Schedule of investments

Delaware Growth and Income Fund December 31, 2019 (Unaudited)

	Number of shares		Value (US $)
Common Stock – 99.00%
Communication Services - 6.20%
AT&T	1,144,100	$	44,711,428
Verizon Communications	715,200		43,913,280
			88,624,708
Consumer Discretionary - 5.63%
Dollar Tree †	384,200		36,134,010
Lowe’s	369,500		44,251,320
			80,385,330
Consumer Staples - 9.17%
Archer-Daniels-Midland	960,300		44,509,905
Conagra Brands	1,266,100		43,351,264
Mondelez International Class A	782,400		43,094,592
			130,955,761
Energy - 12.13%
ConocoPhillips	683,000		44,415,490
Halliburton	1,774,800		43,429,356
Marathon Oil	3,186,400		43,271,312
Occidental Petroleum	1,021,500		42,096,015
			173,212,173
Financials - 15.04%
Allstate	401,000		45,092,450
American International Group	803,400		41,238,522
Bank of New York Mellon	842,000		42,377,860
Marsh & McLennan	384,300		42,814,863
Truist Financial	769,000		43,310,080
			214,833,775
Healthcare - 21.26%
Abbott Laboratories	502,700		43,664,522
Cardinal Health	829,200		41,940,936
Cigna	208,400		42,615,716
CVS Health	576,700		42,843,043
Johnson & Johnson	302,600		44,140,262
Merck & Co.	484,800		44,092,560
Pfizer	1,131,900		44,347,842
			303,644,881
Industrials - 8.95%
Northrop Grumman	121,800		41,895,546
Raytheon	197,800		43,464,572
Waste Management	372,400		42,438,704
			127,798,822
Information Technology - 11.87%
Broadcom	132,000		41,714,640

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Schedule of investments

Delaware Growth and Income Fund (Unaudited)

	Number of shares		Value (US $)
Common Stock (continued)
Information Technology (continued)
Cisco Systems	902,000	$	43,259,920
Intel	718,600		43,008,210
Oracle	786,300		41,658,174
			169,640,944
Materials - 2.90%
DuPont de Nemours	646,000		41,473,200
			41,473,200
Real Estate - 2.78%
Equity Residential	491,000		39,731,720
			39,731,720
Utilities - 3.07%
Edison International	581,300		43,835,833
			43,835,833
Total Common Stock (cost $1,227,506,024)			1,414,137,147
Short-Term Investments – 0.81%
Money Market Mutual Funds - 0.81%
BlackRock FedFund – Institutional Shares (seven-day
effective yield 1.52%)	2,302,360		2,302,361
Fidelity Investments Money Market Government
Portfolio – Class I (seven-day effective yield 1.49%)	2,302,360		2,302,360
GS Financial Square Government Fund – Institutional
Shares (seven-day effective yield 1.51%)	2,302,360		2,302,360
Morgan Stanley Government Portfolio – Institutional Share
Class (seven-day effective yield 1.48%)	2,302,360		2,302,360
State Street Institutional US Government Money Market
Fund – Investor Class (seven-day effective yield 1.45%)	2,302,360		2,302,360
Total Short-Term Investments (cost $11,511,801)			11,511,801
Total Value of Securities – 99.81%
(cost $1,239,017,825)			1,425,648,948
Receivables and Other Assets Net of Liabilities – 0.19%			2,751,758
Net Assets Applicable to 102,148,256 Shares Outstanding – 100.00%		$	1,428,400,706
† Non-income producing security.
GS – Goldman Sachs

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