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 |
NQ-480 [2/20] 4/20 (1139777) 3
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 |
4 NQ-480 [2/20] 4/20 (1139777)
(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