NPORT-EX 2 ADJ1DEL103122.htm
Schedule of investments
Delaware Small Cap Value Fund  August 31, 2022 (Unaudited)
    Number of
shares 		Value (US $)
Common Stocks — 97.80%♦
Basic Industry — 8.05%
Arconic †    1,893,700 $   47,740,177
Ashland       429,200     43,675,392
Avient     1,029,700     45,131,751
Berry Global Group †    1,605,310     87,216,492
HB Fuller       885,500     57,433,530
Huntsman     2,208,000     61,868,160
Louisiana-Pacific     1,969,100    106,784,293
Summit Materials Class A †    1,164,400    33,092,248
    482,942,043
Consumer Discretionary — 10.87%
Acushnet Holdings       920,400     43,857,060
Adient †    1,568,000     52,057,600
Barnes Group     1,356,300     42,113,115
Cable One        19,580     22,223,300
Choice Hotels International       323,500     37,108,685
Columbia Sportswear       619,300     44,118,932
Cracker Barrel Old Country Store       382,000     41,233,080
Group 1 Automotive       316,500     56,523,735
KB Home     1,352,000     38,734,800
Meritage Homes †      615,900     48,255,765
Nexstar Media Group Class A       280,700     53,703,524
Steven Madden     1,159,025     33,739,218
Texas Roadhouse       557,350     49,470,386
UniFirst       330,400     59,557,904
Wolverine World Wide     1,498,080    29,272,483
    651,969,587
Consumer Staples — 2.86%
J & J Snack Foods       444,100     66,184,223
Performance Food Group †    1,100,022     54,979,100
Scotts Miracle-Gro       224,200     15,010,190
Spectrum Brands Holdings       559,950    35,271,250
    171,444,763
Energy — 6.80%
CNX Resources †    4,594,350     81,182,164
Delek US Holdings     1,214,600     34,312,450
Magnolia Oil & Gas Class A     3,710,600     88,572,022
Matador Resources     1,133,950     67,583,420
Murphy Oil     1,844,000     71,860,680
Patterson-UTI Energy     4,326,400    64,463,360
    407,974,096
NQ-021 [8/22] 10/22 (2460451)    1
Schedule of investments
Delaware Small Cap Value Fund   (Unaudited)
    Number of
shares 		Value (US $)
Common Stocks♦ (continued)
Financial Services — 28.04%
American Equity Investment Life Holding     2,198,680 $   83,549,840
Bank of NT Butterfield & Son     1,126,300     36,739,906
East West Bancorp     2,331,323    168,251,581
Essent Group     1,154,900     46,184,451
First Financial Bancorp     2,600,900     56,127,422
First Interstate BancSystem Class A     1,472,022     59,263,606
FNB     8,441,600    100,623,872
Hancock Whitney     2,703,800    130,404,274
Hanover Insurance Group       596,800     77,219,952
Hope Bancorp     3,023,994     43,757,193
Kemper       642,700     29,564,200
Metropolitan Bank Holding †      515,705     36,919,321
Sandy Spring Bancorp       801,400     30,869,928
Selective Insurance Group     1,000,806     79,484,012
Stewart Information Services       737,651     37,354,647
Stifel Financial     2,185,450    129,619,039
Synovus Financial     2,001,100     80,364,176
Umpqua Holdings     5,304,400     94,100,056
Valley National Bancorp     7,595,900     88,264,358
Webster Financial     3,257,660    153,272,903
Western Alliance Bancorp     1,556,800   119,437,696
  1,681,372,433
Healthcare — 4.53%
Avanos Medical †    1,076,021     26,502,397
Integer Holdings †      716,600     45,195,962
Integra LifeSciences
Holdings † 		   1,072,500     51,168,975
NuVasive †      797,862     33,917,114
Select Medical Holdings     1,476,600     37,860,024
Service Corp. International       697,100     43,018,041
Syneos Health †      562,800    33,829,908
    271,492,421
Industrials — 12.55%
Altra Industrial Motion     1,827,643     69,359,052
Atkore †    1,031,100     87,035,151
CACI International Class A †      207,100     58,168,177
H&E Equipment Services       870,200     27,550,532
ITT     1,102,030     79,930,236
KBR     1,219,372     58,895,668
MasTec †    1,584,529    127,554,584
2    NQ-021 [8/22] 10/22 (2460451)
(Unaudited)
    Number of
shares 		Value (US $)
Common Stocks♦ (continued)
Industrials (continued)
Primoris Services       507,762 $   10,292,336
Regal Rexnord       421,739     58,027,069
WESCO International †      933,500    122,923,280
Zurn Elkay Water Solutions     1,904,400    52,523,352
    752,259,437
Real Estate Investment Trusts — 7.88%
Brandywine Realty Trust     4,329,337     34,764,576
Independence Realty Trust     2,021,800     39,324,010
Kite Realty Group Trust     2,735,914     52,967,295
Life Storage       503,500     64,070,375
LXP Industrial Trust     4,373,500     43,997,410
National Health Investors       914,900     59,935,099
Outfront Media     3,122,000     55,259,400
RPT Realty     2,707,889     26,076,971
Spirit Realty Capital     1,680,300     68,640,255
Summit Hotel Properties     3,468,700    27,263,982
    472,299,373
Technology — 10.00%
Cirrus Logic †      717,100     54,994,399
Concentrix       301,900     37,972,982
Diodes †      689,000     49,036,130
Flex †    4,671,010     83,190,688
NCR †    1,111,158     34,501,456
NetScout Systems †    1,216,506     38,611,900
Power Integrations       667,200     47,724,816
TD SYNNEX       431,600     41,554,448
Tower Semiconductor †    1,575,800     73,101,362
TTM Technologies †    4,101,302     64,513,481
Viavi Solutions †    3,533,000     49,744,640
Vishay Intertechnology     1,261,000    24,803,870
    599,750,172
Transportation — 2.13%
Kirby †      679,000     45,533,740
Saia †      113,350     23,444,181
Werner Enterprises     1,481,800    58,960,822
    127,938,743
Utilities — 4.09%
ALLETE       820,000     48,527,600
Black Hills     1,117,390     84,340,597
NQ-021 [8/22] 10/22 (2460451)    3
Schedule of investments
Delaware Small Cap Value Fund   (Unaudited)
    Number of
shares 		Value (US $)
Common Stocks♦ (continued)
Utilities (continued)
OGE Energy     1,447,200 $   58,669,488
Southwest Gas Holdings       692,400    53,903,340
    245,441,025
Total Common Stocks (cost $4,275,898,728) 5,864,884,093
Short-Term Investments — 2.20%
Money Market Mutual Funds — 2.20%
BlackRock FedFund – Institutional Shares (seven-day effective yield 2.02%)   33,022,889     33,022,889
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 2.03%)   33,022,889     33,022,889
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 2.19%)   33,022,889     33,022,889
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 2.11%)   33,022,889    33,022,889
Total Short-Term Investments (cost $132,091,556)   132,091,556
Total Value of Securities—100.00%
(cost $4,407,990,284) 		    5,996,975,649
Liabilities Net of Receivables and Other Assets—(0.00%)          (133,073)
Net Assets Applicable to 85,667,016 Shares Outstanding—100.00%     $5,996,842,576
♦ Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.
† Non-income producing security.
4    NQ-021 [8/22] 10/22 (2460451)