Schedule of investments
Delaware Real Estate Securities Fund
June 30, 2023 (Unaudited)
| Number of shares | Value (US $) | ||
| Common Stocks — 99.53% | |||
| Real Estate Operating/Development — 1.05% | |||
| Corp Inmobiliaria Vesta ADR † | 48,059 | $ 1,548,461 | |
| 1,548,461 | |||
| REIT Healthcare — 12.11% | |||
| Healthcare Realty Trust | 117,035 | 2,207,280 | |
| Healthpeak Properties | 181,480 | 3,647,748 | |
| Welltower | 148,742 | 12,031,740 | |
| 17,886,768 | |||
| REIT Hotel — 2.02% | |||
| Ryman Hospitality Properties | 20,645 | 1,918,333 | |
| Xenia Hotels & Resorts | 86,837 | 1,068,964 | |
| 2,987,297 | |||
| REIT Industrial — 13.12% | |||
| Americold Realty Trust | 124,115 | 4,008,914 | |
| Prologis | 106,708 | 13,085,602 | |
| Rexford Industrial Realty | 43,812 | ��2,287,863 | |
| 19,382,379 | |||
| REIT Information Technology — 19.64% | |||
| American Tower | 11,901 | 2,308,080 | |
| Digital Realty Trust | 62,321 | 7,096,492 | |
| Equinix | 16,112 | 12,630,841 | |
| VICI Properties | 221,925 | 6,975,103 | |
| 29,010,516 | |||
| REIT Mall — 2.70% | |||
| Simon Property Group | 34,514 | 3,985,677 | |
| 3,985,677 | |||
| REIT Manufactured Housing — 5.95% | |||
| Equity LifeStyle Properties | 68,630 | 4,590,661 | |
| Sun Communities | 32,214 | 4,202,638 | |
| 8,793,299 | |||
| REIT Multifamily — 13.80% | |||
| American Homes 4 Rent Class A | 83,325 | 2,953,871 | |
| Boardwalk Real Estate Investment Trust | 19,465 | 913,779 | |
| Canadian Apartment Properties REIT | 32,282 | 1,239,375 | |
| Equity Residential | 70,254 | 4,634,656 | |
| InterRent Real Estate Investment Trust | 85,334 | 825,803 | |
| Invitation Homes | 171,174 | 5,888,386 | |
| UDR | 91,370 | 3,925,255 | |
| 20,381,125 | |||
| REIT Office — 3.01% | |||
| Alexandria Real Estate Equities | 39,132 | 4,441,091 | |
| 4,441,091 | |||
| REIT Retail — 3.05% | |||
| Agree Realty | 68,978 | 4,510,471 | |
| 4,510,471 | |||
| REIT Self-Storage — 11.26% | |||
| Extra Space Storage | 38,923 | 5,793,689 | |
| Number of shares | Value (US $) | ||
| Common Stocks (continued) | |||
| REIT Self-Storage (continued) | |||
| Life Storage | 34,101 | $ 4,534,069 | |
| Public Storage | 21,632 | 6,313,948 | |
| 16,641,706 | |||
| REIT Shopping Center — 6.42% | |||
| Federal Realty Investment Trust | 41,807 | 4,045,663 | |
| Kite Realty Group Trust | 243,269 | 5,434,630 | |
| 9,480,293 | |||
| REIT Single Tenant — 4.89% | |||
| Realty Income | 120,744 | 7,219,284 | |
| 7,219,284 | |||
| Telecommunication Services — 0.51% | |||
| DigitalBridge Group | 51,592 | 758,918 | |
| 758,918 | |||
| Total Common Stocks (cost $94,936,492) | 147,027,285 | ||
| Short-Term Investments — 1.56% | |||
| Money Market Mutual Funds — 1.56% | |||
| BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.99%) | 577,614 | 577,614 | |
| Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.99%) | 577,614 | 577,614 | |
| Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.14%) | 577,614 | 577,614 | |
| Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.03%) | 577,613 | 577,613 | |
| Total Short-Term Investments (cost $2,310,455) | 2,310,455 | ||
| Total Value of Securities—101.09% (cost $97,246,947) | 149,337,740 | ||
| Liabilities Net of Receivables and Other Assets—(1.09%) | (1,613,245) | ||
| Net Assets Applicable to 8,820,036 Shares Outstanding—100.00% | $147,724,495 | ||
| † | Non-income producing security. |
| Summary of abbreviations: |
| ADR – American Depositary Receipt |
| REIT – Real Estate Investment Trust |
NQ- IV063 [0623] 0823 (3050880) 1