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

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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

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(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

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