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

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number:		811-06322

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

Address of principal executive offices:		610 Market Street
		Philadelphia, PA 19106

Name and address of agent for service:		David F. Connor, Esq.
		610 Market Street
		Philadelphia, PA 19106

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

Date of fiscal year end:		October 31

Date of reporting period:		April 30, 2021

Table of Contents

Item 1. Reports to Stockholders

Semiannual report

Macquarie Institutional Portfolios (registered as Delaware Pooled^®Trust)

US equities

Macquarie Large Cap Value Portfolio

US fixed income

Macquarie Core Plus Bond Portfolio

Macquarie High Yield Bond Portfolio

International equities

Macquarie Emerging Markets Portfolio

Macquarie Emerging Markets Portfolio II

Macquarie Labor Select International Equity Portfolio

April 30, 2021

Beginning on or about June 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your Portfolio’s shareholder reports will no longer be sent to you by mail, unless you specifically request them from the Portfolio or from your financial intermediary, such as a broker/dealer, bank, or insurance company. Instead, you will be notified by mail each time a report is posted on the website and provided with a link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to take any action.

You may elect to receive paper copies of all future shareholder reports free of charge. You can inform the Portfolio that you wish to continue receiving paper copies of your shareholder reports by contacting us at 800 231-8002. If you own these shares through a financial intermediary, you may contact your financial intermediary to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with Macquarie Institutional Portfolios or your financial intermediary.

Table of Contents

Table of contents

Disclosure of Portfolio expenses		1

Security type / sector / country allocations and top 10 equity holdings		3
Schedules of investments		9
Statements of assets and liabilities		44
Statements of operations		46
Statements of changes in net assets		48
Financial highlights		50
Notes to financial statements		56

Macquarie Institutional Portfolios

Macquarie Institutional Portfolios (registered as Delaware Pooled^®Trust) are designed exclusively for institutional investors and high net worth individuals. Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT), serves as investment advisor for the Portfolios. Mondrian Investment Partners Limited serves as investment sub-advisor for Macquarie Emerging Markets Portfolio* and Macquarie Labor Select International Equity Portfolio.

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. Performance data current to the most recent month end may be obtained by calling 800 231-8002 or visiting macquarieim.com/mipliterature. Carefully consider the Portfolios’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Portfolios’ prospectus which may be obtained by visiting macquarieim.com/mipliterature or calling 800 231-8002. Investors should read the prospectus carefully before investing. Performance includes reinvestment of all distributions.

The 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 MIMBT, which is a registered investment advisor.

Macquarie Institutional Portfolios are designed exclusively for institutional investors and high net worth individuals. Macquarie Institutional Portfolios are distributed by Delaware Distributors, L.P., an affiliate of Macquarie Investment Management Business Trust (MIMBT), Macquarie Management Holdings, Inc., and Macquarie Group Limited. Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group Limited and its subsidiaries and affiliates worldwide. Institutional investment management is provided by Macquarie Investment Management Advisers (MIMA), a series of MIMBT. MIMBT is a US registered investment advisor, and may not be able to provide investment advisory services to certain clients in certain jurisdictions.

Other than Macquarie Bank Limited (MBL), none of the entities noted are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise.

The Portfolios are governed by US laws and regulations.

*Closed to new investors.

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

Table of Contents

Disclosure of Portfolio expenses
For the six-month period from November 1, 2020 to April 30, 2021 (Unaudited)

As a shareholder of a Portfolio, you incur two types of costs: (1) transaction costs, including reimbursement fees on Macquarie 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 November 1, 2020 to April 30, 2021.

Actual Expenses

The first section of the tables 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 this period.

Hypothetical Example for Comparison Purposes

The second section of the tables 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 each Portfolio 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 tables are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second section of each 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 and 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).

Macquarie Large Cap Value Portfolio
Expense analysis of an investment of $1,000

						Expenses
						Paid
	Beginning		Ending			During
	Account		Account		Annualized	Period
	Value		Value		Expense	11/1/20 to
	11/1/20		4/30/21		Ratio	4/30/21
Actual Portfolio return^†
Portfolio Class	$	1,000.00	$	1,329.60	0.70%		$	4.04
Hypothetical 5% return (5% return before expenses)
Portfolio Class	$	1,000.00	$	1,021.32	0.70%		$	3.51

Macquarie Core Plus Bond Portfolio
Expense analysis of an investment of $1,000

						Expenses
						Paid
	Beginning		Ending			During
	Account		Account		Annualized	Period
	Value		Value		Expense	11/1/20 to
	11/1/20		4/30/21		Ratio	4/30/21
Actual Portfolio return^†
Portfolio Class	$	1,000.00	$	1,012.60	0.45%		$	2.25
Hypothetical 5% return (5% return before expenses)
Portfolio Class	$	1,000.00	$	1,022.56	0.45%		$	2.26

Table of Contents

Disclosure of Portfolio expenses

Macquarie High Yield Bond Portfolio
Expense analysis of an investment of $1,000

						Expenses
						Paid
	Beginning		Ending			During
	Account		Account		Annualized	Period
	Value		Value		Expense	11/1/20 to
	11/1/20		4/30/21		Ratio	4/30/21
Actual Portfolio return^†
Portfolio Class	$	1,000.00	$	1,072.70	0.59%		$	3.03
Hypothetical 5% return (5% return before expenses)
Portfolio Class	$	1,000.00	$	1,021.87	0.59%		$	2.96

Macquarie Emerging Markets Portfolio
Expense analysis of an investment of $1,000

						Expenses
						Paid
	Beginning		Ending			During
	Account		Account		Annualized	Period
	Value		Value		Expense	11/1/20 to
	11/1/20		4/30/21		Ratio	4/30/21
Actual Portfolio return^†
Portfolio Class	$	1,000.00	$	1,237.70	1.26%		$	6.99
Hypothetical 5% return (5% return before expenses)
Portfolio Class	$	1,000.00	$	1,018.55	1.26%		$	6.31

Macquarie Emerging Markets Portfolio II
Expense analysis of an investment of $1,000

						Expenses
						Paid
	Beginning		Ending			During
	Account		Account		Annualized	Period
	Value		Value		Expense	11/1/20 to
	11/1/20		4/30/21		Ratio	4/30/21
Actual Portfolio return^†
Portfolio Class	$	1,000.00	$	1,247.50	1.20%		$	6.69
Hypothetical 5% return (5% return before expenses)
Portfolio Class	$	1,000.00	$	1,018.84	1.20%		$	6.01

Macquarie Labor Select International Equity Portfolio
Expense analysis of an investment of $1,000

						Expenses
						Paid
	Beginning		Ending			During
	Account		Account		Annualized	Period
	Value		Value		Expense	11/1/20 to
	11/1/20		4/30/21		Ratio	4/30/21
Actual Portfolio return^†
Portfolio Class	$	1,000.00	$	1,327.30	0.91%		$	5.25
Hypothetical 5% return (5% return before expenses)
Portfolio Class	$	1,000.00	$	1,020.28	0.91%		$	4.56

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

In addition to the Portfolios’ expenses reflected above, each Portfolio also indirectly bears its portion of the fees and expenses of the investment companies (Underlying Funds) in which it invests. The tables above do not reflect the expenses of the Underlying Funds.

Table of Contents

Security type / sector allocations and top 10 equity holdings
Macquarie Institutional Portfolios — Macquarie Large Cap Value Portfolio

As of April 30, 2021 (Unaudited)

Sector designations may be different from 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 from another Portfolio’s sector designations.

	Percentage
Security type / sector	of net assets
Common Stock		98.76	%
Communication Services		8.53	%
Consumer Discretionary		9.04	%
Consumer Staples		5.90	%
Energy		2.68	%
Financials		16.87	%
Healthcare		16.98	%
Industrials		12.47	%
Information Technology		17.38	%
Materials		3.00	%
Real Estate		3.05	%
Utilities		2.86	%
Short-Term Investments		1.36	%
Total Value of Securities		100.12	%
Liabilities Net of Receivables and Other Assets		(0.12	%)
Total Net Assets		100.00	%

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

	Percentage
Top 10 equity holdings	of net assets
Discover Financial Services		3.76	%
American International Group		3.43	%
Raytheon Technologies		3.31	%
Caterpillar		3.31	%
MetLife		3.29	%
Cigna		3.27	%
Truist Financial		3.23	%
Lowe’s		3.18	%
US Bancorp		3.16	%
Archer-Daniels-Midland		3.09	%

Table of Contents

Security type / sector allocations
Macquarie Institutional Portfolios — Macquarie Core Plus Bond Portfolio

As of April 30, 2021 (Unaudited)

	Percentage
Security type / sector	of net assets
Agency Collateralized Mortgage Obligations		2.56	%
Agency Commercial Mortgage-Backed Securities		0.72	%
Agency Mortgage-Backed Securities		20.42	%
Collateralized Debt Obligations		1.84	%
Corporate Bonds		36.85	%
Banking		7.70	%
Basic Industry		2.36	%
Brokerage		0.54	%
Capital Goods		0.83	%
Communications		7.43	%
Consumer Cyclical		1.76	%
Consumer Non-Cyclical		2.76	%
Electric		3.01	%
Energy		5.41	%
Finance Companies		1.11	%
Insurance		0.23	%
REITs		0.54	%
Technology		1.24	%
Transportation		1.71	%
Utilities		0.22	%
Municipal Bonds		0.02	%
Non-Agency Asset-Backed Securities		1.67	%
Non-Agency Collateralized Mortgage Obligations		1.82	%
Non-Agency Commercial Mortgage-Backed Securities		8.75	%
Loan Agreements		4.33	%
Sovereign Bonds		2.67	%
Supranational Bank		0.27	%
US Treasury Obligations		14.65	%
Short-Term Investments		7.58	%
Total Value of Securities		104.15	%
Liabilities Net of Receivables and Other Assets		(4.15	%)
Total Net Assets		100.00	%

Table of Contents

Security type / sector allocations
Macquarie Institutional Portfolios — Macquarie High Yield Bond Portfolio

As of April 30, 2021 (Unaudited)

	Percentage
Security type / sector	of net assets
Corporate Bonds		85.08	%
Automotive		2.88	%
Banking		2.61	%
Basic Industry		9.01	%
Capital Goods		5.29	%
Communications		7.51	%
Consumer Cyclical		9.39	%
Consumer Non-Cyclical		3.12	%
Energy		11.84	%
Financial Services		4.16	%
Healthcare		7.03	%
Insurance		1.08	%
Media		7.17	%
Real Estate		0.74	%
Services		4.35	%
Technology & Electronics		5.09	%
Transportation		2.49	%
Utilities		1.32	%
Loan Agreements		9.72	%
Common Stock		0.00	%
Short-Term Investments		6.20	%
Total Value of Securities		101.00	%
Liabilities Net of Receivables and Other Assets		(1.00	%)
Total Net Assets		100.00	%

Table of Contents

Security type / country and sector allocations
Macquarie Institutional Portfolios — Macquarie Emerging Markets Portfolio

As of April 30, 2021 (Unaudited)

Sector designations may be different from 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 from another Portfolio’s sector designations.

	Percentage
Security type / country	of net assets
Common Stock by Country		95.56	%
Brazil		3.74	%
Canada		1.19	%
China		42.32	%
Hong Kong		2.01	%
India		9.91	%
Indonesia		1.53	%
Mexico		1.05	%
Peru		1.03	%
Republic of Korea		7.73	%
Russia		2.38	%
Taiwan		17.93	%
United Kingdom		4.74	%
Preferred Stock		3.50	%
Short-Term Investments		1.02	%
Total Value of Securities		100.08	%
Liabilities Net of Receivables and Other Assets		(0.08	%)
Total Net Assets		100.00	%

	Percentage
Common stock and preferred stock by sector	of net assets
Communication Services		13.79	%
Consumer Discretionary		10.11	%
Consumer Staples		7.19	%
Energy		4.38	%
Financials		20.62	%
Healthcare		6.81	%
Information Technology*		28.94	%
Materials		7.22	%
Total		99.06	%

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 subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Information Technology sector consisted of Computers, Electrical Component and Equipment, Electronics, Energy-Alternate Sources, Semiconductors, and Software. As of April 30, 2021, such amounts, as a percentage of total net assets were 1.63%, 1.80%, 3.57%, 1.31%, 18.16%, and 2.47%, 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%.

Table of Contents

Security type / country and sector allocations
Macquarie Institutional Portfolios — Macquarie Emerging Markets Portfolio II

As of April 30, 2021 (Unaudited)

	Percentage
Security type / country	of net assets
Common Stock by Country		98.18	%
Argentina		0.05	%
Bahrain		0.02	%
Brazil		5.49	%
Chile		0.45	%
China		30.93	%
India		10.55	%
Indonesia		1.74	%
Malaysia		0.05	%
Mexico		3.13	%
Peru		0.32	%
Republic of Korea		19.82	%
Russia		5.03	%
South Africa		0.81	%
Taiwan		17.66	%
Turkey		0.57	%
United States		1.56	%
Preferred Stock		0.91	%
Rights		0.00	%
Short-Term Investments		0.29	%
Total Value of Securities		99.38	%
Receivables and Other Assets Net of
Liabilities		0.62	%
Total Net Assets		100.00	%

	Percentage
Common stock and preferred stock by sector	of net assets
Communication Services		17.10	%
Consumer Discretionary		14.74	%
Consumer Staples		11.67	%
Energy		10.50	%
Financials		6.50	%
Healthcare		0.51	%
Industrials		0.08	%
Information Technology*		35.05	%
Materials		2.46	%
Real Estate		0.13	%
Utilities		0.35	%
Total		99.09	%

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 subdivided into variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Information Technology sector consisted of Computers, Electronics, Electronic Components-Semiconductors, Internet, Media, Semiconductor Components-Integrated Circuits, and Software. As of April 30, 2021, such amounts, as a percentage of total net assets were 0.99%, 1.78%, 9.69%, 0.02%, 21.29%, 9.47%, and 1.02%, 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%.

Table of Contents

Security type / country and sector allocations
Macquarie Institutional Portfolios — Macquarie Labor Select International Equity Portfolio

As of April 30, 2021 (Unaudited)

	Percentage
Security type / country	of net assets
Common Stock by Country		97.31	%
Australia		0.45	%
China/Hong Kong		4.71	%
Denmark		1.48	%
France		8.72	%
Germany		6.05	%
Italy		4.68	%
Japan		28.12	%
Singapore		4.68	%
Spain		5.43	%
Sweden		2.67	%
Switzerland		4.38	%
United Kingdom		25.94	%
Preferred Stock		0.82	%
Short-Term Investments		0.52	%
Total Value of Securities		98.65	%
Receivables and Other Assets Net of
Liabilities		1.35	%
Total Net Assets		100.00	%

	Percentage
Common stock and preferred stock by sector	of net assets
Communication Services		8.90	%
Consumer Discretionary		13.67	%
Consumer Staples		6.49	%
Energy		6.42	%
Financials		16.81	%
Healthcare		12.77	%
Industrials		15.01	%
Information Technology		7.30	%
Materials		2.88	%
Utilities		7.88	%
Total		98.13	%

Table of Contents

Schedules of investments
Macquarie Institutional Portfolios — Macquarie Large Cap Value Portfolio

April 30, 2021 (Unaudited)

		Number of
		shares	Value (US $)
Common Stock – 98.76%
Communication Services – 8.53%
	Comcast Class A	27,016	$	1,516,948
	Verizon
	Communications	24,600		1,421,634
	Walt Disney †	7,436		1,383,245
				4,321,827
Consumer Discretionary – 9.04%
	Dollar General	6,769		1,453,643
	Dollar Tree †	13,200		1,516,680
	Lowe’s	8,200		1,609,250
				4,579,573
Consumer Staples – 5.90%
	Archer-Daniels-Midland	24,800		1,565,624
	Conagra Brands	37,296		1,383,309
	Mondelez International
	Class A	642		39,040
				2,987,973
Energy – 2.68%
	ConocoPhillips	26,578		1,359,199
				1,359,199
Financials – 16.87%
	American International
	Group	35,900		1,739,355
	Discover Financial
	Services	16,700		1,903,800
	MetLife	26,164		1,664,815
	Truist Financial	27,600		1,636,956
	US Bancorp	27,000		1,602,450
				8,547,376
Healthcare – 16.98%
	Cardinal Health	25,500		1,538,670
	Cigna	6,653		1,656,664
	CVS Health	20,100		1,535,640
	Johnson & Johnson	7,900		1,285,567
	Merck & Co.	18,700		1,393,150
	Viatris †	89,710		1,193,143
				8,602,834
Industrials – 12.47%
	Caterpillar	7,354		1,677,521
	Honeywell International	6,284		1,401,583
	Northrop Grumman	4,400		1,559,536
	Raytheon Technologies	20,177		1,679,534
				6,318,174
Information Technology – 17.38%
	Broadcom	3,100		1,414,220
	Cisco Systems	29,700		1,512,027
	Cognizant Technology
	Solutions Class A	17,725		1,425,090
	Fidelity National
	Information Services	10,056		1,537,562
	Motorola Solutions	7,500		1,412,250
	Oracle	19,900		1,508,221
				8,809,370
Materials – 3.00%
	DuPont de Nemours	19,709		1,519,761
				1,519,761
Real Estate – 3.05%
	Equity Residential	20,850		1,547,695
				1,547,695
Utilities – 2.86%
	Edison International	24,400		1,450,580
				1,450,580
Total Common Stock
	(cost $38,944,417)			50,044,362

Short-Term Investments – 1.36%
Money Market Mutual Funds – 1.36%
	BlackRock FedFund –
	Institutional Shares
	(seven-day effective
	yield 0.03%)	171,924		171,924
	Fidelity Investments
	Money Market
	Government Portfolio
	– Class I (seven-day
	effective yield 0.01%)	171,925		171,925
	GS Financial Square
	Government Fund –
	Institutional Shares
	(seven-day effective
	yield 0.03%)	171,925		171,925
	Morgan Stanley
	Government Portfolio
	– Institutional Share
	Class (seven-day
	effective yield 0.00%)	171,925		171,925
Total Short-Term Investments
	(cost $687,699)			687,699
Total Value of
	Securities–100.12%
	(cost $39,632,116)		$	50,732,061

†	Non-income producing security.

Table of Contents

Schedules of investments
Macquarie Institutional Portfolios — Macquarie Large Cap Value Portfolio

Summary of abbreviations:
GS – Goldman Sachs

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

Table of Contents

Macquarie Institutional Portfolios — Macquarie Core Plus Bond Portfolio

April 30, 2021 (Unaudited)

			Principal
			amount^°	Value (US $)
Agency Collateralized Mortgage Obligations – 2.56%
	Fannie Mae Connecticut
		Avenue Securities
		Series 2017-C04 2M2
		2.956% (LIBOR01M
		+ 2.85%) 11/25/29 ●	76,801	$	78,601
		Series 2018-C02 2M2
		2.306% (LIBOR01M
		+ 2.20%, Floor
		2.20%) 8/25/30 ●	77,532		78,443
		Series 2018-C03 1M2
		2.256% (LIBOR01M
		+ 2.15%, Floor
		2.15%) 10/25/30 ●	124,283		125,680
		Series 2018-C05 1M2
		2.456% (LIBOR01M
		+ 2.35%, Floor
		2.35%) 1/25/31 ●	97,385		98,737
	Fannie Mae REMIC Trust
		Series 2004-W11 1A2
		6.50% 5/25/44	11,609		13,666
	Fannie Mae REMICs
		Series 2011-118 DC
		4.00% 11/25/41	96,514		103,731
	Freddie Mac REMICs
		Series 4676 KZ
		2.50% 7/15/45	55,253		56,959
	Freddie Mac Structured
		Agency Credit Risk
		Debt Notes
		Series 2017-DNA1 M2
		3.356% (LIBOR01M
		+ 3.25%, Floor
		3.25%) 7/25/29 ●	237,089		246,141
		Series 2017-DNA3 M2
		2.606% (LIBOR01M
		+ 2.50%) 3/25/30 ●	500,000		511,338
		Series 2018-HQA1 M2
		2.406% (LIBOR01M
		+ 2.30%) 9/25/30 ●	144,438		145,887
	Freddie Mac Structured
		Agency Credit Risk
		REMIC Trust
		Series 2019-HQA4 M2
		144A 2.156%
		(LIBOR01M + 2.05%)
		11/25/49 #, ●	290,160		290,601
		Series 2020-DNA6 M2
		144A 2.01% (SOFR +
		2.00%) 12/25/50 #, ●	400,000		400,482
		Series 2021-DNA1 M2
		144A 1.81% (SOFR +
		1.80%) 1/25/51 #, ●	800,000		799,753
	Freddie Mac Structured
		Agency Credit Risk
		REMIC Trust
		Series 2021-DNA3 M2
		144A 2.11% (SOFR +
		2.10%) 10/25/33 #, ●	270,000		273,894
		Series 2021-HQA1 M2
		144A 2.26% (SOFR +
		2.25%) 8/25/33 #, ●	800,000		806,018
Total Agency Collateralized Mortgage
	Obligations
	(cost $3,977,870)				4,029,931

Agency Commercial Mortgage-Backed Securities – 0.72%
	FREMF Mortgage Trust
		Series 2011-K15 B
		144A 5.137%
		8/25/44 #, ●	150,000		151,002
		Series 2012-K22 B
		144A 3.811%
		8/25/45 #, ●	60,000		62,200
		Series 2013-K25 C
		144A 3.744%
		11/25/45 #, ●	280,000		290,565
		Series 2014-K717 B
		144A 3.738%
		11/25/47 #, ●	90,000		90,878
		Series 2014-K717 C
		144A 3.738%
		11/25/47 #, ●	40,000		40,419
		Series 2016-K53 B
		144A 4.158%
		3/25/49 #, ●	15,000		16,561
		Series 2016-K722 B
		144A 3.978%
		7/25/49 #, ●	370,000		391,092
		Series 2017-K71 B
		144A 3.881%
		11/25/50 #, ●	80,000		86,733
Total Agency Commercial Mortgage-
	Backed Securities
	(cost $1,097,244)				1,129,450

Agency Mortgage-Backed Securities – 20.42%
	Fannie Mae
		3.00% 2/1/57	173,682		188,799
	Fannie Mae S.F. 15 yr
		2.00% 3/1/36	830,573		860,698
	Fannie Mae S.F. 20 yr
		2.00% 3/1/41	380,907		389,150
		2.00% 4/1/41	171,462		174,358
		2.00% 5/1/41	301,000		305,651

Table of Contents

Schedules of investments
Macquarie Institutional Portfolios — Macquarie Core Plus Bond Portfolio

			Principal
			amount^°	Value (US $)
Agency Mortgage-Backed Securities (continued)
	Fannie Mae S.F. 30 yr
		2.00% 11/1/50	493,886	$	501,259
		2.00% 12/1/50	824,735		834,250
		2.00% 1/1/51	776,004		784,416
		2.00% 2/1/51	546,624		552,986
		2.00% 3/1/51	791,258		799,587
		2.50% 11/1/50	1,131,684		1,175,325
		2.50% 1/1/51	486,228		504,931
		2.50% 2/1/51	92,547		96,107
		2.50% 5/1/51	144,000		149,539
		3.00% 10/1/46	929,359		986,457
		3.00% 4/1/47	106,102		112,324
		3.00% 11/1/48	135,827		143,333
		3.00% 10/1/49	231,470		243,045
		3.00% 12/1/49	293,701		312,240
		3.00% 3/1/50	121,824		128,702
		3.00% 6/1/50	353,802		370,666
		3.00% 7/1/50	280,344		294,878
		3.00% 8/1/50	613,046		646,391
		3.00% 9/1/50	240,757		252,385
		3.50% 7/1/47	340,582		371,709
		3.50% 11/1/48	208,905		222,729
		3.50% 12/1/49	1,240,617		1,346,303
		3.50% 1/1/50	445,348		474,072
		4.00% 10/1/48	415,148		457,876
		4.50% 6/1/40	23,856		26,779
		4.50% 7/1/40	29,946		32,468
		4.50% 2/1/41	96,666		107,796
		4.50% 8/1/41	36,899		41,673
		4.50% 10/1/45	92,075		103,191
		4.50% 5/1/46	284,397		318,938
		4.50% 4/1/48	768,008		865,875
		4.50% 9/1/48	41,284		45,689
		4.50% 1/1/49	819,999		908,777
		4.50% 1/1/50	167,240		183,809
		5.00% 7/1/47	439,733		507,828
		5.50% 5/1/44	1,661,793		1,930,723
		6.00% 6/1/41	274,706		326,390
		6.00% 7/1/41	907,501		1,079,081
		6.00% 1/1/42	220,442		261,952
	Fannie Mae S.F. 30 yr
		TBA
		2.00% 5/1/51	2,971,000		3,000,478
		2.50% 5/1/51	3,997,000		4,146,575
	Freddie Mac S.F. 15 yr
		1.50% 3/1/36	602,338		611,266
		2.00% 12/1/35	627,388		651,496
	Freddie Mac S.F. 20 yr
		2.00% 3/1/41	436,453		445,898
		2.00% 4/1/41	391,551		400,024
	Freddie Mac S.F. 30 yr
		2.50% 10/1/50	344,633		360,428
		2.50% 11/1/50	700,986		729,035
		2.50% 2/1/51	223,632		234,522
		3.00% 11/1/49	156,169		163,800
		3.00% 12/1/49	61,687		64,808
		3.00% 1/1/50	107,059		113,142
		4.50% 3/1/42	28,498		32,164
		4.50% 1/1/49	136,332		151,563
		4.50% 8/1/49	308,970		343,160
	GNMA I S.F. 30 yr
		3.00% 3/15/50	113,217		118,309
	GNMA II S.F. 30 yr
		3.00% 8/20/50	144,051		153,525
		5.50% 5/20/37	8,028		9,187
Total Agency Mortgage-Backed Securities
	(cost $31,692,556)				32,150,515

Collateralized Debt Obligations – 1.84%
	CFIP CLO
		Series 2017-1A A
		144A 1.41%
		(LIBOR03M + 1.22%)
		1/18/30 #, ●	500,000		499,874
	Man GLG US CLO
		Series 2018-1A A1R
		144A 1.328%
		(LIBOR03M + 1.14%)
		4/22/30 #, ●	700,000		700,788
	Midocean Credit CLO IX
		Series 2018-9A A1
		144A 1.338%
		(LIBOR03M + 1.15%,
		Floor 1.15%)
		7/20/31 #, ●	250,000		250,824
	Octagon Investment
		Partners 51
		Series 2021-1A A
		144A 1.15%
		(LIBOR03M + 1.15%,
		Floor 1.15%)
		7/20/34 #, ●	250,000		250,000
	Saranac CLO VII
		Series 2014-2A A1AR
		144A 1.412%
		(LIBOR03M + 1.23%)
		11/20/29 #, ●	245,987		245,623
	Signal Peak CLO 5
		Series 2018-5A A
		144A 1.286%
		(LIBOR03M + 1.11%,
		Floor 1.11%)
		4/25/31 #, ●	400,000		400,681

Table of Contents

			Principal
			amount^°	Value (US $)
Collateralized Debt Obligations (continued)
	Steele Creek CLO
		Series 2017-1A A
		144A 1.434%
		(LIBOR03M + 1.25%)
		10/15/30 #, ●	250,000	$	249,709
	Venture 42 CLO
		Series 2021-42A A1A
		144A 1.327%
		(LIBOR03M + 1.13%,
		Floor 1.13%)
		4/15/34 #, ●	300,000		299,925
Total Collateralized Debt Obligations
	(cost $2,896,167)				2,897,424

Corporate Bonds – 36.85%
	Banking – 7.70%
	Akbank TAS 144A
		6.80% 2/6/26 #	200,000		207,633
	Ally Financial 4.70%
		5/15/26 µ, ψ	150,000		152,430
	Banco Continental 144A
		2.75% 12/10/25 #	150,000		147,012
	Banco de Credito e
		Inversiones 144A
		3.50% 10/12/27 #	200,000		213,310
	Banco Industrial 144A
		4.875% 1/29/31 #, µ	150,000		154,732
	Bank Leumi Le-Israel
		144A 3.275%
		1/29/31 #, µ	200,000		206,825
	Bank of America
		1.734% 7/22/27 µ	120,000		121,174
		2.676% 6/19/41 µ	610,000		573,937
		2.687% 4/22/32 µ	115,000		116,478
		3.311% 4/22/42 µ	135,000		137,940
	Barclays
		2.667% 3/10/32 µ	200,000		197,572
		5.20% 5/12/26	200,000		227,439
	BBVA USA 3.875%
		4/10/25	250,000		273,641
	BDO Unibank 2.125%
		1/13/26	200,000		203,750
	Citigroup 4.00%
		12/10/25 µ, ψ	55,000		55,842
	Credit Suisse Group
		144A 4.194%
		4/1/31 #, µ	250,000		276,646
		144A 7.25%
		9/12/25 #, µ, ψ	200,000		221,499
	Deutsche Bank
		3.547% 9/18/31 µ	335,000		351,075
		3.729% 1/14/32 µ	400,000		396,836
	Goldman Sachs Group
		1.992% 1/27/32 µ	350,000		332,744
		2.615% 4/22/32 µ	190,000		191,094
		3.50% 4/1/25	250,000		272,041
	JPMorgan Chase & Co.
		1.04% 2/4/27 µ	75,000		73,617
		1.953% 2/4/32 µ	80,000		76,118
		2.58% 4/22/32 µ	120,000		120,591
		3.109% 4/22/41 µ	70,000		69,931
		3.328% 4/22/52 µ	125,000		125,260
		4.023% 12/5/24 µ	305,000		330,378
		4.60% 2/1/25 µ, ψ	135,000		139,387
		5.00% 8/1/24 µ, ψ	230,000		242,573
	Morgan Stanley
		1.593% 5/4/27 µ	220,000		221,159
		1.794% 2/13/32 µ	10,000		9,412
		2.188% 4/28/26 µ	320,000		332,916
		5.00% 11/24/25	430,000		495,787
	Natwest Group 8.625%
		8/15/21 µ, ψ	500,000		510,960
	PNC Financial Services
		Group 2.60%
		7/23/26	475,000		505,889
	QNB Finance 2.625%
		5/12/25	200,000		208,504
	Santander UK 144A
		5.00% 11/7/23 #	180,000		197,388
	SVB Financial Group
		1.80% 2/2/31	85,000		79,173
		4.10% 2/15/31 µ, ψ	255,000		257,072
	Truist Bank 2.636%
		9/17/29 µ	334,000		351,809
	Truist Financial 4.95%
		9/1/25 µ, ψ	415,000		457,537
	UBS Group
		144A 4.125%
		9/24/25 #	225,000		251,222
		6.875% 8/7/25 µ, ψ	330,000		375,986
		7.125% 8/10/21 µ, ψ	200,000		203,255
	US Bancorp
		1.45% 5/12/25	165,000		168,633
		3.10% 4/27/26	140,000		151,903
		3.60% 9/11/24	40,000		43,910
		3.95% 11/17/25	495,000		558,398
	US Bank 3.40%
		7/24/23	250,000		266,611
	Wells Fargo & Co.
		3.90% 3/15/26 µ, ψ	255,000		260,871
					12,117,900

Table of Contents

Schedules of investments
Macquarie Institutional Portfolios — Macquarie Core Plus Bond Portfolio

			Principal
			amount^°	Value (US $)
Corporate Bonds (continued)
Basic Industry – 2.36%
	CSN Inova Ventures
		144A 6.75%
		1/28/28 #	200,000	$	217,623
	First Quantum Minerals
		144A 7.50%
		4/1/25 #	200,000		207,875
	GC Treasury Center
		144A 4.30%
		3/18/51 #	200,000		207,982
	LYB International
		Finance III 2.875%
		5/1/25	4,000		4,263
	LyondellBasell Industries
		4.625% 2/26/55	320,000		368,267
	Methanex 5.25%
		12/15/29	320,000		338,400
	Minera Mexico 144A
		4.50% 1/26/50 #	200,000		211,500
	Newmont
		2.25% 10/1/30	290,000		284,566
		2.80% 10/1/29	330,000		341,465
	Nutrition & Biosciences
		144A 3.268%
		11/15/40 #	365,000		361,602
	OCP 144A 4.50%
		10/22/25 #	200,000		214,003
	Olin 5.625% 8/1/29		90,000		97,587
	PowerTeam Services
		144A 9.033%
		12/4/25 #	210,000		233,378
	Sasol Financing USA
		4.375% 9/18/26	200,000		204,930
	Vale Overseas 3.75%
		7/8/30	145,000		152,721
	Vedanta Resources
		Finance II 144A
		8.95% 3/11/25 #	275,000		273,153
					3,719,315
Brokerage – 0.54%
	Charles Schwab
		4.00% 6/1/26 µ, ψ	105,000		108,156
		5.375% 6/1/25 µ, ψ	265,000		295,316
	Jefferies Group
		4.15% 1/23/30	175,000		194,015
		6.45% 6/8/27	30,000		37,347
		6.50% 1/20/43	160,000		217,150
					851,984
Capital Goods – 0.83%
	Ashtead Capital 144A
		5.25% 8/1/26 #	230,000		241,500
	Otis Worldwide 3.362%
		2/15/50	22,000		22,429
	Standard Industries
		144A 3.375%
		1/15/31 #	129,000		121,099
		144A 5.00%
		2/15/27 #	116,000		119,770
	Teledyne Technologies
		2.25% 4/1/28	220,000		221,230
		2.75% 4/1/31	195,000		196,957
	TransDigm 144A 6.25%
		3/15/26 #	88,000		93,280
	UltraTech Cement 144A
		2.80% 2/16/31 #	200,000		187,328
	United Rentals North
		America 3.875%
		2/15/31	103,000		103,786
					1,307,379
Communications – 7.43%
	Altice Financing 144A
		5.00% 1/15/28 #	200,000		197,667
	AT&T
		3.10% 2/1/43	157,000		145,462
		3.50% 6/1/41	280,000		276,295
		144A 3.50%
		9/15/53 #	160,000		147,455
	ATP Tower Holdings
		144A 4.05%
		4/27/26 #	200,000		197,400
	C&W Senior Financing
		144A 7.50%
		10/15/26 #	200,000		211,581
	Charter Communications
		Operating
		3.70% 4/1/51	275,000		259,286
		4.464% 7/23/22	385,000		400,626
		4.80% 3/1/50	155,000		171,023
		5.05% 3/30/29	220,000		255,141
	Clear Channel Outdoor
		Holdings 144A
		7.75% 4/15/28 #	65,000		67,017
	Clear Channel
		Worldwide Holdings
		9.25% 2/15/24	33,000		34,509

Table of Contents

		Principal
		amount^°	Value (US $)
Corporate Bonds (continued)
Communications (continued)
	Comcast
	3.20% 7/15/36	205,000	$	215,524
	3.70% 4/15/24	305,000		332,705
	3.75% 4/1/40	45,000		49,716
	Connect Finco 144A
	6.75% 10/1/26 #	200,000		209,190
	Crown Castle
	International
	3.80% 2/15/28	305,000		335,194
	4.30% 2/15/29	505,000		571,575
	CSC Holdings
	144A 4.625%
	12/1/30 #	200,000		195,750
	144A 5.50%
	4/15/27 #	200,000		210,026
	Discovery
	Communications
	144A 4.00%
	9/15/55 #	160,000		156,811
	4.125% 5/15/29	305,000		336,838
	5.20% 9/20/47	295,000		346,749
	IHS Netherlands Holdco
	144A 7.125%
	3/18/25 #	200,000		209,750
	Level 3 Financing 144A
	3.625% 1/15/29 #	140,000		135,800
	Prosus 144A 3.832%
	2/8/51 #	200,000		183,154
	Sprint Spectrum 144A
	4.738% 9/20/29 #	220,000		236,225
	Time Warner Cable
	7.30% 7/1/38	360,000		511,928
	Time Warner
	Entertainment
	8.375% 3/15/23	185,000		211,268
	T-Mobile USA
	144A 1.50%
	2/15/26 #	85,000		85,205
	144A 2.55%
	2/15/31 #	55,000		54,176
	144A 3.00%
	2/15/41 #	150,000		140,485
	144A 3.50%
	4/15/25 #	100,000		108,563
	144A 3.75%
	4/15/27 #	155,000		170,929
	144A 3.875%
	4/15/30 #	380,000		414,409
	Turkcell Iletisim
	Hizmetleri 144A
	5.80% 4/11/28 #	200,000		210,050
	VEON Holdings 144A
	3.375% 11/25/27 #	200,000		201,694
	Verizon Communications
	2.10% 3/22/28	60,000		60,584
	2.55% 3/21/31	115,000		115,371
	3.40% 3/22/41	105,000		107,717
	3.55% 3/22/51	100,000		101,773
	4.50% 8/10/33	1,180,000		1,392,413
	ViacomCBS
	4.375% 3/15/43	305,000		330,677
	4.95% 1/15/31	315,000		370,695
	Vmed O2 UK Financing I
	144A 4.25%
	1/31/31 #	200,000		193,750
	Vodafone Group
	4.25% 9/17/50	200,000		222,851
	4.875% 6/19/49	480,000		583,424
	Zayo Group Holdings
	144A 6.125%
	3/1/28 #	20,000		20,602
				11,697,033
Consumer Cyclical – 1.76%
	Alibaba Group Holding
	2.70% 2/9/41	200,000		186,532
	Carnival 144A 7.625%
	3/1/26 #	212,000		232,408
	Ford Motor Credit
	4.542% 8/1/26	490,000		526,750
	General Motors
	5.40% 10/2/23	75,000		83,003
	6.125% 10/1/25	75,000		89,060
	6.60% 4/1/36	106,000		141,626
	General Motors Financial
	2.35% 1/8/31	60,000		57,470
	4.35% 4/9/25	200,000		221,827
	5.20% 3/20/23	25,000		27,086
	5.25% 3/1/26	6,000		6,917
	5.70% 9/30/30 µ, ψ	165,000		184,800
	Hyundai Capital America
	144A 3.50%
	11/2/26 #	65,000		70,096
	MGM Resorts
	International 4.75%
	10/15/28	150,000		158,428
	Royal Caribbean Cruises
	144A 5.50%
	4/1/28 #	150,000		157,493

Table of Contents

Schedules of investments
Macquarie Institutional Portfolios — Macquarie Core Plus Bond Portfolio

			Principal
			amount^°		Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
	Sands China 3.80%
	1/8/26			200,000	$	212,764
	Scientific Games
	International 144A
	8.25% 3/15/26 #			237,000		255,664
	Six Flags Entertainment
	144A 4.875%
	7/31/24 #			150,000		151,342
						2,763,266
Consumer Non-Cyclical – 2.76%
	AbbVie
	2.95% 11/21/26			410,000		439,427
	4.05% 11/21/39			346,000		386,854
	Anheuser-Busch InBev
	Worldwide 4.50%
	6/1/50			365,000		419,164
	Auna 144A 6.50%
	11/20/25 #			200,000		201,817
	BAT Capital 2.259%
	3/25/28			165,000		161,947
	BAT International
	Finance 1.668%
	3/25/26			110,000		109,535
	Bausch Health 144A
	6.25% 2/15/29 #			389,000		411,860
	Biogen 3.15% 5/1/50			170,000		155,361
	CVS Health
	1.875% 2/28/31			35,000		33,143
	4.30% 3/25/28			421,000		479,372
	4.78% 3/25/38			120,000		143,667
	Gilead Sciences 4.15%
	3/1/47			275,000		306,622
	MHP 144A 7.75%
	5/10/24 #			200,000		211,892
	New York & Presbyterian
	Hospital 4.063%
	8/1/56			130,000		156,361
	Pilgrim’s Pride 144A
	5.875% 9/30/27 #			120,000		127,500
	Tenet Healthcare
	5.125% 5/1/25			236,000		239,127
	144A 6.125%
	10/1/28 #			145,000		153,192
	Viatris
	144A 2.30%
	6/22/27 #			30,000		30,435
	144A 2.70%
	6/22/30 #			120,000		118,677
	144A 4.00%
	6/22/50 #			50,000		49,798
						4,335,751
Electric – 3.01%
	Abu Dhabi National
	Energy PJSC 144A
	2.00% 4/29/28 #			200,000		199,732
	Calpine
	144A 4.50%
	2/15/28 #			55,000		55,659
	144A 5.00%
	2/1/31 #			185,000		182,466
	144A 5.125%
	3/15/28 #			55,000		55,968
	Centrais Eletricas
	Brasileiras 144A
	3.625% 2/4/25 #			200,000		203,194
	Duke Energy 4.875%
	9/16/24 µ, ψ			345,000		366,666
	Electricite de France
	2.875%
	12/15/26 µ, ψ	EUR		200,000		251,106
	Entergy Arkansas 4.20%
	4/1/49			155,000		181,341
	Entergy Mississippi
	3.85% 6/1/49			295,000		323,976
	Entergy Texas 3.55%
	9/30/49			130,000		134,172
	Evergy Kansas Central
	3.45% 4/15/50			130,000		136,706
	FirstEnergy Transmission
	144A 4.55%
	4/1/49 #			140,000		156,352
	Kallpa Generacion 144A
	4.125% 8/16/27 #			200,000		205,848
	Louisville Gas and
	Electric 4.25%
	4/1/49			280,000		327,727
	Mong Duong Finance
	Holdings 144A
	5.125% 5/7/29 #			250,000		252,541
	Pacific Gas and Electric
	2.10% 8/1/27			55,000		53,695
	2.50% 2/1/31			80,000		75,412
	3.25% 6/1/31			45,000		44,554
	3.30% 8/1/40			128,000		114,162
	Perusahaan Listrik
	Negara 144A 3.875%
	7/17/29 #			200,000		210,382
	PG&E 5.25% 7/1/30			285,000		304,594
	Southern California
	Edison
	3.65% 2/1/50			165,000		165,651
	4.00% 4/1/47			105,000		109,577
	4.875% 3/1/49			455,000		540,310

Table of Contents

		Principal
		amount^°	Value (US $)
Corporate Bonds (continued)
Electric (continued)
	Trans-Allegheny
	Interstate Line 144A
	3.85% 6/1/25 #	85,000	$	91,762
				4,743,553
Energy – 5.41%
	BP Capital Markets
	4.875% 3/22/30 µ, ψ	305,000		328,180
	Chevron USA 3.90%
	11/15/24	200,000		221,097
	CNX Resources 144A
	6.00% 1/15/29 #	345,000		369,083
	Crestwood Midstream
	Partners 144A 6.00%
	2/1/29 #	210,000		217,375
	Ecopetrol 6.875%
	4/29/30	120,000		145,650
	Energy Transfer
	5.25% 4/15/29	115,000		131,984
	6.25% 4/15/49	490,000		589,177
	ENN Energy Holdings
	144A 2.625%
	9/17/30 #	200,000		195,321
	Enterprise Products
	Operating 3.20%
	2/15/52	645,000		595,424
	Equinor 1.75% 1/22/26	70,000		72,124
	Galaxy Pipeline Assets
	Bidco 144A 2.625%
	3/31/36 #	200,000		194,344
	Infraestructura
	Energetica Nova
	144A 4.875%
	1/14/48 #	200,000		203,388
	Kinder Morgan 3.60%
	2/15/51	130,000		124,852
	Marathon Oil 4.40%
	7/15/27	875,000		976,899
	MPLX
	1.75% 3/1/26	75,000		75,505
	4.125% 3/1/27	370,000		412,221
	Murphy Oil 5.875%
	12/1/27	318,000		319,994
	NuStar Logistics 6.375%
	10/1/30	290,000		319,725
	ONEOK 7.50% 9/1/23	505,000		574,653
	PDC Energy 5.75%
	5/15/26	145,000		150,935
	Petroleos Mexicanos
	5.95% 1/28/31	220,000		212,707
	6.75% 9/21/47	60,000		53,127
	Sabine Pass Liquefaction
	5.625% 3/1/25	315,000		361,630
	5.75% 5/15/24	359,000		405,488
	Saudi Arabian Oil 144A
	4.25% 4/16/39 #	220,000		240,346
	Sempra Energy 4.875%
	10/15/25 µ, ψ	115,000		126,090
	Southwestern Energy
	7.75% 10/1/27	255,000		274,435
	Targa Resources Partners
	5.375% 2/1/27	108,000		112,372
	Tennessee Gas Pipeline
	144A 2.90%
	3/1/30 #	505,000		513,157
				8,517,283
Finance Companies – 1.11%
	AerCap Ireland Capital
	DAC
	3.65% 7/21/27	340,000		361,560
	4.625% 10/15/27	150,000		167,241
	6.50% 7/15/25	150,000		176,606
	Air Lease
	2.875% 1/15/26	220,000		229,268
	3.00% 2/1/30	315,000		315,082
	3.375% 7/1/25	70,000		75,052
	DAE Sukuk DIFC 144A
	3.75% 2/15/26 #	200,000		208,236
	Oryx Funding 144A
	5.80% 2/3/31 #	200,000		212,297
				1,745,342
Insurance – 0.23%
	Brighthouse Financial
	5.625% 5/15/30	90,000		107,664
	GTCR AP Finance 144A
	8.00% 5/15/27 #	51,000		54,442
	MetLife
	3.85% 9/15/25 µ, ψ	185,000		195,175
	6.40% 12/15/66	5,000		6,349
				363,630
REITs – 0.54%
	American Tower Trust #1
	144A 3.07%
	3/15/48 #	120,000		121,488
	CubeSmart 3.00%
	2/15/30	75,000		77,235
	Goodman HK Finance
	4.375% 6/19/24	200,000		217,603
	Kaisa Group Holdings
	9.375% 6/30/24	200,000		199,000

Table of Contents

Schedules of investments
Macquarie Institutional Portfolios — Macquarie Core Plus Bond Portfolio

			Principal
			amount^°		Value (US $)
Corporate Bonds (continued)
REITs (continued)
	Trust Fibra Uno 144A
	5.25% 1/30/26 #			200,000	$	225,651
						840,977
Technology – 1.24%
	Equinix 5.375%
	5/15/27			280,000		300,900
	Global Payments
	2.65% 2/15/25			342,000		361,072
	2.90% 5/15/30			63,000		64,672
	3.20% 8/15/29			225,000		237,399
	Iron Mountain 144A
	5.25% 7/15/30 #			64,000		66,563
	NXP
	144A 2.70%
	5/1/25 #			20,000		21,153
	144A 4.30%
	6/18/29 #			27,000		30,615
	144A 4.875%
	3/1/24 #			300,000		333,064
	144A 5.55%
	12/1/28 #			45,000		54,708
	Oracle
	2.875% 3/25/31			150,000		152,622
	3.65% 3/25/41			140,000		143,255
	SK Hynix 144A 2.375%
	1/19/31 #			200,000		192,352
						1,958,375
Transportation – 1.71%
	Abertis Infraestructuras
	Finance 3.248%
	11/24/25 µ, ψ	EUR		200,000		247,163
	Aeropuertos Argentina
	2000 PIK 144A
	9.375% 2/1/27 #, >>			1		1
	DAE Funding 144A
	3.375% 3/20/28 #			200,000		200,147
	Delta Air Lines
	144A 7.00%
	5/1/25 #			685,000		796,956
	7.375% 1/15/26			215,000		252,706
	Mileage Plus Holdings
	144A 6.50%
	6/20/27 #			350,000		384,563
	Rutas 2 and 7 Finance
	144A 3.413%
	9/30/36 #, ^			200,000		142,750
	Southwest Airlines
	5.125% 6/15/27			260,000		304,337
	5.25% 5/4/25			190,000		217,728
	Union Pacific 3.25%
	2/5/50			90,000		89,724
	United Airlines
	144A 4.375%
	4/15/26 #			25,000		25,974
	144A 4.625%
	4/15/29 #			35,000		36,416
						2,698,465
Utilities – 0.22%
	Clean Renewable Power
	Mauritius 144A
	4.25% 3/25/27 #			200,000		201,600
	Essential Utilities
	2.704% 4/15/30			75,000		76,508
	3.351% 4/15/50			75,000		74,339
						352,447
Total Corporate Bonds
	(cost $55,711,579)					58,012,700

Municipal Bonds – 0.02%
	South Carolina Public
	Service Authority
	Series D 4.77% 12/1/45			30,000		36,724
Total Municipal Bonds
	(cost $33,696)					36,724

Non-Agency Asset-Backed Securities – 1.67%
	Citicorp Residential
	Mortgage Trust
	Series 2006-3 A5
	5.134% 11/25/36 ●			182,876		188,139
	DataBank Issuer
	Series 2021-1A A2
	144A 2.06%
	2/27/51 #			175,000		174,913
	Domino’s Pizza Master
	Issuer
	Series 2021-1A A2I
	144A 2.662%
	4/25/51 #			800,000		807,984
	Ford Credit Auto Lease
	Trust
	Series 2021-A B
	0.47% 5/15/24			140,000		139,694
	HOA Funding
	Series 2014-1A A2
	144A 4.846%
	8/20/44 #			43,500		43,077
	Hyundai Auto Lease
	Securitization Trust
	Series 2020-A A2
	144A 1.90%
	5/16/22 #			97,523		97,715

Table of Contents

	Principal
	amount^°	Value (US $)
Non-Agency Asset-Backed Securities (continued)
Hyundai Auto
Receivables Trust
Series 2020-C A2
0.26% 9/15/23	150,000	$	150,029
Mercedes-Benz Auto
Lease Trust
Series 2020-A A2
1.82% 3/15/22	20,719		20,751
Mercedes-Benz Master
Owner Trust
Series 2019-BA A
144A 2.61%
5/15/24 #	100,000		102,378
PFS Financing
Series 2020-G A
144A 0.97%
2/15/26 #	500,000		502,868
Series 2021-A A 144A
0.71% 4/15/26 #	200,000		199,495
Towd Point Mortgage
Trust
Series 2015-5 A1B
144A 2.75%
5/25/55 #, ●	4,720		4,727
Series 2015-6 A1B
144A 2.75%
4/25/55 #, ●	13,174		13,256
Series 2017-1 A1
144A 2.75%
10/25/56 #, ●	28,610		29,095
Series 2017-2 A1
144A 2.75%
4/25/57 #, ●	29,657		30,087
Series 2018-1 A1
144A 3.00%
1/25/58 #, ●	48,583		50,095
Wendy’s Funding
Series 2018-1A A2I
144A 3.573%
3/15/48 #	77,400		79,306
Total Non-Agency Asset-Backed Securities
(cost $2,602,044)			2,633,609

Non-Agency Collateralized Mortgage Obligations —
1.82 %
Connecticut Avenue
Securities Trust
Series 2019-R01 2M2
144A 2.556%
(LIBOR01M + 2.45%)
7/25/31 #, ●	68,693		69,081
GS Mortgage-Backed
Securities Trust
Series 2021-PJ4 A8
144A 2.50%
9/25/51 #, =, ●	350,000		359,730
JPMorgan Mortgage
Trust
Series 2014-2 B1
144A 3.414%
6/25/29 #, ●	37,470		38,699
Series 2014-2 B2
144A 3.414%
6/25/29 #, ●	37,470		38,541
Series 2015-4 B1
144A 3.601%
6/25/45 #, ●	72,678		75,614
Series 2015-4 B2
144A 3.601%
6/25/45 #, ●	72,678		75,196
Series 2015-5 B2
144A 2.472%
5/25/45 #, ●	83,028		85,184
Series 2015-6 B1
144A 3.54%
10/25/45 #, ●	72,257		74,971
Series 2015-6 B2
144A 3.54%
10/25/45 #, ●	72,257		74,617
Series 2016-4 B1
144A 3.841%
10/25/46 #, ●	83,403		87,580
Series 2016-4 B2
144A 3.841%
10/25/46 #, ●	89,445		93,248
Series 2017-2 A3
144A 3.50%
5/25/47 #, ●	15,829		16,105
Series 2020-2 A3
144A 3.50%
7/25/50 #, ●	50,352		51,552
Series 2020-5 A3
144A 3.00%
12/25/50 #, ●	289,217		294,392
Series 2021-1 A3
144A 2.50%
6/25/51 #, ●	115,276		117,694

Table of Contents

Schedules of investments
Macquarie Institutional Portfolios — Macquarie Core Plus Bond Portfolio

	Principal
	amount^°	Value (US $)
Non-Agency Collateralized Mortgage
Obligations (continued)
Morgan Stanley
Residential Mortgage
Loan Trust
Series 2020-1 A2A
144A 2.50%
12/25/50 #, ●	479,694	$	492,155
Series 2021-1 A2
144A 2.50%
3/25/51 #, ●	98,670		101,109
New Residential
Mortgage Loan Trust
Series 2018-RPL1 A1
144A 3.50%
12/25/57 #, ●	55,887		58,524
RCKT Mortgage Trust
Series 2021-1 A1
144A 2.50%
3/25/51 #, ●	99,251		101,204
Sequoia Mortgage Trust
Series 2015-1 B2
144A 3.891%
1/25/45 #, ●	24,635		25,307
Series 2015-2 B2
144A 3.751%
5/25/45 #, ●	245,087		253,486
Series 2017-5 B1
144A 3.829%
8/25/47 #, ●	232,217		246,750
Series 2019-CH1 A1
144A 4.50%
3/25/49 #, ●	26,014		26,293
Total Non-Agency Collateralized Mortgage
Obligations
(cost $2,813,458)			2,857,032

Non-Agency Commercial Mortgage-Backed Securities —
8.75%
BANK
Series 2017-BNK5 A5
3.39% 6/15/60	225,000		246,506
Series 2017-BNK5 B
3.896% 6/15/60 ●	95,000		103,789
Series 2017-BNK7 A5
3.435% 9/15/60	190,000		209,025
Series 2019-BN20 A3
3.011% 9/15/62	205,000		218,495
Series 2019-BN21 A5
2.851% 10/17/52	200,000		210,724
Series 2019-BN23 A3
2.92% 12/15/52	110,000		116,527
Benchmark Mortgage
Trust
Series 2018-B1 A5
3.666% 1/15/51 ●	400,000		444,348
Series 2020-B17 A5
2.289% 3/15/53	75,000		75,779
Series 2020-B19 A5
1.85% 9/15/53	835,000		813,819
Series 2020-B21 A5
1.978% 12/17/53	150,000		146,894
Series 2020-B22 A5
1.973% 1/15/54	200,000		195,617
Series 2021-B24 A5
2.584% 3/15/54	661,000		680,300
Series 2021-B25 A5
2.577% 4/15/54	455,000		467,217
Cantor Commercial Real
Estate Lending
Series 2019-CF2 A5
2.874% 11/15/52	200,000		210,616
CD Mortgage Trust
Series 2019-CD8 A4
2.912% 8/15/57	100,000		105,226
CFCRE Commercial
Mortgage Trust
Series 2016-C7 A3
3.839% 12/10/54	185,000		205,104
Citigroup Commercial
Mortgage Trust
Series 2014-GC25 A4
3.635% 10/10/47	120,000		129,986
Series 2016-P3 A4
3.329% 4/15/49	308,000		333,528
Series 2017-C4 A4
3.471% 10/12/50	120,000		131,655
Series 2019-C7 A4
3.102% 12/15/72	655,000		703,619
Series 2020-555 A
144A 2.647%
12/10/41 #	100,000		102,794
COMM Mortgage Trust
Series 2013-CR6 AM
144A 3.147%
3/10/46 #	105,000		108,637
Series 2013-WWP A2
144A 3.424%
3/10/31 #	100,000		104,899
Series 2014-CR19 A5
3.796% 8/10/47	80,000		87,005
Series 2014-CR20 AM
3.938% 11/10/47	350,000		377,479

Table of Contents

	Principal
	amount^°	Value (US $)
Non-Agency Commercial Mortgage-Backed
Securities (continued)
COMM Mortgage Trust
Series 2015-3BP A
144A 3.178%
2/10/35 #	130,000	$	138,203
Series 2015-CR23 A4
3.497% 5/10/48	115,000		125,203
DB-JPM Mortgage Trust
Series 2016-C1 A4
3.276% 5/10/49	165,000		178,833
Series 2016-C1 B
4.195% 5/10/49 ●	25,000		26,914
Grace Trust
Series 2020-GRCE A
144A 2.347%
12/10/40 #	250,000		249,739
GS Mortgage Securities
Trust
Series 2015-GC32 A4
3.764% 7/10/48	75,000		82,539
Series 2017-GS5 A4
3.674% 3/10/50	175,000		193,744
Series 2017-GS6 A3
3.433% 5/10/50	115,000		125,917
Series 2018-GS9 A4
3.992% 3/10/51 ●	130,000		146,645
Series 2018-GS9 B
4.321% 3/10/51 ●	125,000		138,218
Series 2019-GC39 A4
3.567% 5/10/52	70,000		77,380
Series 2019-GC42 A4
3.001% 9/1/52	1,015,000		1,083,022
Series 2020-GC47 A5
2.377% 5/12/53	1,095,000		1,112,837
JPM-BB Commercial
Mortgage Securities
Trust
Series 2015-C33 A4
3.77% 12/15/48	255,000		282,005
JPM-DB Commercial
Mortgage Securities
Trust
Series 2017-C7 A5
3.409% 10/15/50	290,000		317,853
JPMorgan Chase
Commercial Mortgage
Securities Trust
Series 2013-LC11 B
3.499% 4/15/46	150,000		150,054
Series 2015-JP1 A5
3.914% 1/15/49	170,000		189,030
Series 2016-JP2 AS
3.056% 8/15/49	180,000		189,132
JPMorgan Chase
Commercial Mortgage
Securities Trust
Series 2016-WIKI A
144A 2.798%
10/5/31 #	105,000		105,259
Series 2016-WIKI B
144A 3.201%
10/5/31 #	85,000		85,219
LB-UBS Commercial
Mortgage Trust
Series 2006-C6 AJ
5.452% 9/15/39 ●	38,810		22,470
Morgan Stanley Bank of
America Merrill Lynch
Trust
Series 2014-C17 A5
3.741% 8/15/47	100,000		108,233
Series 2015-C26 A5
3.531% 10/15/48	120,000		131,712
Series 2016-C29 A4
3.325% 5/15/49	95,000		102,919
Morgan Stanley Capital I
Trust
Series 2006-HQ10 B
5.448% 11/12/41 ●	55,818		54,954
Series 2020-HR8 A4
2.041% 7/15/53	1,220,000		1,206,395
UBS-Barclays
Commercial Mortgage
Trust
Series 2013-C5 B
144A 3.649%
3/10/46 #, ●	150,000		152,380
Wells Fargo Commercial
Mortgage Trust
Series 2015-NXS3 A4
3.617% 9/15/57	80,000		87,873
Series 2016-BNK1 A3
2.652% 8/15/49	155,000		163,870
Series 2017-C38 A5
3.453% 7/15/50	140,000		153,683
Series 2020-C58 A4
2.092% 7/15/53	58,000		57,252
Total Non-Agency Commercial Mortgage-
Backed Securities
(cost $13,553,578)			13,769,075

Loan Agreements — 4.33%
Advantage Sales &
Marketing 1st Lien
6.00% (LIBOR02M +
5.25%) 10/28/27 ●	76,898		77,271

Table of Contents

Schedules of investments
Macquarie Institutional Portfolios — Macquarie Core Plus Bond Portfolio

	Principal
	amount^°	Value (US $)
Loan Agreements (continued)
American Airlines
Tranche B 2.115%
(LIBOR01M + 2.00%)
12/14/23 ●	69,669	$	67,361
Applied Systems 1st Lien
3.504% (LIBOR03M
+ 3.00%) 9/19/24 ●	89,258		90,458
Applied Systems 2nd
Lien 6.25%
(LIBOR03M + 5.50%)
9/19/25 ●	242,354		245,611
Aramark Services
Tranche B-3 1.863%
(LIBOR01M + 1.75%)
3/11/25 ●	69,950		69,213
Aramark Services
Tranche B-5 2.613%
(LIBOR01M + 2.50%)
4/1/28 ●	20,000		19,966
Array Technologies
3.75% (LIBOR01M +
3.25%) 10/14/27 ●	72,913		72,913
Aruba Investments
Holdings 1st Lien
4.75% (LIBOR03M +
4.00%) 11/24/27 ●	40,000		40,050
Aruba Investments
Holdings 2nd Lien
8.50% (LIBOR03M +
7.75%) 11/24/28 ●	40,000		40,433
Avantor Funding Tranche
B-4 3.25%
(LIBOR01M + 2.25%)
11/8/27 ●	94,763		94,952
Bausch Health 3.113%
(LIBOR01M + 3.00%)
6/2/25 ●	74,828		74,807
Berry Global Tranche Z
1.861% (LIBOR01M
+ 1.75%) 7/1/26 ●	98,254		97,553
Blue Ribbon 1st Lien
5.00% (LIBOR03M +
4.00%) 11/15/21 ●	39,633		39,501
BW Gas &
Convenience Holdings
Tranche B 4.00%
(LIBOR01M + 3.50%)
3/17/28 ●	120,000		120,000
Caesars Resort
Collection Tranche B-1
4.613% (LIBOR01M
+ 4.50%) 7/21/25 ●	32,175		32,304
Calpine
2.12% (LIBOR01M +
2.00%) 4/5/26 ●	49,125		48,531
2.62% (LIBOR01M +
2.50%) 12/16/27 ●	25,855		25,752
Carnival 8.50%
(LIBOR01M + 7.50%)
6/30/25 ●	49,625		51,207
Charter Communications
Operating Tranche B2
1.87% (LIBOR01M +
1.75%) 2/1/27 ●	101,505		101,146
Chemours Tranche B-2
1.87% (LIBOR01M +
1.75%) 4/3/25 ●	139,095		136,314
CityCenter Holdings
3.00% (LIBOR01M +
2.25%) 4/18/24 ●	97,964		97,032
Core & Main 3.75%
(LIBOR01M + 2.75%)
8/1/24 ●	140,276		139,925
CoreLogic TBD
4/14/28 X	55,000		54,794
CSC Holdings 2.606%
(LIBOR01M + 2.50%)
4/15/27 ●	63,385		63,159
DaVita Tranche B-1
1.863% (LIBOR01M
+ 1.75%) 8/12/26 ●	123,129		122,536
EFS Cogen Holdings I
Tranche B 4.50%
(LIBOR03M + 3.50%)
10/1/27 ●	68,252		68,216
Ensemble RCM 3.936%
(LIBOR03M + 3.75%)
8/3/26 ●	73,875		73,835
Epicor Software
Tranche C 4.00%
(LIBOR01M + 3.25%)
7/30/27 ●	134,325		134,317
Epicor Software 2nd Lien
8.75% (LIBOR01M +
7.75%) 7/31/28 ●	85,000		87,577
ESH Hospitality 2.113%
(LIBOR01M + 2.00%)
9/18/26 ●	94,925		94,480
Frontier Communications
Tranche B 4.50%
(LIBOR01M + 3.75%)
10/8/27 ●	171,111		170,470
Gainwell Acquisition
Tranche B 4.75%
(LIBOR03M + 4.00%)
10/1/27 ●	124,687		124,902

Table of Contents

			Principal
			amount^°	Value (US $)
Loan Agreements (continued)
	Gardner Denver
		Tranche B-1 1.863%
		(LIBOR01M + 1.75%)
		3/1/27 ●	71,633	$	70,783
	Gray Television
		Tranche B-2 2.365%
		(LIBOR01M + 2.25%)
		2/7/24 ●	107,721		107,302
	Grupo Aeromexico
		(LIBOR03M + 8.00%)
		12/31/21 =, ●	130,000		130,000
		(LIBOR03M +
		12.50%) 8/19/22 =,
		●	105,761		105,761
	Hamilton Projects
		Acquiror 5.75%
		(LIBOR03M + 4.75%)
		6/17/27 ●	70,941		70,970
	HCA Tranche B-12
		1.863% (LIBOR01M
		+ 1.75%) 3/13/25 ●	224,818		225,046
	Heartland Dental
		3.613% (LIBOR01M
		+ 3.50%) 4/30/25 ●	94,514		93,426
	Hilton Worldwide
		Finance Tranche B-2
		1.856% (LIBOR01M
		+ 1.75%) 6/22/26 ●	35,550		35,288
	Informatica 3.363%
		(LIBOR01M + 3.25%)
		2/25/27 ●	68,782		68,245
	Informatica 2nd Lien
		7.125% 2/25/25	111,000		113,636
	IQVIA Tranche B-3
		1.953% (LIBOR03M
		+ 1.75%) 6/11/25 ●	141,012		140,759
	JBS USA LUX 2.113%
		(LIBOR01M + 2.00%)
		5/1/26 ●	24,500		24,459
	Kenan Advantage Group
		Tranche B 4.50%
		(LIBOR01M + 3.75%)
		3/12/26 ●	49,875		49,761
	Medrisk Tranche B 1st
		Lien TBD 4/3/28 X	55,000		54,759
	Michaels Tranche B
		5.00% (LIBOR03M +
		4.25%) 4/15/28 ●	85,000		84,671
	Mileage Plus Holdings
		6.25% (LIBOR03M +
		5.25%) 6/21/27 ●	50,000		53,422
	Numericable US
		Tranche B-11 2.936%
		(LIBOR03M + 2.75%)
		7/31/25 ●	65,856		64,687
	Numericable US
		Tranche B-13 4.198%
		(LIBOR03M + 4.00%)
		8/14/26 ●	34,125		34,096
	ON Semiconductor
		Tranche B-4 2.113%
		(LIBOR01M + 2.00%)
		9/19/26 ●	73,786		73,727
	Organon & Co. Tranche B
		TBD 4/8/28 X	245,000		244,628
	Penn National Gaming
		Tranche B-1 3.00%
		(LIBOR01M + 2.25%)
		10/15/25 ●	108,956		108,585
	Peraton TBD 2/1/28 X		73,332		73,385
	Peraton Tranche B 1st
		Lien 4.50%
		(LIBOR01M + 3.75%)
		2/1/28 ●	41,668		41,698
	PG&E Tranche B 3.50%
		(LIBOR03M + 3.00%)
		6/23/25 ●	110,194		109,953
	PQ Tranche B 2.436%
		(LIBOR03M + 2.25%)
		2/8/27 ●	91,883		91,456
	Prestige Brands
		Tranche B-4 2.109%
		(LIBOR01M + 2.00%)
		1/26/24 ●	58,462		58,621
	Pretium PKG Holdings
		1st Lien 4.75%
		(LIBOR06M + 4.00%)
		11/5/27 ●	64,838		65,020
	RealPage 1st Lien
		3.75% (LIBOR01M +
		3.25%) 4/24/28 ��	100,000		99,681
	Ryan Specialty Group
		Tranche B-1 3.75%
		(LIBOR01M + 3.00%)
		9/1/27 ●	59,700		59,737
	Scientific Games
		International
		Tranche B-5 2.863%
		(LIBOR01M + 2.75%)
		8/14/24 ●	78,074		77,040
	Sinclair Television Group
		Tranche B-3 3.12%
		(LIBOR01M + 3.00%)
		4/1/28 ●	59,741		59,293

Table of Contents

Schedules of investments
Macquarie Institutional Portfolios — Macquarie Core Plus Bond Portfolio

			Principal
			amount^°	Value (US $)
Loan Agreements (continued)
	Spirit Aerosystems
		6.00% (LIBOR01M +
		5.25%) 1/15/25 ●	79,800	$	80,548
	SS&C Technologies
		Tranche B-3 1.863%
		(LIBOR01M + 1.75%)
		4/16/25 ●	47,853		47,331
	SS&C Technologies
		Tranche B-4 1.863%
		(LIBOR01M + 1.75%)
		4/16/25 ●	35,489		35,107
	Syncsort Tranche B 1st
		Lien TBD 3/20/28 X	155,000		154,742
	Tecta America 1st Lien
		5.00% (LIBOR03M +
		4.25%) 4/10/28 ●	32,104		32,004
	Tecta America 2nd Lien
		9.25% (LIBOR03M +
		8.50%) 4/6/29 ●	45,000		44,775
	Terrier Media Buyer
		Tranche B 3.613%
		(LIBOR01M + 3.50%)
		12/17/26 ●	51,351		51,062
	Transdigm Tranche F
		2.363% (LIBOR01M
		+ 2.25%) 12/9/25 ●	126,713		125,309
	TricorBraun
		2.13% (LIBOR06M +
		3.25%) 3/3/28 ●	337		334
		3.75% (LIBOR06M +
		3.25%) 3/3/28 ●	44,901		44,545
	UKG 4.00% (LIBOR03M
		+ 3.25%) 5/4/26 ●	258,152		258,775
	Ultimate Software Group
		1st Lien 3.863%
		(LIBOR01M + 3.75%)
		5/4/26 ●	216,420		216,808
	Vistra Operations
		1.864% (LIBOR01M
		+ 1.75%) 12/31/25 ●	212,512		211,024
	Whole Earth Brands
		5.50% (LIBOR03M +
		4.50%) 2/2/28 ●	42,358		42,146
Total Loan Agreements
	(cost $6,760,818)				6,810,991

Sovereign Bonds – 2.67% Δ
Argentina – 0.06%
	Argentine Republic
		Government
		International Bonds
		0.125% 7/9/30 ~	250,260		91,095
	Argentine Republic
		Government
		International Bonds
		1.00% 7/9/29	8,695		3,313
					94,408
Bermuda – 0.13%
		Bermuda Government
		International Bond
		144A 2.375%
		8/20/30 #	200,000		198,500
					198,500
Brazil – 0.12%
	Brazilian Government
		International Bond
		4.75% 1/14/50	200,000		188,200
					188,200
Dominican Republic – 0.15%
	Dominican Republic
		International Bond
		144A 4.875%
		9/23/32 #	225,000		236,025
					236,025
Egypt – 0.28%
	Egypt Government
		International Bonds
		144A 5.75%
		5/29/24 #	225,000		238,330
		144A 8.70% 3/1/49 #	200,000		209,009
					447,339
El Salvador – 0.11%
	El Salvador Government
		International Bond
		144A 7.125%
		1/20/50 #	175,000		168,000
					168,000
Honduras – 0.13%
	Honduras Government
		International Bond
		144A 5.625%
		6/24/30 #	200,000		211,000
					211,000
Indonesia – 0.20%
	Indonesia Treasury
		Bonds 6.125%
		5/15/28	4,507,000,000		310,610
					310,610

Table of Contents

			Principal
			amount^°	Value (US $)
Sovereign Bonds Δ (continued)
Ivory Coast – 0.14%
	Ivory Coast Government
		International Bond
		144A 6.125%
		6/15/33 #	206,000	$	218,940
					218,940
Malaysia – 0.30%
	Malaysia Government
		Bond 3.955%
		9/15/25	1,822,000		469,499
					469,499
Mexico – 0.09%
	Mexican Bonos 8.50%
		5/31/29	2,700,000		148,652
					148,652
Peru – 0.13%
	Peruvian Government
		International Bond
		2.392% 1/23/26	200,000		205,924
					205,924
Qatar – 0.14%
	Qatar Government
		International Bond
		144A 4.00%
		3/14/29 #	200,000		227,600
					227,600
Saudi Arabia – 0.14%
	Saudi Government
		International Bond
		144A 2.90%
		10/22/25 #	200,000		212,732
					212,732
Trinidad and Tobago – 0.13%
	Trinidad & Tobago
		Government
		International Bond
		144A 4.50%
		6/26/30 #	200,000		209,910
					209,910
Turkey – 0.11%
	Turkey Government
		International Bond
		5.75% 5/11/47	200,000		165,265
					165,265
Uruguay – 0.17%
	Uruguay Government
		International Bonds
		4.375% 1/23/31	100,000		116,546
	Uruguay Government
		International Bonds
		8.50% 3/15/28	6,600,000		157,068
					273,614
Uzbekistan – 0.14%
	Republic of Uzbekistan
		Bond 144A 5.375%
		2/20/29 #	200,000		224,118
					224,118
Total Sovereign Bonds
	(cost $4,179,821)				4,210,336

Supranational Bank – 0.27%
	Banque Ouest Africaine
		de Developpement
		144A 4.70%
		10/22/31 #	200,000		213,716
	Central American Bank
		for Economic
		Integration
		144A 2.00%
		5/6/25 #	200,000		208,476
Total Supranational Bank
	(cost $399,972)				422,192

US Treasury Obligations – 14.65%
	US Treasury Bonds
		1.875% 2/15/51	2,020,000		1,837,884
		2.25% 8/15/46	840,000		834,488
	US Treasury Inflation
		Indexed Note
		0.125% 7/15/30	2,687,675		2,956,641
	US Treasury Notes
		0.375% 4/15/24	5,230,000		5,236,742
		0.75% 4/30/26	4,280,000		4,260,105
		1.125% 2/15/31	2,685,000		2,564,385
		1.25% 3/31/28	4,275,000		4,262,977
		1.375% 11/15/40	1,275,000		1,111,242
Total US Treasury Obligations
	(cost $23,127,461)				23,064,464

			Number of
			shares
Short-Term Investments – 7.58%
Money Market Mutual Funds – 7.58%
	BlackRock FedFund –
		Institutional Shares
		(seven-day effective
		yield 0.03%)	2,982,997		2,982,997

Table of Contents

Schedules of investments
Macquarie Institutional Portfolios — Macquarie Core Plus Bond Portfolio

			Number of
			shares	Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
	Fidelity Investments
		Money Market
		Government Portfolio
		– Class I (seven-day
		effective yield 0.01%)	2,982,997	$	2,982,997
	GS Financial Square
		Government Fund –
		Institutional Shares
		(seven-day effective
		yield 0.03%)	2,982,996		2,982,996
	Morgan Stanley
		Government Portfolio
		– Institutional Share
		Class (seven-day
		effective yield 0.00%)	2,982,997		2,982,997
Total Short-Term Investments
	(cost $11,931,987)				11,931,987
Total Value of
	Securities–104.15%
	(cost $160,778,251)			$	163,956,430

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at April 30, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At April 30, 2021, the aggregate value of Rule 144A securities was $32,965,253, which represents 20.94% of the Portfolio’s net assets. See Note 9 in “Notes to financial statements.”
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at April 30, 2021. Rate will reset at a future date.
ψ	Perpetual security. Maturity date represents next call date.
>>	PIK. 100% of the income received was in the form of principal.
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”
Х	This loan will settle after April 30, 2021, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.
Δ	Securities have been classified by country of origin.
~	Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Stated rate in effect at April 30, 2021.

Unfunded Loan Commitments

The Portfolio may invest in floating rate loans. In connection with these investments, the Fund 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. The following unfunded loan commitments were outstanding at April 30, 2021:

										Unrealized
	Principal									Appreciation
Borrower	Amount			Commitment			Value			(Depreciation)
Frontier Communications TBD 10/8/2027		$	18,889		$	18,700		$	18,818		$	118
TricorBraun TBD 3/3/28			9,763			9,763			9,685			(77	)

Table of Contents

The following futures contracts were outstanding at April 30, 2021:¹

Futures Contracts
Exchange-Traded

														Variation
														Margin
					Notional				Value/		Value/			Due from
		Notional			Cost			Expiration	Unrealized		Unrealized			(Due to)
Contracts to Buy (Sell)		Amount			(Proceeds)			Date	Appreciation		Depreciation			Brokers
60	US Treasury 5 yr Notes	$	7,436,250		$	7,494,517		6/30/21	$	—	$	(58,267	)	$	2,344
(17)	US Treasury 10 yr Ultra Notes		(2,474,297	)		(2,491,521	)	6/21/21		17,224		—			(2,125	)
(12)	US Treasury Ultra Bonds		(2,230,875	)		(2,266,505	)	6/21/21		35,630		—			(3,750	)
Total Futures Contracts					$	2,736,491			$	52,854	$	(58,267	)	$	(3,531	)

The use of futures contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The notional amounts presented above represent the Portfolio’s total exposure in such contracts, whereas only the variation margin is reflected in the Portfolio’s net assets.

¹	See Note 6 in Notes to financial statements.

Summary of abbreviations:
BB – Barclays Bank
CLO – Collateralized Loan Obligation
DAC – Designated Activity Company
DB – Deutsche Bank
DIFC – Dubai International Financial Centre
FREMF – Freddie Mac Multifamily
GNMA – Government National Mortgage Association
GS – Goldman Sachs
ICE – Intercontinental Exchange, Inc.
JPM – JPMorgan
LIBOR – London interbank offered rate
LIBOR01M – ICE LIBOR USD 1 Month
LIBOR02M – ICE LIBOR USD 2 Month
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
PIK – Payment-in-kind
PJSC – Private Joint Stock Company
REIT – Real Estate Investment Trust
REMIC – Real Estate Mortgage Investment Conduit
S.F. – Single Family
SOFR – Secured Overnight Financing Rate
TBA – To be announced
TBD – To be determined
yr – Year

Summary of currencies:
EUR – European Monetary Unit

Table of Contents

Schedules of investments
Macquarie Institutional Portfolios — Macquarie Core Plus Bond Portfolio

Summary of currencies: (continued)
USD – US Dollar

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

Table of Contents

Macquarie Institutional Portfolios — Macquarie High Yield Bond Portfolio

April 30, 2021 (Unaudited)

	Principal
	amount^°	Value (US $)
Corporate Bonds – 85.08%
Automotive – 2.88%
Allison Transmission
144A 5.875%
6/1/29 #	223,000	$	241,398
Ford Motor
8.50% 4/21/23	155,000		173,794
9.00% 4/22/25	50,000		61,125
Ford Motor Credit
4.125% 8/17/27	270,000		282,517
4.542% 8/1/26	275,000		295,625
5.584% 3/18/24	295,000		322,060
General Motors Financial
5.70% 9/30/30 µ, ψ	80,000		89,600
Jaguar Land Rover
Automotive
144A 4.50%
10/1/27 #	200,000		191,379
144A 5.875%
1/15/28 #	200,000		203,130
			1,860,628
Banking – 2.61%
Barclays 6.125%
12/15/25 µ, ψ	305,000		337,657
Deutsche Bank 6.00%
10/30/25 µ, ψ	400,000		419,500
Popular 6.125%
9/14/23	460,000		496,848
SVB Financial Group
4.10% 2/15/31 µ, ψ	425,000		428,453
			1,682,458
Basic Industry – 9.01%
Allegheny Technologies
5.875% 12/1/27	295,000		312,147
Avient 144A 5.75%
5/15/25 #	287,000		303,408
Blue Cube Spinco
10.00% 10/15/25	27,000		28,420
Cemex 144A 7.375%
6/5/27 #	280,000		317,962
Chemours 144A 5.75%
11/15/28 #	375,000		398,873
First Quantum Minerals
144A 6.875%
10/15/27 #	200,000		219,750
144A 7.25%
4/1/23 #	330,000		336,600
144A 7.50%
4/1/25 #	405,000		420,947
Freeport-McMoRan
5.45% 3/15/43	352,000		430,320
Hudbay Minerals 144A
6.125% 4/1/29 #	100,000		106,456
INEOS Quattro Finance 2
144A 3.375%
1/15/26 #	400,000		400,000
M/I Homes 4.95%
2/1/28	267,000		281,264
New Gold 144A 7.50%
7/15/27 #	285,000		309,610
NOVA Chemicals 144A
4.25% 5/15/29 #	320,000		317,600
Novelis
144A 4.75%
1/30/30 #	60,000		62,475
144A 5.875%
9/30/26 #	80,000		83,555
Olin 5.00% 2/1/30	110,000		116,030
PowerTeam Services
144A 9.033%
12/4/25 #	535,000		594,559
United States Steel
6.875% 3/1/29	195,000		203,814
Vedanta Resources
Finance II 144A
8.95% 3/11/25 #	200,000		198,657
Venator Finance 144A
5.75% 7/15/25 #	375,000		371,432
			5,813,879
Capital Goods – 5.29%
Arcosa 144A 4.375%
4/15/29 #	130,000		133,115
ARD Finance 144A PIK
6.50% 6/30/27 #, >	400,000		419,000
Berry Global 144A
5.625% 7/15/27 #	160,000		170,600
Bombardier
144A 7.50%
3/15/25 #	235,000		234,853
144A 7.875%
4/15/27 #	155,000		154,806
Energizer Holdings 144A
4.375% 3/31/29 #	140,000		139,134
Granite US Holdings
144A 11.00%
10/1/27 #	230,000		258,750
Intertape Polymer Group
144A 7.00%
10/15/26 #	165,000		173,631
Reynolds Group Issuer
144A 4.00%
10/15/27 #	250,000		247,508

Table of Contents

Schedules of investments
Macquarie Institutional Portfolios — Macquarie High Yield Bond Portfolio

	Principal
	amount^°	Value (US $)
Corporate Bonds (continued)
Capital Goods (continued)
Spirit AeroSystems 144A
5.50% 1/15/25 #	220,000	$	232,925
Terex 144A 5.00%
5/15/29 #	465,000		484,181
Titan Acquisition 144A
7.75% 4/15/26 #	75,000		78,146
TransDigm 144A 6.25%
3/15/26 #	300,000		318,000
Vertical Holdco 144A
7.625% 7/15/28 #	200,000		218,375
Welbilt 9.50% 2/15/24	143,000		150,597
			3,413,621
Communications – 7.51%
Altice Financing 144A
5.00% 1/15/28 #	355,000		350,859
Altice France Holding
144A 6.00%
2/15/28 #	550,000		546,562
Cincinnati Bell 144A
7.00% 7/15/24 #	315,000		326,142
Clear Channel
Worldwide Holdings
9.25% 2/15/24	145,000		151,632
Connect Finco 144A
6.75% 10/1/26 #	220,000		230,109
Consolidated
Communications
144A 5.00%
10/1/28 #	140,000		142,275
144A 6.50%
10/1/28 #	140,000		151,014
Frontier Communications
144A 5.875%
10/15/27 #	130,000		138,287
LCPR Senior Secured
Financing DAC 144A
6.75% 10/15/27 #	265,000		285,222
Level 3 Financing 144A
4.25% 7/1/28 #	250,000		252,215
Sable International
Finance 144A 5.75%
9/7/27 #	230,000		241,931
Sprint
7.125% 6/15/24	460,000		531,815
7.625% 3/1/26	80,000		98,200
7.875% 9/15/23	440,000		502,150
Sprint Capital 8.75%
3/15/32	80,000		118,718
T-Mobile USA
2.625% 4/15/26	165,000		168,044
3.375% 4/15/29	165,000		167,930
3.50% 4/15/31	95,000		96,544
Zayo Group Holdings
144A 6.125%
3/1/28 #	340,000		350,231
			4,849,880
Consumer Cyclical – 9.39%
Bloomin’ Brands 144A
5.125% 4/15/29 #	325,000		333,531
Boyd Gaming 4.75%
12/1/27	320,000		328,459
Caesars Entertainment
144A 6.25%
7/1/25 #	130,000		138,379
144A 8.125%
7/1/27 #	115,000		127,933
Carnival
144A 5.75%
3/1/27 #	600,000		633,378
144A 7.625%
3/1/26 #	430,000		471,394
L Brands
6.875% 11/1/35	290,000		352,012
6.95% 3/1/33	189,000		222,075
144A 9.375%
7/1/25 #	95,000		120,650
Levi Strauss & Co. 144A
3.50% 3/1/31 #	323,000		322,620
Magic Mergeco 144A
7.875% 5/1/29 #	265,000		272,619
MGM Resorts
International 4.75%
10/15/28	315,000		332,700
Murphy Oil USA 144A
3.75% 2/15/31 #	270,000		266,288
New Red Finance 144A
3.50% 2/15/29 #	140,000		136,686
PetSmart 144A 7.75%
2/15/29 #	500,000		542,430
Royal Caribbean Cruises
144A 5.50%
4/1/28 #	605,000		635,220
Scientific Games
International
144A 7.25%
11/15/29 #	250,000		275,302
144A 8.25%
3/15/26 #	316,000		340,885

Table of Contents

			Principal
			amount^°	Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
	Six Flags Entertainment
		144A 4.875%
		7/31/24 #	145,000	$	146,297
	Station Casinos 144A
		5.00% 10/1/25 #	61,000		61,953
					6,060,811
Consumer Non-Cyclical – 3.12%
	Chobani 144A 4.625%
		11/15/28 #	142,000		146,615
	JBS USA LUX
		144A 5.50%
		1/15/30 #	105,000		115,632
		144A 6.50%
		4/15/29 #	305,000		342,747
	Kraft Heinz Foods
		5.00% 7/15/35	150,000		175,451
		5.20% 7/15/45	175,000		207,464
	Legends Hospitality
		Holding 144A 5.00%
		2/1/26 #	180,000		186,075
	Post Holdings 144A
		5.50% 12/15/29 #	210,000		226,338
	Rent-A-Center 144A
		6.375% 2/15/29 #	280,000		304,010
	United Natural Foods
		144A 6.75%
		10/15/28 #	290,000		312,856
					2,017,188
Energy – 11.84%
	Apache
		4.75% 4/15/43	158,000		157,103
		4.875% 11/15/27	120,000		126,810
	Ascent Resources Utica
		Holdings 144A
		7.00% 11/1/26 #	300,000		304,568
	CNX Resources
		144A 6.00%
		1/15/29 #	400,000		427,922
		144A 7.25%
		3/14/27 #	115,000		124,369
	Crestwood Midstream
		Partners
		144A 5.625%
		5/1/27 #	235,000		239,633
		144A 6.00%
		2/1/29 #	145,000		150,092
	DCP Midstream
		Operating 5.125%
		5/15/29	355,000		379,807
	EQM Midstream Partners
		144A 4.75%
		1/15/31 #	320,000		317,182
		144A 6.50%
		7/1/27 #	160,000		176,877
	Genesis Energy
		7.75% 2/1/28	315,000		318,563
		8.00% 1/15/27	465,000		479,645
	Murphy Oil 6.375%
		7/15/28	510,000		518,287
	NuStar Logistics
		6.00% 6/1/26	206,000		223,606
		6.375% 10/1/30	264,000		291,060
	Occidental Petroleum
		3.00% 2/15/27	125,000		119,561
		3.40% 4/15/26	150,000		148,529
		3.50% 8/15/29	235,000		224,719
		6.125% 1/1/31	260,000		289,575
		6.45% 9/15/36	135,000		153,565
		6.625% 9/1/30	165,000		188,317
	PDC Energy
		5.75% 5/15/26	330,000		343,507
		6.125% 9/15/24	111,000		113,983
	Southwestern Energy
		7.75% 10/1/27	235,000		252,911
	Sunoco 6.00% 4/15/27		105,000		110,544
	Targa Resources Partners
		144A 4.00%
		1/15/32 #	370,000		363,987
		144A 4.875%
		2/1/31 #	150,000		156,994
	TechnipFMC 144A
		6.50% 2/1/26 #	530,000		565,967
	Western Midstream
		Operating 4.75%
		8/15/28	350,000		377,125
					7,644,808
Financial Services – 4.16%
	AerCap Holdings
		5.875% 10/10/79 µ	335,000		350,175
	Air Lease 4.65%
		6/15/26 µ, ψ	280,000		286,300
	Ally Financial
		4.70% 5/15/26 µ, ψ	305,000		309,941
		8.00% 11/1/31	150,000		211,155
	Credit Suisse Group
		144A 4.50%
		9/3/30 #, µ, ψ	200,000		191,500
	Hightower Holding 144A
		6.75% 4/15/29 #	190,000		194,750

Table of Contents

Schedules of investments
Macquarie Institutional Portfolios — Macquarie High Yield Bond Portfolio

			Principal
			amount^°	Value (US $)
Corporate Bonds (continued)
Financial Services (continued)
	Midcap Financial Issuer
		Trust 144A 6.50%
		5/1/28 #	200,000	$	207,496
	UBS Group 144A
		4.375%
		2/10/31 #, µ, ψ	610,000		609,244
	VistaJet Malta Finance
		144A 10.50%
		6/1/24 #	300,000		323,625
					2,684,186
Healthcare – 7.03%
	Bausch Health 144A
		6.25% 2/15/29 #	315,000		333,511
	Cheplapharm
		Arzneimittel 144A
		5.50% 1/15/28 #	205,000		213,456
	CHS
		144A 4.75%
		2/15/31 #	240,000		238,517
		144A 8.00%
		3/15/26 #	230,000		248,113
	DaVita 144A 4.625%
		6/1/30 #	255,000		258,506
	Encompass Health
		4.75% 2/1/30	170,000		178,713
	Hadrian Merger Sub
		144A 8.50%
		5/1/26 #	237,000		246,731
	HCA
		3.50% 9/1/30	105,000		107,990
		5.375% 2/1/25	525,000		585,732
		5.875% 2/1/29	159,000		187,819
		7.58% 9/15/25	130,000		155,350
	Jaguar Holding II
		144A 4.625%
		6/15/25 #	110,000		115,767
		144A 5.00%
		6/15/28 #	195,000		212,891
	ModivCare 144A
		5.875% 11/15/25 #	205,000		218,298
	Organon Finance 1
		144A 5.125%
		4/30/31 #	200,000		207,770
	Ortho-Clinical
		Diagnostics
		144A 7.25%
		2/1/28 #	129,000		141,755
		144A 7.375%
		6/1/25 #	132,000		142,478
	Surgery Center Holdings
		144A 10.00%
		4/15/27 #	120,000		131,812
	Tenet Healthcare
		144A 6.125%
		10/1/28 #	245,000		258,842
		6.75% 6/15/23	125,000		136,656
		6.875% 11/15/31	195,000		218,119
					4,538,826
Insurance – 1.08%
	GTCR AP Finance 144A
		8.00% 5/15/27 #	65,000		69,387
	HUB International 144A
		7.00% 5/1/26 #	275,000		285,288
		USI 144A 6.875%
		5/1/25 #	335,000		341,487
					696,162
Media – 7.17%
	AMC Networks 4.25%
		2/15/29	225,000		222,472
	Beasley Mezzanine
		Holdings 144A
		8.625% 2/1/26 #	285,000		290,163
	CCO Holdings
		144A 4.50%
		8/15/30 #	565,000		575,532
		144A 4.50%
		5/1/32 #	320,000		323,600
		144A 5.375%
		6/1/29 #	150,000		163,051
	Clear Channel Outdoor
		Holdings 144A
		7.75% 4/15/28 #	340,000		350,550
	CSC Holdings
		144A 4.625%
		12/1/30 #	600,000		587,250
		144A 5.00%
		11/15/31 #	290,000		291,269
		144A 5.75%
		1/15/30 #	420,000		447,037
	Cumulus Media New
		Holdings 144A
		6.75% 7/1/26 #	357,000		366,537
	Gray Television 144A
		7.00% 5/15/27 #	215,000		235,104
	News 144A 3.875%
		5/15/29 #	105,000		107,201
	Nexstar Broadcasting
		144A 4.75%
		11/1/28 #	165,000		168,300

Table of Contents

			Principal
			amount^°	Value (US $)
Corporate Bonds (continued)
Media (continued)
	Terrier Media Buyer
		144A 8.875%
		12/15/27 #	460,000	$	500,250
					4,628,316
Real Estate – 0.74%
	Global Net Lease 144A
		3.75% 12/15/27 #	57,000		56,481
	Iron Mountain 144A
		5.25% 7/15/30 #	165,000		171,608
	MGM Growth Properties
		Operating Partnership
		144A 3.875%
		2/15/29 #	250,000		253,429
					481,518
Services – 4.35%
	BCPE Ulysses
		Intermediate 144A
		PIK 7.75%
		4/1/27 #, «	160,000		165,116
	Gartner 144A 4.50%
		7/1/28 #	180,000		189,454
	H&E Equipment Services
		144A 3.875%
		12/15/28 #	140,000		136,850
	LBM Acquisition 144A
		6.25% 1/15/29 #	115,000		118,212
	Prime Security Services
		Borrower
		144A 5.75%
		4/15/26 #	240,000		262,819
		144A 6.25%
		1/15/28 #	315,000		329,622
	Sabre GLBL
		144A 7.375%
		9/1/25 #	160,000		174,440
		144A 9.25%
		4/15/25 #	140,000		167,475
	Stericycle 144A 3.875%
		1/15/29 #	335,000		334,968
	United Rentals North
		America
		3.875% 2/15/31	235,000		236,793
		4.875% 1/15/28	255,000		270,300
	White Cap Buyer 144A
		6.875% 10/15/28 #	400,000		425,004
					2,811,053
Technology & Electronics – 5.09%
	Austin BidCo 144A
		7.125% 12/15/28 #	95,000		96,603
	Banff Merger Sub 144A
		9.75% 9/1/26 #	215,000		228,975
	Black Knight InfoServ
		144A 3.625%
		9/1/28 #	195,000		191,024
	BY Crown Parent
		144A 4.25%
		1/31/26 #	195,000		204,556
		144A 7.375%
		10/15/24 #	338,000		346,262
	Camelot Finance 144A
		4.50% 11/1/26 #	180,000		186,525
	Entegris 144A 3.625%
		5/1/29 #	295,000		299,794
	Go Daddy Operating
		144A 3.50%
		3/1/29 #	295,000		287,646
	Microchip Technology
		144A 4.25%
		9/1/25 #	325,000		341,376
	MSCI 144A 3.625%
		11/1/31 #	290,000		290,000
	Sensata Technologies
		144A 4.00%
		4/15/29 #	440,000		443,278
	SS&C Technologies 144A
		5.50% 9/30/27 #	348,000		370,141
					3,286,180
Transportation – 2.49%
	Delta Air Lines 7.375%
		1/15/26	530,000		622,950
	Stena International
		144A 6.125%
		2/1/25 #	200,000		203,750
	United Airlines Holdings
		4.875% 1/15/25	770,000		782,031
					1,608,731
Utilities – 1.32%
	Calpine
		144A 4.625%
		2/1/29 #	45,000		44,428
		144A 5.00%
		2/1/31 #	235,000		231,782
	Edison International
		5.375% 3/15/26 µ, ψ	280,000		290,379
	PG&E 5.25% 7/1/30		265,000		283,219
					849,808
Total Corporate Bonds
	(cost $52,773,485)				54,928,053

Table of Contents

Schedules of investments
Macquarie Institutional Portfolios — Macquarie High Yield Bond Portfolio

			Principal
			amount^°	Value (US $)
Loan Agreements – 9.72%
	Applied Systems
		2nd Lien 6.25%
		(LIBOR03M + 5.50%)
		9/19/25 ●	915,010	$	927,306
	Apro 5.00% (LIBOR01M
		+ 4.00%) 11/14/26 ●	287,783		288,322
	Blue Ribbon 1st Lien
		5.00% (LIBOR03M +
		4.00%) 11/15/21 ●	89,463		89,165
	Epicor Software 2nd Lien
		8.75% (LIBOR01M +
		7.75%) 7/31/28 ●	231,000		238,002
	Frontier Communications
		Tranche B 4.50%
		(LIBOR01M + 3.75%)
		10/8/27 ●	165,000		164,381
	Gainwell Acquisition
		Tranche B 4.75%
		(LIBOR03M + 4.00%)
		10/1/27 ●	329,000		329,566
	Global Medical
		Response 5.75%
		(LIBOR03M + 4.75%)
		10/2/25 ●	453,862		455,281
	Green Energy Partners
		Tranche B-1 6.50%
		(LIBOR03M + 5.50%)
		11/13/21 ●	116,875		110,204
	Green Energy Partners
		Tranche B-2 6.50%
		(LIBOR03M + 5.50%)
		11/13/21 ●	41,014		38,672
	Hamilton Projects
		Acquiror 5.75%
		(LIBOR03M + 4.75%)
		6/17/27 ●	302,926		303,052
	Informatica 2nd Lien
		7.125% 2/25/25	325,000		332,719
	Peraton TBD 2/1/28 X		133,910		134,008
	Peraton Tranche B 1st
		Lien 4.50%
		(LIBOR01M + 3.75%)
		2/1/28 ●	76,089		76,145
	Schweitzer-Mauduit
		International
		Tranche B 4.50%
		(LIBOR03M + 3.75%)
		1/27/28 ●	155,000		154,613
	Solenis International
		2nd Lien 8.69%
		(LIBOR03M + 8.50%)
		6/26/26 ●	477,647		478,642
	Surgery Center Holdings
		4.25% (LIBOR01M +
		3.25%) 9/2/24 ●	304,676		304,081
	Syncsort 1st Lien TBD
		3/19/29 X	135,000		134,325
	Tecta America 2nd Lien
		9.25% (LIBOR03M +
		8.50%) 4/6/29 ●	180,000		179,100
	Ultimate Software Group
		2nd Lien 7.50%
		(LIBOR03M + 6.75%)
		5/3/27 ●	585,000		603,525
	Vantage Specialty
		Chemicals 1st Lien
		TBD 10/28/24 X	115,000		111,550
	Vantage Specialty
		Chemicals 2nd Lien
		9.25% (LIBOR03M +
		8.25%) 10/27/25 ●	217,000		207,506
	Verscend Holding
		Tranche B 4.113%
		(LIBOR01M + 4.00%)
		8/27/25 ●	611,220		613,448
Total Loan Agreements
	(cost $6,231,188)				6,273,613

			Number of
			shares
Common Stock – 0.00%
	Century Communications =, †		60,000		0
Total Common Stock
	(cost $1,816)				0

Short-Term Investments – 6.20%
Money Market Mutual Funds – 6.20%
	BlackRock FedFund –
		Institutional Shares
		(seven-day effective
		yield 0.03%)	1,000,335		1,000,335
	Fidelity Investments
		Money Market
		Government Portfolio
		– Class I (seven-day
		effective yield 0.01%)	1,000,334		1,000,334
	GS Financial Square
		Government Fund –
		Institutional Shares
		(seven-day effective
		yield 0.03%)	1,000,334		1,000,334

Table of Contents

	Number of
	shares	Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
Morgan Stanley
Government Portfolio
– Institutional Share
Class (seven-day
effective yield 0.00%)	1,000,334	$	1,000,334
Total Short-Term Investments
(cost $4,001,337)			4,001,337
Total Value of
Securities–101.00%
(cost $63,007,826)		$	65,203,003

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At April 30, 2021, the aggregate value of Rule 144A securities was $36,791,777, which represents 56.99% of the Portfolio’s net assets. See Note 9 in “Notes to financial statements.”
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at April 30, 2021. Rate will reset at a future date.
ψ	Perpetual security. Maturity date represents next call date.
>	PIK. 100% of the income received was in the form of cash.
«	PIK. The first payment of cash and/or principal will be made on October 1, 2021.
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at April 30, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
X	This loan will settle after April 30, 2021, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.
=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”
†	Non-income producing security.

Summary of abbreviations:
DAC – Designated Activity Company
GS – Goldman Sachs
ICE – Intercontinental Exchange, Inc.
LIBOR – London interbank offered rate
LIBOR01M – ICE LIBOR USD 1 Month
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
MSCI – Morgan Stanley Capital International
PIK – Payment-in-kind
TBD – To be determined

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

Table of Contents

Schedules of investments
Macquarie Institutional Portfolios – Macquarie Emerging Markets Portfolio

April 30, 2021 (Unaudited)

	Number of
	shares	Value (US $)
Common Stock – 95.56%Δ
Brazil – 3.74%
Hypera	203,000	$	1,288,918
Itau Unibanco Holding
ADR	113,137		565,685
Suzano †	75,000		951,989
			2,806,592
Canada – 1.19%
Barrick Gold	41,922		890,843
			890,843
China – 42.32%
Alibaba Group Holding †	161,780		4,676,691
Autohome ADR	19,986		1,853,302
Baidu ADR †	12,679		2,666,774
China Medical System
Holdings	457,000		1,055,548
China Merchants Bank
Class H	433,500		3,482,050
CSPC Pharmaceutical
Group	2,244,960		2,771,042
Haier Smart Home
Class H †	602,000		2,588,887
Hengan International
Group	141,500		914,427
NetEase	114,462		2,558,177
Ping An Insurance Group
Co. of China Class H	313,000		3,412,412
Tencent Holdings	41,100		3,278,631
Tingyi Cayman Islands
Holding	674,000		1,211,038
Xinyi Solar Holdings	592,000		987,351
Yum China Holdings	5,166		325,045
			31,781,375
Hong Kong – 2.01%
WH Group 144A #	1,737,500		1,513,887
			1,513,887
India – 9.91%
HCL Technologies	152,812		1,851,539
Housing Development
Finance	64,349		2,095,544
Infosys ADR	67,907		1,227,759
Reliance Industries	84,488		2,269,873
			7,444,715
Indonesia – 1.53%
Bank Rakyat Indonesia
Persero	4,107,200		1,149,338
			1,149,338
Mexico – 1.05%
Grupo Financiero
Banorte Class O	138,854		788,418
			788,418
Peru – 1.03%
Credicorp	6,458		771,085
			771,085
Republic of Korea – 7.73%
Samsung Electronics	55,492		4,044,561
Samsung Fire & Marine
Insurance	4,435		787,909
Shinhan Financial Group	27,178		976,656
			5,809,126
Russia – 2.38%
LUKOIL PJSC ADR
(London International
Exchange)	13,283		1,016,645
Polymetal International	37,279		769,763
			1,786,408
Taiwan – 17.93%
Alchip Technologies	16,000		282,391
ASE Technology Holding	387,000		1,617,172
CTBC Financial Holding	1,037,046		843,991
Delta Electronics	126,000		1,349,828
Hon Hai
Precision Industry	652,000		2,680,403
Taiwan Semiconductor
Manufacturing	317,588		6,688,284
			13,462,069
United Kingdom – 4.74%
Mondi	66,489		1,804,760
Unilever	30,101		1,758,058
			3,562,818
Total Common Stock
(cost $54,443,853)			71,766,674

Preferred Stock – 3.50%Δ
Brazil – 0.81%
Itausa 2.60%	329,888		611,550
			611,550
Republic of Korea – 2.69%
LG Chem 2.35%	2,530		1,009,149

Table of Contents

	Number of
	shares	Value (US $)
Preferred StockΔ (continued)
Republic of Korea (continued)
Samsung Electronics
4.03%	15,351	$	1,007,861
			2,017,010
Total Preferred Stock
(cost $2,411,993)			2,628,560

Short-Term Investments – 1.02%
Money Market Mutual Funds – 1.02%
BlackRock FedFund –
Institutional Shares
(seven-day effective
yield 0.03%)	191,343		191,343
Fidelity Investments
Money Market
Government Portfolio
– Class I (seven-day
effective yield 0.01%)	191,343		191,343
GS Financial Square
Government Fund –
Institutional Shares
(seven-day effective
yield 0.03%)	191,343		191,343
Morgan Stanley
Government Portfolio
– Institutional Share
Class (seven-day
effective yield 0.00%)	191,344		191,344
Total Short-Term Investments
(cost $765,373)			765,373
Total Value of
Securities–100.08%
(cost $57,621,219)		$	75,160,607

Δ	Securities have been classified by country of origin. Aggregate classification by business sector has been presented on page 6 in “Security type / country and sector allocations.”
†	Non-income producing security.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At April 30, 2021, the aggregate value of Rule 144A securities was $1,513,887, which represents 2.02% of the Portfolio’s net assets. See Note 9 in “Notes to financial statements.”

The following foreign currency exchange contracts were outstanding at April 30, 2021:¹

Foreign Currency Exchange Contracts

Currency to

Settlement

Unrealized

Counterparty

Receive (Deliver)

In Exchange For

Date

Depreciation

BNYM

KRW

48,418,774

USD

(43,672)

5/3/21

(237)

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 contract presented above represents the Portfolio’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Portfolio’s net assets.

¹	See Note 6 in “Notes to financial statements.”

Summary of abbreviations:
ADR – American Depositary Receipt
BNYM – Bank of New York Mellon
GS – Goldman Sachs
PJSC – Private Joint Stock Company

Summary of currencies:
KRW – South Korean Won
USD – US Dollar

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

Table of Contents

Schedules of investments
Macquarie Institutional Portfolios – Macquarie Emerging Markets Portfolio II

April 30, 2021 (Unaudited)

	Number of
	shares	Value (US $)
Common Stock – 98.18%Δ
Argentina – 0.05%
IRSA Inversiones y
Representaciones
ADR †	3,069	$	11,724
IRSA Propiedades
Comerciales ADR	135		1,212
			12,936
Bahrain – 0.02%
Aluminium Bahrain GDR
144A #, †	691		5,361
			5,361
Brazil – 5.49%
B2W Cia Digital	42,195		526,112
Banco Bradesco ADR	28,682		124,769
Banco Santander Brasil
ADR	10,741		76,691
BRF ADR †	20,063		77,844
Itau Unibanco Holding
ADR	26,165		130,825
Petroleo Brasileiro ADR	12,122		102,794
Rumo †	1,573		5,812
Telefonica Brasil ADR	8,845		70,141
TIM ADR	6,138		68,807
Vale ADR	8,939		179,853
			1,363,648
Chile – 0.45%
Sociedad Quimica y
Minera de Chile ADR	2,110		111,281
			111,281
China – 30.93%
Alibaba Group Holding †	4,500		130,085
Alibaba Group Holding
ADR †	4,590		1,060,060
Anhui Conch Cement
Class H	19,500		116,389
Baidu ADR †	1,785		375,439
BeiGene †	3,600		95,760
China Petroleum &
Chemical Class H	32,000		15,782
China Petroleum &
Chemical ADR	1,715		84,361
iQIYI ADR †	1,615		23,757
JD.com ADR †	14,577		1,127,677
JHBP CY Holdings
144A #, †	12,500		26,260
Joinn Laboratories China
Class H 144A #, †	200		3,605
Kunlun Energy	68,000		72,708
Kweichow Moutai
Class A	2,500		772,354
Luzhou Laojiao Class A	4,200		165,048
Ping An Insurance Group
Co. of China Class H	23,000		250,752
Prosus †	998		108,315
Sohu.com ADR †	6,444		121,598
Tencent Holdings	18,200		1,451,851
Tencent Music
Entertainment Group
ADR †	4		70
Tianjin Development
Holdings	62,000		13,237
Tingyi Cayman Islands
Holding	104,000		186,866
Trip.com Group ADR †	4,911		191,922
Tsingtao Brewery
Class H	36,000		326,037
Uni-President China
Holdings	178,000		216,228
Weibo ADR †	1,715		86,436
Wuliangye Yibin Class A	15,000		657,320
Zhihu ADR †	500		4,780
			7,684,697
India – 10.55%
HCL Technologies	21,000		254,446
HDFC Bank †	12,000		228,000
Reliance Industries GDR
144A #	30,737		1,662,872
Tata Chemicals	11,058		118,132
Tata Consultancy
Services	6,000		245,541
Tata Consumer Products	12,607		113,761
			2,622,752
Indonesia – 1.74%
Astra International	225,400		85,660
Bank Central Asia	157,200		348,003
			433,663
Malaysia – 0.05%
UEM Sunrise †	118,400		12,269
			12,269
Mexico – 3.13%
America Movil ADR
Class L	5,291		73,756
Banco Santander Mexico
ADR †	22,863		129,176
Becle	49,866		119,662

Table of Contents

		Number of
		shares	Value (US $)
Common StockΔ (continued)
Mexico (continued)
	Coca-Cola Femsa ADR	3,722	$	174,822
	Grupo Financiero
	Banorte Class O	10,549		59,898
	Grupo Televisa ADR †	17,723		219,411
				776,725
Peru – 0.32%
	Cia de Minas
	Buenaventura ADR †	8,287		80,550
				80,550
Republic of Korea – 19.82%
	Fila Holdings	3,123		127,620
	LG Uplus	6,905		81,805
	Samsung Electronics	24,291		1,770,461
	SK Hynix	13,489		1,538,843
	SK Telecom	1,780		484,826
	SK Telecom ADR	30,689		921,898
				4,925,453
Russia – 5.03%
	Etalon Group GDR
	144A #, =	4,800		7,805
	Gazprom PJSC ADR	44,140		267,654
	LUKOIL PJSC ADR
	(London International
	Exchange)	2,022		154,759
	Mail.Ru Group GDR †	2,072		46,279
	Rosneft Oil PJSC GDR	44,435		306,514
	Sberbank of Russia PJSC
	=	52,760		208,858
	X5 Retail Group GDR	2,045		62,778
	Yandex Class A †	2,962		194,159
				1,248,806
South Africa – 0.81%
	Naspers Class N	883		200,953
				200,953
Taiwan – 17.66%
	Hon Hai
	Precision Industry	107,564		442,201
	MediaTek	38,000		1,593,059
	Taiwan Semiconductor
	Manufacturing	64,000		1,347,816
	Taiwan Semiconductor
	Manufacturing ADR	5,831		680,711
	United Microelectronics
	ADR	32,606		323,451
				4,387,238
Turkey – 0.57%
	Akbank TAS †	100,106		59,133
	Anadolu Efes Biracilik Ve
	Malt Sanayii	9,675		27,253
	Turkcell Iletisim
	Hizmetleri ADR	9,092		41,187
	Turkiye Sise ve Cam
	Fabrikalari	16,275		14,762
				142,335
United States – 1.56%
	Micron Technology †	4,500		387,315
				387,315
Total Common Stock
	(cost $15,351,182)			24,395,982

Preferred Stock – 0.91%Δ
Republic of Korea – 0.85%
	LG Electronics 1.72%	3,194		211,107
				211,107
Russia – 0.06%
	Transneft PJSC 8.13% =	8		15,083
				15,083
Total Preferred Stock
	(cost $75,846)			226,190

Rights – 0.00%Δ
Argentina – 0.00%
	IRSA Inversiones y
	Representaciones,
	exercise price $3.65,
	expiration date
	5/4/21 =, †	3,069		17
Total Rights
	(cost $0)			17

Short-Term Investments – 0.29%
Money Market Mutual Funds – 0.29%
	BlackRock FedFund –
	Institutional Shares
	(seven-day effective
	yield 0.03%)	17,972		17,972
	Fidelity Investments
	Money Market
	Government Portfolio
	– Class I (seven-day
	effective yield 0.01%)	17,971		17,971

Table of Contents

Schedules of investments
Macquarie Institutional Portfolios — Macquarie Emerging Markets Portfolio II

		Number of
		shares	Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
	GS Financial Square
	Government Fund –
	Institutional Shares
	(seven-day effective
	yield 0.03%)	17,971	$	17,971
	Morgan Stanley
	Government Portfolio
	– Institutional Share
	Class (seven-day
	effective yield 0.00%)	17,972		17,972
Total Short-Term Investments
	(cost $71,886)			71,886
Total Value of
	Securities–99.38%
	(cost $15,498,914)		$	24,694,075

Δ	Securities have been classified by country of origin. Aggregate classification by business sector has been presented on page 7 in “Security type / country and sector allocations.”
†	Non-income producing security.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At April 30, 2021, the aggregate value of Rule 144A securities was $1,705,903, which represents 6.87% of the Portfolio’s net assets. See Note 9 in “Notes to financial statements.”
=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”

Summary of abbreviations:

ADR – American Depositary Receipt

GDR – Global Depositary Receipt

GS – Goldman Sachs

PJSC – Private Joint Stock Company

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

Table of Contents

Macquarie Institutional Portfolios — Macquarie Labor Select International Equity Portfolio
April 30, 2021 (Unaudited)

		Number of
		shares	Value (US $)
Common Stock – 97.31%Δ
Australia – 0.45%
	QBE Insurance Group	127,425	$	963,916
				963,916
China/Hong Kong – 4.71%
	Jardine Matheson
	Holdings	57,100		3,834,218
	WH Group 144A #	7,209,500		6,281,651
				10,115,869
Denmark – 1.48%
	ISS †	167,604		3,178,095
				3,178,095
France – 8.72%
	Cie de Saint-Gobain †	100,632		6,349,392
	Dassault Aviation †	1,933		2,105,869
	Sanofi	66,632		6,985,857
	Societe Generale †	115,137		3,275,325
				18,716,443
Germany – 6.05%
	Allianz	20,555		5,336,426
	Evonik Industries	176,511		6,179,488
	Telefonica Deutschland
	Holding	504,084		1,464,956
				12,980,870
Italy – 4.68%
	Enel	425,764		4,227,551
	Eni	284,264		3,385,839
	Snam	432,069		2,431,277
				10,044,667
Japan – 28.12%
	Coca-Cola Bottlers
	Japan Holdings	178,200		2,851,283
	Denso	79,700		5,152,844
	FUJIFILM Holdings	96,500		6,250,813
	Fujitsu	19,700		3,129,503
	Honda Motor	236,200		7,043,444
	Kyocera	103,600		6,289,887
	Mitsubishi Electric	272,700		4,201,857
	Nippon Telegraph &
	Telephone	171,300		4,318,967
	Otsuka Holdings	83,200		3,188,602
	Sekisui Chemical	191,400		3,337,134
	Sony Group	61,800		6,178,698
	Takeda Pharmaceutical	163,500		5,460,983
	Tokio Marine Holdings	61,500		2,949,350
				60,353,365
Singapore – 4.68%
	Singapore
	Telecommunications	1,574,200		2,953,430
	United Overseas Bank	356,009		7,096,244
				10,049,674
Spain – 5.43%
	Banco Santander †	2,044,420		7,886,465
	Naturgy Energy Group	142,121		3,651,031
	Red Electrica	5,976		109,708
				11,647,204
Sweden – 2.67%
	Essity Class B	32,212		1,051,335
	Telia	1,128,475		4,676,214
				5,727,549
Switzerland – 4.38%
	ABB	78,857		2,561,447
	Novartis	58,941		5,029,812
	Zurich Insurance Group	4,384		1,798,574
				9,389,833
United Kingdom – 25.94%
	BP	1,052,910		4,407,850
	CK Hutchison Holdings	947,000		7,739,932
	GlaxoSmithKline	365,118		6,747,295
	Kingfisher †	1,103,434		5,447,285
	Lloyds Banking Group	10,786,141		6,763,769
	Royal Dutch Shell
	Class B	334,763		5,990,139
	SSE	320,660		6,500,915
	Tesco	1,223,729		3,735,516
	Travis Perkins †	105,876		2,248,308
	Wickes Group †	118,636		409,524
	WPP	422,244		5,692,744
				55,683,277
Total Common Stock
	(cost $189,336,116)			208,850,762

Preferred Stock – 0.82%Δ
Germany – 0.82%
	Bayerische Motoren
	Werke 4.52%	21,626		1,771,220
Total Preferred Stock
	(cost $1,423,098)			1,771,220

Short-Term Investments – 0.52%
Money Market Mutual Funds – 0.52%
	BlackRock FedFund –
	Institutional Shares
	(seven-day effective
	yield 0.03%)	278,203		278,203

Table of Contents

Schedules of investments
Macquarie Institutional Portfolios — Macquarie Labor Select International Equity Portfolio

		Number of
		shares	Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
	Fidelity Investments
	Money Market
	Government Portfolio
	– Class I (seven-day
	effective yield 0.01%)	278,204	$	278,204
	GS Financial Square
	Government Fund –
	Institutional Shares
	(seven-day effective
	yield 0.03%)	278,204		278,204
	Morgan Stanley
	Government Portfolio
	– Institutional Share
	Class (seven-day
	effective yield 0.00%)	278,204		278,204
Total Short-Term Investments
	(cost $1,112,815)			1,112,815
Total Value of
	Securities–98.65%
	(cost $191,872,029)		$	211,734,797

Δ	Securities have been classified by country of origin. Aggregate classification by business sector has been presented on page 8 in “Security type / country and sector allocations.”
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At April 30, 2021, the aggregate value of Rule 144A securities was $6,281,651, which represents 2.93% of the Portfolio’s net assets. See Note 9 in “Notes to financial statements.”
†	Non-income producing security.

The following foreign currency exchange contracts were outstanding at April 30, 2021:¹

Foreign Currency Exchange Contracts

	Currency to						Settlement	Unrealized
Counterparty	Receive (Deliver)			In Exchange For			Date	Depreciation
BNYM	CHF	(82,650	)	USD	90,508		5/4/21	$	(2	)
BNYM	EUR	10,037		USD	(12,079	)	5/4/21		(11	)
Total Foreign Currency Exchange Contracts								$	(13	)

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 6 in “Notes to financial statements.”

Table of Contents

Summary of abbreviations:
BNYM – Bank of New York Mellon
GS – Goldman Sachs

Summary of currencies:
CHF – Swiss Franc
EUR – European Monetary Unit
USD – US Dollar

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

Table of Contents

Statements of assets and liabilities
Macquarie Institutional Portfolios

April 30, 2021 (Unaudited)

	Macquarie		Macquarie		Macquarie
	Large Cap		Core Plus		High Yield
	Value		Bond		Bond
	Portfolio		Portfolio		Portfolio
Assets:
Investments, at value*	$	50,732,061	$	163,956,430	$	65,203,003
Cash		—		21,975		—
Cash collateral due from brokers		—		104,951		—
Foreign currencies, at value^Δ		—		10,292		—
Receivable for securities sold		142,111		2,151,234		183,772
Dividends and interest receivable		48,250		801,079		741,731
Prepaid expenses		549		—		—
Receivable for fund shares sold		—		—		9,902
Swap payments receivable		—		123		—
Total Assets		50,922,971		167,046,084		66,138,408
Liabilities:
Due to custodian		—		—		1,010
Payable for securities purchased		195,096		9,509,253		1,512,016
Audit and tax fees payable		17,050		22,610		21,460
Investment management fees payable to affiliates		16,999		32,361		15,747
Accounting and administration fees payable to non-affiliates		15,933		21,336		16,468
Legal fees payable to non-affiliates		1,776		5,978		3,750
Custody fees payable		1,650		6,236		4,289
Reports and statements to shareholders expenses payable to non-affiliates		1,110		2,853		2,729
Accounting and administration expenses payable to affiliates		466		760		503
Dividend disbursing and transfer agent fees and expenses payable to affiliates		309		968		391
Trustees’ fees and expenses payable		136		431		173
Legal fees payable to affiliates		131		1,051		436
Reports and statements to shareholders expenses payable to affiliates		53		163		67
Payable for fund shares redeemed		—		—		2,261
Other accrued expenses		—		12,677		2,731
Registration fees payable to affiliates		—		4,409		—
Variation margin due to HSBC on future contracts		—		3,531		—
Total Liabilities		250,709		9,624,617		1,584,031
Total Net Assets	$	50,672,262	$	157,421,467	$	64,554,377

Net Assets Consist of:
Paid-in capital	$	41,694,902	$	151,620,516	$	77,769,037
Total distributable earnings (loss)		8,977,360		5,800,951		(13,214,660	)
Total Net Assets	$	50,672,262	$	157,421,467	$	64,554,377

Portfolio Class:
Net assets	$	50,672,262	$	157,421,467	$	64,554,377
Shares of beneficial interest outstanding, unlimited authorization, no par		2,635,209		15,371,635		8,881,740
Net asset value per share	$	19.23	$	10.24	$	7.27
____________________
*Investments, at cost	$	39,632,116	$	160,778,251	$	63,007,826
^ΔForeign currencies, at cost		—		10,301		—

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

Table of Contents

							Macquarie
	Macquarie			Macquarie			Labor Select
	Emerging			Emerging			International
	Markets			Markets			Equity
	Portfolio			Portfolio II			Portfolio
Assets:
Investments, at value*	$	75,160,607		$	24,694,075		$	211,734,797
Cash		862			197			—
Foreign currencies, at value^Δ		3,830			180,185			163,768
Dividends and interest receivable		183,290			41,549			769,677
Foreign tax reclaims receivable		4,405			235			2,229,215
Prepaid expenses		3,521			—			16,343
Receivable for securities sold		—			—			232,569
Total Assets		75,356,515			24,916,241			215,146,369
Liabilities:
Payable for securities purchased		85,937			—			280,772
Investment management fees payable to affiliates		62,301			4,971			132,050
Contingent liabilities		48,620			—			—
Custody fees payable		19,215			10,496			37,628
Audit and tax fees payable		19,070			19,070			19,070
Accounting and administration fees payable to non-affiliates		17,065			15,664			22,334
Legal fees payable to non-affiliates		2,739			1,433			14,017
Reports and statements to shareholders expenses payable to non-affiliates		2,141			1,456			8,434
Accounting and administration expenses payable to affiliates		537			397			916
Dividend disbursing and transfer agent fees and expenses payable to affiliates		467			153			1,321
Unrealized depreciation on foreign currency exchange contracts		237			—			13
Trustees’ fees and expenses payable		205			68			577
Legal fees payable to affiliates		197			65			555
Reports and statements to shareholders expenses payable to affiliates		78			26			223
Payable for fund shares redeemed		—			—			15
Other accrued expenses		—			3,351			—
Registration fees payable to affiliates		—			5,084			—
Registration fees payable to non-affiliates		—			—			937
Capital gains tax payable		—			5,199			—
Total Liabilities		258,809			67,433			518,862
Total Net Assets	$	75,097,706		$	24,848,808		$	214,627,507

Net Assets Consist of:
Paid-in capital	$	105,422,693		$	(2,625,281	)	$	253,949,142
Total distributable earnings (loss)		(30,324,987	)		27,474,089			(39,321,635	)
Total Net Assets	$	75,097,706		$	24,848,808		$	214,627,507

Portfolio Class:
Net assets	$	75,097,706		$	24,848,808		$	214,627,507
Shares of beneficial interest outstanding, unlimited authorization, no par		7,562,685			1,825,524			15,082,495
Net asset value per share	$	9.93		$	13.61		$	14.23
____________________
*Investments, at cost	$	57,621,219		$	15,498,914		$	191,872,029
^ΔForeign currencies, at cost		3,827			179,843			164,983

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

Table of Contents

Statements of operations
Macquarie Institutional Portfolios

Six months ended April 30, 2021 (Unaudited)

	Macquarie			Macquarie			Macquarie
	Large Cap			Core Plus			High Yield
	Value			Bond			Bond
	Portfolio			Portfolio			Portfolio
Investment Income:
Dividends	$	534,173		$	1,449		$	464
Interest		—			2,175,495			1,510,017
Foreign tax withheld		—			(149	)		—
		534,173			2,176,795			1,510,481

Expenses:
Management fees		126,057			329,213			130,785
Accounting and administration expenses		22,918			32,237			23,869
Audit and tax fees		17,050			22,660			21,495
Registration fees		10,019			11,519			6,519
Legal fees		3,774			18,609			7,765
Reports and statements to shareholders expenses		3,298			6,713			5,866
Dividend disbursing and transfer agent fees and expenses		3,168			10,807			3,946
Custodian fees		1,991			6,255			4,655
Trustees’ fees and expenses		1,150			4,066			1,739
Other		2,394			29,984			11,985
		191,819			472,063			218,624
Less expenses waived		(31,702	)		(127,547	)		(46,882	)
Total operating expenses		160,117			344,516			171,742
Net Investment Income		374,056			1,832,279			1,338,739
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		1,553,025			1,610,909			1,945,201
Foreign currencies		—			(37,707	)		—
Foreign currency exchange contracts		—			41,007			—
Futures contracts		—			57,782			—
Swap contracts		—			(15,537	)		—
Net realized gain		1,553,025			1,656,454			1,945,201

Net change in unrealized appreciation (depreciation) of:
Investments		10,623,526			(1,507,261	)		532,035
Foreign currencies		—			(97	)		—
Foreign currency exchange contracts		—			4,818			—
Futures contracts		—			(56,938	)		—
Net change in unrealized appreciation (depreciation)		10,623,526			(1,559,478	)		532,035
Net Realized and Unrealized Gain		12,176,551			96,976			2,477,236
Net Increase in Net Assets Resulting from Operations	$	12,550,607		$	1,929,255		$	3,815,975

Table of Contents

									Macquarie
		Macquarie			Macquarie				Labor Select
		Emerging			Emerging				International
		Markets			Markets				Equity
		Portfolio			Portfolio II				Portfolio
Investment Income:
	Dividends	$	617,164		$	371,440		$	3,485,836
	Interest		—			7			148
	Foreign tax withheld		(97,213	)		(73,358	)		(218,758	)
			519,951			298,089			3,267,226

Expenses:
	Management fees		362,211			227,522			790,061
	Accounting and administration expenses		24,977			22,907			35,703
	Audit and tax fees		22,637			21,500			38,695
	Registration fees		7,519			12,019			8,532
	Legal fees		6,158			3,849			23,938
	Reports and statements to shareholders expenses		4,411			4,025			7,006
	Dividend disbursing and transfer agent fees and expenses		4,955			3,367			14,240
	Custodian fees		16,605			12,743			28,974
	Trustees’ fees and expenses		1,822			1,208			5,372
	Other		5,409			7,390			11,099
			456,704			316,530			963,620
	Less expenses waived		—			(43,546	)		—
	Less expenses paid indirectly		(1	)		(1	)		(1	)
	Total operating expenses		456,703			272,983			963,619
Net Investment Income			63,248			25,106			2,303,607
Net Realized and Unrealized Gain (Loss):
	Net realized gain (loss) on:
	Investments¹		5,152,258			19,282,599			2,167,660
	Foreign currencies		(14,311	)		56,282			56,602
	Foreign currency exchange contracts		(9,891	)		(60,727	)		(57,568	)
	Net realized gain		5,128,056			19,278,154			2,166,694

	Net change in unrealized appreciation (depreciation) of:
	Investments²		9,272,583			(4,542,580	)		54,139,282
	Foreign currencies		(30,062	)		456			(26,502	)
	Foreign currency exchange contracts		(216	)		678			(13	)
	Net change in unrealized appreciation (depreciation)		9,242,305			(4,541,446	)		54,112,767
Net Realized and Unrealized Gain			14,370,361			14,736,708			56,279,461
Net Increase in Net Assets Resulting from Operations		$	14,433,609		$	14,761,814		$	58,583,068

¹	Includes $20,406 capital gains taxes paid for Macquarie Emerging Markets Portfolio II.
²	Includes increase of $48,620 and $5,199 capital gains tax accrued for Macquarie Emerging Markets Portfolio and Macquarie Emerging Markets Portfolio II, respectively.

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

Table of Contents

Statements of changes in net assets
Macquarie Institutional Portfolios

		Macquarie						Macquarie						Macquarie
		Large Cap						Core Plus						High Yield
		Value						Bond						Bond
		Portfolio						Portfolio						Portfolio
		Six months						Six months						Six months
		ended						ended						ended
		4/30/21			Year ended			4/30/21			Year ended			4/30/21			Year ended
		(Unaudited)			10/31/20			(Unaudited)			10/31/20			(Unaudited)			10/31/20
Increase (Decrease) in Net Assets from Operations:
	Net investment income	$	374,056		$	893,948		$	1,832,279		$	3,904,517		$	1,338,739		$	4,989,273
	Net realized gain (loss)		1,553,025			(2,347,600	)		1,656,454			6,201,464			1,945,201			(238,813	)
	Net change in unrealized appreciation (depreciation)		10,623,526			(3,397,427	)		(1,559,478	)		505,231			532,035			(573,782	)
	Net increase (decrease) in net assets resulting from operations		12,550,607			(4,851,079	)		1,929,255			10,611,212			3,815,975			4,176,678

Dividends and Distributions to Shareholders from:
	Distributable earnings		(870,784	)		(16,233,720	)		(10,197,935	)		(9,512,846	)		(4,911,930	)		(5,146,771	)
	Total Distributions to Shareholders		(870,784	)		(16,233,720	)		(10,197,935	)		(9,512,846	)		(4,911,930	)		(5,146,771	)
Capital Share Transactions:
	Proceeds from shares sold		—			200,000			6,200,000			5,000,000			12,874,847			6,902,251
	Net asset value of shares issued upon reinvestment of dividends and distributions		870,783			16,233,706			9,477,666			8,823,891			4,686,124			5,006,864
			870,783			16,433,706			15,677,666			13,823,891			17,560,971			11,909,115
	Cost of shares redeemed		(32	)		(5,060,168	)		(39	)		(29,706,234	)		(33,724,615	)		(28,519,176	)
	Increase (decrease) in net assets derived from capital share transactions		870,751			11,373,538			15,677,627			(15,882,343	)		(16,163,644	)		(16,610,061	)
Net Increase (Decrease) in Net Assets			12,550,574			(9,711,261	)		7,408,947			(14,783,977	)		(17,259,599	)		(17,580,154	)

Net Assets:
	Beginning of period		38,121,688			47,832,949			150,012,520			164,796,497			81,813,976			99,394,130
	End of period	$	50,672,262		$	38,121,688		$	157,421,467		$	150,012,520		$	64,554,377		$	81,813,976

Table of Contents

														Macquarie
		Macquarie						Macquarie						Labor Select
		Emerging						Emerging						International
		Markets						Markets						Equity
		Portfolio						Portfolio II						Portfolio
		Six months						Six months						Six months
		ended						ended						ended
		4/30/21			Year ended			4/30/21			Year ended			4/30/21			Year ended
		(Unaudited)			10/31/20			(Unaudited)			10/31/20			(Unaudited)			10/31/20
Increase (Decrease) in Net Assets from Operations:
	Net investment income	$	63,248		$	1,080,974		$	25,106		$	431,245		$	2,303,607		$	7,829,223
	Net realized gain (loss)		5,128,056			(6,096,422	)		19,278,154			2,070,903			2,166,694			(59,157,139	)
	Net change in unrealized appreciation (depreciation)		9,242,305			4,786,256			(4,541,446	)		6,216,733			54,112,767			(27,339,418	)
	Net increase (decrease) in net assets resulting from operations		14,433,609			(229,192	)		14,761,814			8,718,881			58,583,068			(78,667,334	)

Dividends and Distributions to Shareholders from:
	Distributable earnings		(814,896	)		(1,680,428	)		(2,533,750	)		(1,243,681	)		(7,466,559	)		(22,540,570	)
	Total Distributions to Shareholders		(814,896	)		(1,680,428	)		(2,533,750	)		(1,243,681	)		(7,466,559	)		(22,540,570	)
Capital Share Transactions:
	Proceeds from shares sold		—			6,031,060			—			—			2,667,326			12,297,533
	Purchase reimbursement fees		—			24,027			—			—			—			—
	Net asset value of shares issued upon reinvestment of dividends and distributions		790,477			1,612,658			2,522,787			1,233,499			7,466,558			22,540,569
			790,477			7,667,745			2,522,787			1,233,499			10,133,884			34,838,102
	Cost of shares redeemed		(8,477	)		(25,037,925	)		(40,428,226	)		(405,000	)		(31,903,389	)		(202,377,671	)
	Redemption reimbursement fees		38			112,481			—			—			—			—
			(8,439	)		(24,925,444	)		(40,428,226	)		(405,000	)		(31,903,389	)		(202,377,671	)
	Increase (decrease) in net assets derived from capital share transactions		782,038			(17,257,699	)		(37,905,439	)		828,499			(21,769,505	)		(167,539,569	)
Net Increase (Decrease) in Net Assets			14,400,751			(19,167,319	)		(25,677,375	)		8,303,699			29,347,004			(268,747,473	)

Net Assets:
	Beginning of period		60,696,955			79,864,274			50,526,183			42,222,484			185,280,503			454,027,976
	End of period	$	75,097,706		$	60,696,955		$	24,848,808		$	50,526,183		$	214,627,507		$	185,280,503

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

Table of Contents

Financial highlights
Macquarie Institutional Portfolios — Macquarie Large Cap Value Portfolio

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

	Six months
	ended
	4/30/21¹			Year ended
	(Unaudited)			10/31/20			10/31/19			10/31/18			10/31/17			10/31/16
Net asset value, beginning of period	$	14.75		$	24.35		$	27.03		$	28.54		$	26.39		$	27.30

Income (loss) from investment operations
Net investment income²		0.14			0.34			0.46			0.46			0.47			0.51
Net realized and unrealized gain (loss)		4.68			(1.67	)		0.83			1.97			3.09			1.19
Total from investment operations		4.82			(1.33	)		1.29			2.43			3.56			1.70

Less dividends and distributions from:
Net investment income		(0.34	)		(0.73	)		(0.51	)		(0.66	)		(0.51	)		(0.56	)
Net realized gain		—			(7.54	)		(3.46	)		(3.28	)		(0.90	)		(2.05	)
Total dividends and distributions		(0.34	)		(8.27	)		(3.97	)		(3.94	)		(1.41	)		(2.61	)

Net asset value, end of period	$	19.23		$	14.75		$	24.35		$	27.03		$	28.54		$	26.39

Total return³		32.96%	⁴		(10.30%	)⁴		6.70%	⁴		9.00%			13.83%			7.15%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	50,672		$	38,122		$	47,833		$	106,831		$	168,868		$	217,128
Ratio of expenses to average net assets⁵		0.70%			0.70%			0.70%			0.70%			0.66%			0.65%
Ratio of expenses to average net assets prior to
fees waived⁵		0.84%			0.84%			0.75%			0.70%			0.66%			0.65%
Ratio of net investment income to average net
assets		1.63%			2.08%			1.93%			1.68%			1.74%			1.97%
Ratio of net investment income to average net
assets prior to fees waived		1.49%			1.94%			1.88%			1.68%			1.74%			1.97%
Portfolio turnover		24%			24%			23%			16%			23%			13%

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	The average shares outstanding have been applied for per share information.
³	Total 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	Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
⁵	Expense ratios do not include expenses of the Underlying Funds in which the Portfolio invests.

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

Table of Contents

Macquarie Institutional Portfolios — Macquarie Core Plus Bond Portfolio

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

	Six months
	ended
	4/30/21¹			Year ended
	(Unaudited)			10/31/20			10/31/19			10/31/18			10/31/17			10/31/16
Net asset value, beginning of period	$	10.83		$	10.74		$	9.87		$	10.41		$	10.42		$	10.29

Income (loss) from investment operations
Net investment income²		0.12			0.28			0.33			0.32			0.32			0.22
Net realized and unrealized gain (loss)		0.03			0.51			0.83			(0.55	)		(0.06	)		0.14
Total from investment operations		0.15			0.79			1.16			(0.23	)		0.26			0.36

Less dividends and distributions from:
Net investment income		(0.31	)		(0.50	)		(0.29	)		(0.31	)		(0.27	)		(0.23	)
Net realized gain		(0.43	)		(0.20	)		—			—			—			—	³
Total dividends and distributions		(0.74	)		(0.70	)		(0.29	)		(0.31	)		(0.27	)		(0.23	)

Net asset value, end of period	$	10.24		$	10.83		$	10.74		$	9.87		$	10.41		$	10.42

Total return⁴		1.26%			7.92%			12.12%	⁵		(2.29%	)		2.60%			3.63%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	157,421		$	150,013		$	164,796		$	220,051		$	168,242		$	133,265
Ratio of expenses to average net assets⁶		0.45%			0.45%			0.45%			0.45%			0.45%			0.45%
Ratio of expenses to average net assets prior to
fees waived⁶		0.62%			0.62%			0.59%			0.58%			0.60%			0.60%
Ratio of net investment income to average net
assets		2.39%			2.71%			3.19%			3.22%			3.08%			2.12%
Ratio of net investment income to average net
assets prior to fees waived		2.22%			2.54%			3.05%			3.09%			2.93%			1.97%
Portfolio turnover		106%			108%			177%			171%			162%			310%

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	The average shares outstanding have been applied for per share information.
³	For the year ended October 31, 2016, net realized gain distributions of $51,289 were made by the Portfolio, which calculated to an amount of $(0.004) per share.
⁴	Total 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 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.
⁵	General Motors term loan litigation were included in total return. If excluded, the impact on the total return would be 0.08% lower. See Note 11 in “Notes to financial statements.”
⁶	Expense ratios do not include expenses of the Underlying Funds in which the Portfolio invests.

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

Table of Contents

Financial highlights
Macquarie Institutional Portfolios — Macquarie High Yield Bond Portfolio

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

	Six months
	ended
	4/30/21¹			Year ended
	(Unaudited)			10/31/20			10/31/19			10/31/18			10/31/17			10/31/16
Net asset value, beginning of period	$	7.46		$	7.53		$	7.46		$	8.09		$	7.88		$	7.78

Income (loss) from investment operations
Net investment income²		0.17			0.37			0.40			0.42			0.43			0.45
Net realized and unrealized gain (loss)		0.35			(0.05	)		0.18			(0.48	)		0.23			0.02
Total from investment operations		0.52			0.32			0.58			(0.06	)		0.66			0.47

Less dividends and distributions from:
Net investment income		(0.71	)		(0.39	)		(0.51	)		(0.57	)		(0.45	)		(0.37	)
Total dividends and distributions		(0.71	)		(0.39	)		(0.51	)		(0.57	)		(0.45	)		(0.37	)

Net asset value, end of period	$	7.27		$	7.46		$	7.53		$	7.46		$	8.09		$	7.88

Total return³		7.27%	⁴		4.38%	⁴		8.60%	^4,5		(0.77%	)⁴		8.88%	⁴		6.63%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	64,554		$	81,814		$	99,394		$	77,736		$	113,273		$	242,300
Ratio of expenses to average net assets⁶		0.59%			0.59%			0.59%			0.59%			0.57%			0.55%
Ratio of expenses to average net assets prior to
fees waived⁶		0.75%			0.64%			0.65%			0.62%			0.58%			0.55%
Ratio of net investment income to average net
assets		4.61%			5.07%			5.49%			5.49%			5.58%			6.10%
Ratio of net investment income to average net
assets prior to fees waived		4.44%			5.02%			5.43%			5.46%			5.57%			6.10%
Portfolio turnover		77%			127%			82%			112%			99%			119%

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	The average shares outstanding have been applied for per share information.
³	Total 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	Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
⁵	General Motors term loan litigation were included in total return. If excluded, the impact on the total return would be 0.13% lower. See Note 11 in “Notes to financial statements.”
⁶	Expense ratios do not include expenses of the Underlying Funds in which the Portfolio invests.

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

Table of Contents

Macquarie Institutional Portfolios — Macquarie Emerging Markets Portfolio

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

	Six months
	ended
	4/30/21¹			Year ended
	(Unaudited)			10/31/20			10/31/19			10/31/18			10/31/17			10/31/16
Net asset value, beginning of period	$	8.12		$	8.11		$	7.56		$	8.76		$	7.77		$	7.47

Income (loss) from investment operations
Net investment income²		0.01			0.12			0.17			0.20			0.18			0.18
Net realized and unrealized gain (loss)		1.91			0.05			0.54			(1.08	)		1.05			0.29
Total from investment operations		1.92			0.17			0.71			(0.88	)		1.23			0.47

Less dividends and distributions from:
Net investment income		(0.11	)		(0.17	)		(0.16	)		(0.34	)		(0.26	)		(0.18	)
Total dividends and distributions		(0.11	)		(0.17	)		(0.16	)		(0.34	)		(0.26	)		(0.18	)

Reimbursement fees
Purchase reimbursement fees^{2, 3}		—	⁴		—	⁵		—	⁶		—	⁷		0.01			—	⁸
Redemption reimbursement fees^{2, 3}		—	⁴		0.01			—	⁶		0.02			0.01			0.01
Total reimbursement fees		—			0.01			—			0.02			0.02			0.01

Net asset value, end of period	$	9.93		$	8.12		$	8.11		$	7.56		$	8.76		$	7.77

Total return⁹		23.77%			2.16%	¹⁰		9.62%			(10.28%	)		16.88%			6.75%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	75,098		$	60,697		$	79,864		$	79,463		$	136,678		$	133,828
Ratio of expenses to average net assets¹¹		1.26%			1.26%			1.30%			1.26%			1.22%			1.19%
Ratio of expenses to average net assets prior to
fees waived¹¹		1.26%			1.28%			1.30%			1.26%			1.22%			1.19%
Ratio of net investment income to average net
assets		0.18%			1.48%			2.19%			2.31%			2.24%			2.51%
Ratio of net investment income to average net
assets prior to fees waived		0.18%			1.46%			2.19%			2.31%			2.24%			2.51%
Portfolio turnover		22%			43%			33%			40%			45%			28%

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	The average shares outstanding have been applied for per share information.
³	Effective February 28, 2018, the Portfolio charges a 0.40% purchase reimbursement fee and a 0.45% redemption reimbursement fee, which are retained by the Portfolio. Previously, the Portfolio charged a 0.55% purchase reimbursement fee and a 0.55% redemption reimbursement fee.
⁴	For the six months ended April 30, 2021, redemption reimbursement fees of $38, respectively, were earned by the Portfolio, which calculated to an amount of $0.000 per share, respectively.
⁵	For the year ended October 31, 2020, purchase reimbursement fees of $24,027 were earned by the Portfolio, which calculated to an amount of $0.003 per share.
⁶	For the year ended October 31, 2019, purchase and redemption fees of $ 732 and $31,858, respectively were earned by the Portfolio, which calculated to amounts of $0.000 and $0.003 per share, respectively.
⁷	For the year ended October 31, 2018, purchase reimbursement fees of $5,924 were earned by the Portfolio, which calculated to an amount of $0.0004 per share.
⁸	For the year ended October 31, 2016, purchase reimbursement fees of $42,620 were earned by the Portfolio, which calculated to an amount of $0.002 per share.
⁹	Total 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 return does not reflect the purchase reimbursement fee and redemption reimbursement fee.
¹⁰	Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
¹¹	Expense ratios do not include expenses of the Underlying Funds in which the Portfolio invests.

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

Table of Contents

Financial highlights
Macquarie Institutional Portfolios — Macquarie Emerging Markets Portfolio II

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

	Six months
	ended
	4/30/21¹			Year ended
	(Unaudited)			10/31/20			10/31/19			10/31/18			10/31/17			10/31/16
Net asset value, beginning of period	$	11.41		$	9.71		$	8.78		$	10.74		$	8.01		$	7.37

Income (loss) from investment operations
Net investment income²		0.01			0.10			0.09			0.08			0.12			0.07
Net realized and unrealized gain (loss)		2.76			1.89			1.30			(1.77	)		2.70			0.88
Total from investment operations		2.77			1.99			1.39			(1.69	)		2.82			0.95

Less dividends and distributions from:
Net investment income		(0.09	)		(0.09	)		(0.05	)		(0.27	)		(0.09	)		(0.08	)
Net realized gain		(0.48	)		(0.20	)		(0.41	)		—			—			(0.23	)
Total dividends and distributions		(0.57	)		(0.29	)		(0.46	)		(0.27	)		(0.09	)		(0.31	)

Net asset value, end of period	$	13.61		$	11.41		$	9.71		$	8.78		$	10.74		$	8.01

Total return³		24.75%			20.79%			16.74%			(16.13%	)		35.74%			13.62%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	24,849		$	50,526		$	42,222		$	27,229		$	46,046		$	37,198
Ratio of expenses to average net assets⁴		1.20%			1.20%			1.20%			1.20%			1.20%			1.20%
Ratio of expenses to average net assets prior to
fees waived⁴		1.39%			1.37%			1.42%			1.42%			1.32%			1.34%
Ratio of net investment income to average net
assets		0.11%			0.98%			1.03%			0.80%			1.34%			0.97%
Ratio of net investment income (loss) to average
net assets prior to fees waived		(0.08%	)		0.81%			0.81%			0.58%			1.22%			0.83%
Portfolio turnover		8%			17%			9%			12%			14%			20%

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	The average shares outstanding have been applied for per share information.
³	Total 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 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.
⁴	Expense ratios do not include expenses of the Underlying Funds in which the Portfolio invests.

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

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Macquarie Institutional Portfolios — Macquarie Labor Select International Equity Portfolio

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

	Six months
	ended
	4/30/21¹			Year ended
	(Unaudited)			10/31/20			10/31/19			10/31/18			10/31/17			10/31/16
Net asset value, beginning of period	$	11.09		$	14.39		$	13.74		$	15.21		$	12.83		$	13.79

Income (loss) from investment operations
Net investment income²		0.15			0.27			0.47			0.44			0.41			0.43
Net realized and unrealized gain (loss)		3.44			(2.84	)		0.60			(1.47	)		2.35			(1.02	)
Total from investment operations		3.59			(2.57	)		1.07			(1.03	)		2.76			(0.59	)

Less dividends and distributions from:
Net investment income		(0.45	)		(0.51	)		(0.42	)		(0.44	)		(0.38	)		(0.37	)
Net realized gain		—			(0.22	)		—			—			—			—
Total dividends and distributions		(0.45	)		(0.73	)		(0.42	)		(0.44	)		(0.38	)		(0.37	)

Net asset value, end of period	$	14.23		$	11.09		$	14.39		$	13.74		$	15.21		$	12.83

Total return³		32.73%			(19.01%	)		8.23%			(7.02%	)		22.13%			(4.24%	)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	214,628		$	185,281		$	454,028		$	405,923		$	490,273		$	394,830
Ratio of expenses to average net assets⁴		0.91%			0.86%			0.86%			0.87%			0.86%			0.86%
Ratio of net investment income to average net
assets		2.19%			2.18%			3.44%			2.96%			2.96%			3.39%
Portfolio turnover		7%			14%			16%			20%			21%			22%

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	The average shares outstanding have been applied for per share information.
³	Total 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	Expense ratios do not include expenses of the Underlying Funds in which the Portfolio invests.

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

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Notes to financial statements
April 30, 2021 (Unaudited)

Macquarie Institutional Portfolios (registered as Delaware Pooled^®Trust (Trust)) is organized as a Delaware statutory trust and offers seven separate Portfolios. These financial statements and the related notes pertain to Macquarie Large Cap Value Portfolio, Macquarie Core Plus Bond Portfolio, Macquarie High Yield Bond Portfolio, Macquarie Emerging Markets Portfolio, Macquarie Emerging Markets Portfolio II, and Macquarie Labor Select International Equity Portfolio, (each, a Portfolio, and collectively, the Portfolios). Delaware Global Listed Real Assets Fund is included in a separate report. The Trust is an open-end investment company. Each Portfolio in this report is considered diversified under the Investment Company Act of 1940, as amended. Each Portfolio offers one class of shares.

1. Significant Accounting Policies

Each Portfolio follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Portfolios.

Security Valuation — Equity securities, except those traded on the Nasdaq Stock Market LLC (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. Equity 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, the mean between the bid and ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. US government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Open-end investment companies are valued at their published net asset value (NAV). Other debt securities, credit default swap (CDS) contracts, and interest rate swap contracts are valued based upon valuations provided by an independent pricing service or broker/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. 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 (CMOs), commercial mortgage securities, and US 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-US markets because, among other things, most foreign markets close well before the Portfolios value their securities, generally as of 4:00pm 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. Whenever such a significant event occurs, the Portfolios may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing). Restricted securities are valued at fair value using methods approved by the Boards.

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. The Portfolios 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 or expected to be taken on the Portfolios’ federal income tax returns through the six months ended April 30, 2021 and for all open tax years (years ended October 31, 2017–October 31, 2020), and has concluded that no provision for federal income tax is required in any Portfolio’s financial statements. In regard to foreign taxes only, each Portfolio has open tax years in certain foreign countries in which it invests in that may date back to the inception of each Portfolio. If applicable,

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each Portfolio recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statements of operations.” During the six months ended April 30, 2021, the Portfolios did not incur any interest or tax penalties.

To Be Announced Trades (TBA) — The Portfolios may contract to purchase or sell securities for a fixed price at a transaction date beyond the customary settlement period (examples: when issued, delayed delivery, forward commitment, or TBA transactions) consistent with the Portfolio’s ability to manage its investment portfolio and meet redemption requests. These transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield with payment and delivery taking place more than three days in the future, or after a period longer than the customary settlement period for that type of security. No interest will be earned by the Portfolio on such purchases until the securities are delivered or the transaction is completed; 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 US dollars at the exchange rate of such currencies against the US 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), attributable to changes in foreign exchange rates, is included on the “Statements of operations” under “Net realized gain (loss) on foreign currencies.” For foreign equity securities, the realized gains and losses are included on the “Statements of operations” under “Net realized gain (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 US 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 — Macquarie Emerging Markets Portfolio may charge a 0.40% purchase reimbursement fee and a 0.45% 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.”

Other — Expenses directly attributable to a Portfolio are charged directly to that Portfolio. Other expenses common to various funds within Delaware Funds^®by Macquarie (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain 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. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. 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, which are estimated. 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 may pay foreign capital gains taxes on certain foreign securities held, which are reported as components of realized losses for financial reporting purposes, whereas such components are treated as ordinary loss for federal income tax purposes. The Portfolios will accrue such taxes as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which they invest.

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

(continues)

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Notes to financial statements

1. Significant Accounting Policies (continued)

Each Portfolio receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statements of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly. There were no such earnings credits for the six months ended April 30, 2021.

Each Portfolio 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 $1, the expenses paid under this arrangement are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” Macquarie Large Cap Value Portfolio, Macquarie Core Plus Bond Fund and Macquarie High Yield Bond Fund earned less than $1 for the six months ended April 30, 2021. For the six months ended April 30, 2021, each Portfolio earned the following amounts under this arrangement.

Fund		Earnings Credits
Macquarie Emerging Markets Portfolio		$1
Macquarie Emerging Markets Portfolio II		1
Macquarie Labor Select International Equity Portfolio		1

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

In accordance with the terms of the respective investment management agreements, Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust and the investment manager of the Portfolios, will receive an annual fee, which is calculated daily and paid monthly based on the average daily net assets of each Portfolio.

DMC has contractually agreed to waive all or a portion, if any, of its management fees and/or pay/reimburse expenses for each Portfolio (except for Macquarie Labor Select International Equity Portfolio) (excluding any distribution and service (12b-1) fees, acquired fund fees and expenses, taxes, interest, short sale, dividend and interest 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 order to prevent total annual portfolio operating expenses from exceeding specified percentages of average daily net assets of each Portfolio, from November 1, 2020 through April 30, 2021.* 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 and may only be terminated by agreement of DMC and the Portfolios. The waivers and reimbursements are accrued daily and received monthly.

DMC may permit its affiliates, Macquarie Investment Management Global Limited (MIMGL) and Macquarie Funds Management Hong Kong Limited (together, the “Affiliated Sub-Advisors”), to execute equity security trades on behalf of the Manager for the following Portfolios: Macquarie Large Cap Value Portfolio and Macquarie Emerging Markets Portfolio II. The Manager may also seek quantitative support from MIMGL for these Portfolios. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not a Portfolio, may pay each Affiliated Sub-Advisor a portion of its investment management fee.

DMC may seek investment advice and recommendations from its affiliates for Macquarie Core Plus Bond Portfolio and Macquarie High Yield Bond Portfolio: Macquarie Investment Management Europe Limited, Macquarie Investment Management Austria Kapitalanlage AG, and Macquarie Investment Management Global Limited (MIMGL) (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute security trades for these Portfolios on behalf of the Manager and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not a Portfolio, pays each Affiliated Sub-Advisor a portion of its investment management fee.

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The management fee rates and the operating expense limitation rates in effect for the six months ended April 30, 2021, are as follows:

		Contractual
		operating expense
		limitation as
	Management fee	a percentage
	as a percentage of	of average
Fund	average daily net assets (per annum)	daily net assets (per annum)
Macquarie Large Cap Value Portfolio	0.55%	0.70%
Macquarie Core Plus Bond Portfolio	0.43%	0.45%
Macquarie High Yield Bond Portfolio	0.45%	0.59%
Macquarie Emerging Markets Portfolio	1.00%	1.26%
Macquarie Emerging Markets Portfolio II	1.00%	1.20%
Macquarie Labor Select International Equity
Portfolio	0.75%	N/A

Mondrian Investment Partners Limited (Mondrian) furnishes investment sub-advisory services to Macquarie Emerging Markets Portfolio and Macquarie Labor Select International Equity Portfolio. For these services, DMC, not the Portfolios, pays Mondrian a portion of its investment management fee.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to each Portfolio. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. These amounts are included on the “Statements of operations” under “Accounting and administration expenses.”

For the six months ended April 30, 2021, each Portfolio was charged for these services as follows:

Fund		Fees
Macquarie Large Cap Value Portfolio		$2,749
Macquarie Core Plus Bond Portfolio		4,543
Macquarie High Yield Bond Portfolio		2,954
Macquarie Emerging Markets Portfolio		3,194
Macquarie Emerging Markets Portfolio II		2,743
Macquarie Labor Select International Equity Portfolio		5,506

DIFSC is also the transfer agent and dividend disbursing agent of each Portfolio. For these services, DIFSC’s fees are calculated daily and paid monthly, at the annual rate of 0.0075% of each Portfolio’s average daily net assets. These amounts are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended April 30, 2021, each Portfolio was charged for these services as follows:

Fund		Fees
Macquarie Large Cap Value Portfolio		$1,719
Macquarie Core Plus Bond Portfolio		5,742
Macquarie High Yield Bond Portfolio		2,180
Macquarie Emerging Markets Portfolio		2,717
Macquarie Emerging Markets Portfolio II		1,706
Macquarie Labor Select International Equity Portfolio		7,901

Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to each Portfolio. Sub-transfer agency fees are paid by each Portfolio and are also included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.

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Notes to financial statements

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

As provided in the investment management agreement, each Portfolio 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 Portfolios. These amounts are included on the “Statements of operations” under “Legal fees.” For the six months ended April 30, 2021, each Portfolio was charged for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:

Fund		Fees
Macquarie Large Cap Value Portfolio		$1,867
Macquarie Core Plus Bond Portfolio		10,921
Macquarie High Yield Bond Portfolio		3,045
Macquarie Emerging Markets Portfolio		2,983
Macquarie Emerging Markets Portfolio II		1,985
Macquarie Labor Select International Equity Portfolio		8,583

Trustees’ fees include expenses accrued by each Portfolio for each Trustee’s retainer and meeting fees. Certain officers of DMC, DIFSC, and DDLP are officers and/or Trustees of the Trusts. These officers and Trustees are paid no compensation by the Portfolios.

In addition to the management fees and other expenses of a Portfolio, a Portfolio indirectly bears the investment management fees and other expenses of the investment companies (Underlying Funds) in which it invests. The amount of these fees and expenses incurred indirectly by a Portfolio will vary based upon the expense and fee levels of the Underlying Funds and the number of shares that are owned of the Underlying Funds at different times.

____________________

*The aggregate contractual waiver period covering this report is from February 28, 2019 through March 1, 2022 for Macquarie Large Cap Value Portfolio, Macquarie Core Plus Bond Portfolio, Macquarie High Yield Bond Portfolio, Macquarie Emerging Markets Portfolio II and Macquarie Labor Select International Equity Portfolio and February 28, 2020 through March 1, 2022 for Macquarie Emerging Markets Portfolio.

3. Investments

For the six months ended April 30, 2021, each Portfolio made purchases and sales of investment securities other than short-term investments as follows:

	Purchases				Sales
	other than		Purchases of		other than		Sales of
	US government		US government		US government		US government
Fund	securities		securities		securities		securities
Macquarie Large Cap Value Portfolio	$	10,722,097	$	—	$	10,533,956	$	—
Macquarie Core Plus Bond Portfolio		31,491,455		131,161,234		49,721,378		108,838,669
Macquarie High Yield Bond Portfolio		45,631,602		—		63,730,472		—
Macquarie Emerging Markets Portfolio		15,206,959		—		15,453,187		—
Macquarie Emerging Markets Portfolio II		3,514,335		—		44,585,598		—
Macquarie Labor Select International Equity Portfolio		14,373,068		—		41,267,087		—

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At April 30, 2021, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At April 30, 2021, the cost and unrealized appreciation (depreciation) of investments and derivatives for each Portfolio were as follows:

			Aggregate		Aggregate
			unrealized		unrealized		Net unrealized
	Cost of		appreciation		depreciation		appreciation
	investments		of investments		of investments		of investments
Fund	and derivatives		and derivatives		and derivatives		and derivatives
Macquarie Large Cap Value Portfolio	$	39,632,116	$	11,398,588	$	(298,643)	$	11,099,945
Macquarie Core Plus Bond Portfolio		160,778,543		4,157,372		(984,898)		3,172,474
Macquarie High Yield Bond Portfolio		63,082,378		2,285,737		(165,112)		2,120,625
Macquarie Emerging Markets Portfolio		57,621,219		20,384,669		(2,845,518)		17,539,151
Macquarie Emerging Markets Portfolio II		15,498,914		10,551,568		(1,356,407)		9,195,161
Macquarie Labor Select International Equity Portfolio		191,872,029		36,821,567		(16,958,812)		19,862,755

At April 30, 2021, capital loss carryforwards available to offset future realized capital gains were as follows:

	Loss carryforward character
	Short-term		Long-term		Total
Macquarie
Large Cap
Value
Portfolio	$	157,705	$	3,069,955	$	3,227,660
Macquarie
High Yield
Bond
Portfolio		7,115,426		10,902,187		18,017,613
Macquarie
Emerging
Markets
Portfolio		—		52,040,837		52,040,837
Macquarie
Labor Select
International
Equity
Portfolio		659,053		56,646,039		57,305,092

US 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 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 as follows:

Level 1 –	Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and 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

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Notes to financial statements

3. Investments (continued)

	rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)

Level 3 –	Significant unobservable inputs, including each Portfolio’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and 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.

Macquarie

Large Cap Value

Portfolio

Level 1

Securities

Assets:

Common Stock

50,044,362

Short-Term Investments

687,699

Total Value of Securities

50,732,061

	Macquarie Core Plus Bond Portfolio
	Level 1			Level 2			Level 3			Total
Securities
Assets:
Agency Collateralized Mortgage
Obligations		$	—		$	4,029,931		$	—		$	4,029,931
Agency Commercial Mortgage-
Backed Securities			—			1,129,450			—			1,129,450
Agency Mortgage-Backed
Securities			—			32,150,515			—			32,150,515
Collateralized Debt Obligations			—			2,897,424			—			2,897,424
Corporate Bonds			—			58,012,700			—			58,012,700
Loan Agreements¹			—			6,575,230			235,761			6,810,991
Municipal Bonds			—			36,724			—			36,724
Non-Agency Asset-Backed
Securities			—			2,633,609			—			2,633,609
Non-Agency Collateralized
Mortgage Obligations¹			—			2,497,302			359,730			2,857,032
Non-Agency Commercial
Mortgage-Backed Securities			—			13,769,075			—			13,769,075
Sovereign Bonds			—			4,210,336			—			4,210,336
Supranational Bank			—			422,192			—			422,192
US Treasury Obligations			—			23,064,464			—			23,064,464
Short-Term Investments			11,931,987			—			—			11,931,987
Total Value of Securities		$	11,931,987		$	151,428,952		$	595,491		$	163,956,430

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	Macquarie Core Plus Bond Portfolio
	Level 1				Level 2			Level 3			Total
Derivatives²
Assets:
Futures Contracts		$	52,854			$	—		$	—		$	52,854
Liabilities:
Futures Contracts		$	(58,267	)		$	—		$	—		$	(58,267	)

Security type is valued across multiple levels. Level 1 investments represent exchange-traded investments, Level 2 investments represent investments with observable inputs or matrix-priced investments, and Level 3 investments represent investments without observable inputs. The amounts attributed to Level 1 investments, Level 2 investments, and Level 3 investments represent the following percentages of the total market value of these security types:

	Level 1		Level 2		Level 3		Total
Loan Agreements		—		96.54%		3.46%		100.00%
Non-Agency Collateralized Mortgage Obligations		—		87.41%		12.59%		100.00%

²	Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

	Macquarie High Yield Bond Portfolio
	Level 1			Level 2			Level 3			Total
Securities
Assets:
Common Stock		$	—		$	—		$	—		$	—
Corporate Bonds			—			54,928,053			—			54,928,053
Loan Agreements			—			6,273,613			—			6,273,613
Short-Term Investments			4,001,337			—			—			4,001,337
Total Value of Securities		$	4,001,337		$	61,201,666		$	—		$	65,203,003

	Macquarie Emerging Markets Portfolio
	Level 1			Level 2			Total
Securities
Assets:
Common Stock
Brazil		$	2,806,592		$	—		$	2,806,592
Canada			890,843			—			890,843
China			4,845,121			26,936,254			31,781,375
Hong Kong			—			1,513,887			1,513,887
India			1,227,759			6,216,956			7,444,715
Indonesia			—			1,149,338			1,149,338
Mexico			788,418			—			788,418
Peru			771,085			—			771,085
Republic of Korea			—			5,809,126			5,809,126
Russia			—			1,786,408			1,786,408
Taiwan			—			13,462,069			13,462,069
United Kingdom			1,758,058			1,804,760			3,562,818
Preferred Stock¹			611,550			2,017,010			2,628,560
Short-Term Investments			765,373			—			765,373
Total Value of Securities		$	14,464,799		$	60,695,808		$	75,160,607

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Notes to financial statements

3. Investments (continued)

	Macquarie Emerging Markets Portfolio
	Level 1			Level 2				Total
Derivatives²
Liabilities:
Foreign Currency Exchange Contracts		$	—		$	(237	)		$	(237	)

		Level 1				Level 2				Total
Preferred Stock			23.27%				76.73%				100.00%

²	Foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

	Macquarie Emerging Markets Portfolio II
	Level 1			Level 2			Level 3			Total
Securities
Assets:
Common Stock
Argentina		$	12,936		$	—		$	—		$	12,936
Bahrain			—			5,361			—			5,361
Brazil			1,363,648			—			—			1,363,648
Chile			111,281			—			—			111,281
China			3,079,705			4,604,992			—			7,684,697
India			1,662,872			959,880			—			2,622,752
Indonesia			—			433,663			—			433,663
Malaysia			—			12,269			—			12,269
Mexico			776,725			—			—			776,725
Peru			80,550			—			—			80,550
Republic of Korea			921,898			4,003,555			—			4,925,453
Russia			194,159			837,984			216,663			1,248,806
South Africa			—			200,953			—			200,953
Taiwan			1,004,162			3,383,076			—			4,387,238
Turkey			68,440			73,895			—			142,335
United States			387,315			—			—			387,315
Preferred Stock¹			—			211,107			15,083			226,190
Rights			—			—			17			17
Short-Term Investments			71,886			—			—			71,886
Total Value of Securities		$	9,735,577		$	14,726,735		$	231,763		$	24,694,075

		Level 1				Level 2				Level 3				Total
Preferred Stock			—				93.33%				6.67%				100.00%

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	Macquarie Labor Select International Equity Portfolio
	Level 1			Level 2				Total
Securities
Assets:
Common Stock
Australia		$	—		$	963,916			$	963,916
China/Hong Kong			—			10,115,869				10,115,869
Denmark			—			3,178,095				3,178,095
France			—			18,716,443				18,716,443
Germany			—			12,980,870				12,980,870
Italy			—			10,044,667				10,044,667
Japan			—			60,353,365				60,353,365
Singapore			—			10,049,674				10,049,674
Spain			109,708			11,537,496				11,647,204
Sweden			—			5,727,549				5,727,549
Switzerland			—			9,389,833				9,389,833
United Kingdom			2,657,832			53,025,445				55,683,277
Preferred Stock			—			1,771,220				1,771,220
Short-Term Investments			1,112,815			—				1,112,815
Total Value of Securities		$	3,880,355		$	207,854,442			$	211,734,797

Derivatives¹
Liabilities:
Foreign Currency Exchange Contracts		$	—		$	(13	)		$	(13	)

¹	Foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

As a result of utilizing international fair value pricing at April 30, 2021, a majority of Macquarie Emerging Markets Portfolio and Macquarie Emerging Markets Portfolio II common stock was categorized as Level 2.

The securities that have been valued at zero on the “Schedules of investments” are considered to be Level 3 investments in these tables.

During the six months ended April 30, 2021, there were no transfers into or out of Level 3 investments. 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 in each Portfolio 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 NAV is determined) are 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 NAV 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 into or out of Level 3 investments based on fair value at the beginning of the reporting 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 each Portfolio’s net assets. Management has determined not to provide a reconciliation of Level 3 investments as the Level 3 investments were not considered significant to each Portfolio’s net assets at the beginning, interim, or end of the period. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments were not considered significant to each Portfolio’s net assets at the end of the period.

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Notes to financial statements

4. Capital Shares

Transactions in capital shares were as follows:

		Shares issued
		upon reinvestment		Shares sold			Net
	Shares	of dividends		and issued	Shares		increase
	sold	and distributions		total	redeemed		(decrease)
Six months ended April 30, 2021:
Macquarie Large Cap Value Portfolio	—		51,283	51,283	(2	)	51,281
Macquarie Core Plus Bond Portfolio	602,678		913,071	1,515,749	(4	)	1,515,745
Macquarie High Yield Bond Portfolio	1,770,110		660,948	2,431,058	(4,510,110	)	(2,079,052	)
Macquarie Emerging Markets Portfolio	—		87,442	87,442	(864	)	86,578
Macquarie Emerging Markets Portfolio II	—		202,308	202,308	(2,806,417	)	(2,604,109	)
Macquarie Labor Select International Equity Portfolio	189,190		573,909	763,099	(2,382,012	)	(1,618,913	)
Year ended October 31, 2020:
Macquarie Large Cap Value Portfolio	15,015		944,369	959,384	(339,609	)	619,775
Macquarie Core Plus Bond Portfolio	461,254		879,750	1,341,004	(2,836,064	)	(1,495,060	)
Macquarie High Yield Bond Portfolio	996,168		687,757	1,683,925	(3,916,033	)	(2,232,108	)
Macquarie Emerging Markets Portfolio	704,580		191,300	895,880	(3,261,751	)	(2,365,871	)
Macquarie Emerging Markets Portfolio II	—		120,577	120,577	(39,481	)	81,096
Macquarie Labor Select International Equity Portfolio	991,507		1,567,494	2,559,001	(17,417,928	)	(14,858,927	)

5. Line of Credit

Each Portfolio, along with certain other funds in the Delaware Funds (Participants), was a participant in a $250,000,000 revolving line of credit (Agreement) intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. The Agreement was increased to $275,000,000 on May 6, 2020. Under the Agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of 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 available under the Agreement expired on November 2, 2020.

On November 2, 2020, each Portfolio, along with the other Participants entered into an amendment to the Agreement for an amount of $225,000,000 to be used as described above. It operates in substantially the same manner as the original Agreement with the addition of an upfront fee of 0.05%, which was allocated across the Participants. The line of credit available under the Agreement expires on November 1, 2021.

The Portfolios had no amounts outstanding as of April 30, 2021, or at any time during the period then ended.

6. Derivatives

US 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 US 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 enter into these contracts to hedge the US 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.

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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.

Macquarie Core Plus Bond Portfolio used foreign currency exchange contracts and foreign cross currency exchange contracts in order to hedge the US dollar value of securities it already owns that are denominated in foreign currencies to increase/decrease exposure to foreign currencies. Macquarie Emerging Markets Portfolio, Macquarie Emerging Markets Portfolio II, and Macquarie Labor Select International Equity Portfolio entered into foreign currency exchange contracts and foreign cross currency exchange contracts to facilitate or expedite the settlement of portfolio transactions.

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. Macquarie Core Plus Bond, Macquarie High Yield Bond, Macquarie Emerging Markets, and Macquarie Emerging Markets II Portfolios may use futures contracts in the normal course of pursuing their respective investment objectives. Each Portfolio may invest in futures contracts to hedge its existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions. Upon entering into a futures contract, a Portfolio deposits cash or pledges US 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. Macquarie Core Plus Bond Portfolio posted cash collateral valued at $104,951 as margin for open futures contracts.

Macquarie Core Plus Bond Portfolio used futures contracts in order to hedge the Portfolio’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions.

Swap Contracts — Macquarie Core Plus Bond Portfolio and Macquarie High Yield Bond Portfolio may enter into CDS contracts in accordance with their investment objectives. Macquarie Core Plus Bond 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 Financial Services LLC (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. The Portfolio’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the interest rate swap contract’s remaining life, to the extent that the amount is positive. This risk is mitigated by (1) for bilateral swap contracts, having netting arrangements between the Portfolio and the counterparty and

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Notes to financial statements

6. Derivatives (continued)

by the posting of collateral by the counterparty to the Portfolio to cover the Portfolio’s exposure to the counterparty, and (2) for cleared swaps, 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, 2021, certain of the Portfolios entered into CDS contracts as purchasers and sellers of protection. Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. 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 centrally cleared CDS basket trades as determined by the applicable central counterparty.

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. Each 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) for bilateral swap contracts, having netting arrangements between each Portfolio and the counterparty and by the posting of collateral by the counterparty to each Portfolio to cover the Portfolios’ exposure to the counterparty, and (2) for cleared swaps, trading these instruments through a central counterparty. Macquarie Core Plus Bond Portfolio used CDS contracts to gain exposure to certain securities or markets.

Swaps Generally. For centrally cleared swaps, 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 by the 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. The value of open swaps may differ from that which would be realized in the event a Portfolio terminated its position in the contract on a given day. 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 “Schedules of investments.”

Fair values of derivative instruments as of April 30, 2021 were as follows:

		Macquarie Core Plus Bond Portfolio
		Asset Derivatives Fair Value
		Interest
Statement of Assets and		Rate
Liabilities Location		Contracts
Variation margin due from broker on futures
contracts*		$52,854

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		Liability Derivatives Fair Value
		Interest
Statement of Assets and		Rate
Liabilities Location		Contracts
Variation margin due from broker on futures
contracts*		$(58,267)

*	Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts are opened through April 30, 2021. Only current day variation margin is reported on the “Statement of assets and liabilities.”

The effect of derivative instruments on the “Statements of operations” for the six months ended April 30, 2021 was as follows:

	Macquarie Core Plus Bond Portfolio
	Net Realized Gain (Loss) on:
	Foreign
	Currency
	Exchange			Futures			Swap
	Contracts			Contracts			Contracts			Total
Currency
contracts		$	41,007		$	—	$	—		$	41,007
Interest rate
contracts			—			57,782		—			57,782
Credit
contracts			—			—		(15,537	)		(15,537	)
Total		$	41,007		$	57,782	$	(15,537	)	$	83,252

	Net Change in Unrealized Appreciation (Depreciation) of:
	Foreign
	Currency
	Exchange			Futures				Swap
	Contracts			Contracts				Contracts			Total
Currency
contracts		$	4,818		$	—			$	—		$	4,818
Interest rate
contracts			—			(56,938	)			—			(56,938	)
Total		$	4,818		$	(56,938	)		$	—		$	(52,120	)

At April 30, 2021, Macquarie Emerging Markets Portfolio, Macquarie Emerging Markets Portfolio II, and Macquarie Labor Select International Equity Portfolio had foreign currency risk, which is disclosed on the “Statements of assets and liabilities” and/or “Statements of operations.”

The table below summarizes the average balance of derivative holdings by each Portfolio during the six months ended April 30, 2021:

Long Derivative Volume

Macquarie

Labor Select

Core Plus

Emerging

International

Bond

Markets

Equity

Portfolio

Portfolio II

Portfolio

Foreign currency exchange contracts (average

notional value)

USD

315,417

36,961

27,893

26,010

Futures contracts (average notional value)

11,524,697

—

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Notes to financial statements

6. Derivatives (continued)

Short Derivative Volume

Macquarie

Labor Select

Core Plus

Emerging

International

Bond

Markets

Equity

Portfolio

Portfolio II

Portfolio

Foreign currency exchange contracts (average

notional value)

USD

2,119

15,338

74,437

97,111

Futures contracts (average notional value)

7,518,675

—

7. Offsetting

Each Portfolio entered into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or a similar agreement with certain of its derivative contract counterparties in order to better define its contractual rights and to secure rights that will help each Portfolio mitigate its counterparty risk. An ISDA Master Agreement is a bilateral agreement between each Portfolio and a counterparty that governs certain 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 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), 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, each Portfolio does not offset derivative assets and derivative liabilities that are subject to netting arrangements on the “Statements of assets and liabilities.”

At April 30, 2021, the Portfolios had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

Macquarie Emerging Markets Portfolio

Gross Value of

Derivative

Counterparty

Derivative Asset

Liability

Net Position

Bank of New York Mellon

$—

$(237)

Fair Value of

Non-Cash

Cash Collateral

Non-Cash

Cash Collateral

Counterparty

Net Position

Collateral Received

Received^(a)

Collateral Pledged

Pledged

Net Exposure^(b)

Bank of New York Mellon

$(237)

$—

$(237)

Macquarie Labor Select International Equity Portfolio

Gross Value of

Derivative

Counterparty

Derivative Asset

Liability

Net Position

Bank of New York Mellon

$—

$(13)

Fair Value of

Non-Cash

Cash Collateral

Non-Cash

Cash Collateral

Counterparty

Net Position

Collateral Received

Received^(a)

Collateral Pledged

Pledged

Net Exposure^(b)

Bank of New York Mellon

$(13)

$—

$(13)

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^(a)	The value of the related collateral exceeded the value of the derivatives, repurchase agreements, and securities lending transactions as of March 31, 2021, as applicable.
^(b)	Net exposure represents the receivable (payable) that would be due from (to) the counterparty in the event of default.

8. Securities Lending

Each Portfolio, along with other funds in the Delaware 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 US securities and foreign securities that are denominated and payable in US 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. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

Cash collateral received by each Portfolio of the Trust is generally invested in a series of individual separate accounts, each corresponding to a Portfolio. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; and asset-backed securities. A Portfolio can also accept US 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 are 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.

Each Portfolio may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of the Portfolio’s cash collateral account may be less than the amount the Portfolio would be required to return to the borrowers of the securities and the Portfolio would be required to make up for this shortfall.

During the six months ended April 30, 2021, the Portfolios had no securities out on loan.

9. Credit and Market Risk

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations, and individual issuers, all of which may negatively impact the Portfolios performance.

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Notes to financial statements

9. Credit and Market Risk (continued)

When interest rates rise, fixed income securities (i.e. debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations.

IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) and other interbank offered rate (collectively, “IBORs”) could have adverse impacts on financial instruments that reference LIBOR (or the corresponding IBOR). The abandonment of LIBOR could affect the value and liquidity of instruments that reference LIBOR. The use of alternative reference rate products may impact investment strategy performance. These risks may also apply with respect to changes in connection with other IBORs, such as the euro overnight index average (EONIA), which are also the subject of recent reform.

Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Portfolios invests will cause the NAV of the Funds to fluctuate.

Some countries in which Macquarie Emerging Markets, Macquarie Emerging Markets II, and Macquarie Labor Select International Equity 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.

Macquarie Emerging Markets Portfolio and Macquarie Emerging Markets Portfolio II invest a significant portion of their assets in the greater China region, which consists of Hong Kong, the People’s Republic of China, and Taiwan, among other countries. As a result, each Portfolio’s investments in the region are particularly susceptible to risks in that region. Adverse events in any one country within the region may impact the other countries in the region or Asia as a whole. As a result, adverse events in the region will generally have a greater effect on each Portfolio than if the Portfolio were more geographically diversified, which could result in greater volatility in each Portfolio’s net asset value and losses. Markets in the greater China region can experience significant volatility due to social, economic, regulatory, and political uncertainties.

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.

Macquarie Core Plus Bond 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. Macquarie 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 lower than Baa3 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.

Macquarie Core Plus Bond Portfolio and Macquarie High Yield Bond Portfolio invest in bank loans and other securities that may subject them to direct indebtedness risk, the risk that each Portfolio will not receive payment of principal, interest and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower. Loans that are fully secured offer each Portfolio more protection than unsecured loans in the event of nonpayment of scheduled interest or principal, although there is no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower’s obligation, or that the collateral can be liquidated. Some loans or claims may be in default at the time of purchase. Certain of the loans and the other direct indebtedness acquired by each Portfolio may involve revolving credit facilities or other standby financing commitments that obligate each Portfolio to pay additional cash on a certain date or on demand. These commitments may require each Portfolio to increase its investment in a company at a time when each Portfolio might not otherwise decide to do so (including at a time when the company’s financial condition makes it unlikely that such amounts will be repaid). To the extent that each Portfolio is committed to advance additional funds, it will at all times hold and maintain cash or other high-grade debt obligations in an amount sufficient to meet such commitments. When a loan agreement is purchased, the Fund may pay an assignment fee. On an ongoing basis, the Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan agreement. Prepayment penalty fees are received upon the prepayment of a loan agreement by the borrower. Prepayment penalty, facility, commitment, consent, and amendment fees are recorded to income as earned or paid.

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As each Portfolio may be required to rely upon another lending institution to collect and pass on to each Portfolio amounts payable with respect to the loan and to enforce each Portfolio’s rights under the loan and other direct indebtedness, an insolvency, bankruptcy, or reorganization of the lending institution may delay or prevent each Portfolio from receiving such amounts. The highly leveraged nature of many loans may make them especially vulnerable to adverse changes in economic or market conditions. Investments in such loans and other direct indebtedness may involve additional risk to each Portfolio.

Macquarie Core Plus Bond Portfolio and Macquarie High Yield Bond Portfolio invest in certain obligations that may have liquidity protection designed 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. The Portfolios will not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.

Macquarie Core Plus Bond Portfolio invests 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 CMOs. CMOs are debt securities issued by US government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on the Portfolio’s yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Portfolio may fail to fully recoup its initial investment in these securities even if the securities are rated in the highest rating categories.

Macquarie Core Plus Bond Portfolio and Macquarie High Yield Bond Portfolio invest in certain obligations that may have liquidity protection designed 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 the security.

Because Macquarie Large Cap Value Portfolio expects to hold a concentrated portfolio of a limited number of securities, the Portfolio’s risk is increased because each investment has a greater effect on the Portfolio’s overall performance.

Each Portfolio 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 promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. 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’ 15% limit on investments in illiquid securities. Rule 144A securities have been identified on the “Schedules of investments.”

10. 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, each Portfolio has 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.

11. General Motors Term Loan Litigation

Macquarie Core Plus Bond Portfolio and Macquarie High Yield Bond Portfolio received notice of a litigation proceeding related to a General Motors Corporation (G.M.) term loan participation previously held by the Portfolios in 2009. Because it was believed that the Portfolios were secured creditors, the Portfolios received the full principal on the loans in 2009 after the G.M. bankruptcy. However, based upon a US Court of Appeals ruling, the Motors Liquidation Company Avoidance Action Trust sought to recover such amounts arguing that the Portfolios were

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Notes to financial statements

11. General Motors Term Loan Litigation (continued)

unsecured creditors and, as an unsecured creditor, the Portfolios should not have received payment in full. Based on available information related to the litigation and the Portfolios’ potential exposure, the Portfolios previously recorded a contingent liability of $75,182 and $48,975, respectively, and an asset of $250,607 and $163,250, respectively, based on the potential recoveries by the estate that resulted in a net decrease in the Portfolios’ NAV to reflect this potential recovery.

The plaintiff and the term loan lenders, which included the Portfolios, reached an agreement in principle that resolved the disputes. The parties agreed to terms of a settlement agreement and presented the settlement agreement to the court for approval at a hearing on June 12, 2019. The court approved the settlement documentation and dismissed the case on July 2, 2019. The court’s approval of the settlement and dismissal of the case with prejudice became final on July 16, 2019.

The contingent liability and other asset were removed in connection with the case being settled, which resulted in the Portfolios recognizing a gain in the amount of the liability reversed in 2019.

12. Recent Accounting Pronouncements

In August 2018, FASB issued an Accounting Standards Update (ASU), ASU 2018-13, which changes certain fair value measurement disclosure requirements. ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has implemented ASU 2018-13 on the financial statements.

In March 2020, FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. As of the financial reporting period, Management is evaluating the impact of applying this ASU.

13. Subsequent Events

On December 2, 2020, Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds Complex (the Ivy Funds), and Macquarie Management Holdings, Inc., the U.S. holding company for Macquarie Group Limited’s U.S. asset management business (Macquarie), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of Waddell & Reed Financial, Inc. (the “Transaction”). The Transaction closed on April 30, 2021. The Ivy Funds, as part of Delaware Funds^®by Macquarie, are now managed by DMC and distributed by DDLP.

On February 24, 2021, the Board of Trustees approved the reorganization (Reorganization) of the Portfolios below into and with a substantially similar fund and class of another Delaware Fund as shown in the table below:

Acquired Fund and Class		Acquiring Fund and Class
Macquarie Core Plus Bond Portfolio, a series of Delaware Pooled Trust Share Class		Delaware Diversified Income Fund, a series of Delaware Group Adviser Funds Class R6
Macquarie High Yield Bond Portfolio, a series of Delaware Pooled Trust Share Class		Delaware High-Yield Opportunities Fund, a series of Delaware Group Income Funds Class R6

Each Reorganization is subject to the approval of Portfolio shareholders at a special shareholder meeting scheduled to be held on June 29, 2021.

If each Reorganization is approved by shareholders at that June 29, 2021 special shareholder meeting, each Reorganization is expected to occur on or about July 23, 2021.

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Management has determined that no other material events or transactions occurred subsequent to April 30, 2021, that would require recognition or disclosure in each Portfolio’s financial statements.

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Portfolio managers

Kristen E. Bartholdson
Managing Director, Senior Portfolio Manager

Nigel A. Bliss
Senior Portfolio Manager
Mondrian Investment Partners Limited

Adam H. Brown
Managing Director, Senior Portfolio Manager

Liu-Er Chen
Managing Director, Chief Investment Officer –
Emerging Markets and Healthcare

Ginny Chong
Head of Chinese Equities
Senior Portfolio Manager
Mondrian Investment Partners Limited

Elizabeth A. Desmond
Deputy Chief Executive Officer
Chief Investment Officer – International Equities
Mondrian Investment Partners Limited

Gregory Halton
Senior Portfolio Manager
Mondrian Investment Partners Limited

David Hillmeyer
Senior Managing Director, Co-Head of US Multisector
Fixed Income

Erin Ksenak
Senior Vice President, Portfolio Manager

Nikhil G. Lalvani
Managing Director, Senior Portfolio Manager, Team Leader

Daniela Mardarovici
Managing Director, Co-Head of US Multisector Fixed Income

John P. McCarthy
Managing Director, Senior Portfolio Manager

Zsolt Mester
Portfolio Manager
Mondrian Investment Partners Limited

Andrew Miller
Chief Investment Officer –
Emerging Market Equities
Mondrian Investment Partners Limited

Robert A. Vogel Jr.
Managing Director, Senior Portfolio Manager

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	Semiannual report

Multi-asset mutual fund

Delaware Global Listed Real Assets Fund

April 30, 2021

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 delawarefunds.com/literature 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 delawarefunds.com/edelivery.

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Experience Delaware Funds^®by Macquarie

Macquarie Investment Management (MIM) is a global asset manager with offices in the United States, Europe, Asia, and Australia. As active managers, we prioritize autonomy and accountability at the investment team level in pursuit of opportunities that matter for clients. Delaware Funds is one of the longest-standing mutual fund families, with more than 80 years in existence.

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

You can learn more about Delaware Funds or obtain a prospectus for Delaware Global Listed Real Assets Fund at delawarefunds.com/literature.

Manage your account online

●	Check your account balance and transactions
●	View statements and tax forms
●	Make purchases and redemptions

Visit delawarefunds.com/account-access.

Macquarie Asset Management (MAM) offers a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products. MIM is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Europe S.A.

The Fund is distributed by Delaware Distributors, L.P. (DDLP), an affiliate of MIMBT and Macquarie Group Limited.

The Fund is governed by US laws and regulations.

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Unless otherwise noted, views expressed herein are current as of April 30, 2021, and subject to change for events occurring after such date.

The Fund is not FDIC insured and is not guaranteed. It is possible to lose the principal amount invested.

Advisory services provided by Delaware Management Company, a series of MIMBT, a US registered investment advisor.

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

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Disclosure of Fund expenses
For the six-month period from November 1, 2020 to April 30, 2021 (Unaudited)

The investment objective of the Fund is to seek total return, which is targeted to be in excess of inflation, through growth of capital and current income.

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 service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from November 1, 2020 to April 30, 2021.

Actual expenses

The first section of the table shown, “Actual Fund return,” provides information about actual account values and actual expenses. You may use the information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The second section of the table shown, “Hypothetical 5% return,” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The Fund’s expenses shown in the table reflect fee waivers in effect and assume reinvestment of all dividends and distributions.

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Disclosure of Fund expenses
For the six-month period from November 1, 2020 to April 30, 2021 (Unaudited)

Delaware Global Listed Real Assets Fund
Expense analysis of an investment of $1,000

	Beginning			Ending					Expenses
	Account Value			Account Value			Annualized		Paid During Period
	11/1/20			4/30/21			Expense Ratio		11/1/20 to 4/30/21*
Actual Fund return^†
Class A		$	1,000.00		$	1,222.20		1.34%		$	7.38
Class C			1,000.00			1,217.00		2.09%			11.49
Class R			1,000.00			1,220.30		1.59%			8.75
Institutional Class			1,000.00			1,223.40		1.09%			6.01
Class R6			1,000.00			1,223.50		1.00%			5.51
Hypothetical 5% return (5% return before expenses)
Class A		$	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
Class R6			1,000.00			1,019.84		1.00%			5.01

*	“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.

In addition to the Fund’s expenses reflected above, the Fund also indirectly bears its portion of the fees and expenses of the investment companies (Underlying Funds) in which it invests. The table above does not reflect the expenses of the Underlying Funds.

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Security type / sector allocation and top 10 equity holdings
Delaware Global Listed Real Assets Fund	As of April 30, 2021 (Unaudited)

Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications.

Security type / sector	Percentage of net assets
Convertible Bond		0.05	%
Corporate Bonds		14.27	%
Basic Industry		1.82	%
Capital Goods		0.94	%
Communications		4.34	%
Consumer Cyclical		1.02	%
Consumer Non-Cyclical		1.17	%
Energy		3.02	%
Real Estate Operating Companies/Developer		0.14	%
Transportation		0.86	%
Utilities		0.96	%
Non-Agency Commercial Mortgage-Backed Securities		2.09	%
Loan Agreements		2.97	%
Sovereign Bonds		10.39	%
US Treasury Obligations		4.83	%
Common Stock		61.81	%
Communication Services		1.07	%
Consumer Staples		1.82	%
Energy		9.26	%
Financials		1.30	%
Industrials		9.82	%
Materials		6.89	%
Real Estate Operating Companies/Developer		2.71	%
REIT Diversified		2.12	%
REIT Healthcare		1.78	%
REIT Hotel		0.47	%
REIT Industrial		2.83	%
REIT Information Technology		0.91	%
REIT Mall		0.75	%
REIT Manufactured Housing		0.82	%
REIT Multifamily		2.95	%
REIT Office		1.97	%
REIT Retail		0.46	%
REIT Self-Storage		0.66	%
REIT Shopping Center		0.30	%
REIT Single Tenant		0.44	%
REIT Specialty		1.03	%
Utilities		11.45	%

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Security type / sector allocation and top 10
equity holdings
Delaware Global Listed Real Assets Fund

Security type / sector	Percentage of net assets
Master Limited Partnerships		1.09	%
Short-Term Investments		2.43	%
Total Value of Securities		99.93	%
Receivables and Other Assets Net of Liabilities		0.07	%
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
Denbury		1.35	%
Bunge		1.07	%
Valero Energy		1.07	%
Vantage Towers		1.06	%
East Japan Railway		1.03	%
TC Energy		1.02	%
Enbridge		1.02	%
Vinci		1.02	%
Atlas Arteria		1.02	%
Severn Trent		1.02	%

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Schedule of investments
Delaware Global Listed Real Assets Fund	April 30, 2021 (Unaudited)

			Principal amount^°	Value (US $)
Convertible Bond – 0.05%
	Cheniere Energy PIK 144A 4.875% exercise price
		$93.64, maturity date 5/28/21 #, >>	58,763	$	59,241
Total Convertible Bond (cost $58,793)					59,241

Corporate Bonds – 14.27%
Basic Industry – 1.82%
	Chemours 7.00% 5/15/25		285,000		293,479
	First Quantum Minerals 144A 6.875% 3/1/26 #		400,000		420,950
	Freeport-McMoRan 5.45% 3/15/43		400,000		489,000
	New Gold 144A 6.375% 5/15/25 #		94,000		96,879
	Novelis
		144A 4.75% 1/30/30 #	240,000		249,900
		144A 5.875% 9/30/26 #	90,000		94,000
	Univar Solutions USA 144A 5.125% 12/1/27 #		445,000		465,574
					2,109,782
Capital Goods – 0.94%
	Clean Harbors 144A 5.125% 7/15/29 #		330,000		356,669
	Covanta Holding 6.00% 1/1/27		130,000		136,313
	GFL Environmental 144A 5.125% 12/15/26 #		270,000		283,162
	Sealed Air 144A 4.00% 12/1/27 #		295,000		309,750
					1,085,894
Communications – 4.34%
	CCO Holdings 144A 5.375% 6/1/29 #		425,000		461,979
	Clear Channel Outdoor Holdings 144A 7.75%
		4/15/28 #	65,000		67,017
	Clear Channel Worldwide Holdings 9.25% 2/15/24		66,000		69,019
	CSC Holdings
		144A 3.375% 2/15/31 #	200,000		187,800
		144A 5.75% 1/15/30 #	365,000		388,497
	Cumulus Media New Holdings 144A 6.75% 7/1/26 #		73,000		74,950
	Gray Television 144A 7.00% 5/15/27 #		280,000		306,181
	LCPR Senior Secured Financing DAC 144A 6.75%
		10/15/27 #	416,000		447,745
	Level 3 Financing 144A 4.25% 7/1/28 #		320,000		322,835
	Lumen Technologies
		144A 4.00% 2/15/27 #	150,000		153,020
		144A 5.125% 12/15/26 #	205,000		215,333
	Nexstar Broadcasting 144A 5.625% 7/15/27 #		358,000		378,701
	Outfront Media Capital 144A 4.625% 3/15/30 #		415,000		411,369
	Sirius XM Radio 144A 5.50% 7/1/29 #		360,000		389,475
	Sprint Capital 8.75% 3/15/32		110,000		163,237

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Schedule of investments
Delaware Global Listed Real Assets Fund

			Principal amount^°	Value (US $)
Corporate Bonds (continued)
Communications (continued)
	T-Mobile USA
		3.375% 4/15/29	100,000	$	101,776
		4.75% 2/1/28	180,000		192,600
	Virgin Media Secured Finance 144A 5.50%
		5/15/29 #	200,000		214,100
	Vmed O2 UK Financing I 144A 4.25% 1/31/31 #		200,000		193,750
	Zayo Group Holdings 144A 4.00% 3/1/27 #		295,000		293,336
					5,032,720
Consumer Cyclical – 1.02%
	Carnival 144A 7.625% 3/1/26 #		60,000		65,776
	Hilton Domestic Operating 4.875% 1/15/30		340,000		362,962
	Lennar 5.00% 6/15/27		160,000		185,216
	MGM Growth Properties Operating Partnership
		5.75% 2/1/27	361,000		403,194
	Murphy Oil USA 144A 3.75% 2/15/31 #		170,000		167,662
					1,184,810
Consumer Non-Cyclical – 1.17%
	HCA
		3.50% 9/1/30	20,000		20,570
		5.375% 2/1/25	120,000		133,882
		5.875% 2/1/29	350,000		413,437
	JBS USA LUX 144A 5.50% 1/15/30 #		270,000		297,340
	Pilgrim’s Pride 144A 5.875% 9/30/27 #		127,000		134,937
	Tenet Healthcare
		5.125% 5/1/25	100,000		101,325
		6.875% 11/15/31	230,000		257,269
					1,358,760
Energy – 3.02%
	CNX Resources
		144A 6.00% 1/15/29 #	110,000		117,679
		144A 7.25% 3/14/27 #	170,000		183,850
	Crestwood Midstream Partners
		144A 5.625% 5/1/27 #	370,000		377,295
		144A 6.00% 2/1/29 #	110,000		113,863
	DCP Midstream Operating 5.125% 5/15/29		350,000		374,458
	Genesis Energy 6.50% 10/1/25		290,000		291,812
	Marathon Oil 4.40% 7/15/27		130,000		145,139
	Murphy Oil
		5.875% 12/1/27	325,000		327,038
		6.375% 7/15/28	180,000		182,925

Table of Contents

			Principal amount^°	Value (US $)
Corporate Bonds (continued)
Energy (continued)
	NuStar Logistics 6.375% 10/1/30		135,000	$	148,838
	Occidental Petroleum
		2.70% 2/15/23	159,000		159,742
		3.00% 2/15/27	70,000		66,954
		6.625% 9/1/30	65,000		74,185
	Southwestern Energy 7.75% 10/1/27		380,000		408,962
	Targa Resources Partners
		144A 4.875% 2/1/31 #	325,000		340,153
		5.375% 2/1/27	180,000		187,287
					3,500,180
Real Estate Operating Companies/Developer – 0.14%
	HAT Holdings I 144A 3.75% 9/15/30 #		170,000		163,838
					163,838
Transportation – 0.86%
	Delta Air Lines
		144A 7.00% 5/1/25 #	240,000		279,225
		7.375% 1/15/26	200,000		235,075
	United Airlines Holdings 4.875% 1/15/25		475,000		482,422
					996,722
Utilities – 0.96%
	Calpine 144A 5.00% 2/1/31 #		60,000		59,178
	NRG Energy 144A 3.625% 2/15/31 #		160,000		156,960
	PG&E 5.25% 7/1/30		270,000		288,562
	TerraForm Power Operating 144A 4.75% 1/15/30 #		220,000		229,350
	Vistra Operations
		144A 5.00% 7/31/27 #	120,000		124,474
		144A 5.50% 9/1/26 #	120,000		124,126
		144A 5.625% 2/15/27 #	130,000		135,362
					1,118,012
Total Corporate Bonds (cost $15,898,916)					16,550,718

Non-Agency Commercial Mortgage-Backed Securities – 2.09%
	Cantor Commercial Real Estate Lending
		Series 2019-CF1 B 4.178% 5/15/52 ●	200,000		221,622
	Citigroup Commercial Mortgage Trust
		Series 2019-C7 A4 3.102% 12/15/72	600,000		644,536
	GS Mortgage Securities Trust
		Series 2017-GS6 B 3.869% 5/10/50	730,000		796,493

Table of Contents

Schedule of investments
Delaware Global Listed Real Assets Fund

			Principal amount^°		Value (US $)
Non-Agency Commercial Mortgage-Backed Securities (continued)
	Morgan Stanley Capital I Trust
		Series 2016-BNK2 B 3.485% 11/15/49		740,000	$	765,624
Total Non-Agency Commercial Mortgage-Backed Securities (cost $2,383,654)						2,428,275

Loan Agreements – 2.97%
	Calpine
		2.12% (LIBOR01M + 2.00%) 4/5/26 ●		322,261		318,367
		2.62% (LIBOR01M + 2.50%) 12/16/27 ●		82,800		82,473
	Calpine Construction Finance Tranche B 2.113%
		(LIBOR01M + 2.00%) 1/15/25 ●		125,235		123,625
	CenturyLink Tranche B 0.113% (LIBOR01M +
		0.113%) 3/15/27 ●		444,375		439,746
	Charter Communications Operating Tranche
		B2 1.87% (LIBOR01M + 1.75%) 2/1/27 ●		260,815		259,891
	CSC Holdings 2.365% (LIBOR01M + 2.25%)
		7/17/25 ●		250,435		248,494
	Frontier Communications Tranche B 4.50%
		(LIBOR01M + 3.75%) 10/8/27 ●		211,113		210,321
	Hamilton Projects Acquiror 5.75% (LIBOR03M +
		4.75%) 6/17/27 ●		297,750		297,874
	HCA Tranche B-12 1.863% (LIBOR01M + 1.75%)
		3/13/25 ●		344,750		345,100
	HCA Tranche B13 1.863% (LIBOR01M + 1.75%)
		3/18/26 ●		167,026		167,235
	Lamar Media Tranche B 1.61% (LIBOR01M +
		1.50%) 2/5/27 ●		169,139		167,765
	Sinclair Television Group Tranche B-3 3.12%
		(LIBOR01M + 3.00%) 4/1/28 ●		100,000		99,250
	Tecta America 1st Lien 5.00% (LIBOR03M + 4.25%)
		4/10/28 ●		270,000		269,156
	Telenet Financing Tranche AR 2.115% (LIBOR01M
		+ 2.00%) 4/30/28 ●		255,000		251,932
	Vistra Operations 1.864% (LIBOR01M + 1.75%)
		12/31/25 ●		167,672		166,498
Total Loan Agreements (cost $3,460,982)						3,447,727

Sovereign Bonds – 10.39%Δ
Australia – 0.34%
	Australia Government Bonds
		0.75% 11/21/27	AUD	412,971		373,845
		2.50% 9/20/30	AUD	14,786		17,984
						391,829

Table of Contents

				Principal amount^°	Value (US $)
Sovereign BondsΔ (continued)
Canada – 0.67%
	Canadian Government Real Return Bonds
		4.00% 12/1/31	CAD	430,154	$	508,133
		4.25% 12/1/26	CAD	256,210		270,309
						778,442
France – 1.60%
	French Republic Government Bond OAT
		0.10% 3/1/25	EUR	319,378		410,608
		0.10% 3/1/28	EUR	653,322		873,307
		144A 1.80% 7/25/40 #	EUR	146,565		281,165
		3.15% 7/25/32	EUR	158,224		293,973
						1,859,053
Germany – 0.69%
	Deutsche Bundesrepublik Inflation Linked Bond
		0.10% 4/15/26	EUR	601,513		797,569
						797,569
Italy – 1.47%
	Italy Buoni Poliennali Del Tesoro
		0.10% 5/15/23	EUR	1,020,426		1,268,075
		144A 3.10% 9/15/26 #	EUR	298,134		441,766
						1,709,841
Japan – 0.35%
	Japanese Government CPI Linked Bond 0.10%
		3/10/29	JPY	44,030,360		408,033
						408,033
Spain – 0.61%
	Spain Government Inflation Linked Bond 0.15%
		11/30/23	EUR	555,246		705,068
						705,068
United Kingdom – 4.66%
	United Kingdom Gilt Inflation Linked
		0.125% 3/22/44	GBP	627,599		1,434,317
		0.125% 3/22/58	GBP	198,963		589,087
		0.125% 3/22/68	GBP	125,655		469,603
		0.25% 3/22/52	GBP	331,403		900,048
		1.125% 11/22/37	GBP	386,388		908,180
		1.25% 11/22/32	GBP	527,566		1,098,955
						5,400,190
Total Sovereign Bonds (cost $11,312,525)						12,050,025

Table of Contents

Schedule of investments
Delaware Global Listed Real Assets Fund

			Principal amount^°	Value (US $)
US Treasury Obligations – 4.83%
	US Treasury Inflation Indexed Bonds
		0.125% 2/15/51	368,734	$	380,078
		1.375% 2/15/44	343,073		455,758
	US Treasury Inflation Indexed Notes
		0.125% 10/15/25	2,794,661		3,070,919
		0.125% 1/15/31	1,552,923		1,696,028
Total US Treasury Obligations (cost $5,522,470)					5,602,783

			Number of shares
Common Stock – 61.81%
Communication Services – 1.07%
	Vantage Towers †		39,887		1,235,299
					1,235,299
Consumer Staples – 1.82%
	Archer-Daniels-Midland		8,121		512,679
	Bunge		14,668		1,238,272
	Sanderson Farms		2,217		364,763
					2,115,714
Energy – 9.26%
	Cameco		13,222		222,262
	Chevron		7,465		769,418
	Cimarex Energy		7,454		493,455
	Denbury †		28,752		1,564,396
	Enbridge		30,649		1,182,174
	EQT †		37,988		725,571
	Equinor ADR		32,922		667,329
	Kimbell Royalty Partners		37,660		405,222
	Par Pacific Holdings †		18,769		285,101
	Schlumberger		38,447		1,039,991
	Suncor Energy		44,683		955,714
	TC Energy		24,074		1,191,018
	Valero Energy		16,739		1,238,016
					10,739,667
Financials – 1.30%
	Peridot Acquisition Class A †		22,238		227,717
	Rice Acquisition Class A †		23,532		360,040
	Uranium Participation †		211,227		922,824
					1,510,581
Industrials – 9.82%
	ALEATICA		1,027,075		1,039,396
	Arcosa		15,070		908,570

Table of Contents

		Number of shares	Value (US $)
Common Stock (continued)
Industrials (continued)
	Atlantia †	60,162	$	1,172,871
	Atlas Arteria	254,722		1,180,586
	East Japan Railway	17,400		1,191,685
	Enav 144A #	247,640		1,149,369
	Sacyr	419,969		1,163,431
	Sunrun †	2,463		120,687
	Sydney Airport †	164,397		781,809
	TPI Composites †	6,709		356,583
	Transurban Group	105,165		1,146,748
	Vinci	10,772		1,182,009
				11,393,744
Materials – 6.89%
	Acadian Timber	26,070		430,558
	Air Products and Chemicals	2,191		632,060
	Barrick Gold	35,413		754,559
	CF Industries Holdings	16,473		801,082
	Domtar †	11,059		435,946
	FMC	2,060		243,574
	Hudbay Minerals	115,425		862,225
	Louisiana-Pacific	5,343		351,997
	Newmont	17,479		1,090,864
	Nutrien	18,505		1,021,291
	Steel Dynamics	10,604		574,949
	West Fraser Timber	4,643		358,476
	Wheaton Precious Metals	10,530		435,100
				7,992,681
Real Estate Operating Companies/Developer – 2.71%
	Castellum	12,920		314,629
	CK Asset Holdings	53,000		331,813
	Grainger	45,876		181,105
	Hang Lung Properties	60,000		163,693
	Kojamo	11,721		253,831
	Mitsubishi Estate	27,500		452,620
	Mitsui Fudosan	11,100		241,306
	New World Development	24,031		127,164
	Nyfosa	19,440		233,865
	Sun Hung Kai Properties	25,500		383,580
	TAG Immobilien	4,648		143,745
	Tokyo Tatemono	9,096		134,669
	Wihlborgs Fastigheter	9,090		185,819
				3,147,839

Table of Contents

Schedule of investments
Delaware Global Listed Real Assets Fund

		Number of shares	Value (US $)
Common Stock (continued)
REIT Diversified – 2.12%
	Activia Properties	69	$	318,168
	Ascendas Real Estate Investment Trust	48,935		114,034
	Charter Hall Group	13,210		142,698
	Fastighets Balder Class B †	4,094		235,888
	Inmobiliaria Colonial Socimi	4,627		46,939
	Mapletree Logistics Trust	161,200		240,613
	NIPPON REIT Investment	69		267,743
	Weyerhaeuser	28,094		1,089,204
				2,455,287
REIT Healthcare – 1.78%
	Alexandria Real Estate Equities	3,220		583,142
	Assura	154,767		159,326
	Healthcare Realty Trust	7,790		250,526
	Healthpeak Properties	7,348		252,330
	Omega Healthcare Investors	5,111		194,218
	Sabra Health Care REIT	13,023		236,628
	Welltower	5,188		389,256
				2,065,426
REIT Hotel – 0.47%
	Host Hotels & Resorts †	7,777		141,230
	VICI Properties	12,585		398,945
				540,175
REIT Industrial – 2.83%
	Americold Realty Trust	2,773		112,001
	Duke Realty	4,805		223,529
	GLP J-REIT	166		278,262
	Goodman Group	9,585		139,774
	Granite Real Estate Investment Trust	4,207		269,332
	Industrial & Infrastructure Fund Investment	125		226,340
	Mapletree Industrial Trust	105,800		224,454
	Prologis	9,408		1,096,314
	Rexford Industrial Realty	5,208		289,304
	Segro	16,825		233,743
	Tritax Big Box REIT	73,221		192,412
				3,285,465
REIT Information Technology – 0.91%
	American Tower	999		254,515
	Digital Realty Trust	3,507		541,165
	Equinix	241		173,703

Table of Contents

		Number of shares	Value (US $)
Common Stock (continued)
REIT Information Technology (continued)
	SBA Communications	295	$	88,418
				1,057,801
REIT Mall – 0.75%
	Simon Property Group	7,109		865,450
				865,450
REIT Manufactured Housing – 0.82%
	Equity LifeStyle Properties	6,157		427,296
	Sun Communities	3,114		519,508
				946,804
REIT Multifamily – 2.95%
	Apartment Income REIT	3,568		161,095
	Apartment Investment and Management Class A	3,568		24,762
	AvalonBay Communities	2,881		553,152
	Camden Property Trust	853		102,769
	Daiwa Securities Living Investments	204		209,358
	Deutsche Wohnen	5,561		300,843
	Equity Residential	6,926		514,117
	Essex Property Trust	1,805		524,389
	Killam Apartment Real Estate Investment Trust	7,013		108,063
	UDR	4,160		193,232
	Vonovia	11,158		733,133
				3,424,913
REIT Office – 1.97%
	Boston Properties	2,687		293,823
	Cousins Properties	4,552		166,922
	Daiwa Office Investment	25		180,655
	Equity Commonwealth	7,097		204,394
	Highwoods Properties	6,036		270,352
	Hudson Pacific Properties	7,650		215,042
	Kilroy Realty	6,386		437,696
	Piedmont Office Realty Trust Class A	9,956		185,381
	SL Green Realty	4,525		334,895
				2,289,160
REIT Retail – 0.46%
	Japan Metropolitan Fund Invest	286		281,842
	Link REIT	27,200		256,580
				538,422
REIT Self-Storage – 0.66%
	Extra Space Storage	3,724		553,722

Table of Contents

Schedule of investments
Delaware Global Listed Real Assets Fund

		Number of shares	Value (US $)
Common Stock (continued)
REIT Self-Storage (continued)
	Public Storage	732	$	205,809
				759,531
REIT Shopping Center – 0.30%
	Federal Realty Investment Trust	1,030		116,225
	Regency Centers	2,024		128,848
	SITE Centers	7,036		103,781
				348,854
REIT Single Tenant – 0.44%
	Four Corners Property Trust	6,869		198,308
	Spirit Realty Capital	6,445		306,395
				504,703
REIT Specialty – 1.03%
	Civitas Social Housing	113,646		179,171
	Innovative Industrial Properties	1,717		314,434
	Invitation Homes	15,436		541,186
	Waypoint REIT	80,627		154,950
				1,189,741
Utilities – 11.45%
	APA Group	86,126		665,439
	Atmos Energy	11,263		1,166,734
	Hydro One 144A #	46,168		1,106,920
	Infraestructura Energetica Nova †	269,772		1,158,620
	National Grid	92,079		1,160,707
	PPL	39,667		1,155,500
	Sempra Energy	8,175		1,124,635
	Severn Trent	34,462		1,179,645
	Snam	198,503		1,116,988
	Spark Infrastructure Group	673,110		1,136,823
	Terna Rete Elettrica Nazionale	156,213		1,151,517
	United Utilities Group	86,482		1,156,766
				13,280,294
Total Common Stock (cost $59,084,545)				71,687,551

Master Limited Partnerships – 1.09%
	Black Stone Minerals	55,222		567,130
	Enviva Partners	14,107		694,770
Total Master Limited Partnerships (cost $946,008)				1,261,900

Table of Contents

			Number of shares	Value (US $)
Short-Term Investments – 2.43%
Money Market Mutual Funds – 2.43%
	BlackRock FedFund – Institutional Shares
		(seven-day effective yield 0.03%)	703,183	$	703,183
	Fidelity Investments Money Market Government
		Portfolio – Class I (seven-day effective yield
		0.01%)	703,183		703,183
	GS Financial Square Government Fund –
		Institutional Shares (seven-day effective yield
		0.03%)	703,183		703,183
	Morgan Stanley Government Portfolio – Institutional
		Share Class (seven-day effective yield 0.00%)	703,183		703,183
Total Short-Term Investments (cost $2,812,732)					2,812,732
Total Value of Securities–99.93%
	(cost $101,480,625)			$	115,900,952

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At April 30, 2021, the aggregate value of Rule 144A securities was $12,892,501, which represents 11.12% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
>>	PIK. 100% of the income received was in the form of principal.
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at April 30, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
Δ	Securities have been classified by country of origin.
†	Non-income producing security.

Unfunded Loan Commitments

The Fund may invest in floating rate loans. In connection with these investments, the Fund may also enter into unfunded corporate loan commitments (commitments). Commitments may obligate the Fund to furnish temporary financing to a borrower until permanent financing can be arranged. In connection with these commitments, the Fund earns a

Table of Contents

Schedule of investments
Delaware Global Listed Real Assets Fund

commitment fee, typically set as a percentage of the commitment amount. The following unfunded loan commitment was outstanding at April 30, 2021:

				Unrealized
	Principal			Appreciation
Borrower	Amount	Commitment	Value	(Depreciation)
Frontier Communications TBD 10/8/27	$188,887	$186,998	$188,179	$1,181

The following foreign currency exchange contracts and futures contracts were outstanding at April 30, 2021:¹

Foreign Currency Exchange Contracts

	Currency to						Settlement	Unrealized		Unrealized
Counterparty	Receive (Deliver)			In Exchange For			Date	Appreciation		Depreciation
BNYM	EUR	(82,667	)	USD	99,399		5/4/21	$	5	$	—
BNYM	EUR	68,316		USD	(82,144	)	5/4/21		—		(4	)
CITI	CAD	(30,000	)	USD	23,936		6/18/21		—		(474	)
CITI	EUR	(11,000	)	USD	12,978		6/18/21		—		(260	)
JPMCB	AUD	(342,318	)	USD	261,509		6/18/21		—		(2,257	)
JPMCB	CAD	(938,840	)	USD	748,957		6/18/21		—		(14,940	)
JPMCB	EUR	(4,215,746	)	USD	4,975,091		6/18/21		—		(98,583	)
JPMCB	GBP	(3,877,504	)	USD	5,384,387		6/18/21		28,619		—
JPMCB	JPY	(44,289,697	)	USD	401,322		6/18/21		—		(4,096	)
Total Foreign Currency Exchange Contracts								$	28,624	$	(120,614	)

Futures Contracts
Exchange-Traded

														Variation
														Margin
					Notional				Value/		Value/			Due from
		Notional			Cost			Expiration	Unrealized		Unrealized			(Due to)
Contracts to Buy (Sell)		Amount			(Proceeds)			Date	Appreciation		Depreciation			Brokers
	US Treasury 5 yr
17	Notes	$	2,106,937		$	2,105,649		6/30/21	$	1,288	$	—		$	664
	US Treasury
(3)	Ultra Bonds		(557,719	)		(555,742	)	6/21/21		—		(1,977	)		(937	)
Total Futures Contracts					$	1,549,907			$	1,288	$	(1,977	)	$	(273	)

The use of foreign currency exchange contracts and futures contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The notional amounts and foreign currency exchange contracts presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) and variation margin are reflected in the Fund’s net assets.

¹ See Note 6 in “Notes to financial statements.”

Summary of abbreviations:

ADR – American Depositary Receipt
BNYM – Bank of New York Mellon

Table of Contents

Summary of abbreviations: (continued)

CITI – Citigroup
CPI – Consumer Price Index
DAC – Designated Activity Company
GS – Goldman Sachs
ICE – Intercontinental Exchange, Inc.
JPMCB – JPMorgan Chase Bank
LIBOR – London interbank offered rate
LIBOR01M – ICE LIBOR USD 1 Month
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
OAT – Obligations Assimilables du Tresor
PIK – Payment-in-kind
REIT – Real Estate Investment Trust
TBD – To be determined
yr – Year

Summary of currencies:

AUD – Australian Dollar
CAD – Canadian Dollar
EUR – European Monetary Unit
GBP – British Pound Sterling
JPY – Japanese Yen
USD – US Dollar

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

Table of Contents

Statement of assets and liabilities
Delaware Global Listed Real Assets Fund	April 30, 2021 (Unaudited)

Assets:
	Investments, at value*	$	115,900,952
	Cash		93,163
	Cash collateral due from brokers		13,587
	Dividends and interest receivable		357,445
	Receivable for securities sold		99,387
	Receivable for fund shares sold		43,058
	Unrealized appreciation on foreign currency exchange contracts		28,624
	Foreign tax reclaims receivable		21,677
	Total Assets		116,557,893
Liabilities:
	Payable for fund shares redeemed		185,313
	Unrealized depreciation on foreign currency exchange contracts		120,614
	Payable for securities purchased		80,954
	Investment management fees payable to affiliates		59,563
	Other accrued expenses		27,584
	Dividend disbursing and transfer agent fees and expenses payable to
	non-affiliates		23,711
	Reports and statements to shareholders expenses payable to non-affiliates		21,371
	Accounting and administration fees payable to non-affiliates		18,349
	Audit and tax fees payable		18,190
	Distribution fees payable to affiliates		12,208
	Dividend disbursing and transfer agent fees and expenses payable to affiliates		789
	Accounting and administration expenses payable to affiliates		645
	Trustees’ fees and expenses payable to affiliates		314
	Variation margin due to broker on future contracts		273
	Legal fees payable to affiliates		180
	Reports and statements to shareholders expenses payable to affiliates		121
	Total Liabilities		570,179
Total Net Assets		$	115,987,714

Net Assets Consist of:
	Paid-in capital	$	103,444,418
	Total distributable earnings (loss)		12,543,296
Total Net Assets		$	115,987,714

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Net Asset Value

Class A:
Net assets	$	44,035,763
Shares of beneficial interest outstanding, unlimited authorization, no par		3,171,409
Net asset value per share	$	13.89
Sales charge		5.75	%
Offering price per share, equal to net asset value per share / (1 - sales charge)	$	14.74

Class C:
Net assets	$	1,691,152
Shares of beneficial interest outstanding, unlimited authorization, no par		122,183
Net asset value per share	$	13.84

Class R:
Net assets	$	4,384,332
Shares of beneficial interest outstanding, unlimited authorization, no par		316,219
Net asset value per share	$	13.86

Institutional Class:
Net assets	$	58,080,495
Shares of beneficial interest outstanding, unlimited authorization, no par		4,161,777
Net asset value per share	$	13.96

Class R6:
Net assets	$	7,795,972
Shares of beneficial interest outstanding, unlimited authorization, no par		559,640
Net asset value per share	$	13.93
____________________
*Investments, at cost	$	101,480,625

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

Table of Contents

Statement of operations
Delaware Global Listed Real Assets Fund	Six months ended April 30, 2021 (Unaudited)

Investment Income:
	Dividends	$	1,125,139
	Interest		492,056
	Foreign tax withheld		(65,084	)
			1,552,111

Expenses:
	Management fees		400,709
	Distribution expenses – Class A		52,719
	Distribution expenses – Class C		10,476
	Distribution expenses – Class R		10,908
	Dividend disbursing and transfer agent fees and expenses		65,465
	Registration fees		47,519
	Accounting and administration expenses		27,648
	Reports and statements to shareholders expenses		26,795
	Audit and tax fees		19,106
	Custodian fees		11,401
	Legal fees		10,408
	Trustees’ fees and expenses		2,760
	Other		20,235
			706,149
	Less expenses waived		(53,291	)
	Less expenses paid indirectly		(78	)
	Total operating expenses		652,780
Net Investment Income			899,331

Table of Contents

Net Realized and Unrealized Gain (Loss):
	Net realized gain (loss) on:
		Investments	$	5,717,164
		Foreign currencies		187,637
		Foreign currency exchange contracts		(352,480	)
		Futures contracts		(51,000	)
		Options written		742
		Options purchased		(1,083	)
	Net realized gain			5,500,980

	Net change in unrealized appreciation (depreciation) of:
		Investments		15,012,211
		Foreign currencies		(343	)
		Foreign currency exchange contracts		(118,041	)
		Futures contracts		(689	)
	Net change in unrealized appreciation (depreciation)			14,893,138
Net Realized and Unrealized Gain				20,394,118
Net Increase in Net Assets Resulting from Operations			$	21,293,449

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

Table of Contents

Statements of changes in net assets
Delaware Global Listed Real Assets Fund

			Six months
			ended
			4/30/21			Year ended
			(Unaudited)			10/31/20
Increase (Decrease) in Net Assets from Operations:
	Net investment income		$	899,331		$	1,769,540
	Net realized gain (loss)			5,500,980			(7,440,479	)
	Net change in unrealized appreciation (depreciation)			14,893,138			(3,246,471	)
	Net increase (decrease) in net assets resulting from
		operations		21,293,449			(8,917,410	)

Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A		(244,345	)		(1,745,688	)
		Class C		(3,647	)		(118,337	)
		Class R		(20,312	)		(166,430	)
		Institutional Class		(346,736	)		(1,899,985	)
		Class R6		(54,862	)		(199,625	)
				(669,902	)		(4,130,065	)

Capital Share Transactions:
	Proceeds from shares sold:
		Class A		1,664,803			2,295,906
		Class C		87,764			148,905
		Class R		209,563			680,867
		Institutional Class		9,926,076			57,798,443
		Class R6		76,135			2,483,801

	Net asset value of shares issued upon reinvestment of
		dividends and distributions:
		Class A		235,264			1,721,119
		Class C		3,632			114,957
		Class R		20,311			166,429
		Institutional Class		346,115			1,894,914
		Class R6		35,673			190,525
				12,605,336			67,495,866

Table of Contents

		Six months ended 4/30/21 (Unaudited)			Year ended 10/31/20
Capital Share Transactions (continued):
	Cost of shares redeemed:
	Class A	$	(4,873,941	)	$	(10,576,342	)
	Class C		(1,129,413	)		(1,605,277	)
	Class R		(839,226	)		(1,100,917	)
	Institutional Class		(8,781,590	)		(19,767,429	)
	Class R6		(314,979	)		(898,258	)
			(15,939,149	)		(33,948,223	)
	Increase (decrease) in net assets derived from capital share
	transactions		(3,333,813	)		33,547,643
Net Increase in Net Assets			17,289,734			20,500,168
Net Assets:
	Beginning of period		98,697,980			78,197,812
	End of period	$	115,987,714		$	98,697,980

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

Table of Contents

Financial highlights
Delaware Global Listed Real Assets 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 income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Return of capital

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁶

Ratio of expenses to average net assets prior to fees waived⁶

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	Prior to the close of business on August 19, 2019, the Fund invested primarily in securities of companies principally engaged in the real estate industry. Since the close of business on August 19, 2019, the Fund has been repositioned to invest primarily in listed real assets securities (Repositioning). The historical returns prior to that time do not reflect the Repositioning.
³	The average shares outstanding have been applied for per share information.
⁴	Total 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.
⁵	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
⁶	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

Table of Contents

Six months ended 4/30/21¹ (Unaudited)				Year ended
Six months ended 4/30/21¹ (Unaudited)				10/31/20			10/31/19²			10/31/18			10/31/17			10/31/16
	$	11.43		$	12.88		$	10.87		$	11.36		$	14.28		$	15.54


		0.10			0.19			0.14			0.19			0.08			0.18
		2.44			(1.18	)		2.07			(0.21	)		0.03			0.41
		2.54			(0.99	)		2.21			(0.02	)		0.11			0.59

		(0.08	)		(0.14	)		(0.20	)		(0.16	)		(0.21	)		(0.24	)
		—			(0.32	)		—			(0.26	)		(2.82	)		(1.61	)
		—			—			—			(0.05	)		—			—
		(0.08	)		(0.46	)		(0.20	)		(0.47	)		(3.03	)		(1.85	)
	$	13.89		$	11.43		$	12.88		$	10.87		$	11.36		$	14.28
		22.22%	⁵		(7.86%	)⁵		20.55%	⁵		(0.26%	)⁵		0.90%			4.24%

	$	44,036		$	38,879		$	51,133		$	50,627		$	65,824		$	86,129
		1.34%			1.37%			1.42%			1.39%			1.44%			1.33%
		1.44%			1.57%			1.58%			1.41%			1.44%			1.33%
		1.57%			1.62%			1.21%			1.76%			0.71%			1.24%
		1.47%			1.42%			1.05%			1.74%			0.71%			1.24%
		32%			84%			125%			120%			145%			111%

Table of Contents

Financial highlights
Delaware Global Listed Real Assets 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 income (loss)³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Return of capital

Total dividends and distributions

Net asset value, end of period

Total return⁵

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁷

Ratio of expenses to average net assets prior to fees waived⁷

Ratio of net investment income (loss) 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	Prior to the close of business on August 19, 2019, the Fund invested primarily in securities of companies principally engaged in the real estate industry. Since the close of business on August 19, 2019, the Fund has been repositioned to invest primarily in listed real assets securities (Repositioning). The historical returns prior to that time do not reflect the Repositioning.
³	The average shares outstanding have been applied for per share information.
⁴	Amount is less than $(0.005) per share.
⁵	Total 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.
⁶	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
⁷	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

Table of Contents

Six months ended 4/30/21¹ (Unaudited)				Year ended
Six months ended 4/30/21¹ (Unaudited)				10/31/20			10/31/19²			10/31/18			10/31/17			10/31/16
	$	11.39		$	12.85		$	10.85		$	11.31		$	14.24		$	15.50


		0.05			0.10			0.05			0.11			—	⁴		0.07
		2.42			(1.17	)		2.07			(0.21	)		0.02			0.42
		2.47			(1.07	)		2.12			(0.10	)		0.02			0.49

		(0.02	)		(0.07	)		(0.12	)		(0.05	)		(0.13	)		(0.14	)
		—			(0.32	)		—			(0.26	)		(2.82	)		(1.61	)
		—			—			—			(0.05	)		—			—
		(0.02	)		(0.39	)		(0.12	)		(0.36	)		(2.95	)		(1.75	)
	$	13.84		$	11.39		$	12.85		$	10.85		$	11.31		$	14.24
		21.70%	⁶		(8.55%	)⁶		19.64%	⁶		(0.99%	)⁶		0.13%			3.53%

	$	1,691		$	2,302		$	4,082		$	4,810		$	13,331		$	20,598
		2.09%			2.12%			2.17%			2.14%			2.19%			2.08%
		2.19%			2.32%			2.33%			2.16%			2.19%			2.08%
		0.82%			0.87%			0.46%			1.01%			(0.04%	)		0.49%

		0.72%			0.67%			0.30%			0.99%			(0.04%	)		0.49%
		32%			84%			125%			120%			145%			111%

Table of Contents

Financial highlights
Delaware Global Listed Real Assets 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 income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Return of capital

Total dividends and distributions

Net asset value, end of period

Total return⁴

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁶

Ratio of expenses to average net assets prior to fees waived⁶

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	Prior to the close of business on August 19, 2019, the Fund invested primarily in securities of companies principally engaged in the real estate industry. Since the close of business on August 19, 2019, the Fund has been repositioned to invest primarily in listed real assets securities (Repositioning). The historical returns prior to that time do not reflect the Repositioning.
³	The average shares outstanding have been applied for per share information.
⁴	Total 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.
⁵	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
⁶	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

Table of Contents

Six months ended
4/30/21¹				Year ended
(Unaudited)				10/31/20			10/31/19²			10/31/18			10/31/17			10/31/16
	$	11.41		$	12.87		$	10.86		$	11.35		$	14.27		$	15.53


		0.08			0.16			0.11			0.17			0.05			0.15
		2.43			(1.18	)		2.07			(0.22	)		0.04			0.41
		2.51			(1.02	)		2.18			(0.05	)		0.09			0.56

		(0.06	)		(0.12	)		(0.17	)		(0.13	)		(0.19	)		(0.21	)
		—			(0.32	)		—			(0.26	)		(2.82	)		(1.61	)
		—			—			—			(0.05	)		—			—
		(0.06	)		(0.44	)		(0.17	)		(0.44	)		(3.01	)		(1.82	)
	$	13.86		$	11.41		$	12.87		$	10.86		$	11.35		$	14.27
		22.03%	⁵		(8.14%	)⁵		20.30%	⁵		(0.54%	)⁵		0.66%			4.00%

	$	4,384		$	4,149		$	4,966		$	4,934		$	7,885		$	12,573
		1.59%			1.62%			1.67%			1.64%			1.69%			1.58%
		1.69%			1.82%			1.83%			1.66%			1.69%			1.58%
		1.32%			1.37%			0.96%			1.51%			0.46%			0.99%

		1.22%			1.17%			0.80%			1.49%			0.46%			0.99%
		32%			84%			125%			120%			145%			111%

Table of Contents

Financial highlights
Delaware Global Listed Real Assets 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 income³

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Return of capital

Total dividends and distributions

Net asset value, end of period

Total return⁵

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁷

Ratio of expenses to average net assets prior to fees waived⁷

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	Prior to the close of business on August 19, 2019, the Fund invested primarily in securities of companies principally engaged in the real estate industry. Since the close of business on August 19, 2019, the Fund has been repositioned to invest primarily in listed real assets securities (Repositioning). The historical returns prior to that time do not reflect the Repositioning.
³	The average shares outstanding have been applied for per share information.
⁴	Amount is less than $0.005 per share.
⁵	Total 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.
⁶	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
⁷	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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

Table of Contents

Six months ended
4/30/21¹				Year ended
(Unaudited)				10/31/20			10/31/19²			10/31/18			10/31/17			10/31/16
	$	11.49		$	12.94		$	10.91		$	11.41		$	14.33		$	15.57

		0.12			0.22			0.17			0.22			0.12			0.21
		2.44			(1.19	)		2.09			(0.22	)		0.02			0.44
		2.56			(0.97	)		2.26			—	⁴		0.14			0.65

		(0.09	)		(0.16	)		(0.23	)		(0.19	)		(0.24	)		(0.28	)
		—			(0.32	)		—			(0.26	)		(2.82	)		(1.61	)
		—			—			—			(0.05	)		—			—
		(0.09	)		(0.48	)		(0.23	)		(0.50	)		(3.06	)		(1.89	)
	$	13.96		$	11.49		$	12.94		$	10.91		$	11.41		$	14.33
		22.34%	⁶		(7.63%	)⁶		20.94%	⁶		(0.08%	)⁶		1.14%			4.60%

	$	58,081		$	46,769		$	12,621		$	13,741		$	16,988		$	38,720
		1.09%			1.12%			1.17%			1.14%			1.19%			1.08%
		1.19%			1.32%			1.33%			1.16%			1.19%			1.08%
		1.82%			1.87%			1.46%			2.01%			0.96%			1.49%
		1.72%			1.67%			1.30%			1.99%			0.96%			1.49%
		32%			84%			125%			120%			145%			111%

Table of Contents

Financial highlights
Delaware Global Listed Real Assets Fund Class R6

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 income⁴

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Net realized gain

Return of capital

Total dividends and distributions

Net asset value, end of period

Total return⁵

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁷

Ratio of expenses to average net assets prior to fees waived⁷

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	Date of commencement of operations; ratios have been annualized and total return has not been annualized.
²	Ratios have been annualized and total return and portfolio turnover have not been annualized.
³	Prior to the close of business on August 19, 2019, the Fund invested primarily in securities of companies principally engaged in the real estate industry. Since the close of business on August 19, 2019, the Fund has been repositioned to invest primarily in listed real assets securities (Repositioning). The historical returns prior to that time do not reflect the Repositioning.
⁴	The average shares outstanding have been applied for per share information.
⁵	Total 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.
⁶	Total return during the period reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
⁷	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
⁸	Portfolio turnover is representative of the Fund for the entire year.

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

Table of Contents

Six months ended																				8/31/16¹
4/30/21²				Year ended																to
(Unaudited)				10/31/20				10/31/19³				10/31/18				10/31/17				10/31/16
	$	11.47			$	12.91			$	10.89			$	11.41			$	14.33			$	15.43


		0.12				0.23				0.18				0.24				0.13				0.29
		2.44				(1.18	)			2.08				(0.23	)			0.03				(1.33	)
		2.56				(0.95	)			2.26				0.01				0.16				(1.04	)


		(0.10	)			(0.17	)			(0.24	)			(0.22	)			(0.26	)			(0.06	)
		—				(0.32	)			—				(0.26	)			(2.82	)			—
		—				—				—				(0.05	)			—				—
		(0.10	)			(0.49	)			(0.24	)			(0.53	)			(3.08	)			(0.06	)
	$	13.93			$	11.47			$	12.91			$	10.89			$	11.41			$	14.33
		22.35%	⁶			(7.51%	)⁶			21.00%	⁶			0.09%	⁶			1.28%				(6.79%	)

	$	7,796			$	6,599			$	5,396			$	4,876			$	21,155			$	2
		1.00%				1.02%				1.07%				1.01%				1.04%				0.93%
		1.09%				1.22%				1.23%				1.03%				1.04%				0.93%
		1.91%				1.97%				1.56%				2.14%				1.11%				1.97%
		1.82%				1.77%				1.40%				2.12%				1.11%				1.97%
		32%				84%				125%				120%				145%				111%	⁸

Table of Contents

Notes to financial statements
Delaware Global Listed Real Assets Fund	April 30, 2021 (Unaudited)

Delaware Global Listed Real Assets Fund (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 diversified under the Investment Company Act of 1940, as amended, and offers Class A, Class C, Class R, Institutional Class, and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.75%. There is no front-end sales charge when you purchase $1,000,000 or more of Class A shares. However, if Delaware Distributors, L.P. (DDLP) paid your financial intermediary a commission on your purchase of $1,000,000 or more of Class A shares, for shares purchased prior to July 1, 2020, you will have to pay a limited contingent deferred sales charge (“Limited CDSC”) of 1.00% if you redeem these shares within the first year after your purchase and 0.50% if you redeem these shares within the second year; and for shares purchased on or after July 1, 2020, you will have to pay a Limited CDSC of 1.00% if you redeem these shares within the first 18 months after your purchase, unless a specific waiver of the Limited CDSC applies. Class C shares are sold with a CDSC of 1.00%, which will be incurred if redeemed during the first 12 months. Class R, Institutional Class, and Class R6 shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries. This report contains information relating only to Delaware Global Listed Real Assets Fund. All other series of Delaware Pooled Trust, the Macquarie Institutional Portfolios, are included in a separate report.

1. Significant Accounting Policies

The Fund follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Fund.

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value (NAV). 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 Fund may use fair value pricing more frequently for securities traded primarily in non-US markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00pm 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. Whenever such a significant event occurs, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing). Restricted securities are valued at fair value using methods approved by the Board.

Federal and Foreign 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 or expected to be taken on the Fund’s federal income tax returns through the six months ended April 30, 2021 and for all open tax years (years ended October 31, 2017–October 31, 2020), and has concluded that no provision for federal income tax is required in the Fund’s financial statements. In regard to foreign taxes only, the Fund has open tax years in certain foreign countries in which it invests in that may date back to the inception of the Fund. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statement of operations.” During the six months ended April 30, 2021, the Fund did not incur any interest or tax penalties.

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. Class R6 shares will not be allocated any expenses related to service fees, sub-accounting fees, and/or sub-transfer agency fees paid to brokers, dealers, or other financial intermediaries.

Foreign Currency Transactions — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date in accordance with the Fund’s prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into US dollars at the exchange rate of such currencies against the US dollar. Transaction gains or losses resulting from

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Notes to financial statements
Delaware Global Listed Real Assets Fund

1. Significant Accounting Policies (continued)

changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund 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), attributable to changes in foreign exchange rates, is included on the “Statement of operations” under “Net realized gain (loss) on foreign currencies.” The Fund 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.

Other — Expenses directly attributable to the Fund are charged directly to the Fund. Other expenses common to various funds within the Delaware Funds^®by Macquarie (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain 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. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. 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, which are estimated. Distributions received from investments in limited partnerships are recorded as return of capital on investments on the ex-dividend date. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends have been recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. The Fund declares and pays dividends from net investment income and distributions from 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.

The Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. There were no such earnings credits for the six months ended April 30, 2021.

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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 $1, the expenses paid under this arrangement are included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended April 30, 2021, the Fund earned $78 under this arrangement.

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 Macquarie Investment Management Business Trust and the investment manager, an annual fee which is calculated daily and paid monthly at the rates 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.

DMC has contractually agreed to waive all or a portion, if any, of its management fee and/or pay/reimburse the Fund to the extent necessary to ensure total annual operating expenses (excluding any distribution and service (12b-1) fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest 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 1.08% of the Fund’s average daily net assets for all share classes other than Class R6 from February 26, 2021 through April 30, 2021 and 1.00% of the Fund’s average daily net assets of the Class R6 shares from November 1, 2020 through April 30, 2021.* From November 1, 2020 through February 25, 2021 the waiver was 1.15% for all share classes other than Class R6. 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 Board and DMC. These waivers and reimbursements may be terminated only by agreement of DMC and the Fund. The waivers and reimbursements are accrued daily and received monthly.

Macquarie Investment Management Austria Kapitalanlage AG (MIMAK) is primarily responsible for the day-to-day management of the Fund’s portfolio and determines its asset allocation. For these services, DMC, not the Fund, pays MIMAK a fee, which is 0.18% of the average daily net assets of the Fund.

DMC may permit its affiliates, Macquarie Investment Management Global Limited (MIMGL) and Macquarie Funds Management Hong Kong Limited (together, the “Affiliated Sub-Advisors”), to execute Fund equity security trades on its behalf. DMC may also seek quantitative support from MIMGL. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Fund, may pay each Affiliated Sub-Advisor a portion of its investment management fee.

DMC may seek investment advice and recommendations from its affiliates Macquarie Investment Management Europe Limited, Macquarie Investment Management Austria Kapitalanlage AG, and Macquarie Investment Management Global Limited (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute security trades for the Fund on behalf of DMC and exercise investment discretion for securities in certain markets where DMC believes it will be

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Notes to financial statements
Delaware Global Listed Real Assets Fund

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

beneficial to utilize an Affiliated Sub-Advisor’s specialized market knowledge. Although the Affiliated Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Fund, pays each Affiliated Sub-Advisor a portion of its investment management fee.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative oversight services to the Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the six months ended April 30, 2021, the Fund was charged $3,769 for these services.

DIFSC is also the transfer agent and dividend disbursing agent of the Fund. For these services, DIFSC’s fees are calculated daily and paid monthly, based on the aggregate daily net assets of the retail funds within the Delaware Funds at the following annual rates: 0.014% of the first $20 billion; 0.011% of the next $5 billion; 0.007% of the next $5 billion; 0.005% of the next $20 billion; and 0.0025% of average daily net assets in excess of $50 billion. The fees payable to DIFSC under the shareholder services agreement described above are allocated among all retail funds in the Delaware Funds on a relative NAV basis. This amount is included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended April 30, 2021, the Fund was charged $4,536 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Fund. Sub-transfer agency fees are paid by the Fund and are also included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees are calculated daily and paid as invoices are received on a monthly or quarterly basis.

Pursuant to a distribution agreement and distribution plan, the Fund pays DDLP, the distributor and an affiliate of DMC, an annual 12b-1 fee of 0.25%, 1.00%, and 0.50% of the average daily net assets of the Class A, Class C, and Class R shares, respectively. The fees are calculated daily and paid monthly. Institutional Class and Class R6 shares do not pay 12b-1 fees.

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, 2021, the Fund was charged $5,107 for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

For the six months ended April 30, 2021, DDLP earned $823 for commissions on sales of the Fund’s Class A shares. For the six months ended April 30, 2021, DDLP received gross CDSC commissions of

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$6 on redemptions of the Fund’s Class A shares, 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, DIFSC, and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Fund.

In addition to the management fees and other expenses of the Fund, the Fund indirectly bears the investment management fees and other expenses of the investment companies (Underlying Funds) in which it invests. The amount of these fees and expenses incurred indirectly by the Fund will vary based upon the expense and fee levels of the Underlying Funds and the number of shares that are owned of the Underlying Funds at different times.

____________________

*	The aggregate contractual waiver period covering this report is from February 28, 2020 through March 1, 2022.

3. Investments

For the six months ended April 30, 2021, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than US government securities	$	26,741,653
Purchases of US government securities		6,883,214
Sales other than US government securities		33,653,661
Sales of US government securities		5,389,601

Cost of investments and derivatives	$	101,491,447
Aggregate unrealized appreciation of investments and derivatives	$	15,352,425
Aggregate unrealized depreciation of investments and derivatives		(1,035,599	)
Net unrealized appreciation of investments and derivatives	$	14,316,826

At October 31, 2020, capital loss carryforwards available to offset future realized capital gains were as follows:

Loss carryforward character
Short-term	Long-term	Total
$5,537,818	$1,049,870	$6,587,688

US 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

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Notes to financial statements
Delaware Global Listed Real Assets Fund

3. Investments (continued)

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 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 as follows:

Level 1 -	Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and 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. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)

Level 3 -	Significant unobservable inputs, including the Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and 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, 2021:

		Level 1		Level 2		Total
Securities
Assets:
Common Stock
	Communication Services	$	1,235,299	$	—	$	1,235,299
	Consumer Staples		2,115,714		—		2,115,714
	Energy		10,739,667		—		10,739,667

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		Level 1			Level 2			Total
	Financials	$	1,510,581		$	—		$	1,510,581
	Industrials		2,425,236			8,968,508			11,393,744
	Materials		7,992,681			—			7,992,681
	Real Estate Operating Companies/Developer		—			3,147,839			3,147,839
	REIT Diversified		1,089,204			1,366,083			2,455,287
	REIT Healthcare		1,906,100			159,326			2,065,426
	REIT Hotel		540,175			—			540,175
	REIT Industrial		2,268,742			1,016,723			3,285,465
	REIT Information Technology		1,057,801			—			1,057,801
	REIT Mall		865,450			—			865,450
	REIT Manufactured Housing		946,804			—			946,804
	REIT Multifamily		2,181,579			1,243,334			3,424,913
	REIT Office		2,108,505			180,655			2,289,160
	REIT Retail		—			538,422			538,422
	REIT Self-Storage		759,531			—			759,531
	REIT Shopping Center		348,854			—			348,854
	REIT Single Tenant		504,703			—			504,703
	REIT Specialty		855,620			334,121			1,189,741
	Utilities		5,712,409			7,567,885			13,280,294
Convertible Bond			—			59,241			59,241
Corporate Bonds			—			16,550,718			16,550,718
Loan Agreements			—			3,447,727			3,447,727
Master Limited Partnerships			1,261,900			—			1,261,900
Non-Agency Commercial Mortgage-Backed Securities			—			2,428,275			2,428,275
Sovereign Bonds			—			12,050,025			12,050,025
US Treasury Obligations			—			5,602,783			5,602,783
Short-Term Investments			2,812,732			—			2,812,732
Total Value of Securities		$	51,239,287		$	64,661,665		$	115,900,952

Derivatives¹
Assets:
Futures Contracts		$	1,288		$	—		$	1,288
Foreign Currency Exchange Contracts			—			28,624			28,624
Liabilities:
Foreign Currency Exchange Contracts		$	—		$	(120,614	)	$	(120,614	)
Futures Contracts			(1,977	)		—			(1,977	)

¹	Foreign currency exchange contracts and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

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Notes to financial statements
Delaware Global Listed Real Assets Fund

3. Investments (continued)

During the six months ended April 30, 2021, there were no transfers into or out of Level 3 investments. The Fund’s policy is to recognize transfers into or out of Level 3 investments based on fair value 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 the Fund’s net assets. During the six months ended April 30, 2021, there were no Level 3 investments.

4. Capital Shares

Transactions in capital shares were as follows:

		Six months
		ended		Year ended
		4/30/21		10/31/20
Shares sold:
	Class A	127,288		194,483
	Class C	6,690		12,696
	Class R	16,170		56,811
	Institutional Class	742,278		4,639,833
	Class R6	5,812		215,919

Shares issued upon reinvestment of dividends and distributions:
	Class A	18,086		142,428
	Class C	285		9,310
	Class R	1,565		13,696
	Institutional Class	26,478		156,940
	Class R6	2,734		15,880
		947,386		5,457,996

Shares redeemed:
	Class A	(375,400	)	(905,111	)
	Class C	(86,952	)	(137,516	)
	Class R	(64,991	)	(92,886	)
	Institutional Class	(678,284	)	(1,700,957	)
	Class R6	(24,384	)	(74,264	)
		(1,230,011	)	(2,910,734	)
Net increase (decrease)		(282,625	)	2,547,262

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Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included as subscriptions and redemptions in the table above and on the “Statements of changes in net assets.” For the six months ended April 30, 2021 and the year ended October 31, 2020, the Fund had the following exchange transactions.

	Exchange Redemptions				Exchange Subscriptions
						Institutional
	Class A		Class C		Class A	Class		Class R6
	Shares		Shares		Shares	Shares		Shares		Value
Six months ended
4/30/21		11,701		8,264	8,239		11,519		120	$	256,645
Year ended
10/31/20		7,530		5,831	5,109		8,190		—		155,178

5. Line of Credit

The Fund, along with certain other funds in the Delaware Funds (Participants), was a participant in a $275,000,000 revolving line of credit (Agreement) intended 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 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of 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 available under the Agreement expired on November 2, 2020.

On November 2, 2020, the Fund, along with the other Participants entered into an amendment to the Agreement for an amount of $225,000,000 to be used as described above. It operates in substantially the same manner as the original Agreement with the addition of an upfront fee of 0.05%, which was allocated across the Participants. The line of credit available under the Agreement expires on November 1, 2021.

The Fund had no amounts outstanding as of April 30, 2021, or at any time during the period then ended.

6. Derivatives

Foreign Currency Exchange Contracts — The Fund may enter into foreign currency exchange contracts and foreign cross currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the US 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. The Fund may also enter into these contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies. In addition, the Fund may enter into these contracts to facilitate or expedite the settlement of portfolio transactions. The change in value is

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Notes to financial statements
Delaware Global Listed Real Assets Fund

6. Derivatives (continued)

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, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. The Fund’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 the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty.

During the six months ended April 30, 2021, the Fund entered into foreign currency exchange contracts to fix the US dollar value of a security between trade date and settlement date and to hedge the US dollar value of securities it already owns that are denominated in foreign currencies to increase/decrease exposure to foreign currencies.

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 Fund may use futures contracts in the normal course of pursuing its investment objective. The Fund may invest in futures contracts to hedge its existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions. Upon entering into a futures contract, the Fund deposits cash or pledges US 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 the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund 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 the Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. At April 30, 2020, the Fund posted $13,587 in cash as collateral for open futures contracts, which is presented as “Cash collateral due from broker” on the “Statement of assets and liabilities.”

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During the six months ended April 30, 2021, the Fund used futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions.

Options Contracts — The Fund may enter into options contracts in the normal course of pursuing its investment objective. The Fund may buy or write options contracts for any number of reasons, including without limitation: to manage the Fund’s exposure to changes in securities prices caused by interest rates or market conditions and foreign currencies; as an efficient means of adjusting the Fund’s overall exposure to certain markets; to protect the value of portfolio securities; and as a cash management tool. The Fund may buy or write call or put options on securities, futures, swaps, swaptions, financial indices, and foreign currencies. When the Fund 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 the Fund 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 the Fund on the expiration date as realized gains. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is treated as realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, 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, the Fund 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. No options contracts were outstanding at April 30, 2021.

During the six months ended April 30, 2021, the Fund used options contracts to manage the Fund’s exposure to changes in securities prices caused by interest rates or market conditions.

Fair values of derivative instruments as of April 30, 2021 were as follows:

	Asset Derivatives Fair Value
			Interest
Statement of Assets and	Currency		Rate
Liabilities Location	Contracts		Contracts			Total
Unrealized appreciation of
foreign currency
exchange contracts	$	28,624		$	—	$	28,624
Variation margin due from
broker on futures
contracts*		—			1,288		1,288
Total	$	28,624		$	1,288	$	29,912

*	Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through April 30, 2021. Only current day variation margin is reported on Delaware Global Listed Real Assets Fund’s “Statements of assets and liabilities.”

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Notes to financial statements
Delaware Global Listed Real Assets Fund

6. Derivatives (continued)

	Liability Derivatives Fair
	Value
					Interest
Statement of Assets and	Currency				Rate
Liabilities Location	Contracts				Contracts			Total
Unrealized depreciation on
foreign currency
exchange contracts		$	(120,614	)	$	—		$	(120,614	)
Variation margin due from
broker on futures
contracts*			—			(1,977	)		(1,977	)
Total		$	(120,614	)	$	(1,977	)	$	(122,591	)

*	Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through April 30, 2021. Only current day variation margin is reported on Delaware Global Listed Real Assets Fund’s “Statements of assets and liabilities.”

The effect of derivative instruments on the “Statement of operations” for the six months ended April 30, 2021 was as follows:

	Net Realized Gain (Loss) on:
	Foreign
	Currency
	Exchange			Futures			Options				Options
	Contracts			Contracts			Purchased				Written			Total
Currency
contracts	$	(352,480	)	$	—			$	—			$	—	$	(352,480	)
Interest rate
contracts		—			(51,000	)			—				—		(51,000	)
Equity
contracts		—			—				(1,083	)			742		(341	)
Total	$	(352,480	)	$	(51,000	)		$	(1,083	)		$	742	$	(403,821	)

	Net Change in Unrealized Appreciation (Depreciation) of:
	Foreign
	Currency
	Exchange				Futures
	Contracts				Contracts				Total
Currency
contracts		$	(118,041	)		$	—		$	(118,041	)
Interest rate
contracts			—				(689	)		(689	)
Total		$	(118,041	)		$	(689	)	$	(118,730	)

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The table below summarizes the average balance of derivative holdings by the Fund during the six months ended April 30, 2021:

	Long Derivative		Short Derivative
	Volume		Volume
Foreign currency exchange contracts (average notional value)	$	94,338	$	9,754,506
Futures contracts (average notional value)		604,280		81,230
Options contracts (average notional value)		34		36

7. Offsetting

The Fund entered into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or a similar agreement with certain of its derivative contract counterparties in order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk. 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), 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 on the “Statement of assets and liabilities.”

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Notes to financial statements
Delaware Global Listed Real Assets Fund

7. Offsetting (continued)

At April 30, 2021, the Fund had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

	Gross Value of			Gross Value of
Counterparty	Derivative Asset			Derivative Liability				Net Position
Bank of New York Mellon		$	5		$	(4	)	$	1
Citigroup			—			(734	)		(734	)
JPMorgan Chase Bank			28,619			(119,876	)		(91,257	)
Total		$	28,624		$	(120,614	)	$	(91,990	)

				Fair Value of						Fair Value of
				Non-Cash			Cash Collateral			Non-Cash			Cash Collateral
Counterparty	Net Position			Collateral Received			Received^(a)			Collateral Pledged			Pledged			Net Exposure^(b)
Bank of New
York Mellon	$	1			$	—		$	—		$	—		$	—		$	1
Citigroup		(734	)			—			—			—			—			(734	)
JPMorgan Chase
Bank		(91,257	)			—			—			—			—			(91,257	)
Total	$	(91,990	)		$	—		$	—		$	—		$	—		$	(91,990	)

^(a)	The value of the related collateral exceeded the value of the derivatives as of April 30, 2021 as applicable.
^(b)	Net exposure represents the receivable (payable) that would be due from (to) the counterparty in the event of default.

8. Securities Lending

The Fund, along with other funds in the Delaware 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 US securities and foreign securities that are denominated and payable in US 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. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

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Cash collateral received by each fund of the Trust is generally invested in a series of individual separate accounts, each corresponding to a fund. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; and asset-backed securities. A fund can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Fund or, at the discretion of the lending agent, replace the loaned securities. The Fund continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. The Fund has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Fund receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Fund, the security lending agent, and the borrower. The Fund records security lending income net of allocations to the security lending agent and the borrower.

The Fund may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of the Fund’s cash collateral account may be less than the amount the Fund would be required to return to the borrowers of the securities and the Fund would be required to make up for this shortfall.

During the six months ended April 30, 2021, the Fund had no securities out on loan.

9. Credit and Market Risk

Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests will cause the NAV of the Fund to fluctuate.

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Notes to financial statements
Delaware Global Listed Real Assets Fund

9. Credit and Market Risk (continued)

The value of the Fund’s shares will be affected by factors particular to real estate, infrastructure, natural resources, and inflation-linked securities and related industries or sectors (such as government regulation) and may fluctuate more widely than that of a fund that invests in a broad range of industries.

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund holds real estate directly 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. The Fund also invests in real estate acquired as a result of ownership of securities or other instruments, including issuers that invest, deal, or otherwise engage in transactions in real estate or interests therein. These instruments may include interests in private equity limited partnerships or limited liability companies that hold real estate investments (Real Estate Limited Partnerships).

The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, which may include weather, embargoes, tariffs, and economic health, political, international regulatory, and other developments. Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. The investment team does not plan to always implement exposure to commodities in the Fund, however, they will consider holding commodity ETFs in market scenarios where inflation is running higher than normal and their asset allocation model signals for additional commodity exposure. In addition, the Fund may use futures and options on commodities for a variety of purposes such as hedging against adverse changes in the market prices of securities, as a substitute for purchasing or selling securities, to increase the Fund’s return as a non-hedging strategy that may be considered speculative and to manage the Fund’s portfolio characteristics.

The use of forward foreign currency contracts may substantially change a fund’s exposure to currency exchange rates and could result in losses to a fund if currencies do not perform as the portfolio manager expects. The use of these investments as a hedging technique to reduce a fund’s exposure to currency risks may also reduce its ability to benefit from favorable changes in currency exchange rates.

Investments related to gold and other precious metals are considered speculative and are affected by a variety of worldwide economic, financial, and political factors. The price of gold and other precious metals may fluctuate sharply over short periods of time due to changes in inflation or expectations regarding inflation in various countries, the availability of supplies of gold and other precious metals, changes in industrial and commercial demand, gold and other precious metals sales by governments, central banks, or international agencies, investment speculation, monetary and other economic policies of various governments, and government restrictions on private ownership of gold and other precious metals.

Infrastructure companies may be subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, high leverage, costs associated with environmental and other regulations, the effects of economic slowdown, surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies, and other factors.

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Some of the specific risks that infrastructure companies may be particularly affected by, or subject to, include the following: regulatory risk, technology risk, regional or geographic risk, natural disasters risk, through-put risk, project risk, strategic asset risk, operation risk, customer risk, interest rate risk, inflation risk, and financing risk. Other factors that may affect the operations of infrastructure companies include difficulty in raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets, inexperience with and potential losses resulting from a developing deregulatory environment, increased susceptibility to terrorist acts or political actions, and general changes in market sentiment towards infrastructure assets. In addition, the change in presidential administration could significantly impact the regulation of United States financial markets and dramatically alter existing trade, tax, energy, and infrastructure policies, among others. It is not possible to predict what, if any, changes will be made or their potential effect on the economy, securities markets, or financial stability of the United States, or on the energy, natural resources, infrastructure, and other markets.

High yield securities, commonly known as “junk bonds,” are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than are higher-rated securities. High yield bonds are sometimes issued by municipalities that have less financial strength and therefore have less ability to make projected debt payments on the bonds.

The market value of Natural Resources Securities may be affected by numerous factors, including events occurring in nature, inflationary pressures, and international politics. Because the Fund invests significantly in Natural Resources Securities, there is the risk that the Fund will perform poorly during a downturn in the natural resource sector. For example, events occurring in nature (such as earthquakes or fires in prime natural resource areas) and political events (such as coups, military confrontations, or acts of terrorism) can affect the overall supply of a natural resource and the value of companies involved in such natural resource.

Energy infrastructure MLPs are subject to a variety of industry specific risk factors that may adversely affect their business or operations, including those due to commodity production, volumes, commodity prices, weather conditions, terrorist attacks, etc. They are also subject to significant federal, state, and local government regulation. Investment in MLPs may also have tax consequences for shareholders. If the Fund retains its investment until its basis is reduced to zero, subsequent distributions will be taxable at ordinary income rates and shareholders may receive corrected 1099s.

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Notes to financial statements
Delaware Global Listed Real Assets Fund

9. Credit and Market Risk (continued)

Some countries in which the Fund may 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 US. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Fund.

The Fund invests 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 CMOs. CMOs are debt securities issued by US government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on the Fund’s yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recoup its initial investment in these securities even if the securities are rated in the highest rating categories.

The Fund invests in bank loans and other securities that may subject it to direct indebtedness risk, the risk that the Fund will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower. Loans that are fully secured offer the Fund more protection than unsecured loans in the event of nonpayment of scheduled interest or principal, although there is no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower’s obligation, or that the collateral can be liquidated. Some loans or claims may be in default at the time of purchase. Certain of the loans and the other direct indebtedness acquired by the Fund may involve revolving credit facilities or other standby financing commitments that obligate the Fund to pay additional cash on a certain date or on demand. These commitments may require the Fund to increase its investment in a company at a time when the Fund might not otherwise decide to do so (including at a time when the company’s financial condition makes it unlikely that such amounts will be repaid). To the extent that the Fund is committed to advance additional funds, it will at all times hold and maintain cash or other high-grade debt obligations in an amount sufficient to meet such commitments. When a loan agreement is purchased, the Fund may pay

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an assignment fee. On an ongoing basis, the Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan agreement. Prepayment penalty fees are received upon the prepayment of a loan agreement by the borrower. Prepayment penalty, facility, commitment, consent and amendment fees are recorded to income as earned or paid.

As the Fund may be required to rely upon another lending institution to collect and pass on to the Fund amounts payable with respect to the loan and to enforce the Fund’s rights under the loan and other direct indebtedness, an insolvency, bankruptcy, or reorganization of the lending institution may delay or prevent the Fund from receiving such amounts. The highly leveraged nature of many loans may make them especially vulnerable to adverse changes in economic or market conditions. Investments in such loans and other direct indebtedness may involve additional risk to the Fund.

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 promulgated under 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 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. Rule 144A securities have been identified on the “Schedule of investments.”

10. Contractual Obligations

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.

11. Recent Accounting Pronouncements

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Notes to financial statements
Delaware Global Listed Real Assets Fund

11. Recent Accounting Pronouncements (continued)

during the period March 12, 2020 through December 31, 2022. As of the financial reporting period, Management is evaluating the impact of applying this ASU.

12. Subsequent Events

On December 2, 2020, Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds Complex (the Ivy Funds), and Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited’s US asset management business (Macquarie), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of Waddell & Reed Financial, Inc. (the “Transaction”). The Transaction closed on April 30, 2021. The Ivy Funds, as part of Delaware Funds^®by Macquarie, are now managed by DMC and distributed by DDLP.

Management has determined that no other material events or transactions occurred subsequent to April 30, 2021, that would require recognition or disclosure in the Fund’s financial statements.

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Other Fund information (Unaudited)
Delaware Global Listed Real Assets Fund

Board consideration of Investment Sub-Advisory Agreement for Delaware Global Listed Real Assets Fund at a meeting held November 17-19, 2020

At a meeting held on November 17-19, 2020 (the “Meeting”), the Board of Trustees (the “Board”) of Delaware Global Listed Real Assets Fund (the “Fund”), including a majority of non-interested or independent Trustees (the “Independent Trustees”), approved a new Sub-Advisory Agreement between Delaware Management Company (“DMC” or “Management”) and Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”).

In reaching the decision to approve the Sub-Advisory Agreement, the Board considered and reviewed information about MIMAK, including its personnel, operations, and financial condition, which had been provided by MIMAK. The Board also reviewed material furnished by DMC in advance of the meeting, including: a memorandum from DMC reviewing the Sub-Advisory Agreement and the various services proposed to be rendered by MIMAK; information concerning MIMAK’s organizational structure and the experience of their key investment management personnel; copies of MIMAK’s Form ADV, financial statements, compliance policies and procedures, and Codes of Ethics; relevant performance information provided with respect to MIMAK; and a copy of the Sub-Advisory Agreement.

In considering such information and materials, the Independent Trustees received assistance and advice from and met separately with their independent counsel. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board’s decision to approve the Sub-Advisory Agreement. This discussion of the information and factors considered by the Board is not intended to be exhaustive, but rather summarizes certain factors considered by the Board. In view of the wide variety of factors considered, the Board did not, unless otherwise noted, find it practicable to quantify or otherwise assign relative weights to the following factors. In addition, individual Trustees may have assigned different weights to various factors.

Nature, extent, and quality of services. In considering the nature, extent, and quality of the services to be provided by MIMAK, the Board reviewed the services to be provided by MIMAK pursuant to the Sub-Advisory Agreement as described at the Meeting. The Board reviewed materials provided by MIMAK regarding the experience and qualifications of the personnel who will be responsible for providing services to the Fund. The Board also considered relevant performance information provided with respect to MIMAK. In discussing the nature of the services proposed to be provided by MIMAK, it was observed that the Sub-Advisory Agreement will expand the sub-advisory services already provided by MIMAK, to include the provision of discretionary investment management services as well as asset allocation services. Based upon these considerations, the Board was satisfied with the nature and quality of the overall services to be provided by MIMAK to the Fund and its shareholders and was confident in the abilities of MIMAK to provide quality services to the Fund and its shareholders.

Investment performance. In regard to the appointment of MIMAK for the Fund, the Board reviewed information on prior performance for MIMAK. In evaluating performance, the Board considered its previous approval of MIMAK to provide fully discretionary services to other Delaware Funds.

Sub-advisory fees. The Board considered that DMC would pay MIMAK a discretionary investment sub-advisory fee based on the extent to which MIMAK provides services to the Fund as described in the Sub-Advisory Agreement, in addition to the asset allocation sub-advisory fee previously approved. In considering the appropriateness of the sub-advisory fees, the Board also reviewed and considered the

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Other Fund information (Unaudited)
Delaware Global Listed Real Assets Fund

Board consideration of Investment Sub-Advisory Agreement for Delaware Global Listed Real Assets Fund at a meeting held November 17-19, 2020 (continued)

fees in light of the nature, extent, and quality of the sub-advisory services to be provided by MIMAK. The Board noted that the sub-advisory fees are paid by DMC to MIMAK and are not additional fees borne by the Fund, and that the management fee paid by the Fund to DMC would stay the same at current asset levels. The Board concluded that, in light of the quality and extent of the services to be provided and the business relationships between DMC and MIMAK, the proposed fee arrangement was understandable and reasonable.

Profitability, economies of scale, and fall-out benefits. Trustees were also given available information on profits being realized by MIMAK in relation to the services being provided to the Fund and in relation to MIMAK’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Fund expenses. The Board was also provided with, and considered, information on potential fall-out benefits derived or to be derived by MIMAK in connection with its relationship to the Fund. The Board considered the potential benefit to DMC and MIMAK of marketing a global approach on the portfolio management of their fixed income investment strategies. The Trustees also noted that economies of scale are shared with the Fund and its shareholders through investment management fee breakpoints in DMC’s fee schedule for the Fund so that as the Fund grows in size, its effective investment management fee rates decline.

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About the organization

Board of trustees

Shawn K. Lytle President and Chief Executive Officer Delaware Funds^® by Macquarie Philadelphia, PA Jerome D. Abernathy Managing Member, Stonebrook Capital Management, LLC Jersey City, NJ Thomas L. Bennett Chairman of the Board Delaware Funds by Macquarie Private Investor Rosemont, PA	Ann D. Borowiec Former Chief Executive Officer Private Wealth Management J.P. Morgan Chase & Co. New York, NY Joseph W. Chow Former Executive Vice President State Street Corporation Boston, MA John A. Fry President Drexel University Philadelphia, PA	Frances A. Sevilla-Sacasa Former Chief Executive Officer Banco Itaú International Miami, FL Thomas K. Whitford Former Vice Chairman PNC Financial Services Group Pittsburgh, PA	Christianna Wood Chief Executive Officer and President Gore Creek Capital, Ltd. Golden, CO Janet L. Yeomans Former Vice President and Treasurer 3M Company St. Paul, MN

Affiliated officers

David F. Connor Senior Vice President, General Counsel, and Secretary Delaware Funds by Macquarie Philadelphia, PA	Daniel V. Geatens Senior Vice President and Treasurer Delaware Funds by Macquarie Philadelphia, PA	Richard Salus Senior Vice President and Chief Financial Officer Delaware Funds by Macquarie Philadelphia, PA

This semiannual report is for the information of Delaware Global Listed Real Assets Fund shareholders, but it may be used with prospective investors when preceded or accompanied by the Delaware Fund fact sheet for the most recently completed calendar quarter. These documents are available at delawarefunds.com/literature.

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-PORT. The Fund’s Forms N-PORT, 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 Schedule of Investments included in the Fund’s most recent Form N-PORT are available without charge on the Fund’s website at delawarefunds.com/literature. The Fund’s Forms N-PORT 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 delawarefunds.com/proxy; 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 period covered by the report to stockholders included herein that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. 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/SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	July 6, 2021

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/SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	July 6, 2021

/s/RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	July 6, 2021

Delaware Pooled Trust N-CSRSCertified semi-annual shareholder report (management investment company)