Schedule of investments

Delaware Healthcare Fund December 31, 2019 (Unaudited)

	Number of shares		Value (US $)
Common Stock – 100.50% ✧
Biotechnology - 36.26%
ACADIA Pharmaceuticals †	194,776	$	8,332,517
Alder Biopharmaceuticals =†	75,000		66,000
Alexion Pharmaceuticals †	20,000		2,163,000
Alkermes †	370,000		7,548,000
Allogene Therapeutics †	146,779		3,813,318
Alnylam Pharmaceuticals †	41,000		4,721,970
Arena Pharmaceuticals †	525,000		23,845,500
ArQule †	630,000		12,574,800
Audentes Therapeutics †	153,941		9,211,829
Axovant Gene Therapies †	64,171		328,556
BioMarin Pharmaceutical †	112,000		9,469,600
Cellectis ADR †	219,675		3,760,836
Clovis Oncology †	100,200		1,044,585
Coherus Biosciences †	430,000		7,742,150
Dynavax Technologies †	760,000		4,347,200
Epizyme †	203,200		4,998,720
Exact Sciences †	17,116		1,582,919
Five Prime Therapeutics †	100,000		459,000
Fortress Biotech †	100,000		257,000
Galmed Pharmaceuticals †	306,010		1,768,738
Immunomedics †	445,000		9,416,200
Incyte †	60,000		5,239,200
Intercept Pharmaceuticals †	27,000		3,345,840
Karyopharm Therapeutics †	380,000		7,284,600
Lexicon Pharmaceuticals †	11,697		48,543
MacroGenics †	275,000		2,992,000
Madrigal Pharmaceuticals †	28,500		2,596,635
MEI Pharma †	600,000		1,488,000
Mirati Therapeutics †	165,000		21,261,900
Momenta Pharmaceuticals †	141,501		2,791,815
MorphoSys †	339,685		48,052,076
Mustang Bio †	120,000		489,600
Myriad Genetics †	135,000		3,676,050
Nektar Therapeutics †	165,000		3,561,525
Neurocrine Biosciences †	110,000		11,823,900
NextCure †	100,000		5,633,000
Portola Pharmaceuticals †	130,000		3,104,400
Proteostasis Therapeutics †	750,000		1,710,000
Provention Bio †	70,000		1,043,000
Puma Biotechnology †	61,255		535,981
Regeneron Pharmaceuticals †	101,000		37,923,480

NQ-573 [12/19] 2/20 (1081398) 1

Schedule of investments

Delaware Healthcare Fund (Unaudited)

	Number of shares		Value (US $)
Common Stock ✧(continued)
Biotechnology (continued)
REGENXBIO †	149,000	$	6,104,530
Rigel Pharmaceuticals †	1,600,000		3,424,000
Rocket Pharmaceuticals †	58,000		1,320,080
Sangamo Therapeutics †	400,000		3,348,000
Sarepta Therapeutics †	23,000		2,967,920
Seattle Genetics †	95,000		10,854,700
Syndax Pharmaceuticals †	180,000		1,580,400
Ultragenyx Pharmaceutical †	70,000		2,989,700
uniQure †	696,000		49,875,360
United Therapeutics †	86,800		7,645,344
Vascular Biogenics †	200,000		240,000
Vertex Pharmaceuticals †	25,000		5,473,750
Viking Therapeutics †	330,100		2,647,402
Voyager Therapeutics †	5,700		79,515
Xencor †	129,191		4,442,878
XOMA †	3,466		94,622
			385,142,184
Blue Chip Medical Products - 42.31%
AbbVie	130,000		11,510,200
Amgen	246,964		59,535,611
AstraZeneca	110,000		11,083,855
AstraZeneca ADR	60,000		2,991,600
Biogen †	45,000		13,352,850
Boston Scientific †	380,000		17,183,600
Bristol-Myers Squibb	200,000		12,838,000
Chugai Pharmaceutical	330,000		30,391,433
Eli Lilly & Co.	181,446		23,847,448
Gilead Sciences	240,000		15,595,200
GlaxoSmithKline ADR	280,000		13,157,200
Johnson & Johnson	100,000		14,587,000
Merck & Co.	155,000		14,097,250
Pfizer	500,000		19,590,000
Roche Holding	180,000		58,500,507
Sanofi	380,000		38,200,167
Sanofi ADR	1,350,000		67,770,000
Stryker	15,000		3,149,100
Teva Pharmaceutical Industries ADR †	530,000		5,194,000
UCB	60,000		4,771,712
Zimmer Biomet Holdings	80,000		11,974,400
			449,321,133

2 NQ-573 [12/19] 2/20 (1081398)

(Unaudited)

	Number of shares		Value (US $)
Common Stock ✧(continued)
Healthcare Services - 10.40%
Anthem	50,000	$	15,101,500
Cigna	75,000		15,336,750
CVS Health	345,000		25,630,050
DaVita †	60,000		4,501,800
McKesson	15,100		2,088,632
Quest Diagnostics	48,000		5,125,920
UnitedHealth Group	120,000		35,277,600
Walgreens Boots Alliance	125,000		7,370,000
			110,432,252
Other - 4.76%
Cia de Minas Buenaventura ADR	115,300		1,741,030
Dell Technologies Class C †	102,600		5,272,614
Fannie Mae †	1,300,000		4,056,000
Federal Home Loan Mortgage †	1,050,000		3,153,990
Micron Technology †	436,600		23,480,348
Opera ADR †	184,700		1,708,475
QUALCOMM	50,000		4,411,500
SINA †	60,000		2,395,800
Sohu. com ADR †	390,722		4,368,272
			50,588,029
Small- / Mid-Cap Medical Products - 6.77%
ABIOMED †	30,000		5,117,700
Aerie Pharmaceuticals †	5,100		123,267
Akorn †	501,000		751,500
Allergan	111,500		21,315,455
Dermira †	150,000		2,274,000
Halozyme Therapeutics †	230,000		4,077,900
Inspire Medical Systems †	30,000		2,226,300
Intra-Cellular Therapies †	100,000		3,431,000
Mylan †	1,080,000		21,708,000
Perrigo	210,000		10,848,600
			71,873,722
Total Common Stock (cost $810,369,011)			1,067,357,320
Rights – 0.02%
Ambit Bioscience =†	76,500		0
Bristol-Myers Squibb †	80,000		240,800
Total Right (cost $0)			240,800

NQ-573 [12/19] 2/20 (1081398) 3

Schedule of investments

Delaware Healthcare Fund (Unaudited)

Total Value of Securities – 100.52%
(cost $810,369,011)	$	1,067,598,120
Liabilities Net of Receivables and Other Assets – (0.52%)		(5,480,675)
Net Assets Applicable to 40,086,410 Shares Outstanding – 100.00%	$	1,062,117,445

✧	Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are
	used for financial reporting.
=	The value of this security was determined using significant unobservable inputs and is reported as a
	Level 3 security.
†	Non-income producing security.
ADR – American Depositary Receipt

4 NQ-573 [12/19] 2/20 (1081398)