Schedule of investments
Delaware Value^® Fund February 29, 2020 (Unaudited)

	Number of shares		Value (US $)
Common Stock – 99.07%
Communication Services - 6.67%
AT&T	11,938,608	$	420,477,774
Comcast Class A	541,494		21,892,603
Verizon Communications	7,330,033		396,994,587
			839,364,964
Consumer Discretionary - 6.01%
Dollar Tree †	4,342,158		360,529,379
Lowe’s	3,712,966		395,690,787
			756,220,166
Consumer Staples - 9.27%
Archer-Daniels-Midland	10,161,237		382,570,573
Conagra Brands	13,750,024		366,988,141
Mondelez International Class A	7,882,760		416,209,728
			1,165,768,442
Energy - 9.86%
ConocoPhillips	6,893,784		333,797,021
Halliburton	18,220,196		309,014,524
Marathon Oil	32,657,900		270,407,412
Occidental Petroleum	9,974,022		326,549,480
			1,239,768,437
Financials - 15.31%
Allstate	3,813,382		401,358,455
American International Group	8,284,800		349,287,168
Bank of New York Mellon	9,383,474		374,400,613
Marsh & McLennan	3,958,887		413,941,225
Truist Financial	8,367,623		386,082,125
			1,925,069,586
Healthcare - 21.71%
Abbott Laboratories	5,162,400		397,659,672
Cardinal Health	7,554,244		393,727,197
Cigna	2,073,464		379,319,504
CVS Health	6,424,702		380,213,864
Johnson & Johnson	3,102,912		417,279,606
Merck & Co.	5,136,642		393,261,312
Pfizer	11,050,258		369,299,622
			2,730,760,777
Industrials - 9.37%
Northrop Grumman	1,201,062		394,957,228
Raytheon	1,973,534		372,129,571
Waste Management	3,715,399		411,703,363
			1,178,790,162

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Schedule of investments
Delaware Value^® Fund (Unaudited)

	Number of shares		Value (US $)
Common Stock (continued)
Information Technology - 12.14%
Broadcom	1,468,300	$	400,287,946
Cisco Systems	8,996,747		359,240,108
Intel	6,947,629		385,732,362
Oracle	7,702,900		380,985,434
			1,526,245,850
Materials - 2.36%
DuPont de Nemours	6,917,007		296,739,600
			296,739,600
Real Estate - 3.14%
Equity Residential	5,266,800		395,536,680
			395,536,680
Utilities - 3.23%
Edison International	6,049,500		406,465,905
			406,465,905
Total Common Stock (cost $10,231,149,197)			12,460,730,569
Short-Term Investments – 0.81%
Money Market Mutual Funds - 0.81%
BlackRock FedFund – Institutional Shares (seven-day
effective yield 1.49%)	20,411,469		20,411,469
Fidelity Investments Money Market Government
Portfolio – Class I (seven-day effective yield 1.46%)	20,411,470		20,411,470
GS Financial Square Government Fund – Institutional
Shares (seven-day effective yield 1.47%)	20,411,470		20,411,470
Morgan Stanley Government Portfolio – Institutional Share
Class (seven-day effective yield 1.45%)	20,411,469		20,411,469
State Street Institutional US Government Money Market
Fund – Investor Class (seven-day effective yield 1.45%)	20,411,469		20,411,469
Total Short-Term Investments (cost $102,057,347)			102,057,347
Total Value of Securities – 99.88%
(cost $10,333,206,544)			12,562,787,916
Receivables and Other Assets Net of Liabilities – 0.12%			14,525,655
Net Assets Applicable to 651,064,708 Shares Outstanding – 100.00%		$	12,577,313,571

†  Non-income producing security. 

GS – Goldman Sachs

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