I would think, that EACH of your children, will have a different set of separate invitations, to give to THEIR friends... hence, the kids that attend, will be coming for that child, and/or bringing a b-day gift for THAT child.
I would not, in other words, send out invitations and have both children on the invitation and it being given out to both of your children's group/class of friends.
That way, the invited will not "think" they have to bring gifts for BOTH of your children.
And it is 2 different groups of kids, anyway.
But once the invited get there, they will see that the other sibling is having a party, too.
RSVP deadlines, HAVE to be, listed on the invitation.
Say, that you need a headcount, for the swim school. Because, they need to have on hand, enough, Life Guards.
Say on the invitation, that you need to know, who can or cannot attend.
Because, typically, those who cannot attend a party, may not even bother replying back with an RSVP.
AND, per the ages of the children, you ALSO need to specify ON the invitation... IF parents are allowed to attend or if it is just a drop-off, party.
Because it is a pool party, and some kids may not even know how to swim, and given the age of the children, MOST parents, will want to be there too... or know what other Adults of your family, will be there to watch the children. ie: to the bathroom, to anywhere on those premises, etc. How will they ALL, be adequately, supervised... beyond just the pool area?????
You are inviting a lot... of kids. Both classes from both your kids. And, it is a pool, party. What a doozy.