| Macquarie Healthcare Fund | June 30, 2025 (Unaudited) |
| Number of shares | Value (US $) | ||
| Common Stocks — 99.44%♣ | |||
| Biotechnology — 38.33% | |||
| AbbVie | 125,000 | $ 23,202,500 | |
| ACADIA Pharmaceuticals † | 92,648 | 1,998,417 | |
| Akero Therapeutics † | 39,478 | 2,106,546 | |
| Alkermes † | 300,000 | 8,583,000 | |
| Allogene Therapeutics † | 146,779 | 165,860 | |
| Alnylam Pharmaceuticals † | 30,000 | 9,782,700 | |
| Altimmune † | 100,000 | 387,000 | |
| Amarin ADR † | 9,500 | 154,090 | |
| Amgen | 77,000 | 21,499,170 | |
| AnaptysBio † | 93,732 | 2,080,850 | |
| Arcus Biosciences † | 379,100 | 3,085,874 | |
| Biogen † | 28,000 | 3,516,520 | |
| BioMarin Pharmaceutical † | 110,000 | 6,046,700 | |
| BioNTech ADR † | 18,000 | 1,916,460 | |
| Cellectis ADR † | 226,875 | 342,581 | |
| Cogent Biosciences † | 230,000 | 1,651,400 | |
| Coherus Oncology † | 900,000 | 658,170 | |
| Compugen † | 1,020,000 | 1,815,600 | |
| Cytokinetics † | 40,000 | 1,321,600 | |
| Day One Biopharmaceuticals † | 110,000 | 715,000 | |
| Dynavax Technologies † | 570,000 | 5,654,400 | |
| Exact Sciences † | 91,353 | 4,854,498 | |
| Fortress Biotech † | 6,666 | 12,399 | |
| Galmed Pharmaceuticals † | 1,701 | 3,130 | |
| Gilead Sciences | 210,000 | 23,282,700 | |
| GRAIL † | 80,000 | 4,113,600 | |
| Halozyme Therapeutics † | 220,000 | 11,444,400 | |
| Immunovant † | 122,100 | 1,953,600 | |
| Incyte † | 80,000 | 5,448,000 | |
| InnoCare Pharma 144A #, † | 17,000 | 28,370 | |
| Instil Bio † | 50,000 | 1,041,500 | |
| Intellia Therapeutics † | 20,000 | 187,600 | |
| Janux Therapeutics † | 76,601 | 1,769,483 | |
| Karyopharm Therapeutics † | 33,333 | 143,665 | |
| MacroGenics † | 420,000 | 508,200 | |
| Madrigal Pharmaceuticals † | 15,000 | 4,539,600 | |
| MEI Pharma † | 30,000 | 74,100 | |
| Mersana Therapeutics † | 150,000 | 44,400 | |
| Moderna † | 20,000 | 551,800 | |
| MoonLake Immunotherapeutics † | 80,000 | 3,776,000 | |
| Mural Oncology † | 30,000 | 74,100 | |
| Number of shares | Value (US $) | ||
| Common Stocks♣ (continued) | |||
| Biotechnology (continued) | |||
| Mustang Bio † | 160 | $ 153 | |
| Myriad Genetics † | 50,000 | 265,500 | |
| Neurocrine Biosciences † | 70,000 | 8,798,300 | |
| NextCure † | 150,000 | 69,000 | |
| Phio Pharmaceuticals † | 50,000 | 117,500 | |
| ProQR Therapeutics † | 620,000 | 1,264,800 | |
| Puma Biotechnology † | 61,255 | 210,105 | |
| Regeneron Pharmaceuticals | 47,000 | 24,675,000 | |
| REGENXBIO † | 149,000 | 1,223,290 | |
| Rigel Pharmaceuticals † | 160,000 | 2,996,800 | |
| Rocket Pharmaceuticals † | 58,000 | 142,100 | |
| Roivant Sciences † | 338,181 | 3,811,300 | |
| Sangamo Therapeutics † | 400,000 | 216,520 | |
| Sarepta Therapeutics † | 11,000 | 188,100 | |
| Sio Gene Therapies † | 64,171 | 0 | |
| Syndax Pharmaceuticals † | 180,000 | 1,685,700 | |
| Ultragenyx Pharmaceutical † | 70,000 | 2,545,200 | |
| uniQure † | 706,166 | 9,843,954 | |
| United Therapeutics † | 14,000 | 4,022,900 | |
| Vaxcyte † | 80,000 | 2,600,800 | |
| Vertex Pharmaceuticals † | 25,000 | 11,130,000 | |
| Viking Therapeutics † | 330,100 | 8,747,650 | |
| Vir Biotechnology † | 220,000 | 1,108,800 | |
| Viridian Therapeutics † | 29,370 | 410,593 | |
| Voyager Therapeutics † | 5,700 | 17,727 | |
| Xencor † | 200,000 | 1,572,000 | |
| XOMA Royalty † | 3,466 | 87,343 | |
| 248,286,718 | |||
| Commercial & Residential Mortgage — 3.25% | |||
| Fannie Mae † | 1,300,000 | 12,402,000 | |
| Federal Home Loan Mortgage † | 1,050,000 | 8,652,000 | |
| 21,054,000 | |||
| Electronic Equipment & Instrument — 0.06% | |||
| Topcon | 16,800 | 381,020 | |
| 381,020 | |||
| Gold — 0.17% | |||
| Cia de Minas Buenaventura ADR | 66,353 | 1,089,516 | |
| 1,089,516 | |||
| Number of shares | Value (US $) | ||
| Common Stocks♣ (continued) | |||
| Healthcare Equipment — 8.35% | |||
| Boston Scientific † | 380,000 | $ 40,815,800 | |
| Stryker | 15,000 | 5,934,450 | |
| Zimmer Biomet Holdings | 80,000 | 7,296,800 | |
| Zimvie † | 8,000 | 74,800 | |
| 54,121,850 | |||
| Healthcare Services — 1.90% | |||
| CVS Health | 100,000 | 6,898,000 | |
| Quest Diagnostics | 30,000 | 5,388,900 | |
| 12,286,900 | |||
| Interactive Home Entertainment — 0.80% | |||
| Sohu.com ADR † | 390,722 | 5,200,510 | |
| 5,200,510 | |||
| Life Sciences Tools & Services — 1.47% | |||
| Illumina † | 100,000 | 9,541,000 | |
| 9,541,000 | |||
| Managed Healthcare — 7.39% | |||
| Elevance Health | 63,000 | 24,504,480 | |
| UnitedHealth Group | 75,000 | 23,397,750 | |
| 47,902,230 | |||
| Personal Care Product — 0.60% | |||
| Kenvue | 186,600 | 3,905,538 | |
| 3,905,538 | |||
| Pharmaceuticals — 37.12% | |||
| Arvinas † | 180,000 | 1,324,800 | |
| AstraZeneca | 131,243 | 18,231,251 | |
| Atea Pharmaceuticals † | 70,000 | 252,000 | |
| Chugai Pharmaceutical | 500,000 | 26,127,565 | |
| Eli Lilly & Co. | 56,000 | 43,653,680 | |
| Euroapi † | 8,695 | 29,559 | |
| Johnson & Johnson | 50,000 | 7,637,500 | |
| Landos Biopharma † | 14,718 | 36,942 | |
| Merck & Co. | 310,000 | 24,539,600 | |
| Nektar Therapeutics | 17,092 | 441,668 | |
| Organon & Co. | 29,500 | 285,560 | |
| Perrigo | 230,000 | 6,145,600 | |
| Pfizer | 1,145,000 | 27,754,800 | |
| Roche Holding | 75,000 | 24,424,980 | |
| Sanofi | 165,423 | 16,019,442 | |
| Number of shares | Value (US $) | ||
| Common Stocks♣ (continued) | |||
| Pharmaceuticals (continued) | |||
| Structure Therapeutics ADR † | 58,000 | $ 1,202,920 | |
| Tarsus Pharmaceuticals † | 150,000 | 6,076,500 | |
| Theravance Biopharma † | 208,783 | 2,302,876 | |
| UCB | 112,137 | 22,052,723 | |
| Ventyx Biosciences † | 430,000 | 920,200 | |
| Viatris | 1,170,018 | 10,448,261 | |
| WaVe Life Sciences † | 81,955 | 532,708 | |
| 240,441,135 | |||
| Total Common Stocks (cost $531,368,388) | 644,210,417 | ||
| Rights — 0.01% | |||
| Biotechnology — 0.01% | |||
| Ambit Bioscience =, †, π | 76,500 | 0 | |
| Contra Surface Oncolog † | 350,000 | 26,950 | |
| Mirati Therapeutics † | 60,000 | 42,000 | |
| Yumanity Therapeutics =, † | 750,000 | 0 | |
| Total Rights (cost $0) | 68,950 | ||
| Short-Term Investments — 0.26% | |||
| Money Market Mutual Funds — 0.26% | |||
| BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.22%) | 410,395 | 410,395 | |
| Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.23%) | 410,395 | 410,395 | |
| Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.30%) | 410,395 | 410,395 | |
| Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.23%) | 410,395 | 410,395 | |
| Total Short-Term Investments (cost $1,641,580) | 1,641,580 | ||
| Total Value of Securities—99.71% (cost $533,009,968) | 645,920,947 | ||
| Receivables and Other Assets Net of Liabilities—0.29% | 1,902,908 | ||
| Net Assets Applicable to 27,876,756 Shares Outstanding—100.00% | $647,823,855 | ||
| ♣ | Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. |
| † | Non-income producing security. |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2025, the aggregate value of Rule 144A securities was $28,370, which represents 0.00% of the Fund’s net assets. |
| = | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security. |
| π | Restricted security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At June 30, 2025, the aggregate value of restricted securities was $0, which represented 0.00% of the Fund’s net assets. See table below for additional details on restricted securities. |
| Restricted Securities | ||||||
| Investments | Date of Acquisition | Cost | Value | |||
| Ambit Bioscience | 11/12/14 | $0 | $0 |
| Summary of abbreviations: |
| ADR – American Depositary Receipt |