Schedule of investments
Delaware Global Real Estate Fund
June 30, 2023 (Unaudited)
| Number of shares | Value (US $) | ||
| Common Stocks – 99.83%Δ | |||
| Australia − 3.40% | |||
| Charter Hall Group | 24,938 | $ 178,777 | |
| Goodman Group | 31,515 | 423,651 | |
| HealthCo REIT | 107,897 | 94,517 | |
| Lifestyle Communities | 9,326 | 97,843 | |
| National Storage REIT | 124,468 | 195,382 | |
| NEXTDC † | 16,665 | 140,532 | |
| 1,130,702 | |||
| Belgium − 1.11% | |||
| Aedifica | 1,305 | 83,685 | |
| Warehouses De Pauw CVA | 10,358 | 284,458 | |
| 368,143 | |||
| Canada − 2.33% | |||
| Boardwalk Real Estate Investment Trust | 4,479 | 210,265 | |
| Canadian Apartment Properties REIT | 10,026 | 384,920 | |
| InterRent Real Estate Investment Trust | 18,639 | 180,375 | |
| 775,560 | |||
| China/Hong Kong − 0.20% | |||
| China Resources Land | 16,000 | 68,091 | |
| 68,091 | |||
| France − 0.83% | |||
| Gecina | 1,404 | 149,776 | |
| Unibail-Rodamco-Westfield † | 2,359 | 124,424 | |
| 274,200 | |||
| Germany − 1.45% | |||
| LEG Immobilien † | 2,831 | 163,345 | |
| Vonovia | 16,228 | 316,927 | |
| 480,272 | |||
| Hong Kong − 4.92% | |||
| CK Asset Holdings | 29,000 | 161,146 | |
| Link REIT | 85,266 | 474,686 | |
| Sun Hung Kai Properties | 57,500 | 726,490 | |
| Wharf Real Estate Investment | 54,000 | 270,938 | |
| 1,633,260 | |||
| Japan − 9.70% | |||
| Japan Real Estate Investment | 53 | 201,695 | |
| Mitsubishi Estate | 46,650 | 554,217 | |
| Mitsubishi Estate Logistics REIT Investment | 96 | 275,350 | |
| Nippon Prologis REIT | 174 | 349,705 | |
| Nomura Real Estate Master Fund | 494 | 569,772 | |
| Sekisui House | 5,800 | 117,158 | |
| Sumitomo Forestry | 4,500 | 109,303 | |
| Sumitomo Realty & Development | 18,900 | 468,360 | |
| Tokyu REIT | 152 | 203,090 | |
| United Urban Investment | 368 | 371,461 | |
| 3,220,111 | |||
| Number of shares | Value (US $) | ||
| Common StocksΔ (continued) | |||
| Mexico − 0.63% | |||
| Corp Inmobiliaria Vesta ADR † | 6,493 | $ 209,204 | |
| 209,204 | |||
| Singapore − 3.61% | |||
| CapitaLand Ascendas REIT | 247,900 | 500,355 | |
| CapitaLand Ascott Trust | 5,176 | 4,149 | |
| Mapletree Logistics Trust | 361,100 | 434,312 | |
| Mapletree Pan Asia Commercial Trust | 215,900 | 259,733 | |
| 1,198,549 | |||
| Spain − 1.29% | |||
| Cellnex Telecom 144A # | 7,285 | 294,341 | |
| Inmobiliaria Colonial Socimi | 22,306 | 135,249 | |
| 429,590 | |||
| Sweden − 1.20% | |||
| Castellum | 12,134 | 116,153 | |
| Fabege | 14,890 | 107,273 | |
| Fastighets Balder Class B † | 28,721 | 105,164 | |
| Wihlborgs Fastigheter | 9,620 | 69,632 | |
| 398,222 | |||
| United Kingdom − 4.12% | |||
| Big Yellow Group | 20,738 | 282,987 | |
| Derwent London | 4,075 | 106,073 | |
| Land Securities Group | 28,740 | 210,143 | |
| Segro | 34,178 | 311,697 | |
| Shaftesbury Capital | 76,418 | 111,705 | |
| UNITE Group | 31,107 | 344,584 | |
| 1,367,189 | |||
| United States − 65.04% | |||
| Agree Realty | 8,569 | 560,327 | |
| Alexandria Real Estate Equities | 6,508 | 738,593 | |
| American Homes 4 Rent Class A | 14,923 | 529,020 | |
| American Tower | 1,553 | 301,189 | |
| Americold Realty Trust | 22,943 | 741,059 | |
| Digital Realty Trust | 11,424 | 1,300,851 | |
| DigitalBridge Group | 5,347 | 78,654 | |
| Equinix | 2,643 | 2,071,953 | |
| Equity LifeStyle Properties | 9,332 | 624,218 | |
| Equity Residential | 11,096 | 732,003 | |
| Extra Space Storage | 6,136 | 913,344 | |
| Federal Realty Investment Trust | 5,913 | 572,201 | |
| Healthcare Realty Trust | 17,360 | 327,410 | |
| Healthpeak Properties | 24,412 | 490,681 | |
| Invitation Homes | 28,321 | 974,242 | |
| Kite Realty Group Trust | 37,700 | 842,218 | |
| Life Storage | 5,976 | 794,569 | |
| Prologis | 15,921 | 1,952,392 | |
| Public Storage | 2,643 | 771,439 | |
| Realty Income | 22,897 | 1,369,012 | |
| Rexford Industrial Realty | 5,602 | 292,536 | |
| Ryman Hospitality Properties | 2,417 | 224,588 | |
| Simon Property Group | 3,297 | 380,738 | |
| Sun Communities | 4,624 | 603,247 | |
NQ- IV015 [0623] 0823 (3049567) 1
Schedule of investments
Delaware Global Real Estate Fund (Unaudited)
| Number of shares | Value (US $) | ||
| Common StocksΔ (continued) | |||
| United States (continued) | |||
| UDR | 10,111 | $ 434,369 | |
| VICI Properties | 32,868 | 1,033,041 | |
| Welltower | 21,327 | 1,725,141 | |
| Xenia Hotels & Resorts | 17,553 | 216,077 | |
| 21,595,112 | |||
| Total Common Stocks (cost $32,224,975) | 33,148,205 | ||
| Total Value of Securities−99.83% (cost $32,224,975) | 33,148,205 | ||
| Receivables and Other Assets Net of Liabilities — 0.17% | 56,799 | ||
| Net Assets Applicable to 3,914,250 Shares Outstanding — 100.00% | $33,205,004 |
| Δ | Securities have been classified by country of risk. |
| † | Non-income producing security. |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2023, the aggregate value of Rule 144A securities was $294,341, which represents 0.89% of the Fund's net assets. |
| Summary of abbreviations: |
| ADR – American Depositary Receipt |
| CVA – Certified Dutch Certificate |
| REIT – Real Estate Investment Trust |
2 NQ- IV015 [0623] 0823 (3049567)