Schedule of investments
Delaware Ivy Value Fund
June 30, 2023 (Unaudited)
| Number of shares | Value (US $) | ||
| Common Stocks — 98.99% | |||
| Communication Services — 9.04% | |||
| Comcast Class A | 488,100 | $ 20,280,555 | |
| Verizon Communications | 498,139 | 18,525,790 | |
| Walt Disney † | 211,308 | 18,865,578 | |
| 57,671,923 | |||
| Consumer Discretionary — 6.59% | |||
| Lowe's | 93,267 | 21,050,362 | |
| TJX | 247,645 | 20,997,819 | |
| 42,048,181 | |||
| Consumer Staples — 11.34% | |||
| Archer-Daniels-Midland | 247,200 | 18,678,432 | |
| Conagra Brands | 563,378 | 18,997,106 | |
| Dollar General | 97,519 | 16,556,776 | |
| Dollar Tree † | 126,185 | 18,107,547 | |
| 72,339,861 | |||
| Energy — 3.12% | |||
| ConocoPhillips | 192,191 | 19,912,910 | |
| 19,912,910 | |||
| Financials — 13.31% | |||
| Allstate | 164,603 | 17,948,311 | |
| American International Group | 345,440 | 19,876,618 | |
| Fidelity National Information Services | 296,003 | 16,191,364 | |
| Truist Financial | 502,933 | 15,264,016 | |
| US Bancorp | 471,700 | 15,584,968 | |
| 84,865,277 | |||
| Healthcare — 17.94% | |||
| Baxter International | 426,959 | 19,452,252 | |
| Cigna Group | 69,477 | 19,495,246 | |
| CVS Health | 222,581 | 15,387,025 | |
| Hologic † | 252,470 | 20,442,496 | |
| Johnson & Johnson | 116,072 | 19,212,237 | |
| Merck & Co. | 177,236 | 20,451,262 | |
| 114,440,518 | |||
| Industrials — 12.22% | |||
| Dover | 136,810 | 20,199,997 | |
| Honeywell International | 94,280 | 19,563,100 | |
| Northrop Grumman | 42,300 | 19,280,340 | |
| Raytheon Technologies | 193,200 | 18,925,872 | |
| 77,969,309 | |||
| Information Technology — 15.81% | |||
| Broadcom | 22,774 | 19,754,851 | |
| Cisco Systems | 399,019 | 20,645,243 | |
| Cognizant Technology Solutions Class A | 306,373 | 20,000,029 | |
| Number of shares | Value (US $) | ||
| Common Stocks (continued) | |||
| Information Technology (continued) | |||
| Motorola Solutions | 70,146 | $ 20,572,419 | |
| Oracle | 166,877 | 19,873,382 | |
| 100,845,924 | |||
| Materials — 3.26% | |||
| DuPont de Nemours | 290,640 | 20,763,322 | |
| 20,763,322 | |||
| Real Estate — 3.22% | |||
| Equity Residential | 311,596 | 20,555,988 | |
| 20,555,988 | |||
| Utilities — 3.14% | |||
| Edison International | 288,459 | 20,033,478 | |
| 20,033,478 | |||
| Total Common Stocks (cost $633,348,163) | 631,446,691 | ||
| Short-Term Investments — 0.63% | |||
| Money Market Mutual Funds — 0.63% | |||
| BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.99%) | 1,002,879 | 1,002,879 | |
| Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.99%) | 1,002,879 | 1,002,879 | |
| Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.14%) | 1,002,879 | 1,002,879 | |
| Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.03%) | 1,002,880 | 1,002,880 | |
| Total Short-Term Investments (cost $4,011,517) | 4,011,517 | ||
| Total Value of Securities—99.62% (cost $637,359,680) | 635,458,208 | ||
| Receivables and Other Assets Net of Liabilities—0.38% | 2,417,547 | ||
| Net Assets Applicable to 29,498,368 Shares Outstanding—100.00% | $637,875,755 | ||
| † | Non-income producing security. |
NQ- IV066 [0623] 0823 (3050883) 1