Schedule of investments

Delaware Small Cap Core Fund February 29, 2020 (Unaudited)

	Number of shares		Value (US $)
Common Stock – 96.15%
Basic Materials - 7.16%
Balchem	364,131	$	34,395,814
Boise Cascade	1,624,395		57,633,535
Coeur Mining †	2,286,889		9,513,458
Kaiser Aluminum	559,322		52,883,895
Minerals Technologies	1,050,725		47,146,031
Neenah	845,402		48,838,874
Quaker Chemical	231,113		36,416,475
Worthington Industries	1,139,251		36,228,182
			323,056,264
Business Services - 4.36%
ABM Industries	1,201,588		39,556,277
ASGN †	648,109		32,865,607
BrightView Holdings †	1,813,634		25,390,876
Casella Waste Systems Class A †	612,085		29,655,518
Mobile Mini	873,320		34,050,747
US Ecology	842,617		35,440,471
			196,959,496
Capital Goods - 9.40%
Applied Industrial Technologies	819,735		48,356,168
Barnes Group	535,092		28,734,440
Belden	667,531		26,654,513
Columbus McKinnon	1,094,084		34,015,072
ESCO Technologies	392,430		35,679,736
Federal Signal	1,614,356		46,816,324
Granite Construction	739,554		15,027,737
Kadant	413,546		37,558,248
MasTec †	778,523		38,209,909
MYR Group †	1,079,991		27,550,570
Rexnord	1,078,101		31,437,425
Tetra Tech	667,527		53,982,908
			424,023,050
Communications Services - 1.21%
ATN International	422,504		22,772,966
InterXion Holding †	375,268		31,856,500
			54,629,466
Consumer Discretionary - 3.03%
American Eagle Outfitters	2,998,504		38,620,731
Five Below †	151,354		14,673,770

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Schedule of investments

Delaware Small Cap Core Fund (Unaudited)

	Number of shares		Value (US $)
Common Stock (continued)
Consumer Discretionary (continued)
Malibu Boats Class A †	800,864	$	35,189,964
Steven Madden	1,478,957		48,361,894
			136,846,359
Consumer Services - 2.69%
Cheesecake Factory	1,078,893		38,440,958
Chuy’s Holdings †	537,335		11,520,462
Jack in the Box	658,022		45,311,395
Wendy’s	1,394,019		26,319,079
			121,591,894
Consumer Staples - 1.98%
J&J Snack Foods	266,929		42,927,522
Prestige Consumer Healthcare †	1,240,739		46,354,009
			89,281,531
Credit Cyclicals - 1.13%
Taylor Morrison Home †	1,686,387		37,977,435
Tenneco Class A	1,412,261		12,950,433
			50,927,868
Energy - 0.53%
Callon Petroleum †	1,686,905		3,829,274
NexTier Oilfield Solutions †	2,056,142		9,581,622
Patterson-UTI Energy	1,489,249		8,533,397
PDC Energy †	101,588		1,933,220
			23,877,513
Financials - 17.05%
American Equity Investment Life Holding	1,917,594		48,476,776
Bryn Mawr Bank	564,130		18,751,681
CenterState Bank	2,125,916		43,007,281
City Holding	396,245		27,705,450
Essent Group	994,170		43,385,579
First Bancorp	889,741		28,560,686
First Financial Bancorp	2,100,675		43,273,905
First Interstate BancSystem Class A	949,815		32,350,699
Great Western Bancorp	1,596,999		42,911,363
Hamilton Lane Class A	456,513		28,367,718
Independent Bank	524,108		35,393,013
Independent Bank Group	870,180		40,280,632
Kemper	226,747		15,609,263
MGIC Investment	2,181,441		26,242,735
Old National Bancorp	2,454,872		38,688,783
Pacific Premier Bancorp	341,891		8,831,045
Primerica	115,792		12,892,281

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(Unaudited)
	Number of shares		Value (US $)
Common Stock (continued)
Financials (continued)
Selective Insurance Group	586,062	$	32,690,538
Stifel Financial	932,272		50,752,888
Umpqua Holdings	2,049,665		31,544,344
United Community Banks	1,309,412		32,434,135
Valley National Bancorp	4,035,549		37,530,606
WesBanco	858,927		26,291,755
WSFS Financial	676,137		23,299,681
			769,272,837
Healthcare - 17.72%
Adamas Pharmaceuticals †	1,683,490		7,676,714
Agios Pharmaceuticals †	755,976		35,893,740
CONMED	532,361		50,382,645
CryoLife †	1,352,326		34,660,115
Intercept Pharmaceuticals †	439,676		40,423,811
Ligand Pharmaceuticals †	479,045		44,838,612
Merit Medical Systems †	1,219,116		43,900,367
Natera †	1,494,251		56,639,584
NuVasive †	717,670		47,229,863
PTC Therapeutics †	592,669		32,501,968
Quidel †	794,031		61,330,954
Repligen †	644,277		55,150,111
Retrophin †	2,494,974		38,659,622
Spectrum Pharmaceuticals †	2,223,057		6,357,943
Supernus Pharmaceuticals †	1,202,230		21,628,118
Tabula Rasa HealthCare †	810,228		45,510,507
Teladoc Health †	464,118		57,996,185
Ultragenyx Pharmaceutical †	1,005,463		56,386,365
Vanda Pharmaceuticals †	2,405,753		26,535,456
Wright Medical Group †	1,188,280		35,945,470
			799,648,150
Information Technology - 14.25%
Anixter International †	207,229		20,206,900
Blackbaud	254,851		17,278,898
Brooks Automation	1,178,174		40,658,785
Chegg †	678,556		26,606,181
ExlService Holdings †	838,937		62,626,647
II-VI †	1,256,636		37,309,523
j2 Global	657,629		57,430,741
LendingTree †	56,532		15,592,656
MACOM Technology Solutions Holdings †	283,769		7,170,843
MaxLinear †	2,020,992		31,244,536
Mimecast †	470,761		18,637,428

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Schedule of investments

Delaware Small Cap Core Fund (Unaudited)

	Number of shares		Value (US $)
Common Stock (continued)
Information Technology (continued)
NETGEAR †	803,475	$	15,161,573
Paylocity Holding †	161,305		20,892,224
Plantronics	738,864		10,144,603
Q2 Holdings †	695,382		52,410,941
Rapid7 †	936,709		43,369,627
Semtech †	998,245		39,420,695
Silicon Laboratories †	381,812		33,859,088
WNS Holdings ADR †	924,950		60,898,708
Yelp †	1,031,304		32,248,876
			643,169,473
Media - 0.52%
Nexstar Media Group Class A	201,960		23,221,361
			23,221,361
Real Estate Investment Trusts - 8.82%
American Assets Trust	851,823		35,308,023
Armada Hoffler Properties	1,871,560		31,367,346
Cousins Properties	513,355		18,321,640
EastGroup Properties	381,885		48,014,401
First Industrial Realty Trust	1,537,601		59,197,639
Kite Realty Group Trust	2,309,627		37,300,476
Lexington Realty Trust	2,279,096		23,634,225
Mack-Cali Realty	1,608,388		30,527,204
Pebblebrook Hotel Trust	1,681,956		33,992,331
Physicians Realty Trust	2,457,288		46,344,452
RPT Realty	2,627,089		34,047,073
			398,054,810
Transportation - 1.00%
Hub Group Class A †	711,729		32,903,232
Werner Enterprises	366,022		12,298,339
			45,201,571
Utilities - 5.30%
Black Hills	343,085		24,770,666
NorthWestern	949,505		66,788,182
South Jersey Industries	2,598,340		70,285,097
Spire	1,028,614		77,197,481
			239,041,426
Total Common Stock (cost $4,586,794,606)			4,338,803,069

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(Unaudited)
	Number of shares		Value (US $)
Short-Term Investments – 3.56%
Money Market Mutual Funds - 3.56%
BlackRock FedFund – Institutional Shares (seven-day
effective yield 1.49%)	32,154,934	$	32,154,934
Fidelity Investments Money Market Government
Portfolio – Class I (seven-day effective yield 1.46%)	32,154,934		32,154,934
GS Financial Square Government Fund – Institutional
Shares (seven-day effective yield 1.47%)	32,154,935		32,154,935
Morgan Stanley Government Portfolio – Institutional Share
Class (seven-day effective yield 1.45%)	32,154,935		32,154,935
State Street Institutional US Government Money Market
Fund – Investor Class (seven-day effective yield 1.45%)	32,154,935		32,154,935
Total Short-Term Investments (cost $160,774,673)			160,774,673
Total Value of Securities – 99.71%
(cost $4,747,569,279)			4,499,577,742
Receivables and Other Assets Net of Liabilities – 0.29%			13,201,525
Net Assets Applicable to 215,024,091 Shares Outstanding – 100.00%		$	4,512,779,267

† Non-income producing security.

Summary of Abbreviations:
ADR – American Depositary Receipt
GS – Goldman Sachs

NQ-480 [2/20] 4/20 (1139777) 5