Schedule of investments

Delaware Select Growth Fund January 31, 2020 (Unaudited)

	Number of shares		Value (US $)
Common Stock – 96.84% ✧
Communication Services - 15.52%
Alphabet Class A †	824	$	1,180,611
Alphabet Class C †	824		1,181,806
Charter Communications Class A †	19,619		10,152,048
Facebook Class A †	3,567		720,213
GCI Liberty Class A †	20,772		1,520,095
Liberty TripAdvisor Holdings Class A †	291,823		1,718,837
Netflix †	11,759		4,057,913
New York Times Class A	599,065		19,176,069
Take-Two Interactive Software †	45,795		5,707,889
Ubisoft Entertainment †	7,568		573,969
			45,989,450
Consumer Discretionary - 9.50%
Afya Class A †	23,578		704,039
Amazon. com †	761		1,528,636
Arco Platform Class A †	13,141		681,755
Domino’s Pizza	4,366		1,230,122
Dunkin’ Brands Group	23,808		1,859,167
Farfetch Class A †	107,116		1,306,815
Hasbro	56,763		5,782,447
Papa John’s International	62,721		4,063,066
Stitch Fix Class A †	227,679		5,213,849
Wyndham Hotels & Resorts	101,181		5,784,518
			28,154,414
Consumer Staples - 3.88%
Constellation Brands Class A	40,703		7,664,375
Grocery Outlet Holding †	117,313		3,840,828
			11,505,203
Energy - 0.29%
Kinder Morgan	41,181		859,447
			859,447
Financials - 8.83%
Aon	4,635		1,020,859
Charles Schwab	191,920		8,741,956
CME Group	36,010		7,818,131
KKR & Co. Class A	251,833		8,033,473
LendingTree †	1,806		562,027
			26,176,446
Healthcare - 10.68%
ABIOMED †	6,781		1,263,233
Biogen †	8,241		2,215,593
Haemonetics †	18,070		1,940,537

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Schedule of investments

Delaware Select Growth Fund (Unaudited)

	Number of shares		Value (US $)
Common Stock ✧(continued)
Healthcare (continued)
HealthEquity †	84,541	$	5,584,778
Illumina †	14,569		4,226,030
IQVIA Holdings †	49,736		7,721,514
Nevro †	4,351		578,291
Portola Pharmaceuticals †	56,767		726,050
UnitedHealth Group	27,144		7,395,383
			31,651,409
Industrials - 4.74%
Airbus	15,795		2,319,719
Expeditors International of Washington	9,688		707,612
Experian	37,764		1,314,489
IHS Markit †	28,370		2,237,258
Safran	24,269		3,913,066
Waste Management	29,291		3,564,715
			14,056,859
Materials - 4.14%
Ball	169,766		12,253,710
			12,253,710
Real Estate - 1.39%
Crown Castle International	7,541		1,129,943
Equity Commonwealth	19,968		654,751
Redfin †	95,709		2,328,600
			4,113,294
Technology - 37.87%
Adyen 144A #†	428		393,293
Amadeus IT Group	5,628		441,270
Applied Materials	32,754		1,899,404
Arista Networks †	18,015		4,023,470
ASML Holding	4,126		1,157,910
Autodesk †	43,863		8,634,432
Coupa Software †	13,114		2,113,321
Guidewire Software †	15,186		1,708,425
IPG Photonics †	4,499		574,387
j2 Global	27,973		2,681,492
LiveRamp Holdings †	301,139		12,117,833
Logitech International	48,332		2,165,147
Mastercard Class A	25,044		7,912,401
Microsoft	170,814		29,077,667
Paycom Software †	2,205		701,543
PayPal Holdings †	43,060		4,904,103
SailPoint Technologies Holding †	29,165		731,750

2 NQ-316 [1/20] 3/20 (1110471)

(Unaudited)
	Number of shares		Value (US $)
Common Stock ✧(continued)
Technology (continued)
Samsung Electronics	19,162	$	887,833
ServiceNow †	15,018		5,079,538
Twilio Class A †	2,229		277,154
Varonis Systems †	112,934		9,448,058
Visa Class A	62,375		12,410,754
Wix. com †	20,397		2,910,448
			112,251,633
Total Common Stock (cost $227,899,236)			287,011,865
Short-Term Investments – 3.88%
Money Market Mutual Funds - 3.88%
BlackRock FedFund – Institutional Shares (seven-day
effective yield 1.49%)	2,299,573		2,299,573
Fidelity Investments Money Market Government
Portfolio – Class I (seven-day effective yield 1.46%)	2,299,573		2,299,573
GS Financial Square Government Fund – Institutional
Shares (seven-day effective yield 1.46%)	2,299,573		2,299,573
Morgan Stanley Government Portfolio – Institutional Share
Class (seven-day effective yield 1.45%)	2,299,573		2,299,573
State Street Institutional US Government Money Market
Fund – Investor Class (seven-day effective yield 1.44%)	2,299,573		2,299,575
Total Short-Term Investments (cost $11,497,867)			11,497,867
Total Value of Securities – 100.72%
(cost $239,397,103)			298,509,732
Liabilities Net of Receivables and Other Assets – (0.72%)			(2,130,843)
Net Assets Applicable to 8,943,266 Shares Outstanding – 100.00%		$	296,378,889

# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended.
At Jan. 31, 2020, the aggregate value of Rule 144A securities was $393,293, which represents 0.13%
of the Fund’s net assets.

✧ Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are
used for financial reporting.

† Non-income producing security.

NQ-316 [1/20] 3/20 (1110471) 3

Schedule of investments

Delaware Select Growth Fund (Unaudited)

The following foreign currency exchange contract was outstanding at Jan. 31, 2020:

Foreign Currency Exchange Contracts

	Currency to		Settlement		Unrealized
Counterparty	Receive        (Deliver)	In Exchange For	Date		Appreciation
BNYM	EUR    430,421	USD (476,764)	2/4/20	$	711

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

Summary of abbreviations:
BNYM – Bank of New York Mellon
EUR – European Monetary Unit
GS – Goldman Sachs
USD – US Dollar

4 NQ-316 [1/20] 3/20 (1110471)