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Table of Contents

Table of contents

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

Macquarie Institutional Portfolios

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

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

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

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

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

The Portfolios are governed by US laws and regulations.

*Closed to new investors.

© 2022 Macquarie Management Holdings, Inc.

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

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Table of Contents

Disclosure of Portfolio expenses
For the six-month period from November 1, 2021 to April 30, 2022 (Unaudited)

As a shareholder of a Portfolio, you incur two types of costs: (1) transaction costs, including reimbursement fees on Macquarie Emerging Markets Portfolio; and (2) ongoing costs, including management fees and other Portfolio expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in a Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from November 1, 2021 to April 30, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second section of each table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. Certain of the Portfolios’ actual expenses shown in the table reflect fee waivers in effect and assume reinvestment of all dividends and distributions.

In each case, “Expenses Paid During Period” are equal to the relevant Portfolio’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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

										Expenses
										Paid
		Beginning			Ending					During
		Account			Account			Annualized		Period
		Value			Value			Expense		11/1/21 to
		11/1/21			4/30/22			Ratio		4/30/22
Actual Portfolio return†
Portfolio Class		$	1,000.00		$	853.30		1.26%			$	5.79
Hypothetical 5% return (5% return before expenses)
Portfolio Class		$	1,000.00		$	1,018.65		1.26%			$	6.31

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

										Expenses
										Paid
		Beginning			Ending					During
		Account			Account			Annualized		Period
		Value			Value			Expense		11/1/21 to
		11/1/21			4/30/22			Ratio		4/30/22
Actual Portfolio return†
Portfolio Class		$	1,000.00		$	833.40		1.20%			$	5.45
Hypothetical 5% return (5% return before expenses)
Portfolio Class		$	1,000.00		$	1,018.84		1.20%			$	6.01

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

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

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

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

1

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Table of Contents

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

As of April 30, 2022 (Unaudited)

Sector designations may be different from the sector designations presented in other Portfolio materials. The sector designations may represent the investment manager's or sub-advisor’s internal sector classifications, which may result in the sector designations for one Portfolio being different from another Portfolio's sector designations.

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

*

To monitor compliance with the Portfolio's concentration guidelines as described in the Portfolio's Prospectus and Statement of Additional Information, each of the Financials and Information Technology sectors (as disclosed herein for financial reporting purposes) are subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940, as amended). The Financials sector consists of Banks, Diversified Financial Services, Insurance, and Investment Companies. As of April 30, 2022, such amounts, as a percentage of total net assets were 12.83%, 5.08%, 6.66%, and 1.13%, respectively. The Information Technology sector consists of Computers, Electrical Component and Equipment, Electronics, Energy-Alternate Sources, Semiconductors, and Software. As of April 30, 2022, such amounts, as a percentage of total net assets were 0.47%, 1.81%, 3.46%, 2.74%, 18.71%, and 1.05%, respectively. The percentage in any such single industry will comply with the Portfolio's concentration policy even if the percentage in each of the Financials and Information Technology sectors for financial reporting purposes may exceed 25%.

2

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Table of Contents

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

As of April 30, 2022 (Unaudited)

Sector designations may be different from the sector designations presented in other Portfolio materials. The sector designations may represent the investment manager's internal sector classifications, which may result in the sector designations for one Portfolio being different from another Portfolio's sector designations.

		Percentage
Security type / country		of net assets
Common Stocks by Country			103.92	%
Argentina			0.10	%
Bahrain			0.08	%
Brazil			5.88	%
Chile			0.96	%
China			29.37	%
India			16.47	%
Indonesia			4.55	%
Malaysia			0.06	%
Mexico			3.38	%
Peru			0.48	%
Republic of Korea			20.31	%
Russia			0.31	%
South Africa			0.20	%
Taiwan			19.19	%
Turkey			0.69	%
United States			1.89	%
Preferred Stock			0.00	%
Warrant			0.01	%
Total Value of Securities			103.93	%
Liabilities Net of Receivables and Other Assets			(3.93	%)
Total Net Assets			100.00	%
		Percentage
Common stocks and preferred stock by sector		of net assets
Communication Services			11.86	%
Consumer Discretionary			14.00	%
Consumer Staples			11.89	%
Energy			11.53	%
Financials			8.29	%
Healthcare			0.33	%
Industrials			0.18	%
Information Technology*			42.45	%
Materials			2.79	%
Real Estate			0.17	%
Utilities			0.43	%
Total			103.92	%

3

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

As of April 30, 2022 (Unaudited)

Sector designations may be different from the sector designations presented in other Portfolio materials. The sector designations may represent the investment manager's or sub-advisor's internal sector classifications, which may result in the sector designations for one Portfolio being different from another Portfolio's sector designations.

		Percentage
Security type / country		of net assets
Common Stocks by Country			98.30	%
Australia			0.77	%
China/Hong Kong			3.56	%
Denmark			0.73	%
France			8.47	%
Germany			4.49	%
Italy			6.95	%
Japan			28.57	%
Netherlands			4.21	%
Singapore			4.90	%
Spain			3.79	%
Sweden			3.64	%
Switzerland			3.37	%
United Kingdom			21.65	%
United States			3.20	%
Short-Term Investments			0.34	%
Total Value of Securities			98.64	%
Receivables and Other Assets Net of Liabilities			1.36	%
Total Net Assets			100.00	%
		Percentage
Common stocks by sector		of net assets
Communication Services			9.43	%
Consumer Discretionary			10.81	%
Consumer Staples			8.10	%
Energy			6.82	%
Financials			14.06	%
Healthcare			15.19	%
Industrials			15.96	%
Information Technology			5.73	%
Materials			2.02	%
Utilities			10.18	%
Total			98.30	%

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Schedules of investments
Macquarie Institutional Portfolios — Macquarie Emerging Markets Portfolio

April 30, 2022 (Unaudited)

				Number of
				shares		Value (US $)
Common Stocks – 95.91%Δ
Austria – 1.87%
	Mondi			56,959		$	1,070,030
							1,070,030
Brazil – 5.97%
	Hypera			143,600			1,093,857
	Itau Unibanco Holding ADR			104,005			498,184
	Suzano			98,100			992,122
	Vale ADR			49,095			829,214
							3,413,377
Canada – 1.93%
	Barrick Gold			49,531			1,105,037
							1,105,037
China – 37.32%
	Alibaba Group Holding †			213,280			2,601,523
	Autohome ADR			42,394			1,232,394
	Baidu ADR †			13,922			1,728,695
	China Medical System Holdings			459,000			657,172
	China Merchants Bank Class A			123,600			745,005
	China Merchants Bank Class H			85,000			512,316
	CSPC Pharmaceutical Group			1,502,960			1,536,546
	Gree Electric Appliances of Zhuhai
		Class A		222,600			1,048,531
	Hengan International Group			53,000			250,469
	Jiangsu Yanghe Brewery Joint-
		Stock Class A		16,500			394,984
	LONGi Green Energy Technology
		Class A		83,228			844,180
	Midea Group Class A			150,019			1,287,601
	NetEase			40,562			776,976
	Ping An Insurance Group Co. of
		China Class H		450,000			2,844,323
	Tencent Holdings			36,700			1,729,483
	Tingyi Cayman Islands Holding			518,000			945,434
	Wuliangye Yibin Class A			35,100			857,808
	Xinyi Solar Holdings			486,000			722,403
	Yum China Holdings			14,795			618,431
							21,334,274
Hong Kong – 1.72%
	WH Group 144A #			1,423,820			983,290
							983,290
India – 8.93%
	Axis Bank †			93,139			877,979
	HCL Technologies			42,693			597,981
	Housing Development Finance			66,561			1,920,415
	Infosys ADR			13,436			266,973
	Reliance Industries			39,748			1,440,168
							5,103,516
Indonesia – 2.94%
	Bank Rakyat Indonesia Persero			5,048,983			1,682,256
							1,682,256
Mexico – 1.49%
	Grupo Financiero Banorte Class O			129,556			853,908
							853,908
Peru – 1.74%
	Credicorp			7,168			995,563
							995,563
Republic of Korea – 11.96%
	LG Chem			2,321			950,601
	Samsung Electronics			48,230			2,570,349
	Samsung Fire & Marine Insurance			5,829			966,205
	Shinhan Financial Group			35,265			1,171,666
	SK Hynix			13,426			1,176,495
							6,835,316
Russia – 0.02%
	LUKOIL PJSC ADR (London
		International Exchange) =		15,483			10,120
							10,120
Taiwan – 17.88%
	Alchip Technologies			24,000			703,090
	CTBC Financial Holding			1,002,046			985,631
	Delta Electronics			124,000			1,035,101
	Hon Hai Precision Industry			577,000			1,976,849
	MediaTek			32,000			882,176
	Taiwan Semiconductor
		Manufacturing		256,588			4,639,793
							10,222,640
United Kingdom – 2.14%
	Unilever			26,360			1,223,475
							1,223,475
Total Common Stocks
	(cost $58,796,337)						54,832,802
Preferred Stocks – 3.49%Δ
Brazil – 1.13%
	Itausa 5.89% ω			346,382			646,670
							646,670
Republic of Korea – 2.36%
	LG Chem 4.93% ω			3,190			629,232
	Samsung Electronics 2.51% ω			15,351			719,711
							1,348,943
Total Preferred Stocks
	(cost $2,623,239)						1,995,613

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Schedules of investments
Macquarie Institutional Portfolios — Macquarie Emerging Markets Portfolio

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

Δ	Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 2 in “Security type / country and sector allocations.”
†	Non-income producing security.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At April 30, 2022, the aggregate value of Rule 144A securities was $983,290, which represents 1.72% of the Portfolio's net assets. See Note 8 in “Notes to financial statements."
=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”
ω	Perpetual security with no stated maturity date.

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

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

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

1	See Note 6 in "Notes to financial statements".

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

Summary of currencies:
HKD – Hong Kong Dollar
USD – US Dollar

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

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Macquarie Institutional Portfolios — Macquarie Emerging Markets Portfolio II

April 30, 2022 (Unaudited)

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

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

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

				Number of
				shares		Value (US $)
Preferred Stock – 0.00%
Russia – 0.00%
	Transneft PJSC 8.11% ψ			8		$	891
Total Preferred Stock
	(cost $20,914)						891
Warrant – 0.01%
Argentina – 0.01%
	IRSA Inversiones y
		Representaciones exercise price
		$0.21, expiration date 3/5/26		4,240			1,065
Total Warrant
	(cost $0)						1,065
Total Value of Securities-103.93%
	(cost $14,303,900)					$	16,873,730

Δ	Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 3 in “Security type / country and sector allocations.”
†	Non-income producing security.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At April 30, 2022, the aggregate value of Rule 144A securities was $1,640,635, which represents 10.11% of the Portfolio's net assets. See Note 8 in “Notes to financial statements."
=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”
ψ	Perpetual security with no stated maturity date.

8

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Table of Contents

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

Foreign Currency Exchange Contracts

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

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

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

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

Summary of currencies:
MXN – Mexican Peso
USD – US Dollar

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

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

April 30, 2022 (Unaudited)

				Number of
				shares		Value (US $)
Common Stocks – 98.30%Δ
Australia – 0.77%
	Aurizon Holdings			436,188		$	1,231,846
							1,231,846
China/Hong Kong – 3.56%
	Jardine Matheson Holdings			44,900			2,385,537
	WH Group 144A #			4,770,007			3,294,166
							5,679,703
Denmark – 0.73%
	ISS †			70,946			1,164,511
							1,164,511
France – 8.47%
	Bouygues			65,028			2,235,874
	Cie de Saint-Gobain			35,565			2,074,798
	Dassault Aviation			17,180			2,882,892
	Sanofi			48,422			5,117,960
	Societe Generale			49,722			1,195,021
							13,506,545
Germany – 4.49%
	Allianz			17,441			3,935,285
	Evonik Industries			122,920			3,215,143
							7,150,428
Italy – 6.95%
	Enel			663,875			4,317,108
	Eni			165,745			2,316,915
	Snam			811,259			4,449,432
							11,083,455
Japan – 28.57%
	Coca-Cola Bottlers Japan Holdings			112,500			1,261,176
	Denso			50,400			3,071,641
	FUJIFILM Holdings			50,200			2,759,557
	Fujitsu			16,300			2,463,731
	Hitachi			43,800			2,077,279
	Honda Motor			174,400			4,587,340
	Kao			2,800			112,220
	Kyocera			74,500			3,911,768
	Mitsubishi Electric			247,700			2,594,482
	Nippon Telegraph & Telephone			165,100			4,865,392
	Otsuka Holdings			60,000			2,016,147
	Secom			19,200			1,350,806
	Sekisui Chemical			198,800			2,691,978
	Sony Group			50,900			4,392,725
	Takeda Pharmaceutical			151,900			4,407,613
	Tokio Marine Holdings			55,400			2,995,406
							45,559,261
Netherlands – 4.21%
	Koninklijke Philips			84,753			2,214,690
	Shell			167,599		$	4,499,345
							6,714,035
Singapore – 4.90%
	Singapore Telecommunications			1,213,600			2,422,097
	United Overseas Bank			251,809			5,390,288
							7,812,385
Spain – 3.79%
	Banco Santander			1,483,349			4,334,866
	Red Electrica			85,032			1,712,056
							6,046,922
Sweden – 3.64%
	Essity Class B			74,560			1,966,221
	Telia			925,827			3,842,750
							5,808,971
Switzerland – 3.37%
	Novartis			60,716			5,365,431
							5,365,431
United Kingdom – 21.65%
	Associated British Foods			97,869			1,958,432
	BP			841,927			4,064,652
	CK Hutchison Holdings			870,000			6,105,596
	Kingfisher			786,493			2,480,262
	Lloyds Banking Group			8,024,588			4,557,675
	SSE			247,794			5,755,220
	Tesco			1,277,906			4,341,456
	Travis Perkins			88,246			1,345,965
	WPP			312,994			3,901,429
							34,510,687
United States – 3.20%
	GlaxoSmithKline			226,005			5,094,735
							5,094,735
Total Common Stocks
	(cost $151,944,601)						156,728,915
Short-Term Investments – 0.34%
Money Market Mutual Funds – 0.34%
	BlackRock FedFund – Institutional
		Shares (seven-day effective
		yield 0.31%)		134,860			134,860
	Fidelity Investments Money Market
		Government Portfolio – Class I
		(seven-day effective yield
		0.16%)		134,860			134,860
	GS Financial Square Government
		Fund – Institutional Shares
		(seven-day effective yield
		0.32%)		134,860			134,860

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Table of Contents

		Number of
		shares		Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
Morgan Stanley Government
Portfolio – Institutional Share
Class (seven-day effective yield
0.30%)		134,860		$	134,860
Total Short-Term Investments
(cost $539,440)					539,440
Total Value of Securities–98.64%
(cost $152,484,041)				$	157,268,355

Δ	Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 4 in “Security type / country and sector allocations.”
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At April 30, 2022, the aggregate value of Rule 144A securities was $3,294,166, which represents 2.07% of the Portfolio's net assets. See Note 8 in “Notes to financial statements."
†	Non-income producing security.

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

Foreign Currency Exchange Contracts

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

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

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

Summary of abbreviations:

BNYM – Bank of New York Mellon
GS – Goldman Sachs

Summary of currencies:
JPY – Japanese Yen
USD – US Dollar

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

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Statements of assets and liabilities

Macquarie Institutional Portfolios
April 30, 2022 (Unaudited)

										Macquarie
			Macquarie				Macquarie			Labor Select
			Emerging				Emerging			International
			Markets				Markets			Equity
			Portfolio				Portfolio II			Portfolio
Assets:
	Investments, at value*		$	57,218,008			$	16,873,730		$	157,268,355
	Cash			131				—			—
	Foreign currencies, at valueΔ			33				50,863			82,544
	Dividends and interest receivable			92,606				35,739			878,258
	Receivable for securities sold			30,406				797,467			206,850
	Foreign tax reclaims receivable			8,437				764			1,369,059
	Other assets			453				151			1,142
	Total Assets			57,350,074				17,758,714			159,806,208
Liabilities:
	Due to custodian			—				1,178,521			—
	Payable for securities purchased			81,071				—			184,324
	Investment management fees payable to affiliates			39,196				6,336			99,331
	Audit and tax fees payable			17,364				17,163			17,163
	Custody fees payable			16,388				4,918			23,609
	Accounting and administration expenses payable to non-affiliates			16,046				14,202			19,852
	Reports and statements to shareholders expenses payable to non-affiliates			3,380				1,643			5,960
	Other accrued expenses			2,812				2,552			10,969
	Accounting and administration expenses payable to affiliates			466				371			703
	Dividend disbursing and transfer agent fees and expenses payable to affiliates			367				114			1,005
	Legal fees payable to affiliates			281				88			753
	Trustees' fees and expenses payable to affiliates			151				47			403
	Reports and statements to shareholders expenses payable to affiliates			36				10			100
	Unrealized depreciation on foreign currency exchange contracts			8				171			6
	Payable for fund shares redeemed			—				276,566			—
	Capital gains tax payable			—				20,994			—
	Total Liabilities			177,566				1,523,696			364,178
Total Net Assets			$	57,172,508			$	16,235,018		$	159,442,030
Net Assets Consist of:
	Paid-in capital		$	104,734,018			$	13,203,116		$	207,234,993
	Total distributable earnings (loss)			(47,561,510	)			3,031,902			(47,792,963	)
Total Net Assets			$	57,172,508			$	16,235,018		$	159,442,030
Portfolio Class:
Net assets			$	57,172,508			$	16,235,018		$	159,442,030
Shares of beneficial interest outstanding, unlimited authorization, no par				7,487,633				11,440,018			11,894,445
Net asset value per share			$	7.64			$	1.42		$	13.40
____________________ * Investments, at cost			$	61,809,169			$	14,303,900		$	152,484,041
Δ Foreign currencies, at cost				33				52,270			82,415

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

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Statements of operations

Macquarie Institutional Portfolios
Six months ended April 30, 2022 (Unaudited)

											Macquarie
			Macquarie				Macquarie				Labor Select
			Emerging				Emerging				International
			Markets				Markets				Equity
			Portfolio				Portfolio II				Portfolio
Investment Income:
	Dividends		$	794,115			$	807,977			$	1,968,921
	Interest			—				64				—
	Foreign tax withheld			(90,199	)			(25,666	)			(171,183	)
				703,916				782,375				1,797,738
Expenses:
	Management fees			323,950				104,220				629,289
	Accounting and administration expenses			25,040				21,302				37,356
	Audit and tax fees			20,811				19,754				18,282
	Custodian fees			19,050				4,809				17,875
	Reports and statements to shareholders expenses			8,600				3,181				13,003
	Dividend disbursing and transfer agent fees and expenses			8,599				2,404				18,689
	Registration fees			7,640				9,059				6,549
	Legal fees			5,332				1,925				14,683
	Trustees’ fees and expenses			1,199				406				3,080
	Other			6,778				7,650				9,565
				426,999				174,710				768,371
	Less expenses waived			(19,212	)			(49,283	)			(2,119	)
	Less expenses paid indirectly			(1	)			(1	)			(1	)
	Total operating expenses			407,786				125,426				766,251
Net Investment Income				296,130				656,949				1,031,487
Net Realized and Unrealized Gain (Loss):
	Net realized gain (loss) on:
	Investments			1,307,480				114,618				2,673,875
	Foreign currencies			(1,642	)			(2,255	)			(43,764	)
	Foreign currency exchange contracts			105				1,208				11,709
	Net realized gain			1,305,943				113,571				2,641,820
	Net change in unrealized appreciation (depreciation) of:
	Investments1			(11,488,392	)			(4,483,940	)			(13,894,204	)
	Foreign currencies			(1,887	)			(1,436	)			(143,117	)
	Foreign currency exchange contracts			(8	)			(171	)			(6	)
	Net change in unrealized appreciation (depreciation)			(11,490,287	)			(4,485,547	)			(14,037,327	)
Net Realized and Unrealized Loss				(10,184,344	)			(4,371,976	)			(11,395,507	)
Net Decrease in Net Assets Resulting from Operations			$	(9,888,214	)		$	(3,715,027	)		$	(10,364,020	)

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

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

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Statements of changes in net assets

Macquarie Institutional Portfolios

																		Macquarie
		Macquarie								Macquarie								Labor Select
		Emerging								Emerging								International
		Markets								Markets								Equity
		Portfolio								Portfolio II								Portfolio
		Six months								Six months								Six months
		ended								ended								ended
		4/30/22				Year ended				4/30/22				Year ended				4/30/22				Year ended
		(Unaudited)				10/31/21				(Unaudited)				10/31/21				(Unaudited)				10/31/21
Increase (Decrease) in Net Assets from Operations:
Net investment income		$	296,130			$	625,653			$	656,949			$	196,676			$	1,031,487			$	5,742,678
Net realized gain			1,305,943				9,391,106				113,571				19,652,455				2,641,820				7,568,008
Net change in unrealized appreciation (depreciation)			(11,490,287	)			(1,353,631	)			(4,485,547	)			(6,699,129	)			(14,037,327	)			52,876,360
Net increase (decrease) in net assets resulting from operations			(9,888,214	)			8,663,128				(3,715,027	)			13,150,002				(10,364,020	)			66,187,046
Dividends and Distributions to Shareholders from:
Distributable earnings			(1,577,828	)			(814,896	)			(19,115,348	)			(2,533,750	)			(5,711,286	)			(7,466,559	)
Total distributions to shareholders			(1,577,828	)			(814,896	)			(19,115,348	)			(2,533,750	)			(5,711,286	)			(7,466,559	)
Capital Share Transactions:
Proceeds from shares sold			—				—				—				—				4,159,660				5,046,912
Net asset value of shares issued upon reinvestment of dividends and distributions			1,533,667				790,477				19,083,019				2,522,787				5,711,286				7,466,558
			1,533,667				790,477				19,083,019				2,522,787				9,870,946				12,513,470
Cost of shares redeemed			(2,220,347	)			(13,477	)			(2,269,622	)			(41,413,226	)			(8,425,621	)			(82,442,449	)
Redemption reimbursement fees			3,005				38				—				—				—				—
			(2,217,342	)			(13,439	)			(2,269,622	)			(41,413,226	)			(8,425,621	)			(82,442,449	)
Increase (decrease) in net assets derived from capital share transactions			(683,675	)			777,038				16,813,397				(38,890,439	)			1,445,325				(69,928,979	)
Net Increase (Decrease) in Net Assets			(12,149,717	)			8,625,270				(6,016,978	)			(28,274,187	)			(14,629,981	)			(11,208,492	)
Net Assets:
Beginning of period			69,322,225				60,696,955				22,251,996				50,526,183				174,072,011				185,280,503
End of period		$	57,172,508			$	69,322,225			$	16,235,018			$	22,251,996			$	159,442,030			$	174,072,011

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

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Financial highlights
Macquarie Institutional Portfolios — Macquarie Emerging Markets Portfolio

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

		Six months
		ended
		4/30/221				Year ended
		(Unaudited)				10/31/21				10/31/20				10/31/19				10/31/18				10/31/17
Net asset value, beginning of period		$	9.17			$	8.12			$	8.11			$	7.56			$	8.76			$	7.77
Income (loss) from investment operations
Net investment income2			0.04				0.08				0.12				0.17				0.20				0.18
Net realized and unrealized gain (loss)			(1.36	)			1.08				0.05				0.54				(1.08	)			1.05
Total from investment operations			(1.32	)			1.16				0.17				0.71				(0.88	)			1.23
Less dividends and distributions from:
Net investment income			(0.21	)			(0.11	)			(0.17	)			(0.16	)			(0.34	)			(0.26	)
Total dividends and distributions			(0.21	)			(0.11	)			(0.17	)			(0.16	)			(0.34	)			(0.26	)
Reimbursement fees
Purchase reimbursement fees2, 3			—				—				—	4			—	5			—	6			0.01
Redemption reimbursement fees2, 3			—	7			—	8			0.01				—	5			0.02				0.01
Total reimbursement fees			—				—				0.01				—				0.02				0.02
Net asset value, end of period		$	7.64			$	9.17			$	8.12			$	8.11			$	7.56			$	8.76
Total return9			(14.67%	)10			14.29%				2.16%	10			9.62%				(10.28%	)			16.88%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	57,173			$	69,322			$	60,697			$	79,864			$	79,463			$	136,678
Ratio of expenses to average net assets11			1.26%				1.25%				1.26%				1.30%				1.26%				1.22%
Ratio of expenses to average net assets prior to
fees waived11			1.32%				1.25%				1.28%				1.30%				1.26%				1.22%
Ratio of net investment income to average net
assets			0.91%				0.86%				1.48%				2.19%				2.31%				2.24%
Ratio of net investment income to average net
assets prior to fees waived			0.85%				0.86%				1.46%				2.19%				2.31%				2.24%
Portfolio turnover			14%				42%				43%				33%				40%				45%

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Effective February 28, 2018, the Portfolio charges a 0.40% purchase reimbursement fee and a 0.45% redemption reimbursement fee, which are retained by the Portfolio. Previously, the Portfolio charged a 0.55% purchase reimbursement fee and a 0.55% redemption reimbursement fee.
4	For the year ended October 31, 2020, purchase reimbursement fees of $24,027 were earned by the Portfolio, which calculated to an amount of $0.003 per share.
5	For the year ended October 31, 2019, purchase and redemption fees of $ 732 and $31,858, respectively, were earned by the Portfolio, which calculated to amounts of $0.000 and $0.003 per share, respectively.
6	For the year ended October 31, 2018, purchase reimbursement fees of $5,924 were earned by the Portfolio, which calculated to an amount of $0.0004 per share.
7	For the six months ended April 30, 2022, redemption reimbursement fees of $3,005 were earned by the Portfolio, which calculated to an amount of $0.000 per share.
8	For the year ended October 31, 2021, redemption reimbursement fees of $38 were earned by the Portfolio, which calculated to an amount of $0.000 per share.
9	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return does not reflect the purchase reimbursement fee and redemption reimbursement fee.
10	Total return reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
11	Expense ratios do not include expenses of the Underlying Funds in which the Portfolio invests.

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

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Table of Contents

Financial highlights
Macquarie Institutional Portfolios — Macquarie Emerging Markets Portfolio II

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

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.
4	Expense ratios do not include expenses of the Underlying Funds in which the Portfolio invests.

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

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Macquarie Institutional Portfolios — Macquarie Labor Select International Equity Portfolio

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

1	Ratios have been annualized and total return and portfolio turnover have not been annualized.
2	Calculated using average shares outstanding.
3	Total return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value.
4	Expense ratios do not include expenses of the Underlying Funds in which the Portfolio invests.

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

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Notes to financial statements
April 30, 2022 (Unaudited)

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

1. Significant Accounting Policies

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

Security Valuation — Equity securities, except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security does not trade, the mean between the bid and ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. Open-end investment companies are valued at their published net asset value (NAV). Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Trust’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. The Portfolios may use fair value pricing more frequently for securities traded primarily in non-US markets because, among other things, most foreign markets close well before the Portfolios value their securities, generally as of 4:00pm Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. Whenever such a significant event occurs, the Portfolios may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing). Restricted securities are valued at fair value using methods approved by the Boards.

Federal and Foreign Income Taxes — No provision for federal income taxes has been made as each Portfolio intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Portfolios evaluates tax positions taken or expected to be taken in the course of preparing each Portfolio's tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Portfolio's tax positions taken or expected to be taken on the Portfolios' federal income tax returns through the six months ended April 30, 2022, and for all open tax years (years ended October 31, 2018–October 31, 2021), and has concluded that no provision for federal income tax is required in any Portfolio's financial statements. In regard to foreign taxes only, each Portfolio has open tax years in certain foreign countries in which it invests that may date back to the inception of each Portfolio. If applicable, each Portfolio recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statements of operations.” During the six months ended April 30, 2022, the Portfolios did not incur any interest or tax penalties.

Foreign Currency Transactions — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date in accordance with each Portfolio’s prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into US dollars at the exchange rate of such currencies against the US dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. Each Portfolio generally bifurcates that portion of realized gains and losses on investments in debt securities which is due to changes in foreign exchange rates from that which is due to changes in market prices of debt securities. That portion of gains (losses), attributable to changes in foreign exchange rates, is included on the “Statements of operations” under “Net realized gain (loss) on foreign currencies.” For foreign equity securities, the realized gains and losses are included on the “Statements of operations” under “Net realized gain (loss) on investments.” Each Portfolio reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

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

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

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

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

Each Portfolio receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. There were no such earnings credits for the six months ended April 30, 2022.

Each Portfolio receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than $1, the expenses paid under this arrangement are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expenses offset included under “Less expenses paid indirectly.”

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

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

DMC has contractually agreed to waive all or a portion, if any, of its management fees and/or pay/reimburse expenses for each Portfolio (excluding any distribution and service (12b-1) fees, acquired fund fees and expenses, taxes, interest, short sale, dividend and interest

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Notes to financial statements

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

expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations), in order to prevent total annual portfolio operating expenses from exceeding specified percentages of average daily net assets of each Portfolio, from February 25, 2022 through February 28, 2023. For purposes of these waivers and reimbursements, nonroutine expenses may also include such additional costs and expenses as may be agreed upon from time to time by the Portfolios’ Board and DMC. These expense waivers and reimbursements apply only to expenses paid directly by the Portfolios and may be terminated only by agreement of DMC and the Portfolios. The waivers and reimbursements are accrued daily and received monthly.

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

The management fee rates in effect for the six months ended April 30, 2022, and the operating expense limitation rates in effect from February 25, 2022 through April 30, 2022, are as follows:

				Contractual
				operating expense
				limitation as
		Management fee		a percentage
		as a percentage of		of average
Fund		average daily net assets (per annum)		daily net assets (per annum)
Macquarie Emerging Markets Portfolio		1.00%		1.25%
Macquarie Emerging Markets Portfolio II		1.00%		1.20%
Macquarie Labor Select International Equity
Portfolio		0.75%		0.92%

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

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

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

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

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

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

DIFSC is also the transfer agent and dividend disbursing agent of each Portfolio. For these services, DIFSC’s fees are calculated daily and paid monthly, at the annual rate of 0.0075% of each Portfolio’s average daily net assets. These amounts are included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.” For the six months ended April 30, 2022, each Portfolio was charged for these services as follows:

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

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

As provided in the investment management agreement, each Portfolio bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to the Portfolios. These amounts are included on the “Statements of operations” under “Legal fees.” For the six months ended April 30, 2022, each Portfolio was charged for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees as follows:

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

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

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

3. Investments

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

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

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Notes to financial statements

3. Investments (continued)

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

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

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

US GAAP defines fair value as the price that each Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. Each Portfolio's investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:

Level 1 –	Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)
Level 2 –	Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)
Level 3 –	Significant unobservable inputs, including each Portfolio's own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)

Level 3 investments are valued using significant unobservable inputs. Each Portfolio may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that

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are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

		Macquarie Emerging Markets Portfolio
		Level 1			Level 2				Level 3			Total
Securities
Assets:
Common Stocks
Austria		$	—		$	1,070,030			$	—		$	1,070,030
Brazil			3,413,377			—				—			3,413,377
Canada			1,105,037			—				—			1,105,037
China			3,579,520			17,754,754				—			21,334,274
Hong Kong			—			983,290				—			983,290
India			266,973			4,836,543				—			5,103,516
Indonesia			—			1,682,256				—			1,682,256
Mexico			853,908			—				—			853,908
Peru			995,563			—				—			995,563
Republic of Korea			—			6,835,316				—			6,835,316
Russia			—			—				10,120			10,120
Taiwan			—			10,222,640				—			10,222,640
United Kingdom			—			1,223,475				—			1,223,475
Preferred Stocks1			646,670			1,348,943				—			1,995,613
Short-Term Investments			389,593			—				—			389,593
Total Value of Securities		$	11,250,641		$	45,957,247			$	10,120		$	57,218,008
Derivatives2
Liabilities:
Foreign Currency Exchange
Contracts		$	—		$	(8	)		$	—		$	(8	)

1

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

		Level 1		Level 2		Level 3		Total
Preferred Stock		32.40%		67.60%		—		100.00%

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

		Macquarie Emerging Markets Portfolio II
		Level 1			Level 2			Level 3					Total
Securities
Assets:
Common Stocks
Argentina		$	17,155		$	—			$	—			$	17,155
Bahrain			12,830			—				—				12,830
Brazil			954,979			—				—				954,979
Chile			155,718			—				—				155,718
China			1,816,696			2,951,519				—				4,768,215
India			—			2,674,447				—				2,674,447
Indonesia			—			738,413				—				738,413

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Notes to financial statements

3. Investments (continued)

		Macquarie Emerging Markets Portfolio II
		Level 1			Level 2				Level 3			Total
Malaysia		$	—		$	9,178			$	—		$	9,178
Mexico			548,362			—				—			548,362
Peru			78,229			—				—			78,229
Republic of Korea			—			3,297,270				—			3,297,270
Russia			3,485			—				46,764			50,249
South Africa			—			32,072				—			32,072
Taiwan			541,875			2,573,397				—			3,115,272
Turkey			112,530			—				—			112,530
United States			306,855			—				—			306,855
Preferred Stock			—			891				—			891
Warrant			1,065			—				—			1,065
Total Value of Securities		$	4,549,779		$	12,277,187			$	46,764		$	16,873,730
Derivatives1
Liabilities:
Foreign Currency Exchange
Contracts		$	—		$	(171	)		$	—		$	(171	)

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

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

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

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

During the six months ended April 30, 2022, there were no transfers into or out of Level 3 investments. Each Portfolio’s policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when a Portfolio has a significant amount of Level 3 investments at the beginning or end of the period in relation to each Portfolio's net assets.

4. Capital Shares

Transactions in capital shares were as follows:

				Shares issued
				upon reinvestment		Shares sold					Net
		Shares		of dividends		and issued		Shares			increase
		sold		and distributions		total		redeemed			(decrease)
Six months ended April 30, 2022:
Macquarie Emerging Markets Portfolio		—		177,920		177,920		(252,427	)		(74,507	)
Macquarie Emerging Markets Portfolio II		—		11,291,727		11,291,727		(1,602,840	)		9,688,887
Macquarie Labor Select International Equity Portfolio		285,606		410,294		695,900		(592,233	)		103,667
Year ended October 31, 2021:
Macquarie Emerging Markets Portfolio		—		87,442		87,442		(1,409	)		86,033
Macquarie Emerging Markets Portfolio II		—		202,308		202,308		(2,880,810	)		(2,678,502	)
Macquarie Labor Select International Equity Portfolio		352,321		573,909		926,230		(5,836,860	)		(4,910,630	)

5. Line of Credit

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

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

6. Derivatives

US GAAP requires disclosures that enable investors to understand: (1) how and why an entity uses derivatives; (2) how they are accounted for; and (3) how they affect an entity’s results of operations and financial position.

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

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Notes to financial statements

6. Derivatives (continued)

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

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

Macquarie Emerging Markets Portfolio, Macquarie Emerging Markets Portfolio II, and Macquarie Labor Select International Equity Portfolio entered into foreign currency exchange contracts and foreign cross currency exchange contracts to facilitate or expedite the settlement of portfolio transactions.

At April 30, 2022, Macquarie Emerging Markets Portfolio, Macquarie Emerging Markets Portfolio II, and Macquarie Labor Select International Equity Portfolio had foreign currency risk, which is disclosed on the “Statements of assets and liabilities” and/or “Statements of operations.”

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

				Long Derivative Volume
						Macquarie
				Macquarie		Labor Select
				Emerging		International
				Markets		Equity
				Portfolio		Portfolio
Foreign currency exchange contracts (average notional value)				$7,674		$38,131
		Short Derivative Volume
						Macquarie
		Macquarie		Macquarie		Labor Select
		Emerging		Emerging		International
		Markets		Markets		Equity
		Portfolio		Portfolio II		Portfolio
Foreign currency exchange contracts (average notional value)		$31,625		$2,293		$72,134

7. Securities Lending

Each Portfolio, along with other funds in the Delaware Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY Mellon). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to US securities and foreign securities that are denominated and payable in US dollars; and (2) 105% with respect to foreign securities. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day, which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY Mellon must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such

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security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

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

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

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

During the six months ended April 30, 2022, the Portfolios had no securities out on loan.

8. Credit and Market Risk

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

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

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

Some countries in which Macquarie Emerging Markets, Macquarie Emerging Markets II, and Macquarie Labor Select International Equity Portfolios invest require governmental approval for the repatriation of investment income, capital, or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

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Notes to financial statements

8. Credit and Market Risk (continued)

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

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

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

9. Contractual Obligations

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

10. Recent Accounting Pronouncements

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

11. Subsequent Events

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

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

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Portfolio managers

Macquarie Emerging Markets Portfolio

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

Gregory Halton
Senior Portfolio Manager
Mondrian Investment Partners Limited

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

Macquarie Emerging Markets Portfolio II

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

Macquarie Labor Select International Equity Portfolio

Nigel A. Bliss
Senior Portfolio Manager
Mondrian Investment Partners Limited

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

Zsolt Mester
Portfolio Manager
Mondrian Investment Partners Limited

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