Schedule of investments

Macquarie Institutional Portfolios — Macquarie Large Cap Value Portfolio

January 31, 2020 (Unaudited)

	Number of		Value		Number of		Value
	shares		(US $)		shares		(US $)
Common Stock - 98.86%				Common Stock (continued)
Communication Services - 5.96%				Materials - 2.77%
AT&T	39,400	$	1,482,228	DuPont de Nemours	26,709	$	1,366,967
Verizon Communications	24,500		1,456,280				1,366,967
			2,938,508	Real Estate - 2.82%
Consumer Discretionary - 5.49%				Equity Residential	16,750		1,391,590
Dollar Tree †	14,000		1,218,980				1,391,590
Lowe’s	12,800		1,487,872
				Utilities - 3.12%
			2,706,852	Edison International	20,100		1,538,655
Consumer Staples - 9.52%							1,538,655
Archer-Daniels-Midland	37,200		1,665,072
Conagra Brands	47,496		1,563,568	Total Common Stock (cost $43,681,660)			48,754,629
Mondelez International
Class A	25,500		1,463,190	Short-Term Investments - 1.29%
			4,691,830	Money Market Mutual Funds - 1.29%
Energy - 11.55%				BlackRock
ConocoPhillips	26,200		1,557,066	FedFund - Institutional
Halliburton	72,400		1,579,044	Shares (seven-day effective
Marathon Oil	109,300		1,242,741	yield 1.49%)	127,284		127,284
Occidental Petroleum	33,200		1,318,704	Fidelity Investments Money
			5,697,555	Market Government
				Portfolio - Class I
Financials - 15.14%				(seven-day effective yield
Allstate	13,300		1,576,582	1.46%)	127,284		127,284
American International				GS Financial Square
Group	25,800		1,296,708	Government
Bank of New York Mellon	32,900		1,473,262	Fund - Institutional Shares
Marsh & McLennan	14,200		1,588,412	(seven-day effective yield
Truist Financial	29,700		1,531,629	1.46%)	127,284		127,284
			7,466,593	Morgan Stanley Government
Healthcare - 21.56%				Portfolio - Institutional
Abbott Laboratories	16,300		1,420,382	Share Class (seven-day
Cardinal Health	31,500		1,613,115	effective yield 1.45%)	127,284		127,284
Cigna	8,553		1,645,426	State Street Institutional US
CVS Health	22,400		1,519,168	Government Money Market
Johnson & Johnson	10,600		1,578,022	Fund - Investor Class
Merck & Co.	16,100		1,375,584	(seven-day effective yield
Pfizer	39,811		1,482,562	1.44%)	127,284		127,284
			10,634,259	Total Short-Term Investments
Industrials - 9.01%				(cost $636,420)			636,420
Northrop Grumman	3,700		1,385,909	Total Value of
				Securities - 100.15%
Raytheon	7,400		1,634,956	(cost $44,318,080)			49,391,049
Waste Management	11,700		1,423,890	Liabilities Net of Receivables and Other
			4,444,755	Assets - (0.15%)			(73,796	)
Information Technology - 11.92%				Net Assets Applicable to 2,908,522 Shares
Broadcom	4,900		1,495,284	Outstanding - 100.00%		$	49,317,253
Cisco Systems	28,800		1,323,936
Intel	26,500		1,694,145
Oracle	26,000		1,363,700	† Non-income producing security.
				GS - Goldman Sachs
			5,877,065

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