| Delaware Small Cap Core Fund | February 28, 2023 (Unaudited) |
| Number of shares | Value (US $) | ||
| Common Stocks — 97.70% | |||
| Basic Materials — 6.91% | |||
| Balchem | 163,701 | $ 21,281,130 | |
| Boise Cascade | 1,584,696 | 109,518,341 | |
| Huntsman | 801,014 | 23,501,751 | |
| Kaiser Aluminum | 523,940 | 41,558,921 | |
| Mativ Holdings | 1,045,994 | 27,101,704 | |
| Minerals Technologies | 1,427,496 | 86,720,382 | |
| Quaker Chemical | 246,887 | 48,335,537 | |
| Summit Materials Class A † | 2,605,632 | 76,970,369 | |
| Worthington Industries | 1,289,150 | 77,916,226 | |
| 512,904,361 | |||
| Business Services — 3.53% | |||
| ABM Industries | 1,358,726 | 65,775,926 | |
| ASGN † | 923,367 | 81,994,990 | |
| BrightView Holdings † | 2,667,086 | 16,855,983 | |
| Casella Waste Systems Class A † | 826,734 | 64,336,440 | |
| WillScot Mobile Mini Holdings † | 635,631 | 32,671,433 | |
| 261,634,772 | |||
| Capital Goods — 9.29% | |||
| Ameresco Class A † | 880,670 | 38,705,446 | |
| Applied Industrial Technologies | 671,618 | 95,947,347 | |
| Barnes Group | 576,540 | 24,295,396 | |
| Chart Industries † | 110,355 | 14,732,392 | |
| Coherent † | 987,724 | 42,600,536 | |
| Columbus McKinnon | 1,256,828 | 46,653,455 | |
| ESCO Technologies | 326,258 | 30,403,983 | |
| Federal Signal | 1,815,441 | 95,800,822 | |
| Kadant | 342,160 | 73,448,066 | |
| KBR | 709,314 | 39,090,295 | |
| MYR Group † | 669,934 | 80,800,740 | |
| Tetra Tech | 245,221 | 33,568,303 | |
| WESCO International † | 227,421 | 37,656,369 | |
| Zurn Elkay Water Solutions | 1,542,535 | 35,478,305 | |
| 689,181,455 | |||
| Communications Services — 0.32% | |||
| ATN International | 569,931 | 23,965,599 | |
| 23,965,599 | |||
| Consumer Discretionary — 3.20% | |||
| BJ's Wholesale Club Holdings † | 383,836 | 27,559,425 | |
| Hibbett | 433,407 | 31,174,965 | |
| Number of shares | Value (US $) | ||
| Common Stocks (continued) | |||
| Consumer Discretionary (continued) | |||
| Malibu Boats Class A † | 1,065,326 | $ 63,663,882 | |
| Sonic Automotive Class A | 449,836 | 25,591,170 | |
| Steven Madden | 2,472,183 | 89,740,243 | |
| 237,729,685 | |||
| Consumer Services — 2.94% | |||
| Brinker International † | 729,502 | 27,721,076 | |
| Chuy's Holdings † | 771,588 | 27,584,271 | |
| Jack in the Box | 341,818 | 26,798,531 | |
| Texas Roadhouse | 984,710 | 99,987,453 | |
| Wendy's | 1,649,460 | 36,222,142 | |
| 218,313,473 | |||
| Consumer Staples — 2.88% | |||
| Helen of Troy † | 256,206 | 28,871,854 | |
| J & J Snack Foods | 510,733 | 72,120,607 | |
| Prestige Consumer Healthcare † | 1,624,162 | 97,855,761 | |
| YETI Holdings † | 372,593 | 14,523,675 | |
| 213,371,897 | |||
| Credit Cyclicals — 3.20% | |||
| Dana | 2,844,554 | 45,057,735 | |
| KB Home | 1,699,362 | 59,936,498 | |
| La-Z-Boy | 1,261,165 | 40,836,523 | |
| Taylor Morrison Home † | 2,562,351 | 91,809,036 | |
| 237,639,792 | |||
| Energy — 5.00% | |||
| Earthstone Energy Class A † | 2,345,912 | 32,725,472 | |
| NexTier Oilfield Solutions † | 5,102,757 | 46,588,171 | |
| Patterson-UTI Energy | 7,037,125 | 96,408,613 | |
| PDC Energy | 1,413,210 | 94,840,523 | |
| Permian Resources | 3,661,321 | 39,578,880 | |
| Southwestern Energy † | 11,430,219 | 60,580,161 | |
| 370,721,820 | |||
| Financials — 16.71% | |||
| City Holding | 460,134 | 45,185,159 | |
| Enterprise Financial Services | 655,139 | 35,678,870 | |
| Essent Group | 1,491,063 | 64,041,156 | |
| First Bancorp | 1,097,883 | 45,551,166 | |
| First Financial Bancorp | 2,157,770 | 53,167,453 | |
| First Foundation | 1,560,078 | 23,510,375 | |
| First Interstate BancSystem Class A | 1,691,879 | 60,129,380 | |
| Number of shares | Value (US $) | ||
| Common Stocks (continued) | |||
| Financials (continued) | |||
| Focus Financial Partners Class A † | 1,502,688 | $ 77,929,400 | |
| Hamilton Lane Class A | 891,633 | 69,369,047 | |
| Independent Bank | 669,297 | 53,329,585 | |
| Independent Bank Group | 580,405 | 34,162,638 | |
| Kemper | 726,515 | 44,753,324 | |
| NMI Holdings Class A † | 2,933,172 | 68,460,234 | |
| Old National Bancorp | 4,206,340 | 74,326,028 | |
| Pacific Premier Bancorp | 1,560,431 | 50,589,173 | |
| Selective Insurance Group | 984,365 | 99,942,578 | |
| SouthState | 779,312 | 62,874,892 | |
| Umpqua Holdings | 1,988,342 | 35,114,120 | |
| United Community Banks | 1,607,300 | 53,217,703 | |
| Valley National Bancorp | 4,619,364 | 53,492,235 | |
| WesBanco | 1,533,644 | 55,441,231 | |
| WSFS Financial | 1,594,314 | 79,572,212 | |
| 1,239,837,959 | |||
| Healthcare — 17.01% | |||
| Agios Pharmaceuticals † | 1,189,242 | 30,099,715 | |
| Amicus Therapeutics † | 5,377,893 | 70,934,409 | |
| Apellis Pharmaceuticals † | 1,203,805 | 78,825,152 | |
| Artivion † | 2,239,310 | 29,648,464 | |
| AtriCure † | 1,128,386 | 43,442,861 | |
| Azenta † | 737,974 | 32,389,679 | |
| Blueprint Medicines † | 980,837 | 41,558,064 | |
| CONMED | 607,016 | 58,388,869 | |
| Halozyme Therapeutics † | 1,724,546 | 82,760,963 | |
| Insmed † | 2,333,326 | 47,553,184 | |
| Inspire Medical Systems † | 312,282 | 81,171,460 | |
| Intercept Pharmaceuticals † | 522,662 | 10,547,319 | |
| Ligand Pharmaceuticals † | 609,283 | 43,953,676 | |
| Merit Medical Systems † | 1,176,764 | 83,056,003 | |
| NeoGenomics † | 1,659,264 | 27,958,598 | |
| NuVasive † | 1,040,327 | 44,973,336 | |
| OmniAb † | 2,863,037 | 11,938,864 | |
| OmniAb 12.5 =, † | 221,567 | 0 | |
| OmniAb 15 =, † | 221,567 | 0 | |
| Omnicell † | 577,885 | 31,460,059 | |
| Pacific Biosciences of California † | 3,303,574 | 29,996,452 | |
| PTC Therapeutics † | 1,125,100 | 49,133,117 | |
| Shockwave Medical † | 347,537 | 66,115,439 | |
| Supernus Pharmaceuticals † | 1,867,329 | 70,192,897 | |
| Number of shares | Value (US $) | ||
| Common Stocks (continued) | |||
| Healthcare (continued) | |||
| TransMedics Group † | 1,183,990 | $ 94,802,079 | |
| Travere Therapeutics † | 2,988,337 | 66,221,548 | |
| Ultragenyx Pharmaceutical † | 779,117 | 34,662,915 | |
| 1,261,785,122 | |||
| Media — 0.79% | |||
| IMAX † | 2,160,871 | 39,846,461 | |
| Nexstar Media Group | 99,245 | 18,449,646 | |
| 58,296,107 | |||
| Real Estate Investment Trusts — 6.76% | |||
| Armada Hoffler Properties | 2,867,844 | 36,765,760 | |
| DiamondRock Hospitality | 5,244,937 | 45,735,851 | |
| EastGroup Properties | 245,732 | 40,120,664 | |
| Four Corners Property Trust | 1,546,207 | 41,979,520 | |
| Independence Realty Trust | 3,681,990 | 66,607,199 | |
| Kite Realty Group Trust | 3,311,436 | 71,924,390 | |
| LXP Industrial Trust | 4,217,751 | 43,991,143 | |
| National Storage Affiliates Trust | 953,802 | 40,345,824 | |
| Pebblebrook Hotel Trust | 1,944,867 | 27,753,252 | |
| Physicians Realty Trust | 3,565,584 | 52,877,611 | |
| RPT Realty | 3,147,988 | 33,746,431 | |
| 501,847,645 | |||
| Technology — 13.76% | |||
| Blackline † | 518,715 | 35,459,357 | |
| Box Class A † | 1,615,707 | 53,883,828 | |
| Consensus Cloud Solutions † | 823,162 | 33,782,568 | |
| ExlService Holdings † | 556,345 | 91,524,316 | |
| Ichor Holdings † | 1,014,624 | 33,431,861 | |
| Instructure Holdings † | 1,446,283 | 37,270,713 | |
| MACOM Technology Solutions Holdings † | 601,735 | 41,242,917 | |
| MaxLinear † | 1,790,537 | 61,254,271 | |
| NETGEAR † | 662,151 | 11,984,933 | |
| Q2 Holdings † | 1,349,456 | 43,560,440 | |
| Rapid7 † | 991,512 | 46,898,518 | |
| Regal Rexnord | 318,502 | 50,208,655 | |
| Semtech † | 1,598,232 | 49,241,528 | |
| Silicon Laboratories † | 482,324 | 86,109,304 | |
| Sprout Social Class A † | 562,959 | 34,329,240 | |
| SPS Commerce † | 240,051 | 36,161,283 | |
| Upwork † | 1,238,939 | 14,049,568 | |
| Varonis Systems † | 1,781,345 | 48,238,823 | |
| Number of shares | Value (US $) | ||
| Common Stocks (continued) | |||
| Technology (continued) | |||
| Verint Systems † | 920,227 | $ 34,398,085 | |
| WNS Holdings ADR † | 771,844 | 67,088,680 | |
| Yelp † | 1,397,137 | 41,942,053 | |
| Ziff Davis † | 872,074 | 68,876,404 | |
| 1,020,937,345 | |||
| Transportation — 3.33% | |||
| Allegiant Travel † | 364,371 | 37,366,246 | |
| Hub Group Class A † | 945,514 | 86,731,999 | |
| Sun Country Airlines Holdings † | 2,191,569 | 43,940,959 | |
| Werner Enterprises | 1,701,043 | 79,013,447 | |
| 247,052,651 | |||
| Utilities — 2.07% | |||
| Black Hills | 697,199 | 42,814,991 | |
| NorthWestern | 901,313 | 52,077,865 | |
| Spire | 837,035 | 58,927,264 | |
| 153,820,120 | |||
| Total Common Stocks (cost $6,122,049,628) | 7,249,039,803 | ||
| Short-Term Investments — 3.03% | |||
| Money Market Mutual Funds — 3.03% | |||
| BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.42%) | 56,222,626 | 56,222,626 | |
| Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.46%) | 56,222,626 | 56,222,626 | |
| Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.57%) | 56,222,626 | 56,222,626 | |
| Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.43%) | 56,222,626 | 56,222,626 | |
| Total Short-Term Investments (cost $224,890,504) | 224,890,504 | ||
| Total Value of Securities—100.73% (cost $6,346,940,132) | 7,473,930,307 | ||
| Liabilities Net of Receivables and Other Assets—(0.73%) | (54,469,142) | ||
| Net Assets Applicable to 275,202,433 Shares Outstanding—100.00% | $7,419,461,165 | ||
| † | Non-income producing security. |
| = | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security. |
| Summary of abbreviations: |
| ADR – American Depositary Receipt |