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:		2005 Market Street
		Philadelphia, PA 19103

Name and address of agent for service:		David F. Connor, Esq.
		2005 Market Street
		Philadelphia, PA 19103

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

Date of fiscal year end:		October 31

Date of reporting period:		April 30, 2020

Item 1. Reports to Stockholders

Semiannual report

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

US equities

Macquarie Large Cap Value Portfolio

US fixed income

Macquarie Core Plus Bond Portfolio

Macquarie High Yield Bond Portfolio

International equities

Macquarie Emerging Markets Portfolio

Macquarie Emerging Markets Portfolio II

Macquarie Labor Select International Equity Portfolio

April 30, 2020

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

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

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

Table of contents



Portfolio objectives and strategies			2

Disclosure of Portfolio expenses			4

Security type / sector / country allocations and top 10 equity holdings			5

Schedules of investments			11

Statements of assets and liabilities			41

Statements of operations			45

Statements of changes in net assets			47

Financial highlights			49

Notes to financial statements			55

Macquarie Institutional Portfolios

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

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 800 231-8002 or visiting macquarieim.com/mipliterature. Carefully consider the Portfolios’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Portfolios’ prospectus which may be obtained by visiting macquarieim.com/mipliterature or calling 800 231-8002. Investors should read the prospectus carefully before investing. Performance includes reinvestment of all distributions.

The Portfolios are not FDIC insured and are not guaranteed. It is possible to lose the principal amount invested. Mutual fund advisory services are provided by Delaware Management Company, a series of MIMBT, which is a registered investment advisor.

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

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

*Closed to new investors.

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

Portfolio objectives and strategies

Macquarie Large Cap Value Portfolio seeks long-term capital appreciation. The Portfolio invests primarily in securities of large-capitalization companies that we believe have long-term capital appreciation potential. The Portfolio currently defines large-capitalization stocks as those with market capitalizations of $5 billion or greater at the time of purchase. Typically, we seek to select securities that we believe are undervalued in relation to their intrinsic value as indicated by multiple factors.

Macquarie Core Plus Bond Portfolio seeks maximum long-term total return, consistent with reasonable risk. The Portfolio allocates its investments principally among three sectors of the fixed income securities markets: US investment grade sector, US high yield sector, and international sector.

Macquarie High Yield Bond Portfolio seeks high total return. The Portfolio will primarily invest its assets at the time of purchase in: (1) corporate bonds rated BB or lower by Standard & Poor’s (S&P) or similarly rated by another nationally recognized statistical rating organization; (2) securities issued or guaranteed by the US government, its agencies, or instrumentalities; or (3) commercial paper of companies rated A-1 or A-2 by S&P, rated P-1 or P-2 by Moody’s Investors Service, Inc. (Moody’s), or unrated but considered to be of comparable quality.

Macquarie Emerging Markets Portfolio seeks long-term capital appreciation. The Portfolio generally invests in equity securities of companies that are organized in, have a majority of their assets in, or derive a majority of their operating income from emerging countries. Macquarie Emerging Markets Portfolio is presently closed to new investors.

Macquarie Emerging Markets Portfolio II seeks long-term capital appreciation. The Portfolio invests primarily in a broad range of equity securities of companies located in emerging market countries. The Portfolio may invest in companies of any size. The portfolio manager believes that although market price and intrinsic business value are positively correlated in the long run, short-term divergences can emerge. The Portfolio seeks to take advantage of these divergences through a fundamental, bottom-up approach. The Portfolio invests in securities of companies with sustainable franchises when they are trading at a discount to the portfolio manager’s intrinsic value estimate for that security.

Macquarie Labor Select International Equity Portfolio seeks maximum long-term total return. The Portfolio invests primarily in equity securities of companies that are organized, have a majority of their assets, or derive most of their operating income outside of the United States, and that, in the opinion of Mondrian Investment Partners Limited (“Mondrian”), the Portfolio’s sub-advisor, are undervalued at the time of purchase based on the rigorous fundamental analysis that the sub-advisor employs. In addition to following these quantitative guidelines, Mondrian will select securities of issuers that present certain characteristics that are compatible or operate in accordance with certain investment policies or restrictions followed by organized labor.

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 applicable prospectus carefully before investing.

Macquarie Institutional Portfolios are designed exclusively for institutional investors and high net worth individuals.

International investments entail risks including fluctuation in currency values, differences in accounting principles, or economic or political instability. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility, lower trading volume, and higher risk of market closures. In many emerging markets, there is substantially less publicly available information and the available information may be incomplete or misleading. Legal claims are generally more difficult to pursue.

The Portfolios’ share prices and yields will fluctuate in response to movements in stock prices.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt.

Portfolio objectives and strategies

The Portfolios may also be subject to prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

Securities in the lowest of the rating categories considered to be investment grade (that is, Baa or BBB) have some speculative characteristics.

High yielding, non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds.

The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds and certain other financial institutions, temporarily stop buying bonds for regulatory, financial, or other reasons. In addition, a less liquid secondary market makes it more difficult for the Portfolio to obtain precise valuations of the high yield securities in its portfolio.

If and when the Portfolio invests in forward foreign currency contracts or uses other investments to hedge against currency risks, the Portfolio will be subject to special risks, including counterparty risk.

The Portfolios may invest in derivatives, which may involve additional expenses and are subject to risk, including the risk that an underlying security or securities index moves in the opposite direction from what the portfolio manager anticipated. A derivatives transaction depends upon the counterparties’ ability to fulfill their contractual obligations.

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

LIBOR risk is the risk that potential changes related to the use of the London interbank offered rate (LIBOR) could have adverse impacts on financial instruments which reference LIBOR. The potential abandonment of LIBOR could affect the value and liquidity of instruments which reference LIBOR.

The disruptions caused by natural disasters, pandemics, or similar events could prevent a portfolio from executing advantageous investment decisions in a timely manner and could negatively impact a portfolio’s ability to achieve its investment objective and the value of a portfolio’s investments.

Disclosure of Portfolio expenses

For the six-month period from November 1, 2019 to April 30, 2020 (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 Nov. 1, 2019 to April 30, 2020.

Actual Expenses

The first section of the table 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 the 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 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 the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of 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. 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. 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 182/366 (to reflect the one-half year period).

Macquarie Institutional Portfolios

Expense Analysis of an Investment of $1,000


	Beginning Account Value 11/1/19		Ending Account Value 4/30/20		Annualized Expense Ratio	Expenses Paid During Period 11/1/19 to 4/30/20
Actual Portfolio return^†
Macquarie Large Cap Value Portfolio	$	1,000.00	$	870.20	0.70%	$3.25
Macquarie Core Plus Bond Portfolio		1,000.00		1,022.30	0.45%	2.26
Macquarie High Yield Bond Portfolio		1,000.00		947.20	0.59%	2.86
Macquarie Emerging Markets Portfolio		1,000.00		866.80	1.24%	5.76
Macquarie Emerging Markets Portfolio II		1,000.00		908.30	1.20%	5.69
Macquarie Labor Select International Equity Portfolio		1,000.00		798.90	0.86%	3.85

Hypothetical 5% return (5% return before expenses)
Macquarie Large Cap Value Portfolio	$	1,000.00	$	1,021.38	0.70%	$3.52
Macquarie Core Plus Bond Portfolio		1,000.00		1,022.63	0.45%	2.26
Macquarie High Yield Bond Portfolio		1,000.00		1,021.93	0.59%	2.97
Macquarie Emerging Markets Portfolio		1,000.00		1,018.70	1.24%	6.22
Macquarie Emerging Markets Portfolio II		1,000.00		1,018.90	1.20%	6.02
Macquarie Labor Select International Equity Portfolio		1,000.00		1,020.59	0.86%	4.32

^†	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.

Security type / sector allocations

and top 10 equity holdings

Macquarie Institutional Portfolios — Macquarie Large Cap Value Portfolio

As of April 30, 2020 (Unaudited)

Sector designations may be different than 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 than another portfolio’s sector designations.


Security type / sector	Percentage of net assets
Common Stock		98.29%
Communication Services		11.72%
Consumer Discretionary		6.21%
Consumer Staples		9.39%
Energy		3.63%
Financials		14.84%
Healthcare		21.39%
Industrials		8.12%
Information Technology		14.57%
Materials		3.00%
Real Estate		2.60%
Utilities		2.82%
Short-Term Investments		2.22%
Total Value of Securities		100.51%
Liabilities Net of Receivables and Other Assets		(0.51%)
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
ConocoPhillips		3.63%
Marsh & McLennan		3.30%
Archer-Daniels-Midland		3.30%
Cigna		3.30%
Johnson & Johnson		3.26%
Allstate		3.23%
Verizon Communications		3.23%
Lowe’s		3.20%
Broadcom		3.18%
Mondelez International Class A		3.13%

Security type / sector allocations

Macquarie Institutional Portfolios — Macquarie Core Plus Bond Portfolio

As of April 30, 2020 (Unaudited)


Security type / sector	Percentage of net assets
Agency Collateralized Mortgage Obligations		1.54%
Agency Commercial Mortgage-Backed Securities		2.92%
Agency Mortgage-Backed Securities		19.85%
Collateralized Debt Obligations		2.01%
Corporate Bonds		44.87%
Banking		9.63%
Basic Industry		2.98%
Brokerage		0.31%
Capital Goods		3.37%
Communications		7.75%
Consumer Cyclical		1.65%
Consumer Non-Cyclical		3.64%
Electric		5.13%
Energy		4.92%
Finance Companies		0.59%
Insurance		0.40%
REITs		0.51%
Technology		2.21%
Transportation		1.25%
Utilities		0.53%


Security type / sector	Percentage of net assets
Loan Agreements		3.92%
Municipal Bonds		0.12%
Non-Agency Asset-Backed Securities		3.27%
Non-Agency Collateralized Mortgage Obligations		1.95%
Non-Agency Commercial Mortgage-Backed Securities		5.96%
Sovereign Bonds		2.10%
Supranational Banks		0.28%
US Treasury Obligations		10.54%
Short-Term Investments		0.92%
Total Value of Securities		100.25%
Liabilities Net of Receivables and Other Assets		(0.25%)
Total Net Assets		100.00%

(continues) 6

Security type / sector allocations

Macquarie Institutional Portfolios — Macquarie High Yield Bond Portfolio

As of April 30, 2020 (Unaudited)


Security type / sector	Percentage of net assets
Corporate Bonds		86.84	%
Automotive		1.04	%
Banking		4.44	%
Basic Industry		9.50	%
Capital Goods		6.28	%
Consumer Cyclical		3.66	%
Consumer Non-Cyclical		4.65	%
Energy		7.90	%
Financial Services		0.68	%
Healthcare		7.72	%
Insurance		3.59	%
Media		12.28	%
Real Estate		0.88	%
Services		3.06	%
Technology & Electronics		7.06	%
Telecommunications		10.10	%
Transportation		1.03	%
Utilities		2.97	%
Loan Agreements		7.14	%
Common Stock		0.00	%
Short-Term Investments		5.90	%
Total Value of Securities		99.88	%
Receivables and Other Assets Net of Liabilities		0.12	%
Total Net Assets		100.00	%

Security type / country and sector allocations

Macquarie Institutional Portfolios — Macquarie Emerging Markets Portfolio

As of April 30, 2020 (Unaudited)

Sector designations may be different than 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 than another portfolio’s sector designations.


Security type / country	Percentage of net assets
Common Stock		97.48	%
Brazil		2.39	%
China/Hong Kong		46.84	%
India		11.21	%
Indonesia		1.08	%
Malaysia		0.56	%
Mexico		1.92	%
Peru		0.91	%
Qatar		0.10	%
Republic of Korea		12.97	%
Romania		0.26	%
Russia		4.41	%
Taiwan		10.70	%
Thailand		0.09	%
United Arab Emirates		0.95	%
United Kingdom		3.09	%
Preferred Stock		1.75	%
Short-Term Investments		0.85	%
Total Value of Securities		100.08	%
Liabilities Net of Receivables and Other Assets		(0.08	%)
Total Net Assets		100.00	%


Common stock and preferred stock by sector	Percentage of net assets
Communications Services		12.02	%
Consumer Discretionary		13.08	%
Consumer Staples		9.13	%
Energy		8.02	%
Financials		22.02	%
Healthcare		5.92	%
Industrials		0.32	%
Information Technology		20.10	%
Materials		7.21	%
Real Estate		1.31	%
Utilities		0.10	%
Total		99.23	%

(continues) 8

Security type / country and sector allocations

Macquarie Institutional Portfolios — Macquarie Emerging Markets Portfolio II

As of April 30, 2020 (Unaudited)


Security type / country	Percentage of net assets
Common Stock		98.35	%
Argentina		0.07	%
Bahrain		0.02	%
Brazil		8.91	%
Chile		0.40	%
China/Hong Kong		34.60	%
India		10.62	%
Indonesia		2.26	%
Malaysia		0.08	%
Mexico		3.27	%
Peru		0.42	%
Republic of Korea		17.41	%
Russia		6.46	%
Taiwan		12.70	%
Turkey		1.13	%
Preferred Stock		1.22	%
Short-Term Investments		0.41	%
Total Value of Securities		99.98	%
Receivables and Other Assets Net of Liabilities		0.02	%
Total Net Assets		100.00	%


Common stock and preferred stock by sector	Percentage of net assets
Consumer Discretionary		15.52	%
Consumer Staples		12.05	%
Energy		14.93	%
Financials		7.53	%
Healthcare		2.00	%
Industrials		0.18	%
Information Technology		35.33	%
Materials		1.56	%
Telecommunication Services		10.38	%
Utilities		0.09	%
Total		99.57	%

To monitor compliance with the Portfolio’s concentration guidelines as described in the Portfolio’s Prospectus and Statement of Additional Information, the Information Technology sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940 as amended). The Information Technology sector consisted of electronics, Internet, and semiconductors. As of April 30, 2020, such amounts, as a percentage of total net assets, were 1.90%, 10.75%, and 22.68%, respectively. The percentage in any such single industry will comply with the Portfolio’s concentration policy even if the percentages in the Information Technology sector for financial reporting purposes may exceed 25%.

Macquarie Institutional Portfolios — Macquarie Labor Select International Equity Portfolio

As of April 30, 2020 (Unaudited)


Security type / country		Percentage of net assets
Common Stock		98.11%
Australia		0.96%
China/Hong Kong		7.51%
Denmark		1.46%
France		7.45%
Germany		9.00%
Italy		4.36%
Japan		29.25%
Netherlands		0.76%
Singapore		5.37%
Spain		2.11%
Sweden		2.89%
Switzerland		5.32%
United Kingdom		21.67%
Preferred Stock		0.31%
Short-Term Investments		0.49%
Total Value of Securities		98.91%
Receivables and Other Assets Net of Liabilities		1.09%
Total Net Assets		100.00%


Common stock and preferred stock by sector		Percentage of net assets
Consumer Discretionary		10.83%
Consumer Staples		8.79%
Energy		7.09%
Financials		15.37%
Healthcare		14.89%
Industrials		14.33%
Information Technology		8.46%
Materials		1.96%
Telecommunication Services		11.13%
Utilities		5.57%
Total		98.42%

Schedules of investments

Macquarie Institutional Portfolios — Macquarie Large Cap Value Portfolio

April 30, 2020 (Unaudited)


	Number of shares		Value (US $)
Common Stock – 98.29%
Communication Services – 11.72%
AT&T		39,400	$	1,200,518
Comcast Class A		28,516		1,073,057
Verizon Communications		23,500		1,350,075
Walt Disney		11,836		1,280,064

				4,903,714
Consumer Discretionary – 6.21%
Dollar Tree †		15,800		1,258,786
Lowe’s		12,800		1,340,800

				2,599,586
Consumer Staples – 9.39%
Archer-Daniels-Midland		37,200		1,381,608
Conagra Brands		36,896		1,233,802
Mondelez International Class A		25,500		1,311,720

				3,927,130
Energy – 3.63%
ConocoPhillips		36,078		1,518,884

				1,518,884
Financials – 14.84%
Allstate		13,300		1,352,876
American International Group		44,500		1,131,635
Bank of New York Mellon		32,900		1,235,066
Marsh & McLennan		14,200		1,382,086
Truist Financial		29,700		1,108,404

				6,210,067
Healthcare – 21.39%
Abbott Laboratories		12,800		1,178,752
Cardinal Health		25,000		1,237,000
Cigna		7,053		1,380,836
CVS Health		19,700		1,212,535
Johnson & Johnson		9,100		1,365,364
Merck & Co.		16,100		1,277,374
Pfizer		33,911		1,300,826

				8,952,687
Industrials – 8.12%
Caterpillar		9,054		1,053,704
Northrop Grumman		3,700		1,223,479
Raytheon Technologies		17,277		1,119,723

				3,396,906
Information Technology – 14.57%
Broadcom		4,900		1,330,938
Cisco Systems		28,800		1,220,544
Cognizant Technology Solutions Class A		18,598		1,079,056
Intel		21,100		1,265,578
Oracle		22,700		1,202,419

				6,098,535


	Number of shares		Value (US $)
Common Stock (continued)
Materials – 3.00%
DuPont de Nemours		26,709	$	1,255,857

				1,255,857
Real Estate – 2.60%
Equity Residential		16,750		1,089,755

				1,089,755
Utilities – 2.82%
Edison International		20,100		1,180,071

				1,180,071
Total Common Stock (cost $39,854,381)				41,133,192


Short-Term Investments – 2.22%
Money Market Mutual Funds – 2.22%
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.21%)		185,384		185,384
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.16%)		185,384		185,384
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.25%)		185,383		185,383
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.13%)		185,383		185,383
State Street Institutional US Government Money Market Fund – Investor Class (seven-day effective yield 0.14%)		185,383		185,383
Total Short-Term Investments (cost $926,917)				926,917

Total Value of Securities – 100.51% (cost $40,781,298)			$	42,060,109

† Non-income producing security.

GS – Goldman Sachs

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

Macquarie Institutional Portfolios — Macquarie Core Plus Bond Portfolio

April 30, 2020 (Unaudited)


	Principal amount°		Value (US $)
Agency Collateralized Mortgage Obligations – 1.54%
Fannie Mae Connecticut Avenue Securities
Series 2017-C04 2M2 3.337% (LIBOR01M + 2.85%) 11/25/29 ●		90,000	$	82,456
Series 2018-C02 2M2 2.687% (LIBOR01M + 2.20%, Floor 2.20%) 8/25/30 ●		104,923		91,743
Series 2018-C03 1M2 2.637% (LIBOR01M + 2.15%, Floor 2.15%) 10/25/30 ●		170,000		152,509
Series 2018-C05 1M2 2.837% (LIBOR01M + 2.35%, Floor 2.35%) 1/25/31 ●		125,000		111,581
Fannie Mae REMIC Trust
Series 2004-W11 1A2 6.50% 5/25/44		13,580		16,061
Fannie Mae REMICs
Series 2011-118 DC 4.00% 11/25/41		173,614		184,916
Series 2017-40 GZ 3.50% 5/25/47		53,306		58,911
Freddie Mac REMICs
Series 4676 KZ 2.50% 7/15/45		53,890		56,200
Freddie Mac Structured Agency Credit Risk Debt Notes
Series 2017-DNA1 M2 3.737% (LIBOR01M + 3.25%, Floor 3.25%) 7/25/29 ●		250,000		238,231
Series 2017-DNA3 M2 2.987% (LIBOR01M + 2.50%) 3/25/30 ●		500,001		470,189
Series 2018-HQA1 M2 2.787% (LIBOR01M + 2.30%) 9/25/30 ●		174,240		153,237
Freddie Mac Structured Agency Credit Risk REMIC Trust
Series 2019-HQA4 M2 144A 2.537% (LIBOR01M + 2.05%) 11/25/49 #●		500,000		380,332
GNMA
Series 2013-113 LY 3.00% 5/20/43		22,000		23,911


	Principal amount°		Value (US $)
Agency Collateralized Mortgage Obligations (continued)
GNMA
Series 2017-56 JZ 3.00% 4/20/47		3,282	$	3,566
Series 2017-130 YJ 2.50% 8/20/47		40,000		43,468
Series 2018-34 TY 3.50% 3/20/48		45,000		49,029

Total Agency Collateralized Mortgage Obligations (cost $2,314,445)				2,116,340


Agency Commercial Mortgage-Backed Securities – 2.92%
Freddie Mac Multifamily Structured Pass Through Certificates
Series K058 A2 2.653% 8/25/26 ¨		1,095,000		1,192,604
FREMF Mortgage Trust
Series 2010-K8 B 144A 5.465% 9/25/43 #●		1,000,000		1,000,127
Series 2011-K11 B 144A 4.567% 12/25/48 #●		730,000		734,649
Series 2011-K15 B 144A 5.129% 8/25/44 #●		150,000		151,330
Series 2012-K22 B 144A 3.812% 8/25/45 #●		60,000		61,399
Series 2013-K25 C 144A 3.744% 11/25/45 #●		280,000		274,389
Series 2014-K717 B 144A 3.754% 11/25/47 #●		90,000		90,532
Series 2014-K717 C 144A 3.754% 11/25/47 #●		40,000		39,984
Series 2016-K53 B 144A 4.157% 3/25/49 #●		15,000		15,863
Series 2016-K722 B 144A 3.975% 7/25/49 #●		370,000		374,702
Series 2017-K71 B 144A 3.882% 11/25/50 #●		80,000		80,837

Total Agency Commercial Mortgage-Backed Securities (cost $3,959,462)				4,016,416


Agency Mortgage-Backed Securities – 19.85%
Fannie Mae 3.00% 2/1/57		203,614		217,657
Fannie Mae FHAVA 4.50% 7/1/40		41,166		45,448
Fannie Mae S.F. 30 yr 3.00% 10/1/46		1,261,391		1,341,399
3.00% 4/1/47		162,090		171,668
3.00% 11/1/48		465,084		491,730

(continues) 12

Schedules of investments

Macquarie Institutional Portfolios — Macquarie Core Plus Bond Portfolio


	Principal amount°		Value (US $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 30 yr
3.00% 10/1/49		385,839	$	407,542
3.00% 11/1/49		269,590		284,754
3.00% 12/1/49		373,254		397,039
3.00% 1/1/50		572,357		604,552
3.50% 3/1/48		472,202		501,705
3.50% 7/1/48		1,745,498		1,849,474
3.50% 11/1/48		445,468		472,589
3.50% 6/1/49		887,079		936,327
3.50% 11/1/49		1,483,431		1,566,482
3.50% 12/1/49		1,674,370		1,810,361
3.50% 1/1/50		715,227		755,655
4.00% 4/1/48		252,899		271,320
4.00% 10/1/48		571,699		632,493
4.50% 6/1/40		45,782		50,890
4.50% 2/1/41		141,858		157,635
4.50% 8/1/41		47,626		53,835
4.50% 5/1/46		403,954		448,006
4.50% 4/1/48		1,070,187		1,187,311
4.50% 9/1/48		59,424		64,888
4.50% 12/1/48		501,603		540,857
4.50% 1/1/49		1,332,622		1,470,674
4.50% 11/1/49		412,670		444,626
4.50% 1/1/50		267,549		291,388
5.00% 1/1/40		501,459		573,450
5.00% 6/1/44		116,769		133,291
5.50% 5/1/44		2,160,253		2,468,584
6.00% 6/1/41		341,990		394,716
6.00% 7/1/41		1,147,427		1,324,190
6.00% 1/1/42		280,291		323,428
Freddie Mac S.F. 30 yr
3.00% 12/1/48		1,848,346		1,958,256
3.00% 11/1/49		219,973		232,346
3.00% 12/1/49		110,015		116,294
3.00% 1/1/50		193,922		206,042
4.00% 10/1/47		686,329		734,753
4.50% 3/1/42		38,889		43,120
4.50% 3/1/49		229,384		249,752
4.50% 8/1/49		457,714		507,330
5.50% 6/1/41		328,169		375,144
GNMA I S.F. 30 yr 3.00% 3/15/50		175,700		188,390
GNMA II S.F. 30 yr 5.50% 5/20/37		13,135		14,945

Total Agency Mortgage-Backed Securities (cost $26,278,718)				27,312,336


	Principal amount°		Value (US $)
Collateralized Debt Obligations – 2.01%
Apex Credit CLO 2017
Series 2017-1A A1 144A 2.49% (LIBOR03M + 1.47%, Floor 1.47%) 4/24/29 #●		292,820	$	282,425
CFIP CLO
Series 2017-1A A 144A 2.355% (LIBOR03M + 1.22%) 1/18/30 #●		500,000		482,989
Man GLG US CLO
Series 2018-1A A1R 144A 2.275% (LIBOR03M + 1.14%) 4/22/30 #●		700,000		661,023
Mariner CLO 5
Series 2018-5A A 144A 2.101% (LIBOR03M + 1.11%, Floor 1.11%) 4/25/31 #●		400,000		388,593
Midocean Credit CLO IX
Series 2018-9A A1 144A 2.285% (LIBOR03M + 1.15%, Floor 1.15%) 7/20/31 #●		250,000		235,677
Midocean Credit CLO VIII
Series 2018-8A A1 144A 2.845% (LIBOR03M + 1.15%) 2/20/31 #●		250,000		239,248
Saranac CLO VII
Series 2014-2A A1AR 144A 2.925% (LIBOR03M + 1.23%) 11/20/29 #●		250,000		240,768
Steele Creek CLO
Series 2017-1A A 144A 2.469% (LIBOR03M + 1.25%) 1/15/30 #●		250,000		237,287

Total Collateralized Debt Obligations (cost $2,893,099)				2,768,010


Corporate Bonds – 44.87%
Banking – 9.63%
Banco de Credito del Peru 144A 2.70% 1/11/25 #		200,000		195,630
Banco del Estado de Chile 144A 2.704% 1/9/25 #		200,000		199,750
Bancolombia 4.625% 12/18/29 µ		200,000		173,750
Bangkok Bank 144A 3.733% 9/25/34 #µ		200,000		179,332


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Banking (continued)
Bank of America 2.496% 2/13/31 µ		475,000	$	481,829
2.592% 4/29/31 µ		95,000		97,461
3.458% 3/15/25 µ		700,000		740,298
4.083% 3/20/51 µ		110,000		132,459
Bank of China 144A 5.00% 11/13/24 #		200,000		218,236
Bank of Montreal 1.85% 5/1/25		115,000		115,422
BBVA Bancomer 144A 6.75% 9/30/22 #		167,000		174,006
BBVA USA 2.875% 6/29/22		250,000		251,528
3.875% 4/10/25		250,000		253,310
Credit Suisse Group 144A 4.194% 4/1/31 #µ		250,000		272,427
144A 6.25%#µY		800,000		823,930
144A 7.25%#µY		200,000		199,639
Fifth Third Bancorp 3.65% 1/25/24		95,000		100,599
3.95% 3/14/28		225,000		255,681
Fifth Third Bank 3.85% 3/15/26		250,000		269,043
Goldman Sachs Group 2.60% 2/7/30		105,000		103,940
3.50% 4/1/25		60,000		63,931
6.00% 6/15/20		645,000		648,451
Itau Unibanco Holding 144A 3.25% 1/24/25 #		200,000		194,750
JPMorgan Chase & Co. 2.522% 4/22/31 µ		130,000		132,990
3.109% 4/22/41 µ		70,000		72,717
3.109% 4/22/51 µ		110,000		113,991
4.023% 12/5/24 µ		305,000		330,007
4.60%µY		135,000		121,264
5.00%µY		415,000		386,238
Morgan Stanley 2.188% 4/28/26 µ		200,000		202,415
3.622% 4/1/31 µ		100,000		110,154
5.00% 11/24/25		580,000		655,854
Northern Trust 1.95% 5/1/30		185,000		184,584
PNC Financial Services Group 2.60% 7/23/26		475,000		496,340
Royal Bank of Scotland Group 8.625%µY		500,000		512,225
Santander UK 144A 5.00% 11/7/23 #		180,000		188,994
Truist Bank 2.636% 9/17/29 µ		334,000		322,180


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Banking (continued)
Turkiye Garanti Bankasi 144A 5.25% 9/13/22 #		200,000	$	197,460
UBS Group 144A 4.125% 9/24/25 #		225,000		247,677
6.875%µY		400,000		402,990
7.125%µY		200,000		202,450
UBS Group Funding Switzerland 6.875%µY		330,000		342,936
US Bancorp 3.00% 7/30/29		225,000		236,539
3.10% 4/27/26		140,000		148,907
3.375% 2/5/24		235,000		252,705
3.60% 9/11/24		40,000		43,413
3.95% 11/17/25		495,000		556,489
US Bank 3.40% 7/24/23		250,000		267,713
USB Capital IX 3.50% (LIBOR03M + 1.02%)Y●		105,000		85,233
Wells Fargo & Co. 3.068% 4/30/41 µ		85,000		84,004
Woori Bank 144A 4.75% 4/30/24 #		200,000		211,601

				13,255,472

Basic Industry – 2.98%
Air Products and Chemicals 1.50% 10/15/25		25,000		25,226
1.85% 5/15/27		35,000		35,450
2.05% 5/15/30		55,000		56,050
2.80% 5/15/50		45,000		45,838
BHP Billiton Finance USA 144A 6.25% 10/19/75 #µ		400,000		404,698
Chemours 7.00% 5/15/25		173,000		163,468
CK Hutchison International 17 144A 2.875% 4/5/22 #		200,000		203,652
Cydsa 144A 6.25% 10/4/27 #		200,000		179,920
Freeport-McMoRan 4.125% 3/1/28		85,000		79,105
4.25% 3/1/30		47,000		43,910
Georgia-Pacific 144A 1.75% 9/30/25 #		100,000		100,250
144A 2.10% 4/30/27 #		80,000		79,992
144A 2.30% 4/30/30 #		175,000		175,039
8.00% 1/15/24		310,000		377,475
Hudbay Minerals 144A 7.625% 1/15/25 #		155,000		141,003
Israel Chemicals 144A 6.375% 5/31/38 #		95,000		105,537

(continues) 14

Schedules of investments

Macquarie Institutional Portfolios — Macquarie Core Plus Bond Portfolio


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Basic Industry (continued)
LYB International Finance III 2.875% 5/1/25		75,000	$	75,848
Methanex 5.25% 12/15/29		320,000		270,287
Minera Mexico 144A 4.50% 1/26/50 #		200,000		173,820
Newmont
2.25% 10/1/30		235,000		233,061
2.80% 10/1/29		330,000		340,663
OCP 144A 4.50% 10/22/25 #		200,000		207,410
Olin
5.00% 2/1/30		230,000		201,905
5.625% 8/1/29		90,000		81,756
PolyOne 144A 5.75% 5/15/25 #		82,000		83,076
Sasol Financing USA 5.875% 3/27/24		200,000		134,900
Vedanta Resources Finance II 144A 9.25% 4/23/26 #		200,000		83,000

				4,102,339

Brokerage – 0.31%
Charles Schwab 5.375%µY		125,000		130,000
Jefferies Group
4.15% 1/23/30		100,000		99,474
6.45% 6/8/27		30,000		33,721
6.50% 1/20/43		160,000		169,324

				432,519

Capital Goods – 3.37%
Ashtead Capital 144A 5.25% 8/1/26 #		230,000		231,150
Caterpillar
2.60% 4/9/30		265,000		281,138
3.25% 4/9/50		130,000		141,780
Cemex 144A 5.45% 11/19/29 #		200,000		165,630
General Dynamics
3.25% 4/1/25		160,000		174,765
4.25% 4/1/40		165,000		203,260
4.25% 4/1/50		95,000		123,078
General Electric
3.45% 5/1/27		85,000		86,564
3.625% 5/1/30		145,000		145,755
4.35% 5/1/50		250,000		251,537
L3Harris Technologies
2.90% 12/15/29		265,000		271,563
144A 3.85% 6/15/23 #		80,000		83,900
Otis Worldwide
144A 2.056% 4/5/25 #		95,000		96,766


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Capital Goods (continued)
Otis Worldwide
144A 2.565% 2/15/30 #		495,000	$	499,151
144A 3.112% 2/15/40 #		95,000		93,884
144A 3.362% 2/15/50 #		55,000		56,236
Roper Technologies
2.35% 9/15/24		135,000		137,093
2.95% 9/15/29		325,000		340,507
Standard Industries 144A 5.00% 2/15/27 #		400,000		403,320
TransDigm 144A 6.25% 3/15/26 #		228,000		224,227
Waste Management
2.95% 6/15/24		240,000		256,082
3.45% 6/15/29		224,000		254,401
4.15% 7/15/49		96,000		122,113

				4,643,900

Communications – 7.75%
Altice France Holding 144A 10.50% 5/15/27 #		200,000		216,520
AMC Networks 4.75% 8/1/25		45,000		41,335
AT&T
4.35% 3/1/29		85,000		95,669
4.50% 3/9/48		90,000		102,437
4.90% 8/15/37		135,000		156,430
Charter Communications Operating
2.80% 4/1/31		65,000		65,519
3.70% 4/1/51		115,000		112,258
4.464% 7/23/22		385,000		406,217
4.80% 3/1/50		155,000		175,754
5.05% 3/30/29		220,000		258,542
Clear Channel Worldwide Holdings 144A 9.25% 2/15/24 #		130,000		108,901
Comcast
3.20% 7/15/36		195,000		211,406
3.70% 4/15/24		305,000		333,945
Connect Finco 144A 6.75% 10/1/26 #		200,000		191,630
Crown Castle International
3.80% 2/15/28		305,000		336,630
4.30% 2/15/29		505,000		580,337
5.25% 1/15/23		275,000		301,074
CSC Holdings 144A
5.50% 4/15/27 #		200,000		208,867
5.875% 9/15/22		68,000		71,108


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Communications (continued)
Discovery Communications
4.125% 5/15/29		305,000	$	321,838
5.20% 9/20/47		455,000		516,988
GTP Acquisition Partners I 144A 2.35% 6/15/20 #		100,000		100,997
IHS Netherlands Holdco 144A 7.125% 3/18/25 #		200,000		184,000
Netflix 144A 3.625% 6/15/25 #		195,000		198,169
Sirius XM Radio 144A 4.625% 7/15/24 #		192,000		196,762
Sprint Spectrum 144A 4.738% 3/20/25 #		220,000		233,156
Terrier Media Buyer 144A 8.875% 12/15/27 #		135,000		112,219
Time Warner Cable 7.30% 7/1/38		360,000		476,242
Time Warner Entertainment 8.375% 3/15/23		185,000		214,261
T-Mobile USA
144A 3.50% 4/15/25 #		100,000		105,475
144A 3.875% 4/15/30 #		380,000		417,563
144A 4.375% 4/15/40 #		70,000		79,419
144A 4.50% 4/15/50 #		155,000		181,373
Turk Telekomunikasyon 144A 6.875% 2/28/25 #		200,000		200,110
Turkcell Iletisim Hizmetleri 144A 5.80% 4/11/28 #		200,000		188,440
Verizon Communications
3.15% 3/22/30		50,000		55,464
4.00% 3/22/50		35,000		43,958
4.50% 8/10/33		1,180,000		1,462,695
ViacomCBS
4.375% 3/15/43		305,000		295,315
4.95% 1/15/31		270,000		287,601
Vodafone Group
4.25% 9/17/50		200,000		221,319
4.875% 6/19/49		480,000		575,416
Zayo Group Holdings 144A 6.125% 3/1/28 #		20,000		18,944

				10,662,303

Consumer Cyclical – 1.65%
Allison Transmission 144A 5.875% 6/1/29 #		240,000		234,079
Costco Wholesale
1.60% 4/20/30		145,000		143,600
1.75% 4/20/32		60,000		59,829


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
Future Retail 144A 5.60% 1/22/25 #		200,000	$	54,552
General Motors 5.00% 10/1/28		116,000		107,685
General Motors Financial 5.25% 3/1/26		159,000		152,861
Home Depot
2.70% 4/15/30		85,000		90,787
3.35% 4/15/50		75,000		82,929
Lowe’s
4.55% 4/5/49		383,000		465,386
5.125% 4/15/50		200,000		261,344
Murphy Oil USA 5.625% 5/1/27		250,000		259,163
Scientific Games International 144A 8.25% 3/15/26 #		82,000		62,295
TJX
3.875% 4/15/30		100,000		111,723
4.50% 4/15/50		55,000		67,646
VF 2.40% 4/23/25		110,000		111,720

				2,265,599

Consumer Non-Cyclical – 3.64%
AbbVie
144A 2.95% 11/21/26 #		260,000		275,669
144A 4.05% 11/21/39 #		346,000		383,066
Amgen 2.20% 2/21/27		60,000		61,806
Anheuser-Busch InBev Worldwide
3.65% 2/1/26		205,000		223,804
4.15% 1/23/25		280,000		312,434
Aramark Services 144A 5.00% 2/1/28 #		140,000		134,274
Bausch Health 144A 5.50% 11/1/25 #		164,000		171,298
Biogen
2.25% 5/1/30		195,000		194,305
3.15% 5/1/50		180,000		174,916
Bristol-Myers Squibb 144A 2.90% 7/26/24 #		360,000		384,573
Cigna
2.40% 3/15/30		75,000		75,733
3.20% 3/15/40		70,000		72,169
4.125% 11/15/25		225,000		252,664
Coca-Cola
1.45% 6/1/27		45,000		44,903
2.50% 6/1/40		50,000		49,877

(continues) 16

Schedules of investments

Macquarie Institutional Portfolios – Macquarie Core Plus Bond Portfolio


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
CVS Health
3.75% 4/1/30		85,000	$	94,559
4.30% 3/25/28		680,000		767,473
4.78% 3/25/38		120,000		141,816
Gilead Sciences 4.15% 3/1/47		370,000		466,888
JBS Investments II 144A 7.00% 1/15/26 #		200,000		208,390
Kroger 2.20% 5/1/30		75,000		75,341
MHP 144A 6.95% 4/3/26 #		200,000		186,568
New York & Presbyterian Hospital 4.063% 8/1/56		130,000		148,192
US Foods 144A 6.25% 4/15/25 #		111,000		114,053

				5,014,771

Electric – 5.13%
AEP Texas 3.45% 1/15/50		40,000		44,448
Berkshire Hathaway Energy 144A 4.25% 10/15/50 #		90,000		115,201
Calpine
144A 4.50% 2/15/28 #		55,000		53,501
144A 5.25% 6/1/26 #		40,000		40,919
CenterPoint Energy
3.85% 2/1/24		180,000		192,422
4.25% 11/1/28		291,000		318,097
Centrais Eletricas Brasileiras 144A 3.625% 2/4/25 #		200,000		182,380
ComEd Financing III 6.35% 3/15/33		60,000		64,050
Duke Energy 4.875%µY		345,000		341,790
Duke Energy Indiana 2.75% 4/1/50		235,000		239,838
Entergy Arkansas 4.20% 4/1/49		155,000		196,304
Entergy Mississippi 3.85% 6/1/49		330,000		396,760
Entergy Texas 3.55% 9/30/49		130,000		148,275
Evergy Kansas Central 3.45% 4/15/50		180,000		206,753
Exelon
3.497% 6/1/22		180,000		185,573
3.95% 6/15/25		150,000		165,872
FirstEnergy Transmission 144A 4.55% 4/1/49 #		140,000		166,013


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Electric (continued)
Israel Electric 144A 5.00% 11/12/24 #		200,000	$	219,462
Kallpa Generacion 144A 4.125% 8/16/27 #		200,000		196,580
Louisville Gas & Electric 4.25% 4/1/49		280,000		351,413
MidAmerican Energy 3.15% 4/15/50		170,000		192,923
Mong Duong Finance Holdings 144A 5.125% 5/7/29 #		250,000		238,896
National Rural Utilities Cooperative Finance 5.25% 4/20/46 µ		2,000		2,044
Nevada Power 3.125% 8/1/50		239,000		256,090
NV Energy 6.25% 11/15/20		75,000		76,941
PacifiCorp
2.70% 9/15/30		30,000		32,647
3.30% 3/15/51		45,000		50,660
ReNew Power 144A 5.875% 3/5/27 #		200,000		163,738
Southern California Edison
3.65% 2/1/50		310,000		336,693
4.00% 4/1/47		105,000		116,713
4.875% 3/1/49		455,000		579,541
Southwestern Electric Power 4.10% 9/15/28		295,000		330,021
Trans-Allegheny Interstate Line 144A 3.85% 6/1/25 #		85,000		94,780
Vistra Operations 144A 5.50% 9/1/26 #		229,000		237,084
Xcel Energy 2.60% 12/1/29		55,000		57,453
3.40% 6/1/30		65,000		72,418
3.50% 12/1/49		355,000		390,777

				7,055,070

Energy – 4.92%
AES Andres 144A 7.95% 5/11/26 #		200,000		174,252
Ecopetrol 6.875% 4/29/30		140,000		144,728
Energy Transfer Operating
5.25% 4/15/29		220,000		224,508
6.25% 4/15/49		420,000		419,175
Gazprom via Gaz Finance 144A 3.25% 2/25/30 #		200,000		189,036
Geopark 144A 6.50% 9/21/24 #		200,000		145,540


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Energy (continued)
Infraestructura Energetica Nova 144A 4.875% 1/14/48 #		200,000	$	168,020
Marathon Oil 4.40% 7/15/27		505,000		392,209
MPLX
4.00% 3/15/28		60,000		56,984
4.125% 3/1/27		370,000		357,863
5.50% 2/15/49		600,000		598,946
Murphy Oil 5.875% 12/1/27		210,000		143,189
NiSource 5.65%µY		200,000		184,098
Noble Energy
3.25% 10/15/29		360,000		264,163
3.90% 11/15/24		200,000		179,530
4.20% 10/15/49		125,000		85,469
4.95% 8/15/47		260,000		184,207
5.05% 11/15/44		75,000		54,965
Occidental Petroleum 2.90% 8/15/24		250,000		191,175
ONEOK 7.50% 9/1/23		505,000		543,805
Petrobras Global Finance 144A 5.093% 1/15/30 #		106,000		96,953
Petroleos Mexicanos 6.75% 9/21/47		60,000		42,120
Sabine Pass Liquefaction
5.625% 3/1/25		315,000		329,979
5.75% 5/15/24		359,000		376,743
Saudi Arabian Oil 144A 4.25% 4/16/39 #		220,000		227,033
Schlumberger Holdings 144A 4.30% 5/1/29 #		210,000		207,093
Southwestern Energy 7.75% 10/1/27		175,000		153,387
Tennessee Gas Pipeline 144A 2.90% 3/1/30 #		200,000		190,818
Transcanada Trust 5.50% 9/15/79 µ		305,000		287,232
Transocean Proteus 144A 6.25% 12/1/24 #		175,000		150,587

				6,763,807

Finance Companies – 0.59%
AerCap Ireland Capital 3.65% 7/21/27		340,000		283,343
Air Lease 3.00% 2/1/30		200,000		160,181
International Lease Finance 8.625% 1/15/22		360,000		367,432

				810,956


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Insurance – 0.40%
AssuredPartners 144A 7.00% 8/15/25 #		87,000	$	81,563
MetLife 6.40% 12/15/36		5,000		5,610
Prudential Financial 5.375% 5/15/45 µ		265,000		269,608
USI 144A 6.875% 5/1/25 #		190,000		191,663

				548,444

REITs – 0.51%
American Tower Trust #1 144A 3.07% 3/15/23 #		120,000		122,285
Arabian Centres Sukuk 144A 5.375% 11/26/24 #		200,000		175,000
Corporate Office Properties
3.60% 5/15/23		45,000		45,551
5.25% 2/15/24		55,000		57,843
CubeSmart 3.00% 2/15/30		110,000		107,551
Kaisa Group Holdings 144A 11.95% 10/22/22 #		200,000		195,640

				703,870

Technology – 2.21%
Baidu 3.875% 9/29/23		200,000		208,948
Broadcom
144A 4.70% 4/15/25 #		250,000		275,979
144A 5.00% 4/15/30 #		85,000		95,368
CDK Global 5.875% 6/15/26		77,000		81,016
CommScope Technologies 144A 5.00% 3/15/27 #		130,000		111,969
Equinix 5.375% 5/15/27		280,000		303,702
Global Payments
2.65% 2/15/25		470,000		483,921
3.20% 8/15/29		340,000		350,833
International Business Machines 1.95% 5/15/30		115,000		114,573
NXP
144A 2.70% 5/1/25 #		20,000		20,266
144A 3.40% 5/1/30 #		35,000		35,331
144A 4.125% 6/1/21 #		435,000		444,686
144A 4.30% 6/18/29 #		27,000		28,750
144A 4.875% 3/1/24 #		300,000		326,003
Oracle 2.95% 4/1/30		145,000		158,852

				3,040,197

Transportation – 1.25%
Aeropuertos Argentina 2000 144A 6.875% 2/1/27 #		175,000		110,591

(continues) 18

Schedules of investments

Macquarie Institutional Portfolios – Macquarie Core Plus Bond Portfolio


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Transportation (continued)
ASG Finance Designated Activity 144A 7.875% 12/3/24 #		200,000	$	107,000
Delta Air Lines 144A 7.00% 5/1/25 #		685,000		702,788
FedEx 4.05% 2/15/48		425,000		421,391
Latam Finance 144A 7.00% 3/1/26 #		200,000		83,920
Rutas 2 and 7 Finance 144A 3.413% 9/30/36 #^		200,000		124,220
Union Pacific 3.25% 2/5/50		165,000		170,153

				1,720,063

Utilities – 0.53%
Aegea Finance 144A 5.75% 10/10/24 #		200,000		196,540
Empresas Publicas de Medellin 144A 4.25% 7/18/29 #		200,000		189,580
Essential Utilities
2.704% 4/15/30		75,000		77,008
3.351% 4/15/50		75,000		78,545
KazTransGas JSC 144A 4.375% 9/26/27 #		200,000		190,454

				732,127

Total Corporate Bonds (cost $61,628,800)				61,751,437


Loan Agreements – 3.92%
American Airlines Tranche B 2.814% (LIBOR01M + 2.00%) 12/14/23 ●		120,558		93,433
Aramark Services Tranche B-3 2.154% (LIBOR01M + 1.75%) 3/11/25 ●		69,950		65,998
AthenaHealth Tranche B 1st Lien 5.284% (LIBOR03M + 4.50%) 2/11/26 ●		84,150		78,575
Bausch Health 3.718% (LIBOR01M + 3.00%) 6/2/25 ●		85,453		82,818
Berry Global Tranche W 2.829% (LIBOR01M + 2.00%) 10/1/22 ●		100,000		97,896
Berry Global Tranche Y 2.829% (LIBOR01M + 2.00%) 7/1/26 ●		99,250		95,149
Blue Ribbon 1st Lien 5.623% (LIBOR03M + 4.00%) 11/15/21 ●		39,332		26,451


	Principal amount°		Value (US $)
Loan Agreements (continued)
Buckeye Partners 3.766% (LIBOR01M + 2.75%) 11/1/26 ●		93,048	$	87,814
Calpine
2.66% (LIBOR01M + 2.25%) 1/15/24 ●		39,501		38,335
2.66% (LIBOR01M + 2.25%) 4/5/26 ●		49,625		48,074
Charter Communications Operating Tranche B2 2.16% (LIBOR01M + 1.75%) 2/1/27 ●		102,536		99,002
Chemours Tranche B-2 2.16% (LIBOR01M + 1.75%) 4/3/25 ●		218,825		201,502
CityCenter Holdings 3.00% (LIBOR01M + 2.25%) 4/18/24 ●		98,982		88,022
Core & Main 3.988% (LIBOR03M + 2.75%) 8/1/24 ●		142,093		134,929
CSC Holdings 3.314% (LIBOR01M + 2.50%) 4/15/27 ●		64,027		61,519
DaVita Tranche B-1 2.154% (LIBOR01M + 1.75%) 8/12/26 ●		124,376		121,480
Edgewater Generation 4.154% (LIBOR01M + 3.75%) 12/15/25 ●		49,375		44,067
Ensemble RCM 5.513% (LIBOR03M + 3.75%) 8/1/26 ●		74,625		71,951
ESH Hospitality 2.404% (LIBOR01M + 2.00%) 9/18/26 ●		95,888		88,494
Frontier Communications Tranche B-1 5.35% (LIBOR03M + 3.75%) 6/17/24 ●		1,136,078		1,111,936
Gardner Denver Tranche B-1 2.154% (LIBOR01M + 1.75%) 3/1/27 ●		72,357		68,712
Gray Television Tranche B-2 3.243% (LIBOR01M + 2.25%) 2/7/24 ●		107,721		103,087
GVC Holdings Tranche B-3 3.308% (LIBOR06M + 2.25%) 3/29/24 ●		135,240		130,056
HCA Tranche B-12 2.154% (LIBOR01M + 1.75%) 3/13/25 ●		227,100		222,923


	Principal amount°		Value (US $)
Loan Agreements (continued)
Hilton Worldwide Finance Tranche B-2 2.237% (LIBOR01M + 1.75%) 6/22/26 ●		35,550	$	33,868
Ineos US Finance 2.404% (LIBOR01M + 2.00%) 4/1/24 ●		98,797		93,842
Informatica 3.654% (LIBOR01M + 3.25%) 2/25/27 ●		52,160		50,465
IQVIA Tranche B-3 3.20% (LIBOR03M + 1.75%) 6/11/25 ●		142,463		137,619
Iron Mountain Information Management Tranche B 2.154% (LIBOR01M + 1.75%) 1/2/26 ●		120,635		113,698
JBS USA LUX 3.603% (LIBOR03M + 2.00%) 5/1/26 ●		24,750		24,019
Kronos 0.00% 11/1/23 X		52,153		50,491
Microchip Technology 2.41% (LIBOR01M + 2.00%) 5/29/25 ●		135,100		131,328
Numericable US Tranche B-11 3.154% (LIBOR01M + 2.75%) 7/31/25 ●		66,542		62,009
Numericable US Tranche B-13 4.814% (LIBOR01M + 4.00%) 8/14/26 ●		34,475		32,186
ON Semiconductor Tranche B-4 2.404% (LIBOR01M + 2.00%) 9/16/26 ●		74,535		71,926
Panda Liberty Tranche B-2 7.95% (LIBOR03M + 6.50%) 8/21/20 ●		20,000		18,800
Panda Patriot Tranche B-1 7.20% (LIBOR03M + 5.75%) 12/19/20 ●		69,448		65,281
Penn National Gaming Tranche B-1 3.00% (LIBOR01M + 2.25%) 10/15/25 ●		122,878		108,501
PQ Tranche B 2.654% (LIBOR01M + 2.25%) 2/8/27 ●		136,359		130,805
Prestige Brands Tranche B-4 2.404% (LIBOR01M + 2.00%) 1/26/24 ●		84,923		83,118


	Principal amount°		Value (US $)
Loan Agreements (continued)
Scientific Games International Tranche B-5 3.521% (LIBOR01M + 2.75%) 8/14/24 ●		138,192	$	115,114
Sinclair Television Group Tranche B 2.66% (LIBOR01M + 2.25%) 1/3/24 ●		144,369		135,437
SS&C Technologies Tranche B-3 2.154% (LIBOR01M + 1.75%) 4/16/25 ●		57,208		55,288
SS&C Technologies Tranche B-4 2.154% (LIBOR01M + 1.75%) 4/16/25 ●		40,822		39,456
Terrier Media Buyer TBD 12/17/26 X		52,000		48,533
T-Mobile USA TBD 4/1/27 X		65,000		64,659
Transdigm Tranche F 2.654% (LIBOR01M + 2.25%) 12/9/25 ●		127,996		112,577
Ultimate Software Group 1st Lien 4.154% (LIBOR01M + 3.75%) 5/4/26 ●		58,617		56,199
US Foods Tranche B 3.072% (LIBOR01M + 2.00%) 9/13/26 ●		119,400		107,497
Vistra Operations 2.221% (LIBOR01M + 1.75%) 12/31/25 ●		214,873		193,385

Total Loan Agreements (cost $5,619,727)				5,398,324


Municipal Bonds – 0.12%
California State (Build America Bonds) 7.55% 4/1/39		75,000		126,086
South Carolina Public Service Authority Series D 4.77% 12/1/45		30,000		37,347

Total Municipal Bonds (cost $145,111)				163,433


Non-Agency Asset-Backed Securities – 3.27%
Citicorp Residential Mortgage Trust Series 2006-3 A5 5.202% 11/25/36 ●		255,956		254,525
Ford Credit Auto Lease Trust Series 2019-B A2A 2.28% 2/15/22		623,274		625,326

(continues) 20

Schedules of investments

Macquarie Institutional Portfolios — Macquarie Core Plus Bond Portfolio


	Principal amount°		Value (US $)
Non-Agency Asset-Backed Securities (continued)
Ford Credit Auto Owner Trust Series 2018-1 A 144A 3.19% 7/15/31 #		160,000	$	163,234
HOA Funding Series 2014-1A A2 144A 4.846% 8/20/44 #		44,500		42,555
Hyundai Auto Lease Securitization Trust Series 2020-A A2 144A 1.90% 5/16/22 #		300,000		300,467
Mercedes-Benz Auto Lease Trust Series 2019-B A2 2.01% 12/15/21		97,123		97,369
Series 2020-A A2 1.82% 3/15/22		100,000		100,265
Mercedes-Benz Master Owner Trust Series 2017-BA A 144A 1.234% (LIBOR01M + 0.42%) 5/16/22 #●		500,000		499,632
Series 2018-BA A 144A 1.154% (LIBOR01M + 0.34%) 5/15/23 #●		100,000		97,567
Series 2019-AA A 144A 1.164% (LIBOR01M + 0.35%) 5/15/23 #●		530,000		521,471
Navistar Financial Dealer Note Master Owner Trust II Series 2018-1 A 144A 1.117% (LIBOR01M + 0.63%, Floor 0.63%) 9/25/23 #●		55,000		53,814
Nissan Master Owner Trust Receivables Series 2017-C A 1.134% (LIBOR01M + 0.32%) 10/17/22 ●		265,000		263,533
Penarth Master Issuer Series 2018-2A A1 144A 1.168% (LIBOR01M + 0.45%) 9/18/22 #●		355,000		353,682
PFS Financing Series 2018-E A 144A 1.264% (LIBOR01M + 0.45%) 10/17/22 #●		505,000		499,191
Towd Point Mortgage Trust Series 2015-5 A1B 144A 2.75% 5/25/55 #●		25,157		25,119
Series 2015-6 A1B 144A 2.75% 4/25/55 #●		32,802		32,875


	Principal amount°		Value (US $)
Non-Agency Asset-Backed Securities (continued)
Towd Point Mortgage Trust Series 2017-1 A1 144A 2.75% 10/25/56 #●		47,260	$	47,515
Series 2017-2 A1 144A 2.75% 4/25/57 #●		47,719		47,845
Series 2018-1 A1 144A 3.00% 1/25/58 #●		65,288		66,426
Verizon Owner Trust Series 2017-3A A1A 144A 2.06% 4/20/22 #		89,840		90,051
Volvo Financial Equipment Master Owner Trust Series 2017-A A 144A 1.314% (LIBOR01M + 0.50%) 11/15/22 #●		255,000		248,702
Wendys Funding Series 2018-1A A2I 144A 3.573% 3/15/48 #		78,200		74,937

Total Non-Agency Asset-Backed Securities (cost $4,514,365)				4,506,101


Non-Agency Collateralized Mortgage Obligations – 1.95%
Chase Home Lending Mortgage Trust Series 2019-ATR2 A3 144A 3.50% 7/25/49 #●		167,973		169,339
Connecticut Avenue Securities Trust Series 2019-R01 2M2 144A 2.937% (LIBOR01M + 2.45%) 7/25/31 #●		117,405		104,577
Flagstar Mortgage Trust Series 2018-5 A7 144A 4.00% 9/25/48 #●		31,012		31,041
Galton Funding Mortgage Trust Series 2018-1 A43 144A 3.50% 11/25/57 #●		37,921		37,968
GS Mortgage-Backed Securities Trust Series 2020-PJ1 A1 144A 3.50% 5/25/50 #●		189,681		192,801
Holmes Master Issuer Series 2018-2A A2 144A 1.639% (LIBOR03M + 0.42%) 10/15/54 #●		124,559		123,772
JPMorgan Mortgage Trust Series 2014-2 B1 144A 3.399% 6/25/29 #●		50,879		49,548


	Principal amount°		Value (US $)
Non-Agency Collateralized Mortgage Obligations (continued)
JPMorgan Mortgage Trust Series 2014-2 B2 144A 3.399% 6/25/29 #●		50,879	$	49,423
Series 2014-IVR6 2A4 144A 2.50% 7/25/44 #●		100,000		99,736
Series 2015-4 B1 144A 3.62% 6/25/45 #●		88,449		86,161
Series 2015-4 B2 144A 3.62% 6/25/45 #●		88,449		85,840
Series 2015-5 B2 144A 3.06% 5/25/45 #●		92,904		92,330
Series 2015-6 B1 144A 3.595% 10/25/45 #●		87,127		85,882
Series 2015-6 B2 144A 3.595% 10/25/45 #●		87,127		85,399
Series 2016-4 B1 144A 3.889% 10/25/46 #●		90,792		90,718
Series 2016-4 B2 144A 3.889% 10/25/46 #●		90,792		89,184
Series 2017-2 A3 144A 3.50% 5/25/47 #●		35,005		35,611
Series 2019-LTV3 A3 144A 3.50% 3/25/50 #●		205,782		208,073
Series 2020-2 A3 144A 3.50% 7/25/50 #●		116,585		120,953
New Residential Mortgage Loan Trust Series 2018-RPL1 A1 144A 3.50% 12/25/57 #●		75,299		77,854
Sequoia Mortgage Trust Series 2014-2 A4 144A 3.50% 7/25/44 #●		19,611		20,059
Series 2015-1 B2 144A 3.876% 1/25/45 #●		37,984		37,312
Series 2015-2 B2 144A 3.736% 5/25/45 #●		327,200		322,838
Series 2017-4 A1 144A 3.50% 7/25/47 #●		56,608		58,018
Series 2017-5 B1 144A 3.841% 8/25/47 #●		238,370		235,371
Series 2019-CH1 A1 144A 4.50% 3/25/49 #●		95,267		96,863

Total Non-Agency Collateralized Mortgage Obligations (cost $2,710,519)				2,686,671


	Principal amount°		Value (US $)
Non-Agency Commercial Mortgage-Backed Securities – 5.96%
BANK Series 2017-BNK5 A5 3.39% 6/15/60		225,000	$	241,189
Series 2017-BNK5 B 3.896% 6/15/60 ●		95,000		90,609
Series 2017-BNK7 A5 3.435% 9/15/60		190,000		205,603
Series 2019-BN20 A3 3.011% 9/15/62		205,000		217,774
Series 2019-BN21 A5 2.851% 10/17/52		200,000		209,130
Benchmark Mortgage Trust Series 2018-B1 A5 3.666% 1/15/51 ●		400,000		440,496
Series 2018-B3 A5 4.025% 4/10/51		130,000		146,457
Cantor Commercial Real Estate Lending Series 2019-CF2 A5 2.874% 11/15/52		200,000		207,481
CD Mortgage Trust Series 2019-CD8 A4 2.912% 8/15/57		100,000		104,886
CFCRE Commercial Mortgage Trust Series 2016-C7 A3 3.839% 12/10/54		185,000		199,950
Citigroup Commercial Mortgage Trust Series 2014-GC25 A4 3.635% 10/10/47		120,000		125,432
Series 2016-P3 A4 3.329% 4/15/49		308,000		323,064
Series 2017-C4 A4 3.471% 10/12/50		120,000		128,708
Series 2019-C7 A4 3.102% 12/15/72		280,000		299,626
Series 2020-555 A 144A 2.647% 12/10/41 #		100,000		98,491
COMM Mortgage Trust Series 2013-CR6 AM 144A 3.147% 3/10/46 #		105,000		104,909
Series 2013-WWP A2 144A 3.424% 3/10/31 #		100,000		105,220
Series 2014-CR19 A5 3.796% 8/10/47		80,000		84,352
Series 2014-CR20 AM 3.938% 11/10/47		350,000		360,167
Series 2015-3BP A 144A 3.178% 2/10/35 #		130,000		134,640

(continues) 22

Schedules of investments

Macquarie Institutional Portfolios — Macquarie Core Plus Bond Portfolio


	Principal amount°		Value (US $)
Non-Agency Commercial Mortgage-Backed Securities (continued)
COMM Mortgage Trust Series 2015-CR23 A4 3.497% 5/10/48		115,000	$	118,615
DB-JPM Series 2016-C1 A4 3.276% 5/10/49		165,000		174,946
Series 2016-C1 B 4.195% 5/10/49 ●		25,000		24,065
Series 2016-C3 A5 2.89% 8/10/49		140,000		146,149
GRACE Mortgage Trust Series 2014-GRCE A 144A 3.369% 6/10/28 #		250,000		250,750
GS Mortgage Securities Trust Series 2010-C1 C 144A 5.635% 8/10/43 #●		100,000		98,334
Series 2015-GC32 A4 3.764% 7/10/48		75,000		79,667
Series 2017-GS5 A4 3.674% 3/10/50		175,000		185,918
Series 2017-GS6 A3 3.433% 5/10/50		115,000		118,732
Series 2018-GS9 A4 3.992% 3/10/51 ●		130,000		144,481
Series 2018-GS9 B 4.321% 3/10/51 ●		125,000		121,853
Series 2019-GC39 A4 3.567% 5/10/52		70,000		76,850
Series 2019-GC42 A4 3.001% 9/1/52		345,000		364,563
JPM-BB Commercial Mortgage Securities Trust Series 2015-C33 A4 3.77% 12/15/48		255,000		276,333
JPM-DB Commercial Mortgage Securities Trust Series 2017-C7 A5 3.409% 10/15/50		290,000		312,679
JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-LC11 B 3.499% 4/15/46		150,000		146,809
Series 2015-JP1 A5 3.914% 1/15/49		170,000		185,577
Series 2016-JP2 AS 3.056% 8/15/49		180,000		179,232
Series 2016-WIKI A 144A 2.798% 10/5/31 #		105,000		90,968
Series 2016-WIKI B 144A 3.201% 10/5/31 #		85,000		72,642


	Principal amount°		Value (US $)
Non-Agency Commercial Mortgage-Backed Securities (continued)
LB-UBS Commercial Mortgage Trust Series 2006-C6 AJ 5.452% 9/15/39 ●		40,201	$	23,497
Morgan Stanley BAML Trust Series 2014-C17 A5 3.741% 8/15/47		100,000		104,671
Series 2015-C26 A5 3.531% 10/15/48		120,000		125,593
Series 2016-C29 A4 3.325% 5/15/49		95,000		98,603
Morgan Stanley Capital I Trust Series 2006-HQ10 B 5.448% 11/12/41 ●		69,463		68,481
UBS Commercial Mortgage Trust Series 2018-C9 A4 4.117% 3/15/51 ●		225,000		252,380
UBS-Barclays Commercial Mortgage Trust Series 2013-C5 B 144A 3.649% 3/10/46 #●		150,000		145,484
Wells Fargo Commercial Mortgage Trust Series 2015-NXS3 A4 3.617% 9/15/57		80,000		84,065
Series 2016-BNK1 A3 2.652% 8/15/49		155,000		154,729
Series 2017-C38 A5 3.453% 7/15/50		140,000		150,238

Total Non-Agency Commercial Mortgage-Backed Securities (cost $8,065,501)				8,205,088


Sovereign Bonds – 2.10%D
Argentina – 0.05%
Argentine Republic Government International Bond 5.625% 1/26/22		258,000		72,627

				72,627

Brazil – 0.13%
Brazilian Government International Bond 4.75% 1/14/50		200,000		180,750

				180,750


	Principal amount°		Value (US $)
Sovereign BondsD (continued)
Egypt – 0.13%
Egypt Government International Bond 144A 8.70% 3/1/49 #		200,000	$	180,361


				180,361

El Salvador – 0.10%
El Salvador Government International Bond 144A 7.125% 1/20/50 #		175,000		134,750


				134,750

Ivory Coast – 0.12%
Ivory Coast Government International Bond 144A 6.125% 6/15/33 #		200,000		173,154


				173,154

Paraguay – 0.15%
Paraguay Government International Bond 144A 4.95% 4/28/31 #		200,000		207,375


				207,375

Peru – 0.15%
Peruvian Government International Bond 2.392% 1/23/26		200,000		203,400


				203,400

Philippines – 0.15%
Philippine Government International Bond 2.457% 5/5/30		200,000		204,450


				204,450

Qatar – 0.32%
Qatar Government International Bond 144A 3.40% 4/16/25 #		200,000		213,133
144A 4.00% 3/14/29 #		200,000		222,434


				435,567

Russia – 0.16%
Russian Foreign Bond - Eurobond 144A 4.25% 6/23/27 #		200,000		217,265


				217,265


	Principal amount°		Value (US $)
Sovereign BondsD (continued)
Saudi Arabia – 0.15%
Saudi Government International Bond 144A 2.90% 10/22/25 #		200,000	$	203,000


				203,000

Senegal – 0.12%
Senegal Government International Bond 144A 6.75% 3/13/48 #		200,000		167,446


				167,446

South Africa – 0.11%
Republic of South Africa Government International Bond 5.75% 9/30/49		200,000		157,108


				157,108

Turkey – 0.11%
Turkey Government International Bond 5.75% 5/11/47		200,000		152,715


				152,715

Uzbekistan – 0.15%
Republic of Uzbekistan Bond 144A 5.375% 2/20/29 #		200,000		203,400


				203,400



Total Sovereign Bonds (cost $3,151,553)				2,893,368


Supranational Banks – 0.28%
Banque Ouest Africaine de Developpement 144A 4.70% 10/22/31 #		200,000		181,192
Central American Bank For Economic Integration 144A 2.00% 5/6/25 #		200,000		197,500



Total Supranational Banks (cost $399,972)				378,692


US Treasury Obligations – 10.54%
US Treasury Bond 4.50% 2/15/36		2,130,000		3,286,773
US Treasury Floating Rate Note 0.264% (USBMMY3M + 0.154%) 1/31/22 ●		810,000		811,208
US Treasury Inflation Indexed Notes 0.125% 10/15/24		685,603		701,258

(continues) 24

Schedules of investments

Macquarie Institutional Portfolios — Macquarie Core Plus Bond Portfolio


	Principal amount°		Value (US $)
US Treasury Obligations (continued)
US Treasury Inflation Indexed Notes 0.125% 1/15/30		7,254,106	$	7,658,249
US Treasury Notes 0.50% 3/31/25		285,000		286,982
1.625% 12/31/21		385,000		394,136
US Treasury Strip Principal 2.26% 5/15/44 ^		1,890,000		1,369,723

Total US Treasury Obligations (cost $13,636,013)				14,508,329


	Number of shares
Short-Term Investments – 0.92%
Money Market Mutual Funds – 0.92%
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.21%)		251,771		251,771
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.16%)		251,771		251,771
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.25%)		251,771		251,771
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.13%)		251,772		251,772
State Street Institutional US Government Money Market Fund – Investor Class (seven-day effective yield 0.14%)		251,771		251,771


Total Short-Term Investments (cost $1,258,856)				1,258,856


Total Value of Securities – 100.25% (cost $136,576,141)	$	137,963,401

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At April 30, 2020, the aggregate value of Rule 144A securities was $34,540,293,which represents 25.10% of the Portfolio’s net assets. See Note 9 in “Notes to financial statements.”

¨	Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes.

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.

D	Securities have been classified by country of origin.

µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at April 30, 2020. Rate will reset at a future date.

Y	No contractual maturity date.

●

Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at April 30, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. 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 description above.

X	This loan will settle after April 30, 2020, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.

^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.

The following futures contracts were outstanding at April 30, 2020:¹

Futures Contracts


	Contracts to Buy (Sell)	Notional Amount				Notional Cost (Proceeds)				Expiration Date		Value/ Unrealized Appreciation			Value/ Unrealized Depreciation				Variation Margin Due from (Due to) Brokers
103	US Treasury 5 yr Notes		$	12,924,891			$	12,488,993			6/30/20		$	435,898		$	—			$ 7,243
(42)	US Treasury 10 yr Notes			(5,840,625	)			(5,731,713	)		6/19/20			—			(108,912	)		(3,938	)

Total Futures Contracts							$	6,757,280					$	435,898		$	(108,912	)		$ 3,305

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

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

Summary of abbreviations:

BAML – Bank of America Merrill Lynch

BB – Barclays Bank

CLO – Collateralized Loan Obligation

DB – Deutsche Bank AG

FHAVA – Federal Housing Administration & Veterans Administration

FREMF – Freddie Mac Multifamily

GNMA – Government National Mortgage Association

GS – Goldman Sachs

ICE – Intercontinental Exchange, Inc.

JPM – JPMorgan

LB – Lehman Brothers

LIBOR – London interbank offered rate

LIBOR01M – ICE LIBOR USD 1 Month

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

REIT – Real Estate Investment Trust

REMIC – Real Estate Mortgage Investment Conduit

S.F. – single family

TBD – To be determined

USBMMY3M – US Treasury 3 Months Bill Money Market Yield

USD – US Dollar

yr – Year

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

Schedules of investments

Macquarie Institutional Portfolios — Macquarie High Yield Bond Portfolio

April 30, 2020 (Unaudited)


	Principal amount°		Value (US $)
Corporate Bonds – 86.84%
Automotive – 1.04%
Allison Transmission 144A 5.875% 6/1/29 #		518,000	$	505,221
Ford Motor 8.50% 4/21/23		360,000		357,750
9.00% 4/22/25		115,000		112,413


				975,384

Banking – 4.44%
Ally Financial 8.00% 11/1/31		565,000		690,051
Credit Suisse Group 144A 6.25%#µY		750,000		772,434
Deutsche Bank 6.00%µY		400,000		291,000
Popular 6.125% 9/14/23		1,215,000		1,178,307
Royal Bank of Scotland Group 8.625%µY		1,205,000		1,234,462


				4,166,254

Basic Industry – 9.50%
Allegheny Technologies 5.875% 12/1/27		685,000		570,263
Blue Cube Spinco 10.00% 10/15/25		176,000		187,422
BMC East 144A 5.50% 10/1/24 #		505,000		483,437
Boise Cascade 144A 5.625% 9/1/24 #		400,000		400,920
First Quantum Minerals 144A 7.25% 4/1/23 #		530,000		483,784
144A 7.50% 4/1/25 #		405,000		359,519
Freeport-McMoRan 5.45% 3/15/43		952,000		882,361
Hudbay Minerals 144A 7.625% 1/15/25 #		230,000		209,231
IAMGOLD 144A 7.00% 4/15/25 #		190,000		192,884
Joseph T Ryerson & Son 144A 11.00% 5/15/22 #		246,000		237,697
Kraton Polymers 144A 7.00% 4/15/25 #		480,000		464,160
Lennar 5.00% 6/15/27		240,000		248,184
M/I Homes 144A 4.95% 2/1/28 #		612,000		539,325
Mattamy Group 144A 4.625% 3/1/30 #		145,000		130,723
144A 5.25% 12/15/27 #		375,000		353,906
New Enterprise Stone & Lime 144A 10.125% 4/1/22 #		420,000		419,811
Novelis 144A 5.875% 9/30/26 #		330,000		322,509
Olin 5.00% 2/1/30		250,000		219,463


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Basic Industry (continued)
PolyOne 144A 5.75% 5/15/25 #		690,000	$	699,056
Standard Industries 144A 6.00% 10/15/25 #		925,000		958,531
Steel Dynamics 5.50% 10/1/24		341,000		348,928
Tms International Holding 144A 7.25% 8/15/25 #		270,000		203,459


				8,915,573

Capital Goods – 6.28%
ARD Finance 144A PIK 6.50% 6/30/27 #✤		400,000		373,140
Ardagh Packaging Finance 144A 6.00% 2/15/25 #		200,000		201,424
Berry Global 144A 5.625% 7/15/27 #		635,000		659,638
Bombardier 144A 7.50% 3/15/25 #		270,000		176,344
144A 7.875% 4/15/27 #		250,000		163,450
EnPro Industries 5.75% 10/15/26		545,000		535,245
Gates Global 144A 6.25% 1/15/26 #		320,000		292,707
Griffon 5.75% 3/1/28		500,000		478,600
Intertape Polymer Group 144A 7.00% 10/15/26 #		385,000		393,050
Mauser Packaging Solutions Holding 144A 7.25% 4/15/25 #		505,000		398,319
Titan Acquisition 144A 7.75% 4/15/26 #		170,000		159,086
TransDigm 144A 6.25% 3/15/26 #		690,000		678,581
144A 8.00% 12/15/25 #		90,000		94,050
United Rentals North America 5.25% 1/15/30		460,000		463,289
5.875% 9/15/26		430,000		444,534
6.50% 12/15/26		370,000		385,595


				5,897,052

Consumer Cyclical – 3.66%
Albertsons 144A 4.875% 2/15/30 #		399,000		406,980
Boyd Gaming 144A 4.75% 12/1/27 #		490,000		424,389
MGM Growth Properties Operating Partnership 5.75% 2/1/27		495,000		502,747


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
MGM Resorts International 5.75% 6/15/25		345,000	$	333,360
Murphy Oil USA 4.75% 9/15/29		210,000		217,213
5.625% 5/1/27		700,000		725,655
Scientific Games International 144A 8.25% 3/15/26 #		396,000		300,841
William Carter 144A 5.625% 3/15/27 #		510,000		519,976


				3,431,161

Consumer Non-Cyclical – 4.65%
JBS USA LUX 144A 5.50% 1/15/30 #		250,000		254,287
144A 5.75% 6/15/25 #		75,000		76,313
144A 6.50% 4/15/29 #		335,000		354,132
144A 6.75% 2/15/28 #		525,000		566,181
Kraft Heinz Foods 3.95% 7/15/25		335,000		350,987
5.00% 7/15/35		340,000		365,267
5.20% 7/15/45		395,000		405,891
Pilgrim’s Pride 144A 5.75% 3/15/25 #		465,000		472,128
Post Holdings 144A 5.50% 12/15/29 #		490,000		494,729
Spectrum Brands 144A 5.00% 10/1/29 #		585,000		562,829
US Foods 144A 6.25% 4/15/25 #		448,000		460,320


				4,363,064

Energy – 7.90%
Cheniere Corpus Christi Holdings 7.00% 6/30/24		830,000		888,205
Cheniere Energy Partners 144A 4.50% 10/1/29 #		460,000		426,489
Continental Resources 5.00% 9/15/22		270,000		256,500
Crestwood Midstream Partners 144A 5.625% 5/1/27 #		535,000		351,121
DCP Midstream Operating 5.125% 5/15/29		505,000		378,422
Genesis Energy 6.50% 10/1/25		675,000		571,219
Murphy Oil 5.875% 12/1/27		690,000		470,477
NuStar Logistics 6.00% 6/1/26		630,000		578,623


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Energy (continued)
Occidental Petroleum 2.70% 8/15/22		585,000	$	511,875
2.70% 2/15/23		270,000		233,280
PDC Energy 6.125% 9/15/24		389,000		308,205
Precision Drilling 144A 7.125% 1/15/26 #		840,000		341,964
Southwestern Energy 7.75% 10/1/27		340,000		298,010
Sunoco 6.00% 4/15/27		235,000		230,488
Targa Resources Partners 5.375% 2/1/27		490,000		418,779
5.875% 4/15/26		340,000		303,348
Transocean 144A 7.25% 11/1/25 #		355,000		142,887
144A 8.00% 2/1/27 #		405,000		159,975
WPX Energy 4.50% 1/15/30		135,000		110,700
5.25% 10/15/27		500,000		437,325


				7,417,892

Financial Services – 0.68%
DAE Funding 144A 5.75% 11/15/23 #		705,000		636,121


				636,121

Healthcare – 7.72%
AMN Healthcare 144A 4.625% 10/1/27 #		575,000		561,833
Bausch Health 144A 5.50% 11/1/25 #		1,080,000		1,128,060
Catalent Pharma Solutions 144A 5.00% 7/15/27 #		265,000		271,532
Change Healthcare Holdings 144A 5.75% 3/1/25 #		180,000		177,105
Charles River Laboratories International 144A 5.50% 4/1/26 #		905,000		935,951
CHS 144A 8.00% 3/15/26 #		530,000		510,538
Encompass Health 4.75% 2/1/30		295,000		296,410
Hadrian Merger Sub 144A 8.50% 5/1/26 #		550,000		478,280
HCA 5.375% 2/1/25		340,000		367,315
5.875% 2/1/29		815,000		936,394
7.58% 9/15/25		230,000		263,350
Tenet Healthcare 5.125% 5/1/25		235,000		221,194

(continues) 28

Schedules of investments

Macquarie Institutional Portfolios — Macquarie High Yield Bond Portfolio


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Healthcare (continued)
Tenet Healthcare 144A 6.25% 2/1/27 #		500,000	$	493,875
6.875% 11/15/31		210,000		183,141
8.125% 4/1/22		420,000		425,145


				7,250,123

Insurance – 3.59%
Centene 144A 4.625% 12/15/29 #		530,000		582,815
144A 5.375% 8/15/26 #		935,000		1,004,657
GTCR AP Finance 144A 8.00% 5/15/27 #		160,000		150,736
HUB International 144A 7.00% 5/1/26 #		865,000		858,729
USI 144A 6.875% 5/1/25 #		765,000		771,694


				3,368,631

Media – 12.28%
Altice Financing 144A 5.00% 1/15/28 #		555,000		544,594
CCO Holdings 144A 4.50% 8/15/30 #		1,435,000		1,448,919
144A 5.375% 6/1/29 #		465,000		492,742
Clear Channel Worldwide Holdings 144A 9.25% 2/15/24 #		942,000		789,113
Connect Finco 144A 6.75% 10/1/26 #		970,000		929,405
CSC Holdings 144A 5.75% 1/15/30 #		1,315,000		1,371,331
5.875% 9/15/22		314,000		328,350
144A 7.50% 4/1/28 #		440,000		486,085
144A 10.875% 10/15/25 #		260,000		282,269
Cumulus Media New Holdings 144A 6.75% 7/1/26 #		495,000		405,504
Gray Television 144A 7.00% 5/15/27 #		495,000		500,866
LCPR Senior Secured Financing 144A 6.75% 10/15/27 #		490,000		506,979
Netflix 144A 4.875% 6/15/30 #		285,000		306,532
144A 5.375% 11/15/29 #		145,000		159,921
Nexstar Broadcasting 144A 5.625% 7/15/27 #		830,000		796,509
Radiate Holdco 144A 6.625% 2/15/25 #		470,000		468,731
Sirius XM Radio 144A 4.625% 7/15/24 #		90,000		92,232


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Media (continued)
Sirius XM Radio 144A 5.375% 4/15/25 #		895,000	$	927,444
Terrier Media Buyer 144A 8.875% 12/15/27 #		420,000		349,125
VTR Finance 144A 6.875% 1/15/24 #		345,000		345,141


				11,531,792

Real Estate – 0.88%
HAT Holdings I 144A 5.25% 7/15/24 #		825,000		823,020


				823,020

Services – 3.06%
Clean Harbors 144A 5.125% 7/15/29 #		290,000		297,134
Covanta Holding 6.00% 1/1/27		555,000		536,741
GFL Environmental 144A 4.25% 6/1/25 #		460,000		463,450
Prime Security Services Borrower 144A 5.75% 4/15/26 #		940,000		930,600
144A 6.25% 1/15/28 #		715,000		646,181


				2,874,106

Technology & Electronics – 7.06%
Banff Merger Sub 144A 9.75% 9/1/26 #		730,000		659,774
Broadcom 144A 5.00% 4/15/30 #		445,000		499,282
Camelot Finance 144A 4.50% 11/1/26 #		415,000		420,063
CDK Global 5.875% 6/15/26		771,000		811,208
CommScope Technologies 144A 5.00% 3/15/27 #		525,000		452,183
Iron Mountain US Holdings 144A 5.375% 6/1/26 #		480,000		481,008
Open Text 144A 3.875% 2/15/28 #		150,000		146,953
Open Text Holdings 144A 4.125% 2/15/30 #		654,000		639,220
RP Crown Parent 144A 7.375% 10/15/24 #		768,000		760,166
Science Applications International 144A 4.875% 4/1/28 #		470,000		462,485
SS&C Technologies 144A 5.50% 9/30/27 #		793,000		816,552


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Technology & Electronics (continued)
Verscend Escrow 144A 9.75% 8/15/26 #		460,000	$	482,448


				6,631,342

Telecommunications – 10.10%
Altice France Holding 144A 6.00% 2/15/28 #		710,000		653,200
144A 10.50% 5/15/27 #		445,000		481,757
C&W Senior Financing 144A 6.875% 9/15/27 #		433,000		430,099
CenturyLink 144A 4.00% 2/15/27 #		305,000		297,756
144A 5.125% 12/15/26 #		730,000		696,237
Cincinnati Bell 144A 7.00% 7/15/24 #		565,000		575,419
Consolidated Communications 6.50% 10/1/22		795,000		718,481
Frontier Communications 144A 8.00% 4/1/27 #‡		1,071,000		1,097,079
Sprint
7.125% 6/15/24		215,000		242,455
7.625% 3/1/26		190,000		225,483
7.875% 9/15/23		995,000		1,124,350
Sprint Capital 8.75% 3/15/32		175,000		246,689
T-Mobile USA 6.00% 4/15/24		325,000		333,401
6.50% 1/15/26		532,000		563,734
Uniti Group 144A 7.875% 2/15/25 #		765,000		741,094
Vodafone Group 7.00% 4/4/79 µ		285,000		326,577
Zayo Group Holdings 144A 6.125% 3/1/28 #		770,000		729,359


				9,483,170

Transportation – 1.03%
Delta Air Lines 144A 7.00% 5/1/25 #		470,000		482,205
Stena International 144A 6.125% 2/1/25 #		200,000		176,250
VistaJet Malta Finance 144A 10.50% 6/1/24 #		380,000		305,026


				963,481

Utilities – 2.97%
AES 5.125% 9/1/27		485,000		507,868
Calpine 144A 5.25% 6/1/26 #		585,000		598,443


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Utilities (continued)
Edison International 4.95% 4/15/25		130,000	$	141,297
Vistra Operations
144A 5.00% 7/31/27 #		241,000		246,916
144A 5.50% 9/1/26 #		834,000		863,440
144A 5.625% 2/15/27 #		410,000		433,431


				2,791,395

Total Corporate Bonds (cost $84,586,816)				81,519,561



Loan Agreements – 7.14%
Air Medical Group Holdings 4.25% (LIBOR01M + 3.25%) 4/28/22 ●		513,270		473,492
Applied Systems 2nd Lien 8.45% (LIBOR03M + 7.00%) 9/19/25 ●		949,290		916,065
Apro 5.00% (LIBOR01M + 4.00%) 10/28/26 ●		154,940		148,355
Blue Ribbon 1st Lien 5.623% (LIBOR03M + 4.00%) 11/15/21 ●		161,356		108,512
BW Gas & Convenience Holdings 6.88% (LIBOR01M + 6.25%) 11/18/24 ●		99,120		89,703
Calpine 2.66% (LIBOR01M + 2.25%) 1/15/24 ●		65,827		63,883
Granite US Holdings Tranche B 6.322% (LIBOR03M + 5.25%) 9/30/26 ●		483,919		396,813
Informatica 2nd Lien 7.125% (LIBOR06M + 0.00%) 2/14/25 ●		525,000		495,469
Kronos 2nd Lien 10.013% (LIBOR03M + 8.25%) 11/1/24 ●		498,000		481,193
LCPR Loan Financing 5.814% (LIBOR01M + 5.00%) 10/15/26 ●		193,000		191,553
Merrill Communications Tranche B 1st Lien 6.195% (LIBOR06M + 5.00%) 10/5/26 •		352,230		331,096
Ortho-Clinical Diagnostics TBD 6/30/25 X		493,000		441,235
Panda Liberty Tranche B-2 7.95% (LIBOR03M + 6.50%) 8/21/20 ●		262,319		246,579

(continues) 30

Schedules of investments

Macquarie Institutional Portfolios — Macquarie High Yield Bond Portfolio


	Principal amount°		Value (US $)
Loan Agreements (continued)
Panda Patriot Tranche B-1 7.20% (LIBOR03M + 5.75%) 12/19/20 ●		150,306	$	141,287
Panda Patriot Tranche B-2 7.20% (LIBOR03M + 5.75%) 12/19/20 ●		113,012		106,231
Stars Group Holdings TBD 7/10/25 X		485,000		480,150
Summit Midstream Partners Holdings 7.00% (LIBOR01M + 6.00%) 5/13/22 ●		206,524		41,305
Surgery Center Holdings TBD 9/2/24 X		546,000		489,580
Terrier Media Buyer 5.70% (LIBOR03M + 4.25%) 12/17/26 ●		497,753		464,569
Ultimate Software Group 1st Lien TBD 5/4/26 X		83,000		79,576
Vantage Specialty Chemicals 2nd Lien 9.863% (LIBOR03M + 8.25%) 10/27/25 ●		275,000		187,344
Verscend Holding Tranche B 4.904% (LIBOR01M + 4.50%) 8/27/25 ●		343,834		325,944

Total Loan Agreements (cost $7,246,113)				6,699,934


	Number of shares
Common Stock – 0.00%
Century Communications =†		60,000		0


Total Common Stock (cost $1,816)				0



Short-Term Investments – 5.90%
Money Market Mutual Funds – 5.90%
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.21%)		1,107,577		1,107,577
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.16%)		1,107,578		1,107,578


	Number of shares		Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.25%)		1,107,578	$	1,107,578
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.13%)		1,107,578		1,107,578
State Street Institutional US Government Money Market Fund – Investor Class (seven-day effective yield 0.14%)		1,107,578		1,107,578


Total Short-Term Investments (cost $5,537,889)				5,537,889


Total Value of Securities – 99.88% (cost $97,372,634)			$	93,757,384

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At April 30, 2020, the aggregate value of Rule 144A securities was $55,195,535,which represents 58.80% of the Portfolio’s net assets. See Note 9 in “Notes to financial statements.”

✤	PIK. 100% of the income received was in the form of both cash and principal.

=	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.”

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.

‡	Non-income producing security. Security is currently in default.

µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at April 30, 2020. Rate will reset at a future date.

Y	No contractual maturity date.

†	Non-income producing security.

●

Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at April 30, 2020.For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. 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 description above.

X	This loan will settle after April 30, 2020, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.

Unfunded Loan Commitments¹

The Portfolio may invest in floating rate loans. In connection with these investments, the Portfolio may also enter into unfunded corporate loan commitments (commitments). Commitments may obligate the Series to furnish temporary financing to a borrower until permanent financing can be arranged. In connection with these commitments, the Portfolio earns a commitment fee, typically set as a percentage of the commitment amount. The following unfunded loan commitment was outstanding at April 30, 2020:


Borrower	Principal Amount		Value	Unrealized Appreciation (Depreciation)
Apro 4.00% (LIBOR03M+4.00%) 10/28/26	$	44,380	42,494	$	(1,886	)

¹See Note 9 in “Notes to financial statements.“

Summary of abbreviations:

GS – Goldman Sachs

ICE – Intercontinental Exchange

LIBOR – London interbank offered rate

LIBOR01M – ICE LIBOR USD 1 Month

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

PIK – Pay-in-kind

TBD – To be determined

USD – US Dollar

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

(continues) 32

Schedules of investments

Macquarie Institutional Portfolios – Macquarie Emerging Markets Portfolio

April 30, 2020 (Unaudited)


	Number of shares		Value (US $)
Common Stock – 97.48%D
Brazil – 2.39%
Hypera		193,700	$	1,036,910
Suzano †		89,600		647,874


				1,684,784

China/Hong Kong – 46.84%
Alibaba Group Holding †		74,200		1,883,138
Alibaba Group Holding ADR †		17,285		3,503,151
Brilliance China Automotive Holdings		544,000		503,329
China Medical System
Holdings		1,006,000		1,184,235
China Merchants Bank Class H		688,000		3,255,831
China Mobile		196,500		1,579,675
CSPC Pharmaceutical Group		988,000		1,955,961
Hengan International Group		163,000		1,449,551
Jiangsu Expressway Class H		191,000		227,990
NetEase ADR		10,236		3,531,010
Ping An Insurance Group Co. of China Class H		375,000		3,816,098
Sands China		254,000		1,028,318
Tencent Holdings		64,000		3,364,444
Tingyi Cayman Islands Holding		1,200,000		2,130,121
WH Group 144A #		2,265,500		2,160,728
Yum China Holdings		30,124		1,459,809


				33,033,389

India – 11.21%
Bajaj Auto		22,025		769,401
HCL Technologies		230,234		1,666,472
Housing Development Finance		45,020		1,148,656
Indiabulls Housing Finance		320,527		566,402
Infosys ADR		150,647		1,390,472
Reliance Industries		120,957		2,361,315


				7,902,718

Indonesia – 1.08%
Bank Rakyat Indonesia Persero		4,143,100		760,381


				760,381

Malaysia – 0.56%
AMMB Holdings		459,500		318,444
Genting Malaysia		142,100		78,320


				396,764

Mexico – 1.92%
Fibra Uno Administracion		1,110,916		922,345


	Number of shares		Value (US $)
Common StockD (continued)
Mexico (continued)
Grupo Financiero Banorte Class O		157,413	$	430,941


				1,353,286

Peru – 0.91%
Credicorp		4,334		645,853


				645,853

Qatar – 0.10%
Qatar Electricity & Water		16,649		69,047


				69,047

Republic of Korea – 12.97%
Korea Zinc		1,811		575,597
LG Chem		7,678		2,385,657
Samsung Electronics		98,189		4,037,292
Samsung Fire & Marine Insurance		5,494		861,637
Shinhan Financial Group		50,747		1,286,566


				9,146,749

Romania – 0.26%
Societatea Nationala de Gaze Naturale ROMGAZ GDR ³		27,881		181,227


				181,227

Russia – 4.41%
Gazprom PJSC ADR		327,838		1,664,106
LUKOIL PJSC ADR (London International Exchange)		22,080		1,446,240


				3,110,346

Taiwan – 10.70%
ASE Technology Holding		775,000		1,748,777
CTBC Financial Holding		1,084,046		729,101
Mega Financial Holding		266,245		269,500
Taiwan Semiconductor Manufacturing		468,588		4,798,313


				7,545,691

Thailand – 0.09%
Kasikornbank NVDR		24,600		65,577


				65,577

United Arab Emirates – 0.95%
First Abu Dhabi Bank		212,886		672,305


				672,305

United Kingdom – 3.09%
Mondi		83,108		1,475,911


	Number of shares		Value (US $)
Common StockD (continued)
United Kingdom (continued)
Unilever		14,052	$	701,881


				2,177,792


Total Common Stock (cost $70,407,417)				68,745,909



Preferred Stock – 1.75%D
Brazil – 0.99%
Itau Unibanco Holding ADR 11.11%		37,138		156,351
Itausa - Investimentos Itau 5.72%		328,288		543,937


				700,288

Republic of Korea – 0.76%
Samsung Electronics 3.37%		15,351		532,152


				532,152


Total Preferred Stock (cost $1,754,243)				1,232,440



Short-Term Investments – 0.85%
Money Market Mutual Funds – 0.85%
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.21%)		120,184		120,184
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.16%)		120,183		120,183
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.25%)		120,184		120,184
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.13%)		120,184		120,184


	Number of shares		Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
State Street Institutional US Government Money Market Fund – Investor Class (seven-day effective yield 0.14%)		120,184	$	120,184


Total Short-Term Investments (cost $600,919)				600,919


Total Value of Securities – 100.08% (cost $72,762,579)			$	70,579,268

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At April 30, 2020, the aggregate value of Rule 144A securities was $2,160,728, which represents 3.06% of the Portfolio’s net assets. See Note 9 in “Notes to financial statements.”

Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such securities cannot be sold by the issuer in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. At April 30, 2020,the aggregate value of Regulation S securities was $181,227 which represents 0.26% of the Portfolio’s net assets.

D	Securities have been classified by country of origin. Aggregate classification by business sector has been presented on page 9 in “Security type / country and sector allocations.”

†	Non-income producing security.

(continues) 34

Schedules of investments

Macquarie Institutional Portfolios — Macquarie Emerging Markets Portfolio

The following foreign currency exchange contracts were outstanding at April 30, 2020:¹

Foreign Currency Exchange Contracts


Counterparty	Currency to Receive (Deliver)			In Exchange For			Settlement Date	Unrealized Depreciation
BNYM	MYR	(175,369	)		USD	40,713	5/4/20	$	(19	)

The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The foreign currency exchange contract presented above represents the Portfolio’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Portfolio’s net assets.

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

Summary of abbreviations:

ADR – American Depositary Receipt

BNYM – The Bank of New York Mellon

GDR – Global Depositary Receipt

GS – Goldman Sachs

MYR - Malaysian Ringgit

NVDR – Non-Voting Depositary Receipt

USD – US Dollar

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

Macquarie Institutional Portfolios — Macquarie Emerging Markets Portfolio II

April 30, 2020 (Unaudited)


	Number of shares		Value (US $)
Common Stock – 98.35%D
Argentina – 0.07%
IRSA Inversiones y Representaciones ADR †		8,000	$	26,320
IRSA Propiedades Comerciales ADR		301		1,923

				28,243

Bahrain – 0.02%
Aluminum Bahrain GDR 144A #		1,800		7,996

				7,996

Brazil – 8.91%
B2W Cia Digital †		148,741		2,040,235
Banco Bradesco ADR		67,971		239,258
Banco Santander Brasil ADR		28,000		137,760
BRF ADR †		52,300		187,234
Petroleo Brasileiro ADR		31,600		218,356
Rumo†		4,100		14,853
Telefonica Brasil ADR		23,055		193,662
TIM Participacoes ADR		16,000		185,920
Vale ADR		23,300		192,225

				3,409,503

Chile – 0.40%
Latam Airlines Group ADR		6,922		26,304
Sociedad Quimica y Minera de Chile ADR		5,500		125,400

				151,704

China/Hong Kong – 34.60%
Alibaba Group Holding ADR †		9,600		1,945,632
Baidu ADR †		4,650		469,325
BeiGene†		9,300		113,424
China Mengniu Dairy †		104,000		368,275
China Mobile ADR		24,719		988,018
China Petroleum & Chemical Class H		82,000		40,870
China Petroleum & Chemical ADR		4,470		222,070
CNOOC ADR		2,400		269,688
Genscript Biotech †		60,000		107,004
JD.com ADR †		25,100		1,081,810
Kunlun Energy		176,000		114,663
Kweichow Moutai Class A		4,500		807,653
PetroChina ADR		3,000		107,490
Ping An Insurance Group Co. of China Class H		60,500		615,664
SINA†		16,300		550,451
Sohu.com ADR †		16,800		140,952
Tencent Holdings		47,500		2,497,047


	Number of shares		Value (US $)
Common StockD (continued)
China/Hong Kong (continued)
Tencent Music Entertainment Group ADR †		11	$	126
Tianjin Development Holdings		164,000		34,684
Tingyi Cayman Islands Holding		270,000		479,277
Trip.com Group ADR †		12,800		329,728
Tsingtao Brewery Class H		94,000		571,043
Uni-President China Holdings		465,000		466,831
Weibo ADR †		4,470		167,759
Wuliangye Yibin Class A		39,200		754,695

				13,244,179

India – 10.62%
Dr Reddy’s Laboratories		10,425		546,454
Reliance Industries GDR 144A #		85,126		3,256,070
Tata Chemicals		28,827		108,521
Tata Consumer Products		32,862		153,862

				4,064,907

Indonesia – 2.26%
Astra International		587,700		152,111
Bank Central Asia		409,700		711,983

				864,094

Malaysia – 0.08%
UEM Sunrise †		308,500		30,850

				30,850

Mexico – 3.27%
America Movil Class L ADR Class L		13,600		163,744
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand ADR		59,600		165,092
Becle		130,000		198,336
Coca-Cola Femsa ADR		9,700		400,707
Grupo Financiero Banorte
Class O		27,500		75,285
Grupo Televisa ADR		46,200		247,170

				1,250,334

Peru – 0.42%
Cia de Minas Buenaventura ADR		21,600		161,784

				161,784

Republic of Korea – 17.41%
LG Uplus		18,000		197,659

(continues) 36

Schedules of investments

Macquarie Institutional Portfolios — Macquarie Emerging Markets Portfolio II


	Number of shares		Value (US $)
Common StockD (continued)
Republic of Korea (continued)
Samsung Electronics		63,322	$	2,603,646
SK Hynix		28,262		1,944,922
SK Telecom		2,239		389,147
SK Telecom ADR		80,000		1,530,400

				6,665,774

Russia – 6.46%
Etalon Group GDR 144A #		4,800		5,472
Gazprom PJSC ADR		115,071		584,100
LUKOIL (London International Exchange) ADR		5,269		345,120
Mobile TeleSystems ADR		15,000		128,550
Rosneft Oil GDR		115,838		519,186
Sberbank of Russia PJSC		137,546		365,560
VEON ADR		45,641		78,046
X5 Retail Group GDR		5,329		157,312
Yandex Class A †		7,700		290,906

				2,474,252

Taiwan – 12.70%
Hon Hai Precision Industry		280,564		726,495
MediaTek		98,000		1,367,679
Taiwan Semiconductor Manufacturing		167,000		1,710,070
Taiwan Semiconductor
Manufacturing ADR		15,200		807,576
United Microelectronics ADR		100,000		250,000

				4,861,820

Turkey – 1.13%
Akbank T.A.S. †		260,968		219,916
Anadolu Efes Biracilik Ve Malt Sanayii		25,218		66,315
Turkcell Iletisim Hizmetleri ADR		23,700		117,789
Turkiye Sise ve Cam Fabrikalari		42,425		29,439

				433,459

Total Common Stock (cost $33,618,098)				37,648,899


Preferred Stock – 1.22%Ä
Brazil – 0.75%
Itau Unibanco Holding ADR 11.11%		68,207		287,151

				287,151


	Number of shares		Value (US $)
Preferred StockD (continued)
Republic of Korea – 0.38%
LG Electronics 3.70%		8,325	$	144,726

				144,726

Russia – 0.09%
Transneft PJSC 7.85%		20		36,784

				36,784

Total Preferred Stock (cost $703,643)				468,661


Short-Term Investments – 0.41%
Money Market Mutual Funds – 0.41%
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.21%)		31,377		31,377
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.16%)		31,377		31,377
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.25%)		31,376		31,376
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.13%)		31,376		31,376
State Street Institutional US Government Money Market Fund – Investor Class (seven-day effective yield 0.14%)		31,376		31,376

Total Short-Term Investments (cost $156,882)				156,882

Total Value of Securities – 99.98% (cost $34,478,623)			$	38,274,442

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At April 30, 2020, the aggregate value of Rule 144A securities was $3,269,538, which represents 8.54% of the Portfolio’s net assets. See Note 9 in “Notes to financial statements.”

Securities have been classified by country of origin. Aggregate classification by business sector has been presented on page 10 in “Security type / country and sector allocations.”

†

Non-income producing security.

Summary of abbreviations:

ADR – American Depositary Receipt

GDR – Global Depositary Receipt

GS – Goldman Sachs

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

(continues) 38

Schedules of investments

Macquarie Institutional Portfolios — Macquarie Labor Select International Equity Portfolio

April 30, 2020 (Unaudited)


	Number of shares		Value (US $)
Common Stock – 98.11%D
Australia – 0.96%
QBE Insurance Group		584,476	$	3,218,383
				3,218,383
China/Hong Kong – 7.51%
CK Hutchison Holdings		1,541,000		11,422,165
Jardine Matheson Holdings		59,800		2,628,808
WH Group 144A #		11,624,500		11,086,905
				25,137,878
Denmark – 1.46%
ISS †		327,720		4,889,871
				4,889,871
France – 7.45%
Cie de Saint-Gobain		357,769		9,491,801
Sanofi		117,603		11,494,383
Societe Generale		252,576		3,946,960
				24,933,144
Germany – 9.00%
Allianz		50,610		9,366,248
Bayerische Motoren Werke		43,311		2,565,338
Daimler		107,295		3,707,861
Evonik Industries		266,227		6,552,589
Telefonica Deutschland Holding		2,790,190		7,934,549
				30,126,585
Italy – 4.36%
Enel		1,163,177		7,948,827
Eni		695,679		6,643,204
				14,592,031
Japan – 29.25%
Coca-Cola Bottlers Japan Holdings		326,300		5,913,931
FUJIFILM Holdings		225,600		10,803,321
Fujitsu		79,700		7,824,065
Honda Motor		498,000		12,114,141
Isuzu Motors		385,100		2,960,155
Kyocera		180,100		9,698,531
Mitsubishi Electric		511,900		6,394,278
Nippon Telegraph & Telephone		282,200		6,424,215
Otsuka Holdings		196,200		7,779,257
Sekisui Chemical		421,400		5,379,658
Sumitomo Electric Industries		175,800		1,824,100
Takeda Pharmaceutical		339,100		12,269,723
Tokio Marine Holdings		158,300		7,502,342


	Number of shares		Value (US $)
Common StockD (continued)
Japan (continued)
Toyota Industries		20,100	$	1,017,034
				97,904,751
Netherlands – 0.76%
Koninklijke Ahold Delhaize		105,599		2,564,370
				2,564,370
Singapore – 5.37%
Singapore Telecommunications		3,848,800		7,724,075
United Overseas Bank		711,309		10,259,919
				17,983,994
Spain – 2.11%
Banco Santander		3,158,636		7,052,585
				7,052,585
Sweden – 2.89%
Telia		2,793,665		9,664,729
				9,664,729
Switzerland – 5.32%
ABB		396,551		7,528,409
Novartis		90,220		7,688,679
Zurich Insurance Group		8,185		2,605,802
				17,822,890
United Kingdom – 21.67%
BP		1,917,289		7,560,819
G4S		2,445,284		3,363,180
GlaxoSmithKline		507,614		10,619,435
John Wood Group		411,417		1,049,832
Kingfisher		2,862,828		5,671,816
Lloyds Banking Group		18,420,345		7,479,817
Royal Dutch Shell Class B		522,895		8,472,054
SSE		679,388		10,696,115
Tesco		3,334,401		9,873,443
Travis Perkins		171,511		2,245,508
WPP		702,203		5,494,046
				72,526,065
Total Common Stock (cost $412,808,218)				328,417,276

Preferred Stock – 0.31%
Bayerische Motoren Werke 8.12%		21,626		1,024,265
Total Preferred Stock (cost $1,423,098)				1,024,265


	Number of shares		Value (US $)
Short-Term Investments – 0.49%
Money Market Mutual Funds – 0.49%
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.21%)		326,508	$	326,508
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.16%)		326,507		326,507
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.25%)		326,507		326,507
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.13%)		326,507		326,507
State Street Institutional US Government Money Market Fund – Investor Class (seven-day effective yield 0.14%)		326,507		326,507
Total Short-Term Investments (cost $1,632,536)				1,632,536
Total Value of Securities – 98.91% (cost $415,863,852)			$	331,074,077

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended.At April 30, 2020, the aggregate value of Rule 144A securities was $11,086,905,which represents 3.31% of the Portfolio’s net assets. See Note 9 in “Notes to financial statements.”

D	Securities have been classified by country of origin. Aggregate classification by business sector has been presented on page 11 in “Security type / country and sector allocations.”

†	Non-income producing security.

GS – Goldman Sachs

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

(continues) 40

Statements of assets and liabilities

Macquarie Institutional Portfolios

April 30, 2020 (Unaudited)


	Macquarie		Macquarie		Macquarie
	Large Cap		Core Plus		High Yield
	Value		Bond		Bond
	Portfolio		Portfolio		Portfolio
Assets:
Investments, at value¹	$	42,060,109	$	137,963,401	$	93,757,384
Cash collateral due from brokers		—		33,473		—
Foreign currencies, at value²		—		67		—
Dividends and interest receivable		91,657		827,332		1,248,528
Receivable for securities sold		—		235,214		1,592,571
Swap payments receivable		—		123		—
Variation margin due from HSBC on futures contracts		—		3,305		—
Pricing fees receivable		426		—		—
Prepaid expenses		—		—		246

Total assets		42,152,192		139,062,915		96,598,729

Liabilities:
Due to custodian		—		19,827		19,409
Payable for securities purchased		247,022		1,304,661		2,609,385
Accounting and administration fees payable to non-affiliates		18,669		25,110		20,642
Audit and tax fees payable		17,430		22,915		21,840
Investment management fees payable to affiliates		12,016		27,895		30,317
Other accrued expenses		4,627		12,581		—
Legal fess payable to non-affiliates		2,441		6,038		1,870
Accounting and administration fees payable to affiliates		444		726		597
Custody fees payable		431		5,667		2,127
Dividend disbursing and transfer agent fees and expenses payable to non-affiliates		391		1,371		900
Dividend disbursing and transfer agent fees and expenses payable to affiliates		246		847		571
Trustees’ fees and expenses payable		152		551		366
Legal fees payable to affiliates		72		681		173
Reports and statements to shareholders expenses payable to affiliates		36		120		82
Pricing fees payable		—		18,076		5,959
Other Liabilities		—		—		11,133

Total liabilities		303,977		1,447,066		2,725,371

Total Net Assets	$	41,848,215	$	137,615,849	$	93,873,358


	Macquarie			Macquarie		Macquarie
	Large Cap			Core Plus		High Yield
	Value			Bond		Bond
	Portfolio			Portfolio		Portfolio
Net Assets Consist of:
Paid-in capital	$	45,884,318		$	131,242,889	$	115,432,681
Total distributable earnings (loss)		(4,036,103	)		6,372,960		(21,559,323	)

Total Net Assets	$	41,848,215		$	137,615,849	$	93,873,358


Net Asset Value

Portfolio Class
Net assets	$	41,848,215		$	137,615,849	$	93,873,358
Shares of beneficial interest outstanding, unlimited authorization, no par		2,923,537			13,423,847		13,856,562
Net asset value per share	$	14.31		$	10.25	$	6.77

¹Investments, at cost	$	40,781,298		$	136,576,141	$	97,372,634
²Foreign currencies, at cost		—			89		—

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

(continues) 42

Statements of assets and liabilities

Macquarie Institutional Portfolios


					Macquarie
	Macquarie		Macquarie		Labor Select
	Emerging		Emerging		International
	Markets		Markets		Equity
	Portfolio		Portfolio II		Portfolio
Assets:
Investments, at value¹	$	70,579,268	$	38,274,442	$	331,074,077
Foreign currencies, at value²		747		57,363		273,072
Receivable for securities sold		110,898		—		337,273
Dividends and interest receivable		75,615		45,277		1,254,211
Foreign tax reclaims receivable		4,689		1,486		2,520,003
Receivable for fund shares sold		45		—		—
Prepaid expenses		3,821		—		—

Total assets		70,775,083		38,378,568		335,458,636

Liabilities:
Capital gains tax payable		92,971		22,044		—
Due to custodian		39,838		—		—
Payable for fund shares redeemed		45		—		—
Payable for securities purchased		—		—		367,949
Investment management fees payable to affiliates		54,180		22,920		202,348
Audit and tax fees payable		19,450		19,450		19,450
Accounting and administration fees payable to non-affiliates		19,603		17,624		37,173
Custody fees payable		18,882		6,752		59,394
Legal fees payable to non-affiliates		2,218		858		11,386
Legal fees payable to affiliates		545		486		634
Pricing fees payable		3,076		1,781		3,408
Dividend disbursing and transfer agent fees and expenses payable to non-affiliates		708		386		3,447
Accounting and administration fees payable to affiliates		524		433		1,280
Dividend disbursing and transfer agent fees and expenses payable to affiliates		416		223		2,024
Trustees’ fees and expenses payable		263		140		1,344
Unrealized depreciation on foreign currency exchange contracts		19		—		—
Reports and statements to shareholders expenses payable to affiliates		62		33		291
Other accrued expenses		—		4,811		13,572

Total liabilities		252,800		97,941		723,700

Total Net Assets	$	70,522,283	$	38,280,627	$	334,734,936


						Macquarie
	Macquarie			Macquarie		Labor Select
	Emerging			Emerging		International
	Markets			Markets		Equity
	Portfolio			Portfolio II		Portfolio
Net Assets Consist of:
Paid-in capital	$	125,545,949		$	35,630,158	$	435,300,197
Total distributable earnings (loss)³		(55,023,666	)		2,650,469		(100,565,261	)

Total Net Assets	$	70,522,283		$	38,280,627	$	334,734,936


Net Asset Value

Portfolio Class
Net assets	$	70,522,283		$	38,280,627	$	334,734,936
Shares of beneficial interest outstanding, unlimited authorization, no par		10,242,718			4,462,430		30,586,254
Net asset value per share	$	6.89		$	8.58	$	10.94

¹Investments, at cost	$	72,762,579		$	34,478,623	$	415,863,852
²Foreign currencies, at cost		734			58,416		269,970
³Includes deferred capital gains tax payable		92,971			22,044		—

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

(continues) 44

Statements of operations

Macquarie Institutional Portfolios

Six months ended April 30, 2020 (Unaudited)


	Macquarie			Macquarie			Macquarie
	Large Cap			Core Plus			High Yield
	Value			Bond			Bond
	Portfolio			Portfolio			Portfolio
Investment Income:
Dividends	$	624,862		$	19,530		$	35,418
Interest		—			2,315,628			2,799,224

		624,862			2,335,158			2,834,642

Expenses:
Management fees		126,418			308,047			219,110
Accounting and administration expenses		23,988			32,088			27,346
Audit and tax fees		17,530			23,239			22,086
Registration fees		11,531			12,532			8,532
Legal fees		4,131			12,711			3,038
Dividend disbursing and transfer agent fees and expenses		2,829			8,842			6,014
Reports and statements to shareholders expenses		2,537			6,566			2,324
Trustees’ fees and expenses		1,284			4,181			2,739
Custodian fees		710			7,017			2,935
Other		2,952			31,698			13,159

		193,910			446,921			307,283
Less expenses waived		(32,890	)		(122,954	)		(19,505	)
Less expenses paid indirectly		(45	)		(1,279	)		(468	)

Total operating expenses		160,975			322,688			287,310

Net Investment Income		463,887			2,012,470			2,547,332


Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		(4,053,571	)		3,189,484			(2,117,632	)
Futures contracts		—			171,728			—
Swap contracts		—			52,786			—

Net realized gain (loss)		(4,053,571	)		3,413,998			(2,117,632	)

Net change in unrealized appreciation (depreciation) of:
Investments		(2,595,035	)		(2,925,254	)		(5,693,640	)
Foreign currencies		—			(14	)		—
Futures contracts		—			440,965			—
Swap contracts		—			(27,625	)		—

Net change in unrealized appreciation (depreciation)		(2,595,035	)		(2,511,928	)		(5,693,640	)

Net Realized and Unrealized Gain (Loss)		(6,648,606	)		902,070			(7,811,272	)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(6,184,719	)	$	2,914,540		$	(5,263,940	)

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


	Macquarie Emerging Markets Portfolio			Macquarie Emerging Markets Portfolio II			Macquarie Labor Select International Equity Portfolio
Investment Income:
Dividends	$	921,737		$	459,130		$	4,672,920
Interest		6			11			—
Foreign tax withheld		(97,665	)		(58,131	)		(376,015	)

		824,078			401,010			4,296,905

Expenses:
Management fees		393,025			208,480			1,550,961
Accounting and administration expenses		25,801			22,811			52,851
Audit and tax fees		22,853			22,897			21,011
Custodian fees		15,371			7,173			53,387
Registration fees		8,532			12,032			9,031
Legal fees		6,761			4,463			25,105
Dividend disbursing and transfer agent fees and expenses		4,892			2,635			25,564
Reports and statements to shareholders expenses		3,139			1,586			15,823
Trustees’ fees and expenses		2,182			1,153			11,746
Other		7,825			6,193			12,215

		490,381			289,423			1,777,694
Less expenses waived		(2,547	)		(39,058	)		—
Less expenses paid indirectly		(99	)		(2	)		(129	)

Total operating expenses		487,735			250,363			1,777,565

Net Investment Income		336,343			150,647			2,519,340


Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments¹		(5,889,323	)		(281,799	)		(13,407,718	)
Foreign currencies		(34,296	)		(3,231	)		102,477
Foreign currency exchange contracts		(12,581	)		(282	)		(18,011	)

Net realized loss on investments		(5,936,200	)		(285,312	)		(13,323,252	)

Net change in unrealized appreciation (depreciation) of:
Investments²		(5,722,156	)		(3,735,070	)		(77,974,261	)
Foreign currencies		12,634			(6,940	)		(16,278	)
Foreign currency exchange contracts		221			—			—

Net change in unrealized appreciation (depreciation)		(5,709,301	)		(3,742,010	)		(77,990,539	)

Net Realized and Unrealized Loss		(11,645,501	)		(4,027,322	)		(91,313,791	)

Net Decrease in Net Assets Resulting from Operations	$	(11,309,158	)	$	(3,876,675	)	$	(88,794,451	)

¹Includes $740 capital gains taxes received for Macquarie Emerging Markets Portfolio.

²Includes increase of $92,971 and $22,044 capital gains tax accrued for Macquarie Emerging Markets Portfolio and Macquarie Emerging Markets Portfolio II, respectively.

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

Statements of changes in net assets

Macquarie Institutional Portfolios


	Macquarie Large Cap Value Portfolio						Macquarie Core Plus Bond Portfolio						Macquarie High Yield Bond Portfolio

	Six months ended 4/30/20 (Unaudited)			Year ended 10/31/19			Six months ended 4/30/20 (Unaudited)			Year ended 10/31/19			Six months ended 4/30/20 (Unaudited)			Year ended 10/31/19
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	463,887		$	1,593,152		$	2,012,470		$	7,148,873		$	2,547,332		$	4,816,788
Net realized gain (loss)		(4,053,571	)		15,010,935			3,413,998			9,066,612			(2,117,632	)		(1,775,959	)
Net change in unrealized appreciation (depreciation)		(2,595,035	)		(10,895,342	)		(2,511,928	)		9,002,812			(5,693,640	)		4,237,006

Net increase (decrease) in net assets resulting from operations		(6,184,719	)		5,708,745			2,914,540			25,218,297			(5,263,940	)		7,277,835


Dividends and Distributions to Shareholders from:
Distributable earnings		(16,233,720	)		(15,681,359	)		(9,512,845	)		(6,188,506	)		(5,146,771	)		(5,358,591	)

		(16,233,720	)		(15,681,359	)		(9,512,845	)		(6,188,506	)		(5,146,771	)		(5,358,591	)


Capital Share Transactions:
Proceeds from shares sold		200,000			5,809,335			—			11,000,000			2,902,251			16,923,230
Net asset value of shares issued upon reinvestment of dividends and distributions		16,233,705			11,999,850			8,823,891			5,949,588			5,006,864			5,094,940

		16,433,705			17,809,185			8,823,891			16,949,588			7,909,115			22,018,170

Cost of shares redeemed		—			(66,834,629	)		(29,406,234	)		(91,234,036	)		(3,019,176	)		(2,278,945	)

Increase (decrease) in net assets derived from capital share transactions		16,433,705			(49,025,444	)		(20,582,343	)		(74,284,448	)		4,889,939			19,739,225


Net Increase (Decrease) in Net Assets		(5,984,734	)		(58,998,058	)		(27,180,648	)		(55,254,657	)		(5,520,772	)		21,658,469

Net Assets:
Beginning of period		47,832,949			106,831,007			164,796,497			220,051,154			99,394,130			77,735,661

End of period	$	41,848,215		$	47,832,949		$	137,615,849		$	164,796,497		$	93,873,358		$	99,394,130

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


	Macquarie Emerging Markets Portfolio						Macquarie Emerging Markets Portfolio II						Macquarie Labor Select International Equity Portfolio

	Six months ended 4/30/20 (Unaudited)			Year ended 10/31/19			Six months ended 4/30/20 (Unaudited)			Year ended 10/31/19			Six months ended 4/30/20 (Unaudited)			Year ended 10/31/19
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	336,343		$	1,731,297		$	150,647		$	390,665		$	2,519,340		$	14,384,737
Net realized gain (loss)		(5,936,200	)		(3,616,127	)		(285,312	)		834,237			(13,323,252	)		8,119,446
Net change in unrealized appreciation (depreciation)		(5,709,301	)		9,277,833			(3,742,010	)		4,505,867			(77,990,539	)		12,033,193

Net increase (decrease) in net assets resulting from operations		(11,309,158	)		7,393,003			(3,876,675	)		5,730,769			(88,794,451	)		34,537,376


Dividends and Distributions to Shareholders from:
Distributable earnings		(1,680,428	)		(1,654,329	)		(1,243,681	)		(1,409,323	)		(22,540,570	)		(12,523,066	)

		(1,680,428	)		(1,654,329	)		(1,243,681	)		(1,409,323	)		(22,540,570	)		(12,523,066	)


Capital Share Transactions:
Proceeds from shares sold		5,989,018			190,688			—			10,000,000			4,946,308			23,473,993
Purchase reimbursement fees		24,027			732			—			—			—			—
Net asset value of shares issued upon reinvestment of dividends and distributions		1,612,658			1,520,629			1,233,499			1,404,091			22,540,569			12,507,507

		7,625,703			1,712,049			1,233,499			11,404,091			27,486,877			35,981,500

Cost of shares redeemed		(3,996,045	)		(7,081,300	)		(55,000	)		(732,048	)		(35,444,896	)		(9,891,027	)
Redemption reimbursement fees		17,937			31,858			—			—			—			—

		(3,978,108	)		(7,049,442	)		(55,000	)		(732,048	)		(35,444,896	)		(9,891,027	)

Increase (decrease) in net assets derived from capital share transactions		3,647,595			(5,337,393	)		1,178,499			10,672,043			(7,958,019	)		26,090,473


Net Increase (Decrease) in Net Assets		(9,341,991	)		401,281			(3,941,857	)		14,993,489			(119,293,040	)		48,104,783

Net Assets:
Beginning of period		79,864,274			79,462,993			42,222,484			27,228,995			454,027,976			405,923,193

End of period	$	70,522,283		$	79,864,274		$	38,280,627		$	42,222,484		$	334,734,936		$	454,027,976

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

Financial highlights

Macquarie Institutional Portfolios — Macquarie Large Cap Value Portfolio

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


	Six months
	ended
	4/30/20¹			Year ended
	(Unaudited)			10/31/19			10/31/18			10/31/17			10/31/16			10/31/15
Net asset value, beginning of period	$	24.35		$	27.03		$	28.54		$	26.39		$	27.30		$	27.61

Income (loss) from investment operations:
Net investment income²		0.17			0.46			0.46			0.47			0.51			0.53
Net realized and unrealized gain (loss)		(1.94	)		0.83			1.97			3.09			1.19			0.34

Total from investment operations		(1.77	)		1.29			2.43			3.56			1.70			0.87


Less dividends and distributions from:
Net investment income		(0.73	)		(0.51	)		(0.66	)		(0.51	)		(0.56	)		(0.43	)
Net realized gain		(7.54	)		(3.46	)		(3.28	)		(0.90	)		(2.05	)		(0.75	)

Total dividends and distributions		(8.27	)		(3.97	)		(3.94	)		(1.41	)		(2.61	)		(1.18	)


Net asset value, end of period	$	14.31		$	24.35		$	27.03		$	28.54		$	26.39		$	27.30


Total return³		(12.98%	)⁴		6.70%	⁴		9.00%			13.83%			7.15%			3.18%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	41,848		$	47,833		$	106,831		$	168,868		$	217,128		$	214,726
Ratio of expenses to average net assets⁵		0.70%			0.70%			0.70%			0.66%			0.65%			0.65%
Ratio of expenses to average net assets prior to fees waived⁵		0.84%			0.75%			0.70%			0.66%			0.65%			0.65%
Ratio of net investment income to average net assets		2.02%			1.93%			1.68%			1.74%			1.97%			1.92%
Ratio of net investment income to average net assets prior to fees waived		1.88%			1.88%			1.68%			1.74%			1.97%			1.92%
Portfolio turnover		12%			23%			16%			23%			13%			31%

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.

²	The average shares outstanding method has been applied for per share information.

³	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

⁴	Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁵	Expense ratios do not include expenses of the Underlying Funds in which the Portfolio invests.

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

Macquarie Institutional Portfolios — Macquarie Core Plus Bond Portfolio

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


	Six months
	ended
	4/30/20¹			Year ended
	(Unaudited)			10/31/19			10/31/18			10/31/17			10/31/16			10/31/15
Net asset value, beginning of period	$	10.74		$	9.87		$	10.41		$	10.42		$	10.29		$	10.37

Income (loss) from investment operations:
Net investment income²		0.14			0.33			0.32			0.32			0.22			0.24
Net realized and unrealized gain (loss)		0.07			0.83			(0.55	)		(0.06	)		0.14			(0.11	)

Total from investment operations		0.21			1.16			(0.23	)		0.26			0.36			0.13


Less dividends and distributions from:
Net investment income		(0.50	)		(0.29	)		(0.31	)		(0.27	)		(0.23	)		(0.21	)
Net realized gain		(0.20	)		—			—			—			—	³		—

Total dividends and distributions		(0.70	)		(0.29	)		(0.31	)		(0.27	)		(0.23	)		(0.21	)


Net asset value, end of period	$	10.25		$	10.74		$	9.87		$	10.41		$	10.42		$	10.29


Total return⁴		2.23%			12.12%	⁵		(2.29%	)		2.60%			3.63%			1.29%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	137,616		$	164,796		$	220,051		$	168,242		$	133,265		$	128,094
Ratio of expenses to average net assets⁶		0.45%			0.45%			0.45%			0.45%			0.45%			0.45%
Ratio of expenses to average net assets prior to fees waived⁶		0.62%			0.59%			0.58%			0.60%			0.60%			0.61%
Ratio of net investment income to average net assets		2.81%			3.19%			3.22%			3.08%			2.12%			2.33%
Ratio of net investment income to average net assets prior to fees waived		2.64%			3.05%			3.09%			2.93%			1.97%			2.17%
Portfolio turnover		60%			177%			171%			162%			310%			436%

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.

²	The average shares outstanding method has been applied for per share information.

³	For the year ended Oct. 31, 2016, net realized gain distributions of $51,289 were made by the Portfolio, which calculated to an amount of $(0.004) per share.

⁴

Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁵	General Motors term loan litigation were included in total return. If excluded, the impact on the total return would be 0.08% lower. See Note 12 in “Notes to financial statements.”

⁶	Expense ratios do not include expenses of the Underlying Funds in which the Portfolio invests.

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

(continues) 50

Financial highlights

Macquarie Institutional Portfolios — Macquarie High Yield Bond Portfolio

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


	Six months
	ended
	4/30/20¹			Year ended
	(Unaudited)			10/31/19			10/31/18			10/31/17			10/31/16			10/31/15
Net asset value, beginning of period	$	7.53		$	7.46		$	8.09		$	7.88		$	7.78		$	8.61

Income (loss) from investment operations:
Net investment income²		0.19			0.40			0.42			0.43			0.45			0.49
Net realized and unrealized gain (loss)		(0.56	)		0.18			(0.48	)		0.23			0.02			(0.79	)

Total from investment operations		(0.37	)		0.58			(0.06	)		0.66			0.47			(0.30	)


Less dividends and distributions from:
Net investment income		(0.39	)		(0.51	)		(0.57	)		(0.45	)		(0.37	)		(0.42	)
Net realized gain		—			—			—			—			—			(0.11	)

Total dividends and distributions		(0.39	)		(0.51	)		(0.57	)		(0.45	)		(0.37	)		(0.53	)


Net asset value, end of period	$	6.77		$	7.53		$	7.46		$	8.09		$	7.88		$	7.78


Total return³		(5.28%	)⁴		8.60%	^4,5		(0.77%	)⁴		8.88%	⁴		6.63%			(3.41%	)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	93,873		$	99,394		$	77,736		$	113,273		$	242,300		$	206,129
Ratio of expenses to average net assets⁶		0.59%			0.59%			0.59%			0.57%			0.55%			0.56%
Ratio of expenses to average net assets prior to fees waived⁶		0.63%			0.65%			0.62%			0.58%			0.55%			0.56%
Ratio of net investment income to average net assets		5.23%			5.49%			5.49%			5.58%			6.10%			6.09%
Ratio of net investment income to average net assets prior to fees waived		5.19%			5.43%			5.46%			5.57%			6.10%			6.09%
Portfolio turnover		61%			82%			112%			99%			119%			84%

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.

²	The average shares outstanding method has been applied for per share information.

³	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

⁴	Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁵	General Motors term loan litigation were included in total return. If excluded, the impact on the total return would be 0.13% lower. See Note 12 in “Notes to financial statements.”

⁶	Expense ratios do not include expenses of the Underlying Funds in which the Portfolio invests.

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

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
	4/30/20¹			Year ended
	(Unaudited)			10/31/19			10/31/18			10/31/17			10/31/16			10/31/15
Net asset value, beginning of period	$	8.11		$	7.56		$	8.76		$	7.77		$	7.47		$	9.75

Income (loss) from investment operations:
Net investment income²		0.03			0.17			0.20			0.18			0.18			0.16
Net realized and unrealized gain (loss)		(1.08	)		0.54			(1.08	)		1.05			0.29			(1.77	)

Total from investment operations		(1.05	)		0.71			(0.88	)		1.23			0.47			(1.61	)


Less dividends and distributions from:
Net investment income		(0.17	)		(0.16	)		(0.34	)		(0.26	)		(0.18	)		(0.22	)
Net realized gain		—			—			—			—			—			(0.47	)

Total dividends and distributions		(0.17	)		(0.16	)		(0.34	)		(0.26	)		(0.18	)		(0.69	)


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

		—			—			0.02			0.02			0.01			0.02


Net asset value, end of period	$	6.89		$	8.11		$	7.56		$	8.76		$	7.77		$	7.47


Total return⁹		(13.32%	)¹⁰		9.62%			(10.28%	)		16.88%			6.75%			(17.11%	)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	70,522		$	79,864		$	79,463		$	136,678		$	133,828		$	172,674
Ratio of expenses to average net assets¹¹		1.24%			1.30%			1.26%			1.22%			1.19%			1.19%
Ratio of expenses to average net assets prior to fees waived¹¹		1.25%			1.30%			1.26%			1.22%			1.19%			1.19%
Ratio of net investment income to average net assets		0.86%			2.19%			2.31%			2.24%			2.51%			1.90%
Ratio of net investment income to average net assets prior to fees waived		0.85%			2.19%			2.31%			2.40%			2.51%			1.90%
Portfolio turnover		23%			33%			40%			45%			28%			27%

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.

²	The average shares outstanding method has been applied for per share information.

³	Effective Feb. 28, 2018, the Portfolio charges a 0.40% purchase reimbursement fee and a 0.45% redemption reimbursement fee, which are retained by the Portfolio. Previously, the Portfolio charged a 0.55% purchase reimbursement fee and a 0.55% redemption reimbursement fee.

⁴	For the six months ended April 30, 2020, purchase and redemption fees of $24,027 and $17,937, respectively, were earned by the Portfolio, which calculated to amounts of $0.002 and $0.002 per share, respectively.

⁵	For the year ended Oct. 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 Oct. 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 year ended Oct. 31, 2016, purchase reimbursement fees of $42,620 were earned by the Portfolio, which calculated to an amount of $0.002 per share.

⁸	For the year ended Oct. 31, 2015, purchase reimbursement fees of $118,421 were earned by the Portfolio, which calculated to an amount of $0.004 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.

(continues) 52

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
	4/30/20¹			Year ended
	(Unaudited)			10/31/19			10/31/18			10/31/17			10/31/16			10/31/15
Net asset value, beginning of period	$	9.71		$	8.78		$	10.74		$	8.01		$	7.37		$	9.88

Income (loss) from investment operations:
Net investment income²		0.03			0.09			0.08			0.12			0.07			0.04
Net realized and unrealized gain (loss)		(0.87	)		1.30			(1.77	)		2.70			0.88			(2.15	)

Total from investment operations		(0.84	)		1.39			(1.69	)		2.82			0.95			(2.11	)


Less dividends and distributions from:
Net investment income		(0.09	)		(0.05	)		(0.27	)		(0.09	)		(0.08	)		(0.14	)
Net realized gain		(0.20	)		(0.41	)		—			—			(0.23	)		(0.26	)

Total dividends and distributions		(0.29	)		(0.46	)		(0.27	)		(0.09	)		(0.31	)		(0.40	)


Net asset value, end of period	$	8.58		$	9.71		$	8.78		$	10.74		$	8.01		$	7.37


Total return³		(9.17%	)		16.74%			(16.13%	)		35.74%			13.62%			(21.84%	)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	38,281		$	42,222		$	27,229		$	46,046		$	37,198		$	33,314
Ratio of expenses to average net assets⁴		1.20%			1.20%			1.20%			1.20%			1.20%			1.21%
Ratio of expenses to average net assets prior to fees waived⁴		1.39%			1.42%			1.42%			1.32%			1.34%			1.35%
Ratio of net investment income to average net assets		0.72%			1.03%			0.80%			1.34%			0.97%			0.43%
Ratio of net investment income to average net assets prior to fees waived		0.53%			0.81%			0.58%			1.22%			0.83%			0.29%
Portfolio turnover		2%			9%			12%			14%			20%			8%

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.

²	The average shares outstanding method has been applied for per share information.

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.

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
	4/30/20¹			Year ended
	(Unaudited)			10/31/19			10/31/18			10/31/17			10/31/16			10/31/15
Net asset value, beginning of period	$	14.39		$	13.74		$	15.21		$	12.83		$	13.79		$	14.74

Income (loss) from investment operations:
Net investment income²		0.08			0.47			0.44			0.41			0.43			0.37
Net realized and unrealized gain (loss)		(2.80	)		0.60			(1.47	)		2.35			(1.02	)		(0.52	)

Total from investment operations		(2.72	)		1.07			(1.03	)		2.76			(0.59	)		(0.15	)


Less dividends and distributions from:
Net investment income		(0.51	)		(0.42	)		(0.44	)		(0.38	)		(0.37	)		(0.80	)
Net realized gain		(0.22	)		—			—			—			—			—

Total dividends and distributions		(0.73	)		(0.42	)		(0.44	)		(0.38	)		(0.37	)		(0.80	)


Net asset value, end of period	$	10.94		$	14.39		$	13.74		$	15.21		$	12.83		$	13.79


Total return³		(20.11%	)		8.23%			(7.02%	)		22.13%			(4.24%	)		(0.98%	)

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	334,735		$	454,028		$	405,923		$	490,273		$	394,830		$	360,650
Ratio of expenses to average net assets⁴		0.86%			0.86%			0.87%			0.86%			0.86%			0.87%
Ratio of net investment income to average net assets		1.22%			3.44%			2.96%			2.96%			3.39%			2.63%
Portfolio turnover		6%			16%			20%			21%			22%			20%

¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.

²	The average shares outstanding method has been applied for per share information.

³	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

⁴	Expense ratios do not include expenses of the Underlying Funds in which the Portfolio invests.

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

Notes to financial statements

Macquarie Institutional Portfolios

April 30, 2020 (Unaudited)

Macquarie Institutional Portfolios (registered as Delaware Pooled^® Trust (Trust)) is organized as a Delaware statutory trust and offers seven separate Portfolios. These financial statements and the related notes pertain to Macquarie Large Cap Value Portfolio, Macquarie Core Plus Bond Portfolio, Macquarie High Yield Bond Portfolio, Macquarie Emerging Markets Portfolio, Macquarie Emerging Markets Portfolio II, and Macquarie Labor Select International Equity Portfolio, (each, a Portfolio, and collectively, the Portfolios). Delaware Global Listed Real Assets Fund (formerly, Delaware REIT 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 and exchange-traded funds (ETFs), 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 and ETFs 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 or ETF does not trade, the mean between the bid and ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. US government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Open-end investment companies are valued at their published net asset value (NAV). Other debt securities, credit default swap (CDS) contracts, and interest rate swap contracts are valued based upon valuations provided by an independent pricing service or broker/counterparty and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. For asset-backed securities, collateralized mortgage obligations, commercial mortgage securities, and US government agency mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity, and type as well as broker/dealer-supplied prices. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades, and values of the underlying reference instruments. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts and options on futures contracts are valued at the daily quoted settlement prices. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and ask prices, which approximates fair value. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Trust’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. The Portfolios may use fair value pricing more frequently for securities traded primarily in non-US markets because, among other things, most foreign markets close well before the Portfolios value their securities, generally as of 4:00pm Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. Whenever such a significant event occurs, the Portfolios may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing). Restricted securities are valued at fair value using methods approved by the Boards.

Federal and Foreign Income Taxes — No provision for federal income taxes has been made as each Portfolio intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Portfolios evaluate 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, 2020 and for all open tax years (years ended Oct. 31, 2017–Oct. 31, 2019), and has concluded that no provision for federal income tax is required in any Portfolio’s financial statements. 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, 2020, the Portfolios did not incur any interest or tax penalties. 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.

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), which is due 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, these changes are included on the “Statements of operations” under “Net realized and unrealized gain (loss) on investments.” Each Portfolio reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Reimbursement Fees — Macquarie Emerging Markets Portfolio may charge a 0.40% purchase reimbursement fee and a 0.45% redemption reimbursement fee. These fees are designed to reflect an approximation of the brokerage and other transaction costs associated with the investment of an investor’s purchase amount or the disposition of assets to meet redemptions, and to limit the extent to which the Portfolio (and, indirectly, the Portfolio’s existing shareholders) would have to bear such costs. These fees are accounted for as an addition to paid-in capital for the Portfolio in the “Statements of changes in net assets.”

Other — Expenses directly attributable to a Portfolio are charged directly to that Portfolio. Other expenses common to various funds within Delaware Funds^® by Macquarie (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. 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. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that a Portfolio is aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends and interest have been recorded in accordance with each Portfolio’s understanding of the applicable country’s tax rules and rates. Each Portfolio may pay foreign capital gains taxes on certain foreign securities held, which are reported as components of realized losses for financial reporting purposes, whereas such components are treated as ordinary loss for federal income tax purposes. The Portfolios will accrue such taxes as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which they invest.

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

(continues) 56

Notes to financial statements

Macquarie Institutional Portfolios

1. Significant Accounting Policies (continued)

Each Portfolio receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statements of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” For the six months ended April 30, 2020, each Portfolio earned the following amounts under this arrangement.


	Custody Credits
Macquarie Large Cap Value Portfolio		$ 44
Macquarie Core Plus Bond Portfolio		1,278
Macquarie High Yield Bond Portfolio		467
Macquarie Emerging Markets Portfolio		98
Macquarie Emerging Markets Portfolio II		1
Macquarie Labor Select International Equity Portfolio		127

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.” For the six months ended April 30, 2020, each Portfolio earned the following amounts under this arrangement.


	Earnings Credits
Macquarie Large Cap Value Portfolio		$1
Macquarie Core Plus Bond Portfolio		1
Macquarie High Yield Bond Portfolio		1
Macquarie Emerging Markets Portfolio		1
Macquarie Emerging Markets Portfolio II		1
Macquarie Labor Select International Equity Portfolio		2

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 investment advisory fees and/or pay/reimburse each Portfolio (except for Macquarie Labor Select International Equity Portfolio) to the extent necessary to ensure total annual operating expenses (excluding any distribution and service (12b-1) fees, taxes, interest, acquired fund fees and expenses, short sale, dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), do not exceed specified percentages of average daily net assets of each Portfolio, other than Macquarie Emerging Markets Portfolio, from Nov. 1, 2019 through April 30, 2020.* The waiver period for Macquarie Emerging Markets Portfolio is from Feb. 28, 2020 through April 30, 2020.** For purposes of these waivers and reimbursements, nonroutine expenses may also include such additional costs and expenses as may be agreed upon from time to time by the Portfolios’ Board and DMC. These expense waivers and reimbursements apply only to expenses paid directly by the Portfolios and may only be terminated by agreement of DMC and the Portfolios. The waivers and reimbursements are accrued daily and received monthly.

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

DMC may seek investment advice and recommendations from its affiliates for Macquarie Core Plus Bond Portfolio and Macquarie High Yield Bond Portfolio: Macquarie Investment Management Europe Limited, Macquarie Investment Management Austria Kapitalanlage AG, and Macquarie Investment Management Global Limited (MIMGL) (together, the “Affiliated Sub-Advisors”). The Manager may also permit these Affiliated Sub-Advisors to execute security trades for these Portfolios on behalf of the Manager and exercise investment discretion for securities

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

The management fee rates and the operating expense limitation rates in effect for the six months ended April 30, 2020, are as follows:


		Contractual
		operating expense
	Management	limitation as
	fee as a percentage	a percentage
	of average daily	of average daily
	net assets (per annum)	net assets (per annum)†
Macquarie Large Cap Value Portfolio	0.55%	0.70%
Macquarie Core Plus Bond Portfolio	0.43%	0.45%
Macquarie High Yield Bond Portfolio	0.45%	0.59%
Macquarie Emerging Markets Portfolio	1.00%	1.27%
Macquarie Emerging Markets Portfolio II	1.00%	1.20%
Macquarie Labor Select International Equity Portfolio	0.75%	N/A

†

These operating expense limitations exclude certain expenses, such as 12b-1 fees, taxes, interest, short sale dividend and interest expenses, acquired fund fees and 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 some instances, a Portfolio’s annual operating expenses may be lower than the contracted operating expense limitations.

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 the following percentages of the Portfolios’ average daily net assets:


	Sub-advisory fee as a
	percentage of average daily
	net assets (per annum)
Macquarie Emerging Markets Portfolio		0.75	%
Macquarie Labor Select International Equity Portfolio		0.30	%

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

For the six months ended April 30, 2020, each Portfolio was charged for these services as follows:


Macquarie Large Cap Value Portfolio	$	2,768
Macquarie Core Plus Bond Portfolio		4,419
Macquarie High Yield Bond Portfolio		3,640
Macquarie Emerging Markets Portfolio		3,320
Macquarie Emerging Markets Portfolio II		2,696
Macquarie Labor Select International Equity Portfolio		8,977

(continues) 58

Notes to financial statements

Macquarie Institutional Portfolios

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

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, 2020, each Portfolio was charged for these services as follows:


Macquarie Large Cap Value Portfolio	$	1,724
Macquarie Core Plus Bond Portfolio		5,373
Macquarie High Yield Bond Portfolio		3,652
Macquarie Emerging Markets Portfolio		2,948
Macquarie Emerging Markets Portfolio II		1,564
Macquarie Labor Select International Equity Portfolio		15,510

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

As provided in the investment management agreement, each Portfolio bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal, tax, and regulatory reporting services to the Portfolios. These amounts are included on the “Statements of operations” under “Legal fees.” For the six months ended April 30, 2020, each Portfolio was charged for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:


Macquarie Large Cap Value Portfolio	$	1,020
Macquarie Core Plus Bond Portfolio		5,756
Macquarie High Yield Bond Portfolio		2,255
Macquarie Emerging Markets Portfolio		3,774
Macquarie Emerging Markets Portfolio II		2,923
Macquarie Labor Select International Equity Portfolio		9,318

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.

Cross trades for the six months ended April 30, 2020, were executed by Macquarie High Yield Bond Portfolio pursuant to procedures adopted by the Board designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/trustees and/or common officers. At their regularly scheduled meetings, the Board reviews such transactions for compliance with the procedures adopted by the Board. Pursuant to these procedures, for the six months ended April 30, 2020, Macquarie High Yield Bond Portfolio engaged in Rule 17a-7 securities sales of $413,396, which resulted in net realized gains of $23,864.

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

* The aggregate contractual waiver period covering this report is from Feb. 28, 2018 through March 1, 2021.

**The aggregate contractual waiver period covering this report is from Feb. 28, 2020 through March 1, 2021.

3. Investments

For the six months ended April 30, 2020, each Portfolio made purchases and sales of investment securities other than US government securities and short-term investments as follows:


	Purchases other than US government securities		Purchases of US government securities		Sales other than US government securities		Sales of US government securities
Macquarie Large Cap Value Portfolio	$	6,005,886	$	—	$	5,381,831	$	—
Macquarie Core Plus Bond Portfolio		32,100,493		58,204,782		69,541,665		104,134,451
Macquarie High Yield Bond Portfolio		55,770,151		—		55,282,716		—
Macquarie Emerging Markets Portfolio		19,791,622		—		17,887,458		—
Macquarie Emerging Markets Portfolio II		1,054,309		—		812,298		—
Macquarie Labor Select International Equity Portfolio		24,602,703		—		49,494,847		—

At April 30, 2020, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At April 30, 2020, the cost and unrealized appreciation (depreciation) of investments and derivatives for each Portfolio were as follows:


	Cost of investments and derivatives		Aggregate unrealized appreciation of investments and derivatives		Aggregate unrealized depreciation of investments and derivatives			Net unrealized appreciation (depreciation) of investments and derivatives
Macquarie Large Cap Value Portfolio	$	40,781,298	$	3,784,876	$	(2,506,065	)	$	1,278,811
Macquarie Core Plus Bond Portfolio		136,576,141		5,396,612		(3,682,366	)		1,714,246
Macquarie High Yield Bond Portfolio		97,602,960		1,411,312		(5,256,888	)		(3,845,576	)
Macquarie Emerging Markets Portfolio		72,762,579		8,541,436		(10,724,747	)		(2,183,311	)
Macquarie Emerging Markets Portfolio II		34,478,623		11,430,607		(7,634,788	)		3,795,819
Macquarie Labor Select International Equity Portfolio		415,863,852		24,141,314		(108,931,089	)		(84,789,775	)

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future gain.

At Oct. 31, 2019 capital loss carryforwards subject to no expiration available to offset future realized capital gains for the Portfolios were as follows:


	Loss carryforward character
	Short-term		Long-term		Total
Macquarie High Yield Bond Portfolio	$	7,229,520	$	9,828,253	$	17,057,773
Macquarie Emerging Markets Portfolio		239,961		44,296,780		44,536,741

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 below and on the next page.


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)

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Notes to financial statements

Macquarie Institutional Portfolios

3. Investments (continued)


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 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 Macquarie Large Cap Value Portfolio’s investments by fair value hierarchy levels as of April 30, 2020:


	Level 1
Securities
Assets:
Common Stock	$	41,133,192
Short-Term Investments		926,917

Total Value of Securities	$	42,060,109

The following table summarizes the valuation of Macquarie Core Plus Bond Portfolio’s investments by fair value hierarchy levels as of April 30, 2020:


	Level 1			Level 2		Total
Securities
Assets:
Agency, Asset- & Mortgage-Backed Securities	$	—		$	51,610,962	$	51,610,962
Corporate Debt		—			61,751,437		61,751,437
Municipal Bonds		—			163,433		163,433
Foreign Debt		—			3,272,060		3,272,060
Loan Agreements		—			5,398,324		5,398,324
US Treasury Obligations		—			14,508,329		14,508,329
Short-Term Investments		1,258,856			—		1,258,856

Total Value of Securities	$	1,258,856		$	136,704,545	$	137,963,401

Derivatives¹
Assets:
Futures Contracts	$	435,898		$	—	$	435,898
Liabilities:
Futures Contracts	$	(108,912	)	$	—	$	(108,912	)

¹Futures Contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

The following table summarizes the valuation of Macquarie High Yield Bond Portfolio’s investments by fair value hierarchy levels as of April 30, 2020:


	Level 1		Level 2		Level 3		Total
Securities
Assets:
Corporate Debt	$	—	$	81,519,561	$	—	$	81,519,561
Loan Agreements		—		6,699,934		—		6,699,934
Common Stock¹		—		—		—		—
Short-Term Investments		5,537,889		—		—		5,537,889

Total Value of Securities	$	5,537,889	$	88,219,495	$	—	$	93,757,384

¹The securities that have been valued at zero on the “Schedules of investments” are considered to be Level 3 investments in this table.

The following table summarizes the valuation of Macquarie Emerging Markets Portfolio’s investments by fair value hierarchy levels as of April 30, 2020:


	Level 1		Level 2			Total
Securities
Assets:
Common Stock	$	68,745,909	$	—		$	68,745,909
Preferred Stock		1,232,440		—			1,232,440
Short-Term Investments		600,919		—			600,919

Total Value of Securities	$	70,579,268	$	—		$	70,579,268


Derivatives¹
Liabilities:
Foreign Currency Exchange Contract	$	—	$	(19	)	$	(19	)

¹Foreign Currency Exchange Contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

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Notes to financial statements

Macquarie Institutional Portfolios

3. Investments (continued)

The following table summarizes the valuation of Macquarie Emerging Markets Portfolio II’s investments by fair value hierarchy levels as of April 30, 2020:


	Level 1		Level 2		Total
Securities
Assets:
Common Stock
Argentina	$	28,243	$	—	$	28,243
Bahrain		—		7,996		7,996
Brazil		3,409,503		—		3,409,503
Chile		151,704		—		151,704
China/Hong Kong		13,244,179		—		13,244,179
India		4,064,907		—		4,064,907
Indonesia		864,094		—		864,094
Malaysia		30,850		—		30,850
Mexico		1,250,334		—		1,250,334
Peru		161,784		—		161,784
Republic of Korea		6,665,774		—		6,665,774
Russia		2,103,220		371,032		2,474,252
Taiwan		4,861,820		—		4,861,820
Turkey		433,459		—		433,459
Preferred Stock		431,877		36,784		468,661
Short-Term Investments		156,882		—		156,882

Total Value of Securities	$	37,858,630	$	415,812	$	38,274,442

The following table summarizes the valuation of Macquarie Labor Select International Equity Portfolio’s investments by fair value hierarchy levels as of April 30, 2020:


	Level 1
Securities
Assets:
Common Stock	$	328,417,276
Preferred Stock		1,024,265
Short-Term Investments		1,632,536

Total Value of Securities	$	331,074,077

As a result of utilizing international fair value pricing at April 30, 2020, a portion of Macquarie Emerging Markets Portfolio II common stock was categorized as Level 2.

During the six months ended April 30, 2020, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to each Portfolio. This does not include transfers between Level 1 investments and Level 2 investments due to each Portfolio utilizing international fair value pricing during the period. In accordance with the fair valuation procedures described in Note 1, international fair value pricing of securities in each Portfolio occurs when market volatility exceeds an established rolling threshold. If the threshold is exceeded on a given date, then prices of international securities (those that traded on exchanges that close at a different time than the time that each Portfolio’s NAV is determined) are established using a separate pricing feed from a third party vendor designed to establish a price for each such security as of the time that each Portfolio’s NAV is determined. Further, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded, causing a change in classification between levels. Each Portfolio’s policy is to recognize transfers between levels based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when a Portfolio has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to net assets. Management has determined not to provide a reconciliation of Level 3 investments as they were not considered significant to each Portfolio’s net assets at the beginning, interim, or end of the period. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments were not considered significant to each Portfolio’s net assets at the end of the period.

4. Capital Shares

Transactions in capital shares were as follows:


	Shares sold		Shares issued upon reinvestment of dividends and distributions		Shares redeemed			Net increase (decrease)
Six months ended April 30, 2020:
Macquarie Large Cap Value Portfolio		15,015		944,369		—			959,384
Macquarie Core Plus Bond Portfolio		—		879,750		(2,806,853	)		(1,927,103	)
Macquarie High Yield Bond Portfolio		445,993		687,756		(470,087	)		663,662
Macquarie Emerging Markets Portfolio		704,580		191,300		(495,140	)		400,740
Macquarie Emerging Markets Portfolio II		—		120,576		(6,683	)		113,893
Macquarie Labor Select International Equity Portfolio		362,532		1,567,494		(2,904,107	)		(974,081	)

Year ended Oct. 31, 2019:
Macquarie Large Cap Value Portfolio		247,850		557,873		(2,793,525	)		(1,987,802	)
Macquarie Core Plus Bond Portfolio		1,091,831		615,262		(8,648,086	)		(6,940,993	)
Macquarie High Yield Bond Portfolio		2,340,082		752,576		(318,310	)		2,774,348
Macquarie Emerging Markets Portfolio		24,018		207,452		(903,908	)		(672,438	)
Macquarie Emerging Markets Portfolio II		1,154,735		171,440		(78,957	)		1,247,218
Macquarie Labor Select International Equity Portfolio		1,741,052		987,955		(710,174	)		2,018,833

5. Line of Credit

Each Portfolio, along with certain other funds in the Delaware Funds (Participants), was a participant in a $220,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement expired on Nov. 4, 2019.

On Nov. 4, 2019, the Participants entered into an amendment to the agreement for a $250,000,000 revolving line of credit. The revolving line of credit is to be used as described above and operates in substantially the same manner as the original agreement. The line of credit available under the agreement expires on Nov. 2, 2020.

Each Portfolio had no amounts outstanding as of April 30, 2020, 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) 64

Notes to financial statements

Macquarie Institutional Portfolios

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.

Futures Contracts — A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the contract and the price at which the agreement is made. Macquarie Core Plus Bond, Macquarie High Yield Bond, Macquarie Emerging Markets, and Macquarie Emerging Markets II Portfolios may use futures contracts in the normal course of pursuing their respective investment objectives. Each Portfolio may invest in futures contracts to hedge its existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions. Upon entering into a futures contract, a Portfolio deposits cash or pledges US government securities to a broker, equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by each Portfolio as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to each Portfolio because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. Macquarie Core Plus Bond Portfolio posted cash collateral valued at $33,473 as margin for open futures contracts.

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

Swap Contracts — Macquarie Core Plus Bond Portfolio and Macquarie High Yield Bond Portfolio may enter into CDS contracts in accordance with their investment objectives. Macquarie Core Plus Bond Portfolio may enter into interest rate swap contracts in accordance with its investment objective. The Portfolio may use interest rate swaps to adjust the Portfolio’s sensitivity to interest rates or to hedge against changes in interest rates. The Portfolios may enter into CDS contracts in order to hedge against a credit event, to enhance total return, or to gain exposure to certain securities or markets. The Portfolios will not be permitted to enter into any swap transactions unless, at the time of entering into such transactions, the unsecured long-term debt of the actual counterparty, combined with any credit enhancements, is rated at least BBB- by Standard & Poor’s Financial Services LLC (S&P) or Baa3 by Moody’s Investors Service, Inc. (Moody’s) or is determined to be of equivalent quality by DMC.

Interest Rate Swaps. An interest rate swap contract is an exchange of interest rates between counterparties. In one instance, an interest rate swap involves payments received by the Portfolio from another party based on a variable or floating interest rate, in return for making payments based on a fixed interest rate. An interest rate swap can also work in reverse with the Portfolio receiving payments based on a fixed interest rate and making payments based on a variable or floating interest rate. Interest rate swaps may be used to adjust the Portfolio’s sensitivity to interest rates or to hedge against changes in interest rates. Periodic payments on such contracts are accrued daily and recorded as unrealized appreciation (depreciation) on swap contracts. Upon periodic payment (receipt) or termination of the contract, such amounts are recorded as realized gains or losses on swap contracts. The Portfolio’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the interest rate swap contract’s remaining life, to the extent that the amount is

positive. This risk is mitigated by (1) for bilateral swap contracts, having netting arrangements between the Portfolio and the counterparty and by the posting of collateral by the counterparty to the Portfolio to cover the Portfolio’s exposure to the counterparty, or (2) for cleared swaps, trading these instruments through a central counterparty.

Credit Default Swaps. A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). In exchange for the protection offered by the seller of protection, the purchaser of protection agrees to pay the seller of protection a periodic amount at a stated rate that is applied to the notional amount of the CDS contract. In addition, an upfront payment may be made or received by a Portfolio in connection with an unwinding or assignment of a CDS contract. Upon the occurrence of a credit event, the seller of protection would pay the par (or other agreed-upon) value of the reference security (or basket of securities) to the counterparty. Credit events generally include, among others, bankruptcy, failure to pay, and obligation default.

During the six months ended April 30, 2020, certain of the Portfolios entered into CDS contracts as purchasers and sellers of protection. Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement. Initial margin and variation margin are posted to central counterparties for centrally cleared CDS basket trades as determined by the applicable central counterparty. During the six months ended April 30, 2020, the Portfolios did not enter into any CDS contracts as a seller of protection.

CDS contracts may involve greater risks than if a Portfolio had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk, and credit risk. Each Portfolio’s maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by (1) for bilateral swap contracts, having netting arrangements between each Portfolio and the counterparty and by the posting of collateral by the counterparty to each Portfolio to cover the Portfolios’ exposure to the counterparty or (2) for cleared swaps, trading these instruments through a central counterparty.

Macquarie Core Plus Bond Portfolio used CDS contracts to gain exposure to certain securities or markets.

Swaps Generally. For centrally cleared swaps, payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded by the Portfolio as unrealized gains or losses until the contracts are closed. When the contracts are closed the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The value of open swaps may differ from that which would be realized in the event a Portfolio terminated its position in the contract on a given day. Risks of entering into these contracts include the potential inability of the counterparty to meet the terms of the contracts. This type of risk is generally limited to the amount of favorable movement in the value of the underlying security, instrument, or basket of instruments, if any, at the day of default. Risks also arise from potential losses from adverse market movements and such losses could exceed the unrealized amounts shown on the “Schedules of investments.”

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Notes to financial statements

Macquarie Institutional Portfolios

6. Derivatives (continued)

Fair values of derivative instruments as of April 30, 2020 were as follows:

Macquarie Core Plus Bond Portfolio


Statements of Assets and Liabilities Location		Asset Derivatives Fair Value Interest rate Contracts
Variation margin due from brokers on futures contracts*		$435,898

Statements of Assets and Liabilities Location		Liability Derivatives Fair Value Interest Rate Contracts
Variation margin due to brokers on futures contracts*		$108,912

*	Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts are opened through April 30, 2020. Only current day variation margin is reported on the “Statements of assets and liabilities.”

The effect of derivative instruments on the “Statements of operations” for the six months ended April 30, 2020 was as follows:


	Macquarie Core Plus Bond Portfolio Net Realized Gain (Loss) on:
	Futures Contracts		Swap Contracts		Total
Interest rate contracts		$171,728		$ —		$171,728
Credit contracts		—		52,786		52,786

Total		$171,728		$52,786		$224,514


	Macquarie Core Plus Bond Portfolio Net Change in Unrealized Appreciation (Depreciation) of:
	Futures Contracts			Swaps Contracts				Total
Interest rate contracts		$	440,965		$	—			$	440,965
Credit contracts			—			(27,625	)			(27,625	)

Total		$	440,965		$	(27,625	)		$	413,340

At April 30, 2020, 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 tables below summarize the average balance of derivative holdings by each Portfolio during the six months ended April 30, 2020.

Macquarie Core Plus Bond Portfolio

Long Derivative Volume

Short Derivative Volume

Futures contracts (average notional value)

USD

14,554,341

USD

1,859,171

CDS contracts (average notional value)*

—

188,790

Macquarie Emerging Markets Portfolio

Long Derivative Volume

Short Derivative Volume

Foreign currency exchange contracts (average notional value)

USD

50,170

USD

29,349

Macquarie Emerging Markets Portfolio II

Long Derivative Volume

Short Derivative Volume

Foreign currency exchange contracts (average notional value)

USD

—

USD

646

Macquarie Labor Select International Equity Portfolio

Long Derivative Volume

Short Derivative Volume

Foreign currency exchange contracts (average notional value)

USD

14,274

USD

7,797

*Long

represents buying protection and short represents selling protection.

7. Offsetting

Each Portfolio entered into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or a similar agreement with certain of their derivative contract counterparties in order to better define its contractual rights and to secure rights that will help each Portfolio mitigate its counterparty risk. An ISDA Master Agreement is a bilateral agreement between each Portfolio and a counterparty that governs certain over-the-counter (OTC) derivatives and foreign exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, each Portfolio may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out), including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For financial reporting purposes, the Portfolios do not offset derivative assets and derivative liabilities that are subject to netting arrangements on the “Statements of assets and liabilities.”

At April 30, 2020, the Portfolios had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities


	Macquarie Emerging Markets Portfolio

Counterparty	Gross Value of Derivative Asset		Gross Value of Derivative Liability			Net Position
BNY Mellon		$—		$	(19)		$	(19)


Counterparty	Net Position				Fair Value of Non-Cash Collateral Received			Cash Collateral Received			Fair Value of Non-Cash Collateral Pledged			Cash Collateral Pledged			Net Exposure^(a)
BNY Mellon		$	(19	)		$	—		$	—		$	—		$	—		$	(19	)

^(a)	Net exposure represents the receivable (payable) that would be due from (to) the counterparty in the event of default.

8. Securities Lending

Each Portfolio 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 securities is determined by the security lending agent.

(continues) 68

Notes to financial statements

Macquarie Institutional Portfolios

8. Securities Lending (continued)

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

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

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

During the six months ended April 30, 2020, none of the Portfolios had securities out on loan.

9. Credit and Market Risk

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.

The risk that potential changes related to the use of the London interbank offered rate (LIBOR) could have adverse impacts on financial instruments which reference LIBOR. The potential abandonment of LIBOR could affect the value and liquidity of instruments which reference LIBOR.

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.

The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by each Portfolio may be inhibited. In addition, a significant portion of the aggregate market value of securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by each Portfolio.

Macquarie Core Plus Bond Portfolio invests a portion of its assets in high yield fixed income securities which are securities rated BB or lower by S&P and Ba or lower by Moody’s, or similarly rated by another nationally recognized statistical rating organization. Macquarie High Yield Bond Portfolio invests a portion of its assets in high yield fixed income securities which are securities rated lower than BBB- by S&P and lower than Baa3 by Moody’s, or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment grade securities.

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

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

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

Macquarie Core Plus Bond Portfolio and Macquarie High Yield Bond Portfolio invest in certain obligations that may have liquidity protection designed to ensure that the receipt of payments due on the underlying security is timely. Such protection may be provided through guarantees, insurance policies or letters of credit obtained by the issuer or sponsor through third parties, through various means of structuring the transaction, or through a combination of such approaches. Each Portfolio will not pay any additional fees for such credit support, although the existence of credit support may increase the price of the security.

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

Each Portfolio may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities, which may not be readily marketable. The relative illiquidity of these securities may impair each Portfolio from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Portfolios’ Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of each Portfolio’s limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Portfolios’ limit on investments in illiquid securities. Rule 144A securities have been identified on the “Schedules of investments.”

(continues) 70

Notes to financial statements

Macquarie Institutional Portfolios

10. Contractual Obligations

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

11. Recent Accounting Pronouncements

In March 2017, the FASB issued an Accounting Standards Update (ASU), ASU 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities which amends the amortization period for certain callable debt securities purchased at a premium, shortening such period to the earliest call date. The ASU 2017-08 does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. The ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2018. Management has implemented ASU 2017-08 and determined that the impact of this guidance to the Fund’s net assets at the end of the period is not material.

In August 2018, the FASB issued an ASU 2018-13, which changes certain fair value measurement disclosure requirements. The ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. The ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2019. At this time, Management is evaluating the implications of these changes on the financial statements.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provides 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 Dec. 31, 2022. Management is currently evaluating the impact, if any, of applying this ASU.

12. General Motors Term Loan Litigation

Macquarie Core Plus Bond Portfolio and Macquarie High Yield Bond Portfolio received notice of a litigation proceeding related to a General Motors Corporation (G.M.) term loan participation previously held by the Portfolios in 2009. Because it was believed that the Portfolios were secured creditors, the Portfolios received the full principal on the loans in 2009 after the G.M. bankruptcy. However, based upon a US Court of Appeals ruling, the Motors Liquidation Company Avoidance Action Trust sought to recover such amounts arguing that the Portfolios were unsecured creditors and, as an unsecured creditor, the Portfolios should not have received payment in full. Based on available information related to the litigation and the Portfolios’ potential exposure, the Portfolios previously recorded a contingent liability of $75,182 and $48,975, respectively, and an asset of $250,607 and $163,250, respectively, based on the potential recoveries by the estate that resulted in a net decrease in the Portfolios’ NAV to reflect this potential recovery.

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

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

13. Subsequent Events

On Nov. 4, 2019, each Portfolio, along with certain other funds in the Delaware Funds, entered into an amendment to the agreement for a $250,000,000 revolving line of credit. The revolving line of credit available was increased to $275,000,000 on May 6, 2020. The revolving line of credit is to be used as described above and operates in substantially the same manner as the original agreement.

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 each Portfolio’s performance.

Management has determined that no other material events or transactions occurred subsequent to April 30, 2020, that would require recognition or disclosure in each Portfolio’s financial statements.

Portfolio managers


Kristen E. Bartholdson Managing Director, Senior Portfolio Manager Nigel Bliss Senior Portfolio Manager Mondrian Investment Partners Limited Adam H. Brown Managing Director, Senior Portfolio Manager Liu-Er Chen Managing Director, Chief Investment Officer — Emerging Markets and Healthcare Ginny Chong Senior Portfolio Manager Mondrian Investment Partners Limited Craig C. Dembek Senior Managing Director, Head of Credit Research Elizabeth A. Desmond Deputy Chief Executive Officer, Chief Investment Officer — International Equities Mondrian Investment Partners Limited Roger A. Early Senior Managing Director, Chief Investment Officer — US Fixed income Gregory J.P. Halton Senior Portfolio Manager Mondrian Investment Partners Limited		J. David Hillmeyer Senior Managing Director, Head of Global and Multi-Asset Credit Nikhil G. Lalvani Managing Director, Senior Portfolio Manager, Team Leader Daniela Mardarovici Managing Director, Co-Head of US Multisector/Core Plus Fixed Income Paul A. Matlack Managing Director, Senior Client Portfolio Manager John P. McCarthy Managing Director, Senior Portfolio Manager Zsolt Mester Portfolio Manager — Mondrian Investment Partners Limited Andrew Miller Chief Investment Officer — Emerging Market Equities Mondrian Investment Partners Limited Robert A. Vogel Jr. Managing Director, Senior Portfolio Manager

Custodian

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286-0001

Independent registered public accounting firm

PricewaterhouseCoopers LLP

Two Commerce Square, Suite 1700

2001 Market Street

Philadelphia, PA 19103-7042

Investment advisor

Delaware Management Company, a series of Macquarie Investment Management Business Trust

2005 Market Street

Philadelphia, PA 19103-7094

Investment sub-advisor for certain Portfolios

Mondrian Investment Partners Limited

Fifth Floor

10 Gresham Street

London EC2V 7JD

United Kingdom

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

Each Portfolio files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. Each Portfolio’s Forms N-PORT, as well as a description of the policies and procedures that the Portfolios use to determine how to vote proxies (if any) relating to portfolio securities or Forms N-PORT are available without charge (i) upon request, by calling 800 231-8002; (ii) on the Portfolios’ website at macquarieim.com/mipliterature; and (iii) on the SEC’s website at sec.gov. Each Portfolio’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 each Portfolio voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Portfolios’ website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.

This report was prepared for investors in the Macquarie Institutional Portfolios. It may be distributed to others only if preceded or accompanied by a current Macquarie Institutional Portfolios prospectus, which contains details about charges, expenses, investment objectives, and operating policies of the Portfolios. All Macquarie Institutional Portfolios are offered by prospectus only. The return and principal value of an investment in a Portfolio will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.



				2005 Market Street Philadelphia, PA 19103-7094 Telephone 800 231-8002
				Fax 215 255-1162
(1197611)				Printed in the USA
SA-DPT 22603 [6/20]

Semiannual report

Multi-asset mutual fund

Delaware Global Listed Real Assets Fund

(formerly, Delaware REIT Fund)

April 30, 2020

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

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you do not need to take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by signing up at delawarefunds.com/edelivery. If you own these shares through a financial intermediary, you may contact your financial intermediary.

You may elect to receive paper copies of all future shareholder reports free of charge. You can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by contacting us at 800 523-1918. If you own these shares through a financial intermediary, you may contact your financial intermediary to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the Delaware Funds^® by Macquarie or your financial intermediary.

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.

Experience Delaware Funds^® by Macquarie

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

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

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

Manage your account online

Check your account balance and transactions

View statements and tax forms

Make purchases and redemptions

Visit delawarefunds.com/account-access.

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

Table of contents



Disclosure of Fund expenses			1

Security type / sector allocation and top 10 equity holdings			3

Schedule of investments			5

Statement of assets and liabilities			18

Statement of operations			20

Statements of changes in net assets			22

Financial highlights			24

Notes to financial statements			34

About the organization			52

Unless otherwise noted, views expressed herein are current as of April 30, 2020, 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.

Disclosure of Fund expenses

For the six-month period from November 1, 2019 to April 30, 2020 (Unaudited)

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

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from Nov. 1, 2019 to April 30, 2020.

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.

Disclosure of Fund expenses

For the six-month period from November 1, 2019 to April 30, 2020 (Unaudited)

Delaware Global Listed Real Assets Fund

Expense analysis of an investment of $1,000


	Beginning Account Value 11/1/19			Ending Account Value 4/30/20		Annualized Expense Ratio			Expenses Paid During Period 11/1/19 to 4/30/20*
Actual Fund return^†
Class A		$	1,000.00		$878.10		1.40	%		$6.54
Class C			1,000.00		874.80		2.15	%		10.02
Class R			1,000.00		876.40		1.65	%		7.70
Institutional Class			1,000.00		878.60		1.15	%		5.37
Class R6			1,000.00		879.40		1.03	%		4.81
Hypothetical 5% return (5% return before expenses)
Class A		$	1,000.00		$1,017.90		1.40	%		$7.02
Class C			1,000.00		1,014.17		2.15	%		10.77
Class R			1,000.00		1,016.66		1.65	%		8.27
Institutional Class			1,000.00		1,019.14		1.15	%		5.77
Class R6			1,000.00		1,019.74		1.03	%		5.17

*	“Expenses Paid During Period” are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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, including exchange-traded funds. The table above does not reflect the expenses of the Underlying Funds.

Security type / sector allocation and top 10

equity holdings


Delaware Global Listed Real Assets Fund		As of April 30, 2020 (Unaudited)

Sector designations may be different than 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
Common Stocks		60.10	%
Consumer Staples		1.50	%
Energy		9.06	%
Financials		0.97	%
Healthcare		0.70	%
Industrials		9.28	%
Information Technology		0.35	%
Materials		9.98	%
Real Estate Operating Companies/Developer		0.77	%
REIT Diversified		1.55	%
REIT Healthcare		1.32	%
REIT Hotel		0.09	%
REIT Industrial		2.96	%
REIT Information Technology		2.43	%
REIT Mall		0.17	%
REIT Manufactured Housing		1.11	%
REIT Multifamily		2.86	%
REIT Office		0.66	%
REIT Retail		0.23	%
REIT Self-Storage		0.41	%
REIT Shopping Center		0.12	%
REIT Single Tenant		0.14	%
REIT Specialty		0.60	%
Utilities		12.84	%
Convertible Bond		0.06	%
Corporate Bonds		16.54	%
Basic Industry		2.64	%
Capital Goods		1.38	%
Communications		5.83	%
Consumer Cyclical		1.05	%
Consumer Non-Cyclical		1.48	%
Energy		2.71	%
Real Estate Investment Trusts		0.17	%
Technology		0.23	%
Transportation		0.43	%
Utilities		0.62	%
Non-Agency Commercial Mortgage-Backed Securities		3.95	%

Security type / sector allocation and top 10

equity holdings

Delaware Global Listed Real Assets Fund


Security type / sector	Percentage of net assets
Loan Agreements		3.96	%
Sovereign Bonds		8.25	%
US Treasury Obligations		4.74	%
Exchange-Traded Fund		0.35	%
Short-Term Investments		1.26	%
Total Value of Securities		99.21	%
Receivables and Other Assets Net of Liabilities		0.79	%
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
Prologis		1.64	%
Newmont		1.57	%
Equinix		1.32	%
Infraestructura Energetica Nova		1.25	%
Compass Minerals International		1.19	%
Cheniere Energy		1.18	%
Sacyr		1.17	%
Atlantia		1.17	%
Nutrien		1.15	%
Transurban Group		1.11	%


Schedule of investments
Delaware Global Listed Real Assets Fund			April 30, 2020 (Unaudited)


	Number of shares		Value (US $)
Common Stock – 60.10%
Consumer Staples – 1.50%
Archer-Daniels-Midland		5,082	$	188,745
Bunge		8,321		330,094
Tyson Foods Class A		14,454		898,894

				1,417,733

Energy – 9.06%
Ardmore Shipping		91,970		605,163
Cheniere Energy †		23,864		1,114,210
Chevron		6,621		609,132
Enbridge		33,142		1,015,486
Euronav		73,634		787,147
Navigator Holdings †		82,291		548,881
Noble Energy		48,047		471,341
Overseas Shipholding Group Class A †		133,311		333,277
Par Pacific Holdings †		75,272		731,644
TC Energy		21,628		995,359
TechnipFMC		37,689		335,809
Valero Energy		15,663		992,251

				8,539,700

Financials – 0.97%
Uranium Participation †		259,272		912,700

				912,700

Healthcare – 0.70%
Brookdale Senior Living †		183,880		663,807

				663,807

Industrials – 9.28%
Aena SME 144A #†		7,922		1,002,693
ALEATICA		1,223,912		950,397
Arcosa		21,577		804,175
Atlantia		67,966		1,106,408
Auckland International Airport		78,903		294,775
Enav 144A #		224,007		1,004,005
GrafTech International		87,006		706,489
Sacyr		592,871		1,107,085
TPI Composites †		12,494		219,020
Transurban Group		116,761		1,050,005
Vinci		6,167		504,831

				8,749,883

Information Technology – 0.35%
Switch Class A		18,982		325,921

				325,921

Materials – 9.98%
Acadian Timber		68,775		693,704

Schedule of investments

Delaware Global Listed Real Assets Fund


	Number of shares		Value (US $)
Common Stock (continued)
Materials (continued)
Air Products and Chemicals		1,728	$	389,802
B2Gold		24,098		121,936
Barrick Gold		39,181		1,008,553
CF Industries Holdings		11,368		312,620
Compass Minerals International		22,826		1,122,126
FMC		6,799		624,828
Hudbay Minerals		325,001		796,252
Louisiana-Pacific		20,920		418,400
Mercer International		49,091		494,837
Newmont		24,873		1,479,446
Nutrien		30,437		1,086,905
Steel Dynamics		8,705		211,270
West Fraser Timber		23,289		648,167

				9,408,846

Real Estate Operating Companies/Developer – 0.77%
Grainger		40,368		135,854
Kojamo		10,315		185,381
Mitsui Fudosan		9,800		182,457
Sun Hung Kai Properties		16,000		218,781

				722,473

REIT Diversified – 1.55%
Charter Hall Group		25,017		124,713
Fastighets Balder Class B †		3,604		142,598
Inmobiliaria Colonial Socimi		22,912		220,951
Mapletree Logistics Trust		141,900		181,130
Weyerhaeuser		36,332		794,581

				1,463,973

REIT Healthcare – 1.32%
Alexandria Real Estate Equities		2,834		445,193
Assura		233,658		224,545
Healthpeak Properties		14,267		372,939
Welltower		3,925		201,078

				1,243,755

REIT Hotel – 0.09%
Host Hotels & Resorts		6,845		84,262

				84,262

REIT Industrial – 2.96%
Americold Realty Trust		7,298		223,246
GLP J-REIT		146		188,699
Goodman Group		38,791		332,408
Prologis		17,321		1,545,553
Rexford Industrial Realty		9,216		375,275


	Number of shares		Value (US $)
Common Stock (continued)
REIT Industrial (continued)
Segro		11,435	$	119,482

				2,784,663

REIT Information Technology – 2.43%
American Tower		1,469		349,622
Digital Realty Trust		536		80,127
Equinix		1,848		1,247,770
QTS Realty Trust Class A		4,761		297,705
SBA Communications		1,087		315,143

				2,290,367

REIT Mall – 0.17%
Simon Property Group		2,406		160,649

				160,649

REIT Manufactured Housing – 1.11%
Equity LifeStyle Properties		5,419		326,820
Sun Communities		5,364		720,922

				1,047,742

REIT Multifamily – 2.86%
Apartment Investment and Management Class A		3,159		119,000
AvalonBay Communities		2,536		413,241
Bluerock Residential Growth REIT		12,327		71,743
Camden Property Trust		4,187		368,749
Daiwa Securities Living Investments		270		227,694
Equity Residential		7,540		490,552
Essex Property Trust		1,589		387,875
Killam Apartment Real Estate Investment Trust		12,565		151,020
UDR		12,368		463,429

				2,693,303

REIT Office – 0.66%
Boston Properties		1,430		138,967
Daiwa Office Investment		22		122,387
Kilroy Realty		5,778		359,738

				621,092

REIT Retail – 0.23%
Link REIT		23,900		213,051

				213,051

REIT Self-Storage – 0.41%
Extra Space Storage		3,278		289,251
Public Storage		515		95,507

				384,758

REIT Shopping Center – 0.12%
Regency Centers		1,782		78,248

Schedule of investments

Delaware Global Listed Real Assets Fund


	Number of shares		Value (US $)
Common Stock (continued)
REIT Shopping Center (continued)
SITE Centers		6,192	$	37,523

				115,771

REIT Single Tenant – 0.14%
Four Corners Property Trust		6,045		135,348

				135,348

REIT Specialty – 0.60%
Invitation Homes		23,888		564,951

				564,951

Utilities – 12.84%
APA Group		132,171		940,531
Hydro One 144A #		52,350		949,254
Infraestructura Energetica Nova		354,654		1,176,932
Italgas		184,522		1,032,274
National Grid		86,191		1,013,711
PPL		38,663		982,813
Sempra Energy		8,142		1,008,387
Severn Trent		33,675		1,013,687
Snam		233,025		1,043,913
Spark Infrastructure Group		731,192		900,550
Terna Rete Elettrica Nazionale		167,316		1,048,780
United Utilities Group		87,443		993,633

				12,104,465

Total Common Stock (cost $61,921,545)				56,649,213


	Principal amount°
Convertible Bond – 0.06%
Cheniere Energy 144A 4.875% exercise price $93.64, maturity date 5/28/21 #T		56,000		54,586

Total Convertible Bond (cost $56,418)				54,586


Corporate Bonds – 16.54%
Basic Industry – 2.64%
Chemours 7.00% 5/15/25		350,000		330,715
First Quantum Minerals 144A 6.875% 3/1/26 #		200,000		176,330
Freeport-McMoRan 5.45% 3/15/43		380,000		352,203
Hudbay Minerals 144A 7.625% 1/15/25 #		320,000		291,104
IAMGOLD 144A 7.00% 4/15/25 #		120,000		121,822
Novelis 144A 5.875% 9/30/26 #		120,000		117,276
Steel Dynamics 5.00% 12/15/26		485,000		498,867


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Basic Industry (continued)
Univar Solutions USA 144A 5.125% 12/1/27 #		600,000	$	598,290

				2,486,607

Capital Goods – 1.38%
Boise Cascade 144A 5.625% 9/1/24 #		330,000		330,759
Clean Harbors 144A 5.125% 7/15/29 #		310,000		317,626
Covanta Holding 6.00% 1/1/27		120,000		116,052
GFL Environmental 144A 5.125% 12/15/26 #		250,000		261,563
Sealed Air 144A 4.00% 12/1/27 #		275,000		271,219

				1,297,219

Communications – 5.83%
CCO Holdings 144A 5.375% 6/1/29 #		640,000		678,182
CenturyLink
144A 4.00% 2/15/27 #		140,000		136,675
144A 5.125% 12/15/26 #		205,000		195,519
Clear Channel Worldwide Holdings 144A 9.25% 2/15/24 #		260,000		217,802
Consolidated Communications 6.50% 10/1/22		215,000		194,306
CSC Holdings
144A 5.75% 1/15/30 #		365,000		380,636
6.75% 11/15/21		120,000		125,840
Cumulus Media New Holdings 144A 6.75% 7/1/26 #		80,000		65,536
Frontier Communications 144A 8.00% 4/1/27 #‡		80,000		81,948
Gray Television 144A 7.00% 5/15/27 #		260,000		263,081
LCPR Senior Secured Financing 144A 6.75% 10/15/27 #		216,000		223,484
Level 3 Financing 144A 3.875% 11/15/29 #		453,000		464,696
Nexstar Broadcasting 144A 5.625% 7/15/27 #		338,000		324,362
Outfront Media Capital 144A 4.625% 3/15/30 #		750,000		687,862
Radiate Holdco 144A 6.625% 2/15/25 #		80,000		79,784
Sirius XM Radio 144A 5.50% 7/1/29 #		545,000		577,482
Sprint Capital 8.75% 3/15/32		100,000		140,965
T-Mobile USA 4.75% 2/1/28		170,000		179,294
Virgin Media Secured Finance 144A 5.50% 5/15/29 #		200,000		208,570
Zayo Group Holdings 144A 4.00% 3/1/27 #		275,000		267,996

				5,494,020

Consumer Cyclical – 1.05%
Hilton Domestic Operating 4.875% 1/15/30		120,000		115,596
Lennar 5.00% 6/15/27		160,000		165,456
MGM Growth Properties Operating Partnership 5.75% 2/1/27		531,000		539,310
Murphy Oil USA 5.625% 5/1/27		160,000		165,864

				986,226

Schedule of investments

Delaware Global Listed Real Assets Fund


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Consumer Non-Cyclical – 1.48%
HCA
5.375% 2/1/25		120,000	$	129,641
5.875% 2/1/29		350,000		402,133
JBS USA LUX 144A 5.50% 1/15/30 #		250,000		254,287
Pilgrim’s Pride 144A 5.75% 3/15/25 #		160,000		162,453
Tenet Healthcare
5.125% 5/1/25		90,000		84,713
6.875% 11/15/31		230,000		200,583
8.125% 4/1/22		160,000		161,960

				1,395,770

Energy – 2.71%
Cheniere Corpus Christi Holdings 7.00% 6/30/24		295,000		315,687
Cheniere Energy Partners
144A 4.50% 10/1/29 #		100,000		92,715
5.25% 10/1/25		330,000		317,064
Crestwood Midstream Partners 144A 5.625% 5/1/27 #		170,000		111,571
DCP Midstream Operating 5.125% 5/15/29		330,000		247,285
Genesis Energy 6.50% 10/1/25		270,000		228,487
Murphy Oil
5.875% 12/1/27		325,000		221,601
6.875% 8/15/24		160,000		114,432
Southwestern Energy 7.75% 10/1/27		360,000		315,540
Targa Resources Partners
5.375% 2/1/27		170,000		145,291
5.875% 4/15/26		304,000		271,229
WPX Energy 5.25% 10/15/27		205,000		179,303

				2,560,205

Real Estate Investment Trusts – 0.17%
HAT Holdings I 144A 5.25% 7/15/24 #		160,000		159,616

				159,616

Technology – 0.23%
Iron Mountain US Holdings 144A 5.375% 6/1/26 #		216,000		216,454

				216,454

Transportation – 0.43%
DAE Funding 144A 5.75% 11/15/23 #		175,000		157,903
Delta Air Lines 144A 7.00% 5/1/25 #		240,000		246,232

				404,135

Utilities – 0.62%
TerraForm Power Operating 144A 4.75% 1/15/30 #		210,000		215,691
Vistra Operations
144A 5.00% 7/31/27 #		120,000		122,946


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Utilities (continued)
Vistra Operations
144A 5.50% 9/1/26 #		120,000	$	124,236
144A 5.625% 2/15/27 #		120,000		126,858

				589,731

Total Corporate Bonds (cost $16,515,091)				15,589,983


Non-Agency Commercial Mortgage-Backed Securities – 3.95%
BANK Series 2017-BNK8 C 4.208% 11/15/50 ●		750,000		644,428
Citigroup Commercial Mortgage Trust Series 2019-C7 A4 3.102% 12/15/72		750,000		802,571
GS Mortgage Securities Trust Series 2017-GS6 B 3.869% 5/10/50		730,000		723,410
JPMCC Commercial Mortgage Securities Trust Series 2017-JP5 C 4.032% 3/15/50 ●		1,000,000		858,228
Morgan Stanley Capital I Trust Series 2016-BNK2 B 3.485% 11/15/49		740,000		697,063

Total Non-Agency Commercial Mortgage-Backed Securities (cost $4,154,112)				3,725,700


Loan Agreements – 3.96%
Calpine
2.66% (LIBOR01M + 2.25%) 1/15/24 ●		126,504		122,768
2.66% (LIBOR01M + 2.25%) 4/5/26 ●		325,541		315,368
Calpine Construction Finance Tranche B 2.404% (LIBOR01M + 2.00%) 1/15/25 ●		126,529		121,547
CenturyLink Tranche B 2.654% (LIBOR01M + 2.25%) 3/15/27 ●		448,875		426,319
Charter Communications Operating Tranche B2 2.16% (LIBOR01M + 1.75%) 2/1/27 ●		263,463		254,383
Clear Channel Outdoor Holdings Tranche B 4.26% (LIBOR02M + 3.50%) 8/21/26 ●		169,150		146,597
CSC Holdings 3.064% (LIBOR01M + 2.25%) 7/17/25 ●		253,043		243,175
Edgewater Generation 4.154% (LIBOR01M + 3.75%) 12/15/25 ●		84,359		75,291
Frontier Communications Tranche B-1 5.35% (LIBOR01M + 3.75%) 6/17/24 ●		383,032		374,892
HCA Tranche B-12 2.154% (LIBOR01M + 1.75%) 3/13/25 ●		348,250		341,845
HCA Tranche B13 2.154% (LIBOR01M + 1.75%) 3/18/26 ●		168,722		165,600
Lamar Media Tranche B 2.482% (LIBOR01M + 1.50%) 2/5/27 ●		169,139		163,114
LCPR Loan Financing 5.814% (LIBOR01M + 5.00%) 10/15/26 ●		100,000		99,250

Schedule of investments

Delaware Global Listed Real Assets Fund


	Principal amount°		Value (US $)
Loan Agreements (continued)
Panda Liberty Tranche B-2 7.95% (LIBOR03M + 6.50%) 8/21/20 ●		74,806	$	70,317
Panda Patriot Tranche B-1 7.20% (LIBOR03M + 5.75%) 12/19/20 ●		42,700		40,138
Panda Patriot Tranche B-2 7.20% (LIBOR03M + 5.75%) 12/19/20 ●		32,106		30,179
Summit Midstream Partners Holdings 7.00% (LIBOR01M + 6.00%) 5/13/22 ●		77,730		15,546
Telenet Financing USD Tranche AR 2.814% (LIBOR01M + 2.00%) 4/30/28 ●		255,000		243,653
T-Mobile USA TBD 4/1/27 X		250,000		248,688
USIC Holdings Tranche B 4.25% (LIBOR01M + 3.25%) 12/8/23 ●		84,368		75,579
Vistra Operations 2.221% (LIBOR01M + 1.75%) 12/31/25 ●		169,534		152,581

Total Loan Agreements (cost $3,945,845)				3,726,830


Sovereign Bonds – 8.25%D
Australia – 0.24%
Australia Government Bonds
0.75% 11/21/27	AUD	301,494		215,332
2.50% 9/20/30	AUD	14,670		14,450

				229,782

Canada – 0.53%
Canadian Government Real Return Bonds
4.00% 12/1/31	CAD	294,700		309,939
4.25% 12/1/26	CAD	204,050		186,049

				495,988

France – 1.04%
French Republic Government Bond OAT
0.10% 3/1/25	EUR	193,555		219,436
0.10% 3/1/28	EUR	396,852		458,481
144A 1.80% 7/25/40 #	EUR	89,356		145,968
3.15% 7/25/32	EUR	96,464		156,981

				980,866

Germany – 0.25%
Deutsche Bundesrepublik Inflation Linked Bond
0.10% 4/15/26	EUR	198,146		232,717

				232,717

Italy – 1.02%
Italy Buoni Poliennali Del Tesoro
0.10% 5/15/23	EUR	616,611		660,347


	Principal amount°		Value (US $)
Sovereign BondsD (continued)
Italy (continued)
Italy Buoni Poliennali Del Tesoro
144A 2.55% 9/15/41 #	EUR	64,425	$	81,650
144A 3.10% 9/15/26 #	EUR	180,930		221,491

				963,488

Japan – 0.52%
Japanese Government CPI Linked Bond 0.10% 3/10/29	JPY	53,277,190		494,222

				494,222

Spain – 0.40%
Spain Government Inflation Linked Bond 0.15% 11/30/23	EUR	334,066		372,912

				372,912

United Kingdom – 4.25%
United Kingdom Gilt Inflation Linked
0.125% 3/22/29	GBP	143,897		230,970
0.125% 3/22/44	GBP	198,744		431,644
0.125% 3/22/46	GBP	201,621		453,054
0.125% 3/22/58	GBP	101,561		285,837
0.125% 3/22/68	GBP	160,208		553,243
0.25% 3/22/52	GBP	103,747		267,990
0.625% 3/22/40	GBP	222,517		484,645
1.125% 11/22/37	GBP	69,303		154,507
1.25% 11/22/32	GBP	267,615		528,290
1.875% 11/22/22	GBP	437,308		612,921

				4,003,101

Total Sovereign Bonds (cost $7,830,700)				7,773,076


US Treasury Obligations – 4.74%
US Treasury Inflation Indexed Bonds
1.00% 2/15/49		335,125		444,920
1.375% 2/15/44		288,579		389,746
2.125% 2/15/40		126,862		184,109
US Treasury Inflation Indexed Notes
0.125% 1/15/22		134,862		133,694
0.25% 7/15/29		922,287		982,457
0.50% 1/15/28		287,658		306,907
0.625% 4/15/23		1,017,458		1,033,328
0.625% 1/15/26		940,711		991,861

Total US Treasury Obligations (cost $4,229,580)				4,467,022

Schedule of investments

Delaware Global Listed Real Assets Fund


	Number of shares		Value (US $)
Exchange-Traded Fund – 0.35%
iShares US Real Estate ETF		4,374	$	332,643

Total Exchange-Traded Fund (cost $330,407)				332,643


Short-Term Investments – 1.26%
Money Market Mutual Funds – 1.26%
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.21%)		238,154		238,154
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.16%)		238,154		238,154
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.25%)		238,154		238,154
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.13%)		238,154		238,154
State Street Institutional US Government Money Market Fund – Investor Class (seven-day effective yield 0.14%)		238,154		238,154

Total Short-Term Investments (cost $1,190,770)				1,190,770

Total Value of Securities – 99.21% (cost $100,174,468)			$	93,509,823

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At April 30, 2020, the aggregate value of Rule 144A securities was $12,790,213, which represents 13.57% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”

T	PIK. 100% of the income received was in the form of cash.

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.

‡	Non-income producing security. Security is currently in default.

D	Securities have been classified by country of origin.

†	Non-income producing security.

X	This loan will settle after April 30, 2020, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.

The following foreign currency exchange contracts were outstanding at April 30, 2020:¹

Foreign Currency Exchange Contracts


Counterparty	Currency to Receive (Deliver)			In Exchange For			Settlement Date		Unrealized Appreciation		Unrealized Depreciation
BNYM	AUD	(16	)	USD	10			5/1/20	$	—	$	—
CITI	EUR	95,000		USD	(107,687	)		6/12/20		—		(3,541	)
JPMCB	AUD	(342,318	)	USD	226,064			6/12/20		2,963		—
JPMCB	CAD	(701,872	)	USD	523,577			6/12/20		19,301		—
JPMCB	EUR	(2,479,650	)	USD	2,782,383			6/12/20		62,652		—
JPMCB	GBP	(3,142,747	)	USD	4,028,048			6/12/20		69,029		—
JPMCB	JPY	(53,171,362	)	USD	497,728			6/12/20		1,937		—

Total Foreign Currency Exchange Contracts									$	155,882	$	(3,541	)

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 Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

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

Summary of abbreviations:

AUD – Australian Dollar

BNYM – The Bank of New York Mellon

CAD – Canadian Dollar

CITI – Citigroup Global Markets

CPI – Consumer Price Index

ETF – Exchange-Traded Fund

EUR – European Monetary Unit

GBP – British Pound Sterling

GS – Goldman Sachs

ICE – Intercontinental Exchange

JPMCB – JPMorgan Chase Bank, National Association

JPY – Japanese Yen

LIBOR – London interbank offered rate

LIBOR01M – ICE LIBOR USD 1 Month

LIBOR02M – ICE LIBOR USD 2 Month

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

OAT – Obligations Assimilables du Tresor

PIK – Pay-in-kind

REIT – Real Estate Investment Trust

TBD – To be determined

Schedule of investments

Delaware Global Listed Real Assets Fund

Summary of abbreviations: (continued)

USD – US Dollar

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

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Statement of assets and liabilities
Delaware Global Listed Real Assets Fund			April 30, 2020 (Unaudited)


Assets:
Investments, at value¹	$	93,509,823
Cash		320,735
Foreign currencies, at value²		95,407
Receivable for securities sold		370,308
Dividends and interest receivable		326,247
Unrealized gain on foreign currency exchange contracts		155,882
Receivable for fund shares sold		65,983
Foreign tax reclaims receivable		2,096

Total assets		94,846,481

Liabilities:
Payable for securities purchased		246,250
Payable for fund shares redeemed		179,241
Investment management fees payable to affiliates		43,775
Dividend disbursing and transfer agent fees and expenses payable to non-affiliates		30,238
Other accrued expenses		25,685
Accounting and administration expenses payable to non-affiliates		21,118
Audit and tax fees payable		18,570
Distribution fees payable to affiliates		12,216
Custodian fees payable		9,245
Unrealized loss on foreign currency exchange contracts		3,541
Dividend disbursing and transfer agent fees and expense payable to affiliates		745
Accounting and administration expenses payable to affiliates		592
Trustees’ fees and expenses payable to affiliates		360
Legal fees payable to affiliates		170
Reports and statements to shareholders expenses payable to affiliates		82

Total liabilities		591,828

Total Net Assets	$	94,254,653


Net Assets Consist of:
Paid-in capital	$	105,963,198
Total distributable earnings (loss)		(11,708,545	)

Total Net Assets	$	94,254,653


Net Asset Value
Class A:
Net assets	$	41,615,477
Shares of beneficial interest outstanding, unlimited authorization, no par		3,787,935
Net asset value per share	$	10.99
Sales charge		5.75	%
Offering price per share, equal to net asset value per share / (1 – sales charge)	$	11.66

Class C:
Net assets	$	3,126,999
Shares of beneficial interest outstanding, unlimited authorization, no par		285,704
Net asset value per share	$	10.94

Class R:
Net assets	$	4,056,516
Shares of beneficial interest outstanding, unlimited authorization, no par		369,730
Net asset value per share	$	10.97

Institutional Class:
Net assets	$	41,170,361
Shares of beneficial interest outstanding, unlimited authorization, no par		3,729,606
Net asset value per share	$	11.04

Class R6:
Net assets	$	4,285,300
Shares of beneficial interest outstanding, unlimited authorization, no par		388,873
Net asset value per share	$	11.02

¹Investments, at cost	$	100,174,468
²Foreign currencies, at cost		94,179

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


Statement of operations
Delaware Global Listed Real Assets Fund			Six months ended April 30, 2020 (Unaudited)


Investment Income:
Dividends	$	1,569,870
Interest		591,743
Foreign tax withheld		(44,367	)

		2,117,246

Expenses:
Management fees		395,456
Distribution expenses — Class A		58,386
Distribution expenses — Class C		18,435
Distribution expenses — Class R		11,488
Legal fees		119,257
Dividend disbursing and transfer agent fees and expenses		74,216
Registration fees		40,032
Accounting and administration expenses		27,975
Reports and statements to shareholders expenses		27,242
Audit and tax fees		19,236
Custodian fees		13,839
Trustees’ fees and expenses		2,789
Other		24,774

		833,125
Less expenses waived		(139,545	)
Less expenses paid indirectly		(2,419	)

Total operating expenses		691,161

Net Investment Income		1,426,085


Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(5,829,169	)
Foreign currencies		(8,332	)
Foreign currency exchange contracts		106,502
Futures contracts		11,516
Options purchased		28,366

Net realized loss		(5,691,117	)

Net change in unrealized appreciation (depreciation) of:
Investments		(9,371,032	)
Foreign currencies		(4,254	)
Foreign currency exchange contracts		184,548
Futures contracts		35
Options purchased		(235	)

Net change in unrealized appreciation (depreciation)		(9,190,938	)

Net Realized and Unrealized Loss		(14,882,055	)

Net Decrease in Net Assets Resulting from Operations	$	(13,455,970	)

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

Statements of changes in net assets

Delaware Global Listed Real Assets Fund


	Six months ended 4/30/20 (Unaudited)			Year ended 10/31/19
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,426,085		$	939,104
Net realized gain (loss)		(5,691,117	)		11,430,255
Net change in unrealized appreciation (depreciation)		(9,190,938	)		2,048,321

Net increase (decrease) in net assets resulting from operations		(13,455,970	)		14,417,680


Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		(1,377,335	)		(844,447	)
Class C		(103,419	)		(44,170	)
Class R		(134,029	)		(75,055	)
Institutional Class		(1,459,973	)		(244,872	)
Class R6		(144,968	)		(102,244	)

		(3,219,724	)		(1,310,788	)


Capital Share Transactions:
Proceeds from shares sold:
Class A		1,147,063			1,999,130
Class C		105,670			364,260
Class R		419,369			835,007
Institutional Class		45,154,736			1,973,939
Class R6		143,055			116,008

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		1,363,386			818,760
Class C		100,438			43,565
Class R		134,028			75,055
Institutional Class		1,455,962			241,619
Class R6		144,968			102,244

		50,168,675			6,569,587


	Six months ended 4/30/20 (Unaudited)			Year ended 10/31/19
Capital Share Transactions (continued):
Cost of shares redeemed:
Class A	$	(4,656,313	)	$	(10,817,762	)
Class C		(573,326	)		(1,866,085	)
Class R		(736,045	)		(1,730,581	)
Institutional Class		(10,825,978	)		(5,482,400	)
Class R6		(644,478	)		(569,825	)

		(17,436,140	)		(20,466,653	)

Increase (Decrease) in net assets derived from capital share transactions		32,732,535			(13,897,066	)

Net Increase (Decrease) in Net Assets		16,056,841			(790,174	)

Net Assets:
Beginning of period	$	78,197,812		$	78,987,986

End of period	$	94,254,653		$	78,197,812

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

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 income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Return of capital

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁵

Ratio of expenses to average net assets prior to fees waived⁵

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	The average shares outstanding method has been applied for per share information.

³	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.

⁴	Total return during the period shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁵	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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


Six months ended
4/30/20¹				Year ended
(Unaudited)				10/31/19				10/31/18				10/31/17				10/31/16				10/31/15
	$	12.88			$	10.87			$	11.36			$	14.28			$	15.54			$	15.61


		0.16				0.14				0.19				0.08				0.18				0.13
		(1.69	)			2.07				(0.21	)			0.03				0.41				0.76

		(1.53	)			2.21				(0.02	)			0.11				0.59				0.89



		(0.04	)			(0.20	)			(0.16	)			(0.21	)			(0.24	)			(0.24	)
		—				—				(0.05	)			—				—				—
		(0.32	)			—				(0.26	)			(2.82	)			(1.61	)			(0.72	)

		(0.36	)			(0.20	)			(0.47	)			(3.03	)			(1.85	)			(0.96	)


	$	10.99			$	12.88			$	10.87			$	11.36			$	14.28			$	15.54


		(12.19%	)⁴			20.55%	⁴			(0.26%	)⁴			0.90%				4.24%				5.70%


	$	41,616			$	51,133			$	50,627			$	65,824			$	86,129			$	90,899
		1.40%				1.42%				1.39%				1.44%				1.33%				1.37%

		1.66%				1.58%				1.41%				1.44%				1.33%				1.37%
		2.62%				1.21%				1.76%				0.71%				1.24%				0.81%

		2.36%				1.05%				1.74%				0.71%				1.24%				0.81%
		51%				125%				120%				145%				111%				67%

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)²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Return of capital

Net realized gain

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 (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	The average shares outstanding method has been applied for per share information.

³	Amount is less than $(0.005) per share.

⁴	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge.

⁵	Total return during the period shown 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.


Six months ended
4/30/20¹				Year ended
(Unaudited)				10/31/19				10/31/18				10/31/17				10/31/16				10/31/15
	$	12.85			$	10.85			$	11.31			$	14.24			$	15.50			$	15.59


		0.11				0.05				0.11				—	³			0.07				0.01
		(1.69	)			2.07				(0.21	)			0.02				0.42				0.75

		(1.58	)			2.12				(0.10	)			0.02				0.49				0.76



		(0.01	)			(0.12	)			(0.05	)			(0.13	)			(0.14	)			(0.13	)
		—				—				(0.05	)			—				—				—
		(0.32	)			—				(0.26	)			(2.82	)			(1.61	)			(0.72	)

		(0.33	)			(0.12	)			(0.36	)			(2.95	)			(1.75	)			(0.85	)


	$	10.94			$	12.85			$	10.85			$	11.31			$	14.24			$	15.50


		(12.52%	)⁵			19.64%	⁵			(0.99%	)⁵			0.13%				3.53%				4.86%


	$	3,127			$	4,082			$	4,810			$	13,331			$	20,598			$	22,085
		2.15%				2.17%				2.14%				2.19%				2.08%				2.12%

		2.41%				2.33%				2.16%				2.19%				2.08%				2.12%
		1.87%				0.46%				1.01%				(0.04%	)			0.49%				0.06%

		1.61%				0.30%				0.99%				(0.04%	)			0.49%				0.06%
		51%				125%				120%				145%				111%				67%

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 income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Return of capital

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁵

Ratio of expenses to average net assets prior to fees waived⁵

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	The average shares outstanding method has been applied for per share information.

³	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

⁴	Total return during the period shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁵	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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


Six months ended
4/30/20¹				Year ended
(Unaudited)				10/31/19				10/31/18				10/31/17				10/31/16				10/31/15
	$	12.87			$	10.86			$	11.35			$	14.27			$	15.53			$	15.61


		0.14				0.11				0.17				0.05				0.15				0.09
		(1.69	)			2.07				(0.22	)			0.04				0.41				0.75

		(1.55	)			2.18				(0.05	)			0.09				0.56				0.84



		(0.03	)			(0.17	)			(0.13	)			(0.19	)			(0.21	)			(0.20	)
		—				—				(0.05	)			—				—				—
		(0.32	)			—				(0.26	)			(2.82	)			(1.61	)			(0.72	)

		(0.35	)			(0.17	)			(0.44	)			(3.01	)			(1.82	)			(0.92	)


	$	10.97			$	12.87			$	10.86			$	11.35			$	14.27			$	15.53


		(12.36%	)⁴			20.30%	⁴			(0.54%	)⁴			0.66%				4.00%				5.40%


	$	4,057			$	4,966			$	4,934			$	7,885			$	12,573			$	12,025
		1.65%				1.67%				1.64%				1.69%				1.58%				1.62%

		1.91%				1.83%				1.66%				1.69%				1.58%				1.62%
		2.37%				0.96%				1.51%				0.46%				0.99%				0.56%

		2.11%				0.80%				1.49%				0.46%				0.99%				0.56%
		51%				125%				120%				145%				111%				67%

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 income²

Net realized and unrealized gain (loss)

Total from investment operations

Less dividends and distributions from:

Net investment income

Return of capital

Net realized gain

Total dividends and distributions

Net asset value, end of period

Total return³

Ratios and supplemental data:

Net assets, end of period (000 omitted)

Ratio of expenses to average net assets⁵

Ratio of expenses to average net assets prior to fees waived⁵

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	The average shares outstanding method has been applied for per share information.

³	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

⁴	Total return during the period shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁵	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.

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


Six months ended
4/30/20¹				Year ended
(Unaudited)				10/31/19				10/31/18				10/31/17				10/31/16				10/31/15
	$	12.94			$	10.91			$	11.41			$	14.33			$	15.57			$	15.64


		0.17				0.17				0.22				0.12				0.21				0.16
		(1.70	)			2.09				(0.22	)			0.02				0.44				0.76

		(1.53	)			2.26				—				0.14				0.65				0.92



		(0.05	)			(0.23	)			(0.19	)			(0.24	)			(0.28	)			(0.27	)
		—				—				(0.05	)			—				—				—
		(0.32	)			—				(0.26	)			(2.82	)			(1.61	)			(0.72	)

		(0.37	)			(0.23	)			(0.50	)			(3.06	)			(1.89	)			(0.99	)


	$	11.04			$	12.94			$	10.91			$	11.41			$	14.33			$	15.57


		(12.14%	)⁴			20.94%	⁴			(0.08%	)⁴			1.14%				4.60%				5.94%


	$	41,170			$	12,621			$	13,741			$	16,988			$	38,720			$	108,943
		1.15%				1.17%				1.14%				1.19%				1.08%				1.12%

		1.41%				1.33%				1.16%				1.19%				1.08%				1.12%
		2.87%				1.46%				2.01%				0.96%				1.49%				1.06%

		2.61%				1.30%				1.99%				0.96%				1.49%				1.06%
		51%				125%				120%				145%				111%				67%

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

Return of capital

Net realized gain

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	Date of commencement of operations; ratios have been annualized and total return has not been annualized.

³	The average shares outstanding method has been applied for per share information.

⁴	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.

⁵	Total return during the period shown 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.

⁷	Portfolio turnover is representative of the Fund for the entire year ended Oct. 31, 2016.

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


Six months ended																8/31/16² to
4/30/20¹				Year ended												8/31/16² to
(Unaudited)				10/31/19				10/31/18				10/31/17				10/31/16
	$	12.91			$	10.89			$	11.41			$	14.33			$	15.43


		0.18				0.18				0.24				0.13				0.29
		(1.70	)			2.08				(0.23	)			0.03				(1.33	)

		(1.52	)			2.26				0.01				0.16				(1.04	)


		(0.05	)			(0.24	)			(0.22	)			(0.26	)			(0.06	)
		—				—				(0.05	)			—				—
		(0.32	)			—				(0.26	)			(2.82	)			—

		(0.37	)			(0.24	)			(0.53	)			(3.08	)			(0.06	)


	$	11.02			$	12.91			$	10.89			$	11.41			$	14.33


		(12.06%	)⁵			21.00%	⁵			0.09%	⁵			1.28%				(6.79%	)


	$	4,285			$	5,396			$	4,876			$	21,155			$	2
		1.03%				1.07%				1.01%				1.04%				0.93%

		1.29%				1.23%				1.03%				1.04%				0.93%
		2.99%				1.56%				2.14%				1.11%				1.97%

		2.73%				1.40%				2.12%				1.11%				1.97%
		51%				125%				120%				145%				111%	⁷

Notes to financial statements


Delaware Global Listed Real Assets Fund		April 30, 2020 (Unaudited)

Delaware Global Listed Real Assets Fund (formerly, Delaware REIT Fund) (Fund) is a series of Delaware Pooled^® Trust (Trust), which is organized as a Delaware statutory trust. The Fund 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%. Class A share purchases of $1,000,000 or more will incur a contingent deferred sales charge (CDSC) instead of a front-end sales charge of 1.00%, if redeemed during the first year and 0.50% during the second year, provided that Delaware Distributors, L.P. (DDLP) paid a financial advisor a commission on the purchase of those shares. Class C shares are sold with a CDSC of 1.00%, which will be incurred if redeemed during the first 12 months. Class R, Institutional Class, and Class R6 shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors. In addition, Class R6 shares do not pay any service fees, sub-accounting fees, and/or sub-transfer agency fees to any brokers, dealers, or other financial intermediaries. This report contains information relating only to Delaware Global Listed Real Assets Fund. All other series of Delaware Pooled Trust, the Macquarie Institutional Portfolios, are included in a separate report.

1. Significant Accounting Policies

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

Security Valuation – Equity securities and exchange-traded funds (ETFs), 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 and ETFs 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 or ETF 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. Debt securities are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. US government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. For asset-backed securities, collateralized mortgage obligations (CMOs), commercial mortgage securities, and US government agency mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity, and type as well as broker/dealer-supplied prices. 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, 2020 and for all open tax years (years ended Oct. 31, 2017–Oct. 31, 2019), 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, 2020, the Fund did not incur any interest or tax penalties.

Class Accounting – Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the various classes of the Fund on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class. Class R6 shares will not be allocated any expenses related to service fees, sub-accounting fees, and/or sub-transfer agency fees paid to brokers, dealers, or other financial intermediaries.

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

Notes to financial statements

Delaware Global Listed Real Assets Fund

1. Significant Accounting Policies (continued)

“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.

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.

Other – Expenses directly attributable to the Fund are charged directly to the Fund. Other expenses common to various funds within the Delaware Funds^® by Macquarie (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. 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. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends have been recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. The Fund declares and pays dividends from net investment income and distributions from net realized gain on investments, if any, annually. The Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

The Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. 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.” For the six months ended April 30, 2020, the Fund earned $2,253 under this arrangement.

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, 2020, the Fund earned $166 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 rate of 0.75% on the first $500 million of average daily net assets of the Fund, 0.70% on the next $500 million, 0.65% on the next $1.5 billion, and 0.60% on average daily net assets in excess of $2.5 billion.

DMC has contractually agreed to waive all or a portion, if any, of its management fee and/or pay/reimburse the Fund to the extent necessary to ensure total annual operating expenses (excluding any distribution and service (12b-1) fees, acquired fund fees and expenses, taxes, interest, short sale dividend and interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations) from exceeding 1.15% of the Fund’s average daily net assets for all share classes other than Class R6 shares and 1.00% of the Fund’s average daily net assets of the Class R6 shares from Nov. 1, 2019 through April 30, 2020.* For purposes of these waivers and reimbursements, nonroutine expenses may also include such additional costs and expenses, as may be agreed upon from time to time by the Board and DMC. These waivers and reimbursements apply only to expenses paid directly to the Fund and may only be terminated by agreement of DMC and the Fund. The waivers and reimbursements are accrued daily and received monthly.

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

DMC may permit its affiliates, Macquarie Investment Management Global Limited (MIMGL) and Macquarie Funds Management Hong Kong Limited (together, the “Affiliated Sub-Advisors”), to execute Fund equity security trades on behalf of the Manager. The Manager 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.

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, 2020, the Fund was charged $3,774 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

Notes to financial statements

Delaware Global Listed Real Assets Fund

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

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, 2020, the Fund was charged $4,743 for these services. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Fund. Sub-transfer agency fees are paid by the Fund and are also included on the “Statement of operations” under “Dividend disbursing and transfer agent fees and expenses.” The fees 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, tax, and regulatory reporting services to the Fund. For the six months ended April 30, 2020, the Fund was charged $27,202 for internal legal, tax, and regulatory reporting services provided by DMC and/or its affiliates’ employees. This amount is included on the “Statement of operations” under “Legal fees.”

For the six months ended April 30, 2020, DDLP earned $1,269 for commissions on sales of the Fund’s Class A shares. For the six months ended April 30, 2020, DDLP received gross CDSC commissions of $8 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 Feb. 28, 2019 through March 1, 2020.

3. Investments

For the six months ended April 30, 2020, the Fund made purchases and sales of investment securities other than short-term investments as follows:


Purchases other than US government securities	$	75,969,434
Purchases of US government securities		6,214,189
Sales other than US government securities		44,413,194
Sales of US government securities		6,362,596

At April 30, 2020, 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, 2020, the cost and unrealized appreciation (depreciation) of investments and derivatives for the Fund were as follows:


Cost of investments and derivatives	$	100,174,468

Aggregate unrealized appreciation of investments and derivatives	$	3,232,394
Aggregate unrealized depreciation of investments and derivatives		(9,897,039	)

Net unrealized depreciation of investments and derivatives	$	(6,664,645	)

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 below and on the next page.


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)

Notes to financial statements

Delaware Global Listed Real Assets Fund

3. Investments (continued)

Level 3 investments are valued using significant unobservable inputs. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of April 30, 2020:


	Level 1		Level 2			Total
Securities

Assets:

Common Stock	$	56,649,213	$	—		$	56,649,213
Corporate Debt		—		15,644,569			15,644,569
Agency, Asset- & Mortgage-Backed Securities		—		3,725,700			3,725,700
Loan Agreements		—		3,726,830			3,726,830
Foreign Debt		—		7,773,076			7,773,076
US Treasury Obligations		—		4,467,022			4,467,022
Exchange-Traded Funds		332,643		—			332,643
Short-Term Investments		1,190,770		—			1,190,770

Total Value of Securities	$	58,172,626	$	35,337,197		$	93,509,823

Derivatives¹

Assets:

Foreign Currency Exchange Contracts	$	—	$	155,882		$	155,882
Liabilities:

Foreign Currency Exchange Contracts	$	—	$	(3,541	)	$	(3,541	)

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

During the six months ended April 30, 2020, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments due to the Fund utilizing international fair value pricing during the period. In accordance with the fair valuation procedures described in Note 1, international fair value pricing of securities in the Fund occurs when market volatility exceeds an established rolling threshold. If the threshold is exceeded on a given date, then prices of international securities (those that traded on exchanges that close at a different time than the time that the Fund’s NAV is determined) are established using a separate pricing feed from a third-party vendor designed to establish a price for each such security as of the time that the Fund’s NAV is determined. Further, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the

investment is principally traded, causing a change in classification between levels. The Fund’s policy is to recognize transfers between levels based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to net assets. During the six months ended April 30, 2020, there were no Level 3 investments.

4. Capital Shares

Transactions in capital shares were as follows:


	Six months ended 4/30/20			Year ended 10/31/19
Shares sold:
Class A		96,106			170,099
Class C		8,841			31,736
Class R		34,089			72,342
Institutional Class		3,564,079			166,284
Class R6		11,332			9,911

Shares issued upon reinvestment of dividends and distributions:
Class A		111,208			71,100
Class C		8,035			3,864
Class R		10,865			6,542
Institutional Class		118,885			20,904
Class R6		11,918			8,817

		3,975,358			561,599


Shares redeemed:
Class A		(389,014	)		(929,775	)
Class C		(48,842	)		(161,337	)
Class R		(61,078	)		(147,272	)
Institutional Class		(928,847	)		(470,694	)
Class R6		(52,320	)		(48,524	)

		(1,480,101	)		(1,757,602	)

Net increase (decrease)		2,495,257			(1,196,003	)

Notes to financial statements

Delaware Global Listed Real Assets Fund

4. Capital Shares (continued)

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 on the previous page and on the “Statements of changes in net assets.” For the six months ended April 30, 2020 and year ended Oct. 31, 2019, the Fund had the following exchange transactions:


	Exchange Redemptions				Exchange Subscriptions
							Institutional
	Class A Shares		Class C Shares		Class A Shares		Class Shares		Value
Six months ended 4/30/20		—		1,442		735		698	$	15,820
Year ended 10/31/19		1,320		2,470		2,463		1,314		44,663

5. Line of Credit

The Fund, along with certain other funds in the Delaware Funds (Participants), was a participant in a $220,000,000 revolving line of credit intended to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Under the agreement, the Participants were charged an annual commitment fee of 0.15%, which was allocated across the Participants based on a weighted average of the respective net assets of each Participant. The Participants were permitted to borrow up to a maximum of one-third of their net assets under the agreement. Each Participant was individually, and not jointly, liable for its particular advances, if any, under the line of credit. The line of credit available under the agreement expired on Nov. 4, 2019.

The Fund had no amounts outstanding as of April 30, 2020, or at any time during the period then ended.

6. Derivatives

Foreign Currency Exchange Contracts – The Fund may enter into foreign currency exchange contracts and foreign cross currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the US dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is delivered and paid for. The Fund may also enter into these contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies. In addition, the Fund may enter into these contracts to facilitate or expedite the settlement of portfolio transactions. The change in value is 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, 2020, 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.

Futures Contracts – A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the contract and the price at which the agreement is made. The Fund may use futures contracts in the normal course of pursuing its investment objective. The Fund may invest in futures contracts to hedge its existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions. Upon entering into a futures contract, the Fund deposits cash or pledges US government securities to a broker, equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. No futures contracts were outstanding at April 30, 2020.

During the six months ended April 30, 2020, the Fund entered into futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions.

Options Contracts – The Fund may enter into options contracts in the normal course of pursuing its investment objective. The Fund may buy or write options contracts for any number of reasons, including without limitation: to manage the Fund’s exposure to changes in securities prices caused by interest rates or market conditions and foreign currencies; as an efficient means of adjusting the Fund’s overall

Notes to financial statements

Delaware Global Listed Real Assets Fund

6. Derivatives (continued)

exposure to certain markets; to protect the value of portfolio securities; and as a cash management tool. The Fund may buy or write call or put options on securities, futures, swaps, swaptions, financial indices, and foreign currencies. When the Fund buys an option, a premium is paid and an asset is recorded and adjusted on a daily basis to reflect the current market value of the option purchased. When the Fund writes an option, a premium is received and a liability is recorded and adjusted on a daily basis to reflect the current market value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is treated as realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. When writing options, the Fund is subject to minimal counterparty risk because the counterparty is only obligated to pay premiums and does not bear the market risk of an unfavorable market change. There were no transactions in options written during the six months ended April 30, 2020. No options contracts were outstanding at April 30, 2020.

During the six months ended April 30, 2020, Fund entered into options contracts to manage the Fund’s exposure to changes in securities prices caused by interest rates or market conditions.

Fair values of derivative instruments as of April 30, 2020 were as follows:


Statement of Assets and Liabilities Location		Asset Derivatives Fair Value Currency Contracts
Unrealized appreciation on foreign currency exchange contracts		$155,882

Statement of Assets and Liabilities Location		Liability Derivatives Fair Value Currency Contracts
Unrealized depreciation on foreign currency exchange contracts		$3,541

The effect of derivative instruments on the “Statement of operations” for the six months ended April 30, 2020 was as follows:


	Net Realized Gain (Loss) on:

	Foreign Currency Exchange Contracts		Futures Contracts		Options Purchased		Total
Currency contracts	$	106,502	$	—	$	—	$	106,502
Interest rate contracts		—		11,516		28,366		39,882

Total	$	106,502	$	11,516	$	28,366	$	146,384


	Net Change in Unrealized Appreciation (Depreciation) of:
	Foreign Currency Exchange Contracts			Futures Contracts			Options Purchased				Total
Currency contracts		$	184,548		$	—		$	—			$	184,548
Interest rate contracts			—			35			(235	)			(200	)

Total		$	184,548		$	35		$	(235	)		$	184,348

Derivatives Generally. The table below summarizes the average balance of derivative holdings by the Fund during the six months ended April 30, 2020:


	Long Derivatives Volume		Short Derivatives Volume
Foreign currency exchange contracts (average notional value)		503,650		9,456,904
Futures contracts (average notional value)		312,518		161,148
Options contracts (average notional value)		1,374		—

7. Offsetting

The Fund entered into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or a similar agreement with certain of its derivative contract counterparties in order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs over-the-counter (OTC) derivatives and foreign exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out), including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements on the “Statement of assets and liabilities.”

At April 30, 2020, the Fund had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities


Counterparty	Gross Value of Derivative Asset			Gross Value of Derivative Liability				Net Position
Citigroup Global Markets		$	—		$	(3,541	)		$	(3,541	)
JPMorgan Chase Bank, National Association			155,882			—				155,882

Total		$	155,882		$	(3,541	)		$	152,341

Notes to financial statements

Delaware Global Listed Real Assets Fund

7. Offsetting (continued)


Counterparty	Net Position				Fair Value of Non-Cash Collateral Received			Cash Collateral Received				Fair Value of Non-Cash Collateral Pledged			Cash Collateral Pledged			Net Exposure^(a)
Citigroup Global Markets		$	(3,541	)			—			—				—			—			(3,541	)
JPMorgan Chase Bank, National Association			155,882				—			(155,882	)			—			—			—

Total		$	152,341			$	—		$	(155,882	)		$	—		$	—		$	(3,541	)

^(a)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 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 Fund can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

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, 2020, the Fund had no securities out on loan.

9. Credit and Market Risk

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

Notes to financial statements

Delaware Global Listed Real Assets Fund

9. Credit and Market Risk (continued)

expects. The use of these investments as a hedging technique to reduce a fund’s exposure to currency risks may also reduce its ability to benefit from favorable changes in currency exchange rates.

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

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

Some countries in which the Fund may invest require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid, and more volatile than the major securities markets in the US. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Fund.

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

The Fund invests in bank loans and other securities that may subject it to direct indebtedness risk, the risk that the Fund will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower. Loans that are fully secured offer the Fund more protection than unsecured loans in the event of nonpayment of

Notes to financial statements

Delaware Global Listed Real Assets Fund

9. Credit and Market Risk (continued)

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.

11. Recent Accounting Pronouncements

In August 2018, the FASB issued an Accounting Standards Update (ASU), ASU 2018-13, which changes certain fair value measurement disclosure requirements. The ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers

between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. The ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2019. At this time, Management is evaluating the implications of these changes on the financial statements.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provides 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. The ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through Dec. 31, 2022. Management is currently evaluating the impact, if any, of applying this ASU.

12. Subsequent Events

On Nov. 4, 2019, the Fund, along with certain other funds in the Delaware Funds, entered into an amendment to the agreement for a $250,000,000 revolving line of credit. The revolving line of credit available was increased to $275,000,000 on May 6, 2020. The revolving line of credit is to be used as described above and operates in substantially the same manner as the original agreement.

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.

On June 10, 2020, the Board of Trustees of Delaware Pooled Trust approved the appointment of Macquarie Investment Management Global Limited as a sub-advisor to the Fund to manage real estate investment trust securities and other equity asset classes to which the portfolio managers may allocate assets from time to time effective June 11, 2020.

Management has determined that no other material events or transactions occurred subsequent to April 30, 2020, that would require recognition or disclosure in the Fund’s financial statements.

About the organization

Board of trustees


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

Affiliated officers

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

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

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Forms N-PORT, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities, are available without charge (i) upon request, by calling 800 523-1918; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Fund’s most recent Form N-PORT are available without charge on the Fund’s website at delawarefunds.com/literature. The Fund’s Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.

Information (if any) regarding how the Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Fund’s website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov.

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a) Included as part of report to shareholders filed under Item 1 of this Form N-CSR.

(b) Divestment of securities in accordance with Section 13(c) of the Investment Company Act of 1940.

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

Not applicable.

Item 11. Controls and Procedures

The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of the filing of this report and have concluded that they are effective in providing reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.

There were no significant changes in the registrant’s internal control over financial reporting that occurred during the period covered by the report to stockholders included herein that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

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

Not applicable.

Item 13. Exhibits

(a) (1) Code of Ethics

Not applicable.

(2) Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2 under the Investment Company Act of 1940 are attached hereto as Exhibit 99.CERT.

(3) Written solicitations to purchase securities pursuant to Rule 23c-1 under the Securities Exchange Act of 1934.

Not applicable.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf, by the undersigned, thereunto duly authorized.

DELAWARE POOLED TRUST

SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	July 6, 2020

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.

SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	July 6, 2020

RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	July 6, 2020