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)