Delaware Pooled® Trust Portfolios

U.S. Growth Equity Portfolios

U.S. Value Equity Portfolios

International Equity Portfolios

U.S. Fixed Income Portfolios

*Proposed reorganization

On May 19, 2016, the Board of Trustees of the Trust approved the submission of an Agreement and Plan of Reorganization to shareholders of The Large-Cap Growth Equity Portfolio, The Focus Smid-Cap Growth Equity Portfolio, and The Select 20 Portfolio (each an “Acquired Fund” and together, the “Acquired Funds”) providing for the reorganization of the Acquired Funds with and into Jackson Square Large-Cap Growth Fund, Jackson Square SMID-Cap Growth Fund, and Jackson Square Select 20 Growth Fund (each an “Acquiring Fund” and together, the “Acquiring Funds”), respectively (the “Reorganization”). Each Acquiring Fund is a series of Managed Portfolio Series administered by US Bancorp Fund Services, LLC. Jackson Square Partners, LLC (“JSP”), currently the sub-advisor to the Acquired Funds, is the investment advisor to the Acquiring Funds.

The Reorganization is subject to the approval of the shareholders of each Acquired Fund and is intended to be a tax-free transaction. On the date of the Reorganization, each Acquired Fund will exchange all of its assets at net asset value for shares of the corresponding Acquiring Fund. Shareholders of each Acquired Fund will receive shares of the corresponding Acquiring Fund with a value equal to the net asset value of their ownership interests in the Acquired Fund at the date of the Reorganization. More information about the proposed Reorganization will be provided to shareholders in the proxy materials. If approved by shareholders of the Acquired Funds, the Reorganization is expected to occur in the third quarter of 2016.

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 their summary prospectuses, which may be obtained by clicking here or calling 800 231-8002. Investors should read the prospectus and the summary prospectus carefully before investing.

Investing involves risk, including the possible loss of principal.

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

(16765) 6/16