Schedule of investments
Delaware Small Cap Value Fund February 29, 2020 (Unaudited)
Number of shares | Value (US $) | ||
Common Stock – 95.32%✧ | |||
Basic Industry - 5.34% | |||
Berry Global Group † | 1,509,610 | $ | 57,304,796 |
Ferro † | 1,673,300 | 19,443,746 | |
HB Fuller | 949,700 | 37,256,731 | |
Louisiana-Pacific | 1,796,200 | 51,101,890 | |
Olin | 2,282,800 | 36,958,532 | |
202,065,695 | |||
Business Services - 0.76% | |||
Deluxe | 427,500 | 14,235,750 | |
WESCO International † | 360,200 | 14,613,314 | |
28,849,064 | |||
Capital Spending - 8.93% | |||
Altra Industrial Motion | 1,434,643 | 43,211,447 | |
Atkore International Group † | 1,028,200 | 37,950,862 | |
H&E Equipment Services | 1,105,700 | 26,271,432 | |
ITT | 1,344,600 | 80,877,690 | |
MasTec † | 1,883,759 | 92,454,892 | |
Primoris Services | 1,420,900 | 26,968,682 | |
Rexnord | 1,036,200 | 30,215,592 | |
337,950,597 | |||
Consumer Cyclical - 3.99% | |||
Barnes Group | 722,900 | 38,819,730 | |
KB Home | 1,074,200 | 35,008,178 | |
Knoll | 1,445,869 | 25,505,129 | |
Meritage Homes † | 624,200 | 39,611,732 | |
Standard Motor Products | 270,240 | 11,890,560 | |
150,835,329 | |||
Consumer Services - 8.49% | |||
Asbury Automotive Group † | 301,500 | 26,724,960 | |
Cable One | 20,380 | 32,058,148 | |
Caleres | 1,100,450 | 12,688,189 | |
Cheesecake Factory | 676,100 | 24,089,443 | |
Choice Hotels International | 520,000 | 47,465,600 | |
Cinemark Holdings | 1,016,031 | 26,376,165 | |
Cracker Barrel Old Country Store | 192,200 | 27,548,026 | |
Steven Madden | 691,925 | 22,625,947 | |
Texas Roadhouse | 496,100 | 27,890,742 | |
UniFirst | 258,200 | 47,976,142 | |
Wolverine World Wide | 979,341 | 25,746,875 | |
321,190,237 | |||
Consumer Staples - 3.79% | |||
Core-Mark Holding | 720,000 | 16,567,200 |
NQ-021 [2/20] 4/20 (1139475) 1
Schedule of investments
Delaware Small Cap Value Fund (Unaudited)
Number of shares | Value (US $) | ||
Common Stock ✧ (continued) | |||
Consumer Staples(continued) | |||
J&J Snack Foods | 215,100 | $ | 34,592,382 |
Performance Food Group † | 744,554 | 31,569,090 | |
Scotts Miracle-Gro | 335,000 | 35,506,650 | |
Spectrum Brands Holdings | 464,350 | 25,023,821 | |
143,259,143 | |||
Energy - 4.04% | |||
Callon Petroleum † | 4,399,400 | 9,986,638 | |
Delek US Holdings | 1,178,300 | 25,192,054 | |
Dril-Quip † | 504,100 | 17,956,042 | |
Helix Energy Solutions Group † | 3,272,400 | 21,957,804 | |
Oasis Petroleum † | 3,194,600 | 5,223,171 | |
Patterson-UTI Energy | 3,092,100 | 17,717,733 | |
SM Energy | 2,330,100 | 15,308,757 | |
Valaris Class A | 1,495,737 | 5,519,270 | |
WPX Energy † | 3,625,500 | 33,825,915 | |
152,687,384 | |||
Financial Services - 27.50% | |||
American Equity Investment Life Holding | 1,993,000 | 50,383,040 | |
Bank of NT Butterfield & Son | 698,600 | 19,337,248 | |
Community Bank System | 94,100 | 5,722,221 | |
East West Bancorp | 2,361,323 | 91,477,653 | |
First Financial Bancorp | 2,018,100 | 41,572,860 | |
First Hawaiian | 1,519,900 | 36,401,605 | |
First Interstate BancSystem Class A | 847,300 | 28,859,038 | |
First Midwest Bancorp | 2,252,300 | 40,879,245 | |
FNB | 5,677,500 | 57,285,975 | |
Great Western Bancorp | 1,703,950 | 45,785,136 | |
Hancock Whitney | 2,020,600 | 67,690,100 | |
Hanover Insurance Group | 482,000 | 57,136,280 | |
Kemper | 436,700 | 30,062,428 | |
Legg Mason | 570,900 | 28,442,238 | |
NBT Bancorp | 912,900 | 30,755,601 | |
Prosperity Bancshares | 541,900 | 35,006,740 | |
S&T Bancorp | 673,456 | 22,136,499 | |
Selective Insurance Group | 916,506 | 51,122,705 | |
Stifel Financial | 1,203,500 | 65,518,540 | |
Umpqua Holdings | 3,494,800 | 53,784,972 | |
Valley National Bancorp | 4,528,300 | 42,113,190 | |
Webster Financial | 1,516,800 | 57,592,896 |
2 NQ-021 [2/20] 4/20 (1139475)
(Unaudited) | |||
Number of shares | Value (US $) | ||
Common Stock ✧ (continued) | |||
Financial Services(continued) | |||
WesBanco | 910,000 | $ | 27,855,100 |
Western Alliance Bancorp | 1,155,300 | 53,190,012 | |
1,040,111,322 | |||
Healthcare - 2.92% | |||
Avanos Medical † | 852,700 | 27,636,007 | |
Catalent † | 583,500 | 30,067,755 | |
Integer Holdings † | 213,500 | 19,251,295 | |
Service Corp. International | 698,100 | 33,362,199 | |
110,317,256 | |||
Real Estate Investment Trusts - 9.61% | |||
Brandywine Realty Trust | 3,308,637 | 44,931,290 | |
Highwoods Properties | 998,000 | 44,790,240 | |
Kite Realty Group Trust | 464,000 | 7,493,600 | |
Lexington Realty Trust | 3,721,800 | 38,595,066 | |
Life Storage | 384,000 | 41,437,440 | |
Outfront Media | 2,433,900 | 64,108,926 | |
RPT Realty | 2,120,689 | 27,484,129 | |
Spirit Realty Capital | 919,200 | 41,823,600 | |
Summit Hotel Properties | 2,460,700 | 22,810,689 | |
Washington Real Estate Investment Trust | 1,121,100 | 30,101,535 | |
363,576,515 | |||
Technology - 12.11% | |||
Cirrus Logic † | 540,400 | 37,093,056 | |
Coherent † | 191,200 | 24,609,352 | |
CommScope Holding † | 1,119,648 | 12,327,324 | |
Flex † | 3,471,200 | 38,565,032 | |
MaxLinear † | 875,200 | 13,530,592 | |
NCR † | 1,355,259 | 34,152,527 | |
NetScout Systems † | 964,606 | 24,790,374 | |
ON Semiconductor † | 2,270,400 | 42,365,664 | |
Tech Data † | 173,419 | 24,693,131 | |
Teradyne | 1,029,800 | 60,511,048 | |
Tower Semiconductor † | 1,728,500 | 34,172,445 | |
TTM Technologies † | 2,818,302 | 36,609,743 | |
Viavi Solutions † | 2,009,100 | 26,500,029 | |
Vishay Intertechnology | 2,582,500 | 48,292,750 | |
458,213,067 | |||
Transportation - 2.75% | |||
Kirby † | 271,200 | 17,289,000 | |
Saia † | 305,550 | 26,677,571 | |
SkyWest | 524,400 | 23,807,760 |
NQ-021 [2/20] 4/20 (1139475) 3
Schedule of investments
Delaware Small Cap Value Fund (Unaudited)
Number of shares | Value (US $) | ||
Common Stock ✧ (continued) | |||
Transportation(continued) | |||
Werner Enterprises | 1,079,600 | $ | 36,274,560 |
104,048,891 | |||
Utilities - 5.09% | |||
ALLETE | 461,800 | 31,859,582 | |
Black Hills | 759,500 | 54,835,900 | |
El Paso Electric | 519,700 | 35,272,039 | |
South Jersey Industries | 1,008,400 | 27,277,220 | |
Southwest Gas Holdings | 668,200 | 43,219,176 | |
192,463,917 | |||
Total Common Stock(cost $3,192,472,471) | 3,605,568,417 | ||
Short-Term Investments – 3.66% | |||
Money Market Mutual Funds - 3.66% | |||
BlackRock FedFund – Institutional Shares (seven-day | |||
effective yield 1.49%) | 27,669,067 | 27,669,067 | |
Fidelity Investments Money Market Government | |||
Portfolio – Class I (seven-day effective yield 1.46%) | 27,669,066 | 27,669,066 | |
GS Financial Square Government Fund – Institutional | |||
Shares (seven-day effective yield 1.47%) | 27,669,066 | 27,669,066 | |
Morgan Stanley Government Portfolio – Institutional Share | |||
Class (seven-day effective yield 1.45%) | 27,669,066 | 27,669,066 | |
State Street Institutional US Government Money Market | |||
Fund – Investor Class (seven-day effective yield 1.45%) | 27,669,066 | 27,669,066 | |
Total Short-Term Investments(cost $138,345,331) | 138,345,331 | ||
Total Value of Securities – 98.98% | |||
(cost $3,330,817,802) | 3,743,913,748 | ||
Receivables and Other Assets Net of Liabilities – 1.02% | 38,544,589 | ||
Net Assets Applicable to 70,019,332 Shares Outstanding – 100.00% | $ | 3,782,458,337 |
✧ | Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are |
used for financial reporting. | |
† | Non-income producing security. |
GS – Goldman Sachs |
4 NQ-021 [2/20] 4/20 (1139475)