38,968,420

Information Technology – 28.80%
Adobe Systems †		163,286		10,073,113
Equinix †		40,885		7,678,612
Google Class A †		10,526		5,630,147
Google Class C †		10,465		5,511,497
Intuit		101,701		7,703,851
Microsoft		319,477		12,906,871
QUALCOMM		169,325		13,327,571
Teradata †		96,316		4,378,525
VeriFone Systems †		76,229		2,549,098
VeriSign †		6,306		297,517
Yelp †		40,281		2,349,188


				72,405,990


	Number of shares		Value (U.S. $)

Common Stock (continued)

Materials & Processing – 1.85%
Syngenta ADR		59,243	$	4,653,538

				4,653,538


Total Common Stock (cost $178,555,474)				249,028,796


	Principal amount°

Short-Term Investments – 0.96%

Repurchase Agreements – 0.87%
Bank of America Merrill Lynch 0.02%, dated 4/30/14, to be repurchased on 5/1/14, repurchase price $414,138 (collateralized by U.S. government obligations 0.00% - 4.375% 2/15/24 - 5/15/41; market value $422,420)		414,137		414,137
Bank of Montreal 0.03%, dated 4/30/14, to be repurchased on 5/1/14, repurchase price $138,046 (collateralized by U.S. government obligations 1.25% - 3.125% 4/30/19 - 2/15/42; market value $140,807)		138,046		138,046
BNP Paribas 0.05%, dated 4/30/14, to be repurchased on 5/1/14, repurchase price $1,616,819 (collateralized by U.S. government obligations 0.00% - 2.75% 6/30/14 - 11/15/43; market value $1,649,153)		1,616,817		1,616,817


				2,169,000


			(continues	)		21

Schedules of investments

Delaware Pooled^® Trust — The Large-Cap Growth Equity Portfolio


	Principal amount°		Value (U.S. $)

Short-Term Investments (continued)

U.S. Treasury Obligation – 0.09%≠
U.S. Treasury Bill 0.093% 11/13/14		230,712	$	230,659


				230,659

Total Short-Term Investments (cost $2,399,596)				2,399,659


Total Value of Securities – 100.01% (cost $180,955,070)			$	251,428,455

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

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

°	Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.

†	Non income producing security.

ADR – American Depositary Receipt

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

Delaware Pooled^® Trust — The Focus Smid-Cap Growth Equity Portfolio

April 30, 2014 (Unaudited)


	Number of shares		Value (U.S. $)

Common Stock – 93.80%

Consumer Discretionary – 23.48%
Coupons.com †		32,284	$	543,017
DineEquity		27,000		2,046,870
Dunkin’ Brands Group		18,750		853,313
Interval Leisure Group		37,975		978,616
K12 †		54,950		1,301,216
Sally Beauty Holdings †		67,300		1,844,693
Shutterstock †		11,025		799,422
Ulta Salon Cosmetics & Fragrance †		19,350		1,697,189


				10,064,336

Energy – 5.10%
Core Laboratories		11,650		2,186,472


				2,186,472

Financial Services – 18.34%
Affiliated Managers Group †		9,975		1,977,045
CommonWealth REIT		64,800		1,646,568
Heartland Payment Systems		49,625		2,031,647
MSCI Class A †		54,500		2,209,430


				7,864,690

Healthcare – 9.53%
ABIOMED †		53,100		1,257,939
athenahealth †		5,725		707,839
Techne		23,750		2,121,113


				4,086,891

Producer Durables – 11.45%
Expeditors International of Washington		38,075		1,570,213
Graco		27,400		1,986,500
Ritchie Bros Auctioneers		54,150		1,353,750


				4,910,463

Technology – 21.18%
Blackbaud		39,550		1,204,297
Ellie Mae †		18,650		454,873
Logitech International Class R		92,664		1,252,856
NeuStar Class A †		28,925		743,951
NIC		53,300		977,522
SBA Communications Class A †		24,950		2,239,512
VeriFone Systems †		59,550		1,991,352
VeriSign †		4,560		215,141


				9,079,504


	Number of shares		Value (U.S. $)

Common Stock (continued)

Utilities – 4.72%
j2 Global		43,675	$	2,024,773


				2,024,773


Total Common Stock (cost $29,735,786)				40,217,129

	Principal amount°

Short-Term Investments – 5.78%

Repurchase Agreements – 5.23%
Bank of America Merrill Lynch 0.02%, dated 4/30/14, to be repurchased on 5/1/14, repurchase price $428,267 (collateralized by U.S. government obligations 0.00% - 4.375% 2/15/24 - 5/15/41; market value $436,832)		428,266		428,266
Bank of Montreal 0.03%, dated 4/30/14, to be repurchased on 5/1/14, repurchase price $142,756 (collateralized by U.S. government obligations 1.25% - 3.125% 4/30/19 - 2/15/42; market value $145,611)		142,756		142,756
BNP Paribas 0.05%, dated 4/30/14, to be repurchased on 5/1/14, repurchase price $1,671,980 (collateralized by U.S. government obligations 0.00% - 2.75% 6/30/14 - 11/15/43; market value $1,705,418)		1,671,978		1,671,978


				2,243,000


			(continues	)		23

Schedules of investments

Delaware Pooled^® Trust — The Focus Smid-Cap Growth Equity Portfolio


	Principal amount°		Value (U.S. $)

Short-Term Investments (continued)

U.S. Treasury Obligation – 0.55%≠
U.S. Treasury Bill 0.093% 11/13/14		234,313	$	234,259

				234,259


Total Short-Term Investments (cost $2,477,195)			$	2,477,259


Total Value of Securities – 99.58% (cost $32,212,981)			$	42,694,388

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

°	Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.

†	Non income producing security.

REIT – Real Estate Investment Trust

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

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

April 30, 2014 (Unaudited)


	Number of shares		Value (U.S. $)

Common Stock – 97.16%

Diversified REITs – 5.08%
Cousins Properties		3,050	$	35,471
Lexington Realty Trust		1,560		16,786
Vornado Realty Trust		1,365		140,049
Washington Real Estate Investment Trust		865		21,158


				213,464

Healthcare REITs – 7.34%
HCP		963		40,311
Health Care REIT		755		47,633
Healthcare Realty Trust		1,960		49,294
Healthcare Trust of America Class A		4,075		47,637
Sabra Health Care REIT		1,240		37,163
Ventas		1,310		86,565


				308,603

Hotel REITs – 8.39%
DiamondRock Hospitality		4,175		51,227
Host Hotels & Resorts		7,833		168,018
Pebblebrook Hotel Trust		1,075		37,023
RLJ Lodging Trust		1,715		45,739
Strategic Hotels & Resorts †		4,695		50,659


				352,666

Industrial REITs – 5.64%
First Industrial Realty Trust		2,985		54,834
First Potomac Realty Trust		1,385		18,047
Prologis		3,830		155,613
STAG Industrial		360		8,471


				236,965

Mall REITs – 16.87%
General Growth Properties		5,628		129,275
Macerich		1,023		66,403
Simon Property Group		2,556		442,699
Taubman Centers		970		70,655


				709,032

Manufactured Housing REIT – 0.94%
Equity Lifestyle Properties		945		39,567


				39,567

Multifamily REITs – 17.76%
American Campus Communities		1,530		58,446
American Residential Properties †		560		10,063
Apartment Investment & Management		1,835		56,573


	Number of shares		Value (U.S. $)

Common Stock (continued)

Multifamily REITs (continued)
AvalonBay Communities		1,242	$	169,595
Camden Property Trust		605		41,436
Equity Residential		2,595		154,247
Essex Property Trust		649		112,446
Post Properties		1,090		54,729
UDR		3,435		88,829


				746,364

Office REITs – 14.70%
Boston Properties		1,740		203,824
Brandywine Realty Trust		2,076		30,206
Corporate Office Properties Trust		2,090		55,907
Douglas Emmett		3,080		85,008
Highwoods Properties		1,315		53,060
Kilroy Realty		800		47,656
SL Green Realty		1,355		141,882


				617,543

Office/Industrial REITs – 3.31%
Duke Realty		5,300		92,856
PS Business Parks		540		46,316

				139,172

Self-Storage REITs – 4.24%
Extra Space Storage		690		36,108
Public Storage		810		142,163


				178,271

Shopping Center REITs – 9.16%
DDR		5,760		98,899
Federal Realty Investment Trust		353		41,492
Kimco Realty		3,535		81,022
Ramco-Gershenson Properties Trust		2,315		38,151
Regency Centers		1,130		59,246
Tanger Factory Outlet Centers		1,850		66,008


				384,818

Single Tenant REITs – 2.34%
National Retail Properties		1,205		41,127
Spirit Realty Capital		5,300		57,081


				98,208

Specialty REIT – 1.39%
EPR Properties		1,085		58,167


				58,167


Total Common Stock (cost $3,659,088)				4,082,840


			(continues	)		25

Schedules of investments

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


	Principal amount°		Value (U.S. $)

Short-Term Investments – 2.99%

Repurchase Agreements – 2.86%
Bank of America Merrill Lynch 0.02%, dated 4/30/14, to be repurchased on 5/1/14, repurchase price $22,912 (collateralized by U.S. government obligations 0.00% - 4.375% 2/15/24 - 5/15/41; market value $23,370)		22,912	$	22,912
Bank of Montreal 0.03%, dated 4/30/14, to be repurchased on 5/1/14, repurchase price $7,637 (collateralized by U.S. government obligations 1.25% - 3.125% 4/30/19 - 2/15/42; market value $7,790)		7,637		7,637
BNP Paribas 0.05%, dated 4/30/14, to be repurchased on 5/1/14, repurchase price $89,451 (collateralized by U.S. government obligations 0.00% - 2.75% 6/30/14 - 11/15/43; market value $91,239)		89,451		89,451


				120,000


	Principal amount°		Value (U.S. $)

Short-Term Investments (continued)

U.S. Treasury Obligation – 0.13%≠
U.S. Treasury Bill 0.093% 11/13/14		5,468	$	5,466


				5,466


Total Short-Term Investments (cost $125,465)				125,466


Total Value of Securities – 100.15% (cost $3,784,553)			$	4,208,306

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

°	Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.

†	Non income producing security.

REIT – Real Estate Investment Trust

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

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

April 30, 2014 (Unaudited)


	Principal amount°		Value (U.S. $)

Agency Asset-Backed Security – 0.41%

Fannie Mae Grantor Trust Series 2003-T4 2A5 5.407% 9/26/33		19,257	$	21,161


Total Agency Asset-Backed Security (cost $19,070)				21,161



Agency Collateralized Mortgage Obligations – 1.93%

Fannie Mae REMICs Series 2010-35 AB 5.00% 11/25/49		7,755		8,330
Series 2011-105 FP 0.552% 6/25/41 —		41,726		41,590
Series 2011-134 PA 4.00% 9/25/40		5,125		5,329
Series 2012-19 HB 4.00% 1/25/42		10,904		11,281
Freddie Mac REMICs Series 3800 AF 0.652% 2/15/41 —		31,612		31,764


Total Agency Collateralized Mortgage Obligations (cost $98,105)				98,294



Agency Mortgage-Backed Securities – 21.92%

Fannie Mae
5.50% 1/1/36		2,601		2,893
Fannie Mae ARM
2.411% 5/1/43 —		2,752		2,717
2.546% 6/1/43 —		999		993
3.293% 9/1/43 —		3,852		3,947
Fannie Mae S.F. 15 yr
2.50% 7/1/27		731		738
2.50% 2/1/28		15,124		15,263
2.50% 5/1/28		1,814		1,827
3.00% 3/1/27		105,331		108,804
3.50% 7/1/26		2,587		2,727
4.00% 6/1/25		5,866		6,239
4.00% 11/1/25		31,471		33,583
4.00% 12/1/26		2,153		2,287
4.00% 5/1/27		5,696		6,059
4.50% 4/1/18		356		378
4.50% 8/1/19		2,078		2,207
5.00% 1/1/20		1,839		1,952
5.00% 6/1/20		276		293
5.00% 12/1/20		699		753
5.00% 2/1/21		1,395		1,482
5.00% 6/1/23		728		793
6.00% 12/1/20		476		505


	Principal amount°		Value (U.S. $)

Agency Mortgage-Backed Securities (continued)

Fannie Mae S.F. 15 yr TBA
2.50% 5/1/29		99,000	$	99,619
2.50% 6/1/29		45,000		45,162
3.50% 6/1/29		83,000		87,189
Fannie Mae S.F. 20 yr
3.00% 2/1/33		5,539		5,579
3.00% 8/1/33		1,924		1,937
3.50% 9/1/33		1,940		2,018
4.00% 2/1/31		2,336		2,484
5.00% 11/1/23		301		330
5.50% 12/1/29		957		1,061
6.00% 12/1/21		261		292
6.00% 9/1/29		1,755		1,973
Fannie Mae S.F. 30 yr
3.00% 10/1/42		43,322		42,262
3.00% 12/1/42		9,031		8,808
3.00% 1/1/43		16,698		16,287
3.00% 4/1/43		10,400		10,145
3.00% 5/1/43		2,793		2,725
3.50% 3/1/43		5,624		5,722
4.00% 11/1/40		1,255		1,316
4.00% 1/1/41		6,710		7,035
4.00% 7/1/41		8,679		9,107
4.00% 1/1/43		4,217		4,420
4.00% 8/1/43		958		1,004
4.50% 7/1/36		791		849
4.50% 11/1/40		3,041		3,269
4.50% 2/1/41		1,429		1,536
4.50% 3/1/41		7,907		8,497
4.50% 5/1/41		898		968
4.50% 10/1/41		6,388		6,858
4.50% 11/1/41		4,051		4,350
4.50% 9/1/43		2,807		3,015
5.00% 9/1/33		1,671		1,843
5.00% 2/1/35		16,934		18,667
5.00% 7/1/35		1,348		1,481
5.00% 10/1/35		3,247		3,568
5.00% 11/1/35		988		1,087
5.00% 8/1/37		339		372
5.00% 2/1/38		988		1,086
5.50% 2/1/33		2,650		2,953
5.50% 4/1/34		927		1,032
5.50% 8/1/34		292		325
5.50% 11/1/34		1,228		1,369
5.50% 1/1/35		280		312
5.50% 2/1/35		2,410		2,697
5.50% 3/1/35		202		225
5.50% 5/1/35		1,654		1,857
5.50% 5/1/36		500		556


			(continues	)		27

Schedules of investments

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


	Principal amount°		Value (U.S. $)

Agency Mortgage-Backed Securities (continued)

Fannie Mae S.F. 30 yr
5.50% 7/1/36		905	$	1,009
5.50% 1/1/37		1,809		2,014
5.50% 8/1/37		4,608		5,137
5.50% 2/1/38		1,799		2,004
5.50% 9/1/38		3,155		3,508
5.50% 12/1/38		7,746		8,626
5.50% 10/1/39		9,081		10,023
6.00% 7/1/35		5,352		6,019
6.00% 10/1/35		5,044		5,630
6.00% 8/1/37		3,264		3,660
6.00% 9/1/37		613		687
6.00% 4/1/38		3,706		4,140
6.00% 10/1/38		4,010		4,478
6.00% 1/1/39		1,920		2,144
6.00% 9/1/39		15,352		17,149
6.00% 10/1/39		929		1,040
6.00% 4/1/40		23		25
6.50% 11/1/36		1,131		1,271
6.50% 10/1/39		1,630		1,832
Fannie Mae S.F. 30 yr TBA
3.00% 5/1/44		35,000		34,103
3.00% 6/1/44		37,000		35,948
3.50% 5/1/44		35,000		35,522
3.50% 6/1/44		25,000		25,287
4.00% 5/1/44		3,000		3,143
4.00% 6/1/44		6,000		6,265
4.50% 5/1/44		27,000		28,987
4.50% 6/1/44		98,000		104,860
5.00% 5/1/44		5,000		5,483
Freddie Mac ARM
2.537% 1/1/44 —		9,488		9,702
Freddie Mac S.F. 15 yr
4.00% 8/1/25		1,459		1,551
4.50% 8/1/24		2,963		3,178
4.50% 7/1/25		623		669
4.50% 6/1/26		1,288		1,381
5.50% 6/1/20		441		475
Freddie Mac S.F. 30 yr
3.00% 10/1/42		4,451		4,351
3.00% 11/1/42		3,674		3,598
4.00% 11/1/40		3,171		3,320
4.00% 12/1/40		52,187		54,632
4.50% 10/1/39		4,948		5,317
4.50% 3/1/42		15,597		16,769
4.50% 10/1/43		938		1,009
5.50% 1/1/35		8,659		9,618
5.50% 6/1/36		150		166
5.50% 1/1/37		8,393		9,267


	Principal amount°		Value (U.S. $)

Agency Mortgage-Backed Securities (continued)

Freddie Mac S.F. 30 yr
6.00% 8/1/38		9,669	$	10,839


Total Agency Mortgage-Backed Securities (cost $1,112,339)				1,117,523



Commercial Mortgage-Backed Securities – 1.57%

Credit Suisse Commercial Mortgage Trust Series 2006-C1 AAB 5.644% 2/15/39 —		7,446		7,558
FREMF Mortgage Trust Series 2012-K22 B 144A 3.812% 8/25/45 #—		10,000		9,790
Series 2012-K708 B 144A 3.891% 2/25/45 #—		10,000		10,272
Goldman Sachs Mortgage Securities II Series 2005-GG4 A4A 4.751% 7/10/39		14,286		14,657
JPMorgan Chase Commercial Mortgage Securities Trust Series 2005-LDP5 D 5.56% 12/15/44 —		10,000		10,464
Series 2006-LDP8 AM 5.44% 5/15/45		25,000		27,276


Total Commercial Mortgage-Backed Securities (cost $79,247)				80,017



Corporate Bonds – 32.28%

Banking – 6.95%
Abbey National Treasury Services 3.05% 8/23/18		5,000		5,213
Bank Nederlandse Gemeenten 144A 2.625% 4/28/21 #		10,000		9,978
Bank of America 4.00% 4/1/24		50,000		50,354
City National 5.25% 9/15/20		5,000		5,607
Fifth Third Bancorp 4.30% 1/16/24		15,000		15,448
Goldman Sachs Group 4.00% 3/3/24		15,000		15,081
HSBC Holdings 4.00% 3/30/22		15,000		15,797
JPMorgan Chase 3.875% 2/1/24		20,000		20,328
6.75% 8/29/49 —		10,000		10,650
Morgan Stanley 2.50% 1/24/19		5,000		5,010


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Banking (continued)
Morgan Stanley 3.875% 4/29/24		10,000	$	9,961
5.00% 11/24/25		30,000		31,194
Northern Trust 3.95% 10/30/25		10,000		10,164
PNC Financial Services Group 3.90% 4/29/24		5,000		5,019
PNC Funding 5.625% 2/1/17		23,000		25,550
Santander Holdings USA 3.45% 8/27/18		5,000		5,227
State Street 3.10% 5/15/23		10,000		9,608
SunTrust Bank 2.35% 11/1/18		5,000		5,033
SVB Financial Group 5.375% 9/15/20		15,000		16,946
US Bancorp 3.70% 1/30/24		35,000		35,878
Wachovia 0.596% 10/15/16 —		5,000		4,990
Wells Fargo 3.00% 1/22/21		20,000		20,244
4.48% 1/16/24		5,000		5,226
5.90% 12/29/49 —		5,000		5,144
Zions Bancorp 4.50% 3/27/17		10,000		10,677


				354,327

Basic Industry – 2.21%
Barrick Gold 4.10% 5/1/23		5,000		4,878
CF Industries 5.15% 3/15/34		5,000		5,251
6.875% 5/1/18		20,000		23,547
Dow Chemical 8.55% 5/15/19		10,000		12,833
Georgia-Pacific 8.00% 1/15/24		10,000		13,328
International Paper 6.00% 11/15/41		5,000		5,881
Lubrizol 5.50% 10/1/14		5,000		5,099
Mosaic 5.625% 11/15/43		5,000		5,541
Potash Corp. of Saskatchewan
3.625% 3/15/24		5,000		5,021
Rio Tinto Finance U.SA. 3.50% 11/2/20		10,000		10,349
Rock-Tenn 3.50% 3/1/20		5,000		5,131
4.00% 3/1/23		5,000		5,094
Weyerhaeuser 4.625% 9/15/23		10,000		10,586


				112,539


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Brokerage – 0.67%
Jefferies Group 6.45% 6/8/27		19,000	$	20,510
Lazard Group 6.85% 6/15/17		12,000		13,638

				34,148

Capital Goods – 0.61%
Crane 4.45% 12/15/23		10,000		10,370
General Electric 4.50% 3/11/44		5,000		5,171
Ingersoll-Rand Global Holding 144A 4.25% 6/15/23 #		15,000		15,430


				30,971

Communications – 2.65%
American Tower 5.00% 2/15/24		15,000		15,987
AT&T 3.90% 3/11/24		10,000		10,136
Comcast 4.75% 3/1/44		10,000		10,465
Crown Castle Towers 144A 4.883% 8/15/20 #		20,000		22,206
DIRECTV Holdings 4.45% 4/1/24		5,000		5,083
Interpublic Group 4.20% 4/15/24		5,000		5,092
Rogers Communications 5.00% 3/15/44		5,000		5,137
SES Global Americas Holdings 144A 2.50% 3/25/19 #		5,000		5,010
144A 5.30% 3/25/44 #		15,000		15,632
TimeWarner Cable 8.25% 4/1/19		10,000		12,678
Verizon Communications 5.15% 9/15/23		25,000		27,610


				135,036

Consumer Cyclical – 2.29%
CVS Caremark 4.00% 12/5/23		10,000		10,377
Delphi 4.15% 3/15/24		15,000		15,379
eBay 4.00% 7/15/42		5,000		4,532
Host Hotels & Resorts 3.75% 10/15/23		15,000		14,774
Hyundai Capital America 144A 2.55% 2/6/19 #		5,000		5,016
International Game Technology
5.35% 10/15/23		15,000		16,124


			(continues	)		29

Schedules of investments

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


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Consumer Cyclical (continued)
Marriott International 3.375% 10/15/20		5,000	$	5,061
QVC 4.375% 3/15/23		10,000		9,943
TRW Automotive 144A 4.45% 12/1/23 #		10,000		10,225
Viacom 5.25% 4/1/44		5,000		5,250
WyndhamWorldwide 4.25% 3/1/22		15,000		15,270
Yum Brands 3.875% 11/1/23		5,000		5,055


				117,006

Consumer Non-Cyclical – 2.04%
Anheuser-Busch InBev Finance 3.70% 2/1/24		5,000		5,135
Boston Scientific 2.65% 10/1/18		5,000		5,078
6.00% 1/15/20		5,000		5,801
CareFusion 6.375% 8/1/19		10,000		11,595
Celgene 3.95% 10/15/20		10,000		10,549
Gilead Sciences 3.70% 4/1/24		10,000		10,168
Kroger 3.30% 1/15/21		5,000		5,065
McKesson 3.796% 3/15/24		10,000		10,131
PepsiCo 3.60% 3/1/24		15,000		15,277
Quest Diagnostics 2.70% 4/1/19		5,000		5,026
Thermo Fisher Scientific 4.15% 2/1/24		10,000		10,454
Zoetis 3.25% 2/1/23		10,000		9,767


				104,046

Electric – 4.21%
Ameren Illinois 9.75% 11/15/18		35,000		45,789
American Transmission Systems 144A 5.25% 1/15/22 #		5,000		5,437
Cleveland Electric Illuminating 5.50% 8/15/24		5,000		5,684
Electricite de France 144A 4.60% 1/27/20 #		10,000		11,026
144A 4.875% 1/22/44 #		5,000		5,175
Entergy Louisiana 4.05% 9/1/23		10,000		10,620
Exelon Generation 4.25% 6/15/22		10,000		10,260
Great Plains Energy 5.292% 6/15/22		10,000		11,254
Integrys Energy Group 6.11% 12/1/66 —		10,000		10,043


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Electric (continued)
LG&E & KU Energy 3.75% 11/15/20		5,000	$	5,159
4.375% 10/1/21		15,000		15,927
MidAmerican Energy Holdings 144A 3.75% 11/15/23 #		15,000		15,335
National Rural Utilities Cooperative Finance 4.75% 4/30/43 —		5,000		4,750
NextEra Energy Capital Holdings 3.625% 6/15/23		5,000		4,876
6.35% 10/1/66 —		5,000		4,928
Pennsylvania Electric 5.20% 4/1/20		10,000		11,076
Public Service New Hampshire 3.50% 11/1/23		5,000		5,092
SCANA 4.125% 2/1/22		5,000		5,073
Southwestern Electric Power 6.45% 1/15/19		10,000		11,848
Wisconsin Energy 6.25% 5/15/67 —		15,000		15,517


				214,869

Energy – 1.87%
Continental Resources 4.50% 4/15/23		15,000		15,791
Husky Energy 4.00% 4/15/24		15,000		15,493
Pride International 6.875% 8/15/20		20,000		24,079
Statoil 2.90% 11/8/20		5,000		5,094
Total Capital 4.45% 6/24/20		20,000		22,176
Woodside Finance 144A 8.75% 3/1/19 #		10,000		12,715


				95,348

Finance Companies – 0.77%
General Electric Capital 4.375% 9/16/20		25,000		27,393
6.00% 8/7/19		10,000		11,813


				39,206

Insurance – 1.87%
Allstate 5.75% 8/15/53 —		5,000		5,359
American International Group 4.125% 2/15/24		10,000		10,486
Berkshire Hathaway Finance 2.90% 10/15/20		15,000		15,314
Chubb 6.375% 3/29/67 —		5,000		5,575


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Insurance (continued)
Highmark 144A
4.75% 5/15/21 #		5,000	$	4,942
Liberty Mutual Group 144A
4.25% 6/15/23 #		10,000		10,287
MetLife 6.40% 12/15/36		20,000		21,800
Prudential Financial
3.875% 1/14/15		5,000		5,122
5.875% 9/15/42 —		10,000		10,575
6.00% 12/1/17		5,000		5,765


				95,225

Natural Gas – 2.22%
El Paso Pipeline Partners Operating
4.30% 5/1/24		5,000		5,038
6.50% 4/1/20		10,000		11,678
Energy Transfer Partners
5.15% 2/1/43		5,000		4,966
5.95% 10/1/43		10,000		10,994
EnLink Midstream Partners
4.40% 4/1/24		15,000		15,473
Enterprise Products Operating
7.034% 1/15/68 —		5,000		5,667
Kinder Morgan Energy Partners
3.50% 3/1/21		5,000		5,014
3.50% 9/1/23		5,000		4,798
9.00% 2/1/19		5,000		6,403
NiSource Finance
6.125% 3/1/22		10,000		11,661
Plains All American Pipeline
8.75% 5/1/19		5,000		6,456
Sunoco Logistics Partners Operations
3.45% 1/15/23		15,000		14,503
TransCanada PipeLines
6.35% 5/15/67 —		10,000		10,414


				113,065

Real Estate – 1.17%
Alexandria Real Estate Equities
4.60% 4/1/22		10,000		10,478
CBL & Associates
5.25% 12/1/23		5,000		5,220
Corporate Office Properties
3.60% 5/15/23		5,000		4,750
5.25% 2/15/24		5,000		5,343
Digital Realty Trust
5.25% 3/15/21		10,000		10,594
5.875% 2/1/20		5,000		5,515


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Real Estate (continued)
Duke Realty
3.625% 4/15/23		5,000	$	4,823
Regency Centers
5.875% 6/15/17		7,000		7,891
WP Carey
4.60% 4/1/24		5,000		5,112

				59,726

Technology – 1.84%
Apple 3.45% 5/6/24		5,000		5,019
Cisco Systems
2.90% 3/4/21		5,000		5,043
3.625% 3/4/24		20,000		20,368
EMC 2.65% 6/1/20		10,000		10,092
Hewlett-Packard
1.167% 1/14/19 —		5,000		5,017
Microsoft
2.125% 11/15/22		5,000		4,668
National Semiconductor
6.60% 6/15/17		10,000		11,591
NetApp
2.00% 12/15/17		5,000		5,084
3.25% 12/15/22		5,000		4,704
Seagate HDD Cayman 144A 4.75% 6/1/23 #		5,000		5,031
Xerox
5.625% 12/15/19		15,000		17,106

				93,723

Transportation – 0.91%
Burlington Northern Santa Fe
3.00% 3/15/23		15,000		14,518
3.85% 9/1/23		10,000		10,347
ERAC USA Finance 144A
4.50% 8/16/21 #		10,000		10,722
Norfolk Southern
4.80% 8/15/43		5,000		5,320
United Parcel Service
5.125% 4/1/19		5,000		5,715


				46,622


Total Corporate Bonds (cost $1,576,991)				1,645,857



Non-Agency Asset-Backed Securities – 0.81%

Ally Master Owner Trust Series 2014-2 A
0.522% 1/16/18 —		10,000		10,000
Ford Credit Floorplan Master Owner Trust A Series 2014-1 A2 0.552% 2/15/19 —		10,000		10,002


			(continues	)		31

Schedules of investments

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


	Principal amount°		Value (U.S. $)

Non-Agency Asset-Backed Securities (continued)

John Deere Owner Trust Series 2011-A A4 1.96% 4/16/18		8,146	$	8,160
MASTR Specialized Loan Trust Series 2005-2 A2 144A 5.006% 7/25/35 #—		2,723		2,727
Mid-State Trust XI Series 11 A1 4.864% 7/15/38		10,006		10,672


Total Non-Agency Asset-Backed Securities (cost $40,437)				41,561



U.S. Treasury Obligations – 30.18%

U.S. Treasury Bonds 3.625% 2/15/44		55,000		56,710
3.75% 11/15/43		125,000		131,914
U.S. Treasury Notes 0.875% 4/15/17		5,000		5,003
1.625% 4/30/19		534,995		533,600
2.375% 8/31/14		490,000		493,799
2.75% 2/15/24		315,000		317,781


Total U.S. Treasury Obligations (cost $1,529,887)				1,538,807


	Number of Shares

Preferred Stock – 0.35%

Alabama Power 5.625%		620		15,221
Integrys Energy Group 6.00% —		100		2,525


Total Preferred Stock (cost $17,597)				17,746


	Principal amount°

Short-Term Investments – 21.15%

Repurchase Agreements – 19.81%
Bank of America Merrill Lynch 0.02%, dated 4/30/14, to be repurchased on 5/1/14, repurchase price $192,844 (collateralized by U.S. government obligations 0.00% - 4.375% 2/15/24 - 5/15/41; market value $196,701)		192,844		192,844


	Principal amount°		Value (U.S. $)

Short-Term Investments (continued)

Repurchase Agreements (continued)
Bank of Montreal 0.03%, dated 4/30/14, to be repurchased on 5/1/14, repurchase price $64,281 (collateralized by U.S. government obligations 1.25% - 3.125% 4/30/19 - 2/15/42; market value $65,567)		64,281	$	64,281
BNP Paribas 0.05%, dated 4/30/14, to be repurchased on 5/1/14, repurchase price $752,876 (collateralized by U.S. government obligations 0.00% - 2.75% 6/30/14 - 11/15/43; market value $767,932)		752,875		752,875


				1,010,000

U.S. Treasury Obligation – 1.34%≠
U.S. Treasury Bill 0.093% 11/13/14		68,414		68,398


				68,398


Total Short-Term Investments (cost $1,078,379)				1,078,398


Total Value of Securities – 110.60% (cost $5,552,052)			$	5,639,364

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At April 30, 2014, the aggregate value of Rule 144A securities was $186,956, which represents 3.67% 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.

°	Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.

—	Variable rate security. The rate shown is the rate as of April 30, 2014. Interest rates reset periodically.

Summary of abbreviations:

ARM – Adjustable Rate Mortgage

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.

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

April 30, 2014 (Unaudited)


	Principal amount°		Value (U.S. $)

Convertible Bonds – 0.30%

Equinix 4.75% exercise price $84.32, expiration date 6/13/16		65,000	$	148,972
Salix Pharmaceuticals 1.50% exercise price $65.81, expiration date 3/15/19		150,000		266,813


Total Convertible Bonds (cost $356,083)				415,785



Corporate Bonds – 79.27%

Automobiles – 2.29%
American Axle & Manufacturing 7.75% 11/15/19		328,000		378,020
Chassix 144A 9.25% 8/1/18 #		325,000		353,844
General Motors 144A 6.25% 10/2/43 #		375,000		412,500
General Motors Financial 6.75% 6/1/18		585,000		668,363
International Automotive Components Group 144A 9.125% 6/1/18 #		721,000		771,470
Meritor 6.25% 2/15/24		200,000		200,500
6.75% 6/15/21		375,000		398,437


				3,183,134

Banking – 2.90%
Barclays Bank 7.625% 11/21/22		560,000		637,350
Credit Suisse Group 144A 7.50% 12/11/49 #•		610,000		663,381
HBOS Capital Funding 144A 6.071% 6/29/49 #•		889,000		890,111
JPMorgan Chase 6.75% 8/29/49 •		385,000		410,025
Lloyds Banking Group 7.50% 4/30/49 •		725,000		759,437
RBS Capital Trust I 2.099% 12/29/49 •		680,000		666,400


				4,026,704

Basic Industry – 10.08%
AK Steel 7.625% 5/15/20		262,000		263,965
APERAM 144A 7.75% 4/1/18 #		220,000		233,750
ArcelorMittal 6.125% 6/1/18		924,000		1,016,400
Arch Coal 144A 8.00% 1/15/19 #		580,000		580,000
Axalta Coating System 144A 7.375% 5/1/21 #		345,000		380,363


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Basic Industry (continued)
Builders FirstSource 144A
7.625% 6/1/21 #		628,000	$	676,670
Cemex 144A
7.25% 1/15/21 #		375,000		404,063
Cemex Finance 144A
6.00% 4/1/24 #		405,000		406,519
Constellium 144A
5.75% 5/15/24 #		250,000		250,000
CPG Merger Sub 144A
8.00% 10/1/21 #		610,000		654,225
First Quantum Minerals 144A 6.75% 2/15/20 #		303,000		307,545
144A 7.00% 2/15/21 #		303,000		308,681
FMG Resources August 2006 144A 6.875% 4/1/22 #		827,000		887,991
HD Supply 11.50% 7/15/20		550,000		654,500
INEOS Group Holdings 144A
5.875% 2/15/19 #		695,000		710,637
JMC Steel Group 144A
8.25% 3/15/18 #		481,000		488,215
LSB Industries 144A
7.75% 8/1/19 #		470,000		505,250
Masonite International 144A
8.25% 4/15/21 #		677,000		748,085
New Gold 144A
6.25% 11/15/22 #		564,000		580,920
Nortek 8.50% 4/15/21		442,000		489,515
Perstorp Holding 144A
8.75% 5/15/17 #		600,000		645,000
Ryerson
9.00% 10/15/17		317,000		341,171
11.25% 10/15/18		135,000		152,213
Sappi Papier Holding 144A 6.625% 4/15/21 #		511,000		533,995
144A 8.375% 6/15/19 #		200,000		222,500
Signode Industrial Group 144A
6.375% 5/1/22 #		340,000		344,250
TPC Group 144A
8.75% 12/15/20 #		665,000		736,487
Wise Metals Group 144A
8.75% 12/15/18 #		275,000		292,875
Wise Metals Intermediate
Holdings 144A
9.75% 6/15/19 #		180,000		179,775


				13,995,560

Capital Goods – 3.82%
Accudyne Industries 144A
7.75% 12/15/20 #		550,000		599,500


			(continues	)		33

Schedules of investments

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


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Capital Goods (continued)
BlueLine Rental Finance
144A 7.00% 2/1/19 #		355,000	$	380,737
BOE Intermediate Holding
144A PIK 9.00%
11/1/17 #		370,465		389,220
BOE Merger 144A PIK 9.50%
11/1/17 #		593,000		625,615
Consolidated Container 144A
10.125% 7/15/20 #		471,000		492,195
Milacron 144A
7.75% 2/15/21 #		490,000		539,000
Plastipak Holdings 144A
6.50% 10/1/21 #		485,000		506,825
Reynolds Group Issuer
8.25% 2/15/21		835,000		907,019
9.00% 4/15/19		184,000		197,340
TransDigm 7.50% 7/15/21		610,000		674,050


				5,311,501

Communications – 0.31%
Digicel Group 144A
7.125% 4/1/22 #		225,000		226,687
Vimpel Communications 144A
7.748% 2/2/21 #		200,000		202,500


				429,187

Consumer Cyclical – 5.09%
BI-LO 144A PIK 8.625%
9/15/18 #		425,000		435,094
Dave & Buster’s
Entertainment 144A
8.91% 2/15/16 #^		697,000		592,450
DBP Holding 144A
7.75% 10/15/20 #		757,000		687,924
Landry’s 144A
9.375% 5/1/20 #		722,000		799,615
Michaels Stores 144A
5.875% 12/15/20 #		485,000		493,487
Pantry 8.375% 8/1/20		554,000		601,090
Party City Holdings
8.875% 8/1/20		593,000		664,160
PF Chang’s China Bistro
144A 10.25% 6/30/20 #		599,000		625,955
Quiksilver 144A
7.875% 8/1/18 #		665,000		724,850
Rite Aid 6.75% 6/15/21		665,000		726,513
Roundy’s Supermarkets 144A
10.25% 12/15/20 #		235,000		253,800


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Consumer Cyclical (continued)
Tempur-Pedic International
6.875% 12/15/20		425,000	$	465,375


				7,070,313

Consumer Non-Cyclical – 1.63%
Crestview DS Merger Sub II 144A
10.00% 9/1/21 #		405,000		451,575
JBS Investments 144A
7.75% 10/28/20 #		200,000		213,750
JBS USA 144A
8.25% 2/1/20 #		486,000		534,357
Smithfield Foods
6.625% 8/15/22		450,000		493,313
Spectrum Brands
6.375% 11/15/20		103,000		112,270
6.625% 11/15/22		416,000		456,560


				2,261,825

Energy – 11.88%
Athlon Holdings 144A
6.00% 5/1/22 #		555,000		562,631
Calumet Specialty Products
Partners 7.625% 1/15/22		920,000		969,450
Chaparral Energy
7.625% 11/15/22		267,000		285,690
8.25% 9/1/21		312,000		342,420
CHC Helicopter
9.375% 6/1/21		385,000		400,400
Chesapeake Energy
4.875% 4/15/22		1,145,000		1,147,863
Exterran Partners
6.00% 4/1/21		590,000		592,950
FTS International 144A
6.25% 5/1/22 #		665,000		676,637
Genesis Energy
5.75% 2/15/21		665,000		694,925
Halcon Resources
8.875% 5/15/21		169,000		175,971
144A 9.75% 7/15/20 #		665,000		713,213
Hercules Offshore
144A 6.75% 4/1/22 #		175,000		169,531
144A 7.50% 10/1/21 #		300,000		303,750
144A 8.75% 7/15/21 #		175,000		189,437
Key Energy Services
6.75% 3/1/21		615,000		651,900
Laredo Petroleum 144A
5.625% 1/15/22 #		285,000		291,056
7.375% 5/1/22		136,000		150,620


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Energy (continued)
Linn Energy
6.50% 5/15/19		84,000	$	87,570
8.625% 4/15/20		129,000		139,804
Midstates Petroleum
9.25% 6/1/21		705,000		724,387
Murphy Oil USA 144A
6.00% 8/15/23 #		445,000		461,687
Niska Gas Storage Canada
144A 6.50% 4/1/19 #		305,000		299,281
Northern Blizzard Resources
144A 7.25% 2/1/22 #		620,000		637,825
Northern Oil & Gas
8.00% 6/1/20		580,000		619,150
NuStar Logistics
6.75% 2/1/21		400,000		438,500
Oasis Petroleum 144A
6.875% 3/15/22 #		630,000		686,700
Ocean Rig UDW 144A
7.25% 4/1/19 #		765,000		732,487
Offshore Group Investment
7.125% 4/1/23		270,000		267,300
PDC Energy
7.75% 10/15/22		535,000		589,837
Pioneer Energy Services 144A
6.125% 3/15/22 #		630,000		647,325
Regency Energy Partners
5.875% 3/1/22		500,000		525,000
Samson Investment 144A
10.75% 2/15/20 #		426,000		451,560
SandRidge Energy
8.125% 10/15/22		681,000		740,587
8.75% 1/15/20		114,000		123,833


				16,491,277

Financials – 0.81%
Nuveen Investments 144A
9.50% 10/15/20 #		944,000		1,130,440


				1,130,440

Healthcare – 6.10%
Air Medical Group Holdings
9.25% 11/1/18		312,000		338,520
Biomet
6.50% 10/1/20		945,000		1,034,775
Community Health Systems 144A
6.875% 2/1/22 #		440,000		458,150
7.125% 7/15/20		163,000		175,021
8.00% 11/15/19		386,000		424,117
HCA Holdings
7.75% 5/15/21		135,000		148,669
Immucor
11.125% 8/15/19		612,000		694,620


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Healthcare (continued)
Kinetic Concepts
10.50% 11/1/18		423,000	$	485,393
12.50% 11/1/19		290,000		340,750
Mallinckrodt International Finance
4.75% 4/15/23		345,000		333,787
MPH Acquisition Holdings 144A
6.625% 4/1/22 #		305,000		316,437
Par Pharmaceutical
7.375% 10/15/20		1,241,000		1,352,690
Salix Pharmaceuticals 144A
6.00% 1/15/21 #		755,000		811,625
Tenet Healthcare 144A
6.00% 10/1/20 #		285,000		299,784
8.125% 4/1/22		375,000		417,187
Valeant Pharmaceuticals International
144A 5.625% 12/1/21 #		510,000		531,675
144A 6.375% 10/15/20 #		281,000		303,480


				8,466,680

Insurance – 1.99%
American International Group
8.175% 5/15/58 —		562,000		754,485
Hockey Merger Sub 2 144A
7.875% 10/1/21 #		450,000		482,625
Onex USI Acquisition 144A
7.75% 1/15/21 #		585,000		606,937
XL Group
6.50% 12/29/49 —		925,000		915,750


				2,759,797

Media – 9.23%
CCO Holdings
5.25% 9/30/22		764,000		766,865
CCU 144A
10.00% 1/15/18 #		385,000		378,263
Cequel Communications Holdings I 144A
6.375% 9/15/20 #		446,000		469,415
Clear Channel Communications PIK
14.00% 2/1/21		345,000		355,350
Columbus International 144A
7.375% 3/30/21 #		635,000		665,956
CSC Holdings
6.75% 11/15/21		615,000		688,031
DISH DBS
5.00% 3/15/23		795,000		812,887
Gray Television
7.50% 10/1/20		605,000		653,400


			(continues	)		35

Schedules of investments

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


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Media (continued)
Intelsat Luxembourg
7.75% 6/1/21		860,000	$	899,775
8.125% 6/1/23		860,000		906,225
MDC Partners 144A
6.75% 4/1/20 #		670,000		711,875
Mediacom Broadband 144A
5.50% 4/15/21 #		400,000		400,500
Numericable Group
144A 6.00% 5/15/22 #		690,000		707,250
144A 6.25% 5/15/24 #		200,000		205,000
ONO Finance II 144A
10.875% 7/15/19 #		265,000		296,137
RCN Telecom Services 144A
8.50% 8/15/20 #		325,000		346,125
Univision Communications
144A 8.50% 5/15/21 #		1,036,000		1,144,780
UPCB Finance VI 144A
6.875% 1/15/22 #		430,000		470,850
Virgin Media Finance 144A
6.375% 4/15/23 #		800,000		844,000
VTR Finance 144A
6.875% 1/15/24 #		1,045,000		1,091,598

				12,814,282

Services – 7.83%
Algeco Scotsman Global
Finance 144A
10.75% 10/15/19 #		1,265,000		1,359,875
Avis Budget Car Rental
5.50% 4/1/23		465,000		471,975
Caesars Growth Properties
Holdings 144A
9.375% 5/1/22 #		690,000		689,569
CarlsonWagonlit 144A
6.875% 6/15/19 #		335,000		359,706
Cogent Communications
Finance 144A
5.625% 4/15/21 #		605,000		595,925
Covanta Holding
5.875% 3/1/24		670,000		687,062
Darling Escrow 144A
5.375% 1/15/22 #		235,000		241,756
Florida East Coast Holdings
144A 6.75% 5/1/19 #		305,000		314,150
H&E Equipment Services
7.00% 9/1/22		462,000		510,510
Mattamy Group 144A
6.50% 11/15/20 #		775,000		786,625


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Services (continued)
MGM Resorts International
6.75% 10/1/20		170,000	$	188,292
7.75% 3/15/22		234,000		272,727
11.375% 3/1/18		264,000		343,200
Navios South American
Logistics 144A
7.25% 5/1/22 #		605,000		608,025
PHH
6.375% 8/15/21		245,000		254,800
7.375% 9/1/19		256,000		284,160
Pinnacle Entertainment
7.75% 4/1/22		210,000		228,900
8.75% 5/15/20		36,000		39,528
PNK Finance 144A
6.375% 8/1/21 #		265,000		279,575
Stena 144A 7.00% 2/1/24 #		855,000		867,825
United Rentals North America
5.75% 11/15/24		915,000		950,456
Vander Intermediate Holding
II 144A PIK 9.75%
2/1/19 #		235,000		248,513
Watco 144A
6.375% 4/1/23 #		280,000		284,900

				10,868,054

Technology & Electronics – 6.10%
Advanced Micro Devices
144A 6.75% 3/1/19 #		425,000		442,000
BMC Software Finance 144A
8.125% 7/15/21 #		690,000		726,225
Entegris 144A
6.00% 4/1/22 #		665,000		674,975
First Data
11.25% 1/15/21		855,000		981,113
11.75% 8/15/21		805,000		861,350
First Data Holdings 144A PIK
14.50% 9/24/19 #		372,015		360,390
Freescale Semiconductor
144A 6.00% 1/15/22 #		305,000		319,487
10.75% 8/1/20		60,000		69,300
Infor Software Parent
144A PIK 7.125% 5/1/21 #		560,000		565,600
j2 Global 8.00% 8/1/20		777,000		848,873
Micron Technology 144A
5.875% 2/15/22 #		660,000		697,950
NCR
144A 5.875% 12/15/21 #		175,000		186,375
144A 6.375% 12/15/23 #		540,000		580,500


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Technology & Electronics (continued)
SunGard Availability Services
Capital 144A
8.75% 4/1/22 #		690,000	$	669,300
Viasystems 144A
7.875% 5/1/19 #		456,000		487,920

				8,471,358

Telecommunications – 6.98%
Altice 144A
7.75% 5/15/22 #		690,000		720,187
CenturyLink 6.75% 12/1/23		400,000		431,000
Digicel Group 144A
8.25% 9/30/20 #		1,050,000		1,123,500
Hughes Satellite Systems
7.625% 6/15/21		439,000		497,167
Level 3 Financing
144A 6.125% 1/15/21 #		250,000		263,125
7.00% 6/1/20		602,000		653,170
Sprint
144A 7.125% 6/15/24 #		765,000		805,163
144A 7.25% 9/15/21 #		615,000		672,656
144A 7.875% 9/15/23 #		410,000		453,050
Sprint Capital 6.90% 5/1/19		410,000		452,025
T-Mobile USA
6.125% 1/15/22		195,000		205,725
6.25% 4/1/21		240,000		256,500
6.50% 1/15/24		115,000		120,894
6.731% 4/28/22		235,000		254,387
VimpelCom Holdings 144A
5.95% 2/13/23 #		200,000		181,000
Wind Acquisition Finance
144A 7.25% 2/15/18 #		220,000		232,650
144A 7.375% 4/23/21 #		595,000		612,850
Windstream
7.50% 6/1/22		335,000		359,287
7.50% 4/1/23		10,000		10,600
7.75% 10/1/21		370,000		402,375
Zayo Group 10.125% 7/1/20		842,000		977,773


				9,685,084

Utilities – 2.23%
AES 7.375% 7/1/21		438,000		503,700
AES Gener 144A
8.375% 12/18/73 #•		400,000		432,000
Calpine
144A 5.875% 1/15/24 #		145,000		149,531
144A 6.00% 1/15/22 #		595,000		635,163
Elwood Energy
8.159% 7/5/26		262,464		290,023


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Utilities (continued)
Enel 144A
8.75% 9/24/73 #•		420,000	$	485,100
NRG Energy 144A
6.25% 5/1/24 #		595,000		597,975


				3,093,492


Total Corporate Bonds (cost $105,208,289)				110,058,688



Senior Secured Loans – 10.64%«

Accelent 1st Lien
4.50% 2/21/21		690,000		687,089
Akorn Tranche B
4.50% 11/13/20		590,000		591,839
Applied Systems Tranche 1st
Lien 4.25% 1/15/21		688		688
Applied Systems Tranche 2nd
Lien 7.50% 1/15/22		639,000		647,946
Atkore International 2nd Lien
7.75% 9/27/21		340,000		341,488
Avast Software 1st Lien
5.00% 3/18/20		345,000		344,641
Azure Midstream Tranche B
6.50% 10/21/18		474,000		478,148
BJ’s Wholesale Club 2nd Lien
8.50% 3/31/20		675,000		690,127
Borgata Tranche B 1st Lien
6.75% 8/15/18		633,413		645,025
Caesars Growth Partners 1st
Lien 6.25% 4/10/21		345,000		344,030
Citycenter Holdings Tranche B
5.00% 10/9/20		628,425		632,451
Clear Channel
Communications Tranche D
6.75% 1/30/19		1,040,000		1,032,980
Community Health Systems
Tranche D 4.25% 1/27/21		359,100		360,670
Gentiva Health Services
Tranche B
6.50% 10/10/19		508,725		504,115
Gray Television
4.75% 10/11/19		674,000		676,317
Hostess Brands 1st Lien
6.75% 3/12/20		665,000		691,600
Ikaria 5.00% 2/4/22		671,000		674,705
Kinetic Concepts Tranche E1
4.00% 5/8/18		603,488		604,350
LTS Buyer 2nd Lien
8.00% 3/15/21		98,038		99,590
Moxie Liberty Tranche B
7.50% 8/21/20		345,000		354,488


			(continues	)		37

Schedules of investments

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


	Principal amount°		Value (U.S. $)

Senior Secured Loans« (continued)

Moxie Patriot (Panda Power Fund) Tranche B1 6.75% 12/18/20		340,000	$	349,138
Nuveen Investments 2nd Lien 6.50% 2/28/19		335,000		337,213
Otter Products Tranche B 5.25% 4/29/19		684,590		684,876
Panda Temple Power II Tranche B 1st Lien 7.25% 3/28/19		355,000		364,984
Patheon 4.25% 1/23/21		715,000		708,855
Polymer Group Tranche B 5.25% 12/13/19		543,638		545,676
Rite Aid 2nd Lien 5.75% 8/3/20		295,000		301,859
Samson Investment 2nd Lien 5.00% 9/25/18		680,000		681,488
Vantage Drilling Tranche B 1st Lien 5.75% 3/28/19		389,018		389,828

Total Senior Secured Loans (cost $14,695,367)				14,766,204


	Number of shares

Common Stock – 1.73%

Akorn †		6,372		160,702
B/E Aerospace †		1,650		144,821
Century Communications =†		60,000		0
CenturyLink		4,133		144,283
DIRECTV Class A †		3,700		287,120
General Motors		4,025		138,782
Hanesbrands		1,930		158,434
Kodiak Oil & Gas †		15,891		201,975
Las Vegas Sands		1,662		131,514
NCR †		4,110		125,396
Quiksilver †		25,406		163,107
Range Resources		1,960		177,282
Time Warner Cable		1,970		278,676
United Rentals †		1,650		154,819
Valeant Pharmaceuticals International †		986		131,838

Total Common Stock (cost $2,147,184)				2,398,749



Convertible Preferred Stock – 0.58%

Chesapeake Energy 144A 5.75% exercise price $27.77, expiration date 12/31/49 #		372		441,285


	Number of shares		Value (U.S. $)

Convertible Preferred Stock (continued)

Intelsat 5.75% exercise price $22.05, expiration date 5/1/16		2,750	$	140,608
SandRidge Energy 7.00% exercise price $7.76, expiration date 12/31/49		2,100		224,175

Total Convertible Preferred Stock (cost $771,267)				806,068




Preferred Stock – 1.37%

Ally Financial
144A 7.00% #		1,000		995,375
8.50% —		5,000		135,200
GMAC Capital Trust I
8.125% —		7,000		192,430
Regions Financial 6.375%		24,000		577,440

Total Preferred Stock (cost $1,681,268)				1,900,445


	Principal amount°

Short-Term Investments – 6.54%

Repurchase Agreements – 6.54%
Bank of America Merrill Lynch 0.02%, dated 4/30/14, to be repurchased on 5/1/14, repurchase price $1,735,024 (collateralized by U.S. government obligations 0.00% - 4.375% 2/15/24 - 5/15/41; market value $1,769,724)		1,735,023		1,735,023
Bank of Montreal 0.03%, dated 4/30/14, to be repurchased on 5/1/14, repurchase price $578,342 (collateralized by U.S. government obligations 1.25% - 3.125% 4/30/19 - 2/15/42; market value $589,908)		578,341		578,341


	Principal amount°		Value (U.S. $)

Short-Term Investments (continued)

Repurchase Agreements (continued)
BNP Paribas 0.05%, dated 4/30/14, to be repurchased on 5/1/14, repurchase price $6,773,645 (collateralized by U.S. government obligations 0.00%- 2.75% 6/30/14 - 11/15/43; market value $6,909,108)		6,773,636	$	6,773,636


Total Short-Term Investments (cost $9,087,000)				9,087,000

Total Value of Securities – 100.43% (cost $133,946,458)			$	139,432,939

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At April 30, 2014, the aggregate value of Rule 144A securities was $64,588,036, which represents 46.52% of the Portfolio’s net assets. See Note 10 in “Notes to financial statements.”

100% of the income received was in the form of both cash and par.

100% of the income received was in the form of additional par.

100% of the income received was in the form of additional cash.

=	Security is being fair valued in accordance with the Portfolio’s fair valuation policy. At April 30, 2014, the aggregate value of fair valued securities was $0, which represents 0.00% of the Portfolio’s net assets. See Note 1 in “Notes to financial statements.”

°	Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.

†	Non income producing security.

—	Variable rate security. The rate shown is the rate as of April 30, 2014. Interest rates reset periodically.

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

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, 2014.

The following futures contracts were outstanding at April 30, 2014:¹

Futures Contracts


Contracts to Buy (Sell)		Notional Cost (Proceeds)			Notional Value			Expiration Date		Unrealized Appreciation (Depreciation)
(15)	U.S. Treasury 2 yr Note	$	(3,291,754	)	$	(3,298,125	)		7/1/14	$	(6,371	)
(28)	U.S. Treasury 5 yr Note		(3,321,202	)		(3,344,687	)		7/1/14		(23,485	)


		$	(6,612,956	)						$	(29,856	)

The use of futures contracts involves elements of market risk and risks in excess of the amount disclosed 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 7 in “Notes to financial statements.”

Summary of abbreviations:

PIK – Pay-in-kind

yr – Year

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


			(continues	)		39

Schedules of investments

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

April 30, 2014 (Unaudited)


	Principal amount°		Value (U.S. $)

Agency Asset-Backed Security – 0.20%

Fannie Mae Grantor Trust
Series 2003-T4 2A5
5.407% 9/26/33		134,798	$	148,129


Total Agency Asset-Backed Security (cost $133,708)				148,129



Agency Collateralized Mortgage Obligations – 1.22%

Fannie Mae REMICs
Series 2002-90 A1 6.50% 6/25/42		16,351		18,769
Series 2002-90 A2 6.50% 11/25/42		37,244		42,241
Series 2012-122 SD 5.948% 11/25/42 —S		92,289		20,614
Series 2013-26 ID 3.00% 4/25/33 S		93,130		15,378
Series 2013-38 AI 3.00% 4/25/33 S		92,564		15,048
Series 2013-44 DI 3.00% 5/25/33 S		239,576		39,568
Fannie Mae Whole Loan REMIC Trust
Series 2004-W11 1A2 6.50% 5/25/44		31,190		36,063
Freddie Mac REMICs
Series 1730 Z 7.00% 5/15/24		68,236		77,512
Series 2326 ZQ 6.50% 6/15/31		60,289		67,195
Series 3123 HT 5.00% 3/15/26		210,139		226,070
Series 3656 PM 5.00% 4/15/40		125,000		135,136
Series 4185 LI 3.00% 3/15/33 S		93,450		15,417
Series 4191 CI 3.00% 4/15/33 S		94,414		16,190
GNMA
Series 2010-113 KE 4.50% 9/20/40		125,000		132,979
NCUA Guaranteed Notes Trust
Series 2010-C1 A2 2.90% 10/29/20		40,000		41,521


Total Agency Collateralized Mortgage Obligations (cost $839,288)				899,701




Agency Mortgage-Backed Securities – 23.02%

Fannie Mae
2.27% 1/1/23		53,783		51,447
6.50% 8/1/17		7,869		8,243


	Principal amount°		Value (U.S. $)

Agency Mortgage-Backed Securities (continued)

Fannie Mae ARM
2.138% 3/1/38 —		47,192	$	50,079
2.292% 8/1/34 —		41,983		44,079
2.407% 4/1/36 —		38,643		40,661
2.411% 5/1/43 —		32,104		31,693
2.546% 6/1/43 —		10,984		10,923
3.293% 9/1/43 —		40,449		41,445
Fannie Mae Relocation 30 yr
5.00% 11/1/33		2,816		3,056
5.00% 1/1/34		2,342		2,544
5.00% 11/1/34		5,184		5,632
5.00% 10/1/35		16,021		17,392
5.00% 1/1/36		23,004		24,978
Fannie Mae S.F. 15 yr
2.50% 7/1/27		5,847		5,903
2.50% 10/1/27		40,906		41,294
2.50% 2/1/28		87,884		88,722
2.50% 5/1/28		13,607		13,705
3.00% 11/1/27		5,974		6,173
3.50% 7/1/26		28,461		29,993
4.00% 4/1/24		19,351		20,561
4.00% 5/1/24		85,785		91,083
4.00% 5/1/25		26,782		28,493
4.00% 6/1/25		94,695		100,714
4.00% 11/1/25		93,907		100,207
4.00% 12/1/26		45,208		48,027
4.00% 5/1/27		92,085		97,960
4.50% 1/1/20		8,734		9,277
5.00% 5/1/20		13,478		14,520
5.00% 7/1/20		2,599		2,796
5.00% 12/1/20		5,592		6,025
5.00% 5/1/21		2,468		2,635
5.00% 6/1/23		9,780		10,643
5.50% 5/1/20		215		228
5.50% 6/1/23		59,670		65,079
6.00% 8/1/22		39,839		43,639
Fannie Mae S.F. 15 yr TBA
2.50% 5/1/29		1,567,000		1,576,794
2.50% 6/1/29		670,000		672,408
3.00% 5/1/29		1,646,000		1,698,595
3.50% 5/1/29		1,081,000		1,138,428
3.50% 6/1/29		172,000		180,681
Fannie Mae S.F. 20 yr
3.00% 8/1/33		15,388		15,497
3.00% 9/1/33		29,019		29,224
3.50% 9/1/33		22,309		23,202
4.00% 2/1/31		33,631		35,765
5.00% 11/1/23		2,110		2,312
5.50% 8/1/28		73,494		81,538


	Principal amount°		Value (U.S. $)

Agency Mortgage-Backed Securities (continued)

Fannie Mae S.F. 20 yr
5.50% 12/1/29		3,826	$	4,244
6.00% 12/1/21		3,397		3,793
6.00% 9/1/29		22,809		25,644
Fannie Mae S.F. 30 yr
3.00% 7/1/42		33,902		33,069
3.00% 10/1/42		500,917		488,651
3.00% 12/1/42		77,818		75,902
3.00% 1/1/43		223,571		218,068
3.00% 2/1/43		23,523		22,944
3.00% 4/1/43		103,059		100,525
3.00% 5/1/43		36,306		35,419
3.50% 7/1/42		4,356		4,425
3.50% 8/1/42		59,073		60,087
3.50% 1/1/43		377,346		383,346
4.00% 11/1/40		11,924		12,502
4.00% 1/1/41		53,677		56,278
4.00% 1/1/43		25,301		26,523
4.00% 8/1/43		18,197		19,083
4.50% 7/1/36		9,493		10,193
4.50% 4/1/40		10,704		11,502
4.50% 11/1/40		27,805		29,885
4.50% 2/1/41		12,865		13,825
4.50% 3/1/41		56,964		61,209
4.50% 5/1/41		9,432		10,166
4.50% 10/1/41		33,216		35,663
4.50% 11/1/41		29,034		31,178
4.50% 9/1/43		23,396		25,126
5.00% 3/1/34		5,973		6,579
5.00% 2/1/35		64,006		70,558
5.00% 3/1/35		9,554		10,508
5.00% 6/1/35		12,025		13,303
5.00% 7/1/35		19,661		21,598
5.00% 10/1/35		46,168		50,750
5.00% 11/1/35		14,262		15,682
5.00% 4/1/37		11,915		13,091
5.00% 8/1/37		3,896		4,282
5.00% 2/1/38		12,843		14,122
5.50% 4/1/34		9,731		10,836
5.50% 11/1/34		9,430		10,506
5.50% 12/1/34		84,448		94,055
5.50% 3/1/35		22,706		25,290
5.50% 5/1/35		16,539		18,566
5.50% 6/1/35		13,333		14,773
5.50% 12/1/35		10,200		11,324
5.50% 1/1/36		9,456		10,551
5.50% 4/1/36		5,599		6,215
5.50% 5/1/36		4,873		5,416
5.50% 1/1/37		724		806


	Principal amount°		Value (U.S. $)

Agency Mortgage-Backed Securities (continued)

Fannie Mae S.F. 30 yr
5.50% 2/1/37		37,682	$	41,649
5.50% 8/1/37		26,890		29,928
5.50% 1/1/38		934		1,032
5.50% 2/1/38		28,537		31,755
5.50% 6/1/38		2,375		2,624
5.50% 9/1/38		38,418		42,713
5.50% 10/1/39		130,546		144,087
5.50% 7/1/40		39,033		43,134
6.00% 7/1/35		80,105		90,084
6.00% 7/1/36		10,287		11,534
6.00% 2/1/37		16,350		18,327
6.00% 8/1/37		37,638		42,168
6.00% 9/1/37		5,617		6,295
6.00% 11/1/37		6,698		7,495
6.00% 10/1/38		65,404		73,039
6.00% 1/1/39		26,183		29,237
6.00% 9/1/39		224,235		250,482
6.00% 3/1/40		17,232		19,230
6.00% 9/1/40		21,189		23,730
7.00% 12/1/33		10,665		12,344
7.00% 5/1/35		1,226		1,387
7.00% 6/1/35		2,337		2,444
7.00% 12/1/37		12,799		14,437
7.50% 6/1/31		1,523		1,822
7.50% 6/1/34		12,444		14,289
Fannie Mae S.F. 30 yr TBA
3.00% 5/1/44		133,000		129,592
3.00% 6/1/44		1,109,000		1,077,463
3.50% 6/1/44		578,000		584,638
4.00% 5/1/44		157,000		164,488
4.00% 6/1/44		1,508,000		1,574,505
4.50% 5/1/44		714,000		766,546
4.50% 6/1/44		1,593,000		1,704,510
Freddie Mac ARM
2.464% 4/1/34 —		3,420		3,646
2.537% 1/1/44 —		139,479		142,613
Freddie Mac Relocation 30 yr
5.00% 9/1/33		2,460		2,674
Freddie Mac S.F. 15 yr
4.00% 12/1/24		16,445		17,478
4.00% 8/1/25		21,878		23,261
4.00% 4/1/26		23,880		25,391
4.50% 8/1/24		41,810		44,845
4.50% 7/1/25		9,038		9,698
4.50% 6/1/26		18,672		20,029
5.50% 6/1/20		4,854		5,229
Freddie Mac S.F. 20yr
3.50% 1/1/34		59,063		61,266


			(continues	)		41

Schedules of investments

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


	Principal amount°		Value (U.S. $)

Agency Mortgage-Backed Securities (continued)

Freddie Mac S.F. 30 yr
3.00% 10/1/42		34,715	$	33,940
3.00% 11/1/42		29,389		28,785
4.00% 11/1/40		17,968		18,811
4.50% 10/1/39		38,003		40,837
4.50% 3/1/42		130,810		140,642
4.50% 10/1/43		11,258		12,113
5.50% 9/1/35		92,012		102,034
5.50% 11/1/35		10,592		11,721
5.50% 6/1/36		3,598		3,979
5.50% 11/1/36		7,894		8,693
5.50% 12/1/36		2,012		2,217
5.50% 6/1/38		4,857		5,342
5.50% 3/1/40		20,442		22,484
5.50% 8/1/40		68,765		75,639
5.50% 1/1/41		20,996		23,093
6.00% 8/1/38		30,447		34,131
6.00% 5/1/40		9,188		10,231
7.00% 11/1/33		1,453		1,672
Freddie Mac S.F. 30 yr TBA
5.50% 5/1/43		20,000		22,044
GNMA I S.F. 30 yr 7.00% 12/15/34		180,242		212,132
7.50% 12/15/31		401		479
7.50% 2/15/32		403		492


Total Agency Mortgage-Backed Securities (cost $16,857,060)				16,967,003



Commercial Mortgage-Backed Securities – 2.16%

Banc of America Commercial Mortgage Trust Series 2007-4 AM 6.015% 2/10/51 —		20,000		22,479
CD Commercial Mortgage Trust Series 2005-CD1 C 5.402% 7/15/44 —		40,000		41,503
Commercial Mortgage Pass Through Certificates Series 2014-LC15 A4 4.006% 4/10/47 ¿		75,000		77,829
Credit Suisse Commercial Mortgage Trust Series 2006-C1 AAB 5.644% 2/15/39 —		42,194		42,831
DB-UBS Mortgage Trust Series 2011-LC1A A3 144A 5.002% 11/10/46 #		200,000		224,783


	Principal amount°		Value (U.S. $)

Commercial Mortgage-Backed Securities (continued)

FREMF Mortgage Trust
Series 2010-K7 B 144A 5.618% 4/25/20 #—		14,000	$	15,624
Series 2012-K19 B 144A 4.176% 5/25/45 #—		15,000		15,129
Series 2012-K22 B 144A 3.812% 8/25/45 #—		50,000		48,948
Series 2012-K708 B 144A 3.891% 2/25/45 #—		115,000		118,111
Goldman Sachs Mortgage Securities II
Series 2005-GG4 A4A 4.751% 7/10/39		52,384		53,741
Series 2006-GG6 A4 5.553% 4/10/38 —		55,000		58,399
Series 2010-C1 C 144A 5.635% 8/10/43 #—		100,000		110,981
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2005-CB11 E 5.641% 8/12/37 —		20,000		21,559
Series 2005-LDP5 D 5.56% 12/15/44 —		40,000		41,855
Series 2006-LDP8 AM 5.44% 5/15/45		50,000		54,553
Series 2011-C5 A3 4.171% 8/15/46		180,000		193,224
Series 2011-C5 B 144A 5.502% 8/15/46 #—		100,000		112,840
LB-UBS Commercial Mortgage Trust
Series 2004-C1 A4 4.568% 1/15/31		4,337		4,494
Series 2005-C3 B 4.895% 7/15/40 —		15,000		15,371
Morgan Stanley Capital I Trust
Series 2005-HQ7 AJ 5.376% 11/14/42 —		55,000		57,676
Series 2005-HQ7 C 5.376% 11/14/42 —		100,000		99,061
Series 2007-T27 A4 5.831% 6/11/42 —		55,000		61,532
Timberstar Trust
Series 2006-1A A 144A 5.668% 10/15/36 #		50,000		54,164
WF-RBS Commercial Mortgage Trust
Series 2014-C20 A5 3.995% 5/15/47		45,000		46,348


Total Commercial Mortgage-Backed Securities (cost $1,580,968)				1,593,035


	Principal amount°		Value (U.S. $)

Convertible Bonds – 0.35%

Alaska Communications Systems Group 144A 6.25% exercise price $10.28, expiration date 4/27/18 #		7,000	$	5,950
Alere 3.00% exercise price $43.98, expiration date 5/15/16		7,000		7,599
Ares Capital 5.75% exercise price $19.13, expiration date 2/1/16		7,000		7,613
ArvinMeritor 4.00% exercise price $26.73, expiration date 2/12/27 f		14,000		14,359
BGC Partners 4.50% exercise price $9.84, expiration date 7/13/16		10,000		10,787
Blucora 144A 4.25% exercise price $21.66, expiration date 3/29/19 #		3,000		3,332
Chesapeake Energy 2.50% exercise price $50.90, expiration date 5/15/37		3,000		3,101
Ciena 144A 3.75% exercise price $20.17, expiration date 10/15/18 #		7,000		9,104
Dendreon 2.875% exercise price $51.24, expiration date 1/13/16		7,000		5,294
Equinix 4.75% exercise price $84.32, expiration date 6/13/16		1,000		2,292
General Cable 4.50% exercise price $35.88, expiration date 11/15/29 f		12,000		12,060
Gilead Sciences 1.625% exercise price $22.71, expiration date 5/1/16		4,000		13,810
Helix Energy Solutions Group 3.25% exercise price $25.02, expiration date 3/12/32		6,000		7,725
Hologic 2.00% exercise price $31.17, expiration date 2/27/42 f		7,000		7,223
Illumina 144A 0.25% exercise price $83.55, expiration date 3/11/16 #		4,000		6,803
Intel 3.25% exercise price $21.71, expiration date 8/1/39		6,000		8,453


	Principal amount°		Value (U.S. $)

Convertible Bonds (continued)

Jefferies Group 3.875% exercise price $45.40, expiration date 10/31/29		8,000	$	8,520
Leap Wireless International 4.50% exercise price $93.21, expiration date 7/10/14		14,000		14,123
Lexington Realty Trust 144A 6.00% exercise price $6.76, expiration date 1/11/30 #		3,000		4,789
Liberty Interactive 0.75% exercise price $1,000.00, expiration date 3/30/43		7,000		9,091
MGM Resorts International 4.25% exercise price $18.58, expiration date 4/10/15		4,000		5,717
Mylan 3.75% exercise price $13.32, expiration date 9/15/15		2,000		7,644
Nuance Communications 2.75% exercise price $32.30, expiration date 11/1/31		9,000		9,090
NuVasive 2.75% exercise price $42.13, expiration date 6/30/17		16,000		18,060
Peabody Energy 4.75% exercise price $57.62, expiration date 12/15/41		5,000		3,984
Ryman Hospitality Properties 144A 3.75% exercise price $21.10, expiration date 9/29/14 #		3,000		6,431
SanDisk 1.50% exercise price $51.83, expiration date 8/11/17		9,000		15,367
SBA Communications 4.00% exercise price $30.38, expiration date 9/29/14		2,000		5,893
TIBCO Software 2.25% exercise price $50.57, expiration date 4/30/32		12,000		12,083
Titan Machinery 3.75% exercise price $43.17, expiration date 4/30/19		7,000		6,156
Vector Group 2.50% exercise price $17.62, expiration date 1/14/19 —		2,000		2,706


Total Convertible Bonds (cost $223,352)				255,159


			(continues	)		43

Schedules of investments

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


	Principal amount°		Value (U.S. $)

Corporate Bonds – 46.41%

Banking – 7.07%
Banco de Costa Rica 144A 5.25% 8/12/18 #		200,000	$	201,000
BanColombia 5.95% 6/3/21		100,000		108,750
Bank Nederlandse Gemeenten 144A 2.625% 4/28/21 #		132,000		131,713
Bank of America 2.00% 1/11/18		35,000		35,092
4.00% 4/1/24		505,000		508,576
BB&T 5.25% 11/1/19		337,000		381,934
City National 5.25% 9/15/20		70,000		78,494
Fifth Third Bancorp
4.30% 1/16/24		65,000		66,943
Goldman Sachs Group
4.00% 3/3/24		90,000		90,486
HSBC Holdings
4.25% 3/14/24		200,000		202,521
ING Bank 144A
5.80% 9/25/23 #		200,000		219,677
JPMorgan Chase
3.875% 2/1/24		450,000		457,375
6.75% 8/29/49 —		125,000		133,125
KeyBank 5.45% 3/3/16		250,000		270,462
Lloyds Banking Group
7.50% 4/30/49 —		200,000		209,500
Morgan Stanley
2.50% 1/24/19		20,000		20,039
3.875% 4/29/24		90,000		89,647
5.00% 11/24/25		210,000		218,361
Northern Trust
3.95% 10/30/25		40,000		40,656
Oversea-Chinese Banking 144A 4.00% 10/15/24 #—		200,000		199,390
PNC Bank 6.875% 4/1/18		250,000		294,782
PNC Financial Services Group
3.90% 4/29/24		85,000		85,330
PNC Preferred Funding Trust II 144A
1.456% 3/31/49 #—		100,000		97,250
RBS Capital Trust I
2.099% 12/29/49 —		45,000		44,100
Santander Holdings USA
3.45% 8/27/18		45,000		47,044
Santander UK 144A
5.00% 11/7/23 #		200,000		211,586
State Street 3.10% 5/15/23		75,000		72,060
SunTrust Banks 2.35% 11/1/18		75,000		75,492


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Banking (continued)
USB Capital IX
3.50% 10/29/49 —		355,000	$	303,525
Wachovia
0.596% 10/15/16 —		55,000		54,895
Wells Fargo
3.00% 1/22/21		10,000		10,122
4.48% 1/16/24		56,000		58,514
5.90% 12/29/49 —		50,000		51,440
Zions Bancorp
4.50% 3/27/17		25,000		26,692
4.50% 6/13/23		55,000		55,313
7.75% 9/23/14		55,000		56,382


				5,208,268

Basic Industry – 2.82%
ArcelorMittal 10.35% 6/1/19		90,000		114,075
Barrick Gold 4.10% 5/1/23		20,000		19,511
Barrick North America Finance
5.75% 5/1/43		20,000		20,325
Cemex Finance 144A
6.00% 4/1/24 #		200,000		200,750
CF Industries
5.15% 3/15/34		140,000		147,034
7.125% 5/1/20		125,000		150,823
Dow Chemical
8.55% 5/15/19		209,000		268,212
FMG Resources August 2006 144A
6.875% 4/1/22 #		105,000		112,744
Georgia-Pacific
8.00% 1/15/24		150,000		199,917
International Paper
6.00% 11/15/41		65,000		76,457
7.50% 8/15/21		35,000		44,199
Mosaic 5.625% 11/15/43		15,000		16,623
Novelis 8.75% 12/15/20		65,000		72,800
Potash 3.625% 3/15/24		65,000		65,278
Rio Tinto Finance USA
3.50% 11/2/20		25,000		25,873
Rock-Tenn
3.50% 3/1/20		70,000		71,834
4.00% 3/1/23		220,000		224,116
Weyerhaeuser
4.625% 9/15/23		235,000		248,760


				2,079,331

Brokerage – 0.45%
Jefferies Group 5.125% 1/20/23		70,000		74,035


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Brokerage (continued)
Jefferies Group
6.45% 6/8/27		30,000	$	32,384
6.50% 1/20/43		15,000		16,137
Lazard Group
6.85% 6/15/17		184,000		209,119


				331,675

Capital Goods – 1.52%
Algeco Scotsman Global Finance
144A 8.50% 10/15/18 #		265,000		286,200
144A 10.75% 10/15/19 #		200,000		215,000
Ball 5.75% 5/15/21		85,000		90,844
Crane
2.75% 12/15/18		20,000		20,299
4.45% 12/15/23		95,000		98,516
General Electric
4.50% 3/11/44		50,000		51,707
Ingersoll-Rand Global Holding 144A
4.25% 6/15/23 #		145,000		149,161
Metalloinvest Finance 144A
6.50% 7/21/16 #		200,000		199,500
URS 3.85% 4/1/17		10,000		10,448


				1,121,675

Communications – 7.38%
America Movil
5.00% 3/30/20		105,000		117,221
American Tower
5.00% 2/15/24		80,000		85,264
American Tower Trust I
144A 1.551% 3/15/43 #		30,000		29,440
144A 3.07% 3/15/23 #		65,000		62,876
AT&T 3.90% 3/11/24		320,000		324,366
CC Holdings GS V
3.849% 4/15/23		65,000		63,918
CenturyLink 5.80% 3/15/22		70,000		72,100
Comcast 4.75% 3/1/44		70,000		73,258
Crown Castle Towers 144A
4.883% 8/15/20 #		275,000		305,335
Digicel Group 144A
8.25% 9/30/20 #		100,000		107,000
DIRECTV Holdings
4.45% 4/1/24		70,000		71,159
DISH DBS
5.00% 3/15/23		295,000		301,637
7.875% 9/1/19		50,000		59,437


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Communications (continued)
Intelsat Jackson Holdings 144A
5.50% 8/1/23 #		85,000	$	83,513
Intelsat Luxembourg
8.125% 6/1/23		400,000		421,500
Interpublic Group
4.20% 4/15/24		85,000		86,571
MTS International Funding 144A
8.625% 6/22/20 #		100,000		113,750
Myriad International Holdings 144A
6.375% 7/28/17 #		100,000		111,375
Nielsen Finance
4.50% 10/1/20		460,000		465,750
Rogers Communications
5.00% 3/15/44		55,000		56,504
SBA Tower Trust 144A
2.24% 4/16/18 #		45,000		44,370
SES 144A 3.60% 4/4/23 #		165,000		161,344
SES Global Americas Holdings
144A 2.50% 3/25/19 #		15,000		15,030
144A 5.30% 3/25/44 #		120,000		125,058
Sinclair Television Group
6.125% 10/1/22		115,000		118,019
Sprint 144A
7.125% 6/15/24 #		100,000		105,250
Sprint Communications
6.00% 12/1/16		55,000		60,363
6.00% 11/15/22		145,000		146,813
Telefonica Emisiones
5.289% 12/9/22	GBP	50,000		92,148
6.421% 6/20/16		50,000		55,496
Telemar Norte Leste 144A
5.50% 10/23/20 #		100,000		101,875
TimeWarner Cable
8.25% 4/1/19		115,000		145,798
UPCB Finance III 144A
6.625% 7/1/20 #		150,000		160,875
Verizon Communications
4.15% 3/15/24		30,000		30,799
5.15% 9/15/23		220,000		242,969
6.40% 9/15/33		20,000		24,187
6.55% 9/15/43		25,000		30,949
Virgin Media Secured Finance
6.50% 1/15/18		300,000		310,695
Zayo Group 10.125% 7/1/20		394,000		457,533


				5,441,545


			(continues	)		45

Schedules of investments

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


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Consumer Cyclical – 2.41%
Amazon.com
2.50% 11/29/22		100,000	$	93,552
CVS Caremark
4.00% 12/5/23		420,000		435,830
Delphi 4.15% 3/15/24		140,000		143,540
General Motors 144A
3.50% 10/2/18 #		50,000		51,187
Host Hotels & Resorts
3.75% 10/15/23		105,000		103,415
4.75% 3/1/23		75,000		79,423
5.875% 6/15/19		40,000		43,331
Hyundai Capital America 144A
2.55% 2/6/19 #		75,000		75,247
International Game Technology
5.35% 10/15/23		120,000		128,991
Marriott International
3.375% 10/15/20		50,000		50,613
QVC 4.375% 3/15/23		95,000		94,460
TRW Automotive 144A
4.45% 12/1/23 #		165,000		168,713
Viacom 5.25% 4/1/44		50,000		52,500
WyndhamWorldwide
4.25% 3/1/22		30,000		30,539
5.625% 3/1/21		40,000		43,913
Yum Brands 3.875% 11/1/23		180,000		181,991


				1,777,245

Consumer Non-Cyclical – 4.94%
Boston Scientific
2.65% 10/1/18		140,000		142,184
6.00% 1/15/20		85,000		98,612
BRF 144A 5.875% 6/6/22 #		100,000		106,750
CareFusion 6.375% 8/1/19		280,000		324,663
Celgene
3.25% 8/15/22		225,000		222,212
3.95% 10/15/20		85,000		89,670
Community Health Systems
7.125% 7/15/20		470,000		504,663
Constellation Brands
4.25% 5/1/23		20,000		19,700
Gilead Sciences
3.70% 4/1/24		295,000		299,966
Immucor 11.125% 8/15/19		10,000		11,350
JBS Investments 144A
7.75% 10/28/20 #		200,000		213,750
Kroger 3.30% 1/15/21		90,000		91,178
McKesson 3.796% 3/15/24		325,000		329,269


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Consumer Non-Cyclical (continued)
Mylan 144A
6.00% 11/15/18 #		120,000	$	126,296
PepsiCo 3.60% 3/1/24		40,000		40,738
Pernod-Ricard 144A
5.75% 4/7/21 #		150,000		171,449
Quest Diagnostics
2.70% 4/1/19		45,000		45,235
Thermo Fisher Scientific
2.40% 2/1/19		285,000		288,112
Zimmer Holdings
4.625% 11/30/19		120,000		133,340
Zoetis 3.25% 2/1/23		395,000		385,780


				3,644,917

Electric – 5.21%
AES 7.375% 7/1/21		110,000		126,500
Ameren Illinois
9.75% 11/15/18		295,000		385,934
American Transmission Systems 144A
5.25% 1/15/22 #		50,000		54,368
CenterPoint Energy
5.95% 2/1/17		5,000		5,625
Cleveland Electric Illuminating
5.50% 8/15/24		75,000		85,262
CMS Energy 6.25% 2/1/20		35,000		41,347
ComEd Financing III
6.35% 3/15/33		60,000		59,400
Electricite de France
144A 4.60% 1/27/20 #		85,000		93,725
144A 5.25% 12/29/49 #—		200,000		204,600
Entergy Louisiana
4.05% 9/1/23		315,000		334,523
Exelon Generation
4.25% 6/15/22		115,000		117,991
Great Plains Energy
4.85% 6/1/21		35,000		37,999
5.292% 6/15/22		115,000		129,415
Indiana Michigan Power
3.20% 3/15/23		10,000		9,793
Integrys Energy Group
6.11% 12/1/66 —		90,000		90,391
IPALCO Enterprises
5.00% 5/1/18		35,000		37,450
LG&E & KU Energy
3.75% 11/15/20		70,000		72,228
4.375% 10/1/21		165,000		175,197
MidAmerican Energy Holdings 144A
3.75% 11/15/23 #		345,000		352,700


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Electric (continued)
National Rural Utilities Cooperative Finance
4.75% 4/30/43 —		70,000	$	66,500
NextEra Energy Capital Holdings
3.625% 6/15/23		290,000		282,779
6.35% 10/1/66 —		50,000		49,277
NV Energy 6.25% 11/15/20		75,000		88,594
Pennsylvania Electric
5.20% 4/1/20		140,000		155,068
PPL Capital Funding
6.70% 3/30/67 —		30,000		30,320
Public Service of New Hampshire
3.50% 11/1/23		45,000		45,828
Public Service of Oklahoma 5.15% 12/1/19		125,000		141,117
Puget Energy 6.00% 9/1/21		30,000		35,117
Puget Sound Energy
6.974% 6/1/67 —		110,000		114,216
SCANA 4.125% 2/1/22		270,000		273,962
Wisconsin Energy
6.25% 5/15/67 —		135,000		139,652


				3,836,878

Energy – 4.66%
CNOOC Nexen Finance 2014
4.25% 4/30/24		200,000		200,440
Continental Resources
4.50% 4/15/23		200,000		210,549
Ecopetrol 7.625% 7/23/19		37,000		44,677
Husky Energy 4.00% 4/15/24		140,000		144,605
KazMunayGas National 144A
9.125% 7/2/18 #		100,000		119,875
Newfield Exploration
5.625% 7/1/24		50,000		52,375
Pacific Rubiales Energy 144A
7.25% 12/12/21 #		100,000		109,750
Petrobras Global Finance
3.00% 1/15/19		70,000		67,959
4.875% 3/17/20		35,000		35,592
6.25% 3/17/24		35,000		36,852
Petrobras International Finance 5.375% 1/27/21		20,000		20,582
Petrohawk Energy
7.25% 8/15/18		170,000		179,874
Petroleos de Venezuela
8.50% 11/2/17		35,000		31,587
Petroleos Mexicanos 144A
6.375% 1/23/45 #		10,000		10,975


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Energy (continued)
Plains Exploration & Production
6.50% 11/15/20		45,000	$	49,894
Pride International
6.875% 8/15/20		265,000		319,044
QEP Resources
5.375% 10/1/22		405,000		408,037
Samson Investment 144A
10.75% 2/15/20 #		205,000		217,300
SandRidge Energy
8.75% 1/15/20		115,000		124,919
Statoil 2.90% 11/8/20		45,000		45,842
Sunoco Logistics Partners Operations
3.45% 1/15/23		210,000		203,039
Talisman Energy
5.50% 5/15/42		160,000		165,458
Whiting Petroleum
5.00% 3/15/19		405,000		428,287
Woodside Finance 144A
8.75% 3/1/19 #		130,000		165,292
YPF 144A 8.75% 4/4/24 #		39,000		39,341


				3,432,145

Financials – 0.48%
General Electric Capital
2.10% 12/11/19		130,000		129,619
4.375% 9/16/20		95,000		104,095
6.00% 8/7/19		100,000		118,129


				351,843

Insurance – 1.78%
Allstate 5.75% 8/15/53 —		60,000		64,313
American International Group
4.125% 2/15/24		55,000		57,671
8.175% 5/15/58 —		60,000		80,550
Berkshire Hathaway Finance
2.90% 10/15/20		65,000		66,360
Chubb 6.375% 3/29/67 —		85,000		94,775
Five Corners Funding Trust 144A
4.419% 11/15/23 #		200,000		209,284
Highmark
144A 4.75% 5/15/21 #		40,000		39,535
144A 6.125% 5/15/41 #		15,000		14,241
ING U.S. 5.65% 5/15/53 —		45,000		45,221
Liberty Mutual Group
144A 4.25% 6/15/23 #		105,000		108,013
144A 4.95% 5/1/22 #		25,000		27,014
MetLife 3.60% 4/10/24		250,000		252,439


			(continues	)		47

Schedules of investments

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


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Insurance (continued)
Prudential Financial
3.875% 1/14/15		65,000	$	66,592
6.00% 12/1/17		120,000		138,357
XL Group 6.50% 12/29/49 —		45,000		44,550


				1,308,915

Natural Gas – 2.63%
El Paso Pipeline Partners Operating
4.30% 5/1/24		85,000		85,645
6.50% 4/1/20		105,000		122,617
Enbridge Energy Partners
8.05% 10/1/37 —		100,000		113,425
Energy Transfer Partners
5.15% 2/1/43		50,000		49,657
5.95% 10/1/43		85,000		93,448
9.70% 3/15/19		59,000		76,735
EnLink Midstream Partners
4.40% 4/1/24		280,000		288,831
Enterprise Products Operating
4.05% 2/15/22		120,000		126,018
7.034% 1/15/68 —		120,000		136,012
Kinder Morgan Energy Partners
3.50% 9/1/23		115,000		110,361
9.00% 2/1/19		115,000		147,279
NiSource Finance
6.125% 3/1/22		240,000		279,863
Plains All American Pipeline
8.75% 5/1/19		100,000		129,113
TransCanada PipeLines
6.35% 5/15/67 —		170,000		177,013


				1,936,017

Real Estate – 1.51%
Alexandria Real Estate Equities 3.90% 6/15/23		85,000		83,698
CBL & Associates
5.25% 12/1/23		50,000		52,200
Corporate Office Properties
3.60% 5/15/23		45,000		42,752
5.25% 2/15/24		55,000		58,770
DDR
7.875% 9/1/20		165,000		206,616
9.625% 3/15/16		105,000		121,033
Digital Realty Trust
5.25% 3/15/21		125,000		132,421
5.875% 2/1/20		55,000		60,665
Duke Realty 3.625% 4/15/23		45,000		43,403


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Real Estate (continued)
National Retail Properties
3.80% 10/15/22		30,000	$	29,972
Prologis 3.35% 2/1/21		45,000		45,401
Regency Centers
5.875% 6/15/17		93,000		104,841
WEA Finance 144A
4.625% 5/10/21 #		70,000		77,134
WP Carey 4.60% 4/1/24		55,000		56,235


				1,115,141

Technology – 1.81%
Apple 3.45% 5/6/24		85,000		85,330
BMC Software Finance 144A
8.125% 7/15/21 #		485,000		510,463
Cisco Systems
2.90% 3/4/21		35,000		35,304
3.625% 3/4/24		255,000		259,693
EMC 2.65% 6/1/20		15,000		15,138
International Business Machines
3.625% 2/12/24		105,000		106,660
Microsoft 2.125% 11/15/22		25,000		23,342
National Semiconductor
6.60% 6/15/17		155,000		179,664
NetApp
2.00% 12/15/17		40,000		40,674
3.25% 12/15/22		55,000		51,739
Seagate HDD Cayman 144A
4.75% 6/1/23 #		30,000		30,187


				1,338,194

Transportation – 1.74%
Brambles USA 144A
5.35% 4/1/20 #		120,000		131,576
Burlington Northern Santa Fe
3.85% 9/1/23		180,000		186,238
ERAC USA Finance 144A
5.25% 10/1/20 #		235,000		265,079
Hunt (J.B.) Transport Services
2.40% 3/15/19		15,000		15,064
3.85% 3/15/24		40,000		40,569
Norfolk Southern
4.80% 8/15/43		255,000		271,295
Red de Carreteras de Occidente 144A
9.00% 6/10/28 #	MXN	2,000,000		142,616
United Airlines 2014-1 Pass Through Trust
4.00% 4/11/26 ¿		30,000		30,300


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Transportation (continued)
United Parcel Service
5.125% 4/1/19		175,000	$	200,027


				1,282,764

Total Corporate Bonds (cost $32,978,102)				34,206,553



Municipal Bonds – 0.40%

California Statewide Communities Development Authority (Kaiser Permanente) Series A 5.00% 4/1/42		25,000		26,629
Golden State, California Tobacco Securitization Corporation Settlement Revenue (Asset-Backed Senior Notes) Series A-1 5.125% 6/1/47		50,000		38,107
5.75% 6/1/47		55,000		45,536
New Jersey State Transportation Trust Fund Series A 5.00% 6/15/42		15,000		15,834
Series AA 5.00% 6/15/44		40,000		42,388
New York CityWater & Sewer System Series BB 5.00% 6/15/47		10,000		10,704
New York City, New York
Series I 5.00% 8/1/22		20,000		23,817
New York State Thruway Authority Revenue Series A 5.00% 5/1/19		30,000		34,774
State of Maryland Local Facilities Series A 5.00% 8/1/21		30,000		36,450
Texas Private Activity Bond Surface Transportation Senior Lien Revenue Bond (NTE Mobility) 6.75% 6/30/43 (AMT)		20,000		22,744

Total Municipal Bonds (cost $282,053)				296,983



Non-Agency Asset-Backed Securities – 3.19%

AEP Texas Central Transition Funding II Series 2006-A A4 5.17% 1/1/18		100,000		109,870


	Principal amount°		Value (U.S. $)

Non-Agency Asset-Backed Securities (continued)

Ally Master Owner Trust Series 2013-2 A 0.602% 4/15/18 —		100,000	$	100,198
Series 2014-2 A
0.522% 1/16/18 —		175,000		175,000
American Express Credit Account Secured Note Trust Series 2012-4 A 0.392% 5/15/20 —		280,000		279,415
Avis Budget Rental Car Funding AESOP Series 2013-1A A 144A 1.92% 9/20/19 #		100,000		99,297
California Republic Auto Receivables Trust Series 2013-1 A2 144A 1.41% 9/17/18 #		81,952		82,435
Capital One Multi-Asset Execution Trust Series 2007-A1 A1 0.202% 11/15/19 —		100,000		99,395
Series 2013-A2 A2
0.332% 2/15/19 —		125,000		124,990
Chase Issuance Trust Series 2014-A2 A2 2.77% 3/15/23		100,000		100,341
Citicorp Residential Mortgage Securities Series 2006-3 A5 5.948% 11/25/36 f		300,000		287,771
Golden Credit Card Trust Series 2014-2A A 144A 0.685% 3/15/21 #—		250,000		250,000
Hyundai Auto Lease Securitization Trust Series 2014-A A4 144A 1.01% 9/15/17 #		100,000		100,003
John Deere Owner Trust Series 2011-A A4 1.96% 4/16/18		57,024		57,123
MASTR Specialized Loan Trust Series 2005-2 A2 144A 5.006% 7/25/35 #—		20,693		20,728
Mid-State Trust Series 11 A1 4.864% 7/15/38		12,007		12,807
Trafigura Securitisation Finance Series 2012-1A A 144A 2.552% 10/15/15 #—		145,000		146,534


			(continues	)		49

Schedules of investments

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


	Principal amount°		Value (U.S. $)

Non-Agency Asset-Backed Securities (continued)

Volvo Financial Equipment Series 2012-1A A4 144A 1.09% 8/15/17 #		95,000	$	95,398
Series 2014-1A A3 144A 0.82% 4/16/18 #		50,000		49,954
Series 2014-1A B 144A 1.66% 11/16/20 #		100,000		99,622
World Omni Automobile Lease Securitization Trust Series 2012-A A3 0.93% 11/16/15		58,485		58,583


Total Non-Agency Asset-Backed Securities (cost $2,326,750)				2,349,464



Senior Secured Loans — 10.77%«

Activision Blizzard Tranche B 1st Lien 3.25% 9/12/20		131,363		131,363
Allegion U.S. Holding Tranche B
0.75% 12/26/20		79,800		79,850
ARAMARK Tranche E
3.25% 9/7/19		75,000		74,417
Azure Midstream Tranche B
6.50% 10/21/18		98,750		99,614
BJ’s Wholesale Club 2nd Lien
8.50% 3/31/20		145,000		148,250
BJ’s Wholesale Club Tranche B 1st Lien 4.50% 9/26/19		149,437		149,479
Burlington Coat Factory Warehouse Tranche B2
4.25% 2/23/17		284,776		286,022
Caesars Growth Partners
1st Lien 6.25% 4/10/21		75,000		74,789
Calpine Construction Financal Tranche B 3.00% 5/1/20		148,875		145,479
Chrysler Group Tranche B 1st Lien 3.50% 5/24/17		193,724		193,724
Clear Channel Communi-cations Tranche B
3.65% 1/29/16		522,000		518,156
Davita Tranche B
4.50% 10/20/16		58,785		58,883
Davita Tranche B2
4.00% 8/1/19		49,375		49,573
Drillships Financing Holding Tranche B1 6.00% 2/17/21		54,588		55,372
Emdeon 1st Lien
3.75% 11/2/18		106,389		106,306
Energy Transfer 1st Lien
3.25% 12/2/19		125,000		123,889


	Principal amount°		Value (U.S. $)

Senior Secured Loans« (continued)

First Data Tranche B 1st Lien
4.00% 3/24/21		84,068	$	84,058
Gray Television
4.75% 10/11/19		134,324		134,786
HCA Tranche B4
2.75% 5/1/18		497,500		497,552
HCA Tranche B5 1st Lien
2.75% 3/31/17		125,370		125,392
HiltonWorldwide Finance
Tranche B2
3.50% 9/23/20		345,202		344,507
Houghton International 1st Lien 4.00% 12/10/19		192,563		192,081
Houghton International 2nd Lien 9.50% 11/20/20		125,000		127,969
IASIS Healthcare Tranche B 1st Lien
4.50% 5/3/18		29,401		29,448
Immucor Tranche B2
5.00% 8/19/18		186,367		187,066
Infor US Tranche B5 1st Lien
3.75% 6/3/20		53,152		52,863
Intelsat Jackson Holdings
Tranche B2
3.75% 6/30/19		143,958		144,108
Landry’s Tranche B
4.75% 4/24/18		181,140		181,537
Level 3 Financing Tranche B
4.00% 1/15/20		50,000		50,019
Novelis Tranche B
3.75% 3/10/17		49,363		49,333
Nuveen Investments 1st Lien
4.00% 5/13/17		200,000		200,266
Nuveen Investments 2nd Lien
6.50% 2/28/19		320,000		322,114
OSI Restaurants Tranche B 1st Lien
3.50% 10/26/19		115,625		115,489
Patheon 4.25% 1/23/21		525,000		520,488
Rite Aid 2nd Lien
4.875% 6/13/21		350,000		354,521
Samson Investment 2nd Lien
5.00% 9/25/18		90,000		90,197
Scientific Games International
4.25% 5/22/20		194,513		194,172
Smart & Final Tranche B 1st Lien 4.75% 11/15/19		120,476		120,495
Sprouts Farmers
4.00% 4/12/20		153,751		153,943
Stena 1st Lien
4.00% 2/21/21		315,000		314,016


	Principal amount°		Value (U.S. $)

Senior Secured Loans« (continued)

Sungard Availability Services Capital Tranche B 1st Lien 6.00% 3/27/19		250,000	$	248,750
Truven Health Analytics
Tranche B 4.50% 5/23/19		88,653		88,155
Univision Communications Tranche C4 4.00% 3/1/20		163,242		162,645
USI Insurance Services Tranche B 1st Lien 4.25% 12/3/18		49,377		49,390
Valeant Pharmaceuticals International Tranche BE 3.75% 8/5/20		184,748		184,915
Vantage Drilling Tranche B 1st Lien 5.00% 10/25/17		54,000		53,882
Zayo Group Tranche B 1st Lien 4.00% 7/2/19		268,186		267,962

Total Senior Secured Loans (cost $7,933,430)				7,937,285



Sovereign Bonds – 0.37%D

Brazil – 0.02%
Brazil Notas do Tesouro
Nacional Series F
10.00% 1/1/17 BRL		31,031		13,239

				13,239

Romania – 0.07%
Romanian Government International Bond 144A 4.875% 1/22/24 #		48,000		50,640

				50,640

Slovenia – 0.28%
Slovenia Government International Bond 144A 5.25% 2/18/24 #		200,000		208,500


				208,500

Total Sovereign Bonds (cost $257,313)				272,379



U.S. Treasury Obligations – 8.99%

U.S. Treasury Bonds
3.625% 2/15/44		1,695,000		1,747,704
3.75% 11/15/43		865,000		912,845
U.S. Treasury Notes
0.875% 4/15/17		55,000		55,037
1.625% 4/30/19		715,000		713,129


	Principal amount°		Value (U.S. $ )

U.S. Treasury Obligations (continued)

U.S. Treasury Notes
2.75% 2/15/24 ¥		3,170,000	$	3,197,985

Total U.S. Treasury Obligations (cost $6,564,676)				6,626,700


	Number of shares		Value (U.S. $ )

Convertible Preferred Stock – 0.07%

ArcelorMittal 6.00% exercise price $20.61, expiration date 12/21/15		125		3,039
Bank of America 7.25% exercise price $50.00, expiration date 12/31/49		1		1,140
Chesapeake Energy 144A 5.75% exercise price $27.77, expiration date 12/31/49 #		4		4,745
Dominion Resources 6.00% exercise price $65.21, expiration date 7/1/16		30		1,764
6.125% exercise price $65.21, expiration date 4/1/16		30		1,759
HealthSouth 6.50% exercise price $30.01, expiration date 12/31/49		6		7,651
Intelsat 5.75% exercise price $22.05, expiration date 5/1/16		120		6,136
MetLife 5.00% exercise price $44.27, expiration date 3/26/14		125		3,806
SandRidge Energy 8.50% exercise price $8.01, expiration date 12/31/49		79		8,739
Wells Fargo 7.50% exercise price $156.71, expiration date 12/31/49		7		8,361

Total Convertible Preferred Stock (cost $45,796)				47,140


			(continues	)		51

Schedules of investments

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


	Number of shares		Value (U.S. $)

Preferred Stock – 0.27%

Alabama Power 5.625%		1,855	$	45,540
Integrys Energy Group 6.00% —		1,950		49,237
National Retail Properties 5.70%		1,225		27,550
Public Storage 5.20%		1,200		26,400
Regions Financial 6.375% —		2,100		52,185

Total Preferred Stock (cost $207,044)				200,912


	Principal amount°

Short-Term Investments – 17.45%

Repurchase Agreements – 17.45%
Bank of America Merrill Lynch 0.02%, dated 4/30/14, to be repurchased on 5/1/14, repurchase price $2,455,039 (collateralized by U.S. government obligations 0.00% - 4.375% 2/15/24 - 5/15/41; market value $2,504,139)		2,455,038		2,455,038
Bank of Montreal 0.03%, dated 4/30/14, to be repurchased on 5/1/14, repurchase price $818,347 (collateralized by U.S. government obligations 1.25% - 3.125% 4/30/19 - 2/15/42; market value $834,713)		818,346		818,346
BNP Paribas 0.05%, dated 4/30/14, to be repurchased on 5/1/14, repurchase price $9,584,629 (collateralized by U.S. government obligations 0.00% - 2.75% 6/30/14 - 11/15/43; market value $9,776,308)		9,584,616		9,584,616


Total Short-Term Investments (cost $12,858,000)				12,858,000


Total Value of Securities – 114.87% (cost $83,087,540)			$	84,658,443

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At April 30, 2014, the aggregate value of Rule 144A securities was $9,532,367, which represents 12.93% of the Portfolio’s net assets. See Note 10 in “Notes to financial Statements.”

¿	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.

°	Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.

—	Variable rate security. The rate shown is the rate as of April 30, 2014. Interest rates reset periodically.

¥	Fully or partially pledged as collateral for futures contracts.

D	Securities have been classified by country of origin.

S	Interest only security. An interest only security is the interest only portion of a fixed income security which is separated and sold individually from the principal portion of the security.

f	Step coupon bond. Coupon increases or decreases periodically based on a predetermined schedule. Stated rate in effect at April 30, 2014.

The following foreign currency exchange contracts, futures contracts and swap contract were outstanding at April 30, 2014:¹

Foreign Currency Exchange Contracts


Counter party	Contracts to Receive (Deliver)			In Exchange For			Settlement Date		Unrealized Appreciation (Depreciation)
BNYM	BRL	30,532		USD	(13,669	)		5/6/14	$	(6	)
JPMC	GBP	(21,461	)	USD	36,048			5/30/14		(179	)
JPMC	INR	859,771		USD	(14,134	)		5/30/14		27
MSC	CLP	7,740,303		USD	(14,035	)		5/30/14		(367	)
MSC	IDR	144,103,870		USD	(12,525	)		5/30/14		(106	)
MSC	TRY	208		USD	(97	)		5/30/14		1
TD	CAD	(39,785	)	USD	36,062			5/30/14		(216	)
TD	JPY	(289,409	)	USD	2,822			5/30/14		(10	)
UBS	CAD	(38,824	)	USD	35,181			5/30/14		(222	)

									$	(1,078	)

Futures Contracts


Contracts to Buy (Sell)		Notional Cost (Proceeds)			Notional Value			Expiration Date		Unrealized Appreciation (Depreciation)
(20)	U.S. Treasury 10 yr Notes	$	(2,485,725	)	$	(2,488,438	)		7/1/14	$	(2,713	)
(7)	U.S. Treasury 5 yr Note		(834,777	)		(836,172	)		7/1/14		(1,395	)
5	U.S. Treasury Long Bond		663,920			674,687			6/19/14		10,767

		$	(2,656,582	)						$	6,659

Swap Contract

CDS Contract²

Counter
party

Swap
Referenced
Obligation

Notional
Value

Annual
Protection
Payments

Termi
nation
Date

Unrealized
Appreciation
(Depreciation)

Protection
Purchased:

ITRAXX

Europe

Crossover

BCLY

21.1

EUR
160,000

5.00

6/20/19

$(1,661

)

The use of foreign currency exchange contracts, futures contracts, and swap contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The foreign currency exchange contracts and 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 7 in “Notes to financial statements.”

²A 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). 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.

Summary of abbreviations:

AMT – Subject to Alternative Minimum Tax

ARM – Adjustable Rate Mortgage

BCLY – Barclays Bank

BNYM – BNY Mellon

BRL – Brazilian Real

CAD – Canadian Dollar

CDS – Credit Default Swap

CLP – Chilean Peso

DB – Deutsche Bank

EUR – European Monetary Unit

GBP – British Pound Sterling

GNMA – Government National Mortgage Association IDR – Indonesian Rupiah

INR – Indian Rupee

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

REMIC – Real Estate Mortgage Investment Conduit

S.F. – Single Family

TBA – To be announced

TD – Toronto Dominion Bank

TRY – Turkish Lira

UBS – Union Bank of Switzerland

USD – United States Dollar

yr – Year

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


			(continues	)		53

Schedules of investments

Delaware Pooled^® Trust — The International Equity Portfolio

April 30, 2014 (Unaudited)


	Number of shares		Value (U.S. $)

Common Stock – 99.27%D

Australia – 2.34%
AMP		1,423,668	$	6,680,864
QBE Insurance Group		474,429		5,105,195


				11,786,059

Belgium – 0.00%
Ageas VVPR Strip «=†		36,617		0


				0

China – 2.18%
China Mobile		638,000		6,064,866
Jardine Matheson Holdings		78,815		4,910,176


				10,975,042

France – 14.34%
Cie de Saint-Gobain		192,175		11,735,501
GDF Suez VVPR Strip =†		162,519		0
Orange		822,232		13,316,987
Sanofi		150,296		16,267,023
Societe Generale		86,492		5,375,374
Total		219,755		15,693,941
Vallourec		70,791		4,184,016
Vinci		75,239		5,671,754


				72,244,596

Germany – 7.74%
Daimler		73,419		6,796,484
Deutsche Telekom		771,438		12,933,093
GEA Group		85,765		3,836,429
RWE		153,120		5,838,246
SAP		119,017		9,582,771


				38,987,023

Israel – 2.54%
Teva Pharmaceutical Industries ADR		262,616		12,831,418


				12,831,418

Italy – 2.51%
ENI		487,649		12,657,148


				12,657,148

Japan – 15.67%
Astellas Pharma		139,500		1,551,744
Canon		411,800		12,952,473
Hoya		227,700		6,714,159
Kao		328,500		12,363,543
Kirin Holdings		603,900		8,360,011
NTT DOCOMO		314,500		4,990,647
Seven & I Holdings		220,473		8,694,679


	Number of shares		Value (U.S. $)

Common StockD (continued)

Japan (continued)
Takeda Pharmaceutical		230,700	$	10,355,149
Tokio Marine Holdings		289,352		8,523,591
Tokyo Electron		78,600		4,462,318


				78,968,314

Netherlands – 6.51%
Koninklijke Ahold		665,520		12,837,688
Reed Elsevier		332,385		6,780,491
Royal Dutch Shell Class A		332,978		13,185,612


				32,803,791

Singapore – 4.10%
SembCorp Industries		1,089,000		4,665,467
Singapore Telecommunica tions		3,047,602		9,312,151
United Overseas Bank		386,642		6,712,138


				20,689,756

Spain – 7.25%
Banco Santander		677,882		6,739,788
Iberdrola		2,212,999		15,457,363
Telefonica		855,186		14,319,326


				36,516,477

Sweden – 0.89%
Ericsson LM Class B		370,808		4,476,567


				4,476,567

Switzerland – 10.56%
ABB		506,522		12,165,966
Nestle		172,546		13,321,026
Novartis		179,863		15,592,282
Zurich Insurance Group		42,350		12,130,245


				53,209,519

Taiwan – 0.89%
Taiwan Semiconductor Manufacturing ADR		224,332		4,509,073


				4,509,073

United Kingdom – 21.75%
AMEC		341,755		7,126,397
BG Group		534,577		10,813,226
BP		1,283,086		10,814,801
Compass Group		618,399		9,835,759
G4S		1,834,995		7,311,982
GlaxoSmithKline		508,816		14,020,681
National Grid		941,480		13,360,940
Pearson		48,468		907,559
Tesco		2,881,224		14,251,439


	Number of shares		Value (U.S. $)

Common StockD (continued)

United Kingdom (continued)
Unilever		336,056	$	15,002,419
Vodafone Group		1,624,291		6,141,905


				109,587,108


Total Common Stock (cost $404,498,180)				500,241,891


	Principal amount°

Short-Term Investments – 0.31%

Repurchase Agreements – 0.31%
Bank of America Merrill Lynch 0.02%, dated 4/30/14, to be repurchased on 5/1/14, repurchase price $299,195 (collateralized by U.S.government obligations 0.00% - 4.375% 2/15/24 - 5/15/41; market value $305,179)		299,195		299,195
Bank of Montreal 0.03%, dated 4/30/14, to be repurchased on 5/1/14, repurchase price $99,732 (collateralized by U.S.government obligations 1.25% - 3.125% 4/30/19 - 2/15/42; market value $101,726)		99,731		99,731
BNP Paribas 0.05%, dated 4/30/14, to be repurchased on 5/1/14, repurchase price $1,168,075 (collateralized by U.S. government obligations 0.00% - 2.75% 6/30/14 - 11/15/43; market value $1,191,435)		1,168,074		1,168,074

Total Short-Term Investments (cost $1,567,000)				1,567,000

Total Value of Securities – 99.58% (cost $406,065,180)			$	501,808,891

«	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.

=	Security is being fair valued in accordance with the Portfolio’s fair valuation policy. At April 30, 2014, the aggregate value of fair valued securities was $0, which represents 0.00% of the Portfolio’s net assets. See Note 1 in “Notes to financial statements.”

°	Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.

†	Non income producing security.

D	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.”

The following foreign currency exchange contracts were outstanding at April 30, 2014:¹

Foreign Currency Exchange Contracts


Counter party	Contracts to Receive (Deliver)			In Exchange For			Settlement Date		Unrealized Appreciation (Depreciation)
BNYM	AUD	(10,587,500	)	USD	9,773,639			7/31/14	$	393
SSB	CHF	703,279		USD	(798,183	)		5/5/14		894


									$	1,287

The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The foreign currency exchange contracts 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 7 in “Notes to financial statements.”

Summary of abbreviations:

ADR – American Depositary Receipt

AUD – Australian Dollar

BNYM – BNY Mellon

CHF – Swiss Franc

SSB – State Street Bank

USD – United States Dollar

VVPR Strip – Dividend Coupon

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


			(continues	)		55

Schedules of investments

Delaware Pooled^® Trust — The Labor Select International Equity Portfolio

April 30, 2014 (Unaudited)


	Number of shares		Value (U.S. $)

Common Stock – 98.10%D

Australia – 2.41%
AMP		1,239,839	$	5,818,208
QBE Insurance Group		461,594		4,967,081


				10,785,289

Belgium – 0.00%
Ageas VVPR Strip «=†		15,275		0


				0

France – 15.06%
Cie de Saint-Gobain		156,248		9,541,556
GDF Suez		348,484		8,786,420
GDF Suez VVPR Strip =†		101,871		0
Orange		747,402		12,105,030
Sanofi		134,864		14,596,768
Societe Generale		66,771		4,149,737
Total		128,296		9,162,339
Vallourec		67,934		4,015,156
Vinci		66,633		5,023,006


				67,380,012

Germany – 7.62%
Daimler		63,571		5,884,843
GEA Group		73,230		3,275,715
RWE		116,173		4,429,510
SAP		114,350		9,207,003
Telefonica Deutschland Holding		1,359,695		11,292,900


				34,089,971

Israel – 2.57%
Teva Pharmaceutical Industries ADR		235,700		11,516,302


				11,516,302

Japan – 16.25%
Astellas Pharma		140,700		1,565,092
Canon		371,000		11,669,178
Hoya		205,500		6,059,551
Kao		297,100		11,181,761
Kirin Holdings		540,900		7,487,878
NTT DOCOMO		277,300		4,400,339
Seven & I Holdings		227,500		8,971,800
Takeda Pharmaceutical		204,500		9,179,142
Tokio Marine Holdings		280,300		8,256,942
Tokyo Electron		69,500		3,945,688


				72,717,371

Netherlands – 7.15%
Koninklijke Ahold		547,470		10,560,538


	Number of shares		Value (U.S. $)

Common StockD (continued)

Netherlands (continued)
Reed Elsevier		298,171	$	6,082,542
Royal Dutch Shell Class A		388,149		15,370,333


				32,013,413

Singapore – 4.58%
SembCorp Industries		1,062,000		4,549,795
Singapore Telecommunications		3,371,000		10,300,315
United Overseas Bank		324,705		5,636,907


				20,487,017

Spain – 7.36%
Banco Santander		597,095		5,936,570
Iberdrola		1,963,951		13,717,812
Telefonica		792,186		13,264,447


				32,918,829

Sweden – 0.87%
Ericsson Class B		322,409		3,892,272


				3,892,272

Switzerland – 10.67%
ABB †		450,860		10,829,041
Nestle		154,843		11,954,305
Novartis		161,809		14,027,185
Zurich Insurance Group †		38,112		10,916,361


				47,726,892

United Kingdom – 23.56%
AMEC		352,064		7,341,364
BG Group		515,781		10,433,027
BP		1,577,066		13,292,683
Compass Group		550,376		8,753,840
G4S		1,739,112		6,929,912
GlaxoSmithKline		456,438		12,577,379
National Grid		920,543		13,063,814
Pearson		42,987		804,928
Sainsbury (J.)		750,207		4,252,268
Tesco		1,673,604		8,278,171
Unilever		314,584		14,043,853
Vodafone Group		1,491,453		5,639,607


				105,410,846


Total Common Stock (cost $365,825,440)				438,938,214


	Principal amount°		Value (U.S. $)

Short-Term Investments – 1.51%

Repurchase Agreements – 1.51%
Bank of America Merrill Lynch 0.02%, dated 4/30/14, to be repurchased on 5/1/14, repurchase price $1,291,865 (collateralized by U.S. government obligations 0.00% - 4.375% 2/15/24 - 5/15/41; market value $1,317,702)		1,291,864	$	1,291,864
Bank of Montreal 0.03%, dated 4/30/14, to be repurchased on 5/1/14, repurchase price $430,622 (collateralized by U.S. government obligations 1.25% - 3.125% 4/30/19 - 2/15/42; market value $439,234)		430,621		430,621
BNP Paribas 0.05%, dated 4/30/14, to be repurchased on 5/1/14, repurchase price $5,043,522 (collateralized by U.S. government obligations 0.00%- 2.75% 6/30/14 - 11/15/43; market value $5,144,385)		5,043,515		5,043,515

Total Short-Term Investments (cost $6,766,000)				6,766,000

Total Value of Securities – 99.61% (cost $372,591,440)			$	445,704,214

«	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.

=	Security is being fair valued in accordance with the Portfolio’s fair valuation policy. At April 30, 2014, the aggregate value of fair valued securities was $0, which represents 0.00% of the Portfolio’s net assets. See Note 1 in “Notes to financial statements.”

°	Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.

†	Non income producing security.

D	Securities have been classified by country of origin.

The following foreign currency exchange contracts were outstanding at April 30, 2014:¹

Foreign Currency Exchange Contracts


Counterparty	Contracts to Receive (Deliver)			In Exchange For		Settlement Date		Unrealized Appreciation (Depreciation)
BCLY	JPY	7,308,118		USD	(71,625)		5/1/14	$	(127	)
BNYM	AUD	(9,752,500	)	USD	9,002,825		7/31/14		363
BNYM	JPY	219,330		USD	(2,145)		5/2/14		1
SSB	CHF	485,739		USD	(551,287)		5/5/14		617


								$	854

The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amount disclosed in the financial statements. The foreign currency exchange contracts 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 7 in “Notes to financial statements.”

Summary of abbreviations:

ADR – American Depositary Receipt

AUD – Australian Dollar

BCLY – Barclays Bank

BNYM – BNY Mellon

CHF – Swiss Franc

JPY – Japanese Yen

SSB – State Street Bank

USD – United States Dollar

VVPR Strip – Dividend Coupon

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


			(continues	)		57

Schedules of investments

Delaware Pooled^® Trust — The Emerging Markets Portfolio

April 30, 2014 (Unaudited)


	Number of shares		Value (U.S. $)

Common Stock – 93.18%D

Brazil – 7.17%
AMBEV ADR		434,600	$	3,150,850
CCR		940,100		7,368,044
Cielo		231,658		4,039,447
CPFL Energia		342,280		2,880,597
EcoRodovias Infraestrutura e Logistica		513,800		3,031,703
Transmissora Alianca de Energia Eletrica		264,900		2,337,458
Vale ADR		108,900		1,439,658


				24,247,757

Chile – 3.70%
Banco Santander Chile ADR		120,070		2,914,099
Cia Cervecerias Unidas		208,209		2,457,440
Enersis ADR		389,500		6,270,950
Inversiones Aguas Metropolitanas ADR 144A #		26,500		877,118


				12,519,607

China – 16.82%n
Beijing Enterprises Holdings		523,499		4,551,020
Belle International Holdings		5,773,515		5,979,830
China BlueChemical Class H		4,229,000		2,269,154
China Mobile		1,150,000		10,931,968
China Resources Power Holdings		2,616,000		6,579,689
China Shenhua Energy Class H		1,621,500		4,392,070
Golden Eagle Retail Group		2,694,000		3,474,806
Hengan International Group		447,000		4,707,569
Huabao International Holdings		4,282,000		2,026,963
Jiangsu Expressway Class H		3,946,000		4,443,287
Mindray Medical International ADR		182,879		6,045,980
Sands China		200,000		1,460,089


				56,862,425

Colombia – 0.44%
BanColombia ADR		26,000		1,480,180


				1,480,180

India – 8.08%
Axis Bank		208,668		5,248,961
Cairn India		759,900		4,222,507
GAIL India		200,343		1,229,328
Housing Development Finance		238,262		3,547,167
Infosys		24,394		1,286,453


	Number of shares		Value (U.S. $)

Common StockD (continued)

India (continued)
Infosys ADR		18,600	$	999,006
Larsen & Toubro		272,809		5,853,306
Lupin		33,841		555,236
Rural Electrification		631,557		2,491,046
Zee Entertainment Enterprises		430,504		1,874,332


				27,307,342

Indonesia – 4.65%
Astra International		523,900		336,458
Bank Mandiri		6,073,000		5,160,855
Bank Rakyat Indonesia		6,435,200		5,510,399
Perusahaan Gas Negara		10,231,600		4,712,474


				15,720,186

Kazakhstan – 0.68%
KazMunaiGas Exploration Production GDR		153,417		2,282,845


				2,282,845

Malaysia – 3.26%
AMMB Holdings		1,859,800		4,092,985
Genting Malaysia		2,801,200		3,623,315
Malayan Banking		1,086,663		3,297,460


				11,013,760

Mexico – 8.13%
America Movil Series L ADR		197,200		3,959,776
Arca Continental		285,800		1,817,432
Compartamos		890,200		1,552,659
Fibra Uno Administracion		2,494,300		8,176,689
Grupo Aeroportuario del Pacifico ADR		41,800		2,520,540
Grupo Financiero Santander Mexico Class B ADR		524,714		6,244,097
Kimberly-Clark de Mexico Class A		1,235,300		3,223,359


				27,494,552

Peru – 1.86%
Credicorp		42,030		6,272,977


				6,272,977

Philippines – 2.10%
Philippine Long Distance Telephone ADR		110,100		7,101,450


				7,101,450

Republic of Korea – 7.59%
Hyundai Mobis		39,332		11,231,188


	Number of shares		Value (U.S. $)

Common StockD (continued)

Republic of Korea (continued)
Kangwon Land		116,350	$	3,361,773
Samsung Electronics		8,522		11,078,352


				25,671,313

Romania – 0.39%
Societatea Nationala de Gaze
Naturale GDR †		123,512		1,333,930


				1,333,930

Russia – 3.69%
Gazprom ADR		907,515		6,544,998
Sberbank of Russia ADR		708,549		5,939,058


				12,484,056

South Africa – 3.33%
Bidvest Group		105,878		2,903,317
Clicks Group		269,827		1,645,224
Life Healthcare Group
Holdings		409,413		1,625,433
Tiger Brands		12,356		330,174
Truworths International		346,869		2,780,952
Woolworths Holdings		290,817		1,976,373


				11,261,473

Taiwan – 6.63%
Asustek Computer		197,000		2,037,559
Quanta Computer		1,209,000		3,318,533
Taiwan Mobile		1,929,000		6,228,460
Taiwan Semiconductor
Manufacturing		2,533,588		9,952,767
Teco Electric And Machinery		790,000		858,995


				22,396,314

Thailand – 2.62%
PTT		918,500		8,855,748


				8,855,748

Turkey – 4.93%
Tofas Turk Otomobil Fabrikasi		235,706		1,439,954
Tupras Turkiye Petrol
Rafinerileri		386,615		8,696,823
Turk Telekomunikasyon		2,180,669		6,537,050


				16,673,827

United Kingdom – 4.59%
SABMiller		106,678		5,795,756
Unilever		218,067		9,735,082


				15,530,838


	Number of shares		Value (U.S. $)

Common StockD (continued)

United States – 2.52%
Yum! Brands		110,741	$	8,525,950


				8,525,950

Total Common Stock (cost $310,292,170)				315,036,530



Preferred Stock – 4.64%D

Brazil – 3.60%
Petroleo Brasileiro 4.99%		705,900		5,206,499
Vale ADR		586,900		6,966,503


				12,173,002

India – 0.03%
Zee Entertainment Enterprises 6.00%		8,249,787		105,319


				105,319

Republic of Korea – 1.01%
Hyundai Motor 1.30%		24,223		3,399,802


				3,399,802

Total Preferred Stock (cost $19,845,169)				15,678,123


	Principal amount°

Short-Term Investments – 1.20%

Repurchase Agreements – 1.15%
Bank of America Merrill Lynch 0.02%, dated 4/30/14, tobe repurchased on 5/1/14,repurchase price $741,973 (collateralized by U.S.government obligations 0.00% - 4.375% 2/15/24 - 5/15/41; market value $756,812)		741,972	$	741,972
Bank of Montreal 0.03%, dated 4/30/14, tobe repurchased on 5/1/14,repurchase price $247,324 (collateralized by U.S.government obligations 1.25% - 3.125% 4/30/19 - 2/15/42; market value $252,271)		247,324		247,324


			(continues	)		59

Schedules of investments

Delaware Pooled^® Trust — The Emerging Markets Portfolio


	Principal amount°		Value (U.S. $)

Short-Term Investments (continued)

Repurchase Agreements (continued)
BNP Paribas 0.05%, dated 4/30/14, to be repurchased on 5/1/14, repurchase price $2,896,708 (collateralized by U.S. government obligations 0.00% - 2.75% 6/30/14 - 11/15/43; market value $2,954,638)		2,896,704	$	2,896,704


				3,886,000

U.S. Treasury Obligation – 0.05%≠
U.S. Treasury Bill 0.093% 11/13/14		175,101		175,061


				175,061

Total Short-Term Investments (cost $4,061,013)				4,061,061

Total Value of Securities – 99.02% (cost $334,198,352)			$	334,775,714

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At April 30, 2014, the aggregate value of Rule 144A securities was $877,118, which represents 0.26% 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.

n	Securities listed and traded on the Hong Kong Stock Exchange. These securities have significant business operations in China.

°	Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.

†	Non income producing security.

D	Securities have been classified by country of origin.

The following foreign currency exchange contracts were outstanding at April 30, 2014:¹

Foreign Currency Exchange Contracts

Counter
party

Contracts to

Receive
(Deliver)

In
Exchange
For

Settlement
Date

Unrealized
Appreciation
(Depreciation)

BNYM

BRL

(568,249)

USD 254,233

5/2/14

$(385)

BNYM

IDR

(2,003,149,151)

USD 173,686

5/2/14

467

BNYM

IDR

(1,957,280,665)

USD 169,593

5/6/14

BNYM

INR

1,805,434

USD (30,054)

5/2/14

(134)

BNYM

INR

(12,531,805)

USD 208,468

5/5/14

925

BNYM

INR

(16,946,655)

USD 281,576

5/6/14

IDR

(1,700,591,771)

USD 147,512

5/5/14

510

$1,383

¹See Note 7 in “Notes to financial statements.”

Summary of abbreviations:

ADR – American Depositary Receipt

BNYM – BNY Mellon

BRL – Brazilian Real

DB – Deutsche Bank

GDR – Global Depositary Receipt

IDR – Indonesian Rupiah

INR – Indian Rupee

USD – United States Dollar

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

Delaware Pooled^® Trust — The Emerging Markets Portfolio II

April 30, 2014 (Unaudited)


	Number of shares		Value (U.S. $)

Common Stock – 99.12%D

Argentina – 1.24%
Cresud ADR @		8,100	$	97,767
IRSA Inversiones y Representaciones ADR @		4,000		53,160
MercadoLibre		1,600		149,232
YPF ADR		8,000		227,680


				527,839

Bahrain – 0.03%
Aluminum Bahrain GDR
144A #@†		1,800		11,363


				11,363

Brazil – 17.80%
All America Latina Logistica		36,422		143,382
B2W Cia Digital @†		50,000		553,737
Banco Bradesco ADR		7,373		109,636
Banco Santander Brasil ADR		48,000		319,200
BB Seguridade Participacoes		16,900		198,908
Brasil Foods ADR		16,900		381,940
Braskem ADR		12,800		174,080
Centrais Eletricas Brasileiras ADR		21,300		73,911
Cyrela Brazil Realty SA Empreendimentos e Participacoes		15,780		95,587
Fibria Celulose ADR		40,300		400,179
Gerdau @		11,700		56,866
Gerdau ADR		13,000		78,130
Gol Linhas Aereas Inteligentes ADR †		45,200		293,800
Hypermarcas		78,500		578,992
Itau Unibanco Holding ADR		55,000		899,800
JBS		32,815		113,439
Petroleo Brasileiro ADR		53,200		738,416
Santos Brasil Participacoes		5,900		45,765
Telefonica Brasil ADR		3,255		69,006
Tim Participacoes ADR		72,800		1,959,048
Vale ADR		21,600		285,552


				7,569,374

Chile – 1.00%
Sociedad Quimica y Minera de Chile ADR		13,300		424,270


				424,270

China/Hong Kong – 17.18%
Baidu ADR †		15,000		2,307,750
Bank of China		612,000		269,178
China Construction Bank		299,590		206,735


	Number of shares		Value (U.S. $)

Common StockD (continued)

China/Hong Kong (continued)
China Mengniu Dairy		67,000	$	344,379
China Mobile		50,000		475,303
China Mobile ADR		7,200		341,496
China Petroleum & Chemical		94,000		83,052
China Petroleum & Chemical ADR		3,770		335,040
China Unicom Hong Kong ADR		17,100		262,143
CNOOC ADR		1,600		264,304
NetEase ADR		2,000		136,180
PetroChina Class H		280,000		324,315
PetroChina ADR		1,700		196,044
SINA †		2,000		95,600
Sohu.com †		16,000		882,720
Tianjin Development Holdings @†		190,000		154,148
Tingyi Cayman Islands Holding		42,000		116,743
Tsingtao Brewery		24,000		174,746
Uni-President China Holdings @		410,000		339,509


				7,309,385

Colombia – 1.33%
Bolsa De Valores De Colombia		10,000		107
Cemex Latam Holdings †		61,058		563,736


				563,843

India – 7.39%
Cairn India		74,000		411,193
ICICI Bank ADR		2,600		110,942
Reliance Industries		30,356		470,980
Reliance Industries GDR 144A #@		55,000		1,705,000
Steel Authority of India		49,589		55,455
Tata Chemicals @		62,463		294,477
Ultratech Cement		2,784		93,568


				3,141,615

Indonesia – 1.59%
Global Mediacom		2,369,600		448,854
Tambang Batubara Bukit Asam Persero		118,500		101,214
United Tractors		67,106		125,952

				676,020


			(continues	)		61

Schedules of investments

Delaware Pooled^® Trust — The Emerging Markets Portfolio II


	Number of shares		Value (U.S. $)

Common StockD (continued)

Israel – 2.30%
Teva Pharmaceutical Industries ADR		20,000	$	977,200


				977,200

Malaysia – 0.59%
UEM Sunrise		356,100		251,044


				251,044

Mexico – 7.16%
America Movil Series L ADR		11,000		220,880
Cemex ADR †		67,607		854,556
Desarrolladora Homex ADR †		14,300		14,014
Empresas ICA ADR †		27,200		196,112
Fomento Economico Mexicano ADR		2,500		226,925
Grupo Financiero Banorte Class O		24,300		161,380
Grupo Financiero Santander Mexico Class B ADR		19,400		230,860
Grupo Televisa ADR		30,000		984,300
Wal-Mart de Mexico Class V		61,629		155,914


				3,044,941

Netherlands – 0.67%
Yandex Class A †		10,800		286,200


				286,200

Peru – 0.35%
Cia de Minas Buenaventura ADR		11,500		149,500


				149,500

Poland – 1.80%
Jastrzebska SpolkaWeglowa		2,926		40,201
Orange Polska		120,000		409,803
Polski Koncern Naftowy Orlen		8,460		126,573
Powszechna Kasa Oszczednosci Bank Polski		13,921		190,806


				767,383

Republic of Korea – 20.00%
Hitejinro Holdings		20,000		252,638
KB Financial Group ADR		28,000		961,240
KCC @		1,455		723,909
KT ADR		28,300		450,253
KT&G		5,530		443,214
LG Display ADR †		17,800		236,918
LG Electronics		5,107		339,610
LG Uplus		28,207		277,128
Lotte Chilsung Beverage @		425		642,992


	Number of shares		Value (U.S. $)

Common StockD (continued)

Republic of Korea (continued)
Lotte Confectionery @		257	$	440,316
Samsung Electronics		1,595		2,073,454
Samsung Life Insurance		4,270		397,200
SK Telecom ADR		55,000		1,269,950


				8,508,822

Russia – 5.05%
Etalon Group GDR 144A #=†		4,800		16,800
Gazprom ADR		50,000		360,600
LUKOIL ADR		3,400		179,928
LUKOIL ADR (London International Exchange)		3,600		190,260
MegaFon GDR		14,100		366,600
Mobile Telesystems ADR		19,400		325,144
Rosneft GDR		52,800		331,214
Sberbank =		141,095		287,121
VTB Bank		16,155,925		17,526
VTB Bank GDR		33,800		73,312


				2,148,505

South Africa – 1.69%
Anglo American Platinum †		1,687		80,173
ArcelorMittal South Africa †		27,354		96,198
Impala Platinum Holdings		4,413		49,663
Sasol ADR		5,200		288,132
Vodacom Group		17,262		205,828


				719,994

Taiwan – 4.72%
Hon Hai Precision Industry		251,254		721,307
Mitac Holdings †		472,000		381,787
Taiwan Semiconductor Manufacturing		95,000		373,191
Taiwan Semiconductor Manufacturing ADR		12,800		257,280
United Microelectronics		634,000		274,277


				2,007,842

Thailand – 1.29%
Bangkok Bank		37,099		216,105
PTT		27,160		261,864
PTT Exploration & Production		14,571		71,819


				549,788

Turkey – 1.36%
Anadolu Efes Biracilik Ve Malt Sanayii		19,910		238,079


	Number of shares		Value (U.S. $)

Common StockD (continued)

Turkey (continued)
Turkcell Iletisim Hizmetleri ADR †		20,600	$	298,288
Turkiye Sise ve Cam Fabrikalari		34,199		42,757


				579,124

United Kingdom – 0.26%
Anglo American ADR		8,400		112,195


				112,195

United States – 4.32%
Archer-Daniels-Midland		11,900		520,387
Avon Products		16,300		249,064
Yahoo †		29,700		1,067,715


				1,837,166


Total Common Stock (cost $39,576,944)				42,163,413



Preferred Stock – 1.17%D

Republic of Korea – 1.17%
LG Electronics 0.65%		17,861		497,051

Total Preferred Stock (cost $307,186)				497,051

Total Value of Securities – 100.29%
(cost $39,884,130)			$	42,660,464

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At April 30, 2014, the aggregate value of Rule 144A securities was $1,733,163, which represents 4.07% of the Portfolio’s net assets. See Note 10 in “Notes to financial statements.”

@	Illiquid security. At April 30, 2014, the aggregate value of illiquid securities was $5,073,244, which represents 11.93% of the Portfolio’s net assets. See Note 10 in “Notes to financial statements.”

=	Security is being fair valued in accordance with the Portfolio’s fair valuation policy. At April 30, 2014, the aggregate value of fair valued securities was $303,921, which represents 0.71% of the Portfolio’s net assets. See Note 1 in “Notes to financial statements.”

†	Non income producing security.

D	Securities have been classified by country of origin.

Summary of abbreviations:

ADR – American Depositary Receipt

GDR – Global Depositary Receipt

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


				63

Statements of assets and liabilities

Delaware Pooled^® Trust

April 30, 2014 (Unaudited)


	The Large-Cap Value Equity Portfolio		The Select 20 Portfolio		The Large-Cap Growth Equity Portfolio		The Focus Smid-Cap Growth Equity Portfolio
Assets:
Investments, at value¹	$	98,061,400	$	101,667,421	$	249,028,796	$	40,217,129
Short-term investments, at value²		72,664		457,718		230,659		234,259
Repurchase agreements, at value³		1,057,000		5,235,000		2,169,000		2,243,000
Cash		36,981		8,731		19,195		1,090
Receivable for securities sold		1,308,020		—		733,546		387,882
Dividends and interest receivable		144,510		29,217		86,446		12,489

Total assets		100,680,575		107,398,087		252,267,642		43,095,849

Liabilities:
Payable for fund shares redeemed		1,000,000		—		450,000		—
Payable for securities purchased		412,859		—		254,760		175,674
Investment management fees payable		45,507		65,881		113,209		26,909
Other accrued expenses		14,508		18,613		37,891		17,873
Other affiliates payable		1,747		2,387		4,904		1,074
Trustees’ fees and expenses payable		259		277		652		119

Total liabilities		1,474,880		87,158		861,416		221,649

Total Net Assets	$	99,205,695	$	107,310,929	$	251,406,226	$	42,874,200


Net Assets Consist of:
Paid-in capital	$	81,698,540	$	59,812,774	$	168,444,843	$	25,393,108
Undistributed (distributions in excess of) net investment income		595,440		124,631		816,771		(34,626	)
Accumulated net realized gain on investments		2,062,641		13,192,745		11,671,227		7,034,311
Net unrealized appreciation of investments		14,849,074		34,180,779		70,473,385		10,481,407

Total Net Assets	$	99,205,695	$	107,310,929	$	251,406,226	$	42,874,200


¹Investments, at cost	$	83,212,346	$	67,486,767	$	178,555,474	$	29,735,786
²Short-term investments, at cost		72,644		457,593		230,596		234,195
³Repurchase agreements, at cost		1,057,000		5,235,000		2,169,000		2,243,000

Net Asset Value

Portfolio Class:
Net assets	$	99,205,695	$	107,310,929	$	251,406,226	$	42,874,200
Shares of beneficial interest outstanding, unlimited authorization, no par		3,868,599		10,647,045		16,182,327		2,122,825
Net asset value per share	$	25.64	$	10.08	$	15.54	$	20.20

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


	The Real Estate Investment Trust Portfolio II			The Core Focus Fixed Income Portfolio			The High-Yield Bond Portfolio		The Core Plus Fixed Income Portfolio
Assets:
Investments, at value¹	$	4,082,840		$	4,560,966		$	130,345,939	$	71,800,443
Short-term investments, at value²		5,466			68,398			—		—
Repurchase agreements, at value³		120,000			1,010,000			9,087,000		12,858,000
Cash		3,450			—			591,709		—
Cash collateral for derivatives		—			—			30,000		30,076
Foreign currencies, at value⁴		—			—			—		571
Receivable for securities sold		67,123			293,366			1,865,680		6,567,780
Dividends and interest receivable		1,263			27,861			1,899,017		546,880
Receivable for fund shares sold		—			—			69,500		—
Receivable from investment manager		971			4,867			—		—
Unrealized gain on foreign currency exchange contracts		—			—			—		28

Total assets		4,281,113			5,965,458			143,888,845		91,803,778

Liabilities:
Cash overdraft		—			47,802			—		32,264
Payable for securities purchased		66,820			807,301			4,961,429		17,986,308
Annual protection payments on credit default swap contracts		—			—			—		1,295
Variation margin payable on futures contracts		—			—			9,938		7,747
Other accrued expenses		12,147			11,508			26,980		36,384
Other affiliates payable		79			108			2,436		1,535
Trustees’ fees and expenses payable		10			12			349		185
Investment management fees payable		—			—			51,126		14,801
Unrealized loss on credit default swap contracts⁵		—			—			—		22,889
Unrealized loss on foreign currency exchange contracts		—			—			—		1,106

Total liabilities		79,056			866,731			5,052,258		18,104,514

Total Net Assets	$	4,202,057		$	5,098,727		$	138,836,587	$	73,699,264


Net Assets Consist of:
Paid-in capital	$	5,707,829		$	5,148,670		$	129,727,418	$	73,072,736
Undistributed (distributions in excess of) net investment income		(9,650	)		33,407			2,566,665		665,716
Accumulated net realized gain (loss) on investments		(1,919,875	)		(170,662	)		1,083,304		(1,614,064	)
Net unrealized appreciation of investments and derivatives		423,753			87,312			5,459,200		1,574,876

Total Net Assets	$	4,202,057		$	5,098,727		$	138,836,587	$	73,699,264


¹Investments, at cost	$	3,659,088		$	4,473,673		$	124,859,458	$	70,229,540
²Short-term investments, at cost		5,465			68,379			—		—
³Repurchase agreements, at cost		120,000			1,010,000			9,087,000		12,858,000
⁴Foreign currencies, at cost		—			—			—		566
⁵Including upfront payments received		—			—			—		21,228

Net Asset Value

Portfolio Class
Net assets	$	4,202,057		$	5,098,727		$	138,836,587	$	73,699,264
Shares of beneficial interest outstanding, unlimited authorization, no par		503,147			553,675			16,162,219		7,273,579
Net asset value per share	$	8.35		$	9.21		$	8.59	$	10.13

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


			(continues	)		65

Statements of assets and liabilities

Delaware Pooled^® Trust


	The International Equity Portfolio			The Labor Select International Equity Portfolio			The Emerging Markets Portfolio		The Emerging Markets Portfolio II
Assets:
Investments, at value¹	$	500,241,891		$	438,938,214		$	330,714,653	$	42,660,464
Short-term investments, at value²		—			—			175,061		—
Repurchase agreements, at value³		1,567,000			6,766,000			3,886,000		—
Foreign currencies, at value⁴		888,732			181,522			2,173,975		1,106
Cash		1,385			1,268			539,156		—
Dividends and interest receivable		2,507,923			2,787,107			1,291,180		57,758
Receivable for securities sold		571,978			575,273			1,484,100		—
Receivable for fund shares sold		377,249			—			994		—
Unrealized gain on foreign currency exchange contracts		1,287			981			1,902		—


Total assets		506,157,445			449,250,365			340,267,021		42,719,328

Liabilities:
Cash overdraft		—			—			—		113,431
Payable for securities purchased		1,818,206			1,425,644			1,410,007		—
Payable for fund shares redeemed		—			—			1,220		—
Investment management fees payable		304,282			270,841			276,285		31,998
Other accrued expenses		107,692			104,377			132,587		28,778
Other affiliates payable		9,448			8,870			6,393		806
Trustees’ fees and expenses payable		1,258			1,122			832		105
Unrealized loss on foreign currency exchange contracts		—			127			519		—
Other liabilities		—			—			364,458		5,183


Total liabilities		2,240,886			1,810,981			2,192,301		180,301

Total Net Assets	$	503,916,559		$	447,439,384		$	338,074,720	$	42,539,027


Net Assets Consist of:
Paid-in capital	$	567,655,019		$	447,892,477		$	331,574,412	$	39,527,663
Undistributed (distributions in excess of) net investment income		10,395,274			11,263,827			2,701,137		(179,353	)
Accumulated net realized gain (loss) on investments		(169,895,364	)		(84,854,783	)		3,578,867		419,531
Net unrealized appreciation of investments and derivatives		95,761,630			73,137,863			220,304		2,771,186

Total Net Assets	$	503,916,559		$	447,439,384		$	338,074,720	$	42,539,027


¹Investments, at cost	$	404,498,180		$	365,825,440		$	330,137,339	$	39,884,130
²Short-term investments, at cost		—			—			175,013		—
³Repurchase agreements, at cost		1,567,000			6,766,000			3,886,000		—
⁴Foreign currencies, at cost		883,994			179,818			2,171,860		1,113

Net Asset Value

Portfolio Class
Net assets	$	503,916,559		$	447,439,384		$	338,074,720	$	42,539,027
Shares of beneficial interest outstanding, unlimited authorization, no par		31,518,863			28,488,263			35,624,927		4,540,990
Net asset value per share	$	15.99		$	15.71		$	9.49	$	9.37

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

Statements of operations

Delaware Pooled^® Trust

Six months ended April 30, 2014 (Unaudited)


	The Large-Cap Value Equity Portfolio		The Select 20 Portfolio			The Large-Cap Growth Equity Portfolio			The Focus Smid-Cap Growth Equity Portfolio
Investment Income:
Dividends	$	1,208,084	$	752,054		$	1,968,831		$	339,510
Interest		237		1,246			618			668
Foreign tax withheld		—		—			(20,824	)		(6,132	)

		1,208,321		753,300			1,948,625			334,046

Expenses:
Management fees		265,151		519,961			706,475			260,705
Accounting and administration expenses		17,092		25,757			45,627			12,491
Audit and tax		13,368		13,377			13,380			13,395
Registration fees		9,606		9,804			10,231			2,781
Dividend disbursing and transfer agent fees and expenses		5,175		7,513			13,726			3,914
Legal fees		3,186		7,101			11,200			3,665
Trustees’ fees and expenses		2,468		3,908			6,654			1,948
Custodian fees		2,054		4,504			5,387			2,463
Reports and statements to shareholders		1,858		3,676			5,310			3,137
Other		2,932		4,500			5,446			1,678

Total operating expenses		322,890		600,101			823,436			306,177

Net Investment Income		885,431		153,199			1,125,189			27,869

Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		2,340,459		14,731,150			13,066,301			7,754,159
Foreign currencies		—		—			—			(5,649	)
Foreign currency exchange contracts		—		—			—			(4,357	)

Net realized gain on investments		2,340,459		14,731,150			13,066,301			7,744,153

Net change in unrealized appreciation (depreciation) of investments		4,252,501		(5,886,997	)		2,771,841			(7,553,218	)


Net Realized and Unrealized Gain		6,592,960		8,844,153			15,838,142			190,935

Net Increase in Net Assets Resulting from Operations	$	7,478,391	$	8,997,352		$	16,963,331		$	218,804

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


			(continues	)		67

Statements of operations

Delaware Pooled^® Trust


	The Real Estate Investment Trust Portfolio II			The Core Focus Fixed Income Portfolio			The High-Yield Bond Portfolio			The Core Plus Fixed Income Portfolio
Investment Income:
Dividends	$	27,374		$	511		$	104,547		$	6,797
Interest		23			59,074			4,202,010			1,096,456

		27,397			59,585			4,306,557			1,103,253


Expenses:
Management fees		14,481			9,791			303,312			142,301
Audit and tax		13,868			16,806			16,506			17,355
Registration fees		7,231			8,861			5,804			8,856
Custodian fees		1,534			1,390			3,478			9,025
Accounting and administration expenses		685			869			23,932			11,695
Dividend disbursing and transfer agent fees and expenses		217			279			7,202			3,535
Legal fees		207			241			6,098			2,721
Trustees’ fees and expenses		101			126			3,507			1,666
Reports and statements to shareholders		43			110			3,067			1,094
Pricing fees		—			4,905			—			—
Other		2,286			2,089			7,857			13,072

		40,653			45,467			380,763			211,320
Less expenses waived		(22,315	)		(34,932	)		—			(62,784	)

Total operating expenses		18,338			10,535			380,763			148,536

Net Investment Income		9,059			49,050			3,925,794			954,717


Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		105,481			(8,644	)		2,598,870			281,944
Foreign currencies		—			—			24			(31,552	)
Foreign currency exchange contracts		—			—			—			1,710
Futures contracts		—			(3,653	)		—			111,920
Swap contracts		—			—			—			(3,892	)

Net realized gain (loss)		105,481			(12,297	)		2,598,894			360,130

Net change in unrealized appreciation (depreciation) of:
Investments		191,908			42,712			85,134			541,364
Foreign currencies		—			—			—			613
Foreign currency exchange contracts		—			—			—			(1,688	)
Futures contracts		—			14,915			(29,856	)		10,861
Swap contracts		—			—			—			(2,312	)

Net change in unrealized appreciation (depreciation)		191,908			57,627			55,278			548,838

Net Realized and Unrealized Gain		297,389			45,330			2,654,172			908,968

Net Increase in Net Assets Resulting from Operations	$	306,448		$	94,380		$	6,579,966		$	1,863,685

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


	The International Equity Portfolio			The Labor Select International Equity Portfolio			The Emerging Markets Portfolio			The Emerging Markets Portfolio II
Investment Income:
Dividends	$	14,998,771		$	16,894,890		$	5,014,096		$	332,839
Interest		572			957			1,184			—
Foreign tax withheld		(596,662	)		(695,938	)		(422,580	)		(19,303	)

		14,402,681			16,199,909			4,592,700			313,536


Expenses:
Management fees		1,796,923			1,826,348			1,577,759			202,587
Accounting and administration expenses		85,105			86,638			56,077			7,199
Custodian fees		81,364			84,886			158,048			15,676
Dividend disbursing and transfer agent fees and expenses		45,392			25,984			16,601			2,238
Audit and tax		25,764			28,433			41,823			24,193
Legal fees		25,764			25,703			17,657			2,278
Reports and statements to shareholders		13,002			12,036			8,064			2,514
Trustees’ fees and expenses		12,399			12,777			8,174			1,048
Registration fees		7,776			7,231			8,254			9,731
Other		11,291			11,352			9,133			4,646

		2,104,780			2,121,388			1,901,590			272,110

Less expenses waived		—			—			—			(29,007	)
Less expense paid indirectly		(1	)		—			—			—

Total operating expenses		2,104,779			2,121,388			1,901,590			243,103

Net Investment Income		12,297,902			14,078,521			2,691,110			70,433


Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		13,268,697			15,499,396			5,533,692			445,276
Foreign currencies		(21,775	)		129,440			(229,127	)		(15,362	)
Foreign currency exchange contracts		334,348			353,032			(5,528	)		(3,212	)
Net realized gain		13,581,270			15,981,868			5,299,037			426,702
Net change in unrealized appreciation (depreciation) of:
Investments		7,987,929			3,985,735			(10,808,643	)		(1,182,144	)
Foreign currencies		(8,497	)		(47,837	)		(9,157	)		6,454
Foreign currency exchange contracts		(64,463	)		(98,251	)		(53,757	)		(755	)

Net change in unrealized appreciation (depreciation)		7,914,969			3,839,647			(10,871,557	)		(1,176,445	)

Net Realized and Unrealized Gain (Loss)		21,496,239			19,821,515			(5,572,520	)		(749,743	)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	33,794,141		$	33,900,036		$	(2,881,410	)	$	(679,310	)

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


				69

Statements of changes in net assets

Delaware Pooled^® Trust


	The Large-Cap Value Equity Portfolio						The Select 20 Portfolio						The Large-Cap Growth Equity Portfolio
	Six months ended 4/30/14 (Unaudited)			Year ended 10/31/13			Six months ended 4/30/14 (Unaudited)			Year ended 10/31/13			Six months ended 4/30/14 (Unaudited)			Year ended 10/31/13

Increase (Decrease) in Net Assets from Operations:
Net investment income	$	885,431		$	985,861		$	153,199		$	319,707		$	1,125,189		$	1,090,664
Net realized gain		2,340,459			1,129,169			14,731,150			3,671,786			13,066,301			37,524,122
Net change in unrealized appreciation (depreciation)		4,252,501			9,974,396			(5,886,997	)		27,207,181			2,771,841			17,165,268

Net increase in net assets resulting from operations		7,478,391			12,089,426			8,997,352			31,198,674			16,963,331			55,780,054


Dividends and Distributions to Shareholders from:
Net investment income		(1,238,119	)		(173,059	)		(98,955	)		(249,320	)		(852,040	)		(991,897	)
Net realized gain		(451,277	)		—			(2,407,909	)		(1,994,562	)		—			—

		(1,689,396	)		(173,059	)		(2,506,864	)		(2,243,882	)		(852,040	)		(991,897	)


Capital Share Transactions:
Proceeds from shares sold		10,527,486			68,782,191			3,175,400			53,855,543			—			40,823,622
Net asset value of shares issued upon reinvestment of dividends and distributions		1,235,465			152,270			1,848,361			2,066,753			737,927			888,530

		11,762,951			68,934,461			5,023,761			55,922,296			737,927			41,712,152

Cost of shares redeemed		(7,583,414	)		(30,987	)		(92,285,568	)		(21,305,731	)		(20,401,157	)		(58,009,625	)

Increase (decrease) in net assets derived from capital share transactions		4,179,537			68,903,474			(87,261,807	)		34,616,565			(19,663,230	)		(16,297,473	)


Net Increase (Decrease) in Net Assets		9,968,532			80,819,841			(80,771,319	)		63,571,357			(3,551,939	)		38,490,684

Net Assets:
Beginning of period		89,237,163			8,417,322			188,082,248			124,510,891			254,958,165			216,467,481

End of period	$	99,205,695		$	89,237,163		$	107,310,929		$	188,082,248		$	251,406,226		$	254,958,165

Undistributed net investment income	$	595,440		$	948,128		$	124,631		$	70,387		$	816,771		$	543,622

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


	The Focus Smid-Cap Growth Equity Portfolio						The Real Estate Investment Trust Portfolio II						The Core Focus Fixed Income Portfolio
	Six months ended 4/30/14 (Unaudited)			Year ended 10/31/13			Six months ended 4/30/14 (Unaudited)			Year ended 10/31/13			Six months ended 4/30/14 (Unaudited)			Year ended 10/31/13

Increase (Decrease) in Net Assets from Operations:

Net investment income (loss)	$	27,869		$	(13,708	)	$	9,059		$	53,742		$	49,050		$	80,709
Net realized gain (loss)		7,744,153			172,366			105,481			394,181			(12,297	)		(131,971	)
Net change in unrealized appreciation (depreciation)		(7,553,218	)		16,517,843			191,908			(92,041	)		57,627			(95,260	)

Net increase (decrease) in net assets resulting from operations		218,804			16,676,501			306,448			355,882			94,380			(146,522	)


Dividends and Distributions to Shareholders from:
Net investment income		(48,668	)		—			(58,442	)		(51,743	)		(94,727	)		(146,164	)
Net realized gain		—			(355,678	)		—			—			—			(257,199	)

		(48,668	)		(355,678	)		(58,442	)		(51,743	)		(94,727	)		(403,363	)


Capital Share Transactions:
Proceed from shares sold		1,500,001			60,479,561			6,232			—			100,000			50,000
Net asset value of shares issued upon reinvestment of dividends and distributions		44,060			333,339			58,440			51,743			94,727			403,363

		1,544,061			60,812,900			64,672			51,743			194,727			453,363

Cost of shares redeemed		(48,274,367	)		(5,551,946	)		—			—			—			(1,331,601	)

Increase (decrease) in net assets derived from capital share transactions		(46,730,306	)		55,260,954			64,672			51,743			194,727			(878,238	)


Net Increase (Decrease) in Net Assets		(46,560,170	)		71,581,777			312,678			355,882			194,380			(1,428,123	)

Net Assets:
Beginning of period		89,434,370			17,852,593			3,889,379			3,533,497			4,904,347			6,332,470

End of period	$	42,874,200		$	89,434,370		$	4,202,057		$	3,889,379		$	5,098,727		$	4,904,347

Undistributed (distributions in excess of) net investment income	$	(34,626	)	$	(13,827	)	$	(9,650	)	$	39,733		$	33,407		$	79,084

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


			(continues	)		71

Statements of changes in net assets

Delaware Pooled^® Trust


	The High-Yield Bond Portfolio						The Core Plus Fixed Income Portfolio						The International Equity Portfolio
	Six months ended 4/30/14 (Unaudited)			Year ended 10/31/13			Six months ended 4/30/14 (Unaudited)			Year ended 10/31/13			Six months ended 4/30/14 (Unaudited)			Year ended 10/31/13

Increase (Decrease) in Net Assets from Operations:

Net investment income	$	3,925,794		$	7,864,546		$	954,717		$	1,473,498		$	12,297,902		$	11,391,205
Net realized gain (loss)		2,598,894			2,381,935			360,130			(282,854	)		13,581,270			2,693,762
Net change in unrealized appreciation (depreciation)		55,278			1,772,823			548,838			(1,437,592	)		7,914,969			87,959,007

Net increase (decrease) in net assets resulting from operations		6,579,966			12,019,304			1,863,685			(246,948	)		33,794,141			102,043,974


Dividends and Distributions to Shareholders from:
Net investment income		(8,364,409	)		(6,283,328	)		(1,349,489	)		(1,823,382	)		(13,166,001	)		(18,294,751	)

		(8,364,409	)		(6,283,328	)		(1,349,489	)		(1,823,382	)		(13,166,001	)		(18,294,751	)


Capital Share Transactions:
Proceeds from shares sold		2,975,813			26,315,242			16,125,000			8,000,000			11,454,214			33,198,938
Net asset value of shares issued upon reinvestment of dividends and distributions		6,925,632			5,353,412			1,349,489			1,823,381			9,565,196			12,102,585

		9,901,445			31,668,654			17,474,489			9,823,381			21,019,410			45,301,523

Cost of shares redeemed		(4,590,574	)		(15,142,117	)		(930,000	)		(11,425,575	)		(29,414,381	)		(105,194,498	)

Increase (decrease) in net assets derived from capital share transactions		5,310,871			16,526,537			16,544,489			(1,602,194	)		(8,394,971	)		(59,892,975	)

Net Increase (Decrease) in Net Assets		3,526,428			22,262,513			17,058,685			(3,672,524	)		12,233,169			23,856,248

Net Assets:
Beginning of period		135,310,159			113,047,646			56,640,579			60,313,103			491,683,390			467,827,142

End of period	$	138,836,587		$	135,310,159		$	73,699,264		$	56,640,579		$	503,916,559		$	491,683,390

Undistributed net investment income	$	2,566,665		$	7,005,280		$	665,716		$	1,060,488		$	10,395,274		$	11,263,373

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


	The Labor Select International Equity Portfolio						The Emerging Markets Portfolio						The Emerging Markets Portfolio II
	Six months ended 4/30/14 (Unaudited)			Year ended 10/31/13			Six months ended 4/30/14 (Unaudited)			Year ended 10/31/13			Six months ended 4/30/14 (Unaudited)			Year ended 10/31/13

Increase (Decrease) in Net Assets from Operations:
Net investment income	$	14,078,521		$	12,347,009		$	2,691,110		$	6,319,003		$	70,433		$	300,768
Net realized gain (loss)		15,981,868			(3,515,146	)		5,299,037			12,757,899			426,702			342,515
Net change in unrealized appreciation (depreciation)		3,839,647			96,563,474			(10,871,557	)		(12,912,719	)		(1,176,445	)		5,505,095

Net increase (decrease) in net assets resulting from operations		33,900,036			105,395,337			(2,881,410	)		6,164,183			(679,310	)		6,148,378


Dividends and Distributions to Shareholders from:
Net investment income		(15,240,625	)		(17,220,981	)		(5,872,140	)		(7,465,935	)		(402,381	)		(149,047	)
Net realized gain		—			—			(11,018,509	)		(5,123,069	)		(161,827	)		—

		(15,240,625	)		(17,220,981	)		(16,890,649	)		(12,589,004	)		(564,208	)		(149,047	)


Capital Share Transactions:
Proceeds from shares sold		16,798,192			17,605,001			18,887,700			94,582,863			995,049			6,388,797
Purchase reimbursement fees		—			—			103,704			520,217			—			—
Net asset value of shares issued upon reinvestment of dividends and distributions		15,214,036			17,196,165			14,226,136			11,314,104			564,207			149,047

		32,012,228			34,801,166			33,217,540			106,417,184			1,559,256			6,537,844

Cost of shares redeemed		(109,334,248	)		(126,400,968	)		(9,370,928	)		(83,131,915	)		—			—
Redemption reimbursement fees		—			—			116,264			214,129			—			—

		(109,334,248	)		(126,400,968	)		(9,254,664	)		(82,917,786	)		—			—

Increase (decrease) in net assets derived from capital share transactions		(77,322,020	)		(91,599,802	)		23,962,876			23,499,398			1,559,256			6,537,844

Net Increase (Decrease) in Net Assets		(58,662,609	)		(3,425,446	)		4,190,817			17,074,577			315,738			12,537,175

Net Assets:
Beginning of period		506,101,993			509,527,439			333,883,903			316,809,326			42,223,289			29,686,114

End of period	$	447,439,384		$	506,101,993		$	338,074,720		$	333,883,903		$	42,539,027		$	42,223,289

Undistributed (distribution in excess of) net investment income	$	11,263,827		$	12,425,931		$	2,701,137		$	5,882,167		$	(179,353	)	$	152,595

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


				73

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
	4/30/14¹ (Unaudited)			10/31/13			10/31/12			10/31/11			10/31/10			10/31/09

Net asset value, beginning of period	$	24.190		$	18.970		$	16.570		$	15.130		$	13.290		$	12.190

Income from investment operations:
Net investment income²		0.225			0.440			0.394			0.346			0.343			0.354
Net realized and unrealized gain		1.663			5.170			2.379			1.579			1.851			1.067

Total from investment operations		1.888			5.610			2.773			1.925			2.194			1.421


Less dividends and distributions from:
Net investment income		(0.321	)		(0.390	)		(0.373	)		(0.485	)		(0.354	)		(0.321	)
Net realized gain		(0.117	)		—			—			—			—			—

Total dividends and distributions		(0.438	)		(0.390	)		(0.373	)		(0.485	)		(0.354	)		(0.321	)


Net asset value, end of period	$	25.640		$	24.190		$	18.970		$	16.570		$	15.130		$	13.290


Total return³		7.90%			30.09%			17.12%			12.98%			16.80%			12.12%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	99,206		$	89,237		$	8,417		$	6,641		$	6,592		$	10,105
Ratio of expenses to average net assets		0.67%			0.70%			0.70%			0.70%			0.70%			0.69%
Ratio of expenses to average net assets prior to fees waived		0.67%			0.72%			1.09%			1.24%			1.02%			0.98%
Ratio of net investment income to average net assets		1.84%			1.97%			2.21%			2.15%			2.46%			2.99%
Ratio of net investment income to average net assets prior to fees waived		1.84%			1.95%			1.82%			1.61%			2.14%			2.70%
Portfolio turnover		13%			9%			14%			133%			42%			26%

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

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

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.

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
	4/30/14¹ (Unaudited)			10/31/13			10/31/12			10/31/11			10/31/10			10/31/09

Net asset value, beginning of period	$	9.680		$	8.140		$	6.960		$	6.040		$	4.980		$	4.040

Income (loss) from investment operations:
Net investment income (loss)²		0.011			0.017			(0.002	)		0.003			(0.019	)		(0.012	)
Net realized and unrealized gain		0.541			1.667			1.184			0.917			1.079			0.959

Total from investment operations		0.552			1.684			1.182			0.920			1.060			0.947


Less dividends and distributions from:
Net investment income		(0.006	)		(0.016	)		(0.002	)		—			—			(0.004	)
Net realized gain		(0.146	)		(0.128	)		—			—			—			—

Return of capital		—			—			—			—			—			(0.003	)

Total dividends and distributions		(0.152	)		(0.144	)		(0.002	)		—			—			(0.007	)


Net asset value, end of period	$	10.080		$	9.680		$	8.140		$	6.960		$	6.040		$	4.980


Total return³		5.75%			21.00%			16.99%			15.23%			21.29%			23.51%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	107,311		$	188,082		$	124,511		$	45,978		$	11,463		$	10,204
Ratio of expenses to average net assets		0.87%			0.85%			0.86%			0.89%			0.89%			0.89%
Ratio of expenses to average net assets prior to fees waived		0.87%			0.85%			0.87%			1.02%			1.24%			1.18%
Ratio of net investment income (loss) to average net assets		0.22%			0.20%			(0.02%	)		0.04%			(0.35%	)		(0.29%	)
Ratio of net investment income (loss) to average net assets prior to fees waived		0.22%			0.20%			(0.03%	)		(0.09%	)		(0.70%	)		(0.58%	)
Portfolio turnover		8%			46%			42%			26%			80%			53%

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

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

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


			(continues	)		75

Financial highlights

Delaware Pooled^® Trust — The Large-Cap Growth Equity Portfolio

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


	Six months ended 4/30/14¹ (Unaudited)			Year ended
				10/31/13			10/31/12			10/31/11			10/31/10			10/31/09


Net asset value, beginning of period	$	14.600		$	11.470		$	9.880		$	8.900		$	7.350		$	6.220

Income from investment operations:
Net investment income²		0.067			0.062			0.027			0.053			0.008			0.020
Net realized and unrealized gain		0.923			3.121			1.589			0.962			1.559			1.135

Total from investment operations		0.990			3.183			1.616			1.015			1.567			1.155


Less dividends and distributions from:
Net investment income		(0.050	)		(0.053	)		(0.026	)		(0.035	)		(0.017	)		(0.025	)

Total dividends and distributions		(0.050	)		(0.053	)		(0.026	)		(0.035	)		(0.017	)		(0.025	)


Net asset value, end of period	$	15.540		$	14.600		$	11.470		$	9.880		$	8.900		$	7.350


Total return³		6.79%			27.86%			16.40%			11.43%			21.35%			18.51%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	251,406		$	254,958		$	216,467		$	170,531		$	244,124		$	251,017
Ratio of expenses to average net assets		0.64%			0.65%			0.65%			0.64%			0.65%			0.65%
Ratio of expenses to average net assets prior to fees waived		0.64%			0.65%			0.65%			0.64%			0.65%			0.66%
Ratio of net investment income to average net assets		0.88%			0.48%			0.25%			0.55%			0.10%			0.32%
Ratio of net investment income to average net assets prior to fees waived		0.88%			0.48%			0.25%			0.55%			0.10%			0.31%
Portfolio turnover		10%			38%			40%⁴			19%			22%			30%

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

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

⁴

Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the Portfolio’s capital shares.

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

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 4/30/14¹ (Unaudited)			Year ended
				10/31/13			10/31/12			10/31/11			10/31/10			10/31/09


Net asset value, beginning of period	$	20.720		$	15.500		$	14.810		$	12.290		$	8.710		$	6.580

Income (loss) from investment operations:
Net investment income (loss)²		0.008			(0.005	)		(0.022	)		0.079			(0.031	)		0.013
Net realized and unrealized gain (loss)		(0.516	)		5.446			0.723			2.547			3.611			2.173

Total from investment operations		(0.508	)		5.441			0.701			2.626			3.580			2.186


Less dividends and distributions from:
Net investment income		(0.012	)		—			(0.011	)		(0.106	)		—			(0.056	)
Net realized gain		—			(0.221	)		—			—			—			—

Total dividends and distributions		(0.012	)		(0.221	)		(0.011	)		(0.106	)		—			(0.056	)


Net asset value, end of period	$	20.200		$	20.720		$	15.500		$	14.810		$	12.290		$	8.710


Total return³		(2.45%	)		35.56%			4.74%			21.44%			41.10%			33.07%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	42,874		$	89,434		$	17,853		$	16,721		$	4,613		$	3,450
Ratio of expenses to average net assets		0.88%			0.89%			0.92%			0.92%			0.92%			0.92%
Ratio of expenses to average net assets prior to fees waived		0.88%			0.89%			0.94%			1.05%			1.44%			1.48%
Ratio of net investment income (loss) to average net assets		0.08%			(0.03%	)		(0.14%	)		0.54%			(0.30%	)		0.19%
Ratio of net investment income (loss) to average net assets prior to fees waived		0.08%			(0.03%	)		(0.16%	)		0.41%			(0.82%	)		(0.37%	)
Portfolio turnover		13%			26%			44%			16%			86%			51%

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

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

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.


			(continues	)		77

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 4/30/14¹ (Unaudited)			Year ended
				10/31/13			10/31/12			10/31/11			10/31/10			10/31/09


Net asset value, beginning of period	$	7.850		$	7.240		$	6.410		$	5.790		$	4.260		$	4.680

Income (loss) from investment operations:
Net investment income²		0.018			0.109			0.077			0.063			0.090			0.129
Net realized and unrealized gain (loss)		0.600			0.607			0.795			0.641			1.561			(0.290	)

Total from investment operations		0.618			0.716			0.872			0.704			1.651			(0.161	)


Less dividends and distributions from:
Net investment income		(0.118	)		(0.106	)		(0.042	)		(0.084	)		(0.121	)		(0.259	)

Total dividends and distributions		(0.118	)		(0.106	)		(0.042	)		(0.084	)		(0.121	)		(0.259	)


Net asset value, end of period	$	8.350		$	7.850		$	7.240		$	6.410		$	5.790		$	4.260


Total return³		8.06%			10.01%			13.72%			12.37%			39.51%			(2.62%	)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	4,202		$	3,889		$	3,533		$	3,110		$	2,766		$	5,231
Ratio of expenses to average net assets		0.95%			0.95%			0.95%			0.95%			0.95%			0.91%
Ratio of expenses to average net assets prior to fees waived		2.11%			2.06%			1.76%			2.03%			1.81%			1.53%
Ratio of net investment income to average net assets		0.47%			1.41%			1.11%			1.03%			1.82%			3.57%
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.69%	)		0.30%			0.30%			(0.05%	)		0.96%			2.95%
Portfolio turnover		67%			107%			88%			138%			192%			169%

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

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

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.

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 4/30/14¹ (Unaudited)			Year ended
				10/31/13			10/31/12			10/31/11			10/31/10			10/31/09


Net asset value, beginning of period	$	9.220		$	10.090		$	9.750		$	9.440		$	9.120		$	8.150

Income (loss) from investment operations:
Net investment income²		0.091			0.132			0.165			0.234			0.284			0.414
Net realized and unrealized gain (loss)		0.077			(0.359	)		0.491			0.355			0.456			0.968

Total from investment operations		0.168			(0.227	)		0.656			0.589			0.740			1.382


Less dividends and distributions from:
Net investment income		(0.178	)		(0.233	)		(0.316	)		(0.279	)		(0.420	)		(0.412	)
Net realized gain		—			(0.410	)		—			—			—			—

Total dividends and distributions		(0.178	)		(0.643	)		(0.316	)		(0.279	)		(0.420	)		(0.412	)


Net asset value, end of period	$	9.210		$	9.220		$	10.090		$	9.750		$	9.440		$	9.120


Total return³		1.87%			(2.36%	)		6.93%			6.49%			8.46%			17.41%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	5,099		$	4,904		$	6,332		$	6,225		$	19,208		$	20,550
Ratio of expenses to average net assets		0.43%			0.43%			0.43%			0.43%			0.43%			0.43%
Ratio of expenses to average net assets prior to fees waived		1.86%			1.69%			1.05%			0.96%			0.76%			0.71%
Ratio of net investment income to average net assets		2.01%			1.41%			1.68%			2.53%			3.13%			4.94%
Ratio of net investment income to average net assets prior to fees waived		0.58%			0.15%			1.06%			2.00%			2.80%			4.66%
Portfolio turnover		240%			526%			586%			535%			437%			299%

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

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

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.


			(continues	)		79

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 4/30/14¹ (Unaudited)			Year ended
	Six months ended 4/30/14¹ (Unaudited)			10/31/13			10/31/12			10/31/11			10/31/10			10/31/09

Net asset value, beginning of period	$	8.720		$	8.350		$	7.830		$	8.110		$	7.350		$	5.580

Income (loss) from investment operations:
Net investment income²		0.246			0.529			0.592			0.613			0.691			0.656
Net realized and unrealized gain (loss)		0.167			0.291			0.511			(0.274	)		0.731			1.634

Total from investment operations		0.413			0.820			1.103			0.339			1.422			2.290


Less dividends and distributions from:
Net investment income		(0.543	)		(0.450	)		(0.583	)		(0.619	)		(0.662	)		(0.520	)

Total dividends and distributions		(0.543	)		(0.450	)		(0.583	)		(0.619	)		(0.662	)		(0.520	)


Net asset value, end of period	$	8.590		$	8.720		$	8.350		$	7.830		$	8.110		$	7.350


Total return³		4.99%			10.24%			15.31%			4.52%			20.85%			46.38%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	138,837		$	135,310		$	113,048		$	57,840		$	29,437		$	23,617
Ratio of expenses to average net assets		0.56%			0.57%			0.58%			0.59%			0.59%			0.59%
Ratio of expenses to average net assets prior to fees waived		0.56%			0.57%			0.58%			0.60%			0.74%			0.78%
Ratio of net investment income to average net assets		5.82%			6.29%			7.53%			7.82%			9.29%			11.05%
Ratio of net investment income to average net assets prior to fees waived		5.82%			6.29%			7.53%			7.81%			9.14%			10.86%
Portfolio turnover		51%			90%			68%			77%			144%			119%

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

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

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

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 4/30/14¹ (Unaudited)			Year ended
	Six months ended 4/30/14¹ (Unaudited)			10/31/13			10/31/12			10/31/11			10/31/10			10/31/09

Net asset value, beginning of period	$	10.100		$	10.540		$	10.050		$	10.130		$	9.700		$	8.290

Income (loss) from investment operations:
Net investment income²		0.143			0.289			0.320			0.369			0.463			0.506
Net realized and unrealized gain (loss)		0.112			(0.346	)		0.460			0.081			0.660			1.474

Total from investment operations		0.255			(0.057	)		0.780			0.450			1.123			1.980


Less dividends and distributions from:
Net investment income		(0.225	)		(0.383	)		(0.290	)		(0.530	)		(0.693	)		(0.570	)

Total dividends and distributions		(0.225	)		(0.383	)		(0.290	)		(0.530	)		(0.693	)		(0.570	)


Net asset value, end of period	$	10.130		$	10.100		$	10.540		$	10.050		$	10.130		$	9.700


Total return³		2.59%			(0.55%	)		7.95%			4.80%			12.05%			25.55%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	73,699		$	56,641		$	60,313		$	53,851		$	50,305		$	53,603
Ratio of expenses to average net assets		0.45%			0.45%			0.45%			0.45%			0.45%			0.45%
Ratio of expenses to average net assets prior to fees waived		0.64%			0.70%			0.62%			0.64%			0.65%			0.61%
Ratio of net investment income to average net assets		2.89%			2.84%			3.14%			3.77%			4.80%			5.95%
Ratio of net investment income to average net assets prior to fees waived		2.70%			2.59%			2.97%			3.58%			4.60%			5.79%
Portfolio turnover		176%			358%			327%			273%			239%			218%

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

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

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.


			(continues	)		81

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 4/30/14¹ (Unaudited)			Year ended
				10/31/13			10/31/12			10/31/11			10/31/10			10/31/09


Net asset value, beginning of period	$	15.340		$	12.840		$	13.120		$	13.680		$	12.980		$	14.480

Income (loss) from investment operations:
Net investment income²		0.387			0.337			0.441			0.471			0.406			0.382
Net realized and unrealized gain (loss)		0.683			2.700			(0.183	)		(0.596	)		0.712			1.296

Total from investment operations		1.070			3.037			0.258			(0.125	)		1.118			1.678


Less dividends and distributions from:
Net investment income		(0.420	)		(0.537	)		(0.538	)		(0.435	)		(0.418	)		(1.383	)
Net realized gain		—			—			—			—			—			(1.795	)

Total dividends and distributions		(0.420	)		(0.537	)		(0.538	)		(0.435	)		(0.418	)		(3.178	)


Net asset value, end of period	$	15.990		$	15.340		$	12.840		$	13.120		$	13.680		$	12.980


Total return³		7.23%			24.59%			2.26%			(0.88%	)		8.77%			16.11%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	503,917		$	491,683		$	467,827		$	589,109		$	809,011		$	913,056
Ratio of expenses to average net assets		0.88%			0.88%			0.85%			0.77%			0.87%			0.88%
Ratio of net investment income to average net assets		5.13%			2.48%			3.56%			3.48%			3.18%			3.35%
Portfolio turnover		9%			20%			16%⁴			22%			18%			18%

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

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

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.

⁴

Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the Portfolio’s capital shares.

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

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 4/30/14¹ (Unaudited)		Year ended
			10/31/13		10/31/12		10/31/11		10/31/10		10/31/09


Net asset value, beginning of period	$	15.070	$	12.650	$	12.920	$	13.570	$	12.930	$	12.410

Income (loss) from investment operations:
Net investment income²		0.429		0.324		0.441		0.451		0.390		0.364
Net realized and unrealized gain (loss)		0.661		2.516		(0.176)		(0.695)		0.626		1.445

Total from investment operations		1.090		2.840		0.265		(0.244)		1.016		1.809


Less dividends and distributions from:
Net investment income		(0.450)		(0.420)		(0.535)		(0.406)		(0.376)		(0.869)
Net realized gain		—		—		—		—		—		(0.420)

Total dividends and distributions		(0.450)		(0.420)		(0.535)		(0.406)		(0.376)		(1.289)


Net asset value, end of period	$	15.710	$	15.070	$	12.650	$	12.920	$	13.570	$	12.930


Total return³		7.50%		23.11%		2.40%		(1.79%)		8.00%		16.76%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	447,439	$	506,102	$	509,527	$	572,642	$	740,952	$	797,718
Ratio of expenses to average net assets		0.87%		0.88%		0.87%		0.85%		0.87%		0.88%
Ratio of net investment income to average net assets		5.78%		2.43%		3.59%		3.37%		3.07%		3.26%
Portfolio turnover		11%		16%		17%		20%		13%		11%

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

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

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

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


			(continues	)		83

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 4/30/14¹ (Unaudited)		Year ended
			10/31/13		10/31/12		10/31/11		10/31/10		10/31/09


Net asset value, beginning of period	$	10.110	$	10.160	$	10.510	$	11.420	$	9.430	$	7.580

Income (loss) from investment operations:
Net investment income²		0.078		0.175		0.177		0.266		0.259		0.200
Net realized and unrealized gain (loss)		(0.192)		0.158		0.467		(0.873)		1.926		3.208

Total from investment operations		(0.114)		0.333		0.644		(0.607)		2.185		3.408


Less dividends and distributions from:
Net investment income		(0.178)		(0.239)		(0.220)		(0.330)		(0.212)		(0.303)
Net realized gain		(0.334)		(0.164)		(0.798)		—		—		(1.268)

Total dividends and distributions		(0.512)		(0.403)		(1.018)		(0.330)		(0.212)		(1.571)


Reimbursement fees:
Purchase reimbursement fees^2,3		0.003		0.014		0.006		0.005		0.009		0.002
Redemption reimbursement fees^2,3		0.003		0.006		0.018		0.022		0.008		0.011

		0.006		0.020		0.024		0.027		0.017		0.013


Net asset value, end of period	$	9.490	$	10.110	$	10.160	$	10.510	$	11.420	$	9.430


Total return⁴		(0.93%)		3.36%		7.81%		(5.22%)		23.79%		57.05%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	338,075	$	333,884	$	316,809	$	531,527	$	750,190	$	597,638
Ratio of expenses to average net assets		1.21%		1.20%		1.20%		1.14%		1.17%		1.16%
Ratio of net investment income to average net assets		1.71%		1.72%		1.80%		2.41%		2.57%		2.71%
Portfolio turnover		14%		40%⁵		38%⁵		39%		39%		40%

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

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

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.

⁵

Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the Portfolio’s capital shares.

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

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 ended 4/30/14¹ (Unaudited)			Year ended									6/23/10² to 10/31/10
				10/31/13			10/31/12			10/31/11


Net asset value, beginning of period	$	9.650		$	8.170		$	8.550		$	9.660		$	8.500

Income (loss) from investment operations:
Net investment income³		0.016			0.075			0.070			0.089			0.019
Net realized and unrealized gain (loss)		(0.167	)		1.446			(0.028	)		(1.099	)		1.141

Total from investment operations		(0.151	)		1.521			0.042			(1.010	)		1.160


Less dividends and distributions from:
Net investment income		(0.092	)		(0.041	)		(0.128	)		(0.026	)		—
Net realized gain		(0.037	)		—			(0.294	)		(0.074	)		—

Total dividends and distributions		(0.129	)		(0.041	)		(0.422	)		(0.100	)		—


Net asset value, end of period	$	9.370		$	9.650		$	8.170		$	8.550		$	9.660


Total return⁴		(1.56%	)		18.68%			0.89%			(10.58%	)		13.65%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	42,539		$	42,223		$	29,686		$	15,339		$	11,364
Ratio of expenses to average net assets		1.20%			1.20%			1.20%			1.25%			1.40%
Ratio of expenses to average net assets prior to fees waived		1.34%			1.36%			1.41%			1.64%			2.17%
Ratio of net investment income to average net assets		0.34%			0.85%			0.87%			0.94%			0.59%
Ratio of net investment income (loss) to average net assets prior to fees waived		0.20%			0.69%			0.66%			0.55%			(0.18%	)
Portfolio turnover		6%			11%			12%			23%			9%

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

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

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 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.


				85

Notes to financial statements

Delaware Pooled^® Trust

April 30, 2014 (Unaudited)

Delaware Pooled Trust (Trust) is organized as a Delaware statutory trust and offers 13 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, and The Emerging Markets Portfolio II (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 Portfolio and The Real Estate Investment Trust II Portfolio which are non-diversified. Each Portfolio offers one class of shares.

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.

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 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. 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/counterparty 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. U.S. government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. 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. For asset-backed securities, collateralized mortgage obligations, commercial mortgage securities and U.S. government agency mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type as well as broker/dealer-supplied prices. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. 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 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 and Foreign 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. Each Portfolio evaluates tax positions taken or expected to be taken in the course of preparing each Portfolio’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 each Portfolio’s tax positions taken for all open federal income tax years (Oct. 31, 2010 – Oct. 31, 2013), and has concluded that no provision for federal income tax is required in each Portfolio’s financial statements. In regard to foreign taxes only, each Portfolio has open tax years in certain foreign countries it invests in that may date back to the inception of each Portfolio.

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 each Portfolio’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 on April 30, 2014.

To Be Announced Trades (TBA) — Each Portfolio may contract to purchase or sell securities for a fixed price at a transaction date beyond the customary settlement period (for example, “when issued,” “delayed delivery,” “forward commitment,” or “TBA transactions”) consistent with each Portfolio’s ability to manage its investment portfolios and meet redemption requests. These transactions involve a commitment by each Portfolio to purchase or deliver 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 each Portfolio 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 each Portfolio’s prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. 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. Each Portfolio generally bifurcates 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. That portion of gains (losses) is included in the statements of operations under the caption net realized gain (loss) on foreign currencies. For foreign equity securities, these changes are included in net realized and unrealized gain or loss on investments. Each Portfolio reports 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.


			(continues	)		87

Notes to financial statements

Delaware Pooled^® Trust

1. Significant Accounting Policies (continued)

Other — Expenses directly attributable to each Portfolio are charged directly to the Portfolio. Other expenses common to various funds within the Delaware Investments^® Family of Funds are generally allocated among 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 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 asset- and mortgage-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 distributions by the issuer. The financial statements reflect an estimate of the reclassification of the distribution character for The Real Estate Investment Trust Portfolio II. 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 tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends and interest have been recorded in accordance with each Portfolio’s understanding of the applicable country’s tax rules and rates.

Each Portfolio declares and pays distributions from net investment income and net realized gain on investments, if any, annually. Dividends and distributions, if any, are recorded on the ex-dividend date. Each Portfolio may distribute more frequently, if necessary for tax purposes.

Subject to seeking best execution, each Portfolio 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, 2014 are as follows:


	Commission Rebates
The Large-Cap Growth Equity Portfolio	$	722

Each Portfolio may receive earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. There were no earnings credits for the six months ended April 30, 2014.

Each Portfolio may receive earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than one dollar, the expense paid under this arrangement is included in dividend disbursing and transfer agent fees and expenses and appears on the statements of operations with the corresponding expense offset shown as “expense paid indirectly.” For the six months ended April 30, 2014, The International Equity Portfolio earned $1 under this agreement.

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 fees, taxes, interest, short sale and dividend interest expenses, acquired fund fees and 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) do not exceed specified percentages of average daily net assets of each Portfolio from Nov. 1, 2013 through April 30, 2014.* 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.

The management fee rates and the operating expense limitation rates in effect for the six months ended April 30, 2014, are as follows:


	Management fee as a percentage of average daily net assets (per annum)	Contractual operating expense limitation as a percentage of average daily 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%	N/A
The Labor Select International Equity Portfolio	0.75%	N/A
The Emerging Markets Portfolio	1.00%	N/A
The Emerging Markets Portfolio II	1.00%	1.20%

†

These operating expense limitations exclude certain expenses, such as 12b-1 fees, taxes, interest, short sale and dividend interest expenses, acquired fund fees and 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. In some instances, a Portfolio’s annual operating expenses may be lower than the contracted operating expense limitations.

Mondrian Investment Partners Limited (Mondrian) furnishes investment sub-advisory services to The International Equity Portfolio, The Labor Select International Equity Portfolio and The Emerging Markets 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%

Delaware Service Company, Inc. (DSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to each Portfolio. For these services, each Portfolio 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, 2014, each Portfolio was charged for these services as follows:


The Large-Cap Value Equity Portfolio	$	2,325
The Select 20 Portfolio		3,345
The Large-Cap Growth Equity Portfolio		6,196
The Focus Smid-Cap Growth Equity Portfolio		1,677
The Real Estate Investment Trust Portfolio II		93
The Core Focus Fixed Income Portfolio		118
The High-Yield Bond Portfolio		3,251
The Core Plus Fixed Income Portfolio		1,596
The International Equity Portfolio		11,557
The Labor Select International Equity Portfolio		11,747
The Emerging Markets Portfolio		7,611
The Emerging Markets Portfolio II		977


			(continues	)		89

Notes to financial statements

Delaware Pooled^® Trust

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

DSC is also the transfer agent and dividend disbursing agent of each Portfolio. For these services, each Portfolio pays DSC fees at the annual rate of 0.0075% of each Portfolio’s average daily net assets. These amounts are included in the statements of operations as dividend disbursing and transfer agent fees and expenses. For the six months ended April 30, 2014, each Portfolio was charged the following amounts for these services:


The Large-Cap Value Equity Portfolio	$	3,616
The Select 20 Portfolio		5,200
The Large-Cap Growth Equity Portfolio		9,634
The Focus Smid-Cap Growth Equity Portfolio		2,607
The Real Estate Investment Trust Portfolio II		145
The Core Focus Fixed Income Portfolio		184
The High-Yield Bond Portfolio		5,055
The Core Plus Fixed Income Portfolio		2,482
The International Equity Portfolio		17,969
The Labor Select International Equity Portfolio		18,263
The Emerging Markets Portfolio		11,833
The Emerging Markets Portfolio II		1,519

Pursuant to a sub-transfer agency agreement between DSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to each Portfolio. Sub-transfer agency fees are passed on to and paid directly by each Portfolio.

As provided in the investment management agreement, each Portfolio bears a portion of the cost of resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to the Portfolios. For the six months ended April 30, 2014, each Portfolio was charged for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:


The Large-Cap Value Equity Portfolio	$	2,163
The Select 20 Portfolio		3,190
The Large-Cap Growth Equity Portfolio		5,785
The Focus Smid-Cap Growth Equity Portfolio		1,609
The Real Estate Investment Trust Portfolio II		91
The Core Focus Fixed Income Portfolio		99
The High-Yield Bond Portfolio		2,997
The Core Plus Fixed Income Portfolio		1,432
The International Equity Portfolio		10,732
The Labor Select International Equity Portfolio		10,955
The Emerging Markets Portfolio		7,153
The Emerging Markets Portfolio II		903

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.

*	The contractual waiver period is Feb. 28, 2013 through Feb. 27, 2015.

3. Investments

For the six months ended April 30, 2014, each Portfolio made purchases and sales of investment securities other than short-term investments as follows:


	Purchases other than U.S. government securities		Purchases of U.S. government securities		Sales other than U.S. government securities		Sales of U.S. government securities
The Large-Cap Value Equity Portfolio	$	15,392,585	$	—		$12,258,047	$	—
The Select 20 Portfolio		10,912,379		—		92,207,320		—
The Large-Cap Growth Equity Portfolio		26,258,589		—		43,682,318		—
The Focus Smid-Cap Growth Equity Portfolio		8,728,685		—		52,856,575		—
The Real Estate Investment Trust Portfolio II		2,627,529		—		2,552,220		—
The Core Focus Fixed Income Portfolio		5,551,391		4,692,219		5,598,910		4,895,952
The High-Yield Bond Portfolio		68,660,579		—		65,519,921		—
The Core Plus Fixed Income Portfolio		99,583,614		30,120,112		82,523,407		30,578,314
The International Equity Portfolio		45,408,944		—		59,823,860		—
The Labor Select International Equity Portfolio		51,381,407		—		134,530,636		—
The Emerging Markets Portfolio		52,620,012		—		42,998,495		—
The Emerging Markets Portfolio II		3,805,349		—		2,704,473		—

At April 30, 2014, 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, 2014, the cost of investments and unrealized appreciation (depreciation) for each Portfolio were as follows:


	Cost of investments		Aggregate unrealized appreciation		Aggregate unrealized depreciation			Net unrealized appreciation (depreciation)
The Large-Cap Value Equity Portfolio	$	84,366,815		15,131,384		(307,135	)		14,824,249
The Select 20 Portfolio		73,698,848		34,786,338		(1,125,047	)		33,661,291
The Large-Cap Growth Equity Portfolio		181,842,772		73,850,729		(4,265,046	)		69,585,683
The Focus Smid-Cap Growth Equity Portfolio		32,740,791		11,050,773		(1,097,176	)		9,953,597
The Real Estate Investment Trust Portfolio II		3,878,378		423,924		(93,996	)		329,928
The Core Focus Fixed Income Portfolio		5,553,876		93,532		(8,044	)		85,488
The High-Yield Bond Portfolio		133,959,462		5,800,696		(327,219	)		5,473,477
The Core Plus Fixed Income Portfolio		83,120,632		1,738,656		(200,845	)		1,537,811
The International Equity Portfolio		410,741,364		115,753,575		(24,686,048	)		91,067,527
The Labor Select International Equity Portfolio		375,512,508		94,753,645		(24,561,939	)		70,191,706
The Emerging Markets Portfolio		336,217,109		38,029,438		(39,470,833	)		(1,441,395	)
The Emerging Markets Portfolio II		39,888,173		7,324,460		(4,552,169	)		2,772,291

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future gains.

Capital loss carryforwards remaining at Oct. 31, 2013 for the following Portfolios will expire as follows:


	Year of expiration
	2016		2017		2018		Total
The Large-Cap Value Equity Portfolio	$	—	$	207,581	$	—	$	207,581
The Select 20 Portfolio		—		707,317		—		707,317
The Large-Cap Growth Equity Portfolio		—		—		129,337		129,337
The Focus Smid-Cap Growth Equity Portfolio		—		237,690		—		237,690
The Real Estate Investment Trust Portfolio II		413,280		1,521,902		21,898		1,957,080
The High-Yield Bond Portfolio		—		1,262,438		—		1,262,438
The Core Plus Fixed Income Portfolio		1,651,753		—		—		1,651,753
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


			(continues	)		91

Notes to financial statements

Delaware Pooled^® Trust

3. Investments (continued)

On Dec. 22, 2010, the Regulated Investment Company Modernization Act of 2010 (Act) was enacted, which changed various technical rules governing the tax treatment of regulated investment companies. The changes were generally effective for taxable years beginning after the date of enactment. Under the Act, the Portfolios are 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.

Losses incurred by the following Portfolios that will be carried forward under the Act are as follows:


	Loss carryforward character
	Short-term		Long-term
The Core Focus Fixed Income Portfolio	$	170,701	$	—
The Core Plus Fixed Income Portfolio		263,362		—
The International Equity Portfolio		3,201		8,116,152
The Labor Select International Equity Portfolio		—		7,908,885

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, exchange-traded 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 each Portfolio’s 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. Each Portfolio 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, 2014:


	Level 1		Level 2		Total
Common Stock	$	98,061,400	$	—	$	98,061,400
Short-Term Investments		—		1,129,664		1,129,664

Total	$	98,061,400	$	1,129,664	$	99,191,064

The following table summarizes the valuation of The Select 20 Portfolio’s investments by fair value hierarchy levels as of April 30, 2014:


	Level 1		Level 2		Total
Common Stock	$	101,667,421	$	—	$	101,667,421
Short-Term Investments		—		5,692,718		5,692,718

Total	$	101,667,421	$	5,692,718	$	107,360,139

The following table summarizes the valuation of The Large-Cap Growth Equity Portfolio’s investments by fair value hierarchy levels as of April 30, 2014:


	Level 1		Level 2		Total
Common Stock	$	249,028,796	$	—	$	249,028,796
Short-Term Investments		—		2,399,659		2,399,659

Total	$	249,028,796	$	2,399,659	$	251,428,455

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, 2014:


	Level 1		Level 2		Total
Common Stock	$	40,217,129	$	—	$	40,217,129
Short-Term Investments		—		2,477,259		2,477,259

Total	$	40,217,129	$	2,477,259	$	42,694,388

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, 2014:


	Level 1		Level 2		Total
Common Stock	$	4,082,840	$	—	$	4,082,840
Short-Term Investments		—		125,466		125,466

Total	$	4,082,840	$	125,466	$	4,208,306

The following table summarizes the valuation of The Core Focus Fixed Income Portfolio’s investments by fair value hierarchy levels as of April 30, 2014:


	Level 1		Level 2		Total
Agency, Asset-Backed & Mortgage Backed Securities	$	—	$	1,358,556	$	1,358,556
Corporate Debt		—		1,645,857		1,645,857
Preferred Stock		17,746		—		17,746
U.S. Treasury Obligations		—		1,538,807		1,538,807
Short-Term Investments		—		1,078,398		1,078,398

Total	$	17,746	$	5,621,618	$	5,639,364


			(continues	)		93

Notes to financial statements

Delaware Pooled^® Trust

3. Investments (continued)

The following table summarizes the valuation of The High-Yield Bond Portfolio’s investments by fair value hierarchy levels as of April 30, 2014:


	Level 1			Level 2		Level 3		Total
Corporate Debt	$	—		$	110,474,473	$	—	$	110,474,473
Senior Secured Loans		—			14,766,204		—		14,766,204
Common Stock		2,398,749			—		—		2,398,749
Convertible Preferred Stock¹		140,608			665,460		—		806,068
Preferred Stock²		905,070			995,375		—		1,900,445
Short-Term Investments		—			9,087,000		—		9,087,000

Total	$	3,444,427		$	135,988,512	$	—	$	139,432,939

Futures Contracts	$	(29,856	)	$	—	$	—	$	(29,856	)

¹Security type is valued across multiple levels. The amounts attributed to Level 1 investments and Level 2 investments represent 17.44% and 82.56%, respectively, of the total market value of this security type. Level 1 investments represent exchange traded investments and Level 2 investments represent investments with observable inputs.

²Security type is valued across multiple levels. The amounts attributed to Level 1 investments and Level 2 investments represent 47.62% and 52.38%, respectively, of the total market value of this security type. Level 1 investments represent exchange traded investments and Level 2 investments represent investments with observable inputs.

The following table summarizes the valuation of The Core Plus Fixed Income Portfolio’s investments by fair value hierarchy levels as of April 30, 2014:


	Level 1		Level 2			Level 3		Total
Agency, Asset-Backed & Mortgage- Backed Securities	$	—	$	21,910,984		$	46,348	$	21,957,332
Corporate Debt		—		34,461,712			—		34,461,712
Foreign Debt		—		272,379			—		272,379
Senior Secured Loans		—		7,937,285			—		7,937,285
Municipal Bonds		—		296,983			—		296,983
Convertible Preferred Stock¹		21,826		25,314			—		47,140
Preferred Stock		200,912		—			—		200,912
U.S. Treasury Obligations		—		6,626,700			—		6,626,700
Short-Term Investments		—		12,858,000			—		12,858,000

Total	$	222,738	$	84,389,357		$	46,348	$	84,658,443

Foreign Currency Exchange
Contracts	$	—	$	(1,078	)	$	—	$	(1,078	)
Futures Contracts		6,659		—			—		6,659
Swap Contracts		—		(1,661	)		—		(1,661	)

¹Security type is valued across multiple levels. The amounts attributed to Level 1 investments and Level 2 investments represent 46.30% and 53.70%, respectively, of the total market value of this security type. Level 1 investments represent exchange traded investments and Level 2 investments represent investments with observable inputs.

The following table summarizes the valuation of The International Equity Portfolio’s investments by fair value hierarchy levels as of April 30, 2014:


	Level 1		Level 2		Level 3		Total
Common Stock	$	500,241,891	$	—	$	—	$	500,241,891
Short-Term Investments		—		1,567,000		—		1,567,000

Total	$	500,241,891	$	1,567,000	$	—	$	501,808,891

Foreign Currency Exchange Contracts	$	—	$	1,287	$	—	$	1,287

The following table summarizes the valuation of The Labor Select International Equity Portfolio’s investments by fair value hierarchy levels as of April 30, 2014:


	Level 1		Level 2		Level 3		Total
Common Stock	$	438,938,214	$	—	$	—	$	438,938,214
Short-Term Investments		—		6,766,000		—		6,766,000

Total	$	438,938,214	$	6,766,000	$	—	$	445,704,214

Foreign Currency Exchange Contracts	$	—	$	854	$	—	$	854

The following table summarizes the valuation of The Emerging Market Portfolio’s investments by fair value hierarchy levels as of April 30, 2014:


	Level 1		Level 2		Total
Common Stock
Brazil	$	24,247,757	$	—	$	24,247,757
Chile		11,642,489		877,118		12,519,607
China		56,862,425		—		56,862,425
Colombia		1,480,180		—		1,480,180
India		27,307,342		—		27,307,342
Indonesia		15,720,186		—		15,720,186
Kazakhstan		2,282,845		—		2,282,845
Malaysia		11,013,760		—		11,013,760
Mexico		27,494,552		—		27,494,552
Peru		6,272,977		—		6,272,977
Philippines		7,101,450		—		7,101,450
Republic of Korea		25,671,313		—		25,671,313
Romania		1,333,930		—		1,333,930
Russia		12,484,056		—		12,484,056
South Africa		11,261,473		—		11,261,473
Taiwan		22,396,314		—		22,396,314
Thailand		8,855,748		—		8,855,748
Turkey		16,673,827		—		16,673,827
United Kingdom		15,530,838		—		15,530,838
United States		8,525,950		—		8,525,950
Preferred Stock		15,678,123		—		15,678,123
Short-Term Investments		—		4,061,061		4,061,061

Total	$	329,837,535	$	4,938,179	$	334,775,714

Foreign Currency Exchange Contracts	$	—	$	1,383	$	1,383


			(continues	)		95

Notes to financial statements

Delaware Pooled^® Trust

3. Investments (continued)

The following table summarizes the valuation of The Emerging Market Portfolio II’s investments by fair value hierarchy levels as of April 30, 2014:


	Level 1		Level 2		Total
Common Stock
Argentina	$	527,839	$	—	$	527,839
Bahrain		—		11,363		11,363
Brazil		7,569,374		—		7,569,374
Chile		424,270		—		424,270
China/Hong Kong		7,309,385		—		7,309,385
Colombia		563,843		—		563,843
India		3,141,615		—		3,141,615
Indonesia		676,020		—		676,020
Israel		977,200		—		977,200
Malaysia		251,044		—		251,044
Mexico		3,044,941		—		3,044,941
Netherlands		286,200		—		286,200
Peru		149,500		—		149,500
Poland		767,383		—		767,383
Republic of Korea		8,508,822		—		8,508,822
Russia		1,771,272		377,233		2,148,505
South Africa		719,994		—		719,994
Taiwan		2,007,842		—		2,007,842
Thailand		549,788		—		549,788
Turkey		579,124		—		579,124
United Kingdom		—		112,195		112,195
United States		1,837,166		—		1,837,166
Preferred Stock		497,051		—		497,051

Total	$	42,159,673	$	500,791	$	42,660,464

The securities that have been deemed worthless on the schedules of investments are considered to be Level 3 securities in these tables.

During the six months ended April 30, 2014, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to each Portfolio. This does not include transfers between Level 1 investments and Level 2 investments due to each Portfolio utilizing international fair value pricing during the period. In accordance with the Fair Valuation Procedures described in Note 1, international fair value pricing of securities occurs when market volatility exceeds an established rolling threshold. If the threshold is exceeded on a given date, then prices of international securities (those that traded on exchanges that close at a different time than the time that each Portfolio’s Net Asset Value is determined) will be established using a separate pricing feed from a third party vendor designed to establish a price for each such security as of the time that each Portfolio’s Net Asset Value is determined. Further, 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, causing a change in classification between levels. Each Portfolio’s policy is to recognize transfers at the beginning of the period.

A reconciliation of Level 3 investments is presented when a Portfolio has a significant amount of Level 3 investments at the beginning, interim or end of the period in relation to net assets. Management has determined not to provide additional disclosure on Level 3 inputs under ASU No. 2011-04 since the Level 3 investments are not considered significant to each Portfolio’s net assets at the end of the period.

4. Capital Shares

Transactions in capital shares were as follows:


	Shares sold		Shares issued upon reinvestment of dividends and distributions		Shares redeemed			Net increase (decrease)
Six months ended April 30, 2014
The Large-Cap Value Equity Portfolio		434,190		50,863		(305,182	)		179,871
The Select 20 Portfolio		318,550		188,416		(9,283,277	)		(8,776,311	)
The Large-Cap Growth Equity Portfolio		—		48,484		(1,324,727	)		(1,276,243	)
The Focus Smid-Cap Growth Equity Portfolio		72,922		2,054		(2,269,246	)		(2,194,270	)
The Real Estate Investment Trust Portfolio II		—		7,876		—			7,876
The Core Focus Fixed Income Portfolio		10,953		10,548		—			21,501
The High-Yield Bond Portfolio		347,537		838,454		(538,235	)		647,756
The Core Plus Fixed Income Portfolio		1,622,031		137,283		(93,298	)		1,666,016
The International Equity Portfolio		747,250		652,914		(1,939,807	)		(539,643	)
The Labor Select International Equity Portfolio		1,111,505		1,055,797		(7,265,731	)		(5,098,429	)
The Emerging Markets Portfolio		2,050,280		1,541,293		(989,267	)		2,602,306
The Emerging Markets Portfolio II		106,879		60,408		—			167,287

Year ended Oct. 31, 2013:
The Large-Cap Value Equity Portfolio		3,238,512		7,881		(1,407	)		3,244,986
The Select 20 Portfolio		6,235,756		251,430		(2,364,083	)		4,123,103
The Large-Cap Growth Equity Portfolio		3,060,795		75,813		(4,546,188	)		(1,409,580	)
The Focus Smid-Cap Growth Equity Portfolio		3,463,696		21,232		(319,494	)		3,165,434
The Real Estate Investment Trust Portfolio II		—		7,128		—			7,128
The Core Focus Fixed Income Portfolio		5,465		43,002		(143,607	)		(95,140	)
The High-Yield Bond Portfolio		3,147,620		661,732		(1,836,274	)		1,973,078
The Core Plus Fixed Income Portfolio		790,881		179,998		(1,086,362	)		(115,483	)
The International Equity Portfolio		2,498,536		948,479		(7,835,395	)		(4,388,380	)
The Labor Select International Equity Portfolio		1,359,454		1,369,121		(9,408,303	)		(6,679,728	)
The Emerging Markets Portfolio		9,043,259		1,086,850		(8,284,117	)		1,845,992
The Emerging Markets Portfolio II		721,050		17,352		—			738,402

5. Unfunded Commitments

The High-Yield Bond Portfolio may invest in floating rate loans. In connection with these investments, the Portfolio may also enter into unfunded corporate loan commitments (commitments). Commitments may obligate the Portfolio to furnish temporary financing to a borrower until permanent financing can be arranged. In connection with these commitments, the Portfolio earns a commitment fee, typically set as a percentage of the commitment amount. As of April 30, 2014, the Portfolio had the following unfunded loan commitments:


Borrower	Unfunded Loan Commitment
Men’s Wearhouse	$	735,000
Ortho-Clinical		1,015,000
Polymer Group		517,575

6. Line of Credit

Each Portfolio, along with certain other funds in the Delaware Investments^® Family of Funds (Participants), was a participant in a $125,000,000 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 of 0.08%, 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


			(continues	)		97

Notes to financial statements

Delaware Pooled^® Trust

6. Line of Credit (continued)

their net assets under the agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit under the agreement expired on Nov. 12, 2013.

On Nov. 12, 2013, each Portfolio, along with the other Participants, entered into an amendment to the agreement for a $225,000,000 revolving line of credit. The line of credit is to be used as described above and operates in substantially the same manner as the original agreement. The line of credit available under the agreement will expire on Nov. 10, 2014.

Each Portfolio had no amounts outstanding as of April 30, 2014 or at any time during the period then ended.

7. 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 — Each Portfolio may enter into foreign currency exchange contracts and foreign cross currency exchange contracts as a way of managing foreign exchange rate risk. Each Portfolio may enter into these contracts to fix the U.S. dollar value of a security that it has 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. Each Portfolio may also use these contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies. In addition, each Portfolio may enter into these contracts to facilitate or expedite the settlement of portfolio transactions. 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 and foreign cross 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, each Portfolio could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. Each Portfolio’s 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 each Portfolio and the counterparty and by the posting of collateral by the counterparty to the Portfolio to cover each Portfolio’s exposure to the counterparty.

The Core Plus Fixed Income Portfolio, The International Equity Portfolio and The Labor Select International Equity Portfolio entered into foreign currency exchange contracts and foreign cross currency exchange contracts in order to hedge the U.S. dollar value of securities they already own that are denominated in foreign currencies. The Focus Smid-Cap Growth Equity Portfolio and The Emerging Markets Portfolio entered into foreign currency exchange contracts and foreign cross currency exchange contracts to facilitate or expedite the settlement of portfolio transactions. The Emerging Markets Portfolio II entered into foreign currency exchange contracts and foreign cross currency exchange contracts to fix the U.S. dollar value of a security between trade date and settlement date.

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 High-Yield Bond, The Core Focus Fixed Income, The Core Plus Fixed Income, The Emerging Markets, and The Emerging Markets II Portfolios may use futures in the normal course of pursuing their respective investment objective. Each Portfolio may invest in futures contracts to hedge its 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 reduced counterparty credit risk to each Portfolio because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

The Core Focus Fixed Income Portfolio, The High-Yield Bond Portfolio, and The Core Plus Fixed Income Portfolio entered into futures contracts in order to hedge the Portfolios’ existing portfolio securities against fluctuations in value caused by changes in prevailing market interest rates.

Options Contracts — During the six months ended April 30, 2014, each Portfolio may enter into options contracts in the normal course of pursuing its respective investment objective. Each Portfolio may buy or write options contracts for any number of reasons, including without limitation: to manage each Portfolio’s exposure to changes in securities prices and foreign currencies; as an efficient means of adjusting each Portfolio’s overall exposure to certain markets; to protect the value of portfolio securities; and as a cash management tool. Each Portfolio may buy or write call or put options on securities, financial indices, futures, swaps, and foreign currencies. When each 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 option purchased. When each 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 option written. Premiums received from writing options that expire unexercised are treated by each 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 each Portfolio has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by each Portfolio. Each 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, each 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.

The Core Plus Fixed Income Portfolio purchased option contracts in order to adjust the Portfolio’s overall exposure to certain markets.

There were no transactions in options written during the six months ended April 30, 2014.

Swap Contracts — The Core Focus Fixed Income Portfolio, The High-Yield Bond Portfolio, and The Core Plus Fixed Income Portfolio may enter into credit default swap (CDS) contracts in accordance with their investment objectives. The Core Plus Fixed Income Portfolio may enter into interest rate swap contracts in accordance with its investment objective. The Portfolio may use interest rate swaps to adjust the Portfolio’s sensitivity to interest rates or to hedge against changes in interest rates. 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. The Portfolios will not be permitted to enter into any swap transactions unless, at the time of entering into such transactions, the unsecured long-term debt of the actual counterparty, combined with any credit enhancements, is rated at least BBB- by Standard & Poor’s (S&P) or Baa3 by Moody’s Investors Service, Inc. (Moody’s) or is determined to be of equivalent quality by DMC.

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 the Portfolio from another party based on a variable or floating interest rate, in return for making payments based on a fixed interest rate. An interest rate swap can also work in reverse with the Portfolio receiving payments based on a fixed interest rate and making payments based on a variable or floating interest rate. Interest rate swaps may be used to adjust the Portfolio’s sensitivity to interest rates or to hedge against changes in interest rates. Periodic payments on such contracts are accrued daily and recorded as unrealized appreciation/depreciation on swap contracts. Upon periodic payment/receipt or termination of the contract, such amounts are recorded as realized gains or losses on swap contracts. 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 (1) 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, and (2) trading these instruments through a central 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.

During the six months ended April 30, 2014, the Portfolios entered into CDS contracts as purchasers 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


			(continues	)		99

Notes to financial statements

Delaware Pooled^® Trust

7. Derivatives (continued)

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. Initial margin and variation margin are posted to central counterparties for CDS basket trades submitted on or after June 10, 2013, as determined by the applicable central counterparty. During the six months ended April 30, 2014, the Portfolios did not enter into any CDS contracts as a seller of protection.

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 (1) 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 for trades entered prior to June 10, 2013, and (2) trading these instruments through a central counterparty.

The Core Plus Fixed Income Portfolio entered into CDS swaps in order to hedge against a credit event.

Swaps Generally — 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 movement 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 assets and liabilities.

Fair values of derivative instruments as of April 30, 2014 were as follows:


	The Core Plus Fixed Income Portfolio
	Asset Derivatives				Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Forward currency exchange contracts (Foreign currency exchange contracts)	Unrealized gain on foreign currency exchange contracts	$	28		Unrealized loss on foreign currency exchange contracts	$	(1,106	)
Interest rate contracts (Futures contracts)	Variation margin payable on futures contracts		6,659	*	Variation margin payable on futures contracts		—	*
Credit contracts (Swap contracts)	Unrealized gain of credit default swap contracts		—		Unrealized loss of credit default swap contracts		(1,661	)

Total		$	6,687			$	(2,767	)

*Includes cumulative appreciation or depreciation of futures contracts from the date the contracts are opened through April 30, 2014. Only current day variation margin is reported on the Portfolio’s statement of assets and liabilities.

100

The effect of derivative instruments on the statement of operations for the six months ended April 30, 2014 was as follows:


	The Core Plus Fixed Income Portfolio
	Net Realized Gain (Loss) on:
	Foreign Currency Exchange Contracts			Futures Contracts			Swap Contracts
Forward currency exchange contracts	$	1,710		$	—		$	—
Equity contracts		—			(1,924	)		—
Interest rate contracts		—			113,844			—
Credit contracts		—			—			(3,892	)

Total	$	1,710		$	111,920		$	(3,892	)


	Net Change in Unrealized Appreciation (Depreciation) of:
	Foreign Currency Exchange Contracts			Futures Contracts			Swaps Contracts
Forward currency exchange contracts	$	(1,688	)	$	—		$	—
Interest rate contracts		—			10,861			—
Credit contracts		—			—			(2,312	)

Total	$	(1,688	)	$	10,861		$	(2,312	)

At April 30, 2014, The International Equity Portfolio, The Labor Select International Equity Portfolio, The Emerging Markets Portfolio, and The Emerging Markets Portfolio II had foreign currency risk, which is disclosed in the statements of assets and liabilities and statements of operations.

At April 30, 2014, The Core Focus Fixed Income Portfolio and The High-Yield Bond Portfolio had interest rate risk, which is disclosed in the statements of assets and liabilities and statements of operations.

Derivatives Generally. The tables below summarize the average balance of derivative holdings by each Portfolio during the six months ended April 30, 2014.

The Focus Smid-Cap Growth Equity Portfolio

Long Derivative Volume

Short Derivative Volume

Foreign currency exchange contracts (average cost)

USD

—

USD

38,706

The Core Focus Fixed Income Portfolio

Long Derivative Volume

Short Derivative Volume

Futures contracts (average notional value)

—

USD

149,267

The High-Yield Bond Portfolio

Long Derivative Volume

Short Derivative Volume

Futures contracts (average notional value)

—

USD

1,078,870

The Core Plus Fixed Income Portfolio

Long Derivative Volume

Short Derivative Volume

Foreign currency exchange contracts (average cost)

USD

81,716

USD

324,509

Futures contracts (average notional value)

3,005,346

4,237,851

Options contracts (average notional value)

474

—

CDS contracts (average notional value)*

162,886

—

EUR

3,902

—


			(continues	)		101

Notes to financial statements

Delaware Pooled^® Trust

7. Derivatives (continued)

The International Equity Portfolio

Long Derivative Volume

Short Derivative Volume

Foreign currency exchange contracts (average cost)

USD

307,158

USD

10,716,991

The Labor Select International Equity Portfolio

Long Derivative Volume

Short Derivative Volume

Foreign currency exchange contracts (average cost)

USD

292,431

USD

11,546,156

The Emerging Markets Portfolio II

Long Derivative Volume

Short Derivative Volume

Foreign currency exchange contracts (average cost)

USD

14,723

USD

18,612

*Long represents buying protection and short represents selling protection.

8. Offsetting

In December 2011, the Financial Accounting Standards Board (FASB) issued guidance that expands current disclosure requirements on the offsetting of certain assets and liabilities. The new disclosures are required for investments and derivative financial instruments subject to master netting or similar agreements which are eligible for offset in the statements of assets and liabilities and require an entity to disclose both gross and net information about such investments and transactions in financial statements. In January 2013, the FASB issued guidance that clarifies which investments and transactions are subject to the offsetting disclosure requirements. The scope of the disclosure requirements for offsetting is limited to derivative instruments, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after Jan. 1, 2013, and interim periods within those fiscal years. The Portfolios adopted the disclosure provisions on offsetting during the current reporting period.

In order to better define their contractual rights and to secure rights that will help each Portfolio mitigate its counterparty risk, the Portfolios entered into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with their derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Portfolios and a counterparty that governs over-the-counter (OTC) derivatives and foreign exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, each Portfolio may, under certain circumstances, offset with the counterparty certain derivative financial instrument’s payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out) netting including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For financial reporting purposes, the Portfolios do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statements of assets and liabilities.

At April 30, 2014, the Portfolios had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities


	The Large-Cap Value Equity Portfolio
Master Repurchase Agreements Counterparty	Repurchase Agreements		Fair Value of Non - Cash Collateral Received			Cash Collateral Received		Net Amount^(a)

Bank of America Merrill Lynch	$	201,818	$	(201,818	)	$	—	$	—
Bank of Montreal		67,273		(67,273	)		—		—
BNP Paribas		787,909		(787,909	)		—		—

Total	$	1,057,000	$	(1,057,000	)	$	—	$	—

102



	The Select 20 Portfolio
Master Repurchase Agreements Counterparty	Repurchase Agreements		Fair Value of Non - Cash Collateral Received			Cash Collateral Received		Net Amount^(a)

Bank of America Merrill Lynch	$	999,543	$	(999,543	)	$	—	$	—
Bank of Montreal		333,181		(333,181	)		—		—
BNP Paribas		3,902,276		(3,902,276	)		—		—

Total	$	5,235,000	$	(5,235,000	)	$	—	$	—


	The Large-Cap Growth Equity Portfolio
Master Repurchase Agreements Counterparty	Repurchase Agreements		Fair Value of Non - Cash Collateral Received			Cash Collateral Received		Net Amount^(a)
Bank of America Merrill Lynch	$	414,137	$	(414,137	)	$	—	$	—
Bank of Montreal		138,046		(138,046	)		—		—
BNP Paribas		1,616,817		(1,616,817	)		—		—

Total	$	2,169,000	$	(2,169,000	)	$	—	$	—


	The Focus Smid-Cap Growth Equity Portfolio
Master Repurchase Agreements Counterparty	Repurchase Agreements		Fair Value of Non - Cash Collateral Received			Cash Collateral Received		Net Amount^(a)
Bank of America Merrill Lynch	$	428,266	$	(428,266	)	$	—	$	—
Bank of Montreal		142,756		(142,756	)		��		—
BNP Paribas		1,671,978		(1,671,978	)		—		—

Total	$	2,243,000	$	(2,243,000	)	$	—	$	—


	The Real Estate Investment Trust Portfolio II
Master Repurchase Agreements Counterparty	Repurchase Agreements		Fair Value of Non - Cash Collateral Received			Cash Collateral Received		Net Amount^(a)
Bank of America Merrill Lynch	$	22,912	$	(22,912	)	$	—	$	—
Bank of Montreal		7,637		(7,637	)		—		—
BNP Paribas		89,451		(89,451	)		—		—

Total	$	120,000	$	(120,000	)	$	—	$	—


			(continues	)		103

Notes to financial statements

Delaware Pooled^® Trust

8. Offsetting (continued)


	The Core Focus Fixed Income Portfolio
Master Repurchase Agreements Counterparty	Repurchase Agreements		Fair Value of Non - Cash Collateral Received			Cash Collateral Received		Net Amount^(a)
Bank of America Merrill Lynch	$	192,844	$	(192,844	)	$	—	$	—
Bank of Montreal		64,281		(64,281	)		—		—
BNP Paribas		752,875		(752,875	)		—		—

Total	$	1,010,000	$	(1,010,000	)	$	—	$	—


	The High-Yield Bond Portfolio
Master Repurchase Agreements Counterparty	Repurchase Agreements		Fair Value of Non - Cash Collateral Received			Cash Collateral Received		Net Amount^(a)
Bank of America Merrill Lynch	$	1,735,023	$	(1,735,023	)	$	—	$	—
Bank of Montreal		578,341		(578,341	)		—		—
BNP Paribas		6,773,636		(6,773,636	)		—		—

Total	$	9,087,000	$	(9,087,000	)	$	—	$	—


	The Core Plus Fixed Income Portfolio
Counterparty	Gross Value of Derivative Asset		Gross Value of Derivative Liability			Net Position
Barclays Bank	$	—	$	(1,661	)	$	(1,661	)
BNY Mellon		—		(6	)		(6	)
JPMorgan Chase Bank		27		(179	)		(152	)
Morgan Stanley Capital		1		(473	)		(472	)
Toronto Dominion Bank		—		(226	)		(226	)
Union Bank of Switzerland		—		(222	)		(222	)

Total	$	28	$	(2,767	)	$	(2,739	)


Counterparty	Net Position			Fair Value of Non - Cash Collateral Received		Cash Collateral Received		Fair Value of Non - Cash Collateral Pledged		Cash Collateral Pledged		Net Amount^(a)
Barclays Bank	$	(1,661	)	$	—	$	—	$	—	$	—	$	(1,661	)
BNY Mellon		(6	)		—		—		—		—		(6	)
JPMorgan		(152	)		—		—		—		—		(152	)
Chase Bank
Morgan Stanley		(472	)		—		—		—		—		(472	)
Capital
Toronto		(226	)		—		—		—		—		(226	)
Dominion
Bank
Union Bank of		(222	)		—		—		—		—		(222	)
Switzerland

Total	$	(2,739	)	$	—	$	—	$	—	$	—	$	(2,739	)

104


	The Core Plus Fixed Income Portfolio
Master Repurchase Agreements Counterparty	Repurchase Agreements		Fair Value of Non - Cash Collateral Received			Cash Collateral Received		Net Amount^(a)
Bank of America Merrill Lynch	$	2,455,038	$	(2,455,038	)	$	—	$	—
Bank of Montreal		818,346		(818,346	)		—		—
BNP Paribas		9,584,616		(9,584,616	)		—		—
							��
Total	$	12,858,000	$	(12,858,000	)	$	—	$	—


	The International Equity Portfolio
Counterparty	Gross Value of Derivative Asset		Gross Value of Derivative Liability		Net Position
BNY Mellon	$	393	$	—	$	393
State Street Bank		894		—		894

Total	$	1,287	$	—	$	1,287


Counterparty	Net Position		Fair Value of Non - Cash Collateral Received		Cash Collateral Received		Fair Value of Non - Cash Collateral Pledged		Cash Collateral Pledged		Net Amount^(a)
BNY Mellon	$	393	$	—	$	—	$	—	$	—	$	393
State Street		894		—		—		—		—		894
Bank

Total	$	1,287	$	—	$	—	$	—	$	—	$	1,287


	The International Equity Portfolio
Master Repurchase Agreements Counterparty	Repurchase Agreements		Fair Value of Non - Cash Collateral Received			Cash Collateral Received		Net Amount^(a)
Bank of America Merrill Lynch	$	299,195	$	(299,195	)	$	—	$	—
Bank of Montreal		99,731		(99,731	)		—		—
BNP Paribas		1,168,074		(1,168,074	)		—		—

Total	$	1,567,000	$	(1,567,000	)	$	—	$	—


			(continues	)		105

Notes to financial statements

Delaware Pooled^® Trust

8. Offsetting (continued)


	The Labor Select International Equity Portfolio
Counterparty	Gross Value of Derivative Asset		Gross Value of Derivative Liability			Net Position
Barclays Bank	$	—	$	(127	)	$	(127	)
BNY Mellon		364		—			364
State Street Bank		617		—			617

Total	$	981	$	(127	)	$	854


Counterparty	Net Position			Fair Value of Non - Cash Collateral Received		Cash Collateral Received		Fair Value of Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Amount^(a)
Barclays Bank	$	(127	)	$	—	$	—	$	—	$	—	$	(127	)
BNY Mellon		364			—		—		—		—		364
State Steet Bank		617			—		—		—		—		617

Total	$	854		$	—	$	—	$	—	$	—	$	854


	The Labor Select International Equity Portfolio
Master Repurchase Agreements Counterparty	Repurchase Agreements		Fair Value of Non - Cash Collateral Received			Cash Collateral Received		Net Amount^(a)

Bank of America Merrill Lynch	$	1,291,864	$	(1,291,864	)	$	—	$	—
Bank of Montreal		430,621		(430,621	)		—		—
BNP Paribas		5,043,515		(5,043,515	)		—		—

Total	$	6,766,000	$	(6,766,000	)	$	—	$	—


	The Emerging Markets Portfolio
Counterparty	Gross Value of Derivative Asset		Gross Value of Derivative Liability			Net Position
BNY Mellon	$	1,392	$	(519	)	$	873
Deutsche Bank		510		—			510

Total	$	1,902	$	(519	)	$	1,383


Counterparty	Net Position		Fair Value of Non - Cash Collateral Received		Cash Collateral Received		Fair Value of Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Amount^(a)
BNY Mellon	$	873	$	—	$	—	$	—	$	—	$	873
Deutsche Bank		510		—		—		—		—		510

Total	$	1,383	$	—	$	—	$	—	$	—	$	1,383

106


	The Emerging Markets Portfolio
Master Repurchase Agreements Counterparty	Repurchase Agreements		Fair Value of Non - Cash Collateral Received			Cash Collateral Received		Net Amount^(a)

Bank of America Merrill Lynch	$	741,972	$	(741,972	)	$	—	$	—
Bank of Montreal		247,324		(247,324	)		—		—
BNP Paribas		2,896,704		(2,896,704	)		—		—

Total	$	3,886,000	$	(3,886,000	)	$	—	$	—

^(a) Net amount represents the receivable/(payable) that would be due from/(to) the counterparty in the event of default.

9. Securities Lending

Each Portfolio, 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 the 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 on any particular day may be 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. Each Portfolio 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 each Portfolio or, at the discretion of the lending agent, replace the loaned securities. Each Portfolio 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. Each Portfolio 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, each Portfolio 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 each Portfolio, the security lending agent and the borrower. Each Portfolio 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. Each Portfolio may incur investment losses as a result of investing securities lending collateral in the Collective Trust. This could occur if an investment in the Collateral Trust defaulted or if it were necessary to liquidate assets in the Collateral Trust to meet returns on outstanding security loans at a time when the Collateral Trust’s net asset value per unit was less than $1.00. Under those circumstances, each Portfolio may not receive an amount from the Collateral Trust that is equal in amount to the collateral each Portfolio would be required to return to the borrower of the securities and each Portfolio would be required to make up for this shortfall.

During the six months ended April 30, 2014, each Portfolio had no securities out on loan.


			(continues	)		107

Notes to financial statements

Delaware Pooled^® Trust

10. Credit and Market Risk

Some countries in which The International Equity, The Labor Select International Equity, The Emerging Markets, and The Emerging Markets II 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 each Portfolio may be inhibited. In addition, a significant portion of the aggregate market value of 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 each Portfolio.

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 S&P and Baa3 by 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 and The Core Plus 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 each Portfolio’s yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, each Portfolio may fail to fully recoup its initial investment in these securities even if the securities are rated in the highest rating categories.

The Core Focus Fixed Income Portfolio, The High-Yield Bond Portfolio, and The Core Plus Fixed Income Portfolio invest in certain obligations that may have liquidity protection to ensure that the receipt of payments due on the underlying security is timely. Such protection may be provided through guarantees, insurance policies or letters of credit obtained by the issuer or sponsor through third parties, through various means of structuring the transaction or through a combination of such approaches. Each Portfolio will not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.

The International Equity Portfolio may invest up to 10% 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 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, and The Emerging Markets II 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 has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of each Portfolio’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 Portfolios’ limit on investments in illiquid securities. Rule 144A and illiquid securities have been identified in the schedules of investments.

The Select 20 and The Focus Smid-Cap Growth Equity 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.

108

Because The Large-Cap Value Equity, The Select 20, The Large-Cap Growth Equity, and Focus Smid-Cap Growth Equity 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 Portfolio’s overall performance.

The Real Estate Investment Trust Portfolio II concentrates its investments in the real estate industry and is subject to the risks associated with that industry. If the 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. The Portfolio is also affected by interest rate changes, particularly if the real estate investment trusts it holds use floating rate debt to finance their ongoing operations. The 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

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

12. Subsequent Events

At a Joint Special Meeting of Shareholders of Delaware Pooled^® Trust (the“Trust”), on behalf of each of The Focus Smid-Cap Growth Equity, The Large-Cap Growth Equity, and The Select 20 Portfolios (each, a “Portfolio” and collectively, the “Portfolios”), held on Friday, May 16, 2014, the shareholders of each Portfolio voted to approve an investment sub-advisory agreement between Delaware Management Company, the Portfolios’ investment manager (DMC), and Jackson Square Partners, LLC (JSP). JSP, a Delaware limited liability company, is a joint venture between Delaware Investments Advisers Partner, Inc., an affiliate of DMC, and California Street Partners, LLC, a Delaware limited liability company. JSP is comprised of the portfolio managers responsible for managing all or part of each Portfolio (the “Focus Growth Team”). In connection with the transition of the Focus Growth Team into JSP, the Focus Growth Team became owners and officers of JSP, and continues to provide portfolio management services to the Portfolios pursuant to the investment sub-advisory agreement.

The following proposals were submitted for a vote of the shareholders:

1. To approve an investment sub-advisory agreement.

A quorum of the shares outstanding was present, and the votes passed with a majority of those shares. The results were as follows:

The Focus Smid-Cap Growth Equity Portfolio


		Percentage of Outstanding Shares			Percentage of Shares Voted
Shares Voted For	1,433,045		59.12	%		100.00	%
Shares Voted Against	0		0.00			0.00
Shares with Authority Withheld	0		0.00			0.00

The Large-Cap Growth Equity Portfolio
		Percentage of Outstanding Shares			Percentage of Shares Voted
Shares Voted For	9,351,889		57.08	%		100.00	%
Shares Voted Against	0		0.00			0.00
Shares with Authority Withheld	0		0.00			0.00

The Select 20 Portfolio
		Percentage of Outstanding Shares			Percentage of Shares Voted
Shares Voted For	6,473,552		60.78	%		100.00	%
Shares Voted Against	0		0.00			0.00
Shares with Authority Withheld	0		0.00			0.00

Management has determined that no other material events or transactions occurred subsequent to April 30, 2014 that would require recognition or disclosure in the Portfolios’ financial statements.


				109

Portfolio managers

Damon J. Andres

Vice President and Senior Portfolio Manager

Kristen E. Bartholdson

Vice President and Senior Portfolio Manager

Nigel Bliss

Senior Portfolio Manager

Mondrian Investment Partners Limited

Christopher J. Bonavico

Portfolio Manager, Equity Analyst — Jackson Square Partners, LLC

Kenneth F. Broad

Portfolio Manager, Equity Analyst — Jackson Square Partners, LLC

Liu-Er Chen

Senior Vice President,

Chief Investment Officer — Emerging Markets and Healthcare

Ginny Chong

Senior Portfolio Manager

Mondrian Investment Partners Limited

Thomas H. Chow

Senior Vice President, Chief Investment Officer — Corporate Credit

Craig C. Dembek

Senior Vice President, Co-Head of Credit Research, Senior Research Analyst

Elizabeth A. Desmond

Director and Chief Investment Officer — International Equities Mondrian Investment Partners Limited

Roger A. Early

Senior Vice President and

Co-Chief Investment Officer —

Total Return Fixed Income Strategy

Christopher M. Ericksen

Portfolio Manager, Equity Analyst — Jackson Square Partners, LLC

Clive A. Gillmore

Chief Executive Officer and Chief Investment Officer — Global Equities

Mondrian Investment Partners Limited

Paul Grillo

Senior Vice President and

Co-Chief Investment Officer —

Total Return Fixed Income Strategy

Gregory J.P. Halton

Senior Portfolio Manager Mondrian Investment Partners Limited

J. David Hillmeyer

Vice President and Senior Portfolio Manager

Nikhil G. Lalvani

Vice President and Senior Portfolio Manager

Anthony A. Lombardi

Vice President and Senior Portfolio Manager

Paul A. Matlack

Senior Vice President, Senior Portfolio Manager, Fixed Income Strategist

Nigel G. May

Deputy Chief Executive Officer Mondrian Investment Partners Limited

John P. McCarthy

Senior Vice President, Co-Head of Credit Research, Senior Research Analyst

Brian McDonnell

Senior Vice President, Senior Portfolio Manager, Senior Structured Products

Analyst, Trader

Andrew Miller

Chief Investment Officer — Emerging Market Equities Mondrian Investment Partners Limited

D. Tysen Nutt Jr.

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

Melissa J.A. Platt

Portfolio Manager

Mondrian Investment Partners Limited

Daniel J. Prislin

Portfolio Manager, Equity Analyst — Jackson Square Partners, LLC

Bilgin Soylu

Portfolio Manager

Mondrian Investment Partners Limited

Jeffrey S. Van Harte

Chairman, Chief Investment Officer — Jackson Square Partners, LLC

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)

113

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 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 delawareinvestments.com; and (iii) on the Commission’s website at sec.gov. Each Portfolio’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.

Information (if any) regarding how each Portfolio voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Portfolios’ website at delawareinvestments.com; and (ii) on the Commission’s website at 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 delawareinvestments.com or calling 800 231-8002. Investors should read the prospectus and, if available, the applicable summary prospectus carefully before investing.

LOGO

Semiannual report

Alternative / specialty mutual fund

Delaware REIT Fund

April 30, 2014

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 its summary prospectus, which may be obtained by visiting delawareinvestments.com or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

You can obtain shareholder reports and prospectuses online instead of in the mail.

Visit delawareinvestments.com/edelivery.

Experience Delaware Investments

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 delawareinvestments.com.

Manage your investments online

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24-hour access to your account information

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Obtain share prices

—

Check your account balance and recent transactions

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Request statements or literature

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Make purchases and redemptions

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
Schedule of investments			4
Statement of assets and liabilities			8
Statement of operations			10
Statements of changes in net assets			12
Financial highlights			14
Notes to financial statements			24
About the organization			34

Unless otherwise noted, views expressed herein are current as of April 30, 2014, 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, 2013 to April 30, 2014 (Unaudited)

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 Nov. 1, 2013 to April 30, 2014.

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 a waiver in effect for the Class B shares. The expenses shown in the table assume reinvestment of all dividends and distributions.

Disclosure of Fund expenses

For the six-month period from November 1, 2013 to April 30, 2014 (Unaudited)

Delaware REIT Fund

Expense analysis of an investment of $1,000


	Beginning Account Value 11/1/13	Ending Account Value 4/30/14	Annualized Expense Ratio	Expenses Paid During Period 11/1/13 to 4/30/14*

Actual Fund return^†
Class A	$1,000.00	$1,079.30	1.34%	$6.91
Class B	1,000.00	1,080.10	1.34%	6.91
Class C	1,000.00	1,075.30	2.09%	10.75
Class R	1,000.00	1,077.90	1.59%	8.19
Institutional Class	1,000.00	1,080.40	1.09%	5.62

Hypothetical 5% return (5% return before expenses)
Class A	$1,000.00	$1,018.15	1.34%	$6.71
Class B	1,000.00	1,018.15	1.34%	6.71
Class C	1,000.00	1,014.43	2.09%	10.44
Class R	1,000.00	1,016.91	1.59%	7.95
Institutional Class	1,000.00	1,019.39	1.09%	5.46

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

^†	Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

Security type / sector allocation and

top 10 equity holdings


Delaware REIT Fund		As of April 30, 2014 (Unaudited)

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 Stocks		97.70%
Diversified REITs		5.13%
Healthcare REITs		7.46%
Hotel REITs		8.52%
Industrial REITs		5.68%
Mall REITs		17.12%
Manufactured Housing REIT		0.97%
Multifamily REITs		17.64%
Office REITs		14.97%
Office/Industrial REITs		3.37%
Self-Storage REITs		3.38%
Shopping Center REITs		9.33%
Single Tenant REITs		2.49%
Specialty REITs		1.64%

Short-Term Investments		2.65%

Total Value of Securities		100.35%

Liabilities Net of Receivables and Other Assets		(0.35%)

Total Net Assets		100.00%

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


Top 10 equity holdings	Percentage of net assets

Simon Property Group		10.69%
Boston Properties		4.95%
Host Hotels & Resorts		4.05%
AvalonBay Communities		4.03%
Equity Residential		3.73%
Prologis		3.70%
SL Green Realty		3.45%
Vornado Realty Trust		3.37%
General Growth Properties		3.11%
Essex Property Trust		2.65%

Schedule of investments


Delaware REIT Fund		April 30, 2014 (Unaudited)


	Number of shares		Value (U.S. $)

Common Stock – 97.70%

Diversified REITs – 5.13%
Cousins Properties		173,700	$	2,020,131
Lexington Realty Trust		88,966		957,274
Vornado Realty Trust		77,432		7,944,523
Washington Real Estate Investment Trust		48,700		1,191,202

				12,113,130

Healthcare REITs – 7.46%
HCP		54,353		2,275,217
Health Care REIT		43,400		2,738,106
Healthcare Realty Trust		112,299		2,824,320
Healthcare Trust of America Class A		231,600		2,707,404
Sabra Health Care REIT		70,800		2,121,876
Ventas		74,577		4,928,048

				17,594,971

Hotel REITs – 8.52%
DiamondRock Hospitality		237,500		2,914,125
Host Hotels & Resorts		445,764		9,561,638
Pebblebrook Hotel Trust		61,213		2,108,176
RLJ Lodging Trust		98,310		2,621,928
Strategic Hotels & Resorts †		268,000		2,891,720

				20,097,587

Industrial REITs – 5.68%
First Industrial Realty Trust		171,470		3,149,904
First Potomac Realty Trust		79,205		1,032,041
Prologis		214,857		8,729,640
STAG Industrial		20,300		477,659

				13,389,244

Mall REITs – 17.12%
General Growth Properties		319,111		7,329,980
Macerich		58,351		3,787,563
Simon Property Group		145,658		25,227,966
Taubman Centers		55,600		4,049,904

				40,395,413

Manufactured Housing REIT – 0.97%
Equity Lifestyle Properties		54,436		2,279,235

				2,279,235

Multifamily REITs – 17.64%
American Campus Communities		86,900		3,319,580
Apartment Investment & Management		102,900		3,172,407
AvalonBay Communities		69,651		9,510,844
Camden Property Trust		34,486		2,361,946
Equity Residential		148,223		8,810,375


	Number of shares		Value (U.S. $)

Common Stock (continued)

Multifamily REITs (continued)
Essex Property Trust		36,127	$	6,259,364
Post Properties		62,200		3,123,062
UDR		195,500		5,055,630

				41,613,208

Office REITs – 14.97%
Boston Properties		99,774		11,687,526
Brandywine Realty Trust		116,901		1,700,909
Corporate Office Properties Trust		117,900		3,153,825
Douglas Emmett		176,100		4,860,360
Highwoods Properties		75,300		3,038,355
Kilroy Realty		45,975		2,738,731
SL Green Realty		77,662		8,131,988

				35,311,694

Office/Industrial REITs – 3.37%
Duke Realty		302,900		5,306,808
PS Business Parks		30,929		2,652,780

				7,959,588

Self-Storage REITs – 3.38%
Extra Space Storage		47,594		2,490,594
Public Storage		31,266		5,487,496

				7,978,090

Shopping Center REITs – 9.33%
DDR		330,175		5,669,105
Federal Realty Investment Trust		20,176		2,371,487
Kimco Realty		201,779		4,624,775
Ramco-Gershenson Properties Trust		132,700		2,186,896
Regency Centers		64,519		3,382,731
Tanger Factory Outlet Centers		105,700		3,771,376

				22,006,370

Single Tenant REITs – 2.49%
National Retail Properties		68,575		2,340,465
Spirit Realty Capital		328,811		3,541,294

				5,881,759

Specialty REITs – 1.64%
American Residential Properties †		31,826		571,913
EPR Properties		61,700		3,307,737

				3,879,650

Total Common Stock (cost $204,742,166)				230,499,939

Schedule of investments

Delaware REIT Fund


	Principal amount°		Value (U.S. $)

Short-Term Investments – 2.65%

Repurchase Agreements – 2.49%
Bank of America Merrill Lynch 0.02%, dated 4/30/14, to be repurchased on 5/1/14, repurchase price $1,119,833 (collateralized by U.S. government obligations 0.00% - 4.375% 2/15/24 - 5/15/41; market value $1,142,229)		1,119,832	$	1,119,832
Bank of Montreal 0.03%, dated 4/30/14, to be repurchased on 5/1/14, repurchase price $373,277 (collateralized by U.S. government obligations 1.25% - 3.125% 4/30/19 - 2/15/42; market value $380,743)		373,277		373,277
BNP Paribas 0.05%, dated 4/30/14, to be repurchased on 5/1/14, repurchase price $4,371,897 (collateralized by U.S. government obligations 0.00% - 2.75% 6/30/14 - 11/15/43; market value $4,459,329)		4,371,891		4,371,891

				5,865,000

U.S. Treasury Obligation – 0.16%≠
U.S. Treasury Bill 0.093% 11/13/14		384,076		383,987

				383,987

Total Short-Term Investments (cost $6,248,882)				6,248,987


Total Value of Securities – 100.35% (cost $210,991,048)				$236,748,926

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

°	Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.

†	Non income producing security.

REIT – Real Estate Investment Trust

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

This page intentionally left blank.

Statement of assets and liabilities


Delaware REIT Fund		April 30, 2014 (Unaudited)


Assets:
Investments, at value¹	$	230,499,939
Short-term investments, at value²		6,248,987
Cash		158,562
Receivables for securities sold		3,873,935
Receivables for fund shares sold		204,039
Dividends and interest receivable		71,948

Total assets		241,057,410

Liabilities:
Payable for securities purchased		3,796,485
Payable for fund shares redeemed		1,035,709
Investment management fees payable		143,097
Other accrued expenses		101,490
Distribution fees payable to affiliates		39,803
Other affiliates payable		12,014
Trustees’ fees and expenses payable		584

Total liabilities		5,129,182

Total Net Assets	$	235,928,228


Net Assets Consist of:
Paid-in capital	$	210,253,620
Undistributed net investment income		491,596
Accumulated net realized loss on investments		(574,866	)
Net unrealized appreciation of investments		25,757,878

Total Net Assets	$	235,928,228


¹Investments, at cost	$	204,742,166
²Short-term investments, at cost		6,248,882


Net Asset Value
Class A:
Net assets	$	92,230,080
Shares of beneficial interest outstanding, unlimited authorization, no par		6,426,049
Net asset value per share	$	14.35
Sales charge		5.75	%
Offering price per share, equal to net asset value per share/(1 – sales charge)	$	15.23

Class B:
Net assets	$	449,721
Shares of beneficial interest outstanding, unlimited authorization, no par		31,365
Net asset value per share	$	14.34

Class C:
Net assets	$	21,280,165
Shares of beneficial interest outstanding, unlimited authorization, no par		1,484,524
Net asset value per share	$	14.33

Class R:
Net assets	$	10,649,821
Shares of beneficial interest outstanding, unlimited authorization, no par		741,975
Net asset value per share	$	14.35

Institutional Class:
Net assets	$	111,318,441
Shares of beneficial interest outstanding, unlimited authorization, no par		7,738,765
Net asset value per share	$	14.38

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

Statement of operations


Delaware REIT Fund		Six months ended April 30, 2014 (Unaudited)


Investment Income:
Dividends	$	3,826,037
Interest		1,150

		3,827,187

Expenses:
Management fees		828,821
Distribution expenses – Class A		107,757
Distribution expenses – Class B		2,921
Distribution expenses – Class C		99,227
Distribution expenses – Class R		24,578
Dividend disbursing and transfer agent fees and expenses		193,889
Reports and statements to shareholders		52,388
Registration fees		43,099
Accounting and administration expenses		39,214
Audit and tax		14,467
Legal fees		10,357
Custodian fees		6,057
Trustees’ fees and expenses		5,782
Other		9,891

		1,438,448
Less waived distribution expenses – Class B		(2,191	)
Less expense paid indirectly		(142	)

Total operating expenses		1,436,115

Net Investment Income		2,391,072


Net Realized and Unrealized Gain:
Net realized gain on investments		3,978,406
Net change in unrealized appreciation (depreciation) of investments		10,781,881

Net Realized and Unrealized Gain		14,760,287

Net Increase in Net Assets Resulting from Operations	$	17,151,359

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

This page intentionally left blank.

Statements of changes in net assets

Delaware REIT Fund


	Six months
	ended
	4/30/14			Year ended
	(Unaudited)			10/31/13

Increase (Decrease) in Net Assets from Operations:
Net investment income	$	2,391,072		$	2,640,000
Net realized gain		3,978,406			22,710,073
Net change in unrealized appreciation (depreciation)		10,781,881			(4,749,406	)

Net increase in net assets resulting from operations		17,151,359			20,600,667


Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(721,702	)		(1,537,412	)
Class B		(4,204	)		(10,085	)
Class C		(93,940	)		(204,635	)
Class R		(70,005	)		(152,568	)
Institutional Class		(1,009,625	)		(2,061,079	)

Net realized gain:
Class A		(2,793,786	)		—
Class B		(18,951	)		—
Class C		(643,989	)		—
Class R		(309,110	)		—
Institutional Class		(3,303,719	)		—

		(8,969,031	)		(3,965,779	)


Capital Share Transactions:
Proceeds from shares sold:
Class A		7,817,880			21,435,863
Class B		—			4,815
Class C		1,327,404			3,529,498
Class R		1,741,207			3,988,597
Institutional Class		9,934,728			22,651,709

Net asset value of shares based upon reinvestment of dividends and distributions:
Class A		3,371,723			1,459,400
Class B		23,031			10,015
Class C		724,706			200,037
Class R		379,010			152,527
Institutional Class		4,295,706			2,051,653

		29,615,395			55,484,114


	Six months
	ended
	4/30/14			Year ended
	(Unaudited)			10/31/13

Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(13,526,671	)	$	(20,735,287	)
Class B		(346,686	)		(1,242,967	)
Class C		(2,537,845	)		(4,415,661	)
Class R		(2,343,372	)		(3,779,165	)
Institutional Class		(13,279,112	)		(27,498,734	)

		(32,033,686	)		(57,671,814	)

Decrease in net assets derived from capital share transactions		(2,418,291	)		(2,187,700	)

Net Increase in Net Assets		5,764,037			14,447,188

Net Assets:
Beginning of period		230,164,191			215,717,003

End of period (including undistributed net investment income of $491,596 and $0, respectively)	$	235,928,228		$	230,164,191

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

Return of capital

Net realized gain

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

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

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.

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/or 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
4/30/14¹				10/31/13			10/31/12			10/31/11			10/31/10			10/31/09
(Unaudited)

	$	13.870		$	12.850		$	11.530		$	10.460		$	7.630		$	8.200


		0.142			0.153			0.122			0.098			0.131			0.221
		0.891			1.100			1.412			1.145			2.886			(0.509	)

		1.033			1.253			1.534			1.243			3.017			(0.288	)



		(0.114	)		(0.233	)		(0.214	)		(0.173	)		(0.187	)		(0.224	)
		—			—			—			—			—			(0.058	)
		(0.439	)		—			—			—			—			—

		(0.553	)		(0.233	)		(0.214	)		(0.173	)		(0.187	)		(0.282	)


	$	14.350		$	13.870		$	12.850		$	11.530		$	10.460		$	7.630


		7.93%			9.82%			13.38%			12.01%			39.84%			(2.97%	)


	$	92,230		$	91,593		$	83,114		$	75,149		$	82,646		$	64,237
		1.34%			1.31%			1.30%			1.51%			1.53%			1.48%
		1.34%			1.36%			1.35%			1.57%			1.62%			1.88%
		2.12%			1.11%			0.98%			0.89%			1.42%			3.38%
		2.12%			1.06%			0.93%			0.83%			1.33%			2.98%
		41%			101%			87%			129%			175%			174%

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

Return of capital

Net realized gain

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

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

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.

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


Six months ended				Year ended
4/30/14¹				10/31/13			10/31/12			10/31/11			10/31/10			10/31/09
(Unaudited)

	$	13.860		$	12.830		$	11.510		$	10.450		$	7.620		$	8.190


		0.142			0.054			0.028			0.015			0.061			0.173
		0.891			1.107			1.415			1.136			2.888			(0.511	)

		1.033			1.161			1.443			1.151			2.949			(0.338	)



		(0.114	)		(0.131	)		(0.123	)		(0.091	)		(0.119	)		(0.174	)
		—			—			—			—			—			(0.058	)
		(0.439	)		—			—			—			—			—

		(0.553	)		(0.131	)		(0.123	)		(0.091	)		(0.119	)		(0.232	)


	$	14.340		$	13.860		$	12.830		$	11.510		$	10.450		$	7.620


		8.01%			9.00%			12.57%			11.08%			38.88%			(3.73%	)


	$	450		$	764		$	1,857		$	3,863		$	7,393		$	10,985
		1.34%			2.02%			2.05%			2.26%			2.28%			2.23%
		2.09%			2.06%			2.05%			2.27%			2.32%			2.58%
		2.12%			0.40%			0.23%			0.14%			0.67%			2.63%
		1.37%			0.36%			0.23%			0.13%			0.63%			2.28%
		41%			101%			87%			129%			175%			174%

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

Return of capital

Net realized gain

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

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

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.

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
4/30/14¹				10/31/13			10/31/12			10/31/11			10/31/10			10/31/09
(Unaudited)

	$	13.860		$	12.830		$	11.510		$	10.450		$	7.620		$	8.190


		0.092			0.050			0.028			0.015			0.062			0.173
		0.881			1.111			1.415			1.136			2.887			(0.511	)

		0.973			1.161			1.443			1.151			2.949			(0.338	)



		(0.064	)		(0.131	)		(0.123	)		(0.091	)		(0.119	)		(0.174	)
		—			—			—			—			—			(0.058	)
		(0.439	)		—			—			—			—			—

		(0.503	)		(0.131	)		(0.123	)		(0.091	)		(0.119	)		(0.232	)


	$	14.330		$	13.860		$	12.830		$	11.510		$	10.450		$	7.620


		7.53%			9.00%			12.57%			11.08%			38.88%			(3.73%	)


	$	21,280		$	21,083		$	20,198		$	18,345		$	18,713		$	16,314
		2.09%			2.06%			2.05%			2.26%			2.28%			2.23%
		2.09%			2.06%			2.05%			2.27%			2.32%			2.58%
		1.37%			0.36%			0.23%			0.14%			0.67%			2.63%
		1.37%			0.36%			0.23%			0.13%			0.63%			2.28%
		41%			101%			87%			129%			175%			174%

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

Return of capital

Net realized gain

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

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

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.

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/or 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 4/30/14¹ (Unaudited)				Year ended
Six months ended 4/30/14¹ (Unaudited)				10/31/13			10/31/12			10/31/11			10/31/10			10/31/09

	$	13.870		$	12.850		$	11.530		$	10.460		$	7.630		$	8.200


		0.125			0.119			0.091			0.071			0.109			0.205
		0.891			1.100			1.412			1.145			2.885			(0.509	)

		1.016			1.219			1.503			1.216			2.994			(0.304	)



		(0.097	)		(0.199	)		(0.183	)		(0.146	)		(0.164	)		(0.208	)
		—			—			—			—			—			(0.058	)
		(0.439	)		—			—			—			—			—

		(0.536	)		(0.199	)		(0.183	)		(0.146	)		(0.164	)		(0.266	)


	$	14.350		$	13.870		$	12.850		$	11.530		$	10.460		$	7.630


		7.79%			9.54%			13.09%			11.73%			39.50%			(3.21%	)


	$	10,650		$	10,503		$	9,446		$	6,368		$	5,680		$	3,596
		1.59%			1.56%			1.55%			1.76%			1.78%			1.73%
		1.59%			1.65%			1.65%			1.87%			1.92%			2.18%
		1.87%			0.86%			0.73%			0.64%			1.17%			3.13%
		1.87%			0.77%			0.63%			0.53%			1.03%			2.68%
		41%			101%			87%			129%			175%			174%

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

Return of capital

Net realized gain

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

Ratio of expenses to average net assets prior to fees waived

Ratio of net investment income to average net assets

Ratio of net investment income to average net assets prior to fees waived

Portfolio turnover

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

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

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


Six months ended				Year ended
4/30/14¹				10/31/13			10/31/12			10/31/11			10/31/10			10/31/09
(Unaudited)

	$	13.900		$	12.880		$	11.550		$	10.480		$	7.640		$	8.220


		0.159			0.188			0.153			0.127			0.155			0.238
		0.891			1.099			1.422			1.144			2.893			(0.520	)

		1.050			1.287			1.575			1.271			3.048			(0.282	)



		(0.131	)		(0.267	)		(0.245	)		(0.201	)		(0.208	)		(0.240	)
		—			—			—			—			—			(0.058	)
		(0.439	)		—			—			—			—			—

		(0.570	)		(0.267	)		(0.245	)		(0.201	)		(0.208	)		(0.298	)


	$	14.380		$	13.900		$	12.880		$	11.550		$	10.480		$	7.640


		8.04%			10.07%			13.72%			12.27%			40.23%			(2.72%	)


	$	111,318		$	106,221		$	101,102		$	98,003		$	96,243		$	99,334
		1.09%			1.06%			1.05%			1.26%			1.28%			1.23%
		1.09%			1.06%			1.05%			1.27%			1.32%			1.58%
		2.37%			1.36%			1.23%			1.14%			1.67%			3.63%
		2.37%			1.36%			1.23%			1.13%			1.63%			3.28%
		41%			101%			87%			129%			175%			174%


Notes to financial statements
Delaware REIT Fund		April 30, 2014 (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 nondiversified 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 5.75%. Class A share purchases of $1,000,000 or more will incur a contingent deferred sales charge (CDSC) of 1.00% 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 4.00% 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 1.00%, if redeemed during the first 12 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 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 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. U.S. government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. 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.

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 for all open federal income tax years (Oct. 31, 2010–Oct. 31, 2013), 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 on April 30, 2014.

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 among 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 upon notice of the character of such distributions by the issuer. The financial statements reflect an estimate of the reclassification of the distribution character. The Fund declares and pays distributions from net investment income quarterly and net realized gain on investments, if any, annually. The Fund may distribute 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, 2014.

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, 2014.

The Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than one dollar, the

Notes to financial statements

Delaware REIT Fund

1. Significant Accounting Policies (continued)

expense paid under this arrangement is included in dividend disbursing and transfer agent fees and expenses and appears on the statement of operations with the corresponding expense offset shown as “expense paid indirectly.” For the six months ended April 30, 2014, the Fund earned $142 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.

Prior to Feb. 28, 2014, DMC had contractually agreed to waive that portion, if any, of its management fee and reimbursed the Fund to the extent necessary to ensure that total annual operating expenses (excluding any 12b-1 plan, taxes, interest, inverse floater program expenses, short sale and dividend interest expenses, brokerage fees, certain insurance costs, acquired fund fees and expenses, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations, (collectively nonroutine expenses)) did not exceed 1.25% of the Fund’s average daily net assets. For purposes of this waiver and reimbursement, nonroutine expenses may also include such additional costs and expenses as may be agreed upon from time to time by the Fund’s Board and DMC. This expense waiver and reimbursement applied 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, 2014, the Fund was charged $5,331 for these services.

DSC is also the transfer agent and dividend disbursing agent of the Fund. For these services, the Fund pays DSC fees based on the aggregate daily net assets of the retail funds within the Delaware Investments Family of Funds at the following annual rate: 0.025% of the first $20 billion; 0.020% of the next $5 billion; 0.015% of the next $5 billion; and 0.013% of average daily net assets in excess of $30 billion. This amount is included in the statement of operations as dividend disbursing and transfer agent fees and expenses. For the six months ended April 30, 2014, the amount charged by DSC was $24,287. Pursuant to a sub-transfer agency agreement between DSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Fund. Sub-transfer agency fees are passed on to and paid directly by the Fund.

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 of 0.25% 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 0.50% of the average daily net assets of the Class R shares. Institutional Class shares pay no distribution and service expenses. DDLP has contracted to waive Class B shares’ 12b-1 fees from Nov. 1, 2013 through Feb. 27, 2015* to 0.25% of average daily net assets. This waiver may only be terminated by agreement of the distributor and the Fund.

As provided in the investment management agreement, the Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to the Fund. For the six months ended April 30, 2014, the Fund was charged $3,373 for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees.

For the six months ended April 30, 2014, DDLP earned $2,993 for commissions on sales of the Fund’s Class A shares. For the six months ended April 30, 2014, DDLP received gross CDSC commissions of $86, $0, and $186 on redemptions of the Fund’s Class A, Class B, and Class C shares, respectively, and these commissions were entirely used to offset upfront 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.

* The contractual waiver period is Oct. 1, 2013 through Feb. 27, 2015.

3. Investments

For the six months ended April 30, 2014, the Fund made purchases and sales of investment securities other than short-term investments as follows:


Purchases	$	89,498,587
Sales	$	95,460,890


Cost of investments	$	215,572,459

Aggregate unrealized appreciation	$	25,845,839
Aggregate unrealized depreciation		(4,669,372	)

Net unrealized appreciation	$	21,176,467

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

Notes to financial statements

Delaware REIT Fund

3. Investments (continued)

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, exchange-traded 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)

Level 3 investments are valued using significant unobservable inputs. The Fund 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 Fund’s investments by fair value hierarchy levels as of April 30, 2014:


	Level 1		Level 2		Total
Common Stock	$	230,499,939	$	—	$	230,499,939
Short-Term Investments		—		6,248,987		6,248,987


Total	$	230,499,939	$	6,248,987	$	236,748,926

During the six months ended April 30, 2014, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to the Fund. The Fund’s policy is to recognize transfers between levels at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to net assets. At April 30, 2014, there were no Level 3 investments.

4. Capital Shares

Transactions in capital shares were as follows:


	Six months ended 4/30/14			Year ended 10/31/13
Shares sold:
Class A		575,055			1,536,686
Class B		—			328
Class C		96,289			254,572
Class R		129,974			289,140
Institutional Class		741,497			1,646,756

Shares issued upon reinvestment of dividends and distributions:
Class A		262,141			108,277
Class B		1,795			744
Class C		56,497			14,834
Class R		29,460			11,310
Institutional Class		332,787			151,935

		2,225,495			4,014,582


Shares redeemed:
Class A		(1,013,729	)		(1,509,862	)
Class B		(25,548	)		(90,700	)
Class C		(189,940	)		(321,375	)
Class R		(174,579	)		(278,395	)
Institutional Class		(976,256	)		(2,008,321	)

		(2,380,052	)		(4,208,653	)

Net decrease		(154,557	)		(194,071	)

For the six months ended April 30, 2014 and the year ended Oct. 31, 2013, 6,599 Class B shares were converted to 6,591 Class A shares valued at $90,320 and 23,638 Class B shares were converted to 23,575 Class A shares valued at $324,264, 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.

5. Line of Credit

The Fund, along with certain other funds in the Delaware Investments^® Family of Funds (Participants), was a participant in a $125,000,000 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 of 0.08%, 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. Each

Notes to financial statements

Delaware REIT Fund

5. Line of Credit (continued)

Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit under the agreement expired on Nov. 12, 2013.

On Nov. 12, 2013, the Fund, along with the other Participants, entered into an amendment to the agreement for a $225,000,000 revolving line of credit. The line of credit is to be used as described above and operates in substantially the same manner as the original agreement. The line of credit available under the agreement will expire on Nov. 10, 2014.

The Fund had no amounts outstanding as of April 30, 2014 or at any time during the period then ended.

6. Offsetting

In December 2011, the Financial Accounting Standards Board (FASB) issued guidance that expands current disclosure requirements on the offsetting of certain assets and liabilities. The new disclosures are required for investments and derivative financial instruments subject to master netting or similar agreements which are eligible for offset in the statement of assets and liabilities and require an entity to disclose both gross and net information about such investments and transactions in the financial statements. In January 2013, the FASB issued guidance that clarifies which investments and transactions are subject to the offsetting disclosure requirements. The scope of the disclosure requirements for offsetting is limited to derivative instruments, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after Jan. 1, 2013, and interim periods within those fiscal years. The Fund adopted the disclosure provisions on offsetting during the current reporting period.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund entered into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs over-the-counter (OTC) derivatives and foreign exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out) netting including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statement of assets and liabilities.

At April 30, 2014, the Fund had the following assets and liabilities subject to offsetting provisions:

Master Repurchase Agreements


		Fair Value of
		Non-Cash	Cash Collateral
Counterparty	Repurchase Agreements	Collateral Received	Received	Net Amount^(a)
Bank of America Merrill Lynch	$1,119,832	$(1,119,832)	$—	$—
Bank of Montreal	373,277	(373,277)	—	—
BNP Paribas	4,371,891	(4,371,891)	—	—
Total	$5,865,000	$(5,865,000)	$—	$—

^(a)Net represents the receivable/(payable) that would be due from/(to) the counterparty in the event of default.

7. 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: (1) 102% with respect to U.S. securities and foreign securities that are denominated and payable in U.S. dollars; and (2) 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 the 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 on any particular day may be more or less than the value of the security on loan.

Notes to financial statements

Delaware REIT Fund

7. Securities Lending (continued)

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. This could occur if an investment in the Collective Trust defaulted or if it were necessary to liquidate assets in the Collective Trust to meet returns on outstanding security loans at a time when the Collective Trust’s net asset value per unit was less than $1.00. Under those circumstances, the Fund may not receive an amount from the Collective Trust 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.

During the period ended April 30, 2014, the Fund had no securities out on loan.

8. 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.

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, 2014, there were no Rule 144A securities held by the Fund and no securities have been determined to be illiquid under the Fund’s Liquidity Procedures.

9. 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.

10. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to April 30, 2014 that would require recognition or disclosure in the Fund’s financial statements.

About the organization

This semiannual report is for the information of Delaware REIT Fund shareholders, but it may be used with prospective investors when preceded or accompanied by the Delaware Investments Fund fact sheet for the most recently completed calendar quarter. These documents are available at 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 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 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 delawareinvestments.com; and (ii) on the SEC’s website at 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.

DELAWARE POOLED^® TRUST

/s/ PATRICK P. COYNE
By:	Patrick P. Coyne
Title:	Chief Executive Officer
Date:	July 2, 2014

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, 2014

/s/ RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	July 2, 2014

Board of trustees

Patrick P. Coyne

Joseph W. Chow

Lucinda S. Landreth

Thomas K. Whitford

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

Thomas L. Bennett
Private Investor
Rosemont, PA

Former Executive Vice
President
State Street Corporation
Brookline, MA

John A. Fry
President
Drexel University
Philadelphia, PA

Former Chief Investment
Officer
Assurant, Inc.
Philadelphia, PA

Frances A.
Sevilla-Sacasa
Chief Executive Officer
Banco Itaú
International
Miami, FL

Former Vice Chairman
PNC Financial Services Group
Pittsburgh, PA

Janet L. Yeomans
Former Vice President
and Treasurer
3M Corporation
St. Paul, MN

J. Richard Zecher
Founder
Investor Analytics
Scottsdale, AZ