| Delaware Small Cap Core Fund | August 31, 2022 (Unaudited) |
| Number of shares | Value (US $) | ||
| Common Stocks — 97.51% | |||
| Basic Materials — 6.65% | |||
| Balchem | 167,783 | $ 22,117,155 | |
| Boise Cascade | 1,589,490 | 99,072,912 | |
| Coeur Mining † | 917,982 | 2,533,630 | |
| Huntsman | 580,588 | 16,268,076 | |
| Kaiser Aluminum | 554,885 | 39,818,548 | |
| Mativ Holdings | 1,335,951 | 31,555,163 | |
| Minerals Technologies | 1,341,627 | 78,163,189 | |
| Quaker Chemical | 232,036 | 40,448,515 | |
| Summit Materials Class A † | 2,407,958 | 68,434,166 | |
| Worthington Industries | 1,309,089 | 66,750,448 | |
| 465,161,802 | |||
| Business Services — 3.69% | |||
| ABM Industries | 1,276,992 | 59,252,429 | |
| ASGN † | 867,822 | 83,918,387 | |
| BrightView Holdings † | 2,596,094 | 26,272,471 | |
| Casella Waste Systems Class A † | 689,720 | 56,508,760 | |
| WillScot Mobile Mini Holdings † | 800,056 | 32,114,248 | |
| 258,066,295 | |||
| Capital Goods — 8.98% | |||
| Ameresco Class A † | 827,694 | 56,986,732 | |
| Applied Industrial Technologies | 728,037 | 77,186,483 | |
| Barnes Group | 548,162 | 17,020,430 | |
| Chart Industries † | 103,716 | 20,106,384 | |
| Columbus McKinnon | 1,181,224 | 36,180,891 | |
| ESCO Technologies | 306,632 | 24,969,044 | |
| Federal Signal | 1,706,235 | 68,027,589 | |
| Kadant | 321,578 | 57,700,741 | |
| KBR | 709,314 | 34,259,866 | |
| MYR Group † | 824,393 | 76,619,085 | |
| Regal Rexnord | 318,502 | 43,822,690 | |
| Tetra Tech | 245,221 | 33,303,464 | |
| WESCO International † | 317,595 | 41,820,910 | |
| Zurn Elkay Water Solutions | 1,449,745 | 39,983,967 | |
| 627,988,276 | |||
| Communications Services — 0.36% | |||
| ATN International | 535,648 | 25,095,109 | |
| 25,095,109 | |||
| Number of shares | Value (US $) | ||
| Common Stocks (continued) | |||
| Consumer Discretionary — 3.64% | |||
| American Eagle Outfitters | 3,138,409 | $ 35,338,485 | |
| BJ's Wholesale Club Holdings † | 552,100 | 41,125,929 | |
| Hibbett | 423,995 | 24,846,107 | |
| Malibu Boats Class A † | 1,049,032 | 62,973,391 | |
| Sonic Automotive Class A | 422,776 | 22,487,455 | |
| Steven Madden | 2,323,471 | 67,636,241 | |
| 254,407,608 | |||
| Consumer Services — 2.86% | |||
| Brinker International † | 961,038 | 23,555,041 | |
| Chuy's Holdings † | 766,334 | 17,112,238 | |
| Jack in the Box | 332,789 | 26,576,530 | |
| Sun Country Airlines Holdings † | 994,360 | 19,807,651 | |
| Texas Roadhouse | 938,620 | 83,311,911 | |
| Wendy's | 1,550,238 | 29,733,565 | |
| 200,096,936 | |||
| Consumer Staples — 2.57% | |||
| Helen of Troy † | 240,795 | 29,769,486 | |
| J & J Snack Foods | 480,010 | 71,535,890 | |
| Prestige Consumer Healthcare † | 1,557,637 | 78,785,280 | |
| 180,090,656 | |||
| Credit Cyclicals — 2.56% | |||
| Dana | 2,673,441 | 41,358,132 | |
| KB Home | 1,597,138 | 45,758,004 | |
| La-Z-Boy | 1,185,301 | 31,280,093 | |
| Taylor Morrison Home † | 2,408,215 | 60,470,279 | |
| 178,866,508 | |||
| Energy — 4.42% | |||
| Earthstone Energy Class A † | 1,646,317 | 25,024,018 | |
| Patterson-UTI Energy | 6,316,702 | 94,118,860 | |
| PDC Energy | 1,724,781 | 117,129,878 | |
| Southwestern Energy † | 9,694,385 | 72,610,943 | |
| 308,883,699 | |||
| Financials — 16.96% | |||
| American Equity Investment Life Holding | 1,194,980 | 45,409,240 | |
| City Holding | 506,014 | 43,016,250 | |
| Enterprise Financial Services | 825,630 | 37,747,804 | |
| Essent Group | 1,401,369 | 56,040,746 | |
| First Bancorp | 1,031,840 | 37,569,294 | |
| First Financial Bancorp | 2,027,973 | 43,763,657 | |
| Number of shares | Value (US $) | ||
| Common Stocks (continued) | |||
| Financials (continued) | |||
| First Foundation | 1,466,233 | $ 27,799,778 | |
| First Interstate BancSystem Class A | 1,865,412 | 75,101,487 | |
| Focus Financial Partners Class A † | 1,019,020 | 39,894,633 | |
| Hamilton Lane Class A | 730,545 | 50,831,321 | |
| Independent Bank | 629,035 | 49,209,408 | |
| Independent Bank Group | 545,492 | 36,744,341 | |
| Kemper | 682,813 | 31,409,398 | |
| NMI Holdings Class A † | 2,756,730 | 56,595,667 | |
| Old National Bancorp | 4,314,559 | 72,009,990 | |
| Pacific Premier Bancorp | 1,466,564 | 48,044,637 | |
| Selective Insurance Group | 925,152 | 73,475,572 | |
| SouthState | 732,432 | 57,158,993 | |
| Stifel Financial | 363,609 | 21,565,650 | |
| Umpqua Holdings | 2,617,998 | 46,443,285 | |
| United Community Banks | 1,810,274 | 60,698,487 | |
| Valley National Bancorp | 4,341,491 | 50,448,125 | |
| WesBanco | 1,441,388 | 49,309,884 | |
| WSFS Financial | 1,567,760 | 75,801,196 | |
| 1,186,088,843 | |||
| Healthcare — 18.24% | |||
| Agios Pharmaceuticals † | 1,117,704 | 28,501,452 | |
| Amicus Therapeutics † | 5,054,392 | 56,760,822 | |
| Apellis Pharmaceuticals † | 1,140,961 | 69,039,550 | |
| Artivion † | 1,992,679 | 44,157,767 | |
| AtriCure † | 1,060,508 | 48,380,375 | |
| Azenta | 611,606 | 32,237,752 | |
| Blueprint Medicines † | 921,837 | 67,496,905 | |
| CONMED | 570,502 | 50,529,362 | |
| Halozyme Therapeutics † | 1,620,807 | 66,015,469 | |
| Insmed † | 2,028,812 | 49,949,351 | |
| Inspire Medical Systems † | 293,496 | 56,201,549 | |
| Intercept Pharmaceuticals † | 491,221 | 8,532,509 | |
| Ligand Pharmaceuticals † | 579,294 | 53,520,973 | |
| Merit Medical Systems † | 1,153,840 | 68,341,943 | |
| NeoGenomics † | 1,559,453 | 15,672,503 | |
| NuVasive † | 977,748 | 41,564,068 | |
| Omnicell † | 543,123 | 55,556,052 | |
| Pacific Biosciences of California † | 3,104,851 | 18,194,427 | |
| PTC Therapeutics † | 1,057,422 | 52,807,655 | |
| Shockwave Medical † | 417,998 | 124,086,886 | |
| Supernus Pharmaceuticals † | 1,755,002 | 60,073,718 | |
| Number of shares | Value (US $) | ||
| Common Stocks (continued) | |||
| Healthcare (continued) | |||
| TransMedics Group † | 1,452,358 | $ 75,566,187 | |
| Travere Therapeutics † | 2,705,226 | 72,391,848 | |
| Ultragenyx Pharmaceutical † | 732,251 | 34,921,050 | |
| Vanda Pharmaceuticals † | 2,377,471 | 25,153,643 | |
| 1,275,653,816 | |||
| Information Technology — 12.80% | |||
| Blackline † | 487,512 | 33,121,565 | |
| Box Class A † | 1,518,516 | 39,101,787 | |
| Consensus Cloud Solutions † | 773,645 | 38,953,026 | |
| ExlService Holdings † | 646,514 | 108,426,863 | |
| Ichor Holdings † | 775,544 | 23,824,712 | |
| II-VI † | 987,724 | 46,650,204 | |
| MACOM Technology Solutions Holdings † | 565,538 | 31,189,421 | |
| MaxLinear † | 1,682,829 | 60,464,046 | |
| NETGEAR † | 622,320 | 14,680,529 | |
| Ping Identity Holding † | 1,011,477 | 28,462,963 | |
| Q2 Holdings † | 1,035,932 | 41,147,219 | |
| Rapid7 † | 931,869 | 53,582,467 | |
| Semtech † | 942,401 | 43,529,502 | |
| Silicon Laboratories † | 406,105 | 50,897,140 | |
| Sprout Social Class A † | 529,095 | 31,766,864 | |
| Upwork † | 1,164,412 | 20,260,769 | |
| Varonis Systems † | 1,693,666 | 46,321,765 | |
| WNS Holdings ADR † | 885,898 | 74,636,906 | |
| Yelp † | 1,313,095 | 44,868,456 | |
| Ziff Davis † | 819,614 | 63,339,770 | |
| 895,225,974 | |||
| Media — 0.63% | |||
| IMAX † | 1,582,689 | 24,816,564 | |
| Nexstar Media Group Class A | 99,245 | 18,987,553 | |
| 43,804,117 | |||
| Real Estate Investment Trusts — 6.95% | |||
| American Assets Trust | 1,254,626 | 34,828,418 | |
| Armada Hoffler Properties | 2,695,332 | 35,389,709 | |
| DiamondRock Hospitality † | 4,929,432 | 43,033,941 | |
| EastGroup Properties | 271,732 | 44,843,932 | |
| Four Corners Property Trust | 1,188,738 | 31,965,165 | |
| Independence Realty Trust | 2,073,586 | 40,331,248 | |
| Kite Realty Group Trust | 2,927,955 | 56,685,209 | |
| LXP Industrial Trust | 3,442,941 | 34,635,986 | |
| Number of shares | Value (US $) | ||
| Common Stocks (continued) | |||
| Real Estate Investment Trusts (continued) | |||
| National Storage Affiliates Trust | 953,802 | $ 48,186,077 | |
| Pebblebrook Hotel Trust | 1,827,875 | 32,207,158 | |
| Physicians Realty Trust | 3,351,100 | 55,829,326 | |
| RPT Realty | 2,958,624 | 28,491,549 | |
| 486,427,718 | |||
| Technology — 1.43% | |||
| Instructure Holdings † | 1,359,284 | 30,896,526 | |
| SPS Commerce † | 225,611 | 27,551,615 | |
| Verint Systems † | 864,872 | 41,937,643 | |
| 100,385,784 | |||
| Transportation — 2.43% | |||
| Allegiant Travel † | 342,453 | 33,046,714 | |
| Hub Group Class A † | 920,539 | 73,468,218 | |
| Werner Enterprises | 1,598,719 | 63,613,029 | |
| 170,127,961 | |||
| Utilities — 2.34% | |||
| Black Hills | 655,259 | 49,458,949 | |
| NorthWestern | 822,260 | 43,563,335 | |
| South Jersey Industries | 310,618 | 10,514,419 | |
| Spire | 863,573 | 60,355,117 | |
| 163,891,820 | |||
| Total Common Stocks (cost $5,884,885,277) | 6,820,262,922 | ||
| Short-Term Investments — 2.33% | |||
| Money Market Mutual Funds — 2.33% | |||
| BlackRock FedFund – Institutional Shares (seven-day effective yield 2.02%) | 40,809,252 | 40,809,252 | |
| Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 2.03%) | 40,809,251 | 40,809,251 | |
| Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 2.19%) | 40,809,251 | 40,809,251 | |
| Number of shares | Value (US $) | ||
| Short-Term Investments (continued) | |||
| Money Market Mutual Funds (continued) | |||
| Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 2.11%) | 40,809,251 | $ 40,809,251 | |
| Total Short-Term Investments (cost $163,237,005) | 163,237,005 | ||
| Total Value of Securities—99.84% (cost $6,048,122,282) | 6,983,499,927 | ||
| Receivables and Other Assets Net of Liabilities—0.16% | 10,844,466 | ||
| Net Assets Applicable to 260,444,994 Shares Outstanding—100.00% | $6,994,344,393 | ||
| † | Non-income producing security. |
| Summary of abbreviations: |
| ADR – American Depositary Receipt |