NPORT-EX 2 ADJ1DEL043023.htm
Schedule of investments
Delaware Small Cap Value Fund  February 28, 2023 (Unaudited)
    Number of
shares 		Value (US $)
Common Stocks — 97.83%♦
Basic Industry — 7.85%
Arconic †    1,862,800 $   49,252,432
Ashland       422,200     42,971,516
Avient     1,029,700     44,925,811
Berry Global Group     1,579,110     98,062,731
HB Fuller       871,000     60,760,960
Huntsman     2,172,000     63,726,480
Louisiana-Pacific     1,367,400     80,006,574
Summit Materials Class A †    1,497,526    44,236,918
    483,943,422
Consumer Discretionary — 11.52%
Acushnet Holdings     1,023,100     49,374,806
Adient †    1,647,100     70,364,112
Barnes Group     1,412,100     59,505,894
Choice Hotels International       353,300     41,816,588
Columbia Sportswear       609,200     53,122,240
Cracker Barrel Old Country Store       375,800     40,947,168
Group 1 Automotive       311,300     68,819,091
KB Home     1,225,500     43,223,385
Meritage Homes †      571,700     62,446,791
Nexstar Media Group       242,500     45,080,750
Steven Madden     1,386,625     50,334,488
Texas Roadhouse       548,250     55,669,305
UniFirst       353,100    69,253,503
    709,958,121
Consumer Staples — 3.12%
Flowers Foods     1,489,800     41,535,624
Hostess Brands †    1,950,200     48,169,940
J & J Snack Foods       436,900     61,694,649
Performance Food Group †      720,522    40,774,340
    192,174,553
Energy — 5.91%
CNX Resources †    2,506,100     38,468,635
Delek US Holdings     1,018,250     25,629,353
Liberty Energy     3,794,900     57,872,225
Magnolia Oil & Gas Class A     3,290,200     71,890,870
Matador Resources       958,550     51,560,404
Murphy Oil     1,735,700     67,727,014
Patterson-UTI Energy     3,738,000    51,210,600
    364,359,101
NQ-021 [2/23] 04/23 (2832221)    1
Schedule of investments
Delaware Small Cap Value Fund   (Unaudited)
    Number of
shares 		Value (US $)
Common Stocks♦ (continued)
Financial Services — 28.00%
American Equity Investment Life Holding     1,554,950 $   64,763,668
Assurant       472,100     60,140,819
Axis Capital Holdings       800,400     48,600,288
Bank of NT Butterfield & Son     1,107,900     40,050,585
Bread Financial Holdings       914,500     37,558,515
East West Bancorp     1,493,023    113,783,283
Essent Group     1,237,700     53,159,215
First Financial Bancorp     2,558,400     63,038,976
First Interstate BancSystem Class A     1,448,022     51,462,702
FNB     9,357,700    133,534,379
Hancock Whitney     2,823,400    138,685,408
Hanover Insurance Group       417,000     58,163,160
Hope Bancorp     3,639,240     46,618,664
Metropolitan Bank Holding †      555,805     31,019,477
Sandy Spring Bancorp       895,400     29,503,430
Selective Insurance Group       652,106     66,208,322
Stewart Information Services       910,400     38,682,896
Stifel Financial     1,851,650    123,745,769
Synovus Financial     2,045,950     85,541,170
Umpqua Holdings     5,304,400     93,675,704
Valley National Bancorp     8,939,500    103,519,410
Webster Financial     2,737,560    145,419,187
Western Alliance Bancorp     1,333,800    99,021,312
  1,725,896,339
Healthcare — 3.71%
Avanos Medical †    1,197,221     33,605,994
Integer Holdings †      704,900     52,853,402
Integra LifeSciences
Holdings † 		   1,242,500     69,107,850
NuVasive †      748,632     32,363,361
Prestige Consumer Healthcare †       11,832        712,878
Service Corp. International       593,170    40,056,770
    228,700,255
Industrials — 14.53%
Atkore †      913,000    133,316,260
CACI International Class A †      203,700     59,684,100
H&E Equipment Services     1,127,000     62,548,500
ITT     1,084,030     98,527,487
KBR     1,199,472     66,102,902
MasTec †    1,288,379    125,900,396
2    NQ-021 [2/23] 04/23 (2832221)
(Unaudited)
    Number of
shares 		Value (US $)
Common Stocks♦ (continued)
Industrials (continued)
Regal Rexnord       414,839 $   65,395,220
Terex       916,450     54,263,004
Timken       604,850     51,684,432
WESCO International †      740,900    122,678,222
Zurn Elkay Water Solutions     2,413,200    55,503,600
    895,604,123
Real Estate Investment Trusts — 7.52%
Independence Realty Trust     3,611,090     65,324,618
Kite Realty Group Trust     2,360,314     51,266,020
Life Storage       286,705     34,553,687
LXP Industrial Trust     5,997,300     62,551,839
National Health Investors       804,550     44,250,250
Outfront Media     3,122,000     54,478,900
RPT Realty     2,663,689     28,554,746
Spirit Realty Capital     1,359,950     56,002,741
Summit Hotel Properties     3,412,100     25,249,540
Tricon Residential     5,139,600    41,630,760
    463,863,101
Technology — 9.79%
Cirrus Logic †      740,300     76,065,825
Concentrix       320,100     43,802,484
Diodes †      725,200     66,493,588
Flex †    3,545,515     80,695,921
Leonardo DRS †    1,913,900     24,880,700
NCR †    1,111,158     28,367,864
NetScout Systems †    1,453,806     41,346,243
Power Integrations       822,300     67,634,175
TD SYNNEX       416,900     40,239,188
TTM Technologies †    4,034,402     53,617,202
Viavi Solutions †    3,475,300     38,019,782
Vishay Intertechnology     2,006,600    42,600,118
    603,763,090
Transportation — 2.41%
Kirby †      622,300     45,135,419
Saia †      111,450     30,188,462
Werner Enterprises     1,576,000    73,205,200
    148,529,081
NQ-021 [2/23] 04/23 (2832221)    3
Schedule of investments
Delaware Small Cap Value Fund   (Unaudited)
    Number of
shares 		Value (US $)
Common Stocks♦ (continued)
Utilities — 3.47%
ALLETE       946,100 $   57,891,859
Black Hills     1,099,190     67,501,258
OGE Energy     1,278,600     45,671,592
Southwest Gas Holdings       681,100    42,916,111
    213,980,820
Total Common Stocks (cost $4,180,676,413) 6,030,772,006
Short-Term Investments — 2.15%
Money Market Mutual Funds — 2.15%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.42%)   33,071,532     33,071,532
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.46%)   33,071,531     33,071,531
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.57%)   33,071,531     33,071,531
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.43%)   33,071,531    33,071,531
Total Short-Term Investments (cost $132,286,125)   132,286,125
Total Value of Securities—99.98%
(cost $4,312,962,538) 		    6,163,058,131
Receivables and Other Assets Net of Liabilities—0.02%         1,439,352
Net Assets Applicable to 85,414,089 Shares Outstanding—100.00%     $6,164,497,483
♦ Narrow industries are utilized for compliance purposes for concentration whereas broad sectors are used for financial reporting.
† Non-income producing security.
4    NQ-021 [2/23] 04/23 (2832221)