| Delaware Small Cap Growth Fund | December 31, 2023 (Unaudited) |
| Number of shares | Value (US $) | ||
| Common Stocks — 95.51% | |||
| Communication Services — 1.80% | |||
| IMAX † | 82,614 | $ 1,240,862 | |
| Iridium Communications | 20,602 | 847,979 | |
| 2,088,841 | |||
| Consumer Discretionary — 14.32% | |||
| Abercrombie & Fitch Class A † | 18,466 | 1,629,070 | |
| Acushnet Holdings | 8,898 | 562,087 | |
| Boot Barn Holdings † | 12,914 | 991,279 | |
| First Watch Restaurant Group † | 49,514 | 995,231 | |
| Installed Building Products | 6,044 | 1,104,964 | |
| Light & Wonder † | 17,853 | 1,465,910 | |
| Meritage Homes | 12,698 | 2,211,991 | |
| Red Rock Resorts Class A | 46,837 | 2,497,817 | |
| Texas Roadhouse | 13,994 | 1,710,487 | |
| Visteon † | 12,073 | 1,507,918 | |
| Wingstop | 7,489 | 1,921,528 | |
| 16,598,282 | |||
| Consumer Staples — 4.16% | |||
| BellRing Brands † | 33,935 | 1,881,017 | |
| elf Beauty † | 10,144 | 1,464,185 | |
| MGP Ingredients | 14,960 | 1,473,859 | |
| 4,819,061 | |||
| Energy — 2.60% | |||
| Cactus Class A | 27,173 | 1,233,654 | |
| SM Energy | 7,251 | 280,759 | |
| Weatherford International † | 15,365 | 1,503,158 | |
| 3,017,571 | |||
| Financials — 6.06% | |||
| Flywire † | 75,356 | 1,744,491 | |
| Houlihan Lokey | 19,321 | 2,316,781 | |
| Kinsale Capital Group | 4,447 | 1,489,345 | |
| Shift4 Payments Class A † | 19,709 | 1,465,167 | |
| 7,015,784 | |||
| Healthcare — 20.04% | |||
| Acadia Healthcare † | 21,794 | 1,694,701 | |
| ANI Pharmaceuticals † | 14,160 | 780,782 | |
| Axonics † | 25,554 | 1,590,225 | |
| CryoPort † | 55,798 | 864,311 | |
| Evolent Health Class A † | 58,562 | 1,934,303 | |
| Halozyme Therapeutics † | 34,258 | 1,266,176 | |
| Number of shares | Value (US $) | ||
| Common Stocks (continued) | |||
| Healthcare (continued) | |||
| Harmony Biosciences Holdings † | 29,875 | $ 964,962 | |
| HealthEquity † | 15,577 | 1,032,755 | |
| Insmed † | 55,100 | 1,707,549 | |
| Integer Holdings † | 12,614 | 1,249,795 | |
| Intra-Cellular Therapies † | 9,117 | 652,960 | |
| NeoGenomics † | 54,814 | 886,891 | |
| Option Care Health † | 52,308 | 1,762,257 | |
| Progyny † | 73,401 | 2,729,049 | |
| TransMedics Group † | 25,901 | 2,044,366 | |
| Vericel † | 57,666 | 2,053,486 | |
| 23,214,568 | |||
| Industrials — 21.01% | |||
| AeroVironment † | 7,723 | 973,407 | |
| CBIZ † | 49,875 | 3,121,676 | |
| Chart Industries † | 6,938 | 945,858 | |
| Clean Harbors † | 13,159 | 2,296,377 | |
| EnerSys | 15,199 | 1,534,491 | |
| Federal Signal | 36,527 | 2,803,082 | |
| Kirby † | 20,818 | 1,633,797 | |
| Legalzoom.com † | 99,184 | 1,120,779 | |
| Parsons † | 50,642 | 3,175,760 | |
| Paycor HCM † | 97,900 | 2,113,661 | |
| SiteOne Landscape Supply † | 13,937 | 2,264,762 | |
| Trex † | 13,159 | 1,089,434 | |
| Verra Mobility † | 55,239 | 1,272,154 | |
| 24,345,238 | |||
| Information Technology — 23.46% | |||
| Advanced Energy Industries | 12,165 | 1,325,012 | |
| Allegro MicroSystems † | 57,095 | 1,728,266 | |
| Belden | 10,870 | 839,707 | |
| Box Class A † | 27,580 | 706,324 | |
| Braze Class A † | 15,598 | 828,722 | |
| Calix † | 31,507 | 1,376,541 | |
| CyberArk Software † | 18,817 | 4,121,864 | |
| DoubleVerify Holdings † | 65,009 | 2,391,031 | |
| Harmonic † | 67,696 | 882,756 | |
| Instructure Holdings † | 51,227 | 1,383,641 | |
| Onto Innovation † | 14,290 | 2,184,941 | |
| Power Integrations | 7,022 | 576,576 | |
| Rambus † | 30,873 | 2,107,082 | |
| Number of shares | Value (US $) | ||
| Common Stocks (continued) | |||
| Information Technology (continued) | |||
| Sprout Social Class A † | 48,600 | $ 2,985,984 | |
| Super Micro Computer † | 4,042 | 1,148,979 | |
| Tenable Holdings † | 48,554 | 2,236,397 | |
| Varonis Systems † | 7,861 | 355,946 | |
| 27,179,769 | |||
| Materials — 2.06% | |||
| ATI † | 52,446 | 2,384,720 | |
| 2,384,720 | |||
| Total Common Stocks (cost $99,736,621) | 110,663,834 | ||
| Exchange-Traded Fund — 3.81% | |||
| iShares Russell 2000 Growth ETF | 17,515 | 4,417,633 | |
| Total Exchange-Traded Fund (cost $4,468,407) | 4,417,633 | ||
| Short-Term Investments — 1.61% | |||
| Money Market Mutual Funds — 1.61% | |||
| BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.26%) | 467,896 | 467,896 | |
| Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.25%) | 467,896 | 467,896 | |
| Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.37%) | 467,897 | 467,897 | |
| Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.27%) | 467,897 | 467,897 | |
| Total Short-Term Investments (cost $1,871,586) | 1,871,586 | ||
| Total Value of Securities—100.93% (cost $106,076,614) | 116,953,053 | ||
| Liabilities Net of Receivables and Other Assets—(0.93%) | (1,082,183) | ||
| Net Assets Applicable to 11,762,687 Shares Outstanding—100.00% | $115,870,870 | ||
| † | Non-income producing security. |
| Summary of abbreviations: |
| ETF – Exchange-Traded Fund |