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, 2022

Table of Contents

Item 1. Reports to Stockholders

Semiannual report

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

Macquarie Emerging Markets Portfolio

Macquarie Emerging Markets Portfolio II

Macquarie Labor Select International Equity Portfolio

April 30, 2022

Table of Contents

Table of contents

Disclosure of Portfolio expenses		1
Security type / country and sector allocations		2
Schedules of investments		5
Statements of assets and liabilities		12
Statements of operations		13
Statements of changes in net assets		14
Financial highlights		15
Notes to financial statements		18

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. 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 ABN 46 008 583 542 ("Macquarie Bank"), any Macquarie Group entity noted in this document is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.

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, 2021 to April 30, 2022 (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, 2021 to April 30, 2022.

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

						Expenses
						Paid
	Beginning		Ending			During
	Account		Account		Annualized	Period
	Value		Value		Expense	11/1/21 to
	11/1/21		4/30/22		Ratio	4/30/22
Actual Portfolio return^†
Portfolio Class	$	1,000.00	$	853.30	1.26%		$	5.79
Hypothetical 5% return (5% return before expenses)
Portfolio Class	$	1,000.00	$	1,018.65	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	11/1/21 to
	11/1/21		4/30/22		Ratio	4/30/22
Actual Portfolio return^†
Portfolio Class	$	1,000.00	$	833.40	1.20%		$	5.45
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	11/1/21 to
	11/1/21		4/30/22		Ratio	4/30/22
Actual Portfolio return^†
Portfolio Class	$	1,000.00	$	939.00	0.92%		$	4.42
Hypothetical 5% return (5% return before expenses)
Portfolio Class	$	1,000.00	$	1,020.23	0.92%		$	4.61

^†	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 / country and sector allocations
Macquarie Institutional Portfolios — Macquarie Emerging Markets Portfolio

As of April 30, 2022 (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 Stocks by Country		95.91%
Austria		1.87%
Brazil		5.97%
Canada		1.93%
China		37.32%
Hong Kong		1.72%
India		8.93%
Indonesia		2.94%
Mexico		1.49%
Peru		1.74%
Republic of Korea		11.96%
Russia		0.02%
Taiwan		17.88%
United Kingdom		2.14%
Preferred Stocks		3.49%
Short-Term Investments		0.68%
Total Value of Securities		100.08%
Liabilities Net of Receivables and Other Assets		(0.08%	)
Total Net Assets		100.00%
	Percentage
Common stocks and preferred stocks by sector	of net assets
Communication Services		9.57%
Consumer Discretionary		9.71%
Consumer Staples		8.14%
Energy		2.54%
Financials*		25.70%
Healthcare		5.75%
Information Technology*		28.24%
Materials		9.75%
Total		99.40%

To monitor compliance with the Portfolio's concentration guidelines as described in the Portfolio's Prospectus and Statement of Additional Information, each of the Financials and Information Technology sectors (as disclosed herein for financial reporting purposes) are subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Financials sector consists of Banks, Diversified Financial Services, Insurance, and Investment Companies. As of April 30, 2022, such amounts, as a percentage of total net assets were 12.83%, 5.08%, 6.66%, and 1.13%, respectively. The Information Technology sector consists of Computers, Electrical Component and Equipment, Electronics, Energy-Alternate Sources, Semiconductors, and Software. As of April 30, 2022, such amounts, as a percentage of total net assets were 0.47%, 1.81%, 3.46%, 2.74%, 18.71%, and 1.05%, respectively. The percentage in any such single industry will comply with the Portfolio's concentration policy even if the percentage in each of the Financials and Information Technology sectors 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, 2022 (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 / country	of net assets
Common Stocks by Country		103.92	%
Argentina		0.10	%
Bahrain		0.08	%
Brazil		5.88	%
Chile		0.96	%
China		29.37	%
India		16.47	%
Indonesia		4.55	%
Malaysia		0.06	%
Mexico		3.38	%
Peru		0.48	%
Republic of Korea		20.31	%
Russia		0.31	%
South Africa		0.20	%
Taiwan		19.19	%
Turkey		0.69	%
United States		1.89	%
Preferred Stock		0.00	%
Warrant		0.01	%
Total Value of Securities		103.93	%
Liabilities Net of Receivables and Other Assets		(3.93	%)
Total Net Assets		100.00	%
	Percentage
Common stocks and preferred stock by sector	of net assets
Communication Services		11.86	%
Consumer Discretionary		14.00	%
Consumer Staples		11.89	%
Energy		11.53	%
Financials		8.29	%
Healthcare		0.33	%
Industrials		0.18	%
Information Technology*		42.45	%
Materials		2.79	%
Real Estate		0.17	%
Utilities		0.43	%
Total		103.92	%

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 consists of Computers, Electronics, Electronic Components-Semiconductors, Investment Companies, Retail, Semiconductor Components-Integrated Circuits, and Software. As of April 30, 2022, such amounts, as a percentage of total net assets were 1.70%, 2.27%, 23.60%, 2.59%, 0.02%, 10.46%, and 1.81%, 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, 2022 (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 Stocks by Country		98.30	%
Australia		0.77	%
China/Hong Kong		3.56	%
Denmark		0.73	%
France		8.47	%
Germany		4.49	%
Italy		6.95	%
Japan		28.57	%
Netherlands		4.21	%
Singapore		4.90	%
Spain		3.79	%
Sweden		3.64	%
Switzerland		3.37	%
United Kingdom		21.65	%
United States		3.20	%
Short-Term Investments		0.34	%
Total Value of Securities		98.64	%
Receivables and Other Assets Net of Liabilities		1.36	%
Total Net Assets		100.00	%
	Percentage
Common stocks by sector	of net assets
Communication Services		9.43	%
Consumer Discretionary		10.81	%
Consumer Staples		8.10	%
Energy		6.82	%
Financials		14.06	%
Healthcare		15.19	%
Industrials		15.96	%
Information Technology		5.73	%
Materials		2.02	%
Utilities		10.18	%
Total		98.30	%

Table of Contents

Schedules of investments
Macquarie Institutional Portfolios — Macquarie Emerging Markets Portfolio

April 30, 2022 (Unaudited)

			Number of
			shares	Value (US $)
Common Stocks – 95.91%Δ
Austria – 1.87%
	Mondi		56,959	$	1,070,030
					1,070,030
Brazil – 5.97%
	Hypera		143,600		1,093,857
	Itau Unibanco Holding ADR		104,005		498,184
	Suzano		98,100		992,122
	Vale ADR		49,095		829,214
					3,413,377
Canada – 1.93%
	Barrick Gold		49,531		1,105,037
					1,105,037
China – 37.32%
	Alibaba Group Holding †		213,280		2,601,523
	Autohome ADR		42,394		1,232,394
	Baidu ADR †		13,922		1,728,695
	China Medical System Holdings		459,000		657,172
	China Merchants Bank Class A		123,600		745,005
	China Merchants Bank Class H		85,000		512,316
	CSPC Pharmaceutical Group		1,502,960		1,536,546
	Gree Electric Appliances of Zhuhai
		Class A	222,600		1,048,531
	Hengan International Group		53,000		250,469
	Jiangsu Yanghe Brewery Joint-
		Stock Class A	16,500		394,984
	LONGi Green Energy Technology
		Class A	83,228		844,180
	Midea Group Class A		150,019		1,287,601
	NetEase		40,562		776,976
	Ping An Insurance Group Co. of
		China Class H	450,000		2,844,323
	Tencent Holdings		36,700		1,729,483
	Tingyi Cayman Islands Holding		518,000		945,434
	Wuliangye Yibin Class A		35,100		857,808
	Xinyi Solar Holdings		486,000		722,403
	Yum China Holdings		14,795		618,431
					21,334,274
Hong Kong – 1.72%
	WH Group 144A #		1,423,820		983,290
					983,290
India – 8.93%
	Axis Bank †		93,139		877,979
	HCL Technologies		42,693		597,981
	Housing Development Finance		66,561		1,920,415
	Infosys ADR		13,436		266,973
	Reliance Industries		39,748		1,440,168
					5,103,516
Indonesia – 2.94%
	Bank Rakyat Indonesia Persero		5,048,983		1,682,256
					1,682,256
Mexico – 1.49%
	Grupo Financiero Banorte Class O		129,556		853,908
					853,908
Peru – 1.74%
	Credicorp		7,168		995,563
					995,563
Republic of Korea – 11.96%
	LG Chem		2,321		950,601
	Samsung Electronics		48,230		2,570,349
	Samsung Fire & Marine Insurance		5,829		966,205
	Shinhan Financial Group		35,265		1,171,666
	SK Hynix		13,426		1,176,495
					6,835,316
Russia – 0.02%
	LUKOIL PJSC ADR (London
		International Exchange) =	15,483		10,120
					10,120
Taiwan – 17.88%
	Alchip Technologies		24,000		703,090
	CTBC Financial Holding		1,002,046		985,631
	Delta Electronics		124,000		1,035,101
	Hon Hai Precision Industry		577,000		1,976,849
	MediaTek		32,000		882,176
	Taiwan Semiconductor
		Manufacturing	256,588		4,639,793
					10,222,640
United Kingdom – 2.14%
	Unilever		26,360		1,223,475
					1,223,475
Total Common Stocks
	(cost $58,796,337)				54,832,802

Preferred Stocks – 3.49%Δ
Brazil – 1.13%
	Itausa 5.89% ω		346,382		646,670
					646,670
Republic of Korea – 2.36%
	LG Chem 4.93% ω		3,190		629,232
	Samsung Electronics 2.51% ω		15,351		719,711
					1,348,943
Total Preferred Stocks
	(cost $2,623,239)				1,995,613

Table of Contents

Schedules of investments
Macquarie Institutional Portfolios — Macquarie Emerging Markets Portfolio

			Number of
			shares	Value (US $)
Short-Term Investments – 0.68%
Money Market Mutual Funds – 0.68%
	BlackRock FedFund – Institutional
		Shares (seven-day effective yield
		0.31%)	97,398	$	97,398
	Fidelity Investments Money Market
		Government Portfolio – Class I
		(seven-day effective yield 0.16%)	97,398		97,398
	GS Financial Square Government
		Fund – Institutional Shares
		(seven-day effective yield 0.32%)	97,398		97,398
	Morgan Stanley Government
		Portfolio – Institutional Share
		Class (seven-day effective yield
		0.30%)	97,399		97,399
Total Short-Term Investments
	(cost $389,593)				389,593
Total Value of Securities–100.08%
	(cost $61,809,169)			$	57,218,008

Δ	Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 2 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, 2022, the aggregate value of Rule 144A securities was $983,290, which represents 1.72% of the Portfolio's net assets. See Note 8 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.”
ω	Perpetual security with no stated maturity date.

The following foreign currency exchange contracts were outstanding at April 30, 2022:¹

Foreign Currency Exchange Contracts
	Currency to						Settlement	Unrealized
Counterparty	Receive (Deliver)			In Exchange For			Date	Depreciation
BNYM	HKD	318,497		USD	(40,593	)	5/3/22	$	(2	)
BNYM	HKD	(238,601	)	USD	30,407		5/4/22		(6	)
Total Foreign Currency Exchange Contracts								$	(8	)

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.

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:
HKD – Hong Kong Dollar
USD – US Dollar

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

Table of Contents

Macquarie Institutional Portfolios — Macquarie Emerging Markets Portfolio II

April 30, 2022 (Unaudited)

			Number of
			shares	Value (US $)
Common Stocks – 103.92%Δ
Argentina – 0.10%
	IRSA Inversiones y
		Representaciones ADR †	3,493	$	15,788
	IRSA Propiedades Comerciales
		ADR †	579		1,367
					17,155
Bahrain – 0.08%
	Aluminium Bahrain GDR 144A #		691		12,830
					12,830
Brazil – 5.88%
	Americanas		43,281		210,191
	Banco Bradesco ADR		31,550		113,581
	Banco Santander Brasil ADR		10,741		68,420
	BRF ADR †		20,063		56,176
	Getnet Adquirencia e Servicos para
		Meios de Pagamento ADR	1,342		1,852
	Itau Unibanco Holding ADR		26,165		125,330
	Petroleo Brasileiro ADR		8,122		110,216
	Rumo		1,573		5,272
	Telefonica Brasil ADR		8,845		93,757
	TIM ADR		6,138		83,722
	Vale ADR		4,239		71,597
	XP Class A †		604		14,865
					954,979
Chile – 0.96%
	Sociedad Quimica y Minera de
		Chile ADR	2,110		155,718
					155,718
China – 29.37%
	Alibaba Group Holding †		4,500		54,890
	Alibaba Group Holding ADR †		4,590		445,643
	Baidu ADR †		1,785		221,643
	BeiGene †		3,600		45,145
	China Petroleum & Chemical ADR		1,715		83,521
	China Petroleum & Chemical
		Class H	32,000		15,663
	DiDi Global ADR †		2,500		4,700
	Genor Biopharma Holdings 144A #,
		†	12,500		5,930
	iQIYI ADR †		1,615		5,749
	JD.com Class A †		866		27,001
	JD.com ADR †		14,577		898,818
	Joinn Laboratories China Class H
		144A #	280		2,050
	Kunlun Energy		68,000		56,432
	Kweichow Moutai Class A		2,500		692,194
	Luzhou Laojiao Class A		4,200		133,288
	Ping An Insurance Group Co. of
		China Class H	23,000	$	145,377
	Prosus		2,283		110,106
	Tencent Holdings		18,200		857,673
	Tencent Music Entertainment Group
		ADR †	4		17
	Tianjin Development Holdings		62,000		13,484
	Tingyi Cayman Islands Holding		58,000		105,859
	Trip.com Group ADR †		4,911		116,145
	Tsingtao Brewery Class H		24,000		194,308
	Uni-President China Holdings		107,000		93,764
	Weibo ADR †		1,715		39,685
	Wuliangye Yibin Class A		16,300		398,355
	Zhihu ADR †		500		775
					4,768,215
India – 16.47%
	HCL Technologies		21,000		294,137
	HDFC Bank		12,000		215,134
	Reliance Industries GDR 144A #		22,637		1,618,771
	Tata Chemicals		11,058		134,791
	Tata Consultancy Services		6,000		276,530
	Tata Consumer Products		12,607		135,084
					2,674,447
Indonesia – 4.55%
	Astra International		569,900		297,568
	Bank Central Asia		786,000		440,845
					738,413
Malaysia – 0.06%
	UEM Sunrise †		118,400		9,178
					9,178
Mexico – 3.38%
	America Movil ADR Class L		5,291		102,804
	Banco Santander Mexico ADR		16,863		91,124
	Coca-Cola Femsa ADR		2,222		121,321
	Grupo Financiero Banorte Class O		10,549		69,529
	Grupo Televisa ADR		17,723		163,584
					548,362
Peru – 0.48%
	Cia de Minas Buenaventura ADR		8,287		78,229
					78,229
Republic of Korea – 20.31%
	Fila Holdings		3,123		79,796
	LG Uplus		6,905		76,281
	Samsung Electronics		24,291		1,294,554
	SK Hynix		13,489		1,182,016
	SK Square †		10,188		420,813

Table of Contents

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

			Number of
			shares	Value (US $)
Common StocksΔ (continued)
Republic of Korea (continued)
	SK Telecom		5,405	$	243,810
					3,297,270
Russia – 0.31%
	Etalon Group GDR 144A #, =		4,800		1,054
	Gazprom PJSC ADR =		44,140		20,732
	LUKOIL PJSC ADR (London
		International Exchange) =	2,022		1,321
	Rosneft Oil PJSC GDR =		44,435		21,681
	Sberbank of Russia PJSC =		52,760		543
	VK GDR =, †		2,072		1,433
	Yandex Class A †		2,962		3,485
					50,249
South Africa – 0.20%
	Naspers Class N		318		32,072
					32,072
Taiwan – 19.19%
	Hon Hai Precision Industry		107,564		368,523
	MediaTek		38,000		1,047,584
	Taiwan Semiconductor
		Manufacturing	64,000		1,157,290
	Taiwan Semiconductor
	Manufacturing ADR		5,831		541,875
					3,115,272
Turkey – 0.69%
	Akbank TAS		100,106		60,138
	D-MARKET Elektronik Hizmetler ve
		Ticaret ADR †	500		800
	Turkcell Iletisim Hizmetleri ADR		9,092		31,731
	Turkiye Sise ve Cam Fabrikalari		16,275		19,861
					112,530
United States – 1.89%
	Micron Technology		4,500		306,855
					306,855
Total Common Stocks
	(cost $14,282,986)				16,871,774

			Number of
			shares	Value (US $)
Preferred Stock – 0.00%
Russia – 0.00%
	Transneft PJSC 8.11% ψ		8	$	891
Total Preferred Stock
	(cost $20,914)				891


Warrant – 0.01%
Argentina – 0.01%
	IRSA Inversiones y
		Representaciones exercise price
		$0.21, expiration date 3/5/26	4,240		1,065
Total Warrant
	(cost $0)				1,065
Total Value of Securities-103.93%
	(cost $14,303,900)			$	16,873,730

Δ	Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 3 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, 2022, the aggregate value of Rule 144A securities was $1,640,635, which represents 10.11% of the Portfolio's net assets. See Note 8 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.”
ψ	Perpetual security with no stated maturity date.

Table of Contents

The following foreign currency exchange contract was outstanding at April 30, 2022:¹

Foreign Currency Exchange Contracts

	Currency to				Settlement	Unrealized
Counterparty	Receive (Deliver)		In Exchange For		Date	Depreciation
BNYM	MXN	(2,377,937)	USD	116,286	5/2/22	$	(171)

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 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.”

Summary of abbreviations:
ADR – American Depositary Receipt
BNYM – Bank of New York Mellon
GDR – Global Depositary Receipt
PJSC – Private Joint Stock Company

Summary of currencies:
MXN – Mexican Peso
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 Labor Select International Equity Portfolio

April 30, 2022 (Unaudited)

			Number of
			shares	Value (US $)
Common Stocks – 98.30%Δ
Australia – 0.77%
	Aurizon Holdings		436,188	$	1,231,846
					1,231,846
China/Hong Kong – 3.56%
	Jardine Matheson Holdings		44,900		2,385,537
	WH Group 144A #		4,770,007		3,294,166
					5,679,703
Denmark – 0.73%
	ISS †		70,946		1,164,511
					1,164,511
France – 8.47%
	Bouygues		65,028		2,235,874
	Cie de Saint-Gobain		35,565		2,074,798
	Dassault Aviation		17,180		2,882,892
	Sanofi		48,422		5,117,960
	Societe Generale		49,722		1,195,021
					13,506,545
Germany – 4.49%
	Allianz		17,441		3,935,285
	Evonik Industries		122,920		3,215,143
					7,150,428
Italy – 6.95%
	Enel		663,875		4,317,108
	Eni		165,745		2,316,915
	Snam		811,259		4,449,432
					11,083,455
Japan – 28.57%
	Coca-Cola Bottlers Japan Holdings		112,500		1,261,176
	Denso		50,400		3,071,641
	FUJIFILM Holdings		50,200		2,759,557
	Fujitsu		16,300		2,463,731
	Hitachi		43,800		2,077,279
	Honda Motor		174,400		4,587,340
	Kao		2,800		112,220
	Kyocera		74,500		3,911,768
	Mitsubishi Electric		247,700		2,594,482
	Nippon Telegraph & Telephone		165,100		4,865,392
	Otsuka Holdings		60,000		2,016,147
	Secom		19,200		1,350,806
	Sekisui Chemical		198,800		2,691,978
	Sony Group		50,900		4,392,725
	Takeda Pharmaceutical		151,900		4,407,613
	Tokio Marine Holdings		55,400		2,995,406
					45,559,261
Netherlands – 4.21%
	Koninklijke Philips		84,753		2,214,690
	Shell		167,599	$	4,499,345
					6,714,035
Singapore – 4.90%
	Singapore Telecommunications		1,213,600		2,422,097
	United Overseas Bank		251,809		5,390,288
					7,812,385
Spain – 3.79%
	Banco Santander		1,483,349		4,334,866
	Red Electrica		85,032		1,712,056
					6,046,922
Sweden – 3.64%
	Essity Class B		74,560		1,966,221
	Telia		925,827		3,842,750
					5,808,971
Switzerland – 3.37%
	Novartis		60,716		5,365,431
					5,365,431
United Kingdom – 21.65%
	Associated British Foods		97,869		1,958,432
	BP		841,927		4,064,652
	CK Hutchison Holdings		870,000		6,105,596
	Kingfisher		786,493		2,480,262
	Lloyds Banking Group		8,024,588		4,557,675
	SSE		247,794		5,755,220
	Tesco		1,277,906		4,341,456
	Travis Perkins		88,246		1,345,965
	WPP		312,994		3,901,429
					34,510,687
United States – 3.20%
	GlaxoSmithKline		226,005		5,094,735
					5,094,735
Total Common Stocks
	(cost $151,944,601)				156,728,915

Short-Term Investments – 0.34%
Money Market Mutual Funds – 0.34%
	BlackRock FedFund – Institutional
		Shares (seven-day effective
		yield 0.31%)	134,860		134,860
	Fidelity Investments Money Market
		Government Portfolio – Class I
		(seven-day effective yield
		0.16%)	134,860		134,860
	GS Financial Square Government
		Fund – Institutional Shares
		(seven-day effective yield
		0.32%)	134,860		134,860

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
0.30%)	134,860	$	134,860
Total Short-Term Investments
(cost $539,440)			539,440
Total Value of Securities–98.64%
(cost $152,484,041)		$	157,268,355

Δ	Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 4 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, 2022, the aggregate value of Rule 144A securities was $3,294,166, which represents 2.07% of the Portfolio's net assets. See Note 8 in “Notes to financial statements."
†	Non-income producing security.

The following foreign currency exchange contract was outstanding at April 30, 2022:¹

Foreign Currency Exchange Contracts

	Currency to				Settlement	Unrealized
Counterparty	Receive (Deliver)		In Exchange For		Date	Depreciation
BNYM	JPY	55,453	USD	(433)	5/2/22	$	(6)

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 represent 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:

BNYM – Bank of New York Mellon
GS – Goldman Sachs

Summary of currencies:
JPY – Japanese Yen
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, 2022 (Unaudited)

							Macquarie
		Macquarie			Macquarie		Labor Select
		Emerging			Emerging		International
		Markets			Markets		Equity
		Portfolio			Portfolio II		Portfolio
Assets:
	Investments, at value*	$	57,218,008		$	16,873,730	$	157,268,355
	Cash		131			—		—
	Foreign currencies, at value^Δ		33			50,863		82,544
	Dividends and interest receivable		92,606			35,739		878,258
	Receivable for securities sold		30,406			797,467		206,850
	Foreign tax reclaims receivable		8,437			764		1,369,059
	Other assets		453			151		1,142
	Total Assets		57,350,074			17,758,714		159,806,208
Liabilities:
	Due to custodian		—			1,178,521		—
	Payable for securities purchased		81,071			—		184,324
	Investment management fees payable to affiliates		39,196			6,336		99,331
	Audit and tax fees payable		17,364			17,163		17,163
	Custody fees payable		16,388			4,918		23,609
	Accounting and administration expenses payable to non-affiliates		16,046			14,202		19,852
	Reports and statements to shareholders expenses payable to non-affiliates		3,380			1,643		5,960
	Other accrued expenses		2,812			2,552		10,969
	Accounting and administration expenses payable to affiliates		466			371		703
	Dividend disbursing and transfer agent fees and expenses payable to affiliates		367			114		1,005
	Legal fees payable to affiliates		281			88		753
	Trustees' fees and expenses payable to affiliates		151			47		403
	Reports and statements to shareholders expenses payable to affiliates		36			10		100
	Unrealized depreciation on foreign currency exchange contracts		8			171		6
	Payable for fund shares redeemed		—			276,566		—
	Capital gains tax payable		—			20,994		—
	Total Liabilities		177,566			1,523,696		364,178
Total Net Assets		$	57,172,508		$	16,235,018	$	159,442,030

Net Assets Consist of:
	Paid-in capital	$	104,734,018		$	13,203,116	$	207,234,993
	Total distributable earnings (loss)		(47,561,510	)		3,031,902		(47,792,963	)
Total Net Assets		$	57,172,508		$	16,235,018	$	159,442,030

Portfolio Class:
Net assets		$	57,172,508		$	16,235,018	$	159,442,030
Shares of beneficial interest outstanding, unlimited authorization, no par			7,487,633			11,440,018		11,894,445
Net asset value per share		$	7.64		$	1.42	$	13.40

____________________ * Investments, at cost		$	61,809,169		$	14,303,900	$	152,484,041
^Δ Foreign currencies, at cost			33			52,270		82,415

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, 2022 (Unaudited)

								Macquarie
		Macquarie			Macquarie			Labor Select
		Emerging			Emerging			International
		Markets			Markets			Equity
		Portfolio			Portfolio II			Portfolio
Investment Income:
	Dividends	$	794,115		$	807,977		$	1,968,921
	Interest		—			64			—
	Foreign tax withheld		(90,199	)		(25,666	)		(171,183	)
			703,916			782,375			1,797,738

Expenses:
	Management fees		323,950			104,220			629,289
	Accounting and administration expenses		25,040			21,302			37,356
	Audit and tax fees		20,811			19,754			18,282
	Custodian fees		19,050			4,809			17,875
	Reports and statements to shareholders expenses		8,600			3,181			13,003
	Dividend disbursing and transfer agent fees and expenses		8,599			2,404			18,689
	Registration fees		7,640			9,059			6,549
	Legal fees		5,332			1,925			14,683
	Trustees’ fees and expenses		1,199			406			3,080
	Other		6,778			7,650			9,565
			426,999			174,710			768,371
	Less expenses waived		(19,212	)		(49,283	)		(2,119	)
	Less expenses paid indirectly		(1	)		(1	)		(1	)
	Total operating expenses		407,786			125,426			766,251
Net Investment Income			296,130			656,949			1,031,487
Net Realized and Unrealized Gain (Loss):
	Net realized gain (loss) on:
	Investments		1,307,480			114,618			2,673,875
	Foreign currencies		(1,642	)		(2,255	)		(43,764	)
	Foreign currency exchange contracts		105			1,208			11,709
	Net realized gain		1,305,943			113,571			2,641,820

	Net change in unrealized appreciation (depreciation) of:
	Investments¹		(11,488,392	)		(4,483,940	)		(13,894,204	)
	Foreign currencies		(1,887	)		(1,436	)		(143,117	)
	Foreign currency exchange contracts		(8	)		(171	)		(6	)
	Net change in unrealized appreciation (depreciation)		(11,490,287	)		(4,485,547	)		(14,037,327	)
Net Realized and Unrealized Loss			(10,184,344	)		(4,371,976	)		(11,395,507	)
Net Decrease in Net Assets Resulting from Operations		$	(9,888,214	)	$	(3,715,027	)	$	(10,364,020	)

^¹	Includes increase of $20,994 capital gains tax accrued for Macquarie Emerging Markets Portfolio II.

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						Labor Select
	Emerging						Emerging						International
	Markets						Markets						Equity
	Portfolio						Portfolio II						Portfolio
	Six months						Six months						Six months
	ended						ended						ended
	4/30/22			Year ended			4/30/22			Year ended			4/30/22			Year ended
	(Unaudited)			10/31/21			(Unaudited)			10/31/21			(Unaudited)			10/31/21
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	296,130		$	625,653		$	656,949		$	196,676		$	1,031,487		$	5,742,678
Net realized gain		1,305,943			9,391,106			113,571			19,652,455			2,641,820			7,568,008
Net change in unrealized appreciation (depreciation)		(11,490,287	)		(1,353,631	)		(4,485,547	)		(6,699,129	)		(14,037,327	)		52,876,360
Net increase (decrease) in net assets resulting from operations		(9,888,214	)		8,663,128			(3,715,027	)		13,150,002			(10,364,020	)		66,187,046

Dividends and Distributions to Shareholders from:
Distributable earnings		(1,577,828	)		(814,896	)		(19,115,348	)		(2,533,750	)		(5,711,286	)		(7,466,559	)
Total distributions to shareholders		(1,577,828	)		(814,896	)		(19,115,348	)		(2,533,750	)		(5,711,286	)		(7,466,559	)

Capital Share Transactions:
Proceeds from shares sold		—			—			—			—			4,159,660			5,046,912
Net asset value of shares issued upon reinvestment of dividends and distributions		1,533,667			790,477			19,083,019			2,522,787			5,711,286			7,466,558
		1,533,667			790,477			19,083,019			2,522,787			9,870,946			12,513,470
Cost of shares redeemed		(2,220,347	)		(13,477	)		(2,269,622	)		(41,413,226	)		(8,425,621	)		(82,442,449	)
Redemption reimbursement fees		3,005			38			—			—			—			—
		(2,217,342	)		(13,439	)		(2,269,622	)		(41,413,226	)		(8,425,621	)		(82,442,449	)
Increase (decrease) in net assets derived from capital share transactions		(683,675	)		777,038			16,813,397			(38,890,439	)		1,445,325			(69,928,979	)
Net Increase (Decrease) in Net Assets		(12,149,717	)		8,625,270			(6,016,978	)		(28,274,187	)		(14,629,981	)		(11,208,492	)

Net Assets:
Beginning of period		69,322,225			60,696,955			22,251,996			50,526,183			174,072,011			185,280,503
End of period	$	57,172,508		$	69,322,225		$	16,235,018		$	22,251,996		$	159,442,030		$	174,072,011

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

Table of Contents

Financial highlights
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
	4/30/22¹			Year ended
	(Unaudited)			10/31/21			10/31/20			10/31/19			10/31/18			10/31/17
Net asset value, beginning of period	$	9.17		$	8.12		$	8.11		$	7.56		$	8.76		$	7.77
Income (loss) from investment operations
Net investment income²		0.04			0.08			0.12			0.17			0.20			0.18
Net realized and unrealized gain (loss)		(1.36	)		1.08			0.05			0.54			(1.08	)		1.05
Total from investment operations		(1.32	)		1.16			0.17			0.71			(0.88	)		1.23

Less dividends and distributions from:
Net investment income		(0.21	)		(0.11	)		(0.17	)		(0.16	)		(0.34	)		(0.26	)
Total dividends and distributions		(0.21	)		(0.11	)		(0.17	)		(0.16	)		(0.34	)		(0.26	)

Reimbursement fees
Purchase reimbursement fees^{2, 3}		—			—			—	⁴		—	⁵		—	⁶		0.01
Redemption reimbursement fees^{2, 3}		—	⁷		—	⁸		0.01			—	⁵		0.02			0.01
Total reimbursement fees		—			—			0.01			—			0.02			0.02
Net asset value, end of period	$	7.64		$	9.17		$	8.12		$	8.11		$	7.56		$	8.76
Total return⁹		(14.67%	)¹⁰		14.29%			2.16%	¹⁰		9.62%			(10.28%	)		16.88%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	57,173		$	69,322		$	60,697		$	79,864		$	79,463		$	136,678
Ratio of expenses to average net assets¹¹		1.26%			1.25%			1.26%			1.30%			1.26%			1.22%
Ratio of expenses to average net assets prior to
fees waived¹¹		1.32%			1.25%			1.28%			1.30%			1.26%			1.22%
Ratio of net investment income to average net
assets		0.91%			0.86%			1.48%			2.19%			2.31%			2.24%
Ratio of net investment income to average net
assets prior to fees waived		0.85%			0.86%			1.46%			2.19%			2.31%			2.24%
Portfolio turnover		14%			42%			43%			33%			40%			45%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
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 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.
5	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.
6	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.
7	For the six months ended April 30, 2022, redemption reimbursement fees of $3,005 were earned by the Portfolio, which calculated to an amount of $0.000 per share.
8	For the year ended October 31, 2021, redemption reimbursement fees of $38 were earned by the Portfolio, which calculated to an amount of $0.000 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
	4/30/22¹			Year ended
	(Unaudited)			10/31/21			10/31/20			10/31/19			10/31/18			10/31/17
Net asset value, beginning of period	$	12.71		$	11.41		$	9.71		$	8.78		$	10.74		$	8.01

Income (loss) from investment operations
Net investment income²		0.06			0.08			0.10			0.09			0.08			0.12
Net realized and unrealized gain (loss)		(0.43	)		1.79			1.89			1.30			(1.77	)		2.70
Total from investment operations		(0.37	)		1.87			1.99			1.39			(1.69	)		2.82

Less dividends and distributions from:
Net investment income		(0.27	)		(0.09	)		(0.09	)		(0.05	)		(0.27	)		(0.09	)
Net realized gain		(10.65	)		(0.48	)		(0.20	)		(0.41	)		—			—
Total dividends and distributions		(10.92	)		(0.57	)		(0.29	)		(0.46	)		(0.27	)		(0.09	)

Net asset value, end of period	$	1.42		$	12.71		$	11.41		$	9.71		$	8.78		$	10.74

Total return³		(16.66%	)		16.50%			20.79%			16.74%			(16.13%	)		35.74%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	16,235		$	22,252		$	50,526		$	42,222		$	27,229		$	46,046
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		1.67%			1.45%			1.37%			1.42%			1.42%			1.32%
Ratio of net investment income to average net
assets		6.30%			0.57%			0.98%			1.03%			0.80%			1.34%
Ratio of net investment income to average net
assets prior to fees waived		5.83%			0.32%			0.81%			0.81%			0.58%			1.22%
Portfolio turnover		3%			12%			17%			9%			12%			14%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
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
	4/30/22¹			Year ended
	(Unaudited)			10/31/21			10/31/20			10/31/19			10/31/18			10/31/17
Net asset value, beginning of period	$	14.76		$	11.09		$	14.39		$	13.74		$	15.21		$	12.83

Income (loss) from investment operations
Net investment income²		0.09			0.40			0.27			0.47			0.44			0.41
Net realized and unrealized gain (loss)		(0.97	)		3.72			(2.84	)		0.60			(1.47	)		2.35
Total from investment operations		(0.88	)		4.12			(2.57	)		1.07			(1.03	)		2.76

Less dividends and distributions from:
Net investment income		(0.48	)		(0.45	)		(0.51	)		(0.42	)		(0.44	)		(0.38	)
Net realized gain		—			—			(0.22	)		—			—			—
Total dividends and distributions		(0.48	)		(0.45	)		(0.73	)		(0.42	)		(0.44	)		(0.38	)

Net asset value, end of period	$	13.40		$	14.76		$	11.09		$	14.39		$	13.74		$	15.21

Total return³		(6.10%	)		37.68%			(19.01%	)		8.23%			(7.02%	)		22.13%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	159,442		$	174,072		$	185,281		$	454,028		$	405,923		$	490,273
Ratio of expenses to average net assets⁴		0.92%			0.91	%		0.86%			0.86%			0.87%			0.86%
Ratio of net investment income to average net
assets		1.23%			2.84	%		2.18%			3.44%			2.96%			2.96%
Portfolio turnover		10%			15	%		14%			16%			20%			21%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
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, 2022 (Unaudited)

Macquarie Institutional Portfolios (registered as Delaware Pooled^®Trust (Trust)) is organized as a Delaware statutory trust and offers four separate Portfolios. These financial statements and the related notes pertain to 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. Open-end investment companies are valued at their published net asset 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. 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, 2022, and for all open tax years (years ended October 31, 2018–October 31, 2021), 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 that may date back to the inception of each Portfolio. If applicable, 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, 2022, the Portfolios did not incur any interest or tax penalties.

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.

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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 fund 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 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.

Each Portfolio 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, 2022.

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.”

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 (excluding any distribution and service (12b-1) fees, acquired fund fees and expenses, taxes, interest, short sale, dividend and interest

(continues) 19

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Notes to financial statements

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

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 February 25, 2022 through February 28, 2023. 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 be terminated only 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 Macquarie Emerging Markets Portfolio II. The Manager may also seek quantitative support from MIMGL for the Portfolio. 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.

The management fee rates in effect for the six months ended April 30, 2022, and the operating expense limitation rates in effect from February 25, 2022 through April 30, 2022, 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 Emerging Markets Portfolio	1.00%	1.25%
Macquarie Emerging Markets Portfolio II	1.00%	1.20%
Macquarie Labor Select International Equity
Portfolio	0.75%	0.92%

From November 1, 2021 through February 24, 2022, the operating expense limitations were as follows:

		Contractual
		operating expense
		limitation as
		a percentage
		of average
Fund		daily net assets (per annum)
Macquarie Emerging Markets Portfolio		1.26%
Macquarie Emerging Markets Portfolio II		1.20%
Macquarie Labor Select International Equity
Portfolio		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.”

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For the six months ended April 30, 2022, each Portfolio was charged for these services as follows:

Fund	Fees
Macquarie Emerging Markets Portfolio	$	3,327
Macquarie Emerging Markets Portfolio II		2,439
Macquarie Labor Select International Equity Portfolio		5,377

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, 2022, each Portfolio was charged for these services as follows:

Fund	Fees
Macquarie Emerging Markets Portfolio	$	2,430
Macquarie Emerging Markets Portfolio II		783
Macquarie Labor Select International Equity Portfolio		6,293

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.” These fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.

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 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, 2022, each Portfolio was charged for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:

Fund	Fees
Macquarie Emerging Markets Portfolio	$	2,000
Macquarie Emerging Markets Portfolio II		642
Macquarie Labor Select International Equity Portfolio		4,818

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.

3. Investments

For the six months ended April 30, 2022, each Portfolio made purchases and sales of investment securities other than short-term investments as follows:

	Purchases			Sales
	other than			other than
	US government			US government
Fund	securities			securities
Macquarie Emerging Markets Portfolio		$	9,156,151		$	10,690,165
Macquarie Emerging Markets Portfolio II			725,924			1,764,203
Macquarie Labor Select International Equity Portfolio			16,764,208			19,543,088

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Notes to financial statements

3. Investments (continued)

At April 30, 2022, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At April 30, 2022, the cost and unrealized appreciation (depreciation) of investments for each Fund were as follows:

				Aggregate			Aggregate				Net unrealized
				unrealized			unrealized				appreciation
	Cost of			appreciation			depreciation				(depreciation)
	investments			of investments			of investments				of investments
Fund	and derivatives			and derivatives			and derivatives				and derivatives
Macquarie Emerging Markets Portfolio		$	61,809,169		$	8,015,627		$	(12,606,788	)		$	(4,591,161	)
Macquarie Emerging Markets Portfolio II			14,303,900			5,771,452			(3,201,622	)			2,569,830
Macquarie Labor Select International Equity Portfolio			152,484,041			24,760,578			(19,976,264	)			4,784,314

	Loss carryforward character
	Short-term			Long-term		Total
Macquarie
Emerging
Markets
Portfolio		$	—	$	42,845,878	$	42,845,878
Macquarie
Labor Select
International
Equity
Portfolio			—		50,535,490		50,535,490

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 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

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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 Emerging Markets Portfolio
	Level 1		Level 2			Level 3		Total
Securities
Assets:
Common Stocks
Austria	$	—	$	1,070,030		$	—	$	1,070,030
Brazil		3,413,377		—			—		3,413,377
Canada		1,105,037		—			—		1,105,037
China		3,579,520		17,754,754			—		21,334,274
Hong Kong		—		983,290			—		983,290
India		266,973		4,836,543			—		5,103,516
Indonesia		—		1,682,256			—		1,682,256
Mexico		853,908		—			—		853,908
Peru		995,563		—			—		995,563
Republic of Korea		—		6,835,316			—		6,835,316
Russia		—		—			10,120		10,120
Taiwan		—		10,222,640			—		10,222,640
United Kingdom		—		1,223,475			—		1,223,475
Preferred Stocks¹		646,670		1,348,943			—		1,995,613
Short-Term Investments		389,593		—			—		389,593
Total Value of Securities	$	11,250,641	$	45,957,247		$	10,120	$	57,218,008

Derivatives²
Liabilities:
Foreign Currency Exchange
Contracts	$	—	$	(8	)	$	—	$	(8	)

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
Preferred Stock		32.40%		67.60%		—		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 Stocks
Argentina	$	17,155	$	—		$	—	$	17,155
Bahrain		12,830		—			—		12,830
Brazil		954,979		—			—		954,979
Chile		155,718		—			—		155,718
China		1,816,696		2,951,519			—		4,768,215
India		—		2,674,447			—		2,674,447
Indonesia		—		738,413			—		738,413

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Notes to financial statements

3. Investments (continued)

	Macquarie Emerging Markets Portfolio II
	Level 1		Level 2			Level 3		Total
Malaysia	$	—	$	9,178		$	—	$	9,178
Mexico		548,362		—			—		548,362
Peru		78,229		—			—		78,229
Republic of Korea		—		3,297,270			—		3,297,270
Russia		3,485		—			46,764		50,249
South Africa		—		32,072			—		32,072
Taiwan		541,875		2,573,397			—		3,115,272
Turkey		112,530		—			—		112,530
United States		306,855		—			—		306,855
Preferred Stock		—		891			—		891
Warrant		1,065		—			—		1,065
Total Value of Securities	$	4,549,779	$	12,277,187		$	46,764	$	16,873,730

Derivatives¹
Liabilities:
Foreign Currency Exchange
Contracts	$	—	$	(171	)	$	—	$	(171	)

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

	Macquarie Labor Select International Equity Portfolio
	Level 1			Level 2			Total
Securities
Assets:
Common Stocks
Australia		$	—		$	1,231,846		$	1,231,846
China/Hong Kong			2,385,537			3,294,166			5,679,703
Denmark			—			1,164,511			1,164,511
France			—			13,506,545			13,506,545
Germany			—			7,150,428			7,150,428
Italy			—			11,083,455			11,083,455
Japan			—			45,559,261			45,559,261
Netherlands			—			6,714,035			6,714,035
Singapore			—			7,812,385			7,812,385
Spain			—			6,046,922			6,046,922
Sweden			—			5,808,971			5,808,971
Switzerland			—			5,365,431			5,365,431
United Kingdom			—			34,510,687			34,510,687
United States			—			5,094,735			5,094,735
Short-Term Investments			539,440			—			539,440
Total Value of Securities		$	2,924,977		$	154,343,378		$	157,268,355

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	Macquarie Labor Select International Equity Portfolio
	Level 1			Level 2				Total
Derivatives¹
Liabilities:
Foreign Currency Exchange Contracts		$	—		$	(6	)		$	(6	)

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

During the six months ended April 30, 2022, there were no transfers into or out of Level 3 investments. 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 or end of the period in relation to each Portfolio's net assets.

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, 2022:
Macquarie Emerging Markets Portfolio	—	177,920	177,920	(252,427	)	(74,507	)
Macquarie Emerging Markets Portfolio II	—	11,291,727	11,291,727	(1,602,840	)	9,688,887
Macquarie Labor Select International Equity Portfolio	285,606	410,294	695,900	(592,233	)	103,667
Year ended October 31, 2021:
Macquarie Emerging Markets Portfolio	—	87,442	87,442	(1,409	)	86,033
Macquarie Emerging Markets Portfolio II	—	202,308	202,308	(2,880,810	)	(2,678,502	)
Macquarie Labor Select International Equity Portfolio	352,321	573,909	926,230	(5,836,860	)	(4,910,630	)

5. Line of Credit

Each Portfolio, along with certain other funds in the Delaware Funds (Participants), is a participant in a $355,000,000 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 are charged an annual commitment fee of 0.15% with the addition of an upfront fee of 0.05%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expires on October 31, 2022.

Each Portfolio had no amounts outstanding as of April 30, 2022, 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

(continues) 25

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Notes to financial statements

6. Derivatives (continued)

change in value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The use of foreign currency exchange contracts and foreign cross currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities, but does establish a rate of exchange that can be achieved in the future. Although foreign currency exchange contracts and foreign cross currency exchange contracts limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, each Portfolio could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. Each Portfolio’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. The risk is generally mitigated by having a netting arrangement between each Portfolio and the counterparty and by the posting of collateral by the counterparty to the Portfolio to cover each Portfolio’s exposure to the counterparty.

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.

At April 30, 2022, 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, 2022:

		Long Derivative Volume
			Macquarie
		Macquarie	Labor Select
		Emerging	International
		Markets	Equity
		Portfolio	Portfolio
Foreign currency exchange contracts (average notional value)		$7,674	$38,131

	Short Derivative Volume
			Macquarie
	Macquarie	Macquarie	Labor Select
	Emerging	Emerging	International
	Markets	Markets	Equity
	Portfolio	Portfolio II	Portfolio
Foreign currency exchange contracts (average notional value)	$31,625	$2,293	$72,134

7. 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

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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. The 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, 2022, the Portfolios had no securities out on loan.

8. 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.

Beginning in late February 2022, global financial markets have experienced and may continue to experience significant volatility related to military action by Russia in Ukraine. As a result of this military action, the US and many other countries have imposed sanctions on Russia and certain Russian individuals, banks and corporations. The ongoing hostilities and resulting sanctions are expected to have a severe adverse effect on the region’s economies and more globally, including significant negative impact on markets for certain securities and commodities, such as oil and natural gas. Any cessation of trading on the Russian securities markets will impact the value and liquidity of certain portfolio holdings. The extent and duration of military action, sanctions, and resulting market disruptions are impossible to predict, but could be substantial and prolonged and impact your Portfolio’s performance.

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.

(continues) 27

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Notes to financial statements

8. Credit and Market Risk (continued)

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. In addition, Macquarie Emerging Markets Portfolio II invests a significant portion of its assets in India and Republic of Korea. 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 as well as in India and Republic of Korea, 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.

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.”

9. 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.

10. Recent Accounting Pronouncements

In March 2020, FASB issued an Accounting Standards Update (ASU), 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.

11. Subsequent Events

On May 19, 2022, the Board unanimously voted and approved a proposal to liquidate and dissolve Macquarie Emerging Markets Portfolio II. The liquidation and dissolution is expected to take place following the close of business on or about June 30, 2022.

Management has determined that no other material events or transactions occurred subsequent to April 30, 2022, that would require recognition or disclosure in each Portfolio’s financial statements.

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Portfolio managers

Macquarie Emerging Markets Portfolio

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

Gregory Halton
Senior Portfolio Manager
Mondrian Investment Partners Limited

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

Macquarie Emerging Markets Portfolio II

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

Macquarie Labor Select International Equity Portfolio

Nigel A. Bliss
Senior Portfolio Manager
Mondrian Investment Partners Limited

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

Zsolt Mester
Portfolio Manager
Mondrian Investment Partners Limited

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Semiannual report

Multi-asset mutual fund

Delaware Global Listed Real Assets Fund

April 30, 2022

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 Asset Management (MAM) is a global asset manager that aims to deliver positive impact for everyone. MAM Public Investments traces its roots to 1929 and partners with institutional and individual clients to deliver specialist active investment capabilities across global equities, fixed income, and multi-asset solutions using a conviction-based, long-term approach to investing. In the US, retail investors recognize our Delaware Funds by Macquarie family of funds as one of the oldest mutual fund families.

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) is the asset management division of Macquarie Group. MAM is a full-service asset manager offering a diverse range of products across public and private markets including fixed income, equities, multi-asset solutions, private credit, infrastructure, renewables, natural assets, real estate, and asset finance. The Public Investments business is a part of MAM and 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.

Other than Macquarie Bank Limited ABN 46 008 583 542 ("Macquarie Bank"), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.

The Fund is governed by US laws and regulations.

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Disclosure of Fund expenses	1
Security type / sector allocation and top 10 equity holdings	3
Schedule of investments	5
Statement of assets and liabilities	19
Statement of operations	21
Statements of changes in net assets	23
Financial highlights	26
Notes to financial statements	36
About the organization	56

Unless otherwise noted, views expressed herein are current as of April 30, 2022, 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, 2021 to April 30, 2022 (Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and 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, 2021 to April 30, 2022.

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, 2021 to April 30, 2022 (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
	11/1/21		4/30/22		Expense Ratio			11/1/21 to 4/30/22*
Actual Fund return^†
Class A	$	1,000.00	$	1,029.80		1.33	%	$	6.69
Class C		1,000.00		1,025.60		2.08	%		10.45
Class R		1,000.00		1,027.80		1.58	%		7.94
Institutional Class		1,000.00		1,030.20		1.08	%		5.44
Class R6		1,000.00		1,030.80		0.99	%		4.98
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,018.20		1.33	%	$	6.66
Class C		1,000.00		1,014.48		2.08	%		10.39
Class R		1,000.00		1,016.96		1.58	%		7.90
Institutional Class		1,000.00		1,019.44		1.08	%		5.41
Class R6		1,000.00		1,019.89		0.99	%		4.96

*	“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, 2022 (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
Corporate Bonds		10.19	%
Basic Industry		1.31	%
Capital Goods		0.54	%
Communications		2.28	%
Consumer Cyclical		1.16	%
Consumer Non-Cyclical		1.22	%
Energy		1.85	%
Real Estate		0.23	%
Transportation		0.80	%
Utilities		0.80	%
Non-Agency Commercial Mortgage-Backed Securities		1.62	%
Loan Agreements		2.20	%
Sovereign Bonds		9.52	%
US Treasury Obligations		4.73	%
Closed-Ended Trust		0.67	%
Common Stocks		64.96	%
Communication Services		1.97	%
Consumer Discretionary		1.56	%
Consumer Staples		1.42	%
Energy		11.94	%
Industrials		10.21	%
Materials		6.66	%
Real Estate Operating Companies/Developer		2.72	%
REIT Diversified		1.91	%
REIT Healthcare		1.36	%
REIT Hotel		0.53	%
REIT Industrial		3.60	%
REIT Information Technology		0.74	%
REIT Mall		0.53	%
REIT Manufactured Housing		0.49	%
REIT Multifamily		3.00	%
REIT Office		1.44	%
REIT Retail		0.36	%
REIT Self-Storage		1.37	%
REIT Shopping Center		0.81	%
REIT Single Tenant		0.33	%
REIT Specialty		0.98	%
Utilities		11.03	%

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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
Short-Term Investments		4.70	%
Total Value of Securities		98.59	%
Receivables and Other Assets Net of Liabilities		1.41	%
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
Archaea Energy		1.56	%
Prologis		1.39	%
Valero Energy		1.25	%
Sacyr		1.10	%
Chesapeake Energy		1.09	%
EQT		1.07	%
PPL		1.07	%
Transurban Group		1.05	%
Vinci		1.05	%
Atlas Arteria		1.03	%

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Schedule of investments
Delaware Global Listed Real Assets Fund	April 30, 2022 (Unaudited)

			Principal
			amount^°	Value (US $)
Corporate Bonds – 10.19%
Basic Industry – 1.31%
	Chemours 144A 4.625% 11/15/29 #		394,000	$	341,825
	First Quantum Minerals 144A 6.875% 3/1/26 #		200,000		200,787
	FMG Resources August 2006
		144A 5.875% 4/15/30 #	100,000		99,424
		144A 6.125% 4/15/32 #	100,000		99,448
	Freeport-McMoRan 5.45% 3/15/43		235,000		235,274
	New Gold 144A 6.375% 5/15/25 #		54,000		54,967
	Novelis
		144A 3.875% 8/15/31 #	255,000		219,073
		144A 4.75% 1/30/30 #	140,000		128,957
	PMHC II 144A 9.00% 2/15/30 #		120,000		96,758
	Univar Solutions USA 144A 5.125% 12/1/27 #		265,000		254,344
					1,730,857
Capital Goods – 0.54%
	Clean Harbors 144A 5.125% 7/15/29 #		195,000		192,591
	GFL Environmental 144A 5.125% 12/15/26 #		160,000		157,462
	Sealed Air
		144A 4.00% 12/1/27 #	175,000		164,704
		144A 5.00% 4/15/29 #	200,000		198,766
					713,523
Communications – 2.28%
	CCO Holdings 144A 5.375% 6/1/29 #		340,000		322,599
	CSC Holdings 144A 3.375% 2/15/31 #		200,000		156,598
	Cumulus Media New Holdings 144A 6.75% 7/1/26 #		43,000		42,846
	DISH DBS 144A 5.75% 12/1/28 #		209,000		187,338
	Frontier Communications Holdings 144A 5.875%
		10/15/27 #	293,000		281,049
	Gray Escrow II 144A 5.375% 11/15/31 #		180,000		155,386
	Lamar Media 3.75% 2/15/28		175,000		160,393
	LCPR Senior Secured Financing DAC 144A 6.75%
		10/15/27 #	194,000		193,144
	Nexstar Media 144A 5.625% 7/15/27 #		213,000		207,505
	Outfront Media Capital 144A 4.625% 3/15/30 #		245,000		219,544
	Sirius XM Radio 144A 5.50% 7/1/29 #		300,000		288,811
	Sprint Capital 8.75% 3/15/32		65,000		82,713
	Terrier Media Buyer 144A 8.875% 12/15/27 #		210,000		205,526
	T-Mobile USA
		3.375% 4/15/29	60,000		54,348
		4.75% 2/1/28	105,000		103,753
	Virgin Media Secured Finance 144A 5.50% 5/15/29 #		200,000		185,330

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Schedule of investments
Delaware Global Listed Real Assets Fund

			Principal
			amount^°	Value (US $)
Corporate Bonds (continued)
Communications (continued)
	Vmed O2 UK Financing I 144A 4.25% 1/31/31 #		200,000	$	169,430
					3,016,313
Consumer Cyclical – 1.16%
	Carnival
		144A 5.75% 3/1/27 #	150,000		136,080
		144A 7.625% 3/1/26 #	35,000		34,296
	Hilton Domestic Operating
		144A 4.00% 5/1/31 #	85,000		76,154
		4.875% 1/15/30	200,000		193,220
	Lennar 5.00% 6/15/27		95,000		96,977
	Murphy Oil USA 144A 3.75% 2/15/31 #		321,000		282,435
	Royal Caribbean Cruises 144A 5.50% 4/1/28 #		365,000		333,687
	VICI Properties 144A 5.75% 2/1/27 #		216,000		218,272
	Wyndham Hotels & Resorts 144A 4.375% 8/15/28 #		175,000		163,366
					1,534,487
Consumer Non-Cyclical – 1.22%
	CHS 144A 5.25% 5/15/30 #		313,000		274,916
	HCA
		3.50% 9/1/30	10,000		8,973
		5.375% 2/1/25	70,000		72,100
		5.875% 2/1/29	305,000		318,141
	JBS USA LUX 144A 5.50% 1/15/30 #		289,000		285,765
	Pilgrim's Pride 144A 5.875% 9/30/27 #		332,000		334,822
	Tenet Healthcare
		144A 4.25% 6/1/29 #	204,000		184,593
		6.875% 11/15/31	135,000		140,051
					1,619,361
Energy – 1.85%
	Callon Petroleum 144A 8.00% 8/1/28 #		85,000		88,031
	CNX Resources
		144A 6.00% 1/15/29 #	65,000		64,239
		144A 7.25% 3/14/27 #	100,000		102,347
	Crestwood Midstream Partners
		144A 5.625% 5/1/27 #	82,000		79,943
		144A 6.00% 2/1/29 #	209,000		203,664
	DCP Midstream Operating 5.125% 5/15/29		210,000		206,822
	EQM Midstream Partners 144A 4.75% 1/15/31 #		320,000		285,856
	Genesis Energy 6.50% 10/1/25		265,000		252,101
	Hilcorp Energy I 144A 6.00% 4/15/30 #		100,000		99,381
	Marathon Oil 4.40% 7/15/27		75,000		74,993

Table of Contents

			Principal
			amount^°	Value (US $)
Corporate Bonds (continued)
Energy (continued)
	Murphy Oil
		5.875% 12/1/27	195,000	$	193,745
		6.375% 7/15/28	105,000		106,925
	NuStar Logistics
		6.00% 6/1/26	90,000		89,883
		6.375% 10/1/30	80,000		78,882
	Occidental Petroleum
		6.60% 3/15/46	55,000		60,037
		6.625% 9/1/30	40,000		43,406
	Southwestern Energy 7.75% 10/1/27		225,000		235,242
	Targa Resources Partners 4.875% 2/1/31		195,000		187,732
					2,453,229
Real Estate – 0.23%
	HAT Holdings I 144A 3.75% 9/15/30 #		100,000		86,402
	XHR 144A 4.875% 6/1/29 #		235,000		216,742
					303,144
Transportation – 0.80%
	Air Canada 144A 3.875% 8/15/26 #		255,000		236,071
	Delta Air Lines
		144A 7.00% 5/1/25 #	82,000		87,876
		7.375% 1/15/26	67,000		71,433
	United Airlines Holdings 4.875% 1/15/25		280,000		270,535
	VistaJet Malta Finance 144A 6.375% 2/1/30 #		450,000		393,228
					1,059,143
Utilities – 0.80%
	Calpine
		144A 5.00% 2/1/31 #	35,000		29,891
		144A 5.125% 3/15/28 #	345,000		313,815
	NRG Energy 144A 3.625% 2/15/31 #		190,000		158,478
	PG&E 5.25% 7/1/30		85,000		77,405
	TerraForm Power Operating 144A 4.75% 1/15/30 #		308,000		277,774
	Vistra Operations
		144A 5.00% 7/31/27 #	70,000		66,759
		144A 5.50% 9/1/26 #	70,000		69,825
		144A 5.625% 2/15/27 #	75,000		73,963
					1,067,910
Total Corporate Bonds (cost $14,361,614)					13,497,967

Table of Contents

Schedule of investments
Delaware Global Listed Real Assets Fund

			Principal
			amount^°	Value (US $)
Non-Agency Commercial Mortgage-Backed Securities – 1.62%
	Cantor Commercial Real Estate Lending
		Series 2019-CF1 B 4.178% 5/15/52 ●	200,000	$	192,999
	Citigroup Commercial Mortgage Trust
		Series 2019-C7 A4 3.102% 12/15/72	600,000		563,073
	GS Mortgage Securities Trust
		Series 2017-GS6 B 3.869% 5/10/50	730,000		700,904
	Morgan Stanley Capital I Trust
		Series 2016-BNK2 B 3.485% 11/15/49	740,000		693,759
Total Non-Agency Commercial Mortgage-Backed Securities (cost
	$2,378,780)				2,150,735

Loan Agreements – 2.20%
	Calpine
		3.27% (LIBOR01M + 2.50%) 12/16/27 ●	81,970		81,271
		2.77% (LIBOR01M + 2.00%) 4/5/26 ●	318,981		315,193
	Calpine Construction Finance Tranche B 2.764%
		(LIBOR01M + 2.00%) 1/15/25 ●	123,941		122,598
	Castlelake Aviation One DAC 3.576% (LIBOR03M +
		2.75%) 10/22/26 ●	223,875		221,496
	Charter Communications Operating
		Tranche B2 2.52% (LIBOR01M + 1.75%) 2/1/27 ●	258,167		255,360
	CSC Holdings 2.804% (LIBOR01M + 2.25%)
		7/17/25 ●	247,826		244,047
	Hamilton Projects Acquiror 5.506% (LIBOR03M +
		4.50%) 6/17/27 ●	294,750		294,408
	HCA Tranche B 2.514% (LIBOR01M + 1.75%)
		6/30/28 ●	471,438		471,437
	Lamar Media Tranche B 2.054% (LIBOR01M +
		1.50%) 2/5/27 ●	169,139		168,664
	Parkway Generation Tranche B 5.514% (LIBOR01M
		+ 4.75%) 2/16/29 ●	157,895		157,500
	Parkway Generation Tranche C 5.514% (LIBOR01M
		+ 4.75%) 2/16/29 ●	22,105		22,041
	Pilot Travel Centers Tranche B 2.70% (LIBOR01M +
		2.00%) 8/4/28 ●	174,125		172,136
	Setanta Aircraft Leasing DAC 3.006% (LIBOR03M +
		2.00%) 11/5/28 ●	125,000		124,336
	Sinclair Television Group Tranche B-3 3.46%
		(LIBOR01M + 3.00%) 4/1/28 ●	99,250		95,818
	Vistra Operations 2.472% (LIBOR01M + 1.75%)
		12/31/25 ●	165,809		163,840
Total Loan Agreements (cost $2,925,828)					2,910,145

Table of Contents

				Principal
				amount^°	Value (US $)
Sovereign Bonds – 9.52%Δ
Australia – 0.20%
	Australia Government Bonds
		0.75% 11/21/27	AUD	214,326	$	170,154
		2.50% 9/20/30	AUD	93,525		97,785
						267,939
Canada – 0.53%
	Canadian Government Real Return Bonds
		4.00% 12/1/31	CAD	393,576		405,794
		4.25% 12/1/26	CAD	317,583		296,990
						702,784
France – 1.51%
	French Republic Government Bond OAT
		0.10% 3/1/25	EUR	371,390		427,480
		0.10% 3/1/28	EUR	749,112		895,835
		144A 0.10% 3/1/36 #	EUR	60,083		74,654
		144A 1.80% 7/25/40 #	EUR	175,646		289,777
		3.15% 7/25/32	EUR	189,618		305,696
						1,993,442
Germany – 0.71%
	Deutsche Bundesrepublik Inflation Linked Bond
		0.10% 4/15/26	EUR	648,486		769,895
		0.50% 4/15/30	EUR	133,634		173,966
						943,861
Italy – 1.52%
	Italy Buoni Poliennali Del Tesoro
		0.10% 5/15/23	EUR	1,106,276		1,240,949
		144A 2.55% 9/15/41 #	EUR	235,457		348,559
		144A 3.10% 9/15/26 #	EUR	333,541		428,694
						2,018,202
Japan – 0.30%
	Japanese Government CPI Linked Bond
		0.10% 3/10/29	JPY	47,859,559		392,022
						392,022
Spain – 0.66%
	Spain Government Inflation Linked Bond
		0.15% 11/30/23	EUR	663,571		758,066
		144A 1.00% 11/30/30 #	EUR	95,443		119,838
						877,904

Table of Contents

Schedule of investments
Delaware Global Listed Real Assets Fund

				Principal
				amount^°	Value (US $)
Sovereign BondsΔ (continued)
United Kingdom – 4.09%
	United Kingdom Inflation-Linked Gilt
		0.125% 3/22/29	GBP	392,730	$	600,596
		0.125% 8/10/41	GBP	375,933		689,080
		0.125% 3/22/44	GBP	252,279		471,327
		0.125% 8/10/48	GBP	312,750		614,289
		0.125% 11/22/56	GBP	152,796		329,538
		0.125% 11/22/65	GBP	61,720		151,664
		0.125% 3/22/68	GBP	112,333		291,843
		0.25% 3/22/52	GBP	135,330		285,432
		0.375% 3/22/62	GBP	106,177		262,348
		0.625% 3/22/40	GBP	60,632		116,911
		1.125% 11/22/37	GBP	218,172		433,394
		1.25% 11/22/27	GBP	103,617		164,170
		1.25% 11/22/32	GBP	398,753		723,603
		1.25% 11/22/55	GBP	104,290		287,697
						5,421,892
Total Sovereign Bonds (cost $14,233,557)						12,618,046

US Treasury Obligations – 4.73%
	US Treasury Inflation Indexed Bonds
		0.125% 2/15/51		146,679		134,798
		0.25% 2/15/50		150,855		142,933
		0.75% 2/15/42		306,241		323,453
		1.00% 2/15/46		453,093		503,127
		2.125% 2/15/40		103,174		136,002
	US Treasury Inflation Indexed Notes
		0.125% 4/15/26		3,291,853		3,389,893
		0.125% 7/15/31		670,915		682,373
		0.875% 1/15/29		894,851		958,455
Total US Treasury Obligations (cost $6,613,089)						6,271,034

				Number of
				shares
Closed-Ended Trust – 0.67%
	Sprott Physical Uranium Trust †			67,038		881,907
Total Closed-Ended Trust (cost $688,168)						881,907

Table of Contents

		Number of
		shares	Value (US $)
Common Stocks – 64.96%
Communication Services – 1.97%
	Cellnex Telecom #	28,904	$	1,347,224
	Vantage Towers	37,066		1,260,306
				2,607,530
Consumer Discretionary – 1.56%
	Archaea Energy †	94,092		2,070,024
				2,070,024
Consumer Staples – 1.42%
	Archer-Daniels-Midland	7,108		636,593
	Bunge	7,516		850,210
	Darling Ingredients †	5,421		397,847
				1,884,650
Energy – 11.94%
	Ardmore Shipping †	34,604		215,583
	Chesapeake Energy	17,540		1,438,631
	Denbury †	16,115		1,031,038
	Enbridge	28,832		1,258,181
	Enviva	10,321		870,473
	EOG Resources	6,279		733,136
	EQT	35,777		1,422,136
	Equinor ADR	26,388		899,303
	Kimbell Royalty Partners	55,964		941,874
	Occidental Petroleum	10,670		587,810
	PBF Energy Class A †	21,279		618,368
	Schlumberger	29,372		1,145,802
	Shell	21,636		580,838
	TC Energy	24,415		1,291,402
	Unit †	9,491		566,138
	Valaris †	11,031		559,823
	Valero Energy	14,824		1,652,579
				15,813,115
Industrials – 10.21%
	Aena #, †	8,923		1,266,259
	ALEATICA †	1,362,553		1,213,888
	Arcosa	15,602		835,175
	Atlas Arteria	281,032		1,365,274
	CCR	489,571		1,240,774
	East Japan Railway	24,700		1,288,026
	Enav #, †	294,977		1,361,754
	Li-Cycle Holdings †	51,482		334,118

Table of Contents

Schedule of investments
Delaware Global Listed Real Assets Fund

		Number of
		shares		Value (US $)
Common Stocks (continued)
Industrials (continued)
	Sacyr	543,397	$	1,463,700
	Spring Valley Acquisition Class A †	11,927		113,783
	Sunrun †	13,450		268,731
	Transurban Group	138,526		1,391,025
	Vinci	14,271		1,384,770
				13,527,277
Materials – 6.66%
	Anglo American	18,921		838,030
	BHP Group	34,852		1,164,595
	CF Industries Holdings	7,591		735,037
	ERO Copper †	52,743		758,310
	Hudbay Minerals	104,601		669,446
	Louisiana-Pacific	6,583		424,735
	Newmont	16,341		1,190,442
	Nutrien	9,718		954,793
	Pan American Silver	17,302		428,964
	Vale ADR	30,374		513,017
	Wheaton Precious Metals	25,648		1,150,569
				8,827,938
Real Estate Operating Companies/Developer – 2.72%
	Castellum	14,276		282,713
	CK Asset Holdings	76,500		518,604
	Grainger	45,876		170,648
	Hang Lung Properties	60,000		114,754
	Intershop Holding	36		23,463
	Kojamo	13,586		270,269
	Mitsubishi Estate	30,200		439,911
	Mitsui Fudosan	11,700		247,967
	New World Development	27,031		103,388
	Nyfosa	22,161		244,250
	Samhallsbyggnadsbolaget i Norden	37,731		118,520
	Sirius Real Estate	144,860		221,135
	Sun Hung Kai Properties	38,500		443,408
	TAG Immobilien	4,648		92,892
	Tokyo Tatemono	9,096		128,244
	Wihlborgs Fastigheter	10,341		179,289
				3,599,455

Table of Contents

		Number of
		shares	Value (US $)
Common Stocks (continued)
REIT Diversified – 1.91%
	Abacus Property Group	5,360	$	12,301
	Activia Properties	28		89,475
	Ascendas Real Estate Investment Trust	60,735		124,961
	Charter Hall Group	4,219		45,343
	Dios Fastigheter	5,308		47,395
	Fastighets Balder Class B †	1,080		53,533
	Ingenia Communities Group	86,325		284,191
	Inmobiliaria Colonial Socimi	4,627		38,475
	Mapletree Logistics Trust	195,100		250,571
	NIPPON REIT Investment	90		257,976
	Stockland	9,438		27,318
	Weyerhaeuser	31,688		1,306,179
				2,537,718
REIT Healthcare – 1.36%
	Alexandria Real Estate Equities	3,449		628,270
	Assura	154,767		128,249
	CareTrust REIT	16,320		264,547
	Healthcare Realty Trust	2,880		77,990
	Healthpeak Properties	4,319		141,706
	Impact Healthcare REIT	20,000		31,248
	Omega Healthcare Investors	1,191		30,347
	Sabra Health Care REIT	8,539		99,736
	Universal Health Realty Income Trust	2,231		111,974
	Welltower	3,170		287,868
				1,801,935
REIT Hotel – 0.53%
	Apple Hospitality REIT	7,118		125,917
	Gaming and Leisure Properties	1,538		68,257
	VICI Properties	16,882		503,252
				697,426
REIT Industrial – 3.60%
	Duke Realty	10,993		601,867
	GLP J-REIT	69		93,107
	Goodman Group	4,793		79,774
	Granite Real Estate Investment Trust	4,544		336,524
	Industrial & Infrastructure Fund Investment	132		189,405
	Mapletree Industrial Trust	121,290		227,914
	Prologis	11,459		1,836,763
	PS Business Parks	1,680		314,496

Table of Contents

Schedule of investments
Delaware Global Listed Real Assets Fund

		Number of
		shares	Value (US $)
Common Stocks (continued)
REIT Industrial (continued)
	Rexford Industrial Realty	5,667	$	442,253
	Segro	22,531		377,216
	Tritax Big Box REIT	89,249		272,448
				4,771,767
REIT Information Technology – 0.74%
	American Tower	240		57,845
	Digital Realty Trust	1,985		290,048
	Equinix	797		573,107
	SBA Communications	154		53,455
				974,455
REIT Mall – 0.53%
	Simon Property Group	5,909		697,262
				697,262
REIT Manufactured Housing – 0.49%
	Equity LifeStyle Properties	6,485		501,161
	Sun Communities	823		144,494
				645,655
REIT Multifamily – 3.00%
	Apartment Income REIT	5,536		272,205
	AvalonBay Communities	3,046		692,904
	Camden Property Trust	2,643		414,660
	Canadian Apartment Properties REIT	3,644		142,736
	Daiwa Securities Living Investments	266		234,105
	Equity Residential	6,687		544,991
	Essex Property Trust	1,879		618,698
	Killam Apartment Real Estate Investment Trust	12,298		193,471
	UDR	2,848		151,542
	Vonovia	17,681		704,429
				3,969,741
REIT Office – 1.44%
	Allied Properties Real Estate Investment Trust	7,241		235,213
	Boston Properties	853		100,313
	Cousins Properties	4,552		163,417
	Daiwa Office Investment	25		141,531
	Equity Commonwealth †	6,809		178,328
	Highwoods Properties	6,036		246,510
	Hudson Pacific Properties	3,250		75,660
	Kilroy Realty	6,386		447,020
	Piedmont Office Realty Trust Class A	16,568		266,745

Table of Contents

		Number of
		shares	Value (US $)
Common Stocks (continued)
REIT Office (continued)
	SL Green Realty	722	$	49,977
				1,904,714
REIT Retail – 0.36%
	Deutsche EuroShop	1,722		28,530
	Japan Metropolitan Fund Invest	95		75,509
	Link REIT	43,500		375,744
				479,783
REIT Self-Storage – 1.37%
	Extra Space Storage	3,724		707,560
	Life Storage	3,484		461,595
	Public Storage	1,044		387,846
	Safestore Holdings	16,723		263,083
				1,820,084
REIT Shopping Center – 0.81%
	Alexander's	273		67,750
	Federal Realty Investment Trust	619		72,460
	First Capital Real Estate Investment Trust	13,818		184,147
	Regency Centers	1,608		110,679
	Retail Opportunity Investments	12,050		224,492
	Shopping Centres Australasia Property Group	117,567		251,622
	SITE Centers	10,276		163,388
				1,074,538
REIT Single Tenant – 0.33%
	Four Corners Property Trust	3,551		97,510
	Orion Office REIT	3,422		45,923
	Realty Income	2,449		169,863
	Spirit Realty Capital	3,011		130,828
				444,124
REIT Specialty – 0.98%
	Civitas Social Housing	58,694		63,472
	Essential Properties Realty Trust	3,208		76,992
	Innovative Industrial Properties	1,345		194,474
	Invitation Homes	16,528		658,145
	Waypoint REIT	159,774		301,187
				1,294,270
Utilities – 11.03%
	APA Group	166,541		1,338,178
	Enel	201,780		1,312,154

Table of Contents

Schedule of investments
Delaware Global Listed Real Assets Fund

		Number of
		shares	Value (US $)
Common Stocks (continued)
Utilities (continued)
	Hydro One #	49,804	$	1,346,431
	National Grid	87,988		1,307,236
	Orsted #	5,149		569,636
	PPL	50,033		1,416,434
	Sempra Energy	4,144		668,676
	Severn Trent	34,588		1,359,361
	Snam	245,751		1,347,846
	SSE	58,765		1,364,866
	Terna - Rete Elettrica Nazionale	161,307		1,315,633
	United Utilities Group	88,589		1,273,061
				14,619,512
Total Common Stocks (cost $74,600,162)				86,062,973

Short-Term Investments – 4.70%
Money Market Mutual Funds – 4.70%
	BlackRock FedFund – Institutional Shares
	(seven-day effective yield 0.31%)	1,557,777		1,557,777
	Fidelity Investments Money Market Government
	Portfolio – Class I (seven-day effective yield
	0.16%)	1,557,777		1,557,777
	GS Financial Square Government Fund –
	Institutional Shares (seven-day effective yield
	0.32%)	1,557,777		1,557,777
	Morgan Stanley Government Portfolio – Institutional
	Share Class (seven-day effective yield 0.30%)	1,557,777		1,557,777
Total Short-Term Investments (cost $6,231,108)				6,231,108
Total Value of Securities–98.59%
	(cost $122,032,306)		$	130,623,915

°	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, 2022, the aggregate value of Rule 144A securities was $17,235,709, which represents 13.01% of the Fund's net assets. See Note 9 in “Notes to financial statements."

Table of Contents

•	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at April 30, 2022. 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.

The following foreign currency exchange contracts were outstanding at April 30, 2022:¹

Foreign Currency Exchange Contracts

	Currency to						Settlement		Unrealized		Unrealized
Counterparty	Receive (Deliver)			In Exchange For			Date		Appreciation		Depreciation
BNYM	BRL	(42,807	)	USD	8,643			5/2/22	$	—	$	(7	)
BNYM	CAD	110,273		USD	(86,592	)		5/3/22		—		(755	)
BNYM	GBP	43,193		USD	(54,485	)		5/4/22		—		(172	)
BNYM	JPY	(7,090,980	)	USD	55,327			5/2/22		682		—
JPMCB	AUD	(354,263	)	USD	253,778			5/20/22		—3,379		—
JPMCB	CAD	(916,343	)	USD	718,824			5/20/22		—5,547		—
JPMCB	EUR	(5,512,682	)	USD	6,234,980			5/20/22		—414,144		—
JPMCB	GBP	(4,427,885	)	USD	5,974,234			5/20/22		—406,492		—
JPMCB	JPY	(50,527,590	)	USD	437,847			5/20/22		—48,233		—
Total Foreign Currency Exchange Contracts									$	878,477	$	(934	)

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 presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is 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
CPI – Consumer Price Index
DAC – Designated Activity Company
GS – Goldman Sachs
ICE – Intercontinental Exchange, Inc.
JPMCB – JPMorgan Chase Bank

Table of Contents

Schedule of investments
Delaware Global Listed Real Assets Fund

Summary of abbreviations: (continued)
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
REIT – Real Estate Investment Trust

Summary of currencies:
AUD – Australian Dollar
BRL – Brazilian Real
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, 2022 (Unaudited)

Assets:
	Investments, at value*	$	130,623,915
	Cash		1,922,864
	Foreign currencies, at value^Δ		142,777
	Unrealized appreciation on foreign currency exchange contracts		878,477
	Dividends and interest receivable		313,271
	Receivable for securities sold		295,405
	Receivable for fund shares sold		188,536
	Foreign tax reclaims receivable		36,161
	Other assets		863
	Total Assets		134,402,269
Liabilities:
	Cash collateral due to brokers		980,000
	Payable for securities purchased		547,151
	Payable for fund shares redeemed		210,164
	Investment management fees payable to affiliates		78,947
	Dividend disbursing and transfer agent fees and expenses payable to
	non-affiliates		26,799
	Accounting and administration expenses payable to non-affiliates		18,189
	Audit and tax fees payable		16,371
	Reports and statements to shareholders expenses payable to non-affiliates		14,156
	Distribution fees payable to affiliates		12,900
	Other accrued expenses		8,268
	Dividend disbursing and transfer agent fees and expenses payable to
	affiliates		1,056
	Unrealized depreciation on foreign currency exchange contracts		934
	Accounting and administration expenses payable to affiliates		643
	Trustees' fees and expenses payable to affiliates		335
	Legal fees payable to affiliates		140
	Reports and statements to shareholders expenses payable to affiliates		83
	Total Liabilities		1,916,136
Total Net Assets		$	132,486,133

Net Assets Consist of:
	Paid-in capital	$	115,945,013
	Total distributable earnings (loss)		16,541,120
Total Net Assets		$	132,486,133

Table of Contents

Statement of assets and liabilities
Delaware Global Listed Real Assets Fund

Net Asset Value
Class A:
Net assets	$	45,391,168
Shares of beneficial interest outstanding, unlimited authorization, no par		3,161,872
Net asset value per share	$	14.36
Sales charge		5.75	%
Offering price per share, equal to net asset value per share / (1 - sales
charge)	$	15.24

Class C:
Net assets	$	1,657,461
Shares of beneficial interest outstanding, unlimited authorization, no par		115,854
Net asset value per share	$	14.31

Class R:
Net assets	$	4,076,011
Shares of beneficial interest outstanding, unlimited authorization, no par		284,374
Net asset value per share	$	14.33

Institutional Class:
Net assets	$	72,570,142
Shares of beneficial interest outstanding, unlimited authorization, no par		5,027,889
Net asset value per share	$	14.43

Class R6:
Net assets	$	8,791,351
Shares of beneficial interest outstanding, unlimited authorization, no par		610,374
Net asset value per share	$	14.40
____________________
*Investments, at cost	$	122,032,306
^ΔForeign currencies, at cost		143,320

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, 2022 (Unaudited)

Investment Income:
	Dividends	$	1,290,684
	Interest		767,986
	Foreign tax withheld		(54,099	)
			2,004,571

Expenses:
	Management fees		481,444
	Distribution expenses — Class A		56,485
	Distribution expenses — Class C		8,359
	Distribution expenses — Class R		10,195
	Dividend disbursing and transfer agent fees and expenses		76,831
	Registration fees		39,182
	Accounting and administration expenses		29,612
	Reports and statements to shareholders expenses		20,132
	Audit and tax fees		17,556
	Custodian fees		8,753
	Legal fees		7,659
	Trustees’ fees and expenses		2,230
	Other		22,982
			781,420
	Less expenses waived		(22,095	)
	Less expenses paid indirectly		(76	)
	Total operating expenses		759,249
Net Investment Income			1,245,322

Table of Contents

Statement of operations
Delaware Global Listed Real Assets Fund

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments	$	7,459,451
Foreign currencies		106,070
Foreign currency exchange contracts		567,569
Futures contracts		(14,067	)
Net realized gain		8,119,023

Net change in unrealized appreciation (depreciation) of:
Investments		(6,333,804	)
Foreign currencies		(5,582	)
Foreign currency exchange contracts		674,506
Net change in unrealized appreciation (depreciation)		(5,664,880	)
Net Realized and Unrealized Gain		2,454,143
Net Increase in Net Assets Resulting from Operations	$	3,699,465

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
			4/30/22			Year ended
			(Unaudited)			10/31/21
Increase (Decrease) in Net Assets from Operations:
	Net investment income		$	1,245,322		$	1,889,291
	Net realized gain			8,119,023			11,505,958
	Net change in unrealized appreciation (depreciation)			(5,664,880	)		15,690,359
	Net increase in net assets resulting from operations			3,699,465			29,085,608

Dividends and Distributions to Shareholders from:
	Distributable earnings:
		Class A		(2,232,786	)		(654,834	)
		Class C		(77,844	)		(11,448	)
		Class R		(193,782	)		(53,343	)
		Institutional Class		(3,364,194	)		(992,558	)
		Class R6		(437,592	)		(145,471	)
				(6,306,198	)		(1,857,654	)

Capital Share Transactions:
	Proceeds from shares sold:
		Class A		2,031,983			2,689,031
		Class C		356,184			399,879
		Class R		420,928			354,394
		Institutional Class		14,415,693			19,902,409
		Class R6		358,631			584,559
	Net asset value of shares issued upon reinvestment of
		dividends and distributions:
		Class A		2,161,894			625,966
		Class C		77,844			11,434
		Class R		193,782			53,342
		Institutional Class		3,362,248			991,000
		Class R6		288,866			95,250
				23,668,053			25,707,264

Table of Contents

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

			Six months
			ended
			4/30/22			Year ended
			(Unaudited)			10/31/21
Capital Share Transactions (continued):
	Cost of shares redeemed:
		Class A	$	(3,017,122	)	$	(7,633,401	)
		Class C		(346,529	)		(1,626,595	)
		Class R		(505,325	)		(1,585,560	)
		Institutional Class		(10,246,625	)		(14,431,801	)
		Class R6		(178,132	)		(637,295	)
				(14,293,733	)		(25,914,652	)
	Increase (decrease) in net assets derived from capital
		share transactions		9,374,320			(207,388	)
Net Increase in Net Assets				6,767,587			27,020,566

Net Assets:
	Beginning of period			125,718,546			98,697,980
	End of period		$	132,486,133		$	125,718,546

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	Calculated using average shares outstanding.
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
4/30/22¹				Year ended
(Unaudited)				10/31/21			10/31/20			10/31/19²			10/31/18			10/31/17
	$	14.67		$	11.43		$	12.88		$	10.87		$	11.36		$	14.28

		0.13			0.21			0.19			0.14			0.19			0.08
		0.29			3.24			(1.18	)		2.07			(0.21	)		0.03
		0.42			3.45			(0.99	)		2.21			(0.02	)		0.11

		(0.26	)		(0.21	)		(0.14	)		(0.20	)		(0.16	)		(0.21	)
		(0.47	)		—			(0.32	)		—			(0.26	)		(2.82	)
		—			—			—			—			(0.05	)		—
		(0.73	)		(0.21	)		(0.46	)		(0.20	)		(0.47	)		(3.03	)
	$	14.36		$	14.67		$	11.43		$	12.88		$	10.87		$	11.36
		2.98%	⁵		30.28%	⁵		(7.86%	)⁵		20.55%	⁵		(0.26%	)⁵		0.90%

	$	45,391		$	45,151		$	38,879		$	51,133		$	50,627		$	65,824
		1.33%			1.33%			1.37%			1.42%			1.39%			1.44%
		1.36%			1.39%			1.57%			1.58%			1.41%			1.44%
		1.80%			1.53%			1.62%			1.21%			1.76%			0.71%
		1.77%			1.47%			1.42%			1.05%			1.74%			0.71%
		36%			60%			84%			125%			120%			145%

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

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	Calculated using average shares outstanding.
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
4/30/22¹				Year ended
(Unaudited)				10/31/21			10/31/20			10/31/19²			10/31/18			10/31/17
	$	14.63		$	11.39		$	12.85		$	10.85		$	11.31		$	14.24

		0.08			0.10			0.10			0.05			0.11			—	⁴
		0.28			3.23			(1.17	)		2.07			(0.21	)		0.02
		0.36			3.33			(1.07	)		2.12			(0.10	)		0.02

		(0.21	)		(0.09	)		(0.07	)		(0.12	)		(0.05	)		(0.13	)
		(0.47	)		—			(0.32	)		—			(0.26	)		(2.82	)
		—			—			—			—			(0.05	)		—
		(0.68	)		(0.09	)		(0.39	)		(0.12	)		(0.36	)		(2.95	)
	$	14.31		$	14.63		$	11.39		$	12.85		$	10.85		$	11.31
		2.56%	⁶		29.31%	⁶		(8.55%	)⁶		19.64%	⁶		(0.99%	)⁶		0.13%

	$	1,658		$	1,601		$	2,302		$	4,082		$	4,810		$	13,331
		2.08%			2.08%			2.12%			2.17%			2.14%			2.19%
		2.11%			2.14%			2.32%			2.33%			2.16%			2.19%
		1.05%			0.78%			0.87%			0.46%			1.01%			(0.04%	)
		1.02%			0.72%			0.67%			0.30%			0.99%			(0.04%	)
		36%			60%			84%			125%			120%			145%

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

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	Calculated using average shares outstanding.
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
4/30/22¹				Year ended
(Unaudited)				10/31/21			10/31/20			10/31/19²			10/31/18			10/31/17
	$	14.65		$	11.41		$	12.87		$	10.86		$	11.35		$	14.27

		0.11			0.17			0.16			0.11			0.17			0.05
		0.28			3.24			(1.18	)		2.07			(0.22	)		0.04
		0.39			3.41			(1.02	)		2.18			(0.05	)		0.09

		(0.24	)		(0.17	)		(0.12	)		(0.17	)		(0.13	)		(0.19	)
		(0.47	)		—			(0.32	)		—			(0.26	)		(2.82	)
		—			—			—			—			(0.05	)		—
		(0.71	)		(0.17	)		(0.44	)		(0.17	)		(0.44	)		(3.01	)
	$	14.33		$	14.65		$	11.41		$	12.87		$	10.86		$	11.35
		2.78%	⁵		30.02%	⁵		(8.14%	)⁵		20.30%	⁵		(0.54%	)⁵		0.66%

	$	4,076		$	4,046		$	4,149		$	4,966		$	4,934		$	7,885
		1.58%			1.58%			1.62%			1.67%			1.64%			1.69%
		1.61%			1.64%			1.82%			1.83%			1.66%			1.69%
		1.55%			1.28%			1.37%			0.96%			1.51%			0.46%
		1.52%			1.22%			1.17%			0.80%			1.49%			0.46%
		36%			60%			84%			125%			120%			145%

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	Calculated using average shares outstanding.
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
4/30/22¹				Year ended
(Unaudited)				10/31/21			10/31/20			10/31/19²			10/31/18			10/31/17
	$	14.75		$	11.49		$	12.94		$	10.91		$	11.41		$	14.33

		0.15			0.25			0.22			0.17			0.22			0.12
		0.28			3.25			(1.19	)		2.09			(0.22	)		0.02
		0.43			3.50			(0.97	)		2.26			—⁴			0.14

		(0.28	)		(0.24	)		(0.16	)		(0.23	)		(0.19	)		(0.24	)
		(0.47	)		—			(0.32	)		—			(0.26	)		(2.82	)
		—			—			—			—			(0.05	)		—
		(0.75	)		(0.24	)		(0.48	)		(0.23	)		(0.50	)		(3.06	)
	$	14.43		$	14.75		$	11.49		$	12.94		$	10.91		$	11.41
		3.02%	⁶		30.62%	⁶		(7.63%	)⁶		20.94%	⁶		(0.08%	)⁶		1.14%

	$	72,570		$	66,426		$	46,769		$	12,621		$	13,741		$	16,988
		1.08%			1.08%			1.12%			1.17%			1.14%			1.19%
		1.11%			1.14%			1.32%			1.33%			1.16%			1.19%
		2.05%			1.78%			1.87%			1.46%			2.01%			0.96%
		2.02%			1.72%			1.67%			1.30%			1.99%			0.96%
		36%			60%			84%			125%			120%			145%

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 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	Calculated using average shares outstanding.
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
4/30/22¹				Year ended
(Unaudited)				10/31/21			10/31/20			10/31/19²			10/31/18			10/31/17
	$	14.72		$	11.47		$	12.91		$	10.89		$	11.41		$	14.33


		0.15			0.26			0.23			0.18			0.24			0.13
		0.29			3.24			(1.18	)		2.08			(0.23	)		0.03
		0.44			3.50			(0.95	)		2.26			0.01			0.16


		(0.29	)		(0.25	)		(0.17	)		(0.24	)		(0.22	)		(0.26	)
		(0.47	)		—			(0.32	)		—			(0.26	)		(2.82	)
		—			—			—			—			(0.05	)		—
		(0.76	)		(0.25	)		(0.49	)		(0.24	)		(0.53	)		(3.08	)
	$	14.40		$	14.72		$	11.47		$	12.91		$	10.89		$	11.41
		3.08%	⁵		30.71%	⁵		(7.51%	)⁵		21.00%	⁵		0.09%	⁵		1.28%

	$	8,791		$	8,495		$	6,599		$	5,396		$	4,876		$	21,155
		0.99%			1.00%			1.02%			1.07%			1.01%			1.04%
		1.01%			1.04%			1.22%			1.23%			1.03%			1.04%
		2.14%			1.86%			1.97%			1.56%			2.14%			1.11%
		2.12%			1.82%			1.77%			1.40%			2.12%			1.11%
		36%			60%			84%			125%			120%			145%

Table of Contents

Notes to financial statements
Delaware Global Listed Real Assets Fund	April 30, 2022 (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 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 contingent deferred sales charge (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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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. Open-end investment companies are valued at their published net asset 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, 2022, and for all open tax years (years ended October 31, 2018–October 31, 2021), 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 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, 2022, 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

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Notes to financial statements
Delaware Global Listed Real Assets Fund

1. Significant Accounting Policies (continued)

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 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 fund 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

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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. The expenses paid under this arrangement are included on the “Statement 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, 2022.

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, 2022, the Fund earned $76 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, of its management fee and/or pay/reimburse 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), in order to prevent total annual fund operating expenses from exceeding 1.06% of the Fund’s average daily net assets for all share classes other than Class R6 and 0.96% of the Fund’s average daily net assets of the Class R6 shares from February 26, 2022 through April 30, 2022.* From November 1, 2021 through February 25, 2022, the waiver was 1.08% for all share classes other than Class R6 and 1.00% of the Fund's average daily net assets of the Class R6 shares. These waivers and reimbursements may only be terminated by agreement of DMC and the Fund. The waivers and reimbursements are accrued daily and received monthly.

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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)

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 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, 2022, the Fund was charged $4,495 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, 2022, the Fund was charged $5,674 for these services. Pursuant to a

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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 that 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 and regulatory reporting services to the Fund. For the six months ended April 30, 2022, the Fund was charged $1,958 for internal legal 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, 2022, DDLP earned $4,021 for commissions on sales of the Fund’s Class A shares. For the six months ended April 30, 2022, DDLP received gross CDSC commissions of $500 on redemptions of the Fund’s Class C 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 26, 2021 through February 28, 2023.

3. Investments

For the six months ended April 30, 2022, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases other than US government securities	$	39,137,584
Purchases of US government securities		7,770,741
Sales other than US government securities		34,434,061
Sales of US government securities		9,517,549

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Notes to financial statements
Delaware Global Listed Real Assets Fund

3. Investments (continued)

At April 30, 2022, 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, 2022, the cost and unrealized appreciation (depreciation) of investments and derivatives for the Fund were as follows:

Cost of investments and derivatives	$	122,032,306
Aggregate unrealized appreciation of investments and derivatives	$	16,820,234
Aggregate unrealized depreciation of investments and derivatives		(7,351,082	)
Net unrealized appreciation of investments and derivatives	$	9,469,152

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 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

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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, 2022:

		Level 1		Level 2		Total
Securities
Assets:
Closed-Ended Trust		$	881,907	$	—	$	881,907
Common Stocks
	Communication Services		—		2,607,530		2,607,530
	Consumer Discretionary		2,070,024		—		2,070,024
	Consumer Staples		1,884,650		—		1,884,650
	Energy		15,232,277		580,838		15,813,115
	Industrials		4,006,469		9,520,808		13,527,277
	Materials		6,825,313		2,002,625		8,827,938
	Real Estate Operating Companies/Developer		244,598		3,354,857		3,599,455
	REIT Diversified		1,306,179		1,231,539		2,537,718
	REIT Healthcare		1,770,687		31,248		1,801,935
	REIT Hotel		697,426		—		697,426
	REIT Industrial		3,531,903		1,239,864		4,771,767
	REIT Information Technology		974,455		—		974,455
	REIT Mall		697,262		—		697,262
	REIT Manufactured Housing		645,655		—		645,655
	REIT Multifamily		3,031,207		938,534		3,969,741
	REIT Office		1,763,183		141,531		1,904,714
	REIT Retail		—		479,783		479,783
	REIT Self-Storage		1,557,001		263,083		1,820,084
	REIT Shopping Center		822,916		251,622		1,074,538
	REIT Single Tenant		444,124		—		444,124
	REIT Specialty		993,083		301,187		1,294,270
	Utilities		3,431,541		11,187,971		14,619,512
Corporate Bonds			—		13,497,967		13,497,967
Loan Agreements			—		2,910,145		2,910,145
Non-Agency Commercial Mortgage-Backed
	Securities		—		2,150,735		2,150,735
Sovereign Bonds			—		12,618,046		12,618,046
US Treasury Obligations			—		6,271,034		6,271,034
Short-Term Investments			6,231,108		—		6,231,108
Total Value of Securities		$	59,042,968	$	71,580,947	$	130,623,915

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Notes to financial statements
Delaware Global Listed Real Assets Fund

3. Investments (continued)

	Level 1		Level 2			Total
Derivatives¹
Assets:
Foreign Currency Exchange Contracts	$	—	$	878,477		$	878,477
Liabilities:
Foreign Currency Exchange Contracts	$	—	$	(934	)	$	(934	)

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

During the six months ended April 30, 2022, there were no transfers into or out of Level 3 investments that had a significant impact to the Fund. 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 or end of the period in relation to the Fund's net assets. During the six months ended April 30, 2022, there were no Level 3 investments.

4. Capital Shares

Transactions in capital shares were as follows:

	Six months
	ended	Year ended
	4/30/22	10/31/21
Shares sold:
Class A	139,564	198,836
Class C	24,690	28,408
Class R	29,171	26,311
Institutional Class	992,550	1,431,877
Class R6	25,022	41,597

Shares issued upon reinvestment of dividends and distributions:
Class A	153,852	45,426
Class C	5,562	832
Class R	13,813	3,879
Institutional Class	237,897	71,400
Class R6	20,481	6,891
	1,642,602	1,855,457

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	Six months
	ended		Year ended
	4/30/22		10/31/21
Shares redeemed:
Class A	(208,822	)	(568,419	)
Class C	(23,800	)	(121,998	)
Class R	(34,804	)	(117,471	)
Institutional Class	(706,681	)	(1,070,459	)
Class R6	(12,262	)	(46,833	)
	(986,369	)	(1,925,180	)
Net increase (decrease)	656,233		(69,723	)

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, 2022 and the year ended October 31, 2021, 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
4/30/22	—	712	710	—	—	$	10,585
Year ended
10/31/21	11,701	8,520	8,494	11,519	120		260,280

5. Line of Credit

The Fund, along with certain other funds in the Delaware Funds (Participants), is a participant in a $355,000,000 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 are charged an annual commitment fee of 0.15% with the addition of an upfront fee of 0.05%, which is allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants are permitted to borrow up to a maximum of one-third of their net assets under the Agreement. Each Participant is individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the Agreement expires on October 31, 2022.

The Fund had no amounts outstanding as of April 30, 2022, or at any time during the period then ended.

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Notes to financial statements
Delaware Global Listed Real Assets Fund

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 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, 2022, 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

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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. No futures contracts were outstanding at April 30, 2022.

During the six months ended April 30, 2022, 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.

Fair values of derivative instruments as of April 30, 2022 were as follows:

		Asset Derivatives Fair Value
Statement of Assets and		Currency
Liabilities Location		Contracts
Unrealized appreciation on foreign currency exchange contracts		$878,477
		Liability Derivatives Fair Value
Statement of Assets and		Currency
Liabilities Location		Contracts
Unrealized depreciation on foreign currency exchange contracts		$(934)

The effect of derivative instruments on the “Statement of operations” for the six months ended April 30, 2022 was as follows:

	Net Realized Gain (Loss) on:
	Foreign
	Currency
	Exchange		Futures
	Contracts		Contracts			Total
Currency
contracts	$	567,569	$	—		$	567,569
Interest rate
contracts		—		(14,067	)		(14,067	)
Total	$	567,569	$	(14,067	)	$	553,502

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Notes to financial statements
Delaware Global Listed Real Assets Fund

6. Derivatives (continued)

		Net Change in Unrealized Appreciation (Depreciation) of:
		Foreign
		Currency
		Exchange
		Contracts
Currency
contracts		$674,506

The table below summarizes the average balance of derivative holdings by the Fund during the six months ended April 30, 2022:

	Long Derivative		Short Derivative
	Volume		Volume
Foreign currency exchange contracts (average notional value)	$	81,534	$	14,192,640
Futures contracts (average notional value)		150,359		30,762

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 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.”

At April 30, 2022, 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		$	682		$	(934	)		$	(252	)
JPMorgan Chase Bank			877,795			—				877,795
Total		$	878,477		$	(934	)		$	877,543

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				Fair Value of					Fair Value of
				Non-Cash					Non-Cash
				Collateral		Cash Collateral			Collateral		Cash Collateral
Counterparty	Net Position			Received		Received^(a)			Pledged		Pledged		Net Exposure^(b)
Bank of New
York
Mellon	$	(252	)		$—	$	—			$—		$—		$	(252	)
JPMorgan
Chase
Bank		877,795			—		(877,795	)		—		—			—
Total	$	877,543			$—	$	(877,795	)		$—		$—		$	(252	)

^(a)	The value of the related collateral exceeded the value of the derivatives as of April 30, 2022.
^(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.

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

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Notes to financial statements
Delaware Global Listed Real Assets Fund

8. Securities Lending (continued)

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; certain money market funds; and asset-backed securities. The 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, 2022, the Fund 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 Fund's performance.

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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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

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Notes to financial statements
Delaware Global Listed Real Assets Fund

9. Credit and Market Risk (continued)

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. 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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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.

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 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

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Notes to financial statements
Delaware Global Listed Real Assets Fund

9. Credit and Market Risk (continued)

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 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.

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11. Recent Accounting Pronouncements

12. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to April 30, 2022, that would require recognition or disclosure in the Fund’s financial statements.

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About the organization

Board of trustees

Shawn K. Lytle President and Chief Executive Officer Delaware Funds by Macquarie^® Jerome D. Abernathy Managing Member Stonebrook Capital Management, LLC Thomas L. Bennett Chairman of the Board Delaware Funds by Macquarie Private Investor	Ann D. Borowiec Former Chief Executive Officer Private Wealth Management J.P. Morgan Chase & Co. Joseph W. Chow Private Investor H. Jeffrey Dobbs Former Global Sector Chairman Industrial Manufacturing, KPMG, LLP	John A. Fry President Drexel University Joseph Harroz, Jr. President University of Oklahoma Sandra A.J. Lawrence Former Chief Administrative Officer Children's Mercy Hospitals and Clinics	Frances A. Sevilla-Sacasa Former Chief Executive Officer Banco Itaú International Thomas K. Whitford Former Vice Chairman PNC Financial Services Group Christianna Wood Chief Executive Officer and President Gore Creek Capital, Ltd. Janet L. Yeomans Former Vice President and Treasurer 3M Company
Affiliated officers

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

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 officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)) and provide 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 (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) 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 5, 2022

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 5, 2022

/s/RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	July 5, 2022

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