The Core Focus Fixed Income Portfolio (Closed to new investors)*


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 (MBS), asset-backed securities (ABS), corporate bonds, and other fixed income securities.

Under normal circumstances, the Portfolio will invest at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities (80% Policy). The Portfolio's 80% Policy may be changed without shareholder approval. However, shareholders will be given notice at least 60 days prior to any such change.

The Portfolio will invest principally in debt obligations issued or guaranteed by the U.S. government and by U.S. corporations. The U.S. government securities in which the Portfolio may invest include a variety of securities that are issued or guaranteed as to the payment of principal and interest by the U.S. government, and by various agencies or instrumentalities that have been established or sponsored by the U.S. government. The corporate debt obligations in which the Portfolio may invest include, but are not limited to, bonds, notes, debentures, and commercial paper of U.S. companies.

The Portfolio's assets may also be invested in MBS issued or guaranteed by the U.S. government, its agencies, or instrumentalities or by government-sponsored corporations. Other MBS in which the Portfolio may invest are issued by certain private, nongovernment entities. Subject to quality limitations, the Portfolio may also invest in securities that are backed by assets such as receivables on home equity and credit card loans, automobile, mobile home, recreational vehicle and other loans, wholesale dealer floor plans, and leases.

All securities purchased by the Portfolio will have an investment grade rating at the time of purchase. Investment grade fixed income obligations will be those rated BBB- or better by Standard & Poor's (S&P) or Baa3 or better by Moody's Investors Service, Inc. (Moody’s) or those that we deem to be of comparable quality. To the extent that the rating of a debt obligation held by the Portfolio falls below BBB- or Baa3, the Portfolio, as soon as practicable, will dispose of the security, unless such disposal would be detrimental to the Portfolio in light of market conditions.

The Portfolio may invest up to 20% of its assets in foreign securities. The Portfolio intends to invest its foreign assets primarily in fixed income securities of issuers organized or having a majority of their assets or deriving a majority of their operating income in foreign countries. These fixed income securities include foreign government securities, debt obligations of foreign companies, and securities issued by supranational entities. The Portfolio may invest in securities issued in any currency and may hold foreign currencies. Presently, the Portfolio intends to invest its foreign assets primarily in U.S. dollar-denominated fixed income securities in a manner consistent with the foreign securities weighting in the Portfolio’s benchmark, the Barclays Capital U.S. Aggregate Index.

The Portfolio will typically have an average effective maturity of between 3 and 10 years. Short- and intermediate-term debt securities (under 10 years) will form the core of the Portfolio. Long-term bonds (over 10 years) may be purchased when we believe they will enhance return without significantly increasing risk. Average effective maturity may exceed the above range when opportunities for enhanced returns exceed risk.

The Portfolio may hold a substantial portion of its assets in cash or short-term fixed income obligations in unusual market conditions to meet redemption requests, for temporary defensive purposes, and pending investments. The Portfolio may also use a wide range of derivative instruments, typically including options, futures contracts, options on futures contracts, and swaps. The Portfolio will use derivatives for both hedging and nonhedging purposes. For example, the Portfolio may invest in: futures and options to manage duration and for defensive purposes, such as to protect gains or hedge against potential losses in the portfolio without actually selling a security, or to stay fully invested; forward foreign currency contracts to manage foreign currency exposure; interest rate swaps to neutralize the impact of interest rate changes; credit default swaps to hedge against bond defaults, to manage credit exposure or to enhance total return; and index swaps to enhance return or to affect diversification. The Portfolio will not use derivatives for reasons inconsistent with its investment objective.

Portfolio information
Inception date06/30/2004
Dividends paid (if any)Annually
Capital gains paid (if any)December
Portfolio identifiers
Investment minimums
Initial investment**$1,000,000
Subsequent InvestmentsNo minimum

**In the aggregate across all Portfolios of the Delaware Pooled Trust.

The performance quoted 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.

Total returns may reflect waivers and/or expense reimbursements by the manager and/or distributor for some or all of the periods shown. Performance would have been lower without such waivers and reimbursements.

Average annual total return as of month-end (09/30/2014)
YTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)4.25%4.10%2.55%4.63%4.67%4.88%06/30/2004
Barclays U.S. Aggregate Index4.10%3.96%2.43%4.12%4.62%n/a
Average annual total return as of quarter-end (09/30/2014)
QTDYTD1 year3 year5 year10 yearLifetimeInception date
NAV (view definition)0.11%4.25%4.10%2.55%4.63%4.67%4.88%06/30/2004
Barclays U.S. Aggregate Index0.17%4.10%3.96%2.43%4.12%4.62%n/a

Returns for less than one year are not annualized.

Expense ratio

Net expense ratio reflects contractual waivers and/or expense reimbursements from Feb. 27, 2014 to Feb. 27, 2015. Please see the fee table in the Portfolio's prospectus for more information.

Quarterly total returns @ NAV
Year1st quarter2nd quarter3rd quarter4th quarterAnnual return
Portfolio characteristics - as of 09/30/2014
Share assets$6.9 million
Number of holdings363
Effective maturity (weighted average) (view definition)7.32 years
Effective duration (weighted average) (view definition)5.27 years
Annualized standard deviation, 3 years (view definition)3.10
SEC 30-day yield with waiver (view definition)n/a
SEC 30-day yield without waiver (view definition)n/a
Portfolio turnover (last fiscal year)526%
Top 10 holdings as of 09/30/2014
Holdings are as of the date indicated and subject to change.
List excludes cash and cash equivalents.
Holding% of portfolio
United States Treasury Floating Rate Note 0.084 4/30/201617.7%
United States Treasury Note/Bond 2.375 8/15/20249.1%
United States Treasury Note/Bond 1.750 9/30/20193.9%
United States Treasury Note/Bond 3.125 8/15/20441.2%
FNCI AB46731.1%
Total % Portfolio in Top 10 holdings45.0%

Holdings are as of the date indicated and subject to change.

Top sectors as of 09/30/2014
List excludes cash and cash equivalents.
Sector% of portfolio
Investment grade credits34.2%
U.S. Treasury securities31.9%
MBS and CMOs24.1%
Commercial mortgage-backed securities4.6%
Asset-backed securities1.0%
Agency bonds0.2%

List excludes cash and cash equivalents.

Distribution history - annual distributions (Original Class)1,2
Distributions ($ per share)
YearCapital gains3Net investment

1If a Portfolio makes a distribution from any source other than net income, it is required to provide shareholders with a notice disclosing the source of such distribution (each a "Notice"). The amounts and sources of distributions reported above and in each Notice are only estimates and are not provided for tax reporting purposes. Each Portfolio will send each shareholder a Form 1099 DIV for the calendar year that will provide definitive information on how to report the Portfolio's distributions for federal income tax purposes. The information in the table above will not be updated to reflect any subsequent recharacterization of dividends and distributions. Click here to see recent Notices pertaining to the Portfolio (if any).

2Information on return of capital distributions is only provided from June 1, 2014 onward.

3Includes both short- and long-term capital gains.

Thomas Chow

Thomas H. Chow, CFA

Senior Vice President, Chief Investment Officer — Corporate Credit

Start date on the Fund: May 2007

Years of industry experience: 26

(View bio)

Craig Dembeck

Craig C. Dembek, CFA

Senior Vice President, Co-Head of Credit Research, Senior Research Analyst

Start date on the Fund: December 2012

Years of industry experience: 20

(View bio)

Roger Early

Roger Early, CPA, CFA, CFP

Senior Vice President, Co-Chief Investment Officer — Total Return Fixed Income Strategy

Start date on the Fund: May 2007

Years of industry experience: 38

(View bio)

Paul Grillo

Paul Grillo, CFA

Senior Vice President, Co-Chief Investment Officer — Total Return Fixed Income Strategy

Start date on the Fund: June 2004

Years of industry experience: 33

(View bio)

John McCarthy

John P. McCarthy, CFA

Senior Vice President, Co-Head of Credit Research, Senior Research Analyst

Start date on the Fund: December 2012

Years of industry experience: 27

(View bio)

Brian McDonnell

Brian C. McDonnell, CFA

Senior Vice President, Senior Portfolio Manager, Senior Structured Products Analyst, Trader

Start date on the Fund: February 2014

Years of industry experience: 25

(View bio)

Christopher Testa

Christopher M. Testa, CFA

Senior Vice President, Senior Portfolio Manager

Start date on the Fund: June 2014

Years of industry experience: 28

(View bio)

The following table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio.

Shareholder fees
Maximum sales charge (load) imposed on purchases as a percentage of offering pricenone
Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lowernone
Purchase reimbursement feesnone
Redemption reimbursement feesnone
Annual portfolio operating expenses
Management fees0.40%
Distribution and service (12b-1) feesnone
Other expenses1.29%
Total annual portfolio operating expenses1.69%
Fee waivers and expense reimbursements(1.26%)
Total annual portfolio operating expenses after fee waivers and expense reimbursements0.43%

1The Portfolio’s investment manager, Delaware Management Company (Manager), is contractually waiving its investment advisory fees and/or paying Portfolio expenses (excluding any 12b-1 fees, taxes, interest, 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) to the extent necessary to prevent total annual Portfolio operating expenses from exceeding 0.43% of the Portfolio's average daily net assets from Feb. 27, 2014 through Feb. 27, 2015. These waivers and reimbursements may only be terminated by agreement of the Manager and the Portfolio.

*On Aug. 20, 2014, the Board of Trustees responsible for The Core Focus Fixed Income Portfolio voted and approved a proposal to liquidate and dissolve the Portfolio. The liquidation and dissolution is expected to take effect on or before Oct. 31, 2014. Effective Aug. 21, 2014, the Portfolio will be closed to new investors. The Portfolio will continue to accept purchases from existing shareholders (including reinvested dividends or capital gains) until five business day before the liquidation date. Please read the prospectus and related supplement dated Aug. 21, 2014 for more information concerning this event.

Carefully consider the Portfolio's investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Portfolio's prospectus, if available, its summary prospectus, which may be obtained by clicking the prospectus link located in the right-hand sidebar or calling 800 231-8002. Investors should read the prospectus, and, if available, the summary prospectus carefully before investing.

Investing involves risk, including the possible loss of principal.

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

Interest payments on inflation-indexed debt securities will vary as the principal and/or interest is adjusted for inflation.

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.

The Portfolio may experience portfolio turnover in excess of 100%, which could result in higher transaction costs and tax liability.

Per Standard & Poor’s credit rating agency, bonds rated below AAA, including A, are more susceptible to the adverse effects of changes in circumstances and economic conditions than those in higher-rated categories, but the obligor’s capacity to meet its financial commitment on the obligation is still strong. Bonds rated BBB exhibit adequate protection parameters, although adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitments. Bonds rated BB, B, and CCC are regarded as having significant speculative characteristics with BB indicating the least degree of speculation.

Delaware Investments 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.

The Portfolio is distributed by Delaware Distributors L.P., an affiliate of Delaware Management Holdings, Inc., and Macquarie Group Limited.

Not FDIC Insured | No Bank Guarantee | May Lose Value

Fund Finder

Daily pricing (as of 10/20/2014)

Original ClassPriceNet changeYTD
Max offer price$9.47n/an/a

Total net assets (as of 09/30/2014)

$6.9 million all share classes

Lipper ranking (as of 09/30/2014)

YTD ranking196 / 534
1 year294 / 530
3 years327 / 470
5 years206 / 414
10 years101 / 291
Lipper classificationCore Bond Funds

(View Lipper disclosure)

Benchmark, peer group

Barclays U.S. Aggregate Index (view)

Lipper Core Bond Funds Average (view)

Additional information